Exhibit 99.2
KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED CASH FLOW STATEMENT
| 2004 | 2003 | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Millions of dollars) | Nine Months Ended Sept. 30 | Six Months Ended June 30 | Three Months Ended March 31 | Nine Months Ended Sept. 30 | |||||||||||||||||||||
| Continuing Operations: | |||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
| Income from continuing operations | $ | 1,320.6 | $ | 886.7 | $ | 443.8 | $ | 1,197.2 | |||||||||||||||||
| Depreciation and amortization | 606.2 | 408.5 | 200.4 | 550.6 | |||||||||||||||||||||
| Deferred income tax provision | 119.9 | 24.1 | 10.1 | 35.7 | |||||||||||||||||||||
| Equity companies' earnings in excess of dividends paid | (44.2 | ) | (36.1 | ) | (29.8 | ) | (27.5 | ) | |||||||||||||||||
| Changes in operating working capital | (48.1 | ) | (1.2 | ) | (34.4 | ) | 113.9 | ||||||||||||||||||
| Postretirement benefits | 23.3 | 1.5 | (15.5 | ) | (7.7 | ) | |||||||||||||||||||
| Other | 79.7 | 39.7 | 30.4 | 116.3 | |||||||||||||||||||||
| Cash Provided by Operations | 2,057.4 | 1,323.2 | 605.0 | 1,978.5 | |||||||||||||||||||||
| Investing Activities | |||||||||||||||||||||||||
| Capital spending | (322.8 | ) | (218.4 | ) | (106.2 | ) | (649.1 | ) | |||||||||||||||||
| Acquisitions of businesses, net of cash acquired | -- | -- | -- | (258.3 | ) | ||||||||||||||||||||
| Investments in marketable securities | (7.4 | ) | (4.1 | ) | (4.0 | ) | (10.8 | ) | |||||||||||||||||
| Proceeds from sales of investments | 26.1 | 19.5 | 13.5 | 20.7 | |||||||||||||||||||||
| Net increase in time deposits | (12.0 | ) | (12.2 | ) | (6.9 | ) | (205.4 | ) | |||||||||||||||||
| Other | 8.2 | 10.6 | 14.3 | (14.6 | ) | ||||||||||||||||||||
| Cash Used for Investing | (307.9 | ) | (204.6 | ) | (89.3 | ) | (1,117.5 | ) | |||||||||||||||||
| Financing Activities | |||||||||||||||||||||||||
| Cash dividends paid | (571.9 | ) | (372.2 | ) | (171.1 | ) | (500.0 | ) | |||||||||||||||||
| Net decrease in short-term debt | (205.7 | ) | (281.1 | ) | (165.5 | ) | (261.2 | ) | |||||||||||||||||
| Proceeds from issuance of long-term debt | 33.6 | 32.9 | 22.1 | 522.7 | |||||||||||||||||||||
| Repayments of long-term debt | (184.7 | ) | (174.3 | ) | (114.9 | ) | (479.3 | ) | |||||||||||||||||
| Proceeds from preferred securities of subsidiary | 125.0 | 125.0 | -- | -- | |||||||||||||||||||||
| Proceeds from exercise of stock options | 256.1 | 190.9 | 110.7 | 20.3 | |||||||||||||||||||||
| Acquisitions of common stock for the treasury | (1,197.3 | ) | (579.1 | ) | (166.7 | ) | (357.9 | ) | |||||||||||||||||
| Other | (12.1 | ) | (10.4 | ) | 1.4 | (44.1 | ) | ||||||||||||||||||
| Cash Used for Financing | (1,757.0 | ) | (1,068.3 | ) | (484.0 | ) | (1,099.5 | ) | |||||||||||||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (4.2 | ) | (6.2 | ) | (3.2 | ) | 12.3 | ||||||||||||||||||
| Cash (Used for) Provided by Continuing Operations | (11.7 | ) | 44.1 | 28.5 | (226.2 | ) | |||||||||||||||||||
| Cash Provided by Discontinued Operations | 36.6 | 27.6 | 9.9 | 36.7 | |||||||||||||||||||||
