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10-Q


(Mark One)☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


September 30, 2019





☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934





1-07151





THE CLOROX COMPANY





Delaware31-0595760(State or other jurisdiction of(I.R.S. Employer Identification No.)incorporation or organization)


1221 Broadway
  Oakland
  California
  94612-1888





510
  271-7000





(Former name, former address and former fiscal year, if changed since last report)___________________Securities registered pursuant to Section 12(b) of the ActTitle of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock-$1.00 par valueCLXNew York Stock ExchangeSecurities registered pursuant to Section 12(g) of the Act: None





Yes





Yes








Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller Reporting Company☐Emerging Growth Company☐











☐





125,503,468








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Three Months Ended9/30/20199/30/2018Net sales$1,506$1,563Cost of products sold843885Gross profit663678Selling and administrative expenses211212Advertising costs137139Research and development costs3032Interest expense2524Other (income) expense, net23Earnings before income taxes258268Income taxes5558Net earnings$203$210Net earnings per shareBasic net earnings per share$1.61$1.65Diluted net earnings per share$1.59$1.62Weighted average shares outstanding (in thousands)Basic125,823127,803Diluted127,465129,946Comprehensive income$190$210














---



















9/30/20196/30/2019(Unaudited)ASSETSCurrent assetsCash and cash equivalents$150$111Receivables, net556631Inventories, net504512Prepaid expenses and other current assets5651Total current assets1,2661,305Property, plant and equipment, net of accumulated depreciation and amortizationof $2,156 and $2,150, respectively1,0341,034Operating lease right-of-use assets312—Goodwill1,5851,591Trademarks, net789791Other intangible assets, net118121Other assets293274Total assets$5,397$5,116LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilitiesNotes and loans payable$449$396Current operating lease liabilities57—Accounts payable and accrued liabilities9411,035Income taxes payable119Total current liabilities1,4581,440Long-term debt2,2872,287Long-term operating lease liabilities290—Other liabilities744780Deferred income taxes6850Total liabilities4,8474,557Commitments and contingenciesStockholders’ equityPreferred stock: $1.00 par value; 5,000,000 shares authorized; noneissued or outstanding——Common stock: $1.00 par value; 750,000,000 shares authorized; 158,741,461 sharesissued as of September 30, 2019 and June 30, 2019; and 125,495,492 and 125,686,325 shares outstanding as of September 30, 2019 and June 30, 2019, respectively159159Additional paid-in capital1,0431,046Retained earnings3,2413,150Treasury shares, at cost: 33,245,969 and 33,055,136 shares as of September 30, 2019and June 30, 2019, respectively(3,278)(3,194)Accumulated other comprehensive net (loss) income(615)(602)Stockholders’ equity550559Total liabilities and stockholders’ equity$5,397$5,116














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Three Months Ended9/30/20199/30/2018Operating activities:Net earnings$203$210Adjustments to reconcile net earnings to net cash provided by operations:Depreciation and amortization4444Stock-based compensation68Deferred income taxes7(3)Other1916Changes in:Receivables, net7333Inventories, net6(13)Prepaid expenses and other current assets(10)(13)Accounts payable and accrued liabilities(82)(52)Operating lease right-of-use assets and liabilities, net1—Income taxes payable/receivable, net429Net cash provided by operations271259Investing activities:Capital expenditures(54)(36)Other12—Net cash used for investing activities(42)(36)Financing activities:Notes and loans payable, net5180Treasury stock purchased(110)(203)Cash dividends paid(133)(122)Issuance of common stock for employee stock plans and other953Net cash used for financing activities(183)(192)Effect of exchange rate changes on cash, cash equivalents, and restricted cash(2)—Net increase (decrease) in cash, cash equivalents, and restricted cash4431Cash, cash equivalents, and restricted cash:Beginning of period113134End of period$157$165

















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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES












































---





































22








INVENTORIES, NET


9/30/20196/30/2019Finished goods$410$411Raw materials and packaging124125Work in process66LIFO allowances(36)(30)Total$504$512











