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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 March 31, 2024.
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
CLX logo.jpg
THE CLOROX COMPANY
(Exact name of registrant as specified in its charter) 
Delaware31-0595760
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock - $1.00 par valueCLXNew York Stock Exchange
 
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 filerAccelerated filerNon-accelerated filerSmaller Reporting CompanyEmerging 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 April 16, 2024, there were 124,188,188 shares outstanding of the registrant’s common stock ($1.00 par value).
1


TABLE OF CONTENTS

2


PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
The Clorox Company
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited)
(Dollars in millions, except per share data)
Three months endedNine months ended
3/31/20243/31/20233/31/20243/31/2023
Net sales$1,814 $1,915 $5,190 $5,370 
Cost of products sold1,048 1,115 3,026 3,324 
Gross profit766 800 2,164 2,046 
Selling and administrative expenses301 311 899 854 
Advertising costs215 206 566 523 
Research and development costs32 35 93 100 
Loss on divestiture
240  240  
Pension settlement charge  171  
Goodwill, trademark and other asset impairments 445  445 
Interest expense22 24 69 69 
Other (income) expense, net(2)24 3 54 
Earnings (losses) before income taxes
(42)(245)123 1 
Income tax expense (benefit)
8 (36)52 21 
Net earnings (losses)
(50)(209)71 (20)
Less: Net earnings attributable to noncontrolling interests1 2 7 7 
Net earnings (losses) attributable to Clorox
$(51)$(211)$64 $(27)
Net earnings (losses) per share attributable to Clorox
Basic net earnings (losses) per share
$(0.41)$(1.71)$0.52 $(0.22)
Diluted net earnings (losses) per share
$(0.41)$(1.71)$0.52 $(0.22)
Weighted average shares outstanding (in thousands)
Basic124,249 123,649 124,133 123,512 
Diluted124,249 123,649 124,721 123,512 
Comprehensive income (loss)
$154 $(205)$409 $(39)
Less: Total comprehensive income attributable to noncontrolling interests1 2 7 7 
Total comprehensive income (loss) attributable to Clorox
$153 $(207)$402 $(46)

See Notes to Condensed Consolidated Financial Statements (Unaudited)
3


The Clorox Company
Condensed Consolidated Balance Sheets
(Dollars in millions, except per share data)
3/31/20246/30/2023
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents$219 $367 
Receivables, net673 688 
Inventories, net674 696 
Prepaid expenses and other current assets95 77 
Total current assets1,661 1,828 
Property, plant and equipment, net of accumulated depreciation and amortization
        of $2,800 and $2,705, respectively
1,292 1,345 
Operating lease right-of-use assets379 346 
Goodwill1,229 1,252 
Trademarks, net539 543 
Other intangible assets, net149 169 
Other assets556 462 
Total assets$5,805 $5,945 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Notes and loans payable$111 $50 
Current operating lease liabilities82 87 
Accounts payable and accrued liabilities1,653 1,659 
Income taxes payable 121 
Total current liabilities1,846 1,917 
Long-term debt2,480 2,477 
Long-term operating lease liabilities347 310 
Other liabilities853 825 
Deferred income taxes24 28 
Total liabilities5,550 5,557 
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; 130,741,461 shares issued as of March 31, 2024 and June 30, 2023; and 124,186,844 and 123,820,022 shares outstanding as of March 31, 2024 and June 30, 2023, respectively
131 131 
Additional paid-in capital1,270 1,245 
Retained earnings34 583 
Treasury stock, at cost: 6,554,617 and 6,921,439 shares as of March 31, 2024
        and June 30, 2023, respectively
(1,189)(1,246)
Accumulated other comprehensive net (loss) income(155)(493)
Total Clorox stockholders’ equity
91 220 
Noncontrolling interests164 168 
Total stockholders’ equity255 388 
Total liabilities and stockholders’ equity$5,805 $5,945 

