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 Second Quarter 2023 Results

• 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.

On February 24, 2022, we completed our acquisition of a majority and controlling share of Thinx Inc. (“Thinx”), an industry leader in the reusable period and incontinence underwear category, for total consideration of $181 consisting of cash of $53, the fair value of our previously held equity investment of $127, and certain share-based award costs of $1. In the first quarter of 2023, we delivered a redemption notice to the third-party minority owner with respect to a portion of the remaining common securities of Thinx. This redemption closed in the second quarter of 2023, and we acquired additional ownership of Thinx for $48, increasing our ownership to 70 percent. As the purchase of additional ownership in an already controlled subsidiary represents an equity transaction, no gain or loss was recognized in consolidated net income or comprehensive income.

On June 1, 2023, we completed the sale transaction, announced on October 24, 2022, of our Neve tissue brand and related consumer and K-C Professional tissue assets in Brazil for $212, including the base purchase price of $175 and preliminary working capital and other closing adjustments of $37. This transaction also included a licensing agreement to allow the acquirer to manufacture and market in Brazil the Kleenex, Scott and Wypall brands to consumers and away-from-home customers for a period of time. The assets included in the sale agreement were reclassified to Other current assets as of December 31, 2022, and upon closure of the transaction, a gain of $74 pre-tax was recognized in Other (income) and expense, net. We incurred divestiture-related costs of $30 pre-tax during the three months ended June 30, 2023, which were recorded in Cost of products sold and Marketing, research and general expenses, resulting in a net benefit of $44 pre-tax ($26 after tax).

Beginning in March 2022, we have implemented significant adjustments to our business in Russia. We have substantially curtailed media, advertising and promotional activity and suspended capital investments in our sole manufacturing facility in Russia. Consistent with the humanitarian nature of our products, we manufacture and sell only essential items in Russia, such as baby diapers and feminine pads, which are critical to the health and hygiene of women, girls and babies. Our Russia business has represented approximately 1 to 3 percent of our net global sales, operating profit and total assets. Our ability to continue our operations in Russia may change as the situation evolves. Our business in Russia is experiencing increased input costs, supply chain complexities, reduced consumer demand and restricted access to financial institutions, as well as increased monetary, currency and payment controls. We are actively monitoring the situation, and as the business, geopolitical and regulatory environment concerning Russia evolves, we may not be able to sustain the limited manufacture and sale of our products, and our assets may be partially or fully impaired. We are also monitoring the increased risk of cyber-based attacks as a result of the war in Ukraine and have implemented additional cybersecurity measures designed to address the evolving threat landscape.

This section presents a discussion and analysis of our second quarter 2023 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. Changes in foreign currency exchange rates and acquisitions also impact the year-over-year change in net sales. Revenue growth management is used to describe our capability that drives sustainable profit growth by maximizing our brands' revenue potential with consumer-centric insights. It focuses on strategic pricing decisions, price pack architecture, managing our product mix, trade promotion activity and trading terms. Our analysis compares the three and six months ended June 30, 2023 results to the same periods in 2022.

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 other (income) and expense, adjusted net income, adjusted earnings per share, and 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:

• Sale of Brazil tissue and K-C Professional business - In the second quarter of 2023, we recognized a net benefit related to the sale of our Brazil tissue and K-C Professional business. See Item 1, Note 2 to the unaudited interim consolidated financial statements for details.

• Impairment of intangible assets - In the second quarter of 2023, we recognized charges related to the impairment of certain intangible assets related to Softex Indonesia and Thinx. See Item 1, Note 3 to the unaudited interim consolidated financial statements for details.

• Pension settlements - In the second quarter of 2023 and 2022, pension settlement charges were recognized related to lump-sum distributions from pension plan assets exceeding the total of annual service and interest costs resulting in a recognition of deferred actuarial losses.

