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As Of Filer Filing For·On·As Docs:Size 2/04/20 Clorox Co/DE 10-Q 12/31/19 65:8.7M |
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Document |
(Mark
One) | ||||
i ☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | i 31-0595760 |
(State
or other jurisdiction of | (I.R.S. Employer Identification No.) |
incorporation or organization) |
(Former name, former address and former fiscal year, if changed since last report) | ||
___________________ | ||
Securities registered pursuant to Section 12(b) of the Act | ||
Title
of each class | Trading Symbol(s) | Name of each exchange on which registered |
i Common Stock-$1.00 par value | i CLX | i New
York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: None |
i Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated
filer | ☐ | Smaller Reporting Company | i ☐ | Emerging Growth Company | i ☐ |
Three
Months Ended | Six Months Ended | |||||||||||||||
12/31/2019 | 12/31/2018 | 12/31/2019 | 12/31/2018 | |||||||||||||
Net sales | $ | i 1,449 | $ | i 1,473 | $ | i 2,955 | $ | i 3,036 | ||||||||
Cost
of products sold | i 810 | i 830 | i 1,653 | i 1,715 | ||||||||||||
Gross
profit | i 639 | i 643 | i 1,302 | i 1,321 | ||||||||||||
Selling
and administrative expenses | i 210 | i 211 | i 421 | i 423 | ||||||||||||
Advertising
costs | i 140 | i 145 | i 277 | i 284 | ||||||||||||
Research
and development costs | i 34 | i 32 | i 64 | i 64 | ||||||||||||
Interest
expense | i 25 | i 24 | i 50 | i 48 | ||||||||||||
Other
(income) expense, net | ( i 5 | ) | i 7 | ( i 3 | ) | i 10 | ||||||||||
Earnings
before income taxes | i 235 | i 224 | i 493 | i 492 | ||||||||||||
Income
taxes | i 50 | i 42 | i 105 | i 100 | ||||||||||||
Net
earnings | $ | i 185 | $ | i 182 | $ | i 388 | $ | i 392 | ||||||||
Net
earnings per share | ||||||||||||||||
Basic net earnings per share | $ | i 1.48 | $ | i 1.42 | $ | i 3.09 | $ | i 3.07 | ||||||||
Diluted
net earnings per share | $ | i 1.46 | $ | i 1.40 | $ | i 3.05 | $ | i 3.02 | ||||||||
Weighted
average shares outstanding (in thousands) | ||||||||||||||||
Basic | i 125,440 | i 128,068 | i 125,632 | i 127,955 | ||||||||||||
Diluted | i 126,879 | i 130,094 | i 127,198 | i 130,107 | ||||||||||||
Comprehensive
income | $ | i 199 | $ | i 152 | $ | i 389 | $ | i 362 |
12/31/2019 | 6/30/2019 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current
assets | |||||||
Cash and cash equivalents | $ | i 168 | $ | i 111 | |||
Receivables,
net | i 544 | i 631 | |||||
Inventories,
net | i 514 | i 512 | |||||
Prepaid
expenses and other current assets | i 77 | i 51 | |||||
Total
current assets | i 1,303 | i 1,305 | |||||
Property,
plant and equipment, net of accumulated depreciation and amortization of $2,185 and $2,150, respectively | i 1,052 | i 1,034 | |||||
Operating
lease right-of-use assets | i 303 | — | |||||
Goodwill | i 1,588 | i 1,591 | |||||
Trademarks,
net | i 790 | i 791 | |||||
Other
intangible assets, net | i 115 | i 121 | |||||
Other
assets | i 308 | i 274 | |||||
Total
assets | $ | i 5,459 | $ | i 5,116 | |||
LIABILITIES
AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Notes and loans payable | $ | i 507 | $ | i 396 | |||
Current
operating lease liabilities | i 61 | — | |||||
Accounts payable and accrued
liabilities | i 945 | i 1,035 | |||||
Income
taxes payable | i — | i 9 | |||||
Total
current liabilities | i 1,513 | i 1,440 | |||||
Long-term
debt | i 2,288 | i 2,287 | |||||
Long-term
operating lease liabilities | i 282 | — | |||||
Other liabilities | i 745 | i 780 | |||||
Deferred
income taxes | i 76 | i 50 | |||||
Total
liabilities | i 4,904 | i 4,557 | |||||
Commitments
and contingencies | i | i | |||||
Stockholders’
equity | |||||||
Preferred stock: $1.00 par value; 5,000,000 shares authorized; none issued or outstanding | i — | i — | |||||
Common
stock: $1.00 par value; 750,000,000 shares authorized; 158,741,461 shares issued as of December 31, 2019 and June 30, 2019; and 125,024,628 and 125,686,325 shares outstanding as of December 31, 2019 and June 30, 2019, respectively | i 159 | i 159 | |||||
Additional
paid-in capital | i 1,062 | i 1,046 | |||||
Retained
earnings | i 3,292 | i 3,150 | |||||
Treasury
shares, at cost: 33,716,833 and 33,055,136 shares as of December 31, 2019 and June 30, 2019, respectively | ( i 3,357 | ) | ( i 3,194 | ) | |||
Accumulated
other comprehensive net (loss) income | ( i 601 | ) | ( i 602 | ) | |||
Stockholders’
equity | i 555 | i 559 | |||||
Total
liabilities and stockholders’ equity | $ | i 5,459 | $ | i 5,116 |
Six
Months Ended | |||||||
12/31/2019 | 12/31/2018 | ||||||
Operating activities: | |||||||
Net earnings | $ | i 388 | $ | i 392 | |||
Adjustments
to reconcile net earnings to net cash provided by operations: | |||||||
Depreciation and amortization | i 88 | i 88 | |||||
Stock-based
compensation | i 19 | i 18 | |||||
Deferred
