Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Introduction

This management's discussion and analysis ("MD&A") of financial condition and results of operations is intended to provide investors with an understanding of our recent performance, financial condition and prospects. Dollar amounts are reported in millions, except per share dollar amounts, unless otherwise noted. The following will be discussed and analyzed:

• Overview of Third Quarter 2021 Results

• Impact of COVID-19

• Results of Operations and Related Information

• Liquidity and Capital Resources

• Information Concerning Forward-Looking Statements

We describe our business outside North America in two groups – Developing and Emerging Markets ("D&E") and Developed Markets. D&E markets comprise Eastern Europe, the Middle East and Africa, Latin America and Asia-Pacific, excluding Australia and South Korea. Developed Markets consist of Western and Central Europe, Australia and South Korea. We have three reportable business segments: Personal Care, Consumer Tissue and K-C Professional. These business segments are described in greater detail in Note 8 to the unaudited interim consolidated financial statements.

This section presents a discussion and analysis of our third quarter 2021 net sales, operating profit and other information relevant to an understanding of the results of operations. In addition, we provide commentary regarding organic sales growth, which describes the impact of changes in volume, net selling prices and product mix on net sales. Change in foreign currency exchange rates, acquisitions and exited businesses also impact the year-over-year change in net sales. Our analysis compares the three and nine months ended September 30, 2021 results to the same periods in 2020.

Throughout this MD&A, we refer to financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S., or GAAP, and are therefore referred to as non-GAAP financial measures. These measures include adjusted gross and operating profit, adjusted net income, adjusted earnings per share, adjusted other (income) and expense, net and adjusted effective tax rate. We believe these measures provide our investors with additional information about our underlying results and trends, as well as insight into some of the financial measures used to evaluate management.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measures, and they should be read only in conjunction with our unaudited interim consolidated financial statements prepared in accordance with GAAP. There are limitations to these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and items being excluded. We compensate for these limitations by using these non-GAAP financial measures as a supplement to the GAAP measures and by providing reconciliations of the non-GAAP and comparable GAAP financial measures.

The non-GAAP financial measures exclude the following items for the relevant time periods as indicated in the reconciliations included later in this MD&A:

• 2018 Global Restructuring Program – In 2018, we initiated this restructuring program to reduce our structural cost base by streamlining and simplifying our manufacturing supply chain and overhead organization. See Item 1, Note 2 to the unaudited interim consolidated financial statements for details.

• Acquisition-Related Costs – In the third quarter of 2020, we incurred one-time transaction and integration costs associated with the acquisition of Softex Indonesia. See Item 1, Note 3 to the unaudited interim consolidated financial statements for details.

Overview of Third Quarter 2021 Results

• Net sales of $5.0 billion increased 7 percent compared to the year-ago period, including an organic sales increase of 4 percent.

• Operating profit was $657 in 2021 and $666 in 2020. Net Income Attributable to Kimberly-Clark Corporation was $469 in 2021 compared to $472 in 2020, and diluted earnings per share were $1.39 in 2021 compared to $1.38 in 2020. Results in 2021 and 2020 include charges related to the 2018 Global Restructuring Program and in 2020 include acquisition-related costs associated with the acquisition of Softex Indonesia.

Impact of COVID-19

We continue to actively address the COVID-19 situation and its impact globally. We believe that we will emerge from these events well positioned for long-term growth, though we cannot reasonably estimate the duration and severity of this global pandemic or its ultimate impact on the global economy and our business and results.

We have experienced increased volatility in demand for some of our products as consumers adapt to the evolving environment. Throughout 2020, we experienced a high level of demand in our Consumer Tissue business segment across several major geographies, particularly the U.S., as consumers increased home inventory levels in response to COVID-19. The demand increase was followed by a period of demand softness in the first nine months of 2021 as consumers used existing home inventories and retailers lowered their inventory levels. Our K-C Professional business experienced volume declines during 2020 and the first six months of 2021 reflecting the reduction in away from home demand, particularly for our washroom tissue products.

During 2020 and the first nine months of 2021, we experienced temporary closures of certain facilities and reductions in capacity related to COVID-19. We continue to experience ongoing incidents of supply chain disruption related to the continuing impact of COVID-19 on employees, labor shortages, raw material supply and transportation challenges, particularly in markets where COVID-19 case levels are elevated.

