UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: November 5, 2014
(Date of earliest event reported)

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


Delaware
1-225
39-0394230
(State or other jurisdiction of incorporation)
(Commission file number)
(I.R.S. Employer Identification No.)
 
 
 
P. O. Box 619100, Dallas, Texas
 
75261-9100
(Address of principal executive offices)
 
(Zip code)

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



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 7.01    Regulation FD Disclosure.

Effective as of the end of the day on October 31, 2014, Kimberly-Clark Corporation ("Kimberly-Clark") completed the distribution to its stockholders of all of the outstanding shares of common stock of Halyard Health, Inc. ("Halyard"), a wholly-owned subsidiary of Kimberly-Clark. Halyard was formed to hold directly or indirectly the assets and liabilities associated with Kimberly-Clark’s health care business and to facilitate the tax-free spin-off of such health care business (the "Spin-off"). In accordance with Accounting Standards Codification 205-20, Presentation of Financial Statements - Discontinued Operations, Kimberly-Clark’s prior period Consolidated Income Statements have been recasted to present the results of the divested health care business as discontinued operations. Segment results have also been recasted to present net sales and operating profit by segment on a continuing operations basis. Previously reported charges related to the Spin-off are included in discontinued operations.

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

Item 9.01    Financial Statements and Exhibits.

(d)
Exhibits.

Exhibit No. 99.1 - Consolidated Income Statements for the years ended December 31, 2010 through 2013, the four quarters of 2013 and the first three quarters of 2014, presenting the results of Kimberly-Clark’s former health care business as discontinued operations.

Exhibit No. 99.2 - Consolidated operations by Business Segment, setting forth the net sales and operating profit for Kimberly-Clark’s reportable business segments on a continuing operations basis of presentation for the years ended December 31, 2010 through 2013, the four quarters of 2013 and the first three quarters of 2014.






SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
    
 
 
 
KIMBERLY-CLARK CORPORATION
 
 
 
 
 
Date:
November 5, 2014
 
By:
/s/ Michael T. Azbell
 
 
 
 
Michael T. Azbell
Vice President and Controller






EXHIBIT INDEX

Exhibit No. 99.1
Consolidated Income Statements for the years ended December 31, 2010 through 2013, the four quarters of 2013 and the first three quarters of 2014, presenting the results of Kimberly-Clark’s former health care business as discontinued operations.

Exhibit No. 99.2
Consolidated operations by Business Segment, setting forth the net sales and operating profit for Kimberly-Clark’s reportable business segments on a continuing operations basis of presentation for the years ended December 31, 2010 through 2013, the four quarters of 2013 and the first three quarters of 2014.





KMB_2014_4Q_8K_Continuing Operations-99.1



Exhibit 99.1
KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(Unaudited)
 
 
2014
(Millions of dollars, except per share amounts)
 
Nine Months Ended
September 30
 
Third
Quarter
 
Second
Quarter
 
First
Quarter
 
 
 
 
 
 
 
 
 
Net Sales
 
$
14,896

 
$
5,056

 
$
4,953

 
$
4,887

Cost of products sold
 
9,766

 
3,291

 
3,253

 
3,222

Gross Profit
 
5,130

 
1,765

 
1,700

 
1,665

Marketing, research and general expenses
 
2,738

 
904

 
938

 
896

Other (income) and expense, net
 
29

 
(16
)
 
(13
)
 
58

Operating Profit
 
2,363

 
877

 
775

 
711

Interest income
 
13

 
5

 
5

 
3

Interest expense
 
(215
)
 
(72
)
 
(72
)
 
(71
)
Income From Continuing Operations Before Income Taxes and Equity Interests
 
2,161

 
810

 
708

 
643

Provision for income taxes
 
(681
)
 
(260
)
 
(225
)
 
(196
)
Income From Continuing Operations Before Equity Interests
 
1,480

 
550

 
483

 
447

Share of net income of equity companies
 
113

 
31

 
39

 
43

Income From Continuing Operations
 
1,593

 
581

 
522

 
490

Income from discontinued operations, net of income taxes
 
65

 
1

 
8

 
56

Net Income
 
1,658

 
582

 
530

 
546

Net income attributable to noncontrolling interests in continuing operations
 
(49
)
 
(20
)
 
(21
)
 
(8
)
Net Income Attributable to Kimberly-Clark Corporation
 
$
1,609

 
$
562

 
$
509

 
$
538

 
 
 
 
 
 
 
 
 
Per Share Basis
 
 
 
 
 
 
 
 
Net Income Attributable to Kimberly-Clark Corporation
 
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
 
Continuing operations(a)
 
$
4.11

 
$
1.50

 
$
1.33

 
$
1.27

Discontinued operations
 
0.17

 
—

 
0.02

 
0.15

Rounding
 
—

 
0.01

 
—

 
—

Net income attributable to Kimberly-Clark Corporation
 
$
4.28

 
$
1.51

 
$
1.35

 
$
1.42

 
 
 
 
 
 
 
 
 
Diluted
 
 
 
 
 
 
 
 
Continuing operations(a)
 
$
4.08

 
$
1.49

 
$
1.32

 
$
1.26

Discontinued operations
 
0.17

 
—

 
0.02

 
0.15

Rounding
 
—

 
0.01

 
0.01

 
—

Net income attributable to Kimberly-Clark Corporation(a)
 
$
4.25

 
$
1.50

 
$
1.35

 
$
1.41

 
 
 
 
 
 
 
 
 
(a) 
Year-to-date does not equal the sum of the quarterly amounts as a result of rounding.    

