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Kimberly-Clark Corp. (NYSE:KMB)

This company has been moved to the archive! The financial data has not been updated since April 23, 2021.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Kimberly-Clark Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Debt payable within one year 2.77 10.04 8.32 6.29 7.76
Trade accounts payable 19.04 19.99 21.97 18.71 17.87
Accrued advertising and promotion 2.53 2.72 2.75 2.60 2.55
Accrued salaries and wages 3.03 3.03 2.54 2.96 2.92
Accrued rebates 1.46 1.58 1.65 1.50 1.51
Accrued taxes, income and other 1.89 1.51 1.79 1.64 1.77
Current operating lease liabilities 0.76 0.85 0.00 0.00 0.00
Accrued restructuring 0.42 0.61 0.81 0.00 0.00
Accrued interest 0.50 0.53 0.52 0.45 0.66
Other 2.33 2.12 2.29 2.26 2.75
Accrued expenses and other current liabilities 12.91% 12.94% 12.35% 11.42% 12.16%
Dividends payable 2.05 2.30 2.38 2.25 2.25
Current liabilities 36.77% 45.27% 45.02% 38.66% 40.04%
Long-term debt, excluding payable within one year 44.96 40.65 43.03 42.72 44.10
Noncurrent employee benefits 4.93 5.87 6.41 7.81 8.91
Deferred income taxes 4.13 3.34 3.15 2.61 3.64
Other liabilities 4.10 3.40 2.26 1.97 2.12
Noncurrent liabilities 58.11% 53.27% 54.86% 55.11% 58.77%
Total liabilities 94.88% 98.54% 99.88% 93.78% 98.80%
Redeemable preferred securities of subsidiaries 0.16 0.19 0.44 0.40 0.40
Preferred stock, no par value; none issued 0.00 0.00 0.00 0.00 0.00
Common stock, $1.25 par value 2.70 3.09 3.26 3.12 3.24
Additional paid-in capital 3.75 3.64 3.77 5.12 4.77
Common stock held in treasury, at cost -27.96 -29.14 -27.25 -29.25 -24.85
Retained earnings 43.18 43.75 40.96 44.42 39.93
Accumulated other comprehensive loss -18.10 -21.55 -22.72 -19.27 -23.79
Total Kimberly-Clark Corporation stockholders’ equity 3.57% -0.22% -1.98% 4.15% -0.70%
Noncontrolling interests 1.39 1.49 1.66 1.67 1.50
Total stockholders’ equity 4.96% 1.27% -0.32% 5.82% 0.80%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

The capital structure is characterized by a high degree of leverage, with total liabilities consistently accounting for the vast majority of the balance sheet, ranging from a low of 93.78% in 2017 to a peak of 99.88% in 2018. This indicates a financing strategy heavily reliant on debt rather than equity.

Current Liabilities Trends
Current liabilities exhibited fluctuations between 36.77% and 45.27% of the total balance sheet. Trade accounts payable remained a primary driver, consistently representing between 17.87% and 21.97%. A notable volatility is observed in debt payable within one year, which peaked at 10.04% in 2019 before declining sharply to 2.77% by the end of 2020, suggesting a significant shift in short-term debt obligations or a refinancing event.
Noncurrent Liabilities Analysis
Long-term debt, excluding the portion due within one year, represents the largest single liability component, maintaining a relatively stable presence between 40.65% and 44.96%. Conversely, noncurrent employee benefits show a persistent downward trend, decreasing from 8.91% in 2016 to 4.93% in 2020, indicating a reduction in the relative weight of long-term benefit obligations.
Stockholders' Equity Dynamics
Total stockholders' equity is remarkably low and volatile, dipping into negative territory in 2016 (-0.70%) and 2018 (-0.32%). This volatility is driven by several competing factors: retained earnings remain strong and stable, contributing between 39.93% and 44.42%; however, this is largely offset by significant negative values in common stock held in treasury, which range from -24.85% to -29.25%, and accumulated other comprehensive losses, which fluctuate between -18.10% and -23.79%. The high volume of treasury stock suggests an aggressive share repurchase program that has substantially reduced the equity base.
Overall Solvency and Risk Profile
The narrow margin of total stockholders' equity relative to total liabilities suggests a high-risk financial profile from a solvency perspective. The balance sheet is dominated by long-term debt and accounts payable, while the equity position is minimized by treasury stock acquisitions and comprehensive losses, resulting in a highly leveraged operation.

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