Kimberly-Clark 2011 Annual Report Download - page 25


7KHWDEOHGRHVQRWLQFOXGHDPRXQWVZKHUHSD\PHQWVDUHGLVFUHWLRQDU\RUWKHWLPLQJLVXQFHUWDLQ7KHIROORZLQJSD\PHQWV
DUHQRWLQFOXGHGLQWKHWDEOH

 :HZLOOIXQG RXU GHILQHG EHQHILWSHQVLRQ SODQV WR PHHWRU H[FHHG VWDWXWRU\ UHTXLUHPHQWV DQG FXUUHQWO\ H[SHFW WR
FRQWULEXWHDSSUR[LPDWHO\PLOOLRQWRPLOOLRQWRWKHVHSODQVLQ
 2WKHUSRVWUHWLUHPHQWEHQHILWSD\PHQWVDUHHVWLPDWHGXVLQJDFWXDULDODVVXPSWLRQVLQFOXGLQJH[SHFWHGIXWXUHVHUYLFH
WRSURMHFW WKH IXWXUH REOLJDWLRQV %DVHG XSRQ WKRVHSURMHFWLRQV ZH DQWLFLSDWH PDNLQJDQQXDO SD\PHQWV IRU WKHVH
REOLJDWLRQVRIPLOOLRQLQWRPRUHWKDQPLOOLRQE\
 $FFUXHGLQFRPHWD[OLDELOLWLHVIRUXQFHUWDLQWD[SRVLWLRQVGHIHUUHGWD[HVDQGQRQFRQWUROOLQJLQWHUHVWV
 ,QWKHHYHQWWKHKROGHURIWKHUHGHHPDEOHSUHIHUUHGVHFXULWLHVHOHFWVWRUHGHHPWKHPDWWKHQH[WUHGHPSWLRQHOHFWLRQ
GDWHZHZRXOGEHUHTXLUHGWRUHSD\DSSUR[LPDWHO\PLOOLRQLQ'HFHPEHU
Investing Commentary:

 'XULQJRXUFDSLWDOVSHQGLQJZDVPLOOLRQ:HH[SHFWFDSLWDOVSHQGLQJWREHWRELOOLRQLQ
 2Q-XO\ZHFROOHFWHGPLOOLRQLQFDVKUHODWHGWRDQRWHUHFHLYDEOHRQLWVPDWXULW\GDWH6HH,WHP1RWH
WRWKH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVIRUDGGLWLRQDOLQIRUPDWLRQ

Financing Commentary:

 $W'HFHPEHUDQGWRWDOGHEWDQGUHGHHPDEOHVHFXULWLHVZDVELOOLRQDQGELOOLRQUHVSHFWLYHO\
 :HUHSXUFKDVH VKDUHV RI .LPEHUO\&ODUN FRPPRQ VWRFN IURP WLPH WR WLPH SXUVXDQW WR SXEOLFO\ DQQRXQFHG VKDUH
UHSXUFKDVHSURJUDPV'XULQJZHUHSXUFKDVHGELOOLRQRIRXUFRPPRQVWRFNWKURXJKDEURNHULQWKHRSHQ
PDUNHW,QZHSODQWRUHSXUFKDVHPLOOLRQWRELOOLRQRIVKDUHVWKURXJKRSHQPDUNHWSXUFKDVHVVXEMHFW
WRPDUNHWFRQGLWLRQV
 ,Q)HEUXDU\ZHLVVXHGPLOOLRQRIQRWHVGXH0DUFKDQGPLOOLRQRIQRWHVGXH
0DUFK3URFHHGVIURPWKHRIIHULQJZHUHXVHGIRUJHQHUDOFRUSRUDWHSXUSRVHVLQFOXGLQJUHSXUFKDVLQJVKDUHV
RI.LPEHUO\&ODUNFRPPRQVWRFNSXUVXDQWWRSXEOLFO\DQQRXQFHGVKDUHUHSXUFKDVHSURJUDPV
 2Q)HEUXDU\ZHLVVXHGPLOOLRQRIQRWHVGXH0DUFK3URFHHGVIURPWKHRIIHULQJZHUHXVHG
IRUJHQHUDOFRUSRUDWHSXUSRVHVLQFOXGLQJWRUHSD\DSRUWLRQRIRXUPLOOLRQDJJUHJDWHSULQFLSDODPRXQWRI
QRWHVWKDWZHUHGXH)HEUXDU\
 ,Q'HFHPEHUZHSDLGDSSUR[LPDWHO\PLOOLRQWRUHGHHPDSRUWLRQRIWKHSUHIHUUHGVHFXULWLHVRIDFRQVROLGDWHG
ILQDQFLQJVXEVLGLDU\6HH,WHP1RWHWRWKH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVIRUDGGLWLRQDOLQIRUPDWLRQ
 ,Q2FWREHUZHUHQHJRWLDWHGRXUELOOLRQXQXVHGUHYROYLQJFUHGLWIDFLOLW\UHVXOWLQJLQDILYH\HDUIDFLOLW\
RIELOOLRQVFKHGXOHGWRH[SLUHLQ2FWREHUDQDGGLWLRQDOPLOOLRQIDFLOLW\VFKHGXOHGWRH[SLUHLQ
2FWREHUDQGDQRSWLRQWRLQFUHDVHHLWKHUEXWQRWERWKWKHELOOLRQIDFLOLW\RUWKHPLOOLRQIDFLOLW\
E\DQDGGLWLRQDOPLOOLRQ7KLVIDFLOLW\VXSSRUWVRXUFRPPHUFLDOSDSHUSURJUDPDQGZRXOGSURYLGHOLTXLGLW\LQ
WKHHYHQWRXUDFFHVVWRWKHFRPPHUFLDOSDSHUPDUNHWVLVXQDYDLODEOHIRUDQ\UHDVRQ:HGLGQRWERUURZDQ\DPRXQWV
XQGHUWKHUHYROYLQJFUHGLWIDFLOLW\LQ
 2XUVKRUWWHUP GHEW DV RI 'HFHPEHU ZDV  PLOOLRQLQFOXGHG LQ 'HEW SD\DEOHZLWKLQRQH \HDU RQ WKH
&RQVROLGDWHG%DODQFH6KHHWDQGFRQVLVWHGRIVKRUWWHUPGHEWLVVXHGE\QRQ86VXEVLGLDULHV7KHDYHUDJHPRQWK
HQG EDODQFH RI VKRUWWHUP GHEW IRU WKH IRXUWK TXDUWHU RI  ZDV  PLOOLRQ DQG IRU WKH WZHOYH PRQWKV HQGHG
'HFHPEHUZDVPLOOLRQ7KHVHVKRUWWHUPERUURZLQJVZKLFKLQFOXGHGWKLVVKRUWWHUPGHEWDVZHOODV
FRPPHUFLDOSDSHUWKDWZHLVVXHGIURPWLPHWRWLPHSURYLGHVXSSOHPHQWDOIXQGLQJIRUVXSSRUWLQJRXURSHUDWLRQV7KH
OHYHORIVKRUWWHUPGHEWJHQHUDOO\IOXFWXDWHVGHSHQGLQJXSRQWKHDPRXQWRIRSHUDWLQJFDVKIORZVDQGWKHWLPLQJRI
FXVWRPHUUHFHLSWVDQGSD\PHQWVIRULWHPVVXFKDVGLYLGHQGVDQGLQFRPHWD[HV
 'XULQJWKHVHFRQGTXDUWHURIWKH9HQH]XHODQJRYHUQPHQWHQDFWHGUHIRUPVWRLWVFXUUHQF\H[FKDQJHUHJXODWLRQV
WKDWOLPLWHG 86 GROODU DYDLODELOLW\ WR SD\ IRUWKH KLVWRULFDO OHYHOV RI 86 GROODUGHQRPLQDWHGLPSRUWV WR VXSSRUW
RSHUDWLRQV RI RXU 9HQH]XHODQVXEVLGLDU\ .& 9HQH]XHOD$W 'HFHPEHU  RXU QHW LQYHVWPHQW LQ
9HQH]XHODZDVDSSUR[LPDWHO\PLOOLRQYDOXHGDWEROLYDUVSHU86GROODU6HH,WHP1RWHWRWKH&RQVROLGDWHG
)LQDQFLDO6WDWHPHQWVIRUDGGLWLRQDOLQIRUPDWLRQ
PART II
&RQWLQXHG