Subsequent Event

12 Months Ended

Dec. 31, 2012

Highly Inflationary Accounting for Venezuelan Operations

Subsequent Events [Text Block]

On February 13, 2013, the Venezuelan government announced a devaluation of the Central Bank of Venezuela ("Central Bank") regulated currency exchange system rate to 6.3 bolivars per U.S. dollar and the elimination of the SITME rate. We had used the Central Bank SITME rate of 5.4 bolivars per U.S. dollar to measure K‑C Venezuela's bolivar-denominated transactions into U.S. dollars during most of 2010, and all of 2011 and 2012. We recorded a $98 charge, $96 net of tax, in January 2010 related to the adoption of highly inflationary accounting in Venezuela.

At December 31, 2012, K‑C Venezuela had a bolivar-denominated net monetary asset position of $211 and our net investment in K-C Venezuela was approximately $351, both valued at 5.4 bolivars per U.S. dollar. As a result of the devaluation, we expect to record an after tax charge of $25 to $35 in the first quarter of 2013 related to the remeasurement of the local currency-denominated balance sheet to the new exchange rate.

Net sales of K‑C Venezuela represented 2 percent of Consolidated Net Sales for the year ended December 31, 2012, and 1 percent of Consolidated Net Sales in 2011 and 2010. In 2012 and 2011, K‑C Venezuela represented 4 percent of Consolidated Operating Profit. In 2010, Operating Profit at our Venezuelan subsidiary was negative due to the charge recorded as a result of adopting highly inflationary accounting.