EX-99.1 2 a2017pensionrecastexhibit991.htm EXHIBIT 99.1
Exhibit 99.1
KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
FOR THE THREE MONTHS ENDED DECEMBER 31, 2017
RECAST RECONCILIATION
(Unaudited)

(Millions of dollars, except per share amounts) |  | Previously Reported |  | Adjustments |  | Recast
Net Sales |  | $ | 4,582 |  |  | $ | 21 |  |  | $ | 4,603 |
Cost of products sold |  | 2,984 |  |  | 11 |  |  | 2,995 |
Gross Profit |  | 1,598 |  |  | 10 |  |  | 1,608 |
Marketing, research and general expenses |  | 759 |  |  | (6 | ) |  | 753 |
Other (income) and expense, net |  | 27 |  |  | — |  |  | 27 |
Operating Profit |  | 812 |  |  | 16 |  |  | 828 |
Nonoperating expense |  | — |  |  | (16 | ) |  | (16 | )
Interest income |  | 3 |  |  | — |  |  | 3 |
Interest expense |  | (72 | ) |  | — |  |  | (72 | )
Income Before Income Taxes and Equity Interests |  | 743 |  |  | — |  |  | 743 |
Provision for income taxes |  | (143 | ) |  | — |  |  | (143 | )
Income Before Equity Interests |  | 600 |  |  | — |  |  | 600 |
Share of net income of equity companies |  | 25 |  |  | — |  |  | 25 |
Net Income |  | 625 |  |  | — |  |  | 625 |
Net income attributable to noncontrolling interests |  | (8 | ) |  | — |  |  | (8 | )
Net Income Attributable to Kimberly-Clark Corporation |  | $ | 617 |  |  | $ | — |  |  | $ | 617 |
Per Share Basis |  |  |  |  |  |
Net Income Attributable to Kimberly-Clark Corporation |  |  |  |  |  |
Basic |  | $ | 1.76 |  |  | $ | — |  |  | $ | 1.76 |
Diluted |  | $ | 1.75 |  |  | $ | — |  |  | $ | 1.75 |

1

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017
RECAST RECONCILIATION
(Unaudited)

(Millions of dollars, except per share amounts) |  | Previously Reported |  | Adjustments |  | Recast
Net Sales |  | $ | 4,640 |  |  | $ | 25 |  |  | $ | 4,665 |
Cost of products sold |  | 2,981 |  |  | 17 |  |  | 2,998 |
Gross Profit |  | 1,659 |  |  | 8 |  |  | 1,667 |
Marketing, research and general expenses |  | 813 |  |  | (6 | ) |  | 807 |
Other (income) and expense, net |  | (8 | ) |  | — |  |  | (8 | )
Operating Profit |  | 854 |  |  | 14 |  |  | 868 |
Nonoperating expense |  | — |  |  | (14 | ) |  | (14 | )
Interest income |  | 3 |  |  | — |  |  | 3 |
Interest expense |  | (78 | ) |  | — |  |  | (78 | )
Income Before Income Taxes and Equity Interests |  | 779 |  |  | — |  |  | 779 |
Provision for income taxes |  | (224 | ) |  | — |  |  | (224 | )
Income Before Equity Interests |  | 555 |  |  | — |  |  | 555 |
Share of net income of equity companies |  | 24 |  |  | — |  |  | 24 |
Net Income |  | 579 |  |  | — |  |  | 579 |
Net income attributable to noncontrolling interests |  | (12 | ) |  | — |  |  | (12 | )
Net Income Attributable to Kimberly-Clark Corporation |  | $ | 567 |  |  | $ | — |  |  | $ | 567 |
Per Share Basis |  |  |  |  |  |
Net Income Attributable to Kimberly-Clark Corporation |  |  |  |  |  |
Basic |  | $ | 1.61 |  |  | $ | — |  |  | $ | 1.61 |
Diluted |  | $ | 1.60 |  |  | $ | — |  |  | $ | 1.60 |

2

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2017
RECAST RECONCILIATION
(Unaudited)

