Analysis of Reportable Segments
Kimberly-Clark Corp. operates in 3 segments: Personal Care; Consumer Tissue; and K-C Professional.
Segment Profit Margin
Kimberly-Clark Corp., profit margin by reportable segment
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Personal Care | 20.70% | 20.90% | 20.28% | 21.01% | 20.53% |
| Consumer Tissue | 21.55% | 16.80% | 14.55% | 17.43% | 18.72% |
| K-C Professional | 17.49% | 19.96% | 18.75% | 19.73% | 19.14% |
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 analysis of reportable segment profit margins between 2016 and 2020 reveals varying levels of stability and volatility across the three business units. While one segment maintained a consistent margin, others experienced significant fluctuations, particularly toward the end of the period.
- Personal Care
- This segment exhibited the highest level of stability over the five-year period. Profit margins fluctuated within a narrow range, starting at 20.53% in 2016 and ending at 20.70% in 2020, with a peak of 21.01% in 2017. The consistency suggests a resilient cost structure and stable pricing power.
- Consumer Tissue
- The most significant volatility is observed in this segment. Margins declined steadily from 18.72% in 2016 to a period low of 14.55% in 2018. However, a sharp recovery followed, with margins rising to 16.80% in 2019 and reaching a period high of 21.55% in 2020, becoming the most profitable segment in the final year of the period.
- K-C Professional
- Profit margins for this segment remained relatively steady between 19.14% in 2016 and 19.96% in 2019. A notable contraction occurred in 2020, where the margin fell to 17.49%, marking the lowest profit margin for this segment within the analyzed timeframe.
Comparatively, the profit margin landscape shifted by 2020. While Personal Care and K-C Professional had historically provided consistent returns, the Consumer Tissue segment transitioned from being the lowest-performing unit in 2018 to the most profitable segment by the end of 2020.
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Segment Profit Margin: Personal Care
Kimberly-Clark Corp.; Personal Care; segment profit margin calculation
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 1,933) | 1,904) | 1,833) | 1,907) | 1,857) |
| Net sales | 9,339) | 9,108) | 9,037) | 9,078) | 9,046) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 20.70% | 20.90% | 20.28% | 21.01% | 20.53% |
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).
1 2020 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × 1,933 ÷ 9,339 = 20.70%
The Personal Care segment exhibits a high degree of stability in both its top-line revenue and its operational efficiency over the five-year period from 2016 to 2020. Financial performance is characterized by minimal volatility, with profit margins remaining within a narrow range of approximately 73 basis points.
- Net Sales Trends
- Net sales remained relatively stagnant between 2016 and 2019, fluctuating within a tight band between US$ 9,037 million and US$ 9,108 million. A more pronounced growth trend emerged in 2020, with sales increasing to US$ 9,339 million, representing the highest revenue figure in the observed period.
- Operating Profit Performance
- Operating profit mirrored the stability of net sales, maintaining a consistent level around US$ 1,900 million. A temporary decline occurred in 2018, where profit dipped to US$ 1,833 million, before recovering to US$ 1,904 million in 2019 and reaching a peak of US$ 1,933 million in 2020.
- Segment Profit Margin Analysis
- The segment profit margin demonstrates resilience, oscillating around a mean of approximately 20.7%. The margin peaked in 2017 at 21.01% and reached its lowest point in 2018 at 20.28%. The consistency of these margins indicates a disciplined approach to cost management and pricing stability, as the segment was able to maintain its profitability ratio even during the modest revenue contraction seen in 2018.
Overall, the data indicates a mature segment with predictable earnings. The increase in both net sales and operating profit in 2020 suggests a positive growth trajectory, although the profit margin slightly moderated to 20.70%, indicating that the increase in revenue was accompanied by a proportional increase in operational expenses.
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Segment Profit Margin: Consumer Tissue
Kimberly-Clark Corp.; Consumer Tissue; segment profit margin calculation
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 1,448) | 1,007) | 875) | 1,034) | 1,117) |
| Net sales | 6,718) | 5,993) | 6,015) | 5,932) | 5,967) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 21.55% | 16.80% | 14.55% | 17.43% | 18.72% |
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).
1 2020 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × 1,448 ÷ 6,718 = 21.55%
The Consumer Tissue segment exhibited a volatile profitability profile between 2016 and 2020, characterized by a period of margin contraction followed by a significant expansion in both revenue and operational efficiency.
- Net Sales Performance
- Revenue remained relatively stagnant from 2016 through 2019, fluctuating within a narrow range around US$ 6 billion. A significant shift occurred in 2020, where net sales increased to US$ 6,718 million, marking a substantial acceleration in top-line growth compared to the preceding four years.
