SEC Comment Letter for KIMBERLY CLARK CORP (KMB) (CIK 0000055785) (KMB) — Jun 12, 2007
KIMBERLY CLARK CORP (KMB) (CIK 0000055785)
Date: June 12, 2007 · CIK: 0000055785 · Accession: 0000000000-07-028644
AI Filing Summary & Sentiment
Reasoning
Letter
Mail Stop 4561 May 31, 2007 Thomas J. Falk Chief Executive Officer Kimberly-Clark Corporation P.O. Box 619100 Dallas, Texas 75261-9100
Re: Kimberly-Clark Corporation Form 10-K for Fiscal Year Ended December 31, 2006 Filed February 22, 2007 File No. 1-225
Dear Mr. Falk:
We have reviewed the above referenced filing and have the following comments. Please note that we have limited our review to the matters addressed in the comments below. We may ask you to provide us with supplemental information so we may better understand your disclosure. Please be as deta iled as necessary in explanation. After reviewing this information, we may or may not raise additional comments.
Please understand that the purpose of our review process is to assist you in your compliance with the applicable disclosure requirements and to enhance the overall disclosure in your filing. We look forward to working with you in these respects. We welcome any questions you may have about our comments or on any other aspect of our review. Feel free to call us at the telephone numbers listed at the end of this letter.
Form 10-K for the Fiscal Year Ended December 31, 2006
Item 8. Financial Statements and Supplementary Data
Consolidated Financial Statements
Consolidated Income Statement, page 37
1. Please explain to us how your presentati on of essentially all of your operating expenses as marketing, research and gene ral expenses complies with Item 5-03 of Regulation S-X.
Thomas J. Falk Kimberly-Clark Corporation May 31, 2007 Page 2
Consolidated Statement of Stockholders’ Equity, page 39
2. We note that your adjustment to initially apply SFAS 158 is presented as part of comprehensive income for the year ende d December 31, 2006. Please tell us how this complies with paragraph A7 of the standard.
Form 10-Q for the Period Ended March 31, 2007
Item 1. Financial Statements
Notes to the Consolidated Financial Statements
Note 2. Accounting for Uncertainty in Income Taxes, pages 5-6 3. Tell us what consideration you have gi ven to disclosing the total amounts of interest and penalties recognized in the statement of operations in the quarter ended March 31, 2007 pursuant to paragraph 21c of FIN 48
4. We note your disclosures regarding the transfer pricing uncertainty and the various other uncertain tax positions re lated to federal ta xes which are being discussed at the IRS Appeals level in the U.S. Tell us how you have met each of the disclosure requirements of paragraph 21d of FIN 48 for each significant uncertain tax position.
* * * * *
Please respond to these comments within 10 business days or tell us when you will provide us with a response. Please submit all correspondence and supplemental materials on EDGAR as required by Rule 101 of Regulation S-T. If you amend your filing, you may wish to provide us with marked copies of any amendment to expedite our review. Please furnish a cover letter that keys your responses to our comments and provides any requested information. Detailed co ver letters greatly faci litate our review. Please understand that we may have addi tional comments after reviewing any amendment and your responses to our comments.
We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes all in formation required under the Securities Exchange Act of 1934 and th at they have provided all information investors require for an informed invest ment decision. Since the company and its management are in possession of all facts re lating to a company’s disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made.
Thomas J. Falk Kimberly-Clark Corporation May 31, 2007 Page 3 In connection with responding to our comments, please provide, in writing, a statement from the company acknowledging that:
the company is responsible for the adequacy and accuracy of the disclosure in the filing;
staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
In addition, please be advi sed that the Division of En forcement has access to all information you provide to the staff of the Divi sion of Corporation Fi nance in our review of your filing or in response to our comments on your filing.
You may contact Marc Thomas at ( 202) 551-3452, or me at (202) 551-3451 if you have any questions regard ing the above comments.