See Notes to Condensed Consolidated Financial Statements (Unaudited)
4


The Clorox Company
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Dollars in millions)
Nine months ended
3/31/20243/31/2023
Operating activities:
Net earnings (losses)
$71 $(20)
Adjustments to reconcile net earnings (losses) to net cash provided by operations:
Depreciation and amortization176 174 
Stock-based compensation55 60 
Deferred income taxes(126)(122)
Loss on divestiture
238  
Pension settlement charge
171  
Goodwill, trademark and other asset impairments 445 
Other18 34 
Changes in:
Receivables, net(16)(1)
Inventories, net20 13 
Prepaid expenses and other current assets12 (15)
Accounts payable and accrued liabilities(120)78 
Operating lease right-of-use assets and liabilities, net 2 
Income taxes payable / prepaid(144)80 
Net cash provided by operations355 728 
Investing activities:
Capital expenditures(131)(144)
Proceeds from divestiture, net of cash divested
17  
Other20 2 
Net cash used for investing activities(94)(142)
Financing activities:
Notes and loans payable, net61 (99)
Cash dividends paid to Clorox stockholders(446)(437)
Issuance of common stock for employee stock plans and other3 10 
Net cash used for financing activities
(382)(526)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(26) 
Net increase (decrease) in cash, cash equivalents and restricted cash(147)60 
Cash, cash equivalents and restricted cash:
Beginning of period368 186 
End of period$221 $246 


See Notes to Condensed Consolidated Financial Statements (Unaudited)
5


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

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The unaudited interim condensed consolidated financial statements for the three and nine months ended March 31, 2024 and 2023, in the opinion of management, reflect all normal and recurring adjustments considered necessary for a fair presentation of the consolidated results of operations, financial position and cash flows of The Clorox Company and its controlled subsidiaries (the Company or Clorox) 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, 2023, which includes a complete set of footnote disclosures, including the Company’s significant accounting policies.
Recently Issued Accounting Standards
Recently Issued Accounting Standards Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” These amendments primarily require enhanced disclosures and disaggregation of income tax information by jurisdiction in the annual income tax reconciliation and quantitative and qualitative disclosures regarding income taxes paid. These amendments are to be applied prospectively, with the option to apply the standard retrospectively, for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on the Company’s disclosures.
In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” These amendments primarily require enhanced disclosures about significant segment expenses regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. These amendments are to be applied retrospectively for all periods presented in the financial statements and are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on the Company’s disclosures.
Recently Adopted Accounting Standards
In September 2022, the FASB issued ASU No. 2022-04, "Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” These amendments require disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. These amendments are effective for fiscal years beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted the standard as of July 1, 2023. The adoption relates to disclosures only and does not have an impact on the condensed consolidated financial statements, results of operations, or cash flows.
NOTE 2. DIVESTITURE OF ARGENTINA BUSINESS
On March 20, 2024, the Company completed the sale of its Argentina business, which consisted of two production plants in Argentina as well as the rights to the Company’s brands in Argentina, Uruguay and Paraguay, to Apex Capital and an investment group. The transaction is in support of the Company’s IGNITE strategy and the commitment to evolve the Company’s portfolio to increase focus on its core business to drive more consistent, profitable growth.
The transaction was executed pursuant to a stock purchase agreement, which covered all the outstanding stock of the Clorox Argentina S.A. and Clorox Uruguay S.A. As a result of the transaction, the Company recorded a pre-tax loss of $240 during the three and nine months ended March 31, 2024 primarily due to the one-time noncash impact of the release of the cumulative translation adjustment losses of $223 related to these entities that had previously been recorded in Accumulated other comprehensive net (loss) income.
The major classes of assets and liabilities of the Argentina business divested as of March 20, 2024 were as follows:
6

