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KIMBERLY CLARK CORP
FORM 10-K
(Annual Report)
Filed 02/11/16 for the Period Ending 12/31/15
Address 351 PHELPS DRIVE
IRVING, TX 75038
Telephone 9722811200
CIK 0000055785
Symbol KMB
SIC Code
2670 - Converted Paper And Paperboard Products, Except
Industry Personal & Household Prods.
Sector Consumer/Non-Cyclical
Fiscal Year 12/31
http://www.edgar-online.com
© Copyright 2016, EDGAR Online, Inc. All Rights Reserved.
Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.

Table of contents

  • Page 1
    KIMBERLY CLARK CORP FORM 10-K (Annual Report) Filed 02/11/16 for the Period Ending 12/31/15 Address Telephone CIK Symbol SIC Code Industry Sector Fiscal Year 351 PHELPS DRIVE IRVING, TX 75038 9722811200 0000055785 KMB 2670 - Converted Paper And Paperboard Products, Except Personal & Household ...

  • Page 2
    ...of 1934 For the fiscal year ended December 31, 2015 or o Transition Report Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 For the transition period from to KIMBERLY-CLARK CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction...

  • Page 3
    ... About Market Risk Financial Statements and Supplementary Data Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information Directors, Executive Officers and Corporate Governance Executive Compensation Security Ownership...

  • Page 4
    ... worldwide personal care, consumer tissue and KCP operations. These strategies include global plans for branding and product positioning, technology, research and development programs, cost reductions including supply chain management and capacity and capital investments for each of these businesses...

  • Page 5
    ... personal care, tissue, wiping, safety and nonwoven materials. Consolidated research and development expense was $324 in 2015 , $368 in 2014 and $333 in 2013 . Foreign Market Risks We operate and market our products globally, and our business strategy includes targeted growth in Asia, Latin America...

  • Page 6
    ... plans, changes in legal requirements, including any requirements related to global climate change, or other factors. Employees In our worldwide consolidated operations, we had approximately 43,000 employees as of December 31, 2015 . Available Information We make financial information, news releases...

  • Page 7
    ..., social and other sustainability issues, and other conditions. If we lose a significant customer or if sales of our products to a significant customer materially decrease, our business, financial condition and results of operations may be 4 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 8
    ..., payment terms, quantities and duration. Our energy costs are also affected by various market factors including the availability of supplies of particular forms of energy, energy prices and local and national regulatory decisions (including actions taken to address climate change and related market...

  • Page 9
    ... be unable to successfully integrate and manage product lines or businesses that we may acquire in the future, or be unable to achieve anticipated benefits or cost savings from acquisitions in the timeframe we anticipate, or at all. 6 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 10
    ... equal to the fair market value of the shares received. ITEM 1B. UNRESOLVED STAFF COMMENTS None. ITEM 2. PROPERTIES At December 31, 2015 we own or lease our principal executive offices located in the Dallas, Texas metropolitan area; four operating segment and geographic headquarters at two U.S. and...

  • Page 11
    ... new business strategies for global nonwovens. Prior to joining Kimberly-Clark, Mr. Hsu served as Executive Vice President and Chief Commercial Officer of Kraft Foods, Inc., a North American grocery manufacturing and processing conglomerate, from January 2012 to July 2012, as President of Sales...

  • Page 12
    ... includes commercial tissue and wipers, skin care, safety and Do-It-Yourself products. She joined KimberlyClark in 1988 and has held a number of positions with increasing responsibility within research and engineering, operations and marketing. 9 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 13
    ...July and October. Kimberly-Clark common stock is listed on the New York Stock Exchange. The ticker symbol is KMB. As of February 4, 2016 , we had 22,972 holders of record of our common stock. For information relating to securities authorized for issuance under equity compensation plans, see Part III...

