|
|
|
|
|
|
|
| Other financing activities | () | | | | |
| Net cash provided by (used in) financing activities | () | | | () | |
| Effect of exchange rate changes on Cash and cash equivalents | () | | | () | |
| Net increase (decrease) in Cash and cash equivalents | | | | | |
| Cash and cash equivalents at beginning of the period | | | | | |
| Cash and cash equivalents at end of the period | $ | | | | $ | | |
| Supplemental Cash Flow Information | | | |
| Income taxes paid | $ | | | | $ | | |
| Interest paid | $ | | | | $ | | |
See Notes to Condensed Consolidated Financial Statements.
5
COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Changes in Shareholders’ Equity
(Dollars in Millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2024 |
| Colgate-Palmolive Company Shareholders’ Equity | | |
| Common
Stock | | Additional
Paid-in
Capital | | Unearned
Compensation | | Treasury
Stock | | Retained
Earnings | | Accumulated Other Comprehensive Income (Loss)(1) | | Noncontrolling
Interests |
| Balance, March 31, 2024 | $ | | | | $ | | | | $ | | | | $ | () | | | $ | | | | $ | () | | | $ | | |
| Net income | — | | | — | | | — | | | — | | | | | | — | | | | |
Other comprehensive income (loss), net of tax | — | | | — | | | — | | | — | | | — | | | () | | | () | |
Dividends ($ per share) | — | | | — | | | — | | | — | | | () | | | — | | | () | |
Stock-based compensation expense | — | | | | | | — | | | — | | | — | | | — | | | — | |
Shares issued for stock options | — | | | | | | — | | | | | | — | | | — | | | — | |
Shares issued for restricted stock units | — | | | () | | | — | | | | | | — | | | — | | | — | |
Treasury stock acquired | — | | | — | | | — | | | () | | | — | | | — | | | — | |
| | | | | |
| Other | — | | | | | | — | | | () | | | — | | | — | | | — | |
Balance, June 30, 2024 | $ | | | | $ | | | | $ | | | | $ | () | | | $ | | | | $ | () | | | $ | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2023 |
| Colgate-Palmolive Company Shareholders’ Equity | | |
| Common
Stock | | Additional
Paid-in
Capital | | Unearned
Compensation | | Treasury
Stock | | Retained
Earnings | | Accumulated Other Comprehensive Income (Loss)(1) | | Noncontrolling
Interests |
| Balance, March 31, 2023 | $ | | | | $ | | | | $ | | | | $ | () | | | $ | | | | $ | () | | | $ | | |
| Net income | — | | | — | | | — | | | — | | | | | | — | | | | |
Other comprehensive income (loss), net of tax | — | | | — | | | — | | | — | | | — | | | | | | () | |
Dividends ($ per share) | — | | | — | | | — | | | — | | | () | | | — | | | () | |
Stock-based compensation expense | — | | | | | | — | | | — | | | — | | | — | | | — | |
Shares issued for stock options | — | | | | | | — | | | | | | — | | | — | | | — | |
Shares issued for restricted stock units | — | | | () | | | — | | | | | | — | | | — | | | — | |
Treasury stock acquired | — | | | — | | | — | | | () | | | — | | | — | | | — | |
| | | | | |
| Other | — | | | | | | — | | | () | | | — | | | — | | | — | |
Balance, June 30, 2023 | $ | | | | $ | | | | $ | | | | $ | () | | | $ | | | | $ | () | | | $ | | |
(1) at June 30, 2024 ($ at June 30, 2023) and $ at March 31, 2024 ($ at March 31, 2023), respectively, and unrecognized retirement plan and other retiree benefits costs of $ at June 30, 2024 ($ at June 30, 2023) and $ at March 31, 2024 ($ at March 31, 2023), respectively.
See Notes to Condensed Consolidated Financial Statements.