• Acquisition of controlling interest in Thinx – In the first quarter of 2022, we increased our investment in Thinx. As a result of this transaction, a net benefit was recognized primarily due to the non-recurring, non-cash gain recognized related to the remeasurement of the carrying value of our previously held equity investment to fair value partially offset by transaction and integration costs. See Item 1, Note 2 to the unaudited interim consolidated financial statements for details.

Overview of Second Quarter 2023 Results

• Net sales of $5.1 billion increased 1 percent compared to the year-ago period, including organic sales growth of 5 percent.

• Operating profit was $113 in 2023 and $621 in 2022. Net Income Attributable to Kimberly-Clark Corporation was $102 in 2023 compared to $437 in 2022, and diluted earnings per share were $0.30 in 2023 compared to $1.29 in 2022. Results in 2023 include the net benefit related to the sale of the Brazil tissue and K-C Professional business, charges related to the impairment of intangible assets and pension settlement charges, compared to 2022 results which include pension settlement charges.

Results of Operations and Related Information

This section presents a discussion and analysis of our second quarter 2023 net sales, operating profit and other information relevant to an understanding of the results of operations.

Consolidated

Selected Financial Results			Three Months Ended June 30																		Six Months Ended June 30
			2023						2022						Percent Change						2023						2022						Percent Change
Net Sales:
North America			$	2,782					$	2,657					+5		%				$	5,512					$	5,271					+5		%
Outside North America			2,424						2,479						-2		%				4,946						5,025						-2		%
Intergeographic sales			(72)						(73)						-1		%				(129)						(138)						-7		%
Total Net Sales			5,134						5,063						+1		%				10,329						10,158						+2		%
Operating Profit:
North America			615						497						+24		%				1,189						956						+24		%
Outside North America			244						232						+5		%				556						509						+9		%
Corporate & Other(a)			(801)						(106)						N.M.						(885)						(208)						N.M.
Other (income) and expense, net(a)			(55)						2						N.M.						(40)						(57)						-30		%
Total Operating Profit			113						621						-82		%				900						1,314						-32		%
Share of net income of equity companies			50						29						+72		%				93						52						+79		%
Net Income Attributable to Kimberly-Clark Corporation			102						437						-77		%				668						960						-30		%
Diluted Earnings per Share			0.30						1.29						-77		%				1.97						2.84						-31		%

(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 June 30, 2023
						As Reported						Sale of Brazil Tissue and K-C Professional Business						Impairment of Intangible Assets												Pension Settlements						As Adjusted Non-GAAP
Cost of products sold						$	3,403					$	15					$	—											$	—					$	3,388
Gross Profit						1,731						(15)						—												—						1,746
Marketing, research and general expenses						1,015						15						—												—						1,000
Impairment of intangible assets						658						—						658												—						—
Other (income) and expense, net						(55)						(74)						—												—						19
Operating Profit						113						44						(658)												—						727
Nonoperating expense						(42)						—						—												(27)						(15)
(Provision for) benefit from income taxes						32						(18)						175												7						(132)
Effective tax rate						N.M.						—						—												—						20.5		%
Net (income) loss attributable to noncontrolling interests						16						—						20												—						(4)
Net Income Attributable to Kimberly-Clark Corporation						102						26						(463)												(20)						559
Diluted Earnings per Share(a)						0.30						0.08						(1.36)												(0.06)						1.65

						Three Months Ended June 30, 2022
						As Reported												Pension Settlements						As Adjusted Non-GAAP
Nonoperating expense						$	(27)											$	(24)					$	(3)
Provision for income taxes						(115)												6						(121)
Effective tax rate						21.8		%										—						22.0		%
Net Income Attributable to Kimberly-Clark Corporation						437												(18)						455
Diluted Earnings per Share(a)						1.29												(0.05)						1.34

