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<SEC-DOCUMENT>0000055785-02-000047.txt : 20021107
<SEC-HEADER>0000055785-02-000047.hdr.sgml : 20021107
<ACCEPTANCE-DATETIME>20021107162159
ACCESSION NUMBER:		0000055785-02-000047
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20020930
FILED AS OF DATE:		20021107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KIMBERLY CLARK CORP
		CENTRAL INDEX KEY:			0000055785
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPER MILLS [2621]
		IRS NUMBER:				390394230
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00225
		FILM NUMBER:		02812740

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 619100
		STREET 2:		DFW AIRPORT STATION
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75261-9100
		BUSINESS PHONE:		9722811200

	MAIL ADDRESS:	
		STREET 1:		351 PHELPS DRIVE
		CITY:			IRVING
		STATE:			TX
		ZIP:			75038
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>q10q0302.txt
<DESCRIPTION>10-Q
<TEXT>
                                   FORM 10-Q


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

(Mark  One)

[X]          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2002

                                      OR

[ ]          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

For the transition period from ..... to .....

Commission file number 1-225

                          KIMBERLY-CLARK CORPORATION
            (Exact name of registrant as specified in its charter)

                DELAWARE                                      39-0394230
     (State or other jurisdiction of                       (I.R.S. Employer
     incorporation or organization)                       Identification No.)


                                P. O. BOX 619100
                                 DALLAS, TEXAS
                                  75261-9100
                   (Address of principal executive offices)
                                  (Zip Code)

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

                                   No change
   (Former name, former address and former fiscal year, if changed since last
                                    report)


Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes  X .  No   .
    ---     ---

AS OF NOVEMBER 4, 2002, THERE WERE 514,346,580 SHARES OF THE CORPORATION'S
COMMON STOCK OUTSTANDING.

<PAGE>

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

CONSOLIDATED INCOME STATEMENT
KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

<TABLE>
<CAPTION>

                                                            Third Quarter Ended        Nine Months Ended
                                                               September 30              September 30
                                                           ---------------------     ----------------------
(Millions of dollars except per share amounts)               2002         2001         2002          2001
- -----------------------------------------------------------------------------------------------------------

<S>                                                        <C>          <C>          <C>           <C>
NET SALES ...............................................  $3,486.7     $3,373.7     $10,226.5     $9,942.2
  Cost of products sold .................................   2,246.5      2,162.7       6,531.1      6,419.7
                                                           --------     --------     ---------     --------

GROSS PROFIT ............................................   1,240.2      1,211.0       3,695.4      3,522.5
  Marketing, research and general expenses ..............     579.1        541.8       1,732.6      1,577.1
  Goodwill amortization .................................         -         22.7             -         67.0
  Other (income) expense, net ...........................      16.3         17.4          28.8         27.6
                                                           --------     --------     ---------     --------

OPERATING PROFIT ........................................     644.8        629.1       1,934.0      1,850.8
  Interest income .......................................       3.6          4.1          10.8         12.8
  Interest expense ......................................     (45.1)       (46.5)       (136.9)      (145.4)
                                                           --------     --------     ---------     --------

INCOME BEFORE INCOME TAXES ..............................     603.3        586.7       1,807.9      1,718.2
  Provision for income taxes ............................     176.4        173.7         524.7        512.9
                                                           --------     --------     ---------     --------

INCOME BEFORE EQUITY INTERESTS ..........................     426.9        413.0       1,283.2      1,205.3
  Share of net income of equity companies ...............      28.1         30.2          82.0        122.3
  Minority owners' share of subsidiaries' net income ....     (13.8)       (23.8)        (48.8)       (59.4)
                                                           --------     --------     ---------     --------
INCOME BEFORE CUMULATIVE EFFECT OF
  ACCOUNTING CHANGE .....................................     441.2        419.4       1,316.4      1,268.2
    Cumulative effect of accounting change,
      net of income taxes ...............................         -            -         (11.4)           -
                                                           --------     --------     ---------     --------

NET INCOME ..............................................  $  441.2     $  419.4     $ 1,305.0     $1,268.2
                                                           ========     ========     =========     ========


PER SHARE BASIS:

  BASIC
    Income before cumulative effect of
      accounting change .................................  $    .85     $    .79     $    2.54     $   2.39
                                                           ========     ========     =========     ========
    Net income ..........................................  $    .85     $    .79     $    2.52     $   2.39
                                                           ========     ========     =========     ========

  DILUTED
    Income before cumulative effect of
      accounting change .................................  $    .85     $    .79     $    2.52     $   2.37
                                                           ========     ========     =========     ========
    Net income ..........................................  $    .85     $    .79     $    2.50     $   2.37
                                                           ========     ========     =========     ========

CASH DIVIDENDS DECLARED .................................  $    .30     $    .28     $     .90     $    .84
                                                           ========     ========     =========     ========

</TABLE>

Unaudited

See Notes to Consolidated Financial Statements.

<PAGE>

CONDENSED CONSOLIDATED BALANCE SHEET
KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

<TABLE>
<CAPTION>

                                                                                  SEPTEMBER 30, December 31,
(Millions of dollars)                                                                 2002          2001
- ------------------------------------------------------------------------------------------------------------

ASSETS

<S>                                                                                <C>           <C>
CURRENT ASSETS
  Cash and cash equivalents .....................................................  $   489.2     $   405.2
  Accounts receivable ...........................................................    1,785.6       1,672.4
  Inventories ...................................................................    1,399.3       1,494.1
  Other current assets ..........................................................      347.2         350.5
                                                                                   ---------     ---------

    TOTAL CURRENT ASSETS ........................................................    4,021.3       3,922.2

PROPERTY ........................................................................   13,213.1      12,714.7
  Less accumulated depreciation .................................................    5,758.2       5,388.2
                                                                                    --------     ---------

    NET PROPERTY ................................................................    7,454.9       7,326.5

INVESTMENTS IN EQUITY COMPANIES .................................................      602.4         705.3

GOODWILL ........................................................................    2,226.1       1,950.3

OTHER ASSETS ....................................................................    1,111.6       1,103.3
                                                                                   ---------     ---------

                                                                                   $15,416.3     $15,007.6
                                                                                   =========     =========


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Debt payable within one year ..................................................  $   933.8     $ 1,236.1
  Accounts payable ..............................................................      998.6       1,104.2
  Accrued expenses ..............................................................    1,236.6       1,225.3
  Other current liabilities .....................................................      524.8         602.7
                                                                                   ---------     ---------

    TOTAL CURRENT LIABILITIES ...................................................    3,693.8       4,168.3

LONG-TERM DEBT ..................................................................    2,845.6       2,424.0

NONCURRENT EMPLOYEE BENEFIT AND OTHER OBLIGATIONS ...............................      962.2         916.0

DEFERRED INCOME TAXES ...........................................................    1,112.6       1,004.6

MINORITY OWNERS' INTERESTS IN SUBSIDIARIES ......................................      238.8         309.4

PREFERRED SECURITIES OF SUBSIDIARY ..............................................      549.8         538.4

STOCKHOLDERS' EQUITY ............................................................    6,013.5       5,646.9
                                                                                   ---------     ---------

                                                                                   $15,416.3     $15,007.6
                                                                                   =========     =========
</TABLE>

Unaudited

See Notes to Consolidated Financial Statements.