During 2020 and the first nine months of 2021, we also experienced increased volatility in foreign currency exchange rates and commodity prices. The global pandemic disrupted supply and demand dynamics in commodity markets. In 2020, we experienced modest commodity deflation and in the first nine months of 2021, we experienced record levels of commodity inflation.

Results of Operations and Related Information

This section presents a discussion and analysis of our third quarter 2021 net sales, operating profit and other information relevant to an understanding of the results of operations.

Consolidated

Selected Financial Results			Three Months Ended September 30																		Nine Months Ended September 30
			2021						2020						Percent Change						2021						2020						Percent Change
Net Sales:
North America			$	2,692					$	2,562					+5		%				$	7,436					$	7,786					-4		%
Outside North America			2,399						2,188						+10		%				7,274						6,724						+8		%
Intergeographic sales			(81)						(67)						+21		%				(235)						(206)						+14		%
Total Net Sales			5,010						4,683						+7		%				14,475						14,304						+1		%
Operating Profit:
North America			564						626						-10		%				1,561						2,054						-24		%
Outside North America			250						265						-6		%				889						1,012						-12		%
Corporate & Other(a)			(150)						(220)						N.M.						(386)						(544)						N.M.
Other (income) and expense, net(a)			7						5						+40		%				24						27						-11		%
Total Operating Profit			657						666						-1		%				2,040						2,495						-18		%
Share of net income of equity companies			21						31						-32		%				88						104						-15		%
Net Income Attributable to Kimberly-Clark Corporation			469						472						-1		%				1,457						1,813						-20		%
Diluted Earnings per Share			1.39						1.38						+1		%				4.31						5.30						-19		%

(a) Corporate & Other and Other (income) and expense, net include income and expense not associated with the business segments, including adjustments as indicated in the Non-GAAP Reconciliations.

N.M. - Not Meaningful

GAAP to Non-GAAP Reconciliations of Selected Financial Results

						Three Months Ended September 30, 2021
						As Reported						2018 Global Restructuring Program												As Adjusted Non-GAAP
Cost of products sold						$	3,527					$	48											$	3,479
Gross Profit						1,483						(48)												1,531
Marketing, research and general expenses						819						39												780
Other (income) and expense, net						7						1												6
Operating Profit						657						(88)												745
Nonoperating expense						(10)						(9)												(1)
Provision for income taxes						(126)						16												(142)
Effective tax rate						21.6		%				—												20.9		%
Net income attributable to noncontrolling interests						(10)						2												(12)
Net Income Attributable to Kimberly-Clark Corporation						469						(79)												548
Diluted Earnings per Share(a)						1.39						(0.23)												1.62

						Three Months Ended September 30, 2020
						As Reported						2018 Global Restructuring Program						Softex Indonesia Acquisition-Related Costs						As Adjusted Non-GAAP
Cost of products sold						$	3,093					$	107					$	—					$	2,986
Gross Profit						1,590						(107)						—						1,697
Marketing, research and general expenses						919						25						9						885
Other (income) and expense, net						5						(1)						—						6
Operating Profit						666						(131)						(9)						806
Nonoperating expense						(40)						(26)						—						(14)
Provision for income taxes						(114)						50						—						(164)
Effective tax rate						20.1		%				—						—						22.4		%
Net Income Attributable to Kimberly-Clark Corporation						472						(107)						(9)						588
Diluted Earnings per Share(a)						1.38						(0.31)						(0.03)						1.72

						Nine Months Ended September 30, 2021
						As Reported						2018 Global Restructuring Program												As Adjusted Non-GAAP
Cost of products sold						$	9,923					$	98											$	9,825
Gross Profit						4,552						(98)												4,650
Marketing, research and general expenses						2,488						78												2,410
Other (income) and expense, net						24						9												15
Operating Profit						2,040						(185)												2,225
Nonoperating expense						(71)						(65)												(6)
Provision for income taxes						(386)						48												(434)
Effective tax rate						21.7		%				—												21.4		%
Net income attributable to noncontrolling interests						(26)						3												(29)
Net Income Attributable to Kimberly-Clark Corporation						1,457						(199)												1,656
Diluted Earnings per Share(a)						4.31						(0.59)												4.89