6
COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Changes in Shareholders’ Equity
(Dollars in Millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended June 30, 2024 |
| Colgate-Palmolive Company Shareholders’ Equity | | |
| Common
Stock | | Additional
Paid-in
Capital | | Unearned
Compensation | | Treasury
Stock | | Retained
Earnings | | Accumulated Other Comprehensive Income (Loss)(1) | | Noncontrolling
Interests |
| Balance, December 31, 2023 | $ | | | | $ | | | | $ | | | | $ | () | | | $ | | | | $ | () | | | $ | | |
| Net income | — | | | — | | | — | | | — | | | | | | — | | | | |
Other comprehensive income (loss), net of tax | — | | | — | | | — | | | — | | | — | | | () | | | () | |
Dividends ($ per share)* | — | | | — | | | — | | | — | | | () | | | — | | | () | |
Stock-based compensation expense | — | | | | | | — | | | — | | | — | | | — | | | — | |
Shares issued for stock options | — | | | | | | — | | | | | | — | | | — | | | — | |
Shares issued for restricted stock units | — | | | () | | | — | | | | | | — | | | — | | | — | |
Treasury stock acquired | — | | | — | | | — | | | () | | | — | | | — | | | — | |
| | | | | |
| Other | — | | | | | | — | | | () | | | — | | | — | | | | |
Balance, June 30, 2024 | $ | | | | $ | | | | $ | | | | $ | () | | | $ | | | | $ | () | | | $ | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2023 |
| Colgate-Palmolive Company Shareholders’ Equity | | |
| Common
Stock | | Additional
Paid-in
Capital | | Unearned
Compensation | | Treasury
Stock | | Retained
Earnings | | Accumulated Other Comprehensive Income (Loss)(1) | | Noncontrolling
Interests |
| Balance, December 31, 2022 | $ | | | | $ | | | | $ | () | | | $ | () | | | $ | | | | $ | () | | | $ | | |
| Net income | — | | | — | | | — | | | — | | | | | | — | | | | |
Other comprehensive income (loss), net of tax | — | | | — | | | — | | | — | | | — | | | | | | () | |
Dividends ($ per share)* | — | | | — | | | — | | | — | | | () | | | — | | | () | |
Stock-based compensation expense | — | | | | | | — | | | — | | | — | | | — | | | — | |
Shares issued for stock options | — | | | | | | — | | | | | | — | | | — | | | — | |
Shares issued for restricted stock units | — | | | () | | | — | | | | | | — | | | — | | | — | |
Treasury stock acquired | — | | | — | | | — | | | () | | | — | | | — | | | — | |
| | | | | |
| | | | | |
| Other | — | | | | | | | | | () | | | — | | | — | | | — | |
Balance, June 30, 2023 | $ | | | | $ | | | | $ | | | | $ | () | | | $ | | | | $ | () | | | $ | | |
(1) at June 30, 2024 ($ at June 30, 2023) and $ at December 31, 2023 ($ at December 31, 2022), respectively, and unrecognized retirement plan and other retiree benefits costs of $ at June 30, 2024 ($ at June 30, 2023) and $ at December 31, 2023 ($ at December 31, 2022), respectively.
* dividends were declared in each of the first quarters of 2024 and 2023.
See Notes to Condensed Consolidated Financial Statements.
7
COLGATE-PALMOLIVE COMPANY
Notes to Condensed Consolidated Financial Statements
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)
1.
2.
3.
COLGATE-PALMOLIVE COMPANY
Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)
4.
($ aftertax), once all the charges are recorded, which is now estimated to be comprised of the following categories: employee-related costs, including severance, pension and other termination benefits (%); asset-related costs, primarily accelerated depreciation and asset write-downs (%); and other charges (%), which include contract termination costs, consisting primarily of implementation-related charges resulting directly from exit activities and the implementation of new strategies. It is now estimated that approximately % of the charges will result in cash expenditures.
It is now expected that the cumulative pretax charges, once all charges are recorded, will relate to initiatives undertaken in North America (%), Latin America (%), Europe (%), Asia Pacific (%), Africa/Eurasia (%), Hill’s Pet Nutrition (%) and Corporate (%).
For the three months ended June 30, 2024, charges resulting from the 2022 Global Productivity Initiative were $ pretax ($ aftertax). For the three months ended June 30, 2023, charges resulting from the 2022 Global Productivity Initiative were $ pretax ($ aftertax).
| | $ | | | | Selling, general and administrative expenses | | | | | |
| Other (income) expense, net | | | | | |
| Non-service related postretirement costs | | | | | |
| Total 2022 Global Productivity Initiative charges, pretax | $ | | | | $ | | |
| | | |
| Total 2022 Global Productivity Initiative charges, aftertax | $ | | | | $ | | |
COLGATE-PALMOLIVE COMPANY
Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)
% | | | % | | | % | | Latin America | | % | | | % | | | % |
| Europe | | % | | | % | | | % |
| Asia Pacific | | % | | | % | | | % |
| Africa/Eurasia | | % | | | % | | | % |
| Hill's Pet Nutrition | | % | | | % | | | % |
| Corporate | | % | | | % | | | % |
| Total | | % | | | % | | | % |
($ aftertax) in connection with the implementation of various projects as follows:
| | | | | |
| Cumulative Charges |
| | as of June 30, 2024 |
| Employee-Related Costs | $ | | |
| Incremental Depreciation | | |
| Asset Impairments | | |
| Other | | |
| Total | $ | | |
| | $ | | | | $ | | | | $ | | | | $ | | | | Charges | | | | | | | | | | | | | | | |
| Cash Payments | | () | | | | | | | | | () | | | () | |
| Charges against assets | | | | | () | | | | | | | | | () | |
| Foreign exchange | | () | | | | | | | | | | | | () | |
Balance at June 30, 2024 | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | |
| | |
Employee-Related Costs primarily include severance and other termination benefits and are calculated based on long-standing benefit practices, written severance policies, local statutory requirements and, in certain cases, voluntary termination arrangements. Employee-Related Costs also include pension enhancements which are reflected as Charges against assets within Employee-Related Costs in the preceding table as the corresponding balance sheet amounts are
COLGATE-PALMOLIVE COMPANY
Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)
Incremental Depreciation is recorded to reflect changes in useful lives and estimated residual values for long-lived assets that will be taken out of service prior to the end of their normal service period. Asset Impairments are recorded to write down inventories and assets held for sale or disposal to their fair value based on amounts expected to be realized. Charges against assets within Asset Impairments are net of cash proceeds pertaining to the sale of certain assets.