income taxes | i 12 | i 2 | |||||
Other | i 21 | i 25 | |||||
Changes
in: | |||||||
Receivables, net | i 86 | i 68 | |||||
Inventories,
net | ( i 3 | ) | ( i 74 | ) | |||
Prepaid
expenses and other current assets | ( i 9 | ) | ( i 15 | ) | |||
Accounts
payable and accrued liabilities | ( i 80 | ) | ( i 43 | ) | |||
Operating
lease right-of-use assets and liabilities, net | i 7 | — | |||||
Income
taxes payable | ( i 31 | ) | ( i 12 | ) | |||
Net
cash provided by operations | i 498 | i 449 | |||||
Investing
activities: | |||||||
Capital expenditures | ( i 111 | ) | ( i 86 | ) | |||
Other | i 13 | i 9 | |||||
Net
cash used for investing activities | ( i 98 | ) | ( i 77 | ) | |||
Financing
activities: | |||||||
Notes and loans payable, net | i 106 | i 33 | |||||
Treasury
stock purchased | ( i 195 | ) | ( i 243 | ) | |||
Cash
dividends paid | ( i 266 | ) | ( i 245 | ) | |||
Issuance
of common stock for employee stock plans and other | i 17 | i 117 | |||||
Net
cash used for financing activities | ( i 338 | ) | ( i 338 | ) | |||
Effect
of exchange rate changes on cash, cash equivalents, and restricted cash | ( i 1 | ) | ( i 3 | ) | |||
Net
increase (decrease) in cash, cash equivalents, and restricted cash | i 61 | i 31 | |||||
Cash,
cash equivalents, and restricted cash: | |||||||
Beginning of period | i 113 | i 134 | |||||
End
of period | $ | i 174 | $ | i 165 |
12/31/2019 | 6/30/2019 | ||||||
Finished
goods | $ | i 415 | $ | i 411 | |||
Raw
materials and packaging | i 127 | i 125 | |||||
Work
in process | i 7 | i 6 | |||||
LIFO
allowances | ( i 35 | ) | ( i 30 | ) | |||
Total | $ | i 514 | $ | i 512 |
Balance sheet classification | 12/31/2019 | |||
Operating leases | ||||
Right-of-use assets | Operating
lease right-of-use assets | $ | i 303 | |
Current lease liabilities | Current operating lease liabilities | i 61 | ||
Non-current
lease liabilities | Long-term operating lease liabilities | i 282 | ||
Total operating lease liabilities | $ | i 343 | ||
Finance
leases | ||||
Right-of-use assets | Other assets | $ | i 14 | |
Current
lease liabilities | Accounts payable and accrued liabilities | i 2 | ||
Non-current lease liabilities | Other liabilities | i 12 | ||
Total
finance lease liabilities | $ | i 14 |
Three Months Ended | Six Months Ended | |||||
12/31/2019 | 12/31/2019 | |||||
Operating lease cost | $ | i 19 | i 37 | |||
Finance
lease cost: | ||||||
Amortization of right-of-use assets | i 1 | i 2 | ||||
Interest
on lease liabilities | i — | i — | ||||
Total
finance lease cost | $ | i 1 | i 2 | |||
Variable
lease cost | $ | i 10 | i 20 | |||
Short
term lease cost | i 1 | i 1 |
Six
Months Ended | |||
12/31/2019 | |||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases, net | $ | i 29 | |
Operating
cash flows from finance leases | i — | ||
Financing cash flows from finance leases | i 1 | ||
Right-of-use
assets obtained in exchange for lease obligations: | |||
Operating leases | $ | i 16 | |
Finance leases | i 7 |
12/31/2019 | ||
Weighted-average remaining lease term: | ||
Operating leases | i 8
years | |
Finance leases | i 8 years | |
Weighted-average discount rate: | ||
Operating leases | i 2.6 | % |
Finance
leases | i 3.3 | % |
Year | Operating leases | Finance leases | |||||
2020 | $ | i 22 | $ | i 1 | |||
2021 | i 67 | i 2 | |||||
2022 | i 52 | i 2 | |||||
2023 | i 45 | i 2 | |||||
2024 | i 40 | i 2 | |||||
Thereafter | i 156 | i 7 | |||||
Total
lease payments | $ | i 382 | $ | i 16 | |||
Less:
Imputed interest | ( i 39 | ) | ( i 2 | ) | |||
Total
lease liabilities | $ | i 343 | $ | i 14 |
Year | Operating leases | Capital leases | |||||
2020 | $ | i 71 | $ | i 2 | |||
2021 | i 65 | i 2 | |||||
2022 | i 50 | i 1 | |||||
2023 | i 42 | i 1 | |||||
2024 | i 37 | i 1 | |||||
Thereafter | i 124 | i 2 | |||||
Total
lease payments | $ | i 389 | $ | i 9 |
Gains
(losses) recognized in Other comprehensive income | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
12/31/2019 | 12/31/2018 | 12/31/2019 | 12/31/2018 | ||||||||||||
Commodity
purchase derivative contracts | $ | i 3 | $ | ( i 10 | ) | $ | i 3 | $ | ( i 6 | ) | |||||
Foreign
exchange derivative contracts | ( i 1 | ) | i 1 | i — | i 1 | ||||||||||
Interest
rate derivative contracts | i — | i — | i — | i — | |||||||||||
Total | $ | i 2 | $ | ( i 9 | ) | $ | i 3 | $ | ( i 5 | ) |
Location
of Gains (losses) reclassified from Accumulated other comprehensive net (loss) income into Net earnings | Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
12/31/2019 | 12/31/2018 | 12/31/2019 | 12/31/2018 | |||||||||||||
Commodity
purchase derivative contracts | Cost of products sold | $ | ( i 1 | ) | $ | ( i 4 | ) | $ | ( i 1 | ) | $ | i — | ||||
Foreign
exchange derivative contracts | Cost of products sold | i — | i — | i — | i 1 | |||||||||||
Interest
rate derivative contracts | Interest expense | ( i 1 | ) | ( i 1 | ) | ( i 3 | ) | ( i 3 | ) | |||||||
