Company Quick10K Filing
Clorox
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 130 $20,145
10-Q 2020-02-04 Quarter: 2019-12-31
10-Q 2019-10-31 Quarter: 2019-09-30
10-K 2019-08-14 Annual: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-Q 2019-02-04 Quarter: 2018-12-31
10-Q 2018-10-31 Quarter: 2018-09-30
10-K 2018-08-14 Annual: 2018-06-30
10-Q 2018-05-02 Quarter: 2018-03-31
10-Q 2018-02-02 Quarter: 2017-12-31
10-Q 2017-11-01 Quarter: 2017-09-30
10-K 2017-08-15 Annual: 2017-06-30
10-Q 2017-05-03 Quarter: 2017-03-31
10-Q 2017-02-03 Quarter: 2016-12-31
10-Q 2016-11-02 Quarter: 2016-09-30
10-K 2016-08-16 Annual: 2016-06-30
10-Q 2016-05-03 Quarter: 2016-03-31
10-Q 2016-02-04 Quarter: 2015-12-31
10-Q 2015-11-02 Quarter: 2015-09-30
10-K 2015-08-21 Annual: 2015-06-30
10-Q 2015-05-04 Quarter: 2015-03-31
10-Q 2015-02-05 Quarter: 2014-12-31
10-Q 2014-11-03 Quarter: 2014-09-30
10-K 2014-08-25 Annual: 2014-06-30
10-Q 2014-05-02 Quarter: 2014-03-31
10-Q 2014-02-05 Quarter: 2013-12-31
10-Q 2013-11-01 Quarter: 2013-09-30
10-K 2013-08-23 Annual: 2013-06-30
10-Q 2013-02-05 Quarter: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-K 2012-08-24 Annual: 2012-06-30
10-Q 2012-05-03 Quarter: 2012-03-31
10-Q 2012-02-06 Quarter: 2011-12-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-K 2011-08-26 Annual: 2011-06-30
10-Q 2011-05-04 Quarter: 2011-03-31
10-Q 2011-02-07 Quarter: 2010-12-31
10-Q 2010-11-03 Quarter: 2010-09-30
10-K 2010-08-26 Annual: 2010-06-30
10-Q 2010-05-04 Quarter: 2010-03-31
10-Q 2010-02-05 Quarter: 2009-12-31
8-K 2020-02-11 Officers, Exhibits
8-K 2020-02-04 Earnings, Regulation FD, Exhibits
8-K 2019-11-20 Shareholder Vote
8-K 2019-11-15 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-11-13 Regulation FD, Exhibits
8-K 2019-10-31 Earnings, Regulation FD, Exhibits
8-K 2019-10-02 Regulation FD, Exhibits
8-K 2019-08-01 Earnings, Regulation FD, Exhibits
8-K 2019-05-01 Earnings, Regulation FD, Exhibits
8-K 2019-02-04 Earnings, Regulation FD, Exhibits
8-K 2018-12-04 Officers, Exhibits
8-K 2018-11-14 Shareholder Vote
8-K 2018-10-31 Earnings, Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Regulation FD, Exhibits
8-K 2018-07-23 Officers, Exhibits
8-K 2018-05-23 Other Events, Exhibits
8-K 2018-05-07 Other Events, Exhibits
8-K 2018-05-02 Earnings, Regulation FD, Exhibits
8-K 2018-04-02 M&A
8-K 2018-03-28 Officers
8-K 2018-03-12 Other Events, Exhibits
8-K 2018-02-02 Earnings, Regulation FD, Exhibits
8-K 2018-01-17 Officers, Exhibits
CLX 2019-12-31
Part I - Financial Information
Item 1. Financial Statements
Note 1. Summary of Significant Accounting Policies
Note 2. Inventories, Net
Note 3. Leases and Other Commitments
Note 4. Financial Instruments and Fair Value Measurements
Note 5. Debt
Note 6. Income Taxes
Note 7. Net Earnings per Share (Eps)
Note 8. Comprehensive Income
Note 9. Stockholders' Equity
Note 10. Employee Benefit Plans
Note 11. Other Contingencies and Guarantees
Note 12. Segment Results
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1.A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 clxq2fy20exhibit311.htm
EX-31.2 clxq2fy20exhibit312.htm
EX-32 clxq2fy20exhibit32.htm

