Clorox Reports Fourth Quarter and Fiscal Year 2021 Results, Provides Fiscal Year 2022 Outlook
The Clorox Company (CLX) reported a 9% sales decrease and a 68% decrease in diluted EPS for Q4 2021, with a gross margin contraction of 970 basis points to 37.1%. For FY 2021, sales grew by 9% but diluted EPS fell 24% to $5.58. The fourth-quarter results were impacted by reduced consumer demand following COVID-19 peaks. Despite these challenges, Clorox aims to enhance its operational execution and rebuild margins, projecting a 2% to 6% decrease in sales and a diluted EPS between $5.05 and $5.35 for FY 2022, while investing $500 million in digital capabilities.
- Fiscal year 2021 sales growth of 9% driven by COVID-19-related demand.
- Cost savings of over $120 million achieved.
- Expansion of digital capabilities with $500 million investment planned over five years.
- 9% sales decrease in Q4 2021, with 10% organic sales decrease.
- 68% decline in diluted EPS for Q4 and 24% decline for FY 2021.
- Gross margin decreased significantly by 970 basis points to 37.1% in Q4.
OAKLAND, Calif., Aug. 3, 2021 /PRNewswire/ -- The Clorox Company (NYSE: CLX) reported a
"Fiscal year 2021 was an extraordinary year for Clorox, with the pandemic putting us through the test of volatility, including rapid changes in consumer demand and inflationary pressure, which is reflected in our fourth quarter results," said CEO Linda Rendle. "It reinforced the strength of our global portfolio, which has never been more relevant to consumers. And it showed the opportunity to accelerate our IGNITE strategy to capitalize on changing consumer trends, differentiate Clorox and win in our categories.
"In the face of a challenging environment, we continued to advance our IGNITE strategy and key priorities, including doubling our innovation investment and delivering over
"As we head into fiscal year 2022, we're laser focused on operational execution, rebuilding our margins and driving market share improvements in this dynamic environment. We're also making key multiyear investments to accelerate our digital transformation and strengthen our capabilities and brands to drive profitable growth over the long term."
This press release includes some non-GAAP financial measures. See "Non-GAAP Financial Information" at the end of this press release for more information.
Fiscal Fourth Quarter Results
Following is a summary of key fourth quarter results. All comparisons are with the fourth quarter of fiscal year 2020, unless otherwise stated.
9% sales decrease (10% organic sales1 decrease)- 78 cents diluted EPS (
68% decrease versus year-ago quarter) - 95 cents adjusted EPS2 (
61% decrease versus year-ago quarter)
In the fourth quarter, sales were down
1 Organic sales growth/(decrease) is a non-GAAP measure. See "Non-GAAP Financial Information" at the end of this press release, including the reconciliation of organic sales growth/(decrease) to net sales growth/(decrease), the most comparable GAAP measure. | ||
2 Adjusted EPS is a non-GAAP measure. See "Non-GAAP Financial Information" at the end of this press release, including the reconciliation of adjusted EPS to diluted EPS, the most comparable GAAP measure. | ||
The company's fourth quarter gross margin decreased by 970 basis points to
Clorox delivered earnings of
Key Segment Results
Following is a summary of key fourth quarter results by reportable segment. All comparisons are with the fourth quarter of fiscal year 2020, unless otherwise stated.
Health and Wellness (Cleaning; Professional Products; Vitamins, Minerals and Supplements)
17% sales decrease104% pretax earnings decrease (93% adjusted segment pretax earnings decrease3)
Sales decreased in two of three businesses, primarily reflecting lower shipments of cleaning and disinfecting products in both the retail and professional channels as consumer demand decelerated. Segment sales results were also impacted by negative product mix from the normalization of supply. Pretax earnings were down due to lower sales, gross margin contraction, higher advertising investments and the noncash charge to the Professional Products business.
Household (Bags and Wraps, Grilling, Cat Litter)
8% sales decrease31% pretax earnings decrease
The segment had lower sales in two of three businesses – Bags and Wraps as well as Grilling – driven by unfavorable price mix and decreased shipments from moderating consumer demand. Pretax earnings decreased due to lower sales and higher manufacturing and logistics costs.