(Millions of dollars, except per share amounts) |  | Previously Reported |  | Adjustments |  | Recast
Net Sales |  | $ | 4,554 |  |  | $ | 22 |  |  | $ | 4,576 |
Cost of products sold |  | 2,910 |  |  | 14 |  |  | 2,924 |
Gross Profit |  | 1,644 |  |  | 8 |  |  | 1,652 |
Marketing, research and general expenses |  | 842 |  |  | (7 | ) |  | 835 |
Other (income) and expense, net |  | 3 |  |  | — |  |  | 3 |
Operating Profit |  | 799 |  |  | 15 |  |  | 814 |
Nonoperating expense |  | — |  |  | (15 | ) |  | (15 | )
Interest income |  | 2 |  |  | — |  |  | 2 |
Interest expense |  | (85 | ) |  | — |  |  | (85 | )
Income Before Income Taxes and Equity Interests |  | 716 |  |  | — |  |  | 716 |
Provision for income taxes |  | (202 | ) |  | — |  |  | (202 | )
Income Before Equity Interests |  | 514 |  |  | — |  |  | 514 |
Share of net income of equity companies |  | 26 |  |  | — |  |  | 26 |
Net Income |  | 540 |  |  | — |  |  | 540 |
Net income attributable to noncontrolling interests |  | (9 | ) |  | — |  |  | (9 | )
Net Income Attributable to Kimberly-Clark Corporation |  | $ | 531 |  |  | $ | — |  |  | $ | 531 |
Per Share Basis |  |  |  |  |  |
Net Income Attributable to Kimberly-Clark Corporation |  |  |  |  |  |
Basic |  | $ | 1.50 |  |  | $ | — |  |  | $ | 1.50 |
Diluted |  | $ | 1.49 |  |  | $ | — |  |  | $ | 1.49 |

3

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
FOR THE THREE MONTHS ENDED MARCH 31, 2017
RECAST RECONCILIATION
(Unaudited)

(Millions of dollars, except per share amounts) |  | Previously Reported |  | Adjustments |  | Recast
Net Sales |  | $ | 4,483 |  |  | $ | 21 |  |  | $ | 4,504 |
Cost of products sold |  | 2,831 |  |  | 13 |  |  | 2,844 |
Gross Profit |  | 1,652 |  |  | 8 |  |  | 1,660 |
Marketing, research and general expenses |  | 813 |  |  | (6 | ) |  | 807 |
Other (income) and expense, net |  | 5 |  |  | — |  |  | 5 |
Operating Profit |  | 834 |  |  | 14 |  |  | 848 |
Nonoperating expense |  | — |  |  | (14 | ) |  | (14 | )
Interest income |  | 2 |  |  | — |  |  | 2 |
Interest expense |  | (83 | ) |  | — |  |  | (83 | )
Income Before Income Taxes and Equity Interests |  | 753 |  |  | — |  |  | 753 |
Provision for income taxes |  | (207 | ) |  | — |  |  | (207 | )
Income Before Equity Interests |  | 546 |  |  | — |  |  | 546 |
Share of net income of equity companies |  | 29 |  |  | — |  |  | 29 |
Net Income |  | 575 |  |  | — |  |  | 575 |
Net income attributable to noncontrolling interests |  | (12 | ) |  | — |  |  | (12 | )
Net Income Attributable to Kimberly-Clark Corporation |  | $ | 563 |  |  | $ | — |  |  | $ | 563 |
Per Share Basis |  |  |  |  |  |
Net Income Attributable to Kimberly-Clark Corporation |  |  |  |  |  |
Basic |  | $ | 1.58 |  |  | $ | — |  |  | $ | 1.58 |
Diluted |  | $ | 1.57 |  |  | $ | — |  |  | $ | 1.57 |

4

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2017
RECAST RECONCILIATION
(Unaudited)

