Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 15, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Entity File Number | 1-225 | |
Entity Registrant Name | KIMBERLY-CLARK CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 39-0394230 | |
Entity Address, Address Line One | P.O. Box 619100 | |
Entity Address, City or Town | Dallas, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75261-9100 | |
City Area Code | 972 | |
Local Phone Number | 281-1200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 336,925,493 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000055785 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Common Stock | NEW YORK STOCK EXCHANGE, INC. | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | KMB | |
Security Exchange Name | NYSE | |
0.625% Notes Due 2024 [Member] | NEW YORK STOCK EXCHANGE, INC. | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.625% Notes due 2024 | |
Trading Symbol | KMB24 | |
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net Sales | $ 5,095 | $ 4,743 |
Cost of products sold | 3,575 | 3,154 |
Gross Profit | 1,520 | 1,589 |
Marketing, research and general expenses | 886 | 815 |
Other (income) and expense, net | (59) | 4 |
Operating Profit | 693 | 770 |
Nonoperating expense | (4) | (6) |
Interest income | 2 | 1 |
Interest expense | (65) | (63) |
Income Before Income Taxes and Equity Interests | 626 | 702 |
Provision for income taxes | (114) | (147) |
Income Before Equity Interests | 512 | 555 |
Share of net income of equity companies | 23 | 39 |
Net income | 535 | 594 |
Net income attributable to noncontrolling interests | (12) | (10) |
Net Income Attributable to Kimberly-Clark Corporation | $ 523 | $ 584 |
Per Share Basis | ||
Basic | $ 1.55 | $ 1.73 |
Diluted | $ 1.55 | $ 1.72 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 535 | $ 594 |
Other Comprehensive Income (Loss), Net of Tax | ||
Unrealized currency translation adjustments | 53 | (215) |
Employee postretirement benefits | 11 | 18 |
Other | (9) | 36 |
Total Other Comprehensive Income (Loss), Net of Tax | 55 | (161) |
Comprehensive Income | 590 | 433 |
Comprehensive income attributable to noncontrolling interests | (8) | (3) |
Comprehensive Income Attributable to Kimberly-Clark Corporation | $ 582 | $ 430 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) shares in Millions, $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 493 | $ 270 |
Accounts receivable, net | 2,516 | 2,207 |
Inventories | 2,265 | 2,239 |
Other current assets | 629 | 849 |
Total Current Assets | 5,903 | 5,565 |
Property, Plant and Equipment, Net | 8,114 | 8,097 |
Investments in Equity Companies | 266 | 290 |
Goodwill | 2,177 | 1,840 |
Other Intangible Assets, Net | 926 | 810 |
Other Assets | 1,286 | 1,235 |
TOTAL ASSETS | 18,672 | 17,837 |
Current Liabilities | ||
Debt payable within one year | 969 | 433 |
Trade accounts payable | 3,846 | 3,840 |
Accrued expenses and other current liabilities | 2,054 | 2,096 |
Dividends payable | 388 | 380 |
Total Current Liabilities | 7,257 | 6,749 |
Long-Term Debt | 8,101 | 8,141 |
Noncurrent Employee Benefits | 797 | 809 |
Deferred Income Taxes | 687 | 694 |
Other Liabilities | 716 | 681 |
Redeemable Common and Preferred Securities of Subsidiaries | 260 | 26 |
Stockholders' Equity | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | $ 473 | $ 473 |
Treasury Stock, Shares | 41.6 | 41.8 |
Total Kimberly-Clark Corporation Stockholders' Equity | $ 705 | $ 514 |
Noncontrolling Interests | 149 | 223 |
Total Stockholders' Equity | 854 | 737 |
Treasury Stock, Value [Abstract] | ||
Treasury Stock, Value | (5,183) | |
Additional Paid in Capital [Abstract] | ||
Additional Paid in Capital | 605 | |
Retained Earnings (Accumulated Deficit) [Abstract] | ||
Retained Earnings (Accumulated Deficit) | 7,858 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 18,672 | 17,837 |
Accumulated Other Comprehensive Income (loss) | $ (3,239) |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parenthetical - $ / shares shares in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 20 | 20 |
Preferred Stock, Shares Issued | 0 | |
Common Stock, Par or Stated Value Per Share | $ 1.25 | $ 1.25 |