Lifestyle (Food, Water Filtration, Natural Personal Care)
3% sales decrease22% pretax earnings decrease
Sales decreased in two of three businesses from unfavorable price mix and lower shipments in Water Filtration and Food from moderating consumer demand. Pretax earnings decreased, primarily due to higher manufacturing and logistics costs and lower sales.
International (Sales Outside the U.S.)
5% sales increase (1% organic sales decrease)70% pretax earnings increase
Segment sales increased, driven by the benefit of higher shipments from the acquisition of a majority share in the company's Saudi joint venture. Pretax earnings increased due to higher sales and gross margin expansion.
3 Adjusted segment pretax earnings decrease is a non-GAAP measure. See "Non-GAAP Financial Information" at the end of this press release, including the reconciliation to the most comparable GAAP measure. | ||
Fiscal Year 2021 Results
Following is a summary of key fiscal year 2021 results:
9% sales growth (9% organic sales growth)$5.58 diluted EPS (24% decrease)$7.25 adjusted EPS (2% decrease)
In fiscal year 2021, Clorox delivered
Fiscal year gross margin decreased by 200 basis points to
Clorox delivered earnings of
Net cash provided by operations was
Clorox Provides Fiscal Year 2022 Outlook
2% to6% decrease in sales (2% to6% decrease in organic sales)$5.05 to$5.35 diluted EPS range (9% to4% decrease versus year ago)$5.40 to$5.70 adjusted EPS range (26% to21% decrease versus year ago)
Excludes the strategic investment in digital capabilities and productivity enhancements detailed below.- Gross margin down by 300 to 400 basis points
Starting in fiscal year 2022, Clorox expects to invest approximately
The company's outlook reflects the following current assumptions:
Clorox's 2022 fiscal year sales are projected to be down
Gross margin for the fiscal year is expected to be down 300 to 400 basis points, primarily due to higher commodity costs and manufacturing and logistics costs, most notably in transportation. These headwinds are expected to be more pronounced in the first quarter, when the company will also be lapping modern record gross margin with higher manufacturing fixed-cost absorption. The company expects sequential improvement in gross margin over the course of the fiscal year, with the assumption of a return to gross margin expansion in the fourth quarter. This assumption is based on the expectation that cost inflation will begin to moderate and that mitigating actions put into place will begin to flow through results.
Advertising and sales promotion spending for the fiscal year is anticipated to be about
Fiscal year selling and administrative expenses are expected to be approximately
The company's effective tax rate is projected to be between
Net of these factors, Clorox anticipates fiscal year 2022 diluted EPS to be between
"I'm pleased that we delivered another strong sales year in a highly volatile environment," said Chief Financial Officer Kevin Jacobsen. "We're addressing near-term headwinds head on, prioritizing strong execution of the plans we have in place to rebuild our margins, including pricing in key areas of our portfolio as well as our hallmark cost savings program. At the same time, we're supporting the long-term health of our business, with strong investments behind our brands and to further enhance our capabilities to deliver superior consumer value and sustainable growth."
For More Detailed Financial Information
Visit the company's Financial Information: Quarterly Results section of the company's website at TheCloroxCompany.com for the following:
- Supplemental unaudited volume and sales growth information
- Supplemental unaudited gross margin driver information
- Supplemental unaudited cash flow information and free cash flow reconciliation
- Supplemental unaudited reconciliation of earnings before interest and taxes (EBIT) and adjusted EBIT
Note: Percentage and basis-point, or point, changes noted in this press release are calculated based on rounded numbers, except for per-share data and the effective tax rate. Supplemental materials are available in the Financial Information: Quarterly Results section of the company's website at TheCloroxCompany.com.