  • Page 14
    ... include a nondeductible business tax charge related to a law change in Colombia of $35 , as well as the effect of pre-tax charges of $415 , $289 after tax, related to the restructuring of our pulp and tissue operations. (b) (c) (d) (e) 11 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 15
    .... In addition, we provide commentary regarding organic net sales, which exclude the impact of changes in foreign currency rates and lower sales in 2014 and 2013 associated with European strategic changes and tissue restructuring actions. 12 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 16
    ..., excluding Australia and South Korea. Developed Markets consist of Western and Central Europe, Australia and South Korea. Previously, KCI consisted of our businesses in Asia, Latin America, the Middle East, Eastern Europe and Africa. Highlights for 2015 include the following: • • Net sales of...

  • Page 17
    ... Financial Results Net Sales Other (income) and expense, net Operating Profit Provision for income taxes Share of net income from equity companies Income from Continuing Operations Income from discontinued operations, net of income taxes Net Income Attributable to Kimberly-Clark Corporation...

  • Page 18
    ...negatively 0.8 impacted the operating profit comparisons. Total marketing, research and general expenses increased on a local currency basis, driven by higher administrative costs. 2014 vs. 2013 Volume Net Price Input Costs Cost Savings Currency Translation Other Net sales of $19.7 billion...

  • Page 19
    ... securities in 2014. Share of Net Income from Equity Companies Our share of net income of equity companies was $149 in 2015 , $146 in 2014 and $205 in 2013 . Kimberly-Clark de Mexico, S.A.B. de C.V. ("KCM") results in 2015 compared to 2014 benefited from increased organic net sales, cost savings...

  • Page 20
    ... to Kimberly-Clark, GAAP Plus adjustments (net of tax) for: Pension Settlements Charges Related to Venezuelan Operations Uncertain Tax Positions Adjustment 2014 Organization Restructuring Turkey Restructuring Regulatory Dispute in Middle East Health Care Spin-off European Strategic Changes Adjusted...

  • Page 21
    ... SALES OPERATING PROFIT North America Europe Asia, Latin America and other Corporate & Other (a) Other (income) and expense, net (b) TOTAL OPERATING PROFIT (a) (b) 2015 Year Ended December 31 9,531 $ 2,304 7,154 (398) 2014 9,400 2,717 7,961 (354) Change 2015 vs. 2014...

  • Page 22
    ... North America were essentially even with the prior year. Slightly higher sales volumes and net selling prices were offset by unfavorable currency rates. Huggies baby wipes volumes rose double-digits, including benefits from market share gains and product innovation. Adult care...

  • Page 23
    19 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 24
    Consumer Tissue Net Sales Operating Profit Net Sales 2015 Year Ended December 31 2013 2014 988 2015 vs. 2014 6,121 $ 1,073 6,645 $ 1,062 $ 6,637 PERCENT CHANGE 2015 vs. 2014 Volume Restructuring Net Price Mix/Other (a) Currency Total ...

  • Page 25
    ... product mix each increased net sales by 1 percent, while lower sales in conjunction with European strategic changes and pulp and tissue restructuring actions and the impact of lower net selling prices each reduced net sales by 1 percent. 21 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 26
    ... of $36 (after-tax of $26), related to the remeasurement of the Venezuelan balance sheet in 2015 , 2014 and 2013 respectively. For information on the charges by year, see Item 8, Note 1 to the Consolidated Financial Statements. 22 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 27
    .... Cash provided by operations of $2.8 billion in 2014 decreased compared to $3.0 billion in 2013 due to higher tax payments and transaction costs for the health care spin-off, partially offset by lower payments for restructuring items. 23 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 28
    ... Balance Sheet). The average month-end balance of short-term debt for the fourth quarter of 2015 was $971 and for the twelve months ended December 31, 2015 was $993 . These short-term borrowings provide supplemental funding for supporting 24 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 29
    ... current market conditions such as competitive activity in specific product categories. Our related accounting policies are discussed in Item 8, Note 1 to the Consolidated Financial Statements. Employee Postretirement Benefits Pension Plans We have defined benefit pension plans in the United States...