Common Stock, Shares Authorized | 1,200 | 1,200 |
Common Stock, Shares, Issued | 378.6 | 378.6 |
Treasury Stock, Shares | 41.6 | 41.8 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | AOCI Attributable to Parent | Noncontrolling Interests |
Common Stock, Shares, Issued | 378,597 | ||||||
Common Stock, Value, Issued | $ 473 | ||||||
Additional Paid in Capital | $ 657 | ||||||
Treasury Stock, Shares | 39,873 | ||||||
Treasury Stock, Value | $ (4,899) | ||||||
Retained Earnings | $ 7,567 | ||||||
Accumulated Other Comprehensive Income (Loss) | $ 3,172 | ||||||
Noncontrolling Interests | $ 243 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 869 | ||||||
Net income | 594 | 584 | |||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 9 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excludes Redeemable Interests' Share | 593 | ||||||
Other Comprehensive Income, Net of Tax | 161 | 154 | (7) | ||||
Other Comprehensive Income (Loss), Net of Tax, Excludes Redeemable Interests' Share | (161) | ||||||
Stock-based awards exercised or vested | 10 | (24) | $ 34 | ||||
Treasury Stock, Shares, Acquired | 1,398 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ (185) | ||||||
Recognition of stock-based compensation | 22 | 22 | |||||
Dividends, Common Stock, Cash | (403) | (385) | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (18) | ||||||
Other | $ (1) | 3 | (2) | 1 | 1 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | (315) | ||||||
Dividends declared | $ 1.14 | ||||||
Common Stock, Shares, Issued | 378,597 | ||||||
Common Stock, Value, Issued | $ 473 | ||||||
Additional Paid in Capital | 658 | ||||||
Treasury Stock, Shares | 40,956 | ||||||
Treasury Stock, Value | $ (5,050) | ||||||
Retained Earnings | 7,764 | ||||||
Accumulated Other Comprehensive Income (Loss) | 3,327 | ||||||
Noncontrolling Interests | 228 | ||||||
Total Kimberly-Clark Corporation Stockholders' Equity | $ 746 | ||||||
Common Stock, Shares, Issued | 378,597 | ||||||
Common Stock, Value, Issued | 473 | $ 473 | |||||
Additional Paid in Capital | $ 605 | 605 | |||||
Treasury Stock, Shares | 41,800 | 41,762 | |||||
Treasury Stock, Value | $ (5,183) | $ (5,183) | |||||
Retained Earnings | 7,858 | 7,858 | |||||
Accumulated Other Comprehensive Income (Loss) | 3,239 | 3,239 | |||||
Noncontrolling Interests | 223 | 223 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 737 | ||||||
Total Kimberly-Clark Corporation Stockholders' Equity | 514 | ||||||
Net income | 535 | 523 | |||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 12 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excludes Redeemable Interests' Share | 535 | ||||||
Other Comprehensive Income, Net of Tax | (55) | (59) | (4) | ||||
Other Comprehensive Income (Loss), Net of Tax, Excludes Redeemable Interests' Share | 55 | ||||||
Stock-based awards exercised or vested | 9 | (26) | $ 35 | ||||
Treasury Stock, Shares, Acquired | 215 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ (27) | ||||||
Recognition of stock-based compensation | 16 | 16 | |||||
Dividends, Common Stock, Cash | (473) | (391) | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (82) | ||||||
Other | $ (2) | 4 | (2) | ||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | (347) | ||||||
Dividends declared | $ 1.16 | ||||||
Common Stock, Shares, Issued | 378,597 | ||||||
Common Stock, Value, Issued | $ 473 | $ 473 | |||||
Additional Paid in Capital | $ 599 | ||||||
Treasury Stock, Shares | 41,600 | 41,630 | |||||
Treasury Stock, Value | $ (5,175) | ||||||
Retained Earnings | $ 7,988 | ||||||
Accumulated Other Comprehensive Income (Loss) | $ 3,180 | ||||||
Noncontrolling Interests | $ 149 | $ 149 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 854 | ||||||
Total Kimberly-Clark Corporation Stockholders' Equity | $ 705 |
Statement of Stockholders' Eq_2
Statement of Stockholders' Equity Stockholders' Equity Parentheticals - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared | $ 1.16 | $ 1.14 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net income | $ 535 | $ 594 |
Depreciation and amortization | 188 | 189 |
Asset impairments | 0 | 3 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | (85) | 0 |