NOTE 2. DIVESTITURE OF ARGENTINA BUSINESS (Continued)
Divestiture
Working capital, net
$31 
Property, plant and equipment, net
18 
Goodwill (1)
16 
Other assets
3 
Other liabilities
(3)
Net assets divested
$65 
(1)Goodwill corresponding to the International reportable segment.
The following table presents Net sales of the Argentina business which includes the financial results up to March 20, 2024, the date of sale:
Three months endedNine months ended
3/31/20243/31/20233/31/20243/31/2023
Net sales
$43 $46 $123 $127 
The divestiture of the Company’s Argentina business does not meet the criteria to be reported as discontinued operations in the condensed consolidated financial statements as the Company’s decision to divest this business did not represent a strategic shift that will have a major effect on the Company’s operations and financial results.
NOTE 3. CYBERATTACK
On Monday, August 14, 2023, the Company disclosed it had identified unauthorized activity on some of its Information Technology (IT) systems. That activity began on Friday, August 11, 2023 and after becoming aware of it that evening, the Company immediately began taking steps to stop and remediate the activity. The Company also took certain systems offline and engaged third-party cybersecurity experts to support its investigation and recovery efforts. The Company implemented its business continuity plans, including manual ordering and processing procedures at a reduced rate of operations in order to continue servicing its customers. However, the incident resulted in wide-scale disruptions to the Company’s business operations throughout the remainder of the quarter ended September 30, 2023.
The impacts of these system disruptions included order processing delays and significant product outages, resulting in a negative impact on net sales and earnings. The Company has since transitioned back to automated order processing. The Company experienced lessening operational impacts in the second quarter and has since returned to substantially normalized operations.
The Company also incurred incremental expenses of approximately $8 and $57 as a result of the cyberattack for the three and nine months ended March 31, 2024, respectively. The following table summarizes the recognition of costs in the condensed consolidated statements of earnings and comprehensive income:

Three months endedNine months ended
3/31/20243/31/2024
Costs of products sold
$1 $21 
Selling and administrative expenses7 36 
Total$8 $57 
The costs incurred relate primarily to third-party consulting services, including IT recovery and forensic experts and other professional services incurred to investigate and remediate the attack, as well as incremental operating costs incurred from the resulting disruption to the Company’s business operations. The Company expects to incur lessening costs related to the cyberattack in future periods. The Company has not recognized any insurance proceeds in the three and nine months ended March 31, 2024 related to the cyberattack. The timing of recognizing insurance recoveries, if any, may differ from the timing of recognizing the associated expenses.
7


NOTE 4. SUPPLY CHAIN FINANCING PROGRAM
The Company has arranged for a global financial institution to offer a voluntary supply chain finance (SCF) program for the benefit of the Company’s suppliers. The Company’s current payment terms do not exceed 120 days in keeping with industry standards. The SCF program enables suppliers to directly contract with the financial institution to receive payment from the financial institution prior to the payment terms between the Company and the supplier by selling the Company’s payables to the financial institution. Participation in the program is at the sole discretion of the supplier and the Company has no economic interest in a supplier's decision to enter into the agreement and has no direct financial relationship with the financial institution, as it relates to the SCF program. Once a supplier elects to participate in the SCF program and reaches an agreement with the financial institution, the supplier elects which individual Company invoices to sell to the financial institution. The terms of the Company’s payment obligations are not impacted by a supplier’s participation in the program and as such, the SCF program has no direct impact on the Company’s balance sheets, cash flows or liquidity. The Company has not pledged any assets as security or provided guarantees under the SCF program.
All outstanding amounts related to suppliers participating in the SCF program are recorded within Accounts payable and accrued liabilities in the condensed consolidated balance sheets and the associated payments are included in operating activities within the condensed consolidated statements of cash flows. As of March 31, 2024 and June 30, 2023, the amount due to suppliers participating in the SCF program and included in Accounts payable and accrued liabilities was $208 and $220, respectively.
NOTE 5. RESTRUCTURING AND RELATED COSTS
In the first quarter of fiscal year 2023, the Company began recognizing costs related to a plan that involves streamlining its operating model to meet its objectives of driving growth and productivity. The streamlined operating model is expected to enhance the Company’s ability to respond more quickly to changing consumer behaviors and innovate faster. The Company anticipates the implementation of this new model will be completed in fiscal year 2024, with different phases occurring throughout the implementation period.
The Company incurred $60 of costs in fiscal year 2023 and anticipates incurring approximately $30 to $40 of costs in fiscal year 2024 related to this initiative, of which approximately $10 to $20 are expected to be employee-related costs to reduce certain staffing levels such as severance payments, with the remainder for consulting and other costs. Costs incurred are expected to be settled primarily in cash.
The total restructuring and related implementation costs, net associated with the Company’s streamlined operating model as reflected in the condensed consolidated statements of earnings and comprehensive income:
Three months endedNine months endedInception to date ended
3/31/20243/31/20233/31/20243/31/20233/31/2024
Costs of products sold$ $ $ $(1)$(3)
Selling and administrative expenses5 6 8 11 20 
Research and development    (1)
Other (income) expense, net:
Employee-related costs5 15 5 34 57 
Total, net$10 $21 $13 $44 $73 
Employee-related costs primarily include severance and other termination benefits calculated based on salary levels, prior service and statutory requirements. Other costs primarily include consulting fees incurred for the organizational design and implementation of the streamlined operating model, related processes and other professional fees incurred.
The Company may, from time to time, decide to pursue additional restructuring-related initiatives that involve costs in future periods.
The following table reconciles the accrual for the streamlined operating model’s restructuring and related implementation costs discussed above, which are recorded within Accounts payable and accrued liabilities in the condensed consolidated balance sheets:
8

