For financial reporting purposes, most U.S. inventories are valued at the lower of cost, using the Last-In, First-Out (LIFO) method, or market. The balance of the U.S. inventories and inventories of consolidated operations outside the U.S. are valued at the lower of cost, using either the First-In, First-Out (FIFO) or weighted-average cost methods, or market. Distribution costs are classified as cost of products sold.
Source: Kimberly-Clark Corp., Annual Report
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Kimberly-Clark Corp., Statement of Financial Position, Inventory
USD $ in millions
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
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Raw materials | |
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Work in process | |
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Finished goods | |
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Supplies and other | |
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Inventories by Major Class, at the lower of cost determined on the FIFO or weighted-average cost methods or market | |
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Excess of FIFO or weighted-average cost over LIFO cost | |
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Inventories | |
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Source: Based on data from Kimberly-Clark Corp. Annual Reports
| Item | Description | The company |
|---|---|---|
| Raw materials | Carrying amount as of the balance sheet date of unprocessed items to be consumed in the manufacturing or production process. Also includes purchased parts that will be used as components of a finished product. | Kimberly-Clark Corp.'s raw materials increased from 2009 to 2010 but then slightly declined from 2010 to 2011. |
| Work in process | Carrying amount as of the balance sheet date of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing. | Kimberly-Clark Corp.'s work in process increased from 2009 to 2010 and from 2010 to 2011. |
| Finished goods | Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. | Kimberly-Clark Corp.'s finished goods increased from 2009 to 2010 but then slightly declined from 2010 to 2011. |
| Supplies and other | Carrying amount as of the balance sheet date of products used directly or indirectly in the manufacturing or production process, which may or may not become part of the final product. May also include items used in the storage, presentation or transportation of physical goods. | Kimberly-Clark Corp.'s supplies and other increased from 2009 to 2010 and from 2010 to 2011. |
| Inventories | Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). | Kimberly-Clark Corp.'s inventories increased from 2009 to 2010 but then slightly declined from 2010 to 2011. |
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Adjusting LIFO Inventory to FIFO (Current) Cost
USD $ in millions
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
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| Adjustment to Inventories | ||||||
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Inventories at LIFO (as reported) | |
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Add: Excess of FIFO or weighted-average cost over LIFO cost | |
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Inventories at FIFO (adjusted) | |
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| Adjustment to Current Assets | ||||||
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Current assets (as reported) | |
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Add: Excess of FIFO or weighted-average cost over LIFO cost | |
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Current assets (adjusted) | |
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| Adjustment to Total Assets | ||||||
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Total assets (as reported) | |
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Add: Excess of FIFO or weighted-average cost over LIFO cost | |
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Total assets (adjusted) | |
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| Adjustment to Kimberly-Clark Corporation Stockholders’ Equity | ||||||
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Kimberly-Clark Corporation stockholders’ equity (as reported) | |
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Add: Excess of FIFO or weighted-average cost over LIFO cost | |
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Kimberly-Clark Corporation stockholders’ equity (adjusted) | |
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| Adjustment to Net Income Attributable To Kimberly-Clark Corporation | ||||||
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Net income attributable to Kimberly-Clark Corporation (as reported) | |
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Add: Increase (decrease) in Excess of FIFO or weighted-average cost over LIFO cost | |
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Net income attributable to Kimberly-Clark Corporation (adjusted) | |
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Kimberly-Clark Corp.'s inventory value on Dec 31, 2011 would be $2,636 (in millions) if the FIFO inventory method was used instead of LIFO. Kimberly-Clark Corp.'s inventories, valued on a LIFO basis, on Dec 31, 2011 were $2,356 . Kimberly-Clark Corp.'s inventories would have been $280 higher than reported on Dec 31, 2011 if the FIFO method had been used instead.
