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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________
FORM 10-Q
________________________
 (Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from________ to________ .
Commission File Number: 1-644
COLGATE-PALMOLIVE COMPANY
(Exact name of registrant as specified in its charter)
Delaware13-1815595
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
 
300 Park Avenue
New York,New York10022
(Address of principal executive offices)(Zip Code)
(212) 310-2000
(Registrant’s telephone number, including area code)
NO CHANGES
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $1.00 par valueCLNew York Stock Exchange
0.500% Notes due 2026CL26New York Stock Exchange
0.300% Notes due 2029CL29New York Stock Exchange
1.375% Notes due 2034CL34New York Stock Exchange
0.875% Notes due 2039CL39New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒  No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
ClassShares OutstandingDate
Common stock, $1.00 par value817,087,145June 30, 2024



PART I.    FINANCIAL INFORMATION


COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Income
(Dollars in Millions Except Per Share Amounts)
(Unaudited)
 
 Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Net sales$5,058 $4,822 $10,124 $9,592 
Cost of sales1,992 2,035 4,019 4,093 
Gross profit3,066 2,787 6,105 5,499 
Selling, general and administrative expenses1,939 1,768 3,855 3,526 
Other (income) expense, net35 45 111 90 
Operating profit1,092 974 2,139 1,883 
Non-service related postretirement costs22 29 44 323 
Interest (income) expense, net60 58 118 112 
Income before income taxes1,010 887 1,977 1,448 
Provision for income taxes243 353 482 500 
Net income including noncontrolling interests767 534 1,495 948 
Less: Net income attributable to noncontrolling interests36 32 81 74 
Net income attributable to Colgate-Palmolive Company$731 $502 $1,414 $874 
Earnings per common share, basic$0.89 $0.61 $1.72 $1.05 
Earnings per common share, diluted$0.89 $0.60 $1.71 $1.05 


See Notes to Condensed Consolidated Financial Statements.

2


COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Comprehensive Income
(Dollars in Millions)
(Unaudited)

Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Net income including noncontrolling interests$767 $534 $1,495 $948 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments(118)27 (212)70 
Retirement plans and other retiree benefit adjustments6 6 11 13 
    Gains (losses) on cash flow hedges2 (10)2 (4)
Total Other comprehensive income (loss), net of tax(110)23 (199)79 
Total Comprehensive income including noncontrolling interests657 557 1,296 1,027 
Less: Net income attributable to noncontrolling interests36 32 81 74 
Less: Cumulative translation adjustments attributable to noncontrolling interests(1)(25)(8)(41)
Total Comprehensive income attributable to noncontrolling interests35 7 73 33 
Total Comprehensive income attributable to Colgate-Palmolive Company$622 $550 $1,223 $994 
See Notes to Condensed Consolidated Financial Statements.

3


COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Balance Sheets
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)
June 30,
2024		December 31,
2023
Assets
Current Assets
Cash and cash equivalents$1,110 $966 
Receivables (net of allowances of $84 and $80, respectively)
1,825 1,586 
Inventories1,922 1,934 
Other current assets789 793 
Total current assets5,646 5,279 
Property, plant and equipment:  
Cost10,167 10,286 
Less: Accumulated depreciation(5,775)(5,704)
 4,392 4,582 
Goodwill3,320 3,410 
Other intangible assets, net1,814 1,887 
Deferred income taxes214 214 
Other assets1,094 1,021 
Total assets$16,480 $16,393 
Liabilities and Shareholders’ Equity  
Current Liabilities  
Notes and loans payable$509 $310 
Current portion of long-term debt21 20 
Accounts payable1,557 1,698 
Accrued income taxes399 336 
Other accruals2,864 2,377 
Total current liabilities5,350 4,741 
Long-term debt8,146 8,219 
Deferred income taxes355 361 
Other liabilities2,147 2,115 
Total liabilities15,998 15,436 
Shareholders’ Equity  
Common stock, $1 par value (2,000,000,000 shares authorized, 1,465,706,360 shares issued)
1,466 1,466 
Additional paid-in capital4,035 3,808 
Retained earnings25,486 25,289 
Accumulated other comprehensive income (loss)(4,128)(3,937)
Treasury stock, at cost(26,736)(26,017)
Total Colgate-Palmolive Company shareholders’ equity123 609 
Noncontrolling interests359 348 
Total equity482 957 
Total liabilities and equity$16,480 $16,393 
See Notes to Condensed Consolidated Financial Statements.

