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cl:Dividend iso4217:EUR xbrli:shares xbrli:pure cl:appeal cl:country_and_territory cl:segment cl:company


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 September 30, 2019
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)
Delaware
13-1815595
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
300 Park Avenue
 
 

 
 
New York,
New York
 
 
10022
 
(Address of principal executive offices)
 
(Zip Code)
 
(212) 310-2000
(Registrant’s telephone number, including area code)

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 value
 
CL
 
New York Stock Exchange
0.500% Notes due 2026
 
CL 26
 
New York Stock Exchange
1.375% Notes due 2034
 
CL 34
 
New York Stock Exchange

NO CHANGES
(Former name, former address and former fiscal year, if changed since last report)
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:
Class
 
Shares Outstanding
 
Date
Common stock, $1.00 par value
 
857,044,220
 
September 30, 2019





PART I.    FINANCIAL INFORMATION


COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Income
(Dollars in Millions Except Per Share Amounts)
(Unaudited)
 
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net sales
$
3,928

 
$
3,845

 
$
11,678

 
$
11,733

Cost of sales
1,612

 
1,576

 
4,767

 
4,755

Gross profit
2,316

 
2,269

 
6,911

 
6,978

Selling, general and administrative expenses
1,429

 
1,369

 
4,163

 
4,061

Other (income) expense, net
31

 
26

 
125

 
114

Operating profit
856

 
874

 
2,623

 
2,803

Non-service related postretirement costs
27

 
18

 
79

 
65

Interest (income) expense, net
35

 
36

 
113

 
106

Income before income taxes
794

 
820

 
2,431

 
2,632

Provision for income taxes
167

 
258

 
586

 
717

Net income including noncontrolling interests
627

 
562

 
1,845

 
1,915

Less: Net income attributable to noncontrolling interests
49

 
39

 
121

 
121

Net income attributable to Colgate-Palmolive Company
$
578

 
$
523

 
$
1,724

 
$
1,794

 
 
 
 
 
 
 
 
Earnings per common share, basic
$
0.67

 
$
0.60

 
$
2.00

 
$
2.06

 
 
 
 
 
 
 
 
Earnings per common share, diluted
$
0.67

 
$
0.60

 
$
2.00

 
$
2.05







See Notes to Condensed Consolidated Financial Statements.

2





COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Comprehensive Income
(Dollars in Millions)
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net income including noncontrolling interests
$
627

 
$
562

 
$
1,845

 
$
1,915

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Cumulative translation adjustments
(111
)
 
(49
)
 
(60
)
 
(247
)
Retirement plans and other retiree benefit adjustments
5

 
31

 
30

 
59

     Gains (losses) on cash flow hedges
4

 
(1
)
 
(3
)
 
9

Total Other comprehensive income (loss), net of tax
(102
)
 
(19
)
 
(33
)
 
(179
)
Total Comprehensive income including noncontrolling interests
525

 
543

 
1,812

 
1,736

Less: Net income attributable to noncontrolling interests
49

 
39

 
121

 
121

Less: Cumulative translation adjustments attributable to noncontrolling interests
(6
)
 
(11
)
 
(6
)
 
(25
)
Total Comprehensive income attributable to noncontrolling interests
43

 
28

 
115

 
96

Total Comprehensive income attributable to Colgate-Palmolive Company
$
482

 
$
515

 
$
1,697

 
$
1,640



See Notes to Condensed Consolidated Financial Statements.

3



COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Balance Sheets
(Dollars in Millions)
(Unaudited)
 
September 30,
2019
 
December 31,
2018
Assets
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
948

 
$
726

Receivables (net of allowances of $86 and $82, respectively)
1,495

 
1,400

Inventories
1,371

 
1,250

Other current assets
535

 
417

Total current assets
4,349

 
3,793

Property, plant and equipment:
 

 
 

Cost
8,389

 
8,336

Less: Accumulated depreciation
(4,700
)
 
(4,455
)
 
3,689

 
3,881

Goodwill
3,532

 
2,530

Other intangible assets, net
2,535

 
1,637

Deferred income taxes
165

 
152

Other assets
756

 
168

Total assets
$
15,026

 
$
12,161

Liabilities and Shareholders’ Equity
 

 
 

