10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    For the fiscal year ended December 31, 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)

Delaware		13-1815595
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
300 Park Avenue
New York,	New York	10022
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code 212-310-2000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	CL	New York Stock Exchange
0.500% Notes due 2026	CL26	New York Stock Exchange
0.300% Notes due 2029	CL29	New York Stock Exchange
1.375% Notes due 2034	CL34	New York Stock Exchange
0.875% Notes due 2039	CL39	New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post 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 the 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☒ No ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of Colgate-Palmolive Company Common Stock held by non-affiliates as of June 30, 2021 (the last business day of its most recently completed second quarter) was approximately $68.6 billion.

There were 840,487,222 shares of Colgate-Palmolive Company Common Stock outstanding as of January 31, 2022.

DOCUMENTS INCORPORATED BY REFERENCE:

Documents	Form 10-K Reference
Portions of Proxy Statement for the 2022 Annual Meeting of Stockholders	Part III, Items 10 through 14

Colgate-Palmolive Company

Table of Contents

Part I		Page
Item 1.	Business	1
Item 1A.	Risk Factors	8
Item 1B.	Unresolved Staff Comments	20
Item 2.	Properties	21
Item 3.	Legal Proceedings	22
Item 4.	Mine Safety Disclosures	22
Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	23
Item 6.	[Reserved]	23
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	56
Item 8.	Financial Statements and Supplementary Data	57
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	57
Item 9A.	Controls and Procedures	57
Item 9B.	Other Information	57
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	57
Part III
Item 10.	Directors, Executive Officers and Corporate Governance	58
Item 11.	Executive Compensation	58
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	59
Item 13.	Certain Relationships and Related Transactions and Director Independence	59
Item 14.	Principal Accountant Fees and Services	59
Part IV
Item 15.	Exhibits and Financial Statement Schedules	60
Item 16.	Form 10-K Summary	64
Signatures		65

PART I

ITEM 1.    BUSINESS

(a) General Development of the Business

Colgate-Palmolive Company (together with its subsidiaries, “we,” “us,” “our,” the “Company” or “Colgate”) is a caring, innovative growth company reimagining a healthier future for all people, their pets and our planet. We seek to deliver sustainable, profitable growth and superior shareholder returns, as well as provide Colgate people with an innovative and inclusive work environment. We do this by developing and selling products globally that make people’s and their pets’ lives healthier and more enjoyable and by embracing our sustainability and social impact and diversity, equity and inclusion (“DE&I”) strategies across our organization. Our products are marketed in over 200 countries and territories throughout the world. Colgate was founded in 1806 and incorporated under the laws of the State of Delaware in 1923.

For recent business developments and other information, refer to the information set forth under the captions “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Executive Overview,” “– Outlook,” “–Results of Operations” and “– Liquidity and Capital Resources” in Part II, Item 7 of this report.

(c) Narrative Description of the Business

We operate in two product segments: Oral, Personal and Home Care; and Pet Nutrition. We are a leader in Oral Care with global leadership in the toothpaste and manual toothbrush categories according to market share data. We sell our toothpastes under brands such as Colgate, Darlie, elmex, hello, meridol, Sorriso and Tom’s of Maine, our toothbrushes under brands such as Colgate, Darlie, elmex and meridol and our mouthwashes under brands such as Colgate, elmex and meridol. Our Oral Care business also includes pharmaceutical products for dentists and other oral health professionals.

We are a leader in many product categories of the Personal Care market with global leadership in liquid hand soap, according to market share data, which we sell under brands such as Palmolive, Protex and Softsoap. Our Personal Care products also include Irish Spring, Palmolive and Protex bar soaps, Irish Spring, Palmolive, Sanex and Softsoap shower gels, Lady Speed Stick, Sanex, Speed Stick and Tom’s of Maine deodorants and antiperspirants, EltaMD, Filorga and PCA SKIN skin health products and Palmolive shampoos and conditioners.

We manufacture and market a wide array of products for the Home Care market, including Ajax, Axion and Palmolive dishwashing liquids and Ajax, Fabuloso and Murphy household cleaners. We are a market leader in fabric conditioners with leading brands, including Suavitel in Latin America, Soupline in Europe, and Cuddly in the South Pacific, according to market share data.

Sales of Oral, Personal and Home Care products accounted for 44%, 20% and 17%, respectively, of our total worldwide Net sales in 2021. Geographically, Oral Care is a significant part of our business in Asia Pacific, comprising approximately 81% of Net sales in that region for 2021.

Through our Hill’s Pet Nutrition segment (“Hill’s” or “Pet Nutrition”), we are a world leader in specialty pet nutrition products for dogs and cats with products marketed in over 80 countries and territories worldwide. Hill’s markets pet foods primarily under two brands. Hill’s Science Diet, which is called Hill’s Science Plan in Europe, is a range of products for everyday nutritional needs. Hill’s Prescription Diet is a range of therapeutic products to help nutritionally manage disease conditions in dogs and cats. Sales of Pet Nutrition products accounted for 19% of our total worldwide Net sales in 2021.

For more information regarding our worldwide Net sales by product category, refer to Note 1, Nature of Operations and Note 14, Segment Information to the Consolidated Financial Statements.

For additional information regarding market share data, see “Market Share Information” in Part II, Item 7 of this report.

1

Distribution; Raw Materials; Competition; Trademarks and Patents

Our Oral, Personal and Home Care products are sold to a variety of traditional and eCommerce retailers, wholesalers and distributors worldwide. Pet Nutrition products are sold by authorized pet supply retailers, veterinarians and eCommerce retailers. Certain of our products are also sold direct-to-consumer. Our sales to Walmart, Inc. and its affiliates represent approximately 12% of our Net sales in 2021. No other customer represents more than 10% of our Net sales. We support our products with advertising, promotion and other marketing (with increasing emphasis on digital) to build awareness and trial of our products. Our products are marketed by a direct sales force at individual operating subsidiaries or business units and by distributors or brokers.

The majority of raw and packaging materials used in our products are purchased from other companies and is available from several sources. No single raw or packaging material represents, and no single supplier provides, a significant portion of our total material requirements. We do, however, purchase certain key raw and packaging materials from single-source suppliers or a limited number of suppliers. For certain materials, however, new suppliers may have to be qualified under industry, governmental and/or Colgate standards, which can require additional investment and take a significant period of time. Raw and packaging material commodities, such as essential oils, resins, tropical oils, pulp, tallow, corn, poultry and soybeans, are subject to market price variations. For further information regarding the impact of changes in commodity prices, see Item 1A, “Risk Factors - Volatility in material and other costs could adversely impact our profitability” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Our products are sold in a highly competitive global marketplace which has experienced increased retail trade concentration, the rapid growth of eCommerce, the integration of traditional and digital operations at key retailers and the growing presence of large-format retailers, discounters and eCommerce retailers. Products similar to those that we produce and sell are available from multinational and local competitors in the U.S. and overseas. Certain of our competitors are larger and have greater resources than we do. In addition, the substantial growth in eCommerce has encouraged the entry of new competitors and business models. In certain geographies, we also face strong local competitors, who may be more agile and have better local consumer insights than we do. Private label brands sold by retailers are also a source of competition for certain of our products.

The retail landscape in many of our markets continues to evolve as a result of the rapid growth of eCommerce retailers, changing consumer preferences (as consumers increasingly shop online and via mobile and social applications) and the increased presence of alternative retail channels, such as subscription services and direct-to-consumer businesses. These trends have accelerated during the COVID-19 pandemic. At the same time, during the COVID-19 pandemic, we have experienced disruptions in certain channels, including travel retail. We also continue to see changes in the purchasing patterns of our consumers, including the nature and/or frequency of visits by consumers to retailers and dental, veterinary and skin health professionals as well as a shift, in many markets, to purchasing our products online. We face competition in several aspects of our business, including pricing, promotional activities, new product and brand introductions and expansion into new geographies and channels. Product quality, innovation, brand recognition, marketing capability and acceptance of new products and brands largely determine success in Colgate’s operating segments.

We consider trademarks to be of material importance to our business. We follow a practice of seeking trademark protection in the U.S. and throughout the world where our products are sold. Principal global and regional trademarks include Colgate, Palmolive, elmex, hello, meridol, Sorriso, Tom’s of Maine, EltaMD, Filorga, Irish Spring, Lady Speed Stick, PCA SKIN, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion, Fabuloso, Murphy, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet. Our rights in these trademarks endure for as long as they are used and/or registered. Although we actively develop and maintain a portfolio of patents, no single patent is considered significant to the business as a whole.

2

COVID-19

COVID-19 and government steps to reduce the spread and address the impact of COVID-19 have had and continue to have a profound impact on the way people live, work, interact and shop and have significantly impacted and may continue to impact economic activity around the world.

During the COVID-19 pandemic, many of the communities in which we manufacture, market and sell our products experienced and in some cases continue to experience “stay at home” orders, travel or movement restrictions and other government actions to reduce the spread and address the impact of COVID-19, and have implemented varying policies to address the pandemic, resume economic activity and vaccinate their populations. Because the vast majority of our products (such as oral care products, soaps and other personal hygiene products, home cleaners and pet food) have been deemed essential for the health and well-being of people and their pets, we have, in most instances, been able to continue operating our business, although not always at full capacity. In doing so, the health, safety and well-being of our employees and their families has been and remains our first priority. In addition, some of our suppliers, customers, distributors, logistics providers and service providers have experienced disruptions to their businesses.

We saw a significant increase in demand across many of our categories, such as liquid hand soap, dish liquid, bar soap and cleaners, during 2020 as a result of the COVID-19 pandemic, driven by consumer pantry-loading and increased consumption of our products. While consumer demand for most of these categories declined year-over-year in 2021, most remained above historical levels, and we believe that some of this increase in consumption is sustainable in light of changes in consumer behavior related to COVID-19. Across our business, changes in consumer demand for our products vary by product category and geography depending on, among other things, the severity of the COVID-19 outbreak, the availability of our products at retailers and supply chain disruptions.

The COVID-19 pandemic and government steps to reduce the spread and address the impact of COVID-19 have impacted and may continue to impact our consumers’ ability to purchase and our ability to manufacture and distribute our products. While we believe that, in the long-term, consumer demand for the products in our categories will continue to be strong, uncertainties continue surrounding the timing and duration of the pandemic and the recovery from it. COVID-19 has also disrupted our retail customers, contract manufacturers, logistics providers and other third parties; their ability to address COVID-19 and maintain their operations at full capacity has impacted and may continue to impact sales of and consumer access to our products. In particular, COVID-19 has disrupted, and may continue to disrupt, the travel retail channel. We expect the ongoing economic impact, health concerns associated with COVID-19 and supply chain disruptions to continue to impact consumer behavior, shopping patterns and consumption preferences during 2022.

For additional information regarding COVID-19’s impact on our business, see Part I, Item 1A “Risk Factors” and Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Executive Overview.”

Government Regulations

As a global company, we are subject to extensive governmental regulations, including environmental rules and regulations, in the U.S. and abroad. The most significant government regulations that impact our business are discussed below. It is our policy and practice to comply with all government regulations applicable to our business. In 2021, compliance with these regulations did not have, and we do not expect such compliance in the future to have, a material adverse effect on our capital expenditures, earnings or competitive position. For further discussion of how global legal and regulatory requirements may impact our business, see Part I, Item 1A, “Risk Factors.”

Product Development: Legal and regulatory requirements apply to most aspects of our products, including their development, ingredients, formulation, manufacture, packaging content, labeling, storage, transportation, distribution, export, import, advertising, sale and environmental impact. U.S. federal authorities, including the U.S. Food and Drug Administration, the Federal Trade Commission, the Consumer Product Safety Commission, the Occupational, Health and Safety Administration and the Environmental Protection Agency, regulate different aspects of our business, along with parallel authorities at the state and local levels and comparable authorities overseas.

3

Anti-Corruption, Anti-Bribery, Commercial Bribery and Competition: We are subject to anti-corruption laws and regulations, including the U.S. Foreign Corrupt Practices Act and other laws that generally prohibit the making or offering of improper payments to foreign government officials and political figures for the purpose of obtaining or retaining business or to gain an unfair business advantage, and laws that prohibit commercial bribery. In addition, our selling practices are regulated by competition law authorities in the U.S. and abroad.

Privacy and Data Protection: Our collection, storage, transfer and/or processing of customer, consumer, employee, vendor and other stakeholder information and personal data is subject to privacy, data use and data security regulations in the U.S. and abroad, including the General Data Protection Regulation and the California Consumer Privacy Act of 2018.

Trade Compliance: We are subject to laws and sanctions imposed by the U.S., including, without limitation, those imposed by the U.S. Treasury Department’s Office of Foreign Asset Control (“OFAC”), and/or by other jurisdictions that may prohibit us or certain of our affiliates from doing business in certain countries or restrict the kind of business that may be conducted.

Human Capital Management

Human capital matters at Colgate are managed by our Global Human Resources function, led by our Chief Human Resources Officer, with oversight from the Personnel and Organization Committee of our Board of Directors (the “Board”). As of December 31, 2021, we had approximately 33,800 employees based in over 100 countries. Approximately 70% of our revenues are generated from markets outside the U.S. and 86% of our employees are located outside the U.S. Approximately 36% of our employees are based in Asia Pacific, 30% are based in Latin America, 15% are based in Europe, 14% are based in North America and 5% are based in Africa/Eurasia. Our global workforce covers a broad range of functions, from manufacturing employees to management personnel and certain of our employees are represented by unions or works councils.

Colgate’s Culture and Core Values

As we work to achieve Colgate’s purpose to reimagine a healthier future for all people, their pets and our planet, Colgate people, working around the world, share a commitment to our three core corporate values: Caring, Global Teamwork and Continuous Improvement. These values are reflected not only in the quality of our products and reputation, but also in our dedication to serving the communities where we live and work, as reflected in our sustainability and social impact and DE&I strategies. With these values, we work to maintain a strong culture based on integrity, ethical behavior and a commitment to doing the right thing. Underlying these values and our strong culture is the commitment of all Colgate people to maintain the highest ethical standards and demonstrate ethical leadership, including compliance with Colgate policies and our Code of Ethics.

CARING: We care about people — Colgate people, consumers, customers, stockholders, business partners and people in the communities where we live and work. We are committed to acting with compassion, integrity, honesty and high ethics in all situations and to providing our employees with an innovative and inclusive work environment. As a reflection of Colgate’s caring value, during the COVID-19 pandemic, protecting the health, safety and well-being of Colgate people and their families has been and remains our first priority. While we have reopened most of our offices, in some instances on a limited and voluntary basis, many of our office-based employees globally continue to work from home. We have implemented additional health and safety measures consistent with government recommendations and/or requirements to help ensure employee safety in our offices, production facilities, warehouses and technology centers. These measures may include: health and temperature screening, social distancing and personal protective equipment protocols, hand washing, contact tracing, enhanced cleaning procedures, respiratory hygiene, education and, in some instances, testing and/or vaccination requirements. We also leveraged our available technologies to maximize our connectivity and productivity and drew upon new capabilities gained through our focus on digital transformation to help to keep our people connected during the COVID-19 pandemic. We have also offered Colgate people and their families enhanced mental health and wellness benefit offerings, including counseling, paid leave to care for family members and flexible schedules to adapt to changing circumstances, and have provided ongoing health and safety education, including bringing in experts on infectious diseases and COVID-19 vaccines. Combined with the fact that the vast majority of our products have been deemed essential for the health and well-being of people and their pets, these efforts have, in most instances, enabled us to continue to operate during the pandemic providing consumers with the health and hygiene products they need and want.

4

GLOBAL TEAMWORK: All Colgate people are part of a global team, committed to working and collaborating together across functions and countries. Only by sharing ideas, technologies and talents can we achieve and sustain profitable growth.

CONTINUOUS IMPROVEMENT: We are committed to getting better every day in all that we do, as individuals and as teams. We continue to drive a continuous learning culture and transform our learning strategy to better meet the evolving expectations of our people. We provide our employees with learning experiences focused on building leadership skills and offer training programs that are closely aligned with our business strategy. Specifically, we are implementing new ways of working and instilling a growth mindset to drive innovation with focus, empowerment, experimentation and digitization. For example, in 2021, we implemented required training for all salaried and clerical employees to support our focus on digital with courses that demonstrate the importance of digital and what it means to have a digital culture. We are also committed to listening to our employees and seeing how the company is evolving and growing through regular employee engagement surveys.

Diversity, Equity & Inclusion

We believe our people are crucial to our ongoing business success and aim to recruit, develop and retain strong and diverse talent. We celebrate differences, promote an equitable and inclusive environment and value the contributions of all Colgate people. At Colgate, we are proud of our collaborative spirit – what we call The Power of WE. As a truly global company, we are working to ensure that our workforce reflects the diversity of the communities in which we live and work. As of December 31, 2021, our global workforce was approximately 60% male and 40% female. Women represented approximately 53% of our salaried and clerical employees, 40% of Colgate’s executives and 33% of senior leadership. Measuring the race/ethnicity of our workforce is challenging to do on a global basis. In the U.S., on an employee self-reported basis, the racial/ethnic composition of our workforce was approximately 67% White, 9% Asian, 9% Black, 9% Hispanic, 4% unidentified and 2% Other. The racial/ethnic composition of our executives was approximately 60% White, 17% Hispanic, 14% Asian, 7% Black, 1% unidentified and 1% Other and the composition of senior leadership was approximately 63% White, 18% Hispanic, 10% Black and 9% Asian. “Other” refers to American Indian/Alaska Native, two or more races or Native Hawaiian/other Pacific Islander. In this section, “executives” refers to those employees who are eligible to participate in Colgate’s equity incentive compensation plans and “senior leadership” refers to employees who are Vice Presidents and above.

We are committed to providing all of our employees with an equitable and inclusive work environment, learning opportunities and promotion and growth opportunities. A vital piece of our DE&I strategy has been ensuring that our succession planning process incorporates the advancement of women and people of all cultures, including underrepresented communities. To help further foster inclusiveness, we support employee resource groups for team members of many different underrepresented communities. Each of these resource groups contributes to our inclusive work environment by developing and implementing programs to promote business and community involvement as well as cultural awareness. We also partner with external organizations to develop an inclusive and supportive work environment.

Our global DE&I strategy aims to further advance our commitment to become an even more diverse, equitable and inclusive organization. The four pillars of our strategy are People, Community, Supplier Diversity and Communication. Consistent with this strategy, we are working to implement policies, learning experiences and processes that promote awareness, empathy, advocacy and opportunity; become an ally for positive change for the underserved in communities in which we live and work; support minority and women-owned suppliers to enable success of diversity-owned businesses; and promote dialogue around DE&I to increase awareness and advance the culture change to achieve our vision. In 2021, we released our first DE&I Report, which is available on the Colgate website. In addition, we instituted mandatory allyship and unconscious bias training for all salaried and clerical employees at Colgate to help our employees better understand DE&I concepts and embed allyship as a daily practice. Our Board, through its Personnel and Organization Committee, receives regular updates from management on our DE&I efforts.

Succession Planning

We have a rigorous succession planning process, led by our Global Human Resources function. Our Board is also extensively involved in succession planning and people development with special focus on CEO succession. As part of the succession planning process, we review and discuss potential successors to key positions and examine backgrounds, capabilities and appropriate developmental assignments.

5

Compensation Philosophy

Given the importance of Colgate people to our business success, motivating and retaining critical talent is a key focus. We view compensation as an important tool to motivate leaders at all levels of the organization. For information regarding our compensation philosophy and executive compensation programs, please see our Proxy Statement to be filed with the United States Securities and Exchange Commission (the “SEC”) in connection with the 2022 Annual Meeting of Stockholders.

Sustainability

We view sustainability as being critically important to our overall business and growth strategy. In November 2020, we announced our 2025 Sustainability & Social Impact Strategy, focusing on three key ambitions — preserving our environment by accelerating action on climate change and reducing our environmental footprint; helping millions of homes by empowering people to develop healthier habits; and driving social impact with a commitment to helping to ensure the well-being of all people and their pets. These ambitions are supported by actionable targets consistent with our continued commitment to building environmental and social consciousness into our decision-making.

In 2021, we made progress on the targets set forth in our 2025 Sustainability & Social Impact Strategy.

Reduce Plastic Waste: As a positive step toward achieving our targets to reduce the use of new plastic by a third and make our packaging 100% recyclable, reusable or compostable by 2025, we are working to implement our first-of-its-kind recyclable toothpaste tube across our toothpaste portfolio. We also launched Colgate Keep, our first-of-its-kind manual toothbrush with a replaceable head and a reusable aluminum handle for 80% less plastic waste compared to similarly sized Colgate toothbrushes.

Accelerate Action on Climate Change and Conserve Water: To support our goal to become net zero carbon in our operations by 2040, we have built renewable energy roadmaps at each of our operational sites across the world and have engaged all of our Tier 1 Suppliers in support of our goal to reduce their greenhouse gas emissions by 30% (versus 2018). With our Save Water campaign, we estimate that our consumers have contributed to an avoidance of approximately 206 billion gallons of water and 10.8 million metric tons of CO2 emissions, since its launch in 2016.

Ingredient Transparency: We continue to promote ingredient transparency and seek to follow the highest safety and efficacy standards as we formulate our products. We have rolled out a new “Fragrance & Flavors Share for Good” ingredient transparency program, which provides additional ingredient information.

Social Impact: Colgate Bright Smiles, Bright Futures is our flagship oral health education and well-being initiative. Since the program was established in 1991, we have reached over 1.4 billion children and their families in more than 80 countries.

During the fourth quarter of 2021, to help support and further our 2025 Sustainability & Social Impact Strategy, the Company issued €500 of eight-year notes at a fixed coupon rate of 0.300% (the “Sustainability Bond”). An amount equal to the net proceeds of the Sustainability Bond will be used to finance or refinance, in part or in full, new and existing projects and programs with distinct environmental or social benefits pursuant to our Sustainable Financing Framework.

Additional information about our sustainability strategy and achievements can be found on the Sustainability section of our website.

6

Information about our Executive Officers

The following is a list of our executive officers as of February 17, 2022:

Name	Age	Date First Elected Officer	Present Title
Noel R. Wallace	57	2009	Chairman of the Board, President and Chief Executive Officer
Stanley J. Sutula III	56	2020	Chief Financial Officer
Patricia Verduin	62	2011	Chief Technology Officer
Jennifer M. Daniels	58	2014	Chief Legal Officer and Secretary
Philip G. Shotts	67	2018	Vice President and Controller
John W. Kooyman	57	2019	Chief of Staff
Prabha Parameswaran	63	2019	Group President, Growth and Strategy
Panagiotis Tsourapas	57	2019	Group President, Europe and Developing Markets
Sally Massey	48	2020	Chief Human Resources Officer

Each of our executive officers listed above has served the Company or our subsidiaries in various executive capacities for the past five years with the exception of Stanley J. Sutula III, who joined the Company in 2020 as Chief Financial Officer. Prior to joining the Company, Mr. Sutula was Executive Vice President and Chief Financial Officer of Pitney Bowes Inc. (“Pitney Bowes”), which he joined in 2017. Prior to Pitney Bowes, Mr. Sutula served in various executive finance positions at International Business Machines Corporation.

Under our By-Laws, our officers hold office until their respective successors are chosen and qualified or until they have resigned, retired or been removed by the affirmative vote of a majority of our Board. There are no family relationships between any of our executive officers, and there is no arrangement or understanding between any executive officer and any other person pursuant to which the executive officer was elected.

(e) Available Information

Our website address is www.colgatepalmolive.com. The information contained on our website is not included as a part of, or incorporated by reference into, this Annual Report on Form 10-K. We make available, free of charge, on our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, interactive data files posted pursuant to Rule 405 of Regulation S-T, Current Reports on Form 8-K and amendments to such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Also available on our website are the Company’s Code of Conduct and Board Guidelines on Significant Corporate Governance Issues, the charters of the Committees of the Board, Specialized Disclosure Reports on Form SD, reports under Section 16 of the Exchange Act of transactions in Company stock by directors and executive officers and our Proxy Statements.

7

ITEM 1A.    RISK FACTORS

In addition to the risks described elsewhere in this report, set forth below is a summary of the material risks to an investment in our securities. These risks, some of which have occurred and/or are occurring and any of which could occur in the future, are not the only ones we face. Additional risks not presently known to us or that we currently deem immaterial may also have an adverse effect on us. If any of these risks actually occur, our business, results of operations, cash flows and financial condition could be materially and adversely impacted, which might cause the value of our securities to decline.

Business and Industry Risks

We face risks associated with significant international operations, including exposure to foreign currency fluctuations.

We operate on a global basis serving consumers in more than 200 countries and territories with approximately 70% of our Net sales originating in markets outside the U.S. While geographic diversity helps to reduce our exposure to risks in any one country or part of the world, it also means that we face risks associated with significant international operations, including, but not limited to:

•changing macroeconomic conditions in our markets, including as a result of inflation, volatile commodity prices and increases in the cost of raw and packaging materials, labor, energy and logistics;

•political or economic instability, geopolitical events, environmental events, widespread health emergencies, such as COVID-19 or other pandemics or epidemics, natural disasters or social or labor unrest;

•changes in exchange rates for foreign currencies, which may reduce the U.S. dollar value of revenues, profits and cash flows from non-U.S. markets or increase our supply costs, as measured in U.S. dollars, in those markets;

•exchange controls and other limits on our ability to import or export raw materials or finished product, including as a result of COVID-19, or to repatriate earnings from overseas;

•lack of well-established, reliable and/or impartial legal systems in certain countries where we operate and difficulties in enforcing contractual, intellectual property or other legal rights;

•foreign ownership and investment restrictions and the potential for nationalization or expropriation of property or other resources; and

•changes to trade policies and agreements and other foreign or domestic legal and regulatory requirements, including those resulting in potentially adverse tax consequences or the imposition of and/or the increase in onerous trade restrictions and/or tariffs, sanctions, price controls, labor laws, travel or immigration restrictions, including as a result of COVID-19 or other pandemics or epidemics, profit controls or other government controls.

Any or all of the foregoing risks could have a significant impact on our ability to sell our products on a competitive basis in international markets and may adversely affect our business, results of operations, cash flows and financial condition. In addition, a number of these risks may adversely impact consumer confidence and consumption, which could reduce sales volumes of our products or result in a shift in our product mix from higher margin to lower margin product offerings.

In addition, there continue to be uncertainties related to the United Kingdom’s exit from the European Union (“EU”) (commonly referred to as Brexit), including the long-term impact of the bilateral trade and cooperation deal governing the future relationship between the United Kingdom and the EU (the “EU-UK Trade and Cooperation Agreement”). These uncertainties include the impact of the EU-UK Trade and Cooperation Agreement on businesses in the EU and the United Kingdom and how the new relationship between the EU and the United Kingdom will develop over time, including disruptions to trade and the free movement of goods, services and people to and from the United Kingdom, increased foreign exchange volatility with respect to the British pound and/or the euro and disruptions to our workforce and that of

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our suppliers and business partners. We do not, however, believe Brexit has had or will have a material impact on our business, results of operations, cash flows or financial condition.

Furthermore, the imposition of tariffs and/or increase in tariffs on various products by the United States and other countries have introduced greater uncertainty with respect to trade policies and government regulations affecting trade between the United States and other countries and new and/or increased tariffs have subjected, and may continue in the future to subject, us to additional costs and expenditure of resources. Major developments in trade relations, including the imposition of new or increased tariffs by the United States and/or other countries, and any emerging nationalist trends in specific countries could alter the trade environment and consumer purchasing behavior which, in turn, could have a material effect on our business, results of operations, cash flows and financial condition.

In an effort to minimize the impact on earnings of foreign currency rate movements, we engage in a combination of selling price increases, where permitted, sourcing strategies, cost-containment measures and selective hedging of foreign currency transactions. However, the impact of these measures may not fully offset any negative impact of foreign currency rate movements on our business, results of operations, cash flows and financial condition.

Significant competition in our industry could adversely affect our business.

We face vigorous competition worldwide, including from strong local competitors and from other large, multinational companies, some of which have greater resources than we do. In addition, the substantial growth in eCommerce has encouraged the entry of new competitors and business models.

We face competition in several aspects of our business, including pricing, promotional activities, new product introductions and expansion into new geographies and channels. Some of our competitors may spend more aggressively on or have more effective advertising and promotional activities than we do, introduce competing products more quickly and/or respond more effectively to business and economic conditions and changing consumer preferences, including by launching innovative new products. Such competition also extends to administrative and legal challenges of product claims and advertising. Our success is increasingly dependent on our ability to effectively leverage digital technology and data analytics to gain new commercial insights and develop relevant marketing and advertising to reach customers and consumers. In addition, during the COVID-19 pandemic, we have experienced and may continue to experience elevated demand for some of our products as compared to pre-pandemic levels. Our ability to compete also depends on the strength of our brands and on our ability to enforce and defend our intellectual property, including patent, trademark, copyright, trade secret and trade dress rights, against infringement and legal challenges by competitors.

We may be unable to anticipate the timing and scale of such initiatives or challenges by competitors or to successfully respond to them, which could harm our business. In addition, the cost of responding to such initiatives and challenges, including management time, out-of-pocket expenses and price reductions, may affect our performance. A failure to compete effectively could adversely affect our business, results of operations, cash flows and financial condition.

Increasing dependence on key retailers in developed markets, changes in the policies of our retail trade customers, the emergence of alternative retail channels and the rapidly changing retail landscape and changing consumer preferences may adversely affect our business.

Our products are sold in a highly competitive global marketplace which has experienced increased trade concentration and the growing presence of large-format retailers, discounters and eCommerce retailers. With the growing trend toward retail trade consolidation, the rapid growth of eCommerce and the integration of traditional and digital operations at key retailers, we are increasingly dependent on certain retailers, and some of these retailers have and may continue to have greater bargaining strength than we do. They have used and may continue to use this leverage to demand higher trade discounts, allowances, slotting fees or increased investment, including through display media, paid search, preparation fees and co-op programs, which have led to and could continue to lead to reduced sales or profitability in certain markets. The loss of a key customer or a significant reduction in sales to a key customer could adversely affect our business, results of operations, cash flows and financial condition. For additional information regarding our customers, see “Distribution; Raw Materials; Competition; Trademarks and Patents” in Item 1 “Business.”

We also have been and may continue to be negatively affected by changes in the policies or practices of our retail trade customers, such as inventory de-stocking, fulfillment requirements, limitations on access to shelf space, delisting of our products, or environmental, sustainability, supply chain or packaging standards or initiatives. For example, a determination

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by a key retailer that any of our ingredients should not be used in certain consumer products or that our packaging does not comply with certain environmental, supply chain or packaging standards or initiatives could adversely impact our business, results of operations, cash flows and financial condition. In addition, “private label” products sold by our retail customers, which are typically sold at lower prices than branded products, are a source of competition for certain of our products.

Further, the retail landscape in many of our markets continues to evolve as a result of the rapid growth of eCommerce retailers, changing consumer preferences (as consumers increasingly shop online and via mobile and social applications) and the increased presence of alternative retail channels, such as subscription services and direct-to-customer (DTC) businesses. These trends accelerated during the COVID-19 pandemic. The rapid growth in eCommerce and the emergence of alternative retail channels have created and may continue to create pricing pressures and/or adversely affect our relationships with our key retailers. If we are not successful in continuing to adapt or to effectively react to changes in consumer preferences, purchasing patterns and market dynamics and/or expanding sales through eCommerce retailers and other alternative retail channels, including the profitable expansion of our own DTC capabilities, our business, results of operations, cash flows and financial condition could be adversely affected.

The growth of our business depends on the successful identification, development and launch of innovative new products.

Our growth depends on the continued success of existing products, the successful identification, development and launch of innovative new and differentiated products and the expansion into adjacent categories, channels of distribution or geographies. Our ability to launch new products, to sustain existing products and to expand into adjacent categories, channels of distribution or geographies is affected by whether we can successfully:

•identify, develop and fund technological innovations;

•obtain and maintain necessary intellectual property protection and avoid infringing intellectual property rights of others;

•obtain approvals and registrations of regulated products, including from the FDA and other regulatory bodies in the U.S. and abroad; and

•anticipate and quickly respond to the needs and preferences of consumers and customers.

The identification, development and introduction of innovative new products that drive incremental sales involves considerable costs and effort, and any new product may not generate sufficient customer and consumer interest and sales to become a profitable product or to cover the costs of its development and promotion. Our ability to achieve a successful launch of a new product could also be adversely affected by preemptive actions taken by competitors in response to the launch, such as increased promotional activities and advertising. In addition, new products may not be accepted quickly or significantly in the marketplace.

Our ability to quickly innovate to adapt and market our products and to adapt our packaging to meet evolving consumer preferences is an essential part of our business strategy. The failure to develop and launch successful new products or to adapt our packaging and supply chain to meet such preferences could hinder the growth of our business and any delay in the development or launch of a new product could result in us not being the first to market, which could compromise our competitive position and adversely affect our business, results of operations, cash flows and financial condition.

If, in the course of identifying or developing new products, we are found to have infringed the trademark, trade secret, copyright, patent or other intellectual property rights of others, directly or indirectly, through the use of third-party ideas or technologies, such a finding could adversely affect our ability to develop innovative new products and adversely affect our business, results of operations, cash flows and financial condition. Even if we are not found to infringe a third party’s intellectual property rights, claims of infringement could adversely affect us, including by increasing costs and by delaying the launch of new products.

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We face various risks related to pandemics, epidemics or similar widespread public health concerns, which may have a material adverse effect on our business, results of operations, cash flows and financial condition.

We face various risks related to pandemics, epidemics or similar widespread public health concerns, including the COVID-19 pandemic. A pandemic, epidemic or similar widespread health concern could have, and COVID-19 has had and will continue to have, a variety of impacts on our business, results of operations, cash flows and financial condition, including:

•our ability to continue to maintain and support the health, safety and well-being of our employees, including key employees;

•disruptions to our global supply chain, including the closure of manufacturing and distribution facilities, due to, among other things, the lack of availability of raw and packaging materials or manufacturing components; a decrease in our workforce or in the efficiency of such workforce, including as a result of illness, travel restrictions, absenteeism or governmental regulations; transportation and logistics challenges, including as a result of port and border closures and other governmental restrictions or volume and capacity restraints; or the impact of COVID-19 on our retailers, third party suppliers, contract manufacturers, logistics providers or distributors;

•volatility in the demand for and availability of our products, which may be caused by the temporary inability of our consumers to purchase our products due to illness, financial hardship, quarantine, government actions mandating the closure of our facilities (which impacted some of our production facilities in Asia in 2021), distributors or retailers and/or imposing travel or movement restrictions, shifts in demand and consumption away from more discretionary or higher priced products to lower-priced products or pantry-loading activity;

•changes in purchasing patterns of our consumers, including the nature and/or frequency of in-store visits by consumers to retailers and dental, veterinary and skin health professionals and a shift to purchasing our products online and disruptions in certain channels, including travel retail;

•significant volatility in demand for certain of our products, which may require us to increase our production capacity or acquire additional capacity at an additional cost and expense;

•failure of third parties on which we rely, including our retailers, suppliers, contract manufacturers, logistics providers, customers, commercial banks, joint venture partners and external business partners, to meet their obligations to us, or significant disruptions in their ability to do so, which may be caused by their own financial or operational difficulties;

•significant changes in the economic and political conditions of the markets in which we operate, which could restrict and have restricted our employees’ ability to work and travel, could mandate and have mandated or caused the closure of certain distributors or retailers, our offices, shared business service centers and/or operating and manufacturing facilities or otherwise could prevent and have prevented us as well as our third-party partners, suppliers or customers from sufficiently staffing operations, including operations necessary for the manufacture, distribution, sale and support of our products;

•disruptions and volatility in the global capital markets, which may increase the cost of capital and adversely impact our access to capital; and/or

•volatility in foreign exchange rates and increases in the cost of raw and packaging materials and transportation and logistics costs.

Despite our efforts to manage these impacts, their ultimate impact also depends on factors beyond our knowledge or control, including the duration, severity and geographic scope of an outbreak, such as COVID-19, including the emergence and spread of COVID-19 variants, the availability, distribution, acceptance and effectiveness of vaccines and the actions taken by governmental authorities and other third parties to contain its spread and mitigate its public health and economic effects, each of which is uncertain, rapidly changing and difficult to predict. Furthermore, these and other impacts of COVID-19 could also have the effect of heightening many of the other risk factors included in this Item 1A, “Risk Factors.” For additional information regarding how COVID-19 has affected or is expected to affect our business, refer to

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Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Executive Overview.”

Damage to our reputation could have an adverse effect on our business.

Maintaining our strong reputation with consumers and our trade partners globally is critical to selling our branded products. Accordingly, we devote significant time and resources to programs designed to protect and preserve our reputation, such as our ethics and compliance, DE&I, sustainability and social impact, brand protection and product safety, regulatory and quality initiatives. Negative publicity about us, our brands, our products, our supply chain, our ingredients, our packaging, our environmental, social and governance (“ESG”) practices, including as they relate to sustainability, DE&I, or our employees, whether or not deserved, could jeopardize our reputation. Such negative publicity could relate to, among other things, health concerns, threatened or pending litigation or regulatory proceedings, environmental impact (including deforestation, packaging, plastic, energy and water use and waste management), our ESG practices or our sustainability targets. In addition, the proliferation of digital and social media has greatly increased the accessibility of information and the speed of its dissemination and the potential for negative publicity. Negative publicity, posts or comments on digital and social media about us, our brands, our products, our sustainability efforts, our environmental and social impact (including our packaging) or our employees, whether true or untrue, could damage our brands and our reputation. The success of our brands could also suffer if our marketing initiatives do not have the desired impact on a brand’s image or its ability to attract consumers.

Additionally, due to the scale and scope of our business, we must rely on relationships with third parties, including our suppliers, distributors, contractors, joint venture partners and other external business partners, for certain functions. While we have policies and procedures for managing these relationships, they inherently involve a lesser degree of control over business operations, compliance and ESG practices, thereby potentially increasing our reputational and legal risk.

In addition, third parties sell counterfeit versions of our products, which are inferior or may pose safety risks. As a result, consumers of our brands could confuse our products with these counterfeit products, which could cause them to refrain from purchasing our brands in the future and in turn could impair our brand equity and adversely affect our business, results of operations, cash flows and financial condition.

Damage to our reputation or loss of consumer confidence in our products for these or any other reasons could adversely affect our business, results of operations, cash flows and financial condition, as well as require resources to rebuild our reputation.

Our success depends upon our ability to recruit, attract and retain key employees, including through the implementation of diversity, equity and inclusion initiatives, and the succession of senior management.

Our success largely depends on the performance of our management team and other key employees. If we are unable to recruit, attract and retain talented, highly qualified senior management and other key people, our business, results of operations, cash flows and financial condition could be adversely affected. Successfully executing organizational change, including management transitions at leadership levels of the Company and succession plans for senior management, is critical to our business success. While we follow a disciplined, ongoing succession planning process and have succession plans in place for senior management and other key executives, these do not guarantee that the services of qualified senior executives will continue to be available to us at particular moments in time. Further, changes in immigration laws and government policies, including related to the COVID-19 pandemic, have made, in certain circumstances, and may continue to make it more difficult for us to recruit or relocate highly skilled technical, professional and management personnel to meet our business needs. Our ability to attract and retain talent has been and may continue to be impacted by challenges in the labor market, particularly in the United States, which is experiencing wage inflation, labor shortages, a shift toward remote work and the effects of COVID-19. In addition, we also continue to work to advance culture change through the implementation of DE&I initiatives throughout our organization. We are also implementing new ways of working to, among other things, instill a growth mindset to drive innovation with focus, empowerment, experimentation and digitization. If we do not (or are perceived not to) successfully implement these initiatives, our ability to recruit, attract and retain talent may be adversely impacted.

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We have pursued and may continue to pursue acquisitions and divestitures, which could adversely impact our business.

We have pursued and may continue to pursue acquisitions of brands, businesses, assets or technologies from third parties. Acquisitions and their pursuit have involved, and can involve, numerous potential risks, including, among other things:

•realizing the full extent of the expected benefits or synergies as a result of a transaction, within the anticipated time frame, or at all;

•successfully integrating the operations, technologies, services, products and systems of the acquired brands, assets or businesses in an effective, timely and cost-efficient manner;

•receiving necessary consents, clearances and approvals in connection with a transaction;

•diverting management’s attention from other business priorities;

•successfully operating in new lines of business, channels of distribution or markets;

•achieving distribution expansion related to products, categories and markets;

•retaining key employees, partners, suppliers and customers of the acquired business;

•conforming standards, controls, procedures and policies of the acquired business with our own;

•developing or launching products with acquired technologies; and

•other unanticipated problems or liabilities.