- Operating Profit Trends
- Operating profit followed a downward trajectory in the early part of the period, declining from US$ 1,117 million in 2016 to a low of US$ 875 million in 2018. This trend reversed in 2019 and culminated in a peak of US$ 1,448 million in 2020, reflecting a strong recovery in absolute earnings.
- Segment Profit Margin Analysis
- The segment profit margin experienced a U-shaped trend. An initial erosion is observed from 18.72% in 2016 to a trough of 14.55% in 2018, suggesting a period of increased operating costs or pricing pressures. This was followed by a robust recovery to 16.80% in 2019 and a sharp increase to 21.55% in 2020. The 2020 margin represents the highest level of efficiency within the analyzed period, indicating that the increase in sales was accompanied by improved cost management or higher-margin product mix.
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Segment Profit Margin: K-C Professional
Kimberly-Clark Corp.; K-C Professional; segment profit margin calculation
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 528) | 657) | 634) | 633) | 603) |
| Net sales | 3,019) | 3,292) | 3,382) | 3,208) | 3,150) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 17.49% | 19.96% | 18.75% | 19.73% | 19.14% |
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).
1 2020 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × 528 ÷ 3,019 = 17.49%
The K-C Professional segment exhibited a period of relative stability in profitability and revenue from 2016 through 2019, followed by a significant contraction in both top-line and bottom-line performance in 2020.
- Net Sales Performance
- Net sales showed a gradual upward trajectory between 2016 and 2018, peaking at 3,382 million US dollars. This growth was followed by a moderate decline in 2019 and a more pronounced decrease in 2020, where sales fell to 3,019 million US dollars, representing the lowest revenue level within the five-year period.
- Operating Profit Trends
- Operating profit grew steadily for four consecutive years, rising from 603 million US dollars in 2016 to a peak of 657 million US dollars in 2019. This positive momentum reversed sharply in 2020, with operating profit falling to 528 million US dollars, indicating a substantial reduction in earnings capacity during the final year of the analyzed period.
- Segment Profit Margin Analysis
- The segment profit margin remained consistently near the 19% threshold from 2016 to 2019, fluctuating between a low of 18.75% in 2018 and a high of 19.96% in 2019. However, 2020 saw a significant margin compression to 17.49%. This decline suggests that the reduction in operating profit outpaced the decline in net sales, reflecting diminished operational efficiency or increased cost pressures during that fiscal year.
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Segment Return on Assets (Segment ROA)
Kimberly-Clark Corp., ROA by reportable segment
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Personal Care | 22.78% | 28.72% | 29.53% | 28.93% | 30.24% |
| Consumer Tissue | 27.70% | 20.33% | 18.47% | 20.65% | 23.46% |
| K-C Professional | 20.70% | 26.90% | 27.75% | 28.07% | 28.03% |
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).
An analysis of segment return on assets from 2016 to 2020 reveals divergent performance trajectories among the three reportable segments, with a notable shift in asset efficiency occurring in the final year of the period.
- Personal Care
- This segment maintained a relatively stable return on assets, fluctuating within a narrow range between 28.72% and 30.24% from 2016 through 2019. However, a significant contraction occurred in 2020, where the ROA decreased to 22.78%, marking the lowest efficiency level for this segment over the five-year period.
- Consumer Tissue
- A fluctuating trend is observed for the Consumer Tissue segment. After declining from 23.46% in 2016 to a trough of 18.47% in 2018, the segment entered a growth phase. This culminated in a sharp increase to 27.70% by 2020, representing the highest ROA achieved by this segment during the analyzed timeframe.
- K-C Professional
- The K-C Professional segment demonstrated consistent performance with a marginal downward trend from 28.03% in 2016 to 26.90% in 2019. Similar to the Personal Care segment, a substantial decline was recorded in 2020, with the ROA falling to 20.70%.
The observed patterns indicate a redistribution of asset productivity in 2020. While the Consumer Tissue segment saw a marked improvement in its return on assets, the Personal Care and K-C Professional segments experienced a simultaneous and significant reduction in their respective returns.
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Segment ROA: Personal Care
Kimberly-Clark Corp.; Personal Care; segment ROA calculation
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 1,933) | 1,904) | 1,833) | 1,907) | 1,857) |
| Assets | 8,486) | 6,630) | 6,208) | 6,592) | 6,141) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 22.78% | 28.72% | 29.53% | 28.93% | 30.24% |
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).
1 2020 Calculation
Segment ROA = 100 × Operating profit ÷ Assets
= 100 × 1,933 ÷ 8,486 = 22.78%
The Personal Care segment exhibited stable operating profitability from 2016 to 2020, while the asset base remained relatively consistent until a significant expansion in the final year. This divergence led to a notable contraction in the Return on Assets (ROA), particularly in the most recent period.