<PAGE>

CONDENSED CONSOLIDATED CASH FLOW STATEMENT
KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

<TABLE>
<CAPTION>

                                                                                        Nine Months Ended
                                                                                          September 30
                                                                                      ---------------------
(Millions of dollars)                                                                    2002         2001
- -----------------------------------------------------------------------------------------------------------

<S>                                                                                   <C>          <C>
OPERATIONS
  Net income .......................................................................  $1,305.0     $1,268.2
  Cumulative effect of accounting change, net of income taxes ......................      11.4            -
  Depreciation .....................................................................     518.3        475.4
  Goodwill amortization ............................................................         -         67.0
  Changes in operating working capital .............................................    (157.3)      (197.2)
  Deferred income tax provision ....................................................      97.6         21.2
  Equity companies' earnings in excess of dividends paid ...........................     (25.8)       (57.5)
  Postretirement benefits ..........................................................      11.5        (34.8)
  Other ............................................................................     114.2        122.7
                                                                                      --------     --------

    CASH PROVIDED BY OPERATIONS ....................................................   1,874.9      1,665.0
                                                                                      --------     --------

INVESTING
  Capital spending .................................................................    (603.4)      (799.8)
  Acquisitions of businesses, net of cash acquired .................................    (407.7)       (97.6)
  Proceeds from investments ........................................................      34.4         25.7
  Investments in marketable securities .............................................      (1.7)       (19.7)
  Other ............................................................................      (4.0)       (40.2)
                                                                                      --------     --------

    CASH USED FOR INVESTING ........................................................    (982.4)      (931.6)
                                                                                      --------     --------

FINANCING
  Cash dividends paid ..............................................................    (457.9)      (442.2)
  Net decrease in short-term debt ..................................................    (580.2)       (11.4)
  Proceeds from issuance of long-term debt .........................................     817.7         61.3
  Repayments of long-term debt .....................................................    (136.3)      (243.4)
  Issuance of preferred securities of subsidiary ...................................         -        516.5
  Proceeds from exercise of stock options ..........................................      62.4         87.2
  Acquisitions of common stock for the treasury ....................................    (480.2)      (547.7)
  Other ............................................................................     (34.0)       (23.8)
                                                                                      --------     --------

    CASH USED FOR FINANCING ........................................................    (808.5)      (603.5)
                                                                                      --------     --------

INCREASE IN CASH AND CASH EQUIVALENTS ..............................................  $   84.0     $  129.9
                                                                                      ========     ========

</TABLE>

Unaudited

See Notes to Consolidated Financial Statements.

<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

1.  The unaudited consolidated financial statements of Kimberly-Clark
    Corporation (the "Corporation") have been prepared on a basis consistent
    with that used in the Annual Report on Form 10-K for the year ended
    December 31, 2001, and include all normal recurring adjustments necessary
    to present fairly the condensed consolidated balance sheet, consolidated
    income statement and condensed consolidated cash flow statement for the
    periods indicated.  Certain reclassifications have been made to conform
    prior year data to the current year presentation.  Net sales in both years
    are stated net of the cost of trade promotions and both the face value of
    consumer coupons and other applicable promotional activities as required
    under an accounting pronouncement issued by the Financial Accounting
    Standards Board ("FASB") in Emerging Issues Task Force ("EITF")
    Issue 01-9.

    -  On January 1, 2002, the Corporation adopted Statement of Financial
       Accounting Standards ("SFAS") 142, Goodwill and Other Intangible
       Assets.  In accordance with SFAS 142, the Corporation discontinued
       amortization of goodwill and also determined that it has no identified
       intangible assets with indefinite useful lives.  The Corporation has
       completed the required testing of goodwill for impairment and has
       determined that none of its goodwill is impaired.

       Also as required, results for periods prior to the adoption of
       SFAS 142 have not been restated to reflect the effect of discontinuing
       goodwill amortization.  Pro forma disclosure of income and earnings per
       share as if the goodwill requirements of SFAS 142 had been adopted as
       of January 1, 2001 follows:

<TABLE>
<CAPTION>


                                                                Third Quarter Ended     Nine Months Ended
                                                                   September 30           September 30
                                                                ------------------    ---------------------
       (Millions of dollars)                                     2002       2001        2002         2001
       ----------------------------------------------------------------------------------------------------

       <S>                                                      <C>        <C>        <C>          <C>
       Reported net income ...................................  $441.2     $419.4     $1,305.0     $1,268.2
       Goodwill amortization, net of income taxes ............       -       23.8            -         71.1
                                                                ------     ------     --------     --------

       Adjusted net income ...................................  $441.2     $443.2     $1,305.0     $1,339.3
                                                                ======     ======     ========     ========

       Earnings Per Share - Basic
       --------------------------

       Reported net income ...................................  $  .85     $  .79     $   2.52     $   2.39
       Goodwill amortization, net of income taxes ............       -        .04            -          .13
                                                                ------     ------     --------     --------

       Adjusted net income ...................................  $  .85     $  .83     $   2.52     $   2.52
                                                                ======     ======     ========     ========

       Earnings Per Share - Diluted
       ----------------------------

       Reported net income ...................................  $  .85     $  .79     $   2.50     $   2.37
       Goodwill amortization, net of income taxes ............       -        .04            -          .13
                                                                ------     ------     --------     --------

       Adjusted net income ...................................  $  .85     $  .83     $   2.50     $   2.50
                                                                ======     ======     ========     ========

</TABLE>

<PAGE>

       Intangible assets subject to amortization are included in Other Assets
       and consist of the following:

<TABLE>
<CAPTION>

                                                                                      September 30, 2002
                                                                                   -------------------------
                                                                                    Gross
                                                                                   Carrying      Accumulated
       (Millions of dollars)                                                        Amount      Amortization
       -----------------------------------------------------------------------------------------------------

       <S>                                                                          <C>            <C>
       Trademarks ................................................................  $188.4         $34.8
       Patents ...................................................................    38.4          15.4
       Other .....................................................................    10.1           2.8
                                                                                    ------         -----

         Total ...................................................................  $236.9         $53.0
                                                                                    ======         =====
</TABLE>

       Amortization expense for intangible assets for the third quarter and
       nine months ended September 30, 2002 was $3.2 million and $9.2 million,
       respectively.  Amortization expense of the current gross carrying
       amount for the next five years is estimated to be as follows (millions
       of dollars):


                              Year Ended
                              December 31          Amount
                              -----------          ------

                                 2002               $12
                                 2003                12
                                 2004                11
                                 2005                11
                                 2006                11

    -  In June 2002, the FASB issued SFAS 146, Accounting for Costs Associated
       with Exit or Disposal Activities.  SFAS 146 addresses financial
       accounting and reporting for costs associated with exit or disposal
       activities and nullifies EITF 94-3, Liability Recognition for Certain
       Employee Termination Benefits and Other Costs to Exit an Activity
       (including Certain Costs Incurred in a Restructuring).  The Corporation
       will adopt SFAS 146 on January 1, 2003, and does not expect SFAS 146 to
       have a material effect on its financial statements.

