~~P. O.~~P.O. Box 619100

(Address of principal executive offices)

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yesx Noo

Indicate by check mark whether the registrant has submitted electronically ~~and posted on its corporate Web site, if any,~~ every Interactive Data File required to be submitted ~~and posted~~ pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit ~~and post~~ such files). YesxNoo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

o☐

Non-accelerated filer

o~~(Do not check if a smaller reporting company)~~

☐

Smaller reporting company

o☐

Emerging growth company

o☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yeso ☐ Nox

As of October ~~16, 2017,~~18, 2022, there were ~~351,757,295~~ 337,492,094 shares of the Corporation's common stock outstanding.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

CONSOLIDATED INCOME ~~STATEMENT~~STATEMENTS

See notes to the unaudited interim consolidated financial statements.

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

CONSOLIDATED ~~STATEMENT~~STATEMENTS OF COMPREHENSIVE INCOME

See notes to the unaudited interim consolidated financial statements.

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE ~~SHEET~~SHEETS

(~~2017~~2022 Data is Unaudited)

Preferred stock - no par value - authorized 20.0 million shares, none issued

Common stock - $1.25 par value - authorized 1.2 billion shares; issued 378.6 million shares at September 30, 2022 and December 31, 2021

Common stock held in treasury, at cost - 41.1 and 41.8 million shares at September 30, 2022 and December 31, 2021, respectively

See notes to the unaudited interim consolidated financial statements.

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)


	Three Months Ended September 30, 2022
(Millions of dollars, shares in thousands, except per share amounts)	Common Stock Issued			Additional Paid-in Capital		Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interests		Total Stockholders' Equity
	Shares	Amount				Shares	Amount
Balance at June 30, 2022	378,597	$	473	$	598	40,962	$	(5,111)	$	8,022	$	(3,389)	$	149	$	742
Net income in stockholders' equity, excludes redeemable interests' share	—	—		—		—	—		467		—		9		476
Other comprehensive income, net of tax, excludes redeemable interests' share	—	—		—		—	—		—		(239)		(13)		(252)
Stock-based awards exercised or vested	—	—		(2)		(84)	9		—		—		—		7
Shares repurchased	—	—		—		191	(25)		—		—		—		(25)
Recognition of stock-based compensation	—	—		31		—	—		—		—		—		31
Dividends declared ($1.16 per share)	—	—		—		—	—		(391)		—		(1)		(392)
Other	—	—		6		—	1		(12)		(1)		2		(4)
Balance at September 30, 2022	378,597	$	473	$	633	41,069	$	(5,126)	$	8,086	$	(3,629)	$	146	$	583


	Nine Months Ended September 30, 2022
(Millions of dollars, shares in thousands, except per share amounts)	Common Stock Issued			Additional Paid-in Capital		Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interests		Total Stockholders' Equity
	Shares	Amount				Shares	Amount
Balance at December 31, 2021	378,597	$	473	$	605	41,762	$	(5,183)	$	7,858	$	(3,239)	$	223	$	737
Net income in stockholders' equity, excludes redeemable interests' share	—	—		—		—	—		1,427		—		30		1,457
Other comprehensive income, net of tax, excludes redeemable interests' share	—	—		—		—	—		—		(389)		(26)		(415)
Stock-based awards exercised or vested	—	—		(81)		(1,272)	131		—		—		—		50
Shares repurchased	—	—		—		579	(75)		—		—		—		(75)
Recognition of stock-based compensation	—	—		98		—	—		—		—		—		98
Dividends declared ($3.48 per share)	—	—		—		—	—		(1,174)		—		(82)		(1,256)
Other	—	—		11		—	1		(25)		(1)		1		(13)
Balance at September 30, 2022	378,597	$	473	$	633	41,069	$	(5,126)	$	8,086	$	(3,629)	$	146	$	583

See notes to the unaudited interim consolidated financial statements.


	Three Months Ended September 30, 2021
(Millions of dollars, shares in thousands, except per share amounts)	Common Stock Issued			Additional Paid-in Capital		Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interests		Total Stockholders' Equity
	Shares	Amount				Shares	Amount
Balance at June 30, 2021	378,597	$	473	$	627	41,661	$	(5,159)	$	7,798	$	(3,215)	$	234	$	758
Net income in stockholders' equity, excludes redeemable interests' share	—	—		—		—	—		469		—		10		479
Other comprehensive income, net of tax, excludes redeemable interests' share	—	—		—		—	—		—		(89)		(11)		(100)
Stock-based awards exercised or vested	—	—		(1)		(237)	26		—		—		—		25
Shares repurchased	—	—		—		429	(58)		—		—		—		(58)
Recognition of stock-based compensation	—	—		(13)		—	—		—		—		—		(13)
Dividends declared ($1.14 per share)	—	—		—		—	—		(384)		—		—		(384)
Other	—	—		1		—	—		—		(1)		—		—
Balance at September 30, 2021	378,597	$	473	$	614	41,853	$	(5,191)	$	7,883	$	(3,305)	$	233	$	707


	Nine Months Ended September 30, 2021
(Millions of dollars, shares in thousands, except per share amounts)	Common Stock Issued			Additional Paid-in Capital		Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interests		Total Stockholders' Equity
	Shares	Amount				Shares	Amount
Balance at December 31, 2020	378,597	$	473	$	657	39,873	$	(4,899)	$	7,567	$	(3,172)	$	243	$	869
Net income in stockholders' equity, excludes redeemable interests' share	—	—		—		—	—		1,457		—		25		1,482
Other comprehensive income, net of tax, excludes redeemable interests' share	—	—		—		—	—		—		(132)		(18)		(150)
Stock-based awards exercised or vested	—	—		(78)		(1,189)	130		—		—		—		52
Shares repurchased	—	—		—		3,169	(422)		—		—		—		(422)
Recognition of stock-based compensation	—	—		28		—	—		—		—		—		28
Dividends declared ($3.42 per share)	—	—		—		—	—		(1,154)		—		(17)		(1,171)
Other	—	—		7		—	—		13		(1)		—		19
Balance at September 30, 2021	378,597	$	473	$	614	41,853	$	(5,191)	$	7,883	$	(3,305)	$	233	$	707

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

CONSOLIDATED CASH FLOW ~~STATEMENT~~STATEMENTS

(Unaudited)


	Nine Months Ended September 30							Nine Months Ended September 30
(Millions of dollars)	2017			2016			(Millions of dollars)	2022		2021
Operating Activities							Operating Activities
Net income	$	1,694		$	1,701		Net income	$	1,446	$	1,483
Depreciation and amortization	540			528			Depreciation and amortization	568		572
Asset impairments							Asset impairments	—		3
Gain on previously held equity investment in Thinx							Gain on previously held equity investment in Thinx	(85)		—
Stock-based compensation	64			64			Stock-based compensation	101		30
Deferred income taxes	(41		)	(13		)	Deferred income taxes	(131)		(42)
Equity companies' earnings in excess of dividends paid	(12		)	(31		)
Net (gains) losses on asset dispositions							Net (gains) losses on asset dispositions	14		34
Equity companies' earnings (in excess of) less than dividends paid							Equity companies' earnings (in excess of) less than dividends paid	(21)		(25)
Operating working capital	(154		)	149			Operating working capital	(166)		(432)
Postretirement benefits	(1		)	4			Postretirement benefits	6		39
Other	(24		)	(41		)	Other	10		6
Cash Provided by Operations	2,066			2,361			Cash Provided by Operations	1,742		1,668
Investing Activities							Investing Activities
Capital spending	(595		)	(582		)	Capital spending	(679)		(734)
Acquisition of business, net of cash acquired							Acquisition of business, net of cash acquired	(46)		—
Proceeds from dispositions of property							Proceeds from dispositions of property	7		31
Investments in time deposits	(123		)	(133		)	Investments in time deposits	(411)		(632)
Maturities of time deposits	70			64			Maturities of time deposits	632		598
Other	(29		)	75			Other	(20)		1
Cash Used for Investing	(677		)	(576		)	Cash Used for Investing	(517)		(736)
Financing Activities							Financing Activities
Cash dividends paid	(1,017		)	(981		)	Cash dividends paid	(1,167)		(1,133)
Change in short-term debt	111			(837		)	Change in short-term debt	487		854
Debt proceeds	937			1,290			Debt proceeds	—		5
Debt repayments	(972		)	(596		)	Debt repayments	(312)		(269)
Proceeds from exercise of stock options	114			97			Proceeds from exercise of stock options	84		52
Acquisitions of common stock for the treasury	(804		)	(512		)	Acquisitions of common stock for the treasury	(74)		(393)
Cash dividends paid to noncontrolling interests							Cash dividends paid to noncontrolling interests	(82)		(17)
Other	(49		)	2			Other	(45)		(40)
Cash Used for Financing	(1,680		)	(1,537		)	Cash Used for Financing	(1,109)		(941)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	23			17			Effect of Exchange Rate Changes on Cash and Cash Equivalents	(24)		(8)
Change in Cash and Cash Equivalents	(268		)	265			Change in Cash and Cash Equivalents	92		(17)
Cash and Cash Equivalents - Beginning of Period	923			619			Cash and Cash Equivalents - Beginning of Period	270		303
Cash and Cash Equivalents - End of Period	$	655		$	884		Cash and Cash Equivalents - End of Period	$	362	$	286

See notes to the unaudited interim consolidated financial statements.

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Accounting Policies

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and ~~with the~~ instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all material adjustments which are of a normal and recurring nature necessary for a fair presentation of the results for the periods presented have been reflected. Dollar amounts are reported in millions, except per share dollar amounts, unless otherwise noted.

For further information, refer to the consolidated financial statements and footnotes included in our Annual Report on Form ~~10‑K~~10-K for the year ended December 31, ~~2016.~~2021. The terms "Corporation," "Kimberly-Clark," "K-C," "we," "our" and "us" refer to Kimberly-Clark Corporation and its consolidated subsidiaries.

~~Annual Goodwill Impairment Assessment~~Highly Inflationary Accounting

~~Goodwill represents costs~~GAAP guidance requires the use of highly inflationary accounting for countries whose cumulative three-year inflation exceeds 100 percent. Under highly inflationary accounting, the countries’ functional currency becomes the U.S. dollar, and its income statement and balance sheet are measured in ~~excess~~U.S. dollars using both current and historical rates of ~~fair values assigned~~exchange. In the second quarter of 2018, published inflation indices indicated that the three-year cumulative inflation in Argentina exceeded 100 percent, and as of July 1, 2018, we elected to ~~the underlying net assets~~adopt highly inflationary accounting for our subsidiaries in Argentina (“K-C Argentina”). The effect of acquired businesses. Goodwill is not amortized, but rather is assessed for impairment annually and whenever events and circumstances indicate that impairment may have occurred. Impairment testing compares the reporting unit carrying amount of goodwill with its fair value. If the reporting unit carrying amount of goodwill exceeds its fair value, an impairment charge would be recorded. In our evaluation of goodwill impairment, we have the option to first assess qualitative factors such as macroeconomic, industry and competitive conditions, legal and regulatory environments, historical and projected financial performance, significant changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in Other (income) and expense, net and was not material. As of September 30, 2022, K-C Argentina had a small net peso monetary position. Net sales of K-C Argentina were approximately 1 percent of our consolidated net sales for the ~~reporting unit~~nine months ended September 30, 2022 and 2021.

