Stock Analysis on Net

Kimberly-Clark Corp. (NYSE:KMB)

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

Cash Flow Statement 
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Kimberly-Clark Corp., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Net income 594 546 483 692 675 556 680 495 466 421 462 465 97 625 579 540 575 518 563 578 560
Depreciation and amortization 189 190 192 201 213 217 230 236 234 230 217 224 211 184 182 180 178 177 179 177 172
Asset impairments 3 17 74
Stock-based compensation 22 46 47 39 15 22 26 32 16 (4) 19 8 18 12 14 30 20 13 19 30 15
Deferred income taxes (35) 75 (42) 21 (9) 21 (18) 15 11 (42) 27 44 (27) (28) (7) (9) (25) (2) (16) 37 (34)
Net (gains) losses on asset dispositions 4 1 54 6 7 (38) (172) 11 6 (5) 4 17 36 5 6 5 5
Equity companies’ earnings (in excess of) less than dividends paid (39) 23 (6) (9) (38) 25 (1) (3) (27) 36 7 2 (27) 38 10 4 (26) 27 (1) (30)
Operating working capital (400) 71 (198) 634 (144) 111 126 (150) (375) 272 24 (10) 103 6 37 73 (264) 185 197 57 (105)
Postretirement benefits (15) (35) 22 (1) (14) 29 5 (9) (12) 62 (73) 27 (41) 3 7 13 (21) (54) 8 12 (16)
Other (2) (47) 7 (4) (1) (19) 10 (18) (2) (21) 5 10 98 18 (23) (11) (6) 7 (1) (31) (9)
Cash provided by operations 321 887 559 1,579 704 924 886 609 317 949 692 787 542 863 805 825 436 871 948 860 553
Capital spending (298) (323) (258) (284) (352) (342) (298) (253) (316) (311) (219) (158) (189) (190) (209) (171) (215) (189) (185) (177) (220)
Acquisition, net of cash acquired (1,083)
Proceeds from dispositions of property 26 5 36 206 35 16 3
Investments in time deposits (159) (244) (186) (218) (105) (215) (167) (106) (80) (135) (71) (64) (83) (91) (62) (24) (37) (88) (60) (14) (59)
Maturities of time deposits 207 286 150 158 96 255 58 157 72 133 45 75 19 113 70 124 22 42
Other 5 10 2 13 2 (9) (44) 4 8 9 (9) (3) (9) (19) (14) 4 (3) 31 36 8
Cash used for investing (245) (1,328) (287) (331) (359) (275) (245) (198) (324) (270) (220) (156) (256) (174) (290) (209) (178) (156) (192) (155) (229)
Cash dividends paid (359) (364) (365) (365) (357) (354) (354) (355) (345) (347) (348) (350) (341) (342) (343) (345) (329) (330) (331) (332) (318)
Change in short-term debt 744 (64) 170 (385) (282) (21) (219) (308) 851 (487) 349 (145) 249 249 (3) (82) 196 (71) (515) 353 (675)
Debt proceeds 5 3 601 1,241 6 4 696 507 593 344 3 494 796
Debt repayments (253) (101) (501) (252) (2) (2) (301) (402) (97) (306) (2) (2) (509) (960) (4) (8) (2) (5) (589) (2)
Proceeds from exercise of stock options 10 5 77 27 108 17 51 134 26 12 28 8 14 7 7 29 78 10 39 27 31
Acquisitions of common stock for the treasury (169) (251) (186) (49) (214) (256) (214) (166) (164) (204) (176) (223) (197) (107) (207) (302) (295) (227) (219) (153) (140)
Other (30) (23) (1) (15) (24) (22) (13) (71) (8) (16) (35) (6) (39) (3) (37) (9) (31) 3 6 (7)
Cash provided by (used for) financing (52) (795) (205) (787) 220 (632) (747) (371) (42) (632) (453) (747) (283) (741) (916) (397) (367) (648) (534) (688) (315)
Effect of exchange rate changes on cash and cash equivalents (7) 21 3 8 (28) 9 (12) 3 1 (2) (9) (26) 7 13 5 (3) 21 (28) 6 4 7
Change in cash and cash equivalents 17 (1,215) 70 469 537 26 (118) 43 (48) 45 10 (142) 10 (39) (396) 216 (88) 39 228 21 16

Based on: 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).


