Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 34 |
Auditor Location | Dallas, Texas |
Auditor Name | Deloitte & Touche LLP |
Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Shell Company | false | ||
Entity Public Float | $ 46.7 | ||
Entity Common Stock, Shares Outstanding | 336,883,198 | ||
Documents Incorporated by Reference | Certain information contained in the definitive Proxy Statement for Kimberly-Clark's Annual Meeting of Stockholders to be held on May 2, 2024 is incorporated by reference into Part III. | ||
Auditor Name | Deloitte & Touche LLP | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000055785 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock-$1.25 par value | ||
Trading Symbol | KMB | ||
Security Exchange Name | NYSE | ||
0.625% Notes Due 2024 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 0.625% Notes due 2024 | ||
Trading Symbol | KMB24 | ||
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Statement [Abstract] | ||||
Net Sales | [1] | $ 20,431 | $ 20,175 | $ 19,440 |
Cost of products sold | 13,399 | 13,956 | 13,452 | |
Gross Profit | 7,032 | 6,219 | 5,988 | |
Marketing, research and general expenses | 3,961 | 3,581 | 3,399 | |
Other (income) and expense, net | [2],[3] | 69 | (43) | 28 |
Operating Profit | [3] | 2,344 | 2,681 | 2,561 |
Nonoperating expense | (96) | (73) | (86) | |
Interest income | 66 | 14 | 6 | |
Interest expense | (293) | (282) | (256) | |
Income Before Income Taxes and Equity Interests | 2,021 | 2,340 | 2,225 | |
Provision for income taxes | (453) | (495) | (479) | |
Income Before Equity Interests | 1,568 | 1,845 | 1,746 | |
Share of net income of equity companies | 196 | 116 | 98 | |
Net income | 1,764 | 1,961 | 1,844 | |
Net income attributable to noncontrolling interests | 0 | (27) | (30) | |
Net Income Attributable to Kimberly-Clark Corporation | $ 1,764 | $ 1,934 | $ 1,814 | |
Earnings Per Share [Abstract] | ||||
Basic | $ 5.22 | $ 5.73 | $ 5.38 | |
Diluted | $ 5.21 | $ 5.72 | $ 5.35 | |
Impairment of Intangible Assets (Excluding Goodwill) | $ 658 | $ 0 | $ 0 | |
[1] Net sales in the U.S. to third parties totaled $10,362, $9,848 and $9,285 in 2023, 2022 and 2021, respectively. No other individual country's net sales exceeds 10 percent of total net sales. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 1,764 | $ 1,961 | $ 1,844 |
Other Comprehensive Income (Loss), Net of Tax | |||
Unrealized currency translation adjustments | 89 | (355) | (288) |
Employee postretirement benefits | (15) | 103 | 122 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 12 | (185) | 84 |
Total Other Comprehensive Income (Loss), Net of Tax | 86 | (437) | (82) |
Comprehensive Income | 1,850 | 1,524 | 1,762 |
Comprehensive income attributable to noncontrolling interests | 1 | (19) | (15) |
Comprehensive Income Attributable to Kimberly-Clark Corporation | $ 1,851 | $ 1,505 | $ 1,747 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock Issued | Additional Paid-in Capital | Treasury Stock, Common | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests |
Stockholders' Equity, Attributable to Noncontrolling Interest | $ 243 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Shares, Issued | 378,597 | ||||||
Treasury Stock, Common, Shares | 39,873 | ||||||
Common Stock, Value, Issued at Dec. 31, 2020 | $ 473 | ||||||
Additional Paid in Capital at Dec. 31, 2020 | $ 657 | ||||||
Treasury Stock, Value at Dec. 31, 2020 | $ (4,899) | ||||||
Retained Earnings at Dec. 31, 2020 | $ 7,567 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance at Dec. 31, 2020 | $ (3,172) | ||||||
Beginning Balance at Dec. 31, 2020 | $ 869 | ||||||
Beginning Balance, treasury stock (in shares) at Dec. 31, 2020 | 39,873 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income in stockholders' equity, excludes redeemable interests' share | 1,844 | 1,814 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 30 | 29 | |||||
Other comprehensive income, net of tax, attributable to parent | 1,747 | (67) | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excludes Redeemable Interests' Share | 1,843 | ||||||
Other comprehensive income, net of tax, attributable to noncontrolling interest | (15) | (14) | |||||
Other Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Non Contolling Interest, Excludes Redeemable Interests' Share | (81) | ||||||
Stock-based awards exercised or vested | 66 | (80) | $ 146 | ||||
Stock-based awards exercised or vested (in shares) | (1,339) | ||||||
Shares repurchased (in shares) | 3,228 | ||||||
Shares repurchased | $ (430) | ||||||
Recognition of stock-based compensation | $ 26 | 26 | |||||
Dividends declared | (1,538) | ||||||
Dividends declared per share | $ 4.56 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (36) | ||||||
Dividends, Common Stock, Cash and Decrease from Distributions to Noncontrolling Interest Holders | $ 1,574 | ||||||
Other | 18 | (2) | (15) | (1) | |||
Ending Balance at Dec. 31, 2021 | 737 | ||||||
Common Stock, Value, Issued at Dec. 31, 2021 | $ 473 | ||||||
Additional Paid in Capital at Dec. 31, 2021 | 605 | ||||||
Treasury Stock, Value at Dec. 31, 2021 | $ (5,183) | ||||||
Treasury stock (in shares) at Dec. 31, 2021 | 41,762 | ||||||
Retained Earnings at Dec. 31, 2021 | 7,858 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance at Dec. 31, 2021 | (3,239) | ||||||
Stockholders' Equity, Attributable to Noncontrolling Interest | 223 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Common stock, shares, Issued | 378,597 | ||||||
Treasury Stock, Common, Shares | 41,762 | ||||||
Net income in stockholders' equity, excludes redeemable interests' share | 1,961 | 1,934 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 27 | 38 | |||||
Other comprehensive income, net of tax, attributable to parent | 1,505 | (429) | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excludes Redeemable Interests' Share | 1,972 | ||||||
Other comprehensive income, net of tax, attributable to noncontrolling interest | (19) | (9) | |||||
Other Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Non Contolling Interest, Excludes Redeemable Interests' Share | (438) | ||||||
Stock-based awards exercised or vested | 59 | (86) | $ 145 | ||||
Stock-based awards exercised or vested (in shares) | (1,406) | ||||||
Shares repurchased (in shares) | 779 | ||||||
Shares repurchased | $ (100) | ||||||
Recognition of stock-based compensation | $ 147 | 147 | |||||
Dividends declared | (1,566) | ||||||
Dividends declared per share | $ 4.64 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (98) | ||||||
Dividends, Common Stock, Cash and Decrease from Distributions to Noncontrolling Interest Holders | $ (1,664) | ||||||
Other | (13) | (13) | 1 | 25 | (1) | 1 | |
Ending Balance at Dec. 31, 2022 | 700 | ||||||
Common Stock, Value, Issued at Dec. 31, 2022 | 473 | $ 473 | |||||
Additional Paid in Capital at Dec. 31, 2022 | 679 | 679 | |||||
Treasury Stock, Value at Dec. 31, 2022 | $ (5,137) | $ (5,137) | |||||
Treasury stock (in shares) at Dec. 31, 2022 | 41,100 | 41,135 | |||||
Retained Earnings at Dec. 31, 2022 | $ 8,201 | 8,201 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance at Dec. 31, 2022 | $ (3,669) | (3,669) | |||||
Stockholders' Equity, Attributable to Noncontrolling Interest | 153 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Common stock, shares, Issued | 378,600 | 378,597 | |||||
Treasury Stock, Common, Shares | 41,100 | 41,135 | |||||
Net income in stockholders' equity, excludes redeemable interests' share | $ 1,764 | 1,764 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 37 | |||||
Other comprehensive income, net of tax, attributable to parent | 1,851 | 87 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excludes Redeemable Interests' Share | 1,801 | ||||||
Other comprehensive income, net of tax, attributable to noncontrolling interest | 1 | (3) | |||||
Other Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Non Contolling Interest, Excludes Redeemable Interests' Share | 84 | ||||||
Stock-based awards exercised or vested | 70 | (70) | $ 140 | ||||
Stock-based awards exercised or vested (in shares) | (1,327) | ||||||
Shares repurchased (in shares) | 1,791 | ||||||
Shares repurchased | $ (225) | ||||||
Recognition of stock-based compensation | $ 165 | 165 | |||||
Dividends declared | (1,594) | ||||||
Dividends declared per share | $ 4.72 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (35) | ||||||
Dividends, Common Stock, Cash and Decrease from Distributions to Noncontrolling Interest Holders | $ (1,629) | ||||||
Other | 102 | (104) | 3 | (1) | |||
Ending Balance at Dec. 31, 2023 | 1,068 | ||||||
Common Stock, Value, Issued at Dec. 31, 2023 | 473 | $ 473 | |||||
Additional Paid in Capital at Dec. 31, 2023 | 878 | $ 878 | |||||
Treasury Stock, Value at Dec. 31, 2023 | $ (5,222) | $ (5,222) | |||||
Treasury stock (in shares) at Dec. 31, 2023 | 41,600 | 41,599 | |||||
Retained Earnings at Dec. 31, 2023 | $ 8,368 | $ 8,368 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance at Dec. 31, 2023 | $ (3,582) | $ (3,582) | |||||
Stockholders' Equity, Attributable to Noncontrolling Interest | $ 153 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Common stock, shares, Issued | 378,600 | 378,597 | |||||
Treasury Stock, Common, Shares | 41,600 | 41,599 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 1,093 | $ 427 |
Accounts receivable, net | 2,135 | 2,280 |
Inventories | 1,955 | 2,269 |
Other current assets | 520 | 753 |
Total Current Assets | 5,703 | 5,729 |
Property, Plant and Equipment, Net | 7,913 | 7,885 |
Investments in Equity Companies | 306 | 238 |
Goodwill | 2,085 | 2,074 |
Intangible Assets, Net (Excluding Goodwill) | 197 | 851 |
Other Assets | 1,140 | 1,193 |
TOTAL ASSETS | 17,344 | 17,970 |
Current Liabilities | ||
Debt payable within one year | 567 | 844 |
Trade accounts payable | 3,653 | 3,813 |
Accrued expenses and other current liabilities | 2,316 | 2,289 |
Dividends payable | 394 | 388 |
Total Current Liabilities | 6,930 | 7,334 |
Long-Term Debt | 7,417 | 7,578 |
Noncurrent Employee Benefits | 669 | 654 |
Deferred Income Tax Liabilities, Net | 374 | 647 |
Other Liabilities | 860 | 799 |
Redeemable Common and Preferred Securities of Subsidiaries | $ 26 | $ 258 |
Preferred stock, par value per share | $ 0 | $ 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 |
Common stock, shares issued | 378,600,000 | 378,600,000 |
Common stock, par value per share | $ 1.25 | $ 1.25 |
Stockholders' Equity | ||
Preferred stock - no par value - authorized 20.0 million shares, none issued | $ 0 | $ 0 |
Common stock - $1.25 par value - authorized 1.2 billion shares; issued 378.6 million shares at December 31, 2023 and 2022 | 473 | 473 |
Additional paid-in capital | $ 878 | $ 679 |
Treasury Stock, Common, Shares | 41,600,000 | 41,100,000 |
Common stock held in treasury, at cost - 41.6 and 41.1 million shares at December 31, 2023 and 2022, respectively | $ (5,222) | $ (5,137) |
Retained earnings | 8,368 | 8,201 |
Accumulated other comprehensive income (loss) | (3,582) | (3,669) |
Total Kimberly-Clark Corporation Stockholders' Equity | 915 | 547 |
Noncontrolling Interests | 153 | 153 |
Total Stockholders' Equity | 1,068 | 700 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 17,344 | $ 17,970 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 0 | $ 0 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 1.25 | $ 1.25 |
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 |
Common stock, shares issued | 378,600,000 | 378,600,000 |
Treasury Stock, Common, Shares | 41,600,000 | 41,100,000 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net income | $ 1,764 | $ 1,961 | $ 1,844 |
Depreciation and amortization | 753 | 754 | 766 |
Asset Impairments | 676 | 0 | 3 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | (85) | 0 |
Stock-based compensation | 169 | 150 | 26 |
Deferred income taxes | (322) | (57) | (70) |
Net (gains) losses on asset dispositions | (75) | 15 | 39 |
Equity companies' earnings (in excess of) less than dividends paid | (59) | 6 | 25 |
Operating working capital | 582 | (17) | 46 |
Postretirement benefits | 24 | (4) | 47 |
Other | 30 | 10 | 4 |
Cash Provided by Operations | 3,542 | 2,733 | 2,730 |
Investing Activities | |||
Capital spending | (766) | (876) | (1,007) |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | (46) | 0 |
Proceeds from dispositions of property | 245 | 12 | 43 |
Investments in time deposits | (720) | (658) | (918) |
Maturities of time deposits | 815 | 797 | 836 |
Other | 8 | (14) | (10) |
Cash Used for Investing | (418) | (785) | (1,056) |
Financing Activities | |||
Cash dividends paid | (1,588) | (1,558) | (1,516) |
Change in short-term debt | (371) | 261 | (97) |
Debt proceeds | 363 | 0 | 605 |
Debt repayments | (475) | (312) | (269) |
Proceeds from exercise of stock options | 97 | 94 | 65 |
Acquisitions of common stock for the treasury | (225) | (100) | (400) |
Payments to Noncontrolling Interests | (95) | 0 | 0 |
Other | (45) | (47) | (48) |
Cash Used for Financing | (2,374) | (1,760) | (1,696) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | (84) | (31) | (11) |
Payments of Ordinary Dividends [Abstract] | |||
Payments of Ordinary Dividends, Noncontrolling Interest | (35) | (98) | (36) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect [Abstract] | |||
Change in Cash and Cash Equivalents | 666 | 157 | (33) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | $ 1,093 | $ 427 | $ 270 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies Basis of Presentation The consolidated financial statements present the accounts of Kimberly-Clark Corporation and all subsidiaries in which it has a controlling financial interest as if they were a single economic entity in conformity with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions and accounts are eliminated in consolidation. The terms "Corporation," "Kimberly-Clark," "we," "our," and "us" refer to Kimberly-Clark Corporation and all subsidiaries in which it has a controlling financial interest. Dollar amounts are reported in millions, except per share dollar amounts, unless otherwise noted. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Actual results could differ from these estimates, and changes in these estimates are recorded when known. Estimates are used in accounting for, among other things, sales incentives and trade promotion allowances, employee postretirement benefits, and deferred income taxes and potential assessments. Cash Equivalents Cash equivalents are short-term investments with an original maturity date of three months or less. Inventories and Distribution Costs Most U.S. inventories are valued at the lower of cost, using the Last-In, First-Out ("LIFO") method, or market. The balance of the U.S. inventories and inventories of consolidated operations outside the U.S. are valued at the lower of cost or net realizable value using either the First-In, First-Out ("FIFO") or weighted-average cost methods. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Distribution costs are classified as cost of products sold. Property and Depreciation Property, plant and equipment are stated at cost and are depreciated on the straight-line method. Buildings are depreciated over their estimated useful lives, primarily 40 years. Machinery and equipment are depreciated over their estimated useful lives, primarily ranging from 16 to 20 years. Purchases of computer software, including external costs and certain internal costs (including payroll and payroll-related costs of employees) directly associated with developing significant computer software applications for internal use, are capitalized. Computer software costs are amortized on the straight-line method over the estimated useful life of the software, which generally does not exceed 5 years. Estimated useful lives are periodically reviewed and, when warranted, changes are made to them. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss would be indicated when estimated undiscounted future cash flows from the use and eventual disposition of an asset group, which are identifiable and largely independent of the cash flows of other asset groups, are less than the carrying amount of the asset group. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using discounted cash flows or independent appraisals, as appropriate. When property is sold or retired, the cost of the property and the related accumulated depreciation are removed from the consolidated balance sheet and any gain or loss on the transaction is included in income. Goodwill and Other Intangible Assets 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, including goodwill, with its fair value. If the reporting unit carrying amount, including goodwill, exceeds its fair value, a goodwill impairment charge for the excess amount above fair value 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. Alternatively, 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 2023, we 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 we determined that it is more likely than not that the fair value of goodwill significantly exceeds the carrying amount for each of our reporting units. Indefinite-lived intangible assets, other than goodwill, consist of certain brand names related to our acquisition of Softex Indonesia and are tested for impairment annually at the same time as our goodwill impairment assessment and whenever events and circumstances indicate that impairment may have occurred. Our estimate of the fair value of our brand assets is based on a discounted cash flow model and a market-based approach using inputs which include projected revenues from our long-range plan, assumed royalty rates that could be payable if we did not own the brands, and a discount rate. For 2023 , we completed the required annual assessment of indefinite-lived intangible assets, other than goodwill, for impairment using a qualitative assessment as of the first day of the third quarter , subsequent to the impairment recognized in the second quarter of 2023, and we determined that it is more likely than not that the fair value is more than the carrying amount for each of these intangible assets. Intangible assets with finite lives are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss would be indicated when estimated undiscounted future cash flows from the use of the asset are less than its carrying amount. An impairment loss would be measured as the difference between the fair value (based on discounted future cash flows) and the carrying amount of the asset. Estimated useful lives ran ge from 10 to 20 years for trademarks and 4 to 20 years fo r certain acquired distributor and customer relationships. Investments in Equity Companies Investments in companies which we do not control but over which we have the ability to exercise significant influence and that, in general, are at least 20 percent-owned by us, are stated at cost plus equity in undistributed net income. These investments are evaluated for impairment when warranted. An impairment loss would be recorded whenever a decline in value of an equity investment below its carrying amount is determined to be other than temporary. In judging "other than temporary," we would consider the length of time and extent to which the fair value of the equity company investment has been less than the carrying amount, the near-term and longer-term operating and financial prospects of the equity company, and our longer-term intent of retaining the investment in the equity company. Revenue Recognition Sales revenue is recognized at the time of product shipment or delivery, depending on when control passes, to unaffiliated customers, and when all of the following have occurred: a firm sales agreement is in place, pricing is fixed or determinable, and collection is reasonably assured. Sales are reported net of returns, consumer and trade promotions, rebates and freight allowed. Taxes imposed by governmental authorities on our revenue-producing activities with customers, such as sales taxes and value-added taxes, are excluded from net sales. Sales Incentives and Trade Promotion Allowances The cost of promotion activities provided to customers is classified as a reduction in sales revenue. In addition, the estimated redemption value of consumer coupons and related expense are recorded when the related revenue from customers is realized. Rebate and promotion accruals are based on estimates of the quantity of customer sales. Promotion accruals also consider estimates of the number of consumer coupons that will be redeemed and timing and costs of activities within the promotional programs. Advertising Expense Advertising costs are expensed in the year the related advertisement or campaign is first presented through traditional or digital media. For interim reporting purposes, advertising expenses are charged to operations as a percentage of sales based on estimated sales and related advertising expense for the full year. Research Expense Research and development costs are charged to expense as incurred. Other Income Certain amounts not directly associated with the current operations of the business are recorded in Other (income) and expense, net. On June 1, 2023, we completed the sale transaction, announced on October 24, 2022, of our Neve tissue brand and related consumer and K-C Professional tissue assets in Brazil for $212, including the base purchase price of $175 and preliminary working capital and other closing adjustments of $37. This transaction also included a licensing agreement to allow the acquirer to manufacture and market in Brazil the Kleenex, Scott and Wypall brands to consumers and away-from-home customers for a period of time. Upon closure of the transaction, a gain of $74 pre-tax was recognized in Other (income) and expense, net. See Note 3 for details. In the first quarter of 2022, an $85 non-recurring, non-cash gain was recognized in Other (income) and expense, net as a result of the remeasurement of the carrying value of our previously held equity investment to fair value upon the acquisition of a controlling interest in Thinx Inc. ("Thinx"). See Note 3 for details. Foreign Currency Translation The income statements of foreign operations, other than those in highly inflationary economies, are translated into U.S. dollars at rates of exchange in effect each month. The balance sheets of these operations are translated at period-end exchange rates, and the differences from historical exchange rates are reflected in stockholders' equity as unrealized translation adjustments. Under highly inflationary accounting, the countries' functional currency becomes the U.S. dollar, and its income statement and balance sheet are measured in U.S. dollar using both current and historical rates of exchange. As of July 1, 2018, we elected to adopt highly inflationary accounting for our subsidiaries in Argentina (“K-C Argentina”). The effect of changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in Other (income) and expense, net. As of December 31, 2023, K-C Argentina had an immaterial net peso monetary position. Net sales of K-C Argentina were approximate ly 1 p ercent of o ur consolidated net sales in 2023, 2022 and 2021. As of April 1, 2022, we elected to adopt highly inflationary accounting for our subsidiary in Türkiye (“K-C Türkiye ”). The effect of changes in exchange rates on lira-denominated monetary assets and liabilities has been reflected in earnings in Other (income) and expense, net. As of December 31, 2023, K-C Türkiye had an immaterial net lira monetary position. Net sales of K-C Türkiye were less than 1 percent of our consolidated net sales in 2023 and 2022. Derivative Instruments and Hedging Our policies allow the use of derivatives for risk management purposes and prohibit their use for speculation. Our policies also prohibit the use of any leveraged derivative instrument. Consistent with our policies, foreign currency derivative instruments, interest rate swaps and locks, and the majority of commodity hedging contracts are entered into with major financial institutions. At inception, we formally designate certain derivatives as cash flow, fair value or net investment hedges and establish how the effectiveness of these hedges will be assessed and measured. This process links the derivatives to the transactions or financial balances they are hedging. Changes in the fair value of derivatives not designated as hedging instruments are recorded in earnings as they occur. All derivative instruments are recorded as assets or liabilities on the balance sheet at fair value. Changes in the fair value of derivatives are either recorded in the income statement or other comprehensive income, as appropriate. The gain or loss on derivatives designated as fair value hedges and the offsetting loss or gain on the hedged item attributable to the hedged risk are included in income in the period that changes in fair value occur. The gain or loss on derivatives designated as cash flow hedges is included in other comprehensive income in the period that changes in fair value occur, and is reclassified to income in the same period that the hedged item affects income. The gain or loss on derivatives designated as hedges of investments in foreign subsidiaries is recognized in other comprehensive income to offset the change in value of the net investments being hedged. Certain foreign-currency derivative instruments not designated as hedging instruments have been entered into to manage certain non-functional currency denominated monetary assets and liabilities. The gain or loss on these derivatives is included in income in the period that changes in their fair values occur. Cash flows from derivatives are classified within the consolidated statement of cash flows in the same category as the items being hedged. Cash flows from derivatives are classified within Operating Activities, except for derivatives designated as net investment hedges which are classified in Investing Activities. See Note 12 for disclosures about derivative instruments and hedging activities. Leases Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain nonlease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. Certain lease agreements with lease and nonlease components are combined as a single lease component. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Accounting Standard -Adopted During 2023 In 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“ASU”) No. 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50) . The new guidance requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of the financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. T his ASU was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the provision on roll forward information, which is effective for fiscal years beginning after December 15, 2023 . We adopted this ASU as of January 1, 2023, except for the amendment on roll forward information which was adopted January 1, 2024, on a prospective basis. As the guidance requires only additional disclosure, there were no effects of this standard on our financial position, results of operations or cash flow s. Accounting Standards Issued - Not Adopted as of December 31, 2023 In 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) . The new guidance improves reportable segment disclosures primarily through enhanced disclosures about significant segment expenses and by requiring current annual disclosures to be provided in interim periods. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The new guidance is to be applied retrospectively to all prior periods presented unless impracticable to do so. As the guidance requires only additional disclosure, there will be no effects of this standard on our financial position, results of operations or cash flows. In 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) . The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied on a prospective basis with retrospective application permitted. As the guidance requires only additional disclosure, there will be no effects of this standard on our financial position, results of operations or cash flows . |
2018 Global Restructuring Progr
2018 Global Restructuring Program | 12 Months Ended |
Dec. 31, 2023 | |
2018 Global Restructuring Program | |
Restructuring Cost and Reserve | |
Restructuring and Related Activities Disclosure | 2018 Global Restructuring Program In 2018, we initiated our 2018 Global Restructuring Program to reduce our structural cost base by streamlining and simplifying our manufacturing supply chain and overhead organization. The restructuring actions were completed in 2021. We closed or sold 11 manufacturing facilities and expanded production capacity at several others. We exited or divested some lower-margin businesses that generated approximately 1 percent of our net sales. Workforce reductions were approximately 6,000. The restructuring impacted all of our business segments and our organizations in all major geographies. The restructuring actions were completed with total costs of $2.2 billion pre-tax ($1.6 billion after tax). Pre-tax cash and non-cash costs of $1.2 billion and $1.0 billion, respectively, were incurred. The following net charges were incurred in connection with the 2018 Global Restructuring Program: Year Ended December 31 2021 2020 2019 2018 Total Cost of products sold: Charges for workforce reductions $ 4 $ 10 $ 31 $ 149 $ 194 Asset impairments 3 17 — 74 94 Asset write-offs 17 63 54 112 246 Incremental depreciation 18 94 235 172 519 Other exit costs 112 99 96 34 341 Total 154 283 416 541 1,394 Marketing, research and general expenses: Charges for workforce reductions 39 13 (12) 243 283 Other exit costs 72 96 111 137 416 Total 111 109 99 380 699 Other (income) and expense, net (a) 10 (9) (194) (12) (205) Nonoperating expense (b) 79 36 45 127 287 Total charges 354 419 366 1,036 2,175 Provision for income taxes (75) (94) (118) (243) (530) Net charges 279 325 248 793 1,645 Net impact related to equity companies and 2 (2) — (10) (10) Net charges attributable to Kimberly-Clark $ 281 $ 323 $ 248 $ 783 $ 1,635 (a) Other (income) and expense, net in 2019 was the result of pre-tax gains on the sales of manufacturing facilities and associated real estate which were disposed of as part of the restructuring. (b) Represents non-cash pension settlement and curtailment charges resulting from restructuring actions, primarily in the U.S., United Kingdom and Canada. The measurement of the asset impairment charges was based on the excess of the carrying values of the impacted asset groups over their fair values. These fair values were measured by using discounted cash flows expected over the limited time the assets would remain in use or the expected sales value, and as a result, the assets were essentially written off or written down to fair value less costs to sell. The use of discounted cash flows represents a level 3 measure under the fair value hierarchy. The impact related to restructuring charges was recorded in Operating working capital and Other Operating Activities, as appropriate, in our consolidated cash flow statement. Cash payments of $235, $249, $302 and $325 were made during 2021, 2020, 2019 and 2018, respectively. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures | Acquisition and Divestiture On February 24, 2022, we completed our acquisition of a majority and controlling share of 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 percent, 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. Prior to the acquisition of the remaining outstanding shares in the fourth quarter of 2023, the share of Thinx net income and equity attributable to the third-party minority owner of Thinx was 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 was measured at the estimated redemption value, which approximated fair value. During the first quarter of 2022, we 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 purchase price allocation was finalized in the first quarter of 2023 with immaterial measurement period adjustments recorded. The total purchase price consideration was allocated to the net assets acquired based upon their respective final estimated fair values as follows: Current assets $ 28 Property, Plant and Equipment, Net 2 Goodwill 298 Other Intangible Assets, Net 123 Other assets 4 Current liabilities (18) Deferred income taxes (18) Other liabilities (4) Fair value of net assets acquired 415 Less fair value of noncontrolling 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 December 31, 2023, amortization expense per year for each of the next five years is estimated to be approximately $3 . Goodwill of $298 was allocated to the Personal Care business segment. The goodwill is primarily attributable to future growth opportunities and any intangible assets that did not qualify for separate recognition. For tax purposes, the acquisition of additional Thinx shares was treated as a stock acquisition, and the goodwill acquired is not tax deductible. 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 year ended December 31, 2022. In the first quarter of 2023, we delivered a redemption notice to the third-party minority owner with respect to a portion of the remaining common securities of Thinx. The redemption closed in the second quarter of 2023, and we acquired additional ownership of Thinx for $48, increasing our controlling ownership to 70 percent. As part of the completion of a negotiated final redemption, we acquired the remaining 30 percent ownership of Thinx for $47 in the fourth quarter of 2023. As the purchase of additional ownership in an already controlled subsidiary represents an equity transaction, no gain or loss was recognized in consolidated net income or comprehensive income. The following table discloses the effect of the change in the ownership interest between us and the previous noncontrolling interest: Year Ended December 31, 2023 Net income attributable to Kimberly-Clark Corporation $ 1,764 Increase in Kimberly-Clark Corporation's additional paid-in capital for purchase of the remaining shares of Thinx (a) 87 Change in net income attributable to Kimberly-Clark Corporation and transfer to noncontrolling interests $ 1,851 (a) The acquisition of the remaining ownership of Thinx was recorded as a reduction in Redeemable Common and Preferred Securities of Subsidiaries of $234, an increase to retained earnings of $52, an increase to additional paid-in capital of $87, and a reduction of cash of $95. Pro forma results of operations have not been presented as the impact on our consolidated financial statements is not material. Divestiture On June 1, 2023, we completed the sale transaction, announced on October 24, 2022, of our Neve tissue brand and related consumer and K-C Professional tissue assets in Brazil for $212, including the base purchase price of $175 and working capital and other closing adjustments of $37. This transaction also included a licensing agreement to allow the acquirer to manufacture and market in Brazil the Kleenex, Scott and Wypall brands to consumers and away-from-home customers for a period of time. The assets included in the sale agreement were reclassified to Other current assets as of December 31, 2022, and upon closure of the transaction, a gain of $74 pre-tax was recognized in Other (income) and expense, net. We incurred divestiture-related costs of $30 pre-tax, which were recorded in Cost of products sold and Marketing, research and general expenses, resulting in a net benefit of $44 pre-tax ($26 after tax). |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2023 and 2022 were as follows: Personal Care Consumer Tissue K-C Professional Total Balance at December 31, 2021 $ 961 $ 494 $ 385 $ 1,840 Acquisition 304 — — 304 Effect of foreign currency translation (60) (6) (4) (70) Balance at December 31, 2022 1,205 488 381 2,074 Divestiture — (4) (3) (7) Effect of foreign currency translation 9 7 2 18 Balance at December 31, 2023 $ 1,214 $ 491 $ 380 $ 2,085 The carrying amounts of Other Intangible Assets, Net for the years ended December 31, 2023 and 2022 were as follows: December 31 2023 2022 Gross Carrying Amount (b) Accumulated Amortization (b) Net Carrying Amount Gross Carrying Amount (b) Accumulated Amortization (b) Net Carrying Amount Intangible assets with indefinite lives: Brand names $ 68 $ — $ 68 $ 610 $ — $ 610 Intangibles assets with finite lives: Trademarks and brand names 148 (83) 65 253 (91) 162 Other intangible assets (a) 76 (12) 64 98 (19) 79 Total intangible assets with finite lives 224 (95) 129 351 (110) 241 Total $ 292 $ (95) $ 197 $ 961 $ (110) $ 851 (a) Other intangible assets primarily include customer and distributor relationships. (b) Amounts subject to foreign currency adjustments. Amortization expense relating to the intangible assets with finite lives was $13, $15 and $9 for the three years ended December 31, 2023, 2022 and 2021, respectively. Based on the carrying values of the intangible assets with finite lives as of December 31, 2023, amortization expense for each of the next five years is estimated to be approximately $9. In the second quarter of 2023, we conducted forecasting and strategic reviews and integration assessments of our Softex Indonesia business, acquired in the fourth quarter of 2020, and with performance below expectations since acquisition, we revised internal financial projections of the business to reflect updated expectations of future financial performance. These reviews and the subsequent revisions in the projections highlighted challenges for the Softex business arising from modified consumer shopping behavior in the post-COVID-19 period, inflationary pressures and other macroeconomic factors and increased competitive activity in the region. As a result of separate management reviews, we also have revised internal financial projections associated with our acquisition of a controlling interest in Thinx as a result of performance below expectations due to the impact of modified consumer shopping behavior in the post-COVID-19 period. These revisions were considered triggering events requiring interim impairment assessments to be performed relative to the intangible assets that had been recorded as part of these acquisitions. These intangible assets were recorded as part of the Personal Care business segment and included indefinite-lived and finite-lived brands and finite-lived distributor and customer relationships. As a result of the interim impairment assessments, we recognized impairment charges, principally arising from the impairment charge of $593 related to the Softex business, totaling $658 pre-tax ($483 after tax) to write-down these intangible assets to their respective fair values aggregating to $188 as of June 30, 2023. The valuation methods used in the assessments included the relief from royalty and distributor and customer relationships methods. This noncash charge was included in Impairment of intangible assets in our consolidated income statement and in Asset impairments within Operating Activities in our consolidated cash flow statement. We believe our estimates and assumptions used in the valuations are reasonable and comparable to those that would be used by other market participants; however, actual events and results could differ substantially from those used in the valuation, and to the extent such factors result in a failure to achieve the projected cash flows used to estimate fair value, additional noncash impairment charges could be required in the future. |
Fair Value Information
Fair Value Information | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 and 2022, 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 December 31, 2023 and 2022, derivative assets were $70 and $99, respectively, and derivative liabilities were $259 and $318 , respectively. The fair values of derivatives used to manage interest rate risk are based on the Secured Overnight Financing Rate ("SOFR") as of December 31, 2023, and on LIBOR rates as of December 31, 2022, and interest rate swap curves. The fair values of derivatives used to manage commodity price risk are based on commodity price quotations. 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. See Note 12 for additional information on our use of derivative instruments. Redeemable common and preferred securities of subsidiaries are measured on a recurring basis at their estimated redemption values, which approximates fair value. As of December 31, 2023 and 2022, the securities were valued at $26 and $258 respectively. The securities are not traded in active markets, and their measurement is considered a level 3 measurement. In 2023, all the redeemable common securities held by the third-party minority owner of Thinx were redeemed. Additional information is contained in Note 3. Company-owned life insurance ("COLI") assets are measured on a recurring basis at fair value. COLI assets were $67 and $63 at December 31, 2023 and 2022, 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 Carrying Estimated Carrying Estimated December 31, 2023 December 31, 2022 Assets Cash and cash equivalents (a) 1 $ 1,093 $ 1,093 $ 427 $ 427 Time deposits (b) 1 169 169 268 268 Liabilities Short-term debt (c) 2 2 2 373 373 Long-term debt (d) 2 7,982 7,569 8,049 7,403 (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. |
Debt and Redeemable Preferred S
Debt and Redeemable Preferred Securities of Subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Redeemable Preferred Securities of Subsidiaries | Debt and Redeemable Common and Preferred Securities of Subsidiaries Long-term debt is composed of the following: Weighted- Maturities December 31 2023 2022 Notes and debentures 3.3% 2024 - 2050 $ 7,851 $ 7,825 Industrial development revenue bonds 4.8% 2024 - 2051 59 169 Bank loans and other financings in various currencies 3.3% 2024 - 2039 72 55 Total long-term debt 7,982 8,049 Less current portion 565 471 Long-term portion $ 7,417 $ 7,578 Scheduled maturities of long-term debt for the next five years are $566 in 2024, $559 in 2025, $403 in 2026, $601 in 2027 and $698 in 2028. In February 2023, we issued $350 aggregate principal amount of 4.50 percent notes due February 16, 2033. Proceeds from the offering were used for general corporate purposes including the repayment of a portion of our commercial paper indebtedness. In October 2021, we issued $600 aggregate principal amount of 2.00 percent notes due November 2, 2031. Proceeds from the offering were used for general corporate purposes. We maintain a $2.0 billion revolving credit facility which expires in June 2028 and a $750 revolving credit facility which expires in May 2024. These facilities, currently unused, support our commercial paper program, and would provide liquidity in the event our access to the commercial paper markets is unavailable for any reason. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation We have a stock-based Equity Participation Plan and an Outside Directors' Compensation Plan (the "Plans"), under which we can grant stock options, restricted shares and restricted share units to employees and outside directors. As of December 31, 2023, the number of shares of common stock available for grants under the Plans aggregated to 8.8 million shares. Stock options are granted at an exercise price equal to the fair market value of our common stock on the date of grant, and they have a term of 10 years. Stock options are subject to graded vesting whereby options vest 30 percent at the end of each of the first two 12-month periods following the grant and 40 percent at the end of the third 12-month period. Time-vested restricted share unit grants starting in 2022 are valued at the closing market price of our common stock on the grant date and are generally subject to a graded vesting whereby shares vest 30 percent at the end of each of the first two 12-month periods following the grant and 40 percent at the end of the third 12-month period. Time-vested restricted share unit grants issued prior to 2022 or issued for special one-time awards, restricted shares units and performance-based restricted share units granted to employees are valued at the closing market price of our common stock on the grant date and vest generally at the end of three years. The number of performance-based share units that ultimately vest ranges from zero to 200 percent of the number granted based on performance. Beginning in 2021, performance metrics are tied to modified free cash flow and organic sales growth during the three-year performance period. Modified free cash flow and organic sales growth are set at the beginning of the performance period. Performance-based share units granted prior to 2021 are structured similarly but vest on performance tied to return on invested capital ("ROIC") and net sales. Restricted share units granted to outside directors are valued at the closing market price of our common stock on the grant date and vest when they are granted. The restricted period begins on the date of grant and expires on the date the outside director retires from or otherwise terminates service on our Board. At the time stock options are exercised or restricted shares and restricted share units become payable, common stock is issued from our accumulated treasury shares. Dividend equivalents are credited on restricted share units on the same date and at the same rate as dividends are paid on Kimberly-Clark's common stock. These dividend equivalents, net of estimated forfeitures, are charged to retained earnings. Stock-based compensation costs of $169, $150 and $26 and related deferred income tax benefits of $36, $33 and $7 were recognized for 2023, 2022 and 2021, respectively. The fair value of stock option awards was determined using a Black-Scholes-Merton option-pricing model utilizing a range of assumptions related to dividend yield, volatility, risk-free interest rate, and employee exercise behavior. Dividend yield is based on historical experience and expected future dividend actions. Expected volatility is based on a blend of historical volatility and implied volatility from traded options on Kimberly-Clark's common stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. We estimate forfeitures based on historical data. The weighted-average fair value of stock options granted was estimated at $21.28 and $10.26 , in 2022 and 2021, respectively, per option on the date of grant based on the following assumptions: Year Ended December 31 2022 2021 Dividend yield 3.3 % 3.9 % Volatility 22.1 % 17.4 % Risk-free interest rate 2.8 % 0.8 % Expected life - years 4.6 4.6 During 2023, no stock options were granted. Total remaining unrecognized compensation costs and amortization period are as follows: December 31, 2023 Weighted-Average Stock options $ 4 0.5 Restricted shares and time-vested restricted share units 64 1.4 Performance-based restricted share units 29 1.7 A summary of stock-based compensation is presented below: Stock Options Shares Weighted-Average Weighted-Average Aggregate Intrinsic Outstanding at January 1, 2023 5,117 $ 126.81 Granted — — Exercised (847) 114.92 Forfeited or expired (73) 126.47 Outstanding at December 31, 2023 4,197 128.80 5.04 $ 14 Exercisable at December 31, 2023 3,578 128.40 4.55 $ 11 The total intrinsic value of options exercised during 2023, 2022 and 2021 was $23, $21 and $16 , respectively. Time-Vested Performance-Based Other Stock-Based Awards Shares Weighted- Shares Weighted- Nonvested at January 1, 2023 845 $ 134.81 1,103 $ 138.96 Granted 790 141.59 288 143.34 Vested (333) 135.33 (298) 137.11 Forfeited (97) 138.75 (190) 136.25 Nonvested at December 31, 2023 1,205 133.14 903 130.36 The total fair value of restricted share units that were distributed to participants during 2023, 2022 and 2021 was $99, $118 and $100 , respectively. |
