<SEC-DOCUMENT>0001206774-16-004392.txt : 20160317
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<ACCEPTANCE-DATETIME>20160204163018
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ACCESSION NUMBER:		0001206774-16-004392
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLOROX CO /DE/
		CENTRAL INDEX KEY:			0000021076
		STANDARD INDUSTRIAL CLASSIFICATION:	SPECIALTY CLEANING, POLISHING AND SANITATION PREPARATIONS [2842]
		IRS NUMBER:				310595760
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		THE CLOROX COMPANY
		STREET 2:		1221 BROADWAY
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612-1888
		BUSINESS PHONE:		5102717000

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 24305
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612-1305
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<P align=left><FONT face="Times New Roman" size=2>February 4, 2016</FONT></P>
<P align=left><U><FONT face="Times New Roman" size=2>Via EDGAR</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Mr. Terence O&#146; Brien<BR>Branch
Chief<BR></FONT><FONT face="Times New Roman" size=2>Office of Manufacturing and
Construction<BR></FONT><FONT face="Times New Roman" size=2>United States
Securities and Exchange Commission<BR>Division of Corporation Finance<BR>100 F
Street, N.E.<BR></FONT><FONT face="Times New Roman" size=2>Washington, D.C.
20549</FONT><FONT face="Times New Roman" size=2> </FONT></P>
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    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>Re:</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="97%"><B><FONT face="Times New Roman" size=2>The Clorox Company</FONT></B></TD></TR>
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    <TD noWrap align=left width="97%"><B><FONT face="Times New Roman" size=2>Form 10-K for the Fiscal Year Ended June 30,
    2015</FONT></B></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="97%"><B><FONT face="Times New Roman" size=2>Filed August 21, 2015</FONT></B></TD></TR>
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    <TD noWrap align=left width="97%"><B><FONT face="Times New Roman" size=2>File No. 1-7151</FONT></B></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>Dear Mr. O&#146; Brien:</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Clorox Company (the
&#147;Company&#148;) respectfully submits the following response to the comment included
in your letter of January 15, 2016, relating to your review of the Company&#146;s
Form 10-K for the fiscal year ended June 30, 2015 (the &#147;2015 Form
10-K&#148;).</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We understand that you will be
reviewing our response and may have additional comments. We welcome any
questions you may have concerning our response and thank you for your attention
to our filing. Please feel free to call us at the telephone numbers listed at
the end of this letter. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For your convenience, your
comment is repeated below followed by the Company&#146;s response.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2></FONT><B><U><FONT face="Times New Roman" size=2>Exhibit 99.1</FONT></U></B></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>Segment Results from
Continuing Operations, page 9</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
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    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>1.</FONT></I></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>We note your
      disclosure on page 11 regarding the monetary and nonmonetary assets
      located in Argentina. Please expand your disclosure to clarify the nature
      of your operations in Argentina (e.g., manufacturing, importing,
      marketing, etc.) and the nature of the activities conducted between those
      operations and your non-Argentine operations. In addition, clarify how the
      economic situation in Argentina impacts your liquidity, including the
      extent of intercompany receivables due from your Argentine subsidiaries,
      to the extent material. Finally, quantify the amount of foreign currency
      translation losses attributed to your Argentine operations that are
      included in other comprehensive income as of the latest balance sheet
      date.</FONT></I></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2>The Company operates in
Argentina through certain wholly owned subsidiaries (collectively, &#147;Clorox
Argentina&#148;). Clorox Argentina manufactures products at three plants that it owns
and operates across Argentina and markets those products to consumers throughout
the country. Products are advertised nationally and sold to consumers through
wholesalers and retail outlets located throughout Argentina. Sales are made
primarily through the use of Clorox Argentina&#146;s sales force. Less than 10% of
products produced in Argentina are exported each year, including sales to the
Company&#146;s subsidiaries located primarily in Latin America. Clorox Argentina
obtains its raw materials almost entirely from local sources. The Company also
conducts research and development activities at its owned facility in Buenos
Aires, Argentina, as noted under &#147;Item 2. Properties&#148; in the 2015 Form 10-K.
Additionally, Clorox Argentina performs marketing, legal, and various other
shared service activities to support the Company&#146;s Latin American operations.
