0000055785FALSE00000557852023-07-252023-07-250000055785us-gaap:CommonStockMember2023-07-252023-07-250000055785pre:A0.625NotesDue2024Member2023-07-252023-07-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: July 25, 2023
(Date of earliest event reported)
kclogoa24.jpg
KIMBERLY-CLARK CORPORATION
(Exact name of registrant as specified in its charter)
Delaware1-22539-0394230
(State or other jurisdiction of incorporation)(Commission file number)(I.R.S. Employer Identification No.)
P.O. Box 619100
Dallas, TX
75261-9100
(Address of principal executive offices)
(Zip code)

Registrant’s telephone number, including area code: (972) 281-1200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockKMBNew York Stock Exchange
0.625% Notes due 2024KMB24New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

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




Item 2.02    Results of Operations and Financial Condition.

Attached and incorporated herein by reference as Exhibit 99.1 is a copy of the press release of Kimberly-Clark Corporation (the "Corporation"), dated July 25, 2023 reporting the Corporation’s results of operations for the period ended June 30, 2023.

The information, including exhibits attached hereto, in Item 2.02 of this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

Item 9.01    Financial Statements and Exhibits.

(a)Exhibits.

101    Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104    The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
KIMBERLY-CLARK CORPORATION
Date: July 25, 2023By:/s/ Andrew S. Drexler
Andrew S. Drexler
Vice President and Controller





Exhibit 99.1
image_0a.jpg
Kimberly-Clark Announces Second Quarter 2023 Results
Net sales up 1 percent, organic sales grew 5 percent
Revenue Growth Management program and productivity drove continued margin recovery
Company raises 2023 outlook


DALLAS, July 25, 2023 - Kimberly-Clark Corporation (NYSE: KMB) today reported second quarter 2023 results. Comparisons are made versus the prior year period, unless otherwise noted.
“We delivered another quarter of strong organic sales growth and gross margin expansion." said Chairman and CEO Mike Hsu. “Our growth strategy is working, and given the strength of our first-half results, we’re raising our full-year outlook."
Hsu added, "Continued improvement in gross margin positions us well to invest in superior brand value propositions, including innovation and digital leadership, which will help grow our market shares over time and deliver balanced and sustainable growth for long-term shareholder value."
Quarter Highlights
Delivered net sales of $5.1 billion, up 1 percent, with organic sales growth of 5 percent.
Gross margin was 33.7 percent, up 350 basis points; adjusted gross margin was 34.0 percent, up 380 basis points versus the prior year, driven by favorable net revenue realization and productivity, offsetting inflation.
Diluted earnings per share were $0.30, primarily driven by $1.36 per share in non-cash charges for the impairment of intangible assets; on an adjusted basis, earnings per share were $1.65.
Raised 2023 outlook for organic growth to 3% - 5%, and for adjusted earnings per share growth of 10% - 14%, with adjusted operating margin up 150 basis points at the midpoint versus last year.
Strategic Highlights
Completed the sale of its Brazil tissue assets in June.
Launched Huggies' new marketing campaign, Baby Butts, celebrating Huggies' unique design protection for babies on the move.
Received top honors at the Cannes Lion festival for two brand campaigns in Latin America: The Story of Lea Campos by Intimus, which honors one of the first female football referees in Brazil and #NormalicemosLoNormal by Kotex, which fights menstrual stigma.
Published Global 2022 Sustainability Report, which highlights the company's progress toward its 2030 ambitions, with the goal of improving the lives of 1 billion people in underserved and vulnerable