The Clorox Company
The Clorox Company (NYSE: CLX) is a leading multinational manufacturer and marketer of consumer and professional products with about 9,000 employees worldwide and fiscal year 2021 sales of
Clorox is a signatory of the United Nations Global Compact and the Ellen MacArthur Foundation's New Plastics Economy Global Commitment. The company has been broadly recognized for its corporate responsibility efforts, included on the Barron's 2020 100 Most Sustainable Companies list, 2021 Bloomberg Gender-Equality Index, the Human Rights Campaign's 2021 Corporate Equality Index and the 2021 Parity.org Best Places for Women to Advance list, among others. In support of its communities, The Clorox Company and its foundations contributed about
CLX-F
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, statements related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of governments, consumers, customers, suppliers, employees and the company, on the company's business, operations, employees, financial condition and results of operations, and any such forward-looking statements, whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. Except for historical information, statements about future volumes, sales, organic sales growth, foreign currencies, costs, cost savings, margins, earnings, earnings attributable to the company, earnings per share, diluted earnings per share, foreign currency exchange rates, tax rates, cash flows, plans, objectives, expectations, growth or profitability are forward-looking statements based on management's estimates, beliefs, assumptions and projections. Words such as "could," "may," "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "will," "predicts," and variations on such words, and similar expressions that reflect the company's current views with respect to future events and operational, economic and financial performance are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management's expectations, or could affect the company's ability to achieve its strategic goals, are described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2020, as updated from time to time in the company's Securities and Exchange Commission filings. These factors include, but are not limited to, the uncertainties relating to the continued impact of COVID-19 on the company's business, operations, employees, financial condition and results of operations as well as: 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; the impact of COVID-19 on the availability of, and efficiency of the supply, manufacturing and distribution systems for, the company's products, including any significant disruption to such systems; volatility and increases in commodity costs such as resin, sodium hypochlorite and agricultural commodities, and increases in energy, transportation, labor or other costs; long-term changes in consumer preference or demand for the company's products as a result of any shortages or lack of availability of any products in the near-term; risks related to supply chain issues and product shortages as a result of reliance on a limited base of suppliers and the significant increase in demand for disinfecting and other products due to the COVID-19 pandemic; 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, especially at a time when a large number of the company's employees are working remotely and accessing its technology infrastructure remotely; risks relating to acquisitions, including the recent acquisition of the majority interest in the company's Saudi joint venture, new ventures and divestitures, and associated costs, including for asset impairment charges related to, among others, intangible assets, including trademarks, and goodwill, in particular the impairment charges relating to the carrying value of the company's Vitamins, Minerals and Supplements business; unfavorable worldwide, regional and local economic and financial market conditions, including as a result of fear of exposure to or actual impacts of a widespread disease outbreak, such as COVID-19; effects of inflationary pressures; the company's ability to maintain its business reputation and the reputation of its brands and products; 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; 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; 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; impact of the United Kingdom's exit from the European Union; 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; widespread health emergencies, such as COVID-19; and the possibility of nationalization, expropriation of assets or other government action; 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, disease outbreaks or pandemics, such as COVID-19, and terrorism; 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, governmental or tax proceedings, including in foreign jurisdictions and in connection with any product recalls; 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 The Procter & Gamble Company's interest in the Glad business; the accuracy of the company's estimates and assumptions on which its financial projections, including any sales or earnings guidance or outlook it may provide from time to time, are based; the company's ability to attract and retain key personnel; 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 company's ability to effectively utilize, assert and defend its intellectual property rights; any infringement or claimed infringement by the company of third-party intellectual property rights; the effect of the company's indebtedness and credit rating on its business operations and financial results; the company's ability to access capital markets and other funding sources, as well as continued or increased market volatility; the company's ability to pay and declare dividends or repurchase its stock in the future; uncertainties relating to tax positions, tax disputes and any changes in tax rates and regulations 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.
The company's forward-looking statements in this press release are based on management's current views, beliefs, assumptions and expectations regarding future events and speak only as of the date of this press release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.
Non-GAAP Financial Information
- This press release contains non-GAAP financial information related to organic sales growth/(decrease) and adjusted EPS for the fourth quarter of fiscal year 2021 and for the fiscal year 2021, organic sales growth/(decrease) and adjusted EPS outlook for fiscal year 2022, and Health and Wellness adjusted segment pretax earnings decrease for the fourth quarter of fiscal year 2021.