						Six Months Ended June 30, 2023
						As Reported						Sale of Brazil Tissue and K-C Professional Business						Impairment of Intangible Assets												Pension Settlements						As Adjusted Non-GAAP
Cost of products sold						$	6,872					$	15					$	—											$	—					$	6,857
Gross Profit						3,457						(15)						—												—						3,472
Marketing, research and general expenses						1,939						15						—												—						1,924
Impairment of intangible assets						658						—						658												—						—
Other (income) and expense, net						(40)						(74)						—												—						34
Operating Profit						900						44						(658)												—						1,514
Nonoperating expense						(58)						—						—												(27)						(31)
Provision for income taxes						(141)						(18)						175												7						(305)
Effective tax rate						19.9		%				—						—												—						22.6		%
Net (income) loss attributable to noncontrolling interests						7						—						20												—						(13)
Net Income Attributable to Kimberly-Clark Corporation						668						26						(463)												(20)						1,125
Diluted Earnings per Share(a)						1.97						0.08						(1.36)												(0.06)						3.32

						Six Months Ended June 30, 2022
						As Reported						Acquisition of Controlling Interest in Thinx						Pension Settlements						As Adjusted Non-GAAP
Marketing, research and general expenses						$	1,792					$	21					$	—					$	1,771
Other (income) and expense, net						(57)						(85)						—						28
Operating Profit						1,314						64						—						1,250
Nonoperating expense						(31)						—						(24)						(7)
Provision for income taxes						(229)						4						6						(239)
Effective tax rate						19.9		%				—						—						21.5		%
Net Income Attributable to Kimberly-Clark Corporation						960						68						(18)						910
Diluted Earnings per Share(a)						2.84						0.20						(0.05)						2.69

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

N.M. - Not Meaningful

Analysis of Consolidated Results

Percent Change in Net Sales Three Months Ended						Volume						Net Price						Mix/Other						Exited Business**(e)**						Currency						Total**(a)**						Organic**(b)**
Consolidated						(3)						8						1						—						(4)						1						5
North America						—						6						—						—						—						5						6
Developed & Emerging						(5)						10						1						(1)						(9)						(4)						6
Developed Markets						(8)						11						1						—						(4)						—						4

Percent Change in Net Sales Six Months Ended						Volume						Net Price						Mix/Other						Exited Business**(e)**						Currency						Total**(a)**						Organic**(b)**
Consolidated						(4)						9						1						—						(4)						2						5
North America						(1)						6						—						—						—						5						5
Developed & Emerging						(7)						11						2						(1)						(8)						(4)						5
Developed Markets						(7)						13						1						—						(5)						1						7

Percent Change in Adjusted Operating Profit						Volume						Net Price						Input Costs						Cost Savings**(c)**						Currency Translation						Other**(d)**						Total
Three months ended						(11)						65						(5)						13						(5)						(40)						17
Six months ended						(10)						72						(15)						15						(5)						(36)						21

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

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

(c) Benefits of the FORCE (Focused On Reducing Costs Everywhere) program.

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

(e) Impact of the sale of Brazil tissue and K-C Professional business.

Net sales in the second quarter of $5.1 billion increased 1 percent. Organic sales increased 5 percent as changes in net selling prices and product mix increased sales by 8 percent and 1 percent, respectively, driven by ongoing revenue growth management programs, while volume decreased 3 percent. Changes in foreign currency exchange rates decreased sales by approximately 4 percent.

In North America, net sales increased 5 percent, with Personal Care consistent with the prior year and increases of 7 percent in Consumer Tissue and 16 percent in K-C Professional. Organic sales increased 6 percent, including increases of 1 percent in Personal Care, 7 percent in Consumer Tissue and 17 percent in K-C Professional. Outside North America, net sales decreased 4 percent in D&E Markets and Developed Markets were consistent with the prior year. Organic sales were up 6 percent in D&E Markets and 4 percent in Developed Markets.

Operating profit in the second quarter was $113 in 2023 and $621 in 2022. Results in 2023 include the net benefit related to the sale of the Brazil tissue and K-C Professional business and charges related to the impairment of intangible assets. Adjusted operating profit was $727 in 2023. Results benefited from higher net selling prices and $80 in FORCE cost savings, partially offset by higher marketing, research and general expenses, unfavorable currency effects, higher other manufacturing costs, lower volumes and $30 of higher input costs.

