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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, 2022
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
0.300% Notes due 2029CL29New 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 value835,214,210September 30, 2022




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,
2022202120222021
Net sales$4,455 $4,414 $13,338 $13,018 
Cost of sales1,907 1,791 5,664 5,202 
Gross profit2,548 2,623 7,674 7,816 
Selling, general and administrative expenses1,634 1,636 4,932 4,809 
Other (income) expense, net(33)20 51 40 
Operating profit947 967 2,691 2,967 
Non-service related postretirement costs15 16 65 52 
Interest (income) expense, net40 98 98 152 
Income before income taxes892 853 2,528 2,763 
Provision for income taxes210 172 604 613 
Net income including noncontrolling interests682 681 1,924 2,150 
Less: Net income attributable to noncontrolling interests64 47 144 132 
Net income attributable to Colgate-Palmolive Company$618 $634 $1,780 $2,018 
Earnings per common share, basic$0.74 $0.75 $2.12 $2.39 
Earnings per common share, diluted$0.74 $0.75 $2.12 $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,
2022202120222021
Net income including noncontrolling interests$682 $681 $1,924 $2,150 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments(161)(116)(227)(168)
Retirement plans and other retiree benefit adjustments298 31 327 49 
    Gains (losses) on cash flow hedges(26)17 75 25 
Total Other comprehensive income (loss), net of tax111 (68)175 (94)
Total Comprehensive income including noncontrolling interests793 613 2,099 2,056 
Less: Net income attributable to noncontrolling interests64 47 144 132 
Less: Cumulative translation adjustments attributable to noncontrolling interests(16)(2)(32)(5)
Total Comprehensive income attributable to noncontrolling interests48 45 112 127 
Total Comprehensive income attributable to Colgate-Palmolive Company$745 $568 $1,987 $1,929 
See Notes to Condensed Consolidated Financial Statements.

3



COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Balance Sheets
(Dollars in Millions)
(Unaudited)
September 30,
2022
December 31,
2021
Assets
Current Assets
Cash and cash equivalents$938 $832 
Receivables (net of allowances of $67 and $78, respectively)
1,425 1,297 
Inventories2,073 1,692 
Other current assets842 576 
Total current assets5,278 4,397 
Property, plant and equipment:  
Cost9,318 8,899 
Less: Accumulated depreciation(5,195)(5,169)
 4,123 3,730 
Goodwill3,538 3,284 
Other intangible assets, net2,219 2,462 
Deferred income taxes182 193 
Other assets948 974 
Total assets$16,288 $15,040 
Liabilities and Shareholders’ Equity  
Current Liabilities  
Notes and loans payable$16 $39 
Current portion of long-term debt13 12 
Accounts payable1,541 1,479 
Accrued income taxes433 436 
Other accruals2,489 2,085 
Total current liabilities4,492 4,051 
Long-term debt8,219 7,194 
Deferred income taxes551 395 
Other liabilities1,973 2,429 
Total liabilities15,235 14,069 
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 capital3,518 3,269 
Retained earnings24,566 24,350 
Accumulated other comprehensive income (loss)(4,179)(4,386)
Unearned compensation (1)
Treasury stock, at cost(24,749)(24,089)
Total Colgate-Palmolive Company shareholders’ equity622 609 
Noncontrolling interests431 362 
Total equity1,053 971 
Total liabilities and equity$16,288 $15,040 
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,
 20222021
Operating Activities  
Net income including noncontrolling interests$1,924 $2,150 
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:  
Depreciation and amortization410 414 
Restructuring and termination benefits, net of cash51 (19)
Stock-based compensation expense105 107 
Gain on the sale of land(47) 
Forward starting swap settlement82  
Loss on early extinguishment of debt 75 
Deferred income taxes(13)(146)
Cash effects of changes in:
Receivables(171)(198)
Inventories(422)(37)
Accounts payable and other accruals9 (107)
Other non-current assets and liabilities(45)(20)
Net cash provided by (used in) operations1,883 2,219 
Investing Activities  
Capital expenditures(475)(374)
Purchases of marketable securities and investments(239)(118)
Proceeds from sale of marketable securities and investments55 55 
Payment for acquisitions, net of cash acquired(817) 
Proceeds from the sale of land47  
Other investing activities1 (25)
Net cash provided by (used in) investing activities(1,428)(462)
Financing Activities  
Short-term borrowing (repayment) less than 90 days, net(56)205 
Principal payments of debt(2)(118)
Proceeds from issuance of debt 1,513 119 
Dividends paid(1,206)(1,183)
Purchases of treasury shares(895)(964)
Proceeds from exercise of stock options398 282 
Other financing activities(38)(9)
Net cash provided by (used in) financing activities(286)(1,668)
Effect of exchange rate changes on Cash and cash equivalents(63)(19)
Net increase (decrease) in Cash and cash equivalents106 70 
Cash and cash equivalents at beginning of the period832 888 
Cash and cash equivalents at end of the period$938 $958 
Supplemental Cash Flow Information  
Income taxes paid$690 $742 
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, 2022
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, 2022$1,466 $3,402 $ $(24,736)$24,342 $(4,306)$390 
Net income    618  64 
Other comprehensive income (loss), net of tax
     127 (16)
Dividends ($0.47 per share)
    (394)  
Stock-based compensation expense
 60      
Shares issued for stock options
 73  73    
Shares issued for restricted stock units
 (16) 16    
Treasury stock acquired
   (104)   
Other (1) 2   (7)
Balance, September 30, 2022$1,466 $3,518 $ $(24,749)$24,566 $(4,179)$431 
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 
(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,545 at September 30, 2022 ($3,321 at September 30, 2021) and $3,398 at June 30, 2022 ($3,207 at June 30, 2021), respectively, and unrecognized retirement plan and other retiree benefits costs of $717 at September 30, 2022 ($1,129 at September 30, 2021) and $1,015 at June 30, 2022 ($1,160 at June 30, 2021), 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, 2022
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, 2021$1,466 $3,269 $(1)$(24,089)$24,350 $(4,386)$362 
Net income    1,780  144 
Other comprehensive income (loss), net of tax
     207 (32)
Dividends ($1.86 per share)*
    (1,564) (42)
Stock-based compensation expense
 105      
Shares issued for stock options
 181  194    
Shares issued for restricted stock units
 (39) 39    
Treasury stock acquired
   (895)   
Other 2 1 2   (1)
Balance, September 30, 2022$1,466 $3,518 $ $(24,749)$24,566 $(4,179)$431 
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 
(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,545 at September 30, 2022 ($3,321 at September 30, 2021) and $3,349 at December 31, 2021 ($3,158 at December 31, 2020), respectively, and unrecognized retirement plan and other retiree benefits costs of $717 at September 30, 2022 ($1,129 at September 30, 2021) and $1,044 at December 31, 2021 ($1,178 at December 31, 2020), respectively.
* Two dividends were declared in each of the first quarters of 2022 and 2021.
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, 2021, 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 September 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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 rollforward information. The guidance is effective for the Company beginning on January 1, 2023, except for the rollforward, which is effective beginning on January 1, 2024. The Company is currently evaluating the impact of the new guidance and does not expect it to have a material impact on the Company’s Consolidated Financial Statements.