Employee Postretirement Benefit
Employee Postretirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Employee Postretirement Benefits | Employee Postretirement Benefits Substantially all regular employees in the U.S. and the United Kingdom are covered by defined contribution retirement plans and certain U.S. and United Kingdom employees previously earned benefits covered by defined benefit pension plans that currently provide no future service benefit (the "Principal Plans"). Certain other subsidiaries have defined benefit pension plans or, in certain countries, termination pay plans covering substantially all regular employees. The funding policy for our qualified defined benefit pension plans is to contribute assets at least equal in amount to regulatory minimum requirements. Nonqualified U.S. plans providing pension benefits in excess of limitations imposed by the U.S. income tax code are not funded. Substantially all U.S. retirees and employees have access to our unfunded health care and life insurance benefit plans. The annual increase in the consolidated weighted-average health care cost trend rate is expected to be 6.0 percent in 2024 and to decline to 4.5 percent in 2034 and thereafter. Assumed health care cost trend rates affect the amounts reported for postretirement health care benefit plans. As a result of restructuring actions related to the 2018 Global Restructuring Program, aggregate pension settlement charges of $91 and curtailment gains of $2 were recognized during 2021 in Nonoperating expense, primarily related to the defined benefit pension plans in the U.S, Switzerland and the United Kingdom (see Note 2 for further information about the 2018 Global Restructuring Program). Summarized financial information about postretirement plans, excluding defined contribution retirement plans, is presented below: Pension Benefits Other Benefits Year Ended December 31 2023 2022 2023 2022 Change in Benefit Obligation Benefit obligation at beginning of year $ 2,441 $ 3,811 $ 533 $ 669 Service cost 13 16 4 7 Interest cost 121 89 30 21 Actuarial (gain) loss (a) 59 (1,000) 13 (113) Currency and other 51 (197) 5 2 Benefit payments from plans (141) (173) — — Direct benefit payments (9) (8) (54) (53) Settlements (66) (97) — — Benefit obligation at end of year 2,469 2,441 531 533 Change in Plan Assets Fair value of plan assets at beginning of year 2,321 3,744 — — Actual return on plan assets 137 (987) — — Employer contributions 26 30 — — Currency and other 52 (199) — — Benefit payments (141) (173) — — Settlements (66) (94) — — Fair value of plan assets at end of year 2,329 2,321 — — Funded Status $ (140) $ (120) $ (531) $ (533) (a) The actuarial net losses in 2023 and actuarial net gains in 2022 were primarily due to discount rate decreases and increases, respectively. Substantially all of the funded status of pension and other benefits is recognized in the consolidated balance sheet in Noncurrent Employee Benefits, with the remainder recognized in Accrued expenses and other current liabilities and Other Assets. Information for the Principal Plans and All Other Pension Plans Principal Plans All Other Total Year Ended December 31 2023 2022 2023 2022 2023 2022 Projected benefit obligation (“PBO”) $ 2,123 $ 2,089 $ 346 $ 352 $ 2,469 $ 2,441 Accumulated benefit obligation (“ABO”) 2,123 2,089 298 305 2,421 2,394 Fair value of plan assets 2,019 2,018 310 303 2,329 2,321 Approximately one-half of the PBO and fair value of plan assets for the Principal Plans relate to the U.S. qualified and nonqualified pension plans. Information for Pension Plans with an ABO in Excess of Plan Assets December 31 2023 2022 ABO $ 2,273 $ 1,251 Fair value of plan assets 2,095 1,089 Information for Pension Plans with a PBO in Excess of Plan Assets December 31 2023 2022 PBO $ 2,288 $ 1,261 Fair value of plan assets 2,102 1,091 Components of Net Periodic Benefit Cost Pension Benefits Other Benefits Year Ended December 31 2023 2022 2021 2023 2022 2021 Service cost $ 13 $ 16 $ 21 $ 4 $ 7 $ 8 Interest cost 121 89 80 30 21 19 Expected return on plan assets (a) (128) (123) (132) — — — Recognized net actuarial (gain) loss 39 34 37 (3) 1 1 Settlements and curtailments 35 52 89 — — — Other — 1 (5) 1 (1) (2) Net periodic benefit cost $ 80 $ 69 $ 90 $ 32 $ 28 $ 26 (a) The expected return on plan assets is determined by multiplying the fair value of plan assets at the remeasurement date, typically the prior year-end adjusted for estimated current year cash benefit payments and contributions, by the expected long-term rate of return. The components of net periodic benefit cost other than the service cost component are included in the line item Nonoperating expense in our consolidated income statement. Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 Pension Benefits Other Benefits Projected 2024 2023 2022 2021 2023 2022 2021 Discount rate 4.89 % 5.19 % 2.71 % 1.98 % 5.92 % 3.15 % 2.69 % Expected long-term return on plan assets 5.57 % 5.75 % 3.80 % 3.41 % — — — Rate of compensation increase 3.53 % 3.49 % 3.23 % 3.07 % — — — Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31 Pension Benefits Other Benefits 2023 2022 2023 2022 Discount rate 4.89 % 5.18 % 5.66 % 5.92 % Rate of compensation increase 3.53 % 3.49 % — — Investment Strategies for the Principal Plans Strategic asset allocation decisions are made considering several risk factors, including plan participants' retirement benefit security, the estimated payments of the associated liabilities, the plan funded status, and Kimberly-Clark's financial condition. The resulting strategic asset allocation is a diversified blend of equity and fixed income investments. Equity investments are typically diversified across geographies and market capitalization. Fixed income investments are diversified across multiple sectors including government issues and corporate debt instruments with a portfolio duration that is consistent with the estimated payment of the associated liability. Actual asset allocation is regularly reviewed and periodically rebalanced to the strategic allocation when considered appropriate. Our 2024 target plan asset allocation for the Principal Plans is approximately 85 percent fixed income securities and 15 percent equity securities. The expected long-term rate of return is generally evaluated on an annual basis. In setting this assumption, we consider a number of factors including projected future returns by asset class relative to the current asset allocation. The weighted-average expected long-term rate of return on pension fund assets used to calculate pension expense for the Principal Plans was 6.05 percent in 2023, 3.55 percent in 2022 and 3.51 percent in 2021, and will be 5.73 percent in 2024. Set forth below are the pension plan assets of the Principal Plans measured at fair value, by level in the fair-value hierarchy. More than 65 percent of the assets are held in pooled funds and are measured using a net asset value (or its equivalent). Accordingly, such assets do not meet the Level 1, Level 2, or Level 3 criteria of the fair value hierarchy. Fair Value Measurements at December 31, 2023 Total Assets at Quoted Prices Assets at Significant Assets at Significant Cash and Cash Equivalents Held directly $ 34 $ 23 $ 11 $ — Fixed Income Held directly U.S. government and municipals 98 97 1 — U.S. corporate debt 203 — 203 — Non-U.S. securitized 67 — — — International bonds 38 — 38 — Held through mutual and pooled funds measured at net asset value U.S. government and municipals 85 — — — U.S. corporate debt 408 — — — International bonds 591 — — — Equity Held directly U.S. equity 21 21 — — International equity 15 15 — — Held through mutual and pooled funds measured at net asset value Non-U.S. equity 3 — — — Global equity 224 — — — Insurance Contracts 230 — — 230 Other 2 2 — — Total Plan Assets $ 2,019 $ 158 $ 253 $ 230 Futures contracts are used when appropriate to manage duration targets. As of December 31, 2023 and 2022, the U.S. plan held directly Treasury futures contracts with a total notional value of approximately $288 and $362, respectively, and an insignificant fair value. As of December 31, 2023 and 2022, the United Kingdom plan held through a pooled fund future contracts with a total notional value of approximately $417 and $524, and an insignificant fair value. During 2023 and 2022, the plan assets did not include a significant amount of Kimberly-Clark common stock. Fair Value Measurements at December 31, 2022 Total Assets at Quoted Prices Assets at Significant Assets at Significant Cash and Cash Equivalents Held directly $ 69 $ 69 $ — $ — Held through mutual and pooled funds measured at net asset value 76 — — — Fixed Income Held directly U.S. government and municipals 115 115 — — U.S. corporate debt 193 — 193 — International bonds 33 — 33 — Held through mutual and pooled funds measured at net asset value U.S. government and municipals 71 — — — U.S. corporate debt 419 — — — International bonds 549 — — — Equity Held directly U.S. equity 21 21 — — International equity 15 15 — — Held through mutual and pooled funds measured at net asset value Non-U.S. equity 15 — — — Global equity 221 — — — Insurance Contracts 222 — — 222 Other (1) (1) — — Total Plan Assets $ 2,018 $ 219 $ 226 $ 222 Inputs and valuation techniques used to measure the fair value of plan assets vary according to the type of security being valued. Substantially all of the equity securities held directly by the plans are actively traded and fair values are determined based on quoted market prices. Fair values of U.S. government securities are determined based on trading activity in the marketplace. Fair values of U.S. corporate debt, U.S. municipals and international bonds are typically determined by reference to the values of similar securities traded in the marketplace and current interest rate levels. Multiple pricing services are typically employed to assist in determining these valuations. Fair values of equity securities and fixed income securities held through units of pooled funds are based on net asset value of the units of the pooled fund determined by the fund manager. Pooled funds are similar in nature to retail mutual funds, but are typically more efficient for institutional investors. The fair value of pooled funds is determined by the value of the underlying assets held by the fund and the units outstanding. Equity securities held directly by the pension trusts and those held through units in pooled funds are monitored as to issuer and industry. Except for U.S. Treasuries, concentrations of fixed income securities are similarly monitored for concentrations by issuer and industry. As of December 31, 2023, there were no significant concentrations of equity or debt securities in any single issuer or industry. No level 3 transfers (in or out) were made in 2023 or 2022. Fair values of insurance contracts are based on an evaluation of various factors, including purchase price. We expect to contribute approximately $20 to our defined benefit pension plans in 2024. Over the next ten years, we expect that the following gross benefit payments will occur: Pension Benefits Other Benefits 2024 $ 182 $ 56 2025 193 56 2026 191 56 2027 192 54 2028 185 52 2029-2033 918 227 Defined Contribution Pension Plans Our 401(k) profit sharing plan and supplemental plan provide for a matching contribution of a U.S. employee's contributions and accruals, subject to predetermined limits, as well as a discretionary profit sharing contribution, in which contributions will be based on our profit performance. We also have defined contribution pension plans for certain employees outside the U.S. Costs charged to expense for our defined contribution pension plans were $185 in 2023, $132 in 2022, and $116 in 2021. Approximately 25 percent of these costs were for plans outside the U.S. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity The changes in the components of Accumulated Other Comprehensive Income ("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, 2021 $ (2,422) $ (803) $ (34) $ 20 Other comprehensive income (loss) before reclassifications (347) (51) 86 (139) (Income) loss reclassified from AOCI — 65 (a) — (a) (44) Net current period other comprehensive income (loss) (347) 14 86 (183) Balance as of December 31, 2022 (2,769) (789) 52 (163) Other comprehensive income (loss) before reclassifications 84 (57) (9) (153) (Income) loss reclassified from AOCI 7 55 (a) (4) (a) 164 Net current period other comprehensive income (loss) 91 (2) (13) 11 Balance as of December 31, 2023 $ (2,678) $ (791) $ 39 $ (152) (a) Included in computation of net periodic pension and other postretirement benefits costs (see Note 8). Included in the above defined benefit pension plans and other postretirement benefit plans balances as of December 31, 2023 is $750 and $2 of unrecognized net actuarial loss and unrecognized net prior service cost, respectively. The changes in the components of AOCI attributable to Kimberly-Clark, including the tax effect, are as follows: Year Ended December 31 2023 2022 2021 Unrealized translation $ 84 $ (324) $ (248) Tax effect 7 (23) (17) 91 (347) (265) Defined benefit pension plans Unrecognized net actuarial loss and transition amount Funded status recognition (49) (109) 16 Amortization 39 34 37 Settlements and curtailments 35 52 91 Currency and other (23) 36 10 2 13 154 Unrecognized prior service cost/credit Funded status recognition 3 2 (2) Amortization — — (4) Curtailments — — (3) Currency and other — — — 3 2 (9) Tax effect (7) (1) (36) (2) 14 109 Other postretirement benefit plans Unrecognized net actuarial loss and transition amount and other (18) 113 12 Tax effect 5 (27) (6) (13) 86 6 Cash flow hedges and other Recognition of effective portion of hedges (178) (165) 70 Amortization 208 (58) 39 Currency and other (14) (22) (4) Tax effect (5) 62 (22) 11 (183) 83 Change in AOCI $ 87 $ (430) $ (67) Amounts are reclassified from AOCI into Cost of products sold, Nonoperating expense, Interest expense, or Other (income) and expense, net, as applicable, in the consolidated income statement. 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 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 adjustment would be removed from AOCI and reported as part of the gain or loss on the sale or liquidation. The change in unrealized translation in 2023 is primarily due to the strengthening of various foreign currencies versus the U.S. dollar. 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. |
Leases and Commitments
Leases and Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases and Commitments We have entered into leases for certain facilities, vehicles, material handling and other equipment. Our leases have remaining contractual terms up to 95 years, some of which include options to extend the leases for up to 99 years, and some of which include options to terminate the leases within 1 year. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Our lease costs are primarily related to facility leases for inventory warehousing and administration offices. Lease Expense Year Ended December 31 2023 2022 2021 Income Statement Classification Operating lease expense $ 147 $ 145 $ 157 Cost of products sold, Marketing, research and general expenses Finance lease expense: Amortization of lease assets 16 15 13 Cost of products sold Interest on lease liabilities 2 1 2 Interest expense Total finance lease expense 18 16 15 Variable lease expense (a) 253 242 219 Cost of products sold, Marketing, research and general expenses Total lease expense $ 418 $ 403 $ 391 (a) Includes short-term leases, which are immaterial. Lease Assets and Liabilities December 31 2023 2022 Balance Sheet Classification Assets Operating lease $ 450 $ 475 Other Assets Finance lease 79 71 Property, Plant and Equipment, Net Total lease assets $ 529 $ 546 Liabilities Current: Operating lease $ 130 $ 127 Accrued expenses and other current liabilities Finance lease 14 11 Debt payable within one year Noncurrent: Operating lease 346 377 Other Liabilities Finance lease 57 49 Long-Term Debt Total lease liabilities $ 547 $ 564 As of December 31, 2023 and 2022, accumulated amortization of finance lease asset s was $37 and $32, respectively. Maturity of Lease Liabilities December 31, 2023 Operating Leases Finance Leases Total 2024 $ 145 $ 16 $ 161 2025 128 14 142 2026 110 11 121 2027 64 9 73 2028 27 7 34 Thereafter 45 25 70 Total lease payments 519 82 601 Less imputed interest 43 10 53 Present value of lease liabilities $ 476 $ 72 $ 548 As of December 31, 2023, our operating leases have a weighted-average remaining lease term of 4 years and a weighted-average discount rate of 4 percent and our finance leases have a weighted-average remaining lease term of 7 years and a weighted-average discount rate of 4 percent. Supplemental Information Related to Leases December 31 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating leases $ 147 $ 148 $ 155 Finance leases 17 11 13 Lease assets obtained in exchange for new lease obligations: Operating leases 66 57 34 Finance leases 24 6 56 Other non-cash modifications to lease assets: Operating leases 39 72 61 We have entered into long-term contracts for the purchase of superabsorbent materials, pulp and certain utilities. Commitments under these contracts based on current prices are $1,528 in 2024, $1,029 in 2025, $227 in 2026, $227 in 2027, $13 in 2028, and $18 beyond the year 2028. Although we are primarily liable for payments on the above-mentioned leases and purchase commitments, our exposure to losses, if any, under these arrangements is not material. |
Legal Matters
Legal Matters | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters | Legal Matters We routinely are involved in legal proceedings, claims, disputes, tax matters, regulatory matters and governmental inspections or investigations arising in the ordinary course of or incidental to our business, including those noted below in this section. We record accruals in the consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. For the matters we disclose that do not include an estimate of the amount of loss or range of losses, such an estimate is not possible or is immaterial, and we may be unable to estimate the possible loss or range of losses that could potentially result from the application of non-monetary remedies, unless disclosed below. At present we believe that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, results of operations or cash flows. However, legal proceedings and government investigations are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial monetary damages. In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other remedies. An unfavorable outcome might result in a material adverse impact on our business, results of operations or financial position. We are party to certain legal proceedings relating to our former health care business, Avanos Medical, Inc. ("Avanos", previously Halyard Health, Inc.), which we spun-off on October 31, 2014, including a qui tam matter and certain subpoena and document requests from the federal government. The subpoena and document requests include subpoenas from the United States Department of Justice ("DOJ") concerning allegations of potential criminal and civil violations of federal laws, including the Food, Drug, and Cosmetic Act, in connection with the manufacturing, marketing and sale of surgical gowns by our former health care business. We continue to cooperate in this investigation and are making efforts to reach a potential resolution with the DOJ. We are subject to federal, state and local environmental protection laws and regulations with respect to our business operations and are operating in compliance with, or taking action aimed at ensuring compliance with, these laws and regulations. We have been named a potentially responsible party under the provisions of the U.S. federal Comprehensive Environmental Response, Compensation and Liability Act, or analogous state statutes, at a number of sites where hazardous substances are present. None of our compliance obligations with environmental protection laws and regulations, individually or in the aggregate, is expected to have a material adverse effect on our business, liquidity, financial condition or results of operations. |
Objectives and Strategies for U
Objectives and Strategies for Using Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