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communities while driving product innovation, human capital initiatives and reducing its environmental footprint.
Recognized in Australia as one of the 2023 Most Sustainable Companies for the successful launch of The Nappy Loop, the first recycling program of its kind.
Recognized by U.S. News and World Report for being one of the Best Places to Work in the U.S.
Second Quarter 2023 Results
Second-quarter sales of $5.1 billion increased 1 percent, with organic sales up 5 percent, driven by a 9 percent increase in price and favorable product mix from ongoing revenue growth management programs, offset by a 3 percent decrease in volume. Changes in foreign currency exchange rates decreased sales by approximately 4 percent.
In North America, organic sales increased 6 percent over last year, including increases of 1 percent in Personal Care, 7 percent in Consumer Tissue and 17 percent in K-C Professional.
Outside North America, organic sales were up 6 percent in developing and emerging (D&E) markets and 4 percent in developed markets (Australia, South Korea and Western/Central Europe).
Gross margin improved by 350 bps to 33.7 percent and adjusted gross margin improved by 380 basis points to 34.0 percent, with higher net revenue realization and cost savings offsetting higher input costs of $30 million.
Second-quarter operating profit was $113 million compared to $621 million last year, resulting in an operating margin of 2.2 percent. Higher gross margin and the net benefit related to the sale of the Brazil tissue and KC-Professional business were offset by non-cash impairment charges on intangible assets primarily related to the company's Indonesia business, and higher marketing, research and general expenses.
On an adjusted basis, operating profit increased by 17 percent, driven by higher gross profit including $80 million in FORCE (Focus on Reducing Costs Everywhere) savings, offset by planned marketing, research and general expenses. Inflation increased input costs by $30 million this quarter. Unfavorable currency effects impacted operating profit by $100 million during the quarter. Adjusted operating margin of 14.2 percent increased 190 basis points over last year.
Net interest expense was $67 million, in line with prior year.
Second-quarter effective tax rate was driven by a net benefit from income taxes of $32 million. On an adjusted basis, the effective rate in the second quarter was 20.5 percent, below 22.0 percent prior year, due to benefits of certain tax planning initiatives.
Net income of equity companies was $50 million compared to $29 million last year driven by Kimberly-Clark de Mexico.
Diluted EPS decreased 77 percent to $0.30 on a reported basis, largely driven by non-cash charges related to impairment of intangible assets. On an adjusted basis, EPS increased 23 percent to $1.65, driven primarily by the


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17 percent increase in adjusted operating profit, in addition to gains in equity income and lower income taxes than the same period last year.
Year-To-Date Results
For the first six months of the year, sales of $10.3 billion increased 2 percent, with organic sales up 5 percent, driven by a 10 percent increase in price and favorable product mix from ongoing revenue growth management programs offset by a 4 percent decrease in volume. Changes in foreign currency exchange rates decreased sales by approximately 4 percent.
Gross margin improved by 350 basis points to 33.5 percent, and adjusted gross margin improved by 360 basis points to 33.6 percent with higher net revenue realization and cost savings offsetting higher input costs of $190 million.
Year-to-date operating profit was $900 million in 2023 and $1.3 billion in 2022. Results included non-cash impairment charges on intangible assets primarily related to the company's business in Indonesia, higher marketing, research and general expenses, offset by the net benefit from the Brazil divestiture in the second quarter 2023.
Year-to-date adjusted operating profit was $1.5 billion in 2023 and $1.3 billion in 2022. The increase in organic sales and FORCE savings was partially offset by higher input costs, marketing, research and general expenses, and unfavorable impact from foreign currency.
Through the last six months, diluted earnings per share were $1.97 in 2023 compared to $2.84 last year. Year-to-date adjusted earnings per share were $3.32 compared to $2.69 last year.


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Business Segment Net Sales Results
Q2 change vs year ago (%)VolumePriceMix/Other
Exited Business(a)
Currency
Total(b)
Organic(c)
Personal Care(3)61(5)(1)4
North America(3)3(1)1
D&E Markets(3)102(11)(2)9
Developed Markets(6)81(6)(2)4
Consumer Tissue(4)8(1)(2)14
North America2677
D&E Markets(11)9(5)(4)(11)(1)
Developed Markets(9)10(3)(2)1
KC Professional(3)142(2)1113
North America3141(1)1617
D&E Markets(7)102(7)(1)6
Developed Markets(14)184(3)69
Consolidated(3)81(4)15