- Operating Profit Performance
- Operating profit demonstrated resilience, maintaining a narrow range between $1,833 million and $1,933 million. Despite a slight contraction in 2018, the segment achieved its peak operating profit of $1,933 million in 2020, indicating a steady, albeit slow, growth in earnings capacity.
- Asset Base Dynamics
- From 2016 to 2019, assets fluctuated within a range of $6,141 million to $6,630 million. However, a substantial increase occurred in 2020, with assets rising to $8,486 million. This represents a significant growth in the asset base, suggesting substantial capital expenditure or asset acquisitions during that fiscal year.
- Segment ROA Analysis
- The Segment ROA showed a gradual decline from 30.24% in 2016 to 28.72% in 2019. A sharp reduction followed in 2020, with the ratio falling to 22.78%. This decline is primarily driven by the fact that the expansion of the asset base far exceeded the growth in operating profit, resulting in a reduction of overall asset efficiency.
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Segment ROA: Consumer Tissue
Kimberly-Clark Corp.; Consumer Tissue; segment ROA calculation
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 1,448) | 1,007) | 875) | 1,034) | 1,117) |
| Assets | 5,227) | 4,954) | 4,738) | 5,007) | 4,761) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 27.70% | 20.33% | 18.47% | 20.65% | 23.46% |
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).
1 2020 Calculation
Segment ROA = 100 × Operating profit ÷ Assets
= 100 × 1,448 ÷ 5,227 = 27.70%
The Consumer Tissue segment exhibited a cyclical performance pattern between 2016 and 2020, characterized by an initial decline in profitability and asset efficiency followed by a significant recovery and expansion in the final two years of the period.
- Operating Profit Trends
- Operating profit experienced a downward trajectory from 2016 to 2018, falling from US$ 1,117 million to a period low of US$ 875 million. This decline was reversed starting in 2019, with a sharp acceleration in 2020, where profit reached a peak of US$ 1,448 million, representing a substantial increase over pre-2018 levels.
- Asset Base Fluctuations
- Total assets remained relatively stable, fluctuating between a minimum of US$ 4,738 million in 2018 and a maximum of US$ 5,227 million in 2020. While assets grew by approximately 9.7% from 2016 to 2020, the growth in the asset base was modest compared to the volatility observed in operating profits.
- Segment Return on Assets (ROA)
- The Segment ROA mirrored the trend of operating profit, decreasing from 23.46% in 2016 to a low of 18.47% in 2018. The subsequent recovery in 2019 to 20.33% culminated in a significant surge to 27.70% by December 31, 2020. This final increase indicates a marked improvement in the segment's ability to generate profit from its asset base, as profit growth significantly outpaced asset accumulation during the 2019-2020 period.
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Segment ROA: K-C Professional
Kimberly-Clark Corp.; K-C Professional; segment ROA calculation
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 528) | 657) | 634) | 633) | 603) |
| Assets | 2,551) | 2,442) | 2,285) | 2,255) | 2,151) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 20.70% | 26.90% | 27.75% | 28.07% | 28.03% |
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).
1 2020 Calculation
Segment ROA = 100 × Operating profit ÷ Assets
= 100 × 528 ÷ 2,551 = 20.70%
The K-C Professional segment exhibited a period of steady operational growth and asset expansion from 2016 through 2019, followed by a significant contraction in profitability and asset efficiency in 2020.
- Operating Profit Performance
- Operating profit showed a consistent upward trajectory for the first four years of the period, rising from 603 million USD in 2016 to a peak of 657 million USD in 2019. This growth phase was interrupted in 2020, when operating profit declined sharply to 528 million USD, marking the lowest profit level in the five-year sequence.
- Asset Base Expansion
- The segment maintained a continuous increase in its asset base throughout the entire analysis period. Assets grew from 2,151 million USD in 2016 to 2,551 million USD by 2020. The persistence of this growth, even during the profit decline of 2020, indicates a sustained commitment to capital investment or an increase in working capital requirements.
- Segment Return on Assets (ROA) Trends
- Return on Assets remained relatively stable between 2016 and 2018, with values fluctuating slightly around 28%. A downward trend emerged in 2019, with ROA dipping to 26.90%, followed by a steep decline to 20.70% in 2020. This deterioration in ROA is the result of a negative convergence where operating profits decreased while the asset base continued to expand, leading to a substantial reduction in the efficiency of asset utilization.
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Segment Asset Turnover
Kimberly-Clark Corp., asset turnover by reportable segment
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Personal Care | 1.10 | 1.37 | 1.46 | 1.38 | 1.47 |
| Consumer Tissue | 1.29 | 1.21 | 1.27 | 1.18 | 1.25 |
| K-C Professional | 1.18 | 1.35 | 1.48 | 1.42 | 1.46 |
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 analysis of segment asset turnover from 2016 to 2020 reveals divergent trends in asset utilization efficiency across the three reportable segments. While two segments experienced significant declines toward the end of the period, the Consumer Tissue segment demonstrated resilience and an overall improvement in efficiency.