4


COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Cash Flows
(Dollars in Millions)
(Unaudited)
Six Months Ended
 June 30,
 20242023
Operating Activities  
Net income including noncontrolling interests$1,495 $948 
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:  
Depreciation and amortization307 273 
ERISA litigation matter— 267 
Restructuring and termination benefits, net of cash48 (8)
Stock-based compensation expense43 37 
Deferred income taxes(92)(156)
Cash effects of changes in:
Receivables(309)(112)
Inventories(17)54 
Accounts payable and other accruals194 153 
Other non-current assets and liabilities2 1 
Net cash provided by (used in) operations1,671 1,457 
Investing Activities  
Capital expenditures(243)(347)
Purchases of marketable securities and investments(243)(225)
Proceeds from sale of marketable securities and investments178 146 
Other investing activities4 (12)
Net cash provided by (used in) investing activities(304)(438)
Financing Activities  
Short-term borrowing (repayment) less than 90 days, net736 (415)
Principal payments of debt(500)(903)
Proceeds from issuance of debt 2 1,497 
Dividends paid(867)(847)
Purchases of treasury shares(989)(551)
Proceeds from exercise of stock options455 259 
Other financing activities(43)5 
Net cash provided by (used in) financing activities(1,206)(955)
Effect of exchange rate changes on Cash and cash equivalents(17)(20)
Net increase (decrease) in Cash and cash equivalents144 44 
Cash and cash equivalents at beginning of the period966 775 
Cash and cash equivalents at end of the period$1,110 $819 
Supplemental Cash Flow Information  
Income taxes paid$505 $450 
Interest paid$161 $129 
See Notes to Condensed Consolidated Financial Statements.

5


COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Changes in Shareholders’ Equity
(Dollars in Millions)
(Unaudited)

Three Months Ended June 30, 2024
Colgate-Palmolive Company Shareholders’ Equity
Common
Stock		Additional
Paid-in
Capital		Unearned
Compensation		Treasury
Stock		Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)(1)
Noncontrolling
Interests
Balance, March 31, 2024$1,466 $3,962 $— $(26,343)$25,164 $(4,019)$387 
Net income— — — — 731 — 36 
Other comprehensive income (loss), net of tax
— — — — — (109)(1)
Dividends ($0.50 per share)
— — — — (409)— (63)
Stock-based compensation expense
— 24 — — — — — 
Shares issued for stock options
— 48 — 87 — — — 
Shares issued for restricted stock units
— (1)— 1 — — — 
Treasury stock acquired
— — — (480)— — — 
Other— 2 — (1)— — — 
Balance, June 30, 2024
$1,466 $4,035 $— $(26,736)$25,486 $(4,128)$359 
Three Months Ended June 30, 2023
Colgate-Palmolive Company Shareholders’ Equity
Common
Stock		Additional
Paid-in
Capital		Unearned
Compensation		Treasury
Stock		Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)(1)
Noncontrolling
Interests
Balance, March 31, 2023$1,466 $3,603 $— $(25,245)$24,153 $(3,983)$431 
Net income— — — — 502 — 32 
Other comprehensive income (loss), net of tax
— — — — — 48 (25)
Dividends ($0.48 per share)
— — — — (397)— (59)
Stock-based compensation expense
— 23 — — — — — 
Shares issued for stock options
— 62 — 77 — — — 
Shares issued for restricted stock units
— (1)— 1 — — — 
Treasury stock acquired
— — — (371)— — — 
Other— 1 — (3)— — — 
Balance, June 30, 2023
$1,466 $3,688 $— $(25,541)$24,258 $(3,935)$379 
(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,555 at June 30, 2024 ($3,381 at June 30, 2023) and $3,438 at March 31, 2024 ($3,431 at March 31, 2023), respectively, and unrecognized retirement plan and other retiree benefits costs of $636 at June 30, 2024 ($618 at June 30, 2023) and $643 at March 31, 2024 ($624 at March 31, 2023), respectively.







See Notes to Condensed Consolidated Financial Statements.