2.  There are no adjustments required to be made to net income for purposes of
    computing basic and diluted earnings per share ("EPS").  The average
    number of common shares outstanding used in the basic EPS computations is
    reconciled to those used in the diluted EPS computation as follows:

<TABLE>
<CAPTION>

                                                                      Average Common Shares Outstanding
                                                                  -----------------------------------------
                                                                  Third Quarter Ended     Nine Months Ended
                                                                      September 30          September 30
                                                                  -------------------     -----------------
    (Millions of shares)                                            2002       2001        2002       2001
    -------------------------------------------------------------------------------------------------------

    <S>                                                             <C>        <C>         <C>        <C>
    Basic ........................................................  516.3      529.0       518.4      531.4
      Dilutive effect of stock options  ..........................    2.5        3.0         3.0        3.7
      Dilutive effect of deferred compensation plan
        shares ...................................................     .3         .2          .3         .2
                                                                    -----      -----       -----      -----

    Diluted ......................................................  519.1      532.2       521.7      535.3
                                                                    =====      =====       =====      =====

</TABLE>

    Options outstanding during the third quarter and nine months ended
    September 30, 2002 to purchase 11.4 million and 5.7 million shares of
    common stock, respectively, were not included in the computation of
    diluted EPS because the exercise prices of the options were greater than
    the average market price of the common shares.

<PAGE>

    Options outstanding during the third quarter and nine months ended
    September 30, 2001 to purchase 5.9 million and 4.9 million shares of
    common stock, respectively, were not included in the computation of
    diluted EPS because the exercise prices of the options were greater than
    the average market price of the common shares.

    The number of common shares outstanding as of September 30, 2002 and 2001
    was 515.0 million and 526.2 million, respectively.

3.  The following schedule presents inventories by major class as of
    September 30, 2002 and December 31, 2001:

<TABLE>
<CAPTION>

                                                                              SEPTEMBER 30,     December 31,
    (Millions of dollars)                                                         2002              2001
    --------------------------------------------------------------------------------------------------------

    <S>                                                                         <C>               <C>
    At lower of cost on the First-In,
      First-Out (FIFO) method or market:
        Raw materials ........................................................  $  327.8          $  366.1
        Work in process ......................................................     174.1             179.5
        Finished goods .......................................................     858.9             898.4
        Supplies and other ...................................................     211.7             217.5
                                                                                --------          --------
                                                                                 1,572.5           1,661.5

      Excess of FIFO cost over Last-In, First-Out (LIFO) cost ................    (173.2)           (167.4)
                                                                                --------          --------

        Total ................................................................  $1,399.3          $1,494.1
                                                                                ========          ========

</TABLE>

    FIFO cost of total inventories on the LIFO method was $626.7 million and
    $715.2 million at September 30, 2002 and December 31, 2001, respectively.

4.  The following schedule presents the components of comprehensive income:

<TABLE>
<CAPTION>

                                                                                        Nine Months Ended
                                                                                          September 30
                                                                                      ---------------------
    (Millions of dollars)                                                               2002         2001
    -------------------------------------------------------------------------------------------------------

    <S>                                                                               <C>          <C>
    Net Income .....................................................................  $1,305.0     $1,268.2
    Unrealized currency translation adjustments, net of tax ........................     (81.9)      (190.0)
    Deferred losses on cash flow hedges, net of tax ................................      (2.3)        (1.2)
    Unrealized holding gains on securities .........................................        .2           .4
                                                                                      --------     --------

    Comprehensive income ...........................................................  $1,221.0     $1,077.4
                                                                                      ========     ========

</TABLE>

5.  The following schedule presents information concerning consolidated
    operations by business segment:

<TABLE>
<CAPTION>

                                                            Third Quarter Ended        Nine Months Ended
                                                               September 30              September 30
                                                           ---------------------     ----------------------
    (Millions of dollars)                                    2002         2001          2002         2001
    -------------------------------------------------------------------------------------------------------

    <S>                                                    <C>          <C>          <C>           <C>
    NET SALES:

    Personal Care .......................................  $1,314.1     $1,330.8     $ 3,900.4     $3,872.5
    Consumer Tissue .....................................   1,285.2      1,183.8       3,755.2      3,521.7
    Business-to-Business ................................     928.4        896.0       2,679.7      2,671.9
    Intersegment sales ..................................     (41.0)       (36.9)       (108.8)      (123.9)
                                                           --------     --------     ---------     --------

    Consolidated ........................................  $3,486.7     $3,373.7     $10,226.5     $9,942.2
                                                           ========     ========     =========     ========

</TABLE>

<PAGE>

<TABLE>
<CAPTION>


                                                                 Third Quarter Ended    Nine Months Ended
                                                                    September 30           September 30
                                                                --------------------   --------------------
    (Millions of dollars)                                         2002        2001       2002        2001
    -------------------------------------------------------------------------------------------------------

    <S>                                                          <C>        <C>        <C>         <C>
    OPERATING PROFIT (reconciled to income before taxes):

    Personal Care .............................................  $273.5     $289.1     $  830.9    $  816.9
    Consumer Tissue ...........................................   232.2      219.5        698.4       649.3
    Business-to-Business ......................................   179.3      159.8        510.3       469.4
    Other income (expense), net ...............................   (16.3)     (17.4)       (28.8)      (27.6)
    Unallocated items - net ...................................   (23.9)     (21.9)       (76.8)      (57.2)
                                                                 ------     ------     --------    --------

    Total Operating Profit ....................................   644.8      629.1      1,934.0     1,850.8

      Interest income .........................................     3.6        4.1         10.8        12.8
      Interest expense ........................................   (45.1)     (46.5)      (136.9)     (145.4)
                                                                 ------     ------     --------    --------

    Income Before Income Taxes ................................  $603.3     $586.7     $1,807.9    $1,718.2
                                                                 ======     ======     ========    ========

</TABLE>

    Goodwill amortization was included in operating profit of the business
    segments as follows:

<TABLE>
<CAPTION>

                                                                 Third Quarter Ended      Nine Months Ended
    (Millions of dollars)                                         September 30, 2001     September 30, 2001
    -------------------------------------------------------------------------------------------------------

    <S>                                                                 <C>                    <C>
    Personal Care ....................................................  $ 3.8                  $11.9
    Consumer Tissue  .................................................    3.7                   11.1
    Business-to-Business .............................................   15.2                   44.0
                                                                        -----                  -----

    Consolidated .....................................................  $22.7                  $67.0
                                                                        =====                  =====

</TABLE>

Description of Business Segments:

The Personal Care segment manufactures and markets disposable diapers,
training and youth pants and swimpants; feminine and incontinence care
products; and related products.  Products in this segment are primarily for
household use and are sold under a variety of well-known brand names,
including Huggies, Pull-Ups, Little Swimmers, GoodNites, Kotex, Lightdays,
Depend, Poise and other brand names.

The Consumer Tissue segment manufactures and markets facial and bathroom
tissue, paper towels and napkins for household use; wet wipes; and related
products.  Products in this segment are sold under the Kleenex, Scott,
Cottonelle, Viva, Andrex, Scottex, Page, Huggies and other brand names.

