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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, 2021
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)

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
0.000% Notes due 2021CL21ANew York Stock Exchange
0.500% Notes due 2026CL26New York Stock Exchange
1.375% Notes due 2034CL34New York Stock Exchange
0.875% Notes due 2039CL39New 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:
ClassShares OutstandingDate
Common stock, $1.00 par value843,513,490June 30, 2021




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,
2021202020212020
Net sales$4,260 $3,897 $8,604 $7,994 
Cost of sales1,704 1,528 3,411 3,160 
Gross profit2,556 2,369 5,193 4,834 
Selling, general and administrative expenses1,568 1,395 3,173 2,868 
Other (income) expense, net(8)28 20 68 
Operating profit996 946 2,000 1,898 
Non-service related postretirement costs18 20 36 41 
Interest (income) expense, net25 35 54 71 
Income before income taxes953 891 1,910 1,786 
Provision for income taxes212 216 441 363 
Net income including noncontrolling interests741 675 1,469 1,423 
Less: Net income attributable to noncontrolling interests38 40 85 73 
Net income attributable to Colgate-Palmolive Company$703 $635 $1,384 $1,350 
Earnings per common share, basic$0.83 $0.74 $1.63 $1.58 
Earnings per common share, diluted$0.83 $0.74 $1.63 $1.57 



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,
2021202020212020
Net income including noncontrolling interests$741 $675 $1,469 $1,423 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments106 68 (52)(287)
Retirement plans and other retiree benefit adjustments16 14 18 30 
    Gains (losses) on cash flow hedges(35)(21)8 (3)
Total Other comprehensive income (loss), net of tax87 61 (26)(260)
Total Comprehensive income including noncontrolling interests828 736 1,443 1,163 
Less: Net income attributable to noncontrolling interests38 40 85 73 
Less: Cumulative translation adjustments attributable to noncontrolling interests 3 (3)(13)
Total Comprehensive income attributable to noncontrolling interests38 43 82 60 
Total Comprehensive income attributable to Colgate-Palmolive Company$790 $693 $1,361 $1,103 
See Notes to Condensed Consolidated Financial Statements.