In the ~~magnitude~~first quarter of ~~excess fair value over carrying amount from the previous quantitative impairment testing. If the qualitative assessment determines that it is more likely than not~~2022, published inflation indices indicated that the ~~fair value~~three-year cumulative inflation in Turkey exceeded 100 percent, and as of April 1, 2022, we elected to adopt highly inflationary accounting for our subsidiary in Turkey (“K-C Turkey”). The effect of changes in exchange rates on lira-denominated monetary assets and liabilities has been reflected in earnings in Other (income) and expense, net and was not material. As of September 30, 2022, K-C Turkey had a ~~reporting unit is~~small net lira monetary position. Net sales of K-C Turkey were less than its carrying amount, then a quantitative impairment test using discounted cash flows to estimate fair value must be performed. On the other hand, if the qualitative assessment determines that it is more likely than not that the fair value of a reporting unit is more than its carrying value, then further quantitative testing is not required. For 2017, we have completed the required annual assessment of goodwill for impairment for all1 percent of our ~~reporting units using a qualitative assessment as of~~consolidated net sales for the ~~first day of the third quarter, and have determined that it is more likely than not that the fair value is more than the carrying amount for each of our reporting units.~~nine months ended September 30, 2022.

Recently ~~Adopted~~Issued Accounting ~~Standards~~Standard

In ~~2016,~~September 2022, the Financial Accounting Standards Board ~~(the "FASB")~~ issued Accounting ~~Standards~~Standard Update ~~("ASU"~~(“ASU”) No. ~~2016-09,~~ ~~Compensation-Stock Compensation (Topic 718)~~2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50). The new guidance ~~simplifies several aspects~~requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of the ~~accounting for share-based payment transactions, including~~financial statements to understand the ~~income tax consequences, classification of awards as either equity or liabilities,~~program’s nature, activity during the period, changes from period to period, and classification on the statement of cash flows. We adopted this standard as of January 1, 2017. The adoption did not have a material impact on our financial position, results of operations and cash flows. Prior periods were not recast.

~~In 2016, the FASB issued~~potential magnitude. This ASU ~~No. 2016-15,~~ ~~Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)~~,providing guidance on eight specific cash flow statement classification matters. We early adopted this standard as of January 1, 2017. The adoption of this standard did not have a material impact on our cash flow statement. Prior periods were not recast.

~~Accounting Standards Issued - Not Yet Adopted~~

~~In 2017, the FASB issued ASU No. 2017-12,~~ ~~Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities~~. ~~The~~ new standard makes more financial and non-financial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. For public companies, the amendments in this ASU areis effective for fiscal years beginning after December 15, ~~2018, and~~2022, including interim periods within those fiscal ~~years. Early adoption~~years, except for the provision on roll forward information, which is ~~permitted in any interim period. The~~effective for fiscal years beginning after December 15, 2023. As the guidance requires only additional disclosures, the effects of this standard on our financial position, results of operations and cash flows are not ~~yet known.~~expected to be material.

~~In 2017, the FASB issued ASU No. 2017-07,~~ ~~Compensation-Retirement Benefits (Topic 715)~~

Note 2. 2022 Acquisition

On February 24, 2022, we completed our acquisition of a majority and controlling share of Thinx Inc. (“Thinx”), ~~Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.~~ ~~The standard requires that~~ an ~~employer report the service cost component~~industry leader in the ~~same line items~~reusable period and incontinence underwear category, for total consideration of $181 consisting of cash of $53, the fair value of our previously held equity investment of $127, and certain share-based award costs of $1.

We previously accounted for our ownership interest in Thinx as ~~other compensation costs arising from services rendered~~an equity method investment, but upon increasing our ownership to 58%, we began consolidating the operations of Thinx into our financial statements at the end of the first quarter of 2022. The consolidated results of operations for Thinx are reported in our Personal Care business segment on a one-month lag. The share of Thinx net income and equity attributable to the third-party minority owner of Thinx is classified in our consolidated income statement within Net income attributable to noncontrolling interests and in our consolidated balance sheet within Redeemable Common and Preferred Securities of Subsidiaries. This noncontrolling equity interest is measured at the estimated redemption value, which approximates fair value.

We have substantially completed an initial purchase price allocation in which we utilized several generally accepted valuation methodologies to estimate the fair value of certain acquired assets. The primary valuation methods included two forms of the Income Approach (i.e., the multi-period excess earnings method [distributor method] and the relief-from-royalty method). These valuation methodologies are commonly used to value similar identifiable intangible assets in the Consumer Packaged Goods industry. All of the selected valuation methodologies incorporate unobservable inputs, or Level 3 inputs, as defined by the ~~pertinent employees during the period. The other components of net benefit cost~~fair value hierarchy in Accounting Standard Codification 820, Fair Value Measurements. In connection with these valuation methodologies, we are required to make estimates and assumptions regarding market comparable companies, revenue growth rates, operating margins, distributor and customer attrition rates, royalty rates, distributor margins, discount rates, etc., which are primarily based on cash flow forecasts, business plans, economic projections and other information available to market participants.

The total purchase price consideration was allocated to the net assets acquired based upon their respective estimated fair values as follows:





Current Assets	$	28
Property, Plant and Equipment, Net	2
Goodwill	297
Other Intangible Assets, Net	123
Other Assets	4
Current Liabilities	(17)
Deferred Income Taxes	(18)
Other Liabilities	(4)
Fair value of net assets acquired	415

Less fair value of non-controlling interest	(234)
Total purchase price consideration	$	181

Other Intangible Assets, Net includes brands and customer relationships which have estimated useful lives of 4 to 15 years, primarily 15 years. Based on the carrying value of these finite-lived assets as of September 30, 2022, amortization expense per year for each of the next five years is estimated to be ~~presented~~approximately $8.

Goodwill of $297 was allocated to the Personal Care business segment. The goodwill is primarily attributable to future growth opportunities and any intangible assets that did not qualify for separate recognition. For tax purposes, the acquisition of additional Thinx shares was treated as a stock acquisition, and the goodwill acquired is not tax deductible.

The preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are subject to revisions, which may result in adjustments to the preliminary values discussed above. We continue to evaluate potential contingencies that may have existed as of the acquisition date and expect to finalize the purchase price allocation no later than the first quarter of 2023.

As a result of this transaction during the quarter ended March 31, 2022, an $85 non-recurring, non-cash gain was recognized in Other (income) expense, net as a result of the remeasurement of the carrying value of our previously held equity investment to fair value, and related transaction and integration costs of $21 were recorded in Marketing, research and general expenses. This recognition resulted in a net benefit of $64 pre-tax ($68 after tax) being included in our consolidated income statement ~~separately~~for the quarter ended March 31, 2022. In addition, we removed the non-cash gain impact from the service cost component and outside of operating profit. The standard is effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Prior periods are required to be recast. We will adopt this standard as of January 1, 2018. Net periodic benefit cost for pensions and other postretirement benefitsOperating Activities in our consolidated cash flow statements for the nine months ended September 30, ~~2017 and 2016 was $81 and $87, of which $38 and $41, respectively, related to service cost.~~ 2022.

~~In 2016, the FASB issued ASU No. 2016-16,~~ ~~Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory~~, which removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The ASU is effective for public companies for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The ASU should be applied on a modified retrospective basis, recognizing the effects in retained earnings as of the beginning of the year of adoption. We will adopt this standard as of January 1, 2018. The impact of this standard on our financial position,Pro forma results of operations ~~and cash flows is~~have not ~~expected to be material.~~

~~In 2016,~~been presented as the ~~FASB issued ASU No. 2016-02,~~ ~~Leases (Topic 842)~~. Under the new guidance, a lessee will be required to recognize assets and liabilities for all leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. The ASU requires additional disclosures. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The ASU requires adoption based upon a modified retrospective transition approach. Early adoption is permitted. The effects of this standard on our financial position, results of operations and cash flows are not yet known.

~~In 2014, the FASB issued ASU No. 2014-09,~~ ~~Revenue from Contracts with Customers~~, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The standard is effective for public companies for annual and interim periods beginning after December 15, 2017. We will adopt this ASU effective January 1, 2018. The guidance is required to be adopted on either a full or modified retrospective basis. As this standard is not expected to have a material impact on our consolidated financial ~~position, results of operations and cash flows on either a full or modified retrospective basis, we do~~statements is not ~~plan to recast prior periods.~~material.

Note 2.3. Fair Value Information

The following fair value information is based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels in the hierarchy used to measure fair value are:

Level 1 – Unadjusted quoted prices in active markets accessible at the reporting date for identical assets and liabilities.

Level 2 – Quoted prices for similar assets or liabilities in active markets. Quoted prices for identical or similar assets and liabilities in markets that are not considered active or financial instruments for which all significant inputs are observable, either directly or indirectly.

Level 3 – Prices or valuations that require inputs that are significant to the valuation and are unobservable.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

During the nine months ended September 30, ~~2017~~2022 and for the full year ~~2016,~~2021, there were no significant transfers ~~among~~to or from level ~~1, 2, or~~ 3 fair value determinations.

Derivative ~~liabilities~~assets and ~~assets~~liabilities are measured on a recurring basis at fair value. At September 30, ~~2017~~2022 and December 31, ~~2016,~~2021, derivative assets were $283 and $65, respectively, and derivative liabilities were ~~$69~~$131 and ~~$46, respectively, and derivative assets were $50 and $43,~~$41, respectively. The fair values of derivatives used to manage interest rate risk and commodity price risk are based on LIBOR rates and interest rate swap curves and ~~NYMEX~~commodity price quotations, respectively. The fair values of hedging instruments used to manage foreign currency risk are based on published quotations of spot currency rates and forward points, which are converted into implied forward currency rates. Measurement of our derivative assets and liabilities is considered a level 2 measurement. Additional information on our classification and use of derivative instruments is contained in Note 5.6.

Redeemable common and preferred securities of subsidiaries are measured on a recurring basis at their estimated redemption values, which approximate fair ~~value and were $58 at both~~value. As of September 30, ~~2017~~2022 and December 31, ~~2016. They~~2021, the securities were valued at $260 and $26, respectively. No redeemable common securities were outstanding at December 31, 2021. The securities are not traded in active markets. For certain redeemable securities, fair values were calculated using a floating rate pricing model that compared the stated spread to the fair value spread to determine the price at which each of the financial instruments should trade. The model used the following inputs to calculate fair values: face value, current LIBOR rate, unobservable fair value credit spread, stated spread, maturity datemarkets, and interest or dividend payment dates. The fair values of the remaining redeemable securities were based on various inputs, including an independent third-party appraisal, adjusted for current market conditions. Measurement of the redeemable preferred securitiestheir measurement is considered a level 3 measurement.

Company-owned life insurance ("COLI") assets are measured on a recurring basis at fair value. COLI assets were ~~$66~~$63 and ~~$61~~$72 at September 30, ~~2017~~ 2022 and December 31, ~~2016,~~2021, respectively. The COLI policies are a source of funding primarily for our nonqualified employee benefits and are included in ~~other assets.~~Other Assets. The COLI policies are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.

The following table includes the fair value of our financial instruments for which disclosure of fair value is required:


	Fair Value Hierarchy Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value

		September 30, 2022				December 31, 2021
Assets
Cash and cash equivalents(a)	1	$	362	$	362	$	270	$	270
Time deposits(b)	1	168		168		416		416

Liabilities
Short-term debt(c)	2	599		599		118		118

Long-term debt(d)	2	7,988		7,269		8,456		9,492

Fair Value Hierarchy Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value
September 30, 2017 December 31, 2016
Assets
Cash and cash equivalents^(a)
1 $ 655
$ 655
$ 923
$ 923
Time deposits and other^(b)
1 195
195
138
138
Liabilities and redeemable securities of subsidiaries
Short-term debt^(c)
2 282
282
170
170
Long-term debt^(d)
2 7,364
7,876
7,402
7,886

Note 3.4. Earnings Per Share ("EPS")

There are no adjustments required to be made to net income for purposes of computing EPS. The average number of common shares outstanding is reconciled to those used in the basic and diluted EPS computations as follows:


	Three Months Ended September 30		Nine Months Ended September 30
(Millions of shares)	2022	2021	2022	2021
Basic	337.6	336.8	337.3	337.4
Dilutive effect of stock options and restricted share unit awards	0.7	0.7	1.0	1.0
Diluted	338.3	337.5	338.3	338.4

Three Months Ended
September 30 Nine Months Ended
September 30
(Millions of shares) 2017 2016 2017 2016
Basic 352.7
359.2
354.4
360.0
Dilutive effect of stock options and restricted share unit awards 2.1
2.3
2.3
2.4
Diluted 354.8
361.5
356.7
362.4

~~Options~~The impact of options outstanding that were not included in the computation of diluted EPS because their exercise price was greater than the average market price of the common shares ~~were~~was insignificant. The number of common shares outstanding as of September 30, ~~2017~~2022 and ~~2016~~2021 was ~~351.9~~337.5 million and ~~358.4~~336.7 million, respectively.

