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Three Months Ended | Nine Months Ended | ||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||||||||||
Operating losses from Clorox Venezuela before income taxes | $ | — | $ | — | $ | — | $ | — | |||||||
Exit costs and other related expenses for Clorox Venezuela | (1 | ) | (1 | ) | (2 | ) | (2 | ) | |||||||
Total earnings (losses) from Clorox Venezuela before income taxes | (1 | ) | (1 | ) | (2 | ) | (2 | ) | |||||||
Income tax benefit attributable to Clorox Venezuela | 1 | 2 | 1 | 2 | |||||||||||
Total earnings (losses) from Clorox Venezuela, net of tax | — | 1 | (1 | ) | — | ||||||||||
Gains (losses) from discontinued operations other than Clorox Venezuela, net of tax | — | 2 | — | — | |||||||||||
Earnings (losses) from discontinued operations, net of tax | $ | — | $ | 3 | $ | (1 | ) | $ | — |
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RenewLife | |||
Goodwill | $ | 137 | |
Trademarks | 134 | ||
Customer relationships | 36 | ||
Property, plant and equipment | 3 | ||
Working capital, net | 40 | ||
Deferred income taxes | (60 | ) | |
Purchase Price | $ | 290 |
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3/31/2017 | 6/30/2016 | ||||||
Finished goods | $ | 425 | $ | 361 | |||
Raw materials and packaging | 108 | 111 | |||||
Work in process | 3 | 3 | |||||
LIFO allowances | (26 | ) | (32 | ) | |||
Total | $ | 510 | $ | 443 |
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Gains (losses) recognized in Other comprehensive income | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||||||||||
Commodity purchase derivative contracts | $ | (3 | ) | $ | 3 | $ | (2 | ) | $ | (4 | ) | ||||
Interest rate derivative contracts | — | — | — | — | |||||||||||
Foreign exchange derivative contracts | (1 | ) | (9 | ) | — | (4 | ) | ||||||||
Total | $ | (4 | ) | $ | (6 | ) | $ | (2 | ) | $ | (8 | ) |
Gains (losses) reclassified from Accumulated other comprehensive loss and recognized in Net earnings | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||||||||||
Commodity purchase derivative contracts | $ | — | $ | (4 | ) | $ | (1 | ) | $ | (9 | ) | ||||
Interest rate derivative contracts | (2 | ) | (2 | ) | (5 | ) | (5 | ) | |||||||
Foreign exchange derivative contracts | — | 1 | (3 | ) | 1 | ||||||||||
Total | $ | (2 | ) | $ | (5 | ) | $ | (9 | ) | $ | (13 | ) |
3/31/2017 | 6/30/2016 | ||||||||||||||||||
Balance sheet classification | Fair value hierarchy level | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||
Assets | |||||||||||||||||||
Investments including money market funds | Cash and cash equivalents (a) | 1 | $ | 196 | $ | 196 | $ | 234 | $ | 234 | |||||||||
Time deposits | Cash and cash equivalents (a) | 2 | 132 | 132 | 79 | 79 | |||||||||||||
Commodity purchase futures contracts | Other current assets | 1 | — | — | 1 | 1 | |||||||||||||
Commodity purchase swaps contracts | Other current assets | 2 | 1 | 1 | — | — | |||||||||||||
Foreign exchange forward contracts | Other current assets | 2 | — | — | 1 | 1 | |||||||||||||
Commodity purchase swaps contracts | Other assets | 2 | — | — | 1 | 1 | |||||||||||||
Trust assets for nonqualified deferred compensation plans | Other assets | 1 | 69 | 69 | 52 | 52 | |||||||||||||
$ | 398 | $ | 398 | $ | 368 | $ | 368 | ||||||||||||
Liabilities | |||||||||||||||||||
Notes and loans payable | Notes and loans payable (b) | 2 | $ | 650 | $ | 650 | $ | 523 | $ | 523 | |||||||||
Commodity purchase futures contracts | Accounts payable and accrued liabilities | 1 | 1 | 1 | — | — | |||||||||||||