- Clorox defines organic sales growth/(decrease) as GAAP net sales growth/(decrease) excluding the effect of foreign exchange rate changes and any acquisitions or divestitures.
- Organic sales growth/(decrease) outlook for fiscal year 2022 excludes the impact of foreign currency exchange rate changes, which the company currently expects to have only a limited impact on GAAP net sales growth/(decrease).
- Management believes that the presentation of organic sales growth/(decrease) is useful to investors because it excludes sales from any acquisitions and divestitures, which results in a comparison of sales only from the businesses that the company was operating and expects to continue to operate throughout the relevant periods, and the company's estimate of the impact of foreign exchange rate changes, which are difficult to predict and out of the control of the company and management. However, organic sales growth/(decrease) may not be the same as similar measures provided by other companies due to potential differences in methods of calculation or differences in which items are incorporated into these adjustments.
- Adjusted EPS is defined as diluted earnings per share that excludes or has otherwise been adjusted for significant items that are nonrecurring or unusual.
- Adjusted EPS is supplemental information that management uses to help evaluate the company's historical and prospective financial performance. Management believes that by adjusting for certain nonrecurring or unusual items, such as significant losses/(gains) related to acquisitions, impairment charges and other nonrecurring or unusual items, investors and management are able to gain additional insight into the company's underlying operating performance on a consistent basis over time. However, adjusted EPS may not be the same as similar measures provided by other companies due to potential differences in methods of calculation or differences in which items are incorporated into these adjustments.
- Adjusted segment pretax earnings decrease is defined as decrease in earnings (losses) before income taxes excluding the impact of certain nonrecurring or unusual items. Adjusted segment pretax earnings decrease of the Health and Wellness segment for the fourth quarter of fiscal year 2021 was
93% , which reflects a deduction of11% related to a$28 noncash charge from the104% GAAP pretax earnings decrease of the Health and Wellness segment for the fourth quarter of fiscal year 2021. The percentage changes are versus the year-ago period. Management believes that presentation of the adjusted segment pretax earnings decrease for the Health and Wellness segment is useful to investors to assess operating performance on a consistent basis by removing the impact of charges it believes do not directly reflect performance of the segment's underlying operations.
The following tables provide reconciliations of organic sales growth/(decrease) (non-GAAP) to net sales growth/(decrease) (GAAP), the most comparable GAAP measure:
Three Months Ended June 30, 2021 | |||||||||
Percentage change versus the year-ago period | |||||||||
Health and Wellness | Household | Lifestyle | International | Total | |||||
Net sales growth / (decrease) (GAAP) | (17)% | (8)% | (3)% | (9)% | |||||
Add: Foreign Exchange | — | — | — | 1 | — | ||||
Add/(Subtract): Divestitures/Acquisitions | — | — | — | (7) | (1) | ||||
Organic sales growth / (decrease) (non-GAAP) | (17)% | (8)% | ( | ( | (10)% | ||||
Twelve Months Ended June 30, 2021 | |||||||||
Percentage change versus the year-ago period | |||||||||
Health and Wellness | Household | Lifestyle | International | Total | |||||
Net sales growth / (decrease) (GAAP) | |||||||||
