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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 September 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
0.500% 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 value842,848,691September 30, 2021




PART I.    FINANCIAL INFORMATION


COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Income
(Dollars in Millions Except Per Share Amounts)
(Unaudited)
 
 Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Net sales$4,414 $4,153 $13,018 $12,147 
Cost of sales1,791 1,613 5,202 4,773 
Gross profit2,623 2,540 7,816 7,374 
Selling, general and administrative expenses1,636 1,518 4,809 4,386 
Other (income) expense, net20 4 40 72 
Operating profit967 1,018 2,967 2,916 
Non-service related postretirement costs16 15 52 56 
Interest (income) expense, net98 36 152 107 
Income before income taxes853 967 2,763 2,753 
Provision for income taxes172 222 613 585 
Net income including noncontrolling interests681 745 2,150 2,168 
Less: Net income attributable to noncontrolling interests47 47 132 120 
Net income attributable to Colgate-Palmolive Company$634 $698 $2,018 $2,048 
Earnings per common share, basic$0.75 $0.81 $2.39 $2.39 
Earnings per common share, diluted$0.75 $0.81 $2.38 $2.38 



See Notes to Condensed Consolidated Financial Statements.

2



COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Comprehensive Income
(Dollars in Millions)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Net income including noncontrolling interests$681 $745 $2,150 $2,168 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments(116)57 (168)(230)
Retirement plans and other retiree benefit adjustments31 54 49 84 
    Gains (losses) on cash flow hedges17 1 25 (2)
Total Other comprehensive income (loss), net of tax(68)112 (94)(148)
Total Comprehensive income including noncontrolling interests613 857 2,056 2,020 
Less: Net income attributable to noncontrolling interests47 47 132 120 
Less: Cumulative translation adjustments attributable to noncontrolling interests(2)12 (5)(1)
Total Comprehensive income attributable to noncontrolling interests45 59 127 119 
Total Comprehensive income attributable to Colgate-Palmolive Company$568 $798 $1,929 $1,901 
See Notes to Condensed Consolidated Financial Statements.