---










LEASES AND OTHER COMMITMENTS





12








Balance sheet classification9/30/2019Operating leasesRight-of-use assetsOperating lease right-of-use assets$312Current lease liabilitiesCurrent operating lease liabilities57Non-current lease liabilitiesLong-term operating lease liabilities290Total operating lease liabilities$347Finance leasesRight-of-use assetsOther assets$15Current lease liabilitiesAccounts payable and accrued liabilities2Non-current lease liabilitiesOther liabilities13Total finance lease liabilities$15








Three Months Ended9/30/2019Operating lease cost$18Finance lease cost:Amortization of right-of-use assets1Interest on lease liabilities—Total finance lease cost$1Variable lease cost$10








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Three Months Ended9/30/2019Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from operating leases, net$17Operating cash flows from finance leases—Financing cash flows from finance leases1Right-of-use assets obtained in exchange for lease obligations:Operating leases$11Finance leases7








9/30/2019Weighted-average remaining lease term:Operating leases8 yearsFinance leases8 yearsWeighted-average discount rate:Operating leases2.6%Finance leases3.3%








YearOperating leasesFinance leases2020$31$22021652202253220234522024392Thereafter1557Total lease payments$388$17Less: Imputed interest(41)(2)Total lease liabilities$347$15








YearOperating leasesCapital Leases2020$71$22021652202250120234212024371Thereafter1242Total lease payments$389$9














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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS























2





31
  17
  14
    24
  13
  11











2





55
  61











12





no








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Gains (losses) recognized in Other comprehensive incomeThree Months Ended9/30/20199/30/2018Commodity purchase derivative contracts$—$4Foreign exchange derivative contracts1—Interest rate derivative contracts——Total$1$4





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 earningsThree Months Ended9/30/20199/30/2018Commodity purchase derivative contractsCost of products sold$—$4Foreign exchange derivative contractsCost of products sold—1Interest rate derivative contractsInterest expense(2)(2)Total$(2)$3





7











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1











1


















































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The following table provides information about the balance sheet classification and the fair values of the Company’s derivative instruments:
 9/30/20196/30/2019Balance sheetclassificationFair valuehierarchylevelCarryingAmountEstimatedFairValueCarryingAmountEstimatedFairValueAssetsForeign exchange forward contractsPrepaid expenses and other current assets2$1$1$—$—$1$1$—$—LiabilitiesCommodity purchase futures contractsAccounts payable and accrued liabilities1$—$—$1$1Commodity purchase swaps contractsAccounts payable and accrued liabilities22211$2$2$2$2








9/30/20196/30/2019Balance sheetclassificationFair valuehierarchylevelCarryingAmountEstimatedFairValueCarryingAmountEstimatedFairValueAssetsInvestments, including money market fundsCash and cashequivalents(a)1$43$43$26$26Time depositsCash and cashequivalents(a)2181877Trust assets for nonqualified deferred compensation plansOther assets11001009696$161$161$129$129LiabilitiesNotes and loans payableNotes and loans payable(b)2$449$449$396$396Current maturities of long-term debt and Long-term debtCurrent maturities of long-term debt and Long-termdebt(c)22,2872,4292,2872,402$2,736$2,878$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.










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INCOME TAXES


21.5








NET EARNINGS PER SHARE (EPS)





Three Months Ended9/30/20199/30/2018Basic125,823127,803Dilutive effect of stock options and other1,6422,143Diluted127,465129,946Antidilutive stock options and other—967











COMPREHENSIVE INCOME





Three Months Ended9/30/20199/30/2018Net earnings$203$210Other comprehensive income (loss), net of tax:Foreign currency translation adjustments(16)(2)Net unrealized gains (losses) on derivatives21Pension and postretirement benefit adjustments11Total other comprehensive income (loss), net of tax(13)—Comprehensive income$190$210