Commodity purchase swaps contracts | Accounts payable and accrued liabilities | 2 | — | — | 1 | 1 | |||||||||||||
Foreign exchange forward contracts | Accounts payable and accrued liabilities | 2 | 1 | 1 | 4 | 4 | |||||||||||||
Current maturities of long-term debt and Long-term debt | Current maturities of long- term debt and Long-term debt (c) | 2 | 1,790 | 1,854 | 1,789 | 1,922 | |||||||||||||
$ | 2,442 | $ | 2,506 | $ | 2,317 | $ | 2,450 |
(a) | Cash and cash equivalents are composed of time deposits and other interest bearing investments including money market funds with original maturity dates of 90 days or less. Cash and cash equivalents are recorded at cost, which approximates fair value. |
(b) | Notes and loans payable is composed of U.S. commercial paper and/or other similar short-term debts issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value. |
(c) | Current maturities of long-term debt and Long-term debt are recorded at cost. The fair value of Long-term debt, including current maturities, is determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2. |
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Three Months Ended | Nine Months Ended | ||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||
Basic | 128,752 | 129,690 | 128,899 | 129,463 | |||
Dilutive effect of stock options and other | 2,610 | 1,957 | 2,500 | 2,189 | |||
Diluted | 131,362 | 131,647 | 131,399 | 131,652 | |||
Antidilutive stock options and other | 5 | 14 | 44 | 40 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||||||||||||||||||||||
Amount | Shares (in 000's) | Amount | Shares (in 000's) | Amount | Shares (in 000's) | Amount | Shares (in 000's) | ||||||||||||||||||||
Open-market purchase programs | $ | — | — | $ | — | — | $ | — | — | $ | — | — | |||||||||||||||
Evergreen Program | — | — | 74 | 595 | 183 | 1,455 | 218 | 1,863 | |||||||||||||||||||
Total | $ | — | — | $ | 74 | 595 | $ | 183 | 1,455 | $ | 218 | 1,863 |
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Three Months Ended | Nine Months Ended | ||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||||||||||
Earnings from continuing operations | $ | 172 | $ | 159 | $ | 501 | $ | 483 | |||||||
Earnings (losses) from discontinued operations, net of tax | — | 3 | (1 | ) | — | ||||||||||
Net earnings | 172 | 162 | 500 | 483 | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Foreign currency translation adjustments | 13 | 20 | (5 | ) | (47 | ) | |||||||||
Net unrealized gains (losses) on derivatives | — | (1 | ) | 7 | 4 | ||||||||||
Pension and postretirement benefit adjustments | 1 | — | 3 | 3 | |||||||||||
Total other comprehensive income (loss), net of tax | 14 | 19 | 5 | (40 | ) | ||||||||||
Comprehensive income | $ | 186 | $ | 181 | $ | 505 | $ | 443 |
Foreign currency translation adjustments | Net unrealized gains (losses) on derivatives | Pension and postretirement benefit adjustments | Accumulated other comprehensive (losses) income | ||||||||||||
Balance as of June 30, 2015 | $ | (300 | ) | $ | (53 | ) | $ | (149 | ) | $ | (502 | ) | |||
Other comprehensive income (loss) before reclassifications | (40 | ) | (8 | ) | — | (48 | ) | ||||||||
Amounts reclassified from Accumulated other comprehensive net losses | — | 13 | 4 | 17 | |||||||||||
Income tax benefit (expense) | (7 | ) | (1 | ) | (1 | ) | (9 | ) | |||||||
Net current period other comprehensive income (loss) | (47 | ) | 4 | 3 | (40 | ) | |||||||||
Balance as of March 31, 2016 | $ | (347 | ) | $ | (49 | ) | $ | (146 | ) | $ | (542 | ) | |||
Balance as of June 30, 2016 | $ | (353 | ) | $ | (44 | ) | $ | (173 | ) | $ | (570 | ) | |||