3



COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Balance Sheets
(Dollars in Millions)
(Unaudited)
September 30,
2021
December 31,
2020
Assets
Current Assets
Cash and cash equivalents$958 $888 
Receivables (net of allowances of $80 and $89, respectively)
1,424 1,264 
Inventories1,670 1,673 
Other current assets618 513 
Total current assets4,670 4,338 
Property, plant and equipment:  
Cost8,827 8,751 
Less: Accumulated depreciation(5,194)(5,035)
 3,633 3,716 
Goodwill3,685 3,824 
Other intangible assets, net2,719 2,894 
Deferred income taxes260 291 
Other assets913 857 
Total assets$15,880 $15,920 
Liabilities and Shareholders’ Equity  
Current Liabilities  
Notes and loans payable$3 $258 
Current portion of long-term debt11 9 
Accounts payable1,258 1,393 
Accrued income taxes452 403 
Other accruals2,557 2,341 
Total current liabilities4,281 4,404 
Long-term debt7,682 7,334 
Deferred income taxes399 426 
Other liabilities2,491 2,655 
Total liabilities14,853 14,819 
Shareholders’ Equity  
Common stock1,466 1,466 
Additional paid-in capital3,174 2,969 
Retained earnings24,201 23,699 
Accumulated other comprehensive income (loss)(4,434)(4,345)
Unearned compensation (1)
Treasury stock, at cost(23,816)(23,045)
Total Colgate-Palmolive Company shareholders’ equity591 743 
Noncontrolling interests436 358 
Total equity1,027 1,101 
Total liabilities and equity$15,880 $15,920 
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,
 20212020
Operating Activities  
Net income including noncontrolling interests$2,150 $2,168 
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:  
Depreciation and amortization414 400 
Restructuring and termination benefits, net of cash(19)(66)
Stock-based compensation expense107 85 
Loss on early extinguishment of debt75  
Deferred income taxes(146)(124)
Cash effects of changes in:
Receivables(198)62 
Inventories(37)(214)
Accounts payable and other accruals(107)468 
Other non-current assets and liabilities(20)(23)
Net cash provided by (used in) operations2,219 2,756 
Investing Activities  
Capital expenditures(374)(249)
Purchases of marketable securities and investments(118)(109)
Proceeds from sale of marketable securities and investments55 42 
Payment for acquisitions, net of cash acquired (352)
Other investing activities(25) 
Net cash provided by (used in) investing activities(462)(668)
Financing Activities  
Short-term borrowing (repayment) less than 90 days, net205 (796)
Principal payments of debt(118)(7)
Proceeds from issuance of debt 119  
Dividends paid(1,183)(1,162)
Purchases of treasury shares(964)(578)
Proceeds from exercise of stock options282 640 
Purchase of non-controlling interest in subsidiaries (99)
Other financing activities(9)34 
Net cash provided by (used in) financing activities(1,668)(1,968)
Effect of exchange rate changes on Cash and cash equivalents(19)(14)
Net increase (decrease) in Cash and cash equivalents70 106 
Cash and cash equivalents at beginning of the period888 883 
Cash and cash equivalents at end of the period$958 $989 
Supplemental Cash Flow Information  
Income taxes paid$742 $606 
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, 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, June 30, 2021$1,466 $3,085 $ $(23,665)$23,946 $(4,368)$398 
Net income    634  47 
Other comprehensive income (loss), net of tax
     (66)(2)
Dividends ($0.45 per share)
    (379) (7)
Stock-based compensation expense
 49      
Shares issued for stock options
 53  87    
Shares issued for restricted stock units
 (14) 14    
Treasury stock acquired
   (251)   
Other 1  (1)   
Balance, September 30, 2021$1,466 $3,174 $ $(23,816)$24,201 $(4,434)$436 
Three Months Ended September 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 June 30, 2020$1,466 $2,666 $(1)$(22,075)$22,731 $(4,519)$464 
Net income— — — — 698 — 47 
Other comprehensive income (loss), net of tax
— — — — — 100 12 
Dividends ($0.44 per share)
— — — — (379)—  
Stock-based compensation expense
— 53 — — — — — 
Shares issued for stock options
— 130 — 132 — — — 
Shares issued for restricted stock units
— (13)— 13 — — — 
Treasury stock acquired
— — — (350)— — — 
Noncontrolling interests assumed through acquisition— — — — —  (99)
Other— 1  — 2 (2)(4)
Balance, September 30, 2020$1,466 $2,837 $(1)$(22,280)$23,052 $(4,421)$420 
(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,321 at September 30, 2021 ($3,357 at September 30, 2020) and $3,207 at June 30, 2021 ($3,402 at June 30, 2020), respectively, and unrecognized retirement plan and other retiree benefits costs of $1,129 at September 30, 2021 ($1,054 at September 30, 2020) and $1,160 at June 30, 2021 ($1,108 at June 30, 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)
Nine Months Ended September 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    2,018  132 
Other comprehensive income (loss), net of tax
     (89)(5)
Dividends ($1.79 per share)*
    (1,516) (49)
Stock-based compensation expense
 107      
Shares issued for stock options
 120  167    
Shares issued for restricted stock units
 (26) 26    
Treasury stock acquired
   (964)   
Other 4 1     
Balance, September 30, 2021$1,466 $3,174 $ $(23,816)$24,201 $(4,434)$436 
Nine Months Ended September 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— — — — 2,048 — 120 
Other comprehensive income (loss), net of tax
— — — — — (147)(1)
Dividends ($1.75 per share)*
— — — — (1,503)— (37)
Stock-based compensation expense
— 85 — — — — — 
Shares issued for stock options
— 290 — 329 — — — 
Shares issued for restricted stock units
— (30)— 30 — — — 
Treasury stock acquired
— — — (578)— — — 
Noncontrolling interests acquired— — — — — — (99)
Other— 4 1 2 6 (1)(4)
Balance, September 30, 2020$1,466 $2,837 $(1)$(22,280)$23,052 $(4,421)$420 
(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,321 at September 30, 2021 ($3,357 at September 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 $1,129 at September 30, 2021 ($1,054 at September 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 and is 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 three months ended September 30, 2020, the Company adjusted the accrual balances related to certain projects approved prior to the conclusion of the Global Growth and Efficiency Program to reflect its revised estimate of remaining liabilities. This adjustment resulted in a reduction of $16 ($13 after-tax), of which $3 was recorded in Selling, general and administrative expenses and $13 was recorded in Other (income) expense, net.