NOTE 5. RESTRUCTURING AND RELATED COSTS (Continued)
Employee-Related CostsOtherTotal
Accrual Balance as of June 30, 2023
$23 $5 $28 
Charges
5 9 14 
Cash payments(20)(9)(29)
Accrual Balance as of March 31, 2024$8 $5 $13 
NOTE 6. INVENTORIES, NET
Inventories, net consisted of the following as of:
3/31/20246/30/2023
Finished goods$588 $595 
Raw materials and packaging179 182 
Work in process12 8 
LIFO allowances(104)(87)
Total inventories, net$675 $698 
Less: Non-current inventories, net (1)
1 2 
Total current inventories, net$674 $696 
(1)Non-current inventories, net are recorded in Other assets.
NOTE 7. GOODWILL, TRADEMARKS AND OTHER ASSETS IMPAIRMENTS
The Company tests its goodwill and other indefinite-lived intangible assets for impairment annually in the fiscal fourth quarter unless there are indications during a different interim period that these assets may have become impaired. Finite-lived intangible assets are reviewed for possible impairment whenever events or changes in circumstances occur that indicate that the carrying value of an asset (or asset group) may not be recoverable.
There were no impairment charges for goodwill or intangible assets recorded by the Company during the three and nine months ended March 31, 2024.
Fiscal Year 2023 Impairment
During the third quarter of fiscal year 2023, management made a decision to narrow the focus on core brands and streamline investment levels in the Vitamins, Minerals and Supplements (VMS) business. As a result, revisions were made to the internal financial projections and operational plans of the VMS business reflecting the Company’s current estimates regarding the future financial performance of these operations and macroeconomic factors. The revised estimated future cash flows reflect lower sales growth expectations and lower investment levels. These revisions were considered a triggering event requiring interim impairment assessments to be performed as part of the preparation of the quarterly financial statements on the global indefinite-lived trademarks, other long-term assets and the VMS reporting unit.
Based on the outcome of these assessments, the following pre-tax, noncash impairment charges were recorded:
Impairment Charges
VMS reporting unitInternational reporting unitTotal
Goodwill$306 $ $306 
Trademarks, net127 12 139 
Total$433 $12 $445 
In connection with recognizing these impairment charges, the Company recognized tax benefits related to the impairments of $83 due to the partial tax deductibility of these charges.
Refer to the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 for further information related to the VMS reporting unit goodwill and trademark impairments.
9