Total | $ | ( i 2 | ) | $ | ( i 5 | ) | $ | ( i 4 | ) | $ | ( i 2 | ) |
12/31/2019 | 6/30/2019 | ||||||||||||||||||
Balance
sheet classification | Fair value hierarchy level | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||
Assets | |||||||||||||||||||
Commodity
purchase futures contracts | Prepaid expenses and other current assets | 1 | $ | i 2 | $ | i 2 | $ | i — | $ | i — | |||||||||
$ | i 2 | $ | i 2 | $ | i — | $ | i — | ||||||||||||
Liabilities | |||||||||||||||||||
Commodity
purchase futures contracts | Accounts payable and accrued liabilities | 1 | $ | i — | $ | i — | $ | i 1 | $ | i 1 | |||||||||
Commodity
purchase swaps contracts | Accounts payable and accrued liabilities | 2 | i 1 | i 1 | i 1 | i 1 | |||||||||||||
$ | i 1 | $ | i 1 | $ | i 2 | $ | i 2 |
12/31/2019 | 6/30/2019 | ||||||||||||||||||
Balance
sheet classification | Fair value hierarchy level | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||
Assets | |||||||||||||||||||
Investments,
including money market funds | Cash and cash equivalents (a) | 1 | $ | i 49 | $ | i 49 | $ | i 26 | $ | i 26 | |||||||||
Time
deposits | Cash and cash equivalents (a) | 2 | i 9 | i 9 | i 7 | i 7 | |||||||||||||
Trust
assets for nonqualified deferred compensation plans | Other assets | 1 | i 106 | i 106 | i 96 | i 96 | |||||||||||||
$ | i 164 | $ | i 164 | $ | i 129 | $ | i 129 | ||||||||||||
Liabilities | |||||||||||||||||||
Notes
and loans payable | Notes and loans payable (b) | 2 | $ | i 507 | $ | i 507 | $ | i 396 | $ | i 396 | |||||||||
Current
maturities of long-term debt and Long-term debt | Current maturities of long- term debt and Long-term debt (c) | 2 | i 2,288 | i 2,425 | i 2,287 | i 2,402 | |||||||||||||
$ | i 2,795 | $ | i 2,932 | $ | i 2,683 | $ | i 2,798 |
(a) | Cash
and cash equivalents are composed of time deposits and other interest bearing investments, including money market funds with original maturity dates of 90 days or less. Cash and cash equivalents are recorded at cost, which approximates fair value. |
(b) | Notes and loans payable is composed of U.S. commercial paper and/or other similar short-term debt issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value. |
(c) | Current
maturities of long-term debt and Long-term debt are recorded at cost. The fair value of Long-term debt, including current maturities, was determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2. |
Three
Months Ended | Six Months Ended | |||||||||
12/31/2019 | 12/31/2018 | 12/31/2019 | 12/31/2018 | |||||||
Basic | i 125,440 | i 128,068 | i 125,632 | i 127,955 | ||||||
Dilutive
effect of stock options and other | i 1,439 | i 2,026 | i 1,566 | i 2,152 | ||||||
Diluted | i 126,879 | i 130,094 | i 127,198 | i 130,107 | ||||||
Antidilutive
stock options and other | i 1,792 | i 1 | i 1,035 | i 831 |
Three
Months Ended | Six Months Ended | ||||||||||||||
12/31/2019 | 12/31/2018 | 12/31/2019 | 12/31/2018 | ||||||||||||
Net earnings | $ | i 185 | $ | i 182 | $ | i 388 | $ | i 392 | |||||||
Other
comprehensive income (loss), net of tax: | |||||||||||||||
Foreign currency translation adjustments | i 9 | ( i 29 | ) | ( i 7 | ) | ( i 31 | ) | ||||||||
Net
unrealized gains (losses) on derivatives | i 4 | ( i 2 | ) | i 6 | ( i 1 | ) | |||||||||
Pension
and postretirement benefit adjustments | i 1 | i 1 | i 2 | i 2 | |||||||||||
Total
other comprehensive income (loss), net of tax | i 14 | ( i 30 | ) | i 1 | ( i 30 | ) | |||||||||
Comprehensive
income | $ | i 199 | $ | i 152 | $ | i 389 | $ | i 362 |
Three Months Ended December 31 | |||||||||||||||||||||||||||||
Common
Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Net (Loss) Income | Total
Stockholders’ Equity | ||||||||||||||||||||||||
Amount | Shares (in thousands) | Amount | Shares (in thousands) | ||||||||||||||||||||||||||
Balance
as of September 30, 2018 | $ | i 159 | i 158,741 | $ | i 984 | $ | i 2,883 | $ | ( i 2,802 | ) | ( i 31,136 | ) | $ | ( i 547 | ) | $ | i 677 | ||||||||||||
Net
earnings | i 182 | i 182 | |||||||||||||||||||||||||||
Other
comprehensive income (loss) | ( i 30 | ) | ( i 30 | ) | |||||||||||||||||||||||||
Dividends
($0.96 per share declared) | ( i 123 | ) | ( i 123 | ) | |||||||||||||||||||||||||
Stock-based
compensation | i 10 | i 10 | |||||||||||||||||||||||||||
Other
employee stock plan activities | i 20 | ( i 2 | ) | i 46 | i 738 | i 64 | |||||||||||||||||||||||
Treasury
stock purchased | ( i 38 | ) | ( i 253 | ) | ( i 38 | ) | |||||||||||||||||||||||
Balance
as of December 31, 2018 | $ | i 159 | i 158,741 | $ | i 1,014 | $ | i 2,940 | $ | ( i 2,794 | ) | ( i 30,651 | ) | $ | ( i 577 | ) | $ | i 742 | ||||||||||||
Balance
as of September 30, 2019 | $ | i 159 | i 158,741 | $ | i 1,043 | $ | i 3,241 | $ | ( i 3,278 | ) | ( i 33,246 | ) | $ | ( i 615 | ) | $ | i 550 | ||||||||||||
Net
earnings | i 185 | i 185 | |||||||||||||||||||||||||||
Other