3



COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Balance Sheets
(Dollars in Millions)
(Unaudited)
June 30,
2021
December 31,
2020
Assets
Current Assets
Cash and cash equivalents$937 $888 
Receivables (net of allowances of $85 and $89, respectively)
1,443 1,264 
Inventories1,700 1,673 
Other current assets572 513 
Total current assets4,652 4,338 
Property, plant and equipment:  
Cost8,848 8,751 
Less: Accumulated depreciation(5,183)(5,035)
 3,665 3,716 
Goodwill3,753 3,824 
Other intangible assets, net2,787 2,894 
Deferred income taxes283 291 
Other assets859 857 
Total assets$15,999 $15,920 
Liabilities and Shareholders’ Equity  
Current Liabilities  
Notes and loans payable$5 $258 
Current portion of long-term debt10 9 
Accounts payable1,272 1,393 
Accrued income taxes383 403 
Other accruals2,533 2,341 
Total current liabilities4,203 4,404 
Long-term debt7,951 7,334 
Deferred income taxes421 426 
Other liabilities2,562 2,655 
Total liabilities15,137 14,819 
Shareholders’ Equity  
Common stock1,466 1,466 
Additional paid-in capital3,085 2,969 
Retained earnings23,946 23,699 
Accumulated other comprehensive income (loss)(4,368)(4,345)
Unearned compensation (1)
Treasury stock, at cost(23,665)(23,045)
Total Colgate-Palmolive Company shareholders’ equity464 743 
Noncontrolling interests398 358 
Total equity862 1,101 
Total liabilities and equity$15,999 $15,920 
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,
 20212020
Operating Activities  
Net income including noncontrolling interests$1,469 $1,423 
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:  
Depreciation and amortization274 266 
Restructuring and termination benefits, net of cash(15)(35)
Stock-based compensation expense58 32 
Deferred income taxes(65)(147)
Cash effects of changes in:
Receivables(188)121 
Inventories(39)(176)
Accounts payable and other accruals(254)347 
Other non-current assets and liabilities(15)(37)
Net cash provided by (used in) operations1,225 1,794 
Investing Activities  
Capital expenditures(237)(159)
Purchases of marketable securities and investments(80)(48)
Proceeds from sale of marketable securities and investments46 42 
Payment for acquisitions, net of cash acquired (352)
Other investing activities(18) 
Net cash provided by (used in) investing activities(289)(517)
Financing Activities  
Short-term borrowing (repayment) less than 90 days, net451 (493)
Proceeds from issuance of debt 25  
Dividends paid(796)(784)
Purchases of treasury shares(713)(228)
Proceeds from exercise of stock options151 353 
Other financing activities(2)11 
Net cash provided by (used in) financing activities(884)(1,141)
Effect of exchange rate changes on Cash and cash equivalents(3)(22)
Net increase (decrease) in Cash and cash equivalents49 114 
Cash and cash equivalents at beginning of the period888 883 
Cash and cash equivalents at end of the period$937 $997 
Supplemental Cash Flow Information  
Income taxes paid$542 $349 
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, 2021
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, 2021$1,466 $3,011 $ $(23,384)$23,624 $(4,455)$401 
Net income    703  38 
Other comprehensive income (loss), net of tax
     87  
Dividends ($0.45 per share)
    (381) (42)
Stock-based compensation expense
 20      
Shares issued for stock options
 54  58    
Shares issued for restricted stock units
 (1) 1    
Treasury stock acquired
   (341)   
Other 1  1   1 
Balance, June 30, 2021$1,466 $3,085 $ $(23,665)$23,946 $(4,368)$398 
Three Months Ended June 30, 2020
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, 2020$1,466 $2,623 $(1)$(22,104)$22,481 $(4,578)$454 
Net income— — — — 635 — 40 
Other comprehensive income (loss), net of tax
— — — — — 58 3 
Dividends ($0.44 per share)
— — — — (386)— (33)
Stock-based compensation expense
— 16 — — — — — 
Shares issued for stock options
— 27 — 33 — — — 
Shares issued for restricted stock units
— (2)— 2 — — — 
Treasury stock acquired
— — — (8)— — — 
Other— 2 2 1 1— 
Balance, June 30, 2020$1,466 $2,666 $(1)$(22,075)$22,731 $(4,519)$464 
(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,207 at June 30, 2021 ($3,402 at June 30, 2020) and $3,313 at March 31, 2021 ($3,467 at March 31, 2020), respectively, and unrecognized retirement plan and other retiree benefits costs of $1,160 at June 30, 2021 ($1,108 at June 30, 2020) and $1,176 at March 31, 2021 ($1,122 at March 31, 2020), 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, 2021
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, 2020$1,466 $2,969 $(1)$(23,045)$23,699 $(4,345)$358 
Net income    1,384  85 
Other comprehensive income (loss), net of tax
     (23)(3)
Dividends ($1.34 per share)*
    (1,137) (42)
Stock-based compensation expense
 58      
Shares issued for stock options
 67  80    
Shares issued for restricted stock units
 (12) 12    
Treasury stock acquired
   (713)   
Other 3 1 1    
Balance, June 30, 2021$1,466 $3,085 $ $(23,665)$23,946 $(4,368)$398 
Six Months Ended June 30, 2020
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, 2019$1,466 $2,488 $(2)$(22,063)$22,501 $(4,273)$441 
Net income— — — — 1,350 — 73 
Other comprehensive income (loss), net of tax
— — — — — (247)(13)
Dividends ($1.31 per share)*
— — — — (1,124)— (37)
Stock-based compensation expense
— 32 — — — — — 
Shares issued for stock options
— 160 — 197 — — — 
Shares issued for restricted stock units
— (17)— 17 — — — 
Treasury stock acquired
— — — (228)— — — 
Other— 3 1 2 4 1 — 
Balance, June 30, 2020$1,466 $2,666 $(1)$(22,075)$22,731 $(4,519)$464 
(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,207 at June 30, 2021 ($3,402 at June 30, 2020) and $3,158 at December 31, 2020 ($3,128 at December 31, 2019), respectively, and unrecognized retirement plan and other retiree benefits costs of $1,160 at June 30, 2021 ($1,108 at June 30, 2020) and $1,178 at December 31, 2020 ($1,138 at December 31, 2019), respectively.