1





KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(Unaudited)
 
 
2013
(Millions of dollars, except per share amounts)
 
Year Ended
December 31
 
Fourth
Quarter
 
Third
Quarter
 
Second
Quarter
 
First
Quarter
 
 
 
 
 
 
 
 
 
 
 
Net Sales
 
$
19,561

 
$
4,895

 
$
4,865

 
$
4,873

 
$
4,928

Cost of products sold
 
12,952

 
3,242

 
3,226

 
3,232

 
3,252

Gross Profit
 
6,609

 
1,653

 
1,639

 
1,641

 
1,676

Marketing, research and general expenses
 
3,699

 
915

 
913

 
928

 
943

Other (income) and expense, net
 
7

 
(7
)
 
8

 
(6
)
 
12

Operating Profit
 
2,903

 
745

 
718

 
719

 
721

Interest income
 
20

 
4

 
6

 
5

 
5

Interest expense
 
(282
)
 
(71
)
 
(73
)
 
(71
)
 
(67
)
Income From Continuing Operations Before Income Taxes and Equity Interests
 
2,641

 
678

 
651

 
653

 
659

Provision for income taxes
 
(828
)
 
(221
)
 
(194
)
 
(212
)
 
(201
)
Income From Continuing Operations Before Equity Interests
 
1,813

 
457

 
457

 
441

 
458

Share of net income of equity companies
 
205

 
48

 
49

 
55

 
53

Income From Continuing Operations
 
2,018

 
505

 
506

 
496

 
511

Income from discontinued operations, net of income taxes
 
203

 
53

 
59

 
51

 
40

Net Income
 
2,221

 
558

 
565

 
547

 
551

Net income attributable to noncontrolling interests in continuing operations
 
(79
)
 
(19
)
 
(19
)
 
(21
)
 
(20
)
Net Income Attributable to Kimberly-Clark Corporation
 
$
2,142

 
$
539

 
$
546

 
$
526

 
$
531

 
 
 
 
 
 
 
 
 
 
 
Per Share Basis
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to Kimberly-Clark Corporation
 
 
 
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
 
 
 
Continuing operations(a)
 
$
5.05

 
$
1.27

 
$
1.27

 
$
1.23

 
$
1.27

Discontinued operations(a)
 
0.53

 
0.14

 
0.15

 
0.13

 
0.10

Rounding
 
—

 
—

 
0.01

 
0.01

 
—

Net income attributable to Kimberly-Clark Corporation
 
$
5.58

 
$
1.41

 
$
1.43

 
$
1.37

 
$
1.37

 
 
 
 
 
 
 
 
 
 
 
Diluted
 
 
 
 
 
 
 
 
 
 
Continuing operations(a)
 
$
5.01

 
$
1.26

 
$
1.26

 
$
1.22

 
$
1.26

Discontinued operations
 
0.52

 
0.14

 
0.15

 
0.13

 
0.10

Rounding
 
—

 
—

 
0.01

 
0.01

 
—

Net income attributable to Kimberly-Clark Corporation(a)
 
$
5.53

 
$
1.40

 
$
1.42

 
$
1.36

 
$
1.36

 
 
 
 
 
 
 
 
 
 
 
(a) 
Year-to-date does not equal the sum of the quarterly amounts as a result of rounding.

2





KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(Unaudited)
 
 
Year Ended December 31
(Millions of dollars, except per share amounts)
 
2012
 
2011
 
2010
 
 
 
 
 
 
 
Net Sales
 
$
19,467

 
$
19,268

 
$
18,323

Cost of products sold
 
13,338

 
13,729

 
12,342

Gross Profit
 
6,129

 
5,539

 
5,981

Marketing, research and general expenses
 
3,757

 
3,430

 
3,339

Other (income) and expense, net
 
(5
)
 
(43
)
 
109

Operating Profit
 
2,377

 
2,152

 
2,533

Interest income
 
18

 
18

 
19

Interest expense
 
(285
)
 
(277
)
 
(244
)
Income From Continuing Operations Before Income Taxes and Equity Interests
 
2,110

 
1,893

 
2,308

Provision for income taxes
 
(660
)
 
(559
)
 
(685
)
Income From Continuing Operations Before Equity Interests
 
1,450

 
1,334

 
1,623

Share of net income of equity companies
 
177

 
161

 
181

Income From Continuing Operations
 
1,627

 
1,495

 
1,804

Income from discontinued operations, net of income taxes
 
201

 
189

 
139

Net Income
 
1,828

 
1,684

 
1,943

Net income attributable to noncontrolling interests in continuing operations
 
(78
)
 