- Personal Care
- The asset turnover ratio for Personal Care remained relatively stable between 1.37 and 1.47 from 2016 through 2019. However, a substantial decrease was observed in 2020, with the ratio falling to 1.10, marking the lowest efficiency level for this segment throughout the analyzed timeframe.
- Consumer Tissue
- This segment exhibited the most consistent performance, with ratios fluctuating within a narrow range between 1.18 and 1.29. Notably, Consumer Tissue was the only segment to show an increase in turnover in 2020, reaching a period high of 1.29, suggesting an improved ability to generate revenue from its asset base compared to previous years.
- K-C Professional
- The K-C Professional segment maintained high asset turnover levels from 2016 to 2018, peaking at 1.48. A downward trajectory began in 2019 with a drop to 1.35 and accelerated in 2020, where the ratio declined to 1.18, reflecting a contraction in asset productivity similar to the trend seen in Personal Care.
In summary, the period ended with a notable divergence in operational efficiency. The declines in Personal Care and K-C Professional in 2020 contrast with the growth in Consumer Tissue, indicating that the factors impacting asset productivity during the final year affected the reportable segments unevenly.
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Segment Asset Turnover: Personal Care
Kimberly-Clark Corp.; Personal Care; segment asset turnover calculation
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 9,339) | 9,108) | 9,037) | 9,078) | 9,046) |
| Assets | 8,486) | 6,630) | 6,208) | 6,592) | 6,141) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.10 | 1.37 | 1.46 | 1.38 | 1.47 |
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).
1 2020 Calculation
Segment asset turnover = Net sales ÷ Assets
= 9,339 ÷ 8,486 = 1.10
The Personal Care segment exhibited a period of relative stability in revenue generation followed by a significant shift in asset efficiency between 2016 and 2020. While sales grew modestly over the five-year period, a substantial increase in the asset base during the final year led to a notable decline in the segment asset turnover ratio.
- Net Sales Performance
- Net sales remained consistent from 2016 to 2019, oscillating within a narrow range between US$ 9,037 million and US$ 9,108 million. A more pronounced upward movement occurred in 2020, with sales reaching US$ 9,339 million, representing the highest value in the analyzed period.
- Asset Base Evolution
- The total assets for the segment showed moderate fluctuations between 2016 and 2019, remaining between US$ 6,141 million and US$ 6,630 million. However, 2020 saw a sharp expansion of the asset base to US$ 8,486 million, marking a significant increase in capital employed within the segment.
- Segment Asset Turnover Analysis
- The asset turnover ratio fluctuated slightly between 1.37 and 1.47 from 2016 to 2019, suggesting a steady level of efficiency in utilizing assets to generate revenue. In 2020, the ratio dropped sharply to 1.10. This decline is directly attributable to the rapid growth in assets, which far outpaced the growth in net sales, indicating a reduction in the efficiency of asset utilization during the final year of the period.
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Segment Asset Turnover: Consumer Tissue
Kimberly-Clark Corp.; Consumer Tissue; segment asset turnover calculation
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 6,718) | 5,993) | 6,015) | 5,932) | 5,967) |
| Assets | 5,227) | 4,954) | 4,738) | 5,007) | 4,761) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.29 | 1.21 | 1.27 | 1.18 | 1.25 |
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).
1 2020 Calculation
Segment asset turnover = Net sales ÷ Assets
= 6,718 ÷ 5,227 = 1.29
The Consumer Tissue segment exhibited relatively stable net sales and asset levels from 2016 through 2019, followed by a notable increase in both metrics in 2020. Net sales remained within a narrow range between 5.9 billion and 6.0 billion US$ during the first four years before rising to 6.7 billion US$ in 2020. Assets followed a fluctuating pattern, ranging from 4.7 billion to 5.2 billion US$ over the five-year period.
- Asset Turnover Trend
- The segment asset turnover ratio fluctuated throughout the period, starting at 1.25 in 2016, dipping to a low of 1.18 in 2017, and recovering to 1.27 in 2018. A subsequent decline to 1.21 occurred in 2019, before the ratio reached a five-year peak of 1.29 in 2020.
- Operational Efficiency Drivers
- The contraction in turnover observed in 2017 resulted from a simultaneous increase in the asset base and a slight decrease in net sales. The peak efficiency recorded in 2020 was driven by a significant increase in net sales, which expanded at a rate that outpaced the growth in assets, thereby improving the overall asset utilization ratio.