Interest expense in the second quarter was $76 in 2023 compared to $68 in 2022 primarily due to higher weighted average interest rate on outstanding debt.

The second quarter effective tax rate was driven by a net benefit from income taxes of $32, which primarily reflected the net income tax expense benefit associated with charges for the impairment of intangible assets. The second quarter adjusted effective tax rate was 20.5 percent in 2023 and 22.0 percent in 2022. The lower adjusted rate in 2023 benefited from certain tax planning initiatives.

Our share of net income of equity companies in the second quarter was $50 in 2023 and $29 in 2022. The increase was primarily driven by Kimberly-Clark de Mexico, S.A.B. de C.V. results which benefited from increases in net selling prices and favorable currency effects, partially offset by higher input costs.

Diluted net income per share for the second quarter was $0.30 in 2023 and $1.29 in 2022. Second quarter adjusted earnings per share were $1.65 in 2023, an increase of 23 percent compared to $1.34 in 2022.

Year-to-date net sales of $10.3 billion increased 2 percent compared to the year ago period. Organic sales increased 5 percent, as changes in net selling prices and product mix increased sales by 9 percent and 1 percent, respectively, driven by ongoing revenue growth management programs, while volumes decreased 4 percent. Changes in foreign currency exchange rates decreased sales by approximately 4 percent. Year-to-date operating profit was $900 in 2023 and $1,314 in 2022. Results in 2023 include the net benefit related to the sale of the Brazil tissue and K-C Professional business and charges related to the impairment of intangible assets, compared to 2022 results which include the net benefit of the acquisition of a controlling interest in Thinx. Year-to-date adjusted operating profit was $1,514 in 2023 and $1,250 in 2022. Results benefited from higher net selling prices and $185 in FORCE cost savings, partially offset by higher marketing, research and general expenses, $190 in higher input costs, higher other manufacturing costs, unfavorable foreign currency effects and lower volumes. Through six months, diluted net income per share was $1.97 in 2023 and $2.84 in 2022. Year-to-date adjusted earnings per share were $3.32 in 2023 and $2.69 in 2022.

Results by Business Segments

Personal Care

						Three Months Ended June 30												Six Months Ended June 30																		Three Months Ended June 30												Six Months Ended June 30
						2023						2022						2023						2022												2023						2022						2023						2022
Net Sales						$	2,685					$	2,710					$	5,389					$	5,439					Operating Profit						$	472					$	466					$	959					$	941

Percent Change in Net Sales Three Months Ended						Volume						Net Price						Mix/Other						Acquisition						Currency						Total**(a)**						Organic**(b)**
Total Personal Care						(3)						6						1						—						(5)						(1)						4
North America						(3)						3						—						—						(1)						—						1
D&E Markets						(3)						10						2						—						(11)						(2)						9
Developed Markets						(6)						8						1						—						(6)						(2)						4

Percent Change in Net Sales Six Months Ended						Volume						Net Price						Mix/Other						Acquisition**(e)**						Currency						Total**(a)**						Organic**(b)**
Total Personal Care						(4)						7						1						—						(5)						(1)						3
North America						(2)						3						—						1						(1)						1						1
D&E Markets						(7)						10						2						—						(9)						(3)						6
Developed Markets						(5)						8						1						—						(6)						(2)						4

Percent Change in Operating Profit						Volume						Net Price						Input Costs						Cost Savings**(c)**						Currency Translation						Other**(d)**						Total
Three months ended						(8)						37						(5)						8						(6)						(25)						1
Six months ended						(7)						39						(6)						6						(6)						(24)						2

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

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

(c) Benefits of the FORCE program.

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

(e) Impact of the acquisition of Thinx Inc.

