Kimberly-Clark (KMB) 10-Q 23 Oct 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 16, 2017
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017
Entity Registrant Name	KIMBERLY CLARK CORP
Entity Central Index Key	55,785
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		351,757,295

Consolidated Income Statement

Consolidated Income Statement - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net Sales		$ 4,640	$ 4,594	$ 13,677	$ 13,658
Cost of products sold		2,981	2,924	8,722	8,685
Gross Profit		1,659	1,670	4,955	4,973
Marketing, research and general expenses		813	833	2,468	2,505
Other (income) and expense, net	[1]	(8)	1	0	(10)
Operating Profit		854	836	2,487	2,478
Interest income		3	2	7	9
Interest expense		(78)	(81)	(246)	(238)
Income Before Income Taxes and Equity Interests		779	757	2,248	2,249
Provision for income taxes		(224)	(227)	(633)	(651)
Income Before Equity Interests		555	530	1,615	1,598
Share of net income of equity companies		24	33	79	103
Net Income		579	563	1,694	1,701
Net income attributable to noncontrolling interests		(12)	(13)	(33)	(40)
Net Income Attributable to Kimberly-Clark Corporation		$ 567	$ 550	$ 1,661	$ 1,661
Per Share Basis
Basic		$ 1.61	$ 1.53	$ 4.69	$ 4.61
Diluted		1.6	1.52	4.66	4.58
Cash Dividends Declared		$ 0.97	$ 0.92	$ 2.91	$ 2.76
[1]	(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.

Consolidated Statement Of Compr

Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net Income	$ 579	$ 563	$ 1,694	$ 1,701
Other Comprehensive Income, Net of Tax
Unrealized currency translation adjustments	128	39	450	175
Employee postretirement benefits	(8)	15	(11)	22
Other	(9)	2	(49)	(5)
Total Other Comprehensive Income, Net of Tax	111	56	390	192
Comprehensive Income	690	619	2,084	1,893
Comprehensive income attributable to noncontrolling interests	(12)	(23)	(44)	(54)
Comprehensive Income Attributable to Kimberly-Clark Corporation	$ 678	$ 596	$ 2,040	$ 1,839

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 655	$ 923
Accounts receivable, net	2,360	2,176
Inventories	1,748	1,679
Other current assets	463	337
Total Current Assets	5,226	5,115
Property, Plant and Equipment, Net	7,317	7,169
Investments in Equity Companies	272	257
Goodwill	1,581	1,480
Other Assets	653	581
TOTAL ASSETS	15,049	14,602
Current Liabilities
Debt payable within one year	589	1,133
Trade accounts payable	2,729	2,609
Accrued expenses	1,752	1,775
Dividends payable	342	329
Total Current Liabilities	5,412	5,846
Long-term Debt	7,057	6,439
Noncurrent Employee Benefits	1,285	1,301
Deferred Income Taxes	434	532
Other Liabilities	305	309
Redeemable Preferred Securities of Subsidiaries	58	58
Stockholders' Equity (Deficit)
Kimberly-Clark Corporation	259	(102)
Noncontrolling Interests	239	219
Total Stockholders' Equity	498	117
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 15,049	$ 14,602

Consolidated Cash Flow Statemen

Consolidated Cash Flow Statement - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating Activities
Net income	$ 1,694	$ 1,701
Depreciation and amortization	540	528
Stock-based compensation	64	64
Deferred income taxes	(41)	(13)
Equity companies' earnings in excess of dividends paid	(12)	(31)
Operating working capital	(154)	149
Postretirement benefits	(1)	4
Other	(24)	(41)
Net Cash Provided by (Used in) Operating Activities	2,066	2,361
Investing Activities
Capital spending	(595)	(582)
Investments in time deposits	(123)	(133)
Maturities of time deposits	70	64
Other	(29)	75
Net Cash Provided by (Used in) Investing Activities	(677)	(576)
Financing Activities
Cash dividends paid	(1,017)	(981)
Change in short-term debt	111	(837)
Debt proceeds	937	1,290
Debt repayments	(972)	(596)
Proceeds from exercise of stock options	114	97
Acquisitions of common stock for the treasury	(804)	(512)
Other	(49)	2
Net Cash Provided by (Used in) Financing Activities	(1,680)	(1,537)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	23	17
Change in Cash and Cash Equivalents	(268)	265
Cash and Cash Equivalents - Beginning of Period	923	619
Cash and Cash Equivalents - End of Period	$ 655	$ 884