The Business-to-Business segment manufactures and markets facial and bathroom
tissue, paper towels, wipers and napkins for away-from-home use; health care
products such as surgical gowns, drapes, infection control products,
sterilization wraps, disposable face masks and exam gloves, respiratory
products, and other disposable medical products; printing, premium business
and correspondence papers; specialty and technical papers; and other products.
Products in this segment are sold under the Kimberly-Clark, Kleenex, Scott,
Kimwipes, WypAll, Surpass, Safeskin, Tecnol, Ballard and other brand names.

Unaudited

<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

RESULTS OF OPERATIONS:

THIRD QUARTER OF 2002 COMPARED WITH THIRD QUARTER OF 2001

By Business Segment
(Millions of dollars)

<TABLE>
<CAPTION>

Net Sales                                                                               2002         2001
- -----------------------------------------------------------------------------------------------------------

<S>                                                                                   <C>          <C>
Personal Care ......................................................................  $1,314.1     $1,330.8
Consumer Tissue ....................................................................   1,285.2      1,183.8
Business-to-Business ...............................................................     928.4        896.0
Intersegment sales .................................................................     (41.0)       (36.9)
                                                                                      --------     --------

Consolidated .......................................................................  $3,486.7     $3,373.7
                                                                                      ========     ========

</TABLE>

Commentary:

Consolidated net sales for the third quarter of 2002 were approximately
$3.5 billion, 3 percent higher than 2001.  Worldwide sales volumes were
5 percent higher, boosted by strong increases for consumer tissue products in
North America and Europe, as well as record sales volumes of health care and
adult incontinence products in North America.  Competitive promotional
activity reduced net sales by approximately 2 percent.  Net sales in both
years are stated net of the cost of trade promotions and both the face value
of consumer coupons and other applicable promotional activities as required
under an accounting pronouncement issued by the Financial Accounting Standards
Board ("FASB") in Emerging Issues Task Force ("EITF") Issue 01-9.

- -  Net sales of personal care products decreased 1.3 percent versus the third
   quarter of 2001.  However, before currency effects, segment sales were up
   approximately 1 percent.  Global sales volumes rose 2 percent.  Net selling
   prices decreased about 1 percent, as lower net selling prices in North
   America and Europe, primarily in response to competitive activity in the
   diaper and training pant categories, were mostly offset by price increases
   implemented in Latin America following currency devaluations.  In North
   America, sales volumes of personal care products rose about 1 percent,
   highlighted by a double-digit gain for Depend and Poise adult incontinence
   care products, while shipments of Huggies diapers and Pull-Ups training
   pants were somewhat lower.  Sales volumes increased in the mid-single digit
   range both in Europe and in the Asia/Pacific region, behind continued
   strong growth in Central and Eastern Europe and Australia and record sales
   in Korea.  Personal care net sales dropped more than 17 percent in Latin
   America, mainly as a result of the weak economy in Argentina.

- -  Consumer tissue sales rose 8.6 percent compared with the third quarter of
   2001, with increases in every region of the world.  Before positive
   currency effects, the sales gain was more than 6 percent. Sales volumes
   rose nearly 10 percent, while net selling prices were approximately
   4 percent lower, due primarily to promotional activity.  In North America,
   sales volumes were 11 percent higher, on the strength of double-digit gains
   for Kleenex facial tissue and both Viva and Scott towels, along with
   continued solid increases for Cottonelle and Scott bathroom tissue.  Net
   selling prices in North America declined 4 percent due to competitive
   promotional activity.  In Europe, net sales of consumer tissue products
   improved more than 20 percent, and were 10 percent greater before currency
   effects.  Sales volumes rose 9 percent, paced by higher shipments of Andrex
   bathroom tissue in the U.K. and Scottex bathroom tissue in Italy and Spain,
   while an improved sales mix more than offset lower net selling prices.

<PAGE>

- -  Sales of business-to-business products increased 3.6 percent in the third
   quarter and were about 3 percent higher before currency effects and
   excluding two small divestitures in 2001.  Sales volumes rose 4 percent,
   driven by a gain of 8 percent for health care products as well as improved
   sales volumes of K-C Professional's away-from-home products in North
   America and Europe, up 3 percent and 8 percent, respectively.  Selling
   prices declined approximately 1 percent versus the third quarter of last
   year.

Unusual Items

For purposes of this Management's Discussion and Analysis, the items
summarized in the following table are considered to be unusual items ("Unusual
Items").

<TABLE>
<CAPTION>

                                                                      Third Quarter Ended  Nine Months Ended
                                                                         September 30        September 30
                                                                      -------------------  -----------------
(Millions of dollars)                                                   2002      2001      2002      2001
- ------------------------------------------------------------------------------------------------------------

<S>                                                                     <C>       <C>       <C>       <C>
Charges to operating profit:
  Business improvement and other programs ..........................    $11.6     $ 8.3     $35.6     $54.5
  Business integration and other costs .............................        -       3.3         -      13.7
  Latin American tax credits .......................................        -         -      26.5         -
                                                                        -----     -----     -----     -----

  Total pretax charge ..............................................    $11.6     $11.6     $62.1     $68.2
                                                                        =====     =====     =====     =====

</TABLE>

Income Statement Classification of Unusual Items
- ------------------------------------------------

<TABLE>
<CAPTION>

                                                                      Third Quarter Ended  Nine Months Ended
                                                                         September 30        September 30
                                                                      -------------------  -----------------
(Millions of dollars)                                                   2002      2001      2002      2001
- ------------------------------------------------------------------------------------------------------------

<S>                                                                     <C>       <C>       <C>       <C>
  Cost of products sold ............................................    $ 2.5     $ 7.0     $16.6     $50.8
  Marketing, research and general expenses .........................      9.1       4.6      19.0      16.9
  Other (income) expense, net ......................................        -         -      26.5        .5
                                                                        -----     -----     -----     -----

  Total pretax charge ..............................................    $11.6     $11.6     $62.1     $68.2
                                                                        =====     =====     =====     =====

</TABLE>

- -  Unusual Items in the third quarter of 2002 consisted of costs associated
   with the previously announced plans to streamline manufacturing and
   administrative operations in Latin America and Europe, as well as a charge
   for a special tax levied by the Colombian government to support the
   democratic security of that country.  These charges were equal to 2 cents
   per share.  The Unusual Items recorded for the first nine months of 2002
   primarily related to plans for streamlining operations and the write off
   of Latin American tax credits.

- -  In the third quarter of 2001, Unusual Items reduced net income by 1 cent
   per share.  The 2001 Unusual Items included charges for business
   improvement and other programs, primarily to streamline personal care
   operations in North America and China, and charges to integrate acquired
   businesses into existing operations.