6


COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Changes in Shareholders’ Equity
(Dollars in Millions)
(Unaudited)
Six Months Ended June 30, 2024
Colgate-Palmolive Company Shareholders’ Equity
Common
Stock		Additional
Paid-in
Capital		Unearned
Compensation		Treasury
Stock		Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)(1)
Noncontrolling
Interests
Balance, December 31, 2023$1,466 $3,808 $— $(26,017)$25,289 $(3,937)$348 
Net income— — — — 1,414 — 81 
Other comprehensive income (loss), net of tax
— — — — — (191)(8)
Dividends ($1.48 per share)*
— — — — (1,217)— (63)
Stock-based compensation expense
— 43 — — — — — 
Shares issued for stock options
— 202 — 250 — — — 
Shares issued for restricted stock units
— (22)— 22 — — — 
Treasury stock acquired
— — — (989)— — — 
Other— 4 — (2)— — 1 
Balance, June 30, 2024
$1,466 $4,035 $— $(26,736)$25,486 $(4,128)$359 
Six Months Ended June 30, 2023
Colgate-Palmolive Company Shareholders’ Equity
Common
Stock		Additional
Paid-in
Capital		Unearned
Compensation		Treasury
Stock		Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)(1)
Noncontrolling
Interests
Balance, December 31, 2022$1,466 $3,546 $(1)$(25,128)$24,573 $(4,055)$405 
Net income— — — — 874 — 74 
Other comprehensive income (loss), net of tax
— — — — — 120 (41)
Dividends ($1.43 per share)*
— — — — (1,189)— (59)
Stock-based compensation expense
— 37 — — — — — 
Shares issued for stock options
— 116 — 127 — — — 
Shares issued for restricted stock units
— (14)— 14 — — — 
Treasury stock acquired
— — — (551)— — — 
Other— 3 1 (3)— — — 
Balance, June 30, 2023
$1,466 $3,688 $— $(25,541)$24,258 $(3,935)$379 
(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,555 at June 30, 2024 ($3,381 at June 30, 2023) and $3,351 at December 31, 2023 ($3,491 at December 31, 2022), respectively, and unrecognized retirement plan and other retiree benefits costs of $636 at June 30, 2024 ($618 at June 30, 2023) and $647 at December 31, 2023 ($631 at December 31, 2022), respectively.
* Two dividends were declared in each of the first quarters of 2024 and 2023.




See Notes to Condensed Consolidated Financial Statements.

7

COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)

1.    Basis of Presentation

The Condensed Consolidated Financial Statements reflect all normal recurring adjustments which, in management’s opinion, are necessary for a fair statement of the results for interim periods. Results of operations for interim periods may not be representative of results to be expected for a full year. Note that certain columns and rows may not sum due to rounding. Colgate-Palmolive Company (together with its subsidiaries, the “Company” or “Colgate”) reclassifies certain prior year amounts, as applicable, to conform to the current year presentation.

For a complete set of financial statement notes, including the Company’s significant accounting policies, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”).

2.     Use of Estimates

Provisions for certain expenses, including income taxes, advertising and consumer promotion, are based on full year assumptions and are included in the accompanying Condensed Consolidated Financial Statements in proportion with estimated annual tax rates, the passage of time or estimated annual sales, as applicable.

3.    Recent Accounting Pronouncements and Disclosure Rules

In March 2024, the SEC finalized rules intended to enhance and standardize climate-related disclosures in registrants’ registration statements and Annual Reports on Form 10-K. The new rules would require climate-related disclosures, including as they relate to governance, strategy, risk management, targets and goals and greenhouse gas emissions. In addition, the rules would require certain climate-related disclosures as it relates to severe weather events and other natural conditions and carbon offsets and renewable energy credits. In April 2024, the SEC voluntarily stayed the rules due to pending judicial review. As these rules only impact disclosures, they will not have a material impact on the Company’s Consolidated Financial Statements.

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. This guidance is effective for the Company for fiscal years beginning after December 15, 2024. As this accounting standard only impacts disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-08, “Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.” This ASU improves the accounting for certain crypto assets by requiring companies to measure them at fair value for each reporting period with changes in fair value recognized in net income. This guidance is effective for the Company for fiscal years beginning after December 15, 2024 and is not expected to have an impact on the Company’s Consolidated Financial Statements.

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU modified the disclosure and presentation requirements primarily through enhanced disclosures of significant segment expenses and other segment items. This guidance is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. As this accounting standard only impacts disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.

In October 2023, the FASB issued ASU No. 2023-06, “Disclosure Improvements-Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” This ASU modified the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. This guidance is effective for the Company no later than June 30, 2027 and is not expected to have a material impact on the Company’s Consolidated Financial Statements.


8
COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


In August 2023, the FASB issued ASU No. 2023-05, “Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement.” This ASU requires a joint venture to initially measure all contributions received upon its formation at fair value. This guidance is applicable to joint ventures with a formation date on or after January 1, 2025 and is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In March 2023, the FASB issued ASU No. 2023-01, “Leases (Topic 842): Common Control Arrangements.” This ASU clarified the accounting for leasehold improvements for leases under common control. The guidance was effective for the Company beginning on January 1, 2024 and did not have a material impact on the Company’s Consolidated Financial Statements.