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Segment Asset Turnover: K-C Professional
Kimberly-Clark Corp.; K-C Professional; segment asset turnover calculation
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 3,019) | 3,292) | 3,382) | 3,208) | 3,150) |
| Assets | 2,551) | 2,442) | 2,285) | 2,255) | 2,151) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.18 | 1.35 | 1.48 | 1.42 | 1.46 |
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).
1 2020 Calculation
Segment asset turnover = Net sales ÷ Assets
= 3,019 ÷ 2,551 = 1.18
The K-C Professional segment exhibited a period of fluctuating revenue paired with steady asset growth between 2016 and 2020, resulting in a decline in operational efficiency regarding asset utilization toward the end of the period.
- Net Sales Performance
- Revenue demonstrated an initial upward trajectory, increasing from 3,150 million US dollars in 2016 to a peak of 3,382 million US dollars in 2018. This growth trend reversed in the subsequent two years, with sales declining to 3,019 million US dollars by December 31, 2020, representing a decrease below the 2016 baseline.
- Asset Base Expansion
- The segment's asset base grew consistently and without interruption throughout the five-year period. Assets increased from 2,151 million US dollars in 2016 to 2,551 million US dollars in 2020, indicating a continuous accumulation of resources.
- Segment Asset Turnover Trends
- The asset turnover ratio remained relatively stable from 2016 to 2018, oscillating between 1.42 and 1.48. A significant downward trend emerged starting in 2019, with the ratio falling to 1.35, and further dropping to 1.18 in 2020. This decline is the result of a negative divergence where net sales decreased while the asset base continued to expand, reflecting a reduction in the efficiency with which the segment generates sales from its investments.
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Segment Capital Expenditures to Depreciation
Kimberly-Clark Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Personal Care | 1.78 | 1.20 | 0.97 | 1.25 | 1.38 |
| Consumer Tissue | 1.17 | 1.31 | 0.90 | 0.99 | 0.89 |
| K-C Professional | 1.84 | 1.76 | 1.30 | 0.82 | 0.82 |
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 expenditure to depreciation ratios across all reportable segments exhibit a general upward trajectory by the end of the five-year period. While initial years showed mixed investment levels, there is a clear shift toward increased capital spending relative to depreciation by 2020, indicating an acceleration in asset replacement or capacity expansion across the organization.
- Personal Care
- This segment demonstrated volatility in its investment ratio, beginning at 1.38 in 2016 and experiencing a decline to a period low of 0.97 in 2018. Following this trough, a strong recovery occurred, with the ratio climbing to 1.20 in 2019 and reaching a peak of 1.78 by December 31, 2020.
- Consumer Tissue
- Investment levels remained relatively stagnant and largely below the parity threshold of 1.0 between 2016 and 2018. A pivot toward increased spending was observed in 2019, where the ratio reached 1.31, before moderating slightly to 1.17 in 2020.
- K-C Professional
- A consistent and aggressive growth trend is evident in this segment. After maintaining a static ratio of 0.82 through 2017, the ratio rose sharply to 1.30 in 2018 and continued a steady ascent to reach a five-year high of 1.84 in 2020, representing the most significant relative increase among the three segments.
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Segment Capital Expenditures to Depreciation: Personal Care
Kimberly-Clark Corp.; Personal Care; segment capital expenditures to depreciation calculation
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital spending | 616) | 518) | 415) | 405) | 421) |
| Depreciation and amortization | 347) | 430) | 426) | 324) | 305) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.78 | 1.20 | 0.97 | 1.25 | 1.38 |
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).
1 2020 Calculation
Segment capital expenditures to depreciation = Capital spending ÷ Depreciation and amortization
= 616 ÷ 347 = 1.78
The Personal Care segment exhibited a fluctuating investment profile between 2016 and 2020, characterized by an accelerating trend in capital spending toward the end of the period. While capital expenditures remained relatively stable from 2016 to 2018, a significant upward shift occurred in 2019 and 2020, indicating an intensified focus on asset acquisition or modernization.
- Capital Spending Trends
- Capital expenditures remained consistent between 2016 and 2018, hovering around the 410 to 420 million USD range. A marked increase began in 2019, with spending rising to 518 million USD, and further accelerating to 616 million USD by 2020. This represents a total increase of approximately 46% over the five-year period.
- Depreciation and Amortization Patterns
- Depreciation and amortization costs showed a non-linear trajectory. Costs rose steadily from 305 million USD in 2016 to a peak of 430 million USD in 2019. However, a notable decline occurred in 2020, with expenses dropping to 347 million USD, suggesting a shift in the age or composition of the asset base.