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. At December 31, 2023 and 2022, derivative as sets were $70 and $99, respectively, and derivative liabilities were $259 a nd $318, respectively, primarily comprised of foreign currency exchange and commodity price 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 commodity forward and price swap contracts, to hedge a 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 derivative instruments are recorded as an asset or liability, as appropriate, with the offset recorded in current 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 December 31, 2023, the aggregate notional values and carrying values of debt subject to outstanding interest rate contracts designated as fair value hedges were $525 and $482, respectively. For years ended December 31, 2023, 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 December 31, 2023, outstanding commodity forward and price swap contracts were in place to hedge a portion of our estimated requirements of the related underlying commodities in 2024 and future periods. As of December 31, 2023, the aggregate notional value of outstanding foreign exchange derivative contracts designated as cash flow hedges was $3.0 billion. For years ende d December 31, 2023, 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 December 31, 2023, amounts to be reclassified from AOCI into Interest expense, Cost of products sold or Other (income), net during the next twelve months are not expected to be material. The maximum maturity of cash flow hedges in place at December 31, 2023 is December 2026. Net Investment Hedges For derivative instruments that are designated and qualify as net investment hedges, the aggregate notional value was $1.6 billion at December 31, 2023. 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 year ended December 31, 2023, unrealized loss of $43 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 we re excluded from the assessment of net investment, fair value or cash flow hedge effectiveness as of December 31, 2023. Undesignated Hedging Instruments Gains or losses on undesignated foreign exchange hedging instruments are immediately recognized in Other (income) and expense, net. Gain of $2, a loss of $29 and a loss of $5 were recorded in the years ending December 31, 2023, 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 December 31, 2023, the notional amount of these undesignated derivative instruments was approxim ately $2.8 billion. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes An analysis of the Provision for income taxes follows: Year Ended December 31 2023 2022 2021 Current income taxes United States $ 370 $ 248 $ 179 State 54 16 35 Other countries 351 288 335 Total 775 552 549 Deferred income taxes United States (133) (27) (18) State (28) (1) (1) Other countries (161) (29) (51) Total (322) (57) (70) Total provision for income taxes $ 453 $ 495 $ 479 The components of Income Before Income Taxes and Equity Interests follow: Year Ended December 31 2023 2022 2021 United States $ 2,004 $ 1,802 $ 1,580 Other countries 17 538 645 Total income before income taxes and equity interests $ 2,021 $ 2,340 $ 2,225 Deferred income tax assets and liabilities are comprised of the following: December 31 2023 2022 Deferred tax assets Pension and other postretirement benefits $ 182 $ 179 Tax credits and loss carryforwards 668 534 Capitalized research costs 224 118 Lease liability 137 116 Derivatives 80 74 Other 357 409 1,648 1,430 Valuation allowances (302) (299) Total deferred tax assets 1,346 1,131 Deferred tax liabilities Property, plant and equipment, net 943 940 Investments in subsidiaries 110 101 Goodwill 80 76 Intangible assets 12 153 Lease asset 128 111 Other 177 153 Total deferred tax liabilities 1,450 1,534 Net deferred tax assets (liabilities) $ (104) $ (403) Valuation allowances at the end of 2023 primarily relate to tax credits, capital loss carryforwards, and income tax loss carryforwards of $1.5 billion. If these items are not utilized against taxable income, $463 of the income tax loss carryforwards will expire from 2024 through 2043. The remaining $1.0 billion has no expiration date. Realization of income tax loss carryforwards is dependent on generating sufficient taxable income prior to expiration of these carryforwards. Although realization is not assured, we believe it is more likely than not that all of the deferred tax assets, net of applicable valuation allowances, will be realized. The amount of the deferred tax assets considered realizable could be reduced or increased due to changes in the tax environment or if estimates of future taxable income change during the carryforward period. Presented below is a reconciliation of the Provision for income taxes computed at the U.S. federal statutory tax rate to the actual effective tax rate: Year Ended December 31 2023 2022 2021 U.S. statutory rate applied to income before income taxes and equity interests 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 1.0 0.5 1.2 Routine tax incentives (3.9) (3.5) (5.8) Net nondeductible expenses 2.4 1.4 1.5 Net tax (benefit) cost on foreign income 1.1 2.4 2.4 Valuation allowance 2.8 1.3 2.4 Tax effects of the impairment of intangible assets (1.4) — — Other - net (a) (0.6) (1.9) (1.2) Effective income tax rate 22.4 % 21.2 % 21.5 % (a) Other - net is composed of numerous items, none of which is greater than 1.05 percent of income before income taxes and equity interests. As of December 31, 2023, we have accumulated undistributed earnings generated by our foreign subsidiaries of approximately $7.2 billion. Earnings of $3.3 billion were previously subject to U.S. federal income tax. Any additional taxes due with respect to such previously-taxed foreign earnings, if repatriated, would generally be limited to foreign and U.S. state income taxes. Deferred taxes have been recorded on $0.8 billion of earnings of foreign consolidated subsidiaries expected to be repatriated. We do not intend to distribute the remaining $2.5 billion of previously-taxed foreign earnings and therefore have not recorded deferred taxes for foreign and U.S. state income taxes on such earnings. We consider any excess of the amount for financial reporting over tax basis in our foreign subsidiaries to be indefinitely reinvested. The determination of deferred tax liabilities on the amount of financial reporting over tax basis or the $2.5 billion of previously-taxed foreign earnings is not practicable. Presented below is a reconciliation of the beginning and ending amounts of unrecognized income tax benefits: 2023 2022 2021 Balance at January 1 $ 488 $ 506 $ 497 Gross increases for tax positions of prior years 38 22 62 Gross decreases for tax positions of prior years (13) (38) (37) Gross increases for tax positions of the current year 109 36 42 Settlements (26) (21) (39) Other (8) (17) (19) Balance at December 31 $ 588 $ 488 $ 506 Of the amounts recorded as unrecognized income tax benefits at December 31, 2023, $520 would reduce our effective tax rate if recognized. We recognize accrued interest and penalties related to unrecognized income tax benefits in Provision for income taxes. During each of the three years ended December 31, 2023, the net impact of interest and penalties was not significant. Total accrued penalties and net accrued interest was $45 and $35 at December 31, 2023 and 2022, respectively. It is reasonably possible that a number of uncertainties could be resolved within the next 12 months. The aggregate resolution of the uncertainties could be up to $190 , whil e none of the uncertainties is individually significant. Resolution of these matters is not expected to have a material effect on our financial condition, results of operations or liquidity. As of December 31, 2023, the following tax years remain subject to examination for the major jurisdictions where we conduct business: Jurisdiction Years United States 2016 to 2023 United Kingdom 2021 to 2023 Brazil 2019 to 2023 China 2014 to 2023 South Korea 2020 to 2023 Our originally filed U.S. federal income tax returns have been audited through 2015; however, our amended U.S. federal income tax returns are subject to audit for 2013-2018. State income tax returns are generally subject to examination for a period of 3 to 5 years a fter filing of the respective return. The state effect of any changes to filed federal positions remains subject to examination by various states for a period of up to two years after formal notification to the states. We have various state income tax return positions in the process of examination, administrative appeals or litigation. The Brazilian tax authority, Secretaria da Receita Federal do Brasil ("RFB"), concluded an audit for the taxable periods from 2008-2013. This audit included a review of our determinations of amortization of certain goodwill arising from prior acquisitions in Brazil, and the RFB has proposed adjustments that effectively eliminate the goodwill amortization benefits related to these transactions. Administrative appeals have been exhausted with a partial favorable decision for our position, and the remaining dispute is in the judicial phase. Based upon the matters that remain in dispute, the amount of the proposed tax and penalty adjustments is approxima tely $50 as of December 31, 2023 (translated at the December 31, 2023 currency exchange rate). The amount ultimately in dispute will be significantly greater because of interest. The first instance judge has issued a decision in our favor, finding that our amortization of the goodwill at issue was valid; however, an appeal is pending and final resolution of this matter is expected to take a number of years. As part of the tax audit of our U.S. federal income tax returns for the taxable years ended December 31, 2017 and 2018, the U.S. Internal Revenue Service proposed an adjustment that would increase the amount of the one-time transition tax on certain undistributed earnings of foreign subsidiaries owed by us. We believe we have adequate reserves and meritorious defenses and intend to vigorously defend against the proposed adjustment; however, it is expected to take a number of years to reach resolution of this matter. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
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 basic and diluted EPS. The dilutive effect of stock options and other stock-based awards is reflected in diluted EPS by application of the treasury stock method. The average number of common shares outstanding is reconciled to those used in the basic and diluted EPS computations as follows: (Millions of shares) 2023 2022 2021 Basic 337.8 337.4 337.3 Dilutive effect of stock options and restricted share unit awards 1.0 0.9 1.5 Diluted 338.8 338.3 338.8 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 December 31, 2023, 2022 and 2021 was 337.0 million, 337.5 million and 336.8 million , respectively. |
Description of Business Segment
Description of Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
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 ongoing operations of 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, reusable underwear and other related products. Products in this segment are sold under the Huggies, Pull-Ups, Little Swimmers, GoodNites, DryNites, Sweety, Kotex, U by Kotex, Intimus, Thinx, Poise, Depend, Plenitud, Softex 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, Andrex, Viva, Scottex 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, personal protective gear, 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. Net sales to Walmart Inc. as a percent of our consolidated net sales were approximately 13 percent in 2023, and 2022 and 14 percent in 2021. Net sales to Walmart Inc. were primarily in the Personal Care and Consumer Tissue segments. Information concerning consolidated operations by business segment is presented in the following tables: Consolidated Operations by Business Segment Year Ended December 31 2023 2022 2021 NET SALES (a) Personal Care $ 10,691 $ 10,622 $ 10,267 Consumer Tissue 6,290 6,243 6,034 K-C Professional 3,404 3,256 3,072 Corporate & Other 46 54 67 TOTAL NET SALES $ 20,431 $ 20,175 $ 19,440 OPERATING PROFIT (b) Personal Care $ 1,890 $ 1,787 $ 1,856 Consumer Tissue 976 806 888 K-C Professional 665 457 404 Corporate & Other (c) (1,118) (412) (559) Other (income) and expense, net (d) 69 (43) 28 TOTAL OPERATING PROFIT $ 2,344 $ 2,681 $ 2,561 (a) Net sales in the U.S. to third parties totaled $10,362, $9,848 and $9,285 in 2023, 2022 and 2021, respectively. No other individual country's net sales exceeds 10 percent of total net sales. (b) Segment operating profit excludes Other (income) and expense, net and income and expenses not associated with the business segments. (c) Corporate & Other in 2023 includes divestiture-related costs associated with the sale of our Brazil tissue and K-C Professional business of $30 and the charges related to the impairment of intangible assets of $658. In 2022, it includes transaction and integration costs of $21 related to the acquisition of a controlling interest in Thinx, and in 2021, it includes charges of $265 related to the 2018 Global Restructuring Program. Restructuring charges in 2021 related to the Personal Care, Consumer Tissue and K-C Professional business segments were $104, $118 and $40, respectively. (d) Other (income) and expense, net in 2023 includes the gain of $74 related to the sale of our Brazil tissue and K-C Professional business, and in 2022 includes the non-cash, non-recurring gain of $85 related to the acquisition of a controlling interest in Thinx. Personal Consumer K-C Corporate Total Depreciation and Amortization 2023 $ 387 $ 236 $ 127 $ 3 $ 753 2022 375 251 125 3 754 2021 355 291 116 4 766 Capital Spending 2023 342 285 123 16 766 2022 442 280 142 12 876 2021 536 303 157 11 1,007 Assets 2023 7,999 4,935 2,507 1,903 17,344 2022 9,086 5,048 2,675 1,161 17,970 2021 8,890 5,083 2,650 1,214 17,837 Sales of Principal Products (Billions of dollars) 2023 2022 2021 Baby and child care products $ 7.1 $ 7.2 $ 7.2 Consumer tissue products 6.3 6.2 6.0 Away-from-home professional products 3.4 3.3 3.1 All other 3.6 3.5 3.1 Consolidated $ 20.4 $ 20.2 $ 19.4 |
Supplemental Data
Supplemental Data | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Data | |
Supplemental Data | Supplemental Data Supplemental Income Statement Data Year Ended December 31 2023 2022 2021 Advertising expense $ 1,075 $ 901 $ 893 Research expense 312 292 269 Equity Companies' Data Net Gross Operating Net Corporation's 2023 $ 3,135 $ 1,003 $ 683 $ 410 $ 196 2022 2,690 707 438 240 116 2021 2,501 696 398 205 98 Current Noncurrent Current Noncurrent Stockholders' 2023 $ 1,974 $ 1,362 $ 1,175 $ 1,687 $ 474 2022 1,585 1,303 814 1,751 323 2021 1,283 1,219 809 1,334 360 Equity companies are principally engaged in operations in the personal care and consumer tissue businesses. At December 31, 2023, our ownership interest in Kimberly-Clark de Mexico, S.A.B. de C.V. and subsidiaries ("KCM") was 47.9 percent. KCM is partially owned by the public, and its stock is publicly traded in Mexico. At December 31, 2023, our investment in this equity company wa s $244, and the est imated fair value of the investment wa s $3.0 billion b ased on the market price of publicly traded shares. Our other equity ownership interests are not significant to our consolidated balance sheet or financial results. At December 31, 2023, undistributed net income of equity companies included in consolidated retained earnings was $1.1 billion. Supplemental Balance Sheet Data December 31 Summary of Accounts Receivable, Net 2023 2022 From customers $ 2,063 $ 2,155 Other 150 189 Less allowance for doubtful accounts and sales discounts (78) (64) Total $ 2,135 $ 2,280 December 31 2023 2022 Summary of Inventories by Major Class LIFO Non- Total LIFO Non- Total Raw materials $ 121 $ 292 $ 413 $ 147 $ 425 $ 572 Work in process 116 95 211 139 107 246 Finished goods 520 692 1,212 518 870 1,388 Supplies and other — 311 311 — 302 302 757 1,390 2,147 804 1,704 2,508 Excess of FIFO or weighted-average cost over LIFO cost (192) — (192) (239) — (239) Total $ 565 $ 1,390 $ 1,955 $ 565 $ 1,704 $ 2,269 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. December 31 Summary of Property, Plant and Equipment, Net 2023 2022 Land $ 149 $ 156 Buildings 3,067 3,062 Machinery and equipment 15,132 14,655 Construction in progress 803 676 19,151 18,549 Less accumulated depreciation (11,238) (10,664) Total $ 7,913 $ 7,885 Property, plant and equipment, net in the U.S. as of December 31, 2023 and 2022 was $4,356 and $4,273 , respectively. December 31 Summary of Accrued Expenses and Other Current Liabilities 2023 2022 Accrued advertising and promotion $ 524 $ 455 Accrued salaries and wages 518 421 Accrued rebates 268 285 Accrued taxes - income and other 294 318 Operating leases 130 127 Accrued interest 88 82 Derivative liabilities 139 200 Other 355 401 Total $ 2,316 $ 2,289 Supplemental Cash Flow Statement Data Summary of Cash Flow Effects of Operating Working Capital Year Ended December 31 2023 2022 2021 Accounts receivable $ 127 $ (151) $ (37) Inventories 290 (76) (417) Trade accounts payable (109) 109 627 Accrued expenses 125 92 (124) Accrued income taxes 122 20 (4) Derivatives (15) 9 30 Currency and other 42 (20) (29) Total $ 582 $ (17) $ 46 Year Ended December 31 Other Cash Flow Data 2023 2022 2021 Interest paid $ 277 $ 270 $ 243 Income taxes paid 648 468 492 Supplier Finance Program We have a supplier finance program managed through two global financial institutions under which we agree to pay the financial institutions the stated amount of confirmed invoices from our participating suppliers on the invoice due date. We, or the global financial institutions, may terminate our agreements at any time upon 30 days written notice. The global financial institutions may terminate our agreements at any time upon three days written notice in the event there are insufficient funds available for disbursement. We do not provide any forms of guarantees under these agreements. Supplier participation in the program is solely up to the supplier, and the participating suppliers negotiate their arrangements directly with the global financial institutions. We have no economic interest in a supplier’s decision to participate in the program, and their participation has no bearing on our payment terms or amounts due. The payment terms that we have with our suppliers under this program generally range from 75 to 180 days and are considered commercially reasonable. The outstanding amount related to the suppliers participating in this program was $1.0 billion as of December 31, 2023 and 2022, and was recorded within Trade accounts payable. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021 (Millions of dollars) Description Balance at Additions Deductions Charged to Charged to Other Accounts (a) Write-Offs and Balance December 31, 2023 Allowances deducted from assets to which they apply Allowance for doubtful accounts $ 47 $ 15 $ 3 $ 6 (b) $ 59 Allowances for sales discounts 17 248 (4) 242 (c) 19 December 31, 2022 Allowances deducted from assets to which they apply Allowance for doubtful accounts $ 40 $ 14 $ (3) $ 4 (b) $ 47 Allowances for sales discounts 15 239 (3) 234 (c) 17 December 31, 2021 Allowances deducted from assets to which they apply Allowance for doubtful accounts $ 34 $ 12 $ (4) $ 2 (b) $ 40 Allowances for sales discounts 16 225 (2) 224 (c) 15 (a) Includes bad debt recoveries and the effects of changes in foreign currency exchange rates. (b) Primarily uncollectible receivables written off. (c) Sales discounts allowed. Additions Description Balance at Charged to Charged to Deductions (a) Balance December 31, 2023 Deferred taxes Valuation allowance $ 299 $ 46 $ — $ 43 $ 302 December 31, 2022 Deferred taxes Valuation allowance $ 279 $ 37 $ — $ 17 $ 299 December 31, 2021 Deferred taxes Valuation allowance $ 272 $ 12 $ — $ 5 $ 279 (a) Represents the net currency effects of translating valuation allowances at current rates of exchange and benefits recognized to Other Comprehensive Income. |
Accounting Policies (Policy)
Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Actual results could differ from these estimates, and changes in these estimates are recorded when known. Estimates are used in accounting for, among other things, sales incentives and trade promotion allowances, employee postretirement benefits, and deferred income taxes and potential assessments. |
Cash Equivalents | Cash Equivalents Cash equivalents are short-term investments with an original maturity date of three months or less. |
Inventories and Distribution Costs | Inventories and Distribution Costs Most U.S. inventories are valued at the lower of cost, using the Last-In, First-Out ("LIFO") method, or market. The balance of the U.S. inventories and inventories of consolidated operations outside the U.S. are valued at the lower of cost or net realizable value using either the First-In, First-Out ("FIFO") or weighted-average cost methods. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Distribution costs are classified as cost of products sold. |
Property and Depreciation | Property and Depreciation Property, plant and equipment are stated at cost and are depreciated on the straight-line method. Buildings are depreciated over their estimated useful lives, primarily 40 years. Machinery and equipment are depreciated over their estimated useful lives, primarily ranging from 16 to 20 years. Purchases of computer software, including external costs and certain internal costs (including payroll and payroll-related costs of employees) directly associated with developing significant computer software applications for internal use, are capitalized. Computer software costs are amortized on the straight-line method over the estimated useful life of the software, which generally does not exceed 5 years. Estimated useful lives are periodically reviewed and, when warranted, changes are made to them. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss would be indicated when estimated undiscounted future cash flows from the use and eventual disposition of an asset group, which are identifiable and largely independent of the cash flows of other asset groups, are less than the carrying amount of the asset group. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using discounted cash flows or independent appraisals, as appropriate. When property is sold or retired, the cost of the property and the related accumulated depreciation are removed from the consolidated balance sheet and any gain or loss on the transaction is included in income. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets 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, including goodwill, with its fair value. If the reporting unit carrying amount, including goodwill, exceeds its fair value, a goodwill impairment charge for the excess amount above fair value 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. Alternatively, 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 2023, we 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 we determined that it is more likely than not that the fair value of goodwill significantly exceeds the carrying amount for each of our reporting units. Indefinite-lived intangible assets, other than goodwill, consist of certain brand names related to our acquisition of Softex Indonesia and are tested for impairment annually at the same time as our goodwill impairment assessment and whenever events and circumstances indicate that impairment may have occurred. Our estimate of the fair value of our brand assets is based on a discounted cash flow model and a market-based approach using inputs which include projected revenues from our long-range plan, assumed royalty rates that could be payable if we did not own the brands, and a discount rate. For 2023 , we completed the required annual assessment of indefinite-lived intangible assets, other than goodwill, for impairment using a qualitative assessment as of the first day of the third quarter , subsequent to the impairment recognized in the second quarter of 2023, and we determined that it is more likely than not that the fair value is more than the carrying amount for each of these intangible assets. Intangible assets with finite lives are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss would be indicated when estimated undiscounted future cash flows from the use of the asset are less than its carrying amount. An impairment loss would be measured as the difference between the fair value (based on discounted future cash flows) and the carrying amount of the asset. Estimated useful lives ran ge from 10 to 20 years for trademarks and 4 to 20 years fo |