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STOCKHOLDERS
 ’EQUITY





Three Months Ended September 30Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulatedOtherComprehensiveNet (Loss) IncomeTotal Stockholders’EquityAmountShares (in thousands)AmountShares (in thousands)Balance as of June 30, 2018$159158,741$975$2,797$(2,658)(30,759)$(547)$726Cumulative effect of accounting changes, net of tax(1)(3)(3)Net earnings210210Other comprehensive income (loss)——Dividends ($0.96 per share declared)(123)(123)Stock-based compensation88Other employee stock plan activities12541,04657Treasury stock purchased(198)(1,423)(198)Balance as of September 30, 2018$159158,741$984$2,883$(2,802)(31,136)$(547)$677Balance as of June 30, 2019$159158,741$1,046$3,150$(3,194)(33,055)$(602)$559Cumulative effect of accounting changes, net of tax(2)2222Net earnings203203Other comprehensive income (loss)(13)(13)Dividends ($1.06 per share declared)(134)(134)Stock-based compensation66Other employee stock plan activities(9)—2047211Treasury stock purchased(104)(663)(104)Balance as of September 30, 2019$159158,741$1,043$3,241$(3,278)(33,246)$(615)$550














two
  2,000
  no





two


Three Months Ended9/30/20199/30/2018AmountShares (in thousands)AmountShares (in thousands)Open-market purchase program$——$78591Evergreen Program104663120832Total stock repurchases$104663$1981,423








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Three Months Ended September 30Foreign currency translation adjustmentsNet unrealized gains (losses) on derivativesPension and postretirement benefit adjustmentsAccumulated other comprehensive (loss) incomeBalance as of June 30, 2018$(384)$(25)$(138)$(547)Other comprehensive income (loss) before reclassifications(2)4—2Amounts reclassified from Accumulated other comprehensive net (loss) income—(3)2(1)Income tax benefit (expense)——(1)(1)Net current period other comprehensive income (loss)(2)11—Balance as of September 30, 2018$(386)$(24)$(137)$(547)Balance as of June 30, 2019$(414)$(23)$(165)$(602)Other comprehensive income (loss) before reclassifications(15)1—(14)Amounts reclassified from Accumulated other comprehensive net (loss) income—224Income tax benefit (expense), and other(1)(1)(1)(3)Net current period other comprehensive income (loss)(16)21(13)Balance as of September 30, 2019$(430)$(21)$(164)$(615)





2
  no








EMPLOYEE BENEFIT PLANS





Three Months Ended9/30/20199/30/2018Service cost$—$—Interest cost56Expected return on plan assets(1)(4)(4)Amortization of unrecognized items22Total$3$4


3.9


2











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OTHER CONTINGENCIES AND GUARANTEES





27


14
      30
  14
  28
  30


11
      24.3
  30














10
  0














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SEGMENT RESULTS


four





Net salesThree Months Ended9/30/20199/30/2018Cleaning$562$571Household381442Lifestyle322309International241241Corporate——Total$1,506$1,563Earnings (losses) before income taxesThree Months Ended9/30/20199/30/2018Cleaning$178$180Household2559Lifestyle7062International3928Corporate(54)(61)Total$258$268





26
  25











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Net salesThree Months Ended9/30/20199/30/2018Home care22%21%Laundry10%10%Professional products6%6%Cleaning38%37%Bags, wraps, and containers12%13%Cat litter8%7%Charcoal4%6%Digestive health1%2%Household25%28%Food products9%9%Natural personal care5%4%Water filtration4%4%Dietary supplements3%3%Lifestyle21%20%International16%15%Total100%100%














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®
  ®
  ®
  ®
  ®
  ®
  ®
  ®
  ®
  ®
  ®
  TM
  ®
  TM
  ®








|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Cleaningconsists of laundry, home care and professional products marketed and sold in the United States. Products within this segment include laundry additives, such as bleach products under the Clorox®brand and Clorox 2®stain fighter and color booster; home care products, primarily under the Clorox®, Formula 409®, Liquid-Plumr®, Pine-Sol®, S.O.S®and Tilex®brands; naturally derived products under the Green Works®brand; and professional cleaning, disinfecting and food service products under the CloroxProTM, Dispatch®, Clorox Healthcare®, Hidden Valley®and KC Masterpiece®brands.