YTD change vs year ago (%)VolumePriceMix/Other
Acquisition/Exited Business(a)
Currency
Total(b)
Organic(c)
Personal Care(4)71(5)(1)3
North America(2)31(1)11
D&E Markets(7)102(9)(3)6
Developed Markets(5)81(6)(2)4
Consumer Tissue(4)9(1)(2)35
North America(1)766
D&E Markets(10)11(3)(4)(5)2
Developed Markets(6)14(5)27
KC Professional(5)151(3)1012
North America15(1)1415
D&E Markets(6)102(6)6
Developed Markets(15)224(5)611
Consolidated(4)91(4)25
(a)     Impact of the acquisition of Thinx Inc. and sale of Brazil tissue and K-C Professional business.
(b)     Total may not equal the sum of volume, net price, mix/other, acquisition and currency due to rounding and excludes intergeographic sales.
(c)     Combined impact of changes in volume, net price and mix/other.


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Personal Care Segment
Personal Care sales of $2.7 billion decreased 1 percent, while organic sales increased 4 percent, driven by price and mix, partially offset by lower volume. Successful revenue growth management and commercial execution contributed to favorable trends in net revenue realization.
Second-quarter operating profit of $472 million increased 1 percent, with organic growth and cost savings partially offset by input-cost inflation, higher marketing, research and general expenses, and an unfavorable impact from foreign currency.
Consumer Tissue Segment
Consumer Tissue sales of $1.5 billion increased 1 percent, including organic growth of 4 percent, with gains from price partially offset by volume. Organic growth of 7 percent in North America led the increase, with gains in both price and volume. Successful revenue growth management and improving service levels contributed to top-line growth.
Second-quarter operating profit of $200 million increased 12 percent, with organic growth and cost savings partially offset by input-cost inflation, higher other manufacturing costs and higher marketing, research and general expenses.
K-C Professional (KCP) Segment
KCP sales of $887 million increased 11 percent, including organic growth of 13 percent, driven by price and mix partially offset by volume. The segment increased across key categories and regions, led by North America which had gains in both revenue growth management and volumes.
Second-quarter operating profit of $187 million increased 120 percent, driven by continued focus on profitable growth and cost discipline.
Cash Flow and Balance Sheet
Year-to-date cash provided by operations was $1.4 billion compared to $944 million last year. Year-to-date capital spending was $389 million compared to $470 million last year. The company completed share repurchases of 485 thousand shares at a cost of $65 million during the first half of the year. Total debt was $8.1 billion as of June 30, 2023 compared to $8.4 billion at the end of 2022.



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2023 Outlook
The company updated its full year expectations for 2023 as summarized below.
MetricPreviousCurrent
Organic sales2% - 4%3% - 5%
FX impact(a) on net sales
(2)%(2)%
Acquisition/Divestiture impact on net sales-~(1)%
Net sales0% - 2%0% - 2%
Input cost impact on operating profit ($ million)$(100) - $(200)~$(100)
Operating marginup 130 bpsup 150 bps
FX impact(b) on operating profit ($ million)
$(300) - $(400)$(300) - $(400)
Effective tax rate23% - 25%23% - 25%
Income from equity companiesup vs. prior yearup vs. prior year
Adjusted EPS vs. last year6% - 10%10% - 14%
Share repurchases ($ million)$100 - $150$100 - $150
(a)     Currency translation only
(b)     Currency transaction and translation impacts
This outlook reflects assumptions subject to change given the macro environment and does not include the impact of impairment charges, net benefit from sale of Brazil tissue and professional business and pension settlements.
Supplemental Materials and Live Webcast
Supplemental materials will be available at 7:00 a.m. Central Time in the Investor Relations section of www.kimberly-clark.com. The company will host a live earnings webcast with investors and analysts on July 25, 2023 at 7:30 a.m. Central Time.
About Kimberly-Clark
Kimberly-Clark (NYSE: KMB) and its trusted brands are an indispensable part of life for people in more than 175 countries. Fueled by ingenuity, creativity, and an understanding of people’s most essential needs, we create products that help individuals experience more of what’s important to them. Our portfolio of brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, GoodNites, Intimus, Plenitud, Sweety, Softex, Viva and WypAll, hold No. 1 or No. 2 share positions in approximately 80 countries. We use sustainable practices that support a healthy planet, build strong communities, and ensure our business thrives for decades to come. We are proud to be recognized as one of the World’s Most Ethical Companies(R) by Ethisphere for the fifth year in a row. To keep up with the latest news and to learn more about the company's 150-year history of innovation, visit kimberly-clark.com.
Copies of Kimberly-Clark's Annual Report to Stockholders and its proxy statements and other SEC filings, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, are made available free of charge on the company's website on the same day they are filed with the SEC. To view these filings, visit the Investors section of the company's website.