(Millions of dollars, except per share amounts) |  | Previously Reported |  | Adjustments |  | Recast
Net Sales |  | $ | 18,259 |  |  | $ | 89 |  |  | $ | 18,348 |
Cost of products sold |  | 11,706 |  |  | 55 |  |  | 11,761 |
Gross Profit |  | 6,553 |  |  | 34 |  |  | 6,587 |
Marketing, research and general expenses |  | 3,227 |  |  | (25 | ) |  | 3,202 |
Other (income) and expense, net |  | 27 |  |  | — |  |  | 27 |
Operating Profit |  | 3,299 |  |  | 59 |  |  | 3,358 |
Nonoperating expense |  | — |  |  | (59 | ) |  | (59 | )
Interest income |  | 10 |  |  | — |  |  | 10 |
Interest expense |  | (318 | ) |  | — |  |  | (318 | )
Income Before Income Taxes and Equity Interests |  | 2,991 |  |  | — |  |  | 2,991 |
Provision for income taxes |  | (776 | ) |  | — |  |  | (776 | )
Income Before Equity Interests |  | 2,215 |  |  | — |  |  | 2,215 |
Share of net income of equity companies |  | 104 |  |  | — |  |  | 104 |
Net Income |  | 2,319 |  |  | — |  |  | 2,319 |
Net income attributable to noncontrolling interests |  | (41 | ) |  | — |  |  | (41 | )
Net Income Attributable to Kimberly-Clark Corporation |  | $ | 2,278 |  |  | $ | — |  |  | $ | 2,278 |
Per Share Basis |  |  |  |  |  |
Net Income Attributable to Kimberly-Clark Corporation |  |  |  |  |  |
Basic |  | $ | 6.44 |  |  | $ | — |  |  | $ | 6.44 |
Diluted |  | $ | 6.40 |  |  | $ | — |  |  | $ | 6.40 |

5

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2016
RECAST RECONCILIATION
(Unaudited)

(Millions of dollars, except per share amounts) |  | Previously Reported |  | Adjustments |  | Recast
Net Sales |  | $ | 18,202 |  |  | $ | 85 |  |  | $ | 18,287 |
Cost of products sold |  | 11,551 |  |  | 45 |  |  | 11,596 |
Gross Profit |  | 6,651 |  |  | 40 |  |  | 6,691 |
Marketing, research and general expenses |  | 3,326 |  |  | (26 | ) |  | 3,300 |
Other (income) and expense, net |  | 8 |  |  | — |  |  | 8 |
Operating Profit |  | 3,317 |  |  | 66 |  |  | 3,383 |
Nonoperating expense |  | — |  |  | (66 | ) |  | (66 | )
Interest income |  | 11 |  |  | — |  |  | 11 |
Interest expense |  | (319 | ) |  | — |  |  | (319 | )
Income Before Income Taxes and Equity Interests |  | 3,009 |  |  | — |  |  | 3,009 |
Provision for income taxes |  | (922 | ) |  | — |  |  | (922 | )
Income Before Equity Interests |  | 2,087 |  |  | — |  |  | 2,087 |
Share of net income of equity companies |  | 132 |  |  | — |  |  | 132 |
Net Income |  | 2,219 |  |  | — |  |  | 2,219 |
Net income attributable to noncontrolling interests |  | (53 | ) |  | — |  |  | (53 | )
Net Income Attributable to Kimberly-Clark Corporation |  | $ | 2,166 |  |  | $ | — |  |  | $ | 2,166 |
Per Share Basis |  |  |  |  |  |
Net Income Attributable to Kimberly-Clark Corporation |  |  |  |  |  |
Basic |  | $ | 6.03 |  |  | $ | — |  |  | $ | 6.03 |
Diluted |  | $ | 5.99 |  |  | $ | — |  |  | $ | 5.99 |

6

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2015
RECAST RECONCILIATION
(Unaudited)