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                       
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Householdconsists of charcoal, bags, wraps and containers, cat litter, and digestive health products marketed and sold in the United States. Products within this segment include charcoal products under the Kingsford®and Match Light®brands; bags, wraps and containers under the Glad®brand; cat litter products under the Fresh Step®, Scoop Away®and Ever Clean®brands; and digestive health products under the RenewLife®brand.

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Lifestyleconsists of food products, water-filtration systems and filters, natural personal care products, and dietary supplements marketed and sold mainly in the United States. Products within this segment include dressings and sauces, primarily under the Hidden Valley®, KC Masterpiece®, Kingsford®and Soy Vay®brands; water-filtration systems and filters under the Brita®brand; natural personal care products under the Burt’s Bees®brand; and dietary supplements under the Rainbow Light®, Natural VitalityTMand NeoCell®brands.

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Internationalconsists of products sold outside the United States. Products within this segment include laundry; home care; water-filtration systems and filters; digestive health products; charcoal; cat litter products; food products; bags, wraps and containers; natural personal care products; and professional cleaning and disinfecting products primarily under the Clorox®, Glad®, PinoLuz®, Ayudin®, Limpido®, Clorinda®, Poett®, Mistolin®, Lestoil®, Bon Bril®, Brita®, Green Works®, Pine-Sol®, Agua Jane®, Chux®, RenewLife®, Kingsford®, Fresh Step®, Scoop Away®, Ever Clean®, KC Masterpiece®, Hidden Valley®,Burt’s Bees®, CloroxProTM,and Clorox Healthcare®brands.










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Three Months Ended9/30/20199/30/2018% ChangeNet sales$1,506$1,563(4)%





Three Months Ended September 30, 2019Percentage change versus the year-ago periodReported (GAAP) Net Sales Growth / (Decrease)Reported VolumeAcquisitions & DivestituresForeign Exchange ImpactPrice/Mix/Other(1)Organic Sales Growth / (Decrease) (Non-GAAP)(2)Organic Volume(3)Cleaning(2)%1%—%—%(3)%(2)%1%Household(14)(8)——(6)(14)(8)Lifestyle44———44International—2—(8)682Total(4)%—%—%(2)%(2)%(2)%—%




















Three Months Ended9/30/20199/30/2018% ChangeGross profit$663$678(2)%Gross margin44.0%43.4%








Three Months Ended% of Net Sales9/30/20199/30/2018% Change9/30/20199/30/2018Selling and administrative expenses$211$212—%14.0%13.6%Advertising costs137139(1)9.18.9Research and development costs3032(6)2.02.0




















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Three Months Ended9/30/20199/30/2018Interest expense$25$24Other (income) expense, net23Effective tax rate on earnings21.5%21.5%














Three Months Ended9/30/20199/30/2018% ChangeDiluted net earnings per share$1.59$1.62(2)%


























Three Months Ended9/30/20199/30/2018% ChangeNet sales$562$571(2)%Earnings before income taxes178180(1)





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Three Months Ended9/30/20199/30/2018% ChangeNet sales$381$442(14)%Earnings before income taxes2559(58)





®
  ®








Three Months Ended9/30/20199/30/2018% ChangeNet sales$322$3094%Earnings before income taxes706213





®








Three Months Ended9/30/20199/30/2018% ChangeNet sales$241$241—%Earnings before income taxes392839


























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Three Months Ended9/30/20199/30/2018% ChangeLosses before income taxes$(54)$(61)(11)%














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Three Months Ended9/30/20199/30/2018Net cash provided by operations$271$259Net cash used for investing activities(42)(36)Net cash used for financing activities(183)(192)













































































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Twelve Months Ended9/30/2019Earnings from operations$813Add back:Interest expense98Income tax expense201Depreciation and amortization180Non-cash asset impairment charges—Deduct:Interest income(2)Consolidated EBITDA$1,290Interest expense$98Interest Coverage ratio13.2
