<PAGE>

These Unusual Items have been excluded from operating profit in the "Before
Unusual Items" column in the following tables:

<TABLE>
<CAPTION>

                                                              2002                           2001
                                                   --------------------------     --------------------------
                                                      AS           BEFORE            As           Before
Operating Profit                                   REPORTED     UNUSUAL ITEMS     Reported     Unusual Items
- ------------------------------------------------------------------------------------------------------------

<S>                                                 <C>            <C>              <C>           <C>
Personal Care ....................................  $273.5         $277.7           $289.1        $294.5
Consumer Tissue ..................................   232.2          237.7            219.5         221.6
Business-to-Business .............................   179.3          181.2            159.8         163.9
Other income (expense), net ......................   (16.3)         (16.3)           (17.4)        (17.4)
Unallocated items - net ..........................   (23.9)         (23.9)           (21.9)        (21.9)
                                                    ------         ------           ------        ------

Consolidated .....................................  $644.8         $656.4           $629.1        $640.7
                                                    ======         ======           ======        ======

</TABLE>

Note:  Unallocated items - net, consists of expenses not associated with the
       business segments.

Commentary:

Before Unusual Items, operating profit increased 2.5 percent to $656.4 million
in the third quarter of 2002 compared with $640.7 million in 2001.  Higher
sales volumes together with productivity gains and other cost reductions were
the major positive factors contributing to the increase, overcoming a step-up
in the level of promotional activities.  In addition, the elimination of
goodwill amortization, which was $22.7 million of expense in 2001, was
partially offset by a rise in pension expense.

- -  Personal care segment operating profit decreased 5.7 percent from 2001 as
   higher promotional spending in the diaper and training pant markets in the
   U.S. and Europe to defend against aggressive competition more than offset
   improved productivity and the benefits of cost savings programs.  The
   Asia/Pacific personal care business, led by results in Australia and Korea,
   had operating profit growth of more than 25 percent and Latin America had
   higher operating profit despite difficult economic and market conditions.

- -  Consumer tissue segment operating profit increased 7.3 percent driven by
   higher sales volumes.  This benefit more than offset the impacts of higher
   promotion and advertising spending. About three-quarters of the increased
   operating profit came from the North American family care business, which
   continued to have excellent results for bathroom tissue and towel products.
   In Europe, the family care business delivered a 17 percent increase in
   operating profit.  Asia/Pacific operating profit was below last year
   primarily due to the weak market conditions in Taiwan, while results for
   Latin America improved from 2001.

- -  Business-to-business segment operating profit increased 10.6 percent from
   last year and was about 1 percent higher excluding goodwill amortization
   expense in 2001.  Higher sales volumes, particularly for health care
   products, overcame the effect of lower selling prices across the segment.

- -  The change in other income (expense), net is primarily due to lower
   currency transaction losses in 2002 compared with last year.

<PAGE>

By Geography
(Millions of dollars)

<TABLE>
<CAPTION>


Net Sales                                                                               2002         2001
- -----------------------------------------------------------------------------------------------------------

<S>                                                                                   <C>          <C>
North America ......................................................................  $2,256.0     $2,238.6
Outside North America ..............................................................   1,371.2      1,289.8
Intergeographic sales ..............................................................    (140.5)      (154.7)
                                                                                      --------     --------

Consolidated .......................................................................  $3,486.7     $3,373.7
                                                                                      ========     ========
</TABLE>

<TABLE>
<CAPTION>

                                                              2002                           2001
                                                  --------------------------     --------------------------
                                                     AS           BEFORE            As           Before
Operating Profit                                  REPORTED     UNUSUAL ITEMS     Reported     Unusual Items
- -----------------------------------------------------------------------------------------------------------

<S>                                                <C>            <C>             <C>            <C>
North America ...................................  $560.4         $560.4          $538.0         $546.1
Outside North America ...........................   124.6          136.2           130.4          133.9
Other income (expense), net .....................   (16.3)         (16.3)          (17.4)         (17.4)
Unallocated items - net .........................   (23.9)         (23.9)          (21.9)         (21.9)
                                                   ------         ------          ------         ------

Consolidated ....................................  $644.8         $656.4          $629.1         $640.7
                                                   ======         ======          ======         ======

</TABLE>

Note:  Unallocated items - net, consists of expenses not associated with the
       geographic areas.

Commentary:

- -  The increase in net sales in North America was due to the higher sales
   volumes in the consumer tissue and business-to-business segments that more
   than offset the effects of increased promotional activities.

- -  Net sales outside of North America increased principally because of higher
   sales volumes for consumer tissue products, primarily in Europe.

- -  Year-to-year operating profit before Unusual Items in North America,
   excluding goodwill amortization in 2001, was about even, as increased sales
   volumes and cost reduction programs were offset by the effect of increased
   promotional activity.

- -  Operating profit before Unusual Items outside North America, excluding
   goodwill amortization in 2001, decreased slightly.

Additional Income Statement Commentary:

- -  Interest expense decreased because the effect of lower interest rates more
   than offset a higher average level of debt.

- -  The effective tax rate, before Unusual Items, was 29.0 percent in 2002
   compared with 29.8 percent in 2001.  The lower effective tax rate was
   primarily due to the discontinuance, for financial reporting purposes, of
   goodwill amortization that had not been deductible for income tax purposes.

- -  The Corporation's share of net income of equity companies in the third
   quarter decreased from $30.2 million in 2001 to $28.1 million in 2002 due
   to lower net income at Kimberly-Clark de Mexico, S.A. de C.V. ("KCM").  The
   decline was primarily attributable to a higher tax rate stemming from
   changes in Mexican tax law.  KCM's market positions and operating profit
   margin remained strong in a highly competitive marketplace.

<PAGE>

- -  On a diluted basis, net income was $.85 per share in 2002, an increase
   of 7.6 percent compared with $.79 per share in 2001.  Third quarter
   earnings before Unusual Items were $.87 per share, up nearly 9 percent from
   $.80 per share in 2001.

FIRST NINE MONTHS OF 2002 COMPARED WITH FIRST NINE MONTHS 2001

By Business Segment
(Millions of dollars)

<TABLE>
<CAPTION>


Net Sales                                                                              2002          2001
- -----------------------------------------------------------------------------------------------------------

<S>                                                                                  <C>           <C>
Personal Care .....................................................................  $ 3,900.4     $3,872.5
Consumer Tissue ...................................................................    3,755.2      3,521.7
Business-to-Business ..............................................................    2,679.7      2,671.9
Intersegment sales ................................................................     (108.8)      (123.9)
                                                                                     ---------     --------

Consolidated ......................................................................  $10,226.5     $9,942.2
                                                                                     =========     ========

</TABLE>

<TABLE>
<CAPTION>

                                                              2002                           2001
                                                  --------------------------     --------------------------
                                                     AS           BEFORE            As           Before
Operating Profit                                  REPORTED     UNUSUAL ITEMS     Reported     Unusual Items
- -----------------------------------------------------------------------------------------------------------

<S>                                               <C>            <C>             <C>            <C>
Personal Care ..................................  $  830.9       $  843.1        $  816.9       $  861.2
Consumer Tissue ................................     698.4          715.4           649.3          655.4
Business-to-Business ...........................     510.3          516.7           469.4          486.7
Other income (expense), net ....................     (28.8)          (2.3)          (27.6)         (27.1)
Unallocated  items - net .......................     (76.8)         (76.8)          (57.2)         (57.2)
                                                  --------       --------        --------       --------

Consolidated ...................................  $1,934.0       $1,996.1        $1,850.8       $1,919.0
                                                  ========       ========        ========       ========

</TABLE>

Note:  Unallocated items - net, consists of expenses not associated with the
       business segments.