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The accompanying unaudited 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 for the year ended December 31, 2016 . The terms "Corporation," "Kimberly-Clark," "K-C," "we," "our" and "us" refer to Kimberly-Clark Corporation and its consolidated subsidiaries. Annual Goodwill Impairment Assessment Goodwill represents costs in excess of fair values assigned to the underlying net assets 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 the reporting unit and the magnitude 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 that the fair value of a reporting unit is 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 all of our reporting units using a qualitative assessment as of 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. Recently Adopted Accounting Standards In 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2016-09, Compensation-Stock Compensation (Topic 718) . The new guidance simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, 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 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 are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted in any interim period. The effects of this standard on our financial position, results of operations and cash flows are not yet known. In 2017, the FASB issued ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715), 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 in the same line items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately 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 benefits for the nine months ended September 30, 2017 and 2016 was $81 and $87 , of which $38 and $41 , respectively, related to service cost. 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, results of operations and cash flows is not expected to be material. In 2016, 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 financial position, results of operations and cash flows on either a full or modified retrospective basis, we do not plan to recast prior periods.

Fair Value Information

Fair Value Information	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Information	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 and for the full year 2016 , there were no significant transfers among level 1, 2, or 3 fair value determinations. Derivative liabilities and assets are measured on a recurring basis at fair value. At September 30, 2017 and December 31, 2016 , derivative liabilities were $69 and $46 , respectively, and derivative assets were $50 and $43 , 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 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 . Redeemable preferred securities of subsidiaries are measured on a recurring basis at fair value and were $58 at both September 30, 2017 and December 31, 2016 . They 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 date 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 securities 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 and $61 at September 30, 2017 and December 31, 2016 , respectively. The COLI policies are a source of funding primarily for our nonqualified employee benefits and are included in 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, 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 (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. (b) Time deposits are composed of deposits with original maturities of more than 90 days but less than one year and instruments with original maturities of greater than one year, included in other current assets or other assets in the consolidated balance sheet, as appropriate. Other, included in other current assets, is composed of funds held in escrow. Time deposits and other 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.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	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 Nine Months Ended (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 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 insignificant. The number of common shares outstanding as of September 30, 2017 and 2016 was 351.9 million and 358.4 million , respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Stockholders' Equity	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 $800 pursuant 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 ("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 was primarily due to the strengthening of most foreign currencies versus the U.S. dollar, including the euro, Australian dollar, British pound sterling, and South Korean won. 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, 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 ) (a) Included in computation of net periodic benefit costs.

Objectives And Strategies For U

Objectives And Strategies For Using Derivatives	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Objectives And Strategies For Using Derivatives	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, 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 derivative instruments 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 and qualify as cash flow 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. 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. 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 are designated as net investment hedges and have an aggregate notional value of $55 at September 30, 2017 . In addition, we issued €500 million euro-denominated debt in September 2017 and designated these instruments as net investment hedges. Changes in fair value of net investment hedges are recorded in AOCI as part of the cumulative translation adjustment. 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. Derivative instruments that are designated and qualify as fair value hedges are predominantly used to manage interest rate risk. The fair values of these derivative instruments are recorded as an asset or liability, as appropriate, with the offset recorded in current earnings. The offset to the change in fair values of the related hedged items also is recorded in current earnings. Any realized gain or loss on the derivatives that hedge interest rate risk is amortized to interest expense over the life of the related debt. As of September 30, 2017 , there were no outstanding interest rate contracts designated as fair value hedges. Fair value hedges resulted in no significant ineffectiveness in the nine months ended September 30, 2017 and 2016 , and gains or losses recognized in 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 period that the hedged exposure affects earnings. As of September 30, 2017 , 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 and future periods. As of September 30, 2017 , the aggregate notional values 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 the nine months ended September 30, 2017 and 2016 , and no gains or losses were reclassified into earnings 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 , amounts to be reclassified from AOCI during the next twelve months are not expected to be material. The maximum maturity of cash flow hedges in place at September 30, 2017 is October 2019 . Gains or losses on undesignated foreign exchange hedging instruments are immediately recognized in other (income) and expense, net. Gains of $22 and $5 were recorded in the three months ended September 30, 2017 and 2016 , respectively. Gains of $38 and $19 were recorded in the nine months ended September 30, 2017 and 2016, 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 , the notional amount of these undesignated derivative instruments was approximately $2 billion .

