STOCKHOLDERS' EQUITY |
STOCKHOLDERS’ EQUITY Changes in the components of Stockholders’ equity were as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 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 | | Non-controlling interests | | Total Stockholders’ Equity | Amount | | Shares | | | | Amount | | Shares | | | | 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 (loss) income | | | | | | | | | | | | | 14 | | | | | 14 | | Dividends to Clorox stockholders ($1.06 per share declared) | | | | | | | (133) | | | | | | | | | | | (133) | | Stock-based compensation | | | | | 13 | | | | | | | | | | | | | 13 | | Other employee stock plan activities | | | | | 6 | | | (1) | | | 6 | | | 106 | | | | | | | 11 | | Treasury stock purchased | | | | | | | | | (85) | | | (577) | | | | | | | (85) | | Balance as of December 31, 2019 | $ | 159 | | | 158,741 | | | $ | 1,062 | | | $ | 3,292 | | | $ | (3,357) | | | (33,717) | | | $ | (601) | | | $ | — | | | $ | 555 | | | | | | | | | | | | | | | | | | | | Balance as of September 30, 2020 | $ | 159 | | | 158,741 | | | $ | 1,146 | | | $ | 3,840 | | | $ | (3,407) | | | (32,704) | | | $ | (623) | | | $ | 196 | | | $ | 1,311 | | Net earnings | | | | | | | 259 | | | | | | | | | 2 | | | 261 | | Other comprehensive (loss) income | | | | | | | | | | | | | 48 | | | | | 48 | | Dividends to Clorox stockholders ($1.11 per share declared) | | | | | | | (141) | | | | | | | | | | | (141) | | Dividends to non-controlling interests | | | | | | | | | | | | | | | (2) | | | (2) | | Stock-based compensation | | | | | 22 | | | | | | | | | | | | | 22 | | Other employee stock plan activities | | | | | 8 | | | (16) | | | 89 | | | 667 | | | | | | | 81 | | Treasury stock purchased | | | | | | | | | (200) | | | (980) | | | | | | | (200) | | Treasury stock retirement | (28) | | | (28,000) | | | | | (2,640) | | | 2,668 | | | 28,000 | | | | | | | — | | Balance as of December 31, 2020 | $ | 131 | | | 130,741 | | | $ | 1,176 | | | $ | 1,302 | | | $ | (850) | | | (5,017) | | | $ | (575) | | | $ | 196 | | | $ | 1,380 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended December 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 | | Non-controlling interests | | Total Stockholders’ Equity | Amount | | Shares | | | | Amount | | Shares | | | | Balance as of June 30, 2019 | $ | 159 | | | 158,741 | | | $ | 1,046 | | | $ | 3,150 | | | $ | (3,194) | | | (33,055) | | | $ | (602) | | | $ | — | | | $ | 559 | | Cumulative effect of accounting changes, net of tax (1) | | | | | | | 22 | | | | | | | | | | | 22 | | Net earnings | | | | | | | 388 | | | | | | | | | | | 388 | | Other comprehensive (loss) income | | | | | | | | | | | | | 1 | | | | | 1 | | Dividends to Clorox stockholders ($2.12 per share declared) | | | | | | | (267) | | | | | | | | | | | (267) | | Stock-based compensation | | | | | 19 | | | | | | | | | | | | | 19 | | Other employee stock plan activities | | | | | (3) | | | (1) | | | 26 | | | 578 | | | | | | | 22 | | Treasury stock purchased | | | | | | | | | (189) | | | (1,240) | | | | | | | (189) | | Balance as of December 31, 2019 | $ | 159 | | | 158,741 | | | $ | 1,062 | | | $ | 3,292 | | | $ | (3,357) | | | (33,717) | | | $ | (601) | | | $ | — | | | $ | 555 | | | | | | | | | | | | | | | | | | | | Balance as of June 30, 2020 | $ | 159 | | | 158,741 | | | $ | 1,137 | | | $ | 3,567 | | | $ | (3,315) | | | (32,543) | | | $ | (640) | | | $ | — | | | $ | 908 | | Net earnings | | | | | | | 674 | | | | | | | | | 4 | | | 678 | | Other comprehensive (loss) income | | | | | | | | | | | | | 65 | | | | | 65 | | Dividends to Clorox stockholders ($2.22 per share declared) | | | | | | | (282) | | | | | | | | | | | (282) | | Dividends to noncontrolling interests | | | | | | | | | | | | | | | (6) | | | (6) | | Business combinations including purchase accounting adjustments | | | | | | | | | | | | | | | 198 | | | 198 | | Stock-based compensation | | | | | 35 | | | | | | | | | | | | | 35 | | Other employee stock plan activities | | | | | 4 | | | (17) | | | 97 | | | 950 | | | | | | | 84 | | Treasury stock purchased | | | | | | | | | (300) | | | (1,424) | | | | | | | (300) | | Treasury stock retirement | (28) | | | (28,000) | | | | | (2,640) | | | 2,668 | | | 28,000 | | | | | | | — | | Balance as of December 31, 2020 | $ | 131 | | | 130,741 | | | $ | 1,176 | | | $ | 1,302 | | | $ | (850) | | | (5,017) | | | $ | (575) | | | $ | 196 | | | $ | 1,380 | |
(1) As a result of adopting ASU No. 2016-02, “Leases (Topic 842),” on July 1, 2019, the Company recorded a cumulative effect of initially applying the new guidance as an adjustment to the fiscal year 2020 opening balance of Retained earnings. On November 18, 2020 the Company retired 28 million shares of its treasury stock. These shares are now authorized but unissued. There was no effect on the Company’s overall equity position as a result of the retirement.