Clorox Earnings 2019-12-31

CLX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CLX 20,145 5,116 4,557 6,214 2,728 820 1,301 22,319 44% 17.2 16%
WST 9,166 2,123 678 1,767 574 229 292 9,042 32% 31.0 11%
CSL 8,149 5,397 2,814 4,645 1,276 420 713 9,741 27% 13.7 8%
ASH 4,925 7,925 4,708 2,840 838 104 428 7,230 30% 16.9 1%
TLRY 4,507 1,024 664 95 24 -115 -108 4,322 25% -40.2 -11%
UNVR 3,689 7,131 5,357 8,876 0 3 347 6,715 0% 19.3 0%
USNA 1,813 532 148 1,125 931 109 175 1,579 83% 9.0 20%
RAVN 1,244 377 43 389 124 38 44 1,175 32% 26.8 10%
NXEO 757 2,179 1,360 4,040 452 19 169 1,533 11% 9.1 1%
IPHS 552 870 531 766 138 29 64 850 18% 13.4 3%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2019.
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to
Commission File Number: 1-07151
_________________________
THE CLOROX COMPANY
(Exact name of registrant as specified in its charter) 
Delaware
31-0595760
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
incorporation or organization)
 
1221 Broadway, Oakland, California, 94612-1888
(Address of principal executive offices) (Zip code)
(510) 271-7000
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
___________________
Securities registered pursuant to Section 12(b) of the Act
 
 
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock-$1.00 par value
CLX
New York Stock Exchange
 
 
 
Securities registered pursuant to Section 12(g) of the Act: None
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller Reporting Company
Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
 
As of January 21, 2020, there were 125,099,598 shares outstanding of the registrant’s common stock ($1.00 par value).
 




PART I – FINANCIAL INFORMATION

Item 1. Financial Statements
The Clorox Company
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited)
(Dollars in millions, except share and per share data)
 
 
Three Months Ended
 
Six Months Ended
 
 
12/31/2019
 
12/31/2018
 
12/31/2019
 
12/31/2018
Net sales
 
$
1,449

 
$
1,473

 
$
2,955

 
$
3,036

Cost of products sold
 
 
810

 
 
830

 
 
1,653

 
 
1,715

Gross profit
 
 
639

 
 
643

 
 
1,302

 
 
1,321

Selling and administrative expenses
 
 
210

 
 
211

 
 
421

 
 
423

Advertising costs
 
 
140

 
 
145

 
 
277

 
 
284

Research and development costs
 
 
34

 
 
32

 
 
64

 
 
64

Interest expense
 
 
25

 
 
24

 
 
50

 
 
48

Other (income) expense, net
 
 
(5
)
 
 
7

 
 
(3
)
 
 
10

Earnings before income taxes
 
 
235

 
 
224

 
 
493

 
 
492

Income taxes
 
 
50

 
 
42

 
 
105

 
 
100

Net earnings
 
$
185

 
$
182

 
$
388

 
$
392

Net earnings per share
 
 
 
 
 
 
 
 
 
 
 
 
Basic net earnings per share
 
$
1.48

 
$
1.42

 
$
3.09

 
$
3.07

Diluted net earnings per share
 
$
1.46

 
$
1.40

 
$
3.05

 
$
3.02

Weighted average shares outstanding (in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
125,440

 
 
128,068

 
 
125,632

 
 
127,955

Diluted
 
 
126,879

 
 
130,094

 
 
127,198

 
 
130,107

 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
199

 
$
152

 
$
389

 
$
362


See Notes to Condensed Consolidated Financial Statements (Unaudited)

2



The Clorox Company
Condensed Consolidated Balance Sheets
(Dollars in millions, except share and per share data)
 