						Nine Months Ended September 30, 2020
						As Reported						2018 Global Restructuring Program						Softex Indonesia Acquisition-Related Costs						As Adjusted Non-GAAP
Cost of products sold						$	9,146					$	237					$	—					$	8,909
Gross Profit						5,158						(237)						—						5,395
Marketing, research and general expenses						2,636						75						9						2,552
Other (income) and expense, net						27						(1)						—						28
Operating Profit						2,495						(311)						(9)						2,815
Nonoperating expense						(57)						(26)						—						(31)
Provision for income taxes						(510)						83						—						(593)
Effective tax rate						22.6		%				—						—						22.8		%
Share of net income of equity companies						104						(1)						—						105
Net income attributable to noncontrolling interests						(37)						2						—						(39)
Net Income Attributable to Kimberly-Clark Corporation						1,813						(253)						(9)						2,075
Diluted Earnings per Share(a)						5.30						(0.74)						(0.03)						6.06

(a) "As Adjusted Non-GAAP" may not equal "As Reported" plus "Adjustments" as a result of rounding.

Analysis of Consolidated Results

Net Sales						Percent Change												Adjusted Operating Profit						Percent Change
						Three Months Ended September 30						Nine Months Ended September 30												Three Months Ended September 30						Nine Months Ended September 30
Volume						—						(5)						Volume						(3)						(14)
Net Price						3						2						Net Price						20						9
Mix/Other						1						1						Input Costs						(59)						(34)
Acquisition/Exited Businesses(e)						2						2						Cost Savings(c)						18						14
Currency						1						2						Currency Translation						1						2
Total(a)						7						1						Other(d)						15						2
Organic(b)						4						(2)						Total						(8)						(21)

(a) Total may not equal the sum of volume, net price, mix/other, acquisition/exited businesses and currency due to rounding.

(b) Combined impact of changes in volume, net price and mix/other.

(c) Combined benefits of the FORCE (Focused On Reducing Costs Everywhere) program and 2018 Global Restructuring Program.

(d) Includes impact of changes in product mix, marketing, research and general expenses, foreign currency transaction effects and other manufacturing costs.

(e) Combined impact of the acquisition of Softex Indonesia and exited businesses in conjunction with the 2018 Global Restructuring Program.

Net sales in the third quarter of $5.0 billion increased 7 percent versus the prior year. Changes in foreign currency exchange rates increased sales by 1 percent, and the net impact of the Softex Indonesia acquisition and exited businesses in conjunction with the 2018 Global Restructuring Program increased sales by 2 percent. Organic sales increased 4 percent as changes in net selling prices and product mix increased sales by 3 percent and 1 percent, respectively.

In North America, organic sales increased 3 percent in consumer products and 16 percent in K-C Professional. Outside North America, organic sales increased 6 percent in D&E markets and were even with the prior year in developed markets.

Operating profit in the third quarter was $657 in 2021 and $666 in 2020. Results in both periods include charges related to the 2018 Global Restructuring Program and in 2020 include acquisition-related costs associated with the acquisition of Softex Indonesia. Third quarter adjusted operating profit was $745 in 2021 and $806 in 2020. Results were impacted by $480 of higher input costs, driven by pulp and polymer-based materials, distribution and energy costs. Results benefited from organic sales growth, $115 of cost savings from our FORCE program, $35 of cost savings from the 2018 Global Restructuring Program and lower marketing, research and general expense.

The third quarter effective tax rate was 21.6 percent in 2021 and 20.1 percent in 2020. The third quarter adjusted effective tax rate was 20.9 percent in 2021 and 22.4 percent in 2020.

Kimberly-Clark’s share of net income of equity companies in the third quarter was $21 in 2021 and $31 in 2020. Kimberly-Clark de Mexico, S.A.B. de C.V. results in 2021 were negatively impacted by higher input costs but benefited from organic sales growth, favorable currency effects and cost savings.

Diluted net income per share for the third quarter was $1.39 in 2021 and $1.38 in 2020. Third quarter adjusted earnings per share were $1.62 in 2021, a decrease of 6 percent compared to $1.72 in 2020.