Note 4.5. Stockholders' Equity

Set forth below is a reconciliation for the nine months ended September 30, 2017 of the carrying amount of total stockholders' equity (deficit) from the beginning of the period to the end of the period.

Stockholders' Equity (Deficit) Attributable to
The Corporation Noncontrolling Interests
Balance at December 31, 2016 $ (102 ) $ 219
Net Income 1,661
29
Other comprehensive income, net of tax 379
12
Stock-based awards exercised or vested 113
—
Recognition of stock-based compensation 64
—
Shares repurchased (827 ) —
Dividends declared (1,030 ) (22 )
Other 1
1
Balance at September 30, 2017 $ 259
$ 239

~~During the nine months ended September 30, 2017, we repurchased 6.3 million shares at a total cost of $800pursuant to a share repurchase program authorized by our Board of Directors.~~

Net unrealized currency gains or losses resulting from the translation of assets and liabilities of foreign subsidiaries, except those in highly inflationary economies, are recorded in ~~accumulated other comprehensive income~~Accumulated Other Comprehensive Income ("AOCI"). For these operations, changes in exchange rates generally do not affect cash flows; therefore, unrealized translation adjustments are recorded in AOCI rather than net income. Upon sale or substantially complete liquidation of any of these subsidiaries, the applicable unrealized translation would be removed from AOCI and reported as part of the gain or loss on the sale or liquidation.

Also included in unrealized translation amounts are the effects of foreign exchange rate changes on intercompany balances of a long-term investment nature and transactions designated as hedges of net foreign investments.

The change in net unrealized currency translation for the nine months ended September 30, ~~2017~~2022 was primarily due to the ~~strengthening~~weakening of ~~most~~certain foreign currencies versus the U.S. ~~dollar, including the euro, Australian dollar, British pound sterling, and South Korean won.~~dollar.

The changes in the components of AOCI attributable to Kimberly-Clark, net of tax, are as follows:


	Unrealized Translation		Defined Benefit Pension Plans			Other Postretirement Benefit Plans			Cash Flow Hedges and Other
Balance as of December 31, 2020	$	(2,157)	$	(912)		$	(40)		$	(63)
Other comprehensive income (loss) before reclassifications	(266)		5			(12)			56
(Income) loss reclassified from AOCI	—		52		(a)	(3)		(a)	35
Net current period other comprehensive income (loss)	(266)		57			(15)			91

Balance as of September 30, 2021	$	(2,423)	$	(855)		$	(55)		$	28

Balance as of December 31, 2021	$	(2,422)	$	(803)		$	(34)		$	20
Other comprehensive income (loss) before reclassifications	(501)		(6)			(2)			101
(Income) loss reclassified from AOCI	—		44		(a)	—		(a)	(26)
Net current period other comprehensive income (loss)	(501)		38			(2)			75

Balance as of September 30, 2022	$	(2,923)	$	(765)		$	(36)		$	95

(a) Included in computation of net periodic benefit costs.

Unrealized Translation Defined Benefit Pension Plans Other Postretirement Benefit Plans Cash Flow Hedges and Other
Balance as of December 31, 2015 $ (2,252 ) $ (1,013 ) $ (3 ) $ (10 )
Other comprehensive income (loss) before reclassifications 161
10
(9 ) 8
(Income) loss reclassified from AOCI —
22
(a) (1 ) (a) (13 )
Net current period other comprehensive income (loss) 161
32
(10 ) (5 )
Balance as of September 30, 2016 $ (2,091 ) $ (981 ) $ (13 ) $ (15 )

Balance as of December 31, 2016 $ (2,351 ) $ (1,097 ) $ (31 ) $ 5
Other comprehensive income (loss) before reclassifications 439
(34 ) (3 ) (55 )
(Income) loss reclassified from AOCI —
27
(a) (1 ) (a) 6
Net current period other comprehensive income (loss) 439
(7 ) (4 ) (49 )
Balance as of September 30, 2017 $ (1,912 ) $ (1,104 ) $ (35 ) $ (44 )

Note 5.6. Objectives and Strategies for Using Derivatives

As a multinational enterprise, we are exposed to financial risks, such as changes in foreign currency exchange rates, interest ~~rates,~~rates, and commodity prices. We employ a number of practices to manage these risks, including operating and financing activities and, where appropriate, the use of derivative instruments. ~~We enter into~~

At September 30, 2022 and December 31, 2021, derivative ~~instruments to hedge a portion~~assets were $283 and $65, respectively, and derivative liabilities were $131 and $41, respectively, primarily comprised of forecasted cash flows denominated in foreign currencies for non-U.S. operations' purchases of raw materials, which are priced in U.S. dollars, and imports of intercompany finished goods and work-in-process priced predominantly in U.S. dollars and euros. The derivative instruments used to manage these exposures are designated and qualify as cash flow hedges. The foreign currency ~~exposure on certain non-functional currency denominated monetary~~exchange contracts. Derivative assets are recorded in

Other current assets or Other Assets, as appropriate, and derivative liabilities ~~primarily intercompany loans~~are recorded in Accrued expenses and ~~accounts payable, is hedged with primarily undesignated derivative instruments.~~other current liabilities or Other Liabilities, as appropriate.

Interest rate risk is managed using a portfolio of variable and fixed-rate debt composed of short and long-term instruments. Interest rate swap contracts may be used to facilitate the maintenance of the desired ratio of variable and fixed-rate debt and are designated and qualify as fair value hedges. From time to time, we also hedge the anticipated issuance of fixed-rate debt, and these contracts are designated as cash flow hedges.

We use derivative instruments, such as forward swap contracts, to hedge a limited portion of our exposure to market risk arising from changes in prices of certain commodities. These derivatives are designated as cash flow hedges of specific quantities of the underlying commodity expected to be purchased in future months.Foreign Currency Exchange Rate Risk

Translation adjustments result from translating foreign entities' financial statements into U.S. dollars from their functional currencies. The risk to any particular entity's net assets is reduced to the extent that the entity is financed with local currency borrowings. A portion of our balance sheet translation exposure for certain affiliates, which results from changes in translation rates between the affiliates’ functional currencies and the U.S. dollar, is hedged with ~~financial instruments. These instruments~~cross-currency swap contracts and certain foreign denominated debt which are designated as net investment hedges. The foreign currency exposure on certain non-functional currency denominated monetary assets and liabilities, primarily intercompany loans and accounts payable, is hedged with primarily undesignated derivative instruments.

Derivative instruments are entered into to hedge a portion of forecasted cash flows denominated in foreign currencies for non-U.S. operations' purchases of raw materials, which are priced in U.S. dollars, and imports of intercompany finished goods and work-in-process priced predominantly in U.S. dollars and euros. The derivative instruments used to manage these exposures are designated as cash flow hedges.

Interest rate risk is managed using a portfolio of variable and fixed-rate debt composed of short and long-term instruments. Interest rate swap contracts may be used to facilitate the maintenance of the desired ratio of variable and fixed-rate debt and are designated as fair value hedges. From time to time, we also hedge the anticipated issuance of fixed-rate debt, and these contracts are designated as cash flow hedges.

Commodity Price Risk

We use derivative instruments, such as forward contracts, to hedge a limited portion of our exposure to market risk arising from changes in prices of certain commodities. These derivatives are designated as cash flow hedges ~~and have an aggregate notional value~~ of ~~$55 at September 30, 2017.~~specific quantities of the underlying commodity expected to be purchased in future months. In addition, we ~~issued €500 million euro-denominated debt in September 2017 and designated these instruments as net investment hedges. Changes in fair value~~utilize negotiated contracts of ~~net investment hedges are recorded in AOCI as part~~varying durations along with strategic pricing mechanisms to manage volatility for a portion of ~~the cumulative translation adjustment.~~our commodity costs.

At September 30, 2017 and December 31, 2016, derivative liabilities were $69 and $46, respectively, and derivative assets were $50 and $43, respectively, primarily comprised of foreign currency exchange contracts.Fair Value Hedges

Derivative instruments that are designated and qualify as fair value hedges are predominantly used to manage interest rate risk. The fair values of these interest rate derivative instruments are recorded as an asset or liability, as appropriate, with the offset recorded in ~~current earnings.~~Interest expense. The offset to the change in fair values of the related ~~hedged items~~debt is also is recorded in ~~current earnings.~~Interest expense. Any realized gain or loss on the derivatives that hedge interest rate risk is amortized to ~~interest~~Interest expense over the life of the related debt. As of September 30, ~~2017, there were no~~2022, the aggregate notional values and carrying values of debt subject to outstanding interest rate contracts designated as fair value ~~hedges. Fair value~~ hedges ~~resulted in no significant ineffectiveness in~~were $525 and $465, respectively. For the nine months ended September 30, ~~2017~~2022 and ~~2016, and~~2021, gains or losses recognized in ~~interest~~Interest expense for interest rate swaps were not significant. ~~For the nine month periods ended September 30, 2017 and 2016, no gains or losses were recognized in earnings as a result of a hedged firm commitment no longer qualifying as a fair value hedge.~~

For derivative instruments that are designated and qualify as cash flow hedges, ~~the effective portion of~~ the gain or loss on the derivative instrument is initially recorded in AOCI, net of related income taxes, and recognized in earnings in the same income statement line and period that the hedged exposure affects earnings. As of September 30, ~~2017,~~2022, outstanding commodity forward contracts were in place to hedge a limited portion of our estimated requirements of the related underlying commodities in the remainder of ~~2017~~2022 and future periods. AsDuring 2022, we increased the notional level of our foreign currency designated cash flow hedges to help mitigate the impacts of significantly increased macroeconomic foreign currency rate fluctuations, and as of September 30, ~~2017,~~2022, the aggregate notional ~~values~~value of outstanding foreign exchange ~~and interest rate~~ derivative contracts designated as cash flow hedges ~~were $765 and $200, respectively. Cash flow hedges resulted in no significant ineffectiveness for~~was $2,106. For the nine months ended September 30, ~~2017~~2022 and ~~2016, and~~2021, no significant gains or losses were reclassified into ~~earnings~~Interest expense, Cost of products sold or Other (income) and expense, net as a result of the discontinuance of cash flow hedges due to the original forecasted transaction no longer being probable of occurring. At September 30, ~~2017,~~2022, amounts to be reclassified from AOCI into Interest expense, Cost of products sold or Other (income) and expense, net during the next twelve months are not expected to be material. The maximum maturity of cash flow hedges in place at September 30, ~~2017~~2022 is ~~October 2019.~~September 2025.