Commentary:

Consolidated net sales for the first nine months of 2002 were 2.9 percent
higher than in the prior year.  Excluding currency effects, net sales were
about 4 percent higher.  Excluding the consolidation of Kimberly-Clark
Australia Pty. Ltd. ("KCA") and divestitures in the business-to-business
segment in 2001, net sales increased about 1 percent in 2002.

- -  Net sales of personal care products, excluding currency effects, were
   more than 3 percent higher.  While sales volumes increased over 5 percent,
   including about 2 percent for KCA, net selling prices and the effect of
   product sales mix were nearly 2 percent lower.

- -  The 6.6 percent increase in net sales of consumer tissue products was
   driven by a 9 percent increase in sales volumes, including about 2 percent
   from KCA, tempered by an almost 3 percent decline in net selling prices.

- -  Excluding KCA and the divested businesses, business-to-business net
   sales were about even with the prior year as increased sales volumes were
   offset by lower selling prices.

Before Unusual Items, operating profit increased 4.0 percent over 2001.

- -  Excluding currency effects, operating profit for the personal care
   segment was about even with the prior year.  Higher sales volumes,
   including KCA, and the benefits of cost reduction programs were offset by
   increased promotional spending and other marketing actions and higher
   general expenses.

<PAGE>

- -  Consumer tissue operating profit, excluding goodwill amortization in
   2001, increased 7.3 percent due to higher sales volumes and lower pulp
   costs, tempered by increased promotional activity.

- -  Operating profit for the business-to-business segment, excluding
   goodwill amortization in 2001, decreased more than 2 percent.  Lower net
   selling prices more than offset the benefits of higher sales volumes and
   productivity improvements.

- -  Other income (expense), net includes currency transaction gains in 2002,
   including $17.3 million related to Australian dollar forward exchange
   contracts that had been entered into to hedge the exposure on the
   purchase of the additional ownership of KCA, compared with losses in 2001.

By Geography
(Millions of dollars)

<TABLE>
<CAPTION>


Net Sales                                                                              2002          2001
- -----------------------------------------------------------------------------------------------------------

<S>                                                                                  <C>           <C>
North America .....................................................................  $ 6,719.2     $6,665.0
Outside North America .............................................................    3,916.6      3,691.1
Intergeographic sales .............................................................     (409.3)      (413.9)
                                                                                     ---------     --------

Consolidated ......................................................................  $10,226.5     $9,942.2
                                                                                     =========     ========

</TABLE>

<TABLE>
<CAPTION>

                                                              2002                           2001
                                                  --------------------------     --------------------------
                                                     AS           BEFORE            As           Before
Operating Profit                                  REPORTED     UNUSUAL ITEMS     Reported     Unusual Items
- -----------------------------------------------------------------------------------------------------------

<S>                                               <C>            <C>             <C>            <C>
North America ..................................  $1,653.2       $1,658.4        $1,606.8       $1,656.6
Outside North America ..........................     386.4          416.8           328.8          346.7
Other income (expense), net ....................     (28.8)          (2.3)          (27.6)         (27.1)
Unallocated items - net ........................     (76.8)         (76.8)          (57.2)         (57.2)
                                                  --------       --------        --------       --------

Consolidated ...................................  $1,934.0       $1,996.1        $1,850.8       $1,919.0
                                                  ========       ========        ========       ========

</TABLE>

Note:  Unallocated items - net, consists of expenses not associated with the
       geographic  areas.

Commentary:

- -  Net sales in North America increased about 1 percent primarily due to the
   higher sales volumes for consumer tissue, personal care and health care
   products, offset by lower net selling prices that affected each of the
   businesses.

- -  Net sales outside of North America, excluding KCA for the first six months
   of 2002, were about even with last year as increased net sales in Europe
   were essentially offset by declines in Argentina and Taiwan.

- -  Before Unusual Items in both years, operating profit in North America was
   about even because increased promotional activity, higher pension expense
   and other factors more than offset the increased sales volumes and lower
   pulp costs.  Excluding goodwill amortization in 2001, operating profit
   before Unusual Items decreased over 2 percent.

- -  Before Unusual Items in both years and excluding goodwill amortization in
   2001, operating profit outside North America increased primarily due to the
   consolidation of KCA.

<PAGE>

Additional Income Statement Commentary:

- -  Interest expense decreased because the effect of lower interest rates more
   than offset a higher average level of debt.

- -  The effective tax rate, before Unusual Items, was 29.0 percent in 2002
   compared with 30.1 percent in 2001.  The lower effective tax rate was
   primarily due to the discontinuance, for financial reporting purposes, of
   goodwill amortization that had not been deductible for income tax purposes.

- -  The Corporation's share of net income of equity companies decreased in 2002
   due to lower net income at KCM and the consolidation of KCA.  The decline
   in net income at KCM was primarily due to unfavorable currency effects and
   changes in tax law.

- -  On a diluted basis, net income was $2.50 per share, including a charge of
   $.02 per share for the cumulative effect of an accounting change related to
   the adoption of EITF 01-9 in 2002.  For the first nine months of 2001, on a
   diluted basis, net income was $2.37 per share.  Earnings before Unusual
   Items and the cumulative effect of the accounting change were $2.59 per
   share in 2002, up 5.7 percent from $2.45 per share in 2001.

LIQUIDITY AND CAPITAL RESOURCES

- -  Cash provided by operations for the first nine months of 2002 increased
   $209.9 million, or 12.6 percent, compared with the first nine months of
   2001.  Higher net income plus noncash charges and improved working capital
   contributed to the increase.

- -  During the first nine months of 2002, the Corporation repurchased
   7.5 million shares of its common stock at a cost of approximately
   $464 million, including 2.5 million shares repurchased in the third quarter
   for approximately $147 million.

- -  At September 30, 2002, the Corporation's total debt and preferred
   securities was $4.3 billion compared with $4.2 billion at
   December 31, 2001.  Net debt (total debt net of cash and cash equivalents)
   was $3.8 billion, the same as at the end of 2001.  The Corporation's ratio
   of net debt and preferred securities to capital was 38.0 percent at
   September 30, 2002, which was within its target range of 35 percent to
   45 percent.

- -  Management believes that capital spending for 2002 will be in a range of
   $850 million to $900 million compared with its previous guidance of
   $900 million for the year.

- -  On October 4, 2002, the Corporation renewed its syndicated revolving credit
   facilities at $1.425 billion, a decrease from the $1.475 billion at
   December 31, 2001.  Management believes that these facilities will be
   sufficient to support its projected levels of commercial paper borrowings
   in the foreseeable future.

- -  Management believes that the Corporation's ability to generate cash from
   operations and its capacity to issue short-term and long-term debt are
   adequate to fund working capital, capital spending and other needs of the
   business in the foreseeable future.

NEW ACCOUNTING PRONOUNCEMENTS

- -  On January 1, 2002, the Corporation adopted Statement of Financial
   Accounting Standards ("SFAS") 142, Goodwill and Other Intangible Assets.
   In accordance with SFAS 142, the Corporation discontinued amortization of
   goodwill and also determined that it has no identified intangible assets
   with indefinite useful lives.  The Corporation has completed the required
   testing of goodwill for impairment and has determined that none of its
   goodwill is impaired.

