Company: CLX
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000021076-25-000023
Chunk: 92

Company: CLOROX CO /DE/
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 into a new $1,200 revolving credit agreement (the Credit Agreement) that matures in March 2030. The Credit Agreement replaced a prior $1,200 revolving credit agreement (the Prior Credit Agreement) in place since March 2022. The Company did not incur any termination fees or penalties in connection with entering the new agreement, which was considered a debt modification. There were no borrowings under either the Credit Agreement or the Prior Credit Agreement as of both March 31, 2025 and June 30, 2024, and the Company believes that borrowings under the Credit Agreement are and will continue to be available for general corporate purposes. The Credit Agreement includes certain restrictive covenants and limitations. The primary restrictive covenant is a minimum ratio of 4.0, calculated as total earnings before interest, taxes, depreciation and amortization and other similar noncash charges and certain other items (Consolidated EBITDA) to total interest expense for the trailing four quarters (Interest Coverage ratio), as defined and described in the Credit Agreement.

The Company was in compliance with all restrictive covenants and limitations in the Credit Agreement as of March 31, 2025 and anticipates being in compliance with all restrictive covenants for the foreseeable future.

As of March 31, 2025, the Company maintained $34 of foreign and other credit lines, of which $7 was outstanding.

Stock Repurchases and Dividend Payments

As of March 31, 2025, the Company had 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. During the three and nine months ended March 31, 2025, the Company repurchased 0 and 1,695 thousand shares of common stock at a cost of $0 and $257, respectively. There were no share repurchases of common stock during both the three and nine months ended March 31, 2024. 

Dividends per share declared and total dividends paid to Clorox stockholders were as follows for the periods indicated: Three months endedNine months ended3/31/20253/31/20243/31/20253/31/2024Dividends per share declared$1.22 $1.20 $4.88