Description Of Business Segment

Description Of Business Segments	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Business Segment Information	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 (income) and expense, net and income and expense not associated with the business segments. 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 and other related products. Products in this segment are sold under the Huggies, Pull-Ups, Little Swimmers, GoodNites, DryNites, Kotex, U by Kotex, Intimus, Depend, Plenitud, Poise and other brand names. • Consumer Tissue offers a wide variety of innovative solutions and trusted brands that touch and improve people's lives every day. 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, are 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 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 adjustments as indicated in the Non-GAAP Reconciliations. N.M. - Not Meaningful

Supplemental Balance Sheet Data

Supplemental Balance Sheet Data	9 Months Ended
	Sep. 30, 2017
Statement of Financial Position [Abstract]
Additional Financial Information Disclosure	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 Inventories are valued at the lower of cost and 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, 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

Fair Value Information (Tables)

Fair Value Information (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair value of financial instruments	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, 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 (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. (b) Time deposits are composed of deposits with original maturities of more than 90 days but less than one year and instruments with original maturities of greater than one year, included in other current assets or other assets in the consolidated balance sheet, as appropriate. Other, included in other current assets, is composed of funds held in escrow. Time deposits and other 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Average Common Shares Outstanding Basic and Diluted	The average number of common shares outstanding is reconciled to those used in the basic and diluted EPS computations as follows: Three Months Ended Nine Months Ended (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

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Components Of 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
Schedule of Accumulated Other Comprehensive Income (Loss)	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, 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 ) (a) Included in computation of net periodic benefit costs.

Description Of Business Segme16

Description Of Business Segments (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Information Concerning Consolidated Operations by Business Segment	Information concerning consolidated operations by business segment is presented in the following tables: 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 adjustments as indicated in the Non-GAAP Reconciliations. N.M. - Not Meaningful

Summary of Balance Sheet Data (

Summary of Balance Sheet Data (Tables)	9 Months Ended
	Sep. 30, 2017
Statement of Financial Position [Abstract]
Schedule of Inventory, Current	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
Property, Plant and Equipment	The following schedule presents a summary of property, plant and equipment, net: 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

Accounting Policies Narrative (

Accounting Policies Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Defined Benefit Plan, Net Periodic Benefit Cost	$ 81	$ 87
Defined Benefit Plan, Service Cost	$ 38	$ 41

Fair Value Information (Narrati

Fair Value Information (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Redeemable Preferred Securities Of Subsidiaries Fair Value Disclosure	$ 58	$ 58
Fair Value, Measurements, Recurring | Net Asset Value or Its Equivalent
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Company-owned life insurance (“COLI”)	66	61
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivatives Liability	69	46
Derivatives Assets	$ 50	$ 43

Fair Value Information (Fair Va

Fair Value Information (Fair Value Of Financial Instruments) (Details) - USD ($) $ in Millions		Sep. 30, 2017	Dec. 31, 2016
Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Inputs, Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and cash equivalents(a)	[1]	$ 655	$ 923
Time Deposits and other(b)	[2]	195	138
Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Short-term debt(c)	[3]	282	170
Long-term debt(d)	[4]	7,364	7,402
Estimated Fair Value, Fair Value Disclosure | Fair Value, Inputs, Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and cash equivalents(a)	[1]	655	923
Time Deposits and other(b)	[2]	195	138
Estimated Fair Value, Fair Value Disclosure | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Short-term debt(c)	[3]	282	170
Long-term debt(d)	[4]	$ 7,876	$ 7,886
[1]	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.
[2]	Time deposits are composed of deposits with original maturities of more than 90 days but less than one year and instruments with original maturities of greater than one year, included in other current assets or other assets in the consolidated balance sheet, as appropriate. Other, included in other current assets, is composed of funds held in escrow. Time deposits and other are recorded at cost, which approximates fair value.
[3]	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.
[4]	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.