- Segment Capital Expenditures to Depreciation Ratio
- The reinvestment ratio fluctuated throughout the analysis period, reflecting varying strategies regarding asset replacement and expansion. The ratio declined from 1.38 in 2016 to a period low of 0.97 in 2018, indicating that during 2018, capital spending was insufficient to cover the annual depreciation of existing assets. A subsequent recovery occurred in 2019, followed by a sharp increase to 1.78 in 2020. This final peak suggests an aggressive reinvestment strategy, where the segment invested significantly more than the value of the assets being depreciated.
The convergence of increasing capital spending and decreasing depreciation in 2020 resulted in the highest reinvestment ratio of the five-year sequence. This pattern indicates a transition from a maintenance-oriented capital strategy to an expansionary phase, prioritizing growth or technological upgrades over simple asset replacement.
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Segment Capital Expenditures to Depreciation: Consumer Tissue
Kimberly-Clark Corp.; Consumer Tissue; segment capital expenditures to depreciation calculation
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital spending | 391) | 489) | 299) | 281) | 250) |
| Depreciation and amortization | 334) | 372) | 331) | 283) | 280) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.17 | 1.31 | 0.90 | 0.99 | 0.89 |
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).
1 2020 Calculation
Segment capital expenditures to depreciation = Capital spending ÷ Depreciation and amortization
= 391 ÷ 334 = 1.17
The Consumer Tissue segment exhibited a strategic shift in capital allocation between 2016 and 2020, transitioning from a period of asset maintenance to a phase of expanded investment.
- Capital Expenditure and Depreciation Trends
- Capital spending showed a gradual increase from 250 million US$ in 2016 to 299 million US$ in 2018, followed by a sharp escalation to 489 million US$ in 2019. Depreciation and amortization expenses trended upward from 280 million US$ in 2016 to a peak of 372 million US$ in 2019, reflecting a general growth in the segment's fixed asset base before a slight contraction to 334 million US$ in 2020.
- Analysis of the Capital Expenditure to Depreciation Ratio
- From 2016 to 2018, the ratio remained below 1.0, ranging between 0.89 and 0.99. This pattern indicates that capital reinvestment was lower than the annual depreciation of assets, suggesting a strategy focused on maintaining existing capacity rather than expanding it. A significant reversal occurred in 2019, with the ratio rising to 1.31, denoting a period of aggressive capital investment that substantially exceeded asset wear and tear. Although the ratio declined to 1.17 in 2020, it remained above the 1.0 threshold, confirming a sustained shift toward increasing the long-term productive capacity of the segment.
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Segment Capital Expenditures to Depreciation: K-C Professional
Kimberly-Clark Corp.; K-C Professional; segment capital expenditures to depreciation calculation
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital spending | 204) | 195) | 157) | 92) | 95) |
| Depreciation and amortization | 111) | 111) | 121) | 112) | 116) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.84 | 1.76 | 1.30 | 0.82 | 0.82 |
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).
1 2020 Calculation
Segment capital expenditures to depreciation = Capital spending ÷ Depreciation and amortization
= 204 ÷ 111 = 1.84
The K-C Professional segment exhibits a significant transition in its investment strategy between 2016 and 2020, shifting from a period of capital preservation toward aggressive capacity expansion.
- Capital Spending Trends
- Capital expenditures remained relatively stagnant between 2016 and 2017, recording values of 95 million and 92 million US dollars, respectively. However, a sharp upward trajectory began in 2018, with spending increasing to 157 million US dollars and continuing to climb to 204 million US dollars by 2020. This reflects a substantial increase in the deployment of capital over the five-year period.
- Depreciation and Amortization Stability
- In contrast to the growth in spending, depreciation and amortization costs remained remarkably stable. Values fluctuated within a narrow range, starting at 116 million US dollars in 2016 and concluding at 111 million US dollars in 2020. The relative constancy of these figures suggests a stable baseline of asset consumption despite the accelerating investment in new assets.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation serves as a primary indicator of the segment's investment phase. In 2016 and 2017, the ratio remained constant at 0.82, indicating that capital spending was below the level of depreciation, which is characteristic of a maintenance-focused approach. Beginning in 2018, the ratio surged to 1.30 and continued to rise, reaching 1.84 by 2020. This sustained increase above the 1.0 threshold signifies a strategic pivot toward growth, as the segment is now investing in new assets at a rate significantly higher than the depreciation of its existing asset base.
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Net sales
Kimberly-Clark Corp., net sales by reportable segment
US$ in millions
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Personal Care | 9,339) | 9,108) | 9,037) | 9,078) | 9,046) |
| Consumer Tissue | 6,718) | 5,993) | 6,015) | 5,932) | 5,967) |
| K-C Professional | 3,019) | 3,292) | 3,382) | 3,208) | 3,150) |
| Corporate & Other | 64) | 57) | 52) | 41) | 39) |
| Total | 19,140) | 18,450) | 18,486) | 18,259) | 18,202) |
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).