Current Liabilities
 

 
 

Notes and loans payable
$
503

 
$
12

Current portion of long-term debt
2

 

Accounts payable
1,188

 
1,222

Accrued income taxes
246

 
411

Other accruals
2,292

 
1,696

Total current liabilities
4,231

 
3,341

Long-term debt
7,646

 
6,354

Deferred income taxes
587

 
235

Other liabilities
2,388

 
2,034

Total liabilities
14,852

 
11,964

Shareholders’ Equity
 

 
 

Common stock
1,466

 
1,466

Additional paid-in capital
2,466

 
2,204

Retained earnings
21,860

 
21,615

Accumulated other comprehensive income (loss)
(4,215
)
 
(4,188
)
Unearned compensation
(1
)
 
(3
)
Treasury stock, at cost
(21,900
)
 
(21,196
)
Total Colgate-Palmolive Company shareholders’ equity
(324
)
 
(102
)
Noncontrolling interests
498

 
299

Total equity
174

 
197

Total liabilities and equity
$
15,026

 
$
12,161




See Notes to Condensed Consolidated Financial Statements.

4




COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Cash Flows
(Dollars in Millions)
(Unaudited)
 
Nine Months Ended
 
September 30,
 
2019
 
2018
Operating Activities
 
 
 
Net income including noncontrolling interests
$
1,845

 
$
1,915

Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:
 

 
 

Depreciation and amortization
386

 
385

Restructuring and termination benefits, net of cash
11

 
(20
)
Stock-based compensation expense
83

 
97

Charge for U.S. tax reform

 
80

Deferred income taxes
79

 
78

Voluntary benefit plan contributions
(113
)
 
(67
)
Cash effects of changes in:
 
 
 
Receivables
(65
)
 
(196
)
Inventories
(69
)
 
(36
)
Accounts payable and other accruals
(52
)
 
13

Other non-current assets and liabilities
58

 
(55
)
Net cash provided by operations
2,163


2,194

Investing Activities
 

 
 

Capital expenditures
(226
)
 
(321
)
Purchases of marketable securities and investments
(152
)
 
(159
)
Proceeds from sale of marketable securities and investments
14

 
28

Payment for acquisitions, net of cash acquired
(1,711
)
 
(728
)
Other

 
6

Net cash used in investing activities
(2,075
)
 
(1,174
)
Financing Activities
 

 
 

Principal payments on debt
(4,184
)
 
(5,478
)
Proceeds from issuance of debt
6,008

 
5,536

Dividends paid
(1,140
)
 
(1,122
)
Purchases of treasury shares
(1,024
)
 
(956
)
Proceeds from exercise of stock options
490

 
319

Net cash provided by (used in) financing activities
150

 
(1,701
)
Effect of exchange rate changes on Cash and cash equivalents
(16
)
 
(13
)
Net increase (decrease) in Cash and cash equivalents
222

 
(694
)
Cash and cash equivalents at beginning of the period
726

 
1,535

Cash and cash equivalents at end of the period
$
948

 
$
841

Supplemental Cash Flow Information
 

 
 

Income taxes paid
$
669

 
$
655


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 September 30, 2019
 
Colgate-Palmolive Company Shareholders’ Equity
 
Noncontrolling
Interests
 
Common
Stock
 
Additional
Paid-in
Capital
 
Unearned
Compensation
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)(1)
 
 
Balance, June 30, 2019
$
1,466

 
$
2,338

 
$
(3
)
 
$
(21,682
)
 
$
21,653

 
$
(4,119
)
 
$
337

Net income
 
 
 
 
 
 
 
 
578

 
 
 
49

Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
 
 
(96
)
 
(6
)
Dividends ($0.43)/per share)
 
 
 
 
 
 
 
 
(370
)
 
 
 
(2
)
Stock-based compensation expense
 
 
49

 
 
 
 
 
 
 
 
 
 
Shares issued for stock options
 
 
93

 
 
 
128

 
 
 
 
 
 
Shares issued for restricted stock units
 
 
(14
)
 
 
 
14

 
 
 
 
 
 
Treasury stock acquired
 
 
 
 
 
 
(360
)
 
 
 
 
 
 
Noncontrolling interests assumed through acquisition
 
 
 
 
 
 
 
 
 
 
 