Moreover, acquisitions have resulted in and could in the future result in substantial additional debt, the assumption of contingent liabilities, such as litigation or earn-out obligations, or transaction costs. In addition, to the extent that the economic benefits associated with an acquisition or investment diminish in the future or the performance of an acquired company or business is less robust than expected, we may be required to record additional impairments of intangible assets, including trademarks and goodwill. In the fourth quarter of 2021, we took a non-cash, aftertax impairment charge of $518 million to adjust the carrying values of goodwill and a trade name intangible asset related to the Filorga skin health business. Any of these risks could adversely impact our business, results of operations, cash flows and financial condition.

We have divested and may in the future periodically divest brands or businesses. These divestitures may adversely impact our business, results of operations, cash flows and financial condition if we are unable to offset the dilutive impacts from the loss of revenue associated with the divested brands or businesses, or otherwise achieve the anticipated benefits or cost savings from the divestitures. In addition, businesses under consideration for, or otherwise subject to, divestiture may be adversely impacted prior to the divestiture, which could negatively impact our business, results of operations, cash flows and financial condition.

Operational Risks

Our business results are impacted by our ability to manage disruptions in our global supply chain and/or key office facilities.

We are engaged in the manufacture and sourcing of products and materials on a global scale. Our operations and those of our suppliers, contract manufacturers or logistics providers have been and may continue to be disrupted by a number of factors, including, but not limited to:

•environmental events;

•widespread health emergencies, such as COVID-19 or other pandemics or epidemics;

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•strikes and other labor disputes;

•disruptions in logistics;

•loss or impairment of key manufacturing sites;

•loss of key suppliers or contract manufacturers;

•supplier capacity constraints;

•raw material and product quality or safety issues;

•industrial accidents or other occupational health and safety issues;

•the impact on our suppliers of tighter credit or capital markets;

•the lack of availability of qualified personnel, such as truck drivers and production labor;

•governmental incentives and controls (including import and export restrictions, such as new or increased tariffs, sanctions, quotas or trade barriers); and

•natural disasters, including climatic events (including any potential effects of climate change) and earthquakes, acts of war or terrorism, political unrest or uncertainty, fires or explosions, cyber-security incidents and other external factors over which we have no control.

In addition, we purchase certain key raw and packaging materials from single-source suppliers or a limited number of suppliers and new suppliers may have to be qualified under industry, governmental and/or Colgate standards, which can require additional investment and take a significant period of time. If our existing or new suppliers fail to meet such standards or if we are unable to contract with suppliers on favorable terms, our business, results of operations, cash flows and financial condition could be adversely affected.

We believe that the supplies of raw and packaging materials needed to manufacture our products are adequate. In addition, we have business continuity and contingency plans in place for key manufacturing sites and contract manufacturers and the supply of raw and packaging materials. Nonetheless, a significant disruption to the manufacturing or sourcing of products or materials for any reason, including those mentioned above, have at times interrupted and could, in the future, interrupt product supply and, if not remedied, could have an adverse impact on our business, results of operations, cash flows and financial condition.

In addition, as a result of our global shared service organizational model, certain of our functions, such as finance and accounting, customer service and logistics, human resources, global information technology and data analytics are concentrated in key office facilities. A significant disruption to any of our key office facilities for any reason, including those mentioned above, could adversely affect our business, results of operations, cash flows and financial condition.

Volatility in material and other costs could adversely impact our profitability.

Raw and packaging material commodities, such as essential oils, resins, tropical oils, pulp, tallow, corn, poultry and soybeans, are subject to market price variations. Increases in the costs of and/or a reduction in the availability of commodities, energy and logistics (including trucks and containers) and other necessary services, including during the COVID-19 pandemic, have affected and are likely to continue to adversely affect our profit margins. Inflationary pressures have also increased and may continue to increase the cost of such commodities and services. If commodity and other cost increases continue in the future and we are unable to pass along such higher costs in the form of price increases, achieve cost efficiencies, such as in manufacturing and distribution, or otherwise manage the exposure through sourcing strategies, ongoing productivity initiatives and the limited use of commodity hedging contracts, our business, results of operations, cash flows and financial condition could be adversely impacted. In addition, even if we are able to increase the prices of our products in response to commodity and other cost increases, we may not be able to sustain the price increases. Also, sustained price increases may lead to declines in volume as competitors may not adjust their prices or consumers may

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decide not to pay higher prices, which could lead to sales declines and loss of market share and could adversely affect our business, results of operations, cash flows and financial condition. See “Our business results depend on our ability to manage disruptions in our global supply chain and/or key office facilities” above for additional information.

There is no guarantee that our ongoing efforts to reduce costs will be successful.

One way that we generate funds needed to support the growth of our business is through our continuous, Company-wide initiatives to lower costs and increase effective asset utilization, which we refer to as our funding-the-growth initiatives. These initiatives are designed to reduce costs associated with direct materials, indirect expenses, distribution and logistics, and advertising and promotional materials, among other things. The achievement of our funding-the-growth goals depends on our ability to successfully identify and realize additional savings opportunities. Events and circumstances, such as financial or strategic difficulties, delays and unexpected costs may occur that could result in our not realizing any or all of the anticipated benefits or our not realizing the anticipated benefits on our expected timetable. If we are unable to realize the anticipated savings of our funding-the-growth initiatives, our ability to fund other initiatives and achieve our profitability goals may be adversely affected. Any failure to implement our funding-the-growth initiatives in accordance with our expectations could adversely affect our business, results of operations, cash flows and financial condition. For additional information regarding our funding-the-growth initiatives, refer to Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Executive Overview.”

We may not realize the benefits that we expect from our 2022 Global Productivity Initiative.

On January 27, 2022, the Board approved a targeted productivity program (the “2022 Global Productivity Initiative”). The program is intended to reallocate resources toward our strategic priorities and faster growth businesses, drive efficiencies in our operations and streamline our supply chain to reduce structural costs. The successful implementation of the program may present organizational challenges and, in some cases, may require successful negotiations with third parties. As a result, we may not be able to realize all of the anticipated benefits from the 2022 Global Productivity Initiative. Events and circumstances, such as financial or strategic difficulties, delays and unexpected costs may occur that could result in our not realizing all of the anticipated benefits or our not realizing such benefits on our expected timetable. In addition, changes in foreign exchange rates or in tax, labor or immigration laws may result in our not achieving the anticipated cost savings as measured in U.S. dollars. If we are unable to realize the anticipated savings from the 2022 Global Productivity Initiative, our ability to fund other initiatives and enhance profitability may be adversely affected. Any failure to implement the 2022 Global Productivity Initiative in accordance with our expectations could adversely affect our business, results of operations, cash flows and financial condition. For additional information regarding the 2022 Global Productivity Initiative, refer to Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Restructuring and Related Implementation Charges.”

A cyber-security incident, data breach or a failure of a key information technology system could adversely impact our business.

We rely extensively on information technology systems (“IT Systems”), including some which are managed, hosted, provided and/or used by third parties, including cloud-based service providers, and their vendors, in order to conduct our business. Our uses of these systems include, but are not limited to:

•communicating within our company and with other parties, including our customers and consumers;

•ordering and managing materials from suppliers;

•converting materials to finished products;

•receiving and processing orders from, shipping products to and invoicing our customers and consumers;

•marketing products to consumers;

•collecting, storing, transferring and/or processing customer, consumer, employee, vendor, investor and other stakeholder information and personal data, including, but not limited to, such data from residents of the European Union who are covered by the General Data Protection Regulation, which went into effect on May 25, 2018, and

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residents of the State of California who are covered by the California Consumer Privacy Act of 2018, which went into effect on January 1, 2020;

•processing transactions, including but not limited to employee payroll, employee and retiree benefits and payments to customers and vendors;

•hosting, processing and sharing confidential and proprietary research, intellectual property, business plans and financial information;

•summarizing and reporting results of operations, including financial reporting;

•managing our banking and other cash liquidity systems and platforms;

•complying with legal, regulatory and tax requirements;

•providing data security; and

•handling other processes involved in managing our business.

Although we have a broad array of information security measures in place, our IT Systems, including those of third-party service providers with whom we have contracted, have been, and will likely continue to be, subject to computer viruses or other malicious codes, unauthorized access attempts, phishing and other cyber-attacks. Cyber-attacks and other cyber incidents are occurring more frequently, are constantly evolving in nature, are becoming more sophisticated and are being made by groups, individuals and nation states with a wide range of expertise and motives. Such cyber-attacks and cyber incidents can take many forms, including cyber extortion, social engineering, password theft or introduction of viruses or malware, such as ransomware through phishing emails. We cannot guarantee that our security efforts will prevent breaches or breakdowns of our, or our third-party service providers’, IT Systems since the techniques used in these attacks change frequently and may be difficult to detect for periods of time. In addition, although we have policies and procedures in place to ensure that all personal information collected by us or our third-party service providers is securely maintained, data leakages due to human error or intentional or unintentional conduct have occurred and likely will continue to occur. Furthermore, we periodically upgrade our IT Systems or adopt new technologies. If such an upgrade or new technology does not function as designed, does not go as planned or increases our exposure to a cyber-attack or cyber incident, it may adversely impact our business, including our ability to ship products to customers, issue invoices and process payments or order raw and packaging materials. Although we have seen no material impact on our business operations from the cyber-security incidents we have experienced to date, if we suffer a significant loss or disclosure of confidential business or stakeholder information as a result of a breach of our IT Systems, including those of third-party service providers with whom we have contracted, or otherwise, we may suffer reputational, competitive and/or business harm, incur significant costs and be subject to government investigations, litigation, fines and/or damages, which may adversely impact our business, results of operations, cash flows and financial condition. In addition, while we currently maintain insurance coverage that, subject to its terms and conditions, is intended to address costs associated with certain aspects of cyber-security incidents and IT System failures, this insurance coverage may not, depending on the specific facts and circumstances surrounding an incident, cover all losses or all types of claims that arise from an incident, or the damage to our business, reputation or brands that may result from an incident.

Furthermore, while we have disaster recovery and business continuity plans in place, if our IT Systems are damaged, breached or cease to function properly for any reason, including the poor performance of, failure of or cyber-attack on third-party service providers, catastrophic events, power outages, cyber-security breaches, network outages, failed upgrades or other similar events and, if the disaster recovery and business continuity plans do not effectively resolve such issues on a timely basis, we may suffer interruptions in our ability to manage or conduct business as well as reputational harm, and may be subject to governmental investigations and litigation, any of which may adversely impact our business, results of operations, cash flows and financial condition.

Climate change and other sustainability matters could have an adverse impact on our business and results of operations.

Climate change resulting from increased concentrations of carbon dioxide and other greenhouse gases in the atmosphere and its impact on global temperatures, weather patterns and the frequency and severity of extreme weather and natural disasters may adversely impact our business, results of operations, cash flows and financial condition. Specifically,

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the predicted effects of climate change may exacerbate challenges regarding the availability and quality of water and other ingredients. In addition, the increased concern over climate change is likely to result in new or additional legal and regulatory requirements intended to reduce or mitigate the effects of climate change on the environment and may relate to, among other things, greenhouse gas emissions (e.g., carbon pricing), alternative energy policy and additional disclosure obligations. Such additional regulation may adversely affect our business, results of operations, cash flows and financial condition by increasing our compliance and manufacturing costs and/or negatively impacting our reputation if we are unable to, or are perceived (whether or not valid) not to, satisfy such requirements. Despite our sustainability efforts, any failure to achieve our sustainability targets, including those aimed to reduce our impact on, improve or preserve the environment, or the perception (whether or not valid) that we have failed to act responsibly with respect to such matters or to effectively respond to new or additional legal or regulatory requirements regarding climate change, could result in adverse publicity and adversely affect our business and reputation. There is also increased focus, including by governmental and non-governmental organizations, investors, customers, consumers, our employees and other stakeholders on these and other sustainability matters, including responsible sourcing and deforestation, the use of plastic, energy and water, the recyclability or recoverability of packaging, including single-use and other plastic packaging, and a growing demand for natural or organic products and ingredients and ingredient transparency. Our reputation could be damaged if we do not (or are perceived not to) act responsibly with respect to sustainability matters, which could adversely affect our business, results of operations, cash flows and financial condition.

Legal and Regulatory Risks

Our business is subject to legal and regulatory risks in the U.S. and abroad.

Our business is subject to extensive legal and regulatory requirements in the U.S. and abroad. Such legal and regulatory requirements apply to most aspects of our products, including their development, ingredients, formulation, manufacture, packaging content, labeling, storage, transportation, distribution, export, import, advertising, sale and environmental impact. U.S. federal authorities, including the U.S. Food and Drug Administration (the “FDA”), the Federal Trade Commission, the Consumer Product Safety Commission, the Occupational Safety and Health Administration and the Environmental Protection Agency, regulate different aspects of our business, along with parallel authorities at the state and local levels and comparable authorities overseas. In addition, our selling practices are regulated by competition law authorities in the U.S. and abroad.

New or more stringent legal or regulatory requirements, or more restrictive interpretations of existing requirements, could adversely impact our business, results of operations, cash flows and financial condition. For example, from time to time, various regulatory authorities around the world review the use of various ingredients and packaging content in consumer products. While we monitor and seek to mitigate the impact of any emerging information, a decision by a regulatory or governmental authority that any ingredient or packaging content in our products should be restricted or should otherwise be newly regulated could adversely impact our business and reputation, as could negative reactions by our consumers, trade customers or non-governmental organizations to our current or prior use of such ingredients or packaging. Additionally, an inability to develop new or reformulated products containing alternative ingredients, to obtain regulatory approval of such products or ingredients on a timely basis or to effectively market and sell such products could likewise adversely affect our business.

Because of our extensive international operations, we could be adversely affected by violations of worldwide anti-bribery laws, including those that prohibit companies and their intermediaries from making improper payments to government officials or other third parties for the purpose of obtaining or retaining business, such as the U.S. Foreign Corrupt Practices Act, and laws that prohibit commercial bribery. We are also subject to laws and sanctions imposed by the U.S. (including, without limitation, those imposed by OFAC) and/or by other jurisdictions that may prohibit us or certain of our affiliates from doing business in certain countries, or restrict the kind of business that may be conducted. While our policies mandate compliance with these laws, we cannot provide assurance that our internal control policies and procedures will always protect us from reckless or criminal acts committed by our employees, joint venture partners or agents. Violations of these laws, or allegations of such violations, could disrupt our business and adversely affect our reputation and our business, results of operations, cash flows and financial condition.

While it is our policy and practice to comply with all legal and regulatory requirements applicable to our business, findings that we are in violation of, or out of compliance with, applicable laws or regulations have subjected us to, and could subject us to, civil remedies, including fines, damages, injunctions or product recalls, or criminal sanctions, any of which could adversely affect our business, results of operations, cash flows and financial condition. Even if a claim is

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unsuccessful, is without merit or is not fully pursued, the cost of responding to such a claim, including management time and out-of-pocket expenses, and the negative publicity surrounding such assertions regarding our products, processes or business practices could adversely affect our reputation, brand image and our business, results of operations, cash flows and financial condition. For information regarding our legal and regulatory matters, see Item 3 “Legal Proceedings” and Note 13, Commitments and Contingencies to the Consolidated Financial Statements.

Legal claims and proceedings could adversely impact our business.

As a global company serving consumers in more than 200 countries and territories, we are and may continue to be subject to a wide variety of legal claims and proceedings, including disputes relating to intellectual property, contracts, product liability, marketing, advertising, foreign exchange controls, antitrust and trade regulation, as well as labor and employment, pension, data privacy and security, environmental and tax matters and consumer class actions. Regardless of their merit, these claims can require significant time and expense to investigate and defend. Since litigation is inherently uncertain, there is no guarantee that we will be successful in defending ourselves against such claims or proceedings, or that our assessment of the materiality of these matters, including any reserves taken in connection therewith, will be consistent with the ultimate outcome of such matters. In addition, if one of our products, or an ingredient contained in our products, is perceived or found to be defective, or unsafe or have a quality issue, we have had to and may in the future need to withdraw, recall or reformulate some of our products. Whether or not a legal claim or proceeding is successful, or a withdrawal, recall or reformulation is required or advisable, such assertions could have an adverse effect on our business, results of operations, cash flows and financial condition, and the negative publicity surrounding them could harm our reputation and brand image. The resolution of, or increase in the reserves taken in connection with, one or more of these matters in any reporting period could have a material adverse effect on our business, results of operations, cash flows and financial condition for that period. See Item 3 “Legal Proceedings” and Note 13, Commitments and Contingencies to the Consolidated Financial Statements for additional information on certain of our legal claims and proceedings.

Financial and Economic Risks

Uncertain or unfavorable global economic conditions, including as a result of COVID-19, may adversely affect our business.

Uncertain or unfavorable global economic conditions could adversely affect our business. Unfavorable global economic conditions, such as a recession, an economic slowdown, inflation and/or reduced category growth rates, including as a result of the COVID-19 pandemic, could negatively impact our business and result in declining revenues, profitability and cash flows. Although we continue to devote significant resources to support our brands and market our products at multiple price points, during periods of economic uncertainty or unfavorable economic conditions, consumers may reduce consumption or discretionary spending and/or change their purchasing patterns by foregoing purchasing certain of our products or by switching to “private label” or lower-priced brands. These changes could reduce demand for and sales volumes of our products or result in a shift in our product mix from higher margin to lower margin product offerings. Additionally, our retailers may be impacted and they may increase pressure on our selling prices or increase promotional activity for lower-priced or value offerings as they seek to maintain sales volumes and margins. Furthermore, economic conditions can cause our suppliers, distributors, contract manufacturers, logistics providers or other third-party partners to suffer financial or operational difficulties, which may impact their inability to provide us with or distribute finished product, raw and packaging materials and/or services in a timely manner or at all. In addition, we could face difficulty collecting or recovering accounts receivables from third parties facing financial or operational difficulties.

Disruptions in the credit markets or changes to our credit ratings may adversely affect our business.

While we currently generate significant cash flows from ongoing operations and have access to global credit markets through our various financing activities, a disruption in the credit markets, interest rate increases, changes that may result from the implementation of new benchmark rates that are expected to replace the London Interbank Offered Rate (LIBOR) or changes to our credit ratings could negatively impact the availability or cost of funding. Reduced access to credit or increased costs could adversely affect our liquidity and capital resources or significantly increase our cost of capital. In addition, if any financial institutions that hold our cash or other investments or that are parties to our undrawn revolving credit facility supporting our commercial paper programs or other financing arrangements, such as interest rate, foreign exchange or commodity hedging instruments, were to declare bankruptcy or become insolvent, they may be unable to perform under their agreements with us. This could leave us with reduced borrowing capacity or unhedged against certain

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interest rate, foreign currency or commodity price exposures. In addition, tighter credit markets may lead to business disruptions for certain of our suppliers, contract manufacturers or trade customers which could, in turn, adversely impact our business, results of operations, cash flows and financial condition.

Tax matters, including changes in tax rates, disagreements with taxing authorities and imposition of new taxes could negatively impact our business.

We are subject to taxes in the U.S. and in the foreign jurisdictions where we do business. Due to economic and political conditions, tax rates in the U.S. and various foreign jurisdictions have been and may be subject to significant change. Changes in the mix of our earnings between countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities related to changes in tax rates, changes in tax laws, including how existing tax laws are interpreted or enforced, or contemplated changes in long-standing tax principles, if finalized and adopted, could adversely impact our future effective tax rate and business, results of operations, cash flows and financial condition. For example, long-standing international tax norms that determine each country’s jurisdiction to tax cross-border international trade are evolving as a result of a multilateral project, the Base Erosion and Profit Shifting Project (the “BEPS Project”), that has established new principles and reporting requirements recommended by countries that then made up the G8 and the G20 and the Organization for Economic Cooperation and Development (the “OECD”). In connection with the BEPS Project, companies are required to disclose more information to tax authorities on operations around the world, which may lead to greater audit scrutiny of profits earned in countries outside of the U.S. The OECD, through the BEPS Project, is also addressing the challenges of the digitization of the global economy with plans to redefine jurisdictional taxation rights in market countries and establish a global minimum tax. As these and other tax laws and related regulations change, our business, results of operations, cash flows and financial condition could be materially impacted. For more information regarding U.S. tax reform, see Note 11, Income Taxes to the Consolidated Financial Statements.

Furthermore, we are subject to regular reviews, examinations and audits by the Internal Revenue Service and other taxing authorities with respect to taxes inside and outside of the U.S. Although we believe our tax positions are reasonable, when a taxing authority disagrees with the positions we have taken, we have faced and in the future may face additional tax liabilities, including interest and penalties, in excess of reserves. The payment of such additional amounts upon final adjudication of any disputes could adversely impact our business, results of operations, cash flows and financial condition.

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ITEM 1B.    UNRESOLVED STAFF COMMENTS

None.

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ITEM 2.    PROPERTIES

We own or lease approximately 330 properties, which include manufacturing, distribution, research and office facilities worldwide. Our corporate headquarters is located in leased property at 300 Park Avenue, New York, New York.

In the U.S., we operate in approximately 80 properties, of which 13 are owned. Major U.S. manufacturing and warehousing facilities used by the Oral, Personal and Home Care product segment of our business are located in Cambridge, Ohio; Greenwood, South Carolina; and Morristown, Tennessee. The Pet Nutrition segment has major manufacturing and warehousing facilities in Bowling Green, Kentucky; Emporia, Kansas; Richmond, Indiana; and Topeka, Kansas.

Overseas, we operate in approximately 250 properties, of which 57 are owned, in over 80 countries. Major overseas manufacturing and warehousing facilities used by the Oral, Personal and Home Care product segment of our business are located in Australia, Brazil, China, Colombia, France, Greece, Guatemala, India, Italy, Mexico, Poland, South Africa, Thailand, Turkey, Venezuela and Vietnam. The Pet Nutrition segment has major manufacturing and warehousing facilities in the Czech Republic and the Netherlands.

The primary research center for Oral Care and Personal Care products is located in Piscataway, New Jersey, the primary research center for Home Care products is located in Mexico and the primary research center for Pet Nutrition products is located in Topeka, Kansas. Our global data center is also located in Piscataway, New Jersey.

We have shared business service centers in India, Mexico and Poland, which are located in leased properties.

All of the facilities we operate are well maintained and adequate for the purpose for which they are intended.

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ITEM 3.    LEGAL PROCEEDINGS

For information regarding legal proceedings, refer to Note 13, Commitments and Contingencies to the Consolidated Financial Statements included in Part IV, Item 15 of this report.

ITEM 4.     MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5.    MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

For information regarding the market for the Company’s common stock, including stock price performance graphs, refer to “Market Information” included in Part IV, Item 15 of this report. For information regarding the securities authorized for issuance under our equity compensation plans, refer to “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” included in Part III, Item 12 of this report.

As of December 31, 2021, the number of common shareholders of record was 18,388.

Issuer Purchases of Equity Securities

On June 18, 2018, the Board authorized the repurchase of shares of the Company’s common stock having an aggregate purchase price of up to $5 billion under a new share repurchase program (the “2018 Program”), which replaced a previously authorized share repurchase program. The Board also has authorized share repurchases on an ongoing basis to fulfill certain requirements of the Company’s compensation and benefit programs. The shares are repurchased from time to time in open market or privately negotiated transactions at the Company’s discretion, subject to market conditions, customary blackout periods and other factors.

The following table shows the share repurchase activity for the three months in the quarter ended December 31, 2021:

Month	Total Number of Shares Purchased(1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(3)  (in millions)
October 1 through 31, 2021	1,141,404	$	75.74	1,140,853	806
November 1 through 30, 2021	1,054,644	$	77.44	1,050,501	725
December 1 through 31, 2021	2,441,785	$	81.77	2,433,320	526
Total	4,637,833	$	79.30	4,624,674

_______

(1)Includes share repurchases under the 2018 Program and those associated with certain employee elections under the Company’s compensation and benefit programs.

(2)The difference between the total number of shares purchased and the total number of shares purchased as part of publicly announced plans or programs is 13,159 shares, which represents shares deemed surrendered to the Company to satisfy certain employee elections under the Company’s compensation and benefit programs.

(3)Includes approximate dollar value of shares that were available to be purchased under the publicly announced plans or programs that were in effect as of December 31, 2021.

ITEM 6.    [Reserved]

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(Dollars in Millions Except Per Share Amounts)

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Executive Overview

Business Organization

Colgate-Palmolive Company (together with its subsidiaries, “we,” “us” “our” the “Company” or “Colgate”) is a caring, innovative growth company reimagining a healthier future for all people, their pets and our planet. We seek to deliver sustainable, profitable growth and superior shareholder returns, as well as to provide Colgate people with an innovative and inclusive work environment. We do this by developing and selling products globally that make people’s and their pets’ lives healthier and more enjoyable and by embracing our sustainability and social impact and DE&I strategies across our organization.

We are tightly focused on two product segments: Oral, Personal and Home Care; and Pet Nutrition. Within these segments, we follow a closely defined business strategy to grow our key product categories and increase our overall market share. Within the categories in which we compete, we prioritize our efforts based on their capacity to maximize the use of the organization’s core competencies and strong global equities and to deliver sustainable, profitable long-term growth.

Operationally, we are organized along geographic lines with management teams having responsibility for the business and financial results in each region. We compete in more than 200 countries and territories worldwide with established businesses in all regions contributing to our sales and profitability. Approximately 70% of our Net sales are generated from markets outside the U.S., with approximately 45% of our Net sales coming from emerging markets (which consist of Latin America, Asia (excluding Japan), Africa/Eurasia and Central Europe). This geographic diversity and balance help to reduce our exposure to business and other risks in any one country or part of the world.

The Oral, Personal and Home Care product segment is managed geographically in five reportable operating segments: North America, Latin America, Europe, Asia Pacific and Africa/Eurasia, all of which sell primarily to a variety of traditional and eCommerce retailers, wholesalers and distributors. Through Hill’s Pet Nutrition, we also compete on a worldwide basis in the pet nutrition market, selling products principally through authorized pet supply retailers, veterinarians and eCommerce retailers. We also sell certain of our products direct-to-consumer. We are engaged in manufacturing and sourcing of products and materials on a global scale and have major manufacturing facilities, warehousing facilities and distribution centers in every region around the world.

On an ongoing basis, management focuses on a variety of key indicators to monitor business health and performance. These indicators include net sales (including volume, pricing and foreign exchange components), organic sales growth (net sales growth excluding the impact of foreign exchange, acquisitions and divestments), a non-GAAP financial measure, and gross profit margin, operating profit, net income and earnings per share, in each case, on a GAAP and non-GAAP basis, as well as measures used to optimize the management of working capital, capital expenditures, cash flow and return on capital. In addition, we review market share and other data to assess how our brands are performing within their categories on a global and regional basis. The monitoring of these indicators and our Code of Conduct and corporate governance practices help to maintain business health and strong internal controls. For additional information regarding non-GAAP financial measures and the Company’s use of market share data and the limitations of such data, see “Non-GAAP Financial Measures” and “Market Share Information” below.

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(Dollars in Millions Except Per Share Amounts)

COVID-19

The COVID-19 pandemic and government steps to reduce the spread and address the impact of COVID-19 have had and continue to have a profound impact on the way people live, work, interact and shop and have significantly impacted and continue to impact economic activity around the world. We have a well-established Crisis Management Team (“CMT”) process, and the CMT, together with our senior management team and Colgate people around the world, continue to respond to and manage the challenges presented by COVID-19.

During the COVID-19 pandemic, many of the communities in which we manufacture, market and sell our products experienced and in some cases continue to experience “stay at home” orders, travel or movement restrictions and other government actions to reduce the spread and address the impact of COVID-19, and have implemented varying policies to address the pandemic, resume economic activity and vaccinate their populations. The situation continues to be uncertain and varies by geography, as the impact of COVID-19 remains significant in many countries throughout the world, including Brazil, China, India, Mexico, Thailand, the U.S. and Vietnam, where we have substantial manufacturing facilities. Because the vast majority of our products (such as oral care products, soaps and other personal hygiene products, home cleaners and pet food) have been deemed essential for the health and well-being of people and their pets, we have, in most instances, been able to continue operating our business, although not always at full capacity.

The health, safety and well-being of our employees and their families has been and remains our first priority. While we have reopened most of our offices, in some instances on a limited and voluntary basis, many of our office-based employees globally continue to work from home. We have implemented additional health and safety measures consistent with government recommendations and/or requirements to help ensure employee safety in our offices, production facilities, warehouses and technology centers, often at additional cost. These measures may include: health and temperature screening, social distancing and personal protective equipment protocols, hand washing, contact tracing, enhanced cleaning procedures, respiratory hygiene, education and, in some instances, testing and/or vaccination requirements. In addition, during the COVID-19 pandemic, we have seen increased instances of absenteeism and, in some cases, we have experienced some limited production facility closures and related supply chain disruptions. Furthermore, some of our suppliers, customers, distributors, logistics providers and service providers have experienced disruptions to their businesses.

We saw a significant increase in demand across many of our categories, such as liquid hand soap, dish liquid, bar soap and cleaners, during 2020 as a result of the COVID-19 pandemic, driven by consumer pantry-loading and increased consumption of our products. While consumer demand for most of these categories declined year-over-year in 2021, most still remained above historical levels, and we believe that some of this increase in consumption is sustainable in light of changes in consumer behavior related to COVID-19. Across our business, changes in consumer demand for our products vary by product category, channel and geography depending on, among other things, the severity of the COVID-19 outbreak, the availability of our products at retailers and supply chain disruptions. At the same time, during the COVID-19 pandemic, we have experienced disruptions in certain channels, including travel retail. We also continue to see changes in the purchasing patterns of our consumers, including the nature and/or frequency of visits by consumers to retailers and dental, veterinary and skin health professionals and a shift in many markets to purchasing our products online.

COVID-19 and government steps to reduce the spread and address the impact of COVID-19 have impacted and may continue to impact our consumers’ ability to purchase and our ability to manufacture and distribute our products. While we believe that, in the long-term, consumer demand for the products in our categories will continue to be strong, uncertainties continue surrounding the COVID-19 pandemic. These uncertainties include: the impact of the timing and scale of changes to travel and movement restrictions in certain geographies, the availability and widespread distribution and use of COVID-19 vaccines, the emergence and spread of COVID-19 variants, the timing and impact of consumer pantry-loading and destocking activity in certain markets, product demand trends and the impact of COVID-19 on the global economy, including as a result of inflation, and supply chain disruptions. COVID-19 has also disrupted our retail customers, contract manufacturers, logistics providers and other third parties; their ability to address COVID-19 and maintain their operations at full capacity has impacted and may continue to impact sales of and consumer access to our products. We expect the ongoing economic impact and health concerns associated with COVID-19 to continue to impact consumer behavior, shopping patterns and consumption preferences during 2022.

While we currently expect to be able to continue operating our business as described above and we intend to continue to work with government authorities and to follow the necessary protocols to maintain the health and safety of our employees and third parties, uncertainty resulting from COVID-19 could result in an unforeseen additional disruption to our business, including our global supply chain and retailer network, and/or require us to incur additional operational costs.

For more information about the anticipated COVID-19 impact, see “Outlook” below.

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(Dollars in Millions Except Per Share Amounts)

Business Strategy

To achieve our business and financial objectives, we are focused on driving organic sales growth and long-term profitable growth through innovation on our core businesses; leveraging faster growth in adjacent categories; expanding in high-growth channels and markets and delivering margin expansion through operating leverage and efficiency. We are also seeking to maximize the impact of our ESG programs and leading in the development of human capital, including our sustainability and social impact and DE&I strategies, which we are working to integrate across our organization. We are strengthening our capabilities in areas such as innovation, digital, eCommerce and data and analytics enabling us to be more responsive in today’s rapidly changing world. In particular, we believe our digital transformation is of paramount importance to our success going forward. We continue to invest behind our brands, including through advertising, and to develop initiatives to build strong relationships with consumers, dental, veterinary and skin health professionals and traditional and eCommerce retailers. We also continue to broaden our eCommerce offerings, including direct-to-consumer and subscription services. We continue to believe that growth opportunities are greater in those areas of the world in which economic development and rising consumer incomes expand the size and number of markets for our products.

We are also changing the way we work to drive growth and how we approach innovation with focus, empowerment, experimentation and digitization to respond to the dynamic retail landscape and the evolving preferences of our customers and consumers. The retail landscape, the ease of new entrants into the market in many of our categories and the evolving preferences of our customers and consumers demand that we work differently and faster in an agile, authentic and culturally relevant manner to drive innovation.

The investments needed to drive growth are supported through continuous, Company-wide initiatives to lower costs and increase effective asset utilization. Through these initiatives, which are referred to as our funding-the-growth initiatives, we seek to become even more effective and efficient throughout our businesses. These initiatives are designed to reduce costs associated with direct materials, indirect expenses, distribution and logistics and advertising and promotional materials, among other things, and encompass a wide range of projects, examples of which include raw material substitution, reduction of packaging materials, consolidating suppliers to leverage volumes and increasing manufacturing efficiency through SKU reductions and formulation simplification. We also continue to prioritize our investments in high growth segments within our Oral Care, Personal Care and Pet Nutrition businesses, including by expanding our portfolio in premium skin health.

On January 27, 2022, the Board approved a targeted productivity program (the “2022 Global Productivity Initiative”). The program is intended to reallocate resources towards our strategic priorities and faster growth businesses, drive efficiencies in our operations and streamline our supply chain to reduce structural costs. Implementation of the 2022 Global Productivity Initiative, which is expected to be substantially completed by December 31, 2022, is projected to result in cumulative pre-tax charges, once all phases are approved and implemented, totaling between $200 and $240, which are currently estimated to be comprised of the following: employee-related costs, including severance, pension and other termination benefits (80%); asset-related costs, primarily accelerated depreciation and asset write-downs (10%); 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 90% of the charges will result in cash expenditures. For more information regarding the 2022 Global Productivity Initiative, see “Restructuring and Related Implementation Charges” below.

Significant Items Impacting Comparability

In the fourth quarter of 2021, we recorded a non-cash charge of $571 pretax ($518 aftertax) to adjust the carrying values of goodwill and indefinite-lived intangible related to the Filorga skin health business. The impairment was due primarily to the impact of the COVID-19 pandemic on the Filorga business as a result of government restrictions and reduced consumer mobility, which negatively impacted consumption in the duty-free, travel retail and pharmacy channels. See Note 5, Goodwill and Other Intangible Assets to the Consolidated Financial Statements for further information.

In 1990, our Canadian subsidiary (“CP Canada”), issued C$145 of Canadian dollar-denominated unsecured unsubordinated 12.85% guaranteed notes due October 4, 2030 (the “Canada notes”). In the third quarter of 2021, CP Canada redeemed the Canada notes and recorded a loss on the early extinguishment of debt of $75 pretax ($55 aftertax), which is included in Interest (income) expense, net in the Consolidated Statements of Income, representing the difference between the redemption price and the carrying amount of the debt extinguished.

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(Dollars in Millions Except Per Share Amounts)

In 2019, we received a favorable judgment regarding certain value-added tax previously paid in Brazil. As a result of this favorable judgment, during the fourth quarter of 2019, we filed an application with the Brazilian government to recover value-added tax previously paid and recorded a benefit. In May 2021, the Brazilian Supreme Court issued a clarifying ruling allowing a higher deduction of state value-added tax when determining the taxable base. In light of this ruling, we recorded an additional benefit of $26 pretax ($20 aftertax) in the year ended December 31, 2021.

The Global Growth and Efficiency Program, a multi-year restructuring program, 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. During the year ended December 31, 2020, we adjusted the accrual balances related to certain projects approved prior to the conclusion of the Global Growth and Efficiency Program to reflect our revised estimate of remaining liabilities, which resulted in a reduction of $16 ($13 aftertax) to restructuring accruals. For more information regarding the Global Growth and Efficiency Program, see Note 4, Restructuring and Related Implementation Charges to the Consolidated Financial Statements.

The provision for income taxes for the year ended December 31, 2020 includes $71 of income tax benefits, of which $45 relates to previously recorded foreign withholding taxes and $26 relates to a previously recorded valuation allowance against a deferred tax asset. As described more fully in “Results of Operations-Income Taxes,” below, both items were previously recorded in connection with the charge recorded in 2017 and revised in 2018 related to the Tax Cuts and Jobs Act (the “TCJA”).

On January 31, 2020, we acquired Hello Products LLC (“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 our strategy to focus on high growth segments within our Oral Care, Personal Care and Pet Nutrition businesses. See Note 3, Acquisitions to the Consolidated Financial Statements for additional information.

Outlook

Looking forward, we expect global macroeconomic, political and market conditions to remain challenging, especially due to COVID-19. During the year ended December 31, 2021, all of our divisions experienced significantly higher raw and packaging material costs. We also incurred increased logistics costs due to volume and capacity constraints in the shipping and logistics industry and higher eCommerce demand. We expect this difficult cost environment to continue in 2022.

While the global marketplace in which we operate has always been highly competitive, we continue to experience heightened competitive activity in certain markets from strong local competitors, from other large multinational companies, some of which have greater resources than we do, and from new entrants into the market in many of our categories. Such activities have included more aggressive product claims and marketing challenges, as well as increased promotional spending and geographic expansion.

We have been negatively affected by changes in the policies and practices of our trade customers in key markets, such as inventory de-stocking, fulfillment requirements, limitations on access to shelf space, delisting of our products and certain environmental, sustainability, supply chain and packaging standards or initiatives. In addition, the retail landscape in many of our markets continues to evolve as a result of the rapid growth of eCommerce, changing consumer preferences (as consumers increasingly shop online and via mobile and social applications) and the increased presence of alternative retail channels, such as subscription services and direct-to-consumer businesses. These trends have been magnified due to COVID-19 in many of our geographies and we plan to continue to invest behind our digital and analytics capabilities and higher growth businesses, such as eCommerce. This rapid growth in eCommerce and the emergence of alternative retail channels have created and may continue to create pricing pressures and/or adversely affect our relationships with our key retailers.

In addition, given that approximately 70% of our Net sales originate in markets outside the U.S., we have experienced and will likely continue to experience volatile foreign currency fluctuations. As discussed above, we have also experienced higher raw and packaging material and logistics costs. While we have taken, and will continue to take, measures to mitigate the effect of these conditions, such as the 2022 Global Productivity Initiative and our funding the growth and revenue growth management initiatives, including additional pricing, in the current environment, it may become increasingly difficult to implement certain of these mitigation strategies. Should these conditions persist, they could adversely affect our future results.

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(Dollars in Millions Except Per Share Amounts)

As discussed above, we continue to closely monitor the impact of COVID-19 on our business. During 2020 as a result of the COVID-19 pandemic, we saw a significant increase in demand across many of our categories, such as liquid hand soap, dish liquid, bar soap and cleaners. While consumer demand for most of these categories declined year-over-year in 2021, most remained above historical levels. We believe that some of this increased consumption is sustainable due to consumer behavior changes related to COVID-19. We expect increased volatility across all of our categories, and it is therefore difficult to predict category growth rates in the near term. COVID-19 has also disrupted our retail customers, contract manufacturers, logistics providers and other third parties; their ability to address COVID-19 and maintain their operations at full capacity has impacted and may continue to impact sales of and consumer access to our products. While we have taken, and will continue to take, measures to mitigate the effects of COVID-19, we cannot estimate with certainty the full extent of COVID-19’s impact on our business, results of operations, cash flows and/or financial condition. For more information about factors that could impact our business, including due to COVID-19, see “Risk Factors” in Part I, Item 1A of this Annual Report.

In summary, we believe that we are well prepared to meet the challenges ahead due to our strong financial condition, broad based experience operating in challenging environments, resilient global supply chain and focused business strategy. Our strategy is based on driving organic sales growth and long-term profitable growth through innovation within our core businesses, leveraging faster growth in adjacent categories, expanding in high-growth channels and markets and delivering margin expansion through operating leverage and efficiency. We are also seeking to maximize the impact of our environmental, social and governance programs and leading in the development of human capital, including our sustainability and social impact and DE&I strategies. Our commitment to these priorities, the strength of our brands, the breadth of our global footprint and a commitment to driving efficiency in cash generation should position us well to manage through the challenges presented by COVID-19 and increase shareholder value over time.

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(Dollars in Millions Except Per Share Amounts)

Results of Operations

This section of this Annual Report on Form 10-K generally discusses 2021 and 2020 items and year-to-year comparisons between 2021 and 2020. Discussions of 2019 items and year-to-year comparisons between 2020 and 2019 that are not included in this Annual Report on Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

Net Sales

Worldwide Net sales were $17,421 in 2021, up 6.0% from 2020, due to volume growth of 1.0%, net selling price increases of 3.5%, and positive foreign exchange of 1.5%. Organic sales (Net sales excluding, as applicable, the impact of foreign exchange, acquisitions and divestments), a non-GAAP financial measure as discussed below, increased 4.5% in 2021.

Net sales in the Oral, Personal and Home Care product segment were $14,110 in 2021, up 4.0% from 2020, due to net selling price increases of 2.5% and positive foreign exchange of 1.5%, while volume was flat. Organic sales in the Oral, Personal and Home Care product segment increased 2.5% in 2021.