In September 2022, the FASB issued ASU No. 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” This ASU requires a buyer that uses supplier finance programs to make annual disclosures about the programs’ key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated roll-forward information. The Company adopted the guidance beginning on January 1, 2023, and with respect to the roll-forward information disclosure, beginning on January 1, 2024. See Note 12, Supplier Finance Program for additional information.

4.    Restructuring and Related Implementation Charges
    
On January 27, 2022, the Company’s Board of Directors (the “Board”) approved a targeted productivity program (the “2022 Global Productivity Initiative”). Substantially all initiatives under the program have been implemented as of the second quarter of 2024 and the Company expects to incur the remaining charges in the second half of 2024. The 2022 Global Productivity Initiative resulted in the reallocation of resources towards the Company’s strategic priorities and faster growth businesses, efficiencies in the Company’s operations and the streamlining of its supply chain to reduce structural costs.

Total pretax charges from the implementation of the 2022 Global Productivity Initiative are now expected to be approximately $225 ($180 aftertax), once all the charges are recorded, which is now estimated to be comprised of the following categories: employee-related costs, including severance, pension and other termination benefits (80%); asset-related costs, primarily accelerated depreciation and asset write-downs (5%); and other charges (15%), which include contract termination costs, consisting primarily of implementation-related charges resulting directly from exit activities and the implementation of new strategies. It is now estimated that approximately 80% of the charges will result in cash expenditures.

It is now expected that the cumulative pretax charges, once all charges are recorded, will relate to initiatives undertaken in North America (10%), Latin America (10%), Europe (45%), Asia Pacific (5%), Africa/Eurasia (5%), Hill’s Pet Nutrition (10%) and Corporate (15%).

For the three months ended June 30, 2024, charges resulting from the 2022 Global Productivity Initiative were $27 pretax ($23 aftertax). For the three months ended June 30, 2023, charges resulting from the 2022 Global Productivity Initiative were $21 pretax ($16 aftertax).

For the six months ended June 30, 2024 and June 30, 2023, charges resulting from the 2022 Global Productivity Initiative are reflected in the income statement as follows:

Six Months Ended June 30,
20242023
Gross Profit$9 $— 
Selling, general and administrative expenses3 2 
Other (income) expense, net51 21 
Non-service related postretirement costs— 4 
Total 2022 Global Productivity Initiative charges, pretax$63 $27 
Total 2022 Global Productivity Initiative charges, aftertax$53 $21 

9
COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


Restructuring and related implementation charges were recorded in the Corporate segment as these initiatives are predominantly centrally directed and controlled and are not included in internal measures of segment operating performance.

Total charges incurred for the 2022 Global Productivity Initiative relate to initiatives undertaken by the following reportable operating segments and Corporate:

Six Months Ended June 30,Program-to-date
Accumulated Charges
 20242023
North America— %14 %8 %
Latin America — %2 %9 %
Europe 90 %26 %41 %
Asia Pacific— %22 %8 %
Africa/Eurasia1 %2 %7 %
Hill's Pet Nutrition8 %15 %12 %
Corporate1 %19 %15 %
Total100 %100 %100 %

Since the inception of the 2022 Global Productivity Initiative, the Company has incurred cumulative pretax charges of $205 ($165 aftertax) in connection with the implementation of various projects as follows:

Cumulative Charges
 as of June 30, 2024
Employee-Related Costs$175 
Incremental Depreciation7 
Asset Impairments1 
Other22 
Total$205 

The following table summarizes the activity for the restructuring and related implementation charges discussed above and the related accruals:

Six Months Ended June 30, 2024
 Employee-Related
Costs 		Incremental
Depreciation 		Asset
Impairments		OtherTotal
Balance at December 31, 2023
$10 $— $— $1 $11 
Charges 49 7 — 7 63 
Cash Payments (10)— — (5)(15)
Charges against assets— (7)— — (7)
Foreign exchange(1)— — — (1)
Balance at June 30, 2024
$48 $— $— $3 $51 

Employee-Related Costs primarily include severance and other termination benefits and are calculated based on long-standing benefit practices, written severance policies, local statutory requirements and, in certain cases, voluntary termination arrangements. Employee-Related Costs also include pension enhancements which are reflected as Charges against assets within Employee-Related Costs in the preceding table as the corresponding balance sheet amounts are
10
COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


reflected as a reduction of pension assets or an increase in pension liabilities. For the six months ended June 30, 2024, there were no pension enhancements included in Charges against assets within Employee-Related Costs.