comprehensive income (loss) | i 14 | i 14 | |||||||||||||||||||||||||||
Dividends
($1.06 per share declared) | ( i 133 | ) | ( i 133 | ) | |||||||||||||||||||||||||
Stock-based
compensation | i 13 | i 13 | |||||||||||||||||||||||||||
Other
employee stock plan activities | i 6 | ( i 1 | ) | i 6 | i 106 | i 11 | |||||||||||||||||||||||
Treasury
stock purchased | ( i 85 | ) | ( i 577 | ) | ( i 85 | ) | |||||||||||||||||||||||
Balance
as of December 31, 2019 | $ | i 159 | i 158,741 | $ | i 1,062 | $ | i 3,292 | $ | ( i 3,357 | ) | ( i 33,717 | ) | $ | ( i 601 | ) | $ | i 555 | ||||||||||||
Six
Months Ended December 31 | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Net
(Loss) Income | Total Stockholders’ Equity | ||||||||||||||||||||||||
Amount | Shares (in thousands) | Amount | Shares (in thousands) | ||||||||||||||||||||||||||
Balance as of June 30, 2018 | $ | i 159 | i 158,741 | $ | i 975 | $ | i 2,797 | $ | ( i 2,658 | ) | ( i 30,759 | ) | $ | ( i 547 | ) | $ | i 726 | ||||||||||||
Cumulative
effect of accounting changes, net of tax (1) | ( i 3 | ) | ( i 3 | ) | |||||||||||||||||||||||||
Net
earnings | i 392 | i 392 | |||||||||||||||||||||||||||
Other
comprehensive income (loss) | ( i 30 | ) | ( i 30 | ) | |||||||||||||||||||||||||
Dividends
($1.92 per share declared) | ( i 246 | ) | ( i 246 | ) | |||||||||||||||||||||||||
Stock-based
compensation | i 18 | i 18 | |||||||||||||||||||||||||||
Other
employee stock plan activities | i 21 | — | i 100 | i 1,784 | i 121 | ||||||||||||||||||||||||
Treasury
stock purchased | ( i 236 | ) | ( i 1,676 | ) | ( i 236 | ) | |||||||||||||||||||||||
Balance
as of December 31, 2018 | $ | i 159 | i 158,741 | $ | i 1,014 | $ | i 2,940 | $ | ( i 2,794 | ) | ( i 30,651 | ) | $ | ( i 577 | ) | $ | i 742 | ||||||||||||
Balance
as of June 30, 2019 | $ | i 159 | i 158,741 | $ | i 1,046 | $ | i 3,150 | $ | ( i 3,194 | ) | ( i 33,055 | ) | $ | ( i 602 | ) | $ | i 559 | ||||||||||||
Cumulative
effect of accounting changes, net of tax (2) | i 22 | i 22 | |||||||||||||||||||||||||||
Net
earnings | i 388 | i 388 | |||||||||||||||||||||||||||
Other
comprehensive income (loss) | i 1 | i 1 | |||||||||||||||||||||||||||
Dividends
($2.12 per share declared) | ( i 267 | ) | ( i 267 | ) | |||||||||||||||||||||||||
Stock-based
compensation | i 19 | i 19 | |||||||||||||||||||||||||||
Other
employee stock plan activities | ( i 3 | ) | ( i 1 | ) | i 26 | i 578 | i 22 | ||||||||||||||||||||||
Treasury
stock purchased | ( i 189 | ) | ( i 1,240 | ) | ( i 189 | ) | |||||||||||||||||||||||
Balance
as of December 31, 2019 | $ | i 159 | i 158,741 | $ | i 1,062 | $ | i 3,292 | $ | ( i 3,357 | ) | ( i 33,717 | ) | $ | ( i 601 | ) | $ | i 555 |
Three
Months Ended | Six Months Ended | ||||||||||||||||||||||||||
12/31/2019 | 12/31/2018 | 12/31/2019 | 12/31/2018 | ||||||||||||||||||||||||
Amount | Shares
(in thousands) | Amount | Shares (in thousands) | Amount | Shares (in thousands) | Amount | Shares (in thousands) | ||||||||||||||||||||
Open-market
purchase program | $ | i 85 | i 577 | $ | i — | i — | $ | i 85 | i 577 | $ | i 78 | i 591 | |||||||||||||||
Evergreen
Program | i — | i — | i 38 | i 253 | i 104 | i 663 | i 158 | i 1,085 | |||||||||||||||||||
Total
stock repurchases | $ | i 85 | i 577 | $ | i 38 | i 253 | $ | i 189 | i 1,240 | $ | i 236 | i 1,676 |
Three
Months Ended December 31 | |||||||||||||||
Foreign currency translation adjustments | Net unrealized gains (losses) on derivatives | Pension and postretirement benefit adjustments | Accumulated other comprehensive net (loss) income | ||||||||||||
Balance as of September 30, 2018 | $ | ( i 386 | ) | $ | ( i 24 | ) | $ | ( i 137 | ) | $ | ( i 547 | ) | |||
Other
comprehensive income (loss) before reclassifications | ( i 28 | ) | ( i 9 | ) | i — | ( i 37 | ) | ||||||||
Amounts
reclassified from Accumulated other comprehensive net (loss) income | i — | i 5 | i 1 | i 6 | |||||||||||
Income
tax benefit (expense) | ( i 1 | ) | i 2 | i — | i 1 | ||||||||||
Net
current period other comprehensive income (loss) | ( i 29 | ) | ( i 2 | ) | i 1 | ( i 30 | ) | ||||||||
Balance
as of December 31, 2018 | $ | ( i 415 | ) | $ | ( i 26 | ) | $ | ( i 136 | ) | $ | ( i 577 | ) | |||
Balance
as of September 30, 2019 | $ | ( i 430 | ) | $ | ( i 21 | ) | $ | ( i 164 | ) | $ | ( i 615 | ) | |||
Other
comprehensive income (loss) before reclassifications | i 9 | i 2 | i — | i 11 | |||||||||||
Amounts
reclassified from Accumulated other comprehensive net (loss) income | i — | i 2 | i 1 | i 3 | |||||||||||
Income
tax benefit (expense), and other | i — | i — | i — | i — | |||||||||||
Net
current period other comprehensive income (loss) | i 9 | i 4 | i 1 | i 14 | |||||||||||
Balance
as of December 31, 2019 | $ | ( i 421 | ) | $ | ( i 17 | ) | $ | ( i 163 | ) | $ | ( i 601 | ) | |||
Six
Months Ended December 31 | |||||||||||||||