  • Page 30
    ...for defined benefit pension plans is estimated to approximate $75 in 2016 . Pension expense beyond 2016 will depend on future investment performance, our contributions to the pension trusts, changes in discount rates and various other factors related to the covered employees in the...

  • Page 31
    ... effects on our Consolidated Financial Statements. Business Outlook In 2016, we plan to continue to execute our Global Business Plan strategies, which include a focus on targeted growth initiatives, innovation and brand building, cost savings programs and shareholder-friendly capital...

  • Page 32
    ... and share repurchases to total $600 to $900, subject to market conditions. We expect to contribute up to $100 to our defined benefit pension plans and to increase our quarterly dividend mid-single digits effective April 2016, subject to approval by the Board of Directors. Information Concerning...

  • Page 33
    ...In addition, we are subject to price risk for utilities and manufacturing inputs, used in our manufacturing operations. Derivative instruments are used in accordance with our risk management policy to hedge a limited portion of the price risk. 29 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 34
    ... to Kimberly-Clark Corporation Basic 2015 Year Ended December 31 2014 2013 Net Sales Cost of products sold Gross Profit Marketing, research and general expenses Other (income) and expense, net Operating Profit Interest income Interest expense Income From Continuing Operations Before...

  • Page 35
    KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Millions of dollars) 2015 Year Ended December 31 1,066 $ (922) 942 5 25 1,091 (33) 1,058 $ 2014 1,595 $ (835) (275) 20 2013 Net Income Other Comprehensive Income ...

  • Page 36
    ... one year Trade accounts payable Accrued expenses Dividends payable Total Current Liabilities Long-Term Debt Noncurrent Employee Benefits Deferred Income Taxes Other Liabilities Redeemable Preferred Securities of Subsidiaries Stockholders' Equity (Deficit) Kimberly-Clark Corporation Preferred stock...

  • Page 37
    ..., net of tax Employee postretirement benefits Stock-based awards exercised or vested Income tax benefits on stock-based compensation Shares repurchased Recognition of stock-based compensation Dividends declared Spin-off of health care business Other Balance at December 31, 2014 Net income...

  • Page 38
    KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENT (Millions of dollars) 2015 Year Ended December 31 2014 2013 Operating Activities Net income Depreciation and amortization Asset impairments Stock-based compensation Deferred income taxes Net (gains) ...

  • Page 39
    ... Kimberly-Clark Corporation and all subsidiaries in which it has a controlling financial interest. Dollar amounts are reported in millions, except per share dollar amounts, unless otherwise noted. In 2014, we completed the spin-off of our health care business, creating a stand-alone, publicly traded...

  • Page 40
    ...things, sales incentives and trade promotion allowances, employee postretirement benefits, and deferred income taxes and potential assessments. Cash Equivalents Cash equivalents are short-term investments with an original maturity date of three months or less. Inventories and Distribution Costs Most...

  • Page 41
    ... activities within the promotional programs. Advertising Expense Advertising costs are expensed in the year the related advertisement or campaign is first presented by the media. For interim reporting purposes, advertising expenses are charged to operations as a percentage of...

  • Page 42
    ... $130 to $160 after tax ( $190 to $230 pretax). Cash costs are projected to be approximately 80 percent of the total charges. The restructuring is expected to impact all of our business segments and our organizations in all major geographies. 38 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 43
    ... statement line items: Cost of products sold Marketing, research and general expenses Provision for income taxes Net charges Cash payments of $86 were made during 2015 related to the restructuring. Cash payments in 2014 were not material. Note 3 . Spin-Off of Health Care Business and Related...

  • Page 44
    ... or dividend payment dates. Additionally, the fair value of the remaining redeemable securities was based on various inputs, including an independent third-party appraisal, adjusted for current market conditions. (c) (d) (e) 40 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 45
    ... by business segment are as follows: Balance at December 31, 2013 Currency and other Spin-off of health care business Balance at December 31, 2014 Currency and other Balance at December 31, 2015 $ $ Personal Care (59) - Consumer Tissue $ K-C Professional $ $ Health Care...