Three Months Ended9/30/20199/30/2018AmountShares (in thousands)AmountShares (in thousands)Open-market purchase program$——$78591Evergreen Program104663120832Total stock repurchases$104663$1981,423








Three Months Ended9/30/20199/30/2018Dividends per share declared$1.06$0.96Total dividends paid133122








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Three Months Ended September 30, 2019Percentage change versus the year-ago periodCleaningHouseholdLifestyleInternationalTotalNet sales growth / (decrease) (GAAP)(2)%(14)%4%—%(4)%Add: Foreign Exchange———82Add/(Subtract): Divestitures/Acquisitions—————Organic sales growth / (decrease) (non-GAAP)(2)%(14)%4%8%(2)%











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|  |                                              
|- | ---------------------------------------------
|• | intense competition in the Company’s markets;

|  |                                                                                                                                                           
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|• | the impact of the changing retail environment, including the growth of alternative retail channels and business models, and changing consumer preferences;

|  |                                                                                                                                                                     
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | volatility and increases in commodity costs such as resin, sodium hypochlorite and agricultural commodities, and increases in energy, transportation or other costs;

|  |                                                                                                                                                                 
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | the ability of the Company to drive sales growth, increase prices and market share, grow its product categories and manage favorable product and geographic mix;

|  |                                                                                               
|- | ----------------------------------------------------------------------------------------------
|• | dependence on key customers and risks related to customer consolidation and ordering patterns;

|  |                                                                                                                                                                                                                                                                                                           
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | risks related to the Company’s use of and reliance on information technology systems, including potential security breaches, cyber-attacks, privacy breaches or data breaches that result in the unauthorized disclosure of consumer, customer, employee or Company information, or service interruptions;

|  |                                                                                                         
|- | --------------------------------------------------------------------------------------------------------
|• | the Company’s ability to maintain its business reputation and the reputation of its brands and products;

|  |                                                                                                                                                                                                                                                                                                                                                                
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | risks relating to acquisitions, new ventures and divestitures, and associated costs, including the potential for asset impairment charges related to, among others, intangible assets and goodwill; and the ability to complete announced transactions and, if completed, integration costs and potential contingent liabilities related to those transactions;

|  |                                                                                                       
|- | ------------------------------------------------------------------------------------------------------
|• | lower revenue, increased costs or reputational harm resulting from government actions and regulations;

|  |                                                                                                                                                                 
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | the ability of the Company to successfully manage global political, legal, tax and regulatory risks, including changes in regulatory or administrative activity;

|  |                                                                        
|- | -----------------------------------------------------------------------
|• | worldwide, regional and local economic and financial market conditions;

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | risks related to international operations and international trade, including foreign currency fluctuations, such as devaluations, and foreign currency exchange rate controls, including periodic changes in such controls; changes in U.S. immigration or trade policies, including the imposition of new or additional tariffs; labor claims and labor unrest; inflationary pressures, particularly in Argentina; political instability and the uncertainty regarding the outcome of Brexit; government-imposed price controls or other regulations; potential negative impact and liabilities from the use, storage and transportation of chlorine in certain international markets where chlorine is used in the production of bleach; and the possibility of nationalization, expropriation of assets or other government action;

|  |                                                                                                                                                        
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------
|• | the ability of the Company to innovate and to develop and introduce commercially successful products, or expand into adjacent categories and countries;

|  |                                                                                                                             
|- | ----------------------------------------------------------------------------------------------------------------------------
|• | the impact of product liability claims, labor claims and other legal or tax proceedings, including in foreign jurisdictions;

|  |                                                                                    
|- | -----------------------------------------------------------------------------------
|• | the ability of the Company to implement and generate cost savings and efficiencies;

|  |                                                  
|- | -------------------------------------------------
|• | the success of the Company’s business strategies;

|  |                                                                                                          
|- | ---------------------------------------------------------------------------------------------------------
|• | risks related to additional increases in the estimated fair value of P&G’s interest in the Glad®business;