Net Investment Hedges

For derivative instruments that are designated and qualify as net investment hedges, the aggregate notional value was $1.3 billion at September 30, 2022. We exclude the interest accruals on cross-currency swap contracts and the forward points on foreign exchange forward contracts from the assessment and measurement of hedge effectiveness. We recognize the interest accruals on cross-currency swap contracts in earnings within Interest expense. We amortize the forward points on foreign exchange contracts into earnings within Interest expense over the life of the hedging relationship. Changes in fair value of net investment hedges are recorded in AOCI and offset the change in the value of the net investment being hedged. For the nine

months ended September 30, 2022, unrealized gains of $176 related to net investment hedge fair value changes were recorded in AOCI and no significant amounts were reclassified from AOCI to Interest expense.

No significant amounts were excluded from the assessment of net investment, fair value or cash flow hedge effectiveness as of September 30, 2022.

Undesignated Hedging Instruments

Gains or losses on undesignated foreign exchange hedging instruments are immediately recognized in ~~other~~Other (income) and expense, net. ~~Gains~~Losses of ~~$22~~$13 and $5$2 were recorded in the three months ended September 30, ~~2017~~2022 and ~~2016,~~2021, respectively. ~~Gains~~Losses of ~~$38~~$48 and ~~$19~~$8 were recorded in the nine months ended September 30, ~~2017~~2022 and ~~2016,~~2021, respectively. The effect on earnings from the use of these non-designated derivatives is substantially neutralized by the transactional gains and losses recorded on the underlying assets and liabilities. At September 30, ~~2017,~~2022, the notional ~~amount~~value of these undesignated derivative instruments was approximately $2$2.1 billion.

Note 6.7. Business Segment Information

We are organized into operating segments based on product groupings. These operating segments have been aggregated into three reportable global business segments: Personal Care, Consumer Tissue and K-C Professional. The reportable segments were determined in accordance with how our chief operating decision maker and our executive managers develop and execute global strategies to drive growth and profitability. These strategies include global plans for branding and product positioning, technology, research and development programs, cost reductions including supply chain management, and capacity and capital investments for each of these businesses. Segment management is evaluated on several factors, including operating profit. Segment operating profit excludes ~~other~~Other (income) and expense, net and income and expense not associated with ongoing operations of the business ~~segments.~~segments, including the costs of corporate decisions related to the 2018 Global Restructuring Program which was completed in 2021.

The principal sources of revenue in each global business segment are described below:

•Personal Care brands offer our consumers a trusted partner in caring for themselves and their families by delivering confidence, protection and discretion through a wide variety of innovative solutions and products such as disposable diapers, training and youth pants, swimpants, baby wipes, feminine and incontinence care products, reusable underwear and other related products. Products in this segment are sold under the Huggies, Pull-Ups, Little Swimmers, GoodNites, DryNites, Sweety, Kotex, U by Kotex, Intimus, Thinx, Depend, Plenitud, Softex, Poise and other brand names.

•Consumer Tissue offers a wide variety of innovative solutions and trusted brands that ~~touch and~~responsibly improve ~~people's lives every day.~~everyday living for families around the world. Products in this segment include facial and bathroom tissue, paper towels, napkins and related products, and are sold under the Kleenex, Scott, Cottonelle, Viva, Andrex, Scottex, Neve and other brand names.

•K-C Professional partners with businesses to create Exceptional Workplaces, helping to make them healthier, safer and more productive through a range of solutions and supporting products such as wipers, tissue, towels, apparel, soaps and sanitizers. Our brands, including Kleenex, Scott, WypAll, Kimtech and ~~Jackson Safety,~~KleenGuard are ~~well-known~~well known for quality and trusted to help people around the world work better.

Information concerning consolidated operations by business segment is presented in the following tables:


	Three Months Ended September 30						Nine Months Ended September 30
	2022		2021		Change		2022		2021		Change
NET SALES
Personal Care	$	2,628	$	2,656	-1	%	$	8,067	$	7,635	+6	%
Consumer Tissue	1,578		1,541		+2	%	4,683		4,475		+5	%
K-C Professional	836		797		+5	%	2,418		2,314		+4	%
Corporate & Other	11		16		N.M.		43		51		N.M.
TOTAL NET SALES	$	5,053	$	5,010	+1	%	$	15,211	$	14,475	+5	%

OPERATING PROFIT
Personal Care	$	423	$	496	-15	%	$	1,364	$	1,431	-5	%
Consumer Tissue	218		222		-2	%	567		687		-17	%
K-C Professional	119		96		+24	%	294		332		-11	%
Corporate & Other(a)	(90)		(150)		N.M.		(298)		(386)		N.M.
Other (income) and expense, net(a)	15		7		+114	%	(42)		24		N.M.
TOTAL OPERATING PROFIT	$	655	$	657	—		$	1,969	$	2,040	-3	%

Three Months Ended September 30 Nine Months Ended September 30
2017 2016 Change 2017 2016 Change
NET SALES
Personal Care $ 2,284
$ 2,312
-1 % $ 6,804
$ 6,798
—
Consumer Tissue 1,518
1,472
+3 % 4,436
4,462
-1 %
K-C Professional 827
802
+3 % 2,405
2,371
+1 %
Corporate & Other 11
8
N.M.
32
27
N.M.
TOTAL NET SALES $ 4,640
$ 4,594
+1 % $ 13,677
$ 13,658
—

OPERATING PROFIT
Personal Care $ 476
$ 458
+4 % $ 1,424
$ 1,362
+5 %
Consumer Tissue 260
267
-3 % 776
822
-6 %
K-C Professional 173
157
+10 % 482
457
+5 %
Corporate & Other^(a)
(63 ) (45 ) N.M.
(195 ) (173 ) N.M.
Other (income) and expense, net^(a)
(8 ) 1
N.M.
—
(10 ) N.M.
TOTAL OPERATING PROFIT $ 854
$ 836
+2 % $ 2,487
$ 2,478
—
(a) Corporate & Other and Other (income) and expense, net include income and expense not associated with the business segments, including the non-cash, non-recurring gain and transaction and integration costs related to the acquisition of a controlling interest in Thinx in 2022 and charges related to the 2018 Global Restructuring Program in 2021. Restructuring charges related to the Personal Care, Consumer Tissue and K-C Professional for the three months ended September 30, 2021 were, $32, $42, and $10, respectively and for the nine months ended September 30, 2021 were $71, $84 and $19, respectively.


~~(a)~~	~~Corporate & Other and Other (income) and expense, net include income and expense not associated with the business segments, including adjustments as indicated in the Non-GAAP Reconciliations.~~

N.M. - Not Meaningful

Sales of Principal Products:


	Three Months Ended September 30				Nine Months Ended September 30
(Billions of dollars)	2022		2021		2022		2021
Baby and child care products	$	1.7	$	1.8	$	5.5	$	5.3
Consumer tissue products	1.6		1.5		4.7		4.5
Away-from-home professional products	0.8		0.8		2.4		2.3
All other	1.0		0.9		2.6		2.4
Consolidated	$	5.1	$	5.0	$	15.2	$	14.5

Note 7.8. Supplemental Balance Sheet Data

The following schedule presents a summary of inventories by major class:

September 30, 2017 December 31, 2016
LIFO Non-LIFO Total LIFO Non-LIFO Total
Raw materials $ 88
$ 249
$ 337
$ 93
$ 236
$ 329
Work in process 106
97
203
114
89
203
Finished goods 396
687
1,083
430
600
1,030
Supplies and other —
298
298
—
280
280
590
1,331
1,921
637
1,205
1,842
Excess of FIFO or weighted-average cost over LIFO cost (173 ) —
(173 ) (163 ) —
(163 )
Total $ 417
$ 1,331
$ 1,748
$ 474
$ 1,205
$ 1,679


	September 30, 2022						December 31, 2021
	LIFO		Non-LIFO		Total		LIFO		Non-LIFO		Total
Raw materials	$	167	$	382	$	549	$	141	$	352	$	493
Work in process	148		105		253		153		89		242
Finished goods	613		815		1,428		607		835		1,442
Supplies and other	—		292		292		—		280		280
	928		1,594		2,522		901		1,556		2,457
Excess of FIFO or weighted-average cost over LIFO cost	(241)		—		(241)		(218)		—		(218)
Total	$	687	$	1,594	$	2,281	$	683	$	1,556	$	2,239

Inventories are valued at the lower of cost ~~and~~or net realizable value, determined on the FIFO or weighted-average cost methods, and at the lower of cost or market, determined on the LIFO cost method.

The following schedule presents a summary of property, plant and equipment, net:


	September 30, 2022		December 31, 2021
Land	$	153	$	169
Buildings	2,972		2,993
Machinery and equipment	14,372		14,606
Construction in progress	647		760
	18,144		18,528
Less accumulated depreciation	(10,407)		(10,431)
Total	$	7,737	$	8,097

September 30, 2017 December 31, 2016
Land $ 171
$ 163
Buildings 2,787
2,612
Machinery and equipment 14,328
13,591
Construction in progress 337
488
17,623
16,854
Less accumulated depreciation (10,306 ) (9,685 )
Total $ 7,317
$ 7,169


~~Item 2.~~	~~Management's Discussion and Analysis of Financial Condition and Results of Operations~~

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Introduction

This management's discussion and analysis ("MD&A") of financial condition and results of operations is intended to provide investors with an understanding of our recent performance, financial condition and prospects. Dollar amounts are reported in millions, except per share dollar amounts, unless otherwise noted. The following will be discussed and analyzed:

•Overview of Third Quarter ~~2017~~2022 Results

•Results of Operations and Related Information

•Liquidity and Capital Resources

~~Business Outlook~~•Information Concerning Forward-Looking Statements

We describe our business outside North America in two groups – Developing and Emerging Markets ("D&E") and Developed Markets. D&E markets comprise Eastern Europe, the Middle East and Africa, Latin America and Asia-Pacific, excluding Australia and South Korea. Developed Markets consist of Western and Central Europe, Australia and South Korea. We have three reportable business segments: Personal Care, Consumer Tissue and K-C Professional. These business segments are described in greater detail in Note 7 to the unaudited interim consolidated financial statements.

On February 24, 2022, we completed our acquisition of a majority and controlling share of Thinx Inc. (“Thinx”), an industry leader in the reusable period and incontinence underwear category, for total consideration of $181 consisting of cash of $53, the fair value of our previously held equity investment of $127, and certain share-based award costs of $1.

This section presents a discussion and analysis of our third quarter ~~2017~~2022 net sales, operating profit and other information relevant to an understanding of the results of operations. In addition, we provide commentary regarding organic sales growth, which describes the impact of changes in volume, net selling prices and product mix on net sales. ~~Changes~~Change in foreign currency exchange rates, acquisitions and exited businesses also impact the year-over-year change in net sales. Our analysis compares the three ~~months~~ and nine months ended September 30, ~~2017~~2022 results to the same periods in ~~2016.~~2021.

In March 2022, we implemented significant adjustments to our business in Russia and suspended substantially all media, advertising and promotional activity as well as capital investments in our sole manufacturing facility. Consistent with the humanitarian nature of our products, we are manufacturing and selling only essential items, such as baby diapers and feminine pads, which are critical to the health and hygiene of women, girls and babies, but our ability to manufacture these items may change as the situation evolves. Our Russia business has historically represented approximately 1 to 2 percent of our net sales, operating profit and total assets. We are actively monitoring the situation, and as the business, geopolitical and regulatory environment concerning Russia evolves, our assets may be partially or fully impaired. We are also monitoring the increased risk of cyber-based attacks as a result of the Russian invasion of Ukraine and have implemented heightened cyber-security monitoring of our systems designed to address the evolving threat landscape. We are experiencing increased input costs as a result of inflation and supply chain complexities related to the Russian invasion that are having a negative impact on our operations. For a more complete discussion of the risks we encounter in our business, please refer to Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021.