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Forward Looking Statements
Certain matters contained in this news release concerning the outlook, anticipated financial and operating results, raw material, energy and other input costs, anticipated currency rates and exchange risks, including in Argentina and Turkey, net income from equity companies, sources and uses of cash, the effective tax rate, the anticipated cost savings from the company’s FORCE program, growth initiatives, product innovations, contingencies and anticipated transactions of the company constitute forward-looking statements and are based upon management's expectations and beliefs concerning future events impacting the company. In addition, many factors outside our control, including the war in Ukraine (including the related responses of consumers, customers and suppliers as well as sanctions issued by the U.S., the European Union, Russia or other countries), pandemics (including the ongoing COVID-19 outbreak and the related responses of governments, consumers, customers, suppliers and employees), epidemics, fluctuations in foreign currency exchange rates, prices and availability of our raw materials, supply chain disruptions, disruptions in the capital and credit markets, counterparty defaults (including customers, suppliers and financial institutions with which we do business), failure to realize the expected benefits or synergies from our acquisition and disposition activity, impairment of goodwill and intangible assets and our projections of operating results and other factors that may affect our impairment testing, changes in customer preferences, severe weather conditions, government trade or similar regulatory actions, potential competitive pressures on selling prices for our products, energy costs, our ability to maintain key customer relationships, as well as general economic and political conditions globally and in the markets in which we do business, could affect the realization of these estimates.
There can be no assurance that these future events will occur as anticipated or that the company's results will be as estimated. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them. For a description of certain factors that could cause the company's future results to differ from those expressed in any such forward-looking statements, see Item 1A entitled “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Non-GAAP Financial Measures
This news release and the accompanying tables include the following financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S., or GAAP, and are therefore referred to as non-GAAP financial measures:
Adjusted earnings and earnings per share
Adjusted gross and operating profit
Adjusted effective tax rate
These non-GAAP financial measures exclude the following items for the relevant time periods as indicated in the accompanying non-GAAP reconciliation tables:
Sale of Brazil tissue and K-C Professional business. In the second quarter of 2023, we recognized a net benefit related to the sale of our Brazil tissue and K-C Professional business.


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Impairment of intangible assets. In the second quarter of 2023, we recognized non-cash charges related to the impairment of certain intangible assets related to Softex Indonesia and Thinx.
Pension settlements. In the second quarter of 2022 and 2023, we recognized pension settlement charges related to lump-sum distributions from pension plan assets exceeding the total of annual service and interest costs resulting in a recognition of deferred actuarial losses.
Acquisition of controlling interest in Thinx. In the first quarter of 2022, the company completed the acquisition of a majority and controlling share of Thinx. As a result of this transaction, a net benefit was recognized primarily due to the nonrecurring, non-cash gain recognized related to the remeasurement of the carrying value of previously held equity investment to fair value partially offset by transaction and integration costs.
The company provides these non-GAAP financial measures as supplemental information to our GAAP financial measures. Management and the company's Board of Directors use adjusted earnings, adjusted earnings per share and adjusted gross and operating profit to (a) evaluate the company's historical and prospective financial performance and its performance relative to its competitors, (b) allocate resources and (c) measure the operational performance of the company's business units and their managers. Management also believes that the use of an adjusted effective tax rate provides improved insight into the tax effects of our ongoing business operations.
Additionally, the Management Development and Compensation Committee of the company's Board of Directors has used certain of the non-GAAP financial measures when setting and assessing achievement of incentive compensation goals. These goals are based, in part, on the company's adjusted earnings per share.
This news release includes information regarding organic sales growth, which describes the impact of changes in volume, net selling prices and product mix on net sales. Changes in foreign currency exchange rates, acquisitions and exited businesses also impact the year-over-year change in net sales.