 
120

Other
 
 
 
 
2

 


 
(1
)
 
 
 
 
Balance, September 30, 2019
$
1,466

 
$
2,466

 
$
(1
)
 
$
(21,900
)
 
$
21,860

 
$
(4,215
)
 
$
498


Three Months Ended September 30, 2018
 
Colgate-Palmolive Company Shareholders’ Equity
 
Noncontrolling
Interests
 
Common
Stock
 
Additional
Paid-in
Capital
 
Unearned
Compensation
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)(1)
 
 
Balance, June 30, 2018
$
1,466

 
$
2,081

 
$

 
$
(20,757
)
 
$
20,851

 
$
(4,164
)
 
$
334

Net income
 

 
 

 
 

 
 

 
523

 
 
 
39

Other comprehensive income (loss), net of tax
 

 
 

 
 

 
 

 
 
 
(8
)
 
(11
)
Dividends ($0.42)/per share)
 

 
 

 
 

 
 

 
(365
)
 
 

 


Stock-based compensation expense
 

 
50

 
 

 
 

 
 

 
 

 
 

Shares issued for stock options
 

 
69

 
 

 
84

 
 

 
 

 
 

Shares issued for restricted stock units
 
 
(17
)
 
 
 
17

 
 
 
 
 
 
Treasury stock acquired
 

 
 

 
 

 
(260
)
 
 

 
 

 
 

Other
 

 


 
1

 
 
 
(1
)
 
 
 
 
Balance, September 30, 2018
$
1,466

 
$
2,183

 
$
1

 
$
(20,916
)
 
$
21,008

 
$
(4,172
)
 
$
362


(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,209 at September 30, 2019 ($3,159 at September 30, 2018) and $3,104 at June 30, 2019 ($3,121 at June 30, 2018), respectively, and unrecognized retirement plan and other retiree benefits costs of $1,008 at September 30, 2019 ($1,017 at September 30, 2018) and $1,013 at June 30, 2019 ($1,048 at June 30, 2018), respectively.




See Notes to Condensed Consolidated Financial Statements.

6




COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Changes in Shareholders Equity
(Dollars in Millions)
(Unaudited)
Nine Months Ended September 30, 2019
 
Colgate-Palmolive Company Shareholders’ Equity
 
Noncontrolling
Interests
 
Common
Stock
 
Additional
Paid-in
Capital
 
Unearned
Compensation
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)(1)
 
 
Balance, December 31, 2018
$
1,466

 
$
2,204

 
$
(3
)
 
$
(21,196
)
 
$
21,615

 
$
(4,188
)
 
$
299

Net income
 

 
 

 
 

 
 

 
1,724

 
 
 
121

Other comprehensive income (loss), net of tax
 

 
 

 
 

 
 

 
 
 
(27
)
 
(6
)
Dividends ($1.71)/per share)*
 

 
 

 
 

 
 

 
(1,473
)
 
 

 
(36
)
Stock-based compensation expense
 

 
83

 
 

 
 

 
 

 
 

 
 
Shares issued for stock options
 

 
207

 
 

 
290

 
 

 
 

 
 
Shares issued for restricted stock units
 
 
(28
)
 
 
 
28

 
 
 
 
 
 
Treasury stock acquired
 

 
 

 
 

 
(1,024
)
 
 

 
 

 
 

Noncontrolling interests assumed through acquisition
 
 
 
 
 
 
 
 
 
 
 
 
120

Other
 

 


 
2

 
2

 
(6
)
 


 


Balance, September 30, 2019
$
1,466

 
$
2,466

 
$
(1
)
 
$
(21,900
)
 
$
21,860

 
$
(4,215
)
 
$
498


Nine Months Ended September 30, 2018
 
Colgate-Palmolive Company Shareholders’ Equity
 
Noncontrolling
Interests
 
Common
Stock
 
Additional
Paid-in
Capital
 
Unearned
Compensation
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)(1)
 
 
Balance, December 31, 2017
$
1,466

 
$
1,984

 
$
(5
)
 
$
(20,181
)
 
$
20,531

 
$
(3,855
)
 
$
303

Net income
 

 
 

 
 

 
 

 
1,794

 
 
 
121

Other comprehensive income (loss), net of tax
 

 
 

 
 

