Kimberly-Clark 2011 Annual Report Download - page 30
Download and view the complete annual report
Please find page 30 of the 2011 Kimberly-Clark annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.
FRVWVDYLQJVWRRIIVHWLQFUHDVHVLQFRVW:HSODQWRUHWXUQFDVKWRVWRFNKROGHUVWKURXJKRXUFRQWLQXHGSURJUDPRIVKDUHUHSXUFKDVHV
DQGKDYHLQFUHDVHGWKHDPRXQWRIRXUUHJXODUTXDUWHUO\GLYLGHQGE\SHUFHQWIRU
Forward-Looking Statements
&HUWDLQPDWWHUVGLVFXVVHGLQWKLV)RUP.RUUHODWHGGRFXPHQWVDSRUWLRQRIZKLFKDUHLQFRUSRUDWHGKHUHLQE\UHIHUHQFH
FRQFHUQLQJDPRQJRWKHUWKLQJVEXVLQHVVRXWORRNLQFOXGLQJDQWLFLSDWHGFRVWVVFRSHWLPLQJDQGHIIHFWVRIWKHSXOSDQGWLVVXH
UHVWUXFWXULQJDFWLRQVFRVWVDYLQJVPDUNHWLQJUHVHDUFKDQGLQQRYDWLRQVSHQGLQJFDVKIORZDQGXVHVRIFDVKFDSLWDOVSHQGLQJ
DQWLFLSDWHGILQDQFLDODQGRSHUDWLQJUHVXOWVVKDUHUHSXUFKDVHVDQGGLYLGHQGVUDZPDWHULDODQGHQHUJ\FRVWVDQGYRODWLOLW\DQWLFLSDWHG
FXUUHQF\UDWHVDQGH[FKDQJHULVNWKHFRVWVDQGHIIHFWVRIOHJDODQGUHJXODWRU\FRPSOLDQFHPDUNHWGHPDQGDQGHFRQRPLFFRQGLWLRQV
FKDQJHVLQILQLVKHGSURGXFWVHOOLQJSULFHVDQWLFLSDWHGHIIHFWRIDFTXLVLWLRQVFRQWLQJHQFLHVDQGDQWLFLSDWHGWUDQVDFWLRQVFRQVWLWXWH
IRUZDUGORRNLQJVWDWHPHQWVZLWKLQWKHPHDQLQJRIWKH3ULYDWH6HFXULWLHV/LWLJDWLRQ5HIRUP$FWRIDQGDUHEDVHGXSRQRXU
H[SHFWDWLRQVDQGEHOLHIVFRQFHUQLQJIXWXUHHYHQWVDIIHFWLQJXV7KHUHFDQEHQRDVVXUDQFHWKDWWKHVHHYHQWVZLOORFFXURUWKDWRXU
UHVXOWVZLOOEHDVHVWLPDWHG)RUZDUGORRNLQJVWDWHPHQWVVSHDNRQO\DVRIWKHGDWHWKH\ZHUHPDGHDQGZHXQGHUWDNHQRREOLJDWLRQ
WRSXEOLFO\XSGDWHWKHP
7KHDVVXPSWLRQVXVHGDVDEDVLVIRUWKHIRUZDUGORRNLQJVWDWHPHQWVLQFOXGHPDQ\HVWLPDWHVWKDWDPRQJRWKHUWKLQJVGHSHQG
RQWKHDFKLHYHPHQWRIIXWXUHFRVWVDYLQJVDQGSURMHFWHGYROXPHLQFUHDVHV,QDGGLWLRQPDQ\IDFWRUVRXWVLGHRXUFRQWUROLQFOXGLQJ
WKHSULFHVDQGDYDLODELOLW\RIRXUUDZPDWHULDOVSRWHQWLDOFRPSHWLWLYHSUHVVXUHVRQVHOOLQJSULFHVRUDGYHUWLVLQJDQGSURPRWLRQ
H[SHQVHVIRURXUSURGXFWVHQHUJ\FRVWVUHWDLOWUDGHFXVWRPHUDFWLRQVDQGIOXFWXDWLRQVLQIRUHLJQFXUUHQF\H[FKDQJHUDWHVDVZHOO
DVJHQHUDOHFRQRPLFDQGSROLWLFDOFRQGLWLRQVJOREDOO\DQGLQWKHPDUNHWVLQZKLFKZHGREXVLQHVVFRXOGDIIHFWWKHUHDOL]DWLRQRI
VXFKHVWLPDWHV
7KHIDFWRUVGHVFULEHGXQGHU,WHP$³5LVN)DFWRUV´LQWKLV)RUP.RULQRXURWKHU6(&ILOLQJVDPRQJRWKHUVFRXOG
FDXVHRXUIXWXUHUHVXOWVWRGLIIHUIURPWKRVHH[SUHVVHGLQDQ\IRUZDUGORRNLQJVWDWHPHQWVPDGHE\XVRURQRXUEHKDOI2WKHU