Year-to-date net sales of $14.5 billion increased 1 percent compared to the year ago period. Organic sales decreased 2 percent as volumes declined 5 percent while changes in net selling prices and product mix increased sales by 2 percent and 1 percent, respectively. Changes in foreign currency exchange rates increased sales by approximately 2 percent and the net impact of the Softex Indonesia acquisition and business exits in conjunction with the 2018 Global Restructuring Program increased sales by 2 percent. Year-to-date operating profit was $2,040 in 2021 and $2,495 in 2020. Results in both periods include charges related to the 2018 Global Restructuring Program and in 2020 include acquisition-related costs associated with the acquisition of Softex Indonesia. Year-to-date adjusted operating profit was $2,225 in 2021 and $2,815 in 2020. Results were impacted by lower sales volumes, $960 of higher input costs and elevated other manufacturing costs. Results benefited from higher net selling prices, $295 of FORCE savings, $105 of cost savings from the 2018 Global Restructuring Program and reduced marketing, research and general expense. Through nine months, diluted net income per share was $4.31 in 2021 and $5.30 in 2020. Year-to-date adjusted earnings per share were $4.89 in 2021 and $6.06 in 2020.

Results by Business Segments

Personal Care

						Three Months Ended September 30												Nine Months Ended September 30																		Three Months Ended September 30												Nine Months Ended September 30
						2021						2020						2021						2020												2021						2020						2021						2020
Net Sales						$	2,656					$	2,339					$	7,635					$	6,990					Operating Profit						$	496					$	486					$	1,431					$	1,532
Net Sales						Percent Change												Percent Change												Operating Profit						Percent Change												Percent Change
Volume												3												1						Volume												4												(1)
Net Price												4												1						Net Price												21												6
Mix/Other												2												2						Input Costs												(46)												(27)
Acquisition/Exited Businesses(e)												3												4						Cost Savings(c)												9												10
Currency												1												1						Currency Translation												1												1
Total(a)												14												9						Other(d)												13												4
Organic(b)												9												4						Total												2												(7)

(a) Total may not equal the sum of volume, net price, mix/other, acquisition/exited businesses and currency due to rounding.

(b) Combined impact of changes in volume, net price and mix/other.

(c) Combined benefits of the FORCE program and 2018 Global Restructuring Program.

(d) Includes impact of changes in product mix, marketing, research and general expenses, foreign currency transaction effects and other manufacturing costs.

(e) Combined impact of the acquisition of Softex Indonesia and exited businesses in conjunction with the 2018 Global Restructuring Program.

Third quarter net sales in North America increased 11 percent. Changes in net selling prices increased sales by 5 percent, volumes rose 4 percent and changes in product mix increased sales by 2 percent. Changes in foreign currency exchange rates increased sales by 1 percent, while exited business related to the 2018 Global Restructuring program reduced sales by 1 percent.

Net sales in D&E markets increased 18 percent. The Softex Indonesia acquisition increased sales by approximately 11 percent while changes in foreign currency exchange rates increased sales by 1 percent. Changes in net selling prices and product mix increased sales by 4 percent and 3 percent, respectively. Organic sales increased in Argentina, Brazil, China, Eastern Europe, India and South Africa but declined in ASEAN and most of the rest of Latin America.

Net sales in developed markets outside North America increased 11 percent including a 4 percent favorable impact from changes in foreign currency exchange rates. Volumes increased 5 percent, and changes in net selling prices increased sales by 2 percent.

Operating profit of $496 increased 2 percent. Results benefited from organic sales growth, cost savings and reduced marketing, research and general expense. The comparison was impacted by input cost inflation.

Consumer Tissue

						Three Months Ended September 30												Nine Months Ended September 30																		Three Months Ended September 30												Nine Months Ended September 30
						2021						2020						2021						2020												2021						2020						2021						2020
Net Sales						$	1,541					$	1,623					$	4,475					$	4,991					Operating Profit						$	222					$	318					$	687					$	1,111
Net Sales						Percent Change												Percent Change												Operating Profit						Percent Change												Percent Change
Volume												(7)												(12)						Volume												(15)												(24)
Net Price												1												—						Net Price												6												2
Mix/Other												—												(1)						Input Costs												(53)												(31)
Currency												1												2						Cost Savings(c)												29												18
Total(a)												(5)												(10)						Currency Translation												1												2
Organic(b)												(6)												(12)						Other(d)												2												(5)
																														Total												(30)												(38)

(a) Total may not equal the sum of volume, net price, mix/other and currency due to rounding.