NOTE 8. 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 futures, options and swap contracts to limit the impact of price volatility on a portion of its forecasted raw material requirements. These commodity derivatives may be exchange traded or over-the-counter contracts and generally have original contractual maturities of less than 2 years. Commodity purchase and options contracts are measured at fair value using market quotations obtained from the Chicago Board of Trade commodity futures exchange and commodity derivative dealers.
The notional amounts of outstanding commodity derivatives, which related primarily to exposures in soybean oil used for the food business and jet fuel used for the grilling business, were $44 and $41 as of March 31, 2024 and June 30, 2023, respectively.
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 original contractual maturities of less 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 $38 and $51 as of March 31, 2024 and June 30, 2023, respectively.
Interest Rate Risk Management
The Company may enter into over-the-counter interest rate contracts to fix a portion of the benchmark interest rate prior to the anticipated issuance of fixed rate debt. These interest rate contracts generally have original contractual maturities of less than 3 years. The interest rate contracts are measured at fair value using information quoted by bond dealers.
The Company held no interest rate contracts as of both March 31, 2024 and June 30, 2023.
Commodity, Foreign Exchange and Interest Rate Derivatives
The Company designates its commodity forward, futures and options contracts for forecasted purchases of raw materials, foreign currency forward contracts for forecasted purchases of inventory and interest rate contracts for forecasted interest payments as cash flow hedges.

The effects of derivative instruments designated as hedging instruments on Other comprehensive (loss) income and Net earnings (losses) were as follows:
10

NOTE 8. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
Gains (losses) recognized in Other comprehensive (loss) income
Three months endedNine months ended
3/31/20243/31/20233/31/20243/31/2023
Commodity purchase derivative contracts$ $(4)$(5)$(6)
Foreign exchange derivative contracts2 1 1 1 
Total$2 $(3)$(4)$(5)

Location of gains (losses) reclassified from Accumulated other comprehensive net (loss) income into Net earningsGains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings
Three months endedNine months ended
3/31/20243/31/20233/31/20243/31/2023
Commodity purchase derivative contractsCost of products sold$(2)$ $(4)$7 
Foreign exchange derivative contractsCost of products sold   1 
Interest rate derivative contractsInterest expense4 4 10 10 
Total$2 $4 $6 $18 
The estimated amount of the existing net gain (loss) in Accumulated other comprehensive net (loss) income as of March 31, 2024 that is expected to be reclassified into Net earnings (losses) within the next twelve months is $10.
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 instruments exceeds contractually defined counterparty liability position limits. Of the over-the-counter derivative instruments in liability positions, $0 and $1 contained such terms as of March 31, 2024 and June 30, 2023, respectively. As of both March 31, 2024 and June 30, 2023, 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 Company’s credit ratings, as assigned by Standard & Poor’s and Moody’s to the Company and its counterparties, 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 March 31, 2024 and June 30, 2023, the Company and each of its counterparties had been assigned investment grade ratings by both Standard & Poor’s and Moody’s.
Certain of the Company’s exchange traded futures and options 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 March 31, 2024 and June 30, 2023, the Company maintained cash margin balances related to exchange traded futures and options contracts of $1 and $0, respectively, which are classified as Prepaid expenses and other current assets on the condensed consolidated balance sheets.
Trust Assets
The Company holds interests in mutual funds and cash equivalents as part of 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 their compensation deferrals are invested 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 gains and losses on the trust assets
11

NOTE 8. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
are recorded in Other (income) expense, net in the condensed consolidated statements of earnings. 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 of Financial Instruments
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 both March 31, 2024 and June 30, 2023, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis during the period 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.
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:
 3/31/20246/30/2023
Balance sheet
classification
Fair value
hierarchy
level
Carrying
Amount
Estimated
Fair
Value
Carrying
Amount
Estimated
Fair
Value
Assets
Commodity purchase options contractsPrepaid expenses and other current assets1$ $ $2 $2 
Commodity purchase swaps contractsPrepaid expenses and other current assets21 1   
Foreign exchange forward contractsPrepaid expenses and other current assets21 1   
 $2 $2 $2 $2 
Liabilities
Commodity purchase futures contractsAccounts payable and accrued liabilities1    
Commodity purchase swaps contractsAccounts payable and accrued liabilities2  1 1 
$ $ $1 $1 
12