Throughout this MD&A, we refer to financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S., or GAAP, and are therefore referred to as non-GAAP financial measures. These measures include adjusted gross and operating profit, adjusted net income, adjusted earnings per share and adjusted effective tax rate. We believe these measures provide our investors with additional information about our underlying results and trends, as well as insight into some of the financial measures used to evaluate management.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measures, and they should be read only in conjunction with our unaudited interim consolidated financial statements prepared in accordance with GAAP. There are limitations to these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and items being excluded. We compensate for these limitations by using these non-GAAP financial measures as a supplement to the GAAP measures and by providing reconciliations of the non-GAAP and comparable GAAP financial measures.

The non-GAAP financial measures exclude the following items for the relevant time periods as indicated in the reconciliations included later in this MD&A:

~~2014 Organization Restructuring~~

•Pension settlements - In ~~2014,~~2022, pension settlement charges were recognized related to lump-sum distributions from pension plan assets exceeding the total of annual service and interest costs resulting in a recognition of deferred actuarial losses.

•Acquisition of controlling interest in Thinx – In the first quarter of 2022, we increased our investment in Thinx. As a result of this transaction, a net benefit was recognized primarily due to the non-recurring, non-cash gain recognized related to the remeasurement of the carrying value of our previously held equity investment to fair value partially offset by transaction and integration costs. See Item 1, Note 2 to the unaudited interim consolidated financial statements for details.

The non-GAAP financial measures also exclude charges in 2021 for the 2018 Global Restructuring Program as indicated in the reconciliations included later in this MD&A. In 2018, we initiated this restructuring in order to ~~improve organization efficiency~~reduce our structural cost base by streamlining and ~~offset the impact of stranded~~simplifying our manufacturing supply chain and overhead ~~costs resulting from the 2014 spin-off of our health care business.~~organization. As a result, we recognized restructuring charges in ~~2014, 2015~~2018, 2019, 2020 and ~~2016.~~2021 for this program. Restructuring actions were completed ~~by December 31, 2016.~~

~~Adjustment related to Venezuelan Operations - Effective December 31, 2015, we deconsolidated the assets and liabilities of our business~~ in ~~Venezuela from our consolidated balance sheet, and in the second quarter of 2016, recorded an adjustment related to an updated assessment.~~2021.

Overview of Third Quarter ~~2017~~2022 Results

•Net sales of ~~$4.6~~$5.1 billion increased 1 percent compared to the ~~prior year. Changes in foreign currency exchange rates benefited sales by nearly 1 percent and~~year-ago period, including organic sales ~~rose slightly. Organic sales were similar in North American consumer products. Outside North America, organic sales increased 3 percent in D&E markets and fell 3 percent in developed markets.~~growth of 5 percent.

•Operating profit ~~of $854 increased 2 percent compared to $836~~was $655 in ~~the prior year.~~2022 and $657 in 2021. Net Income Attributable to Kimberly-Clark Corporation was ~~$567~~$467 in 2022 compared to ~~$550~~$469 in ~~2016. Diluted net income~~2021, and diluted earnings per share ~~was $1.60~~were $1.38 in ~~2017 and $1.52~~2022 compared to $1.39 in ~~2016.~~

2021. Results in 2022 include pension settlement charges, compared to 2021 results, which include charges related to the 2018 Global Restructuring Program.

Results of Operations and Related Information

This section presents a discussion and analysis of our third quarter ~~2017~~2022 net sales, operating profit and other information relevant to an understanding of the results of operations.

Consolidated


Selected Financial Results	Three Months Ended September 30						Nine Months Ended September 30
	2022		2021		Percent Change		2022		2021		Percent Change
Net Sales:
North America	$	2,682	$	2,692	—		$	7,953	$	7,436	+7	%
Outside North America	2,446		2,399		+2	%	7,471		7,274		+3	%
Intergeographic sales	(75)		(81)		-7	%	(213)		(235)		-9	%
Total Net Sales	5,053		5,010		+1	%	15,211		14,475		+5	%
Operating Profit:
North America	519		564		-8	%	1,475		1,561		-6	%
Outside North America	241		250		-4	%	750		889		-16	%
Corporate & Other(a)	(90)		(150)		N.M.		(298)		(386)		N.M.
Other (income) and expense, net(a)	15		7		+114	%	(42)		24		N.M.
Total Operating Profit	655		657		—		1,969		2,040		-3	%



Share of net income of equity companies	29		21		+38	%	81		88		-8	%

Net Income Attributable to Kimberly-Clark Corporation	467		469		—		1,427		1,457		-2	%
Diluted Earnings per Share	1.38		1.39		-1	%	4.22		4.31		-2	%

(a) Corporate & Other and Other (income) and expense, net include income and expense not associated with the business segments, including adjustments as indicated in the Non-GAAP Reconciliations.

Selected Financial Results Three Months Ended September 30 Nine Months Ended September 30
2017 2016 Percent Change 2017 2016 Percent Change
Net Sales:

North America $ 2,416
$ 2,410
—
$ 7,095
$ 7,193
-1 %
Outside North America 2,299
2,260
+2 % 6,821
6,689
+2 %
Intergeographic sales (75 ) (76 ) N.M.
(239 ) (224 ) N.M.
Total Net Sales 4,640
4,594
+1 % 13,677
13,658
—
Operating Profit:
North America 593
575
+3 % 1,722
1,734
-1 %
Outside North America 316
307
+3 % 960
907
+6 %
Corporate & Other^(a)
(63 ) (45 ) N.M.
(195 ) (173 ) N.M.
Other (income) and expense, net^(a)
(8 ) 1
N.M.
—
(10 ) N.M.
Total Operating Profit 854
836
+2 % 2,487
2,478
—
Provision for income taxes (224 ) (227 ) -1 % (633 ) (651 ) -3 %
Share of Net Income of Equity Companies 24
33
-27 % 79
103
-23 %
Net Income Attributable to Kimberly-Clark Corporation 567
550
+3 % 1,661
1,661
—
Diluted Earnings per Share 1.60
1.52
+5 % 4.66
4.58
+2 %


~~(a)~~	~~Corporate & Other and Other (income) and expense, net include income and expense not associated with the business segments, including adjustments as indicated in the Non-GAAP Reconciliations.~~

N.M. - Not Meaningful

GAAP to Non-GAAP Reconciliations of Selected Financial Results


	Three Months Ended September 30, 2022
	As Reported			Pension Settlements		As Adjusted Non-GAAP





Nonoperating expense	$	(18)		$	(10)	$	(8)
Provision for income taxes	(127)			2		(129)
Effective tax rate	22.4		%	—		22.3		%


Net Income Attributable to Kimberly-Clark Corporation	467			(8)		475
Diluted Earnings per Share(a)	1.38			(0.02)		1.40


	Three Months Ended September 30, 2021
	As Reported			2018 Global Restructuring Program		As Adjusted Non-GAAP
Cost of products sold	$	3,527		$	48	$	3,479
Gross Profit	1,483			(48)		1,531
Marketing, research and general expenses	819			39		780
Other (income) and expense, net	7			1		6
Operating Profit	657			(88)		745
Nonoperating expense	(10)			(9)		(1)
Provision for income taxes	(126)			16		(142)
Effective tax rate	21.6		%	—		20.9		%

Net income attributable to noncontrolling interests	(10)			2		(12)
Net Income Attributable to Kimberly-Clark Corporation	469			(79)		548
Diluted Earnings per Share(a)	1.39			(0.23)		1.62


	Nine Months Ended September 30, 2022
	As Reported			Acquisition of Controlling Interest in Thinx		Pension Settlements		As Adjusted Non-GAAP


Marketing, research and general expenses	$	2,665		$	21	$	—	$	2,644
Other (income) and expense, net	(42)			(85)		—		43
Operating Profit	1,969			64		—		1,905
Nonoperating expense	(49)			—		(34)		(15)
Provision for income taxes	(356)			4		8		(368)
Effective tax rate	20.7		%	—		—		21.8		%


Net Income Attributable to Kimberly-Clark Corporation	1,427			68		(26)		1,385
Diluted Earnings per Share(a)	4.22			0.20		(0.08)		4.09


	Three Months Ended September 30, 2016										Nine Months Ended September 30, 2021
	As Reported			Charges for 2014 Organization Restructuring			As Adjusted Non-GAAP				As Reported			2018 Global Restructuring Program		As Adjusted Non-GAAP
Cost of products sold	$	2,924		$	1		$	2,923		Cost of products sold	$	9,923		$	98	$	9,825
Gross Profit										Gross Profit	4,552			(98)		4,650
Marketing, research and general expenses	833			2			831			Marketing, research and general expenses	2,488			78		2,410
Other (income) and expense, net	1			(3		)	4			Other (income) and expense, net	24			9		15
Operating Profit	836			—			836			Operating Profit	2,040			(185)		2,225
Nonoperating expense										Nonoperating expense	(71)			(65)		(6)
Provision for income taxes	(227		)	(1		)	(226		)	Provision for income taxes	(386)			48		(434)
Effective tax rate										Effective tax rate	21.7		%	—		21.4		%

Net income attributable to noncontrolling interests										Net income attributable to noncontrolling interests	(26)			3		(29)
Net Income Attributable to Kimberly-Clark Corporation	550			(1		)	551			Net Income Attributable to Kimberly-Clark Corporation	1,457			(199)		1,656
Diluted Earnings per Share	1.52			—			1.52
Diluted Earnings per Share(a)										Diluted Earnings per Share(a)	4.31			(0.59)		4.89

Nine Months Ended September 30, 2016

As
Reported
Charges for 2014 Organization Restructuring Adjustment Related to Venezuelan Operations
As
Adjusted
Non-GAAP
Cost of products sold $ 8,685
$ 3
$ —
$ 8,682
Marketing, research and general expenses 2,505
15
—
2,490
Other (income) and expense, net (10 ) (3 ) (11 ) 4
Operating Profit 2,478
(15 ) 11
2,482
Provision for income taxes (651 ) 3
—
(654 )
Net Income Attributable to Kimberly-Clark Corporation 1,661
(12 ) 11
1,662
Diluted Earnings per Share^(a)
4.58
(0.03 ) 0.03
4.59

(a) ~~"As~~"As Adjusted Non-GAAP" ~~does~~may not equal "As Reported" plus "Adjustments" as a result of rounding.

Analysis of Consolidated Results


Net Sales	Percent Change		Adjusted Operating Profit	Percent Change
	Three Months Ended September 30	Nine Months Ended September 30		Three Months Ended September 30	Nine Months Ended September 30
Volume	(5)	(1)	Volume	(13)	(7)
Net Price	9	8	Net Price	63	52
Mix/Other	1	1	Input Costs	(48)	(55)
Currency	(4)	(3)	Cost Savings(c)	11	8
Total(a)	1	5	Currency Translation	(2)	(2)
			Other(d)	(23)	(10)
Organic(b)	5	8	Total	(12)	(14)

(a) Total may not equal the sum of volume, net price, mix/other and currency due to rounding.

(b) Combined impact of changes in volume, net price and mix/other.

(d) Includes impact of changes in product mix, marketing, research and general expenses, foreign currency transaction effects and other manufacturing costs.

Net sales in the third quarter of $5.1 billion increased 1 percent compared to the year-ago period. Organic sales increased 5 percent as changes in net selling prices and product mix increased sales by 9 percent and 1 percent, respectively, while volumes declined 5 percent. Changes in foreign currency exchange rates reduced sales by 4 percent.

In North America, organic sales decreased 2 percent in consumer products and increased 5 percent in K-C Professional. Outside North America, organic sales rose 11 percent in both D&E and developed markets.

Operating profit in the third quarter was $655 in 2022 and $657 in 2021. Excluding the charges related to the 2018 Global Restructuring Program, 2021 adjusted operating profit was $745. Results were impacted by $360 of higher input costs, lower volumes, higher marketing, research and general expense as well as unfavorable foreign currency effects. Results benefited from higher net selling prices and $80 of cost savings from our FORCE program.