Stock-based compensation | 16 | 22 |
Deferred income taxes | (52) | (35) |
Net (gains) losses on asset dispositions | 6 | 4 |
Equity companies' earnings (in excess of) less than dividends paid | (23) | (39) |
Operating working capital | (369) | (400) |
Postretirement benefits | (14) | (15) |
Other | 2 | (2) |
Cash Provided by Operations | 204 | 321 |
Investing Activities | ||
Capital spending | (253) | (298) |
Payments to Acquire Businesses, Net of Cash Acquired | 34 | 0 |
Investments in time deposits | (83) | (159) |
Maturities of time deposits | 255 | 207 |
Other | (1) | 5 |
Cash Used for Investing | (116) | (245) |
Financing Activities | ||
Cash dividends paid | (384) | (359) |
Change in short-term debt | 834 | 744 |
Debt proceeds | 0 | 5 |
Debt repayments | (300) | (253) |
Proceeds from exercise of stock options | 23 | 10 |
Acquisitions of common stock for the treasury | (25) | (169) |
Other | (15) | (30) |
Cash Used for Financing | 133 | (52) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 2 | (7) |
Change in Cash and Cash Equivalents | 223 | 17 |
Cash and Cash Equivalents - Beginning of Period | 270 | 303 |
Cash and Cash Equivalents - End of Period | $ 493 | $ 320 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Accounting Policies | 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 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, 2021. The terms "Corporation," "Kimberly-Clark," "K-C," "we," "our" and "us" refer to Kimberly-Clark Corporation and its consolidated subsidiaries. Highly Inflationary Accounting in Argentina |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures | 2022 Acquisition 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. We previously accounted for our ownership interest in Thinx as an equity method investment, but upon increasing our ownership to 58%, w e 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 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 $ 40 Property, Plant and Equipment, Net 2 Goodwill 297 Other Intangible Assets, Net 123 Other Assets 4 Current Liabilities (29) 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 March 31, 2022, amortization expense per year for each of the next five years is estimated to be approximately $8. Goodwill of $297 w as 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 for the quarter ended March 31, 2022. In addition, we removed the non-cash gain impact from Operating Activities in our consolidated cash flow statements for the quarter ended March 31, 2022. Pro forma results of operations have not been presented as the impact on our consolidated financial statements is not material. |
Fair Value Information
Fair Value Information | 3 Months Ended |
Mar. 31, 2022 | |
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 three months ended March 31, 2022 and for the full year 2021, there were no significant transfers to or from level 3 fair value determinations. Derivative assets and liabilities are measured on a recurring basis at fair value. At March 31, 2022 and December 31, 2021, derivative assets were $57 and $65, respectively, and derivative liabilities were $85 and $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 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 6. Redeemable common and preferred securities of subsidiaries are measured on a recurring basis at their estimated redemption values, which approximate fair value. As of March 31, 2022 and December 31, 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, and their 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 $69 and $72 at March 31, 2022 and December 31, 2021 , 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 March 31, 2022 December 31, 2021 Assets Cash and cash equivalents (a) 1 $ 493 $ 493 $ 270 $ 270 Time deposits (b) 1 239 239 416 416 Liabilities Short-term debt (c) 2 955 955 118 118 Long-term debt (d) 2 8,115 8,439 8,456 9,492 (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. Time deposits 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 (Millions of shares) 2022 2021 Basic 337.0 338.2 Dilutive effect of stock options and restricted share unit awards 1.2 1.2 Diluted 338.2 339.4 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 was insignificant. The number of common shares outstanding as of March 31, 2022 and 2021 was 337.0 million and 337.6 million, respectively. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' EquityNet 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 three months ended March 31, 2022 was primarily due to the strengthening of certain foreign currencies versus the U.S. dollar, particularly the Brazilian real. 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 (205) — 2 22 (Income) loss reclassified from AOCI — 14 (a) — (a) 12 Net current period other comprehensive income (loss) (205) 14 2 34 Balance as of March 31, 2021 $ (2,362) $ (898) $ (38) $ (29) Balance as of December 31, 2021 $ (2,422) $ (803) $ (34) $ 20 Other comprehensive income (loss) before 57 7 (2) (2) (Income) loss reclassified from AOCI — 6 (a) — (a) (7) Net current period other comprehensive income (loss) 57 13 (2) (9) Balance as of March 31, 2022 $ (2,365) $ (790) $ (36) $ 11 (a) Included in computation of net periodic benefit costs. |
Objectives And Strategies For U
Objectives And Strategies For Using Derivatives | 3 Months Ended |
Mar. 31, 2022 | |
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 r ates, 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. At March 31, 2022 and December 31, 2021, derivative assets were $57 and $65, respectively, and derivative liabilities were $85 and $41, respectively, primarily comprised of foreign currency exchange contracts. Derivative assets are recorded in Other current assets or Other Assets, as appropriate, and derivative liabilities are recorded in Accrued expenses and other current liabilities or Other Liabilities, as appropriate. 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 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 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 of specific quantities of the underlying commodity expected to be purchased in future months. In addition, we utilize negotiated contracts of varying durations along with strategic pricing mechanisms to manage volatility for a portion of our commodity costs. 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 Interest expense. The offset to the change in fair values of the related debt is also recorded in Interest expense. 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 March 31, 2022, the aggregate notional values and carrying values of debt subject to outstanding interest rate contracts designated as fair value hedges were $525 and $501, respectively. For the three months ended March 31, 2022 and 2021, gains or losses recognized in Interest expense for interest rate swaps were not significant. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, 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 March 31, 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 2022 and future periods. As of March 31, 2022, the aggregate notional value of outstanding foreign exchange derivative contracts designated as cash flow hedges was $781. For the three months ended March 31, 2022 and 2021, no significant gains or losses were reclassified into 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 March 31, 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 March 31, 2022 is December 2024. Net Investment Hedges For derivative instruments that are designated and qualify as net investment hedges, the aggregate notional value was $1.4 billion at March 31, 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 three months ended March 31, 2022, unrealized gains of $9 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 March 31, 2022. Undesignated Hedging Instruments Gains or losses on undesignated foreign exchange hedging instruments are immediately recognized in Other (income) and expense, net. A loss of $34 and a loss of $9 were recorded in the three months ended March 31, 2022 and 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 March 31, 2022, the notional value of these undesignated derivative instruments was approximately $2.2 billion . |
Description Of Business Segment