(b) Combined impact of changes in volume, net price and mix/other.

(c) Combined benefits of the FORCE program and 2018 Global Restructuring Program.

(d) Includes impact of changes in marketing, research and general expenses, foreign currency transaction effects and other manufacturing costs.

Third quarter net sales in North America decreased 8 percent. Volumes fell 8 percent and changes in product mix decreased sales by 1 percent, while changes in net selling prices increased sales by 1 percent.

Net sales in D&E markets increased 5 percent including a 1 percent favorable impact from changes in foreign currency exchange rates. Changes in net selling prices and product mix increased sales by 3 percent and approximately 1 percent, respectively, while volumes were down 3 percent. The Softex Indonesia acquisition increased sales by 4 percent.

Net sales in developed markets outside North America decreased 6 percent. Volumes were down 6 percent, while changes in net selling prices increased sales by 1 percent. Exited businesses related to the 2018 Global Restructuring program reduced sales by 4 percent, while changes in foreign currency exchange rates increased sales by 3 percent.

Operating profit of $222 decreased 30 percent. The comparison was impacted by lower organic sales, higher input costs and other manufacturing cost increases, including inefficiencies from lower production volumes. Results benefited from cost savings and reduced marketing, research and general expense.

K-C Professional

						Three Months Ended September 30												Nine Months Ended September 30																		Three Months Ended September 30												Nine Months Ended September 30
						2021						2020						2021						2020												2021						2020						2021						2020
Net Sales						$	797					$	705					$	2,314					$	2,277					Operating Profit						$	96					$	87					$	332					$	423
Net Sales						Percent Change												Percent Change												Operating Profit						Percent Change												Percent Change
Volume												6												(7)						Volume												3												(24)
Net Price												5												6						Net Price												41												31
Mix/Other												—												1						Input Costs												(98)												(47)
Currency												1												2						Cost Savings(c)												12												11
Total(a)												13												2						Currency Translation												2												2
Organic(b)												12												—						Other(d)												50												5
																														Total												10												(22)

(a) Total may not equal the sum of volume, net price, mix/other and currency due to rounding.

(b) Combined impact of changes in volume, net price and mix/other.

(c) Combined benefits of the FORCE program and 2018 Global Restructuring Program.

(d) Includes impact of changes in product mix, marketing, research and general expenses, foreign currency transaction effects and other manufacturing costs.

Third quarter net sales in North America increased 16 percent. Volumes increased approximately 10 percent and changes in net selling prices increased sales by 6 percent. Changes in product mix and foreign currency exchange rates each increased sales slightly. Sales were up significantly in washroom products reflecting comparison to a weak year-ago period.

Net sales in D&E markets increased 14 percent including a 1 percent benefit from changes in foreign currency exchange rates. Volumes rose approximately 10 percent, compared to a soft year-ago period, and changes in net selling prices and product mix increased sales by 3 percent and 1 percent, respectively.

Net sales in developed markets outside North America increased 3 percent including a 3 percent benefit from changes in foreign currency exchange rates. Changes in net selling prices increased sales by 5 percent while volumes decreased 5 percent.

Operating profit of $96 increased 10 percent. Results benefited from organic sales growth, cost savings, lower other manufacturing costs, and reduced marketing, research and general expense. The comparison was impacted by higher input costs.

2018 Global Restructuring Program

Third quarter 2021 pre-tax savings from the 2018 Global Restructuring Program were $35, bringing cumulative savings to $525. See Item 1, Note 2 to the unaudited interim consolidated financial statements for additional information.

To implement this program, we expect to incur incremental capital spending of approximately $600 to $700 by the end of 2021.

Liquidity and Capital Resources

Cash Provided by Operations

Cash provided by operations was $1.7 billion for the first nine months of 2021 compared to $2.8 billion in the prior year. The decrease was driven by lower earnings, working capital increase in accounts receivable and inventory, payments for accrued expenses and timing of tax payments.

Investing

During the nine months ended September 30, 2021, our capital spending was $734 compared to $894 in the prior year. We anticipate that full year capital spending will be $1.0 billion to $1.1 billion, down from our prior estimate of $1.1 to $1.2 billion.