Foreign currency translation adjustments | Net unrealized gains (losses) on derivatives | Pension and postretirement benefit adjustments | Accumulated other comprehensive net (loss) income | ||||||||||||
Balance as of June 30, 2018 | $ | ( i 384 | ) | $ | ( i 25 | ) | $ | ( i 138 | ) | $ | ( i 547 | ) | |||
Other
comprehensive income (loss) before reclassifications | ( i 30 | ) | ( i 5 | ) | i — | ( i 35 | ) | ||||||||
Amounts
reclassified from Accumulated other comprehensive net (loss) income | i — | i 2 | i 3 | i 5 | |||||||||||
Income
tax benefit (expense) | ( i 1 | ) | i 2 | ( i 1 | ) | i — | |||||||||
Net
current period other comprehensive income (loss) | ( i 31 | ) | ( i 1 | ) | i 2 | ( i 30 | ) | ||||||||
Balance
as of December 31, 2018 | $ | ( i 415 | ) | $ | ( i 26 | ) | $ | ( i 136 | ) | $ | ( i 577 | ) | |||
Balance
as of June 30, 2019 | $ | ( i 414 | ) | $ | ( i 23 | ) | $ | ( i 165 | ) | $ | ( i 602 | ) | |||
Other
comprehensive income (loss) before reclassifications | ( i 6 | ) | i 3 | i — | ( i 3 | ) | |||||||||
Amounts
reclassified from Accumulated other comprehensive net (loss) income | i — | i 4 | i 3 | i 7 | |||||||||||
Income
tax benefit (expense), and other | ( i 1 | ) | ( i 1 | ) | ( i 1 | ) | ( i 3 | ) | |||||||
Net
current period other comprehensive income (loss) | ( i 7 | ) | i 6 | i 2 | i 1 | ||||||||||
Balance
as of December 31, 2019 | $ | ( i 421 | ) | $ | ( i 17 | ) | $ | ( i 163 | ) | $ | ( i 601 | ) |
Three Months Ended | Six Months Ended | ||||||||||||||
12/31/2019 | 12/31/2018 | 12/31/2019 | 12/31/2018 | ||||||||||||
Service
cost | $ | i — | $ | i — | $ | i — | $ | i — | |||||||
Interest
cost | i 5 | i 6 | i 10 | i 12 | |||||||||||
Expected
return on plan assets (1) | ( i 5 | ) | ( i 5 | ) | ( i 9 | ) | ( i 9 | ) | |||||||
Amortization
of unrecognized items | i 2 | i 3 | i 4 | i 5 | |||||||||||
Total | $ | i 2 | $ | i 4 | $ | i 5 | $ | i 8 |
Net
sales | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
12/31/2019 | 12/31/2018 | 12/31/2019 | 12/31/2018 | |||||||||||||
Cleaning | $ | i 501 | $ | i 500 | $ | i 1,063 | $ | i 1,071 | ||||||||
Household | i 360 | i 393 | i 741 | i 835 | ||||||||||||
Lifestyle | i 347 | i 335 | i 669 | i 644 | ||||||||||||
International | i 241 | i 245 | i 482 | i 486 | ||||||||||||
Corporate | i — | i — | i — | i — | ||||||||||||
Total | $ | i 1,449 | $ | i 1,473 | $ | i 2,955 | $ | i 3,036 | ||||||||
Earnings
(losses) before income taxes | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
12/31/2019 | 12/31/2018 | 12/31/2019 | 12/31/2018 | |||||||||||||
Cleaning | $ | i 147 | $ | i 135 | $ | i 325 | $ | i 315 | ||||||||
Household | i 37 | i 46 | i 62 | i 105 | ||||||||||||
Lifestyle | i 85 | i 78 | i 155 | i 140 | ||||||||||||
International | i 31 | i 25 | i 70 | i 53 | ||||||||||||
Corporate | ( i 65 | ) | ( i 60 | ) | ( i 119 | ) | ( i 121 | ) | ||||||||
Total | $ | i 235 | $ | i 224 | $ | i 493 | $ | i 492 |
Net
sales | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
12/31/2019 | 12/31/2018 | 12/31/2019 | 12/31/2018 | |||||||||
Home
care | i 20 | % | i 19 | % | i 21 | % | i 20 | % | ||||
Laundry | i 8 | % | i 9 | % | i 9 | % | i 9 | % | ||||
Professional
products | i 6 | % | i 6 | % | i 6 | % | i 6 | % | ||||
Cleaning | i 34 | % | i 34 | % | i 36 | % | i 35 | % | ||||
Bags,
wraps, and containers | i 13 | % | i 13 | % | i 12 | % | i 14 | % | ||||
Cat
litter | i 8 | % | i 8 | % | i 8 | % | i 7 | % | ||||
Grilling | i 3 | % | i 3 | % | i 4 | % | i 5 | % | ||||
Digestive
health | i 1 | % | i 2 | % | i 1 | % | i 2 | % | ||||
Household | i 25 | % | i 26 | % | i 25 | % | i 28 | % | ||||
Food
products | i 10 | % | i 10 | % | i 9 | % | i 9 | % | ||||
Natural
personal care | i 7 | % | i 6 | % | i 6 | % | i 5 | % | ||||
Water
filtration | i 3 | % | i 3 | % | i 4 | % | i 3 | % | ||||
Dietary
supplements | i 4 | % | i 4 | % | i 4 | % | i 4 | % | ||||
Lifestyle | i 24 | % | i 23 | % | i 23 | % | i 21 | % | ||||
International | i 17 | % | i 17 | % | i 16 | % | i 16 | % | ||||
Total | i 100 | % | i 100 | % | i 100 | % | i 100 | % |
• | Cleaning consists of laundry, home care and professional products marketed and sold in the United States. Products within this segment include laundry additives, such as bleach products under the Clorox® brand and Clorox 2® stain fighter and color booster; home care products, primarily under the Clorox®, Formula 409®, Liquid-Plumr®, Pine-Sol®,
S.O.S® and Tilex® brands; naturally derived products under the Green Works® brand; and professional cleaning, disinfecting and food service products under the CloroxPro™, Dispatch®, Clorox Healthcare®, Hidden Valley® and KC Masterpiece® brands. |
• | Household
consists of grilling products, bags, wraps and containers, cat litter, and digestive health products marketed and sold in the United States. Products within this segment include grilling products under the Kingsford® and Match Light® brands; bags, wraps and containers under the Glad® brand; cat litter products under the Fresh Step®, Scoop Away® and Ever Clean® brands; and digestive health products under the RenewLife® brand. |