Description Of Business Segments | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment InformationWe 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 ongoing operations of the business 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, 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, Depend, Plenitud, Softex, Poise and other brand names. • Consumer Tissue offers a wide variety of innovative solutions and trusted brands that responsibly improve 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 KleenGuard 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 March 31 2022 2021 Change NET SALES Personal Care $ 2,729 $ 2,462 +11 % Consumer Tissue 1,568 1,510 +4 % K-C Professional 780 752 +4 % Corporate & Other 18 19 N.M. TOTAL NET SALES $ 5,095 $ 4,743 +7 % OPERATING PROFIT Personal Care $ 475 $ 481 -1 % Consumer Tissue 171 269 -36 % K-C Professional 90 126 -29 % Corporate & Other (a) (102) (102) N.M. Other (income) and expense, net (a) (59) 4 N.M. TOTAL OPERATING PROFIT $ 693 $ 770 -10 % (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 March 31, 2021 were, $15, $16, and $3, respectively. N.M. - Not Meaningful Sales of Principal Products: Three Months Ended March 31 (Billions of dollars) 2022 2021 Baby and child care products $ 1.9 $ 1.7 Consumer tissue products 1.6 1.5 Away-from-home professional products 0.8 0.8 All other 0.8 0.7 Consolidated $ 5.1 $ 4.7 |
Supplemental Balance Sheet Data
Supplemental Balance Sheet Data | 3 Months Ended |
Mar. 31, 2022 | |
Statement of Financial Position [Abstract] | |
Additional Financial Information Disclosure | Supplemental Balance Sheet Data The following schedule presents a summary of inventories by major class: March 31, 2022 December 31, 2021 LIFO Non-LIFO Total LIFO Non-LIFO Total Raw materials $ 152 $ 362 $ 514 $ 141 $ 352 $ 493 Work in process 153 96 249 153 89 242 Finished goods 621 817 1,438 607 835 1,442 Supplies and other — 290 290 — 280 280 926 1,565 2,491 901 1,556 2,457 Excess of FIFO or weighted-average cost over (226) — (226) (218) — (218) Total $ 700 $ 1,565 $ 2,265 $ 683 $ 1,556 $ 2,239 Inventories are valued at the lower of cost 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: March 31, 2022 December 31, 2021 Land $ 168 $ 169 Buildings 3,026 2,993 Machinery and equipment 14,745 14,606 Construction in progress 766 760 18,705 18,528 Less accumulated depreciation (10,591) (10,431) Total $ 8,114 $ 8,097 |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The total purchase price consideration was allocated to the net assets acquired based upon their respective estimated fair values as follows: Current Assets $ 40 Property, Plant and Equipment, Net 2 Goodwill 297 Other Intangible Assets, Net 123 Other Assets 4 Current Liabilities (29) 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 |
Fair Value Information (Tables)
Fair Value Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 December 31, 2021 Assets Cash and cash equivalents (a) 1 $ 493 $ 493 $ 270 $ 270 Time deposits (b) 1 239 239 416 416 Liabilities Short-term debt (c) 2 955 955 118 118 Long-term debt (d) 2 8,115 8,439 8,456 9,492 (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. Time deposits 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) | 3 Months Ended |
Mar. 31, 2022 | |
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 (Millions of shares) 2022 2021 Basic 337.0 338.2 Dilutive effect of stock options and restricted share unit awards 1.2 1.2 Diluted 338.2 339.4 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss), Attributable to Kimberly-Clark Corporation | 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 (205) — 2 22 (Income) loss reclassified from AOCI — 14 (a) — (a) 12 Net current period other comprehensive income (loss) (205) 14 2 34 Balance as of March 31, 2021 $ (2,362) $ (898) $ (38) $ (29) Balance as of December 31, 2021 $ (2,422) $ (803) $ (34) $ 20 Other comprehensive income (loss) before 57 7 (2) (2) (Income) loss reclassified from AOCI — 6 (a) — (a) (7) Net current period other comprehensive income (loss) 57 13 (2) (9) Balance as of March 31, 2022 $ (2,365) $ (790) $ (36) $ 11 (a) Included in computation of net periodic benefit costs. |
Description Of Business Segme_2