NOTE 8. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
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:
 3/31/20246/30/2023
Balance sheet
classification
Fair value
hierarchy
level
Carrying
Amount
Estimated
Fair
Value
Carrying
Amount
Estimated
Fair
Value
Assets
Interest-bearing investments, including money market funds
Cash and cash
equivalents (1)
1$76 $76 $243 $243 
Time deposits
Cash and cash
equivalents (1)
213 13 9 9 
Trust assets for nonqualified deferred compensation plansOther assets1151 151 129 129 
 $240 $240 $381 $381 
Liabilities
Notes and loans payable
Notes and loans payable (2)
2$111 $111 $50 $50 
Current maturities of long-term debt and Long-term debt
Current maturities of long-
term debt and Long-term
debt (3)
22,480 2,356 2,477 2,327 
$2,591 $2,467 $2,527 $2,377 
(1)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.
(2)Notes and loans payable are composed of outstanding U.S. commercial paper balances and/or amounts drawn on the Company’s credit agreements, all of which are recorded at cost, which approximates fair value.
(3)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 9. OTHER (INCOME) EXPENSE, NET
The major components of Other (income) expense, net were:
Three months endedNine months ended
3/31/20243/31/20233/31/20243/31/2023
Amortization of trademarks and other intangible assets$7 $8 $22 $22 
Trust investment (gains) losses, net(8)(7)(18)(8)
Net periodic benefit cost
1 4 11 12 
Foreign exchange transaction (gains) losses, net (1)
1 4 24 7 
Income from equity investees(1)(1)(3)(3)
Interest income(4)(4)(21)(9)
Restructuring costs (2)
5 15 5 34 
Gain on sale-leaseback transaction (3)
  (16) 
Other(3)5 (1)(1)
Total$(2)$24 $3 $54 
(1)Foreign exchange losses were primarily related to the Company’s operations in Argentina.
(2)Restructuring costs related to the implementation of the Company's streamlined operating model. See Note 5 for additional details.
(3)On December 14, 2023, the Company completed an asset sale-leaseback transaction on a warehouse in Fairfield, California. The Company received proceeds of $19, net of selling costs, the asset had a carrying value of $3, and the transaction resulted in a $16 gain which was recognized in Other (income) expense, net in the Health and Wellness segment. The leaseback is accounted for as an operating lease. The term of the lease is 8 years, with options to extend the lease for two 5 year periods.
13


NOTE 10. 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 losses was (18.6)% and the effective tax rate on earnings was 41.9% for the three and nine months ended March 31, 2024, respectively, and the effective tax rate on losses was 14.7% and the effective tax rate on earnings was 1813.5% for the three and nine months ended March 31, 2023, respectively. The lower tax rate on losses in the current three month period was primarily driven by the divestiture of the Argentina business and an international legal entity reorganization, partially offset by the non-deductibility of impaired VMS goodwill in the prior period. The substantially higher tax rate on earnings before income taxes in the prior nine month period was driven by lower pre-tax income due to VMS impairment charges and the non-deductibility of a portion of those charges, partially offset by the divestiture of the Argentina business in the current period.
Income taxes paid, net of refunds, were $314 and $61 for the nine months ended March 31, 2024 and March 31, 2023, respectively. The increase in payments in the current period was primarily driven by income tax payments for fiscal years 2023 and 2024 that were previously deferred as a result of tax relief provided by the IRS due to winter storms in California.
NOTE 11. NET EARNINGS (LOSSES) 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 endedNine months ended
3/31/20243/31/20233/31/20243/31/2023
Basic124,249123,649124,133123,512
Dilutive effect of stock options and other588
Diluted124,249123,649124,721123,512
Antidilutive stock options and other4,7584,953 2,720 4,953 
Basic net earnings (losses) per share and Diluted net earnings (losses) per share are calculated on Net earnings (losses) attributable to Clorox.
Since the Company generated net losses attributable to Clorox for the three months ended March 31, 2024 and the three and nine months ended March 31, 2023, there was no dilutive effect of stock options and other instruments during these periods because their impacts would be antidilutive.
NOTE 12. COMPREHENSIVE INCOME (LOSS)
The following table provides a summary of Comprehensive income (loss) for the periods indicated:
Three months endedNine months ended
3/31/20243/31/20233/31/20243/31/2023
Net earnings (losses)
$(50)$(209)$71 $(20)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments206 10 212 (1)
Net unrealized gains (losses) on derivatives(1)(7)(10)(21)
Pension and postretirement benefit adjustments(1)1 136 3 
Total other comprehensive (loss) income, net of tax204 4 338 (19)
Comprehensive income (loss)
154 (205)409 (39)
Less: Total comprehensive income attributable to noncontrolling interests1 2 7 7 
Total comprehensive income (loss) attributable to Clorox
$153 $(207)$402 $(46)
14