Investments in Equity Companies | Investments in Equity Companies Investments in companies which we do not control but over which we have the ability to exercise significant influence and that, in general, are at least 20 percent-owned by us, are stated at cost plus equity in undistributed net income. These investments are evaluated for impairment when warranted. An impairment loss would be recorded whenever a decline in value of an equity investment below its carrying amount is determined to be other than temporary. In judging "other than temporary," we would consider the length of time and extent to which the fair value of the equity company investment has been less than the carrying amount, the near-term and longer-term operating and financial prospects of the equity company, and our longer-term intent of retaining the investment in the equity company. |
Revenue Recognition | Revenue Recognition Sales revenue is recognized at the time of product shipment or delivery, depending on when control passes, to unaffiliated customers, and when all of the following have occurred: a firm sales agreement is in place, pricing is fixed or determinable, and collection is reasonably assured. Sales are reported net of returns, consumer and trade promotions, rebates and freight allowed. Taxes imposed by governmental authorities on our revenue-producing activities with customers, such as sales taxes and value-added taxes, are excluded from net sales. |
Sales Incentives and Trade Promotion Allowances | Sales Incentives and Trade Promotion Allowances The cost of promotion activities provided to customers is classified as a reduction in sales revenue. In addition, the estimated redemption value of consumer coupons and related expense are recorded when the related revenue from customers is realized. Rebate and promotion accruals are based on estimates of the quantity of customer sales. Promotion accruals also consider estimates of the number of consumer coupons that will be redeemed and timing and costs of activities within the promotional programs. |
Advertising Expense | Advertising Expense Advertising costs are expensed in the year the related advertisement or campaign is first presented through traditional or digital media. For interim reporting purposes, advertising expenses are charged to operations as a percentage of sales based on estimated sales and related advertising expense for the full year. |
Research Expense | Research Expense Research and development costs are charged to expense as incurred. |
Foreign Currency Translation | Foreign Currency Translation The income statements of foreign operations, other than those in highly inflationary economies, are translated into U.S. dollars at rates of exchange in effect each month. The balance sheets of these operations are translated at period-end exchange rates, and the differences from historical exchange rates are reflected in stockholders' equity as unrealized translation adjustments. Under highly inflationary accounting, the countries' functional currency becomes the U.S. dollar, and its income statement and balance sheet are measured in U.S. dollar using both current and historical rates of exchange. |
Highly Inflationary Accounting in Argentina | As of July 1, 2018, we elected to adopt highly inflationary accounting for our subsidiaries in Argentina (“K-C Argentina”). The effect of changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in Other (income) and expense, net. As of December 31, 2023, K-C Argentina had an immaterial net peso monetary position. Net sales of K-C Argentina were approximate ly 1 p ercent of o |
Derivative Instruments and Hedging | Derivative Instruments and Hedging Our policies allow the use of derivatives for risk management purposes and prohibit their use for speculation. Our policies also prohibit the use of any leveraged derivative instrument. Consistent with our policies, foreign currency derivative instruments, interest rate swaps and locks, and the majority of commodity hedging contracts are entered into with major financial institutions. At inception, we formally designate certain derivatives as cash flow, fair value or net investment hedges and establish how the effectiveness of these hedges will be assessed and measured. This process links the derivatives to the transactions or financial balances they are hedging. Changes in the fair value of derivatives not designated as hedging instruments are recorded in earnings as they occur. All derivative instruments are recorded as assets or liabilities on the balance sheet at fair value. Changes in the fair value of derivatives are either recorded in the income statement or other comprehensive income, as appropriate. The gain or loss on derivatives designated as fair value hedges and the offsetting loss or gain on the hedged item attributable to the hedged risk are included in income in the period that changes in fair value occur. The gain or loss on derivatives designated as cash flow hedges is included in other comprehensive income in the period that changes in fair value occur, and is reclassified to income in the same period that the hedged item affects income. The gain or loss on derivatives designated as hedges of investments in foreign subsidiaries is recognized in other comprehensive income to offset the change in value of the net investments being hedged. Certain foreign-currency derivative instruments not designated as hedging instruments have been entered into to manage certain non-functional currency denominated monetary assets and liabilities. The gain or loss on these derivatives is included in income in the period that changes in their fair values occur. Cash flows from derivatives are classified within the consolidated statement of cash flows in the same category as the items being hedged. Cash flows from derivatives are classified within Operating Activities, except for derivatives designated as net investment hedges which are classified in Investing Activities. See Note 12 for disclosures about derivative instruments and hedging activities. |
Highly Inflationary Accounting in Turkey | As of April 1, 2022, we elected to adopt highly inflationary accounting for our subsidiary in Türkiye (“K-C Türkiye ”). The effect of changes in exchange rates on lira-denominated monetary assets and liabilities has been reflected in earnings in Other (income) and expense, net. As of December 31, 2023, K-C Türkiye had an immaterial net lira monetary position. Net sales of K-C Türkiye were less than 1 percent of our consolidated net sales in 2023 and 2022. |
New Accounting Pronouncements, Policy | Accounting Standard -Adopted During 2023 In 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“ASU”) No. 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50) . The new guidance requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of the financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. T his ASU was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the provision on roll forward information, which is effective for fiscal years beginning after December 15, 2023 . We adopted this ASU as of January 1, 2023, except for the amendment on roll forward information which was adopted January 1, 2024, on a prospective basis. As the guidance requires only additional disclosure, there were no effects of this standard on our financial position, results of operations or cash flow s. Accounting Standards Issued - Not Adopted as of December 31, 2023 In 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) . The new guidance improves reportable segment disclosures primarily through enhanced disclosures about significant segment expenses and by requiring current annual disclosures to be provided in interim periods. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The new guidance is to be applied retrospectively to all prior periods presented unless impracticable to do so. As the guidance requires only additional disclosure, there will be no effects of this standard on our financial position, results of operations or cash flows. In 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) . The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied on a prospective basis with retrospective application permitted. As the guidance requires only additional disclosure, there will be no effects of this standard on our financial position, results of operations or cash flows . |
2018 Global Restructuring Pro_2
2018 Global Restructuring Program (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
2018 Global Restructuring Program | |
Restructuring Cost and Reserve | |
Restructuring and Related Costs | The following net charges were incurred in connection with the 2018 Global Restructuring Program: Year Ended December 31 2021 2020 2019 2018 Total Cost of products sold: Charges for workforce reductions $ 4 $ 10 $ 31 $ 149 $ 194 Asset impairments 3 17 — 74 94 Asset write-offs 17 63 54 112 246 Incremental depreciation 18 94 235 172 519 Other exit costs 112 99 96 34 341 Total 154 283 416 541 1,394 Marketing, research and general expenses: Charges for workforce reductions 39 13 (12) 243 283 Other exit costs 72 96 111 137 416 Total 111 109 99 380 699 Other (income) and expense, net (a) 10 (9) (194) (12) (205) Nonoperating expense (b) 79 36 45 127 287 Total charges 354 419 366 1,036 2,175 Provision for income taxes (75) (94) (118) (243) (530) Net charges 279 325 248 793 1,645 Net impact related to equity companies and 2 (2) — (10) (10) Net charges attributable to Kimberly-Clark $ 281 $ 323 $ 248 $ 783 $ 1,635 (a) Other (income) and expense, net in 2019 was the result of pre-tax gains on the sales of manufacturing facilities and associated real estate which were disposed of as part of the restructuring. (b) Represents non-cash pension settlement and curtailment charges resulting from restructuring actions, primarily in the U.S., United Kingdom and Canada. |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 final estimated fair values as follows: Current assets $ 28 Property, Plant and Equipment, Net 2 Goodwill 298 Other Intangible Assets, Net 123 Other assets 4 Current liabilities (18) Deferred income taxes (18) Other liabilities (4) Fair value of net assets acquired 415 Less fair value of noncontrolling interest (234) Total purchase price consideration $ 181 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | The following table discloses the effect of the change in the ownership interest between us and the previous noncontrolling interest: Year Ended December 31, 2023 Net income attributable to Kimberly-Clark Corporation $ 1,764 Increase in Kimberly-Clark Corporation's additional paid-in capital for purchase of the remaining shares of Thinx (a) 87 Change in net income attributable to Kimberly-Clark Corporation and transfer to noncontrolling interests $ 1,851 |
Intangible Assets, Goodwill a_2
Intangible Assets, Goodwill and Other (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2023 and 2022 were as follows: Personal Care Consumer Tissue K-C Professional Total Balance at December 31, 2021 $ 961 $ 494 $ 385 $ 1,840 Acquisition 304 — — 304 Effect of foreign currency translation (60) (6) (4) (70) Balance at December 31, 2022 1,205 488 381 2,074 Divestiture — (4) (3) (7) Effect of foreign currency translation 9 7 2 18 Balance at December 31, 2023 $ 1,214 $ 491 $ 380 $ 2,085 |
Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class | The carrying amounts of Other Intangible Assets, Net for the years ended December 31, 2023 and 2022 were as follows: December 31 2023 2022 Gross Carrying Amount (b) Accumulated Amortization (b) Net Carrying Amount Gross Carrying Amount (b) Accumulated Amortization (b) Net Carrying Amount Intangible assets with indefinite lives: Brand names $ 68 $ — $ 68 $ 610 $ — $ 610 Intangibles assets with finite lives: Trademarks and brand names 148 (83) 65 253 (91) 162 Other intangible assets (a) 76 (12) 64 98 (19) 79 Total intangible assets with finite lives 224 (95) 129 351 (110) 241 Total $ 292 $ (95) $ 197 $ 961 $ (110) $ 851 (a) Other intangible assets primarily include customer and distributor relationships. (b) Amounts subject to foreign currency adjustments. |
Fair Value Information (Tables)
Fair Value Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 Carrying Estimated Carrying Estimated December 31, 2023 December 31, 2022 Assets Cash and cash equivalents (a) 1 $ 1,093 $ 1,093 $ 427 $ 427 Time deposits (b) 1 169 169 268 268 Liabilities Short-term debt (c) 2 2 2 373 373 Long-term debt (d) 2 7,982 7,569 8,049 7,403 (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. |
Debt and Reedemable Preferred S
Debt and Reedemable Preferred Securities of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt is composed of the following: Weighted- Maturities December 31 2023 2022 Notes and debentures 3.3% 2024 - 2050 $ 7,851 $ 7,825 Industrial development revenue bonds 4.8% 2024 - 2051 59 169 Bank loans and other financings in various currencies 3.3% 2024 - 2039 72 55 Total long-term debt 7,982 8,049 Less current portion 565 471 Long-term portion $ 7,417 $ 7,578 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of weighted-average fair value of options, assumptions used | The weighted-average fair value of stock options granted was estimated at $21.28 and $10.26 , in 2022 and 2021, respectively, per option on the date of grant based on the following assumptions: Year Ended December 31 2022 2021 Dividend yield 3.3 % 3.9 % Volatility 22.1 % 17.4 % Risk-free interest rate 2.8 % 0.8 % Expected life - years 4.6 4.6 |
Schedule of total remaining unrecognized compensation costs and amortization period | Total remaining unrecognized compensation costs and amortization period are as follows: December 31, 2023 Weighted-Average Stock options $ 4 0.5 Restricted shares and time-vested restricted share units 64 1.4 Performance-based restricted share units 29 1.7 |
Summary of stock-based compensation | A summary of stock-based compensation is presented below: Stock Options Shares Weighted-Average Weighted-Average Aggregate Intrinsic Outstanding at January 1, 2023 5,117 $ 126.81 Granted — — Exercised (847) 114.92 Forfeited or expired (73) 126.47 Outstanding at December 31, 2023 4,197 128.80 5.04 $ 14 Exercisable at December 31, 2023 3,578 128.40 4.55 $ 11 |
Summary of nonvested restricted share units | Time-Vested Performance-Based Other Stock-Based Awards Shares Weighted- Shares Weighted- Nonvested at January 1, 2023 845 $ 134.81 1,103 $ 138.96 Granted 790 141.59 288 143.34 Vested (333) 135.33 (298) 137.11 Forfeited (97) 138.75 (190) 136.25 Nonvested at December 31, 2023 1,205 133.14 903 130.36 |
Employee Postretirement Benef_2
Employee Postretirement Benefits (Tables) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Benefit Cost Information or Defined Benefit Plan and Other Postretirement Benefit Plan | Summarized financial information about postretirement plans, excluding defined contribution retirement plans, is presented below: Pension Benefits Other Benefits Year Ended December 31 2023 2022 2023 2022 Change in Benefit Obligation Benefit obligation at beginning of year $ 2,441 $ 3,811 $ 533 $ 669 Service cost 13 16 4 7 Interest cost 121 89 30 21 Actuarial (gain) loss (a) 59 (1,000) 13 (113) Currency and other 51 (197) 5 2 Benefit payments from plans (141) (173) — — Direct benefit payments (9) (8) (54) (53) Settlements (66) (97) — — Benefit obligation at end of year 2,469 2,441 531 533 Change in Plan Assets Fair value of plan assets at beginning of year 2,321 3,744 — — Actual return on plan assets 137 (987) — — Employer contributions 26 30 — — Currency and other 52 (199) — — Benefit payments (141) (173) — — Settlements (66) (94) — — Fair value of plan assets at end of year 2,329 2,321 — — Funded Status $ (140) $ (120) $ (531) $ (533) (a) The actuarial net losses in 2023 and actuarial net gains in 2022 were primarily due to discount rate decreases and increases, respectively. | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Information for the Principal Plans and All Other Pension Plans Principal Plans All Other Total Year Ended December 31 2023 2022 2023 2022 2023 2022 Projected benefit obligation (“PBO”) $ 2,123 $ 2,089 $ 346 $ 352 $ 2,469 $ 2,441 Accumulated benefit obligation (“ABO”) 2,123 2,089 298 305 2,421 2,394 Fair value of plan assets 2,019 2,018 310 303 2,329 2,321 | |
Pension Plans with an ABO in Excess of Plan Assets | Information for Pension Plans with an ABO in Excess of Plan Assets December 31 2023 2022 ABO $ 2,273 $ 1,251 Fair value of plan assets 2,095 1,089 | |
Pension Plans with a PBO in Excess of Plan Assets | Information for Pension Plans with a PBO in Excess of Plan Assets December 31 2023 2022 PBO $ 2,288 $ 1,261 Fair value of plan assets 2,102 1,091 | |
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost Pension Benefits Other Benefits Year Ended December 31 2023 2022 2021 2023 2022 2021 Service cost $ 13 $ 16 $ 21 $ 4 $ 7 $ 8 Interest cost 121 89 80 30 21 19 Expected return on plan assets (a) (128) (123) (132) — — — Recognized net actuarial (gain) loss 39 34 37 (3) 1 1 Settlements and curtailments 35 52 89 — — — Other — 1 (5) 1 (1) (2) Net periodic benefit cost $ 80 $ 69 $ 90 $ 32 $ 28 $ 26 (a) The expected return on plan assets is determined by multiplying the fair value of plan assets at the remeasurement date, typically the prior year-end adjusted for estimated current year cash benefit payments and contributions, by the expected long-term rate of return. | |
Weighted-Average Assumptions Used to Determine Net Cost | Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 Pension Benefits Other Benefits Projected 2024 2023 2022 2021 2023 2022 2021 Discount rate 4.89 % 5.19 % 2.71 % 1.98 % 5.92 % 3.15 % 2.69 % Expected long-term return on plan assets 5.57 % 5.75 % 3.80 % 3.41 % — — — Rate of compensation increase 3.53 % 3.49 % 3.23 % 3.07 % — — — Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31 Pension Benefits Other Benefits 2023 2022 2023 2022 Discount rate 4.89 % 5.18 % 5.66 % 5.92 % Rate of compensation increase 3.53 % 3.49 % — — | |
Estimated Future Benefit Payments | Over the next ten years, we expect that the following gross benefit payments will occur: Pension Benefits Other Benefits 2024 $ 182 $ 56 2025 193 56 2026 191 56 2027 192 54 2028 185 52 2029-2033 918 227 | |
Pension Plan Assets of the Principal Plans Measured at Fair Value | Fair Value Measurements at December 31, 2023 Total Assets at Quoted Prices Assets at Significant Assets at Significant Cash and Cash Equivalents Held directly $ 34 $ 23 $ 11 $ — Fixed Income Held directly U.S. government and municipals 98 97 1 — U.S. corporate debt 203 — 203 — Non-U.S. securitized 67 — — — International bonds 38 — 38 — Held through mutual and pooled funds measured at net asset value U.S. government and municipals 85 — — — U.S. corporate debt 408 — — — International bonds 591 — — — Equity Held directly U.S. equity 21 21 — — International equity 15 15 — — Held through mutual and pooled funds measured at net asset value Non-U.S. equity 3 — — — Global equity 224 — — — Insurance Contracts 230 — — 230 Other 2 2 — — Total Plan Assets $ 2,019 $ 158 $ 253 $ 230 | Fair Value Measurements at December 31, 2022 Total Assets at Quoted Prices Assets at Significant Assets at Significant Cash and Cash Equivalents Held directly $ 69 $ 69 $ — $ — Held through mutual and pooled funds measured at net asset value 76 — — — Fixed Income Held directly U.S. government and municipals 115 115 — — U.S. corporate debt 193 — 193 — International bonds 33 — 33 — Held through mutual and pooled funds measured at net asset value U.S. government and municipals 71 — — — U.S. corporate debt 419 — — — International bonds 549 — — — Equity Held directly U.S. equity 21 21 — — International equity 15 15 — — Held through mutual and pooled funds measured at net asset value Non-U.S. equity 15 — — — Global equity 221 — — — Insurance Contracts 222 — — 222 Other (1) (1) — — Total Plan Assets $ 2,018 $ 219 $ 226 $ 222 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Components of AOCI attributable to Kimberly-Clark | The changes in the components of Accumulated Other Comprehensive Income ("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, 2021 $ (2,422) $ (803) $ (34) $ 20 Other comprehensive income (loss) before reclassifications (347) (51) 86 (139) (Income) loss reclassified from AOCI — 65 (a) — (a) (44) Net current period other comprehensive income (loss) (347) 14 86 (183) Balance as of December 31, 2022 (2,769) (789) 52 (163) Other comprehensive income (loss) before reclassifications 84 (57) (9) (153) (Income) loss reclassified from AOCI 7 55 (a) (4) (a) 164 Net current period other comprehensive income (loss) 91 (2) (13) 11 Balance as of December 31, 2023 $ (2,678) $ (791) $ 39 $ (152) (a) Included in computation of net periodic pension and other postretirement benefits costs (see Note 8). |
Change in Components of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCI attributable to Kimberly-Clark, including the tax effect, are as follows: Year Ended December 31 2023 2022 2021 Unrealized translation $ 84 $ (324) $ (248) Tax effect 7 (23) (17) 91 (347) (265) Defined benefit pension plans Unrecognized net actuarial loss and transition amount Funded status recognition (49) (109) 16 Amortization 39 34 37 Settlements and curtailments 35 52 91 Currency and other (23) 36 10 2 13 154 Unrecognized prior service cost/credit Funded status recognition 3 2 (2) Amortization — — (4) Curtailments — — (3) Currency and other — — — 3 2 (9) Tax effect (7) (1) (36) (2) 14 109 Other postretirement benefit plans Unrecognized net actuarial loss and transition amount and other (18) 113 12 Tax effect 5 (27) (6) (13) 86 6 Cash flow hedges and other Recognition of effective portion of hedges (178) (165) 70 Amortization 208 (58) 39 Currency and other (14) (22) (4) Tax effect (5) 62 (22) 11 (183) 83 Change in AOCI $ 87 $ (430) $ (67) |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Operating Lease Cost | Lease Expense Year Ended December 31 2023 2022 2021 Income Statement Classification Operating lease expense $ 147 $ 145 $ 157 Cost of products sold, Marketing, research and general expenses Finance lease expense: Amortization of lease assets 16 15 13 Cost of products sold Interest on lease liabilities 2 1 2 Interest expense Total finance lease expense 18 16 15 Variable lease expense (a) 253 242 219 Cost of products sold, Marketing, research and general expenses Total lease expense $ 418 $ 403 $ 391 (a) Includes short-term leases, which are immaterial. |
Operating Lease Assets and Liabilities | Lease Assets and Liabilities December 31 2023 2022 Balance Sheet Classification Assets Operating lease $ 450 $ 475 Other Assets Finance lease 79 71 Property, Plant and Equipment, Net Total lease assets $ 529 $ 546 Liabilities Current: Operating lease $ 130 $ 127 Accrued expenses and other current liabilities Finance lease 14 11 Debt payable within one year Noncurrent: Operating lease 346 377 Other Liabilities Finance lease 57 49 Long-Term Debt Total lease liabilities $ 547 $ 564 |