Description Of Business Segments (Tables) | 3 Months Ended | |
Mar. 31, 2022 | ||
Revenue from External Customer | ||
Information Concerning Consolidated Operations by Business Segment | Information concerning consolidated operations by business segment is presented in the following tables: Three Months Ended March 31 2022 2021 Change NET SALES Personal Care $ 2,729 $ 2,462 +11 % Consumer Tissue 1,568 1,510 +4 % K-C Professional 780 752 +4 % Corporate & Other 18 19 N.M. TOTAL NET SALES $ 5,095 $ 4,743 +7 % OPERATING PROFIT Personal Care $ 475 $ 481 -1 % Consumer Tissue 171 269 -36 % K-C Professional 90 126 -29 % Corporate & Other (a) (102) (102) N.M. Other (income) and expense, net (a) (59) 4 N.M. TOTAL OPERATING PROFIT $ 693 $ 770 -10 % (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 March 31, 2021 were, $15, $16, and $3, respectively. N.M. - Not Meaningful | [1] |
Sales of Principal Products | Sales of Principal Products: Three Months Ended March 31 (Billions of dollars) 2022 2021 Baby and child care products $ 1.9 $ 1.7 Consumer tissue products 1.6 1.5 Away-from-home professional products 0.8 0.8 All other 0.8 0.7 Consolidated $ 5.1 $ 4.7 | |
[1] | 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 March 31, 2021 were, $15, $16, and $3, respectively. |
Summary of Balance Sheet Data (
Summary of Balance Sheet Data (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Statement of Financial Position [Abstract] | |
Schedule of Inventory, Current | The following schedule presents a summary of inventories by major class: March 31, 2022 December 31, 2021 LIFO Non-LIFO Total LIFO Non-LIFO Total Raw materials $ 152 $ 362 $ 514 $ 141 $ 352 $ 493 Work in process 153 96 249 153 89 242 Finished goods 621 817 1,438 607 835 1,442 Supplies and other — 290 290 — 280 280 926 1,565 2,491 901 1,556 2,457 Excess of FIFO or weighted-average cost over (226) — (226) (218) — (218) Total $ 700 $ 1,565 $ 2,265 $ 683 $ 1,556 $ 2,239 |
Property, Plant and Equipment | The following schedule presents a summary of property, plant and equipment, net: March 31, 2022 December 31, 2021 Land $ 168 $ 169 Buildings 3,026 2,993 Machinery and equipment 14,745 14,606 Construction in progress 766 760 18,705 18,528 Less accumulated depreciation (10,591) (10,431) Total $ 8,114 $ 8,097 |
Accounting Policies Narrative (
Accounting Policies Narrative (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | K-C Argentina | Geographic Concentration Risk | ||
Accounting Policies | ||
Net sales of K-C Argentina, percent | 1.00% | 1.00% |
Acquisition Narrative (Details)
Acquisition Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | $ 8 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 8 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 8 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 8 | ||
Goodwill | 2,177 | $ 1,840 | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 85 | $ 0 | |
Thinx Inc | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||
Business Combination, Consideration Transferred | 181 | ||
Payments to Acquire Businesses, Gross | 53 | ||
Equity Method Investments, Fair Value Disclosure | 127 | ||
Share-based Payment Arrangement, Accelerated Cost | $ 1 | ||
Sale of Stock, Percentage of Ownership after Transaction | 58.00% | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 8 | ||
Goodwill | 297 | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | (85) | ||
Business Combination, Acquisition Related Costs | 21 | ||
Thinx Inc | Before Tax | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain, Transaction and Related Costs, Net Benefit | 64 | ||
Thinx Inc | After Tax | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain, Transaction and Related Costs, Net Benefit | 68 | ||
Thinx Inc | Personal Care [Member] | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||
Goodwill | $ 297 |
Acquisition (Schedule of Recogn
Acquisition (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | ||
Goodwill | $ 2,177 | $ 1,840 |
Thinx Inc | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 40 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2 | |