Incremental Depreciation is recorded to reflect changes in useful lives and estimated residual values for long-lived assets that will be taken out of service prior to the end of their normal service period. Asset Impairments are recorded to write down inventories and assets held for sale or disposal to their fair value based on amounts expected to be realized. Charges against assets within Asset Impairments are net of cash proceeds pertaining to the sale of certain assets.


5.    Inventories

Inventories by major class were as follows:
June 30,
2024		December 31,
2023
Raw materials and supplies$613 $606 
Work-in-process43 46 
Finished goods1,398 1,411 
       Total Inventories, net$2,054 $2,063 
            Non-current inventory, net$(132)$(129)
              Current Inventories, net$1,922 $1,934 




































11
COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


6.    Earnings Per Share

For the three months ended June 30, 2024 and 2023, earnings per share were as follows:
 Three Months Ended
 June 30, 2024June 30, 2023
 Net income attributable to Colgate-Palmolive CompanyShares
(millions)		Per
Share		Net income attributable to Colgate-Palmolive CompanyShares
(millions)		Per
Share
Basic EPS$731 819.7 $0.89 $502 829.4 $0.61 
Stock options and
restricted stock units
4.0   1.9  
Diluted EPS$731 823.7 $0.89 $502 831.3 $0.60 

For the three months ended June 30, 2024 and 2023, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 14,865 and 6,268,944, respectively.
For the six months ended June 30, 2024 and 2023, earnings per share were as follows:
 Six Months Ended
 June 30, 2024June 30, 2023
 Net income attributable to Colgate-Palmolive CompanyShares
(millions)		Per
Share		Net income attributable to Colgate-Palmolive CompanyShares
(millions)		Per
Share
Basic EPS$1,414 821.3 $1.72 $874 830.4 $1.05 
Stock options and
restricted stock units
3.6   1.7  
Diluted EPS$1,414 824.9 $1.71 $874 832.1 $1.05 
For the six months ended June 30, 2024 and 2023, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 23,044 and 13,482,312, respectively.
Basic and diluted earnings per share are computed independently for each quarter and any year-to-date period presented. As a result of changes in the number of shares outstanding during the year and rounding, the sum of the quarters’ earnings per share may not necessarily equal the earnings per share for any year-to-date period.
















12
COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


7.    Other Comprehensive Income (Loss)

Additions to and reclassifications out of Accumulated other comprehensive income (loss) attributable to the Company for the three and six months ended June 30, 2024 and 2023 were as follows:

Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Cumulative translation adjustments, pre-tax$(94)$57 $(165)$106 
Tax amounts(23)(5)(39)5 
Cumulative translation adjustments, net of tax (117)52 (204)111 
Pension and other benefits:
Net actuarial gain (loss), prior service costs and settlements during the period— (1)(1)— 
Amortization of net actuarial loss, transition and prior service costs(1)
6 8 15 16 
Retirement Plan and other retiree benefit adjustments, pre-tax6 7 14 16 
Tax amounts— (1)(3)(3)
Retirement Plan and other retiree benefit adjustments, net of tax 6 6 11 13 
Cash flow hedges:
   Unrealized gains (losses) on cash flow hedges1 (17)1 — 
Reclassification of (gains) losses into net earnings on cash flow hedges(2)
1 3 1 (6)
Gains (losses) on cash flow hedges, pre-tax2 (14)2 (6)
Tax amounts— 4 — 2 
Gains (losses) on cash flow hedges, net of tax2 (10)2 (4)
Total Other comprehensive income (loss), net of tax$(109)$48 $(191)$120 
(1) These components of Other comprehensive income (loss) are included in the computation of total pension cost. See Note 8, Retirement Plans and Other Retiree Benefits for additional details.
(2) These (gains) losses are reclassified into Cost of sales. See Note 11, Fair Value Measurements and Financial Instruments for additional details.

There were no tax impacts on Other comprehensive income (loss) (“OCI”) attributable to Noncontrolling interests.




