Maturity of Operating Lease Liabilities | Maturity of Lease Liabilities December 31, 2023 Operating Leases Finance Leases Total 2024 $ 145 $ 16 $ 161 2025 128 14 142 2026 110 11 121 2027 64 9 73 2028 27 7 34 Thereafter 45 25 70 Total lease payments 519 82 601 Less imputed interest 43 10 53 Present value of lease liabilities $ 476 $ 72 $ 548 |
Supplemental Information Related to Operating Leases | Supplemental Information Related to Leases December 31 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating leases $ 147 $ 148 $ 155 Finance leases 17 11 13 Lease assets obtained in exchange for new lease obligations: Operating leases 66 57 34 Finance leases 24 6 56 Other non-cash modifications to lease assets: Operating leases 39 72 61 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | An analysis of the Provision for income taxes follows: Year Ended December 31 2023 2022 2021 Current income taxes United States $ 370 $ 248 $ 179 State 54 16 35 Other countries 351 288 335 Total 775 552 549 Deferred income taxes United States (133) (27) (18) State (28) (1) (1) Other countries (161) (29) (51) Total (322) (57) (70) Total provision for income taxes $ 453 $ 495 $ 479 |
Schedule of Income before Income Tax, Domestic and Foreign | The components of Income Before Income Taxes and Equity Interests follow: Year Ended December 31 2023 2022 2021 United States $ 2,004 $ 1,802 $ 1,580 Other countries 17 538 645 Total income before income taxes and equity interests $ 2,021 $ 2,340 $ 2,225 |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities are comprised of the following: December 31 2023 2022 Deferred tax assets Pension and other postretirement benefits $ 182 $ 179 Tax credits and loss carryforwards 668 534 Capitalized research costs 224 118 Lease liability 137 116 Derivatives 80 74 Other 357 409 1,648 1,430 Valuation allowances (302) (299) Total deferred tax assets 1,346 1,131 Deferred tax liabilities Property, plant and equipment, net 943 940 Investments in subsidiaries 110 101 Goodwill 80 76 Intangible assets 12 153 Lease asset 128 111 Other 177 153 Total deferred tax liabilities 1,450 1,534 Net deferred tax assets (liabilities) $ (104) $ (403) |
Schedule of Effective Income Tax Rate Reconciliation | Presented below is a reconciliation of the Provision for income taxes computed at the U.S. federal statutory tax rate to the actual effective tax rate: Year Ended December 31 2023 2022 2021 U.S. statutory rate applied to income before income taxes and equity interests 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 1.0 0.5 1.2 Routine tax incentives (3.9) (3.5) (5.8) Net nondeductible expenses 2.4 1.4 1.5 Net tax (benefit) cost on foreign income 1.1 2.4 2.4 Valuation allowance 2.8 1.3 2.4 Tax effects of the impairment of intangible assets (1.4) — — Other - net (a) (0.6) (1.9) (1.2) Effective income tax rate 22.4 % 21.2 % 21.5 % (a) Other - net is composed of numerous items, none of which is greater than 1.05 percent of income before income taxes and equity interests. |
Unrecognized Income Tax Benefits | Presented below is a reconciliation of the beginning and ending amounts of unrecognized income tax benefits: 2023 2022 2021 Balance at January 1 $ 488 $ 506 $ 497 Gross increases for tax positions of prior years 38 22 62 Gross decreases for tax positions of prior years (13) (38) (37) Gross increases for tax positions of the current year 109 36 42 Settlements (26) (21) (39) Other (8) (17) (19) Balance at December 31 $ 588 $ 488 $ 506 |
Summary of Income Tax Examinations | As of December 31, 2023, the following tax years remain subject to examination for the major jurisdictions where we conduct business: Jurisdiction Years United States 2016 to 2023 United Kingdom 2021 to 2023 Brazil 2019 to 2023 China 2014 to 2023 South Korea 2020 to 2023 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: (Millions of shares) 2023 2022 2021 Basic 337.8 337.4 337.3 Dilutive effect of stock options and restricted share unit awards 1.0 0.9 1.5 Diluted 338.8 338.3 338.8 |
Business Segment and Geographic
Business Segment and Geographic Data Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting Information | |
Information Concerning Consolidated Operations by Business Segment | Consolidated Operations by Business Segment Year Ended December 31 2023 2022 2021 NET SALES (a) Personal Care $ 10,691 $ 10,622 $ 10,267 Consumer Tissue 6,290 6,243 6,034 K-C Professional 3,404 3,256 3,072 Corporate & Other 46 54 67 TOTAL NET SALES $ 20,431 $ 20,175 $ 19,440 OPERATING PROFIT (b) Personal Care $ 1,890 $ 1,787 $ 1,856 Consumer Tissue 976 806 888 K-C Professional 665 457 404 Corporate & Other (c) (1,118) (412) (559) Other (income) and expense, net (d) 69 (43) 28 TOTAL OPERATING PROFIT $ 2,344 $ 2,681 $ 2,561 (a) Net sales in the U.S. to third parties totaled $10,362, $9,848 and $9,285 in 2023, 2022 and 2021, respectively. No other individual country's net sales exceeds 10 percent of total net sales. (b) Segment operating profit excludes Other (income) and expense, net and income and expenses not associated with the business segments. (c) Corporate & Other in 2023 includes divestiture-related costs associated with the sale of our Brazil tissue and K-C Professional business of $30 and the charges related to the impairment of intangible assets of $658. In 2022, it includes transaction and integration costs of $21 related to the acquisition of a controlling interest in Thinx, and in 2021, it includes charges of $265 related to the 2018 Global Restructuring Program. Restructuring charges in 2021 related to the Personal Care, Consumer Tissue and K-C Professional business segments were $104, $118 and $40, respectively. (d) Other (income) and expense, net in 2023 includes the gain of $74 related to the sale of our Brazil tissue and K-C Professional business, and in 2022 includes the non-cash, non-recurring gain of $85 related to the acquisition of a controlling interest in Thinx. Personal Consumer K-C Corporate Total Depreciation and Amortization 2023 $ 387 $ 236 $ 127 $ 3 $ 753 2022 375 251 125 3 754 2021 355 291 116 4 766 Capital Spending 2023 342 285 123 16 766 2022 442 280 142 12 876 2021 536 303 157 11 1,007 Assets 2023 7,999 4,935 2,507 1,903 17,344 2022 9,086 5,048 2,675 1,161 17,970 2021 8,890 5,083 2,650 1,214 17,837 |
Sales of Principal Products | Sales of Principal Products (Billions of dollars) 2023 2022 2021 Baby and child care products $ 7.1 $ 7.2 $ 7.2 Consumer tissue products 6.3 6.2 6.0 Away-from-home professional products 3.4 3.3 3.1 All other 3.6 3.5 3.1 Consolidated $ 20.4 $ 20.2 $ 19.4 |
Supplemental Data (Tables)
Supplemental Data (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Income Statement Data | Supplemental Income Statement Data Year Ended December 31 2023 2022 2021 Advertising expense $ 1,075 $ 901 $ 893 Research expense 312 292 269 |
Equity Companies' Data | Equity Companies' Data Net Gross Operating Net Corporation's 2023 $ 3,135 $ 1,003 $ 683 $ 410 $ 196 2022 2,690 707 438 240 116 2021 2,501 696 398 205 98 Current Noncurrent Current Noncurrent Stockholders' 2023 $ 1,974 $ 1,362 $ 1,175 $ 1,687 $ 474 2022 1,585 1,303 814 1,751 323 2021 1,283 1,219 809 1,334 360 |
Summary of Inventories by Major Class | December 31 2023 2022 Summary of Inventories by Major Class LIFO Non- Total LIFO Non- Total Raw materials $ 121 $ 292 $ 413 $ 147 $ 425 $ 572 Work in process 116 95 211 139 107 246 Finished goods 520 692 1,212 518 870 1,388 Supplies and other — 311 311 — 302 302 757 1,390 2,147 804 1,704 2,508 Excess of FIFO or weighted-average cost over LIFO cost (192) — (192) (239) — (239) Total $ 565 $ 1,390 $ 1,955 $ 565 $ 1,704 $ 2,269 |
Property, Plant and Equipment | December 31 Summary of Property, Plant and Equipment, Net 2023 2022 Land $ 149 $ 156 Buildings 3,067 3,062 Machinery and equipment 15,132 14,655 Construction in progress 803 676 19,151 18,549 Less accumulated depreciation (11,238) (10,664) Total $ 7,913 $ 7,885 |
Schedule of Accrued Liabilities | December 31 Summary of Accrued Expenses and Other Current Liabilities 2023 2022 Accrued advertising and promotion $ 524 $ 455 Accrued salaries and wages 518 421 Accrued rebates 268 285 Accrued taxes - income and other 294 318 Operating leases 130 127 Accrued interest 88 82 Derivative liabilities 139 200 Other 355 401 Total $ 2,316 $ 2,289 |
Summary of Cash Flow Effects of Operating Working Capital | Supplemental Cash Flow Statement Data Summary of Cash Flow Effects of Operating Working Capital Year Ended December 31 2023 2022 2021 Accounts receivable $ 127 $ (151) $ (37) Inventories 290 (76) (417) Trade accounts payable (109) 109 627 Accrued expenses 125 92 (124) Accrued income taxes 122 20 (4) Derivatives (15) 9 30 Currency and other 42 (20) (29) Total $ 582 $ (17) $ 46 |
Supplemental Cash Flow Data | Year Ended December 31 Other Cash Flow Data 2023 2022 2021 Interest paid $ 277 $ 270 $ 243 Income taxes paid 648 468 492 |
Accounts Receivable, Net | |
Supplemental Balance Sheet Data | December 31 Summary of Accounts Receivable, Net 2023 2022 From customers $ 2,063 $ 2,155 Other 150 189 Less allowance for doubtful accounts and sales discounts (78) (64) Total $ 2,135 $ 2,280 |
Accounting Policies (Narrative)
Accounting Policies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Trademarks | Minimum | |
Intangible assets estimated useful life | 10 years |
Trademarks | Maximum | |
Intangible assets estimated useful life | 20 years |
Patents, Developed Technologies & Other Intangible Assets | Minimum | |
Intangible assets estimated useful life | 4 years |
Patents, Developed Technologies & Other Intangible Assets | Maximum | |
Intangible assets estimated useful life | 20 years |
Building | |
Estimated useful life | 40 years |
Machinery and Equipment | Minimum | |
Estimated useful life | 16 years |
Machinery and Equipment | Maximum | |
Estimated useful life | 20 years |
Software | |
Estimated useful life | 5 years |
Net Sales Percentage to One Customer | TURKEY | Geographic Concentration Risk | |
Concentration Risk, Percentage | 1% |
Net Sales Percentage to One Customer | ARGENTINA | Geographic Concentration Risk | |
Concentration Risk, Percentage | 1% |
2018 Global Restructuring Pro_3
2018 Global Restructuring Program Narrative (Details) - 2018 Global Restructuring Program $ in Millions | 12 Months Ended | 48 Months Ended | |||
Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2021 USD ($) Employee | |
Restructuring Cost and Reserve | |||||
Restructuring and Related Cost, Number of Positions Eliminated | Employee | 6,000 | ||||
Payments for Restructuring | $ 235,000 | $ 249,000 | $ 302,000 | $ 325,000 | |
After Tax | |||||
Restructuring Cost and Reserve | |||||
Restructuring Charges | 279 | 325 | 248 | 793 | $ 1,645 |
Restructuring and Related Cost, Incurred Cost | 1,600 | ||||
Before Tax | |||||
Restructuring Cost and Reserve | |||||
Restructuring Charges | $ 354 | $ 419 | $ 366 | $ 1,036 | 2,175 |
Restructuring and Related Cost, Incurred Cost | 2,200 | ||||
Cash charges | |||||
Restructuring Cost and Reserve | |||||
Restructuring and Related Cost, Incurred Cost | 1,200 | ||||
Non-cash charges | Before Tax | |||||
Restructuring Cost and Reserve | |||||
Restructuring and Related Cost, Incurred Cost | $ 1,000 |
Restructuring and Related Activ
Restructuring and Related Activities (Details) - USD ($) $ in Millions | 12 Months Ended | 48 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2021 | ||
Restructuring Cost and Reserve | ||||||||
Asset impairments | $ 676 | $ 0 | $ 3 | |||||
Provision for income taxes | $ (453) | $ (495) | (479) | |||||
2018 Global Restructuring Program | ||||||||
Restructuring Cost and Reserve | ||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | (2) | |||||||
Provision for income taxes | (75) | $ (94) | $ (118) | $ (243) | $ (530) | |||
2018 Global Restructuring Program | Before Tax | ||||||||
Restructuring Cost and Reserve | ||||||||
Restructuring Charges | (354) | (419) | (366) | (1,036) | (2,175) | |||
2018 Global Restructuring Program | After Tax | ||||||||
Restructuring Cost and Reserve | ||||||||
Restructuring Charges | (279) | (325) | (248) | (793) | (1,645) | |||
2018 Global Restructuring Program | After Tax | Equity Companies and Noncontrolling Interests | ||||||||
Restructuring Cost and Reserve | ||||||||
Restructuring Charges | (2) | 2 | 0 | 10 | 10 | |||
2018 Global Restructuring Program | After Tax | Kimberly-Clark Corporation | ||||||||
Restructuring Cost and Reserve | ||||||||
Restructuring Charges | (281) | (323) | (248) | (783) | (1,635) | |||
2018 Global Restructuring Program | Cost of Sales | Before Tax | ||||||||
Restructuring Cost and Reserve | ||||||||
Charges (adjustments) for workforce reductions | 4 | 10 | 31 | 149 | 194 | |||
Asset impairments | 3 | 17 | 0 | 74 | 94 | |||
Incremental depreciation | 18 | 94 | 235 | 172 | 519 | |||
Other exit costs | 112 | 99 | 96 | 34 | 341 | |||
Restructuring Charges | (154) | (283) | (416) | (541) | (1,394) | |||
2018 Global Restructuring Program | Cost of Sales | Before Tax | Asset write-offs | ||||||||
Restructuring Cost and Reserve | ||||||||
Restructuring Charges | (17) | (63) | (54) | (112) | (246) | |||
2018 Global Restructuring Program | Marketing, Research and General Expenses | Before Tax | ||||||||
Restructuring Cost and Reserve | ||||||||
Charges (adjustments) for workforce reductions | 39 | 13 | (12) | 243 | 283 | |||
Other exit costs | 72 | 96 | 111 | 137 | 416 | |||
Restructuring Charges | (111) | (109) | (99) | (380) | (699) | |||
2018 Global Restructuring Program | Other (income) and expense, net | Before Tax | ||||||||
Restructuring Cost and Reserve | ||||||||
Restructuring Charges | [1] | 10 | (9) | (194) | (12) | (205) | ||
2018 Global Restructuring Program | Nonoperating (income) expense | Before Tax | ||||||||
Restructuring Cost and Reserve | ||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | [2] | $ 79 | $ 36 | $ 45 | $ 127 | $ 287 | ||
[1]Other (income) and expense, net in 2019 was the result of pre-tax gains on the sales of manufacturing facilities and associated real estate which were disposed of as part of the restructuring.[2] Represents non-cash pension settlement and curtailment charges resulting from restructuring actions, primarily in the U.S., United Kingdom and Canada. |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Millions | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Combinations [Abstract] | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | $ 9 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 9 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 9 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 9 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 9 | |||
Goodwill | $ 2,085 | $ 2,074 | $ 1,840 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2024 | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||||||
Goodwill | $ 2,085 | $ 2,085 | $ 2,074 | $ 1,840 | |||||
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 9 | ||||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 9 | ||||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 9 | ||||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 9 | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | (85) | 0 | ||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | $ 9 | ||||||||
Payments to Noncontrolling Interests | 95 | $ 0 | $ 0 | ||||||
Sale of Brazil tissue assets | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||||||
Proceeds from Divestiture of Businesses | $ 212 | ||||||||
Divesture Base Purchase Price | 175 | ||||||||
Closing Date Adjustment | 37 | ||||||||
Thinx, Inc. | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||||||
Goodwill | $ 298 | ||||||||
Payments to Acquire Businesses, Gross | $ 53 | ||||||||
Business Combination, Consideration Transferred | $ 181 | 181 | |||||||
Equity Method Investments, Fair Value Disclosure | 127 | ||||||||
Share-Based Payment Arrangement, Accelerated Cost | $ 1 | ||||||||
Sale of Stock, Percentage of Ownership after Transaction | 58% | ||||||||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 3 | 3 | |||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 3 | 3 | |||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 3 | 3 | |||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 3 | 3 | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ (85) | ||||||||
Business Combination, Acquisition Related Costs | 21 | ||||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 3 | 3 | |||||||
Payments to Noncontrolling Interests | $ 47 | $ 48 | $ 95 | [1] | |||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 30% | 70% | |||||||
Before Tax | Sale of Brazil tissue assets | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ (74) | ||||||||
Gain (Loss) on Disposition of Business | 74 | ||||||||
Costs Related to Divestiture | 30 | ||||||||
Divestiture Net Benefit | 44 | ||||||||
Before Tax | Thinx, Inc. | |||||||||
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 | ||||||||
After Tax | Sale of Brazil tissue assets | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||||||
Divestiture Net Benefit | $ 26 | ||||||||
After Tax | Thinx, Inc. | |||||||||
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 | ||||||||
[1](a) The acquisition of the remaining ownership of Thinx was recorded as a reduction in Redeemable Common and Preferred Securities of Subsidiaries of $234, an increase to retained earnings of $52, an increase to additional paid-in capital of $87, and a reduction of cash of $95. |
Acquisition (Schedule of Recogn
Acquisition (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||
Goodwill | $ 2,085 | $ 2,074 | $ 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 | $ 28 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 4 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (18) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 123 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2 | ||||
Goodwill | 298 | ||||
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 | $ 181 |
Acquisition (Consolidation Less
Acquisition (Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ 1,764 | $ 1,934 | $ 1,814 | |
Other | (102) | 13 | (18) | |
Retained Earnings | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Other | (3) | $ (25) | $ 15 | |
Thinx, Inc. | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent | [1] | 87 | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net | 1,851 | |||
Adjustments to Redeemable Common and Preferred Securities | [1] | 234 | ||
Thinx, Inc. | Retained Earnings | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Other | [1] | $ 52 | ||
[1](a) The acquisition of the remaining ownership of Thinx was recorded as a reduction in Redeemable Common and Preferred Securities of Subsidiaries of $234, an increase to retained earnings of $52, an increase to additional paid-in capital of $87, and a reduction of cash of $95. |
Intangible Assets, Goodwill a_3
Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Goodwill [Line Items] | ||||
Goodwill, Acquired During Period | $ 304 | |||
Goodwill, Foreign Currency Translation Gain (Loss) | $ 18 | (70) | ||
Goodwill | 2,085 | 2,074 | $ 1,840 | |
Goodwill, Written off Related to Sale of Business Unit | (7) | |||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Net | 129 | 241 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | [1] | (95) | (110) | |
Finite-Lived Intangible Assets, Gross | [1] | 224 | 351 | |
Intangible Assets, Net (Excluding Goodwill) | 197 | 851 | ||
Intangible Assets, Gross (Excluding Goodwill) | [1] | 292 | 961 | |
Brand Names | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | [1] | 68 | 610 | |
Personal Care | ||||
Goodwill [Line Items] | ||||
Goodwill, Acquired During Period | 304 | |||
Goodwill, Foreign Currency Translation Gain (Loss) | 9 | (60) | ||
Goodwill | 1,214 | 1,205 | 961 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | |||
Consumer Tissue | ||||
Goodwill [Line Items] | ||||
Goodwill, Acquired During Period | 0 | |||
Goodwill, Foreign Currency Translation Gain (Loss) | 7 | (6) | ||
Goodwill | 491 | 488 | 494 | |
Goodwill, Written off Related to Sale of Business Unit | (4) | |||
K-C Professional and Other | ||||
Goodwill [Line Items] | ||||
Goodwill, Acquired During Period | 0 | |||
Goodwill, Foreign Currency Translation Gain (Loss) | 2 | (4) | ||
Goodwill | 380 | 381 | $ 385 | |
Goodwill, Written off Related to Sale of Business Unit | (3) | |||
Trademarks and brand names | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Net | 65 | 162 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | [1] | (83) | (91) | |
Finite-Lived Intangible Assets, Gross | [1] | 148 | 253 | |
Other Intangible Assets | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Net | [2] | 64 | 79 | |
Finite-Lived Intangible Assets, Accumulated Amortization | [1],[2] | (12) | (19) | |
Other Finite-Lived Intangible Assets, Gross | [1],[2] | $ 76 | $ 98 | |
[1]Amounts subject to foreign currency adjustments[2]Other intangible assets primarily include customer and distributor relationships. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Amortization of Intangible Assets | $ 13 | $ 15 | $ 9 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 9 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 9 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 9 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 9 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 9 | ||||
us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill - Softex - Before Tax | $ 593 | ||||
us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill - Softex, Thinx, Inc. - Before Tax | 658 | ||||
us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill - Softex, Thinx, Inc. - After Tax | 483 | ||||
Intangible Assets, Fair Value Disclosure - Softex, Thinx, Inc. | $ 188 |
Fair Value Information Narrativ
Fair Value Information Narrative (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative Assets | $ 70 | $ 99 |
Derivative Liability | 259 | 318 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Redeemable Preferred Securities Of Subsidiaries Fair Value Disclosure | 26 | 258 |
Net Asset Value or Its Equivalent | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Company-owned life insurance (COLI) | $ 67 | $ 63 |
Fair Value Information (Fair Va
Fair Value Information (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Cash and cash equivalents | $ 1,093 | $ 427 | |
Fair Value, Inputs, Level 1 | Carrying (Reported) Amount, Fair Value Disclosure | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Time Deposits, at Carrying Value | [1] | 169 | 268 |
Cash and cash equivalents | [2] | 1,093 | 427 |
Fair Value, Inputs, Level 1 | Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Cash and cash equivalents | [2] | 1,093 | 427 |
Time Deposits | [1] | 169 | 268 |
Fair Value, Inputs, Level 2 | Carrying (Reported) Amount, Fair Value Disclosure | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Short-term Debt | [3] | 2 | 373 |
Long-term Debt | [4] | 7,982 | 8,049 |