Total net sales exhibited a period of relative stability between 2016 and 2019, followed by a notable acceleration in 2020. Overall revenue increased from US$ 18,202 million in 2016 to US$ 19,140 million in 2020, indicating a general upward trajectory driven primarily by significant gains in specific consumer-facing segments during the final year of the analyzed period.
- Personal Care Segment
- This segment remained the largest contributor to total net sales throughout the five-year period. Performance was characterized by steady, incremental growth, rising from US$ 9,046 million in 2016 to US$ 9,339 million in 2020. The segment demonstrated low volatility, maintaining a consistent baseline of revenue before experiencing a more pronounced increase in the final year.
- Consumer Tissue Segment
- Net sales for Consumer Tissue remained largely stagnant between 2016 and 2019, fluctuating within a narrow range around US$ 6 billion. However, a sharp increase occurred in 2020, with sales rising to US$ 6,718 million. This represents the most significant single-year growth spurt across all reportable segments, contributing substantially to the total revenue increase in 2020.
- K-C Professional Segment
- The K-C Professional segment displayed a divergent trend compared to consumer segments. Net sales grew steadily from 2016 to a peak of US$ 3,382 million in 2018. Following this peak, a downward trend emerged, with sales declining to US$ 3,019 million by 2020, marking the lowest revenue level for this segment within the observed period.
- Corporate and Other
- While representing a marginal fraction of total net sales, this category showed a consistent and uninterrupted annual increase, growing from US$ 39 million in 2016 to US$ 64 million in 2020.
The aggregate financial performance reveals a strategic shift in revenue drivers. While the overall growth in total net sales was positive, the 2020 results highlight a strong surge in consumer-centric segments—specifically Consumer Tissue and Personal Care—which effectively offset the contraction observed in the K-C Professional business line.
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Operating profit
Kimberly-Clark Corp., operating profit by reportable segment
US$ in millions
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Personal Care | 1,933) | 1,904) | 1,833) | 1,907) | 1,857) |
| Consumer Tissue | 1,448) | 1,007) | 875) | 1,034) | 1,117) |
| K-C Professional | 528) | 657) | 634) | 633) | 603) |
| Corporate & Other | (719) | (787) | (1,112) | (248) | (252) |
| Other income and (expense), net | 54) | 210) | (1) | (27) | (8) |
| Total | 3,244) | 2,991) | 2,229) | 3,299) | 3,317) |
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).
Total operating profit exhibited a cyclical trend between 2016 and 2020, characterized by a significant contraction in 2018 followed by a sustained recovery. After maintaining levels around US$ 3.3 billion in 2016 and 2017, total profit declined to US$ 2,229 million in 2018, before recovering to US$ 3,244 million by the end of 2020.
- Personal Care Segment
- This segment served as the primary and most stable driver of profitability. Operating profit grew steadily from US$ 1,857 million in 2016 to US$ 1,933 million in 2020, demonstrating consistent performance with minimal variance over the five-year period.
- Consumer Tissue Segment
- A volatile performance pattern is observed in this segment. Profitability declined from US$ 1,117 million in 2016 to a low of US$ 875 million in 2018. This was followed by a sharp recovery, resulting in a peak of US$ 1,448 million in 2020, indicating a significant increase in segment profitability toward the end of the period.
- K-C Professional Segment
- This segment showed a gradual increase in profit from 2016 to 2019, rising from US$ 603 million to US$ 657 million. However, a notable downturn occurred in 2020, with profit falling to US$ 528 million, the lowest level recorded for this segment since 2016.
- Corporate and Other Costs
- Corporate and other expenses had a profound impact on overall profitability, particularly in 2018, when costs escalated sharply to US$ 1,112 million from a baseline of approximately US$ 250 million. Although these expenses decreased to US$ 719 million by 2020, they continued to represent a substantial deduction from the operating profits of the core segments.
- Other Income and Expenses
- This line item remained relatively immaterial and generally negative from 2016 to 2018. A significant positive shift occurred in 2019, with a gain of US$ 210 million, which contributed to the rebound in total operating profit for that year.
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Depreciation and amortization
Kimberly-Clark Corp., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Personal Care | 347) | 430) | 426) | 324) | 305) |
| Consumer Tissue | 334) | 372) | 331) | 283) | 280) |
| K-C Professional | 111) | 111) | 121) | 112) | 116) |
| Corporate & Other | 4) | 4) | 4) | 5) | 4) |
| Total | 796) | 917) | 882) | 724) | 705) |
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).