The Company has two stock repurchase programs: an open-market purchase program with an authorized aggregate purchase amount of up to $2,000, which has no expiration date, and a program to offset the anticipated impact of dilution related to stock-based awards (the Evergreen Program), which has no authorization limit on the dollar amount and no expiration date.
Stock repurchases under the two stock repurchase programs were as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | 12/31/2020 | | 12/31/2019 | | 12/31/2020 | | 12/31/2019 | | Amount | | Shares (in thousands) | | Amount | | Shares (in thousands) | | Amount | | Shares (in thousands) | | Amount | | Shares (in thousands) | Open-market purchase program | $ | — | | | — | | | $ | 85 | | | 577 | | | $ | — | | | — | | | $ | 85 | | | 577 | | Evergreen Program | 200 | | | 980 | | | — | | | — | | | 300 | | | 1,424 | | | 104 | | | 663 | | Total stock repurchases | $ | 200 | | | 980 | | | $ | 85 | | | 577 | | | $ | 300 | | | 1,424 | | | $ | 189 | | | 1,240 | |
Changes in Accumulated other comprehensive net (loss) income attributable to Clorox by component were as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31 | | Foreign currency translation adjustments | | Net unrealized gains (losses) on derivatives | | Pension and postretirement benefit adjustments | | Accumulated other comprehensive net (loss) income | Balance as of September 30, 2019 | $ | (430) | | | $ | (21) | | | $ | (164) | | | $ | (615) | | Other comprehensive (loss) income before reclassifications | 9 | | | 2 | | | — | | | 11 | | Amounts reclassified from Accumulated other comprehensive net (loss) income | — | | | 2 | | | 1 | | | 3 | | Income tax benefit (expense) | — | | | — | | | — | | | — | | Net current period other comprehensive (loss) income | 9 | | | 4 | | | 1 | | | 14 | | Balance as of December 31, 2019 | $ | (421) | | | $ | (17) | | | $ | (163) | | | $ | (601) | | | | | | | | | | Balance as of September 30, 2020 | $ | (440) | | | $ | (13) | | | $ | (170) | | | $ | (623) | | Other comprehensive (loss) income before reclassifications | 36 | | | 11 | | | — | | | 47 | | Amounts reclassified from Accumulated other comprehensive net (loss) income | — | | | 2 | | | 2 | | | 4 | | Income tax benefit (expense), and other | 1 | | | (3) | | | (1) | | | (3) | | Net current period other comprehensive (loss) income | 37 | | | 10 | | | 1 | | | 48 | | Balance as of December 31, 2020 | $ | (403) | | | $ | (3) | | | $ | (169) | | | $ | (575) | | | | | | | | | | | Six Months Ended December 31 | | Foreign currency translation adjustments | | Net unrealized gains (losses) on derivatives | | Pension and postretirement benefit adjustments | | Accumulated other comprehensive net (loss) income | Balance as of June 30, 2019 | $ | (414) | | | $ | (23) | | | $ | (165) | | | $ | (602) | | Other comprehensive (loss) income before reclassifications | (6) | | | 3 | | | — | | | (3) | | Amounts reclassified from Accumulated other comprehensive net (loss) income | — | | | 4 | | | 3 | | | 7 | | Income tax benefit (expense) | (1) | | | (1) | | | (1) | | | (3) | | Net current period other comprehensive (loss) income | (7) | | | 6 | | | 2 | | | 1 | | Balance as of December 31, 2019 | $ | (421) | | | $ | (17) | | | $ | (163) | | | $ | (601) | | | | | | | | | | Balance as of June 30, 2020 | $ | (450) | | | $ | (18) | | | $ | (172) | | | $ | (640) | | Other comprehensive (loss) income before reclassifications | 45 | | | 14 | | | — | | | 59 | | Amounts reclassified from Accumulated other comprehensive net (loss) income | — | | | 5 | | | 4 | | | 9 | | Income tax benefit (expense), and other | 2 | | | (4) | | | (1) | | | (3) | | Net current period other comprehensive (loss) income | 47 | | | 15 | | | 3 | | | 65 | | Balance as of December 31, 2020 | $ | (403) | | | $ | (3) | | | $ | (169) | | | $ | (575) | |
Included in foreign currency translation adjustments are re-measurement losses on long-term intercompany loans where settlement is not planned or anticipated in the foreseeable future. There were no amounts associated with these loans reclassified from Accumulated other comprehensive net (loss) income for the periods presented.
|