|  |                                                           
|- | ----------------------------------------------------------
|• | the Company’s ability to attract and retain key personnel;

|  |                                                                                        
|- | ---------------------------------------------------------------------------------------
|• | supply disruptions and other risks inherent in reliance on a limited base of suppliers;

|  |                                                                                                                                                                                                                                                            
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | environmental matters, including costs associated with the remediation and monitoring of past contamination, and possible increases in costs resulting from actions by relevant regulators, and the handling and/or transportation of hazardous substances;

|  |                                                                                                                                                                            
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | increased focus by governmental and non-governmental organizations, customers, consumers and investors on sustainability issues, including those related to climate change;







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|  |                                                                                                                                                                                              
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | the facilities of the Company and its suppliers being subject to disruption by events beyond the Company’s control, including work stoppages, cyber-attacks, natural disasters and terrorism;

|  |                                                                                       
|- | --------------------------------------------------------------------------------------
|• | the Company’s ability to maximize, assert and defend its intellectual property rights;

|  |                                                                                                     
|- | ----------------------------------------------------------------------------------------------------
|• | any infringement or claimed infringement by the Company of third-party intellectual property rights;

|  |                                                                                                      
|- | -----------------------------------------------------------------------------------------------------
|• | the accuracy of the Company’s estimates and assumptions on which its financial projections are based;

|  |                                                                                                             
|- | ------------------------------------------------------------------------------------------------------------
|• | the effect of the Company’s indebtedness and credit rating on its business operations and financial results;

|  |                                                                                          
|- | -----------------------------------------------------------------------------------------
|• | the Company’s ability to pay and declare dividends or repurchase its stock in the future;

|  |                                                                                                                                                       
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------
|• | uncertainties relating to tax positions, tax disputes and changes in the Company’s tax rate, and any additional effects of the Tax Act on the Company;

|  |                                                                            
|- | ---------------------------------------------------------------------------
|• | the Company’s ability to maintain an effective system of internal controls;

|  |                                                   
|- | --------------------------------------------------
|• | the impacts of potential stockholder activism; and

|  |                                                                           
|- | --------------------------------------------------------------------------
|• | risks related to the Company’s discontinuation of operations in Venezuela.





































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[a][b][c][d]PeriodTotal Number ofShares Purchased(1)Average Price Paidper Share (2)Total Number ofShares Purchased asPart of PubliclyAnnounced Plans orProgramsMaximum Number (orApproximate DollarValue) of Shares thatMay Yet Be PurchasedUnder the Plans orProgramsJuly 1 to 31, 201963,144$152.8663,144$1,578 millionAugust 1 to 31, 2019582,004157.66582,004$1,578 millionSeptember 1 to 30, 201917,742160.9417,742$1,578 millionTotal662,890$157.29662,890








|    |                                                                                                                       
|--- | ----------------------------------------------------------------------------------------------------------------------
|(1) | All the shares purchased in July, August and September 2019 were acquired pursuant to the Company’s Evergreen Program.

|    |                                                                
|--- | ---------------------------------------------------------------
|(2) | Average price paid per share in the period includes commission.







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10.1Form of Performance Share Award Agreement under the Company's 2005 Stock Incentive Plan for awards made in 2019.31.1Certification by the Chief Executive Officer of the Company Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2Certification by the Chief Financial Officer of the Company Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32Certification by the Chief Executive Officer and Chief Financial Officer of the Company Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.101.SCHXBRL Taxonomy Extension Schema Document.101.CALXBRL Taxonomy Extension Calculation Linkbase Document.101.DEFXBRL Taxonomy Extension Definition Linkbase Document.101.LABXBRL Taxonomy Extension Label Linkbase Document.101.PREXBRL Taxonomy Extension Presentation Linkbase Document.104Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).








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THE CLOROX COMPANY(Registrant)DATE: October 31, 2019BY/s/ Jeffrey R. BakerJeffrey R. BakerVice President – Chief Accounting Officer and Corporate Controller