The third quarter effective tax rate was 22.4 percent in 2022 and 21.6 percent in 2021. The third quarter adjusted effective tax was 22.3 percent in 2022 and 20.9 percent in 2021.

Our share of net income of equity companies in the third quarter was $29 in 2022 and $21 in 2021.

Diluted net income per share for the third quarter was $1.38 in 2022 and $1.39 in 2021. Third quarter adjusted earnings per share were $1.40 in 2022, a decrease of 14 percent compared to $1.62 in 2021.

Net Sales Percent Change Adjusted Operating Profit Percent Change
Three Months Ended September 30 Nine Months Ended September 30 Three Months Ended September 30 Nine Months Ended September 30
Volume 1
1
Volume 4
1
Net Price (1 ) (1 ) Net Price (6 ) (6 )
Mix/Other —
—
Input Costs (14 ) (9 )
Currency 1
1
Cost Savings 15
14
Total^(a)
1
—
Currency Translation —
1

Other^(c)
3
(1 )
Organic^(b)
—
—
Total 2
—
Year-to-date net sales of $15.2 billion increased 5 percent compared to the year ago period. Organic sales increased 8 percent, as changes in net selling prices and product mix increased sales by 8 percent and 1 percent, respectively, and volumes declined 1 percent. Changes in foreign currency exchange rates decreased sales by 3 percent. Year-to-date operating profit was $1,969 in 2022 and $2,040 in 2021. Results in 2022 include the net benefit of the acquisition of a controlling interest of Thinx, and results in 2021 include charges related to the 2018 Global Restructuring Program. Year-to-date adjusted operating profit was $1,905 in 2022 and $2,225 in 2021. Results were impacted by over $1.2 billion of higher input costs, higher marketing, research and general spending and unfavorable foreign currency effects. Results benefited from organic sales growth, $175 of FORCE savings and lower other manufacturing costs.

Through nine months, diluted net income per share was $4.22 in 2022 and $4.31 in 2021. Year-to-date adjusted earnings per share were $4.09 in 2022, a decrease of 16 percent compared to $4.89 in 2021.

Results by Business Segments

Personal Care


	Three Months Ended September 30				Nine Months Ended September 30					Three Months Ended September 30				Nine Months Ended September 30
	2022		2021		2022		2021			2022		2021		2022		2021
Net Sales	$	2,628	$	2,656	$	8,067	$	7,635	Operating Profit	$	423	$	496	$	1,364	$	1,431

Net Sales	Percent Change				Percent Change				Operating Profit	Percent Change				Percent Change
Volume			(7)				(2)		Volume			(14)				(5)
Net Price			8				8		Net Price			44				45
Mix/Other			1				2		Input Costs			(29)				(37)
Acquisition/Exited Businesses(e)			1				—		Cost Savings(c)			7				6
Currency			(4)				(3)		Currency Translation			(2)				(3)
Total(a)			(1)				6		Other(d)			(21)				(11)
Organic(b)			2				8		Total			(15)				(5)

(a) Total may not equal the sum of volume, net price, mix/other and currency due to rounding.

(b) Combined impact of changes in volume, net price and mix/other.

(d) Includes impact of changes in product mix, marketing, research and general expenses, foreign currency transaction effects and other manufacturing costs.

(e) Combined impact of the acquisition of Thinx Inc. and exited businesses in conjunction with the 2018 Global Restructuring Program.

Third quarter net sales in North America decreased 5 percent. Volumes declined 10 percent, while changes in net selling prices increased sales by 4 percent and the Thinx acquisition increased sales by approximately 2 percent. The volume comparison reflects elevated shipments in the year ago period to restore retailer inventory levels following supply disruptions. The planned exit of a private label contract earlier this year as well as some reductions in retailer inventory levels late in the quarter also impacted the comparison.

Net sales in D&E markets increased 5 percent. Changes in net selling prices and product mix increased sales by 15 percent and 3 percent, respectively, while volumes declined 6 percent. Changes in foreign currency exchange rates decreased sales by 6 percent. Organic sales growth was strong across Latin America and the Asia Pacific region.

Net sales in developed markets outside North America decreased 4 percent. Changes in foreign currency exchange rates reduced sales by 12 percent. Changes in net selling prices increased sales by 5 percent and volumes grew 3 percent.

Operating profit of $423 decreased 15 percent. The comparison was impacted by input cost inflation, lower volumes and associated fixed cost under absorption, higher marketing, research and general spending as well as unfavorable foreign currency effects. Results benefited from higher net selling prices and cost savings.

Consumer Tissue


	Three Months Ended September 30				Nine Months Ended September 30					Three Months Ended September 30				Nine Months Ended September 30
	2022		2021		2022		2021			2022		2021		2022		2021
Net Sales	$	1,578	$	1,541	$	4,683	$	4,475	Operating Profit	$	218	$	222	$	567	$	687

Net Sales	Percent Change				Percent Change				Operating Profit	Percent Change				Percent Change
Volume			(3)				1		Volume			(7)				(3)
Net Price			9				7		Net Price			63				46
Mix/Other			—				—		Input Costs			(62)				(69)
Currency			(4)				(3)		Cost Savings(c)			11				8
Total(a)			2				5		Currency Translation			(1)				(1)
									Other(d)			(6)				2
Organic(b)			7				8		Total			(2)				(17)

(a) Total may not equal the sum of volume, net price, mix/other and currency due to rounding.

(b) Combined impact of changes in volume, net price and mix/other.

(d) Includes ~~the~~ impact of changes in product mix, marketing, research and general expenses, foreign currency transaction effects and other manufacturing costs.

Third quarter net sales in North America increased 5 percent. Changes in net selling prices increased sales by 7 percent, while volumes declined 2 percent. Higher net selling prices were achieved across all sub-segments while volume decline was primarily in bathroom tissue.

Net sales ~~of $4.6 billion~~ in ~~the third quarter of 2017~~D&E markets increased 3 percent. Changes in net selling prices and product mix increased sales by 12 percent and 1 percent, ~~compared to the prior year.~~respectively, while volumes declined 6 percent. Changes in foreign currency exchange rates ~~benefited~~decreased sales by ~~nearly 1~~5 percent. ~~Organic~~

Net sales ~~rose slightly, as~~in developed markets outside North America decreased 2 percent. Changes in foreign currency exchange rates decreased sales ~~volumes increased more than 1 percent while changes~~by 13 percent. Changes in net selling prices ~~decreased~~increased sales by approximately 12 percent, while volumes declined 1 percent.

~~Third quarter operating~~Operating profit ~~was $854 in 2017 and $836 in 2016.~~of $218 decreased 2 percent. The ~~year-over-year~~ comparison ~~included benefits from sales volume growth, $125 of cost savings from our FORCE (Focused On Reducing Costs Everywhere) program and reduced marketing, research and general spending. Results were also~~was impacted by ~~lower net selling prices and $115 of~~input cost inflation, higher ~~input costs, driven by increases in pulp and other raw materials.~~

~~The third quarter effective tax rate was 28.8 percent in 2017 and 30.0 percent in 2016. The rate in 2017 benefited from certain tax planning initiatives.~~

Our share of net income of equity companies in the third quarter was $24 in 2017 and $33 in 2016. Kimberly-Clark de Mexico, S.A.B. de C.V. ("K-C de Mexico") results were impacted by higher input costs, partially offset by benefits from sales growth and cost savings.

~~Diluted earnings per share for the third quarter was $1.60 in 2017 and $1.52 in 2016. The comparison benefited from sales volume growth, cost savings and reduced~~ marketing, research and general spending, and ~~was negatively impacted by lower net selling prices and input cost inflation.~~

~~Year-to-date net sales of $13.7 billion were essentially even with the prior year. Changes in~~unfavorable foreign currency exchange rates benefited sales slightly. Organic sales were down slightly, as changes in net selling prices decreased sales by 1 percent while sales volumes improved about 1 percent. Operating profit was $2,487 in 2017 compared to $2,478 in 2016. The comparisoneffects. Results benefited from organic sales ~~volume~~ growth, ~~$355 of FORCE~~ cost savings and lower ~~marketing, research and general spending. Results were also impacted by lower net selling prices and $220 of higher input~~other manufacturing costs. ~~The year-to-date effective tax rate was 28.2 percent in 2017 and 28.9 percent in 2016. The rate in both periods benefited from the resolution of certain tax matters and tax planning initiatives.~~

~~In 2017, the rate also benefited from the adoption of ASU No. 2016-09,~~ ~~Compensation-Stock Compensation (Topic 718)~~. Diluted earnings per share was $4.66 in 2017, up 2 percent compared to $4.58 in 2016. The comparison benefited from higher operating profit and declines in the effective tax rate and share count, and was negatively impacted by reduced net income from equity companies.

~~Results by Business Segments~~

~~Personal Care~~

Three Months Ended September 30 Nine Months Ended September 30

Three Months Ended September 30 Nine Months Ended September 30
2017 2016 2017 2016 2017 2016 2017 2016
Net Sales $ 2,284
$ 2,312
$ 6,804
$ 6,798
Operating Profit $ 476
$ 458
$ 1,424
$ 1,362

Net Sales Percent Change Percent Change Operating Profit Percent Change Percent Change
Volume (1 ) 1
Volume 1
2
Net Price (1 ) (1 ) Net Price (7 ) (7 )
Mix/Other —
—
Input Costs (9 ) (6 )
Currency —
1
Cost Savings 14
14
Total^(a)
(1 ) —
Currency Translation —
1

Other^(c)
5
1
Organic^(b)
(2 ) (1 ) Total 4
5
K-C Professional


	Three Months Ended September 30				Nine Months Ended September 30					Three Months Ended September 30				Nine Months Ended September 30
	2022		2021		2022		2021			2022		2021		2022		2021
Net Sales	$	836	$	797	$	2,418	$	2,314	Operating Profit	$	119	$	96	$	294	$	332

Net Sales	Percent Change				Percent Change				Operating Profit	Percent Change				Percent Change
Volume			(5)				(3)		Volume			(14)				(16)
Net Price			14				9		Net Price			113				63
Mix/Other			1				1		Input Costs			(77)				(68)
Currency			(4)				(3)		Cost Savings(c)			21				11
Total(a)			5				4		Currency Translation			(5)				(2)
									Other(d)			(14)				1
Organic(b)			9				7		Total			24				(11)

(a) Total may not equal the sum of volume, net price, mix/other and currency due to rounding.

(b) Combined impact of changes in volume, net price and mix/other.

(d) Includes ~~the~~ impact of changes in product mix, marketing, research and general expenses, foreign currency transaction effects and other manufacturing costs.

Third quarter net sales ~~of $2.3 billion were down 1~~in North America increased 5 percent. Changes in net selling prices ~~decreased~~and product mix increased sales by 14 percent and approximately 1 percent, ~~and~~respectively, while volumes declined 9 percent. Washroom products sales ~~volumes fell about 1 percent,~~were up double-digits while ~~changes in product mix improved~~ sales ~~slightly. Third quarter operating profit~~ of ~~$476 increased 4 percent. The comparison benefited from cost savings and reduced marketing, research and general spending, partially offset by lower net selling prices and input cost inflation.~~safety products decreased versus a strong year-ago.

Net sales in ~~North America decreased 3~~D&E markets increased 7 percent. Changes in net selling prices ~~decreased~~increased sales by 28 percent, ~~including higher promotion spending in adult care and feminine care. Overall sales~~ volumes were down 1 percent. Total volumes in infant and child care decreased mid-single digits due to lower Huggies diaper volumes. Baby wipes volumes were down mid-single digits compared to double-digit growth in the year-ago period, and feminine care volumes also declined mid-single digits. Adult care volumes rose high-single digits, with benefits from category growth, promotion activity and innovations launched over the last 12 months.