IDFWRUVQRWSUHVHQWO\NQRZQWRXVRUWKDWZHSUHVHQWO\FRQVLGHULPPDWHULDOFRXOGDOVRDIIHFWRXUEXVLQHVVRSHUDWLRQVDQGILQDQFLDO
UHVXOWV
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
$VDPXOWLQDWLRQDOHQWHUSULVHZHDUHH[SRVHGWRULVNVVXFKDVFKDQJHVLQIRUHLJQFXUUHQF\H[FKDQJHUDWHVLQWHUHVWUDWHVDQG
FRPPRGLW\SULFHV$YDULHW\RISUDFWLFHVDUHHPSOR\HGWRPDQDJHWKHVHULVNVLQFOXGLQJRSHUDWLQJDQGILQDQFLQJDFWLYLWLHVDQG
ZKHUHGHHPHGDSSURSULDWHWKHXVHRIGHULYDWLYHLQVWUXPHQWV'HULYDWLYHLQVWUXPHQWVDUHXVHGRQO\IRUULVNPDQDJHPHQWSXUSRVHV
DQGQRWIRUVSHFXODWLRQ$OOIRUHLJQFXUUHQF\GHULYDWLYHLQVWUXPHQWVDUHHQWHUHGLQWRZLWKPDMRUILQDQFLDOLQVWLWXWLRQV2XUFUHGLW
H[SRVXUHXQGHUWKHVHDUUDQJHPHQWVLVOLPLWHGWRDJUHHPHQWVZLWKDSRVLWLYHIDLUYDOXHDWWKHUHSRUWLQJGDWH&UHGLWULVNZLWKUHVSHFW
WRWKHFRXQWHUSDUWLHVLVDFWLYHO\PRQLWRUHGEXWLVQRWFRQVLGHUHGVLJQLILFDQWVLQFHWKHVHWUDQVDFWLRQVDUHH[HFXWHGZLWKDGLYHUVLILHG
JURXSRIILQDQFLDOLQVWLWXWLRQV
3UHVHQWHGEHORZLVDGHVFULSWLRQRIRXUULVNVIRUHLJQFXUUHQF\ULVNDQGLQWHUHVWUDWHULVNWRJHWKHUZLWKDVHQVLWLYLW\DQDO\VLV
SHUIRUPHGDQQXDOO\RIHDFKRIWKHVHULVNVEDVHGRQVHOHFWHGFKDQJHVLQPDUNHWUDWHVDQGSULFHV7KHVHDQDO\VHVUHIOHFWPDQDJHPHQW¶V
YLHZRIFKDQJHVZKLFKDUHUHDVRQDEO\SRVVLEOHWRRFFXURYHUDRQH\HDUSHULRG$OVRLQFOXGHGLVDGHVFULSWLRQRIRXUFRPPRGLW\
SULFHULVN
Foreign Currency Risk
)RUHLJQFXUUHQF\ULVNLVPDQDJHGE\WKHV\VWHPDWLFXVHRIIRUHLJQFXUUHQF\IRUZDUGDQGVZDSFRQWUDFWVIRUDSRUWLRQRIRXU
H[SRVXUH7KHXVHRIWKHVHLQVWUXPHQWVDOORZVWKHPDQDJHPHQWRIWUDQVDFWLRQDOH[SRVXUHVWRH[FKDQJHUDWHIOXFWXDWLRQVEHFDXVH
WKHJDLQVRUORVVHVLQFXUUHGRQWKHGHULYDWLYHLQVWUXPHQWVZLOORIIVHWLQZKROHRULQSDUWORVVHVRUJDLQVRQWKHXQGHUO\LQJIRUHLJQ
FXUUHQF\H[SRVXUH
)RUHLJQFXUUHQF\FRQWUDFWVDQGWUDQVDFWLRQDOH[SRVXUHVDUHVHQVLWLYHWRFKDQJHVLQIRUHLJQFXUUHQF\H[FKDQJHUDWHV$Q
DQQXDOWHVWLVSHUIRUPHGWRTXDQWLI\WKHHIIHFWVWKDWSRVVLEOHFKDQJHVLQIRUHLJQFXUUHQF\H[FKDQJHUDWHVZRXOGKDYHRQDQQXDO
RSHUDWLQJSURILWEDVHGRQRXUIRUHLJQFXUUHQF\FRQWUDFWVDQGWUDQVDFWLRQDOH[SRVXUHVDWWKHFXUUHQW\HDUHQG7KHEDODQFHVKHHW
HIIHFWLVFDOFXODWHGE\PXOWLSO\LQJHDFKDIILOLDWH¶VQHWPRQHWDU\DVVHWRUOLDELOLW\SRVLWLRQE\DSHUFHQWFKDQJHLQWKHIRUHLJQ
FXUUHQF\H[FKDQJHUDWHYHUVXVWKH86GROODU7KHUHVXOWVRIWKHVHVHQVLWLYLW\WHVWVDUHSUHVHQWHGLQWKHIROORZLQJSDUDJUDSKV
PART II
&RQWLQXHG