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares shares in Millions	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Common shares outstanding	351.9	358.4

Earnings Per Share (Average Com

Earnings Per Share (Average Common Shares Outstanding Basic And Diluted) (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Average Common Shares Outstanding Basic and Diluted
Basic	352.7	359.2	354.4	360
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

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)shares
Equity, Class of Treasury Stock
Repurchased shares | shares	6.3
Repurchased shares, total cost | $	$ 800

Stockholders' Equity (Component

Stockholders' Equity (Components Of Stockholders' Equity) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Kimberly-Clark Corporation	$ 259		$ 259		$ (102)
Noncontrolling Interests	239		239		$ 219
Increase (Decrease) in Stockholders' Equity
Net Income (Loss) Attributable to Parent	$ 567	$ 550	1,661	$ 1,661
Parent
Increase (Decrease) in Stockholders' Equity
Net Income (Loss) Attributable to Parent			1,661
Other comprehensive income, net of tax			379
Stock-based awards exercised or vested			113
Recognition of stock-based compensation			64
Shares repurchased			(827)
Dividends declared			(1,030)
Other			1
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Net Income			29
Other comprehensive income, net of tax			12
Stock-based awards exercised or vested			0
Recognition of stock-based compensation			0
Shares repurchased			0
Dividends declared			(22)
Other			$ 1

Stockholders' Equity (Compone25

Stockholders' Equity (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Unrealized currency translation adjustments		$ 128	$ 39	$ 450	$ 175
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax		(8)	15	(11)	22
Parent | Defined Benefit Pension Plans
Defined benefit and other postretirement benefit plans - Beginning balance				(1,097)	(1,013)
Other comprehensive income/(loss) before reclassifications				34	10
(Income)/loss reclassified from AOCI	[1]			27	22
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax				(7)	32
Defined benefit and other postretirement benefit plans - Ending balance		(1,104)	(981)	(1,104)	(981)
Parent | Other Postretirement Benefit Plans
Defined benefit and other postretirement benefit plans - Beginning balance				(31)	(3)
Other comprehensive income/(loss) before reclassifications				3	(9)
(Income)/loss reclassified from AOCI	[1]			(1)	(1)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax				(4)	(10)
Defined benefit and other postretirement benefit plans - Ending balance		(35)	(13)	(35)	(13)
Cash Flow Hedges and Other
Cash flow hedge and other - Beginning balance				5	(10)
Other comprehensive income/(loss) before reclassifications				(55)	8
(Income)/loss reclassified from AOCI				6	(13)
Other Comprehensive Income (Loss), Derivatives Qualifying as Cash Flow Hedges, Net of Tax				(49)	(5)
Cash flow hedge and other - Ending balance		(44)	(15)	(44)	(15)
Unrealized Translation
Unrealized translation - Beginning balance				(2,351)	(2,252)
Other comprehensive income/(loss) before reclassifications				439	161
(Income)/loss reclassified from AOCI				0	0
Unrealized currency translation adjustments				439	161
Unrealized translation - Ending balance		$ (1,912)	$ (2,091)	$ (1,912)	$ (2,091)
[1]	(a)Included in computation of net periodic benefit costs.