Add: Foreign Exchange | — | — | — | 3 | 1 | ||||
Add/(Subtract): Divestitures/Acquisitions | — | — | — | (8) | (1) | ||||
Organic sales growth / (decrease) (non-GAAP) | |||||||||
The following tables provide reconciliations of adjusted diluted earnings per share (non-GAAP) to diluted earnings per share, the most comparable GAAP measure:
Adjusted Earnings Per Share (EPS) | |||||||
(Dollars in millions except per share data; shares in thousands) | |||||||
Diluted Earnings Per Share | |||||||
Three Months Ended June 30 | |||||||
2021 | 2020 | % Change | |||||
As reported (GAAP) | $ 0.78 | $ 2.41 | ( | ||||
Professional Products supplier charge (a) | 0.17 | $ - | |||||
As adjusted (Non-GAAP) | $ 0.95 | $ 2.41 | ( | ||||
Diluted Earnings Per Share | |||||||
Twelve Months Ended June 30 | |||||||
2021 | 2020 | % Change | |||||
As reported (GAAP) | $ 5.58 | $ 7.36 | ( | ||||
Professional Products supplier charge(a) | 0.17 | - | |||||
VMS impairment(b) | 2.10 | - | |||||
Saudi JV acquisition gain(c) | (0.60) | - | |||||
As adjusted (Non-GAAP) | $ 7.25 | $ 7.36 | ( | ||||
Full Year 2022 Outlook (Estimated Range) | |||||||
Diluted Earnings Per Share | |||||||
Low | High | ||||||
As estimated (GAAP) | $ 5.05 | $ 5.35 | |||||
Digital and other capabilities investments (d) | 0.35 | 0.35 | |||||
As adjusted (Non-GAAP) | $ 5.40 | $ 5.70 | |||||
(a) During the quarter ended June 30, 2021, noncash charges of | |||||||
(b) During the year ended June 30, 2021, noncash impairment charges of goodwill, trademarks and other assets were recorded of | |||||||
(c) On July 9, 2020, the company increased its investment in each of the two entities comprising its joint venture in the Kingdom of Saudi Arabia (Saudi joint venture). As a result of this transaction, a noncash non-recurring net gain was recognized of | |||||||
(d) In FY22, the company expects to incur approximately | |||||||
For recent presentations made by company management and other investor materials, visit Investor Events on the company's website.
Condensed Consolidated Statements of Earnings (Unaudited) | |||||||||||||
Dollars in millions, except per share data | |||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
6/30/2021 | 6/30/2020 | 6/30/2021 | 6/30/2020 | ||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||
Net sales | $ | 1,802 | $ | 1,983 | $ | 7,341 | $ | 6,721 | |||||
Cost of products sold | 1,134 | 1,054 | 4,142 | 3,658 | |||||||||
Gross profit | 668 | 929 | 3,199 | 3,063 | |||||||||
Selling and administrative expenses | 260 | 279 | 1,004 | 969 | |||||||||
Advertising costs | 224 | 214 | 790 | 675 | |||||||||
Research and development costs | 45 | 42 | 149 | 145 | |||||||||
Goodwill, trademark and other asset impairments | - | - | 329 | - | |||||||||
Interest expense | 25 | 25 | 99 | 99 | |||||||||
Other (income) expense, net | 13 | (26) | (72) | (10) | |||||||||
Earnings before income taxes | 101 | 395 | 900 | 1,185 | |||||||||
Income taxes | 1 | 85 | 181 | 246 | |||||||||
Net earnings | 100 | 310 | 719 | 939 | |||||||||
Less: Net earnings attributable to noncontrolling interests | 3 | - | 9 | - | |||||||||
Net earnings attributable to Clorox | $ | 97 | $ | 310 | $ | 710 | $ | 939 | |||||
Net earnings per share attributable to Clorox | |||||||||||||
Basic net earnings per share | $ | 0.79 | $ | 2.45 | $ | 5.66 | $ | 7.46 | |||||
Diluted net earnings per share | $ | 0.78 | $ | 2.41 | $ | 5.58 | $ | 7.36 | |||||
Weighted average shares outstanding (in thousands) | |||||||||||||
Basic | 124,106 | 126,387 | 125,570 | 125,828 | |||||||||
Diluted | 125,385 | 128,494 | 127,299 | 127,671 | |||||||||
Reportable Segment Information | |||||||||||||||