Other comprehensive income (loss) before reclassifications | (6 | ) | (2 | ) | — | (8 | ) | ||||||||
Amounts reclassified from Accumulated other comprehensive net losses | — | 9 | 6 | 15 | |||||||||||
Income tax benefit (expense) | 1 | — | (3 | ) | (2 | ) | |||||||||
Net current period other comprehensive income (loss) | (5 | ) | 7 | 3 | 5 | ||||||||||
Balance as of March 31, 2017 | $ | (358 | ) | $ | (37 | ) | $ | (170 | ) | $ | (565 | ) |
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Three Months Ended | Nine Months Ended | ||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 1 | $ | 1 | |||||||
Interest cost | 5 | 6 | 16 | 19 | |||||||||||
Expected return on plan assets | (5 | ) | (4 | ) | (15 | ) | (13 | ) | |||||||
Amortization of unrecognized items | 2 | 2 | 8 | 7 | |||||||||||
Total | $ | 3 | $ | 5 | $ | 10 | $ | 14 |
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Net sales | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | |||||||||||||
Cleaning | $ | 497 | $ | 465 | $ | 1,500 | $ | 1,419 | ||||||||
Household | 486 | 467 | 1,329 | 1,253 | ||||||||||||
Lifestyle | 246 | 254 | 742 | 736 | ||||||||||||
International | 248 | 240 | 755 | 753 | ||||||||||||
Corporate | — | — | — | — | ||||||||||||
Total | $ | 1,477 | $ | 1,426 | $ | 4,326 | $ | 4,161 | ||||||||
Earnings (losses) from continuing operations before income taxes | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | |||||||||||||
Cleaning | $ | 132 | $ | 122 | $ | 400 | $ | 394 | ||||||||
Household | 106 | 113 | 246 | 262 | ||||||||||||
Lifestyle | 51 | 70 | 190 | 201 | ||||||||||||
International | 20 | 11 | 75 | 65 | ||||||||||||
Corporate | (62 | ) | (79 | ) | (173 | ) | (191 | ) | ||||||||
Total | $ | 247 | $ | 237 | $ | 738 | $ | 731 |
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Three Months Ended | Nine Months Ended | ||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||||||||||
Operating losses from Clorox Venezuela before income taxes | $ | — | $ | — | $ | — | $ | — | |||||||
Exit costs and other related expenses for Clorox Venezuela | (1 | ) | (1 | ) | (2 | ) | (2 | ) | |||||||
Total earnings (losses) from Clorox Venezuela before income taxes | (1 | ) | (1 | ) | (2 | ) | (2 | ) | |||||||
Income tax benefit attributable to Clorox Venezuela | 1 | 2 | 1 | 2 | |||||||||||
Total earnings (losses) from Clorox Venezuela, net of tax | — | 1 | (1 | ) | — | ||||||||||
Gains (losses) from discontinued operations other than Clorox Venezuela, net of tax | — | 2 | — | — | |||||||||||
Earnings (losses) from discontinued operations, net of tax | $ | — | $ | 3 | $ | (1 | ) | $ | — |
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RenewLife | |||
Goodwill | $ | 137 | |
Trademarks | 134 | ||
Customer relationships | 36 | ||
Property, plant and equipment | 3 | ||
Working capital, net | 40 | ||
Deferred income taxes | (60 | ) | |
Purchase Price | $ | 290 |
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3/31/2017 | 6/30/2016 | ||||||
Finished goods | $ | 425 | $ | 361 | |||
Raw materials and packaging | 108 | 111 | |||||
Work in process | 3 | 3 | |||||
LIFO allowances | (26 | ) | (32 | ) | |||
Total | $ | 510 | $ | 443 |
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Gains (losses) recognized in Other comprehensive income | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||||||||||
Commodity purchase derivative contracts | $ | (3 | ) | $ | 3 | $ | (2 | ) | $ | (4 | ) | ||||
Interest rate derivative contracts | — | — | — | — | |||||||||||
Foreign exchange derivative contracts | (1 | ) | (9 | ) | — | (4 | ) | ||||||||
Total | $ | (4 | ) | $ | (6 | ) | $ | (2 | ) | $ | (8 | ) |