Goodwill | 297 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 123 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 4 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (29) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (18) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (4) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 415 | |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | (234) | |
Business Combination, Consideration Transferred | $ 181 |
Fair Value Information (Narrati
Fair Value Information (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Redeemable Preferred Securities Of Subsidiaries Fair Value Disclosure | $ 260 | $ 26 |
Fair Value, Measurements, Recurring | Net Asset Value or Its Equivalent | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash Surrender Value, Fair Value Disclosure | 69 | 72 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivatives Assets | 57 | 65 |
Derivatives Liability | $ 85 | $ 41 |
Fair Value Information (Fair Va
Fair Value Information (Fair Value Of Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Inputs, Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Cash and cash equivalents | [1] | $ 493 | $ 270 |
Time deposits | [2] | 239 | 416 |
Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Inputs, Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Short-term debt | [3] | 955 | 118 |
Long-term debt | [4] | 8,115 | 8,456 |
Estimated Fair Value, Fair Value Disclosure | Fair Value, Inputs, Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Cash and cash equivalents | [1] | 493 | 270 |
Time deposits | [2] | 239 | 416 |
Estimated Fair Value, Fair Value Disclosure | Fair Value, Inputs, Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Short-term debt | [3] | 955 | 118 |
Long-term debt | [4] | $ 8,439 | $ 9,492 |
[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. Time deposits 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 | Mar. 31, 2022 | Mar. 31, 2021 |
Earnings Per Share [Abstract] | ||
Common shares outstanding | 337 | 337.6 |
Earnings Per Share (Average Com
Earnings Per Share (Average Common Shares Outstanding Basic And Diluted) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Average Common Shares Outstanding Basic and Diluted | ||
Basic | 337 | 338.2 |
Dilutive effect of stock options and restricted share unit awards | 1.2 | 1.2 |
Diluted | 338.2 | 339.4 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Net current period other comprehensive income (loss) | $ 53 | $ (215) | |||
Net current period other comprehensive income (loss) | 11 | 18 | |||
Total Other Comprehensive Income (Loss), Net of Tax | 55 | (161) | |||
Accumulated Other Comprehensive Income (loss) | $ (3,239) | ||||
Defined Benefit Pension Plans | |||||
Defined benefit and other postretirement benefit plans - Beginning balance | (803) | (912) | |||
Other comprehensive income/(loss) before reclassifications | 7 | 0 | |||
(Income)/loss reclassified from AOCI | [1] | 6 | 14 | ||
Net current period other comprehensive income (loss) | 13 | 14 | |||
Defined benefit and other postretirement benefit plans - Ending balance | (790) | (898) | |||
Other Postretirement Benefit Plans | |||||
Defined benefit and other postretirement benefit plans - Beginning balance | (34) | (40) | |||
Other comprehensive income/(loss) before reclassifications | (2) | 2 | |||
(Income)/loss reclassified from AOCI | [1] | 0 | 0 | ||
Net current period other comprehensive income (loss) | (2) | 2 | |||
Defined benefit and other postretirement benefit plans - Ending balance | (36) | (38) | |||
Unrealized Translation | |||||
Unrealized translation - Beginning balance | (2,422) | (2,157) | |||
Other comprehensive income/(loss) before reclassifications | 57 | (205) | |||
(Income)/loss reclassified from AOCI | 0 | 0 | |||
Net current period other comprehensive income (loss) | 57 | (205) | |||
Unrealized translation - Ending balance | (2,365) | (2,362) | |||
Cash Flow Hedges and Other | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (2) | 22 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (7) | 12 | |||
Total Other Comprehensive Income (Loss), Net of Tax | (9) | 34 | |||
Accumulated Other Comprehensive Income (loss) | $ 11 | $ (29) | $ 20 | $ (63) | |