12/31/2019
 
6/30/2019
 
(Unaudited)
 
 
 
ASSETS
 
 
 
 
 
Current assets
 
 
 
 
 
Cash and cash equivalents
$
168

 
$
111

Receivables, net
 
544

 
 
631

Inventories, net
 
514

 
 
512

Prepaid expenses and other current assets
 
77

 
 
51

Total current assets
 
1,303

 
 
1,305

Property, plant and equipment, net of accumulated depreciation and amortization
        of $2,185 and $2,150, respectively
 
1,052

 
 
1,034

Operating lease right-of-use assets
 
303

 
 

Goodwill
 
1,588

 
 
1,591

Trademarks, net
 
790

 
 
791

Other intangible assets, net
 
115

 
 
121

Other assets
 
308

 
 
274

Total assets
$
5,459

 
$
5,116

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
Current liabilities
 
 
 
 
 
Notes and loans payable
$
507

 
$
396

Current operating lease liabilities
 
61

 
 

Accounts payable and accrued liabilities
 
945

 
 
1,035

Income taxes payable
 

 
 
9

Total current liabilities
 
1,513

 
 
1,440

Long-term debt
 
2,288

 
 
2,287

Long-term operating lease liabilities
 
282

 
 

Other liabilities
 
745

 
 
780

Deferred income taxes
 
76

 
 
50

Total liabilities
 
4,904

 
 
4,557

Commitments and contingencies
 


 
 


Stockholders’ equity
 
 
 
 
 
Preferred stock: $1.00 par value; 5,000,000 shares authorized; none
issued or outstanding
 

 
 

Common stock: $1.00 par value; 750,000,000 shares authorized; 158,741,461 shares
issued as of December 31, 2019 and June 30, 2019; and 125,024,628 and 125,686,325 shares outstanding as of December 31, 2019 and June 30, 2019, respectively
 
159

 
 
159

Additional paid-in capital
 
1,062

 
 
1,046

Retained earnings
 
3,292

 
 
3,150

Treasury shares, at cost: 33,716,833 and 33,055,136 shares as of December 31, 2019
        and June 30, 2019, respectively
 
(3,357
)
 
 
(3,194
)
Accumulated other comprehensive net (loss) income
 
(601
)
 
 
(602
)
Stockholders’ equity
 
555

 
 
559

Total liabilities and stockholders’ equity
$
5,459

 
$
5,116


See Notes to Condensed Consolidated Financial Statements (Unaudited)

3



The Clorox Company
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Dollars in millions)
 
Six Months Ended
 
12/31/2019
 
12/31/2018
Operating activities:
 
 
 
 
 
Net earnings
$
388

 
$
392

Adjustments to reconcile net earnings to net cash provided by operations:
 
 
 
 
 
Depreciation and amortization
 
88

 
 
88

Stock-based compensation
 
19

 
 
18

Deferred income taxes
 
12

 
 
2

Other
 
21

 
 
25

Changes in:
 
 
 
 
 
Receivables, net
 
86

 
 
68

Inventories, net
 
(3
)
 
 
(74
)
Prepaid expenses and other current assets
 
(9
)
 
 
(15
)
Accounts payable and accrued liabilities
 
(80
)
 
 
(43
)
Operating lease right-of-use assets and liabilities, net
 
7

 
 

Income taxes payable
 
(31
)
 
 
(12
)
Net cash provided by operations
 
498

 
 
449

Investing activities:
 
 
 
 
 
Capital expenditures
 
(111
)
 
 
(86
)
Other
 
13

 
 
9

Net cash used for investing activities
 
(98
)
 
 
(77
)
Financing activities:
 
 
 
 
 
Notes and loans payable, net
 
106

 
 
33

Treasury stock purchased
 
(195
)
 
 
(243
)
Cash dividends paid
 
(266
)
 
 
(245
)
Issuance of common stock for employee stock plans and other
 
17

 
 
117

Net cash used for financing activities
 
(338
)
 
 
(338
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
 
(1
)
 