  • Page 46
    ... directors. As of December 31, 2015 , the number of shares of common stock available for grants under the Plans aggregated 20 million shares. Stock options are granted at an exercise price equal to the fair market value of our common stock on the date of grant, and they have a term of 10 years...

  • Page 47
    ... Statement for the years ended December 31, 2015 , 2014 and 2013 , respectively. A summary of stock-based compensation is presented below: Shares (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Stock Options Outstanding...

  • Page 48
    ...settlement-related charges of $0.8 billion after tax ( $1.4 billion pre-tax in other (income) and expense, net) during 2015 , mostly in the second quarter. In 2015 , we made cash contributions of $410 related to these changes to the U.S. plan. 44 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 49
    ... financial information about postretirement plans, excluding defined contribution retirement plans, is presented below: Change in Benefit Obligation Benefit obligation at beginning of year Service cost Interest cost Actuarial loss (gain) Currency and other Benefit payments from plans Direct...

  • Page 50
    ... Used to Determine Net Cost for Years Ended December 31 Discount rate Expected long-term return on plan assets Rate of compensation increase Projected 2016 Pension Benefits 4.66% 5.98% 2.67% 2013 Other Benefits 2015 2015 2014 2014 2013...

  • Page 51
    ... several risk factors, including plan participants' retirement benefit security, the estimated payments of the associated liabilities, the plan funded status, and Kimberly-Clark's financial condition. The resulting strategic asset allocation is a diversified blend of equity and fixed income...

  • Page 52
    ... held directly by the plans are actively traded and fair values are determined based on quoted market prices. Fair values of U.S. Treasury securities are determined based on trading activity in the marketplace. Fair values of U.S. corporate debt, U.S. securitized fixed income and international bonds...

  • Page 53
    ... will be based on our profit performance. We also have defined contribution pension plans for certain employees outside the U.S. Costs charged to expense for our defined contribution pension plans were $107 , $121 and $117 in 2015 , 2014 and 2013 , respectively. Approximately one-third of...

  • Page 54
    ... is $1,061 and $46 of unrecognized net actuarial loss and unrecognized net prior service credit, respectively, of which $52 and $10 pre-tax, respectively, are expected to be recognized as a component of net periodic benefit cost in 2016 . 50 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 55
    ... foreign currencies. Also included in unrealized translation amounts are the effects of foreign exchange rate changes on intercompany balances of a long-term investment nature and transactions designated as hedges of net foreign investments. 51 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 56
    ... as fair value hedges. From time to time, we also hedge the anticipated issuance of fixed-rate debt, using forward-starting swaps, and these contracts are designated as cash flow hedges. $ $ Year Ending December 31 142 115 86 67 53 82 545 52 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 57
    ... undesignated foreign exchange hedging instruments are immediately recognized in other (income) and expense, net. Losses of $188 , $192 and $74 were recorded in the years ending December 31, 2015 , 2014 and 2013 , respectively. The effect on earnings from the use of these non-designated derivatives...

  • Page 58
    ...1,335 $ 2014 1,571 $ 684 2,255 $ 2013 $ $ 1,557 1,084 2,641 682 $ 443 599 1,724 (274) 1,450 254 1,118 186 281 1,839 (389) $ 2014 883 538 667 2,088 (215) 1,873 260 1,162 223 339 1,984 (111) 54 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 59
    ...) (25) 406 $ 2014 473 $ 36 (91) 87 (77) (12) 416 $ 2013 435 73 (31) 37 (35) (6) 473 Of the amounts recorded as unrecognized tax benefits at December 31, 2015 , $307 would reduce our effective tax rate if recognized. 55 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 60
    ... (income) and expense, net and income and expense not associated with the business segments, including the charges related to the 2014 Organization Restructuring and the European strategic changes described in Notes 2 and 4 , respectively. 56 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 61
    ... NET SALES OPERATING PROFIT (b) Personal Care Consumer Tissue K-C Professional Corporate & Other (c) Other (income) and expense, net (d) TOTAL OPERATING PROFIT (a) (b) (c) 2015 Year Ended December 31 9,204 $ 6,121 3,219 47 2014 9,635 $ 6,645 3,388 56 2013 $ 9,536...