| Increase (Decrease) in Cash and Cash Equivalents | 24.9 | 71.7 | 38.4 | (189.5 | ) | ||||||||||||||||||||
| Cash and Cash Equivalents, beginning of year | 290.6 | 290.6 | 290.6 | 494.5 | |||||||||||||||||||||
| Cash and Cash Equivalents, end of year | $ | 315.5 | $ | 362.3 | $ | 329.0 | $ | 305.0 | |||||||||||||||||
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KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED CASH FLOW STATEMENT
| Year Ended Dec. 31 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Millions of dollars) | 2003 | 2002 | |||||||||||||
| Continuing Operations: | |||||||||||||||
| Operating Activities | |||||||||||||||
| Income from continuing operations | $ | 1,643.6 | $ | 1,627.4 | |||||||||||
| Depreciation and amortization | 745.3 | 704.4 | |||||||||||||
| Deferred income tax (benefit) provision | (50.8 | ) | 189.0 | ||||||||||||
| Net losses on asset dispositions | 35.0 | 37.7 | |||||||||||||
| Equity companies' earnings in excess of dividends paid | (9.6 | ) | (8.2 | ) | |||||||||||
| Minority owners' share of subsidiaries' net income | 55.6 | 58.1 | |||||||||||||
| Decrease (increase) in operating working capital | 118.2 | (197.8 | ) | ||||||||||||
| Postretirement benefits | (59.9 | ) | (118.5 | ) | |||||||||||
| Other | 74.8 | 49.4 | |||||||||||||
| Cash Provided by Operations | 2,552.2 | 2,341.5 | |||||||||||||
| Investing Activities | |||||||||||||||
| Capital spending | (872.9 | ) | (861.3 | ) | |||||||||||
| Acquisitions of businesses, net of cash acquired | (258.5 | ) | (410.8 | ) | |||||||||||
| Investments in marketable securities | (10.8 | ) | (9.0 | ) | |||||||||||
| Proceeds from sales of investments | 29.4 | 44.9 | |||||||||||||
| Net increase in time deposits | (149.0 | ) | (36.9 | ) | |||||||||||
| Other | 1.7 | (14.2 | ) | ||||||||||||
| Cash Used for Investing | (1,260.1 | ) | (1,287.3 | ) | |||||||||||
| Financing Activities | |||||||||||||||
| Cash dividends paid | (671.9 | ) | (612.7 | ) | |||||||||||
| Net decrease in short-term debt | (424.2 | ) | (423.9 | ) | |||||||||||
| Proceeds from issuance of long-term debt | 540.8 | 823.1 | |||||||||||||
| Repayments of long-term debt | (481.6 | ) | (154.6 | ) | |||||||||||
| Proceeds from exercise of stock options | 31.0 | 68.9 | |||||||||||||
| Acquisitions of common stock for the treasury | (546.7 | ) | (680.7 | ) | |||||||||||
| Other | (18.3 | ) | (34.9 | ) | |||||||||||
| Cash Used for Financing | (1,570.9 | ) | (1,014.8 | ) | |||||||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 18.6 | 14.7 | |||||||||||||
| Cash (Used for) Provided by Continuing Operations | (260.2 | ) | 54.1 | ||||||||||||
| Discontinued Operations: | |||||||||||||||
| Cash provided by Neenah Paper, Inc. | 56.3 | 75.9 | |||||||||||||
| Cash payment from Neenah Paper, Inc. | -- | -- | |||||||||||||
| Cash Provided by Discontinued Operations | 56.3 | 75.9 | |||||||||||||
| (Decrease) Increase in Cash and Cash Equivalents | (203.9 | ) | 130.0 | ||||||||||||
| Cash and Cash Equivalents, beginning of year | 494.5 | 364.5 | |||||||||||||
| Cash and Cash Equivalents, end of year | $ | 290.6 | $ | 494.5 | |||||||||||
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