 
 

 
 
 
(154
)
 
(25
)
Dividends ($1.66)/per share)*
 

 
 

 
 

 
 

 
(1,450
)
 
 

 
(37
)
Stock-based compensation expense
 

 
97

 
 

 
 

 
 

 
 

 
 

Shares issued for stock options
 

 
133

 
 

 
188

 
 

 
 

 
 

Shares issued for restricted stock units
 
 
(31
)
 
 
 
31

 
 
 
 
 
 
Treasury stock acquired
 

 
 

 
 

 
(956
)
 
 

 
 

 
 

Other
 

 


 
6

 
2

 
133

 
(163
)
(2)
 
Balance, September 30, 2018
$
1,466

 
$
2,183

 
$
1

 
$
(20,916
)
 
$
21,008

 
$
(4,172
)
 
$
362


(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,209 at September 30, 2019 ($3,159 at September 30, 2018) and $3,155 at December 31, 2018 ($2,927 at December 31, 2017), respectively, and unrecognized retirement plan and other retiree benefits costs of $1,008 at September 30, 2019 ($1,017 at September 30, 2018) and $1,038 at December 31, 2018 ($923 at December 31, 2017), respectively.

(2) As a result of the early adoption of ASU 2018-02, the Company reclassified the stranded tax effects in Accumulated other comprehensive income (loss) resulting from the Tax Cuts and Jobs Act (the “TCJA” or “U.S. tax reform”) to Retained earnings. See Note 2, Summary of Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for additional information.

* Two dividends were declared in each of the first quarters of 2019 and 2018.

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. 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, 2018, 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

In July 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2019-07, “Codification Updates to SEC Sections - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization and Miscellaneous Updates.” ASU 2019-07 clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations, thereby eliminating redundancies and making the codification easier to apply. This ASU was effective upon issuance and did not have a material impact on the Company’s Consolidated Financial Statements.

In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 825).” This ASU clarifies three topics related to financial instruments accounting. This new guidance is effective for the Company beginning on January 1, 2020, with early adoption permitted. This new guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In October 2018, the FASB issued ASU No. 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as Benchmark Interest Rate for Hedge Accounting Purposes.” The new guidance permits the use of the OIS rate based on the SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815. This new guidance was effective for the Company on a prospective basis beginning on January 1, 2019, concurrently with the adoption of ASU 2017-12, and did not have an impact on the Company’s Consolidated Financial Statements.

In August 2018, the FASB issued ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” This new guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This new guidance is effective for the Company on a prospective or retrospective basis beginning on January 1, 2020, with early adoption permitted. The Company elected to adopt this guidance early, beginning on January 1, 2019 on a prospective basis. The new guidance did not have a material impact on the Company’s Consolidated Financial Statements.

In August 2018, the FASB issued ASU No. 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Topic 715): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” This new guidance removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and requires certain additional disclosures. This new guidance is effective for the Company on a retrospective basis beginning on January 1, 2020, with early adoption permitted. This new guidance 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 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This new guidance removes certain disclosure requirements related to the fair value hierarchy, modifies existing disclosure requirements related to measurement uncertainty and adds new disclosure requirements. The new disclosure requirements include disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This new guidance is effective for the Company beginning on January 1, 2020, with early adoption permitted. Certain disclosure requirements in the new guidance will need to be applied on a retrospective basis and others on a prospective basis. This new guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” amending the eligibility criteria for hedged items and transactions to expand an entity’s ability to hedge nonfinancial and financial risk components. The new guidance eliminates the requirement to separately measure and present hedge ineffectiveness and aligns the presentation of hedge gains and losses with the underlying hedge item. The new guidance also simplifies the hedge documentation and hedge effectiveness assessment requirements. The amended presentation and disclosure requirements must be adopted on a prospective basis, while any amendments to cash flow and net investment hedge relationships that exist on the date of adoption must be applied on a “modified retrospective” basis, meaning a cumulative effect adjustment to the opening balance of retained earnings as of the beginning of the year of adoption. The new guidance was effective for the Company on January 1, 2019 and did not have a material impact on the Company’s Consolidated Financial Statements.