S i n c e r e l y ,
Mark Kronforst Accounting Branch Chief
Show Raw Text
Mail Stop 4561
May 31, 2007
Thomas J. Falk
Chief Executive Officer
Kimberly-Clark Corporation
P.O. Box 619100
Dallas, Texas 75261-9100
Re: Kimberly-Clark Corporation
Form 10-K for Fiscal Year Ended December 31, 2006
Filed February 22, 2007
File No. 1-225
Dear Mr. Falk:
We have reviewed the above referenced filing and have the following comments.
Please note that we have limited our review to the matters addressed in the comments
below. We may ask you to provide us with supplemental information so we may better
understand your disclosure. Please be as deta iled as necessary in explanation. After
reviewing this information, we may or may not raise additional comments.
Please understand that the purpose of our review process is to assist you in your
compliance with the applicable disclosure requirements and to enhance the overall
disclosure in your filing. We look forward to working with you in these respects. We
welcome any questions you may have about our comments or on any other aspect of our review. Feel free to call us at the telephone numbers listed at the end of this letter.
Form 10-K for the Fiscal Year Ended December 31, 2006
Item 8. Financial Statements and Supplementary Data
Consolidated Financial Statements
Consolidated Income Statement, page 37
1. Please explain to us how your presentati on of essentially all of your operating
expenses as marketing, research and gene ral expenses complies with Item 5-03 of
Regulation S-X.
Thomas J. Falk
Kimberly-Clark Corporation
May 31, 2007 Page 2
Consolidated Statement of Stockholders’ Equity, page 39
2. We note that your adjustment to initially apply SFAS 158 is presented as part of comprehensive income for the year ende d December 31, 2006. Please tell us how
this complies with paragraph A7 of the standard.
Form 10-Q for the Period Ended March 31, 2007
Item 1. Financial Statements
Notes to the Consolidated Financial Statements
Note 2. Accounting for Uncertainty in Income Taxes, pages 5-6
3. Tell us what consideration you have gi ven to disclosing the total amounts of
interest and penalties recognized in the statement of operations in the quarter
ended March 31, 2007 pursuant to paragraph 21c of FIN 48
4. We note your disclosures regarding the transfer pricing uncertainty and the
various other uncertain tax positions re lated to federal ta xes which are being
discussed at the IRS Appeals level in the U.S. Tell us how you have met each of
the disclosure requirements of paragraph 21d of FIN 48 for each significant uncertain tax position.
* * * * *
Please respond to these comments within 10 business days or tell us when you
will provide us with a response. Please submit all correspondence and supplemental
materials on EDGAR as required by Rule 101 of Regulation S-T. If you amend your
filing, you may wish to provide us with marked copies of any amendment to expedite our
review. Please furnish a cover letter that keys your responses to our comments and
provides any requested information. Detailed co ver letters greatly faci litate our review.
Please understand that we may have addi tional comments after reviewing any
amendment and your responses to our comments.
We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes all in formation required under
the Securities Exchange Act of 1934 and th at they have provided all information
investors require for an informed invest ment decision. Since the company and its
management are in possession of all facts re lating to a company’s disclosure, they are
responsible for the accuracy and adequacy of the disclosures they have made.
Thomas J. Falk
Kimberly-Clark Corporation
May 31, 2007 Page 3
In connection with responding to our comments, please provide, in writing, a statement from the company acknowledging that:
the company is responsible for the adequacy and accuracy of the disclosure in the
filing;
staff comments or changes to disclosure in response to staff comments do not
foreclose the Commission from taking any action with respect to the filing; and
the company may not assert staff comments as a defense in any proceeding initiated
by the Commission or any person under the federal securities laws of the United States.
In addition, please be advi sed that the Division of En forcement has access to all
information you provide to the staff of the Divi sion of Corporation Fi nance in our review
of your filing or in response to our comments on your filing.
You may contact Marc Thomas at ( 202) 551-3452, or me at (202) 551-3451 if
you have any questions regard ing the above comments.
S i n c e r e l y ,
Mark Kronforst
Accounting Branch Chief