[1] | Included in computation of net periodic benefit costs. |
Objectives And Strategies For_2
Objectives And Strategies For Using Derivatives (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | $ 9 | ||
Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on undesignated foreign exchange hedging instruments | 34 | $ 9 | |
Foreign currency exchange contracts | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) | |||
Derivative, Notional Amount | 2,200 | ||
Fair Value Hedging | Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) | |||
Long-term Debt, Fair Value | 501 | ||
Derivative, Notional Amount | 525 | ||
Cash Flow Hedging | Foreign currency exchange contracts | |||
Derivative Instruments, Gain (Loss) | |||
Derivative, Notional Amount | 781 | ||
Net Investment Hedging | |||
Derivative Instruments, Gain (Loss) | |||
Derivative, Notional Amount | 1,400 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Derivative Instruments, Gain (Loss) | |||
Derivative Asset | 57 | $ 65 | |
Derivative Liability | $ 85 | $ 41 |
Description Of Business Segme_3
Description Of Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Net Sales | $ 5,095 | $ 4,743 | |
Sales Revenue, Net, Percent Change | 7.00% | ||
Operating Profit | $ 693 | 770 | |
Other (income) and expense, net | $ (59) | 4 | |
Operating Profit, Percent Change | (10.00%) | ||
Personal Care | |||
Net Sales | $ 2,729 | 2,462 | |
Sales Revenue, Net, Percent Change | 11.00% | ||
Operating Profit | $ 475 | 481 | |
Operating Profit, Percent Change | (1.00%) | ||
Personal Care | 2018 Global Restructuring Program | Before Tax | |||
Restructuring Charges | 15 | ||
Consumer Tissue | |||
Net Sales | $ 1,568 | 1,510 | |
Sales Revenue, Net, Percent Change | 4.00% | ||
Operating Profit | $ 171 | 269 | |
Operating Profit, Percent Change | (36.00%) | ||
Consumer Tissue | 2018 Global Restructuring Program | Before Tax | |||
Restructuring Charges | 16 | ||
K-C Professional | |||
Net Sales | $ 780 | 752 | |
Sales Revenue, Net, Percent Change | 4.00% | ||
Operating Profit | $ 90 | 126 | |
Operating Profit, Percent Change | (29.00%) | ||
K-C Professional | 2018 Global Restructuring Program | Before Tax | |||
Restructuring Charges | 3 | ||
Corporate and Other | |||
Net Sales | $ 18 | 19 | |
Operating Profit | [1] | (102) | (102) |
Other (income) and expense, net | |||
Other (income) and expense, net | [1] | $ (59) | $ 4 |
[1] | 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 March 31, 2021 were, $15, $16, and $3, respectively. |
Description Of Business Segme_4
Description Of Business Segments Sales of Principle Products (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Consolidated | ||
Net Sales | $ 5,095 | $ 4,743 |
Consumer Tissue Products | ||
Consolidated | ||
Net Sales | 1,600 | 1,500 |
Baby and Child Care Products | ||
Consolidated | ||
Net Sales | 1,900 | 1,700 |
Away-from-home Professional Products | ||
Consolidated | ||
Net Sales | 800 | 800 |
All Other | ||
Consolidated | ||
Net Sales | $ 800 | $ 700 |
Supplemental Balance Sheet Da_2
Supplemental Balance Sheet Data - Inventory (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 514 | $ 493 |
Work in process | 249 | 242 |
Finished goods | 1,438 | 1,442 |
Supplies and other | 290 | 280 |
Inventory, Gross | 2,491 | 2,457 |
Inventory, LIFO Reserve | (226) | (218) |
Total | 2,265 | 2,239 |
LIFO | ||
Raw materials | 152 | 141 |
Work in process | 153 | 153 |
Finished goods | 621 | 607 |
Supplies and other | 0 | 0 |
Inventory, Gross | 926 | 901 |
Inventory, LIFO Reserve | (226) | (218) |
Total | 700 | 683 |
Non-LIFO | ||
Raw materials | 362 | 352 |
Work in process | 96 | 89 |
Finished goods | 817 | 835 |
Supplies and other | 290 | 280 |
Inventory, Gross | 1,565 | 1,556 |
Inventory, LIFO Reserve | 0 | 0 |
Total | $ 1,565 | $ 1,556 |
Supplemental Balance Sheet Da_3
Supplemental Balance Sheet Data - Property Plant and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment | ||
Land | $ 168 | $ 169 |
Buildings | 3,026 | 2,993 |
Machinery and equipment | 14,745 | 14,606 |
Construction in progress | 766 | 760 |
Property, Plant and Equipment, Gross | 18,705 | 18,528 |
Less accumulated depreciation | (10,591) | (10,431) |
Total | $ 8,114 | $ 8,097 |