• | Lifestyle
consists of food products, water-filtration systems and filters, natural personal care products, and dietary supplements marketed and sold mainly in the United States. Products within this segment include dressings and sauces, primarily under the Hidden Valley®, KC Masterpiece®, Kingsford® and Soy Vay® brands; water-filtration systems and filters under the Brita® brand; natural personal care products under the Burt’s Bees® brand; and dietary supplements under the Rainbow Light®, Natural Vitality™
and NeoCell® brands. |
• | International consists of products sold outside the United States. Products within this segment include laundry; home care; water-filtration systems and filters; digestive health products; grilling products; cat litter products; food products; bags, wraps and containers; natural personal care products; and professional cleaning and disinfecting products primarily under the Clorox®, Glad®,
PinoLuz®, Ayudin®, Limpido®, Clorinda®, Poett®, Mistolin®, Lestoil®, Bon Bril®, Brita®, Green Works®, Pine-Sol®, Agua Jane®, Chux®,
RenewLife®, Kingsford®, Fresh Step®, Scoop Away®, Ever Clean®, KC Masterpiece®, Hidden Valley®, Burt’s Bees®, CloroxPro™, and Clorox Healthcare® brands. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||
12/31/2019 | 12/31/2018 | %
Change | 12/31/2019 | 12/31/2018 | % Change | ||||||||||||||||
Net sales | $ | 1,449 | $ | 1,473 | (2 | )% | $ | 2,955 | $ | 3,036 | (3 | )% |
Three
Months Ended December 31, 2019 | |||||||||||||||
Percentage change versus the year-ago period | |||||||||||||||
Reported (GAAP) Net Sales Growth / (Decrease) | Reported Volume | Acquisitions & Divestitures | Foreign Exchange Impact | Price/Mix/Other (1) | Organic
Sales Growth / (Decrease) (Non-GAAP) (2) | Organic Volume (3) | |||||||||
Cleaning | — | % | 1 | % | — | % | — | % | (1 | )% | — | % | 2 | % | |
Household | (8 | ) | (5 | ) | — | — | (3 | ) | (8 | ) | (5 | ) | |||
Lifestyle | 4 | 4 | — | — | — | 4 | 4 | ||||||||
International | (2 | ) | (1 | ) | — | (8 | ) | 7 | 6 | 1 | |||||
Total | (2 | )% | — | % | — | % | (2 | )% | — | % | — | % | — | % | |
Six
Months Ended December 31, 2019 | |||||||||||||||
Percentage change versus the year-ago period | |||||||||||||||
Reported (GAAP) Net Sales Growth / (Decrease) | Reported Volume | Acquisitions & Divestitures | Foreign Exchange Impact | Price/Mix/Other (1) | Organic
Sales Growth / (Decrease) (Non-GAAP) (2) | Organic Volume (3) | |||||||||
Cleaning | (1 | )% | 1 | % | — | % | — | % | (2 | )% | (1 | )% | 1 | % | |
Household | (11 | ) | (6 | ) | — | — | (5 | ) | (11 | ) | (6 | ) | |||
Lifestyle | 4 | 4 | — | — | — | 4 | 4 | ||||||||
International | (1 | ) | 1 | — | (8 | ) | 6 | 7 | 1 | ||||||
Total | (3 | )% | — | % | — | % | (2 | )% | (1 | )% | (1 | )% | — | % |
Three
Months Ended | Six Months Ended | ||||||||||||||||||||
12/31/2019 | 12/31/2018 | % Change | 12/31/2019 | 12/31/2018 | %
Change | ||||||||||||||||
Gross profit | $ | 639 | $ | 643 | (1 | )% | $ | 1,302 | $ | 1,321 | (1 | )% | |||||||||
Gross
margin | 44.1 | % | 43.7 | % | 44.1 | % | 43.5 | % |
Three
Months Ended | ||||||||||||||||
% of Net Sales | ||||||||||||||||
12/31/2019 | 12/31/2018 | %
Change | 12/31/2019 | 12/31/2018 | ||||||||||||
Selling and administrative expenses | $ | 210 | $ | 211 | — | % | 14.5 | % | 14.3 | % | ||||||
Advertising
costs | 140 | 145 | (3 | ) | 9.7 | 9.8 | ||||||||||
Research
and development costs | 34 | 32 | 6 | 2.3 | 2.2 | |||||||||||
Six
Months Ended | ||||||||||||||||
% of Net Sales | ||||||||||||||||
12/31/2019 | 12/31/2018 | %
Change | 12/31/2019 | 12/31/2018 | ||||||||||||
Selling and administrative expenses | $ | 421 | $ | 423 | — | % | 14.2 | % | 13.9 | % | ||||||
Advertising
costs | 277 | 284 | (2 | ) | 9.4 | 9.4 | ||||||||||
Research
and development costs | 64 | 64 | — | 2.2 | 2.1 |
Three Months Ended | Six
Months Ended | ||||||||||||||
12/31/2019 | 12/31/2018 | 12/31/2019 | 12/31/2018 | ||||||||||||
Interest expense | $ | 25 | $ | 24 | $ | 50 | $ | 48 | |||||||
Other
(income) expense, net | (5 | ) | 7 | (3 | ) | 10 | |||||||||
Effective tax rate on earnings | 21.0 | % | 18.8 | % | 21.3 | % | 20.2 | % |
Three Months Ended | Six
Months Ended | ||||||||||||||||||||
12/31/2019 | 12/31/2018 | % Change | 12/31/2019 | 12/31/2018 | % Change | ||||||||||||||||
Diluted
net earnings per share | $ | 1.46 | $ | 1.40 | 4 | % | $ | 3.05 | $ | 3.02 | 1 | % |
Three Months Ended | Six
Months Ended | ||||||||||||||||||||
12/31/2019 | 12/31/2018 | % Change | 12/31/2019 | 12/31/2018 | % Change | ||||||||||||||||
Net
sales | $ | 501 | $ | 500 | — | % | $ | 1,063 | $ | 1,071 | (1 | )% | |||||||||
Earnings
before income taxes | 147 | 135 | 9 | 325 | 315 | 3 |
Three