In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” This ASU eliminates the accounting guidance for troubled debt restructurings by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. This guidance is effective for the Company beginning on January 1, 2023 and is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In March 2022, the FASB issued ASU No. 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method.” This ASU clarifies the accounting and promotes consistency in reporting for hedges where the portfolio layer method is applied. This guidance is effective for the Company beginning on January 1, 2023 and is not expected to have an impact on the Company’s Consolidated Financial Statements.

In November 2021, the FASB issued ASU No. 2021-10, “Government Assistance (Topic 832).” This ASU requires increased disclosure on an annual basis about transactions with domestic, foreign, local, regional and national governments, including entities related to those governments and intergovernmental organizations, that are accounted for by applying a grant or contribution accounting model by analogy to other accounting guidance. This guidance was effective for the Company beginning on January 1, 2022 and did not have a material impact on the Company’s Consolidated Financial Statements.

In October 2021, the FASB issued ASU No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This ASU requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606).” This guidance is effective for the Company beginning on January 1, 2023 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 March 2020, the FASB issued 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.
9

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


4. Acquisitions

Red Collar Pet Foods

On September 30, 2022, the Company acquired a business, which operates three dry pet food manufacturing plants in the United States, from Red Collar Pet Foods Holdings, Inc. and Red Collar Pet Foods Holdings, L.P. (collectively, “Red Collar Pet Foods”) for cash consideration of $727 in order to further support the global growth of its Hill’s Pet Nutrition business. The acquisition was financed with a combination of debt and cash and accounted for as a business combination in accordance with ASC 805.

The total purchase price of $727 has been allocated to the net assets acquired based on their respective estimated fair values as follows:

Inventories$29 
Property, plant and equipment372 
Goodwill407 
Current liabilities(3)
Intangible liability(16)
Deferred income taxes(62)
Fair value of net assets acquired$727 
Goodwill of $407 was allocated to the Pet Nutrition segment. 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 third quarter of 2023.
Pro forma results of operations have not been presented as the impact on the Company’s Condensed Consolidated Financial Statements is not material.