Objectives And Strategies For26

Objectives And Strategies For Using Derivatives (Narratives) (Details) € in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017EUR (€)	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Derivative Instruments, Gain (Loss)
Debt Instrument, Face Amount | €					€ 500
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss)
Aggregate notional values of outstanding derivatives						$ 2,000,000,000
Gain (loss) on undesignated foreign exchange hedging instruments	$ 22,000,000	$ 5,000,000	$ 38,000,000	$ 19,000,000
Net Investment Hedging
Derivative Instruments, Gain (Loss)
Aggregate notional values of outstanding derivatives					€ 500	55,000,000
Cash Flow Hedging
Derivative Instruments, Gain (Loss)
Cash flow hedge ineffectiveness assertion			Cash flow hedges resulted in no significant ineffectiveness for the nine months ended September 30, 2017 and 2016
Gain (loss) reclassified into earnings as a result of discontinuance of cash flow hedges			$ 0	0
Derivative, Maturity Date			Oct. 21, 2019
Cash Flow Hedging | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss)
Aggregate notional values of outstanding derivatives						765,000,000
Cash Flow Hedging | Interest Rate Contract
Derivative Instruments, Gain (Loss)
Aggregate notional values of outstanding derivatives						200,000,000
Fair Value Hedging
Derivative Instruments, Gain (Loss)
Fair value hedge ineffectiveness assertion			Fair value hedges resulted in no significant ineffectiveness in the nine months ended September 30, 2017 and 2016
Gain (loss) recognized in earnings as a result of hedge not qualifying as a fair value hedge			$ 0	$ 0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2
Derivative Instruments, Gain (Loss)
Derivative Liability						69,000,000	$ 46,000,000
Derivative Asset						$ 50,000,000	$ 43,000,000

Description Of Business Segme27

Description Of Business Segments (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net Sales		$ 4,640	$ 4,594	$ 13,677	$ 13,658
Sales Revenue, Net, Percent Change		1.00%		0.00%
Operating Profit (Loss)		$ 854	836	$ 2,487	2,478
Other (income) and expense, net	[1]	$ (8)	1	$ 0	(10)
Operating Income (Loss), Percent Change		2.00%		0.00%
Personal Care
Net Sales		$ 2,284	2,312	$ 6,804	6,798
Sales Revenue, Net, Percent Change		(1.00%)		0.00%
Operating Profit (Loss)		$ 476	458	$ 1,424	1,362
Operating Income (Loss), Percent Change		4.00%		5.00%
Consumer Tissue
Net Sales		$ 1,518	1,472	$ 4,436	4,462
Sales Revenue, Net, Percent Change		3.00%		(1.00%)
Operating Profit (Loss)		$ 260	267	$ 776	822
Operating Income (Loss), Percent Change		(3.00%)		(6.00%)
K-C Professional
Net Sales		$ 827	802	$ 2,405	2,371
Sales Revenue, Net, Percent Change		3.00%		1.00%
Operating Profit (Loss)		$ 173	157	$ 482	457
Operating Income (Loss), Percent Change		10.00%		5.00%
Corporate and Other
Net Sales		$ 11	8	$ 32	27
Operating Profit (Loss)	[1]	$ (63)	$ (45)	$ (195)	$ (173)
[1]	(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.

Supplemental Balance Sheet Da28

Supplemental Balance Sheet Data - Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Raw materials	$ 337	$ 329
Work in process	203	203
Finished goods	1,083	1,030
Supplies and other	298	280
Inventory, Gross	1,921	1,842
Excess of FIFO or weighted-average cost over LIFO cost	(173)	(163)
Total	1,748	1,679
LIFO
Raw materials	88	93
Work in process	106	114
Finished goods	396	430
Supplies and other	0	0
Inventory, Gross	590	637
Excess of FIFO or weighted-average cost over LIFO cost	(173)	(163)
Total	417	474
Non-LIFO
Raw materials	249	236
Work in process	97	89
Finished goods	687	600
Supplies and other	298	280
Inventory, Gross	1,331	1,205
Excess of FIFO or weighted-average cost over LIFO cost	0	0
Total	$ 1,331	$ 1,205

Supplemental Balance Sheet Da29

Supplemental Balance Sheet Data - Property Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment
Land	$ 171	$ 163
Buildings	2,787	2,612
Machinery and equipment	14,328	13,591
Construction in progress	337	488
Property, Plant and Equipment, Gross	17,623	16,854
Less accumulated depreciation	(10,306)	(9,685)
Total	$ 7,317	$ 7,169