~~Net sales in developing and emerging markets increased 3 percent. Sales volumes increased 3~~grew 2 percent, and changes in product mix ~~improved~~increased sales by ~~1 percent, while changes in net selling prices decreased sales by 1~~approximately 2 percent. ~~The volume increase included gains in Eastern Europe and Latin America.~~

~~Net sales in developed markets outside North America decreased 6 percent, despite a 2 percent benefit from favorable changes~~Changes in foreign currency exchange ~~rates. Sales volumes fell 7 percent and changes in net selling prices~~rates decreased sales by ~~2 percent, while changes in product mix improved sales by 1~~6 percent. ~~The changes mostly occurred in South Korea.~~

~~Consumer Tissue~~

Three Months Ended September 30 Nine Months Ended September 30

Three Months Ended September 30 Nine Months Ended September 30
2017 2016 2017 2016 2017 2016 2017 2016
Net Sales $ 1,518
$ 1,472
$ 4,436
$ 4,462
Operating Profit $ 260
$ 267
$ 776
$ 822

Net Sales Percent Change Percent Change Operating Profit Percent Change Percent Change
Volume 4
—
Volume 7
(2 )
Net Price (1 ) (1 ) Net Price (6 ) (6 )
Mix/Other —
—
Input Costs (21 ) (11 )
Currency 1
—
Cost Savings 16
12
Total^(a)
3
(1 ) Currency Translation —
—

Other^(c)
1
1
Organic^(b)
2
(1 ) Total (3 ) (6 )

~~(a) Total may not equal the sum of volume, net price, mix/other and currency due to rounding.~~

~~(b) Combined impact of changes in volume, net price and mix/other.~~

~~(c) Includes the impact of changes in marketing, research and general expenses, foreign currency transaction effects and other manufacturing costs.~~

Third quarter net sales of $1.5 billion increased 3 percent. Sales volumes rose approximately 4 percent and foreign currency exchange rates were favorable by 1 percent, while changes in net selling prices decreased sales by 1 percent and product mix was slightly unfavorable. Third quarter operating profit of $260 decreased 3 percent. The comparison was impacted by input cost inflation and declines in net selling prices and product mix. Results benefited from volume growth, cost savings and lower marketing, research and general spending.

Net sales in North America increased approximately 3 percent. Sales volumes were up 5 percent, while changes in net selling prices decreased sales by 1 percent and product mix reduced sales slightly. The volume comparison benefited from increased promotion activity and soft performance in the year-ago period.

Net sales in developing and emerging markets increased 5 percent, including a 2 percent benefit from changes in foreign currency exchange rates. Sales volumes increased 7 percent, while changes in net selling prices decreased sales by 3 percent and product mix decreased sales by 1 percent. The changes mostly occurred in Latin America.

Net sales in developed markets outside North America increased ~~1 percent, including a 1 percent impact from favorable changes~~5 percent. Changes in ~~foreign currency exchange rates. Changes in~~net selling prices and product mix increased sales by 19 percent and 1 percent, ~~while sales volumes fell 1 percent.~~

~~K-C Professional~~

Three Months Ended September 30 Nine Months Ended September 30

Three Months Ended September 30 Nine Months Ended September 30
2017 2016 2017 2016 2017 2016 2017 2016
Net Sales $ 827
$ 802
$ 2,405
$ 2,371
Operating Profit $ 173
$ 157
$ 482
$ 457

Net Sales Percent Change Percent Change Operating Profit Percent Change Percent Change
Volume 2
1
Volume 7
3
Net Price (1 ) (1 ) Net Price (4 ) (4 )
Mix/Other —
—
Input Costs (12 ) (12 )
Currency 1
—
Cost Savings 12
13
Total^(a)
3
1
Currency Translation 1
—

Other^(c)
6
5
Organic^(b)
2
1
Total 10
5

~~(a) Total may not equal the sum of volume, net price, mix/other and currency due to rounding.~~

~~(b) Combined impact of changes in volume, net price and mix/other.~~

~~(c) Includes the impact of changes in marketing, research and general expenses, foreign currency transaction effects and other manufacturing costs.~~

~~Third quarter net sales of $0.8 billion increased 3 percent. Sales volumes increased approximately 2 percent, changes~~respectively. Changes in foreign currency exchange rates ~~benefited~~decreased sales by ~~1 percent and product mix improved sales slightly, while changes in~~15 percent.

Operating profit of $119 increased 24 percent. Results benefited from higher net selling prices ~~decreased sales by 1 percent. Third quarter operating profit of $173 increased 10 percent.~~and cost savings. The comparison ~~benefited from sales growth and cost savings, partially offset~~was impacted by input cost ~~inflation.~~

~~Net sales in North America increased 3 percent. Sales~~inflation, lower volumes ~~increased 3 percent, with growth in all major product categories, while net selling prices were down about 1 percent.~~

~~Net sales in developing~~ and ~~emerging markets increased 3 percent, including a 1 percent benefit from~~unfavorable foreign currency ~~exchange rates. Changes in product mix improved sales by approximately 3 percent and sales volumes increased 1 percent, while changes in net selling prices decreased sales by 1 percent.~~effects.

Net sales in developed markets outside North America were up 5 percent, including a 3 percent positive impact from changes in foreign currency exchange rates. Sales volumes improved 2 percent and changes in net selling prices increased sales by 1 percent, while product mix decreased sales by 1 percent.

Liquidity and Capital Resources

Cash Provided by Operations

Cash provided by operations was ~~$2.1~~$1.7 billion for the first nine months of ~~2017,~~2022, consistent with the prior year.

Investing

During the nine months ended September 30, 2022, our capital spending was $679 compared to ~~$2.4 billion~~$734 in the prior year. ~~The decrease was mainly due~~We now anticipate that full year capital spending will be $0.9 billion to ~~higher tax payments~~$1.0 billion. Acquisition of business, net of cash acquired of $46 in ~~2017.~~

~~Investing~~

~~During~~ the first nine months of ~~2017, our capital spending was $595 compared to $582 in~~2022 reflected the ~~prior year. We anticipate that full-year 2017 capital spending will be slightly below our target range of $850 to $950.~~

~~Financing~~

In September 2017, we issued €500 million aggregate principal amount of 0.625% notes due September 7, 2024. Proceeds from the offering were used to repay a portion of our outstanding commercial paper indebtedness.

~~In May 2017, we issued $350 aggregate principal amount of 3.90% notes due May 4, 2047. Proceeds from the offering were used for general corporate purposes, including repayment~~acquisition of a ~~portion~~controlling interest of ~~our outstanding commercial paper indebtedness.~~Thinx.

Financing

Our short-term debt, which consists of U.S. commercial paper with original maturities up to 90 days and/or other similar short-term debt issued by non-U.S. subsidiaries, was ~~$282~~$0.6 billion as of September 30, ~~2017~~2022 (included in ~~debt~~Debt payable within one year on the consolidated balance sheet). The average month-end balance of short-term debt for the third quarter of ~~2017~~2022 was ~~$517.~~$0.7 billion. These short-term borrowings provide supplemental funding ~~for supporting~~to support our operations. The level of short-term debt generally fluctuates depending upon the amount of operating cash flows and the timing of customer receipts and payments for items such as ~~pension contributions,~~ dividends and income taxes.

At September 30, ~~2017~~2022 and December 31, ~~2016,~~2021, total debt was ~~$7.6~~ $8.6 billion.

We maintain a $2.0 billion revolving credit facility which expires in ~~2021. This~~June 2026 and a $775 revolving credit facility which expires in June 2023. These facilities, currently unused, ~~supports~~support our commercial paper program and would provide liquidity in the event our access to the commercial paper markets is unavailable for any reason.

The United Kingdom’s Financial Conduct Authority, which regulates the London Interbank Offered Rate (“LIBOR”), is in the process of phasing out LIBOR with completion of the phase out expected by June 30, 2023. We have evaluated the potential effect of the elimination of LIBOR and do not expect the effect to be material. Accounting guidance has been issued to ease the transition to alternative reference rates from a financial reporting perspective.

We repurchase shares of Kimberly-Clark common stock from time to time pursuant to publicly announced share repurchase programs. During the first nine months of ~~2017,~~2022, we ~~repurchased 6.3 million~~repurchased 579 thousand shares of our common stock at a cost of ~~$800~~ $75 through a ~~broker~~broker in the open market. We are targeting full-year ~~2017~~2022 share repurchases of ~~$900,~~approximately $100, subject to market conditions.

We engage in foreign currency denominated transactions with customers and suppliers, as well as between subsidiaries with different functional currencies. There has been a steady devaluation of the Argentine peso relative to the U.S. dollar in recent years, along with an increase in local inflation. As of September 30, 2017, we have not designated Argentina as a highly-inflationary economy for accounting purposes. We are closely monitoring developments in Argentina and potential implications on our results and reporting for our operations in that country. Net sales of K-C Argentina were approximately 2 percent of our consolidated net sales for the nine months ended September 30, 2017 and 2016.

We also continue to monitor developments related to tax legislation and government policy, including U.S. corporate tax reform and the United Kingdom’s withdrawal from the European Union. The impact of these potential changes to our business and consolidated financial results cannot be determined until the relevant legislation and policies are finalized.

~~Management believes~~believe that our ability to generate cash from operations and our capacity to issue short-term and long-term debt are adequate to fund working capital, capital spending, ~~payment of~~pension contributions, dividends ~~pension plan contributions~~ and other needs for the

foreseeable future. Further, we do not expect restrictions or taxes on repatriation of cash held outside of the U.S. to have a material effect on our overall business, liquidity, financial condition or results of operations for the foreseeable future.

~~Business Outlook~~

In 2017, we plan to continue to execute our Global Business Plan strategies, which include a focus on targeted growth initiatives, innovation and brand building, cost savings programs and shareholder-friendly capital allocation. In 2017, we expect earnings per share to be at the low end of our target range of $6.20 to $6.35. Our outlook is based on the assumptions described below:

~~We expect net sales and organic sales will be similar, or up slightly, year-on-year.~~

~~We anticipate commodity cost inflation will be slightly above the previous estimate of $200 to $300.~~

~~We plan to achieve cost savings of $425 to $450 from our FORCE program.~~

~~We expect an effective tax rate slightly lower than 2016.~~

~~We expect net income from equity companies to decline due to lower income at K-C de Mexico as a result of input cost inflation and a weaker Mexican peso.~~

Information Concerning Forward-Looking Statements

Certain matters contained in this report concerning the business outlook, including raw material, energy and other input costs, the anticipated cost savings from our FORCE program, cash flow and uses of cash, growth initiatives, innovations, marketing and other spending, net sales, anticipated currency rates and exchange risks, ~~raw material, energy~~ including the impact in Argentina and ~~other input costs,~~ Turkey, effective tax rate, contingencies and anticipated transactions of Kimberly-Clark, including dividends, share repurchases and pension contributions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are based upon management's expectations and beliefs concerning future events impacting Kimberly-Clark.

There can be no assurance that these future events will occur as anticipated or that our results will be as estimated. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them.

The assumptions used as a basis for the forward-looking statements include many estimates that, among other things, depend on the achievement of future cost savings and projected volume increases. In addition, many factors outside our ~~control,~~control, including the war in Ukraine (including the related responses of consumers, customers, and suppliers and sanctions issued by the U.S., the European Union, Russia or other countries), pandemics (including the ongoing COVID-19 outbreak and the related responses of governments, consumers, customers, suppliers and employees), epidemics, fluctuations in foreign currency exchange rates, the prices and availability of our raw materials, supply chain disruptions, changes in customer preferences, severe weather conditions, government trade or similar regulatory actions, potential competitive pressures on selling prices for our products, energy costs, ~~and retail trade customer actions, as well as~~ general economic and political conditions globally and in the markets in which we do business, as well as our ability to maintain key customer relationships, could affect the realization of these estimates.

