Kimberly-Clark Corp. (KMB) | Analysis of Debt

Total Debt Disclosure

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Kimberly-Clark Corp., Statement of Financial Position, Debt

USD $ in millions

Item	Description	The company
Total debt	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Kimberly-Clark Corp.'s total debt increased from 2009 to 2010 and from 2010 to 2011.

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Kimberly-Clark Corp.

USD $ in millions

	12 months ended	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Interest expense
	Capitalized interest on major construction projects
	Gross interest cost

Source: Based on data from Kimberly-Clark Corp., Annual Reports

Item	Description	The company
Interest expense	Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings.	Kimberly-Clark Corp.'s interest expense declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
Capitalized interest on major construction projects	The amount of interest that was capitalized during the period.	Kimberly-Clark Corp.'s capitalized interest on major construction projects declined from 2009 to 2010 and from 2010 to 2011.
Gross interest cost	Total interest costs incurred during the period and either capitalized or charged against earnings.	Kimberly-Clark Corp.'s gross interest cost declined from 2009 to 2010 but then increased from 2010 to 2011 not reaching 2009 level.

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Selected Financial Data (USD $ in millions)
	Net income attributable to Kimberly-Clark Corporation
	Add: Net income attributable to noncontrolling interests
	Add: Interest expense
	Add: Income tax expense (benefit)
	Earnings before interest and tax (EBIT)

	Gross interest cost
	Ratio With and Without Capitalized Interest
	Interest coverage ratio (excluding capitalized interest)¹
	Adjusted interest coverage ratio (including capitalized interest)²

2011 Calculations

¹ Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest expense
= ÷ =

² Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Gross interest cost
= ÷ =

Ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Kimberly-Clark Corp.'s adjusted interest coverage ratio improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.