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Kimberly-Clark Corp., adjusted ratios
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| Current Ratio | ||||||
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Reported current ratio (LIFO) | |
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Adjusted current ratio (FIFO) | |
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| Net Profit Margin | ||||||
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Reported net profit margin (LIFO) | % |
% |
% |
% |
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Adjusted net profit margin (FIFO) | % |
% |
% |
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| Total Asset Turnover | ||||||
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Reported total asset turnover (LIFO) | |
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Adjusted total asset turnover (FIFO) | |
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| Financial Leverage | ||||||
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Reported financial leverage (LIFO) | |
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Adjusted financial leverage (FIFO) | |
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| Return on Equity (ROE) | ||||||
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Reported ROE (LIFO) | % |
% |
% |
% |
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Adjusted ROE (FIFO) | % |
% |
% |
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| Return on Assets (ROA) | ||||||
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Reported ROA (LIFO) | % |
% |
% |
% |
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Adjusted ROA (FIFO) | % |
% |
% |
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| Ratio | Description | The company |
|---|---|---|
| Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by current liabilities. | Kimberly-Clark Corp.'s adjusted current ratio deteriorated from 2009 to 2010 and from 2010 to 2011. |
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Kimberly-Clark Corp.'s adjusted net profit margin deteriorated from 2009 to 2010 and from 2010 to 2011. |
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Kimberly-Clark Corp.'s adjusted total asset turnover deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level. |
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Kimberly-Clark Corp.'s adjusted financial leverage declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level. |
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity. | Kimberly-Clark Corp.'s adjusted ROE deteriorated from 2009 to 2010 and from 2010 to 2011. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Kimberly-Clark Corp.'s adjusted ROA deteriorated from 2009 to 2010 and from 2010 to 2011. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Current assets (USD $ in millions) | |
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Current liabilities (USD $ in millions) | |
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Current ratio1 | |
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| Adjusted: from LIFO to FIFO | ||||||
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Adjusted current assets (USD $ in millions) | |
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Current liabilities (USD $ in millions) | |
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Adjusted current ratio2 | |
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2011 Calculations
1 Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by current liabilities. | Kimberly-Clark Corp.'s adjusted current ratio deteriorated from 2009 to 2010 and from 2010 to 2011. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Net income attributable to Kimberly-Clark Corporation (USD $ in millions) | |
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Net sales (USD $ in millions) | |
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Net profit margin1 | % |
% |
% |
% |
% |
| Adjusted: from LIFO to FIFO | ||||||
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Adjusted net income attributable to Kimberly-Clark Corporation (USD $ in millions) | |
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Net sales (USD $ in millions) | |
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Adjusted net profit margin2 | % |
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2011 Calculations
1 Net profit margin = 100 × Net income attributable to Kimberly-Clark Corporation ÷ Net sales
= 100 × ÷ = %
2 Adjusted net profit margin = 100 × Adjusted net income attributable to Kimberly-Clark Corporation ÷ Net sales
= 100 × ÷ = %
| Ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Kimberly-Clark Corp.'s adjusted net profit margin deteriorated from 2009 to 2010 and from 2010 to 2011. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Net sales (USD $ in millions) | |
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Total assets (USD $ in millions) | |
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Total asset turnover1 | |
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| Adjusted: from LIFO to FIFO | ||||||
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Net sales (USD $ in millions) | |
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Adjusted total assets (USD $ in millions) | |
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Adjusted total asset turnover2 | |
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2011 Calculations
1 Total asset turnover = Net sales ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Kimberly-Clark Corp.'s adjusted total asset turnover deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Total assets (USD $ in millions) | |
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Kimberly-Clark Corporation stockholders’ equity (USD $ in millions) | |
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Financial leverage1 | |
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| Adjusted: from LIFO to FIFO | ||||||
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Adjusted total assets (USD $ in millions) | |
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Adjusted kimberly-Clark Corporation stockholders’ equity (USD $ in millions) | |
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Adjusted financial leverage2 | |
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2011 Calculations
1 Financial leverage = Total assets ÷ Kimberly-Clark Corporation stockholders’ equity
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted kimberly-Clark Corporation stockholders’ equity
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Kimberly-Clark Corp.'s adjusted financial leverage declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Net income attributable to Kimberly-Clark Corporation (USD $ in millions) | |
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Kimberly-Clark Corporation stockholders’ equity (USD $ in millions) | |
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ROE1 | % |
% |
% |
% |
% |
| Adjusted: from LIFO to FIFO | ||||||
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Adjusted net income attributable to Kimberly-Clark Corporation (USD $ in millions) | |
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Adjusted kimberly-Clark Corporation stockholders’ equity (USD $ in millions) | |
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Adjusted ROE2 | % |
% |
% |
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2011 Calculations
1 ROE = 100 × Net income attributable to Kimberly-Clark Corporation ÷ Kimberly-Clark Corporation stockholders’ equity
= 100 × ÷ = %
2 Adjusted ROE = 100 × Adjusted net income attributable to Kimberly-Clark Corporation ÷ Adjusted kimberly-Clark Corporation stockholders’ equity
= 100 × ÷ = %
| Ratio | Description | The company |
|---|---|---|
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity. | Kimberly-Clark Corp.'s adjusted ROE deteriorated from 2009 to 2010 and from 2010 to 2011. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Net income attributable to Kimberly-Clark Corporation (USD $ in millions) | |
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Total assets (USD $ in millions) | |
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ROA1 | % |
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% |
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| Adjusted: from LIFO to FIFO | ||||||
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Adjusted net income attributable to Kimberly-Clark Corporation (USD $ in millions) | |
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Adjusted total assets (USD $ in millions) | |
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Adjusted ROA2 | % |
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% |
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2011 Calculations
1 ROA = 100 × Net income attributable to Kimberly-Clark Corporation ÷ Total assets
= 100 × ÷ = %
2 Adjusted ROA = 100 × Adjusted net income attributable to Kimberly-Clark Corporation ÷ Adjusted total assets
= 100 × ÷ = %
| Ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Kimberly-Clark Corp.'s adjusted ROA deteriorated from 2009 to 2010 and from 2010 to 2011. |
May 23, 2012