Total depreciation and amortization expenses exhibited a growth trajectory from 2016 through 2019, followed by a notable contraction in 2020. The consolidated expenditure rose from US$ 705 million to a peak of US$ 917 million before descending to US$ 796 million by the end of the analyzed period.
- Personal Care Segment
- This segment represents the most volatile component of the depreciation and amortization profile. Expenses increased significantly between 2017 and 2018, rising from US$ 324 million to US$ 426 million, and peaked in 2019 at US$ 430 million. A substantial reduction to US$ 347 million occurred in 2020, indicating a sharp reversal of the preceding three-year growth trend.
- Consumer Tissue Segment
- A consistent upward trend was observed from 2016 to 2019, with expenses climbing from US$ 280 million to US$ 372 million. This progression suggests a period of sustained capital investment in the asset base. In 2020, expenses declined to US$ 334 million, mirroring the broader corporate trend.
- K-C Professional Segment
- Expenditures within this segment remained relatively stable throughout the five-year period. Values fluctuated within a narrow range between US$ 111 million and US$ 121 million, indicating a steady state of asset utilization without significant expansions or divestments.
- Corporate and Other
- Costs associated with this category remained marginal and static, consistently reporting values between US$ 4 million and US$ 5 million, contributing negligibly to the total consolidated depreciation and amortization figures.
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Capital spending
Kimberly-Clark Corp., capital spending by reportable segment
US$ in millions
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Personal Care | 616) | 518) | 415) | 405) | 421) |
| Consumer Tissue | 391) | 489) | 299) | 281) | 250) |
| K-C Professional | 204) | 195) | 157) | 92) | 95) |
| Corporate & Other | 6) | 7) | 6) | 7) | 5) |
| Total | 1,217) | 1,209) | 877) | 785) | 771) |
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).
Total capital expenditures experienced a sustained upward trajectory from 2016 through 2020, increasing from US$ 771 million to US$ 1,217 million. A notable acceleration in spending is observed between 2018 and 2019, where total investment rose by approximately 37.8% within a single fiscal year.
- Personal Care Segment
- This segment consistently represents the largest portion of capital allocation. Expenditures grew from US$ 421 million in 2016 to US$ 616 million in 2020, reflecting a steady increase in investment, particularly during the 2019-2020 period.
- Consumer Tissue Segment
- Investment in this segment exhibited volatility. After a period of steady growth from 2016 to 2018, a significant spike occurred in 2019, reaching US$ 489 million. This was followed by a contraction in 2020, with spending decreasing to US$ 391 million.
- K-C Professional Segment
- A strong growth trend is evident in this segment, with capital spending more than doubling over the analyzed period, rising from US$ 95 million in 2016 to US$ 204 million in 2020. The most substantial relative increase occurred between 2017 and 2018.
- Corporate and Other
- Capital spending for corporate and other items remained marginal and stable, with values fluctuating minimally between US$ 5 million and US$ 7 million annually.
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Assets
Kimberly-Clark Corp., assets by reportable segment
US$ in millions
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
|---|---|---|---|---|---|
| Personal Care | 8,486) | 6,630) | 6,208) | 6,592) | 6,141) |
| Consumer Tissue | 5,227) | 4,954) | 4,738) | 5,007) | 4,761) |
| K-C Professional | 2,551) | 2,442) | 2,285) | 2,255) | 2,151) |
| Corporate & Other | 1,259) | 1,257) | 1,287) | 1,297) | 1,549) |
| Total | 17,523) | 15,283) | 14,518) | 15,151) | 14,602) |
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).
Total assets across all reportable segments exhibited a general upward trajectory between 2016 and 2020, increasing from US$ 14,602 million to US$ 17,523 million. The most pronounced expansion occurred in the final fiscal year, where total assets rose by approximately 14.6% from 2019 to 2020.
- Personal Care Segment
- As the largest contributor to the total asset base, this segment showed significant growth, particularly in 2020. After maintaining a range between US$ 6,141 million and US$ 6,630 million from 2016 through 2019, assets surged to US$ 8,486 million in 2020, marking a substantial increase in the segment's resource allocation.
- Consumer Tissue Segment
- Asset levels for this segment remained relatively stable with minor fluctuations. Following a peak of US$ 5,007 million in 2017 and a subsequent dip in 2018, the segment recovered to reach US$ 5,227 million by December 31, 2020.
- K-C Professional Segment
- A consistent and linear growth pattern is evident in this segment. Assets increased year-over-year without exception, rising from US$ 2,151 million in 2016 to US$ 2,551 million in 2020.
- Corporate and Other
- A contrary trend is observed in the Corporate and Other category, which experienced a gradual decline. Assets in this area fell from US$ 1,549 million in 2016 to US$ 1,259 million in 2020, indicating a reduction in non-segment-specific assets over the analyzed period.
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