  • Page 62
    ... Baby and child care products Away-from-home professional products All other Consolidated Note 17 . Supplemental Data Supplemental Income Statement Data Advertising expense Research expense Equity Companies' Data 2015 2014 2013 2015 2014 2013 $ $ Net Sales 6.6 7.0 3.3 2.7 19.6 Year Ended...

  • Page 63
    ...$2.9 billion based on the market price of publicly traded shares. Our other equity ownership interests are not significant to our consolidated balance sheet or financial results. At December 31, 2015 , unremitted net income of equity companies included in consolidated retained...

  • Page 64
    ... taxes Derivatives Currency and other Total Other Cash Flow Data $ 4 100 128 (177) (90) 5 (128) (158) $ (445) $ Year Ended December 31 2015 308 $ 695 2014 300 $ 926 2013 Interest paid Income taxes paid $ 307 776 60 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 65
    ... financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Corporation's internal control over financial reporting...

  • Page 66
    ...the quality and adequacy of our internal control over financial reporting, including compliance matters related to our code of conduct, and the results of internal and external audits. The Audit Committee has reviewed and recommended that the audited Consolidated Financial Statements...

  • Page 67
    ... an opinion on the Corporation's internal control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable...

  • Page 68
    ...also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements and financial statement schedule of the Corporation as of and for the year ended December 31, 2015 and our report dated February...

  • Page 69
    ...MANAGEMENT AND RELATED STOCKHOLDER MATTERS The information in the sections of the 2016 Proxy Statement captioned "Equity Compensation Plan Information" under "Proposal 4. Reapproval of Performance Goals Under the 2011 Equity Participation Plan" and "Other Information - Security Ownership Information...

  • Page 70
    ... Company of America, Prudential Financial, Inc., and State Street Bank and Trust Company, as Independent Fiduciary of the Kimberly-Clark Corporation Pension Plan, incorporated by reference to Exhibit No. (2)b of the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015...

  • Page 71
    ...year ended December 31, 2005.* Outside Directors' Stock Compensation Plan, as amended, incorporated by reference to Exhibit No. (10)g of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2002.* Supplemental Benefit Plan to the Kimberly-Clark Corporation Pension...

  • Page 72
    ... 2011 Equity Participation Plan for Performance Restricted Stock Units, incorporated by reference to Exhibit No. (10)n of the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015.* Summary of Financial Counseling Program for Kimberly-Clark Corporation Executives...

  • Page 73
    ... to this agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule or exhibit will be furnished supplementally to the Securities and Exchange Commission on request. 69 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 74
    ... February 11, 2016 KIMBERLY-CLARK CORPORATION By: /s/ Maria Henry Maria Henry Senior Vice President and Chief Financial Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of...

  • Page 75
    ...2014 Deferred taxes Valuation allowance December 31, 2013 Deferred taxes Valuation allowance (a) 78 $ 30 $ (11) $ Represents the net currency effects of translating valuation allowances at current rates of exchange. 71 KIMBERLY-CLARK CORPORATION - 2015 Annual Report

  • Page 76
    Exhibit No. (12) KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges (Dollar amounts in millions) Consolidated Companies Income from continuing operations before income taxes Interest expense Interest factor in rent expense Amortization of capitalized ...

  • Page 77
    ...-Kimberly Holdings AS, Turkey Hogla-Kimberly Limited, Israel Hogla-Kimberly Marketing Limited, Israel Hoosiers LLC, Delaware Hoosiers II LLC, Delaware Housing Horizons, LLC, Texas I-Flow, LLC, Delaware Jackson Products, Inc., Wisconsin Jackson Safety Canada, Ltd., Ontario, Canada K-C Advertising...