Net sales in the second quarter of $2.7 billion decreased 1 percent, while organic sales increased 4 percent, driven by changes in net selling prices and product mix of 6 percent and 1 percent, respectively, partially offset by decreased volume of 3 percent. Successful revenue growth management and commercial execution contributed to favorable trends in net revenue realization. Changes in foreign currency exchange rates decreased sales by 5 percent.

Second quarter operating profit of $472 increased 1 percent. Results benefited from higher net selling prices and cost savings, partially offset by higher marketing, research and general expenses, unfavorable currency effects, lower volumes and higher input costs.

Consumer Tissue

						Three Months Ended June 30												Six Months Ended June 30																		Three Months Ended June 30												Six Months Ended June 30
						2023						2022						2023						2022												2023						2022						2023						2022
Net Sales						$	1,549					$	1,537					$	3,183					$	3,105					Operating Profit						$	200					$	178					$	440					$	349

Percent Change in Net Sales Three Months Ended						Volume						Net Price						Mix/Other						Exited Business**(e)**						Currency						Total**(a)**						Organic**(b)**
Total Consumer Tissue						(4)						8						—						(1)						(2)						1						4
North America						2						6						—						—						—						7						7
D&E Markets						(11)						9						—						(5)						(4)						(11)						(1)
Developed Markets						(9)						10						—						—						(3)						(2)						1

Percent Change in Net Sales Six Months Ended						Volume						Net Price						Mix/Other						Exited Business**(e)**						Currency						Total**(a)**						Organic**(b)**
Total Consumer Tissue						(4)						9						—						(1)						(2)						3						5
North America						(1)						7						—						—						—						6						6
D&E Markets						(10)						11						—						(3)						(4)						(5)						2
Developed Markets						(6)						14						—						—						(5)						2						7

Percent Change in Operating Profit						Volume						Net Price						Input Costs						Cost Savings**(c)**						Currency Translation						Other**(d)**						Total
Three months ended						(7)						67						(12)						7						1						(44)						12
Six months ended						(9)						84						(34)						22						(1)						(36)						26

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

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

(c) Benefits of the FORCE program.

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

(e) Impact of the sale of Brazil tissue and K-C Professional business.

Net sales in the second quarter of $1.5 billion increased 1 percent, including organic sales growth of 4 percent driven by changes in net selling prices that increased sales by 8 percent, partially offset by decreased volume of 4 percent. Organic sales growth of 7 percent in North America led the increase with changes in net selling prices and higher volumes increasing sales by 6 percent and 2 percent, respectively. Successful revenue growth management and improving service levels contributed to the growth in net sales. Changes in foreign currency exchange rates decreased sales by 2 percent, and exited business decreased sales by 1 percent.

Second quarter operating profit of $200 increased 12 percent. Results benefited from higher net selling prices and cost savings, partially offset by higher other manufacturing costs, input cost inflation and higher marketing, research and general expenses.

K-C Professional

						Three Months Ended June 30												Six Months Ended June 30																		Three Months Ended June 30												Six Months Ended June 30
						2023						2022						2023						2022												2023						2022						2023						2022
Net Sales						$	887					$	802					$	1,734					$	1,582					Operating Profit						$	187					$	85					$	346					$	175

Percent Change in Net Sales Three Months Ended						Volume						Net Price						Mix/Other						Currency						Total**(a)**						Organic**(b)**
Total K-C Professional						(3)						14						2						(2)						11						13
North America						3						14						1						(1)						16						17
D&E Markets						(7)						10						2						(7)						(1)						6
Developed Markets						(14)						18						4						(3)						6						9

Percent Change in Net Sales Six Months Ended						Volume						Net Price						Mix/Other						Currency						Total**(a)**						Organic**(b)**
Total K-C Professional						(5)						15						1						(3)						10						12
North America						—						15						—						(1)						14						15
D&E Markets						(6)						10						2						(6)						—						6
Developed Markets						(15)						22						4						(5)						6						11

Percent Change in Operating Profit						Volume						Net Price						Input Costs						Cost Savings**(c)**						Currency Translation						Other**(d)**						Total
Three months ended						(20)						131						14						34						(6)						(33)						120
Six months ended						(14)						139						(9)						29						(5)						(42)						98

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

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

(c) Benefits of the FORCE program.