NOTE 13. STOCKHOLDERS EQUITY
Changes in the components of Stockholders’ equity were as follows for the periods indicated:
Three months ended March 31
(Dollars in millions except per share data; shares in thousands)
Common stockAdditional paid-in capitalRetained earningsTreasury stockAccumulated
other
comprehensive
net (loss) income
Noncontrolling interestsTotal stockholders’ equity
AmountShares AmountShares
Balance as of December 31, 2022$131 130,741 $1,207 $782 $(1,297)(7,263)$(502)$170 $491 
Net earnings (losses)— — — (211)— — — 2 (209)
Other comprehensive (loss) income— — — — — — 4 — 4 
Dividends to Clorox stockholders ($1.18 per share declared)
— — — (147)— — — — (147)
Dividends to noncontrolling interests— — — — — — — (3)(3)
Stock-based compensation— — 29 — — — — — 29 
Other employee stock plan activities— — (4)(9)20 133   7 
Balance as of March 31, 2023$131 130,741 $1,232 $415 $(1,277)(7,130)$(498)$169 $172 
Balance as of December 31, 2023$131 130,741 $1,245 $241 $(1,205)(6,661)$(359)$165 $218 
Net earnings (losses)— — — (51)— — — 1 (50)
Other comprehensive (loss) income— — — — — — 204 — 204 
Dividends to Clorox stockholders ($1.20 per share declared)
— — — (150)— — — — (150)
Dividends to noncontrolling interests— — — — — — — (2)(2)
Stock-based compensation— — 26 — — — — — 26 
Other employee stock plan activities— — (1)(6)16 106 — — 9 
Balance as of March 31, 2024$131 130,741 $1,270 $34 $(1,189)(6,555)$(155)$164 $255 
Nine months ended March 31
(Dollars in millions except per share data; shares in thousands)
Common stock
Additional paid-in capital
Retained earnings
Treasury stock
Accumulated
other
comprehensive
net (loss) income
Noncontrolling interests
Total stockholders’ equity
AmountSharesAmountShares
Balance as of June 30, 2022$131 130,741 $1,202 $1,048 $(1,346)(7,589)$(479)$173 $729 
Net earnings (losses)— — — (27)— — — 7 (20)
Other comprehensive (loss) income— — — — — — (19)— (19)
Dividends to Clorox stockholders ($4.72 per share declared)
— — — (587)— — — — (587)
Dividends to noncontrolling interests— — — — — — — (11)(11)
Stock-based compensation— — 60 — — — — — 60 
Other employee stock plan activities— — (30)(19)69 459 — — 20 
Balance as of March 31, 2023$131 130,741 $1,232 $415 $(1,277)(7,130)$(498)$169 $172 
Balance as of June 30, 2023$131 130,741 $1,245 $583 $(1,246)(6,921)$(493)$168 $388 
Net earnings— — — 64 — — — 7 71 
Other comprehensive (loss) income— — — — — — 338 — 338 
Dividends to Clorox stockholders ($4.80 per share declared)
— — — (600)— — — — (600)
Dividends to noncontrolling interests— — — — — — — (11)(11)
Stock-based compensation— — 55 — — — — — 55 
Other employee stock plan activities— — (30)(13)57 366 — — 14 
Balance as of March 31, 2024$131 130,741 $1,270 $34 $(1,189)(6,555)$(155)$164 $255 
15