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles–Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” eliminating the requirement to calculate implied fair value, essentially eliminating step two from the goodwill impairment test. The new standard requires goodwill impairment to be based upon the results of step one of the impairment test, which is defined as the excess of the carrying value of a reporting unit over its fair value. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard is effective for the Company on a prospective basis beginning on January 1, 2020, with early adoption permitted. This new guidance is not expected to have an impact on the Company’s Consolidated Financial Statements.

In February 2016, the FASB issued its final standard on lease accounting, ASU No. 2016-02, “Leases (Topic 842),” which superseded Topic 840, “Leases,” which was further modified in ASU No. 2018-10, “Codification Improvements to Topic 842, Leases,” ASU No. 2018-11, “Leases (Topic 842) Targeted Improvements” and ASU No. 2019-01 “Leases (Topic 842) Codification Improvements” to clarify the implementation guidance. The new accounting standard was effective for the Company beginning on January 1, 2019 and required the recognition on the balance sheet of right-of-use assets and lease liabilities for all long-term leases, including operating leases, on the balance sheet. The Company elected the optional transition method and adopted the new guidance on January 1, 2019, on a modified retrospective basis, with no restatement of prior period amounts. As allowed under the new accounting standard, the Company elected to apply practical expedients to carry forward the original lease determinations, lease classifications and accounting of initial direct costs for all asset classes at the time of adoption. The Company also elected not to separate lease components from non-lease components and to exclude short-term leases from its Consolidated Balance Sheet. The Company’s adoption of the new standard resulted in the recognition of right-of-use assets of $458 and liabilities of $574, with no material cumulative effect adjustment to equity as of the date of adoption. In connection with the adoption of this guidance, as required, the Company reclassified certain restructuring reserves incurred in connection with the Global Growth and Efficiency Program (see Note 5, Restructuring and Related Implementation Charges for additional information) and deferred rent liabilities as reductions to lease assets. Adoption of the new standard did not have a material impact on the Company’s Consolidated Statements of Income or Cash Flows. See Note 14, Leases for additional information.

9

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


4.
Acquisitions

Acquisition of Laboratoires Filorga Cosmétiques (“Filorga”)

On September 19, 2019 (the “Acquisition Date”), the Company acquired the Filorga skin health business for cash consideration of 1,516 (approximately $1,674), which included interest on the equity purchase price, plus additional consideration of 32 (approximately $38), the majority of which related to repayment of loans from former shareholders of Filorga. Filorga is a premium anti-aging skin health brand focused primarily on facial care. This acquisition is part of the Company’s strategy to focus on its higher-margin oral care, personal care and pet nutrition businesses, including by expanding its portfolio in premium skin health.

The total purchase price consideration of $1,712 has been allocated to the net assets acquired based on their respective preliminary estimated fair values as follows:
 
 
Cash
$
30

Receivables
53

Inventories
72

Other current assets
18

Other intangible assets
946

Goodwill
1,002

Other current liabilities
(67
)
Deferred income taxes
(252
)
Noncontrolling interests
(90
)
Fair value of net assets acquired
$
1,712



Other intangible assets acquired include trademarks of $692, which are considered to have an indefinite useful life, and customer relationships of $254, which have a finite life. Goodwill of $1,002 was allocated to the Europe segment. The Company expects that goodwill will not be deductible for tax purposes.

The preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are subject to revisions, which may result in adjustments to the preliminary values discussed above. The Company expects to finalize the purchase price allocation no later than the third quarter of 2020.

The results of operations of Filorga for the period from the Acquisition Date through September 30, 2019 were not material to the Company’s Consolidated results of operations and are not included in the Company’s Condensed Consolidated results of operations for the three month period ended September 30, 2019. Filorga’s results of operations will be included in the Company’s Consolidated results of operations for the three month period ended December 31, 2019.

Pro forma results of operations have not been presented as the impact on the Company’s Condensed Consolidated Financial Statements is not material.

Nigeria Joint Venture

On August 15, 2019, the Company acquired a 51% controlling interest in Colgate Tolaram Pte. Ltd., a joint venture which owns the Nigeria-based Hypo Homecare Products Limited, for $31.

Pro forma results of operations have not been presented as the impact on the Company’s Condensed Consolidated Financial Statements is not material.