Net income
Net income shows a fluctuating trend over the period. There is a notable dip in the first quarter of 2018, coinciding with 97 million, which is significantly lower than all other periods. Following this, net income generally recovers and peaks at 680 million in the third quarter of 2019, then declines again in 2020 before showing a moderate recovery by the first quarter of 2021.
Depreciation and amortization
This expense remains relatively stable throughout the periods, generally fluctuating between 177 and 230 million, peaking slightly at year-end 2018, and trending slightly downward towards 189 million by the first quarter of 2021.
Asset impairments
Asset impairments appear sporadically and are largely absent until a 74 million charge at the end of 2017. Smaller amounts reappear in late 2020 and early 2021, suggesting occasional write-downs or impairment charges during these periods.
Stock-based compensation
The values fluctuate considerably, ranging from a negative figure of -4 million in December 2018 to a peak of 47 million in September 2020. The compensation appears inconsistent, potentially reflecting variable stock compensation expense or adjustments in accounting practice.
Deferred income taxes
Deferred income taxes are volatile with alternating positive and negative values. There is no clear trend, although notable spikes such as 75 million in June 2020 and large negative swings like -42 million in both September 2016 and September 2020 indicate varying tax-related timing differences or adjustments.
Net (gains) losses on asset dispositions
These gains and losses are inconsistent, with occasional significant gains such as 206 million in the first quarter of 2019 and notable losses like -172 million in the third quarter of 2019. This suggests the company engaged in substantial asset sales or write-offs during select periods which impacted financial results.
Equity companies’ earnings (in excess of) less than dividends paid
Values fluctuate between positive and negative, with no persistent trend. Variability indicates periodic differences between earnings from equity investments and associated dividends paid.
Operating working capital
Operating working capital demonstrates substantial volatility, with several sharp swings both positive and negative. For example, it drops to -400 million by March 2021 after reaching 634 million in June 2020. These fluctuations could indicate changes in current asset and liability management practices or seasonality effects.
Postretirement benefits
The values oscillate between positive and negative, reflecting varying funding or expense activities. Sharp declines and recoveries, such as -73 million in September 2018 and 62 million in December 2018, suggest adjustments in postretirement obligation accounting or funding contributions.
Cash provided by operations
Cash flows from operations show general strength, often exceeding net income by a significant margin. There is a peak of 1,579 million in June 2020, indicating strong cash generation. However, there are periods of lower cash from operations such as in March 2019 and March 2021.
Capital spending
Capital expenditures remain fairly steady, generally ranging between -158 and -352 million per quarter. There is a slight increasing trend in spending towards the end of the period, with peaks such as -352 million in the third quarter of 2019 and -323 million in the fourth quarter of 2020.
Acquisition, net of cash acquired
Limited data is available, but a significant acquisition cash outflow of -1,083 million appears in the fourth quarter of 2020, indicating a major investment activity during this period.
Proceeds from dispositions of property
Proceeds exhibit occasional spikes, including 206 million in the first quarter of 2019 and other smaller amounts scattered throughout, suggesting periodic property sales that augment cash inflows.
Investments in time deposits
Investments tend to be negative, implying net outflows into time deposits, with periodic increases in magnitude towards the later periods, reaching as low as -323 million in December 2020.
Maturities of time deposits
Maturities fluctuate widely between 0 and 286 million, showing timing differences in investment redemptions. These inflows partially offset investments in time deposits, contributing to cash flow variability.
Cash used for investing
Cash used in investing is generally negative across all periods, often between -150 and -350 million, with a large outflow of -1,328 million in the first quarter of 2021 related to acquisition activity. This suggests steady investing activities with occasional large cash outlays.
Cash dividends paid
Dividends paid remain consistently high and relatively stable, fluctuating narrowly around -350 million per quarter, indicating a strong commitment to returning cash to shareholders over time.
Change in short-term debt
Short-term debt changes are volatile, alternating between significant repayments and issuances. For instance, large positive changes such as 851 million in March 2019 contrast with large negative changes such as -675 million in March 2016, reflecting active debt management.
Debt proceeds and repayments
Debt proceeds occur intermittently with large spikes (e.g., 1,241 million in December 2019), whereas repayments also vary but appear more frequent and substantial in magnitude. Overall, these movements suggest active refinancing and debt restructuring strategies.
Proceeds from exercise of stock options
This inflow is variable but generally modest, with occasional peaks such as 134 million in June 2019. It appears to supplement financing activities through employee stock plans.
Acquisitions of common stock for the treasury
Significant and consistent repurchases occur throughout the periods, typically ranging from -49 to -256 million per quarter, indicating active share buyback programs to manage equity levels.
Cash provided by (used for) financing
Financing cash flows are generally negative, indicating that cash outflows from financing activities exceed inflows for most quarters. However, there are exceptions such as a positive inflow of 220 million in March 2020, showing occasional periods of net financing inflows.
Effect of exchange rate changes on cash and cash equivalents
Exchange rate effects on cash fluctuate between positive and negative, ranging from -28 million to 21 million. These movements cause minor swings in cash balances and indicate foreign exchange exposure impact on cash.
Change in cash and cash equivalents
The change in cash and cash equivalents shows a generally inconsistent pattern, with several quarters registering positive changes and others significant declines, notably -1,215 million in December 2020. Such volatility corresponds to large investing and financing cash outflows in certain periods.