Gains (losses) reclassified from Accumulated other comprehensive loss and recognized in Net earnings | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||||||||||
Commodity purchase derivative contracts | $ | — | $ | (4 | ) | $ | (1 | ) | $ | (9 | ) | ||||
Interest rate derivative contracts | (2 | ) | (2 | ) | (5 | ) | (5 | ) | |||||||
Foreign exchange derivative contracts | — | 1 | (3 | ) | 1 | ||||||||||
Total | $ | (2 | ) | $ | (5 | ) | $ | (9 | ) | $ | (13 | ) |
3/31/2017 | 6/30/2016 | ||||||||||||||||||
Balance sheet classification | Fair value hierarchy level | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||
Assets | |||||||||||||||||||
Investments including money market funds | Cash and cash equivalents (a) | 1 | $ | 196 | $ | 196 | $ | 234 | $ | 234 | |||||||||
Time deposits | Cash and cash equivalents (a) | 2 | 132 | 132 | 79 | 79 | |||||||||||||
Commodity purchase futures contracts | Other current assets | 1 | — | — | 1 | 1 | |||||||||||||
Commodity purchase swaps contracts | Other current assets | 2 | 1 | 1 | — | — | |||||||||||||
Foreign exchange forward contracts | Other current assets | 2 | — | — | 1 | 1 | |||||||||||||
Commodity purchase swaps contracts | Other assets | 2 | — | — | 1 | 1 | |||||||||||||
Trust assets for nonqualified deferred compensation plans | Other assets | 1 | 69 | 69 | 52 | 52 | |||||||||||||
$ | 398 | $ | 398 | $ | 368 | $ | 368 | ||||||||||||
Liabilities | |||||||||||||||||||
Notes and loans payable | Notes and loans payable (b) | 2 | $ | 650 | $ | 650 | $ | 523 | $ | 523 | |||||||||
Commodity purchase futures contracts | Accounts payable and accrued liabilities | 1 | 1 | 1 | — | — | |||||||||||||
Commodity purchase swaps contracts | Accounts payable and accrued liabilities | 2 | — | — | 1 | 1 | |||||||||||||
Foreign exchange forward contracts | Accounts payable and accrued liabilities | 2 | 1 | 1 | 4 | 4 | |||||||||||||
Current maturities of long-term debt and Long-term debt | Current maturities of long- term debt and Long-term debt (c) | 2 | 1,790 | 1,854 | 1,789 | 1,922 | |||||||||||||
$ | 2,442 | $ | 2,506 | $ | 2,317 | $ | 2,450 |
(a) | Cash and cash equivalents are composed of time deposits and other interest bearing investments including money market funds with original maturity dates of 90 days or less. Cash and cash equivalents are recorded at cost, which approximates fair value. |
(b) | Notes and loans payable is composed of U.S. commercial paper and/or other similar short-term debts issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value. |
(c) | Current maturities of long-term debt and Long-term debt are recorded at cost. The fair value of Long-term debt, including current maturities, is determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2. |
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Three Months Ended | Nine Months Ended | ||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||
Basic | 128,752 | 129,690 | 128,899 | 129,463 | |||
Dilutive effect of stock options and other | 2,610 | 1,957 | 2,500 | 2,189 | |||
Diluted | 131,362 | 131,647 | 131,399 | 131,652 | |||
Antidilutive stock options and other | 5 | 14 | 44 | 40 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||||||||||||||||||||||
Amount | Shares (in 000's) | Amount | Shares (in 000's) | Amount | Shares (in 000's) | Amount | Shares (in 000's) | ||||||||||||||||||||
Open-market purchase programs | $ | — | — | $ | — | — | $ | — | — | $ | — | — | |||||||||||||||
Evergreen Program | — | — | 74 | 595 | 183 | 1,455 | 218 | 1,863 | |||||||||||||||||||
Total | $ | — | — | $ | 74 | 595 | $ | 183 | 1,455 | $ | 218 | 1,863 |