Nutriamo S.r.l.

On April 28, 2022, the Company acquired the manufacturing assets of Nutriamo S.r.l. (“Nutriamo”), a canned pet food manufacturer based in Italy, which gives the Company additional capacity for the Hill’s wet pet nutrition diets, particularly in Europe. This acquisition was accounted for as a business combination in accordance with ASC 805. The impact of this acquisition on the Company’s Consolidated Financial Statements was 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
    
On January 27, 2022, the Company’s Board of Directors (the “Board”) approved a targeted productivity program (the “2022 Global Productivity Initiative”). The program is intended to reallocate resources towards the Company’s strategic priorities and faster growth businesses, drive efficiencies in the Company’s operations and streamline the Company’s supply chain to reduce structural costs.

Implementation of the 2022 Global Productivity Initiative, which is now expected to be substantially completed by mid-year 2024, is still estimated to result in cumulative pretax charges, once all phases are approved and implemented, in the range of $200 to $240 ($170 to $200 aftertax), which is currently estimated to be comprised of the following: employee-related costs, including severance, pension and other termination benefits (75%); asset-related costs, primarily accelerated depreciation and asset write-downs (15%); and other charges (10%), which include contract termination costs, consisting primarily of implementation-related charges resulting directly from exit activities and the implementation of new strategies. It is estimated that approximately 80% to 90% of the charges will result in cash expenditures.

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

For the three months ended September 30, 2022, charges resulting from the 2022 Global Productivity Initiative were $2 pretax ($2 aftertax).

For the nine months ended September 30, 2022, charges resulting from the 2022 Global Productivity Initiative are reflected in the income statement as follows:
Nine Months Ended September 30,
2022
Selling, general and administrative expenses4 
Other (income) expense, net75 
Non-service related postretirement costs13 
Total 2022 Global Productivity Initiative charges, pretax$92 
Total 2022 Global Productivity Initiative charges, aftertax$72 

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

Nine Months Ended September 30,
 2022
North America11 %
Latin America 16 %
Europe 16 %
Asia Pacific9 %
Africa/Eurasia12 %
Hill's Pet Nutrition10 %
Corporate26 %
Total100 %
11

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



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

Nine Months Ended September 30, 2022
 Employee-Related
Costs 
Incremental
Depreciation 
Asset
Impairments
OtherTotal
Balance at December 31, 2021$ $ $ $ $ 
Charges 89   3 92 
Cash Payments (36)  (2)(38)
Charges against assets(13)   (13)
Foreign exchange(2)   (2)
Balance at September 30, 2022$38 $ $ $1 $39 

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 of $13 for the nine months ended September 30, 2022, which are reflected as Charges against assets within Employee-Related Costs in the preceding tables as the corresponding balance sheet amounts are reflected as a reduction of pension assets or an increase in pension liabilities.

6.    Inventories

Inventories by major class were as follows:
September 30,
2022
December 31,
2021
Raw materials and supplies$551 $505 
Work-in-process51 39 
Finished goods1,572 1,248 
       Total Inventories, net$2,174 $1,792 
            Non-current inventory, net$(101)$(100)
              Current Inventories, net$2,073 $1,692 
12

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, 2022 and 2021, earnings per share were as follows:
 Three Months Ended
 September 30, 2022September 30, 2021
 Net income attributable to Colgate-Palmolive CompanyShares
(millions)
Per
Share
Net income attributable to Colgate-Palmolive CompanyShares
(millions)
Per
Share
Basic EPS$618 835.7 $0.74 $634 843.6 $0.75 
Stock options and
restricted stock units
2.8   2.8  
Diluted EPS$618 838.5 $0.74 $634 846.4 $0.75 
For the three months ended September 30, 2022 and 2021, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 2,891,324 and 2,318,391, respectively.
For the nine months ended September 30, 2022 and 2021, earnings per share were as follows:
 Nine Months Ended
 September 30, 2022September 30, 2021
 Net income attributable to Colgate-Palmolive CompanyShares
(millions)
Per
Share
Net income attributable to Colgate-Palmolive CompanyShares
(millions)
Per
Share
Basic EPS$1,780 837.7 $2.12 $2,018 845.9 $2.39 
Stock options and
restricted stock units
2.7   3.1  
Diluted EPS$1,780 840.4 $2.12 $2,018 849.0 $2.38 
For the nine months ended September 30, 2022 and 2021, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 3,709,818 and 2,763,779, 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.
13

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, 2022 and 2021 were as follows:
 20222021
PretaxNet of TaxPretaxNet of Tax