Clorox Argentina in turn benefits from shared service activities performed within other geographic locations, such as
information technology support and manufacturing technical
assistance.</FONT></P>
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<P align=left><FONT face="Times New Roman" size=2>As a result of the above
activities, the Company&#146;s domestic and other foreign subsidiaries had total
intercompany receivables from Clorox Argentina of $56 million and intercompany
payables due to Clorox Argentina of $17 million as of June 30, 2015. As of
December 31, 2015, these balances were $57 million and $13 million,
respectively. All intercompany receivable and payable balances are eliminated in
consolidation. Due to government foreign exchange restrictions in Argentina,
Clorox Argentina has historically been unable to obtain U.S. dollars to pay for
costs related to certain shared service activities. Despite these evolving
restrictions, Clorox Argentina has not had a <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">material</FONT> impact on the <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">Company&#146;s
 liquidity</font> in the past, and the Company also does not expect that Clorox
Argentina will have a <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">material</FONT> impact on the <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">Company&#146;s liquidity</FONT> in
the future.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The amount of foreign currency
translation losses attributed to Clorox Argentina included in Accumulated other
comprehensive net loss on the consolidated balance sheet is $161 million as of
June 30, 2015, and $182 million as of December 31, 2015. The Company does not
anticipate triggering recognition of this Accumulated other comprehensive net
loss balance into its consolidated income statement, given its strategy to
continue operations in Argentina.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Based upon recent events in
Argentina, and in response to this comment, we have expanded our discussion
about our Argentine operations, as reflected in our quarterly filing on Form
10-Q for the quarter ended December 31, 2015, filed on the date hereof. In
future filings, we will continue to provide similar disclosures as applicable
and to the extent material.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>In addition, the Company
acknowledges that:</FONT><FONT face="Times New Roman" size=2></FONT></P>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 0pt" vAlign=top width="1%">&#9679;</TD>
    <TD vAlign=top width="99%">the Company is responsible for the adequacy and
      accuracy of the disclosure in its filings;</TD></TR>
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    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 0pt" vAlign=top width="1%">&#9679;</TD>
    <TD vAlign=top width="99%">Staff comments or changes to disclosure in
      response to Staff comments do not foreclose the Commission from taking any
      action with respect to the filing; and</TD></TR>
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    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 0pt" vAlign=top width="1%">&#9679;</TD>
    <TD vAlign=top width="99%">the Company may not assert Staff comments as a
      defense in any proceeding initiated by the Commission or any person under
      the federal securities laws of the United States.</TD></TR></TABLE><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If you have any questions or
need any additional information, please contact me at (510) 271-7021.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>Sincerely,</FONT></P>
<DIV align=right>
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    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"><FONT face="Times New Roman" size=2>/s/ Angela Hilt</FONT></TD>
    <TD noWrap align=left width="95%">&nbsp;</TD></TR>
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    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Angela C. Hilt</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Vice
      President &#150; Corporate Secretary and Associate General
  Counsel</FONT></TD></TR></TABLE></DIV><BR>
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  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 10%; padding-left: 30pt; vertical-align: top"><FONT face="Times New Roman" size=2>cc:</FONT></TD>
    <TD NOWRAP WIDTH="90%" STYLE="text-align: left; vertical-align: top"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
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    <TD width="99%" colSpan=2><FONT size=2 face="Times New Roman">&nbsp; </FONT></TD></TR>
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    <TD NOWRAP STYLE="text-align: left; width: 10%; padding-left: 30pt; vertical-align: top"><FONT face="Times New Roman" size=2>Stephen M. Robb</FONT></TD>
    <TD NOWRAP WIDTH="90%" STYLE="text-align: left; vertical-align: top"><FONT face="Times New Roman" size=2>Executive Vice President &#150; Chief
      Financial Officer (</FONT><FONT face="Times New Roman" size=2>steve.robb@clorox.com</FONT><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
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    <TD NOWRAP STYLE="text-align: left; width: 10%; padding-left: 30pt; vertical-align: top"><FONT face="Times New Roman" size=2>Laura Stein</FONT></TD>
    <TD NOWRAP WIDTH="90%" STYLE="text-align: left; vertical-align: top"><FONT face="Times New Roman" size=2>Executive Vice President &#150; General
      Counsel (</FONT><FONT face="Times New Roman" size=2>laura.stein@clorox.com</FONT><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
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    <TD NOWRAP STYLE="text-align: left; width: 10%; padding-left: 30pt; vertical-align: top"><FONT face="Times New Roman" size=2>Thomas D. Johnson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH="90%" STYLE="text-align: left; vertical-align: top" ><FONT face="Times New Roman" size=2>Vice President &#150; Global Business
      Services and Principal Accounting Officer (<FONT face="Times New Roman" size=2>tom.johnson@clorox.com</FONT><FONT face="Times New Roman" size=2>)</FONT></FONT></TD></TR>
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    <TD NOWRAP STYLE="text-align: left; width: 10%; padding-left: 30pt; vertical-align: top"><FONT face="Times New Roman" size=2>Jeffrey R. Baker</FONT></TD>
    <TD NOWRAP WIDTH="90%" STYLE="text-align: left; vertical-align: top"><FONT face="Times New Roman" size=2>Vice President &#150; Corporate
      Controller (</FONT><FONT face="Times New Roman" size=2>jeff.baker@clorox.com</FONT><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 10%; padding-left: 30pt; vertical-align: top"><FONT face="Times New Roman" size=2>Jinho Joo</FONT></TD>
    <TD NOWRAP WIDTH="90%" STYLE="text-align: left; vertical-align: top"><FONT face="Times New Roman" size=2>Senior Corporate Counsel
      (</FONT><FONT face="Times New Roman" size=2>jinho.joo@clorox.com</FONT><FONT face="Times New Roman" size=2>)</FONT></TD></TR></TABLE><BR>
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