 
(3
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
 
61

 
 
31

Cash, cash equivalents, and restricted cash:
 
 
 
 
 
Beginning of period
 
113

 
 
134

End of period
$
174

 
$
165




See Notes to Condensed Consolidated Financial Statements (Unaudited)

4



The Clorox Company
Notes to Condensed Consolidated Financial Statements (Unaudited)
(Dollars in millions, except share and per share data)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The unaudited interim condensed consolidated financial statements for the three and six months ended December 31, 2019 and 2018, in the opinion of management, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the consolidated results of operations, financial position and cash flows of The Clorox Company and its subsidiaries (the Company) for the periods presented. However, the financial results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been omitted or condensed pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). The information in this report should be read in conjunction with the Company’s Annual Report on Form 10-K filed with the SEC for the fiscal year ended June 30, 2019, which includes a complete set of footnote disclosures, including the Company’s significant accounting policies.

Leases

Effective July 1, 2019, the Company adopted Accounting Standards Codification 842, Leases (ASC 842). Under this guidance, the Company determines whether an arrangement contains a lease at inception by determining if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration and other facts and circumstances. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are calculated based on the lease liability adjusted for any lease payments paid to the lessor at or before the commencement date and initial direct costs incurred by the Company and excludes any lease incentives received from the lessor. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option as of the commencement date of the lease, and is reviewed in subsequent periods if a triggering event occurs. As the Company’s leases typically do not contain a readily determinable implicit rate, the Company determines the present value of the lease liability using its incremental borrowing rate at the lease commencement date based on the lease term and the currency of the lease on a collateralized basis. Variable lease payments are the portion of lease payments that are not fixed over the lease term. Variable lease payments are expensed as incurred, and include certain non-lease components, such as maintenance and other services provided by the lessor, and other charges included in the lease, as applicable. The Company elected to combine lease and non-lease components as a single lease component and to exclude short-term leases, defined as leases with initial terms of 12 months or less, from its condensed consolidated balance sheet.



5

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Recently Issued Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application.  The standard will be effective for the Company beginning in the first quarter of fiscal year 2022, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2021, with early adoption permitted. The Company intends to adopt the standard no later than July 1, 2020. The impact of the new standard will be dependent on the specific facts and circumstances of future individual impairments, if any.

Recently Adopted Accounting Standards

In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which amends the hedge accounting recognition and presentation requirements to better align an entity’s risk management activities with its financial reporting. This standard also simplifies the application of hedge accounting in certain situations. The Company adopted this new guidance in the first quarter of fiscal year 2020 and the adoption did not have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize a ROU asset and a lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation will depend on the classification of a lease as either a finance or an operating lease. ASU 2016-02 also requires expanded disclosures about leasing arrangements. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842), Targeted Improvements,” which provides an optional transition method in applying the new lease standard. Topic 842 can be applied using either a modified retrospective approach at the beginning of the earliest period presented, or, as permitted by ASU 2018-11, at the beginning of the period in which it is adopted. The Company adopted the new standard in the first quarter of fiscal year 2020, on a modified retrospective basis using the optional transition method, and, accordingly, has not restated comparative periods; fiscal year 2019 balances and related disclosures supporting those comparative period balances continue to be presented under ASC 840, “Leases.” As allowed under the new standard, the Company elected to apply the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. Upon adoption, the Company recorded a cumulative effect adjustment to the opening balance of Retained earnings of $22 related primarily to the remaining deferred gain from the sale-leaseback of the Company’s general office building in Oakland, California. This new standard did not have a material impact on the Company’s condensed consolidated statement of earnings or the condensed consolidated statement of cash flows. Refer to Note 3 for more information.