Months Ended | Six Months Ended | ||||||||||||||||||||
12/31/2019 | 12/31/2018 | % Change | 12/31/2019 | 12/31/2018 | %
Change | ||||||||||||||||
Net sales | $ | 360 | $ | 393 | (8 | )% | $ | 741 | $ | 835 | (11 | )% | |||||||||
Earnings
before income taxes | 37 | 46 | (20 | ) | 62 | 105 | (41 | ) |
Three Months Ended | Six
Months Ended | ||||||||||||||||||||
12/31/2019 | 12/31/2018 | % Change | 12/31/2019 | 12/31/2018 | % Change | ||||||||||||||||
Net
sales | $ | 347 | $ | 335 | 4 | % | $ | 669 | $ | 644 | 4 | % | |||||||||
Earnings
before income taxes | 85 | 78 | 9 | 155 | 140 | 11 |
Three
Months Ended | Six Months Ended | ||||||||||||||||||||
12/31/2019 | 12/31/2018 | % Change | 12/31/2019 | 12/31/2018 | %
Change | ||||||||||||||||
Net sales | $ | 241 | $ | 245 | (2 | )% | $ | 482 | $ | 486 | (1 | )% | |||||||||
Earnings
before income taxes | 31 | 25 | 24 | 70 | 53 | 32 |
Three
Months Ended | Six Months Ended | ||||||||||||||||||||
12/31/2019 | 12/31/2018 | % Change | 12/31/2019 | 12/31/2018 | %
Change | ||||||||||||||||
Losses before income taxes | $ | (65 | ) | $ | (60 | ) | 8 | % | $ | (119 | ) | $ | (121 | ) | (2 | )% |
Six
Months Ended | |||||||
12/31/2019 | 12/31/2018 | ||||||
Net cash provided by operations | $ | 498 | $ | 449 | |||
Net cash used for
investing activities | (98 | ) | (77 | ) | |||
Net cash used for financing activities | (338 | ) | (338 | ) |
Twelve
Months Ended | |||
12/31/2019 | |||
Earnings from operations | $ | 816 | |
Add back: | |||
Interest expense | 99 | ||
Income tax expense | 209 | ||
Depreciation
and amortization | 180 | ||
Non-cash asset impairment charges | — | ||
Deduct: | |||
Interest income | (3 | ) | |
Consolidated EBITDA | $ | 1,301 | |
Interest
expense | $ | 99 | |
Interest Coverage ratio | 13.1 |
Three
Months Ended | Six Months Ended | ||||||||||||||||||||||||||
12/31/2019 | 12/31/2018 | 12/31/2019 | 12/31/2018 | ||||||||||||||||||||||||
Amount | Shares
(in thousands) | Amount | Shares (in thousands) | Amount | Shares (in thousands) | Amount | Shares (in thousands) | ||||||||||||||||||||
Open-market
purchase program | $ | 85 | 577 | $ | — | — | $ | 85 | 577 | $ | 78 | 591 | |||||||||||||||
Evergreen
Program | — | — | 38 | 253 | 104 | 663 | 158 | 1,085 | |||||||||||||||||||
Total
stock repurchases | $ | 85 | 577 | $ | 38 | 253 | $ | 189 | 1,240 | $ | 236 | 1,676 |
Three Months Ended | Six Months Ended | ||||||||||||||
12/31/2019 | 12/31/2018 | 12/31/2019 | 12/31/2018 | ||||||||||||
Dividends
per share declared | $ | 1.06 | $ | 0.96 | $ | 2.12 | $ | 1.92 | |||||||
Total
dividends paid | 133 | 123 | 266 | 245 |
Three
Months Ended December 31, 2019 | ||||||||||||||
Percentage change versus the year-ago period | ||||||||||||||
Cleaning | Household | Lifestyle | International | Total | ||||||||||
Net
sales growth / (decrease) (GAAP) | — | % | (8 | )% | 4 | % | (2 | )% | (2 | )% | ||||
Add:
Foreign Exchange | — | — | — | 8 | 2 | |||||||||
Add/(Subtract):
Divestitures/Acquisitions | — | — | — | — | — | |||||||||
Organic
sales growth / (decrease) (non-GAAP) | — | % | (8 | )% | 4 | % | 6 | % | — | % | ||||
Six
Months Ended December 31, 2019 | ||||||||||||||
Percentage change versus the year-ago period | ||||||||||||||
Cleaning | Household | Lifestyle | International | Total | ||||||||||
Net
sales growth / (decrease) (GAAP) | (1 | )% | (11 | )% | 4 | % | (1 | )% | (3 | )% | ||||
Add:
Foreign Exchange | — | — | — | 8 | 2 | |||||||||
Add/(Subtract):
Divestitures/Acquisitions | — | — | — | — | — | |||||||||
Organic
sales growth / (decrease) (non-GAAP) | (1 | )% | (11 | )% | 4 | % | 7 | % | (1 | )% |
• | intense competition in the Company’s markets; |
• | the
impact of the changing retail environment, including the growth of alternative retail channels and business models, and changing consumer preferences; |
• | volatility and increases in commodity costs such as resin, sodium hypochlorite and agricultural commodities, and increases in energy, transportation or other costs; |
• | the ability of the Company to drive sales growth, increase prices and market share, grow its product categories and manage
favorable product and geographic mix; |
• | dependence on key customers and risks related to customer consolidation and ordering patterns; |
• | risks related to the Company’s use of and reliance on information technology systems, including potential security breaches, cyber-attacks, privacy breaches or data breaches that result in the unauthorized disclosure of consumer, customer, employee or Company information, or service interruptions; |
• | the
Company’s ability to maintain its business reputation and the reputation of its brands and products; |
• | risks relating to acquisitions, new ventures and divestitures, and associated costs, including the potential for asset impairment charges related to, among others, intangible assets and goodwill; and the ability to complete announced transactions and, if completed, integration costs and potential contingent liabilities related to those transactions; |