The increase in organic sales in 2021 versus 2020 was due to an increase in Oral Care organic sales, partially offset by a decrease in Personal Care organic sales. The increase in Oral Care was primarily due to organic sales growth in the toothpaste, manual toothbrush and mouthwash categories. The decrease in Personal Care was primarily due to organic sales declines in the liquid hand soap and bar soap categories.

The Company’s share of the global toothpaste market was 39.4% for full year 2021, down 0.3 share points from full year 2020, and its share of the global manual toothbrush market was 30.9% for full year 2021, up 0.1 share points from full year 2020. Full year 2021 market shares in toothpaste were up in Europe and Africa/Eurasia and down in North America, Latin America and Asia Pacific versus full year 2020. In the manual toothbrush category, full year 2021 market shares were up in Latin America, Europe and Africa/Eurasia and down in North America and Asia Pacific versus full year 2020. For additional information regarding the Company’s use of market share data and limitations of such data, see “Market Share Information” below.

Net sales for Hill’s Pet Nutrition were $3,311 in 2021, an increase of 15.0% from 2020, driven by volume growth of 8.0%, net selling price increases of 5.5% and positive foreign exchange of 1.5%. Organic sales for Hill’s Pet Nutrition increased 13.5% in 2021.

The increase in organic sales in 2021 versus 2020 was primarily due to increases in organic sales in the Science Diet and Prescription Diet categories.

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(Dollars in Millions Except Per Share Amounts)

Gross Profit/Margin

Worldwide Gross profit increased 4% to $10,375 in 2021 from $10,017 in 2020. Gross profit in 2020 included acquisition-related costs. Excluding acquisition-related costs in 2020, Gross profit increased to $10,375 in 2021 from $10,021 in 2020, reflecting an increase of $565 resulting from higher Net sales and a decrease of $211 resulting from lower Gross profit margin.

Worldwide Gross profit margin decreased to 59.6% in 2021 from 60.8% in 2020. This decrease in Gross profit margin was primarily due to higher raw and packaging material costs (450 bps), partially offset by cost savings from the Company’s funding-the-growth initiatives (210 bps) and higher pricing (120 bps).

	2021		2020
Gross profit, GAAP	$	10,375	$	10,017
Acquisition-related costs	—		4
Gross profit, non-GAAP	$	10,375	$	10,021

	2021		2020		Basis Point Change
Gross profit margin	59.6	%	60.8	%	(120)

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(Dollars in Millions Except Per Share Amounts)

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased 6% to $6,407 in 2021 from $6,019 in 2020. Selling, general and administrative expenses in 2020 included benefits resulting from the Global Growth and Efficiency Program. Excluding benefits resulting from the Global Growth and Efficiency Program, Selling, general and administrative expenses increased to $6,407 in 2021 from $6,022 in 2020, reflecting higher overhead expenses of $312 and increased advertising investment of $73.

Selling, general and administrative expenses as a percentage of Net sales increased to 36.8% in 2021 from 36.5% in 2020. Excluding benefits resulting from the Global Growth and Efficiency Program, Selling, general and administrative expenses as a percentage of Net sales increased by 20 bps to 36.8% in 2021 as compared to 36.6% in 2020. This increase was due to higher overhead expenses (50 bps), driven by higher logistics costs, partially offset by decreased advertising investment (30 bps), both as a percentage of Net sales. In 2021, advertising investment decreased as a percentage of Net sales to 11.6% from 11.9% in 2020, while it increased in absolute terms by 3.7% to $2,021 as compared with $1,948 in 2020.

	2021		2020
Selling, general and administrative expenses, GAAP	$	6,407	$	6,019
Global Growth and Efficiency Program	—		3
Selling, general and administrative expenses, non-GAAP	$	6,407	$	6,022

	2021		2020		Basis Point Change
Selling, general and administrative expenses as a percentage of Net sales, GAAP	36.8	%	36.5	%	30
Global Growth and Efficiency Program	—	%	0.1	%
Selling, general and administrative expenses as a percentage of Net sales, non-GAAP	36.8	%	36.6	%	20

31

(Dollars in Millions Except Per Share Amounts)

Other (Income) Expense, Net

Other (income) expense, net was $65 and $113 in 2021 and 2020, respectively. Other (income) expense, net in 2021 included a benefit related to a value-added tax matter in Brazil. Other (income) expense, net in 2020 included benefits resulting from the Global Growth and Efficiency Program and acquisition-related costs.

	2021		2020
Other (income) expense, net, GAAP	$	65	$	113
Global Growth and Efficiency Program	—		13
Acquisition-related costs	—		(2)
Value-added tax matter in Brazil	26		—
Other (income) expense, net, non-GAAP	$	91	$	124

Excluding the items described above in both periods, as applicable, Other (income) expense, net was $91 in 2021 and $124 in 2020, comprised of the following:

	2021		2020
Amortization of intangible assets	$	89	$	88
Equity income	(12)		(12)
Write-off of certain investments and fixed assets	10		—
Other, net	4		48
Total Other (income) expense, net	$	91	$	124

Goodwill & Indefinite-Lived Intangible Impairment Charges

The Company made revisions to the internal forecasts relating to its Filorga reporting unit during the fourth quarter of 2021 due primarily to the impact of the COVID-19 pandemic on the Filorga skin health business as a result of government restrictions and reduced consumer mobility, which negatively impacted consumption in the duty-free, travel retail and pharmacy channels. The Company concluded that the changes in circumstances in this reporting unit triggered the need for an interim impairment review of its indefinite-lived trademark and goodwill and, accordingly, performed an interim impairment test for the trademark as of December 31, 2021. The Company concluded that the carrying value of the trademark exceeded its estimated fair value, and recorded an impairment charge of $204, reducing the carrying value to approximately $588. After adjusting the carrying value of the trademark, the Company completed a quantitative impairment test for goodwill and recorded a goodwill impairment charge of $367 in the Filorga reporting unit, reducing the carrying value of goodwill to approximately $577. The Company continues to believe in the strength of the Filorga brand and is confident about its growth opportunities. See Note 5, Goodwill and Other Intangible Assets to the Consolidated Financial Statements for further information.

32

(Dollars in Millions Except Per Share Amounts)

Operating Profit

Operating profit decreased 14% to $3,332 in 2021 from $3,885 in 2020. In 2021, Operating profit included a benefit related to a value-added tax matter in Brazil, and goodwill and indefinite-lived intangible impairment charges related to the Filorga reporting unit. In 2020, Operating profit included benefits resulting from the Global Growth and Efficiency Program and acquisition-related costs. Excluding these items in both periods, as applicable, Operating profit was flat in 2021.

    Operating profit margin was 19.1% in 2021, a decrease of 450 bps compared with 23.6% in 2020. Excluding the items described above in both periods, as applicable, Operating profit margin was 22.3% in 2021, a decrease of 120 bps from 23.5% in 2020. This decrease in Operating profit in 2021 was primarily due to a decrease in Gross profit (120 bps), as a percentage of Net sales.

	2021		2020		% Change
Operating profit, GAAP	$	3,332	$	3,885	(14)	%
Global Growth and Efficiency Program	—		(16)
Acquisition-related costs	—		6
Value-added tax matter in Brazil	(26)		—
Goodwill and indefinite-lived intangible impairment charges	571		—
Operating profit, non-GAAP	$	3,877	$	3,875	—	%

	2021		2020		Basis Point Change
Operating profit margin, GAAP	19.1	%	23.6	%	(450)
Global Growth and Efficiency Program	—		(0.1)	%
Acquisition-related costs	—		—
Value-added tax matter in Brazil	(0.2)	%	—
Goodwill and indefinite-lived intangible impairment charges	3.4	%	—
Operating profit margin, non-GAAP	22.3	%	23.5	%	(120)

Non-Service Related Postretirement Costs

Non-service related postretirement costs were $70 in 2021 compared to $74 in 2020.

33

(Dollars in Millions Except Per Share Amounts)

Interest (Income) Expense, Net

Interest (income) expense, net was $175 in 2021 compared with $164 in 2020. In 2021 and 2020, Interest (income) expense, net included losses on the early extinguishment of debt. Excluding the losses on the early extinguishment of debt, in both periods, Interest (income) expense, net was $100 in 2021 compared to $141 in 2020, primarily due to lower average interest rates on debt.

	2021		2020
Interest (income) expense, GAAP	$	175	$	164
Loss on early extinguishment of debt	(75)		(23)
Interest (income) expense, non-GAAP	$	100	$	141

34

(Dollars in Millions Except Per Share Amounts)

Income Taxes

The effective income tax rate was 24.3% in 2021 and 21.6% in 2020. As reflected in the table below, the non-GAAP effective income tax rate was 22.0% in 2021 and 23.6% in 2020.

	2021
	Income Before Income Taxes		Provision For Income Taxes(1)		Effective Income Tax Rate(2)
As Reported GAAP	$	3,087	$	749	24.3	%
Goodwill and indefinite-lived intangible impairment charges	571		53		(2.1)	%
Loss on early extinguishment of debt	75		20		(0.3)	%
Value-added tax matter in Brazil	(26)		(6)		0.1	%
Non-GAAP	$	3,707	$	816	22.0	%

	2020
	Income Before Income Taxes		Provision For Income Taxes(1)		Effective Income Tax Rate(2)
As Reported GAAP	$	3,647	$	787	21.6	%
Global Growth and Efficiency Program	(16)		(3)		—
Subsidiary and operating structure initiatives	—		71		2.0	%
Acquisition-related costs	6		2		—
Loss on early extinguishment of debt	23		5		—
Non-GAAP	$	3,660	$	862	23.6	%

_______

(1)     The income tax effect on non-GAAP items is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.

(2)     The impact of non-GAAP items on the Company’s effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment on Income before income taxes and Provision for income taxes.

The provision for income taxes for 2020 includes $71 of income tax benefits, of which $45 relates to previously recorded foreign withholding taxes and $26 relates to a previously recorded valuation allowance against a deferred tax asset. As described more fully below, both items were previously recorded in connection with the charge recorded by the Company in 2017 and revised in 2018 related to the TCJA.

As part of the previously recorded charge for the TCJA, the Company had provided for foreign withholding taxes expected to be paid on the remittance of earnings from certain overseas subsidiaries no longer deemed indefinitely reinvested. As a result of a reorganization of the ownership structure of certain foreign subsidiaries, the Company determined that no withholding taxes will be due on the remittance by certain subsidiaries of earnings previously deemed reinvested and, accordingly, reversed $45 of previously recorded foreign withholding taxes in the first quarter of 2020.

Also as part of the previously recorded charge for the TCJA, the Company provided a valuation allowance against a deferred tax asset related to foreign tax credit carry-forwards that the Company did not expect to be able to use due to changes made by the TCJA. As a result of a new operating structure implemented within one of the Company’s divisions, the Company believes the use of these foreign tax credit carry-forwards will not be limited in the future and, accordingly, reversed the previously recorded valuation allowance of $26 in the first quarter of 2020.

The effective income tax rate in all years benefited from tax planning associated with the Company’s global business initiatives.

35

(Dollars in Millions Except Per Share Amounts)

Net income attributable to Colgate-Palmolive Company and Earnings per share

Net income attributable to Colgate-Palmolive Company of $2,166, or $2.55 per share on a diluted basis, in 2021 decreased from $2,695, or $3.14 per share on a diluted basis, in 2020. In 2021, Net income attributable to Colgate-Palmolive Company included aftertax goodwill and indefinite-lived intangible impairment charges, an aftertax benefit related to a value-added tax matter in Brazil and an aftertax loss on the early extinguishment of debt. In 2020, Net income attributable to Colgate-Palmolive Company included aftertax benefits resulting from the Global Growth and Efficiency Program, aftertax acquisition-related costs, a tax benefit related to subsidiary and operating structure initiatives and an aftertax loss on the early extinguishment of debt.

Excluding the items described above in both periods, as applicable, Net income attributable to Colgate-Palmolive Company increased 3% to $2,719 in 2021 from $2,633 in 2020, and Earnings per common share on a diluted basis increased 5% to $3.21 in 2021 from $3.06 in 2020.

	2021
	Income Before Income Taxes		Provision For Income Taxes(1)		Net Income Including Noncontrolling Interests		Less: Income Attributable To Noncontrolling Interests		Net Income Attributable to Colgate-Palmolive Company		Diluted Earnings Per Share(2)
As Reported GAAP	$	3,087	$	749	$	2,338	$	172	$	2,166	$	2.55
Goodwill and indefinite-lived intangible impairment charges	571		53		518		—		518		0.61
Loss on early extinguishment of debt	75		20		55		—		55		0.07
Value-added tax matter in Brazil	(26)		(6)		(20)		—		(20)		(0.02)
Non-GAAP	$	3,707	$	816	$	2,891	$	172	$	2,719	$	3.21

	2020
	Income Before Income Taxes		Provision For Income Taxes(1)		Net Income Including Noncontrolling Interests		Less: Income Attributable To Noncontrolling Interests		Net Income Attributable to Colgate-Palmolive Company		Diluted Earnings Per Share(2)
As Reported GAAP	$	3,647	$	787	$	2,860	$	165	$	2,695	$	3.14
Global Growth and Efficiency Program	(16)		(3)		(13)		—		(13)		(0.02)
Subsidiary and operating structure initiatives	—		71		(71)		—		(71)		(0.08)
Acquisition-related costs	6		2		4		—		4		—
Loss on early extinguishment of debt	23		5		18		—		18		0.02
Non-GAAP	$	3,660	$	862	$	2,798	$	165	$	2,633	$	3.06

_______

(1)     The income tax effect on non-GAAP items is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.

(2)     The impact of non-GAAP adjustments on diluted earnings per share may not necessarily equal the difference between “GAAP” and “non-GAAP” as a result of rounding.

36

(Dollars in Millions Except Per Share Amounts)

Segment Results

The Company markets its products in over 200 countries and territories throughout the world in two product segments: Oral, Personal and Home Care; and Pet Nutrition. The Company evaluates segment performance based on several factors, including Operating profit. The Company uses Operating profit as a measure of the operating segment performance because it excludes the impact of corporate-driven decisions related to interest expense and income taxes.

Oral, Personal and Home Care

    North America

	2021			2020			% Change
Net sales	$	3,694		$	3,741		(1.0)	%
Operating profit	$	754		$	988		(24)	%
% of Net sales	20.4		%	26.4		%	(600)	bps

Net sales in North America decreased 1.0% in 2021 to $3,694, driven by volume declines of 4.0%, partially offset by net selling price increases of 2.0% and positive foreign exchange of 1.0%. Organic sales in North America decreased 2.0% in 2021. The organic sales decline was largely driven by the United States.

The decrease in organic sales in North America in 2021 versus 2020 was primarily due to decreases in Personal Care and Home Care organic sales. The decrease in Personal Care was primarily due to organic sales declines in the liquid hand soap and bar soap categories. The decrease in Home Care was primarily due to organic sales declines in the hand dish category, partially offset by organic sales growth in the liquid cleaner category.

Operating profit in North America decreased 24% in 2021 to $754, or 600 bps to 20.4% as a percentage of Net sales. This decrease in Operating profit as a percentage of Net sales was primarily due to a decrease in Gross profit (330 bps) and an increase in Selling, general and administrative expenses (300 bps), both as a percentage of Net sales. This decrease in Gross profit was primarily due to higher raw and packaging material costs (600 bps), partially offset by cost savings from the Company’s funding-the-growth initiatives (190 bps) and higher pricing. This increase in Selling, general and administrative expenses was due to higher overhead expenses (290 bps), primarily driven by higher logistics costs, and increased advertising investment (10 bps).

37

(Dollars in Millions Except Per Share Amounts)

    Latin America

	2021			2020			% Change
Net sales	$	3,663		$	3,418		7.0	%
Operating profit	$	1,012		$	975		4	%
% of Net sales	27.6		%	28.5		%	(90)	bps

Net sales in Latin America increased 7.0% in 2021 to $3,663, as volume growth of 1.0% and net selling price increases of 7.0% were partially offset by negative foreign exchange of 1.0%. Organic sales in Latin America increased 8.0% in 2021. Organic sales growth was led by Brazil, Mexico, Argentina and Colombia.

The increase in organic sales in Latin America in 2021 versus 2020 was due to increases in Oral Care, Personal Care and Home Care organic sales. The increase in Oral Care was primarily due to organic sales growth in the toothpaste, manual toothbrush and mouthwash categories. The increase in Personal Care was primarily due to organic sales growth in the bar soap and underarm protection categories. The increase in Home Care was primarily due to organic sales growth in the fabric softener and liquid cleaner categories.

Operating profit in Latin America increased 4% in 2021 to $1,012, while as a percentage of Net sales it decreased 90 bps to 27.6%. This decrease in Operating profit as a percentage of Net sales was due to a decrease in Gross profit (150 bps), partially offset by a decrease in Selling, general and administrative expenses (20 bps) and a decrease in Other (income) expense, net (40 bps), all as a percentage of Net sales. This decrease in Gross profit was primarily due to higher raw and packaging material costs (740 bps), which were partially offset by cost savings from the Company’s funding-the-growth initiatives (330 bps) and higher pricing. This decrease in Selling, general and administrative expenses was due to decreased advertising investment (70 bps), partially offset by higher overhead expenses (50 bps), primarily driven by higher logistics costs. The decrease in Other (income) expense, net was primarily due to a value added tax refund.

38

(Dollars in Millions Except Per Share Amounts)

    Europe

	2021			2020			% Change
Net sales	$	2,841		$	2,747		3.5	%
Operating profit	$	682		$	652		5	%
% of Net sales	24.0		%	23.7		%	30	bps

Net sales in Europe increased 3.5% in 2021 to $2,841, as Net selling prices were flat and positive foreign exchange of 4.0% was partially offset by volume declines of 0.5%. Organic sales in Europe decreased 0.5% in 2021. Organic sales declines were driven by the Filorga duty-free business and Germany, partially offset by organic sales growth in Poland.

The decrease in organic sales in Europe in 2021 versus 2020 was due to decreases in Personal Care and Home Care organic sales, partially offset by an increase in Oral Care organic sales. The decrease in Personal Care was primarily due to organic sales declines in the liquid hand soap, body wash, skin health and bar soap categories. The decrease in Home Care was primarily due to organic sales declines in the bleach and hand dish categories, partially offset by organic sales growth in the fabric softener category. The increase in Oral Care was primarily due to organic sales growth in the toothpaste, prescription dental and manual toothbrush categories.

Operating profit in Europe increased 5% in 2021 to $682, or 30 bps to 24.0% as a percentage of Net sales. This increase in Operating profit as a percentage of Net sales was primarily due to a decrease in Selling, general and administrative expenses (110 bps), partially offset by a decrease in Gross profit (100 bps), both as a percentage of Net sales. This decrease in Gross profit was primarily due to higher raw and packaging material costs (330 bps), partially offset by cost savings from the Company’s funding-the-growth initiatives (220 bps). This decrease in Selling, general and administrative expenses was largely due to decreased advertising investment (100 bps).

39

(Dollars in Millions Except Per Share Amounts)

    Asia Pacific

	2021			2020			% Change
Net sales	$	2,867		$	2,701		6.0	%
Operating profit	$	844		$	773		9	%
% of Net sales	29.4		%	28.6		%	80	bps

Net sales in Asia Pacific increased 6.0% in 2021 to $2,867, driven by volume growth of 3.0% and positive foreign exchange of 3.0%, while net selling prices were flat. Organic sales in Asia Pacific increased 3.0% in 2021. Organic sales growth was led by India and the Greater China region.

The increase in organic sales in 2021 versus 2020 was primarily due to an increase in Oral Care organic sales. The increase in Oral Care was driven by organic sales growth in the toothpaste, manual toothbrush and mouthwash categories.

Operating profit in Asia Pacific increased 9% in 2021 to $844, or 80 bps to 29.4% of Net sales. This increase in Operating profit as a percentage of Net sales was due primarily to an increase in Gross profit (50 bps) and a decrease in Other (income) expense, net (40 bps), both as a percentage of Net sales. This increase in Gross profit was primarily due to cost savings from the Company’s funding-the-growth initiatives (230 bps), mix (20 bps) and other, partially offset by higher raw and packaging material costs (230 bps). The decrease in Other (income) expense, net was primarily due to a gain on an investment.

40

(Dollars in Millions Except Per Share Amounts)

    Africa/Eurasia

	2021			2020			% Change
Net sales	$	1,045		$	981		6.5	%
Operating profit	$	203		$	206		(1)	%
% of Net sales	19.4		%	21.0		%	(160)	bps

Net sales in Africa/Eurasia increased 6.5% in 2021 to $1,045, as volume growth of 1.0% and net selling price increases of 6.0% were partially offset by negative foreign exchange of 0.5%. Organic sales in Africa/Eurasia increased 7.0% in 2021. Organic sales growth was led by Turkiye, Nigeria and South Africa.

The increase in organic sales in 2021 versus 2020 was primarily due to an increase in Oral Care organic sales. The increase in Oral Care was primarily due to organic sales growth in the toothpaste and manual toothbrush categories.

Operating profit in Africa/Eurasia decreased 1% in 2021 to $203, or 160 bps to 19.4% of Net sales. This decrease in Operating profit as a percentage of Net sales was primarily due to a decrease in Gross profit (170 bps), partially offset by a decrease in Selling, general and administrative expenses (60 bps), both as a percentage of Net sales. This decrease in Gross profit was primarily due to higher raw and packaging material costs (590 bps), partially offset by higher pricing and cost savings from the Company’s funding-the-growth initiatives (190 bps). This decrease in Selling, general and administrative expenses was due to decreased advertising investment (140 bps), partially offset by higher overhead expenses (80 bps), primarily driven by higher logistics costs.

41

(Dollars in Millions Except Per Share Amounts)

    Hill’s Pet Nutrition

	2021			2020			% Change
Net sales	$	3,311		$	2,883		15.0	%
Operating profit	$	901		$	793		14	%
% of Net sales	27.2		%	27.5		%	(30)	bps

Net sales for Hill’s Pet Nutrition increased 15.0% in 2021 to $3,311, driven by volume growth of 8.0%, net selling price increases of 5.5% and positive foreign exchange of 1.5%. Organic sales in Hill’s Pet Nutrition increased 13.5% in 2021. Organic sales growth was led by the United States and Europe.

The increase in organic sales in 2021 versus 2020 was due to organic sales growth in the Science Diet and Prescription Diet categories.

Operating profit in Hill’s Pet Nutrition increased 14% in 2021 to $901, while as a percentage of Net sales it decreased 30 bps to 27.2%. This decrease in Operating profit as a percentage of Net sales was due to a decrease in Gross profit (40 bps) and an increase in Selling, general and administrative expenses (30 bps), partially offset by a decrease in Other (income) expense, net (40 bps), all as a percentage of Net sales. This decrease in Gross profit was primarily due to higher raw and packaging material costs (300 bps), partially offset by higher pricing and cost savings from the Company’s funding-the-growth initiatives (100 bps). This increase in Selling, general and administrative expenses was due to increased advertising investment (110 bps), partially offset by lower overhead expenses (80 bps). This decrease in Other (income) expense, net was primarily due to the portion of costs incurred in 2020 in connection with the voluntary recall of selected canned dog food products due to potentially elevated levels of Vitamin D resulting from a supplier error for which Hill’s was not indemnified.

42

(Dollars in Millions Except Per Share Amounts)

    Corporate

	2021		2020		% Change
Operating profit (loss)	$	(1,064)	$	(502)	112	%

Corporate operations include Corporate overhead costs, research and development costs, stock-based compensation expense related to stock options and restricted stock unit awards, restructuring and related implementation costs and gains and losses on sales of non-core product lines. The components of Operating profit (loss) for the Corporate segment are presented as follows:

	2021		2020
Global Growth and Efficiency Program	$	—	$	16
Acquisition-related costs	—		(6)
Value-added tax matter in Brazil	26		—
Goodwill and indefinite-lived intangible impairment charges	(571)		—
Corporate overhead costs and other, net	(519)		(512)
Total Corporate Operating profit (loss)	$	(1,064)	$	(502)

43

(Dollars in Millions Except Per Share Amounts)

Restructuring and Related Implementation Charges

Global Productivity Initiative

On January 27, 2022, the Board approved 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 Global Productivity Initiative, which is expected to be substantially completed by December 31, 2022, is projected to result in cumulative pre-tax charges, once all phases are approved and implemented, totaling between $200 and $240, which are currently estimated to be comprised of the following: employee-related costs, including severance, pension and other termination benefits (80%); asset-related costs, primarily accelerated depreciation and asset write-downs (10%); 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 90% of the charges will result in cash expenditures. Annualized pre-tax savings are projected to be in the range of $90 to $110.

44

(Dollars in Millions Except Per Share Amounts)

Non-GAAP Financial Measures

This Annual Report on Form 10-K discusses certain financial measures on both a GAAP and a non-GAAP basis. The Company uses the non-GAAP financial measures described below internally in its budgeting process, to evaluate segment and overall operating performance and as a factor in determining compensation. The Company believes that these non-GAAP financial measures are useful in evaluating the Company’s underlying business performance and trends; however, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies.

Net sales growth (GAAP) and organic sales growth (Net sales growth excluding the impact of foreign exchange, acquisitions and divestments) (non-GAAP) are discussed in this Annual Report on Form 10-K. Management believes the organic sales growth measure provides investors and analysts with useful supplemental information regarding the Company’s underlying sales trends by presenting sales growth excluding, the external factor of foreign exchange, as well as the impact of acquisitions and divestments, as applicable. A reconciliation of organic sales growth to Net sales growth for the years ended December 31, 2021 and 2020 is provided below.

Worldwide Gross profit, Gross profit margin, Selling, general and administrative expenses, Selling, general and administrative expenses as a percentage of Net sales, Other (income) expense, net, Operating profit, Operating profit margin, Interest (income) expense, net, effective income tax rate, Net income attributable to Colgate-Palmolive Company and Earnings per share on a diluted basis are discussed in this Annual Report on Form 10-K both on a GAAP basis and excluding, as applicable, goodwill and indefinite-lived intangible impairment charges, a benefit related to a value-added tax matter in Brazil, the benefits resulting from the Global Growth and Efficiency Program, a benefit related to a reorganization of the ownership structure of certain foreign subsidiaries and a new operating structure implemented within one of the Company’s divisions, acquisition-related costs and losses on the early extinguishment of debt. These non-GAAP financial measures exclude items that, either by their nature or amount, management would not expect to occur as part of the Company’s normal business on a regular basis, such as restructuring charges, charges for certain litigation and tax matters, gains and losses from certain acquisitions, divestitures and certain unusual, non-recurring items. Investors and analysts use these financial measures in assessing the Company’s business performance, and management believes that presenting these financial measures on a non-GAAP basis provides them with useful supplemental information to enhance their understanding of the Company’s underlying business performance and trends. These non-GAAP financial measures also enhance the ability to compare period-to-period financial results. A reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measures for the years ended December 31, 2021 and 2020 is presented within the applicable section of Results of Operations.

45

(Dollars in Millions Except Per Share Amounts)

The following tables provide a quantitative reconciliation of Net sales growth to organic sales growth for the years ended December 31, 2021 and 2020 versus the prior year:

Year ended December 31, 2021	Net Sales Growth (GAAP)	Foreign Exchange Impact	Acquisitions and Divestments Impact	Organic Sales Growth (Non-GAAP)
Oral, Personal and Home Care
North America	(1.0)%	1.0%	—%	(2.0)%
Latin America	7.0%	(1.0)%	—%	8.0%
Europe	3.5%	4.0%	—%	(0.5)%
Asia Pacific	6.0%	3.0%	—%	3.0%
Africa/Eurasia	6.5%	(0.5)%	—%	7.0%
Total Oral, Personal and Home Care	4.0%	1.5%	—%	2.5%
Pet Nutrition	15.0%	1.5%	—%	13.5%
Total Company	6.0%	1.5%	—%	4.5%

Year ended December 31, 2020	Net Sales Growth (GAAP)	Foreign Exchange Impact	Acquisitions and Divestments Impact	Organic Sales Growth (Non-GAAP)
Oral, Personal and Home Care
North America	9.5%	—%	1.5%	8.0%
Latin America	(5.0)%	(14.0)%	—%	9.0%
Europe	12.0%	1.5%	7.5%	3.0%
Asia Pacific	(0.5)%	(1.0)%	—%	0.5%
Africa/Eurasia	—%	(8.5)%	1.0%	7.5%
Total Oral, Personal and Home Care	3.0%	(5.0)%	2.0%	6.0%
Pet Nutrition	14.0%	(0.5)%	—%	14.5%
Total Company	5.0%	(3.5)%	1.5%	7.0%

Market Share Information

Management uses market share information as a key indicator to monitor business health and performance. References to market share in this Annual Report on Form 10-K are based on a combination of consumption and market share data provided by third-party vendors, primarily Nielsen, and internal estimates. All market share references represent the percentage of the dollar value of sales of our products, relative to all product sales in the category in the countries in which the Company competes and purchases data (excluding Venezuela from all periods).

Market share data is subject to limitations on the availability of up-to-date information. In particular, market share data is currently not generally available for certain retail channels, such as eCommerce or certain discounters. The Company measures year-to-date market shares from January 1 of the relevant year through the most recent period for which market share data is available, which typically reflects a lag time of one or two months. The Company believes that the third-party vendors we use to provide data are reliable, but we have not verified the accuracy or completeness of the data or any assumptions underlying the data. In certain limited circumstances, the COVID-19 pandemic has impacted the ability of our third-party vendors to provide the Company with reliable updated market share data. In addition, market share information calculated by the Company may be different from market share information calculated by other companies due to differences in category definitions, the use of data from different countries, internal estimates and other factors.

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(Dollars in Millions Except Per Share Amounts)

Liquidity and Capital Resources

The Company expects cash flow from operations and debt issuances will be sufficient to meet foreseeable business operating and recurring cash needs (including for debt service, dividends, capital expenditures, share repurchases and acquisitions). The Company believes its strong cash generation and financial position should continue to allow it broad access to global credit and capital markets.

Cash Flow

Net cash provided by operations decreased to $3,325 in 2021 as compared to $3,719 in 2020, primarily due to changes in working capital. The Company’s working capital as a percentage of Net sales was (2.7)% in 2021 and (4.4)% in 2020. This change in working capital as a percentage of Net sales is primarily due to lower accrued liabilities, partially offset by higher accounts payable and higher prepaid expenses. The Company defines working capital as the difference between current assets (excluding Cash and cash equivalents and marketable securities, the latter of which is reported in Other current assets) and current liabilities (excluding short-term debt). 

Investing activities used $592 of cash in 2021 compared to $779 during 2020. Investing activities in 2020 included the acquisition of hello for cash consideration of $351 as part of the Company’s continued strategy to focus on the high growth segments within its Oral Care, Personal Care and Pet Nutrition businesses. This acquisition was financed with a combination of debt and cash.

Capital expenditures in the year ended December 31, 2021 were $567, an increase from $410 in 2020. Capital expenditures increased in 2021 primarily due to capacity expansion of manufacturing facilities and sustainability projects. Capital expenditures for 2022 are expected to be approximately 4.0% of Net sales. The Company continues to focus its capital spending on projects that are expected to yield high aftertax returns.

Financing activities used $2,774 of cash during 2021 compared to $2,919 during 2020. The decrease in cash used was primarily due to a decrease in net payments on debt, partially offset by higher share repurchases, net in 2021 as compared to 2020.

In 2020, as a result of the incremental debt related to recent acquisitions, net of proceeds from the exercise of stock options, the Company moderated its share repurchases, net. In addition, due to the initial uncertainties resulting from the COVID-19 pandemic and our intent to preserve cash, the Company discontinued all share repurchases other than those pursuant to equity plans during the second quarter of 2020. The Company resumed its share repurchases, at a moderated level, net in the third quarter of 2020. Share repurchases, net returned to historical levels in 2021.

Long-term debt, including the current portion, decreased to $7,206 as of December 31, 2021, as compared to $7,343 as of December 31, 2020, and total debt decreased to $7,245 as of December 31, 2021 as compared to $7,601 as of December 31, 2020. The Company’s debt issuances and redemptions support the Company’s capital structure objectives of funding its business and growth initiatives while minimizing its risk-adjusted cost of capital.

During the fourth quarter of 2021, the Company issued €500 of eight-year notes at a fixed coupon rate of 0.300% (the “Sustainability Bond”). The debt issuance was under the Company’s shelf registration statement. An amount equal to the net proceeds of the Sustainability Bond will be used to finance or refinance, in part or in full, new and existing projects and programs with distinct environmental or social benefits pursuant to the Company’s Sustainable Financing Framework.

During the fourth quarter of 2021, the Company redeemed prior to maturity all of its outstanding 0.000% notes due 2021 with a principal amount of €500, originally issued on November 12, 2019. The redemption was financed with commercial paper borrowings. The redemption price was equal to the carrying amount of the debt extinguished.

In 1990, the Company’s Canadian subsidiary (“CP Canada”), issued C$145 of Canadian dollar-denominated unsecured unsubordinated 12.85% guaranteed notes due October 4, 2030 (the “Canada notes”). During the third quarter of 2021, CP Canada redeemed the Canada notes and recorded a loss on the early extinguishment of debt of $75, which is included in Interest (income) expense, net in the Consolidated Statements of Income, representing the difference between the redemption price and the carrying amount of the debt extinguished.

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(Dollars in Millions Except Per Share Amounts)

During the fourth quarter of 2020, the Company redeemed prior to maturity all of its outstanding 2.450% notes due 2021 with a principal amount of $300, originally issued on November 8, 2011, and all of its outstanding 2.300% notes due 2022 with a principal amount of $500, originally issued on May 3, 2012. These redemptions were financed with commercial paper borrowings and cash. The Company recorded a loss on this early extinguishment of debt of $23, which is included in Interest (income) expense, net in the Consolidated Statements of Income, representing the difference between the redemption price and the carrying amount of the debt extinguished.

At December 31, 2021, the Company had access to unused domestic and foreign lines of credit of $3,457 (including under the facility discussed below) and could also issue long-term debt pursuant to an effective shelf registration statement. In August 2021, the Company entered into a new $3,000 five-year revolving credit facility with a syndicate of banks for a five-year term expiring August 2026, which replaced, on substantially similar terms, the Company’s $2,650 revolving credit facility that was scheduled to expire in November 2024. Commitment fees related to the credit facility were not material. The Company’s $1,500 364-day credit facility with a syndicate of banks expired in August 2021 and was not renewed.

Domestic and foreign commercial paper outstanding was $1,204 and $1,389 as of December 31, 2021 and December 31, 2020, respectively. The average daily balances outstanding of commercial paper in 2021 and 2020 were $2,052 and $1,050, respectively. The Company classifies commercial paper and certain current maturities of notes payable as long-term debt when it has the intent and ability to refinance such obligations on a long-term basis, including, if necessary, by utilizing its available lines of credit (under the facilities discussed above).

The following is a summary of the Company’s commercial paper and global short-term borrowings as of December 31, 2021 and 2020:

	2021					2020
	Weighted Average Interest Rate		Maturities	Outstanding		Weighted Average  Interest Rate		Maturities	Outstanding
Global short-term borrowings	0.7	%	2022	$	39	4.8	%	2021	$	8
Commercial Paper (1)	(0.4)	%	2022	1,204		(0.3)	%	2021	1,389
Total				$	1,243				$	1,397

(1) Commercial paper included a current portion of $250, included in Notes and loans payable, as of December 31, 2020.

Certain of the agreements with respect to the Company’s bank borrowings contain financial and other covenants as well as cross-default provisions. Noncompliance with these requirements could ultimately result in the acceleration of amounts owed. The Company is in full compliance with all such requirements and believes the likelihood of noncompliance is remote. Refer to Note 6, Long-Term Debt and Credit Facilities to the Consolidated Financial Statements for further information about the Company’s long-term debt and credit facilities.

Dividend payments in 2021 were $1,679, an increase from $1,654 in 2020. Dividend payments increased to $1.79 per share in 2021 from $1.75 per share in 2020. In the first quarter of 2021, the Company increased the quarterly common stock dividend to $0.45 per share from $0.44 per share, effective in the second quarter of 2021.

The Company repurchases shares of its common stock in the open market and in private transactions to maintain its targeted capital structure and to fulfill certain requirements of its compensation and benefit plans. On June 18, 2018, the Board authorized the repurchase of shares of the Company’s common stock having an aggregate purchase price of up to $5,000 under the 2018 Program. The Board also has authorized share repurchases on an ongoing basis to fulfill certain requirements of the Company’s compensation and benefit programs. The shares are repurchased from time to time in open market or privately negotiated transactions at the Company’s discretion, subject to market conditions, customary blackout periods and other factors.

Aggregate share repurchases in 2021 consisted of approximately 16.4 million common shares under the 2018 Program and 0.3 million common shares to fulfill the requirements of compensation and benefit plans, for a total purchase price of $1,320. Aggregate repurchases in 2020 consisted of approximately 18.2 million common shares under the 2018 Program

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and 0.4 million common shares to fulfill the requirements of compensation and benefit plans, for a total purchase price of $1,476. Share repurchases net of proceeds from exercise of stock options were $896 and $602 in 2021 and 2020, respectively.

Cash and cash equivalents decreased $56 during 2021 to $832 at December 31, 2021, compared to $888 at December 31, 2020. Cash and cash equivalents held by the Company’s foreign subsidiaries was $784 and $872, respectively, at December 31, 2021 and 2020.

The following represents the scheduled maturities of the Company’s contractual obligations as of December 31, 2021:

	Total		2022		2023		2024		2025		2026		Thereafter
Long-term debt including current portion(1)	$	6,002	$	456	$	908	$	506	$	135	$	566	$	3,431
Net cash interest payments on long-term debt(2)	1,391		109		99		83		72		65		963
Operating Leases	685		156		109		76		61		48		235
Purchase obligations(3)	724		421		171		90		22		19		1
U.S. tax reform payments	210		25		46		62		77		—		—
Total	$	9,012	$	1,167	$	1,333	$	817	$	367	$	698	$	4,630

_______

(1)The Company classifies commercial paper and notes maturing within the next 12 months as long-term debt when it has the intent and ability to refinance such obligations on a long-term basis. The amounts in this table exclude such obligations.

(2)Includes the net interest payments on fixed and variable rate debt and associated interest rate swaps. Interest payments associated with floating rate instruments are based on management’s best estimate of projected interest rates for the remaining term of variable rate debt.

(3)The Company had outstanding contractual obligations with suppliers at the end of 2021 for the purchase of raw, packaging and other materials and services in the normal course of business. These purchase obligation amounts represent only those items which are based on agreements that are legally binding and that specify all significant terms including minimum quantity, price and term and do not represent total anticipated purchases.

Long-term liabilities associated with the Company’s postretirement plans are excluded from the table above due to the uncertainty of the timing of these cash disbursements. The amount and timing of cash funding related to these benefit plans will generally depend on local regulatory requirements, various economic assumptions (the most significant of which are detailed in “Critical Accounting Policies and Use of Estimates” below) and voluntary Company contributions. Based on current information, the Company is not required to make a mandatory contribution to its qualified U.S. pension plan in 2021. The Company does not expect to make any voluntary contributions to its U.S. postretirement plans in 2022. In addition, total benefit payments expected to be paid from the Company’s assets to participants in unfunded plans are estimated to be approximately $89 for the year ending December 31, 2022.

Additionally, liabilities for unrecognized income tax benefits are excluded from the table above as the Company is unable to reasonably predict the ultimate amount or timing of a settlement of such liabilities. See Note 11, Income Taxes to the Consolidated Financial Statements for more information.

As more fully described in Note 13, Commitments and Contingencies to the Consolidated Financial Statements, the Company has commitments and contingencies with respect to lawsuits, environmental matters, taxes and other matters arising in the ordinary course of business.

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(Dollars in Millions Except Per Share Amounts)

Off-Balance Sheet Arrangements

The Company does not have off-balance sheet financing or unconsolidated special purpose entities.

Managing Foreign Currency, Interest Rate, Commodity Price and Credit Risk Exposure

The Company is exposed to market risk from foreign currency exchange rates, interest rates and commodity price fluctuations. Volatility relating to these exposures is managed on a global basis by utilizing a number of techniques, including working capital management, selling price increases, selective borrowings in local currencies and entering into selective derivative instrument transactions, issued with standard features, in accordance with the Company’s treasury and risk management policies. The Company’s treasury and risk management policies prohibit the use of derivatives for speculative purposes and leveraged derivatives for any purpose.

The sensitivity of our financial instruments to market fluctuations is discussed below. See Note 2, Summary of Significant Accounting Policies and Note 7, Fair Value Measurements and Financial Instruments to the Consolidated Financial Statements for further discussion of derivatives and hedging policies and fair value measurements.