NOTE 2. INVENTORIES, NET
Inventories, net, consisted of the following as of:
 
12/31/2019
 
6/30/2019
Finished goods
$
415

 
$
411

Raw materials and packaging
127

 
125

Work in process
7

 
6

LIFO allowances
(35
)
 
(30
)
Total
$
514

 
$
512




6



NOTE 3. LEASES AND OTHER COMMITMENTS

The Company leases various property, plant and equipment, including office, warehousing, manufacturing and research and development facilities and equipment. These leases have remaining lease terms of up to 11 years, inclusive of renewal or termination options that the Company is reasonably certain to exercise. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Supplemental balance sheet information related to the Company’s leases was as follows:
 
Balance sheet classification
12/31/2019
Operating leases
 
 
Right-of-use assets
Operating lease right-of-use assets
$
303

Current lease liabilities
Current operating lease liabilities
61

Non-current lease liabilities
Long-term operating lease liabilities
282

Total operating lease liabilities
 
$
343

 
 
 
Finance leases
 
 
Right-of-use assets
Other assets
$
14

Current lease liabilities
Accounts payable and accrued liabilities
2

Non-current lease liabilities
Other liabilities
12

Total finance lease liabilities
 
$
14



Components of lease cost were as follows:
 
Three Months Ended
 
Six Months Ended
 
12/31/2019
 
12/31/2019
Operating lease cost
$
19

 
37

Finance lease cost:
 
 
 
Amortization of right-of-use assets
1

 
2

Interest on lease liabilities

 

Total finance lease cost
$
1

 
2

Variable lease cost
$
10

 
20

Short term lease cost
1

 
1



7

NOTE 3. LEASES AND OTHER COMMITMENTS (Continued)

Supplemental cash flow information and non-cash activity related to the Company’s leases were as follows:
 
Six Months Ended
 
12/31/2019
Cash paid for amounts included in the measurement of lease liabilities:
 
Operating cash flows from operating leases, net
$
29

Operating cash flows from finance leases

Financing cash flows from finance leases
1

Right-of-use assets obtained in exchange for lease obligations:
 
Operating leases
$
16

Finance leases
7



Weighted-average remaining lease term and discount rate for the Company’s leases were as follows:
 
12/31/2019
Weighted-average remaining lease term:
 
Operating leases
8 years

Finance leases
8 years

Weighted-average discount rate:
 
Operating leases
2.6
%
Finance leases
3.3
%


Maturities of lease liabilities by fiscal year for the Company’s leases as of December 31, 2019 were as follows:
Year
Operating leases
 
Finance leases
2020
$
22

 
$
1

2021
67

 
2

2022
52

 
2

2023
45

 
2

2024
40

 
2

Thereafter
156

 
7

Total lease payments
$
382

 
$
16

Less: Imputed interest
(39
)
 
(2
)
Total lease liabilities
$
343

 
$
14



The future minimum annual lease payments required under the Company’s existing non-cancelable operating and capital lease agreements as of June 30, 2019 prior to the adoption of ASC 842 were as follows:
Year
Operating leases
 
Capital leases
2020
$
71

 
$
2

2021
65

 
2

2022
50

 
1

2023
42

 
1

2024
37

 
1

Thereafter
124

 
2

Total lease payments
$
389

 
$
9





8



NOTE 4. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Financial Risk Management and Derivative Instruments

The Company is exposed to certain commodity, foreign currency and interest rate risks related to its ongoing business operations and uses derivative instruments to mitigate its exposure to these risks.

Commodity Price Risk Management

The Company may use commodity exchange traded futures and over-the-counter swap contracts, which are generally no longer than 2 years, to fix the price of a portion of its forecasted raw material requirements. Commodity purchase contracts are measured at fair value using market quotations obtained from the Chicago Board of Trade commodity futures exchange and commodity derivative dealers.

As of December 31, 2019, the notional amount of commodity derivatives was $24, of which $13 related to soybean oil futures used for the Food products business and $11 related to jet fuel swaps used for the Grilling business. As of June 30, 2019, the notional amount of commodity derivatives was $24, of which $13 related to soybean oil futures and $11 related to jet fuel swaps.