Fair Value, Inputs, Level 2 | Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Short-term debt | [3] | 2 | 373 |
Long-term Debt, Fair Value | [4] | $ 7,569 | $ 7,403 |
[1] 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. 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. 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. 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. |
Debt and Redeemable Preferred_2
Debt and Redeemable Preferred Securities of Subsidiaries (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument | ||
Scheduled maturity of long-term debt in 2020 | $ 566 | |
Scheduled maturity of long-term debt in 2021 | 559 | |
Scheduled maturity of long-term debt in 2022 | 403 | |
Scheduled maturity of long-term debt in 2023 | 601 | |
Scheduled maturity of long-term debt in 2024 | $ 698 | |
2.00% Notes due November 2, 2031 | ||
Debt Instrument | ||
Face amount of note | $ 600 | |
Interest rate of note | 2% | |
Credit facility expiring June 2026 | ||
Debt Instrument | ||
Revolving credit facility | $ 2,000 | |
Credit facility expiring June 2022 | ||
Debt Instrument | ||
Revolving credit facility | 750 | |
4.50% notes due February 16, 2033 | ||
Debt Instrument | ||
Face amount of note | $ 350 | |
Interest rate of note | 4.50% |
Debt and Redeemable Preferred_3
Debt and Redeemable Preferred Securities of Subsidiaries (Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument | ||
Total Long-term debt | $ 7,982 | $ 8,049 |
Less current portion | 565 | 471 |
Long-term portion | $ 7,417 | 7,578 |
Notes and debentures | ||
Debt Instrument | ||
Weighted- Average Interest Rate | 3.30% | |
Total Long-term debt | $ 7,851 | 7,825 |
Industrial development revenue bonds | ||
Debt Instrument | ||
Weighted- Average Interest Rate | 4.80% | |
Total Long-term debt | $ 59 | 169 |
Bank loans and other financings In various currencies | ||
Debt Instrument | ||
Weighted- Average Interest Rate | 3.30% | |
Total Long-term debt | $ 72 | $ 55 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Shares of common stock available for grants | 8,800,000 | ||
Stock-based compensation | $ 169 | $ 150 | $ 26 |
Deferred income tax benefits on stock-based compensation | $ 36 | $ 33 | $ 7 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock options term, years | 10 years | ||
Vesting percentage at the end of each of the first two 12 months period | 30% | ||
Vesting percentage at the end of third 12 months period | 40% | ||
Weighted-average fair value of options granted | $ 21.28 | $ 10.26 | |
Total intrinsic value of options exercised | $ 23 | $ 21 | $ 16 |
Restricted share units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Restricted shares vesting period | 3 years | ||
Total fair value of restricted share units distributed | $ 99 | $ 118 | $ 100 |
Performance-based restricted share units | Minimum | Share-based Compensation Award | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of performance-based share units that vest, percentage | 0% | ||
Performance-based restricted share units | Maximum | Share-based Compensation Award | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of performance-based share units that vest, percentage | 200% | ||
Time-Vested Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Time-Vested Restricted Share Unit Grants, Vesting Percentage Years One and Two | 30% | ||
Time-Vested Restricted Share Unit Grants, Vesting Percentage Year Three | 40% |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Assumptions Used to Estimate Weighted-Average Fair Value of Options Granted) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Dividend yield | 3.30% | 3.90% |
Volatility | 22.10% | 17.40% |
Risk-free interest rate | 2.80% | 0.80% |
Expected life - years | 4 years 7 months 6 days | 4 years 7 months 6 days |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule of Unrecognized Compensation Costs and Amortization Periods) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Stock options | $ 4 |
Weighted-Average Service Years | 6 months |
Restricted share units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Total remaining unrecognized compensation costs, nonvested awards other than options | $ 64 |
Weighted-Average Service Years | 1 year 4 months 24 days |
Performance-based restricted share units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Total remaining unrecognized compensation costs, nonvested awards other than options | $ 29 |
Weighted-Average Service Years | 1 year 8 months 12 days |
Stock-Based Compensation (Sch_3
Stock-Based Compensation (Schedule of Stock-Based Compensation Activity) (Details) - Stock Option $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding | |
Outstanding at January 1, 2019 | shares | 5,117 |
Granted | shares | 0 |
Exercised | shares | (847) |
Forfeited or expired | shares | (73) |
Outstanding at December 31, 2019 | shares | 4,197 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | |
Outstanding at January 1, Weighted-Average Exercise Price | $ / shares | $ 126.81 |
Granted, Weighted-Average Exercise Price | $ / shares | 0 |
Exercised, Weighted-Average Exercise Price | $ / shares | 114.92 |
Forfeited or expired, Weighted-Average Exercise Price | $ / shares | 126.47 |
Outstanding at December 31, Weighted-Average Exercise Price | $ / shares | $ 128.80 |
Exercisable at December 31, 2019 | shares | 3,578 |
Exercisable at December 31, Weighted-Average Exercise Price | $ / shares | $ 128.40 |
Outstanding at December 31, Weighted-Average Remaining Contractual Term | 5 years 14 days |
Exercisable at December 31, Weighted-Average Remaining Contractual Term | 4 years 6 months 18 days |
Outstanding at December 31, Aggregate Intrinsic Value | $ | $ 14 |
Exercisable at December 31, Aggregate Intrinsic Value | $ | $ 11 |
Stock-Based Compensation (Sch_4
Stock-Based Compensation (Schedule of Other Stock-Based Awards Activity) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Time-Vested Restricted Share Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |
Nonvested at January 1, 2019 | shares | 845 |
Granted | shares | 790 |
Vested | shares | (333) |
Forfeited | shares | (97) |
Nonvested at December 31, 2019 | shares | 1,205 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | |
Nonvested at January 1, 2019, Weighted-Average Grant-Date Fair Value | $ / shares | $ 134.81 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 141.59 |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | 135.33 |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 138.75 |
Nonvested at December 31, 2019, Weighted-Average Grant-Date Fair Value | $ / shares | $ 133.14 |
Performance-based restricted share units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |
Nonvested at January 1, 2019 | shares | 1,103 |
Granted | shares | 288 |
Vested | shares | (298) |
Forfeited | shares | (190) |
Nonvested at December 31, 2019 | shares | 903 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | |
Nonvested at January 1, 2019, Weighted-Average Grant-Date Fair Value | $ / shares | $ 138.96 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 143.34 |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | 137.11 |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 136.25 |
Nonvested at December 31, 2019, Weighted-Average Grant-Date Fair Value | $ / shares | $ 130.36 |
Employee Postretirement Benef_3
Employee Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2034 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Cost | $ 185 | $ 132 | $ 116 | ||
Scenario, Forecast | |||||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6% | ||||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed For Ultimate Fiscal Year | 4.50% | ||||
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2034 | ||||
U.S. Pension Plan | |||||
Derivative, Notional Amount | 288 | 362 | |||
U.K. Pension Plan | |||||
Derivative, Notional Amount | $ 417 | $ 524 | |||
Principal Plans | |||||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | there were no significant concentrations of equity or debt securities in any single issuer or industry. | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.05% | 3.55% | 3.51% | ||
Principal Plans | Scenario, Forecast | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 85% | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.73% | ||||
Defined Benefit Pension Plans | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | $ (35) | $ (52) | $ (89) | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.75% | 3.80% | 3.41% | ||
Defined Benefit Pension Plans | Scenario, Forecast | |||||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 20 | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.57% | ||||
Equity Securities | Principal Plans | Scenario, Forecast | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15% | ||||
2018 Global Restructuring Program | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (91) | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | $ (2) |
Employee Postretirement Benef_4
Employee Postretirement Benefits (Summarized Financial Information about Postretirement plans, Excluding Defined Contribution Retirement Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Defined Benefit Pension Plans | ||||
Benefit obligation at beginning of year | $ 2,441 | $ 3,811 | ||
Service cost | 13 | 16 | $ 21 | |
Interest cost | 121 | 89 | 80 | |
Actuarial (gain) loss(a) | [1] | 59 | (1,000) | |
Currency and other | 51 | (197) | ||
Benefit payments from plans | (141) | (173) | ||
Direct benefit payments | (9) | (8) | ||
Settlements and curtailments | (66) | (97) | ||
Benefit obligation at end of year | 2,469 | 2,441 | 3,811 | |
Fair value of plan assets at beginning of year | 2,321 | 3,744 | ||
Actual return on plan assets | 137 | (987) | ||
Employer contributions | 26 | 30 | ||
Currency and other | 52 | (199) | ||
Benefit payments | (141) | (173) | ||
Settlements | (66) | (94) | ||
Fair value of plan assets at end of year | 2,329 | 2,321 | 3,744 | |
Funded Status | (140) | (120) | ||
Other Postretirement Benefit Plans | ||||
Benefit obligation at beginning of year | 533 | 669 | ||
Service cost | 4 | 7 | 8 | |
Interest cost | 30 | 21 | 19 | |
Actuarial (gain) loss(a) | [1] | 13 | (113) | |
Currency and other | 5 | 2 | ||
Benefit payments from plans | 0 | 0 | ||
Direct benefit payments | (54) | (53) | ||
Settlements and curtailments | 0 | 0 | ||
Benefit obligation at end of year | 531 | 533 | 669 | |
Fair value of plan assets at beginning of year | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 0 | 0 | ||
Currency and other | 0 | 0 | ||
Benefit payments | 0 | 0 | ||
Settlements | 0 | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | $ 0 | |
Funded Status | $ (531) | $ (533) | ||
[1]The actuarial net losses in 2023 and actuarial net gains in 2022 were primarily due to discount rate decreases and increases, respectively. |
Employee Postretirement Benef_5
Employee Postretirement Benefits (Principal Plans and All Other Pension Plans) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Principal Plans | |||
Projected benefit obligation (PBO) | $ 2,123 | $ 2,089 | |
Accumulated benefit obligation (ABO) | 2,123 | 2,089 | |
Fair value of plan assets | 2,019 | 2,018 | |
All Other Pension Plans | |||
Projected benefit obligation (PBO) | 346 | 352 | |
Accumulated benefit obligation (ABO) | 298 | 305 | |
Fair value of plan assets | 310 | 303 | |
Defined Benefit Pension Plans | |||
Projected benefit obligation (PBO) | 2,469 | 2,441 | $ 3,811 |
Accumulated benefit obligation (ABO) | 2,421 | 2,394 | |
Fair value of plan assets | $ 2,329 | $ 2,321 | $ 3,744 |
Employee Postretirement Benef_6
Employee Postretirement Benefits (Pension Plans with an ABO in Excess of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
ABO | $ 2,273 | $ 1,251 |
Fair value of plan assets | $ 2,095 | $ 1,089 |
Employee Postretirement Benef_7
Employee Postretirement Benefits Employee Postretirement Benefits (Pension Plans with a PBO in Excess of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
PBO | $ 2,288 | $ 1,261 |
Fair value of plan assets | $ 2,102 | $ 1,091 |
Employee Postretirement Benef_8
Employee Postretirement Benefits (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Defined Benefit Pension Plans | ||||
Service cost | $ 13 | $ 16 | $ 21 | |
Interest cost | 121 | 89 | 80 | |
Expected return on plan assets | [1] | (128) | (123) | (132) |
Recognized net actuarial (gain) loss | 39 | 34 | 37 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | (35) | (52) | (89) | |
Other | 0 | 1 | (5) | |
Net periodic benefit cost | 80 | 69 | 90 | |
Other Postretirement Benefit Plans | ||||
Service cost | 4 | 7 | 8 | |
Interest cost | 30 | 21 | 19 | |
Expected return on plan assets | [1] | 0 | 0 | 0 |
Recognized net actuarial (gain) loss | (3) | 1 | 1 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 | 0 | |
Other | 1 | (1) | (2) | |
Net periodic benefit cost | $ 32 | $ 28 | $ 26 | |
[1] The expected return on plan assets is determined by multiplying the fair value of plan assets at the remeasurement date, typically the prior year-end adjusted for estimated current year cash benefit payments and contributions, by the expected long-term rate of return. |
Employee Postretirement Benef_9
Employee Postretirement Benefits (Weighted-Average Assumptions) (Details) | 12 Months Ended | |||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Pension Plans | ||||
Net cost, Discount rate | 5.19% | 2.71% | 1.98% | |
Expected long-term return on plan assets | 5.75% | 3.80% | 3.41% | |
Net cost, Rate of compensation increase | 3.49% | 3.23% | 3.07% | |
Benefit obligations, Discount rate | 4.89% | 5.18% | ||
Benefit obligations, Rate of compensation increase | 3.53% | 3.49% | ||
Defined Benefit Pension Plans | Scenario, Forecast | ||||
Net cost, Discount rate | 4.89% | |||
Expected long-term return on plan assets | 5.57% | |||
Net cost, Rate of compensation increase | 3.53% | |||
Other Postretirement Benefit Plans | ||||
Net cost, Discount rate | 5.92% | 3.15% | 2.69% | |
Expected long-term return on plan assets | 0% | 0% | 0% | |
Net cost, Rate of compensation increase | 0% | 0% | 0% | |
Benefit obligations, Discount rate | 5.66% | 5.92% | ||
Benefit obligations, Rate of compensation increase | 0% | 0% |
Employee Postretirement Bene_10
Employee Postretirement Benefits (Pension Plan Assets of the Principal Plans Measured at fair value) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Principal Plans | |||
Fair value of plan assets | $ 2,019 | $ 2,018 | |
Principal Plans | Fair Value, Inputs, Level 1 | |||
Fair value of plan assets | 158 | 219 | |
Principal Plans | Fair Value, Inputs, Level 2 | |||
Fair value of plan assets | 253 | 226 | |
Principal Plans | Fair Value, Inputs, Level 3 | |||
Fair value of plan assets | 230 | 222 | |
Principal Plans | Cash and Cash Equivalents | |||
Fair value of plan assets | 34 | 69 | |
Principal Plans | Cash and Cash Equivalents | Net Asset Value or Its Equivalent | |||
Fair value of plan assets | 76 | ||
Principal Plans | Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | |||
Fair value of plan assets | 23 | 69 | |
Principal Plans | Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | |||
Fair value of plan assets | 11 | ||
Principal Plans | U.S. government and municipals | |||
Fair value of plan assets | 98 | 115 | |
Principal Plans | U.S. government and municipals | Net Asset Value or Its Equivalent | |||
Fair value of plan assets | 85 | 71 | |
Principal Plans | U.S. government and municipals | Fair Value, Inputs, Level 1 | |||
Fair value of plan assets | 97 | 115 | |
Principal Plans | U.S. government and municipals | Fair Value, Inputs, Level 2 | |||
Fair value of plan assets | 1 | ||
Principal Plans | U.S. corporate debt | |||
Fair value of plan assets | 203 | 193 | |
Principal Plans | U.S. corporate debt | Net Asset Value or Its Equivalent | |||
Fair value of plan assets | 408 | 419 | |
Principal Plans | U.S. corporate debt | Fair Value, Inputs, Level 1 | |||
Fair value of plan assets | 0 | ||
Principal Plans | U.S. corporate debt | Fair Value, Inputs, Level 2 | |||
Fair value of plan assets | 203 | 193 | |
Principal Plans | International bonds | |||
Fair value of plan assets | 38 | 33 | |
Principal Plans | International bonds | Net Asset Value or Its Equivalent | |||
Fair value of plan assets | 591 | 549 | |
Principal Plans | International bonds | Fair Value, Inputs, Level 2 | |||
Fair value of plan assets | 38 | 33 | |
Principal Plans | U.S. Equity | |||
Fair value of plan assets | 21 | ||
Principal Plans | U.S. Equity | Fair Value, Inputs, Level 1 | |||
Fair value of plan assets | 21 | ||
Principal Plans | International Equity | |||
Fair value of plan assets | 15 | 15 | |
Principal Plans | International Equity | Fair Value, Inputs, Level 1 | |||
Fair value of plan assets | 15 | ||
Principal Plans | Non-U.S. Equity | Net Asset Value or Its Equivalent | |||
Fair value of plan assets | 15 | ||
Principal Plans | Global equity | |||
Fair value of plan assets | 224 | ||
Principal Plans | Global equity | Net Asset Value or Its Equivalent | |||
Fair value of plan assets | 221 | ||
Principal Plans | Insurance Contract | |||
Fair value of plan assets | 230 | 222 | |
Principal Plans | Insurance Contract | Fair Value, Inputs, Level 3 | |||
Fair value of plan assets | 230 | 222 | |
Principal Plans | Other | |||
Fair value of plan assets | 2 | (1) | |
Principal Plans | Other | Fair Value, Inputs, Level 1 | |||
Fair value of plan assets | 2 | (1) | |
Principal Plans | Defined Benefit Plan, Equity Securities, Non-US | |||
Fair value of plan assets | 3 | ||
Principal Plans | Defined Benefit Plan, Equity Securities, Non-US | Fair Value, Inputs, Level 1 | |||
Fair value of plan assets | 15 | ||
Principal Plans | Defined Benefit Plan, Equity Securities, US | |||
Fair value of plan assets | 21 | ||
Principal Plans | Defined Benefit Plan, Equity Securities, US | Fair Value, Inputs, Level 1 | |||
Fair value of plan assets | 21 | ||
Principal Plans | Non-U.S securitized | |||
Fair value of plan assets | 67 | ||
Defined Benefit Pension Plans | |||
Fair value of plan assets | $ 2,329 | $ 2,321 | $ 3,744 |
Employee Postretirement Bene_11
Employee Postretirement Benefits (Gross Benefit Payments) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Defined Benefit Pension Plans | |
2020 | $ 182 |
2021 | 193 |
2022 | 191 |
2023 | 192 |
2024 | 185 |
2025-2029 | 918 |
Other Postretirement Benefit Plans | |
2020 | 56 |
2021 | 56 |
2022 | 56 |
2023 | 54 |
2024 | 52 |
2025-2029 | $ 227 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narratives) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Components of AOCI | |
Unrecognized net actuarial loss | $ 750 |
Unrecognized net prior service credit | $ 2 |
Stockholders' Equity Components
Stockholders' Equity Components of AOCI attributable to Kimberly-Clark, net of tax (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | $ (3,669) | |||
Net current period other comprehensive income (loss) | 86 | $ (437) | $ (82) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (3,582) | (3,669) | ||
Defined Benefit Pension Plans | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Defined benefit and Other postretirement benefit plans, tax effect | (7) | (1) | (36) | |
Other Postretirement Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Defined benefit and Other postretirement benefit plans, tax effect | 5 | (27) | (6) | |
Unrealized Translation | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (2,769) | (2,422) | ||
Other comprehensive income (loss) before reclassifications | 84 | (347) | ||
(Income) loss reclassified from AOCI | 7 | 0 | ||
Net current period other comprehensive income (loss) | 91 | (347) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (2,678) | (2,769) | (2,422) | |
Defined Benefit Pension Plans and Other Postretirement Benefit Plans | Defined Benefit Pension Plans | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (789) | (803) | ||
Other comprehensive income (loss) before reclassifications | (57) | (51) | ||
(Income) loss reclassified from AOCI | [1] | 55 | 65 | |
Net current period other comprehensive income (loss) | (2) | 14 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (791) | (789) | (803) | |
Defined Benefit Pension Plans and Other Postretirement Benefit Plans | Other Postretirement Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 52 | (34) | ||
Other comprehensive income (loss) before reclassifications | (9) | 86 | ||
(Income) loss reclassified from AOCI | [1] | (4) | 0 | |
Net current period other comprehensive income (loss) | (13) | 86 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 39 | 52 | (34) | |
Cash Flow Hedges and Other | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (163) | 20 | ||
Other comprehensive income (loss) before reclassifications | (153) | (139) | ||
(Income) loss reclassified from AOCI | 164 | (44) | ||
Net current period other comprehensive income (loss) | 11 | (183) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (152) | (163) | 20 | |
Kimberly-Clark Corporation | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Unrealized translation, tax effect | 7 | (23) | (17) | |
Unrealized translation, tax effect | $ 7 | $ (23) | $ (17) | |
[1]Included in computation of net periodic pension and other postretirement benefits costs (see Note 8). |
Stockholders' Equity Componen_2
Stockholders' Equity Components of Stockholders' Equity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) | |||
Unrealized translation | $ 89 | $ (355) | $ (288) |
Recognition of effective portion of hedges | (178) | (165) | 70 |
Change in AOCI | 87 | (430) | (67) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 11 | (183) | 83 |
Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss) | |||
Defined benefit and Other postretirement benefit plans, tax effect | (7) | (1) | (36) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | (2) | 14 | 109 |
Other Postretirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) | |||
Defined benefit and Other postretirement benefit plans, tax effect | 5 | (27) | (6) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | (13) | 86 | 6 |
Kimberly-Clark Corporation | |||
Accumulated Other Comprehensive Income (Loss) | |||
Unrealized translation, before tax | 84 | (324) | (248) |
Unrealized translation, tax effect | 7 | (23) | (17) |
Unrealized translation | 91 | (347) | (265) |
Unrecognized net actuarial loss and transition amount | Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss) | |||
Funded status recognition, Defined benefit pension plans | (49) | (109) | 16 |
Amortization, Defined benefit pension plans | 39 | 34 | 37 |
Settlements and curtailments | 35 | 52 | 91 |
Currency and other | 23 | (36) | (10) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension Plans, before Tax | 2 | 13 | 154 |
Unrecognized net actuarial loss and transition amount | Other Postretirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) | |||
Unrecognized net actuarial loss and transition amount and other | (18) | 113 | 12 |
Unrecognized prior service cost/credit | Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss) | |||
Settlements and curtailments | 0 | 0 | (3) |
Amortization, Unrecognized prior service cost/credit | 0 | 0 | (4) |