Foreign Exchange Risk

As the Company markets its products in over 200 countries and territories, it is exposed to currency fluctuations related to manufacturing and selling its products in currencies other than the U.S. dollar. The Company manages its foreign currency exposures through a combination of cost-containment measures, sourcing strategies, selling price increases and the hedging of certain costs in an effort to minimize the impact on earnings of foreign currency rate movements. See “Results of Operations” above for a discussion of the foreign exchange impact on Net sales in each operating segment.

The assets and liabilities of foreign subsidiaries are translated into U.S. dollars at year-end exchange rates with resulting translation gains and losses accumulated in a separate component of shareholders’ equity. Income and expense items are translated into U.S. dollars at average rates of exchange prevailing during the year.

The Company primarily utilizes foreign currency contracts, including forward and swap contracts, option contracts, foreign and local currency deposits and local currency borrowings to hedge portions of its exposures relating to foreign currency purchases, assets and liabilities created in the normal course of business and the net investment in certain foreign subsidiaries. The duration of foreign currency contracts generally does not exceed 12 months and the contracts are valued using observable market rates.

The Company’s foreign currency forward contracts that qualify for cash flow hedge accounting resulted in a net unrealized gain of $12 and net unrealized loss of $11 at December 31, 2021 and 2020, respectively. Changes in the fair value of cash flow hedges are recorded in Other comprehensive income (loss) and are reclassified into earnings in the same period or periods during which the underlying hedged transaction is recognized in earnings. At the end of 2021, an unfavorable 10% change in exchange rates would have resulted in a net unrealized loss of $76.

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(Dollars in Millions Except Per Share Amounts)

Interest Rate Risk

The Company manages its mix of fixed and floating rate debt against its target with debt issuances and by entering into interest rate swaps in order to mitigate fluctuations in earnings and cash flows that may result from interest rate volatility. The Company utilizes forward-starting interest rate swaps to mitigate the risk of variability in interest rate for future debt issuances. The notional amount, interest payment and maturity date of the swaps generally match the principal, interest payment and maturity date of the related debt, and the swaps are valued using observable benchmark rates.

Based on year-end 2021 variable rate debt levels, a 1% increase in interest rates would have increased Interest (income) expense, net by $14 in 2021.

    The Company is assessing the impact of the discontinuation of LIBOR as a benchmark interest rate on its current financial instruments and contractual arrangements, including debt outstanding, and believes it will not be material as the Company does not have significant exposure to LIBOR in either its debt or other financing arrangements. The Company will continue to monitor its exposure in subsequent periods.

Commodity Price Risk

The Company is exposed to price volatility related to raw materials used in production, such as essential oils, resins, tropical oils, pulp, tallow, corn, poultry and soybeans. The Company manages its raw material exposures through a combination of cost containment measures, ongoing productivity initiatives and the limited use of commodity hedging contracts. Futures contracts are used on a limited basis, primarily in the Hill’s Pet Nutrition segment, to manage volatility related to anticipated raw material inventory purchases of certain traded commodities.

The Company’s open commodity derivative contracts that qualify for cash flow hedge accounting resulted in a net unrealized gain of $2 and $3 at December 31, 2021 and 2020, respectively. At the end of 2021, an unfavorable 10% change in commodity futures prices would have resulted in a net unrealized loss of $1.

Credit Risk

The Company is exposed to the risk of credit loss in the event of nonperformance by counterparties to financial instrument contracts; however, nonperformance is considered unlikely and any nonperformance is unlikely to be material as it is the Company’s policy to contract with diverse, credit-worthy counterparties based upon both strong credit ratings and other credit considerations.

Recent Accounting Pronouncements

In November 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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 is effective for the Company beginning on January 1, 2022 and is not expected to 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.

In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope.” This ASU clarifies that certain optional expedients and exceptions in Topic 848 apply to derivatives that are affected by the discounting transition. This guidance was effective upon issuance for the Company and is not expected to have a material impact on the Company’s Consolidated Financial Statements.

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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 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.” The ASU 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. This guidance was effective upon issuance of this ASU for contract modifications and hedging relationships on a prospective basis and is not expected to 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.” The guidance 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.

Critical Accounting Policies and Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to use judgment and make estimates. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. Actual results could ultimately differ from those estimates. The accounting policies that are most critical in the preparation of the Company’s Consolidated Financial Statements are those that are both important to the presentation of the Consolidated Financial Statements and require significant or complex judgments and estimates on the part of management. The Company’s critical accounting policies are reviewed periodically with the Audit Committee of the Board of Directors.

In certain instances, accounting principles generally accepted in the United States of America allow for the selection of alternative accounting methods. The Company’s significant policies that involve the selection of alternative methods are accounting for inventories and shipping and handling costs.

▪The Company accounts for inventories using both the first-in, first-out (“FIFO”) method (75% of inventories) and the last-in, first-out (“LIFO”) method (25% of inventories). There would have been no material impact on reported earnings for 2021 or 2020 had all inventories been accounted for under the FIFO method.

▪Shipping and handling costs may be reported as either a component of Cost of sales or Selling, general and administrative expenses. The Company accounts for such costs, primarily related to warehousing and outbound freight, as fulfillment costs and reports them in the Consolidated Statements of Income as a component of Selling, general and administrative expenses. Accordingly, the Company’s Gross profit margin is not comparable with the gross profit margin of those companies that include shipping and handling charges in cost of sales. If such costs had been included as a component of Cost of sales, the Company’s Gross profit margin would have been lower by 968 bps in 2021, by 845 bps in 2020, and 810 bps in 2019, with no impact on reported earnings.

    The areas of accounting that involve significant or complex judgments and estimates are pensions and other retiree benefit cost assumptions, stock-based compensation, asset impairments, uncertain tax positions, tax valuation allowances, legal and other contingency reserves.

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(Dollars in Millions Except Per Share Amounts)

▪In accounting for pension and other postretirement benefit costs, the most significant actuarial assumptions are the discount rate and the expected long-term rate of return on plan assets. The discount rate used to measure the benefit obligation for U.S. defined benefit plans was 2.98% and 2.65% as of December 31, 2021 and 2020, respectively. The discount rate used to measure the benefit obligation for other U.S. postretirement plans was 3.06%, and 2.88% as of December 31, 2021 and 2020, respectively. Discount rates used for the U.S. and international defined benefit and other postretirement plans are based on a yield curve constructed from a portfolio of high-quality bonds whose projected cash flows approximate the projected benefit payments of the plans. The assumed expected long-term rate of return on plan assets for U.S. plans was 5.70% as of December 31, 2021 and 2020. In determining the expected long-term rate of return, the Company considers the nature of the plans’ investments and the historical rate of return.

Average annual rates of return for the U.S. plans for the most recent 1-year, 5-year, 10-year, 15-year and 25-year periods were 3%, 8%, 8%, 6% and 7%, respectively. In addition, the current assumed rate of return for the U.S. plans is based upon the nature of the plans’ investments with a target asset allocation of approximately 76% in fixed income securities, 21% in equity securities and 3% in real estate and other investments. A 1% change in the assumed rate of return on plan assets of the U.S. pension plans would impact future Net income attributable to Colgate-Palmolive Company by approximately $18. A 1% change in the discount rate for the U.S. pension plans and U.S. other retiree benefit plan would impact future Net income attributable to Colgate-Palmolive Company by approximately $2 and $10, respectively. A third assumption is the long-term rate of compensation increase, a change in which would partially offset the impact of a change in either the discount rate or the expected long-term rate of return. This rate was 3.50% as of December 31, 2021, and 2020. Refer to Note 10, Retirement Plans and Other Retiree Benefits to the Consolidated Financial Statements for further discussion of the Company’s pension and other postretirement plans.

▪The assumption requiring the most judgment in accounting for other postretirement benefits (other than the discount rate noted above) is the medical cost trend rate. The Company reviews external data and its own historical trends for health care costs to determine the medical cost trend rate. The assumed rate of increase for the U.S. postretirement benefit plans is 6.00% for 2022, declining to 4.75% by 2026 and remaining at 4.75% for the years thereafter. The effect on the total of service cost and interest costs components of a 1% increase in the assumed long-term medical cost trend rate would decrease Net income attributable to Colgate-Palmolive Company by $11.

▪The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock units (both performance-based and time-vested), based on the fair value of those awards at the date of grant. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to estimate the fair value of stock option awards. The weighted-average estimated fair value of each stock option award granted in the year ended December 31, 2021 was $11.11. The Black-Scholes model uses various assumptions to estimate the fair value of stock option awards. These assumptions include the expected term of stock option awards, expected volatility rate, risk-free interest rate and expected dividend yield. While these assumptions do not require significant judgment, as the significant inputs are determined from historical experience or independent third-party sources, changes in these inputs could result in significant changes in the fair value of stock option awards. A one-year change in expected term would result in a change in fair value of approximately 4%. A 1% change in volatility would change fair value by approximately 6%. The Company uses a Monte-Carlo simulation to determine the fair value of performance-based restricted stock units at the date of grant. The Monte-Carlo simulation model uses substantially the same inputs as the Black-Scholes model.

▪Goodwill and indefinite-life intangible assets, such as the Company’s global brands, are subject to impairment tests at least annually or when events or changes in circumstances indicate an asset may be impaired. In assessing impairment, the Company performs either a quantitative or a qualitative analysis.

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Determining the fair value of the Company’s reporting units for goodwill and the fair value of its intangible assets requires significant estimates and judgments by management. When a quantitative analysis is performed, the Company generally uses the income approach, which requires several estimates, including future cash flows consistent with management’s strategic plans, sales growth rates, foreign exchange rates and the selection of royalty rates and a discount rate. Estimating sales growth rates requires significant judgment by management in areas such as future economic conditions, category growth rates, product pricing, consumer tastes and preferences and future expansion expectations. In selecting an appropriate royalty rate, the Company considers recent market transactions for similar brands and products. In determining an appropriate discount rate, the Company considers the current interest rate environment and its estimated cost of capital. Other qualitative factors the Company considers, in addition to those quantitative measures discussed above, include assessments of general macroeconomic conditions, industry-specific considerations and historical financial performance. The Company generally engages a third-party valuation firm to assist it in determining the fair value of intangible assets acquired in business combinations.

In determining the fair value of the Company’s reporting units, fair value is also determined using the market approach, which is generally derived from metrics of comparable publicly traded companies. As multiple valuation methodologies are used, the Company also performs a qualitative analysis comparing the fair value of a reporting unit under each method to assess its reasonableness and ensure consistency of results.

Determining the expected life of a brand requires management judgment and is based on an evaluation of several factors including market share, brand history, future expansion expectations, the level of in-market support anticipated by management, legal or regulatory restrictions and the economic environment in the countries in which the brand is sold.

The Company made revisions to the internal forecasts relating to its Filorga reporting unit during the fourth quarter of 2021 due primarily to the impact of the COVID-19 pandemic on the Filorga skin health business as a result of government restrictions and reduced consumer mobility, which negatively impacted consumption in the duty-free, travel retail and pharmacy channels. The Company concluded that the changes in circumstances in this reporting unit triggered the need for an interim impairment review of its indefinite-lived trademark and goodwill and, accordingly, performed an interim impairment test for the trademark as of December 31, 2021. The Company concluded that the carrying value of the trademark exceeded its estimated fair value, and recorded an impairment charge of $204, reducing the carrying value to approximately $588. After adjusting the carrying value of the trademark, the Company completed a quantitative impairment test for goodwill and recorded a goodwill impairment charge of $367 in the Filorga reporting unit, reducing the carrying value of goodwill to approximately $577.

Except for the Filorga skin health business, as described above, the estimated fair value of the Company’s reporting units substantially exceeds the recorded carrying value. The fair value of the Company’s indefinite-life intangible assets other than Filorga exceeds their recorded carrying value by at least 20%. Therefore, it is not reasonably likely that significant changes in these estimates would occur that would result in an impairment charge related to these assets.

▪The recognition and measurement of uncertain tax positions involves consideration of the amounts and probabilities of various outcomes that could be realized upon ultimate resolution.

▪Tax valuation allowances are established to reduce deferred tax assets, such as tax loss carryforwards, to net realizable value. Factors considered in estimating net realizable value include historical results by tax jurisdiction, carryforward periods, income tax strategies and forecasted taxable income.

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▪Legal and other contingency reserves are based on management’s assessment of the risk of potential loss, which includes consultation with outside legal counsel and other advisors. Such assessments are reviewed each period and revised based on current facts and circumstances, if necessary. While it is possible that the Company’s cash flows and results of operations in a particular quarter or year could be materially affected by the impact of such contingencies, based on current knowledge it is the opinion of management that these matters will not have a material effect on the Company’s financial position, or its ongoing results of operations or cash flows. Refer to Note 13, Commitments and Contingencies to the Consolidated Financial Statements for further discussion of the Company’s contingencies.

The Company generates revenue through the sale of well-known consumer products to trade customers under established trading terms. While the recognition of revenue and receivables requires the use of estimates, there is a short time frame (typically less than 60 days) between the shipment of product and cash receipt, thereby reducing the level of uncertainty in these estimates. Refer to Note 2, Summary of Significant Accounting Policies to the Consolidated Financial Statements for further description of the Company’s significant accounting policies.

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(Dollars in Millions Except Per Share Amounts)

Cautionary Statement on Forward-Looking Statements

This Annual Report on Form 10-K may contain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 or by the SEC in its rules, regulations and releases that set forth anticipated results based on management’s current plans and assumptions. Such statements may relate, for example, to sales or volume growth, net selling price increases, organic sales growth, profit or profit margin levels, earnings per share levels, financial goals, the impact of foreign exchange volatility, the impact of COVID-19, cost-reduction plans (including the 2022 Global Productivity Initiative), tax rates, new product introductions, commercial investment levels, acquisitions, divestitures, share repurchases, or legal or tax proceedings, among other matters. These statements are made on the basis of the Company’s views and assumptions as of this time and the Company undertakes no obligation to update these statements whether as a result of new information, future events or otherwise, except as required by law or by the rules and regulations of the SEC. Moreover, the Company does not, nor does any other person, assume responsibility for the accuracy and completeness of those statements. The Company cautions investors that any such forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from those statements. Actual events or results may differ materially because of factors that affect international businesses and global economic conditions, as well as matters specific to the Company and the markets it serves, including the uncertain economic and political environment in different countries and its effect on consumer spending habits, foreign currency rate fluctuations, exchange controls, sanctions, tariffs, price or profit controls, labor relations, changes in foreign or domestic laws, or regulations or their interpretation, political and fiscal developments, including changes in trade, tax and immigration policies, increased competition and evolving competitive practices (including from the growth of eCommerce and the entry of new competitors and business models), the ability to operate and respond effectively during a pandemic, epidemic or widespread public health concern, including COVID-19, ability to manage disruptions in our global supply chain and/or key office facilities, ability to manage the availability and cost of raw and packaging materials and logistics costs, the ability to maintain or increase selling prices as needed, changes in the policies of retail trade customers, the emergence of alternative retail channels, the growth of eCommerce and the rapidly changing retail landscape (as consumers increasingly shop online and via mobile and social applications), the ability to develop innovative new products, the ability to lower costs, successfully implement the 2022 Global Productivity Initiative and drive growth and instill a growth mindset to drive innovation, the ability to maintain the security of our information technology systems from a cyber-security incident or data breach, the ability to lessen and address the effects of climate change and achieve our sustainability and social impact targets, the ability to complete acquisitions and divestitures as planned, the ability to successfully integrate acquired businesses, the ability to attract and retain key employees and integrate DE&I initiatives across our organization, the uncertainty of the outcome of legal proceedings, whether or not the Company believes they have merit, and the ability to address uncertain or unfavorable global economic conditions, disruptions in the credit markets and tax matters. For information about these and other factors that could impact the Company’s business and cause actual results to differ materially from forward-looking statements, refer to Part I, Item 1A “Risk Factors.”

ITEM 7A.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See “Managing Foreign Currency, Interest Rate, Commodity Price and Credit Risk Exposure” in Part II, Item 7.

56

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

See “Index to Financial Statements.”

ITEM 9.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A.    CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company’s management, under the supervision and with the participation of the Company’s Chairman of the Board, President and Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of December 31, 2021 (the “Evaluation”). Based upon the Evaluation, the Company’s Chairman of the Board, President and Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934) are effective.

Management’s Annual Report on Internal Control Over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. Management, under the supervision and with the participation of the Company’s Chairman of the Board, President and Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the Company’s internal control over financial reporting based upon the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and concluded that it was effective as of December 31, 2021.

The Company’s independent registered public accounting firm, PricewaterhouseCoopers LLP, has audited the effectiveness of the Company’s internal control over financial reporting as of December 31, 2021, and has expressed an unqualified opinion in their report, which appears under “Index to Financial Statements – Report of Independent Registered Public Accounting Firm.”

Changes in Internal Control Over Financial Reporting

The Company is in the process of upgrading its enterprise IT system to SAP S/4 HANA. This change has not had and is not expected to have a material impact on the Company’s internal controls over financial reporting.

Except as noted above, there were no changes in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

ITEM 9B.    OTHER INFORMATION

None.

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

57

PART III

ITEM 10.    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

See “Information about our Executive Officers” in Part I, Item 1 of this report.

Additional information required by this Item relating to directors, executive officers and corporate governance of the Company is incorporated herein by reference to the Company’s Proxy Statement for its 2022 Annual Meeting of Stockholders (the “2022 Proxy Statement”).

Code of Ethics

The Company’s Code of Conduct promotes the highest ethical standards in all of the Company’s business dealings. The Code of Conduct satisfies the SEC’s requirements for a Code of Ethics for senior financial officers and applies to all Company employees, including the Chairman of the Board, President and Chief Executive Officer, the Chief Financial Officer and the Vice President and Controller, and the Company’s directors. The Code of Conduct is available on the Company’s website at www.colgatepalmolive.com. Any amendment to the Code of Conduct will promptly be posted on the Company’s website. It is the Company’s policy not to grant waivers of the Code of Conduct. In the extremely unlikely event that the Company grants an executive officer a waiver from a provision of the Code of Conduct, the Company will promptly disclose such information by posting it on its website or by using other appropriate means in accordance with SEC rules.

ITEM 11.    EXECUTIVE COMPENSATION

The information regarding executive compensation set forth in the 2022 Proxy Statement is incorporated herein by reference.

58

ITEM 12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

(a)The information regarding security ownership of certain beneficial owners and management set forth in the 2022 Proxy Statement is incorporated herein by reference.

(b)The Registrant does not know of any arrangements that may at a subsequent date result in a change in control of the Registrant.

(c)Equity compensation plan information as of December 31, 2021:

	(a)		(b)			(c)
Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (in thousands)		Weighted-average exercise price of outstanding options, warrants and rights			Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (in thousands)
Equity compensation plans approved by security holders	28,011	(1)	$	72.27	(2)	37,028	(3)
Equity compensation plans not approved by security holders	Not applicable		Not applicable			Not applicable
Total	28,011		$	72.27		37,028

_______

(1)Consists of 26,095 options outstanding and 1,916 restricted stock units awarded but not yet vested under the Company’s 2013 Incentive Compensation Plan and the Company’s 2019 Incentive Compensation Plan, respectively, as more fully described in Note 8, Capital Stock and Stock-Based Compensation Plans to the Consolidated Financial Statements.

(2)Includes the weighted-average exercise price of stock options outstanding of $72 and restricted stock units of $76.

(3)Amount includes 26,038 options available for issuance and 10,990 restricted stock units available for issuance under the Company’s 2019 Incentive Compensation Plan.

ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

The information regarding certain relationships and related transactions and director independence set forth in the 2022 Proxy Statement is incorporated herein by reference.

ITEM 14.    PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information regarding auditor fees and services set forth in the 2022 Proxy Statement is incorporated herein by reference.

59

PART IV

ITEM 15.    EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)Financial Statements and Financial Statement Schedules

    See “Index to Financial Statements.”

(b)Exhibits:

60

Exhibit No.		Description
3-A		Restated Certificate of Incorporation, as amended. (Registrant hereby incorporates by reference Exhibit 3-A to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, File No. 1-644.)
3-B		Colgate-Palmolive Company By-laws, Amended and Restated as of December 9, 2021. (Registrant hereby incorporates by reference Exhibit 3.01 to its Current Report on Form 8-K filed on December 9, 2021, File No. 1-644.)
4	a)	Description of Securities of the Registrant**
	b)	Indenture, dated as of November 15, 1992, between the Company and The Bank of New York Mellon (formerly known as The Bank of New York) as Trustee. (Registrant hereby incorporates by reference Exhibit 4.1 to its Registration Statement on Form S-3 and Post-Effective Amendment No. 1 filed on June 26, 1992, Registration No. 33-48840.)(1)
	c)	Colgate-Palmolive Company Employee Stock Ownership Trust Agreement dated as of June 1, 1989, as amended. (Registrant hereby incorporates by reference Exhibit 4-B (b) to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2000, File No. 1-644.)
10-A	a)	Colgate-Palmolive 2019 Incentive Compensation Plan. (Registrant hereby incorporates by reference Annex C to its 2019 Notice of Annual Meeting and Proxy Statement, File No. 1-644.)*
	b)	Form of Nonqualified Option Award Agreement used in connection with grants under the Colgate-Palmolive Company 2019 Incentive Compensation Plan. (Registrant hereby incorporates by reference Exhibit 10-C to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, File No. 1-644.)*
	c)	Form of Restricted Stock Unit Award Agreement used in connection with grants under the Colgate-Palmolive Company 2019 Incentive Compensation Plan. (Registrant hereby incorporates by reference Exhibit 10-D to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, File No. 1-644.)*
	d)	Form of Performance Stock Unit Award Agreement for the 2020-2022 Performance Cycle (Registrant hereby incorporates by reference Exhibit 10-A to its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, File No. 1-644.)*
10-B	a)	Colgate-Palmolive Company 2013 Incentive Compensation Plan. (Registrant hereby incorporates by reference Annex B to its 2013 Notice of Annual Meeting and Proxy Statement, File No. 1-644.)*
	b)	Form of Nonqualified Option Award Agreement used in connection with grants under the 2013 Incentive Compensation Plan. (Registrant hereby incorporates by reference Exhibit 10-A (b) to its Annual Report on Form 10-K for the year ended December 31, 2017, File No. 1-644.)*
	c)	Form of Restricted Stock Unit Award Agreement used in connection with grants under the 2013 Incentive Compensation Plan. (Registrant hereby incorporates by reference Exhibit 10-A (c) to its Annual Report on Form 10-K for the year ended December 31, 2017, File No. 1-644.)*
	d)	Form of Performance Stock Unit Award Agreement for the 2019-2021 Performance Cycle. (Registrant hereby incorporates by reference Exhibit 99 to its Current Report on Form 8-K filed on March 20, 2019, File No. 1-644.)*
10-C	a)	Colgate-Palmolive Company Executive Incentive Compensation Plan Trust, as amended. (Registrant hereby incorporates by reference Exhibit 10-B (b) to its Annual Report on Form 10-K for the year ended December 31, 1987, File No. 1-644.)*
	b)	Amendment, dated as of October 29, 2007, to the Colgate-Palmolive Company Executive Incentive Compensation Plan Trust. (Registrant hereby incorporates by reference Exhibit 10-A (b) to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, File No. 1-644.)*
10-D		Colgate-Palmolive Company Supplemental Salaried Employees’ Retirement Plan, amended and restated, effective as of January 1, 2021.* **

61

10-E	a)	Colgate-Palmolive Company Executive Severance Plan, as amended and restated through September 13, 2018. (Registrant hereby incorporates by reference Exhibit 10-A to its Current Report on Form 8-K filed on September 18, 2018, File No. 1-644.)*
	b)	Colgate-Palmolive Company Executive Severance Plan Trust. (Registrant hereby incorporates by reference Exhibit 10-E (b) to its Annual Report on Form 10-K for the year ended December 31, 1987, File No. 1-644.)*
10-F		Colgate-Palmolive Company Pension Plan for Outside Directors, as amended and restated. (Registrant hereby incorporates by reference Exhibit 10-D to its Annual Report on Form 10-K for the year ended December 31, 1999, File No. 1-644.)*
10-G	a)	Colgate-Palmolive Company Restated and Amended Deferred Compensation Plan for Non-Employee Directors, as amended. (Registrant hereby incorporates by reference Exhibit 10-H to its Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-644.)*
	b)	Amendment, effective as of January 1, 2005, to the Colgate-Palmolive Company Restated and Amended Deferred Compensation Plan for Non-Employee Directors. (Registrant hereby incorporates by reference Exhibit 10-F to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, File No. 1-644.)*
10-H		Colgate-Palmolive Company Deferred Compensation Plan, amended and restated, effective as of October 28, 2021. (Registrant hereby incorporates by reference Exhibit 10-B to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, File No. 1-644.)*
10-I		Colgate-Palmolive Company Above and Beyond Plan – Officer Level. (Registrant hereby incorporates by reference Exhibit 10-A to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2004, File No. 1-644.)*
10-J		Five Year Credit Agreement, dated as of August 20, 2021, by and among Colgate-Palmolive Company, as Borrower, Citibank, N.A., as Administrative Agent and Arranger, and the Lenders party thereto.(Registrant hereby incorporates by reference Exhibit 10-A to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, File No. 1-644.)
10-K		Colgate-Palmolive Company Supplemental Savings and Investment Plan, amended and restated, effective as of January 1, 2021.* **
10-L		Form of Indemnification Agreement between Colgate-Palmolive Company and its directors, executive officers and certain key employees. (Registrant hereby incorporates by reference Exhibit 10-K to its Annual Report on Form 10-K for the year ended December 31, 2017, File No. 1-644.)
21		Subsidiaries of the Registrant.**
23		Consent of Independent Registered Public Accounting Firm.**
24		Powers of Attorney.**
31-A		Certificate of the Chairman of the Board, President and Chief Executive Officer of Colgate-Palmolive Company pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.**
31-B		Certificate of the Chief Financial Officer of Colgate-Palmolive Company pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.**
32		Certificate of the Chairman of the Board, President and Chief Executive Officer and the Chief Financial Officer of Colgate-Palmolive Company pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. § 1350.***
101		The following materials from Colgate-Palmolive Company’s Annual Report on Form 10-K for the year ended December 31, 2021, formatted in Inline eXtensible Business Reporting Language (Inline XBRL): (i) the Consolidated Statements of Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Changes in Shareholders’ Equity, (iv) the Consolidated Statements of Comprehensive Income, (v) the Consolidated Statements of Cash Flows, (vi) Notes to Consolidated Financial Statements, and (vii) Financial Statement Schedule.**
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).**

62

__________

*    Indicates a management contract or compensatory plan or arrangement.

**    Filed herewith.

*** Furnished herewith.

(1)    Registrant hereby undertakes to furnish the Commission, upon request, with a copy of any instrument with respect to long-term debt where the total amount of securities authorized thereunder does not exceed 10% of the total assets of the Registrant and its subsidiaries on a consolidated basis.

The exhibits indicated above that are not included with the Form 10-K are available upon request and payment of a reasonable fee approximating the registrant’s cost of providing and mailing the exhibits. Inquiries should be directed to:

Colgate-Palmolive Company

Office of the Secretary (10-K Exhibits)

300 Park Avenue

New York, NY 10022-7499

63

ITEM 16.    FORM 10-K SUMMARY

None.

64

COLGATE-PALMOLIVE COMPANY

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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)
Date: February 17, 2022	By	/s/ Noel R. Wallace
		Noel R. Wallace Chairman of the Board, President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February 17, 2022, by the following persons on behalf of the registrant and in the capacities indicated.

     

(a)           Principal Executive Officer	(d)           Directors:
/s/ Noel R. Wallace	/s/ Noel R. Wallace
Noel R. Wallace Chairman of the Board, President and Chief Executive Officer	Noel R. Wallace
(b)           Principal Financial Officer	John P. Bilbrey, John T. Cahill, Lisa M. Edwards, C. Martin Harris, Martina Hund-Mejean, Kimberly A. Nelson, Lorrie M. Norrington, Michael B. Polk, Stephen I. Sadove*
/s/ Stanley J. Sutula III	*By: /s/ Jennifer M. Daniels
Stanley J. Sutula III Chief Financial Officer	Jennifer M. Daniels As Attorney-in-Fact
(c)           Principal Accounting Officer
/s/ Philip G. Shotts
Philip G. Shotts Vice President and Controller

65

Index to Financial Statements

	Page
Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)	67
Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019	70
Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020 and 2019	71
Consolidated Balance Sheets as of December 31, 2021 and 2020	72
Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2021, 2020 and 2019	73
Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020 and 2019	74
Notes to Consolidated Financial Statements	75
Financial Statement Schedule
Schedule II - Valuation and Qualifying Accounts for the years ended December 31, 2021, 2020 and 2019	122
Selected Financial Data
Market Information	123

All other financial statements and schedules not listed have been omitted since the required information is included in the financial statements or the notes thereto or is not applicable or required.

66

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Colgate-Palmolive Company

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the consolidated financial statements, including the related notes and financial statement schedule, of Colgate-Palmolive Company and its subsidiaries (the “Company”) as listed in the accompanying index (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

67

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Goodwill and Indefinite-Lived Intangible Asset Impairment Assessments - Filorga

As described in Notes 2 and 5 to the consolidated financial statements, the Company’s consolidated balance of goodwill and indefinite-lived intangible assets was $3.3 billion and $1.6 billion, respectively, as of December 31, 2021. Goodwill and indefinite-lived intangible assets are subject to impairment tests at least annually or when events or changes in circumstances indicate that an asset may be impaired. Given the impact of the COVID-19 pandemic on the Filorga skin health business, during the fourth quarter of 2021, the Company concluded that the changes in circumstances in this reporting unit triggered the need for an interim impairment review of its indefinite-lived trademark and goodwill. Accordingly, the Company performed an interim impairment test for the trademark as of December 31, 2021. The Company concluded that the carrying value of the trademark exceeded its estimated fair value, and recorded an impairment charge of $204 million, reducing the carrying value to approximately $588 million. After adjusting the carrying value of the trademark, the Company completed a quantitative impairment test for goodwill and recorded a goodwill impairment charge of $367 million in the Filorga reporting unit, reducing the carrying value of goodwill to approximately $577 million. The fair value of the Filorga reporting unit and indefinite-lived trademark were determined using an income approach. This method incorporates significant judgments and estimates by management regarding several key inputs, including future cash flows, sales growth rates, discount rate, and the selection of royalty rates, among others.

The principal considerations for our determination that performing procedures relating to the goodwill and indefinite-lived intangible asset impairment assessments of Filorga is a critical audit matter are (i) the significant judgment by management when developing the fair value of the reporting unit and indefinite-lived intangible asset; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to the sales growth rates and discount rate for the goodwill and indefinite-lived intangible asset, and the royalty rate for the indefinite-lived intangible asset; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s goodwill and indefinite-lived intangible asset impairment assessments, including controls over the valuation of the Filorga reporting unit and indefinite-lived intangible asset. These procedures also included, among others (i) testing management’s process for developing the fair value of the reporting unit and indefinite-lived intangible asset; (ii) evaluating the appropriateness of the income approach; (iii) testing the completeness and accuracy of underlying data used in the income approach; and (iv) evaluating the reasonableness of significant assumptions used by management related to the sales growth rates and discount rate for the goodwill and indefinite-lived intangible asset, and the royalty rate for the indefinite-lived intangible asset. Evaluating management’s significant assumptions related to the sales growth rates and discount rate for the goodwill and indefinite-lived intangible asset and the royalty rate for the indefinite-lived intangible asset involved evaluating whether the significant assumptions used by management were reasonable considering (i) the current and past performance of the reporting unit; (ii) the consistency with external market and industry data, and (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating the appropriateness of the income approach and the reasonableness of the discount rate and royalty rate significant assumptions.

68

/s/ PricewaterhouseCoopers LLP

New York, New York

February 17, 2022

We have served as the Company’s auditor since 2002.

69

COLGATE-PALMOLIVE COMPANY

Consolidated Statements of Income

For the years ended December 31,

(Dollars in Millions Except Per Share Amounts)

	2021		2020		2019
Net sales	$	17,421	$	16,471	$	15,693
Cost of sales	7,046		6,454		6,368
Gross profit	10,375		10,017		9,325
Selling, general and administrative expenses	6,407		6,019		5,575
Other (income) expense, net	65		113		196
Goodwill and indefinite-lived intangible impairment charges	571		—		—
Operating profit	3,332		3,885		3,554
Non-service related postretirement costs	70		74		108
Interest (income) expense, net	175		164		145
Income before income taxes	3,087		3,647		3,301
Provision for income taxes	749		787		774
Net income including noncontrolling interests	2,338		2,860		2,527
Less: Net income attributable to noncontrolling interests	172		165		160
Net income attributable to Colgate-Palmolive Company	$	2,166	$	2,695	$	2,367
Earnings per common share, basic	$	2.56	$	3.15	$	2.76
Earnings per common share, diluted	$	2.55	$	3.14	$	2.75

See Notes to Consolidated Financial Statements.

70

COLGATE-PALMOLIVE COMPANY

Consolidated Statements of Comprehensive Income

For the years ended December 31,

 (Dollars in Millions)

	2021		2020		2019
Net income including noncontrolling interests	$	2,338	$	2,860	$	2,527
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(193)		(24)		25
Retirement plan and other retiree benefit adjustments	134		(40)		(100)
Gains (losses) on cash flow hedges	16		(2)		(12)
Total Other comprehensive income (loss), net of tax	(43)		(66)		(87)
Total Comprehensive income including noncontrolling interests	2,295		2,794		2,440
Less: Net income attributable to noncontrolling interests	172		165		160
Less: Cumulative translation adjustments attributable to noncontrolling interests	(2)		6		(2)
Total Comprehensive income attributable to noncontrolling interests	170		171		158
Total Comprehensive income attributable to Colgate-Palmolive Company	$	2,125	$	2,623	$	2,282

See Notes to Consolidated Financial Statements.

71

COLGATE-PALMOLIVE COMPANY

 Consolidated Balance Sheets

As of December 31,

 (Dollars in Millions Except Share and Per Share Amounts)

	2021		2020
Assets
Current Assets
Cash and cash equivalents	$	832	$	888
Receivables (net of allowances of $78 and $89, respectively)	1,297		1,264
Inventories	1,692		1,673
Other current assets	576		513
Total current assets	4,397		4,338
Property, plant and equipment, net	3,730		3,716
Goodwill	3,284		3,824
Other intangible assets, net	2,462		2,894
Deferred income taxes	193		291
Other assets	974		857
Total assets	$	15,040	$	15,920
Liabilities and Shareholders’ Equity
Current Liabilities
Notes and loans payable	$	39	$	258
Current portion of long-term debt	12		9
Accounts payable	1,479		1,393
Accrued income taxes	436		403
Other accruals	2,085		2,341
Total current liabilities	4,051		4,404
Long-term debt	7,194		7,334
Deferred income taxes	395		426
Other liabilities	2,429		2,655
Total liabilities	14,069		14,819
Commitments and contingent liabilities	—		—
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 capital	3,269		2,969
Retained earnings	24,350		23,699
Accumulated other comprehensive income (loss)	(4,386)		(4,345)
Unearned compensation	(1)		(1)
Treasury stock, at cost	(24,089)		(23,045)
Total Colgate-Palmolive Company shareholders’ equity	609		743
Noncontrolling interests	362		358
Total equity	971		1,101
Total liabilities and equity	$	15,040	$	15,920

See Notes to Consolidated Financial Statements.

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COLGATE-PALMOLIVE COMPANY

Consolidated Statements of Changes in Shareholders’ Equity

(Dollars in Millions)

	Colgate-Palmolive Company Shareholders’ Equity
	Common Stock		Additional Paid-In Capital		Unearned Compensation		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests
Balance, January 1, 2019	$	1,466	$	2,204	$	(3)	$	(21,196)	$	21,615	$	(4,188)	$	299
Net income									2,367				160
Other comprehensive income (loss), net of tax											(85)		(2)
Dividends ($1.71)/per share*									(1,472)				(141)
Stock-based compensation expense			100
Shares issued for stock options			210				305
Shares issued for restricted stock awards			(29)				29
Noncontrolling interests assumed through acquisition													125
Treasury stock acquired							(1,202)
Other			3		1		1		(9)
Balance, December 31, 2019	$	1,466	$	2,488	$	(2)	$	(22,063)	$	22,501	$	(4,273)	$	441
Net income									2,695				165
Other comprehensive income (loss), net of tax											(72)		6
Dividends ($1.75)/per share*									(1,502)				(152)
Stock-based compensation expense			107
Shares issued for stock options			400				462
Shares issued for restricted stock awards			(31)				31
Noncontrolling interests acquired													(99)
Treasury stock acquired							(1,476)
Other			5		1		1		5				(3)
Balance, December 31, 2020	$	1,466	$	2,969	$	(1)	$	(23,045)	$	23,699	$	(4,345)	$	358
Net income									2,166				172
Other comprehensive income (loss), net of tax											(41)		(2)
Dividends ($1.79)/per share*									(1,515)				(166)
Stock-based compensation expense			135
Shares issued for stock options			188				248
Shares issued for restricted stock awards			(27)				27
Treasury stock acquired							(1,320)
Other			4		—		1		—				—
Balance, December 31, 2021	$	1,466	$	3,269	$	(1)	$	(24,089)	$	24,350	$	(4,386)	$	362

* Two dividends were declared in each of the first quarters of 2021, 2020 and 2019.

See Notes to Consolidated Financial Statements.

73

COLGATE-PALMOLIVE COMPANY

Consolidated Statements of Cash Flows

For the years ended December 31,

(Dollars in Millions)

	2021		2020		2019
Operating Activities
Net income including noncontrolling interests	$	2,338	$	2,860	$	2,527
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:
Depreciation and amortization	556		539		519
Restructuring and termination benefits, net of cash	(21)		(71)		18
Stock-based compensation expense	135		107		100
Goodwill and indefinite-lived intangible impairment charges	571		—		—
Loss on early extinguishment of debt	75		23		—
Deferred income taxes	(132)		(120)		17
Voluntary benefit plan contributions	—		—		(113)
Cash effects of changes in:
Receivables	(84)		138		19
Inventories	(72)		(251)		(77)
Accounts payable and other accruals	14		520		36
Other non-current assets and liabilities	(55)		(26)		87
Net cash provided by operations	3,325		3,719		3,133
Investing Activities
Capital expenditures	(567)		(410)		(335)
Purchases of marketable securities and investments	(141)		(143)		(184)
Proceeds from sale of marketable securities and investments	141		124		131
Payment for acquisitions, net of cash acquired	—		(353)		(1,711)
Other investing activities	(25)		3		—
Net cash used in investing activities	(592)		(779)		(2,099)
Financing Activities
Short-term borrowing (repayment) less than 90 days, net	(171)		488		296
Principal payments on debt (1)	(703)		(1,085)		(1,441)
Proceeds from issuance of debt	699		—		2,578
Dividends paid	(1,679)		(1,654)		(1,614)
Purchases of treasury shares	(1,320)		(1,476)		(1,202)
Proceeds from exercise of stock options	424		874		498
Purchases of non-controlling interests in subsidiaries	—		(99)		—
Other financing activities	(24)		33		15
Net cash used in financing activities	(2,774)		(2,919)		(870)
Effect of exchange rate changes on Cash and cash equivalents	(15)		(16)		(7)
Net (decrease) increase in Cash and cash equivalents	(56)		5		157
Cash and cash equivalents at beginning of year	888		883		726
Cash and cash equivalents at end of year	$	832	$	888	$	883
Supplemental Cash Flow Information
Income taxes paid	$	890	$	845	$	803
Interest paid	$	194	$	188	$	185

(1) For the years ended December 31, 2021 and 2020, Principal payments on debt includes cash charges of $75 and $20, respectively, related to the extinguishment of debt prior to maturity. See Note 6, Long-Term Debt and Credit Facilities for additional information.

See Notes to Consolidated Financial Statements.

74

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements

(Dollars in Millions Except Share and Per Share Amounts)

1.    Nature of Operations    

The Company manufactures and markets a wide variety of products in the U.S. and around the world in two product segments: Oral, Personal and Home Care; and Pet Nutrition. Oral, Personal and Home Care products include toothpaste, toothbrushes, mouthwash, bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin health products, dishwashing detergents, fabric conditioners, household cleaners and other similar items. These products are sold primarily to a variety of traditional and eCommerce retailers, wholesalers and distributors worldwide. Pet Nutrition products include specialty pet nutrition products manufactured and marketed by Hill’s Pet Nutrition. The principal customers for Pet Nutrition products are authorized pet supply retailers, veterinarians and eCommerce retailers. Some of our products are also sold direct-to-consumer. Principal global and regional trademarks include Colgate, Palmolive, elmex, hello, meridol, Sorriso, Tom’s of Maine, EltaMD, Filorga, Irish Spring, Lady Speed Stick, PCA SKIN, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion, Fabuloso, Murphy, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet.