(Unaudited) | |||||||||||||||
Dollars in millions | |||||||||||||||
Net sales | Earnings (losses) before income taxes | ||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||
6/30/2021 | 6/30/2020 | % Change(1) | 6/30/2021 | 6/30/2020 | % Change(1) | ||||||||||
Health and Wellness (2) | $ | 670 | $ | 805 | - | $ | (10) | $ | 252 | - | |||||
Household | 560 | 612 | - | 109 | 157 | - | |||||||||
Lifestyle | 290 | 298 | - | 61 | 78 | - | |||||||||
International | 282 | 268 | 17 | 10 | |||||||||||
Corporate | - | - | - | (76) | (102) | - | |||||||||
Total | $ | 1,802 | $ | 1,983 | - | $ | 101 | $ | 395 | - | |||||
Net sales | Earnings (losses) before income taxes | ||||||||||||||
Twelve Months Ended | Twelve Months Ended | ||||||||||||||
6/30/2021 | 6/30/2020 | % Change(1) | 6/30/2021 | 6/30/2020 | % Change(1) | ||||||||||
Health and Wellness (2) (3) | $ | 2,980 | $ | 2,749 | $ | 305 | $ | 766 | - | ||||||
Household | 1,981 | 1,795 | 375 | 347 | |||||||||||
Lifestyle | 1,218 | 1,154 | 320 | 320 | |||||||||||
International(4) | 1,162 | 1,023 | 201 | 116 | |||||||||||
Corporate | - | - | - | (301) | (364) | - | |||||||||
Total | $ | 7,341 | $ | 6,721 | $ | 900 | $ | 1,185 | - | ||||||
(1) Percentages based on rounded numbers. | |||||||||||||||
(2)During the quarter ended June 30, 2021, noncash charges of | |||||||||||||||
(3)The earnings (losses) before income taxes for the Health and Wellness segment includes | |||||||||||||||
(4) On July 9, 2020, the company increased its investment in each of the two entities comprising its joint venture in the Kingdom of Saudi Arabia (Saudi joint venture). As a result of this transaction, a noncash nonrecurring net gain was recognized of | |||||||||||||||
Condensed Consolidated Balance Sheets | |||||||||
Dollars in millions | |||||||||
6/30/2021 | 6/30/2020 | ||||||||
(Unaudited) | |||||||||
ASSETS | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 319 | $ | 871 | |||||
Receivables, net | 604 | 648 | |||||||
Inventories, net | 752 | 454 | |||||||
Prepaid expenses and other current assets | 154 | 47 | |||||||
Total current assets | 1,829 | 2,020 | |||||||
Property, plant and equipment, net | 1,302 | 1,103 | |||||||
Operating lease right-of-use assets | 332 | 291 | |||||||
Goodwill | 1,575 | 1,577 | |||||||
Trademarks, net | 693 | 785 | |||||||
Other intangible assets, net | 225 | 109 | |||||||
Other assets | 378 | 328 | |||||||
Total assets | $ | 6,334 | $ | 6,213 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Current liabilities | |||||||||
Current maturities of long-term debt | $ 300 | $ - | |||||||
Current operating lease liabilities | 81 | 64 | |||||||
Accounts payable and accrued liabilities | 1,675 | 1,329 | |||||||
Income taxes payable | - | 25 | |||||||
Total current liabilities | 2,056 | 1,418 | |||||||
Long-term debt | 2,484 | 2,780 | |||||||
Long-term operating lease liabilities | 301 | 278 | |||||||
Other liabilities | 834 | 767 | |||||||
Deferred income taxes | 67 | 62 | |||||||
Total liabilities | 5,742 | 5,305 | |||||||
Stockholders' equity | |||||||||
Preferred stock | - | - | |||||||
Common stock | 131 | 159 | |||||||
Additional paid-in capital | 1,186 | 1,137 | |||||||
Retained earnings | 1,036 | 3,567 | |||||||
Treasury stock | (1,396) | (3,315) | |||||||
Accumulated other comprehensive net (loss) income | (546) | (640) | |||||||
Total Clorox stockholders' equity | 411 | 908 | |||||||
Noncontrolling interests | 181 | - | |||||||
Total stockholders' equity | 592 | 908 | |||||||
Total liabilities and stockholders' equity | $ | 6,334 | $ | 6,213 | |||||
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SOURCE The Clorox Company
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