Foreign Currency Risk Management

The Company may also enter into certain over-the-counter derivative contracts to manage a portion of the Company’s forecasted foreign currency exposure associated with the purchase of inventory. These foreign currency contracts generally have durations of no longer than 2 years. The foreign exchange contracts are measured at fair value using information quoted by foreign exchange dealers.

The notional amounts of outstanding foreign currency forward contracts used by the Company’s subsidiaries to hedge forecasted purchases of inventory were $49 and $61, respectively, as of December 31, 2019 and June 30, 2019.

Interest Rate Risk Management

The Company may enter into over-the-counter interest rate forward contracts to fix a portion of the benchmark interest rate prior to the anticipated issuance of fixed rate debt or to manage the Company’s level of fixed and floating rate debt. These interest rate forward contracts generally have durations of less than 12 months. The interest rate contracts are measured at fair value using information quoted by U.S. government bond dealers.

As of December 31, 2019 and June 30, 2019, the Company had no outstanding interest rate forward contracts.

9

NOTE 4. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)

Commodity, Foreign Exchange and Interest Rate Derivatives

The Company designates its commodity forward and futures contracts for forecasted purchases of raw materials, foreign currency forward contracts for forecasted purchases of inventory and interest rate forward contracts for forecasted interest payments as cash flow hedges.

The effects of derivative instruments designated as hedging instruments on Other comprehensive income and Net earnings were as follows:

 
Gains (losses) recognized in Other comprehensive income
 
Three Months Ended
 
Six Months Ended
 
12/31/2019
 
12/31/2018
 
12/31/2019
 
12/31/2018
Commodity purchase derivative contracts
$
3

 
$
(10
)
 
$
3

 
$
(6
)
Foreign exchange derivative contracts
(1
)
 
1

 

 
1

Interest rate derivative contracts

 

 

 

Total
$
2

 
$
(9
)
 
$
3

 
$
(5
)


 
Location of Gains (losses) reclassified from Accumulated other comprehensive net (loss) income into Net earnings
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings
 
 
Three Months Ended
 
Six Months Ended
 
 
12/31/2019
 
12/31/2018
 
12/31/2019
 
12/31/2018
Commodity purchase derivative contracts
Cost of products sold
$
(1
)
 
$
(4
)
 
$
(1
)
 
$

Foreign exchange derivative contracts
Cost of products sold

 

 

 
1

Interest rate derivative contracts
Interest expense
(1
)
 
(1
)
 
(3
)
 
(3
)
Total
 
$
(2
)
 
$
(5
)
 
$
(4
)
 
$
(2
)


The estimated amount of the existing net gain (loss) in Accumulated other comprehensive net (loss) income as of December 31, 2019, that is expected to be reclassified into Net earnings within the next twelve months is $(4).


10

NOTE 4. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)

Counterparty Risk Management and Derivative Contract Requirements

The Company utilizes a variety of financial institutions as counterparties for over-the-counter derivative instruments. The Company enters into agreements governing the use of over-the-counter derivative instruments and sets internal limits on the aggregate over-the-counter derivative instrument positions held with each counterparty. Certain terms of these agreements require the Company or the counterparty to post collateral when the fair value of the derivative instrument exceeds contractually defined counterparty liability position limits. Of the over-the-counter derivative instruments in liability positions held as of both December 31, 2019 and June 30, 2019, $0 and $1 respectively, contained such terms. As of December 31, 2019 and June 30, 2019, neither the Company nor any counterparty was required to post any collateral as no counterparty liability position limits were exceeded.

Certain terms of the agreements governing the Company’s over-the-counter derivative instruments require the credit ratings of the Company and its counterparties, as assigned by Standard & Poor’s and Moody’s, to remain at a level equal to or better than the minimum of an investment grade credit rating. If the Company’s credit ratings were to fall below investment grade, the counterparties to the derivative instruments could request full collateralization on derivative instruments in net liability positions. As of both December 31, 2019 and June 30, 2019, the Company and each of its counterparties had been assigned investment grade credit ratings by both Standard & Poor’s and Moody’s.