The Company’s principal classes of products accounted for the following percentages of worldwide Net sales for the past three years:

	2021		2020		2019
Oral Care	44	%	44	%	46	%
Personal Care	20	%	21	%	20	%
Home Care	17	%	18	%	18	%
Pet Nutrition	19	%	17	%	16	%
Total	100	%	100	%	100	%

75

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

2.    Summary of Significant Accounting Policies

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Colgate-Palmolive Company and its majority-owned or controlled subsidiaries. Intercompany transactions and balances have been eliminated. The Company’s investments in consumer products companies with interests ranging between 20% and 50%, where the Company has significant influence over the investee, are accounted for using the equity method. Net income (loss) from such investments is recorded in Other (income) expense, net in the Consolidated Statements of Income. As of December 31, 2021 and 2020, equity method investments included in Other assets in the Consolidated Balance Sheets were $64 and $56, respectively. Unrelated third parties hold the remaining ownership interests in these investments. Investments with less than a 20% interest are recorded at cost and periodically adjusted based on observable price changes or quoted market prices in active markets, if applicable.

Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. As such, the most significant uncertainty in the Company’s assumptions and estimates involved in preparing the financial statements includes pension and other retiree benefit cost assumptions, stock-based compensation, asset impairments, uncertain tax positions, tax valuation allowances and legal and other contingency reserves. Additionally, the Company uses available market information and other valuation methodologies in assessing the fair value of financial instruments and retirement plan assets. Judgment is required in interpreting market data to develop the estimates of fair value and, accordingly, changes in assumptions or the estimation methodologies may affect the fair value estimates. Actual results could ultimately differ from those estimates.

Revenue Recognition

The Company’s revenue contracts represent a single performance obligation to sell its products to trade customers. Sales are recorded at the time control of the products is transferred to trade customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products. Control is the ability of trade customers to “direct the use of” and “obtain” the benefit from our products. In evaluating the timing of the transfer of control of products to trade customers, the Company considers several control indicators, including significant risks and rewards of products, the Company’s right to payment and the legal title of the products. Based on the assessment of control indicators, sales are generally recognized when products are delivered to trade customers.

Net sales reflect the transaction prices for contracts, which include units shipped at selling list prices reduced by variable consideration. Variable consideration includes expected sales returns and the cost of current and continuing promotional programs. Current promotional programs primarily include product listing allowances and co-operative advertising arrangements. Continuing promotional programs are predominantly consumer coupons and volume-based sales incentive arrangements. The cost of promotional programs is estimated using the expected value method considering all reasonably available information, including the Company’s historical experience and its current expectations, and is reflected in the transaction price when sales are recorded. Adjustments to the cost of promotional programs in subsequent periods are generally not material, as the Company’s promotional programs are typically of short duration, thereby reducing the uncertainty inherent in such estimates.

Sales returns are generally accepted at the Company’s discretion and are not material to the Company’s Consolidated Financial Statements. The Company’s contracts with trade customers do not have significant financing components or non-cash consideration and the Company does not have unbilled revenue or significant amounts of prepayments from customers. The Company records Net sales excluding taxes collected on its sales to its trade customers. Shipping and handling activities are accounted for as contract fulfillment costs and classified as Selling, general and administrative expenses.

76

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

Shipping and Handling Costs

Shipping and handling costs are classified as Selling, general and administrative expenses and were $1,687, $1,392 and $1,275 for the years ended December 31, 2021, 2020 and 2019, respectively.

Marketing Costs

The Company markets its products through advertising and other promotional activities. Advertising costs are included in Selling, general and administrative expenses and are expensed as incurred. Certain consumer and trade promotional programs, such as consumer coupons, are recorded as a reduction of sales.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

Inventories

The cost of approximately 75% of inventories is determined using the FIFO method, which is stated at the lower of cost or net realizable value. The cost of all other inventories, in the U.S. and Mexico, is determined using the LIFO method, which is stated at the lower of cost or market. Inventories in excess of one year of forecasted sales are classified in the Consolidated Balance Sheets as non-current “Other assets.”

Property, Plant and Equipment

Land, buildings and machinery and equipment are stated at cost. Depreciation is provided, primarily using the straight-line method, over-estimated useful lives ranging from 3 to 15 years for machinery and equipment and up to 40 years for buildings. Depreciation attributable to manufacturing operations is included in Cost of sales. The remaining component of depreciation is included in Selling, general and administrative expenses.

Goodwill and Other Intangibles

Goodwill and indefinite-life intangible assets, such as the Company’s global brands, are subject to impairment tests at least annually or when events or changes in circumstances indicate that an asset may be impaired. Other intangible assets with finite lives, such as local brands and trademarks, customer relationships and non-compete agreements, are amortized over their estimated useful lives, generally ranging from 5 to 40 years. Amortization expense related to intangible assets is included in Other (income) expense, net, which is included in Operating profit.

Income Taxes

The provision for income taxes is determined using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized based upon the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates that will be in effect at the time such differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company uses a comprehensive model to recognize, measure, present and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on an income tax return. The Company recognizes interest expense and penalties related to unrecognized tax benefits within Provision for income taxes.

77

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

Financial Instruments

Derivative instruments are recorded as assets and liabilities at estimated fair value based on available market information. The Company’s derivative instruments that qualify for hedge accounting are designated as either fair value hedges, cash flow hedges or net investment hedges. For fair value hedges, changes in the fair value of the derivative, as well as the offsetting changes in the fair value of the hedged item, are recognized in earnings each period. For cash flow hedges, changes in the fair value of the derivative are recorded in Other comprehensive income (loss) and are recognized in earnings when the offsetting effect of the hedged item is also recognized in earnings. For hedges of the net investment in foreign subsidiaries, changes in the fair value of the derivative are recorded in Other comprehensive income (loss) to offset the change in the value of the net investment being hedged. Cash flows related to hedges are classified in the same category as the cash flows from the hedged item in the Consolidated Statements of Cash Flows.

The Company may also enter into certain foreign currency and interest rate instruments that economically hedge certain of its risks but do not qualify for hedge accounting. Changes in fair value of these derivative instruments, based on quoted market prices, are recognized in earnings each period. The Company’s derivative instruments and other financial instruments are more fully described in Note 7, Fair Value Measurements and Financial Instruments along with the related fair value measurement considerations.

Stock-Based Compensation

The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock units (both performance-based and time-vested), based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to estimate the fair value of stock option awards. In addition to performance conditions, performance-based restricted stock units also include a total shareholder return modifier. Because the total shareholder return modifier is considered a market condition, the Company uses a Monte-Carlo simulation model to determine the fair value of performance-based restricted stock units. The fair value of time-vested restricted stock units is determined based on the closing market price of the Company’s stock at the date of grant. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option pricing model are more fully described in Note 8, Capital Stock and Stock-Based Compensation Plans.

Currency Translation

The assets and liabilities of foreign subsidiaries, other than those operating in highly inflationary environments, are translated into U.S. dollars at year-end exchange rates with resulting translation gains and losses accumulated in a separate component of shareholders’ equity. Income and expense items are translated into U.S. dollars at average rates of exchange prevailing during the year.

For subsidiaries operating in highly inflationary environments, local currency-denominated non-monetary assets, including inventories, goodwill and property, plant and equipment, are remeasured at their historical exchange rates, while local currency-denominated monetary assets and liabilities are remeasured at year-end exchange rates. Remeasurement adjustments for these operations are included in Net income attributable to Colgate-Palmolive Company.

78

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

Recent Accounting Pronouncements

In November 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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 is effective for the Company beginning on January 1, 2022 and is not expected to 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.

In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope.” This ASU clarifies that certain optional expedients and exceptions in Topic 848 apply to derivatives that are affected by the discounting transition. This guidance was effective upon issuance for the Company 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 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.” The ASU 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. This guidance was effective upon issuance of this ASU for contract modifications and hedging relationships on a prospective basis and is not expected to 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.” The guidance 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.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

79

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

3.    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 has been 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
Goodwill	171
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 Consolidated Financial Statements is not material.

80

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

4.    Restructuring and Related Implementation Charges

2022 Global Productivity Initiative

On January 27, 2022, 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 expected to be substantially completed by December 31, 2022, is projected to result in cumulative pre-tax charges, once all phases are approved and implemented, totaling between $200 and $240, which are currently estimated to be comprised of the following: employee-related costs, including severance, pension and other termination benefits (80%); asset-related costs, primarily accelerated depreciation and asset write-downs (10%); 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 90% of the charges will result in cash expenditures.

Global Growth and Efficiency 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.

In the third quarter of 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 aftertax), of which a benefit of $3 was recorded in Selling, general and administrative expenses and $13 was recorded in Other (income) expense, net.

For the year ended December 31, 2019, restructuring and related implementation charges are reflected in the Consolidated Statements of Income as follows:  

	2019
Cost of sales	$	8
Selling, general and administrative expenses	60
Other (income) expense, net	57
Non-service related postretirement costs	7
Total Global Growth and Efficiency Program charges, pretax	$	132
Total Global Growth and Efficiency Program charges, aftertax	$	102

Restructuring and related implementation charges in the preceding table and the adjustment recorded in the third quarter of 2020 were recorded in the Corporate segment as these initiatives were predominantly centrally directed and controlled and were not included in internal measures of segment operating performance.

81

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

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

			Total Program
	2019		Charges
North America	4	%	17	%
Latin America	12	%	5	%
Europe	4	%	19	%
Asia Pacific	6	%	4	%
Africa/Eurasia	(1)	%	5	%
Hill’s Pet Nutrition	2	%	8	%
Corporate	73	%	42	%
Total	100	%	100	%

Over the course of the Global Growth and Efficiency Program, the Company incurred total pretax charges of $1,854 ($1,380 aftertax) in connection with the implementation of various projects as follows:

	Total Program Charges
	as of December 31, 2019
Employee-Related Costs	$	706
Incremental Depreciation	128
Asset Impairments	58
Other	962
Total	$	1,854

Over the course of the Global Growth and Efficiency Program, the majority of the costs incurred related to the following projects: the implementation of the Company’s overall hubbing strategy; the consolidation of facilities; the extension of shared business services and streamlining of global functions; the closing of the Morristown, New Jersey personal care facility; the simplification and streamlining of the Company’s research and development capabilities and oral care supply chain, both in Europe; redesigning the European commercial organization; restructuring how the Company will provide future retirement benefits to substantially all of the U.S.-based employees participating in the Company’s defined benefit retirement plan by shifting them to the Company’s defined contribution plan; and the implementation of a Corporate efficiencies program.

Employee-Related Costs primarily included severance and other termination benefits and were calculated based on long-standing benefit practices, local statutory requirements and, in certain cases, voluntary termination arrangements. Employee-Related Costs also included pension and other retiree benefit enhancements.

Incremental Depreciation was 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 were 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.

Other charges consisted primarily of charges resulting directly from exit activities and the implementation of new strategies as a result of the Global Growth and Efficiency Program.

82

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

5.    Goodwill and Other Intangible Assets

The net carrying value of Goodwill as of December 31, 2021 and 2020 by segment was as follows:

	2021		2020
Oral, Personal and Home Care
North America	$	912	$	912
Latin America	159		171
Europe	1,902		2,415
Asia Pacific	182		190
Africa/Eurasia	114		121
Total Oral, Personal and Home Care	3,269		3,809
Pet Nutrition	15		15
Total Goodwill	$	3,284	$	3,824

The change in the amount of Goodwill during 2021 is due to the goodwill impairment charge related to the Filorga reporting unit as more fully described below, and foreign currency translation.

Other intangible assets as of December 31, 2021 and 2020 were comprised of the following:

	2021						2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Trademarks - finite life	$	891	$	(445)	$	446	$	902	$	(422)	$	480
Other finite life intangible assets	744		(289)		455		786		(237)		549
Indefinite life intangible assets	1,561		—		1,561		1,865		—		1,865
Total Other intangible assets	$	3,196	$	(734)	$	2,462	$	3,553	$	(659)	$	2,894

The change in the net carrying amounts of Other intangible assets during 2021 was primarily due to the impact of impairment charge related to the Filorga indefinite-lived trademark as more fully described below, foreign currency translation and amortization expense of $89. Annual estimated amortization expense for each of the next five years is expected to be approximately $77.

The Company made revisions to the internal forecasts relating to its Filorga reporting unit during the fourth quarter of 2021 due primarily to the impact of the COVID-19 pandemic on the Filorga skin health business as a result of government restrictions and reduced consumer mobility, which negatively impacted consumption in the duty-free, travel retail and pharmacy channels. The Company concluded that the changes in circumstances in this reporting unit triggered the need for an interim impairment review of its indefinite-lived trademark and goodwill and, accordingly, performed an interim impairment test for the trademark as of December 31, 2021. The Company concluded that the carrying value of the trademark exceeded its estimated fair value, and recorded an impairment charge of $204, reducing the carrying value to approximately $588. After adjusting the carrying value of the trademark, the Company completed a quantitative impairment test for goodwill and recorded a goodwill impairment charge of $367 in the Filorga reporting unit, reducing the carrying value of goodwill to approximately $577. The goodwill and trademark impairment charges are presented as a separate line item in the Consolidated Statements of Income.

83

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

The Company used the income approach to determine the fair value of the Filorga reporting unit and indefinite-lived trademark that required significant judgments and estimates by management regarding several key inputs, including future cash flows consistent with management’s strategic plans, sales growth rates and the selection of royalty rate and a discount rate, among others. Estimating sales growth rates requires significant judgment by management in areas such as future economic conditions, category and industry growth rates, product pricing, consumer tastes and preferences and future expansion expectations.

84

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

6.    Long-Term Debt and Credit Facilities

Long-term debt consisted of the following at December 31:

	Weighted Average Interest Rate	Maturities			2021		2020
Notes	1.9%	2022	-	2078	$	5,958	$	6,170
Commercial paper	(0.4)%	2022			1,204		1,139
Finance Lease Obligations	Various	Various			44		34
					7,206		7,343
Less: Current portion of long-term debt					(12)		(9)
Total					$	7,194	$	7,334

The weighted-average interest rate on short-term borrowings included in Notes and loans payable in the Consolidated Balance Sheets as of December 31, 2021 and 2020 was 0.7% and 4.8%, respectively.

The Company classifies commercial paper and notes maturing within the next twelve months as long-term debt when it has the intent and ability to refinance such obligations on a long-term basis. Excluding such obligations, scheduled maturities of long-term debt and finance leases outstanding as of December 31, 2021, were as follows:  

Years Ended December 31,
2022	$	456
2023	908
2024	506
2025	135
2026	566
Thereafter	3,431

The Company has entered into interest rate swap agreements and foreign exchange contracts related to certain of these debt instruments. See Note 7, Fair Value Measurements and Financial Instruments for further information about the Company’s financial instruments.

The Company’s debt issuances and redemptions support its capital structure strategy objectives of funding its business and growth initiatives while minimizing its risk-adjusted cost of capital. During the fourth quarter of 2021, the Company issued €500 of eight-year notes at a fixed coupon rate of 0.300%. The debt issuance was under the Company’s shelf registration statement. An amount equal to the net proceeds of the notes will be used to finance or refinance, in part or in full, new and existing projects and programs with distinct environmental or social benefits.

During the fourth quarter of 2021, the Company redeemed prior to maturity all of its outstanding 0.000% notes due 2021 with a principal amount of €500, originally issued on November 12, 2019. The redemption was financed with commercial paper borrowings. The redemption price was equal to the carrying amount of the debt extinguished.

In 1990, the Company’s Canadian subsidiary (“CP Canada”), issued C$145 of Canadian dollar-denominated unsecured unsubordinated 12.85% guaranteed notes due October 4, 2030 (the “Canada notes”). During the third quarter of 2021, CP Canada redeemed the Canada notes and recorded a loss on the early extinguishment of debt of $75, which is included in Interest (income) expense, net in the Consolidated Statements of Income, representing the difference between the redemption price and the carrying amount of the debt extinguished.

85

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

During the fourth quarter of 2020, the Company redeemed prior to maturity all of its outstanding 2.450% notes due 2021 with a principal amount $300, originally issued on November 8, 2011, and all of its outstanding 2.300% notes due 2022 with a principal amount of $500, originally issued on May 3, 2012. These redemptions were financed with commercial paper borrowings and cash. The Company recorded a loss on the early extinguishment of debt of $23, which is included in Interest (income) expense, net in the Consolidated Statements of Income, representing the difference between the redemption price and the carrying amount of the debt extinguished.

At December 31, 2021, the Company had access to unused domestic and foreign lines of credit of $3,457 (including under the facility discussed below) and could also issue long-term debt pursuant to an effective shelf registration statement. In August 2021, the Company entered into a new $3,000 five-year revolving credit facility with a syndicate of banks for a five-year term expiring August 2026, which replaced, on substantially similar terms, the Company’s $2,650 revolving credit facility that was scheduled to expire in November 2024. Commitment fees related to the credit facility are not material. The Company’s $1,500 364-day credit facility with a syndicate of banks expired in August 2021 and was not renewed.

Certain agreements with respect to the Company’s bank borrowings contain financial and other covenants as well as cross-default provisions. Noncompliance with these requirements could ultimately result in the acceleration of amounts owed. The Company is in full compliance with all such requirements and believes the likelihood of noncompliance is remote.

86

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

7.    Fair Value Measurements and Financial Instruments

The Company uses available market information and other valuation methodologies in assessing the fair value of financial instruments. Judgment is required in interpreting market data to develop the estimates of fair value and, accordingly, changes in assumptions or the estimation methodologies may affect the fair value estimates. The Company is exposed to the risk of credit loss in the event of nonperformance by counterparties to financial instrument contracts; however, nonperformance is considered unlikely and any nonperformance is unlikely to be material, as it is the Company’s policy to contract only with diverse, credit-worthy counterparties based upon both strong credit ratings and other credit considerations.

The Company is exposed to market risk from foreign currency exchange rates, interest rates and commodity price fluctuations. Volatility relating to these exposures is managed on a global basis by utilizing a number of techniques, including working capital management, sourcing strategies, selling price increases, selective borrowings in local currencies and entering into selective derivative instrument transactions, issued with standard features, in accordance with the Company’s treasury and risk management policies, which prohibit the use of derivatives for speculative purposes and leveraged derivatives for any purpose. It is the Company’s policy to enter into derivative instrument contracts with terms that match the underlying exposure being hedged. Provided below are details of the Company’s exposures by type of risk and derivative instruments by type of hedge designation.

Valuation Considerations

The Company’s derivative instruments include interest rate swap contracts, forward-starting interest rate swaps, foreign currency contracts and commodity contracts. The Company utilizes interest rate swap contracts to manage its targeted mix of fixed and floating rate debt, and these swaps are classified as follows:

Level 1: Based upon quoted market prices in active markets for identical assets or liabilities.

Level 2: Based upon observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Based upon unobservable inputs reflecting the reporting entity’s own assumptions.

Foreign Exchange Risk

As the Company markets its products in over 200 countries and territories, it is exposed to currency fluctuations related to manufacturing and selling its products in currencies other than the U.S. dollar. The Company manages its foreign currency exposures through a combination of cost containment measures, sourcing strategies, selling price increases and the hedging of certain costs in an effort to minimize the impact on earnings of foreign currency rate movements.

The Company primarily utilizes foreign currency contracts, including forward and swap contracts, option contracts, foreign and local currency deposits and local currency borrowings to hedge portions of its foreign currency purchases, assets and liabilities arising in the normal course of business and the net investment in certain foreign subsidiaries. The duration of foreign currency contracts generally does not exceed 12 months and the contracts are valued using observable market rates (Level 2 valuation).

Interest Rate Risk

The Company manages its targeted mix of fixed and floating rate debt with debt issuances and by entering into interest rate swaps in order to mitigate fluctuations in earnings and cash flows that may result from interest rate volatility. The Company utilizes forward-starting interest rate swaps to mitigate the risk of variability in interest rate for future debt issuances. The notional amount, interest payment and maturity date of the swaps generally match the principal, interest payment and maturity date of the related debt, and the swaps are valued using observable benchmark rates (Level 2 valuation).

87

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

Commodity Price Risk

The Company is exposed to price volatility related to raw materials used in production, such as essential oils, resins, tropical oils, pulp, tallow, corn, poultry and soybeans. The Company manages its raw material exposures through a combination of cost containment measures, sourcing strategies, ongoing productivity initiatives and the limited use of commodity hedging contracts. Futures contracts are used on a limited basis, primarily in the Hill’s Pet Nutrition segment, to manage volatility related to raw material inventory purchases of certain traded commodities, and these contracts are measured using quoted commodity exchange prices (Level 1 valuation). The duration of the commodity contracts generally does not exceed 12 months.

Credit Risk

The Company is exposed to the risk of credit loss in the event of nonperformance by counterparties to financial instrument contracts; however, nonperformance is considered unlikely and any nonperformance is unlikely to be material as it is the Company’s policy to contract with diverse, credit-worthy counterparties based upon both strong credit ratings and other credit considerations.

The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments which are carried at fair value in the Company’s Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020:

	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		December 31, 2021		December 31, 2020			December 31, 2021		December 31, 2020
Interest rate swap contracts	Other current assets	$	5	$	—	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	—		14		Other liabilities	—		—
Forward-starting interest rate swaps	Other assets	20		5		Other liabilities	21		—
Foreign currency contracts	Other current assets	22		7		Other accruals	6		93
Commodity contracts	Other current assets	2		3		Other accruals	—		—
Total designated		$	49	$	29		$	27	$	93
Other financial instruments
Marketable securities	Other current assets	34		37
Total other financial instruments		$	34	$	37

88

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

The carrying amount of cash, cash equivalents, accounts receivable and short-term debt approximated fair value as of December 31, 2021 and 2020. The estimated fair value of the Company’s long-term debt, including the current portion, as of December 31, 2021 and 2020, was $7,651 and $8,175, respectively, and the related carrying value was $7,206 and $7,343, respectively. The estimated fair value of long-term debt was derived principally from quoted prices on the Company’s outstanding fixed-term notes (Level 2 valuation).

The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustment for fair value hedges as of:

	December 31, 2021		December 31, 2020
Long-term debt:
Carrying amount of hedged item	$	405	$	413
Cumulative hedging adjustment included in the carrying amount	$	5	$	14

The following tables present the notional values as of:

	December 31, 2021
	Foreign Currency Contracts		Foreign Currency Debt		Interest Rate Swaps		Forward-Starting Interest Rate Swaps		Commodity Contracts		Total
Fair Value Hedges	$	566	$	—	$	400	$	—	$	—	$	966
Cash Flow Hedges	873		—		—		700		24		1,597
Net Investment Hedges	173		4,600		—		—		—		4,773

	December 31, 2020
	Foreign Currency Contracts		Foreign Currency Debt		Interest Rate Swaps		Forward-Starting Interest Rate Swaps		Commodity Contracts		Total
Fair Value Hedges	$	589	$	—	$	400	$	—	$	—	$	989
Cash Flow Hedges	854		—		—		300		17		1,171
Net Investment Hedges	528		4,523		—		—		—		5,051

89

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

The following table presents the location and amount of gains (losses) on hedges recognized on the Company’s Consolidated Statements of Income:

	Twelve Months Ended December 31,
	2021						2020
	Cost of sales		Selling, general and administrative expenses		Interest (income) expense, net		Cost of sales		Selling, general and administrative expenses		Interest (income) expense, net
Gain (loss) on hedges recognized in income:
Interest rate swaps designated as fair value hedges:
Derivative instrument	$	—	$	—	$	8	$	—	$	—	$	(10)
Hedged items	—		—		(8)		—		—		10
Foreign currency contracts designated as fair value hedges:
Derivative instrument	—		6		—		—		29		—
Hedged items	—		(6)		—		—		(29)		—
Foreign currency contracts designated as cash flow hedges:
Amount reclassified from OCI	(12)		—		—		1		—		—
Commodity contracts designated as cash flow hedges:
Amount reclassified from OCI	5		—		—		(1)		—		—
Total gain (loss) on hedges recognized in income	$	(7)	$	—	$	—	$	—	$	—	$	—

90

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

The following table presents the location and amount of unrealized gains (losses) on hedges included in OCI:

	Twelve Months Ended
	December 31,
	2021		2020
Foreign currency contracts designated as cash flow hedges:
Gain (loss) recognized in OCI	$	16	$	(11)
Forward-starting interest rate swaps designated as cash flow hedges:
Gain (loss) recognized in OCI	(6)		5
Commodity contracts designated as cash flow hedges:
Gain (loss) recognized in OCI	3		3
Foreign currency contracts designated as net investment hedges:
Gain (loss) on instruments	30		(52)
Gain (loss) on hedged items	(30)		52
Foreign currency debt designated as net investment hedges:
Gain (loss) on instruments	370		(356)
Gain (loss) on hedged items	(370)		356
Total unrealized gain (loss) on hedges recognized in OCI	$	13	$	(3)

91

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

8.    Capital Stock and Stock-Based Compensation Plans

Preference Stock

The Company has the authority to issue 50,262,150 shares of preference stock. 

Stock Repurchases

On June 18, 2018, the Board authorized the repurchase of shares of the Company’s common stock having an aggregate purchase price of up to $5 billion under a new share repurchase program (the “2018 Program”), which replaced a previously authorized share repurchase program. The Company commenced repurchases of shares of the Company’s common stock under the 2018 Program beginning June 19, 2018. The Board also has authorized share repurchases on an ongoing basis to fulfill certain requirements of the Company’s compensation and benefit programs. The shares are repurchased from time to time in open market or privately negotiated transactions at the Company’s discretion, subject to market conditions, customary blackout periods and other factors. The Company repurchased its common stock at a cost of $1,320 during 2021 under the 2018 Program.

The Company may use either authorized and unissued shares or treasury shares to meet share requirements resulting from the exercise of stock options and the vesting of restricted stock unit awards.

A summary of common stock and treasury stock activity for the three years ended December 31 is as follows:

	Common Stock Outstanding	Treasury Stock
Balance, January 1, 2019	862,912,792	602,793,568
Common stock acquired	(17,219,642)	17,219,642
Shares issued for stock options	8,145,777	(8,145,777)
Shares issued for restricted stock units and other	862,852	(862,852)
Balance, December 31, 2019	854,701,779	611,004,581
Common stock acquired	(18,701,843)	18,701,843
Shares issued for stock options	13,018,354	(13,018,354)
Shares issued for restricted stock units and other	875,311	(875,311)
Balance, December 31, 2020	849,893,601	615,812,759
Common stock acquired	(16,518,163)	16,518,163
Shares issued for stock options	6,357,793	(6,357,793)
Shares issued for restricted stock units and other	747,053	(747,053)
Balance, December 31, 2021	840,480,284	625,226,076

92

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

Stock-Based Compensation

The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock units, based on the fair value of those awards at the date of grant. The fair value of restricted stock units, generally based on market prices, is amortized on a straight-line basis over the requisite service period. The estimated fair value of stock options on the date of grant is amortized on a straight-line basis over the requisite service period for each separately vesting portion of the award. Awards to employees eligible for retirement prior to the award becoming fully vested are recognized as compensation cost from the grant date through the date that the employee first becomes eligible to retire and is no longer required to provide service to earn the award.

The Company has one incentive compensation plan pursuant to which it issues restricted stock units (both performance-based and time-vested) and stock options to employees and shares of common stock and stock options to non-employee directors. The Personnel and Organization Committee of the Board of Directors, which is comprised entirely of independent directors, administers the incentive compensation plan. The total stock-based compensation expense charged against pretax income for this plan was $135, $107 and $100 for the years ended December 31, 2021, 2020 and 2019, respectively. The total income tax benefit recognized on stock-based compensation, excluding excess tax benefits, was approximately $25, $20 and $20 for the years ended December 31, 2021, 2020 and 2019, respectively.

Stock-based compensation expense is recorded within Selling, general and administrative expenses in the Corporate segment as these amounts are not included in internal measures of segment operating performance.

The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards. The weighted-average estimated fair value of stock options granted in the years ended December 31, 2021, 2020 and 2019 was $11.11, $11.26 and $10.48, respectively. Fair value is estimated using the Black-Scholes option pricing model with the assumptions summarized in the following table:

	2021		2020		2019
Expected term of options	6 years		6 years		6 years
Expected volatility rate	20.3	%	21.8	%	19.2	%
Risk-free interest rate	1.0	%	0.5	%	1.5	%
Expected dividend yield	2.3	%	2.3	%	2.3	%

The weighted-average expected term of options granted each year was determined with reference to historical exercise and post-vesting cancellation experience, the vesting period of the awards and the contractual term of the awards, among other factors. Expected volatility incorporates implied share-price volatility derived from exchange traded options on the Company’s common stock. The risk-free interest rate for the expected term of the option is based on the yield of a zero-coupon U.S. Treasury bond with a maturity period equal to the option’s expected term.

93

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

Performance-based Restricted Stock Units

In 2019, the Company evolved its approach to granting long-term incentive compensation from granting time-vested restricted stock units following the conclusion of a three-year performance cycle to granting officers and other key employees a target number of unearned performance-based restricted stock units at the beginning of each three-year performance cycle. Awards are earned and vest following the conclusion of the performance period on the basis of achievement of performance goals established at the commencement of each three-year performance period.

A summary of performance-based restricted stock unit activity for the year ended December 31, 2021 is presented below:

	Shares (in thousands)	Weighted Average Grant Date Fair Value Per Award
Performance-based restricted stock units as of January 1, 2021	860	$	73
Activity:
Granted	355	70
Forfeited	(189)	81
Performance-based restricted stock units as of December 31, 2021	1,026	$	70

As of December 31, 2021, there was $26 of total unrecognized compensation expense related to unvested performance-based restricted stock unit awards, which will be recognized ratably over the remaining performance period.

The Company uses a Monte-Carlo simulation model to estimate the fair value of performance-based restricted stock units at the date of grant.

Time-Vested Restricted Stock Units

The Company also grants time-vested restricted stock unit awards. As described above, under the Company’s previous long-term incentive program, time-vested restricted stock unit awards were granted to officers and other key employees following a three-year performance period. Awards vest at the end of the restriction period, which is three years from the date of grant. Awards for the 2018-2020 performance period were granted in 2021. No awards were granted in 2019 or 2020 for the 2016-2018 or 2017-2019 performance periods. As of December 31, 2021, approximately 10,990,000 shares of common stock were available for future restricted stock unit awards.

A summary of restricted stock unit activity during 2021 is presented below:

	Shares (in thousands)	Weighted Average Grant Date Fair Value Per Award
Restricted stock units as of January 1, 2021	1,897	$	73
Activity:
Granted	749	78
Vested	(674)	70
Forfeited	(56)	74
Restricted stock units as of December 31, 2021	1,916	$	76

As of December 31, 2021, there was $56 of total unrecognized compensation expense related to unvested time-vested restricted stock unit awards, which will be recognized over a weighted-average period of 2 years. The total fair value of time-vested restricted stock units vested during the years ended December 31, 2021, 2020 and 2019 was $47, $58 and $53, respectively.

94

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

Stock Options

The Company issues non-qualified stock options to non-employee directors, officers and other employees. Beginning in 2019, stock options have a contractual term of eight years. Prior to 2019, stock options generally had a contractual term of six years. Stock options generally vest ratably over three years. As of December 31, 2021, approximately 26,038,000 shares of common stock were available for future stock option grants.

A summary of stock option activity during 2021 is presented below:

	Shares (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Intrinsic Value of Unexercised In-the-Money Options
Options outstanding, January 1, 2021	27,530	$	71
Granted	5,120	77
Exercised	(6,358)	68
Forfeited	(173)	75
Expired	(24)	73
Options outstanding, December 31, 2021	26,095	72		5	$	309
Options exercisable, December 31, 2021	16,725	$	72	3	$	223

As of December 31, 2021, there was $32 of total unrecognized compensation expense related to unvested options, which will be recognized over a weighted-average period of 1.5 years. The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $83, $136 and $84, respectively.

The benefits of tax deductions in excess of grant date fair value resulting from the exercise of stock options and vesting of restricted stock unit awards for the years ended December 31, 2021, 2020 and 2019 were $9, $8 and $6, respectively, and are recognized in the provision for income taxes as a discrete item in the quarterly period in which they occur and classified as an operating cash flow. Cash proceeds received from options exercised for the years ended December 31, 2021, 2020 and 2019 were $424, $874 and $498, respectively.

95

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

9.    Employee Stock Ownership Plan

In 1989, the Company expanded its Employee Stock Ownership Plan (“ESOP”) through the introduction of a leveraged ESOP that funds certain benefits for employees who have met eligibility requirements. As of December 31, 2021 and 2020, there were 10,290,667 and 11,545,950 shares of common stock, respectively, outstanding and issued to the Company’s ESOP.

During 2000, the ESOP entered into a loan agreement with the Company under which the benefits of the ESOP may be extended through 2035. As of December 31, 2021, the ESOP had outstanding borrowings from the Company of $1, which represents unearned compensation shown as a reduction in Shareholders’ equity.

Dividends on stock held by the ESOP are paid to the ESOP trust and, together with cash contributions from the Company, are (a) used by the ESOP to repay principal and interest, (b) credited to participant accounts, (c) used for contributions to the Company’s defined contribution plans or (d) used to pay the Company’s defined contribution plan expenses. Stock is allocated to participants based upon the ratio of the current year’s debt service to the sum of total outstanding principal and interest payments over the life of the debt. As of December 31, 2021, 9,559,255 shares of common stock had been released and allocated to participant accounts and 731,412 shares of common stock were available for future release and allocation to participant accounts.

Dividends on the stock used to repay principal and interest or credited to participant accounts are deductible for income tax purposes and, accordingly, are reflected net of their tax benefit in the Consolidated Statements of Changes in Shareholders’ Equity.

Annual expense related to the ESOP was $0 in 2021, 2020 and 2019.

The Company paid dividends on the shares held by the ESOP of $20 in 2021, $23 in 2020 and $25 in 2019. The Company did not make any contributions to the ESOP in 2021, 2020 or 2019.

96

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

10.    Retirement Plans and Other Retiree Benefits

Retirement Plans

The Company and certain of its U.S. and foreign subsidiaries maintain defined benefit retirement plans. Benefits under these plans are based primarily on years of service and employees’ earnings.

In the U.S., effective January 1, 2014, the Company provides virtually all future retirement benefits through the Company’s defined contribution plan. As a result, service after December 31, 2013 is not considered for participants in the Company’s principal U.S. defined benefit retirement plan. Participants in the Company’s principal U.S. defined benefit retirement plan whose retirement benefit was determined under the cash balance formula continue to earn interest credits on their vested balances as of December 31, 2013 but no longer receive pay credits. Participants whose retirement benefit was determined under the final average earnings formula or career average earnings formula continue to have their accrued benefit adjusted for pay increases until termination of employment.

97

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

In the Company’s principal U.S. plans and certain funded foreign plans, funds are contributed to trusts in accordance with regulatory limits to provide for current service and for any unfunded projected benefit obligation over a reasonable period. The target asset allocation for the Company’s defined benefit plans is as follows:

	United States		International
Asset Category
Equity securities	21	%	22	%
Fixed income securities	76	%	63	%
Real estate and other investments	3	%	15	%
Total	100	%	100	%

At December 31, 2021, the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:

	Level of Valuation Input	Pension Plans
		United States		International		Other Retiree Benefit Plans
Cash and cash equivalents	Level 1	$	38	$	9	$	—
U.S. common stocks	Level 1	—		2		—
International common stocks	Level 1	—		13		—
Pooled funds(1)	Level 1	48		116		—
Fixed income securities(2)	Level 2	905		67		—
Guaranteed investment contracts(3)	Level 2	1		51		—
		992		258		—
Investments valued using NAV per share(4)
Domestic, developed and emerging markets equity funds		361		97		—
Fixed income funds(5)		469		328		—
Hedge funds(6)		—		8		—
Multi-asset funds(7)		26		2		—
Real estate funds(8)		—		30		—
		856		465		—
Other assets and liabilities, net(9)		(14)		—		—
Total Investments		$	1,834	$	723	$	—

98

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

At December 31, 2020, the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:

	Level of Valuation Input	Pension Plans
		United States		International		Other Retiree Benefit Plans
Cash and cash equivalents	Level 1	$	50	$	12	$	—
U.S. common stocks	Level 1	—		1		—
International common stocks	Level 1	—		8		—
Pooled funds(1)	Level 1	65		117		—
Fixed income securities(2)	Level 2	1,117		59		2
Guaranteed investment contracts(3)	Level 2	1		55		—
		1,233		252		2
Investments valued using NAV per share(4)
Domestic, developed and emerging markets equity funds		456		183		1
Fixed income funds(5)		136		225		—
Hedge funds(6)		—		6		—
Multi-asset funds(7)		77		2		—
Real estate funds(8)		34		30		—
		703		446		1
Other assets and liabilities, net(9)		(15)		—		—
Total Investments		$	1,921	$	698	$	3

_______

(1)Pooled funds primarily invest in U.S. and foreign equity securities, debt and money market securities.

(2)The fixed income securities are traded over-the-counter and certain of these securities lack daily pricing or liquidity and as such are classified as Level 2. As of December 31, 2021, approximately 40% of the U.S. pension plan fixed income portfolio was invested in U.S. treasury or agency securities, with the remainder invested in other government bonds and corporate bonds, compared to approximately 50% as of December 31, 2020.

(3)The guaranteed investment contracts (“GICs”) represent contracts with insurance companies measured at the cash surrender value of each contract. The Level 2 valuation reflects that the cash surrender value is based principally on a referenced pool of investment funds with active redemption.

(4)Investments that are measured at fair value using net asset value (“NAV”) per share as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the value of the underlying investments owned, minus its liabilities, divided by the number of shares outstanding. There are no unfunded commitments related to these investments. Redemption notice period primarily ranges from 0-3 months and redemption frequency windows range from daily to quarterly.

(5)Fixed income funds primarily invest in U.S. government and investment grade corporate bonds.

(6)Consists of investments in underlying hedge fund strategies that are primarily implemented through the use of long and short equity and fixed income securities and derivative instruments such as futures and options.

(7)Multi-asset funds primarily invest across a variety of asset classes, including global stocks and bonds, as well as alternative strategies.

(8)Real estate is valued using the NAV per unit of funds that are invested in real estate property. The investment value of the real estate property is determined quarterly using independent market appraisals as determined by the investment manager.

(9)This category primarily includes unsettled trades for investments purchased and sold and dividend receivables.

99

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

Equity securities in the U.S. plans did not include any investment in the Company’s common stock at either December 31, 2021 or December 31, 2020. In 2020, the U.S. plans sold 739,869 shares of the Company’s common stock to the Company to take the number of shares of the Company’s stock in the U.S. plans to zero as of December 31, 2020. No shares of the Company’s stock were purchased by the U.S. plans in 2021 or 2020. The plans received no dividends on the Company’s common stock in either 2021 or 2020.

Other Retiree Benefits

The Company and certain of its subsidiaries provide health care and life insurance benefits for retired employees to the extent not provided by government-sponsored plans.