<PAGE>

Also as required, results for periods prior to the adoption of SFAS 142 have
not been restated to reflect the effect of discontinuing goodwill
amortization.  Pro forma disclosure of income and earnings per share as if the
goodwill requirements of SFAS 142 had been adopted as of January 1, 2001
follows:

<TABLE>
<CAPTION>

                                                                Third Quarter Ended      Nine Months Ended
                                                                   September 30            September 30
                                                                -------------------    ---------------------
(Millions of dollars)                                             2002       2001        2002         2001
- ------------------------------------------------------------------------------------------------------------

<S>                                                              <C>        <C>        <C>          <C>
Reported net income ...........................................  $441.2     $419.4     $1,305.0     $1,268.2
Goodwill amortization, net of income taxes ....................       -       23.8            -         71.1
                                                                 ------     ------     --------     --------

Adjusted  net income ..........................................  $441.2     $443.2     $1,305.0     $1,339.3
                                                                 ======     ======     ========     ========

Earnings Per Share - Basic
- --------------------------

Reported net income ...........................................  $  .85     $  .79     $   2.52     $   2.39
Goodwill amortization, net of income taxes ....................       -        .04            -          .13
                                                                 ------     ------     --------     --------

Adjusted net income ...........................................  $  .85     $  .83     $   2.52     $   2.52
                                                                 ======     ======     ========     ========

Earnings Per Share - Diluted
- ----------------------------

Reported net income ...........................................  $  .85     $  .79     $   2.50     $   2.37
Goodwill amortization, net of income taxes ....................       -        .04            -          .13
                                                                 ------     ------     --------     --------

Adjusted net income ...........................................  $  .85     $  .83     $   2.50     $   2.50
                                                                 ======     ======     ========     ========

</TABLE>

Goodwill amortization was included in operating profit of the business
segments as follows:

<TABLE>
<CAPTION>

                                                                     Third Quarter Ended   Nine Months Ended
(Millions of dollars)                                                 September 30, 2001   September 30,2001
- ------------------------------------------------------------------------------------------------------------

<S>                                                                         <C>                 <C>
Personal Care .......................................................       $ 3.8               $11.9
Consumer Tissue .....................................................         3.7                11.1
Business-to-Business ................................................        15.2                44.0
                                                                            -----               -----

Consolidated ........................................................       $22.7               $67.0
                                                                            =====               =====

</TABLE>

Goodwill amortization was included in operating profit by geography as
follows:

<TABLE>
<CAPTION>

                                                                     Third Quarter Ended   Nine Months Ended
(Millions of dollars)                                                 September 30, 2001   September 30,2001
- ------------------------------------------------------------------------------------------------------------

<S>                                                                         <C>                 <C>
North America .......................................................       $15.0               $43.3
Outside North America ...............................................         7.7                23.7
                                                                            -----               -----

Consolidated ........................................................       $22.7               $67.0
                                                                            =====               =====

</TABLE>

- -  In June 2002, the FASB issued SFAS 146, Accounting for Costs Associated
   with Exit or Disposal Activities.  SFAS 146 addresses financial accounting
   and reporting for costs associated with exit or disposal activities and
   nullifies EITF 94-3, Liability Recognition for Certain Employee Termination
   Benefits and Other Costs to Exit an Activity (including Certain Costs
   Incurred in a Restructuring).  The Corporation will adopt SFAS 146 on
   January 1, 2003, and does not expect SFAS 146 to have a material effect on
   its financial statements.

<PAGE>

ENVIRONMENTAL MATTERS

The Corporation has been named as a potentially responsible party at a number
of waste disposal sites, none of which individually or in the aggregate, in
management's opinion, is likely to have a material adverse effect on its
business, financial condition or results of operations.

OUTLOOK

On October 22, 2002, the Corporation announced in its third quarter earnings
press release that the growth rate in earnings per share before Unusual Items
for the full year of 2002 is expected to be in the mid-single digit range.
This updated guidance primarily reflects increased levels of competitive
activity in the diaper and training pant categories in North America and
Europe, as well as changes in the value of certain currencies in Latin
America.  The Corporation expects earnings before Unusual Items for 2002 will
be in a range of $3.42 to $3.46 per share, slightly below the range, at that
time, of analysts' estimates of $3.50 to $3.56 per share.  Earnings before
Unusual Items in 2001 were $3.27 per share.

Management expects to generate solid overall sales and earnings growth in 2002
as well as continued strong cash flow, even though advertising and promotion
spending is expected to be above earlier projections.

In addition, management believes that earnings per share before Unusual Items
in the fourth quarter should be similar to the third quarter except for
incremental costs in the fourth quarter of about 2 cents per share to 3 cents
per share related to package count changes and start-up costs for new and
improved Huggies diapers and Pull-Ups training pants.

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

Certain information contained in this report is forward-looking and is based
on various assumptions.  Such information includes, without limitation, the
business outlook, including new product introductions, cost savings and
acquisitions, anticipated financial and operating results, strategies,
contingencies and contemplated transactions of the Corporation.  These
forward-looking statements are based upon management's expectations and
beliefs concerning future events impacting the Corporation.  There can be no
assurance that such events will occur or that their effects on the
Corporation will be as currently expected.  For a description of certain
factors that could cause the Corporation's future results to differ
materially from those expressed in  any such forward-looking statements, see
the section of Part I, Item 1 of the Corporation's  Annual Report on
Form 10-K for the year ended December 31, 2001 entitled "Factors That May
Affect Future Results."

ITEM 4.  CONTROLS AND PROCEDURES.

As of September 30, 2002, an evaluation was performed under the supervision
and with the participation of the Corporation's management, including the
Chief Executive Officer and Chief Financial Officer, of the effectiveness of
the design and operation of the Corporation's disclosure controls and
procedures.  Based on that evaluation, the Corporation's management, including
the Chief Executive Officer and Chief Financial Officer, concluded that the
Corporation's disclosure controls and procedures were effective as of
September 30, 2002.  There have been no significant changes in the
Corporation's internal controls or in other factors that could significantly
affect internal controls subsequent to the date of the most recent evaluation
of internal controls.

<PAGE>

PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

The following material developments have occurred in the litigation
proceedings described in Part I, Item 3 of the Corporation's Annual Report on
Form 10-K for the year ended December 31, 2001, or subsequently described in a
Quarterly Report on Form 10-Q:

  With respect to the Anne Meader litigation, the Corporation settled with the
  plaintiffs in the third quarter.  Under the terms of the confidential
  settlement, the Corporation paid a nonmaterial amount to the plaintiffs and
  the Corporation received a general release.  The litigation has now been
  dismissed with prejudice.

In management's opinion, none of the legal or administrative proceedings
described above or in Part I, Item 3 of the Corporation's Annual Report on
Form 10-K for the year ended December 31, 2001, or subsequently described in a
Quarterly Report on Form 10-Q, individually or in the aggregate, is expected
to have a material adverse effect on the Corporation's business, financial
condition or results of operations.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

(a)      Exhibits

         (3)a    Restated Certificate of Incorporation, dated June 12, 1997,
                 incorporated by reference to Exhibit No. (3)a of the
                 Corporation's Annual Report on Form 10-K for the year ended
                 December 31, 1999.