13
COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


8.    Retirement Plans and Other Retiree Benefits

Components of Net periodic benefit cost for the three and six months ended June 30, 2024 and 2023 were as follows:
Three Months Ended June 30,
 Pension BenefitsOther Retiree Benefits
 United StatesInternational  
 202420232024202320242023
Service cost$— $— $5 $3 $2 $2 
Interest cost24 25 7 8 11 11 
Expected return on plan assets(20)(21)(6)(5)— — 
Amortization of actuarial loss (gain)11 11 — 1 (5)(4)
Net periodic benefit cost$15 $15 $6 $7 $8 $9 
Other postretirement charges— 3 — — — — 
Total pension cost$15 $18 $6 $7 $8 $9 

Six Months Ended June 30,
 Pension BenefitsOther Retiree Benefits
 United StatesInternational  
 202420232024202320242023
Service cost$— $— $8 $6 $4 $4 
Interest cost47 48 15 16 19 22 
Expected return on plan assets(39)(41)(13)(9)— — 
Amortization of actuarial loss (gain)21 22 2 2 (8)(8)
Net periodic benefit cost$29 $29 $12 $15 $15 $18 
Other postretirement charges— 4 — — — — 
ERISA litigation matter— 267 — — — — 
Total pension cost$29 $300 $12 $15 $15 $18 

There were no other postretirement charges for the three and six months ended June 30, 2024. Other postretirement charges for the three and six months ended June 30, 2023 included pension and other charges of $3 and $4, respectively, incurred pursuant to the 2022 Global Productivity Initiative.

In the first quarter of 2023, the Company recorded a charge of $267 as a result of a decision of the United States Court of Appeals for the Second Circuit (the “Second Circuit”) affirming a grant of summary judgment to the plaintiffs in a lawsuit under the Employee Retirement Income Security Act (“ERISA”) seeking the recalculation of benefits and other relief associated with a 2005 residual annuity amendment to the Colgate-Palmolive Company Employees’ Retirement Income Plan (the “Retirement Plan”). The decision resulted in an increase in the obligations of the Retirement Plan, which based on the current funded status of the Retirement Plan will require no immediate cash contribution by the Company. See Note 9, Contingencies for additional information.

For the three and six months ended June 30, 2024 and 2023, the Company made no voluntary contributions to its U.S. postretirement plans.







14
COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


9.    Contingencies

As a global company serving consumers in more than 200 countries and territories, the Company is routinely subject to a wide variety of legal proceedings. These include disputes relating to intellectual property, contracts, product liability, marketing, advertising, foreign exchange controls, antitrust and trade regulation, as well as labor and employment, pension, data privacy and security, environmental and tax matters and consumer class actions. Management proactively reviews and monitors the Company’s exposure to, and the impact of, environmental matters. The Company is party to various environmental matters and, as such, may be responsible for all or a portion of the cleanup, restoration and post-closure monitoring of several sites.

The Company establishes accruals for loss contingencies when it has determined that a loss is probable and that the amount of loss, or range of loss, can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances.

The Company also determines estimates of reasonably possible losses or ranges of reasonably possible losses in excess of related accrued liabilities, if any, when it has determined that a loss is reasonably possible and it is able to determine such estimates. For those matters disclosed below for which the amount of any potential losses can be reasonably estimated, the Company currently estimates that the aggregate range of reasonably possible losses in excess of any accrued liabilities is $0 to approximately $275 (based on current exchange rates). The estimates included in this amount are based on the Company’s analysis of currently available information and, as new information is obtained, these estimates may change. Due to the inherent subjectivity of the assessments and the unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate range may not represent the ultimate loss to the Company. Thus, the Company’s exposure and ultimate losses may be higher or lower, and possibly significantly so, than the amounts accrued or the range disclosed above.

Based on current knowledge, management does not believe that the ultimate resolution of loss contingencies arising from the matters discussed herein will have a material effect on the Company’s consolidated financial position or its ongoing results of operations or cash flows. However, in light of the inherent uncertainties noted above, an adverse outcome in one or more matters could be material to the Company’s results of operations or cash flows for any particular quarter or year.

Brazilian Matters

There are certain tax and civil proceedings outstanding, as described below, related to the Company’s 1995 acquisition of the Kolynos oral care business from Wyeth (the “Seller”).

The Brazilian internal revenue authority has disallowed interest deductions and foreign exchange losses taken by the Company’s Brazilian subsidiary for certain years in connection with the financing of the Kolynos acquisition. The tax assessments with interest, penalties and any court-mandated fees, at the current exchange rate, are approximately $117. This amount includes additional assessments received from the Brazilian internal revenue authority in April 2016 relating to net operating loss carryforwards used by the Company’s Brazilian subsidiary to offset taxable income that had also been deducted from the authority’s original assessments. The Company has been disputing the disallowances by appealing the assessments since October 2001.

In each of September 2015, February 2017, September 2018, April 2019 and August 2020, the Company lost an administrative appeal and subsequently challenged these assessments in the Brazilian federal courts. Currently, there are three lawsuits pending in the Lower Federal Court and two cases have progressed to the Federal Court of Appeals. Although there can be no assurances, management believes, based on the opinion of its Brazilian legal counsel, that the disallowances are without merit and that the Company should ultimately prevail. The Company is challenging these disallowances vigorously.
 
