Kimberly-Clark 2015 Annual Report Download - page 6

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Total worldwide operating expenses for environmental compliance, including pollution control equipment operation and maintenance costs, governmental
payments,andresearchandengineeringcostsareexpectedtobeasfollows:
2016
2017
FacilitiesinU.S. $ 53
$ 53
FacilitiesoutsideU.S. 86
87
Total $ 139
$ 140
Total environmental capital expenditures and operating expenses are not expected to have a material effect on our total capital and operating expenditures,
consolidatedearningsorcompetitiveposition.Currentenvironmentalspendingestimatescouldbemodifiedasaresultofchangesinour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andotherinformationavailableonourcorporatewebsiteatwww.kimberly-clark.com .OurannualreportsonForm
10-K,quarterlyreportsonForm10-Q,currentreportsonForm8-K,andanyamendmentstothosereportsfiledorfurnishedpursuanttoSection13(a)or15(d)of
theSecuritiesExchangeActof1934areavailablefreeofchargeonthiswebsiteassoonasreasonablypracticableafterwefilethesereportsandamendmentswith,
orfurnishthemto,theSecuritiesandExchangeCommission("SEC").Theinformationcontainedonorconnectedtoourwebsiteisnotincorporatedbyreference
intothisAnnualReportonForm10-KandshouldnotbeconsideredpartofthisoranyotherreportfiledwiththeSEC.StockholdersmayalsocontactStockholder
Services,P.O.Box612606,Dallas,Texas75261-2606orcall972-281-5317toobtainahardcopyofthesereportswithoutcharge.
ITEM 1A. RISK FACTORS
Ourbusinessfacesmanyrisksanduncertaintiesthatwecannotcontrol.Anyoftherisksdiscussedbelow,aswellasfactorsdescribedinotherplacesinthisForm
10-K,orinourother filingswiththeSEC,could adverselyaffectourbusiness,consolidated financialposition,resultsof operationsorcashflows.Inaddition,
theseitemscouldcauseourfutureresultstodifferfromthoseinanyofourforward-lookingstatements.Theserisksarenottheonlyonesweface.Otherrisksthat
wedonotpresentlyknowaboutorthatwepresentlybelievearenotmaterialcouldalsoadverselyaffectus.
Our international operations are subject to foreign market risks, including foreign exchange risk, currency restrictions and political, social and economic
instability, which may adversely affect our financial results.
OurstrategyincludesoperationsgrowthoutsidetheU.S.,especiallyindevelopingmarketssuchasChina,LatinAmericaandEasternEurope.Morethanhalfof
ournetsalescomefrommarketsoutsidetheU.S.Weandourequitycompanieshavemanufacturingfacilitiesin39countries,andsellproductsinmorethan175
countries.Ourresultsmaybesubstantiallyaffectedbyanumberofforeignmarketrisks:
• Exposure to the movement of various currencies against each other and the U.S. dollar. A portion of the exposures, arising from transactions and
commitmentsdenominatedinnon-localcurrencies,issystematicallymanagedthroughforeigncurrencyforwardandswapcontracts.Wedonotgenerally
hedgeourtranslationexposurewithrespecttoforeignoperations.
• Increases in dollar-based input costs for operations outside the U.S. due to weaker foreign exchange rates versus the U.S. dollar. There can be no
assurancethatwewillbeprotectedagainstsubstantialforeigncurrencyfluctuations.
• Increases in currency exchange restrictions. These restrictions could limit our ability to repatriate earnings from outside the U.S. or obtain currency
exchangeforU.S.dollarinputstocontinueoperatingincertaincountries.
• Adversepoliticalconditions.Risksrelated topoliticalinstability,expropriation,neworrevisedlegalorregulatoryconstraints,difficulties inenforcing
contractualandintellectualpropertyrights,andpotentiallyadversetaxconsequenceswouldadverselyaffectourfinancialresults.
3 KIMBERLY-CLARKCORPORATION - 2015 Annual Report