10

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



5.
Restructuring and Related Implementation Charges
 
In the fourth quarter of 2012, the Company commenced a restructuring program (the “Global Growth and Efficiency Program”). The program was expanded in 2014 and expanded and extended in each of 2015 and 2017. To take advantage of additional savings opportunities at the end of the program, on October 31, 2019, the program was expanded. Implementation of the program remains on track and it continues to run through December 31, 2019.

Initiatives under the Global Growth and Efficiency Program continue to fit within the program’s three focus areas of expanding commercial hubs, extending shared business services and streamlining global functions and optimizing the global supply chain and facilities.

As a result of the most recent expansion, cumulative pretax charges resulting from the Global Growth and Efficiency Program, once all phases are approved and implemented, are now estimated to be in the range of $1,865 to $1,875 pretax ($1,385 to $1,395 aftertax) as compared to the previous estimate of $1,820 to $1,870 ($1,350 to $1,380 aftertax). The Company now anticipates that pretax charges for 2019 will be in the range of $145 to $155 pretax ($105 to $115 aftertax) as compared to the previous estimate of $100 to $150 ($70 to $100 aftertax). It is expected that substantially all charges resulting from the Global Growth and Efficiency Program will be incurred by December 31, 2019.

Once all projects are approved and implemented, the pretax charges resulting from the Global Growth and Efficiency Program are expected to be comprised of the following categories: Employee-Related Costs, including severance, pension and other termination benefits (40%); asset-related costs, primarily Incremental Depreciation and Asset Impairments (10%); and Other charges, which include contract termination costs, consisting primarily of related implementation charges resulting directly from exit activities (30%) and the implementation of new strategies (20%). Over the course of the Global Growth and Efficiency Program, it is estimated that approximately 75% of the charges will result in cash expenditures.

The Company expects that the cumulative pretax charges, once all projects are approved and implemented, will relate to initiatives undertaken in North America (15%), Europe (20%), Latin America (5%), Asia Pacific (5%), Africa/Eurasia (5%), Hill’s Pet Nutrition (10%) and Corporate (40%), which includes substantially all of the costs related to the implementation of new strategies, noted above, on a global basis. The Company expects that, when it has been fully implemented, the Global Growth and Efficiency Program will have contributed a net reduction of approximately 4,000 to 4,400 positions from the Company’s global employee workforce.

For the three and nine months ended September 30, 2019 and 2018, restructuring and related implementation charges are reflected in the Condensed Consolidated Statements of Income as follows:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Cost of sales
$
1

 
$
8

 
$
9

 
$
19

Selling, general and administrative expenses
28

 
9

 
42

 
24

Other (income) expense, net
(3
)
 
8

 
43

 
64

Non-service related postretirement costs
1

 
1

 
4

 
8

Total Global Growth and Efficiency Program charges, pretax
$
27

 
$
26

 
$
98

 
$
115

 
 
 
 
 
 
 
 
Total Global Growth and Efficiency Program charges, aftertax
$
22

 
$
22

 
$
75

 
$
93


Restructuring and related implementation charges in the preceding table are 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.

11

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


Total charges incurred for the Global Growth and Efficiency Program relate to initiatives undertaken by the following reportable operating segments:

Three Months Ended

Nine Months Ended

Program-to-date

September 30,

September 30,

Accumulated Charges

2019

2018

2019

2018


North America
1
 %

16
 %

2
 %

17
 %

17
%
Latin America
 %

8
 %

15
 %

11
 %

5
%
Europe
11
 %

(24
)%

4
 %

(4
)%

19
%
Asia Pacific
 %

14
 %

5
 %

4
 %

4
%
Africa/Eurasia
(2
)%

5
 %

(1
)%

5
 %

5
%
Hills Pet Nutrition
2
 %

40
 %

5
 %

25
 %

8
%
Corporate
88
 %

41
 %

70
 %

42
 %

42
%
Total
100
 %
 
100
 %
 
100
 %
 
100
 %
 
100
%


Since the inception of the Global Growth and Efficiency Program in the fourth quarter of 2012, the Company has incurred cumulative pretax charges of $1,820 ($1,353 aftertax) in connection with the implementation of various projects as follows:
 
Cumulative Charges
 
as of September 30, 2019
Employee-Related Costs
$
696

Incremental Depreciation
115

Asset Impairments
58

Other
951

Total
$