Currency and other | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension Plans, before Tax | 3 | 2 | (9) |
Funded status recognition, Unrecognized prior service cost/credit | (3) | (2) | 2 |
Cash Flow Hedges and Other | |||
Accumulated Other Comprehensive Income (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | (5) | 62 | (22) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Accumulated Other Comprehensive Income (Loss) | |||
Currency and other | (14) | (22) | (4) |
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (208) | $ 58 | $ (39) |
Leases and Commitments (Narrati
Leases and Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases and Commitments | ||
Lessee Operating Leases Remaining Contractual Terms | 95 years | |
Operating Leases, Options To Extend Lease Terms | 99 | |
Operating, Options To Terminate Lease Term | 1 | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 4% | |
Long-Term Contracts, Purchase Obligations Due in 2020 | $ 1,528 | |
Long-Term Contracts, Purchase Obligations Due in 2022 | 227 | |
Long-Term Contracts, Purchase Obligations Due in 2023 | 227 | |
Long-Term Contracts, Purchase Obligations Due in 2024 | 13 | |
Long-Term Contracts, Purchase Obligations Due Beyond 2024 | 18 | |
Long-Term Contracts, Purchase Obligations Due in 2021 | 1,029 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 37 | $ 32 |
Finance Lease, Weighted Average Remaining Lease Term | 7 years | |
Finance Lease, Weighted Average Discount Rate, Percent | 4% |
Leases and Commitments Operatin
Leases and Commitments Operating Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Finance Lease, Cost | $ 18 | $ 16 | $ 15 | |
Lease, Cost | 418 | 403 | 391 | |
Cost of Products Sold, Marketing, Research and General Expense | ||||
Operating Lease, Cost | 147 | 145 | 157 | |
Variable Lease, Cost | [1] | 253 | 242 | 219 |
Cost of Sales | ||||
Finance Lease, Right-of-Use Asset, Amortization | 16 | 15 | 13 | |
Interest Expense | ||||
Finance Lease, Interest Expense | $ 2 | $ 1 | $ 2 | |
[1]Includes short-term leases, which are immaterial. |
Leases and Commitments Operat_2
Leases and Commitments Operating Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Lease, Right-Of-Use Asset | $ 529 | $ 546 |
Lease, Right-Of-Use Asset | 529 | 546 |
Operating lease | 130 | 127 |
Other Liabilities [Member] | ||
Leases [Abstract] | ||
Lease, Liability | 547 | 564 |
Lease, Liability | 547 | 564 |
Long-term Debt [Member] | ||
Finance Lease, Liability, Noncurrent | $ 57 | 49 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt | |
Property, Plant and Equipment | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | $ 79 | 71 |
Other Current Liabilities | ||
Operating lease | $ 130 | 127 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | |
Finance Lease, Liability, Current | $ 14 | 11 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Debt payable within one year | |
Other Noncurrent Liabilities | ||
Operating Lease, Liability, Noncurrent | $ 346 | 377 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | |
Other Noncurrent Assets | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |
Operating Lease, Right-of-Use Asset | $ 450 | $ 475 |
Leases and Commitments Maturity
Leases and Commitments Maturity of Operating Lease Liabilities (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Due Year One | $ 145 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 128 |
Operating Leases, Future Minimum Payments, Due in Three Years | 110 |
Operating Leases, Future Minimum Payments, Due in Four Years | 64 |
Operating Leases, Future Minimum Payments, Due in Five Years | 27 |
Operating Leases, Future Minimum Payments, Due Thereafter | 45 |
Lessee, Operating Lease, Liability, Payments, Due | 519 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 43 |
Finance Lease, Liability, to be Paid, Year One | 16 |
Lessee Operating and Financing Lease Liability To Be Paid Year One | 161 |
Lessee Operating and Financing Lease Liability To Be Paid Year Two | 142 |
Finance Lease, Liability, to be Paid, Year Two | 14 |
Lessee Operating and Financing Lease Liability To Be Paid Year Three | 121 |
Finance Lease, Liability, to be Paid, Year Three | 11 |
Lessee Operating and Financing Lease Liability To Be Paid Year Four | 73 |
Finance Lease, Liability, to be Paid, Year Four | 9 |
Lessee Operating and Financing Lease Liability To Be Paid Year Five | 34 |
Finance Lease, Liability, to be Paid, Year Five | 7 |
Lessee Operating and Financing Lease Liability To Be Paid After Year Five | 70 |
Finance Lease, Liability, to be Paid, after Year Five | 25 |
Lessee Operating and Financing Lease Liability Payments Due | 601 |
Finance Lease, Liability, Payment, Due | 82 |
Finance Lease, Liability, Undiscounted Excess Amount | 10 |
Lessee Operating and Financing Lease Liability Undiscounted Excess Amount | 53 |
Finance Lease, Liability | 72 |
Operating and Finance Lease Liability | 548 |
Other Liabilities [Member] | |
Leases [Abstract] | |
Operating Lease, Liability | 476 |
Operating Lease, Liability | $ 476 |
Supplemental Information Relate
Supplemental Information Related Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating Lease, Payments | $ 147 | $ 148 | $ 155 |
Finance Lease, Principal Payments | 17 | 11 | 13 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 66 | 57 | 34 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 24 | 6 | 56 |
Right of Use Asset Obtained in Exchange for Operating Lease Liability Modifications | $ 39 | $ 72 | $ 61 |
Objectives and Strategies for_2
Objectives and Strategies for Using Derivatives (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | $ 43 | ||
Foreign Exchange Contract | Not Designated as Hedging Instrument | |||
Aggregate notional value | 2,800 | ||
Gains (Losses) on undesignated foreign exchange hedging instruments | 2 | $ (29) | $ (5) |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Derivative Assets | 70 | 99 | |
Derivative Liability | 259 | $ 318 | |
Net Investment Hedging | Foreign Exchange Contract | |||
Aggregate notional value | 1,600 | ||
Fair Value Hedging | Interest Rate Contract | |||
Aggregate notional value | 525 | ||
Long-term Debt, Fair Value | 482 | ||
Cash Flow Hedging | Foreign Exchange Contract | |||
Aggregate notional value | $ 3,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | |||
Provision for income taxes | $ 453 | $ 495 | $ 479 |
Undistributed earnings of foreign subsidiaries expected to be repatriated | 110 | 101 | |
Undistributed earnings of foreign subsidiaries | 7,200 | ||
Operating Loss Carryforwards, Valuation Allowance | 1,500 | ||
Income tax loss carryforwards, subject to expiration | 463 | ||
Remaining amount of loss carryforwards that has no expiration date | 1,000 | ||
Unrecognized tax benefits that would reduce our effective tax rate if recognized | 520 | ||
Total accrued penalties and net accrued interest | 45 | $ 35 | |
Aggregate resolution of uncertainties | 190 | ||
U.S. Tax Cuts and Jobs Act | |||
Income Taxes | |||
Undistributed earnings of foreign subsidiaries expected to be repatriated | 800 | ||
Undistributed earnings of foreign subsidiaries | 3,300 | ||
Undistributed earnings of foreign subsidiaries considered indefinitely reinvested | 2,500 | ||
Brazil Tax Matter [Member] | |||
Income Taxes | |||
Proposed Tax Adjustments and Penalties, Foreign Tax Authority | $ 50 |
Income Taxes (Analysis of the P
Income Taxes (Analysis of the Provision for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 370 | $ 248 | $ 179 |
State | 54 | 16 | 35 |
Other countries | 351 | 288 | 335 |
Total | 775 | 552 | 549 |
United States | (133) | (27) | (18) |
State | (28) | (1) | (1) |
Other countries | (161) | (29) | (51) |
Total | (322) | (57) | (70) |
Total provision for income taxes | $ 453 | $ 495 | $ 479 |
Income Taxes (Income before Inc
Income Taxes (Income before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 2,004 | $ 1,802 | $ 1,580 |
Other countries | 17 | 538 | 645 |
Total income before income taxes | $ 2,021 | $ 2,340 | $ 2,225 |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Tax Assets (Liabilities)) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Pension and other postretirement benefits | $ 182 | $ 179 |
Tax credits and loss carryforwards | 668 | 534 |
Deferred Tax Assets, Capitalized Research Costs | 224 | 118 |
Lease liability | 137 | 116 |
Deferred Tax Assets, Derivatives | 80 | 74 |
Other | 357 | 409 |
Deferred Tax Assets, Gross | 1,648 | 1,430 |
Valuation allowances | (302) | (299) |
Total deferred tax assets | 1,346 | 1,131 |
Property, plant and equipment, net | 943 | 940 |
Investments in subsidiaries | 110 | 101 |
Deferred Tax Liabilities, Goodwill | 80 | 76 |
Deferred Tax Liabilities, Intangible Assets | 12 | 153 |
Lease asset | 128 | 111 |
Other | 177 | 153 |
Total deferred tax liabilities | 1,450 | 1,534 |
Net deferred tax assets (liabilities) | $ (104) | $ (403) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Tax Provision) (Details) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Taxes | ||||
U.S. statutory rate applied to income before income taxes and equity interests | 21% | 21% | 21% | |
State income taxes, net of federal tax benefit | 1% | 0.50% | 1.20% | |
Routine tax incentives | (3.90%) | (3.50%) | (5.80%) | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 2.40% | 1.40% | 1.50% | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 1.10% | 2.40% | 2.40% | |
Valuation allowance | 2.80% | 1.30% | 2.40% | |
Effective Income Tax Reconciliation, Impairment of intangible assets, Percent | (1.40%) | 0% | 0% | |
Other - net | [1] | (0.60%) | (1.90%) | (1.20%) |
Effective income tax rate | 22.40% | 21.20% | 21.50% | |
[1]Other - net is composed of numerous items, none of which is greater than 1.05 percent of income before income taxes and equity interests. |
Income Taxes (Unrecognized Inco
Income Taxes (Unrecognized Income Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Balance at January 1 | $ 488 | $ 506 | $ 497 |
Gross increases for tax positions of prior years | 38 | 22 | 62 |
Gross decreases for tax positions of prior years | (13) | (38) | (37) |
Gross increases for tax positions of the current year | 109 | 36 | 42 |
Settlements | (26) | (21) | (39) |
Other | (8) | (17) | (19) |
Balance at December 31 | $ 588 | $ 488 | $ 506 |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Tax Examinations) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Examinations | As of December 31, 2023, the following tax years remain subject to examination for the major jurisdictions where we conduct business: Jurisdiction Years United States 2016 to 2023 United Kingdom 2021 to 2023 Brazil 2019 to 2023 China 2014 to 2023 South Korea 2020 to 2023 |
Minimum | United States | Domestic Tax Authority | |
Income Tax Examination | |
Income Tax Examination, Year under Examination | 2016 |
Minimum | United Kingdom | Foreign Tax Authority | |
Income Tax Examination | |
Income Tax Examination, Year under Examination | 2021 |
Minimum | Brazil | Foreign Tax Authority | |
Income Tax Examination | |
Income Tax Examination, Year under Examination | 2019 |
Minimum | China | Foreign Tax Authority | |
Income Tax Examination | |
Income Tax Examination, Year under Examination | 2014 |
Minimum | Korea (South), Won | Foreign Tax Authority | |
Income Tax Examination | |
Income Tax Examination, Year under Examination | 2020 |
Maximum | United States | Domestic Tax Authority | |
Income Tax Examination | |
Income Tax Examination, Year under Examination | 2023 |
Maximum | United Kingdom | Foreign Tax Authority | |
Income Tax Examination | |
Income Tax Examination, Year under Examination | 2023 |
Maximum | Brazil | Foreign Tax Authority | |
Income Tax Examination | |
Income Tax Examination, Year under Examination | 2023 |
Maximum | China | Foreign Tax Authority | |
Income Tax Examination | |
Income Tax Examination, Year under Examination | 2023 |
Maximum | Korea (South), Won | Foreign Tax Authority | |
Income Tax Examination | |
Income Tax Examination, Year under Examination | 2023 |
Earnings Per Share (Narratives)
Earnings Per Share (Narratives) (Details) - shares shares in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Earnings Per Share [Abstract] | |||
Common shares outstanding | 337 | 337.5 | 336.8 |
Earnings Per Share (Average Com
Earnings Per Share (Average Common shares Outstanding Basic and Diluted) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Basic | 337.8 | 337.4 | 337.3 |
Dilutive effect of stock options and restricted share unit awards | 1 | 0.9 | 1.5 |
Diluted | 338.8 | 338.3 | 338.8 |
Business Segment and Geograph_2
Business Segment and Geographic Data Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2021 | |
us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill - Softex, Thinx, Inc. - Before Tax | $ (658) | ||
Net Sales Percentage to One Customer | Customer Concentration Risk | Walmart Inc. | |||
Net sales to Walmart, percent | 13% | 14% |
Business Segment and Geograph_3
Business Segment and Geographic Data Information (Information Concerning Consolidated Operations by Business Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues | [1] | $ 20,431 | $ 20,175 | $ 19,440 | |
Depreciation and amortization | 753 | 754 | 766 | ||
Operating Profit | [2] | 2,344 | 2,681 | 2,561 | |
Other (income) expense, net | [2],[3] | 69 | (43) | 28 | |
Capital Spending | 766 | 876 | 1,007 | ||
Assets | 17,344 | 17,970 | 17,837 | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | (85) | 0 | ||
Thinx, Inc. | |||||
Business Combination, Acquisition Related Costs | $ 21 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ (85) | ||||
United States | |||||
Revenues | 10,362 | 9,848 | 9,285 | ||
Personal Care | |||||
Revenues | [1] | 10,691 | 10,622 | 10,267 | |
Depreciation and amortization | 387 | 375 | 355 | ||
Operating Profit | [2] | 1,890 | 1,787 | 1,856 | |
Capital Spending | 342 | 442 | 536 | ||
Assets | 7,999 | 9,086 | 8,890 | ||
Consumer Tissue | |||||
Revenues | [1] | 6,290 | 6,243 | 6,034 | |
Depreciation and amortization | 236 | 251 | 291 | ||
Operating Profit | [2] | 976 | 806 | 888 | |
Capital Spending | 285 | 280 | 303 | ||
Assets | 4,935 | 5,048 | 5,083 | ||
K-C Professional and Other | |||||
Revenues | [1] | 3,404 | 3,256 | 3,072 | |
Depreciation and amortization | 127 | 125 | 116 | ||
Operating Profit | [2] | 665 | 457 | 404 | |
Capital Spending | 123 | 142 | 157 | ||
Assets | 2,507 | 2,675 | 2,650 | ||
Corporate and Other | |||||
Revenues | [1] | 46 | 54 | 67 | |
Depreciation and amortization | 3 | 3 | 4 | ||
Operating Profit | [2],[4] | (1,118) | (412) | (559) | |
Capital Spending | 16 | 12 | 11 | ||
Assets | $ 1,903 | $ 1,161 | 1,214 | ||
2018 Global Restructuring Program | Personal Care | |||||
Restructuring Charges | 104 | ||||
2018 Global Restructuring Program | Consumer Tissue | |||||
Restructuring Charges | 118 | ||||
2018 Global Restructuring Program | K-C Professional and Other | |||||
Restructuring Charges | 40 | ||||
Corporate and Other | 2018 Global Restructuring Program | |||||
Restructuring Charges | $ 265 | ||||
[1] Net sales in the U.S. to third parties totaled $10,362, $9,848 and $9,285 in 2023, 2022 and 2021, respectively. No other individual country's net sales exceeds 10 percent of total net sales. |
Business Segment and Geograph_4
Business Segment and Geographic Data Information (Sales of Principal Products) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues | [1] | $ 20,431 | $ 20,175 | $ 19,440 |
Baby and Child Care Products | ||||
Revenues | 7,100 | 7,200 | 7,200 | |
Consumer Tissue Products | ||||
Revenues | 6,300 | 6,200 | 6,000 | |
Away from Home Professional Products | ||||
Revenues | 3,400 | 3,300 | 3,100 | |
All Other | ||||
Revenues | $ 3,600 | $ 3,500 | $ 3,100 | |
[1] Net sales in the U.S. to third parties totaled $10,362, $9,848 and $9,285 in 2023, 2022 and 2021, respectively. No other individual country's net sales exceeds 10 percent of total net sales. |
Supplemental Data (Narrative) (
Supplemental Data (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Supplemental Data | ||
Investments in Equity Companies | $ 306 | $ 238 |
Retained Earnings, Undistributed Earnings from Equity Method Investees | 1,100 | |
Property, Plant and Equipment, Net | 7,913 | 7,885 |
Supplier Finance Program, Obligation | 1,000 | 1,000 |
United States | ||
Supplemental Data | ||
Property, Plant and Equipment, Net | $ 4,356 | $ 4,273 |
Kimberly-Clark de Mexico, S.A.B. de C.V. and subsidiaries | ||
Supplemental Data | ||
Equity Method Investment, Ownership Percentage | 47.90% | |
Investments in Equity Companies | $ 244 | |
Equity Method Investments, Fair Value Disclosure | $ 3,000 |
Supplemental Data (Supplemental
Supplemental Data (Supplemental Income Statement Data) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Data | |||
Advertising expense | $ 1,075 | $ 901 | $ 893 |
Research expense | $ 312 | $ 292 | $ 269 |
Supplemental Data Supplemental
Supplemental Data Supplemental Data (Equity Method Investment Data) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating Profit | $ 683 | $ 438 | $ 398 | |
Corporation's Share of Net Income | 196 | 116 | 98 | |
Revenues | [1] | 20,431 | 20,175 | 19,440 |
Gross Profit | 7,032 | 6,219 | 5,988 | |
Net Income (Loss) Attributable to Parent | 1,764 | 1,934 | 1,814 | |
Stockholders' Equity Attributable to Parent | 915 | 547 | ||
Liabilities, Current | 6,930 | 7,334 | ||
Assets, Current | 5,703 | 5,729 | ||
Equity Method Investment, Summarized Financial Information, Revenue | ||||
Revenues | 3,135 | 2,690 | 2,501 | |
Equity Method Investment, Summarized Financial Information, Gross Profit | ||||
Gross Profit | 1,003 | 707 | 696 | |
Equity Method Investments, Summarized Financial Information, Net Income | ||||
Net Income (Loss) Attributable to Parent | 410 | 240 | 205 | |
Equity Method Investment, Summarized Financial Information, Current Assets | ||||
Assets, Current | 1,974 | 1,585 | 1,283 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | ||||
Assets, Noncurrent | 1,362 | 1,303 | 1,219 | |
Equity Method Investments, Summarized Financial Information, Current Liabilities | ||||
Liabilities, Current | 1,175 | 814 | 809 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | ||||
Liabilities, Noncurrent | 1,687 | 1,751 | 1,334 | |
Equity Method Investments, Summarized Financial Information, Stockholders' Equity | ||||
Stockholders' Equity Attributable to Parent | $ 474 | $ 323 | $ 360 | |
[1] Net sales in the U.S. to third parties totaled $10,362, $9,848 and $9,285 in 2023, 2022 and 2021, respectively. No other individual country's net sales exceeds 10 percent of total net sales. |
Supplemental Data (Summary of A
Supplemental Data (Summary of Accounts Receivable, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Supplemental Data (Millions of dollars) [Abstract] | ||
From customers | $ 2,063 | $ 2,155 |
Other | 150 | 189 |
Less allowance for doubtful accounts and sales discounts | (78) | (64) |
Total | $ 2,135 | $ 2,280 |
Supplemental Data (Summary of I
Supplemental Data (Summary of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory | ||
Raw materials | $ 413 | $ 572 |
Work in process | 211 | 246 |
Finished goods | 1,212 | 1,388 |
Supplies and other | 311 | 302 |
Gross inventories | 2,147 | 2,508 |
Excess of FIFO or weighted-average cost over LIFO cost | (192) | (239) |
Total | 1,955 | 2,269 |
LIFO | ||
Inventory | ||
Raw materials | 121 | 147 |
Work in process | 116 | 139 |
Finished goods | 520 | 518 |
Supplies and other | 0 | 0 |
Gross inventories | 757 | 804 |
Excess of FIFO or weighted-average cost over LIFO cost | (192) | (239) |
Total | 565 | 565 |
Non- LIFO | ||
Inventory | ||
Raw materials | 292 | 425 |
Work in process | 95 | 107 |
Finished goods | 692 | 870 |
Supplies and other | 311 | 302 |
Gross inventories | 1,390 | 1,704 |
Excess of FIFO or weighted-average cost over LIFO cost | 0 | 0 |
Total | $ 1,390 | $ 1,704 |
Supplemental Data (Summary of P
Supplemental Data (Summary of Property, Plant and Equipment, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Supplemental Data | ||
Land | $ 149 | $ 156 |
Buildings | 3,067 | 3,062 |
Machinery and equipment | 15,132 | 14,655 |
Construction in progress | 803 | 676 |
Total before accumulated depreciation | 19,151 | 18,549 |
Less accumulated depreciation | (11,238) | (10,664) |
Total | $ 7,913 | $ 7,885 |
Supplemental Data (Summary of_2
Supplemental Data (Summary of Accrued Expenses) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Supplemental Data | ||
Accrued advertising and promotion | $ 524 | $ 455 |
Accrued salaries and wages | 518 | 421 |
Accrued rebates | 268 | 285 |
Accrued taxes - income and other | 294 | 318 |
Operating lease | 130 | 127 |
Accrued interest | 88 | 82 |
Derivative Liability, Current | 139 | 200 |
Other | 355 | 401 |
Total | 2,316 | 2,289 |
Operating lease | 130 | 127 |
Other Current Liabilities | ||
Supplemental Data | ||
Operating lease | 130 | 127 |
Operating lease | $ 130 | $ 127 |
Supplemental Data (Summary of C
Supplemental Data (Summary of Cash Flow Effects of Decrease (Increase) in Operating Working Capital) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts receivable | $ 127 | $ (151) | $ (37) |
Inventories | 290 | (76) | (417) |
Trade accounts payable | (109) | 109 | 627 |
Accrued expenses | 125 | 92 | (124) |
Accrued income taxes | 122 | 20 | (4) |
Derivatives | (15) | 9 | 30 |
Currency and other | 42 | (20) | (29) |
Total | $ 582 | $ (17) | $ 46 |
Supplemental Data (Other Cash F
Supplemental Data (Other Cash Flow Data and Interest Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Data | |||
Income Taxes Paid | $ 648 | $ 468 | $ 492 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 277 | $ 270 | $ 243 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Schedule of Valuation and Qualifying Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Allowance for Doubtful Accounts | ||||
Movement in Valuation Allowances and Reserves | ||||
Balance at Beginning of Period | $ 47 | $ 40 | $ 34 | |
Charged to Costs and Expenses | 15 | 14 | 12 | |
Charged to Other Accounts | [1] | 3 | (3) | (4) |
Deductions | [2] | 6 | 4 | 2 |
Balance at End of Period | 59 | 47 | 40 | |
Allowances for Sales Discounts | ||||
Movement in Valuation Allowances and Reserves | ||||
Balance at Beginning of Period | 17 | 15 | 16 | |
Charged to Costs and Expenses | 248 | 239 | 225 | |
Charged to Other Accounts | [1] | (4) | (3) | (2) |
Deductions | [3] | 242 | 234 | 224 |
Balance at End of Period | 19 | 17 | 15 | |
Deferred Taxes | ||||
Movement in Valuation Allowances and Reserves | ||||
Balance at Beginning of Period | 299 | 279 | 272 | |
Charged to Costs and Expenses | 46 | 37 | 12 | |
Charged to Other Accounts | 0 | 0 | 0 | |
Deductions | [4] | 43 | 17 | 5 |
Balance at End of Period | $ 302 | $ 299 | $ 279 | |
[1] Includes bad debt recoveries and the effects of changes in foreign currency exchange rates. Primarily uncollectible receivables written off. Sales discounts allowed. Represents the net currency effects of translating valuation allowances at current rates of exchange and benefits recognized to Other Comprehensive Income. |
Uncategorized Items - kmb-20231
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 303,000,000 |