For a description of certain factors that could cause our future results to differ from those expressed in these forward-looking statements, see Item 1A of our Annual Report on Form 10-K for the year ended December 31, ~~2016~~2021 entitled "Risk Factors." Other factors not presently known to us or that we presently consider immaterial could also affect our business operations and financial results.


~~Item 4.~~	~~Controls and Procedures~~

Item 4. Controls and Procedures

As of September 30, ~~2017,~~2022, an evaluation was performed under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation, management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective as of September 30, ~~2017.~~2022. There were no changes in our internal control over financial reporting during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

We repurchase shares of Kimberly-Clark common stock from time to time pursuant to publicly announced share repurchase programs. All our share repurchases during the third quarter of ~~2017~~2022 were made through a broker in the open market.

The following table contains information for shares repurchased during the third quarter of ~~2017.~~2022. None of the shares in this table were repurchased directly from any of our officers or directors.


Period (2022)	Total Number of Shares Purchased(a)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs(b)
July 1 to July 31	46,500	$	133.97	38,743,681	41,256,319
August 1 to August 31	69,300	134.05		38,812,981	41,187,019
September 1 to September 30	76,200	122.16		38,889,181	41,110,819
Total	192,000

(a)Share repurchases were made pursuant to a share repurchase program authorized by our Board of Directors on November 13, 2014. This program allows for the repurchase of 40 million shares in an amount not to exceed $5 billion (the "2014 Program").

(b)Includes shares under the 2014 Program, as well as available shares under a share repurchase program authorized by our Board of Directors on January 22, 2021 that allows for the repurchase of 40 million shares in an amount not to exceed $5 billion.

Period (2017)
Total Number
of Shares
Purchased^(a)

Average
Price Paid
Per Share

Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs

Maximum Number
of Shares That May
Yet Be Purchased
Under the Plans or
Programs
July 1 to July 31 383,955
$ 125.02
14,767,346
25,232,654
August 1 to August 31 665,100
121.90
15,432,446
24,567,554
September 1 to September 30 592,900
119.57
16,025,346
23,974,654
Total 1,641,955


~~(a)~~	Share repurchases were made pursuant to a share repurchase program authorized by our Board of Directors on November 13, 2014. This program allows for the repurchase of 40 million shares in an amount not to exceed $5 billion.

Item 6. Exhibits


~~(a)~~	~~Exhibits~~

(a)Exhibits

Exhibit No. ~~(3)a. Amended and Restated Certificate of Incorporation, dated April 30, 2009,~~(10)d .Kimberly-Clark Corporation Voluntary Deferred Compensation Plan, incorporated by reference to Exhibit ~~No. (3)a~~(10)d of the ~~Corporation's~~Corporation’s Current Report on Form 8-K dated ~~May 1, 2009~~September 15, 2022.

Exhibit No. ~~(3)b. By-Laws, as amended December 14, 2015, incorporated by reference to Exhibit No. (3)b~~(10)g . Summary of ~~the Corporation's Current Report on Form 8-K dated December 14, 2015.~~Kimberly-Clark Corporation Executive Long-Term Disability Plan , filed herewith.

~~Exhibit No. (4). Copies of instruments defining the rights of holders of long-term debt will be furnished to the Securities and Exchange Commission on request.~~

Exhibit No. (10)p. Severance Pay Plan, amended and restated, ~~executed on~~ September ~~14, 2017 and effective January~~ 1, ~~2017,~~2022, filed herewith.

Exhibit No. (31)a. Certification of Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), filed herewith.

Exhibit No. (31)b. Certification of Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), filed herewith.

Exhibit No. (32)a. Certification of Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code, furnished herewith.

Exhibit No. (32)b. Certification of Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code, furnished herewith.

Exhibit No. (101).INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

Exhibit No. (101).SCH XBRL Taxonomy Extension Schema Document

Exhibit No. (101).CAL XBRL Taxonomy Extension Calculation Linkbase Document

Exhibit No. (101).DEF XBRL Taxonomy Extension Definition Linkbase Document

Exhibit No. (101).LAB XBRL Taxonomy Extension Label Linkbase Document

Exhibit No. (101).PRE XBRL Taxonomy Extension Presentation Linkbase Document

Exhibit No. 104 The cover page from this Current Report on Form 10-Q formatted as Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



		KIMBERLY-CLARK CORPORATION
		~~KIMBERLY-CLARK CORPORATION~~(Registrant)
			~~(Registrant)~~

~~By:~~		~~/s/ Maria Henry~~
		~~Maria Henry~~
		~~Senior Vice President and~~
		~~Chief Financial Officer~~
		~~(principal financial officer)~~
By:		/s/ Andrew S. Drexler
~~By:~~		~~/s/ Michael T. Azbell~~Andrew S. Drexler
		~~Michael T. Azbell~~
	Vice President and Controller
		(principal accounting officer)

October ~~23, 2017~~

25, 2022

	~~39-0394230~~
Delaware		39-0394230
(State or other jurisdiction of incorporation)		(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	KMB	New York Stock Exchange
0.625% Notes due 2024	KMB24	New York Stock Exchange


(Millions of dollars)	September 30, 2017		December 31, 2016			(Millions of dollars)	September 30, 2022		December 31, 2021
ASSETS						ASSETS
Current Assets						Current Assets
Cash and cash equivalents	$	655	$	923		Cash and cash equivalents	$	362	$	270
Accounts receivable, net	2,360		2,176			Accounts receivable, net	2,333		2,207
Inventories	1,748		1,679			Inventories	2,281		2,239
Other current assets	463		337			Other current assets	649		849
Total Current Assets	5,226		5,115			Total Current Assets	5,625		5,565
Property, Plant and Equipment, Net	7,317		7,169			Property, Plant and Equipment, Net	7,737		8,097
Investments in Equity Companies	272		257			Investments in Equity Companies	266		290
Goodwill	1,581		1,480			Goodwill	2,043		1,840
Other Intangible Assets, Net						Other Intangible Assets, Net	866		810
Other Assets	653		581			Other Assets	1,299		1,235
TOTAL ASSETS	$	15,049	$	14,602		TOTAL ASSETS	$	17,836	$	17,837

LIABILITIES AND STOCKHOLDERS' EQUITY						LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities						Current Liabilities
Debt payable within one year	$	589	$	1,133		Debt payable within one year	$	959	$	433
Trade accounts payable	2,729		2,609			Trade accounts payable	3,660		3,840
Accrued expenses	1,752		1,775
Accrued expenses and other current liabilities						Accrued expenses and other current liabilities	2,190		2,096
Dividends payable	342		329			Dividends payable	388		380
Total Current Liabilities	5,412		5,846			Total Current Liabilities	7,197		6,749
Long-Term Debt	7,057		6,439			Long-Term Debt	7,628		8,141
Noncurrent Employee Benefits	1,285		1,301			Noncurrent Employee Benefits	837		809
Deferred Income Taxes	434		532			Deferred Income Taxes	636		694
Other Liabilities	305		309			Other Liabilities	695		681
Redeemable Preferred Securities of Subsidiaries	58		58
Stockholders' Equity (Deficit)
Redeemable Common and Preferred Securities of Subsidiaries						Redeemable Common and Preferred Securities of Subsidiaries	260		26
Stockholders' Equity						Stockholders' Equity
Kimberly-Clark Corporation	259		(102		)	Kimberly-Clark Corporation
Preferred stock - no par value - authorized 20.0 million shares, none issued						Preferred stock - no par value - authorized 20.0 million shares, none issued	—		—
Common stock - $1.25 par value - authorized 1.2 billion shares; issued 378.6 million shares at September 30, 2022 and December 31, 2021						Common stock - $1.25 par value - authorized 1.2 billion shares; issued 378.6 million shares at September 30, 2022 and December 31, 2021	473		473
Additional paid-in capital						Additional paid-in capital	633		605
Common stock held in treasury, at cost - 41.1 and 41.8 million shares at September 30, 2022 and December 31, 2021, respectively						Common stock held in treasury, at cost - 41.1 and 41.8 million shares at September 30, 2022 and December 31, 2021, respectively	(5,126)		(5,183)
Retained earnings						Retained earnings	8,086		7,858
Accumulated other comprehensive income (loss)						Accumulated other comprehensive income (loss)	(3,629)		(3,239)
Total Kimberly-Clark Corporation Stockholders' Equity						Total Kimberly-Clark Corporation Stockholders' Equity	437		514
Noncontrolling Interests	239		219			Noncontrolling Interests	146		223
Total Stockholders' Equity	498		117			Total Stockholders' Equity	583		737
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	15,049	$	14,602		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	17,836	$	17,837


PART I – FINANCIAL INFORMATION		1

~~PART I – FINANCIAL INFORMATION~~		3

Item 1. Financial Statements	31

UNAUDITED CONSOLIDATED INCOME ~~STATEMENT~~STATEMENTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, ~~2017~~2022 AND ~~2016~~2021		31

UNAUDITED CONSOLIDATED ~~STATEMENT~~STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, ~~2017~~2022 AND ~~2016~~2021		42

CONSOLIDATED BALANCE ~~SHEET~~SHEETS AS OF SEPTEMBER 30, ~~2017~~2022 (UNAUDITED) AND DECEMBER 31, ~~2016~~2021		53

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021		4

UNAUDITED CONSOLIDATED CASH FLOW ~~STATEMENT~~STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, ~~2017~~2022 AND ~~2016~~2021		6

~~UNAUDITED~~ NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS		7

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		1315

Item 4. Controls and Procedures		1922

PART II – OTHER INFORMATION		2023



Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		2023

Item 6. Exhibits		2124


~~(a)~~	Cash equivalents are composed of certificates of deposit, time deposits and other interest-bearing investments with original maturity dates of 90 days or less. Cash equivalents are recorded at cost, which approximates fair value.


~~(c)~~	~~Short-term debt is composed of U.S. commercial paper and/or other similar short-term debt issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value.~~


~~(d)~~	Long-term debt includes the current portion of these debt instruments. Fair values were estimated based on quoted prices for financial instruments for which all significant inputs were observable, either directly or indirectly.



	Stockholders' Equity (Deficit) Attributable to
	The Corporation			Noncontrolling Interests
Balance at December 31, 2016	$	(102	)	$	219
Net Income	1,661			29
Other comprehensive income, net of tax	379			12
Stock-based awards exercised or vested	113			—
Recognition of stock-based compensation	64			—
Shares repurchased	(827		)	—
Dividends declared	(1,030		)	(22		)
Other	1			1
Balance at September 30, 2017	$	259		$	239


~~(a)~~	~~Included in computation of net periodic benefit costs.~~



	Nine Months Ended September 30, 2016
	As Reported			Charges for 2014 Organization Restructuring			Adjustment Related to Venezuelan Operations			As Adjusted Non-GAAP
Cost of products sold	$	8,685		$	3		$	—		$	8,682
Marketing, research and general expenses	2,505			15			—			2,490
Other (income) and expense, net	(10		)	(3		)	(11		)	4
Operating Profit	2,478			(15		)	11			2,482
Provision for income taxes	(651		)	3			—			(654		)
Net Income Attributable to Kimberly-Clark Corporation	1,661			(12		)	11			1,662
Diluted Earnings per Share^(a)	4.58			(0.03		)	0.03			4.59



Period (2017)	Total Number of Shares Purchased^(a)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
July 1 to July 31	383,955	$	125.02	14,767,346	25,232,654
August 1 to August 31	665,100	121.90		15,432,446	24,567,554
September 1 to September 30	592,900	119.57		16,025,346	23,974,654
Total	1,641,955



~~Delaware~~