The Company uses a December 31 measurement date for its defined benefit and other retiree benefit plans. Summarized information for the Company’s defined benefit and other retiree benefit plans is as follows:

100

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

	Pension Plans								Other Retiree Benefit Plans
	2021		2020		2021		2020		2021		2020
	United States				International
Change in Benefit Obligations
Benefit obligations at beginning of year	$	2,363	$	2,272	$	1,013	$	876	$	1,112	$	1,050
Service cost	—		1		19		17		26		20
Interest cost	61		74		20		21		35		37
Participants’ contributions	—		—		6		5		—		—
Acquisitions/plan amendments	(2)		—		—		30		—		—
Actuarial loss (gain)	(52)		171		(39)		65		(50)		61
Foreign exchange impact	—		—		(38)		46		(8)		(9)
Termination benefits	—		3		—		—		—		—
Curtailments and settlements	(5)		(3)		(4)		(7)		—		—
Benefit payments	(158)		(155)		(40)		(40)		(35)		(47)
Other	—		—		—		—		—		—
Benefit obligations at end of year	$	2,207	$	2,363	$	937	$	1,013	$	1,080	$	1,112
Change in Plan Assets
Fair value of plan assets at beginning of year	$	1,921	$	1,806	$	698	$	586	$	3	$	37
Actual return on plan assets	46		243		45		59		—		2
Company contributions	28		30		33		36		32		11
Participants’ contributions	—		—		6		5		—		—
Foreign exchange impact	—		—		(14)		26		—		—
Settlements and acquisitions	(3)		(3)		(5)		26		—		—
Benefit payments	(158)		(155)		(40)		(40)		(35)		(47)
Other	—		—		—		—		—		—
Fair value of plan assets at end of year	$	1,834	$	1,921	$	723	$	698	$	—	$	3
Funded Status
Benefit obligations at end of year	$	2,207	$	2,363	$	937	$	1,013	$	1,080	$	1,112
Fair value of plan assets at end of year	1,834		1,921		723		698		—		3
Net amount recognized	$	(373)	$	(442)	$	(214)	$	(315)	$	(1,080)	$	(1,109)
Amounts Recognized in Balance Sheet
Noncurrent assets	$	70	$	20	$	72	$	18	$	—	$	—
Current liabilities	(27)		(30)		(13)		(14)		(47)		(45)
Noncurrent liabilities	(416)		(432)		(273)		(319)		(1,033)		(1,064)
Net amount recognized	$	(373)	$	(442)	$	(214)	$	(315)	$	(1,080)	$	(1,109)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Actuarial loss	$	866	$	902	$	179	$	255	$	356	$	429
Transition/prior service cost	—		1		9		7		—		—
	$	866	$	903	$	188	$	262	$	356	$	429
Accumulated benefit obligation	$	2,171	$	2,325	$	872	$	946	$	—	$	—

101

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

	Pension Plans								Other Retiree Benefit Plans
	2021		2020		2021		2020		2021		2020
	United States				International
Weighted-Average Assumptions Used to Determine Benefit Obligations
Discount rate	2.98	%	2.65	%	2.10	%	1.61	%	3.06	%	2.88	%
Expected long-term rate of return on plan assets	5.70	%	5.70	%	2.72	%	2.93	%	N/A		5.70	%
Long-term rate of compensation increase	3.50	%	3.50	%	2.89	%	2.62	%	3.50	%	3.50	%
ESOP growth rate	—	%	—	%	—	%	—	%	6.00	%	10.00	%
Medical cost trend rate of increase	—	%	—	%	—	%	—	%	6.00	%	6.00	%
Interest Crediting Rate	2.85	%	2.48	%	0.84	%	0.83	%	—	%	—	%

The actuarial gains recorded during 2021 for both the U.S. pension and other retiree benefit plans were primarily a result of an increase in discount rates applied against future estimated benefit payments that resulted in a decrease in the benefit obligation for both the U.S. pension and Other retiree benefit plans. The actuarial losses incurred during 2020 were primarily driven by a decrease in discount rates applied against future expected benefit payments that resulted in an increase in the benefit obligation for both the U.S. pension and Other retiree benefit plans.

The overall investment objective of the plans is to balance risk and return so that obligations to employees are met. The Company evaluates its expected long-term rate of return on plan assets on an annual basis. In determining the expected long-term rate of return, the Company considers the nature of the plans’ investments and the historical rates of return. The assumed expected long-term rate of return on plan assets as of December 31, 2021 for the U.S. plans was 5.70%. Average annual rates of return for the U.S. plans for the most recent 1-year, 5-year, 10-year, 15-year and 25-year periods were 3%, 8%, 8%, 6% and 7%, respectively. Similar assessments were performed in determining rates of return on international pension plan assets to arrive at the Company’s 2021 weighted-average expected long-term rate of return on plan assets of 2.72%.

The medical cost trend rate of increase assumed in measuring the expected cost of benefits is projected to decrease from 6.00% in 2022 to 4.75% by 2026, remaining at 4.75% for the years thereafter.

102

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

Pension plans with projected benefit obligations in excess of plan assets and plans with accumulated benefit obligations in excess of plan assets as of December 31 consisted of the following:

	2021		2020
Benefit Obligation Exceeds Fair Value of Plan Assets
Projected benefit obligation	$	805	$	1,092
Fair value of plan assets	82		299
Accumulated benefit obligation	771		882
Fair value of plan assets	81		134

Other Retiree Benefit plans with accumulated postretirement benefit obligation in excess of plan assets as of December 31 consisted of the following:

	2021		2020
Benefit Obligation Exceeds Fair Value of Plan Assets
Accumulated postretirement benefit obligation	$	1,080	$	1,112
Fair value of plan assets	—		3

103

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

Summarized information regarding the net periodic benefit costs for the Company’s defined benefit and other retiree benefit plans is as follows:

	Pension Plans																		Other Retiree Benefit Plans
	2021			2020			2019			2021			2020			2019			2021			2020			2019
	United States									International
Components of Net Periodic Benefit Cost
Service cost	$	—		$	1		$	1		$	19		$	17		$	14		$	26		$	20		$	15
Interest cost	61			74			90			20			21			22			35			37			41
Expected return on plan assets	(106)			(111)			(103)			(20)			(22)			(19)			—			(2)			(3)
Amortization of transition and prior service costs (credits)	—			—			—			1			—			1			—			—			—
Amortization of actuarial loss	47			46			51			11			9			9			23			18			11
Net periodic benefit cost	$	2		$	10		$	39		$	31		$	25		$	27		$	84		$	73		$	64
Other postretirement charges	(3)			4			7			1			—			1			—			—			—
Total pension cost	$	(1)		$	14		$	46		$	32		$	25		$	28		$	84		$	73		$	64
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	2.65		%	3.40		%	4.38		%	1.61		%	2.06		%	2.80		%	2.88		%	3.56		%	4.43		%
Expected long-term rate of return on plan assets	5.70		%	6.30		%	6.60		%	2.93		%	3.38		%	4.06		%	5.70		%	6.30		%	6.60		%
Long-term rate of compensation increase	3.50		%	3.50		%	3.50		%	2.62		%	2.83		%	2.86		%	—		%	—		%	—		%
ESOP growth rate	—		%	—		%	—		%	—		%	—		%	—		%	10.00		%	10.00		%	10.00		%
Medical cost trend rate of increase	—		%	—		%	—		%	—		%	—		%	—		%	6.00		%	6.00		%	6.00		%
Interest Crediting Rate	2.48		%	3.21		%	4.26		%	0.83		%	0.85		%	0.85		%	—		%	—		%	—		%

104

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

The service related component of pension and other postretirement benefit costs is included in Operating profit. The non-service related components (interest cost, expected return on assets and amortization of actuarial gains and losses) are included in the line item “Non-service related postretirement costs,” which is below Operating profit.

The Company made no voluntary contributions in 2021 and 2020, and made voluntary contributions of $113 in 2019, to its U.S. retirement plans.

Expected Contributions and Benefit Payments

The Company does not expect to make any voluntary contributions to its U.S. postretirement plans for the year ending December 31, 2022. Actual funding may differ from current estimates depending on the variability of the market value of the assets as compared to the obligation and other market or regulatory conditions.

Benefit payments expected to be paid from the Company’s assets to participants in unfunded plans are estimated to be approximately $89 for the year ending December 31, 2022.

Total benefit payments expected to be paid to participants in both funded and unfunded plans are estimated as follows:

	Pension Plans
Years Ended December 31,	United States		International		Other Retiree Benefit Plans		Total
2022	$	147	$	43	$	47	$	237
2023	146		40		48		234
2024	147		45		49		241
2025	144		44		50		238
2026	147		46		51		244
2027-2031	692		246		267		1,205

105

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

11.    Income Taxes

The components of Income before income taxes are as follows for the years ended December 31:

	2021		2020		2019
United States	$	1,256	$	1,317	$	1,050
International	1,831		2,330		2,251
Total Income before income taxes	$	3,087	$	3,647	$	3,301

The Provision for income taxes consists of the following for the years ended December 31:

	2021		2020		2019
United States	$	228	$	259	$	180
International	521		528		594
Total Provision for income taxes	$	749	$	787	$	774

Temporary differences between accounting for financial statement purposes and accounting for tax purposes result in the current provision for taxes being higher (lower) than the total provision for income taxes as follows:

	2021		2020		2019
Goodwill and intangible assets	$	50	$	1	$	34
Property, plant and equipment	(19)		12		12
Pension and other retiree benefits	(4)		10		(13)
Stock-based compensation	11		(7)		(1)
Right-of-use assets/lease liabilities	(2)		(1)		—
Tax credits and tax loss carryforwards	(2)		(1)		3
Deferred withholding tax	(16)		111		(21)
Other, net	19		18		(33)
Total deferred tax benefit (provision)	$	37	$	143	$	(19)

106

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

The difference between the statutory U.S. federal income tax rate and the Company’s global effective tax rate as reflected in the Consolidated Statements of Income is as follows:

	2021		2020		2019
Percentage of Income before income taxes
Tax at United States statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.1		1.0		0.6
Earnings taxed at other than United States statutory rate	2.7		3.3		4.6
Benefit for foreign tax matters(1)	—		(2.0)		(0.9)
Non-deductible goodwill impairment charges	2.2		—		—
Foreign-derived intangible income benefit	(2.2)		(1.6)		(1.3)
Other, net	(0.5)		(0.1)		(0.6)
Effective tax rate	24.3	%	21.6	%	23.4	%

_________

(1)In 2020, the provision for income taxes includes $71 of income tax benefits recorded on a discrete period basis, of which $45 relates to previously recorded foreign withholding taxes and $26 relates to a previously recorded valuation allowance against a deferred tax asset. As part of a previously recorded charge for the Tax Cuts and Jobs Act of 2017 (the “TCJA”), the Company has provided for foreign withholding taxes expected to be paid on the remittance of earnings from certain overseas subsidiaries no longer deemed indefinitely reinvested. As a result of a recent reorganization of the ownership structure of certain foreign subsidiaries, the Company determined that no withholding taxes will be due on the remittance by certain subsidiaries of earnings previously deemed reinvested and, accordingly, reversed $45 of previously recorded foreign withholding taxes. Also as part of the previously recorded charge for the TCJA, the Company provided a valuation allowance against a deferred tax asset related to the foreign tax credit carryforwards that the Company did not expect to be able to use due to changes made by the TCJA. As a result of a new operating structure being implemented within one of the Company’s divisions, the Company believes the use of these foreign tax credit carryforwards will not be limited in the future and, accordingly, reversed the previously recorded valuation allowance of $26. In 2019, the provision for income taxes includes a net benefit of $29 related to changes enacted by the Swiss government to its corporate tax regime, which included, among other items, the repeal of certain preferential tax regimes and an increase to the cantonal tax rate for future periods. Additionally, the government provided transition rules which allowed companies to record goodwill for tax purposes, partially offsetting the impact on cash taxes of the higher cantonal rate over the next ten years.

107

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

The components of deferred tax assets (liabilities) are as follows at December 31:

	2021		2020
Deferred tax liabilities:
Goodwill and intangible assets	$	(523)	$	(603)
Property, plant and equipment	(301)		(281)
Right-of-use assets	(125)		(131)
Deferred withholding tax	(111)		(95)
Other	(35)		(52)
Total deferred tax liabilities	(1,095)		(1,162)
Deferred tax assets:
Pension and other retiree benefits	344		404
Tax credits and tax loss carryforwards	152		127
Lease liabilities	138		144
Accrued liabilities	234		250
Stock-based compensation	76		73
Other	69		125
Total deferred tax assets	1,013		1,123
Valuation Allowance	$	(120)	$	(96)
Net deferred tax assets	$	893	$	1,027
Net deferred income taxes	$	(202)	$	(135)

Applicable U.S. income and foreign withholding taxes have been provided on substantially all of the Company’s accumulated earnings of foreign subsidiaries.

Net tax expense of $(146) was recorded directly through equity in 2021, and net tax benefits of $101 and $13 were recorded directly through equity in 2020 and 2019, respectively. The net tax expense or benefit in each year predominantly includes current and future tax impacts related to benefit plans and the impact of currency translation adjustments.

The Company uses a comprehensive model to recognize, measure, present and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on an income tax return.

108

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

Unrecognized tax benefits activity for the years ended December 31, 2021, 2020 and 2019 is summarized below:

	2021		2020		2019
Unrecognized tax benefits:
Balance, January 1	$	227	$	173	$	190
Increases as a result of tax positions taken during the current year	26		18		14
Decreases of tax positions taken during prior years	(20)		(5)		(21)
Increases of tax positions taken during prior years	40		57		20
Decreases as a result of settlements with taxing authorities and the expiration of statutes of limitations	(23)		(19)		(30)
Effect of foreign currency rate movements	(5)		3		—
Balance, December 31	$	245	$	227	$	173

If all of the unrecognized tax benefits for 2021 above were recognized, approximately $235 would impact the effective tax rate. Although it is possible that the amount of unrecognized benefits with respect to our uncertain tax positions will increase or decrease in the next twelve months, the Company does not expect material changes.

The Company recognized expense of approximately $10, $9 and $0 for interest and penalties related to the above unrecognized tax benefits within income tax expense in 2021, 2020 and 2019, respectively. The Company had accrued interest and penalties of approximately $35, $24 and $23 as of December 31, 2021, 2020 and 2019, respectively.

The Company and its subsidiaries file U.S. federal income tax returns as well as income tax returns in many state and foreign jurisdictions. All U.S. federal income tax returns through December 31, 2013 have been audited by the IRS and there are limited matters which the Company plans to appeal for years 2010 through 2013, the settlement of which is not expected to have a material effect on the Company’s results of operations, cash flows or financial condition. With a few exceptions, the Company is no longer subject to U.S. state and local income tax examinations for income tax returns through December 31, 2016. In addition, the Company has subsidiaries in various foreign jurisdictions that have statutes of limitations for tax audits generally ranging from three to six years.

The Company has made an accounting policy election to treat Global Intangible Low-Taxed Income taxes as a current period expense rather than including these amounts in the measurement of deferred taxes.

109

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

12.    Earnings Per Share

For the years ended December 31, 2021, 2020 and 2019, earnings per share were as follows:

	2021					2020					2019
	Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share		Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share		Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share
Basic EPS	$	2,166	845.0	$	2.56	$	2,695	856.8	$	3.15	$	2,367	859.1	$	2.76
Stock options and restricted stock units			3.3					2.5					2.0
Diluted EPS	$	2,166	848.3	$	2.55	$	2,695	859.3	$	3.14	$	2,367	861.1	$	2.75

Basic earnings per common share is computed by dividing net income available for common stockholders by the weighted-average number of shares of common stock outstanding for the period.

Diluted earnings per common share is computed using the treasury stock method on the basis of the weighted-average number of shares of common stock plus the dilutive effect of potential common shares outstanding during the period. Dilutive potential common shares include outstanding stock options and restricted stock units.

As of December 31, 2021, 2020 and 2019, the average number of stock options that were anti-dilutive and not included in diluted earnings per share calculations were 2,495,393, 3,257,310 and 19,901,202, respectively. As of December 31, 2021, 2020 and 2019, the average number of restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 126,378, 25,381 and 4,516, respectively.

110

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

13.    Commitments and Contingencies

As of December 31, 2021, the Company has various contractual commitments for future multi-year purchases of raw, packaging and other materials totaling approximately $724.

As a global company serving consumers in more than 200 countries and territories, the Company is routinely subject to a wide variety of legal proceedings. These include disputes relating to intellectual property, contracts, product liability, marketing, advertising, foreign exchange controls, antitrust and trade regulation, as well as labor and employment, pension, data privacy and security, environmental and tax matters and consumer class actions. Management proactively reviews and monitors the Company’s exposure to, and the impact of, environmental matters. The Company is party to various environmental matters and, as such, may be responsible for all or a portion of the cleanup, restoration and post-closure monitoring of several sites.

The Company establishes accruals for loss contingencies when it has determined that a loss is probable and that the amount of loss, or range of loss, can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances.

The Company also determines estimates of reasonably possible losses or ranges of reasonably possible losses in excess of related accrued liabilities, if any, when it has determined that a loss is reasonably possible and it is able to determine such estimates. For those matters disclosed below for which the amount of any potential losses can be reasonably estimated, the Company currently estimates that the aggregate range of reasonably possible losses in excess of any accrued liabilities is $0 to approximately $425 (based on current exchange rates). The estimates included in this amount are based on the Company’s analysis of currently available information and, as new information is obtained, these estimates may change. Due to the inherent subjectivity of the assessments and the unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate range may not represent the ultimate loss to the Company. Thus, the Company’s exposure and ultimate losses may be higher or lower, and possibly significantly so, than the amounts accrued or the range disclosed above.

Based on current knowledge, management does not believe that the ultimate resolution of loss contingencies arising from the matters discussed herein will have a material effect on the Company’s consolidated financial position or its ongoing results of operations or cash flows. However, in light of the inherent uncertainties noted above, an adverse outcome in one or more matters could be material to the Company’s results of operations or cash flows for any particular quarter or year.

Brazilian Matters

There are certain tax and civil proceedings outstanding, as described below, related to the Company’s 1995 acquisition of the Kolynos oral care business from Wyeth (the “Seller”).

The Brazilian internal revenue authority has disallowed interest deductions and foreign exchange losses taken by the Company’s Brazilian subsidiary for certain years in connection with the financing of the Kolynos acquisition. The tax assessments with interest, penalties and any court-mandated fees, at the current exchange rate, are approximately $106. This amount includes additional assessments received from the Brazilian internal revenue authority in April 2016 relating to net operating loss carryforwards used by the Company’s Brazilian subsidiary to offset taxable income that had also been deducted from the authority’s original assessments. The Company has been disputing the disallowances by appealing the assessments since October 2001.

In each of September 2015, February 2017, June 2018, April 2019 and September 2020, the Company lost an administrative appeal and subsequently filed an appeal in Brazilian federal court. Currently, there are five appeals pending in the Brazilian federal court. Although there can be no assurances, management believes, based on the opinion of its Brazilian legal counsel, that the disallowances are without merit and that the Company should ultimately prevail. The Company is challenging these disallowances vigorously.

111

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

In July 2002, the Brazilian Federal Public Attorney filed a civil action against the federal government of Brazil, Laboratorios Wyeth-Whitehall Ltda. (the Brazilian subsidiary of the Seller) and the Company, as represented by its Brazilian subsidiary, in the 6th. Lower Federal Court in the City of São Paulo, seeking to annul an April 2000 decision by the Brazilian Board of Tax Appeals that found in favor of the Seller’s Brazilian subsidiary on the issue of whether it had incurred taxable capital gains as a result of the divestiture of Kolynos. The action seeks to make the Company’s Brazilian subsidiary jointly and severally liable for any tax due from the Seller’s Brazilian subsidiary. The case has been pending since 2002, and the Lower Federal Court has not issued a decision. Although there can be no assurances, management believes, based on the opinion of its Brazilian legal counsel, that the Company should ultimately prevail in this action. The Company is challenging this action vigorously.

In December 2005, the Brazilian internal revenue authority issued to the Company’s Brazilian subsidiary a tax assessment with interest, penalties and any court-mandated fees of approximately $47, at the current exchange rate, based on a claim that certain purchases of U.S. Treasury bills by the subsidiary and their subsequent disposition during the period 2000 to 2001 were subject to a tax on foreign exchange transactions. The Company had been disputing the assessment within the internal revenue authority’s administrative appeals process. However, in November 2015, the Superior Chamber of Administrative Tax Appeals denied the Company’s final administrative appeal, and the Company has filed a lawsuit in the Brazilian federal court. In the event the Company is unsuccessful in this lawsuit, further appeals are available within the Brazilian federal courts. Although there can be no assurances, management believes, based on the opinion of its Brazilian legal counsel, that the tax assessment is without merit and that the Company should ultimately prevail. The Company is challenging this assessment vigorously.

Competition Matter

Certain of the Company’s subsidiaries were historically subject to actions and, in some cases, fines, by governmental authorities in a number of countries related to alleged competition law violations. Substantially all of these matters also involved other consumer goods companies and/or retail customers. The Company’s policy is to comply with antitrust and competition laws and, if a violation of any such laws is found, to take appropriate remedial action and to cooperate fully with any related governmental inquiry. The status as of December 31, 2021 of such competition law matters pending against the Company during the year ended December 31, 2021 is set forth below.

▪In July 2014, the Greek competition law authority issued a statement of objections alleging a restriction of parallel imports into Greece. The Company responded to this statement of objections. In July 2017, the Company received the decision from the Greek competition law authority in which the Company was fined $11. The Company appealed the decision to the Greek courts. In April 2019, the Greek courts affirmed the judgment against the Company’s Greek subsidiary, but reduced the fine to $10.5 and dismissed the case against Colgate-Palmolive Company. The Company’s Greek subsidiary and the Greek competition authority have appealed the decision to the Greek Supreme Court.

112

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

Talcum Powder Matters

The Company has been named as a defendant in civil actions alleging that certain talcum powder products that were sold prior to 1996 were contaminated with asbestos and/or caused mesothelioma and other cancers. Many of these actions involve a number of co-defendants from a variety of different industries, including suppliers of asbestos and manufacturers of products that, unlike the Company’s products, were designed to contain asbestos. As of December 31, 2021, there were 171 individual cases pending against the Company in state and federal courts throughout the United States, as compared to 136 cases as of December 31, 2020. During the year ended December 31, 2021, 74 new cases were filed and 39 cases were resolved by voluntary dismissal, settlement or dismissal by the court. The value of the settlements in the years presented was not material, either individually or in the aggregate, to each such period’s results of operations.

A significant portion of the Company’s costs incurred in defending and resolving these claims has been, and the Company believes that a portion of the costs will continue to be, covered by insurance policies issued by several primary, excess and umbrella insurance carriers, subject to deductibles, exclusions, retentions, policy limits and insurance carrier insolvencies.

While the Company and its legal counsel believe that these cases are without merit and intend to challenge them vigorously, there can be no assurances regarding the ultimate resolution of these matters.

ERISA Matter

In June 2016, a putative class action claiming that residual annuity payments made to certain participants in the Colgate-Palmolive Company Employees’ Retirement Income Plan (the “Plan”) did not comply with the Employee Retirement Income Security Act was filed against the Plan, the Company and certain individuals (the “Company Defendants”) in the United States District Court for the Southern District of New York (the “Court”). The relief sought includes recalculation of benefits, pre- and post-judgment interest and attorneys’ fees. This action was certified as a class action in July 2017. In July 2020, the Court granted in part and denied in part the Company Defendants’ motion for summary judgment and dismissed certain claims on consent of the parties. In August 2020, the Court granted the plaintiffs’ motion for summary judgment on the remaining claims. The Company and the Plan are contesting this action vigorously and, in September 2020, appealed to the United States Court of Appeals for the Second Circuit. The appeal is currently pending.

113

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

14.    Segment Information

The Company operates in two product segments: Oral, Personal and Home Care; and Pet Nutrition. 

The operations of the Oral, Personal and Home Care product segment are managed geographically in five reportable operating segments: North America, Latin America, Europe, Asia Pacific and Africa/Eurasia.

The Company evaluates segment performance based on several factors, including Operating profit. The Company uses Operating profit as a measure of operating segment performance because it excludes the impact of Corporate-driven decisions related to interest expense and income taxes.

The accounting policies of the operating segments are generally the same as those described in Note 2, Summary of Significant Accounting Policies. Intercompany sales have been eliminated. Corporate operations include costs related to stock options and restricted stock units, research and development costs, Corporate overhead costs, restructuring and related implementation charges and gains and losses on sales of non-core product lines and assets. The Company reports these items within Corporate operations as they relate to Corporate-based responsibilities and decisions and are not included in the internal measures of segment operating performance used by the Company to measure the underlying performance of the operating segments.

Approximately 70% of the Company’s Net sales are generated from markets outside the U.S., with approximately 45% of the Company’s Net sales coming from emerging markets (which consist of Latin America, Asia (excluding Japan), Africa/Eurasia and Central Europe). Oral, Personal and Home Care sales to Walmart, Inc. and its affiliates represent approximately 12%, 12% and 11% of the Company’s Net sales in 2021, 2020 and 2019, respectively. No other customer represented more than 10% of Net sales in any period presented.

In 2021, Corporate Operating profit included goodwill and indefinite-lived intangible impairment charges of $571, and a benefit of $26 related to a value-added tax matter in Brazil. In 2020, Corporate Operating profit included benefits of $16 resulting from the Global Growth and Efficiency Program and a charge of $6 for acquisition-related costs. In 2019, Corporate Operating profit included charges of $125 resulting from the Global Growth and Efficiency Program, a charge of $24 for acquisition-related costs and a benefit of $30 from a value-added tax matter in Brazil.

	2021		2020		2019
Net sales
Oral, Personal and Home Care
North America(1)	$	3,694	$	3,741	$	3,424
Latin America	3,663		3,418		3,606
Europe	2,841		2,747		2,450
Asia Pacific	2,867		2,701		2,707
Africa/Eurasia	1,045		981		981
Total Oral, Personal and Home Care	14,110		13,588		13,168
Pet Nutrition(2)	3,311		2,883		2,525
Total Net sales	$	17,421	$	16,471	$	15,693

_________

(1)    Net sales in the U.S. for Oral, Personal and Home Care were $3,391, $3,447 and $3,166 in 2021, 2020 and 2019, respectively.

(2)    Net sales in the U.S. for Pet Nutrition were $2,018, $1,712 and $1,441 in 2021, 2020 and 2019, respectively.

114

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

	2021		2020		2019
Operating profit
Oral, Personal and Home Care
North America	$	754	$	988	$	982
Latin America	1,012		975		963
Europe	682		652		624
Asia Pacific	844		773		749
Africa/Eurasia	203		206		187
Total Oral, Personal and Home Care	3,495		3,594		3,505
Pet Nutrition	901		793		703
Corporate	(1,064)		(502)		(654)
Total Operating profit	$	3,332	$	3,885	$	3,554

	2021		2020		2019
Capital expenditures
Oral, Personal and Home Care
North America	$	87	$	65	$	43
Latin America	118		104		90
Europe	44		41		42
Asia Pacific	50		51		40
Africa/Eurasia	33		13		8
Total Oral, Personal and Home Care	332		274		223
Pet Nutrition	147		56		41
Corporate	88		79		71
Total Capital expenditures	$	567	$	409	$	335

	2021		2020		2019
Depreciation and amortization
Oral, Personal and Home Care
North America	$	104	$	101	$	94
Latin America	88		81		84
Europe	98		94		72
Asia Pacific	96		95		100
Africa/Eurasia	9		9		8
Total Oral, Personal and Home Care	395		380		358
Pet Nutrition	62		58		55
Corporate	99		101		106
Total Depreciation and amortization	$	556	$	539	$	519

115

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

	2021		2020		2019
Identifiable assets
Oral, Personal and Home Care
North America	$	4,058	$	4,132	$	3,576
Latin America	2,369		2,251		2,384
Europe	4,432		5,386		5,104
Asia Pacific	2,161		2,272		2,155
Africa/Eurasia	599		605		590
Total Oral, Personal and Home Care	13,619		14,646		13,809
Pet Nutrition	1,342		1,210		1,175
Corporate(1)	79		64		50
Total Identifiable assets	$	15,040	$	15,920	$	15,034

____________

(1)In 2021, Corporate identifiable assets primarily consisted of investments in equity securities (87%) and derivative instruments (10%). In 2020, Corporate identifiable assets primarily consisted of investments in equity securities (95%). In 2019, Corporate identifiable assets primarily consisted of investments in equity securities (92%) and derivative instruments (2%). 

	2021		2020		2019
Long-lived assets(1)
United States	$	1,981	$	1,889	$	1,895
International	2,275		2,348		2,359
Total Long-lived assets	$	4,256	$	4,237	$	4,254

____________

(1)Long-lived assets include Property, plant and equipment, net and lease right-of-use assets.

116

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

15.    Leases

The Company enters into leases for land, office space, warehouses and equipment. A number of the leases include one or more options to renew the lease terms, purchase the leased property or terminate the lease. The exercise of these options is at the Company’s discretion and is therefore recognized on the balance sheet when it is reasonably certain the Company will exercise such options. As the Company’s leases typically do not contain a readily determinable implicit rate, the Company determines the present value of the lease liability using its incremental borrowing rate at the lease commencement date.

Substantially all of the Company’s leases are considered operating leases. Finance leases were not material as of December 31, 2021 and 2020.

As of December 31, 2021 and 2020, the Company’s right-of use assets and liabilities for operating leases were as follows:

	2021		2020
Other assets	$	527	$	521
Other accruals	137		137
Other liabilities	451		476
Total operating lease liabilities	$	588	$	613

Lease liabilities for operating leases as of December 31, 2021 were as follows:

2022	$	156
2023	109
2024	76
2025	61
2026	48
Thereafter	235
Total lease commitments	$	685
Less: Interest	(97)
Present value of lease liabilities	$	588

The components of the Company’s operating lease cost for the twelve months ended December 31, 2021 and 2020 were as follows:

	2021		2020
Operating lease cost	$	142	$	155
Short-term lease cost	7		3
Variable lease cost	20		20
Sublease Income	(1)		—
Total lease cost	$	168	$	178

Short-term lease cost represents the Company’s cost with respect to leases with a duration of 12 months or less and is not reflected on the Company’s Consolidated Balance Sheets. Variable lease costs are comprised of costs, such as the Company’s proportionate share of actual costs for utilities, common area maintenance, property taxes and insurance, that are not included in the lease liability and are recognized in the period in which they are incurred.

117

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

Supplemental cash flow information related to operating leases for the twelve months ended December 31, 2021 and 2020 was as follows:

▪Payments against amounts included in the measurement of lease liabilities: $173 and $193, respectively

▪Lease assets obtained in exchange for lease liabilities: $197 and $163, respectively.

As of December 31, 2021 and 2020, the weighted-average remaining lease term for operating leases was 8 and 8 years, respectively, and the weighted-average discount rate for operating leases was 4.0% and 4.2%, respectively.

There were no material operating leases that the Company had entered into and that were yet to commence as of December 31, 2021.

118

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

16.    Supplemental Income Statement Information

Other (income) expense, net	2021		2020		2019
Global Growth and Efficiency Program	$	—	$	(13)	$	57
Amortization of intangible assets	89		88		62
Equity income	(12)		(12)		(9)
Value-added tax matter in Brazil	(26)		—		(30)
Write-off of certain investments and fixed assets	10		—		51
Acquisition-related costs	—		2		21
Charges for a change in go-to-market strategy in certain countries	—		—		15
Other, net	4		48		29
Total Other (income) expense, net	$	65	$	113	$	196

Interest (income) expense, net	2021		2020		2019
Interest incurred	$	195	$	184	$	193
Interest capitalized	(3)		(1)		(1)
Interest income	(17)		(19)		(47)
Total Interest (income) expense, net	$	175	$	164	$	145

	2021		2020		2019
Research and development	$	307	$	290	$	281
Advertising	$	2,021	$	1,948	$	1,694

119

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

17.    Supplemental Balance Sheet Information

Inventories by major class are as follows at December 31:

Inventories	2021		2020
Raw materials and supplies	$	505	$	454
Work-in-process	39		45
Finished goods	1,248		1,256
Total Inventories, net	$	1,792	$	1,755
Non-current inventory, net	(100)		(82)
Current Inventories, net	$	1,692	$	1,673

Inventories valued under LIFO amounted to $410 and $439 at December 31, 2021 and 2020, respectively. The excess of current cost over LIFO cost at the end of each year was $60 and $65, respectively. The liquidations of LIFO inventory quantities had no material effect on income in 2021, 2020 and 2019. Inventory classified as non-current at December 31, 2021 was recorded on the Consolidated Balance Sheets as “Other assets.”

Property, plant and equipment, net	2021		2020
Land	$	163	$	166
Buildings	1,603		1,623
Manufacturing machinery and equipment	5,527		5,409
Other equipment	1,606		1,553
	8,899		8,751
Accumulated depreciation	(5,169)		(5,035)
Total Property, plant and equipment, net	$	3,730	$	3,716

Other accruals	2021		2020
Accrued advertising and coupon redemption	$	709	$	728
Accrued payroll and employee benefits	353		401
Accrued taxes other than income taxes	118		116
Restructuring accrual	7		21
Pension and other retiree benefits	87		89
Lease liabilities due in one year	137		137
Accrued interest	38		39
Derivatives	6		93
Other	630		717
Total Other accruals	$	2,085	$	2,341

Other liabilities	2021		2020
Pension and other retiree benefits	$	1,722	$	1,815
Restructuring accrual	2		10
Long-term lease liabilities	451		476
Other	254		354
Total Other liabilities	$	2,429	$	2,655

120

COLGATE-PALMOLIVE COMPANY

 Notes to Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

18.    Supplemental Other Comprehensive Income (Loss) Information

Other comprehensive income (loss) components attributable to Colgate-Palmolive Company before tax and net of tax during the years ended December 31 were as follows:

	2021				2020				2019
	Pretax		Net of Tax		Pretax		Net of Tax		Pretax		Net of Tax
Cumulative translation adjustments	$	(99)	$	(191)	$	(119)	$	(30)	$	49	$	27
Pension and other benefits:
Net actuarial gain (loss), prior    service costs and settlements    during the period	102		71		(125)		(97)		(204)		(154)
Amortization of net actuarial loss,    transition and prior service costs(1)	82		63		74		57		72		54
Retirement Plan and other retiree benefit adjustments	184		134		(51)		(40)		(132)		(100)
Cash flow hedges:
Unrealized gains (losses) on cash flow    hedges	13		10		(3)		(2)		(9)		(7)
Reclassification of (gains) losses    into net earnings on cash flow    hedges(2)	7		6		—		—		(6)		(5)
Gains (losses) on cash flow hedges	20		16		(3)		(2)		(15)		(12)
Total Other comprehensive income (loss)	$	105	$	(41)	$	(173)	$	(72)	$	(98)	$	(85)

_________

(1)These components of Other comprehensive income (loss) are included in the computation of total pension cost. See Note 10, Retirement Plans and Other Retiree Benefits for additional details.

(2)These (gains) losses are reclassified into Cost of sales. See Note 7, Fair Value Measurements and Financial Instruments for additional details.

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

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) is comprised of cumulative foreign currency translation gains and losses, unrecognized pension and other retiree benefit costs and unrealized gains and losses from derivative instruments designated as cash flow hedges. At December 31, 2021 and 2020, Accumulated other comprehensive income (loss) consisted primarily of aftertax unrecognized pension and other retiree benefit costs of $1,044 and $1,178, respectively, and cumulative foreign currency translation adjustments of $3,349 and $3,158, respectively. Foreign currency translation adjustments in 2021 primarily reflect losses from the euro, Brazilian real, Thailand bhat and Turkish lira. Foreign currency translation adjustments in 2020 primarily reflect loss from the Brazilian real and the Mexican peso.

121

COLGATE-PALMOLIVE COMPANY

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

(Dollars in Millions)

			Additions
	Balance at Beginning of Period		Charged to Costs and Expenses		Other		Deductions		Balance at End of Period
Year Ended December 31, 2021
Allowance for doubtful accounts and estimated returns	$	89	$	35	$	—	$	46	$	78
Valuation allowance for deferred tax assets	$	96	$	27	$	—	$	3	$	120
Year Ended December 31, 2020
Allowance for doubtful accounts and estimated returns	$	76	$	16	$	—	$	3	$	89
Valuation allowance for deferred tax assets	$	115	$	31	$	—	$	50	$	96
Year Ended December 31, 2019
Allowance for doubtful accounts and estimated returns	$	82	$	6	$	—	$	12	$	76
Valuation allowance for deferred tax assets	$	54	$	68	$	—	$	7	$	115

122

COLGATE-PALMOLIVE COMPANY

Market Information

The Company’s common stock is listed on the New York Stock Exchange, and its trading symbol is CL.

Stock Price Performance Graphs

    The following graphs compare cumulative total shareholder returns on Colgate-Palmolive Company common stock against the S&P Composite-500 Stock Index and a peer company index for the twenty-year, ten-year and five-year periods each ended December 31, 2021. The peer company index is comprised of consumer products companies that have both domestic and international businesses. For 2021, the peer company index consisted of Campbell Soup Company, The Clorox Company, The Coca-Cola Company, ConAgra Brands, Inc., The Estee Lauder Companies, Inc., General Mills, Inc., Johnson & Johnson, Kellogg Company, Kimberly-Clark Corporation, The Kraft Heinz Company, Mondelez International, Inc., PepsiCo, Inc., The Procter & Gamble Company, Reckitt Benckiser Group plc and Unilever PLC.

    These performance graphs do not constitute soliciting material, are not deemed filed with the SEC and are not incorporated by reference in any of the Company’s filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form 10-K and irrespective of any general incorporation language in any such filing, except to the extent the Company specifically incorporates these performance graphs by reference therein.

123

EX-4.A

EXHIBIT 4(a)

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

As of February 17, 2022, Colgate-Palmolive Company, a Delaware corporation (“Colgate” or the “Company”), had five classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) common stock, par value $1.00 per share (“Common Stock”), (ii) the 0.500% Medium-Term Notes, Series H due 2026 (the “2026 Notes”), (iii) the 0.300% Senior Notes due 2029 (the “2029 Notes”), (iv) the 1.375% Medium-Term Notes, Series H due 2034 (the “2034 Notes”) and (v) the 0.875% Medium-Term Notes, Series H due 2039 (the “2039 Notes” and together with the 2026 Notes, the 2029 Notes and 2034 Notes, the “Notes”). Each of the Company’s securities registered under Section 12 of the Exchange Act is listed on the New York Stock Exchange.

Description of Common Stock

The following description of the Common Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to the Company’s Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”) and the Company’s By-laws, as amended and restated (“By-laws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this exhibit is a part. We encourage you to read the Company’s Certificate of Incorporation, By-laws and the applicable provisions of the Delaware General Corporation Law (the “DGCL”) for additional information.

Authorized Capital Stock: The Company’s authorized capital stock consists of: 2,050,262,150 shares, divided into 250,000 shares of Preferred Stock without par value (“Preferred Stock”), 12,150 shares of $3.00 Convertible Second Preferred Stock without par value (“$3.00 Convertible Second Preferred Stock”), 50,000,000 shares of Preference Stock without par value (“Preference Stock”) and 2,000,000,000 shares of Common Stock. There are no shares of Preferred Stock, $3.00 Convertible Second Preferred Stock or Preference Stock issued and outstanding. The outstanding shares of our Common Stock are fully paid and non-assessable.

Voting Rights: The holders of Common Stock are entitled to one vote per share on all matters voted on by the stockholders, including the election of directors. Holders of Common Stock are not entitled to cumulative voting rights.

Dividend Rights: Subject to the rights of holders of outstanding shares of Preferred Stock and the $3.00 Convertible Second Preferred Stock, if any, the holders of Common Stock are entitled to receive dividends, if any, as may be declared from time to time by the Company’s Board of Directors in its discretion out of funds legally available for the payment of dividends.

Board of Directors: The Company’s Board of Directors is not classified and each member is elected annually by majority vote in uncontested elections. Under the Company’s by-laws, in uncontested elections for directors, if a nominee for director who is an incumbent director is not re-elected by a majority of the votes cast, the by-laws require the director to promptly tender his or her resignation to the Board of Directors. The Nominating, Governance and Corporate Responsibility Committee will then consider the resignation and make a recommendation to the Board of Directors. Stockholders do not have cumulative voting rights in the elections of directors.

Liquidation Rights: Subject to the preferential rights of the Preferred Stock and the $3.00 Convertible Second Preferred Stock, all the remaining assets of the Company shall belong to and be distributable among the holders of Common Stock, except to the extent, if any, that the holders of Preferred Stock of any series or Preference Stock of any series may be entitled to participate therein.

Other Rights and Preferences: The Common Stock has no sinking fund or redemption provisions or preemptive, conversion or exchange rights.

Certain Anti-takeover Provisions of the Certificate of Incorporation, By-laws and Delaware Law

Certain provisions of the Company’s Certificate of Incorporation, By-laws described below may have the effect of delaying, deferring or preventing a change of control of the Company:

•The Company is incorporated in Delaware and is thus subject to the provisions of the DGCL, including Section 203 of the DGCL regarding business combinations with an interested stockholder.

•Additional shares Common Stock, Preferred Stock, $3.00 Convertible Second Preferred Stock or Preference Stock are available for issuance under our Certificate of Incorporation which under certain circumstances and with such terms and conditions as to impede a change of control.

Listing: The Common Stock is traded on the New York Stock Exchange under the trading symbol “CL.”

Description of Notes

The following description of the 2026 Notes, 2029 Notes, 2034 Notes and 2039 Notes is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to the Indenture, dated as of November 15, 1992, between the Company and The Bank of New York Mellon (formerly known as The Bank of New York), as Trustee (as amended through the date hereof, the “Indenture”), which is filed as an exhibit to this Annual Report on Form 10-K and, as applicable, to the form 2039 Notes, which is filed as an exhibit to the Form 8-A filed with the Securities and Exchange Commission (“SEC”) on November 12, 2019, to the forms of the 2026 Notes and the 2034 Notes, which are filed as exhibits to the Form 8-A filed with the SEC on March 6, 2019 and to the form of the 2029 Notes, which is filed as an exhibit to the Form 8-K filed with the SEC on November 10, 2021. The 2026 Notes, 2029 Notes, 2034 Notes and 2039 Notes are traded on The New York Stock Exchange under the bond trading symbols of “CL26,” “CL29,” “CL34” and “CL39,” respectively.