During the nine months ended September 30, 2021 and September 30, 2020, the Company made cash payments of $19 and $50, respectively, related to projects approved prior to the conclusion of the Global Growth and Efficiency Program.

The accrual balance at September 30, 2021 and December 31, 2020 was $12 and $31, respectively.

6.    Inventories

Inventories by major class were as follows:
September 30,
2021
December 31,
2020
Raw materials and supplies$451 $454 
Work-in-process44 45 
Finished goods1,261 1,256 
       Total Inventories, net$1,756 $1,755 
            Non-current inventory, net$(86)$(82)
              Current Inventories, net$1,670 $1,673 
10

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


7.    Earnings Per Share

For the three months ended September 30, 2021 and 2020, earnings per share were as follows:
 Three Months Ended
 September 30, 2021September 30, 2020
 Net income attributable to Colgate-Palmolive CompanyShares
(millions)
Per
Share
Net income attributable to Colgate-Palmolive CompanyShares
(millions)
Per
Share
Basic EPS$634 843.6 $0.75 $698 859.0 $0.81 
Stock options and
restricted stock units
2.8   2.8  
Diluted EPS$634 846.4 $0.75 $698 861.8 $0.81 
For the three months ended September 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 2,318,391 and 2,693,996, respectively.
For the nine months ended September 30, 2021 and 2020, earnings per share were as follows:
 Nine Months Ended
 September 30, 2021September 30, 2020
 Net income attributable to Colgate-Palmolive CompanyShares
(millions)
Per
Share
Net income attributable to Colgate-Palmolive CompanyShares
(millions)
Per
Share
Basic EPS$2,018 845.9 $2.39 $2,048 857.7 $2.39 
Stock options and
restricted stock units
3.1   1.8  
Diluted EPS$2,018 849.0 $2.38 $2,048 859.5 $2.38 
For the nine months ended September 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 2,763,779 and 15,862,643, 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 September 30, 2021 and 2020 were as follows:
 20212020
PretaxNet of TaxPretaxNet of Tax
Cumulative translation adjustments$(83)$(114)$5 $45 
Retirement plans and other retiree benefits:
Net actuarial gain (loss) and prior service costs arising during the period23 17 53 41 
Amortization of net actuarial loss, transition and prior service costs (1)
18 14 15 13 
Retirement plans and other retiree benefits adjustments41 31 68 54 
Cash flow hedges:
Unrealized gains (losses) on cash flow hedges18 15 (1)(1)
Reclassification of (gains) losses into net earnings on cash flow hedges (2)
2 2 2 2 
Gains (losses) on cash flow hedges20 17 1 1 
Total Other comprehensive income (loss)$(22)$(66)$74 $100 
(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 nine months ended September 30, 2021 and 2020 were as follows:
 20212020
PretaxNet of TaxPretaxNet of Tax
Cumulative translation adjustments$(111)$(163)$(288)$(229)
Retirement plans and other retiree benefits:
Net actuarial gain (loss) and prior service costs arising during the period 2 55 42 
Amortization of net actuarial loss, transition and prior service costs (1)
61 47 55 42 
Retirement plans and other retiree benefits adjustments61 49 110 84 
Cash flow hedges:
Unrealized gains (losses) on cash flow hedges22 17 2 1 
Reclassification of (gains) losses into net earnings on cash flow hedges (2)
9 8 (4)(3)
Gains (losses) on cash flow hedges31 25 (2)(2)
Total Other comprehensive income (loss)$(19)$(89)$(180)$(147)
(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 nine months ended September 30, 2021 and 2020 were as follows:
Three Months Ended September 30,
 Pension BenefitsOther Retiree Benefits
 United StatesInternational  
 202120202021202020212020
Service cost$ $ $3 $4 $7 $3 
Interest cost16 20 5 5 8 10 
Expected return on plan assets(27)(29)(4)(6)  
Amortization of actuarial loss (gain)11 10 2 2 5 3 
Net periodic benefit cost
$ $1 $6 $5 $20