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KIMBERLY-CLARK CORPORATION
CONSOLIDATED INCOME STATEMENTS
(Millions, except per share amounts)

Three Months Ended June 30
 20232022Change
Net Sales$5,134 $5,063 +1 %
Cost of products sold3,403 3,534 -4 %
Gross Profit1,731 1,529 +13 %
Marketing, research and general expenses1,015 906 +12 %
Impairment of intangible assets658 — N.M.
Other (income) and expense, net(55)N.M.
Operating Profit113 621 -82 %
Nonoperating expense(42)(27)+56 %
Interest income9 +800 %
Interest expense(76)(68)+12 %
Income Before Income Taxes and Equity Interests4 527 -99 %
(Provision for) benefit from income taxes32 (115)N.M.
Income Before Equity Interests36 412 -91 %
Share of net income of equity companies50 29 +72 %
Net Income86 441 -80 %
Net (income) loss attributable to noncontrolling interests16 (4)N.M.
Net Income Attributable to Kimberly-Clark Corporation$102 $437 -77 %
Per Share Basis
Net Income Attributable to Kimberly-Clark Corporation
Basic$0.30 $1.30 -77 %
Diluted$0.30 $1.29 -77 %
Cash Dividends Declared$1.18 $1.16 +2 %
Common Shares OutstandingJune 30
20232022
Outstanding shares as of338.2 337.6 
Average diluted shares for three months ended338.9 338.3 













Unaudited
N.M. - Not Meaningful


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KIMBERLY-CLARK CORPORATION
CONSOLIDATED INCOME STATEMENTS
(Millions, except per share amounts)

Six Months Ended June 30
 20232022Change
Net Sales$10,329 $10,158 +2 %
Cost of products sold6,872 7,109 -3 %
Gross Profit3,457 3,049 +13 %
Marketing, research and general expenses1,939 1,792 +8 %
Impairment of intangible assets658 — N.M.
Other (income) and expense, net(40)(57)-30 %
Operating Profit900 1,314 -32 %
Nonoperating expense(58)(31)+87 %
Interest income16 +433 %
Interest expense(149)(133)+12 %
Income Before Income Taxes and Equity Interests709 1,153 -39 %
Provision for income taxes(141)(229)-38 %
Income Before Equity Interests568 924 -39 %
Share of net income of equity companies93 52 +79 %
Net Income661 976 -32 %
Net (income) loss attributable to noncontrolling interests7 (16)N.M.
Net Income Attributable to Kimberly-Clark Corporation$668 $960 -30 %
Per Share Basis
Net Income Attributable to Kimberly-Clark Corporation
Basic$1.98 $2.85 -31 %
Diluted$1.97 $2.84 -31 %
Cash Dividends Declared$2.36 $2.32 +2 %
Common Shares OutstandingJune 30
20232022
Average diluted shares for six months ended338.7 338.3 













Unaudited
N.M. - Not Meaningful



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KIMBERLY-CLARK CORPORATION
NON-GAAP RECONCILIATIONS
(Millions, except per share amounts)

Three Months Ended June 30, 2023
As
Reported
Sale of Brazil Tissue and
K-C Professional Business
Impairment of Intangible AssetsPension SettlementsAs
Adjusted
Non-GAAP
Cost of products sold$3,403 $15 $ $ $3,388 
Gross Profit1,731 (15)  1,746 
Marketing, research and general expenses1,015 15   1,000 
Impairment of intangible assets658  658   
Other (income) and expense, net(55)(74)  19 
Operating Profit113 44 (658) 727 
Nonoperating expense(42)  (27)(15)
(Provision for) benefit from income taxes32 (18)175 7 (132)
Effective tax rateN.M.   20.5 %
Net (income) loss attributable to noncontrolling interests16  20  (4)
Net Income Attributable to Kimberly-Clark
  Corporation
102 26 (463)(20)559 
Diluted Earnings per Share(a)
0.30 0.08 (1.36)(0.06)1.65 