  • Page 78
    ...Canada Kimberly-Clark Canada Services ULC, British Colombia, Canada Kimberly-Clark Canada Services Subsidiary ULC, Canada Kimberly-Clark Canada U.K. Holding Limited, United Kingdom Kimberly-Clark Cayman Islands Company, Cayman Islands * Kimberly-Clark Central American Holdings, S.A., Panama Kimberly...

  • Page 79
    ...Pty Limited, Australia Kimberly-Clark Paper (Shanghai) Co. Ltd, China Kimberly-Clark Paraguay, S.A., Paraguay Kimberly-Clark Patriot Holdings, Inc., Cayman Islands Kimberly-Clark Pennsylvania, LLC, Wisconsin Kimberly-Clark Pension Trusts Ltd., United Kingdom Kimberly-Clark Personal Hygienic Products...

  • Page 80
    ...Trading and Services Limitada, Costa Rica Kimberly-Clark Trading Kft, Hungary Kimberly-Clark Treasury Australia Pty Limited, Australia Kimberly-Clark Tuketim Mallari Sanayi ve Ticaret A.S., Turkey Kimberly-Clark Tulip Holdings, B.V., Netherlands Kimberly-Clark U.K. Operations Limited, United Kingdom...

  • Page 81
    ..., United Kingdom SK Corporation, Taiwan Taiwan Scott Paper Corporation, Taiwan Technology Systems S.A., Argentina Texans II LLC, Delaware Three Rivers Timber Company, Washington Unified Resource Services Mexico, S. de R.L. de C. V., Mexico *VOID Technologies Limited, United Kingdom *Yuhan-Kimberly...

  • Page 82
    ... statements and financial statement schedule of Kimberly-Clark Corporation and subsidiaries (the "Corporation"), and the effectiveness of the Corporation's internal control over financial reporting, appearing in this Annual Report on Form 10-K of the Corporation for the year ended December 31, 2015...

  • Page 83
    ..., to sign Kimberly-Clark Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission pursuant to the Securities Exchange Act of...

  • Page 84
    ..., to sign Kimberly-Clark Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission pursuant to the Securities Exchange Act of...

  • Page 85
    ..., to sign Kimberly-Clark Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission pursuant to the Securities Exchange Act of...

  • Page 86
    ..., to sign Kimberly-Clark Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission pursuant to the Securities Exchange Act of...

  • Page 87
    ..., to sign Kimberly-Clark Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission pursuant to the Securities Exchange Act of...

  • Page 88
    ..., to sign Kimberly-Clark Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission pursuant to the Securities Exchange Act of...

  • Page 89
    ..., to sign Kimberly-Clark Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission pursuant to the Securities Exchange Act of...

  • Page 90
    ..., to sign Kimberly-Clark Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission pursuant to the Securities Exchange Act of...

  • Page 91
    ..., to sign Kimberly-Clark Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission pursuant to the Securities Exchange Act of...

  • Page 92
    ..., to sign Kimberly-Clark Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission pursuant to the Securities Exchange Act of...

  • Page 93
    ...of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) (b) All significant deficiencies and material weaknesses in the design or operation of internal control over...

  • Page 94
    ...of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) (b) All significant deficiencies and material weaknesses in the design or operation of internal control over...

  • Page 95
    ...63 of Title 18 of the United States Code I, Thomas J. Falk, Chief Executive Officer of Kimberly-Clark Corporation, certify that, to my knowledge: (1) (2) the Form 10-K , filed with the Securities and Exchange Commission on February 11, 2016 ("accompanied report") fully complies with the requirements...

  • Page 96
    ...63 of Title 18 of the United States Code I, Maria Henry, Chief Financial Officer of Kimberly-Clark Corporation, certify that, to my knowledge: (1) (2) the Form 10-K , filed with the Securities and Exchange Commission on February 11, 2016 ("accompanied report") fully complies with the requirements of...