         (3)b    By-Laws, as amended November 22, 1996, incorporated by
                 reference to Exhibit No. 4.2 of the Corporation's
                 Registration Statement on Form S-8 filed with the Securities
                 and Exchange Commission on December 6, 1996
                 (File No. 33-17367).

         (4)     Copies of instruments defining the rights of holders of
                 long-term debt will be furnished to the Securities and
                 Exchange Commission upon request.

         (99.1)  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
                 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
                 filed herewith.

         (99.2)  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
                 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
                 filed herewith.

(b)      Reports  on  Form  8-K

The Corporation filed the following Current Reports on or after July 1, 2002
and prior to the date of this Form 10-Q:

  1.  Current Report on Form 8-K, dated August 8, 2002, to report that the
      Corporation's Chief Executive  Officer and Chief Financial Officer had
      filed Statements  Under  Oath  required  by the Securities and Exchange
      Commission's Order pursuant to Section 21(a)(1) of Securities and
      Exchange Act of 1934 (Commission File No. 4-460).

  2.  Current Report on Form 8-K, dated September 12, 2002, to report the
      retirement of Wayne R. Sanders and the election of Thomas J. Falk as
      Chief Executive Officer of the Corporation.

<PAGE>
                                   SIGNATURES


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 thereunto duly authorized.





                                        KIMBERLY-CLARK  CORPORATION
                                               (Registrant)





                                        By:  /s/ John W. Donehower
                                             ----------------------
                                             John W. Donehower
                                             Senior Vice President and
                                             Chief Financial Officer
                                             (principal financial officer)





                                        By:  /s/ Randy J. Vest
                                             ----------------------
                                             Randy J. Vest
                                             Vice President and Controller
                                             (principal accounting officer)





November 7, 2002

<PAGE>

                                 CERTIFICATIONS

I, Thomas J. Falk, Chief Executive Officer of Kimberly-Clark Corporation,
certify that:

  1.  I have reviewed this quarterly report on Form 10-Q of Kimberly-Clark
      Corporation (the "registrant");

  2.  Based on my knowledge, this quarterly report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary
      to make the statements made, in light of the circumstances under which
      such statements were made, not misleading with respect to the period
      covered by this quarterly report;

  3.  Based on my knowledge, the financial statements, and other financial
      information included in this quarterly report, fairly present in all
      material respects the financial condition, results of operations and
      cash flows of the registrant as of, and for, the periods presented in
      this quarterly report;

  4.  The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
      have:

      a)  designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within
          those entities, particularly during the period in which this
          quarterly report is being prepared;

      b)  evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date
          of this quarterly report (the "Evaluation Date"); and

      c)  presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

  5.  The registrant's other certifying officers and I have disclosed, based
      on our most recent evaluation, to the registrant's auditors and the
      audit committee of registrant's board of directors (or persons
      performing the equivalent function):

      a)  all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

      b)  any fraud, whether or not material, that involves management or
          other employees who have a significant role in the registrant's
          internal controls; and

  6.  The registrant's other certifying officers and I have indicated in this
      quarterly report whether there were significant changes in internal
      controls or in other factors that could significantly affect internal
      controls subsequent to the date of our most recent evaluation, including
      any corrective actions with regard to significant deficiencies and
      material weaknesses.





                                       /s/ Thomas J. Falk
                                       ---------------------------------------
                                       Thomas J. Falk, Chief Executive Officer


November 7, 2002

<PAGE>

                                 CERTIFICATIONS

I, John W. Donehower, Chief Financial Officer of Kimberly-Clark Corporation,
certify that:

  1.  I have reviewed this quarterly report on Form 10-Q of Kimberly-Clark
      Corporation (the "registrant");

  2.  Based on my knowledge, this quarterly report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary
      to make the statements made, in light of the circumstances under which
      such statements were made, not misleading with respect to the period
      covered by this quarterly report;

  3.  Based on my knowledge, the financial statements, and other financial
      information included in this quarterly report, fairly present in all
      material respects the financial condition, results of operations and
      cash flows of the registrant as of, and for, the periods presented in
      this quarterly report;

  4.  The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
      have:

      a)  designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within
          those entities, particularly during the period in which this
          quarterly report is being prepared;

      b)  evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date
          of this quarterly report (the "Evaluation Date"); and

      c)  presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

  5.  The registrant's other certifying officers and I have disclosed, based
      on our most recent evaluation, to the registrant's auditors and the
      audit committee of registrant's board of directors (or persons
      performing the equivalent function):

      a)  all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses
          in internal controls; and

      b)  any fraud, whether or not material, that involves management or
          other employees who have a significant role in the registrant's
          internal controls; and

  6.  The registrant's other certifying officers and I have indicated in this
      quarterly report whether there were significant changes in internal
      controls or in other factors that could significantly affect internal
      controls subsequent to the date of our most recent evaluation, including
      any corrective actions with regard to significant deficiencies and
      material weaknesses.





                                    /s/ John W. Donehower
                                    ------------------------------------------
                                    John W. Donehower, Chief Financial Officer

November 7, 2002

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex991.txt
<DESCRIPTION>EX-99
<TEXT>
                                                                  Exhibit 99.1

                    CERTIFICATION OF CHIEF EXECUTIVE OFFICER
                    ----------------------------------------

        PURSUANT TO SECTION 1350 OF CHAPTER 63 OF THE UNITED STATES CODE
        ----------------------------------------------------------------

I, Thomas J. Falk, Chief Executive Officer of Kimberly-Clark Corporation,
certify that:

  (1)  the Form 10-Q, filed with the Securities and Exchange Commission on
  November 7, 2002 ("accompanied report") fully complies with the
  requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
  1934; and

  (2)  the information contained in the accompanied report fairly presents, in
  all material respects, the financial condition and results of operations of
  Kimberly-Clark Corporation.





                                        /s/ Thomas J. Falk
                                        -----------------------
                                        Thomas J. Falk
                                        Chief Executive Officer
                                        November 7, 2002

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>ex992.txt
<DESCRIPTION>EX-99
<TEXT>
                                                                  Exhibit 99.2

                    CERTIFICATION OF CHIEF FINANCIAL OFFICER
                    ----------------------------------------

        PURSUANT TO SECTION 1350 OF CHAPTER 63 OF THE UNITED STATES CODE
        ----------------------------------------------------------------

I, John W. Donehower, Chief Financial Officer of Kimberly-Clark Corporation,
certify that:

  (1)  the Form 10-Q, filed with the Securities and Exchange Commission on
  November 7, 2002 ("accompanied report") fully complies with the
  requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
  1934; and

  (2)  the information contained in the accompanied report fairly presents, in
  all material respects, the financial condition and results of operations of
  Kimberly-Clark Corporation.





                                        /s/ John W. Donehower
                                        -----------------------
                                        John W. Donehower
                                        Chief Financial Officer
                                        November 7, 2002

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