NOTE 13. STOCKHOLDERS’ EQUITY (Continued)
Changes in Accumulated other comprehensive net (loss) income attributable to Clorox by component were as follows for the periods indicated:
Three months ended March 31
Foreign currency translation adjustmentsNet unrealized gains (losses) on derivativesPension and postretirement benefit adjustmentsAccumulated other comprehensive net (loss) income
Balance as of December 31, 2022$(459)$107 $(150)$(502)
Other comprehensive (loss) income before reclassifications9 (3) 6 
Amounts reclassified from Accumulated other comprehensive net (loss) income (4)1 (3)
Income tax benefit (expense)1   1 
Net current period other comprehensive (loss) income10 (7)1 4 
Balance as of March 31, 2023$(449)$100 $(149)$(498)
Balance as of December 31, 2023$(439)$90 $(10)$(359)
Other comprehensive (loss) income before reclassifications(16)2  (14)
Amounts reclassified from Accumulated other comprehensive net (loss) income (1)
223 (2) 221 
Income tax benefit (expense), and other(1)(1)(1)(3)
Net current period other comprehensive (loss) income206 (1)(1)204 
Balance as of March 31, 2024$(233)$89 $(11)$(155)
Nine months ended March 31
Foreign currency translation adjustmentsNet unrealized gains (losses) on derivatives
Pension and postretirement benefit adjustments
Accumulated other comprehensive net (loss) income
Balance as of June 30, 2022$(448)$121 $(152)$(479)
Other comprehensive (loss) income before reclassifications(2)(5) (7)
Amounts reclassified from Accumulated other comprehensive net (loss) income (18)4 (14)
Income tax benefit (expense)1 2 (1)2 
Net current period other comprehensive (loss) income(1)(21)3 (19)
Balance as of March 31, 2023$(449)$100 $(149)$(498)
Balance as of June 30, 2023$(445)$99 $(147)$(493)
Other comprehensive (loss) income before reclassifications(10)(4)4 (10)
Amounts reclassified from Accumulated other comprehensive net (loss) income (1) (2)
223 (6)175 392 
Income tax benefit (expense), and other(1) (43)(44)
Net current period other comprehensive (loss) income212 (10)136 338 
Balance as of March 31, 2024$(233)$89 $(11)$(155)
(1)Includes the release of currency translation adjustment from the Argentina business divestiture. See Note 2 for additional details.
(2)Includes recognition of pension settlement charge reclassified into Net earnings (losses). See Note 14 for additional details.


16


NOTE 14. EMPLOYEE BENEFIT PLANS
In the second quarter of fiscal year 2024, the Company settled plan benefits of its domestic qualified pension plan (the Plan), through a combination of an annuity contract purchase with a third-party insurance provider and lump sum payouts. These payments were made using Plan assets. The third-party insurance provider assumed the obligation to pay future pension benefits and provide administrative services and started making direct payments to participants in January 2024. In conjunction with this settlement, a one-time noncash charge, net of curtailment gain, of $171 before taxes ($130 after tax) was recorded in the Company’s condensed consolidated statement of earnings and comprehensive income primarily as a result of accelerating the recognition of actuarial losses previously included in Accumulated other comprehensive net (loss) income that would have been recognized in future periods. In the third quarter of fiscal year 2024, following settlement, remaining excess Plan assets of $19 have been contributed to the Company’s domestic defined contribution plans.
The Company continues to maintain various other retirement income plans for eligible domestic and international employees.
The following table summarizes the components of net periodic benefit cost for the Company’s retirement income plans:
Three months endedNine months ended
3/31/20243/31/20233/31/20243/31/2023
Interest cost$2 $4 $10 $13 
Expected return on plan assets (1)
 (3)(2)(8)
Amortization of unrecognized items 3 3 7 
Curtailment gain
  (6) 
Settlement loss