The Notes

The Notes were issued under the Indenture, which provides that debt securities may be issued under the Indenture from time to time in one or more series. The Indenture does not limit the amount of debt, secured or unsecured, which the Company can issue. The Notes are unsecured and rank equally with our other unsecured and unsubordinated indebtedness of the Company from time to time outstanding. The Company may issue additional debt securities at any time without your consent.

The 2026 Notes

The Company issued €500,000,000 aggregate principal amount of the 2026 Notes on March 6, 2019. Interest on the Notes at a rate of 0.500% per annum is payable annually in arrears on March 6 of each year, commencing March 6, 2020. Unless earlier redeemed, the 2026 Notes will mature on March 6, 2026. As of February 17, 2022, €500,000,000 aggregate principal amount of the 2026 Notes was outstanding.

The 2029 Notes

The Company issued €500,000,000 aggregate principal amount of the 2029 Notes on November 10, 2021. Interest on the Notes at a rate of 0.300% per annum is payable annually in arrears on November 10 of each year, commencing November 10, 2022. Unless earlier redeemed, the 2029 Notes will mature on November 10, 2029. As of February 17, 2022, €500,000,000 aggregate principal amount of the 2029 Notes was outstanding.

The 2034 Notes

The Company issued €500,000,000 aggregate principal amount of the 2034 Notes on March 6, 2019. Interest on the Notes at a rate of 1.375% per annum is payable annually in arrears on March 6 of each year, commencing March 6, 2020. Unless earlier redeemed, the 2034 Notes will mature on March 6, 2034. As of February 17, 2022, €500,000,000 aggregate principal amount of the 2034 Notes was outstanding.

The 2039 Notes

The Company issued €500,000,000 aggregate principal amount of the 2039 Notes on November 12, 2019. Interest on the Notes at a rate of 0.875% per annum is payable annually in arrears on November 12 of each year, commencing November 12, 2020. Unless earlier redeemed, the 2039 Notes will mature on November 12, 2039. As of February 17, 2022, €500,000,000 aggregate principal amount of the 2039 Notes was outstanding.

Interest and Interest Rates

Each interest-bearing note will bear interest from the date of issue at the rate per annum or, in the case of a floating rate note, pursuant to the interest rate formula, stated in the applicable note until the principal of the note is paid or made available for payment. Interest payments on the notes will equal the amount of interest accrued from and including the immediately preceding interest payment date in respect of which interest has been paid or made available for payment or from and including the date of issue, if no interest has been paid or made available for payment with respect to the note, to, but excluding, the related interest payment date or the applicable Maturity Date, as the case may be.

We will pay interest in arrears on each interest payment date specified in the applicable note on which an installment of interest is due and payable and on the applicable Maturity Date. We will pay interest to the persons in whose names the notes are registered as of the regular record date. However, interest that we pay on the applicable Maturity Date, if any, will be payable to the persons to whom the principal will be payable. If any note is originally issued between a regular record date and the related interest payment date, we will make the first payment of interest on that note on the interest payment date immediately following the next succeeding regular record date to the registered holder on that next succeeding regular record date. The regular record date will be the fifteenth calendar day, whether or not a Business Day (as defined in the applicable Note), immediately preceding the related interest payment date.

Issuance in Euro

Principal and interest payments in respect of the Notes and additional amounts, if any, will be payable in euro.

If euro is unavailable to us due to the imposition of exchange controls or other circumstances beyond our control or the euro is no longer used by the member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until euro is again available to us or so used. The amount payable on any date in euro will be converted to U.S. dollars on the basis of the Market Exchange Rate (as defined below). Any payment in respect of the Notes so made in U.S. dollars will not constitute an event of default under the Indenture. Neither the Trustee nor the London Paying Agent shall be responsible for obtaining exchange rates, effecting conversions or otherwise handling redenominations.

“Market Exchange Rate” means the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent euro/U.S. dollar exchange rate available on or prior to the second Business Day prior to the relevant payment date, as reported by Bloomberg.

Optional Redemption

Prior to the applicable Par Call Date (as defined below), the Notes may be redeemed at our option, at any time, in whole, or from time to time, in part, at a redemption price equal to the greater of:

•100% of the principal amount of the Notes to be redeemed; or    

•the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed assuming that the Notes being redeemed matured on the applicable Par Call Date (not including any portion of any payments of interest accrued to the redemption date), discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as defined below), plus 15 basis points, in the case of the 2026 Notes, plus 10 basis points, in the case of the 2029 Notes, plus 20 basis points, in the case of the 2034 Notes or the 2039 Notes.

On or after the applicable Par Call Date, the Notes may be redeemed at our option, at any time, in whole, or from time to time, in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed.

In each case, we will pay accrued and unpaid interest on the principal amount being redeemed to, but not including, the redemption date.

Notwithstanding the foregoing, installments of interest on Notes being redeemed that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the holders as of the close of business on the relevant record date according to the Notes and the Indenture.

The “Comparable Government Bond Rate” will be determined by the Calculation Agent on the third Business Day preceding the redemption date and means, with respect to any date of redemption, the rate per annum equal to the yield to maturity calculated in accordance with customary financial practice in pricing new issues of comparable corporate debt securities paying interest on an annual basis (ACTUAL/ACTUAL (ICMA)) of the applicable Comparable Government Bond, assuming a price for the applicable Comparable Government Bond (expressed as a percentage of its principal amount) equal to the applicable Comparable Government Bond Price for such date of redemption.

“Calculation Agent” means an independent investment banking or commercial banking institution of international standing appointed by us.

“Comparable Government Bond” means the Federal Republic of Germany government security or securities selected by one of the Reference Government Bond Dealers appointed by us as having an actual or interpolated maturity comparable with the remaining term of the applicable tranche of Notes assuming such tranche matured on the applicable Par Call Date that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities of a maturity comparable to the remaining term of such tranche of Notes assuming such tranche matured on the applicable Par Call Date.

“Comparable Government Bond Price” means, with respect to any redemption date, (A) the arithmetic average of the Reference Government Bond Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Government Bond Dealer Quotations, or (B) if the Calculation Agent obtains fewer than four such Reference Government Bond Dealer Quotations, the arithmetic average of all such quotations.

“Par Call Date” means (i) with respect to the 2026 Notes, January 6, 2026 (two months prior to the maturity date of the 2026 Notes), (ii) with respect to the 2029 Notes, August 10, 2029 (three prior to the maturity date of the 2029 Notes), (iii) with respect to the 2034 Notes, December 6, 2033 (three months prior to the maturity date of the 2034 Notes) and (iv) with respect to the 2039 Notes, May 12, 2039 (six months prior to the maturity date of the 2039 Notes).

“Reference Government Bond Dealer” means each of four banks selected by us, which are (A) primary European government securities dealers, and their respective successors, or (B) market makers in pricing corporate bond issues.

“Reference Government Bond Dealer Quotations” means, with respect to each Reference Government Bond Dealer and any redemption date, the arithmetic average, as determined by the Calculation Agent, of the bid and offered prices for the applicable Comparable Government Bond (expressed in each case as a percentage of its principal amount) at 11:00 a.m., Central European Time (CET), on the third Business Day preceding such date for redemption quoted in writing to the Calculation Agent by such Reference Government Bond Dealer.

Notice of redemption will be mailed at least 15 days (or in the case of the 2029 Notes, 10 days) but not more than 60 days before the redemption date to each holder of record of the applicable Notes to be redeemed at its registered

address, provided that while the applicable Notes are represented by one or more global Notes, notice of redemption may, at our option, instead be given to holders of applicable Notes (and beneficial interests therein) in accordance with the applicable rules and regulations of Euroclear and Clearstream. The notice of redemption for the applicable Notes will state, among other things, the amount of the applicable Notes to be redeemed, the redemption date, and the redemption price and the place or places that payment will be made upon presentation and surrender of the applicable Notes to be redeemed. Unless we default in the payment of the redemption price, interest will cease to accrue on any Notes that have been called for redemption at the redemption date. If less than all of the applicable Notes of a tranche are to be redeemed, the Notes of such tranche to be redeemed will be selected in accordance with applicable depositary procedures; provided, however, that no Notes of a principal amount of €100,000 or less shall be redeemed in part.

The Notes are also subject to redemption prior to maturity if certain changes in U.S. tax law occur. If such changes occur, the Notes may be redeemed at a redemption price of 100% of their principal amount plus accrued and unpaid interest to the date of redemption. See “—Redemption for Tax Reasons.”

Redemption for Tax Reasons

If we have or will become obliged to pay additional amounts (as described below under the heading “—Payment of Additional Amounts”) as a result of any change in, or amendment to, the laws or regulations of the United States or any political subdivision or taxing authority thereof or therein affecting taxation, or any change in official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment becomes effective on or after the date of the applicable pricing supplement or prospectus supplement, and we determine that such obligation cannot be avoided by the use of reasonable measures then available to us, we may, at our option, at any time, having giving not less than 15 days (or in the case of the 2029 Notes, 10 days) nor more than 60 days’ prior written notice to Holders, redeem, in whole, but not in part, the the 2026 Notes, the 2029 Notes, the 2034 Notes or the 2039 Notes at a redemption price equal to 100% of their principal amount, together with unpaid interest, if any, on the Notes being redeemed accrued to but excluding the redemption date, provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which we would be obliged to pay such additional amounts if a payment in respect to the applicable tranche of Notes were due on such date. Prior to the transmission or publication of such a notice of redemption, we shall deliver to the Trustee a certificate signed by two executive officers of the Company stating that we are entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to our right to so redeem the Notes has occurred.

Payment of Additional Amounts

We will, subject to the exceptions and limitations set forth below, pay as additional amounts to a holder of a Note that is a United States Alien (as defined below) such amounts as may be necessary so that every net payment on such Note after deduction or withholding for or on account of any present or future tax, assessment or other governmental charge of whatever nature imposed upon or as a result of such payment by the United States (or any political subdivision or taxing authority thereof or therein), will not be less than the amount provided for in such Note to be then due and payable. However, we will not be required to make any payment of additional amounts for or on account of:

a)any tax, assessment or other governmental charge that would not have been imposed but for (i) the existence of any present or former connection between such holder (or between a fiduciary, settlor or beneficiary of, or a person holding a power over, such holder, if such holder is an estate or a trust, or a member or shareholder of such holder, if such holder is a partnership or corporation) and the United States, including, without limitation, such holder (or such fiduciary, settlor, beneficiary, person holding a power, member or shareholder) being or having been a citizen or resident or treated as a resident thereof or being or having been engaged in trade or business or present therein or having or having had a permanent

establishment therein, or (ii) the presentation by the holder of a Note for payment more than 15 days after the date on which such payment became due and payable or on which payment thereof was duly provided for, whichever occurs later;

b)any estate, inheritance, gift, sales, transfer, personal property or any similar tax, assessment or other governmental charge;

c)any tax, assessment or other governmental charge that would not have been imposed but for such holder’s past or present status as a controlled foreign corporation, passive foreign investment company (including a qualified election fund) or foreign private foundation or other tax exempt organization with respect to the United States or as a corporation that accumulates earnings to avoid United States Federal income tax;

d)any tax, assessment or other governmental charge that is payable otherwise than by deduction or withholding from a payment on a Note;

e)any tax, assessment or other governmental charge required to be deducted or withheld by any paying agent from any payment on a Note, if such payment can be made without such deduction or withholding by any other paying agent;

f)any tax, assessment or other governmental charge that would not have been imposed but for the holder’s failure to comply with any applicable certification, information, documentation or other reporting requirement concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of a Note if, without regard to any tax treaty, such compliance is required by statute or regulation of the United States as a precondition to relief or exemption from such tax, assessment or other governmental charge;

g)any tax, assessment or other governmental charge imposed by reason of the holder (i) owning or having owned, directly or indirectly, actually or constructively, 10% or more of the total combined voting power of all classes of stock of the Company entitled to vote, (ii) receiving interest described in Section 881(c)(3)(A) of the United States Internal Revenue Code or (iii) being a controlled foreign corporation with respect to the United States that is related to the Company by actual or constructive stock ownership;    

h)any tax, assessment or other governmental charge that is imposed on a payment pursuant to Sections 1471 through 1474 of the United States Internal Revenue Code (FATCA), any Treasury regulations and official interpretations thereof, and any regulations or official law, agreement or interpretations thereof implementing an intergovernmental approach thereto; or

i)any combination of items (a), (b), (c), (d), (e), (f) (g) and (h);

nor shall such additional amounts be paid with respect to any payment on a Note to a holder that is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to the additional amounts had such beneficiary, settlor, member or beneficial owner been the holder of such Note.

For purposes of the foregoing, the holding of or the receipt of any payment with respect to a Note shall not constitute a connection between the holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or a person having power over, such holder if such holder is an estate, a trust, a partnership or a corporation) and the United States.

The term “United States Alien” means any person who, for United States Federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which is, for United States Federal income tax purposes, a foreign corporation, a nonresident alien individual or a non-resident alien fiduciary of a foreign estate or trust.

Further Issuances

We may, from time to time, without the consent of or notice to existing holders of the Notes, create and issue further debt securities having the same terms and conditions as the Notes in all respects, except for issue date, issue price and, to the extent applicable, the first payment of interest and the initial interest accrual date. Additional debt securities issued in this manner will be consolidated with and will form a single tranche or series of debt securities with the related previously outstanding applicable tranche or series of Notes; provided, however, that the issuance of such additional Notes will not be so consolidated for United States federal income tax purposes unless such issuance constitutes a “qualified reopening” within the meaning of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury regulations promulgated thereunder.

Book-Entry Delivery and Settlement

The Notes of each tranche or series will be issued in the form of one or more global Notes in fully registered form, without coupons, and will be deposited with, or on behalf of, a common depositary for, and in respect of interests held through, Euroclear and Clearstream. Except as described herein, certificates will not be issued in exchange for beneficial interests in the global Notes.

Except as set forth below, the global Notes may be transferred, in whole and not in part, only to Euroclear or Clearstream or their respective nominees.

Beneficial interests in the global Notes will be represented, and transfers of such beneficial interests will be effected, through accounts of financial institutions acting on behalf of beneficial owners as direct or indirect participants in Euroclear or Clearstream. Those beneficial interests will be in denominations of €100,000 and integral multiples of €1,000 in excess thereof. Investors may hold Notes directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through organizations that are participants in such systems.

Owners of beneficial interests in the global Notes will not be entitled to have Notes registered in their names, and, except as described herein, will not receive or be entitled to receive physical delivery of Notes in certificated form. So long as the common depositary for Euroclear and Clearstream or its nominee is the registered owner of the global Notes, the common depositary for all purposes will be considered the sole holder of the Notes represented by the global Notes under the Indenture and the global Notes. Except as provided below, beneficial owners will not be considered the owners or holders of the Notes under the Indenture, including for purposes of receiving any reports delivered by us or the Trustee pursuant to the Indenture. Accordingly, each beneficial owner must rely on the procedures of the clearing systems and, if such person is not a participant of the clearing systems, on the procedures of the participant through which such person owns its interest, to exercise any rights of a holder under the Indenture. Under existing industry practices, if we request any action of holders or a beneficial owner desires to give or take any action which a holder is entitled to give or take under the Indenture, the clearing systems would authorize their participants holding the relevant beneficial interests to give or take action and the participants would authorize beneficial owners owning through the participants to give or take such action or would otherwise act upon the instructions of beneficial owners. Conveyance of notices and other communications by the clearing systems to their participants, by the participants to indirect participants and by the participants and indirect participants to beneficial owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. The laws of some jurisdictions require that certain purchasers of securities take physical delivery of such securities in certificated form. These limits and laws may impair the ability to transfer beneficial interests in global Notes.

Exchange of Global Notes for Certificated Notes

Subject to certain conditions, the Notes represented by the global Notes are exchangeable for certificated Notes in definitive form of like tenor in minimum denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof if:

(1) we have been notified that both Clearstream and Euroclear have been closed for business for a continuous period of at least 14 days (other than by reason of holiday, statutory or otherwise) or have announced an intention permanently to cease business or have in fact done so and no successor clearing system is available;

(2) we, at our option, notify the Trustee in writing that we elect to cause the issuance of certificated Notes in definitive form; or

(3) there has occurred and is continuing an Event of Default with respect to the Notes.

In all cases, certificated Notes in definitive form delivered in exchange for any global Note or beneficial interest therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the common depositary (in accordance with its customary procedures).

Payments (including principal and interest) and transfers with respect to Notes in certificated form may be executed at the office or agency maintained for such purpose in London (initially the corporate trust office of the London Paying Agent) or, at our option, by check mailed to the holders thereof at the respective addresses set forth in the register of holders of the Notes, provided that all payments (including principal and interest) on Notes in certificated form, for which the holders thereof have given wire transfer instructions at least ten calendar days prior to the applicable payment date, will be required to be made by wire transfer of immediately available funds to the accounts specified by the holders thereof. No service charge will be made for any registration of transfer, but payment of a sum sufficient to cover any tax or governmental charge payable in connection with that registration may be required.

Indenture Provisions:

Merger and Consolidation

We may consolidate or merge with or into any other corporation, and we may sell, lease or convey all or substantially all of our assets to any corporation, provided that:

•the resulting corporation, if other than Colgate, is a corporation organized and existing under the laws of the United States of America or any U.S. state or the District of Columbia and assumes all of our obligations to:

1)pay or deliver the principal of or any premium, interest or additional amounts on the debt securities; and

2)perform and observe all of our other obligations under the Indenture, and

•we or any successor corporation, as the case may be, are not, immediately after any such consolidation, merger or sale of assets, in default under the indenture.

Modification and Waiver

We and the trustee may, without the consent of holders, modify provisions of the Indenture for specified purposes, including, among other things, curing ambiguities and correcting inconsistencies. We and the trustee may modify and amend other provisions of the Indenture with the consent of holders of at least a majority in principal amount of each series of debt securities affected. However, the consent of each holder of any debt security affected must be obtained if the amendment or modification:

•changes the stated maturity of the principal of, or any premium or installment of interest or additional amounts on, any debt security;

•reduces the principal amount due and payable at maturity or upon acceleration of maturity of, or the rate of interest or additional amounts payable on, or any premium payable on redemption or otherwise on, any debt security;

•adversely affects any right of repayment at the option of the holders;

•changes the place of delivery of, or currency of, the payment of principal or any premium, interest or additional amounts on any debt security or impairs the right to institute suit for the enforcement of any such payment or delivery;

•reduces the percentage in principal amount or aggregate issue price of the outstanding debt securities of any series, the consent of whose holders is required to modify or amend the Indenture; or

•modifies the foregoing requirements or reduces the percentage to less than a majority in principal amount of outstanding debt securities necessary to waive certain past defaults by Colgate under the Indenture.

The holders of at least a majority in principal amount of the outstanding debt securities of any series may, with respect to that series, waive past defaults under the Indenture and waive our compliance with certain provisions of the Indenture, except as described below under “—Events of Default.”

Events of Default

Except as otherwise provided in the applicable prospectus supplement, each of the following constitutes an event of default with respect to each series of debt securities issued under the Indenture:

•default in the payment of any interest or additional amounts when due and continuing for 30 days;

•default in the payment of any principal or premium when due and payable at maturity;

•default in the payment of any sinking fund payment when due;

•default in the performance, or breach, of any other obligation of ours under the Indenture, or under provisions of a series of debt securities that are applicable to all series of debt securities, and continuance of the default for 60 days after we are given written notice of the default as provided in the Indenture;

•specified events of bankruptcy, insolvency or reorganization of Colgate; and

•any other event of default with respect to debt securities of that series.

If an event of default occurs and is continuing for any series of debt securities, the trustee or the holders of at least 25% in principal amount of the outstanding debt securities of that series may declare the principal of all the debt securities of that series, or any lesser amount provided for in the debt securities of that series, due and payable immediately. At any time after such a declaration of acceleration with respect to the debt securities of any series has been made, but before the trustee has obtained a judgment or decree for payment of the money due, the holders of a majority in principal amount of the outstanding debt securities of that series by written notice may rescind any declaration of acceleration and its consequences, provided that all payments and/or deliveries due, other than those due as a result of acceleration, have been made and all other events of default have been remedied or waived.

The holders of at least a majority in principal amount of the outstanding debt securities of any series may waive an event of default with respect to that series, except a default:

•in the payment of any amounts due and payable or deliverable under the debt securities of that series; or

•in respect of an obligation of ours contained in, or a provision of, the Indenture which cannot be modified under the terms of the Indenture without the consent of each holder of outstanding debt securities affected.

The holders of a majority in principal amount of the outstanding debt securities of a series may direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to debt securities of that series, provided that the direction is not in

conflict with any rule of law, the Indenture or the debt securities of that series. The trustee must, within 90 days after a default occurs notify the holders of the applicable series of debt securities of the default, unless the default is cured or waived. The trustee may withhold notice of default, except default in payment of principal, any premium, interest or sinking fund payment, if it determines that it is in the interest of the holders to do so. Before proceeding to exercise any right or power under the Indenture at the direction of the holders, the trustee is entitled to receive from those holders reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in complying with any such direction.

Unless otherwise stated in the prospectus supplement, any series of debt securities issued under the Indenture will not have the benefit of any cross-default provisions with other indebtedness of our company.

We will be required to furnish to the trustee annually a statement as to our performance of all of our obligations and conditions under the Indenture.

Legal Defeasance and Covenant Defeasance

We at any time may terminate as to a series of debt securities all of our obligations (except for certain obligations regarding the defeasance trust and obligations to register the transfer or exchange of a debt security, to replace destroyed, lost or stolen debt securities and any related coupons and to maintain agencies with respect to the debt securities) arising under the Indenture and the debt securities and coupons of that series. This option of ours is called a “legal defeasance.” We at any time may terminate as to a series of debt securities, among other obligations, our obligations arising under the covenant described under “Limitations Upon Liens” below. This option of ours is called a “covenant defeasance.”

We may exercise our legal defeasance option with respect to a series of debt securities even if we have previously exercised our covenant defeasance option in regard to that series of debt securities. If we exercise our legal defeasance option with respect to a series of debt securities, that series may not be accelerated because of an Event of Default. If we exercise our covenant defeasance option with respect to a series of debt securities, that series may not be accelerated on the basis of breaches of the defeased covenant.

To exercise either option as to a series of debt securities, we must deposit in trust with the trustee cash or United States government obligations sufficient to pay the principal of, premium, if any, and interest on the debt securities of that series at their maturity or redemption and must comply with other specified conditions. In particular, we must obtain an opinion of tax counsel that the defeasance will not result in recognition for United States Federal income tax purposes of any gain or loss to holders of the series of debt securities. The opinion of tax counsel, in the case of legal defeasance, must refer to and be based upon a ruling of the Internal Revenue Service or a change in applicable United States Federal income tax law occurring after the date of the Indenture.

Limitations Upon Liens

The debt securities will not be secured by any mortgage, pledge or other lien. Unless a prospectus supplement with respect to a particular series of debt securities states otherwise, the covenants described below will apply to each series of debt securities.

We covenant in the Indenture not to create or suffer to exist, or permit any of our Principal Domestic Subsidiaries to create or suffer to exist, any Lien on any Restricted Property, whether owned on the date of the Indenture or thereafter acquired, without making effective provision (and we covenant and agree in the Indenture that we will make or cause to be made effective provision) whereby the debt securities shall be directly secured by such Lien equally and ratably with (or prior to) all other indebtedness secured by such Lien as long as such other indebtedness shall be so secured; provided, however, that there shall be excluded from the foregoing restrictions:

•Liens securing Debt not exceeding $10,000,000 which are existing on the date of the Indenture on Restricted Property; and, if any property owned or leased as of the date of the indenture by us or one of our Principal Domestic Subsidiaries at any time thereafter becomes a Principal Domestic Manufacturing Property, any Liens existing on the date of the Indenture on such property securing the Debt secured or evidenced thereby on the date of the Indenture;

•Liens on Restricted Property of a Principal Domestic Subsidiary as a security for Debt of such Subsidiary to us or to another Principal Domestic Subsidiary;

•in the case of any corporation which becomes a Principal Domestic Subsidiary after the date of the Indenture, Liens on Restricted Property of such Principal Domestic Subsidiary which are in existence at the time it becomes a Principal Domestic Subsidiary and which were not incurred in contemplation of it becoming a Principal Domestic Subsidiary;

•any Lien existing prior to the time of acquisition of any Principal Domestic Manufacturing Property acquired by us or one of our Principal Domestic Subsidiaries after the date of the Indenture through purchase, merger, consolidation or otherwise;

•any Lien on any Principal Domestic Manufacturing Property (other than a Major Domestic Manufacturing Property) acquired or constructed by our company or a Principal Domestic Subsidiary after the date of the Indenture which is placed on such Property at the time of or within 180 days after the acquisition thereof or prior to, at the time of or within 180 days after completion of construction thereof to secure all or a portion of the price of such acquisition or construction or funds borrowed to pay all or a portion of the price of such acquisition or construction;

•extensions, renewals or replacements of any Lien referred to in the first, third, fourth or fifth bullet points above to the extent that the principal amount of the Debt secured or evidenced thereby is not increased, provided that the Lien is not extended to any other Restricted Property;

•Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s, vendors’ and landlords’ liens, and liens arising out of judgments or awards against us or any of our Principal Domestic Subsidiaries with respect to which we or such Subsidiary at the time shall currently be prosecuting an appeal or proceedings for review and with respect to which it shall have secured a stay of execution pending such appeal or proceedings for review;

•Liens securing the payment of taxes, assessments and governmental charges or levies, either (1) not delinquent or (2) being contested in good faith by appropriate legal or administrative proceedings and as to which we or a Principal Domestic Subsidiary, as the case may be, to the extent required by generally accepted accounting principles applied on a consistent basis, shall have set aside on its books adequate reserves;

•minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes and zoning or other restrictions as to the use of any Principal Domestic Manufacturing Property, which exceptions, encumbrances, easements, reservations, rights and restrictions do not, in our opinion, in the aggregate materially detract from the value of such Principal Domestic Manufacturing Property or materially impair its use in the operation of our business and that of our Principal Domestic Subsidiaries; and

•any Lien on Restricted Property not referred to above if, at the time such Lien is created, incurred, assumed or suffered to be created, incurred or assumed, and after giving effect thereto and to the Debt secured or evidenced thereby, the aggregate amount of all our outstanding Debt together with that of our Principal Domestic Subsidiaries secured or evidenced by Liens on Restricted Property which are not referred to above and which do not equally and ratably secure the debt securities, shall not exceed 15% of Consolidated Net Tangible Assets.

“Code” means the Internal Revenue Code of 1986, as amended.

“Consolidated Net Tangible Assets” means the aggregate amount of assets (less applicable reserves and other properly deductible items) after deducting therefrom (1) all current liabilities and (2) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles of ours and our consolidated subsidiaries, all as set forth on the most recent balance sheet of ours and our consolidated subsidiaries prepared in accordance with generally accepted accounting principles as practiced in the United States.

“Debt” means (1) indebtedness for borrowed money, (2) obligations evidenced by bonds, debentures, notes or other similar instruments, (3) obligations to pay the deferred purchase price of property or services (other than accounts payable in the ordinary course of business), (4) obligations as a lessee under leases which shall have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases, and (5) obligations under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to in clauses (1) through (4) above.

“Domestic Subsidiary” means any Subsidiary a majority of the business of which is conducted within the United States of America, or a majority of the properties and assets of which are located within the United States of America, except any Subsidiary whose assets consist substantially of the securities of Subsidiaries which are not Domestic Subsidiaries.

“Instruments” of any corporation means and includes (1) all capital stock of all classes of and all other equity interests in such corporation and all rights, options or warrants to acquire the same, and (2) all promissory notes, debentures, bonds and other evidences of Debt of such corporation.

“Lien” means any mortgage, lien, pledge, security interest, encumbrance or charge of any kind, any conditional sale or other title retention agreement or any lease in the nature thereof, provided that the term “Lien” shall not include any lease involved in a sale and lease-back transaction.

“Major Domestic Manufacturing Property” means any Principal Domestic Manufacturing Property the net depreciated book value of which on the date as of which the determination is made exceeds 3% of the Consolidated Net Tangible Assets.

“Principal Domestic Manufacturing Property” means any building, structure or facility (including the land on which it is located and the improvements and fixtures constituting a part thereof) used primarily for manufacturing or processing which is owned or leased by us or any of our Subsidiaries, is located in the United States of America and the net depreciated book value of which on the date as of which the determination is made exceeds 1% of Consolidated Net Tangible Assets, except any such building, structure or facility which our Board of Directors by resolution declares is not of material importance to the total business conducted by us and our Subsidiaries as an entirety.

“Principal Domestic Subsidiary” means (1) each Subsidiary which owns or leases a Principal Domestic Manufacturing Property, (2) each Domestic Subsidiary the consolidated net worth of which exceeds 3% of Consolidated Net Tangible Assets (as set forth in the most recent financial statements delivered pursuant to the Indenture) and (3) each Domestic Subsidiary of each Subsidiary referred to in the foregoing clause (1) or (2) except any such Subsidiary the accounts receivable and inventories of which have an aggregate net book value of less than $5,000,000.

“Restricted Property” means and includes (1) all Principal Domestic Manufacturing Properties, (2) all Instruments of all Principal Domestic Subsidiaries and (3) all inventories and accounts receivable of ours and our Principal Domestic Subsidiaries.

“Subsidiary” means any Corporation of which at the time of determination we or one or more of our Subsidiaries owns or controls directly or indirectly more than 50% of the shares of Voting Stock.

“Voting Stock” means stock of a Corporation of the class or classes having general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees of such Corporation, provided that, for this purpose, stock which carries only the right to vote conditionally on the happening of an event shall not be considered voting stock whether or not such event shall have happened.

Other capitalized terms used but not defined shall have the meaning given those terms in the Indenture.

The Trustee for the Notes

The Bank of New York Mellon serves as trustee under the Indenture and is the security registrar and paying agent with respect to the debt securities.

The Indenture contains certain limitations on the right of the trustee, should it become a creditor of ours, to obtain payment of claims in certain cases, or to realize on certain property received in respect of any such claim as security or otherwise. The trustee is permitted to engage in other transactions with us; provided, however, that if the trustee acquires any conflicting interest it must eliminate such conflict or resign. We have banking relationships with The Bank of New York Mellon and certain of its affiliates.

Governing Law

The Indenture and the debt securities are governed by, and construed in accordance with, the laws of the State of New York.

EX-10.D

EXHIBIT 10-D

COLGATE-PALMOLIVE COMPANY

SUPPLEMENTAL SALARIED EMPLOYEES’ RETIREMENT PLAN

TABLE OF CONTENTS

PAGE

ARTICLE 1. INTRODUCTION	2
ARTICLE 2. DEFINITIONS	5
ARTICLE 3. BENEFITS	8
ARTICLE 4. PLAN ADMINISTRATION	18
APPENDIX A	A-1
APPENDIX B	B-1

COLGATE-PALMOLIVE COMPANY

SUPPLEMENTAL SALARIED EMPLOYEES’ RETIREMENT PLAN

Colgate-Palmolive Company (the “Company”) hereby continues the Supplemental Salaried Employees’ Retirement Plan (the “Plan”), a non-qualified, unfunded plan which it maintains to provide Eligible Employees with benefits which, in the absence of certain limitations imposed by the Code, would have been provided under the Colgate-Palmolive Company Employees’ Retirement Income Plan (the “Base Plan”), as well as additional benefits to surviving spouses in the event of the death of certain married Members.

ARTICLE I

INTRODUCTION

Section 1.1 Name of Plan. The name of this Plan is the “Supplemental Salaried Employees’ Retirement Plan”.

Section 1.2 Background and Effective Date. The original effective date of the Plan is January 1, 1976. The Base Plan was amended effective July 1, 1989 to, inter alia, establish pension retirement accounts and to permit lump sum payments of the amounts credited to such accounts. The Base Plan amendment required changes in the administration and interpretation of this Plan. A prior amendment and restatement of the Plan was generally effective for Members and Beneficiaries whose Benefit Commencement Date was on or after July 1, 1989, and was intended to reflect the administration and operation of the Plan in practice since July 1, 1989, including, with respect to benefits earned and vested as of December 31, 2004, the terms of the Plan as in existence on October 3, 2004. This Plan was again amended and restated effective January 1, 2005 for the purpose of complying with the requirements of Internal Revenue Code ("Code") section 409A as added by the American Jobs Creation Act of 2004. The Company did not intend by the retroactive application of this amended and restated Plan to materially modify, or otherwise increase or reduce, the benefits or rights under this Plan as in existence on October 3, 2004 for purposes of Code section 409A and applicable

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guidance thereunder with respect to benefits earned and vested as of December 31, 2004, and this Plan shall be interpreted consistent with such intent.

Effective September 1, 2010, the Hill’s Pet Nutrition, Inc. Retirement Plan was merged into the Base Plan and the benefits previously provided under the Hill’s Pet Products Benefit Equalization Plan (the “Hill’s Plan”) are now provided under this Plan.

The Plan was previously amended and restated effective September 27, 2017 and amended and restated again on April 19, 2018. Except as otherwise provided herein, the Plan is hereby amended and restated effective January 1, 2021. The Plan remains effective for Members and Beneficiaries whose Benefit Commencement Date is on or after January 1, 2021.

Section 1.3 ERISA and Code Status. This Plan is intended to be an unfunded plan for the benefit of a select group of management or highly compensated employees exempt from parts 2, 3 and 4 of Title I of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). With respect to the portion of the Plan which provides benefits in excess of the limitations imposed by section 415 of the Code, that portion is intended to be a separate plan which is an excess benefit plan exempt from ERISA. The Plan is also intended to comply with Code section 409A with respect to amounts deferred after December 31, 2004, and amounts which were deferred on or before but not vested on December 31, 2004. The Plan shall be administered and interpreted consistent with such intent.

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ARTICLE II

DEFINITIONS

Capitalized terms which are not defined herein shall have the meaning ascribed to them in the Base Plan. Whenever reference is made herein to “this Plan”, such reference shall be to this Supplemental Salaried Employees’ Retirement Plan.

Section 2.1 “Actuarial Equivalent” shall mean equality in value of the aggregate benefits expected to be received under different forms of payment. For those Members whose benefit under the Base Plan is not calculated under Appendices B, C, or D of the Base Plan, the underlying actuarial assumptions used as a basis for these calculations are those which are stated in the Base Plan. For those Members whose benefit under the Base Plan is calculated under Appendices B, C, or D of the Base Plan, the underlying actuarial assumptions used for calculating lump sums and the reduction under Section 3.7 are those in effect under the Base Plan prior to January 1, 2000. For all other purposes, the assumptions currently in effect under the Base Plan shall be used.

Section 2.2 “Additional EICP Benefit” shall mean a benefit payable for the life of the surviving spouse of any Member Eligible for the Additional EICP Benefit that is equal to 25% of the retirement benefit that would have been payable to such Member under the Base Plan at Normal Retirement Age or, if later, on the Member’s Benefit Commencement Date, if such benefit had been paid in the form of a life annuity and if the limitations of Code sections 401(a)(17) and 415 were not taken into account in calculating the benefit; provided, however, that in any case where the surviving spouse is more than 60 months younger than the Member, the Additional EICP Benefit shall be reduced 1/8 of 1% (.00125) per month for each month over 60 months that the surviving spouse is younger than the Member. If the Member’s Base Plan benefit is determined by reference to his Account, the benefit at Normal Retirement Age or, if later, the Member’s Benefit Commencement Date, shall be determined by dividing such Account as of the date of the Member’s separation from service by a deferred to age 65 annuity factor using the Applicable Interest Rate and the Applicable Mortality Table.

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Section 2.3 “Base Plan” shall mean the Colgate-Palmolive Company Employees’ Retirement Income Plan, as amended from time to time.

Section 2.4 “Benefit Commencement Date” shall mean the first day of the month as of which a Member’s benefit is paid as an annuity or in any other form under this Plan.

Section 2.5 “Determination Date” shall mean the date as of which benefits commence under the Base Plan.

Section 2.6 “Eligible Employee” shall mean an “Eligible Employee,” as defined in the Base Plan, who is entitled to a retirement benefit under the Base Plan which is limited by Code sections 401(a)(17) and/or 415, and/or any other Employee who satisfies each of the requirements of Section 2.10.

Section 2.7 “Grandfathered Benefit” shall mean the lesser of (i) the benefit amount stated in a schedule maintained by the Employee Relations Committee (which represents the present value of the amount to which the Member would have been entitled under this Plan (or the Hill’s Plan, as applicable) if he had voluntarily terminated employment without cause on December 31, 2004 and received a payment of the benefits available from the Plan on the earliest possible date allowed under the Plan to receive a payment of benefits following termination of employment, and received the benefit in the form with the maximum value, and (ii) the benefit payable under this Plan on the Benefit Commencement Date. For any subsequent year, the amount determined under (i) may increase to equal the present value of the benefit the Member actually becomes entitled to, in the form and at the time actually paid, determined under the terms of the Plan (including applicable limits under the Internal Revenue Code), as in effect on October 3, 2004, without regard to any further services rendered by the Member after December 31, 2004, or any other events affecting the amount of the Member’s entitlement to benefits (other than a Member election with respect to the time or form of an available benefit). Calculations of the amount determined under (i) shall be made in accordance

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with Reg. §1.409A-6(a)(3)(i) using reasonable actuarial assumptions and methods as determined thereunder.

Section 2.8 “Maximum Benefit” shall mean the maximum annual benefit payable in the form of a straight life annuity or, in the case of a married Member, a qualified joint and survivor annuity as defined in Code section 417(b), which is permitted to be paid to a Member under the Base Plan, as determined under all applicable provisions of the Code and ERISA, specifically taking into account the limitations of Code sections 401(a)(17) and 415, and any applicable regulations thereunder. It is intended that the Maximum Benefit, as defined herein, shall automatically increase whenever the dollar limits or compensation limits under Code sections 401(a)(17) and 415 increase; provided, however, that no adjustments to the Maximum Benefit will be recognized after a Member’s Benefit Commencement Date.

Section 2.9 “Member” shall mean an Eligible Employee who participates in this Plan pursuant to Section 3.1. An Eligible Employee shall remain a Member under this Plan until all amounts payable on his behalf from this Plan have been paid.

Section 2.10 “Member Eligible for the Additional EICP Benefit” shall mean an Employee who (i) is in salary grade 19 or above, (ii) has been credited with ten (10) or more years of vesting service under the Base Plan, (iii) is not eligible for the indexation of accrued benefit under Section 1.1 of Appendix H of the Base Plan; (iv) effective for Benefit Commencement Dates on or after September 27, 2017, elects to receive his benefit under the Base Plan in a form of annuity other than a Joint Annuitant Option with a 100% survivor feature, (v) has been married to the same Spouse for at least one year prior to his Benefit Commencement Date, (vi) is married to the person described in (v) at the time of his death, and (vii) either the person described in (v) and (vi) above is the Member’s only designated beneficiary under the Base Plan or the Base Plan benefit is paid in the form of an annuity that does not require the designation of a beneficiary. In addition to the foregoing requirements and solely for purposes of Section 3.3(b), the Employee also must have attained age 55 prior to death and the Beneficiary’s benefit

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under the Base Plan must be determined under Appendices B, C or D, but the requirement that the Member elect to receive his benefit under the Base Plan in the form of an annuity shall not apply.

Section 2.11 “Non-Grandfathered Benefit” shall mean the portion of the benefit payable under this Plan which exceeds the Grandfathered Benefit, calculated using the actuarial assumptions specified in Section 2.1 as of the Determination Date.

Section 2.12 “Specified Employee” shall mean a person identified in accordance with procedures adopted by the Company that reflect the requirements of Code section 409A(a)(2)(B)(i).

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ARTICLE III

BENEFITS

Section 3.1 Participation. An Eligible Employee shall become a Member under this Plan on the earlier of (i) the date his accrued benefit under the Base Plan, determined without regard to the limitations of Code Sections 401(a)(17) and 415, exceeds the Maximum Benefit, or (ii) the date he satisfies each of the requirements of Section 2.10.

Section 3.2 Amount of Member’s Benefit .