Financing

Our short-term debt, which consists of U.S. commercial paper with original maturities up to 90 days and/or other similar short-term debt issued by non-U.S. subsidiaries, was $1.1 billion as of September 30, 2021 (included in Debt payable within one year on the consolidated balance sheet). The average month-end balance of short-term debt for the third quarter of 2021 was $1.3 billion. These short-term borrowings provide supplemental funding for supporting our operations. The level of short-term debt

generally fluctuates depending upon the amount of operating cash flows and the timing of customer receipts and payments for items such as dividends and income taxes.

At September 30, 2021 and December 31, 2020, total debt was $8.9 billion and $8.4 billion, respectively.

We maintain a $2.0 billion revolving credit facility which expires in June 2026 and a $750 revolving credit facility which expires in June 2022. These facilities, currently unused, support our commercial paper program, and would provide liquidity in the event our access to the commercial paper markets is unavailable for any reason.

The United Kingdom’s Financial Conduct Authority, which regulates the London Interbank Offered Rate (“LIBOR”), is in the process of phasing out LIBOR with completion of the phase out expected by June 30, 2023. We have evaluated the potential effect of the elimination of LIBOR and do not expect the effect to be material. Accounting guidance has been issued to ease the transition to alternative reference rates from a financial reporting perspective.

We repurchase shares of Kimberly-Clark common stock from time to time pursuant to publicly announced share repurchase programs. During the first nine months of 2021, we repurchased 3.0 million shares of our common stock at a cost of $393 through a broker in the open market. We expect our full-year repurchases will be approximately $400, at the low end of the previously estimated range of $400 to $450.

K-C Argentina began accounting for their operations as highly inflationary effective July 1, 2018, as required by GAAP. Under highly inflationary accounting, K-C Argentina’s functional currency became the U.S. dollar, and its income statement and balance sheet have been measured in U.S. dollars using both current and historical rates of exchange. The effect of changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in Other (income) and expense, net and was not material. As of September 30, 2021, K-C Argentina had a small net peso monetary position. Net sales of K-C Argentina were approximately 1 percent of our consolidated net sales for the three and nine months ended September 30, 2021.

We believe that our ability to generate cash from operations and our capacity to issue short-term and long-term debt are adequate to fund working capital, payments for our 2018 Global Restructuring Program, capital spending, pension contributions, dividends and other needs for the foreseeable future. Further, we do not expect restrictions or taxes on repatriation of cash held outside of the U.S. to have a material effect on our overall business, liquidity, financial condition or results of operations for the foreseeable future.

Information Concerning Forward-Looking Statements

Certain matters contained in this report concerning the business outlook, including raw material, energy and other input costs, the anticipated cost savings from our FORCE program, costs and savings from the 2018 Global Restructuring Program, cash flow and uses of cash, growth initiatives, innovations, marketing and other spending, net sales, anticipated currency rates and exchange risks, including the impact in Argentina, effective tax rate, contingencies and anticipated transactions of Kimberly-Clark, including dividends, share repurchases and pension contributions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are based upon management's expectations and beliefs concerning future events impacting Kimberly-Clark. There can be no assurance that these future events will occur as anticipated or that our results will be as estimated. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them.

The assumptions used as a basis for the forward-looking statements include many estimates that, among other things, depend on the achievement of future cost savings and projected volume increases. In addition, many factors outside our control, including pandemics (including the ongoing COVID-19 outbreak and the related responses of governments, consumers, customers, suppliers and employees), epidemics, fluctuations in foreign currency exchange rates, the prices and availability of our raw materials, supply chain disruptions due to COVID-19, changes in customer preferences (including consumer tissue destocking following a COVID-19 related stock up in 2020), severe weather conditions or government trade or similar regulatory actions, potential competitive pressures on selling prices for our products, energy costs, general economic and political conditions globally and in the markets in which we do business, as well as our ability to maintain key customer relationships and to realize the expected benefits and synergies of the Softex Indonesia acquisition, could affect the realization of these estimates.

For a description of certain factors that could cause our future results to differ from those expressed in these forward-looking statements, see Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020 entitled "Risk Factors." Other factors not presently known to us or that we presently consider immaterial could also affect our business operations and financial results.