• | lower revenue, increased costs or reputational harm resulting from
government actions and regulations; |
• | the ability of the Company to successfully manage global political, legal, tax and regulatory risks, including changes in regulatory or administrative activity; |
• | worldwide, regional and local economic and financial market conditions; |
• | risks
related to international operations and international trade, including foreign currency fluctuations, such as devaluations, and foreign currency exchange rate controls, including periodic changes in such controls; changes in U.S. immigration or trade policies, including the imposition of new or additional tariffs; labor claims and labor unrest; inflationary pressures, particularly in Argentina; political instability and the uncertainty regarding the outcome of Brexit; government-imposed price controls or other regulations; potential negative impact and liabilities from the use, storage and transportation of chlorine in certain international markets where chlorine is used in the production of bleach; and the possibility of nationalization, expropriation of assets or other government action; |
• | the
ability of the Company to innovate and to develop and introduce commercially successful products, or expand into adjacent categories and countries; |
• | the impact of product liability claims, labor claims and other legal or tax proceedings, including in foreign jurisdictions; |
• | the ability of the Company to implement and generate cost savings and efficiencies; |
• | the
success of the Company’s business strategies; |
• | risks related to additional increases in the estimated fair value of P&G’s interest in the Glad® business; |
• | the Company’s ability to attract and retain key personnel; |
• | supply
disruptions and other risks inherent in reliance on a limited base of suppliers; |
• | environmental matters, including costs associated with the remediation and monitoring of past contamination, and possible increases in costs resulting from actions by relevant regulators, and the handling and/or transportation of hazardous substances; |
• | increased focus by governmental and non-governmental organizations, customers, consumers and investors on sustainability issues, including those related to climate change; |
• | the
facilities of the Company and its suppliers being subject to disruption by events beyond the Company’s control, including work stoppages, cyber-attacks, natural disasters and terrorism; |
• | the Company’s ability to maximize, assert and defend its intellectual property rights; |
• | any
infringement or claimed infringement by the Company of third-party intellectual property rights; |
• | the accuracy of the Company’s estimates and assumptions on which its financial projections are based; |
• | the effect of the Company’s indebtedness and credit rating on its business
operations and financial results; |
• | the Company’s ability to pay and declare dividends or repurchase its stock in the future; |
• | uncertainties relating to tax positions, tax disputes and changes in the Company’s tax rate, and any additional effects of the Tax Act on the Company; |
• | the
Company’s ability to maintain an effective system of internal controls; |
• | the impacts of potential stockholder activism; and |
• | risks related to the Company’s discontinuation of operations in Venezuela. |
[a] | [b] | [c] | [d] | ||||||||
Period | Total
Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value)
of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||
October 1 to 31, 2019 | — | $ | — | — | $1,578
million | ||||||
November 1 to 30, 2019 | 576,999 | 147.31 | 576,999 | $1,493 million | |||||||
December 1 to 31, 2019 | — | — | — | $1,493
million | |||||||
Total | 576,999 | $ | 147.31 | 576,999 |
(1) | All
of the shares purchased in November 2019 were acquired pursuant to the Company’s 2018 Open-Market Program. |
(2) | Average price paid per share in the period includes commission. |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL
Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |
104 | Cover
Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). |
THE
CLOROX COMPANY | ||
(Registrant) | ||
DATE: February 4, 2020 | BY | /s/ Jeffrey R. Baker |
Vice President – Chief Accounting Officer and Corporate Controller |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
7/1/20 | 3, 4 | |||
6/30/20 | 10-K, 4 | |||
Filed on: | 2/4/20 | 8-K | ||
1/21/20 | ||||
For Period end: | 12/31/19 | 11-K, 4, SD | ||
11/15/19 | 8-K | |||
9/30/19 | 10-Q, 4 | |||
8/14/19 | 10-K | |||
7/1/19 | ||||
6/30/19 | 10-K | |||
12/31/18 | 10-Q, 11-K, 4, SD | |||
9/30/18 | 10-Q | |||
7/1/18 | ||||
6/30/18 | 10-K | |||
List all Filings |