In July 2002, the Brazilian Federal Public Attorney filed a civil action against the federal government of Brazil, Laboratorios Wyeth-Whitehall Ltda. (the Brazilian subsidiary of the Seller) and the Company, as represented by its Brazilian subsidiary, in the 6th. Lower Federal Court in the City of São Paulo, seeking to annul an April 2000 decision by the Brazilian Board of Tax Appeals that found in favor of the Seller’s Brazilian subsidiary on the issue of whether it had incurred taxable capital gains as a result of the divestiture of Kolynos. The action seeks to make the Company’s Brazilian subsidiary jointly and severally liable for any tax due from the Seller’s Brazilian subsidiary. The case has been pending since 2002, and the Lower Federal Court has not issued a decision. Although there can be no assurances, management
15
COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


believes, based on the opinion of its Brazilian legal counsel, that the Company should ultimately prevail in this action. The Company is challenging this action vigorously.

In December 2005, the Brazilian internal revenue authority issued to the Company’s Brazilian subsidiary a tax assessment with interest, penalties and any court-mandated fees of approximately $52, at the current exchange rate, based on a claim that certain purchases of U.S. Treasury bills by the subsidiary and their subsequent disposition during the period 2000 to 2001 were subject to a tax on foreign exchange transactions. The Company had been disputing the assessment within the internal revenue authority’s administrative appeals process. However, in November 2015, the Superior Chamber of Administrative Tax Appeals denied the Company’s final administrative appeal, and the Company has filed a lawsuit in the Brazilian federal court. In the event the Company is unsuccessful in this lawsuit, further appeals are available within the Brazilian federal courts. Although there can be no assurances, management believes, based on the opinion of its Brazilian legal counsel, that the tax assessment is without merit and that the Company should ultimately prevail. The Company is challenging this assessment vigorously.

Competition Matter

Certain of the Company’s subsidiaries were historically subject to actions and, in some cases, fines, by governmental authorities in a number of countries related to alleged competition law violations. Substantially all of these matters also involved other consumer goods companies and/or retail customers. The Company’s policy is to comply with antitrust and competition laws and, if a violation of any such laws is found, to take appropriate remedial action and to cooperate fully with any related governmental inquiry. The status as of June 30, 2024 of such competition law matters pending against the Company during the six months ended June 30, 2024 is set forth below.

▪In July 2014, the Greek competition law authority issued a statement of objections alleging a restriction of parallel imports into Greece. The Company responded to this statement of objections. In July 2017, the Company received the decision from the Greek competition law authority in which the Company was fined $11. The Company appealed the decision to the Greek courts. In April 2019, the Greek courts affirmed the judgment against the Company’s Greek subsidiary, but reduced the fine to $10.5 and dismissed the case against Colgate-Palmolive Company. The Company’s Greek subsidiary and the Greek competition authority appealed the decision to the Greek Supreme Court.

Talcum Powder Matters

The Company has been named as a defendant in civil actions alleging that certain of its talcum powder products were contaminated with asbestos and/or caused mesothelioma and other cancers. Many of these actions involve a number of co-defendants from a variety of different industries, including suppliers of asbestos and manufacturers of products that, unlike the Company’s products, were designed to contain asbestos.

As of June 30, 2024, there were 293 individual cases pending against the Company in state and federal courts throughout the United States, as compared to 285 cases as of March 31, 2024 and 279 cases as of December 31, 2023. During the three months ended June 30, 2024, 40 new cases were filed and 32 cases were resolved by voluntary dismissal or settlement. During the six months ended June 30, 2024, 66 new cases were filed and 52 cases were resolved by voluntary dismissal, settlement or dismissal by the court. The value of the settlements in the periods presented was not material, either individually or in the aggregate, to such periods’ results of operations. During the three months ended March 31, 2024, one case resulted in a jury verdict in favor of the Company after a trial. During the three months ended June 30, 2024, the court entered a judgment granting plaintiffs’ motion for a new trial in that case. The Company is challenging that ruling.

A significant portion of the Company’s costs incurred in defending and resolving these claims has been, and the Company believes that a portion of the costs will continue to be, covered by insurance policies issued by several primary, excess and umbrella insurance carriers, subject to deductibles, exclusions, retentions, policy limits and insurance carrier insolvencies.

While the Company and its legal counsel believe that these cases are without merit and intend to challenge them vigorously, there can be no assurances regarding the ultimate resolution of these matters.