Three Months Ended June 30, 2022
As
Reported
Pension SettlementsAs
Adjusted
Non-GAAP
Nonoperating expense$(27)$(24)$(3)
Provision for income taxes(115)(121)
Effective tax rate21.8 %— 22.0 %
Net Income Attributable to Kimberly-Clark Corporation437 (18)455 
Diluted Earnings per Share(a)
1.29 (0.05)1.34 
(a)"As Adjusted Non-GAAP" may not equal "As Reported" plus "Adjustments" as a result of rounding.
N.M. - Not Meaningful














Unaudited



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KIMBERLY-CLARK CORPORATION
NON-GAAP RECONCILIATIONS
(Millions, except per share amounts)

Six Months Ended June 30, 2023
As
Reported
Sale of Brazil Tissue and
K-C Professional Business
Impairment of Intangible AssetsPension SettlementsAs
Adjusted
Non-GAAP
Cost of products sold$6,872 $15 $ $ $6,857 
Gross Profit3,457 (15)  3,472 
Marketing, research and general expenses1,939 15   1,924 
Impairment of intangible assets658  658   
Other (income) and expense, net(40)(74)  34 
Operating Profit900 44 (658) 1,514 
Nonoperating expense(58)  (27)(31)
Provision for income taxes(141)(18)175 7 (305)
Effective tax rate19.9 %   22.6 %
Net (income) loss attributable to noncontrolling interests7  20  (13)
Net Income Attributable to Kimberly-Clark
  Corporation
668 26 (463)(20)1,125 
Diluted Earnings per Share(a)
1.97 0.08 (1.36)(0.06)3.32 

Six Months Ended June 30, 2022
As
Reported
Acquisition of Controlling Interest in ThinxPension SettlementsAs
Adjusted
Non-GAAP
Marketing, research and general expenses$1,792 $21 $— $1,771 
Other (income) and expense, net(57)(85)— 28 
Operating Profit1,314 64 — 1,250 
Nonoperating expense(31)— (24)(7)
Provision for income taxes(229)(239)
Effective tax rate19.9 %— — 21.5 %
Net Income Attributable to Kimberly-Clark Corporation960 68 (18)910 
Diluted Earnings per Share(a)
2.84 0.20 (0.05)2.69 
(a)"As Adjusted Non-GAAP" may not equal "As Reported" plus "Adjustments" as a result of rounding.

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




Unaudited



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KIMBERLY-CLARK CORPORATION
CONSOLIDATED BALANCE SHEETS
(Millions)

June 30, 2023December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents$580 $427 
Accounts receivable, net2,359 2,280 
Inventories2,128 2,269 
Other current assets677 753 
Total Current Assets5,744 5,729 
Property, Plant and Equipment, Net7,815 7,885 
Investments in Equity Companies299 238 
Goodwill2,086 2,074 
Other Intangible Assets, Net208 851 
Other Assets1,231 1,193 
TOTAL ASSETS$17,383 $17,970 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Debt payable within one year$188 $844 
Trade accounts payable3,713 3,813 
Accrued expenses and other current liabilities2,302 2,289 
Dividends payable395 388 
Total Current Liabilities6,598 7,334 
Long-Term Debt7,947 7,578 
Noncurrent Employee Benefits639 654 
Deferred Income Taxes490 647 
Other Liabilities848 799 
Redeemable Common and Preferred Securities of Subsidiaries210 258 
Stockholders' Equity
Kimberly-Clark Corporation500 547 
Noncontrolling Interests151 153 
Total Stockholders' Equity651 700 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $17,383 $17,970 












2023 Data is Unaudited



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KIMBERLY-CLARK CORPORATION
CONSOLIDATED CASH FLOW STATEMENTS
(Millions)