(Millions of dollars, except per share amounts) |  | Previously Reported |  | Adjustments |  | Recast
Net Sales |  | $ | 18,591 |  |  | $ | 91 |  |  | $ | 18,682 |
Cost of products sold |  | 11,967 |  |  | 48 |  |  | 12,015 |
Gross Profit |  | 6,624 |  |  | 43 |  |  | 6,667 |
Marketing, research and general expenses |  | 3,443 |  |  | (27 | ) |  | 3,416 |
Other (income) and expense, net |  | 1,568 |  |  | (1,355 | ) |  | 213 |
Operating Profit |  | 1,613 |  |  | 1,425 |  |  | 3,038 |
Nonoperating expense |  | — |  |  | (1,425 | ) |  | (1,425 | )
Interest income |  | 17 |  |  | — |  |  | 17 |
Interest expense |  | (295 | ) |  | — |  |  | (295 | )
Income Before Income Taxes and Equity Interests |  | 1,335 |  |  | — |  |  | 1,335 |
Provision for income taxes |  | (418 | ) |  | — |  |  | (418 | )
Income Before Equity Interests |  | 917 |  |  | — |  |  | 917 |
Share of net income of equity companies |  | 149 |  |  | — |  |  | 149 |
Net Income |  | 1,066 |  |  | — |  |  | 1,066 |
Net income attributable to noncontrolling interests |  | (53 | ) |  | — |  |  | (53 | )
Net Income Attributable to Kimberly-Clark Corporation |  | $ | 1,013 |  |  | $ | — |  |  | $ | 1,013 |
Per Share Basis |  |  |  |  |  |
Net Income Attributable to Kimberly-Clark Corporation |  |  |  |  |  |
Basic |  | $ | 2.78 |  |  | $ | — |  |  | $ | 2.78 |
Diluted |  | $ | 2.77 |  |  | $ | — |  |  | $ | 2.77 |

7

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2014
RECAST RECONCILIATION
(Unaudited)

(Millions of dollars, except per share amounts) |  | Previously Reported |  | Adjustments |  | Recast
Net Sales |  | $ | 19,724 |  |  | $ | 93 |  |  | $ | 19,817 |
Cost of products sold |  | 13,041 |  |  | 24 |  |  | 13,065 |
Gross Profit |  | 6,683 |  |  | 69 |  |  | 6,752 |
Marketing, research and general expenses |  | 3,709 |  |  | (29 | ) |  | 3,680 |
Other (income) and expense, net |  | 453 |  |  | — |  |  | 453 |
Operating Profit |  | 2,521 |  |  | 98 |  |  | 2,619 |
Nonoperating expense |  | — |  |  | (98 | ) |  | (98 | )
Interest income |  | 18 |  |  | — |  |  | 18 |
Interest expense |  | (284 | ) |  | — |  |  | (284 | )
Income From Continuing Operations Before Income Taxes and Equity Interests |  | 2,255 |  |  | — |  |  | 2,255 |
Provision for income taxes |  | (856 | ) |  | — |  |  | (856 | )
Income From Continuing Operations Before Equity Interests |  | 1,399 |  |  | — |  |  | 1,399 |
Share of net income of equity companies |  | 146 |  |  | — |  |  | 146 |
Income From Continuing Operations |  | 1,545 |  |  | — |  |  | 1,545 |
Income from discontinued operations, net of income taxes |  | 50 |  |  | — |  |  | 50 |
Net Income |  | 1,595 |  |  | — |  |  | 1,595 |
Net income attributable to noncontrolling interests in continuing operations |  | (69 | ) |  | — |  |  | (69 | )
Net Income Attributable to Kimberly-Clark Corporation |  | $ | 1,526 |  |  | $ | — |  |  | $ | 1,526 |
Per Share Basis |  |  |  |  |  |
Net Income Attributable to Kimberly-Clark Corporation |  |  |  |  |  |
Basic |  |  |  |  |  |
Continuing operations |  | $ | 3.94 |  |  | $ | — |  |  | $ | 3.94 |
Discontinued operations |  | 0.13 |  |  | — |  |  | 0.13 |
Net income |  | $ | 4.07 |  |  | $ | — |  |  | $ | 4.07 |
Diluted |  |  |  |  |  |
Continuing operations |  | $ | 3.91 |  |  | $ | — |  |  | $ | 3.91 |
Discontinued operations |  | 0.13 |  |  | — |  |  | 0.13 |
Net income |  | $ | 4.04 |  |  | $ | — |  |  | $ | 4.04 |

8