16
COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


ERISA Matter

In June 2016, a lawsuit was filed in the United States District Court for the Southern District of New York (the “District Court”) against the Retirement Plan, the Company and certain individuals (the “Company Defendants”) claiming that residual annuity payments associated with a 2005 residual annuity amendment to the Retirement Plan were improperly calculated for certain Retirement Plan participants in violation of ERISA. The relief sought included recalculation of benefits, pre- and post-judgment interest and attorneys’ fees. This action was certified as a class action in July 2017. In July 2020, the District Court dismissed certain claims, and in August 2020 granted the plaintiffs’ motion for summary judgment on the remaining claims. In September 2020, the Company appealed to the Second Circuit. In March 2023, the Second Circuit affirmed the grant of summary judgment to the plaintiffs.

In light of the Second Circuit decision, the Company recorded a charge to earnings of $267 in the quarter ended March 31, 2023, which is comprised of the recalculation of benefits and interest. Possible additional charges associated with this matter are expected to be immaterial and, where estimable, are reflected in the range of reasonably possible losses disclosed above. The decision resulted in an increase in the obligations of the Retirement Plan, which based on the current funded status of the Retirement Plan will require no immediate cash contribution by the Company. In June 2023, the Company filed a petition for certiorari to the United States Supreme Court requesting permission for an appeal to that court and that petition was denied in October 2023. Also, in June 2023, the plaintiffs filed a motion to enter a revised final judgment in the District Court to address certain unresolved calculation issues, which the Company opposed. In March 2024, the District Court granted the plaintiffs’ motion and found for the plaintiffs on those calculation issues. The Company is appealing that decision to the Second Circuit.





































17
COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


10.    Segment Information

The Company operates in two product segments: Oral, Personal and Home Care; and Pet Nutrition. 

The operations of the Oral, Personal and Home Care product segment are managed geographically in five reportable operating segments: North America, Latin America, Europe, Asia Pacific and Africa/Eurasia.

The Company evaluates segment performance based on several factors, including Operating profit. The Company uses Operating profit as a measure of operating segment performance because it excludes the impact of Corporate-driven decisions related to interest expense and income taxes.

The accounting policies of the operating segments are generally the same as those described in Note 2, Summary of Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Intercompany sales have been eliminated. Corporate operations include costs related to stock options and restricted stock units, research and development costs, Corporate overhead costs, restructuring and related implementation charges and gains and losses on sales of non-core product lines and assets. The Company reports these items within Corporate operations as they relate to Corporate-based responsibilities and decisions and are not included in the internal measures of segment operating performance used by the Company to measure the underlying performance of the operating segments.

Net sales by segment were as follows:
Three Months EndedSix Months Ended
 June 30,June 30,
 2024202320242023
Net sales  
Oral, Personal and Home Care  
North America$1,002 $978 $1,999 $1,936 
Latin America1,267 1,178 2,520 2,253 
Europe720 678 1,432 1,328 
Asia Pacific682 664 1,408 1,402 
Africa/Eurasia273 268 549 556 
Total Oral, Personal and Home Care3,944 3,766 7,908 7,475 
Pet Nutrition1,114 1,056 2,216 2,117 
Total Net sales$5,058 $4,822 $10,124 $9,592 

Approximately two-thirds of the Company’s Net sales are generated from markets outside the U.S., with approximately 45% of the Company’s Net sales coming from emerging markets (which consist of Latin America, Asia (excluding Japan), Africa/Eurasia and Central Europe).






18
COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


The Company’s Net sales of Oral, Personal and Home Care and Pet Nutrition products accounted for the following percentages of the Company’s Net sales:
Three Months EndedSix Months Ended
 June 30,June 30,
 2024202320242023
Net sales
Oral Care42 %42 %43 %42 %
Personal Care19 %19 %18 %19 %
Home Care17 %17 %17 %17 %
Pet Nutrition22 %22 %22 %22 %
Total Net sales100 %100 %100 %100 %

Operating profit by segment was as follows:
Three Months EndedSix Months Ended
 June 30,June 30,
 2024202320242023
Operating profit  
Oral, Personal and Home Care  
North America$223 $227 $445 $420 
Latin America417 363 822 678 
Europe159 134 303 250 
Asia Pacific195 169 402 371 
Africa/Eurasia64 62 130 130 
Total Oral, Personal and Home Care1,058 955 2,102 1,849 
Pet Nutrition235 191 433 374 
Corporate(201)(172)(397)(340)
Total Operating profit$1,092 $974 $2,139 $