Solid market shares in North American tissue and global diapers, incontinence care, and feminine care. High brand equity in the tissue and personal care sectors. Nondiscretionary demand for most of the company's products. Track record of achieving meaningful ongoing productivity improvements. Good geographic diversification. All segments compete against other large global consumer product companies, while the lower-growth tissue segment also competes against private-label products. Exposure to input-cost volatility, particularly pulp and oil-based materials. Strong, consistent free cash flow. Substantially all free cash flow used for dividends and share buybacks. The stable outlook reflects S&P Global Ratings' expectation for steady earnings and cash flow due to relatively consistent demand for Kimberly-Clark Corp.'s high quality products. This should result in adjusted debt