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

Second quarter net sales of $887 increased 11 percent, including organic sales growth of 13 percent, driven by changes in net selling prices and product mix of 14 percent and 2 percent, respectively, partially offset by decreased volume of 3 percent. The segment had organic sales growth across key categories and regions, led by North America which had increases in both net selling prices and volume. Changes in foreign currency exchange rates decreased sales by 2 percent.

Second quarter operating profit of $187 increased 120 percent. Results benefited from higher net selling prices and cost savings, partially offset by lower volumes, unfavorable currency effects and higher marketing, research and general expenses.

Liquidity and Capital Resources

Cash Provided by Operations

Cash provided by operations was $1,400 for the first six months of 2023 compared to $944 in the prior year. The increase was driven by the increase in operating profit, excluding the effect of non-cash charges, and improvements in working capital.

Investing

During the six months ended June 30, 2023, our capital spending was $389 compared to $470 in the prior year. We anticipate that full year capital spending will be $800 to $900. Proceeds from asset and business dispositions of $218 in the first six months of 2023 primarily reflected the sale of our Brazil tissue and K-C Professional business. Acquisition of business, net of cash acquired of $46 in the first six months of 2022 reflected the acquisition of a controlling interest of Thinx.

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 $67 as of June 30, 2023 (included in Debt payable within one year on the consolidated balance sheet). The average month-end balance of short-term debt for the second quarter of 2023 was $132. These short-term borrowings provide supplemental funding to support 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 June 30, 2023 and December 31, 2022, total debt was $8.1 billion and $8.4 billion, respectively.

In February 2023, we issued $350 aggregate principal amount of 4.50 percent notes due February 16, 2033. Proceeds from the offering were used for general corporate purposes including the repayment of a portion of our commercial paper indebtedness.

Our consolidated subsidiary, Thinx, has issued common securities to its third-party minority owner, who has certain redemption rights to sell those securities to us. During the six months ended June 30, 2023, Cash paid for redemption of common securities of Thinx of $48 was to acquire additional ownership of Thinx. See Item 1, Note 2 to the unaudited interim consolidated financial statements for details. If the remaining redemption right is exercised, it would require us to pay approximately $98 to $197 during a second exercise period of January 1, 2024 through June 30, 2026.

We maintain a $2.0 billion revolving credit facility which expires in June 2028 and a $750 revolving credit facility which expires in May 2024. 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 regulated the London Interbank Offered Rate (“LIBOR”), has completed its phase out of LIBOR as of June 30, 2023. The effect of the elimination of LIBOR was not material.

We repurchase shares of Kimberly-Clark common stock from time to time pursuant to publicly announced share repurchase programs. During the first six months of 2023, we repurchased 485 thousand shares of our common stock at a total cost of $65 through a broker in the open market. We are targeting full-year 2023 share repurchases of approximately $100 to $150, subject to market conditions.

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, 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, 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 and Turkey, 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 the war in Ukraine (including the related responses of consumers, customers, and suppliers and sanctions issued by the U.S., the European Union, Russia or other countries), 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, disruptions in the capital and credit markets, counterparty defaults (including customers, suppliers and financial institutions with which we do business), failure to realize the expected benefits or synergies from our acquisition and disposition activity, impairment of goodwill and intangible assets and our projections of operating results and other factors that may affect our impairment testing, changes in customer preferences, severe weather conditions, 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, could affect the realization of these estimates.

The factors described under Item 1A, "Risk Factors" in our Form 10-K, or in our other SEC filings, among others, could cause our future results to differ from those expressed in any forward-looking statements made by us or on our behalf. Other factors not presently known to us or that we presently consider immaterial could also affect our business operations and financial results.