Certain of the Company’s exchange-traded futures contracts used for commodity price risk management include requirements for the Company to post collateral in the form of a cash margin account held by the Company’s broker for trades conducted on that exchange. As of December 31, 2019, the Company maintained a negative cash margin balance related to exchange-traded futures contracts of $1, which is classified as Accounts payable and accrued liabilities in the condensed consolidated balance sheet. As of June 30, 2019, the Company maintained a cash margin balance related to exchange-traded futures contracts of $1, which is classified as Prepaid expenses and other current assets in the consolidated balance sheet.

Trust Assets

The Company has held interests in mutual funds and cash equivalents as part of the trust assets related to its nonqualified deferred compensation plans. The participants in the nonqualified deferred compensation plans, who are the Company’s current and former employees, may select among certain mutual funds in which to invest their compensation deferrals in accordance with the terms of the plans and within the confines of the trusts, which hold the marketable securities. The trusts represent variable interest entities for which the Company is considered the primary beneficiary, and, therefore, trust assets are consolidated and included in Other assets in the condensed consolidated balance sheets. The interests in mutual funds are measured at fair value using quoted market prices. The Company has designated these marketable securities as trading investments.

Fair Value Measurements

Financial assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets are required to be classified and disclosed in one of the following three categories of the fair value hierarchy:

Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions.

As of December 31, 2019 and June 30, 2019, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis included derivative financial instruments, which were classified as either Level 1 or Level 2, and trust assets to fund the Company’s nonqualified deferred compensation plans, which were classified as Level 1.

11

NOTE 4. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)

All of the Company’s derivative instruments qualify for hedge accounting. The following table provides information about the balance sheet classification and the fair values of the Company’s derivative instruments:
 
 
 
 
 
12/31/2019
 
6/30/2019
 
Balance sheet
classification
 
Fair value
hierarchy
level
 
Carrying
Amount
 
Estimated
Fair
Value
 
Carrying
Amount
 
Estimated
Fair
Value
Assets
 
 
 
 
 
 
 
 
 
 
 
Commodity purchase futures contracts
Prepaid expenses and other current assets
 
1
 
$
2

 
$
2

 
$

 
$

 
 
 
 
 
$
2

 
$
2

 
$

 
$

Liabilities
 
 
 
 
 
 
 
 
 
 
 
Commodity purchase futures contracts
Accounts payable and accrued liabilities
 
1
 
$

 
$

 
$
1

 
$
1

Commodity purchase swaps contracts
Accounts payable and accrued liabilities
 
2
 
1

 
1

 
1

 
1

 
 
 
 
 
$
1

 
$
1

 
$
2

 
$
2


The following table provides information about the balance sheet classification and the fair values of the Company’s other assets and liabilities for which disclosure of fair value is required:
 
 
 
 
 
12/31/2019
 
6/30/2019
 
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
 
$
49

 
$
49

 
$
26

 
$
26

Time deposits
Cash and cash
equivalents (a)
 
2
 
9

 
9

 
7

 
7

Trust assets for nonqualified deferred compensation plans
Other assets
 
1
 
106

 
106

 
96

 
96

 
 
 
 
 
$
164

 
$
164

 
$
129

 
$
129

Liabilities
 
 
 
 
 
 
 
 
 
 
 
Notes and loans payable
Notes and loans payable (b)
 
2
 
$
507

 
$
507

 
$
396

 
$
396

Current maturities of long-term debt and Long-term debt
Current maturities of long-
term debt and Long-term
debt (c)
 
2
 
2,288

 
2,425

 
2,287

 
2,402

 
 
 
 
 
$
2,795

 
$
2,932

 
$
2,683

 
$
2,798


____________________

(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 debt 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, was determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2.