(93
)
 
(100
)
Net Income Attributable to Kimberly-Clark Corporation
 
$
1,750

 
$
1,591

 
$
1,843

 
 
 
 
 
 
 
Per Share Basis
 
 
 
 
 
 
Net Income Attributable to Kimberly-Clark Corporation
 
 
 
 
 
 
Basic
 
 
 
 
 
 
Continuing operations
 
$
3.94

 
$
3.54

 
$
4.13

Discontinued operations
 
0.51

 
0.48

 
0.34

Net income attributable to Kimberly-Clark Corporation
 
$
4.45

 
$
4.02

 
$
4.47

 
 
 
 
 
 
 
Diluted
 
 
 
 
 
 
Continuing operations
 
$
3.91

 
$
3.52

 
$
4.11

Discontinued operations
 
0.51

 
0.47

 
0.34

Net income attributable to Kimberly-Clark Corporation
 
$
4.42

 
$
3.99

 
$
4.45

 
 
 
 
 
 
 


3




Exhibit 99.2
KIMBERLY-CLARK CORPORATION
SELECTED BUSINESS SEGMENT DATA
(Unaudited)

 
 
2014
(Millions of dollars)
 
Nine Months Ended
September 30
 
Third
Quarter
 
Second
Quarter
 
First
Quarter
NET SALES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Personal Care
 
$
7,299

 
$
2,475

 
$
2,442

 
$
2,382

Consumer Tissue
 
5,024

 
1,697

 
1,638

 
1,689

K-C Professional
 
2,531

 
873

 
858

 
800

Corporate & Other
 
42

 
11

 
15

 
16

TOTAL NET SALES
 
$
14,896

 
$
5,056

 
$
4,953

 
$
4,887

 
 
 
 
 
 
 
 
 
OPERATING PROFIT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Personal Care
 
$
1,393

 
$
483

 
$
453

 
$
457

Consumer Tissue
 
782

 
285

 
240

 
257

K-C Professional
 
453

 
165

 
153

 
135

Corporate & Other
 
(236
)
 
(72
)
 
(84
)
 
(80
)
Other (income) and expense, net
 
29

 
(16
)
 
(13
)
 
58

TOTAL OPERATING PROFIT
 
$
2,363

 
$
877

 
$
775

 
$
711



1




KIMBERLY-CLARK CORPORATION
SELECTED BUSINESS SEGMENT DATA
(Unaudited)


 
 
2013
(Millions of dollars)
 
Year Ended
December 31
 
Fourth
Quarter
 
Third
Quarter
 
Second
Quarter
 
First
Quarter
NET SALES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Personal Care
 
$
9,536

 
$
2,366

 
$
2,383

 
$
2,390

 
$
2,397

Consumer Tissue
 
6,637

 
1,668

 
1,626

 
1,625

 
1,718

K-C Professional
 
3,323

 
846

 
843

 
841

 
793

Corporate & Other
 
65

 
15

 
13

 
17

 
20

TOTAL NET SALES
 
$
19,561

 
$
4,895

 
$
4,865

 
$
4,873

 
$
4,928

 
 
 
 
 
 
 
 
 
 
 
OPERATING PROFIT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Personal Care
 
$
1,698

 
$
398

 
$
427

 
$
432

 
$
441

Consumer Tissue
 
988

 
275

 
233

 
220

 
260

K-C Professional
 
605

 
148

 
154

 
161

 
142

Corporate & Other
 
(381
)
 
(83
)
 
(88
)
 
(100
)
 
(110
)
Other (income) and expense, net
 
7

 
(7
)
 
8

 
(6
)
 
12

TOTAL OPERATING PROFIT
 
$
2,903

 
$
745

 
$
718

 
$
719

 
$
721



2




KIMBERLY-CLARK CORPORATION
SELECTED BUSINESS SEGMENT DATA
(Unaudited)


 
 
Year Ended December 31
(Millions of dollars)
 
2012
 
2011
 
2010
NET SALES
 
 
 
 
 
 
 
 
 
 
 
 
 
Personal Care
 
$
9,576

 
$
9,128

 
$
8,670

Consumer Tissue
 
6,527

 
6,770

 
6,497

K-C Professional
 
3,283

 
3,294

 
3,110

Corporate & Other
 
81

 
76

 
46

TOTAL NET SALES
 
$
19,467

 
$
19,268

 
$
18,323

 
 
 
 
 
 
 
OPERATING PROFIT
 
 
 
 
 
 
 
 
 
 
 
 
 
Personal Care
 
$
1,660

 
$
1,526

 
$
1,764

Consumer Tissue
 
887

 
775

 
660

K-C Professional
 
542

 
487

 
468

Corporate & Other
 
(717
)
 
(679
)
 
(250
)
Other (income) and expense, net
 
(5
)
 
(43
)
 
109

TOTAL OPERATING PROFIT
 
$
2,377

 
$
2,152

 
$
2,533



3