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Three Months Ended | Nine Months Ended | ||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||||||||||
Earnings from continuing operations | $ | 172 | $ | 159 | $ | 501 | $ | 483 | |||||||
Earnings (losses) from discontinued operations, net of tax | — | 3 | (1 | ) | — | ||||||||||
Net earnings | 172 | 162 | 500 | 483 | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Foreign currency translation adjustments | 13 | 20 | (5 | ) | (47 | ) | |||||||||
Net unrealized gains (losses) on derivatives | — | (1 | ) | 7 | 4 | ||||||||||
Pension and postretirement benefit adjustments | 1 | — | 3 | 3 | |||||||||||
Total other comprehensive income (loss), net of tax | 14 | 19 | 5 | (40 | ) | ||||||||||
Comprehensive income | $ | 186 | $ | 181 | $ | 505 | $ | 443 |
Foreign currency translation adjustments | Net unrealized gains (losses) on derivatives | Pension and postretirement benefit adjustments | Accumulated other comprehensive (losses) income | ||||||||||||
Balance as of June 30, 2015 | $ | (300 | ) | $ | (53 | ) | $ | (149 | ) | $ | (502 | ) | |||
Other comprehensive income (loss) before reclassifications | (40 | ) | (8 | ) | — | (48 | ) | ||||||||
Amounts reclassified from Accumulated other comprehensive net losses | — | 13 | 4 | 17 | |||||||||||
Income tax benefit (expense) | (7 | ) | (1 | ) | (1 | ) | (9 | ) | |||||||
Net current period other comprehensive income (loss) | (47 | ) | 4 | 3 | (40 | ) | |||||||||
Balance as of March 31, 2016 | $ | (347 | ) | $ | (49 | ) | $ | (146 | ) | $ | (542 | ) | |||
Balance as of June 30, 2016 | $ | (353 | ) | $ | (44 | ) | $ | (173 | ) | $ | (570 | ) | |||
Other comprehensive income (loss) before reclassifications | (6 | ) | (2 | ) | — | (8 | ) | ||||||||
Amounts reclassified from Accumulated other comprehensive net losses | — | 9 | 6 | 15 | |||||||||||
Income tax benefit (expense) | 1 | — | (3 | ) | (2 | ) | |||||||||
Net current period other comprehensive income (loss) | (5 | ) | 7 | 3 | 5 | ||||||||||
Balance as of March 31, 2017 | $ | (358 | ) | $ | (37 | ) | $ | (170 | ) | $ | (565 | ) |
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Three Months Ended | Nine Months Ended | ||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | ||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 1 | $ | 1 | |||||||
Interest cost | 5 | 6 | 16 | 19 | |||||||||||
Expected return on plan assets | (5 | ) | (4 | ) | (15 | ) | (13 | ) | |||||||
Amortization of unrecognized items | 2 | 2 | 8 | 7 | |||||||||||
Total | $ | 3 | $ | 5 | $ | 10 | $ | 14 |
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Net sales | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | |||||||||||||
Cleaning | $ | 497 | $ | 465 | $ | 1,500 | $ | 1,419 | ||||||||
Household | 486 | 467 | 1,329 | 1,253 | ||||||||||||
Lifestyle | 246 | 254 | 742 | 736 | ||||||||||||
International | 248 | 240 | 755 | 753 | ||||||||||||
Corporate | — | — | — | — | ||||||||||||
Total | $ | 1,477 | $ | 1,426 | $ | 4,326 | $ | 4,161 | ||||||||
Earnings (losses) from continuing operations before income taxes | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
3/31/2017 | 3/31/2016 | 3/31/2017 | 3/31/2016 | |||||||||||||
Cleaning | $ | 132 | $ | 122 | $ | 400 | $ | 394 | ||||||||
Household | 106 | 113 | 246 | 262 | ||||||||||||
Lifestyle | 51 | 70 | 190 | 201 | ||||||||||||
International | 20 | 11 | 75 | 65 | ||||||||||||
Corporate | (62 | ) | (79 | ) | (173 | ) | (191 | ) | ||||||||
Total | $ | 247 | $ | 237 | $ | 738 | $ | 731 |
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