5.
| | $ | | |
| Work-in-process | | | | | |
| Finished goods | | | | | |
| Total Inventories, net | $ | | | | $ | | |
| Non-current inventory, net | $ | () | | | $ | () | |
| Current Inventories, net | $ | | | | $ | | |
COLGATE-PALMOLIVE COMPANY
Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)
6.
| | | | | $ | | | | $ | | | | | | | $ | | | Stock options and restricted stock units | | | | | | | | | | | | | |
| Diluted EPS | $ | | | | | | | $ | | | | $ | | | | | | | $ | | |
For the three months ended June 30, 2024 and 2023, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were and , respectively.
| | | | | $ | | | | $ | | | | | | | $ | | | Stock options and restricted stock units | | | | | | | | | | | | | |
| Diluted EPS | $ | | | | | | | $ | | | | $ | | | | | | | $ | | |
For the six months ended June 30, 2024 and 2023, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were and , 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.
COLGATE-PALMOLIVE COMPANY
Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)
7.
) | | $ | | | | $ | () | | | $ | | | | Tax amounts | | () | | | () | | | () | | | | |
| Cumulative translation adjustments, net of tax | | () | | | | | | () | | | | |
| Pension and other benefits: | | | | | | | | |
| Net actuarial gain (loss), prior service costs and settlements during the period | | | | | () | | | () | | | | |
Amortization of net actuarial loss, transition and prior service costs(1) | | | | | | | | | | | | |
|
| Retirement Plan and other retiree benefit adjustments, pre-tax | | | | | | | | | | | | |
|
|
|
|
|
| Tax amounts | | | | | () | | | () | | | () | |
| Retirement Plan and other retiree benefit adjustments, net of tax | | | | | | | | | | | | |
| Cash flow hedges: | | | | | | | | |
| Unrealized gains (losses) on cash flow hedges | | | | | () | | | | | | | |
Reclassification of (gains) losses into net earnings on cash flow hedges(2) | | | | | | | | | | | () | |
| Gains (losses) on cash flow hedges, pre-tax | | | | | () | | | | | | () | |
| Tax amounts | | | | | | | | | | | | |
| Gains (losses) on cash flow hedges, net of tax | | | | | () | | | | | | () | |
| Total Other comprehensive income (loss), net of tax | | $ | () | | | $ | | | | $ | () | | | $ | | |
(1) These components of Other comprehensive income (loss) are included in the computation of total pension cost. See Note 8, Retirement Plans and Other Retiree Benefits for additional details.
(2) These (gains) losses are reclassified into Cost of sales. See Note 11, Fair Value Measurements and Financial Instruments for additional details.
There were no tax impacts on Other comprehensive income (loss) (“OCI”) attributable to Noncontrolling interests.
COLGATE-PALMOLIVE COMPANY
Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)
8.
| | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | Interest cost | | | | | | | | | | | | | | | | | |
| Expected return on plan assets | () | | | () | | | () | | | () | | | | | | | |
| Amortization of actuarial loss (gain) | | | | | | | | | | | | | () | | | () | |
| Net periodic benefit cost | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | |
| Other postretirement charges | | | | | | | | | | | | | | | | | |
| | | |
| | | |
|
| | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| Service cost | $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | |
| Interest cost | | | | | | | | | | | | | | | | | |
| Expected return on plan assets | () | | | () | | | () | | | () | | | | | | | |
| | | |
|
|
|
|
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | |
| | | | | | | | |
|
|
|
| | | |
or a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
COLGATE-PALMOLIVE COMPANY
Item 6. Exhibits
| | | | | | | | |
| Exhibit No. | | Description |
| 31-A | | |
| | | |
| 31-B | | |
| | | |
| 32 | | |
| | | |
| 101 | | The following materials from Colgate-Palmolive Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2024, formatted in Inline eXtensible Business Reporting Language (Inline XBRL): (i) the Condensed Consolidated Statements of Income; (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Balance Sheets; (iv) the Condensed Consolidated Statements of Cash Flows; (v) Condensed Consolidated Statements of Changes in Shareholders’ Equity; and (vi) Notes to Condensed Consolidated Financial Statements. |
| | |
| 104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
__________
* Filed herewith.
** Furnished herewith.
COLGATE-PALMOLIVE COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | |
| | COLGATE-PALMOLIVE COMPANY |
| | (Registrant) |
| | |
| | Principal Executive Officer: |
| | |
| July 26, 2024 | /s/ Noel R. Wallace |
| | Noel R. Wallace |
| | Chairman of the Board, President and
Chief Executive Officer |
| | |
| | Principal Financial Officer: |
| | |
| July 26, 2024 | /s/ Stanley J. Sutula III |
| | Stanley J. Sutula III |
| | Chief Financial Officer |
| | |
| | Principal Accounting Officer: |
| | |
| July 26, 2024 | /s/ Gregory O. Malcolm |
| | Gregory O. Malcolm |
| | Executive Vice President and Controller |
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