* Two dividends were declared in each of the first quarters of 2021 and 2020.
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, 2020, 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 March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” which clarified that certain optional expedients and exceptions in Topic 848 apply to derivatives that are affected by the discounting transition due to reference rate reform. These ASUs were effective upon issuance and can be applied prospectively for contract modifications and hedging relationships through December 31, 2022. The guidance has not had and is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In October 2020, the FASB issued ASU No. 2020-10, “Codification Improvements.” This ASU improves the consistency of the codification topics by including all disclosure guidance in the appropriate disclosure section and also clarifies the application of various provisions in the codification. This guidance was effective for the Company beginning on January 1, 2021 and did not have a material impact on the Company’s Consolidated Financial Statements.

In January 2020, the FASB issued ASU No. 2020-01, “Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” This ASU provides clarification of the interaction of rules for equity securities, the equity method of accounting and forward contracts and purchase options on certain types of securities. This guidance was effective for the Company beginning on January 1, 2021 and did not have a material impact on the Company’s Consolidated Financial Statements.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. This guidance was effective for the Company beginning on January 1, 2021 and did not 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)


4.    Acquisitions

Hello Products LLC (“hello”)

On January 31, 2020, the Company acquired hello, an oral care business, for cash consideration of $351. The acquisition was financed with a combination of debt and cash. This acquisition is part of the Company’s strategy to focus on high growth segments within its Oral Care, Personal Care and Pet Nutrition businesses.

The total purchase price consideration of $351 was allocated to the net assets acquired based on their respective estimated fair values as follows:
Receivables $11 
Inventories 13 
Other assets and liabilities, net (4)
Other intangible assets 160 
Goodwill171 
Fair value of net assets acquired$351 
Other intangible assets acquired include trademarks, valued at $115, which are considered to have a finite useful life of 25 years, and customer relationships, valued at $45, which are considered to have a finite useful life of 17 years. Goodwill of $171 was allocated to the North America segment. The Company expects that goodwill will be deductible for tax purposes.

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






9

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
    
The Company’s restructuring program (the “Global Growth and Efficiency Program”), which commenced in the fourth quarter of 2012, concluded on December 31, 2019. Initiatives under the Global Growth and Efficiency Program 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. Substantially all initiatives under the Global Growth and Efficiency Program had been implemented as of December 31, 2019 and no new restructuring projects were approved for implementation subsequent to the conclusion of the Global Growth and Efficiency Program.

During the six months ended June 30, 2021 and June 30, 2020, the Company made cash payments of $15 and $35, respectively, related to projects approved prior to the conclusion of the Global Growth and Efficiency Program.

The accrual balance at June 30, 2021 and December 31, 2020 was $17 and $31, respectively.
10

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


6.    Inventories

Inventories by major class are as follows:
June 30,
2021
December 31,
2020
Raw materials and supplies$470 $454 
Work-in-process48 45 
Finished goods1,275 1,256 
       Total Inventories, net$1,793 $1,755 
            Non-current inventory, net$(93)$(82)
              Current Inventories, net$1,700 $1,673 
7.    Earnings Per Share