Six Months Ended June 30
20232022
Operating Activities
Net income$661 $976 
Depreciation and amortization377 380 
Asset impairments676 — 
Gain on previously held equity investment in Thinx (85)
Stock-based compensation71 68 
Deferred income taxes(238)(35)
Net (gains) losses on asset and business dispositions(71)13 
Equity companies' earnings (in excess of) less than dividends paid(60)(21)
Operating working capital(35)(348)
Postretirement benefits26 (1)
Other(7)(3)
Cash Provided by Operations1,400 944 
Investing Activities
Capital spending(389)(470)
Acquisition of business, net of cash acquired (46)
Proceeds from asset and business dispositions218 
Investments in time deposits(388)(300)
Maturities of time deposits470 545 
Other14 (7)
Cash Used for Investing(75)(277)
Financing Activities
Cash dividends paid(790)(775)
Change in short-term debt(307)553 
Debt proceeds357 — 
Debt repayments(350)(300)
Proceeds from exercise of stock options96 75 
Acquisitions of common stock for the treasury(63)(49)
Cash paid for redemption of common securities of Thinx(48)— 
Cash dividends paid to noncontrolling interests(16)(82)
Other(31)(42)
Cash Used for Financing(1,152)(620)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
(20)(6)
Change in Cash and Cash Equivalents153 41 
Cash and Cash Equivalents - Beginning of Period427 270 
Cash and Cash Equivalents - End of Period$580 $311 





Unaudited



-15-
KIMBERLY-CLARK CORPORATION
SELECTED BUSINESS SEGMENT DATA
(Millions)

Three Months Ended June 30Six Months Ended June 30
 20232022Change20232022Change
NET SALES
Personal Care$2,685 $2,710 -1 %$5,389 $5,439 -1 %
Consumer Tissue1,549 1,537 +1 %3,183 3,105 +3 %
K-C Professional887 802 +11 %1,734 1,582 +10 %
Corporate & Other13 14 N.M.23 32 N.M.
TOTAL NET SALES$5,134 $5,063 +1 %$10,329 $10,158 +2 %
OPERATING PROFIT
Personal Care$472 $466 +1 %$959 $941 +2 %
Consumer Tissue200 178 +12 %440 349 +26 %
K-C Professional187 85 +120 %346 175 +98 %
Corporate & Other(a)
(801)(106)N.M.(885)(208)N.M.
Other (income) and expense, net(a)
(55)N.M.(40)(57)-30 %
TOTAL OPERATING PROFIT$113 $621 -82 %$900 $1,314 -32 %
(a)Corporate & Other and Other (income) and expense, net include income and expense not associated with the business segments, including adjustments as indicated in the Non-GAAP Reconciliations.























Unaudited
N.M. - Not Meaningful




-16-
KIMBERLY-CLARK CORPORATION
NON-GAAP RECONCILIATIONS
OUTLOOK FOR 2023




ESTIMATED FULL YEAR 2023 DILUTED EARNINGS PER SHARE VS. PRIOR YEAREstimated Range
Adjusted diluted earnings per share vs. prior year10 %-14 %
Impact from:
Sale of Brazil tissue and K-C Professional business%-%
Impairment of intangible assets(24)%-(24)%
Pension settlements(2)%-(1)%
Diluted earnings per share vs. prior year(15)%-(10)%




































Investor Relations contact: Christina Cheng, KC.InvestorRelations@kcc.com
Media Relations contact: David Kellis, media.relations@kcc.com

[KMB-F]
###


v3.23.2
Cover Page Cover Page
Jul. 25, 2023
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jul. 25, 2023
Entity Registrant Name KIMBERLY-CLARK CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 1-225
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000055785
Amendment Flag false
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock
Trading Symbol KMB
Security Exchange Name NYSE
0.625% Notes Due 2024  
Entity Information [Line Items]  
Title of 12(b) Security 0.625% Notes due 2024
Trading Symbol KMB24
Security Exchange Name NYSE

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