NOTE 5. DEBT

On November 15, 2019, the Company entered into a new $1,200 revolving credit agreement (the Credit Agreement) that matures in November 2024. The Credit Agreement replaced a prior $1,100 revolving credit agreement in place since February 2017. No termination fees or penalties were incurred in connection with entering the new agreement, which was considered a debt modification. There were no borrowings under either the new Credit Agreement or the existing credit agreement as of December 31, 2019 and June 30, 2019, respectively, and the Company believes that borrowings under the new Credit Agreement will continue to be available for general corporate purposes. The new Credit Agreement includes certain restrictive covenants and limitations consistent with the previous agreement, with which the Company was in compliance as of December 31, 2019.

NOTE 6. INCOME TAXES
In determining its quarterly provision for income taxes, the Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. The effective tax rate on earnings was 21.0% and 21.3% for both the three and six months ended December 31, 2019, respectively, and 18.8% and 20.2% for the three and six months ended December 31, 2018, respectively. In comparison to prior period, the Company had a reduced benefit from excess tax deductions offset by a greater benefit from releases of uncertain tax positions.

NOTE 7. NET EARNINGS PER SHARE (EPS)
The following is the reconciliation of the weighted average number of shares outstanding (in thousands) used to calculate basic net EPS to those used to calculate diluted net EPS:
 
Three Months Ended
 
Six Months Ended
 
12/31/2019
 
12/31/2018
 
12/31/2019
 
12/31/2018
Basic
125,440
 
128,068

 
125,632

 
127,955

Dilutive effect of stock options and other
1,439
 
2,026

 
1,566

 
2,152

Diluted
126,879
 
130,094

 
127,198

 
130,107

 
 
 
 
 
 
 
 
Antidilutive stock options and other
1,792
 
1

 
1,035

 
831




NOTE 8. COMPREHENSIVE INCOME
The following table provides a summary of Comprehensive income for the periods indicated:
 
Three Months Ended
 
Six Months Ended
 
12/31/2019
 
12/31/2018
 
12/31/2019
 
12/31/2018
Net earnings
$
185

 
$
182

 
$
388

 
$
392

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments
9

 
(29
)
 
(7
)
 
(31
)
Net unrealized gains (losses) on derivatives
4

 
(2
)
 
6

 
(1
)
Pension and postretirement benefit adjustments
1

 
1

 
2

 
2

Total other comprehensive income (loss), net of tax
14

 
(30
)
 
1

 
(30
)
Comprehensive income
$
199

 
$
152

 
$
389

 
$
362





12

NOTE 9. STOCKHOLDERS’ EQUITY (Continued)

NOTE 9. STOCKHOLDERS EQUITY

Changes in the components of Stockholders’ equity were as follows for the periods indicated:
 
Three Months Ended December 31
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated
Other
Comprehensive
Net (Loss) Income
 
Total Stockholders Equity
 
Amount
 
Shares
(in thousands)
 
 
 
Amount
 
Shares
(in thousands)
 
 
Balance as of September 30, 2018
$
159

 
158,741

 
$
984

 
$
2,883

 
$
(2,802
)
 
(31,136
)
 
$
(547
)
 
$
677

Net earnings


 


 


 
182

 


 


 


 
182

Other comprehensive income (loss)


 


 


 


 


 


 
(30
)
 
(30
)
Dividends ($0.96 per share declared)


 


 


 
(123
)
 


 


 


 
(123
)
Stock-based compensation


 


 
10

 


 


 


 


 
10

Other employee stock plan activities


 


 
20

 
(2
)
 
46

 
738

 


 
64

Treasury stock purchased


 


 


 


 
(38
)
 
(253
)
 


 
(38
)
Balance as of December 31, 2018
$
159

 
158,741

 
$
1,014

 
$
2,940

 
$
(2,794
)
 
(30,651
)
 
$
(577
)
 
$
742

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Balance as of September 30, 2019
$
159

 
158,741

 
$
1,043

 
$
3,241

 
$
(3,278
)
 
(33,246
)
 
$
(615
)
 
$
550

Net earnings


 


 


 
185

 


 


 


 
185

Other comprehensive income (loss)


 


 


 


 


 


 
14

 
14

Dividends ($1.06 per share declared)


 


 


 
(133
)
 


 


 


 
(133
)
Stock-based compensation


 


 
13