For the three months ended June 30, 2021 and 2020, earnings per share were as follows:
 Three Months Ended
 June 30, 2021June 30, 2020
 Net income attributable to Colgate-Palmolive CompanyShares
(millions)
Per
Share
Net income attributable to Colgate-Palmolive CompanyShares
(millions)
Per
Share
Basic EPS$703 845.6 $0.83 $635 857.4 $0.74 
Stock options and
restricted stock units
3.8   1.5  
Diluted EPS$703 849.4 $0.83 $635 858.9 $0.74 
For the three months ended June 30, 2021 and 2020, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 1,634,728 and 19,291,359, respectively.
For the six months ended June 30, 2021 and 2020, earnings per share were as follows:
 Six Months Ended
 June 30, 2021June 30, 2020
 Net income attributable to Colgate-Palmolive CompanyShares
(millions)
Per
Share
Net income attributable to Colgate-Palmolive CompanyShares
(millions)
Per
Share
Basic EPS$1,384 847.0 $1.63 $1,350 857.1 $1.58 
Stock options and
restricted stock units
3.4   1.5  
Diluted EPS$1,384 850.4 $1.63 $1,350 858.6 $1.57 
For the six months ended June 30, 2021 and 2020, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 2,453,048 and 19,717,653, 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.
11

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


8.    Other Comprehensive Income (Loss)

Additions to and reclassifications out of Accumulated other comprehensive income (loss) attributable to the Company for the three months ended June 30, 2021 and 2020 were as follows:
 20212020
PretaxNet of TaxPretaxNet of Tax
Cumulative translation adjustments$71 $106 $27 $65 
Retirement plans and other retiree benefits:
Net actuarial gain (loss) and prior service costs arising during the period(3)(1)  
Amortization of net actuarial loss, transition and prior service costs (1)
20 17 23 14 
Retirement plans and other retiree benefits adjustments17 16 23 14 
Cash flow hedges:
Unrealized gains (losses) on cash flow hedges(49)(38)(22)(18)
Reclassification of (gains) losses into net earnings on cash flow hedges (2)
4 3 (3)(3)
Gains (losses) on cash flow hedges(45)(35)(25)(21)
Total Other comprehensive income (loss)$43 $87 $25 $58 
(1) These components of Other comprehensive income (loss) are included in the computation of total pension cost. See Note 9, Retirement Plans and Other Retiree Benefits for additional details.
(2) These (gains) losses are reclassified into Cost of sales. See Note 13, Fair Value Measurements and Financial Instruments for additional details.

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

Additions to and reclassifications out of Accumulated other comprehensive income (loss) attributable to the Company for the six months ended June 30, 2021 and 2020 were as follows:
 20212020
PretaxNet of TaxPretaxNet of Tax
Cumulative translation adjustments$(28)$(49)$(293)$(274)
Retirement plans and other retiree benefits:
Net actuarial gain (loss) and prior service costs arising during the period(22)(15)2 1 
Amortization of net actuarial loss, transition and prior service costs (1)
42 33 40 29 
Retirement plans and other retiree benefits adjustments20 18 42 30 
Cash flow hedges:
Unrealized gains (losses) on cash flow hedges4 3 3 2 
Reclassification of (gains) losses into net earnings on cash flow hedges (2)
7 5 (6)(5)
Gains (losses) on cash flow hedges11 8 (3)(3)
Total Other comprehensive income (loss)$3 $(23)$(254)$(247)
(1) These components of Other comprehensive income (loss) are included in the computation of total pension cost. See Note 9, Retirement Plans and Other Retiree Benefits for additional details.
(2) These (gains) losses are reclassified into Cost of sales. See Note 13, Fair Value Measurements and Financial Instruments for additional details.

There were no tax impacts on OCI attributable to Noncontrolling interests.


12

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


9.    Retirement Plans and Other Retiree Benefits

Components of Net periodic benefit cost for the three and six months ended June 30, 2021 and 2020 were as follows:
Three Months Ended June 30,
 Pension BenefitsOther Retiree Benefits
 United StatesInternational  
 202120202021202020212020
Service cost$1 $ $4 $3 $7 $5 
Interest cost15 18 4 4 9 8 
Expected return on plan assets(26)(27)(4)(5) (1)
Amortization of actuarial loss (gain)10 13 3 4 7 6 
Net periodic benefit cost
$ $4 $7 $6 $23 $18 


Six Months Ended June 30,
 Pension BenefitsOther Retiree Benefits
 United StatesInternational  
 202120202021202020212020
Service cost$1 $ $8 $7 $13 $11 
Interest cost30 37 9 9 18 19