(a) In the case of any Member whose Determination Date is coincident with or immediately following his separation from service, such Member shall be entitled to a benefit under this Plan, the Actuarial Equivalent of which is equal to the difference between:

(i) the benefit that would have been payable under the Base Plan as of such date in the form elected by the Member under such plan if the limitations of Code sections 401(a)(17) and 415 were not taken into account in calculating the benefit; and

(ii) the benefit actually payable under the Base Plan;

For Members previously covered under the Hill’s Plan, the determination of the benefit payable under Section 3.2(a)(i) above shall be made by treating amounts deferred under the Colgate-Palmolive Company Deferred Compensation Plan (except for annual incentive bonuses under the Executive Incentive Compensation Plan that are scheduled to be paid in March 2022), to the extent such amounts would have been recognized as Earnings under the Base Plan determined at the Member’s Benefit Commencement Date, as benefit bearing compensation. For Members who are Employees on December 31, 2013 and whose Recognized Earnings as of February 1, 2013 are in excess of $255,000, the determination of the benefit payable under Section 3.2(a)(i) above shall be made without regard to the Base Plan amendment requiring that both their benefit upon normal retirement and their pre-Social Security supplement under Appendix B of the Base Plan be calculated based on the Member’s Average Recognized Monthly

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Earnings, and Estimated Primary Insurance Amount as of December 31, 2013. For Members whose (x) Recognized Earnings as of a date after February 1, 2013 but before January 1, 2022 or (y) Eligible Earnings as of any date on or after January 1, 2021, as applicable, are in excess of the limitation then in effect under Code section 401(a)(17), and who terminate employment on or after January 1, 2016, the determination of the benefit payable under Section 3.2(a)(i) above shall be made without regard to Section 7(b) of Appendix B of the Base Plan and the last paragraph of Section 7 of Appendix B of the Base Plan.

(b) In any case where the Determination Date under the Base Plan does not coincide with, or immediately follow, the Member’s separation from service, the Member shall be entitled to a benefit under this Plan, the Actuarial Equivalent of which is equal to the difference between:

(i) the annual benefit that would have been payable under the Base Plan in the normal form as of the earliest date the Member could have commenced benefits under the Base Plan following his separation from service if the limitations of Code sections 401(a)(17) and 415 were not taken into account in calculating the benefit; and

(ii) the Maximum Benefit applicable to the Member as of that date;

For Members previously covered under the Hill’s Plan, the determination of the benefit payable under Section 3.2(b)(i) above shall be made by treating amounts deferred under the Colgate-Palmolive Company Deferred Compensation Plan (except for annual incentive bonuses under the Executive Incentive Compensation Plan that are scheduled to be paid in March 2022), to the extent such amounts would have been recognized as Earnings under the Base Plan determined at the Member’s Benefit Commencement Date, as benefit bearing compensation. For Members who are Employees on December 31, 2013 and whose Recognized Earnings as of February 1, 2013 are in excess of $255,000, the determination of the benefit payable under Section 3.2(b)(i) above shall be made without regard to the Base Plan amendment requiring that both their benefit

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upon normal retirement and their pre-Social Security supplement under Appendix B of the Base Plan be calculated based on the Member’s Average Recognized Monthly Earnings, and Estimate Primary Insurance Amount as of December 31, 2013. For Members whose (x) Recognized Earnings as of any date after February 1, 2013 but before January 1, 2022 or (y) Eligible Earnings as of any date on or after January 1, 2021, as applicable, are in excess of the limitation then in effect under Code section 401(a)(17), and who terminate employment on or after January 1, 2016, the determination of the benefit payable under Section 3.2(b)(i) above shall be made without regard to Section 7(b) of Appendix B of the Base Plan and the last paragraph of Section 7 of Appendix B of the Base Plan.

(c) In addition to any benefit provided under Section 3.2(a) or (b), an Additional EICP Benefit shall be paid to the surviving spouse of any Member Eligible for the Additional EICP Benefit who dies on or after his Benefit Commencement Date.

(d) The benefit amount determined under Sections 3.2(a), (b) and (c) above is subject to reduction as provided in Sections 3.6, 3.7 and 3.8. The benefit amount (after the reductions required under Sections 3.6 and 3.7 but prior to the reduction required under Section 3.8), when expressed as a straight life annuity, and then added to the benefit payable under the Base Plan, when expressed as a straight life annuity (in each case using the actuarial assumptions specified in Section 2.1 which are in effect on the Benefit Commencement Date), shall be limited to 70 percent of the Member’s salary based on the date of separation from service plus the value of the executive incentive compensation (whether or not payable in cash) awarded for services rendered in the calendar year immediately preceding the calendar year containing the separation from service date. For this purpose, executive incentive compensation includes cash and non-cash awards under the Executive Incentive Compensation Plan of the Company. Also for this purpose, restricted stock issued pursuant to the Executive Incentive Compensation Plan

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shall be valued at its publicly traded value on the New York Stock Exchange at the close of business on the date of grant.

(e) The benefit amount determined under Sections 3.2(a), (b) and (c) above (after the reductions required under Sections 3.2(d), 3.6, and 3.7 but prior to the reduction required under Section 3.8) when expressed as a present value amount (in each case using the actuarial assumptions described below), and when added to (i) the benefit determined under Section 3.2(a)(ii) or Section 3.2(b)(ii), as applicable, when expressed as a present value amount (in each case using the actuarial assumptions described below) and (ii) the foreign retirement benefit(s) determined under Section 3.6, when expressed as a present value amount (using the actuarial assumptions described below), shall be further limited to a maximum total benefit under this Plan, the Base Plan, and foreign retirement plan(s) described in Section 3.6 of $20,000,000. Such $20,000,000 limitation shall be increased as of the end of each calendar month at a monthly rate equivalent to an annual rate of 6% compounded annually, with the first such increase to occur as of January 31, 2010. Application of the limitation described in this Section 3.2(d) is subject to obtaining the written consent of any such Member and his Beneficiary to such reduction. For purposes of clarity, if the limitation described in this Section 3.2(d) applies to a Member, such Member’s benefit under this Plan shall be limited to the difference between (A) $20 million (as adjusted) and (B) the sum of the benefit determined under Section 3.2(a)(ii) or Section 3.2(b)(ii), as applicable, plus the foreign retirement benefit(s) determined under Section 3.6.

For purposes of expressing the benefit determined under Sections 3.2(a) or (b), as applicable, and (c) (after the reductions required under Sections 3.2(d), 3.6, and 3.7 but prior to the reduction required under Section 3.8), and Section 3.6, if applicable, as a present value amount under this paragraph 3.2(e) only, the following assumptions shall be used:

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If the form of payment is an annuity:

Interest rate – The discount rate which is in effect as of the December 31 coincident with or preceding the determination date, as used to determine pension liabilities for purposes of year-end financial accounting disclosures.

Mortality – The mortality basis which is in effect as of the December 31 coincident with or preceding the determination date, as used to determine pension liabilities for purposes of year-end financial accounting disclosures.

If the form of payment is a lump sum:

The actual assumptions used in the Base Plan and the Colgate-Palmolive Company Supplemental Salaried Employees’ Retirement Plan to determine actual lump sum payments.

Section 3.3 Amount of Beneficiary’s Benefit.

(a) Upon the death of a Member whose Beneficiary is eligible for a Beneficiary’s benefit under the Base Plan, such Beneficiary shall be entitled to an annual benefit under this Plan equal to the difference between (i) the benefit that would have been payable to the Beneficiary under the Base Plan if the limitations of Code Sections 401(a)(17) and 415 were not taken into account in calculating the benefit; and (ii) the benefit actually payable to the Beneficiary under the Base Plan.

(b) In addition to the benefit provided under Section 3.3(a), an Additional EICP Benefit shall be paid to the surviving spouse of any Member Eligible for the Additional EICP Benefit who dies before his Benefit Commencement Date, provided, however, that the amount of such Additional EICP Benefit shall be reduced by any “Death-In-Service Benefit” payable under the Above and Beyond Plan for so long as such benefit is payable under the Above and Beyond Plan.

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Section 3.4 Time and Form of Payment.

(a) Separation from Service On or After January 1, 2008 – Grandfathered Benefit. Payment of the Grandfathered Benefit under this Plan to a Member or Beneficiary shall commence as of the Determination Date and, except as provided in this Section 3.4(a), shall be paid in the same form as the benefit payable under the Base Plan.

(i) A Member or Beneficiary whose benefit under the Base Plan is calculated under Appendices B, C or D of the Base Plan may request the Employee Relations Committee to approve payment of his Grandfathered Benefit in a lump sum. Such request must be made at least 90 days prior to his retirement date and will be accepted or denied in the sole discretion of the Employee Relations Committee.

(ii) Except for Grandfathered Benefits determined under the Hill’s Plan, a Member or Beneficiary whose benefit under the Base Plan is not calculated under Appendices B, C or D may, with the Employee Relations Committee approval, receive payment of his Grandfathered Benefit in the form of a lump sum.

(iii) In the case of a Member whose Grandfathered Benefit was determined under the Hill’s Plan, and where the Actuarial Equivalent of such Grandfathered Benefit is $20,000 or less, the Employee Relations Committee in its sole discretion may require that the Grandfathered Benefit be paid in a lump sum.

(b) Separation from Service on or After January 1, 2008 – Non-Grandfathered Benefit.

(i) A Member whose benefit under the Base Plan is calculated under Appendices B, C or D of the Base Plan and who is married on the date of his separation from service shall receive payment of the Non-Grandfathered Benefit

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in the form of a Joint and 50% Survivor Annuity commencing as soon as practicable following the Member’s separation from service. If such Member is not married on the date of his separation from service, payment of the Non-Grandfathered Benefit shall be made in the form of a level monthly annuity for life commencing as soon as practicable following the Member’s separation from service. Payment to a Beneficiary shall be made in the form of a level monthly annuity for life commencing as soon as practicable following the Member’s death.

(ii) A Member whose benefit under the Base Plan is not calculated under Appendices B, C or D of the Base Plan shall receive payment of the Non-Grandfathered Benefit in the form of a lump sum as soon as practicable following the Member’s separation from service. Payment to the Beneficiary of such a Member who dies before his Benefit Commencement Date shall be made in the form of a lump sum as soon as practicable following the Member’s death. Payment to the surviving spouse of such a Member who is both a Member Eligible for the Additional EICP Benefit and dies after his Benefit Commencement Date shall be made in accordance with Section 3.2(c).

The foregoing notwithstanding, in any case where the Member is a Specified Employee, payment of the Non-Grandfathered Benefit under this Section 3.4(b) shall be deferred until the earlier of (i) the date that is six months following the Member’s separation from service, or (ii) the date of the Member’s death. If benefits are paid in the form of an annuity, the portion of the Non-Grandfathered benefit that would have been paid during this six month period shall be accumulated and paid in a lump sum at the end of this period. If the benefit is paid in the form of a lump sum, interest credits shall continue throughout the six month period.

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(c) Separation from Service Before January 1, 2008. See Appendix A.

(d) Change of Control – Grandfathered Benefit. Following the occurrence of a “Change of Control,” as defined under Section 6.02 of the Amended and Restated Trust Agreement, dated August 2, 1990, between the Company and the Bank of New York (the “Trust Agreement”), distribution of a Member’s Grandfathered Benefit (other than Grandfathered Benefits determined under the Hill’s Plan) shall be made in accordance with the provisions of Section 4.02(a) of the Trust Agreement.

(e) Change of Control – Non-Grandfathered Benefit. Upon the occurrence of a transaction which is both a “Change of Control,” as defined under Section 6.02 of the Trust Agreement, and meets the requirements of Code Section 409A(a)(2)(A)(v) and the regulations thereunder, a Member whose benefit under the Base Plan is calculated under Appendices B, C or D of the Base Plan and who terminates employment within two years of the date of such transaction shall receive payment of his Non-Grandfathered Benefit in the form of a lump sum. Payments to other Members shall be made in accordance with Section 3.4(b). The foregoing notwithstanding, in any case where the Member is a Specified Employee, payment of the Non-Grandfathered Benefit under this Section 3.4(e) shall be deferred until the earlier of (i) the date that is six months following the Member’s separation from service, or (ii) the date of the Member’s death.

Section 3.5 Effect of Changes in the Maximum Benefit. If, prior to a Member’s Benefit Commencement Date, the benefits payable under the Base Plan increase as a result of increases in the Maximum Benefit, the benefits under this Plan shall be recalculated to take into account the higher Maximum Benefit payable from the Base Plan. If such an increase occurs after the Member’s Benefit Commencement Date, no adjustment shall be made to the benefits payable under this Plan.

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Section 3.6 Reduction in Benefits for Members in Foreign Service. A Member’s benefit under this Plan (including his Beneficiary's benefits) based upon his participation in the Plan subsequent to December 31, 1965 shall be reduced by any foreign retirement benefits which the Member has received or will receive which are attributable to direct or indirect contributions by the Company or any of its Subsidiaries or branches. The amount of this reduction shall be determined in accordance with the provisions of the Base Plan.

Section 3.7 Reduction in Benefits for Members Electing to Maintain Prior Plan Benefits. For those Members who elected to make Contributions to Maintain Prior Plan Benefits pursuant to Appendix C of the Base Plan, the benefit otherwise payable under this Plan shall be reduced by an amount determined to be the benefit attributable to the contributions that would have been required of the Member under the Base Plan formula to Maintain Prior Plan Benefits for benefits in excess of the Maximum Benefit, and interest thereon calculated at a rate equal to the interest crediting rate under the Base Plan during the period that such contributions would have been required.

Section 3.8 Reduction in Benefits for FICA Tax Imposed on Plan Benefits. Effective for Benefit Commencement Dates on or after January 1, 2005, where the Member’s Benefit Commencement Date coincides with the Member’s “resolution date,” as defined in Reg. § 31.3121(v)(2)-1(e)(4)(i), and all or a portion of the Member’s benefit is payable as a lump sum, the lump sum payment shall be reduced by the Actuarial Equivalent of the taxes imposed on the Member under Code sections 3101(a) and (b) (and the income tax required to be withheld on the amount of such taxes) which are attributable to the Member’s Plan benefit, which amounts shall be paid in satisfaction of the Member’s tax liability.

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Section 3.9 Benefits Subject to Withholding. The benefits payable under this Plan shall be subject to the deduction of any federal, state, or local income taxes, employment taxes or other taxes which are required to be withheld from such payments by applicable laws and regulations. Any employment taxes owed by the Member with respect to any deferral, accrual or benefit payable under this Plan which have not been satisfied under Section 3.8 may be withheld from benefits paid under this Plan or any other compensation of the Member.

Section 3.10 Beneficiary Designation. The Member's Beneficiary for purposes of any survivor benefits under this Plan will automatically be the same as such Member’s Beneficiary under the Base Plan. Notwithstanding any other provision of this Plan, the consent of the Member's Spouse shall not be required to elect a lump sum payment of the Grandfathered Benefit. In the absence of a Beneficiary who survives the Member, upon the Member’s death, payment of any benefit owed to a Member's Beneficiary, if any, shall be made to the Member's estate in a lump sum as soon as practicable.

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ARTICLE IV

PLAN ADMINISTRATION

Section 4.1 Employee Relations Committee. This Plan shall be administered by the Employee Relations Committee which shall have full authority to administer and interpret this Plan, make payments and maintain records hereunder, including but not limited to the power:

(i) to determine who are Eligible Employees for purposes of participation in the Plan;

(ii) to interpret the terms and provisions of the Plan and to determine any and all questions arising under the Plan, including without limitation, the right to remedy possible ambiguities, inconsistencies, or omissions by a general rule or particular decision; and

(iii) to adopt rules consistent with the Plan.

The Employee Relations Committee may adopt or amend from time to time such procedures as may be required for the proper administration of the Plan. All interpretations of the Employee Relations Committee shall be final and binding on all parties including Members, Spouses and Beneficiaries, and the Company and its affiliates.

Section 4.2 Claims Procedures. Any complaint with regard to benefits under the Plan should be directed to the Secretary of the Employee Relations Committee, Colgate-Palmolive, 300 Park Avenue, New York, NY 10022. Such complaint must be filed in writing no later than 90 days after the date of retirement, termination or other occurrence related to the complaint. Within 90 days of the filing of such claim, unless special circumstances require an extension of such period, such person will be given notice in writing of the approval or denial of the claim. If the claim is denied, the notice will set forth the reason for the denial, the Plan provisions on which the denial is based, an explanation

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of what other material or information, if any, is needed to perfect the claim, and an explanation of the claims review procedure. The claimant may request a review of such denial within 60 days of the date of receipt of such denial by filing notice in writing with the Employee Relations Committee. The claimant will have the right to review pertinent Plan documents and to submit issues and comments in writing. The Employee Relations Committee will respond in writing to a request for review within 60 days of receiving it, unless special circumstances require an extension of such period. If the claimant does not request such a review or the Employee Relations Committee fails to respond to such a request for review in writing, the request for review will be deemed to have been made and denied on the 120th day after the date of the initial denial. The Employee Relations Committee, in its discretion, may request a meeting to clarify any matters deemed appropriate. No action may be brought for benefits under this Plan pursuant to the denial of a claim, unless such claim was timely made under this Section and such complaint is filed on or before one year from the denial or deemed denial by the Employee Relations Committee of any such claim upon review.

Section 4.3 Delegated Responsibilities. The Employee Relations Committee shall have the authority to delegate any of its responsibilities to such persons as it deems proper.

Section 4.4 Amendment and Termination. The Company may amend, modify or terminate this Plan at any time, provided, however, that no such amendment, modification or termination shall reduce any benefit under this Plan to which a Member, or the Member’s Beneficiary, is entitled under Article III prior to the date of such amendment or termination, and in which such Member or Beneficiary would have been vested if such benefit had been provided under the Base Plan, unless the Member or Beneficiary either becomes entitled to an amount equal to the Actuarial Equivalent of such benefit under another plan, including the Base Plan, program or practice adopted by the Company or the Member or Beneficiary consents in writing to such reduction. The Employee Relations Committee may make changes to this Plan which do not materially

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reduce the value of the benefits paid under this Plan to conform to, or take advantage of, any governmental requirements, statutes, regulations or other authority.

Section 4.5 Payments. The Company will pay all benefits arising under this Plan and all costs, charges and expenses relating thereto out of its general assets.

Section 4.6 Non-Assignability of Benefits. Except as otherwise required by law, neither any benefit payable hereunder nor the right to receive any future benefit under this Plan may be anticipated, alienated, sold, transferred, assigned, pledged, encumbered, or subjected to any charge or legal process, and if any attempt is made to do so, or a person eligible for any benefits under this Plan becomes bankrupt, the interest under this Plan of the person affected may be terminated by the Employee Relations Committee which, in its sole discretion, may cause the same to be held or applied for the benefit of one or more of the dependents of such person or make any other disposition of such benefits that it deems appropriate and is consistent with Code Section 409A.

Section 4.7 Plan Unfunded. Nothing in this Plan shall be interpreted or construed to require the Company in any manner to fund any obligation to the Members or Beneficiaries hereunder. Nothing contained in this Plan nor any action taken here under shall create, or be construed to create, a trust of any kind, or a fiduciary relationship between the Company and the Members or Beneficiaries. Any funds which may be accumulated in order to meet any obligation under this Plan shall for all purposes continue to be a part of the general assets of the Company. To the extent that any Member or Beneficiary acquires a right to receive payments from the Company under this Plan, such rights shall be no greater than the rights of any unsecured general creditor of the Company.

Section 4.8 Applicable Law. All questions pertaining to the construction, validity and effect of this Plan shall be determined in accordance with the laws of the State of Delaware, to the extent not preempted by Federal law.

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Section 4.9 No Employment Rights Conferred. The establishment of the Plan shall not be construed as conferring any rights upon any Eligible Employee for continuation of employment, nor shall it be construed as limiting in any way the right of the Company to discharge any Eligible Employee or treat him without regard to the effect which such treatment might have upon him under the Plan.

Section 4.10 Plan to Comply with Code Section 409A. Notwithstanding any provision to the contrary in this Plan, each provision in this Plan shall be interpreted to permit the deferral of compensation in accordance with Code section 409A and any provision that would conflict with such requirements shall not be valid or enforceable.

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APPENDIX A

COLGATE-PALMOLIVE COMPANY

SUPPLEMENTAL SALARIED EMPLOYEES RETIREMENT PLAN

Section 3.4 Time and Form of Payment

(c) Separation from Service Prior to January 1, 2008.

(i) Determination Date Prior to January 1, 2006. Payment of benefits under this Plan to a Member or Beneficiary whose Determination Date is prior to January 1, 2006 shall commence on the Determination Date and, except as provided in this Section 3.4(c)(i), shall be payable in the same form as the benefit payable under the Base Plan.

(A) A Member whose benefit is calculated under Appendices B, C or D of the Base Plan and whose Determination Date is on or before July 27, 2005 may request the Employee Relations Committee to approve payment of his Grandfathered Benefit in a lump sum. Such request must be made at least ninety (90) days prior to his retirement date and will be accepted or denied in the sole discretion of the Employee Relations Committee. In the event a lump sum payment request is approved, the amount of the payment shall be determined based upon the actuarial assumptions specified in Section 2.1 which are in effect on the Benefit Commencement Date.

(B) A Member whose benefit is calculated under Appendices B, C or D of the Base Plan and whose Determination Date is on or after July 27, 2005 and before January 1, 2006 may request the Employee Relations Committee to approve payment of his entire benefit in a lump sum. Such request must be made at least 90

A-1

days prior to his retirement date and will be accepted or denied in the sole discretion of the Employee Relations Committee. In the event a lump sum payment request is approved, the amount of the payment shall be determined based upon the actuarial assumptions specified in Section 2.1 which are in effect on the Benefit Commencement Date. The approval of any such request shall be deemed a cancellation of amounts deferred under the Plan during 2005 pursuant to Q&A-20(a) of IRS Notice 2005-1.

(C) Any other Member whose benefit under the Base Plan is payable in the form of a lump sum may, with the Employee Relations Committee approval, receive payment of his entire benefit under the Plan in the form of a lump sum. The approval of any such request shall be deemed a cancellation of amounts deferred under the Plan during 2005 pursuant to Q&A-20(a) of IRS Notice 2005-1.

(ii) Determination Date After December 31, 2005.

(A) Grandfathered Benefit. Payment of the Grandfathered Benefit under this Plan to a Member or Beneficiary shall commence on the Determination Date and, except as provided in this Section 3.4(c)(ii)(A), shall be paid in the same form as the benefit payable under the Base Plan.

(I) A Member or Beneficiary whose benefit under the Base Plan is calculated under Appendices B, C or D of the Base Plan may request the Employee Relations Committee to approve payment of his Grandfathered Benefit in a lump

A-2

sum. Such request must be made at least 90 days prior to his retirement date and will be accepted or denied in the sole discretion of the Employee Relations Committee.

(II) A Member or Beneficiary whose benefit under the Base Plan is not calculated under Appendices B, C or D may, with the Employee Relations Committee approval, receive payment of his Grandfathered Benefit in the form of a lump sum.

(B) Non-Grandfathered Benefit. Except as otherwise provided herein,

(I) a Member whose benefit under the Base Plan is calculated under Appendices B, C or D of the Base Plan and who is married on the date of his separation from service shall receive payment of the Non-Grandfathered Benefit in the form of a Joint and 50% Survivor Annuity, commencing as soon as practicable following the Member’s separation from service. If such Member is not married on the date of his separation from service, payment of the Non-Grandfathered Benefit shall be made in the form of a level monthly annuity for life commencing as soon as practicable following the Member’s separation from service. Payment to a Beneficiary shall be made in the form of a level monthly annuity for life commencing as soon as practicable following the Member’s death. The foregoing notwithstanding, certain Members designated by the Committee who meet the requirements set forth in Section 3.02 of IRS Notice 2006-79 may elect on or before

A-3

December 31, 2007 to receive payment of the Non-Grandfathered Benefit following the Member’s separation from service in the form of a lump sum provided such election is made prior to the calendar year in which the Member’s separation from service occurs.

(II) A Member or Beneficiary whose benefit under the Base Plan is not calculated under Appendices B, C or D of the Base Plan shall receive payment of the Non-Grandfathered Benefit in the form of a lump sum as soon as practicable following the Member’s separation from service. Payment to a Beneficiary shall be made in the form of a lump sum as soon as practicable following the Member’s death.

(iii) Members under the Hill’s Plan. Sections 3.4(a) and (b) shall govern the time and form of payment for benefits earned under the Hill’s Plan.

The foregoing notwithstanding, in any case where the Member is a Specified Employee, payment of the Non-Grandfathered Benefit under this Section 3.4(c) (other than payments described in Section 3.4(c)(i)(B) and (C)) shall be deferred until the earlier of (i) six months following the Member’s separation from service or (ii) the date of the Member’s death. If benefits are paid in the form of an annuity, the portion of the Non-Grandfathered benefit that would have been paid during this six month period shall be accumulated and paid in a lump sum at the end of this period. If the benefit is paid in the form of a lump sum, interest credits shall continue throughout the six month period.

A-4

APPENDIX B

COLGATE-PALMOLIVE COMPANY

SUPPLEMENTAL SALARIED EMPLOYEES RETIREMENT PLAN

TEMPORARY COVID-19 PANDEMIC-RELATED RELIEF PROVISION

DOL and IRS Extension of Claims and Appeals Deadline Relief

With respect to any requirement for Members and Beneficiaries to timely furnish a notice or document or comply with a claims procedure deadline during the period between March 1, 2020 and the earlier of (1) 60 days after the announced end of the COVID-19 National Emergency or (2) one year from the date the deadline would have begun running for the Member or Beneficiary, as applicable, relief pursuant to EBSA Disaster Relief Notice 2020-01, the Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID–19 Outbreak published in the Federal Register on May 4, 2020, and any other or subsequent applicable guidance by the IRS, Department of Labor or Treasury Department, shall apply. The Employee Relations Committee or its delegates and other responsible fiduciaries under the Plan shall act in good faith and furnish any required notice, disclosure, or document or comply with any applicable deadline as soon as administratively practicable under the circumstances or as set forth in such guidance (or other or subsequent applicable guidance).

B-1

EX-10.K

EXHIBIT 10-K

COLGATE-PALMOLIVE COMPANY

SUPPLEMENTAL SAVINGS AND INVESTMENT PLAN

Effective as of January 1, 2021

TABLE OF CONTENTS

PAGE

ARTICLE 1. INTRODUCTION	1
ARTICLE 2. DEFINITIONS	1
ARTICLE 3. BENEFITS	3
ARTICLE 4. PLAN ADMINISTRATION	7
APPENDIX A	11

COLGATE-PALMOLIVE COMPANY

SUPPLEMENTAL SAVINGS AND INVESTMENT PLAN

Colgate-Palmolive Company hereby continues the Colgate-Palmolive Company Supplemental Savings and Investment Plan, a non-qualified, unfunded plan which it maintains to provide Eligible Employees with a benefit which, in the absence of certain limitations imposed by the Code, would have been provided under the Colgate-Palmolive Company Employees Savings and Investment Plan.

ARTICLE 1.    INTRODUCTION

Section 1.1    Name of Plan. The name of this Plan is the “Colgate-Palmolive Company Supplemental Savings and Investment Plan”.

Section 1.2    Effective Date. The original effective date of this Plan was January 1, 1991. The Plan was previously amended and restated effective as of September 1, 2010 and again effective as of January 1, 2020, except as otherwise provided in the respective amendments and restatements . The Plan is amended and restated again effective as of January 1, 2021, except as otherwise provided herein.

Section 1.3    ERISA Status. This Plan is intended to be an unfunded plan for the benefit of a select group of management or highly compensated employees exempt from parts 2, 3, and 4 of Title I of the Employee Retirement Income Security Act of 1974, as amended.

ARTICLE 2.    DEFINITIONS

Capitalized terms which are not defined herein shall have the meaning given to them in the Base Plan. Whenever reference is made herein to “this Plan”, such reference shall be to this Colgate-Palmolive Company Supplemental Savings and Investment Plan.

Section 2.1    “Account” shall mean a separate account maintained for a Member to record the Allocation that is deferred under Section 3.4 of the Plan, and the earnings and losses allocable thereto. Separate sub-accounts shall be maintained within the Account for each Member to reflect the aggregate Allocations deferred for Plan Years: (a) 1991 through 2002; (b) 2003 through 2009, plus the Allocations for 2010 attributable to

1

Company Matching Contributions; and (c) 2011 and later, plus the portion of the 2010 Allocations not included in (b) above, and in each case the respective earnings and losses thereon.

Section 2.2    “Allocations” shall mean the amount determined under Section 3.2 below for any applicable period.

Section 2.3    “Base Plan” shall mean the Colgate-Palmolive Company Employees Savings and Investment Plan, as amended from time to time.

Section 2.4    “Change of Control” shall have the meaning given to such term under the Colgate-Palmolive Company Executive Severance Plan, as amended from time to time.

Section 2.5    “Deferred Allocation” shall mean the amount described in Section 3.4 below.

Section 2.6    “EICP ABRC Member” shall mean an EICP ABRC Member as defined under Section 4.1(d) of the Base Plan.

Section 2.7    “Eligible Employee” shall mean for Plan Years prior to 2011 (I)(a) a non-union person who is employed by the Employer on a full-time or part-time basis as of January 1 of a Plan Year and is, or is expected to become, eligible to participate in the Base Plan during the Plan Year, or (I)(b) a Third Country National or United States Employee in Foreign Service as of January 1 of a Plan Year who is eligible to participate in the Base Plan, and whose Recognized Earnings for such Plan Year in either case are expected to be limited by Code section 401(a)(17). For Plan Years beginning on or after January 1, 2011, “Eligible Employee” shall mean (II)(a) a non-union person who is employed by the Employer on a full-time or part-time basis and is eligible to participate in the Base Plan, or (II)(b) a Third Country National or United States Employee in Foreign Service who is eligible to participate in the Base Plan, and whose Eligible Earnings (or for Plan Years prior to January 1, 2022, Recognized Earnings) in either case are limited by Code section 401(a)(17); (III) for Plan Years beginning on or after January 1, 2020, an EICP ABRC Member; or (IV) for Plan Years beginning on or after January 1, 2022, a Third Country National or United States Employee in Foreign Service who earns Eligible Bonuses during the applicable Plan Year.

2

Section 2.8    “Grandfathered Benefit” shall mean the portion of the Member’s Account that reflects the Allocations deferred for Plan Years prior to 2005, as adjusted for earnings and losses thereon.

Section 2.9    “Member” shall mean an Eligible Employee who participates in this Plan pursuant to Article III. An Eligible Employee shall remain a Member under this Plan until all amounts credited to his Account under the Plan have been paid.

Section 2.10    “Subsidiary” shall mean a domestic or foreign company, at least 50% of whose issued and outstanding voting shares are directly or indirectly owned or controlled by the Company.

ARTICLE 3.    BENEFITS

Section 3.1    Participation. An Eligible Employee will participate in this Plan if Eligible Earnings (or for Plan Years prior to January 1, 2022, Recognized Earnings), as determined under the Base Plan, are limited by Code Section 401(a)(17). Effective for Plan Years beginning on or after January 1, 2020, an Eligible Employee who is an EICP ABRC Member will also participate in the Plan. Effective for Plan Years beginning on or after January 1, 2022, an Eligible Employee who is a Third Country National or United States in Foreign Service who earns Eligible Bonuses during the applicable Plan Year will also participate in the Plan. For any Plan Year for which a deferral election under Section 3.4 was permitted, a person who was hired and became an Eligible Employee after January 1 of such Plan Year was not eligible to make a deferral election until the election for the following Plan Year.

Section 3.2    Amount of Allocations.

I.For Plan Years prior to January 1, 2022, a Member’s Allocation for any applicable period shall be equal to the difference between (a) and (b) below where: (a) is the sum of (i) the Company Matching Contribution based on the Member’s elected percentage under the Base Plan (for the 2010 Plan Year, determined as of the first day of such Plan Year) and (ii) the Member’s Basic Retirement Contributions and Additional Basic Retirement Contributions that would have been made under the Base Plan for the applicable period on behalf of such Member, in each case determined (x) without regard to the provision in Section 4.1(d) of the Base Plan that excludes EICP

3

ABRC Members from eligibility for Additional Basic Retirement Contributions thereunder and (y) as if the Recognized Earnings used in calculating such contributions were not limited by Code section 40l(a)(17); and (b) is the Company Matching Contribution, Basic Retirement Contributions and Additional Basic Retirements Contributions actually made under the Base Plan for such period. For the 2010 Plan Year, Company Matching Contributions under (a)(i) and (b) above shall be based on the matching contribution formula in effect under the Base Plan on January 1, 2010; and the Company Matching Contribution under (b) above shall be determined on the basis of the same elected percentage as in (a) but with the Recognized Earnings subject to such elected percentage limited by Code section 40l(a)(17).

II.For Plan Years on or after January 1, 2022, a Member’s Allocation for any applicable period shall be equal to the sum of the following amounts, as applicable:

1. The difference between (a) and (b) below where (a) is the Member’s Basic Retirement Contributions and Additional Basic Retirement Contributions that would have been made under the Base Plan for the applicable period on behalf of such Member, in each case determined (x) without regard to the provision in Section 4.1(d) of the Base Plan that excludes EICP ABRC Members from eligibility for Additional Basic Retirement Contributions thereunder and (y) as if the Eligible Earnings used in calculating such contributions were not limited by Code section 40l(a)(17); and (b) is the Basic Retirement Contributions and Additional Basic Retirement Contributions actually made under the Base Plan for such period; and

2. Solely for a Member whose Eligible Earnings exceed the limit under Code Section 401(a)(17) for the applicable Plan Year, the amount equal to the following percentage of Eligible Earnings paid to such Member on each pay date coincident with or immediately following the date on which such Member’s Eligible Earnings exceed the limit under Code Section 401(a)(17) for the applicable Plan Year:

4

Years of Vesting Service	Supplemental “Matching” Contribution Percentage
Less than five (5)	3% of Eligible Earnings in excess of the limit under Code Section 401(a)(17) for the applicable Plan Year
Five (5) or more	4.5% of Eligible Earnings in excess of the limit under Code Section 401(a)(17) for the applicable Plan Year

For purposes of this Section 3.2.II.2, Eligible Earnings means (a) for any Employee who is not a Third Country National or United States Employee in Foreign Service, the meaning ascribed under the Base Plan, and (b) for any Employee who is a Third Country National or United States Employee in Foreign Service, the Employee’s base rate of pay, determined as of January 1 of the Plan Year (or as of the date on which the Employee becomes a Third Country National or United States Employee in Foreign Service after January 1);

3. Solely for a Member who is a Third Country National or United States Employee in Foreign Service, the amount equal to the following percentage of Eligible Bonuses paid to such Member on each applicable pay date for the applicable Plan Year:

Years of Vesting Service	Supplemental “Matching” Contribution Percentage
Less than five (5)	3% of Eligible Bonuses
Five (5) or more	4.5% of Eligible Bonuses

Section 3.3    Distribution of Amounts Credited for any Plan Year Prior to 2010. Absent a timely deferral election made in accordance with Section 3.4, a Member’s Allocation for any Plan Year prior to 2010, and the Allocations for 2010 attributable to the Company Matching Contributions, shall be distributed to the Member on or about December 15th of such Plan Year.

Section 3.4    Deferral Election. For Plan Years prior to 2011, a Member may elect before the beginning of the applicable Plan Year to defer distribution of his Allocation for such Plan Year, resulting in a Deferred Allocation. For the 2010 Plan Year the election is limited to the portion of the Allocation attributable to the Company Matching Contribution. Such election shall be made on a form provided by, and delivered to, the Committee prior to the first day of the Plan Year. Amounts deferred hereunder shall be credited to the Member’s Account. A Member’s Allocations for any applicable period

5

beginning after 2010, and the 2010 Allocations not attributable to Company Matching Allocations, shall automatically be credited to the Member’s Account.

Section 3.5    Adjustments to Deferred Allocations. Deferred Allocations shall be adjusted as follows:

a.amounts allocated to the separate account under Section 2.l(a) shall be credited with earnings and losses based on the performance of shares of the Company’s Series B Convertible Preference Stock (including dividends thereon which shall be deemed to be reinvested in such shares);

b.amounts allocated to the separate account under Section 2.1(b) for the period January I, 2010 through September 30,2010 shall be credited with interest at an annual rate equal to the interest rate credited on long-term deferrals under the Colgate-Palmolive Company Deferred Compensation Plan for 2010;

c.amounts allocated to the separate account under Section 2.1 (b) after September 30, 2010 shall be credited with interest at an annual rate equal to 6.01%; and

d.amounts allocated to the separate account under Section 2.1(c) shall be credited with interest at the rate used under the Colgate-Palmolive Company Employees’ Retirement Income Plan for determining Interest Credits.

Section 3.6    Distribution of Member’s Account. The vested portion of a Member’s Account shall be distributed as soon as practicable following the end of the quarter in which the Member separated from service; provided, however, that effective for distributions made on or after January 1, 2006, if the Member is a “specified employee,” as determined in accordance with procedures adopted by the Company that reflect the requirements of Code section 409A(a)(2)(B)(i), distribution of the portion of the Member’s Account in excess of the Grandfathered Benefit shall be deferred until the earlier of (i) the date that is six months following the Member’s separation from service or (ii) the date of the Member’s death. Distributions shall be made in cash, except for the portion of a

6

Member’s Account described in Section 2.1(a) which shall be distributed in shares of Company common stock.

Section 3.7    Vested Portion of Member’s Account. Allocations to the Member’s Account for Plan Years prior to 2010, and Allocations for the 2010 Plan Year attributable to the Company Matching Contribution, shall be 100% vested. All other Allocations shall vest in accordance with the vesting rules specified in the Base Plan.

Section 3.8    Death of a Member. Upon a Member’s death, the Member’s Account shall be distributed to the Member’s Beneficiary in a lump sum payment as soon as practicable following the end of the quarter in which the Member died.

Section 3.9    Change of Control for Members Covered under the Executive Severance Plan. In the event of a Change of Control, a distribution of the Member’s Grandfathered Benefit shall be made as soon as practicable following the Change of Control provided the Member is then covered under the Executive Severance Plan. If the Change of Control satisfies the requirements of Code section 409A(a)(2)(A)(v), a distribution of the portion of such Member’s Account in excess of the Grandfather Benefit shall be made as soon as practicable following the Change of Control.

ARTICLE 4.    PLAN ADMINISTRATION

Committee. The Plan shall be administered by the Employee Relations Committee, which shall have full authority to administer and interpret this Plan, make payments and maintain records hereunder. The Employee Relations Committee may adopt or amend from time to time such procedures as may be required for determinations required under the Plan. All interpretations of the Employee Relations Committee shall be final and binding on all parties including Members, Beneficiaries and the Company. Any complaint with regard to benefits under the Plan should be directed to the Employee Relations Committee, Colgate Palmolive Company, 300 Park Avenue, New York, NY 10022. Such complaint must be filed in writing no later than 90 days after the date of retirement, termination or other occurrence related to the complaint. Within 90 days of the filing of such claim, unless special circumstances require an extension of such period, such person will be given notice in writing of the approval or denial of the claim. If the claim is denied, the notice will set forth the reason for the denial, the Plan provisions on which the denial is based, an explanation of what other material or

7

information, if any, is needed to perfect the claim, and an explanation of the claims review procedure. The claimant may request a review of such denial within 60 days of the date of receipt of such denial by filing notice in writing with the Employee Relations Committee. The claimant will have the right to review pertinent Plan documents and to submit issues and comments in writing. The Employee Relations Committee will respond in writing to a request for review within 60 days of receiving it, unless special circumstances require an extension of such period. If the claimant does not request such a review or the Employee Relations Committee fails to respond to such a request for review in writing, the request for review will be deemed to have been made and denied on the 120th day after the date of the initial denial. The Employee Relations Committee, in its discretion, may request a meeting to clarify any matters deemed appropriate. No action may be brought for benefits under this Plan pursuant to the denial of a claim, unless such claim was timely made under this Section and such complaint is filed on or before one year from the denial or deemed denial by the Employee Relations Committee of any such claim upon review.

Delegated Responsibilities. The Employee Relations Committee shall have the authority to delegate any of its responsibilities to such persons as it deems proper.

Amendment and Termination. The Company may amend, modify or terminate this Plan at any time, provided, however, that no such amendment, modification or termination shall reduce the amount credited to a Member’s Account as of the date of such amendment or termination unless the Member becomes entitled to an amount equal to any such reduction under another plan (including the Base Plan), program or practice adopted by the Company.

Payments. The Company will pay all benefits arising under this Plan and all costs, charges and expenses relating thereto out of its general assets.

Non-Assignability of Benefits. Except as otherwise required by law, neither any benefit payable hereunder nor the right to receive any future benefit under this Plan may be anticipated, alienated, sold, transferred, assigned, pledged, encumbered or subjected to any charge or legal process, and if any attempt is made to do so, or a person eligible for any benefits under this Plan becomes bankrupt, the interest under this Plan of the person affected may be terminated by the Employee Relations Committee which, in its sole discretion, may cause the same to be held or applied for the benefit of

8

one or more of the dependents of such person or make any other disposition of such benefits that it deems appropriate and is consistent with Code Section 409A.

Plan Unfunded. Nothing in this Plan shall be interpreted or construed to require the Company in any manner to fund any obligation to the Members or Beneficiaries hereunder. Nothing contained in this Plan nor any action taken here under shall create, or be construed to create, a trust of any kind, or a fiduciary relationship between the Company and the Members or Beneficiaries. Any funds which may be accumulated in order to meet any obligation under this Plan shall for all purposes continue to be a part of the general assets of the Company. To the extent that any Member or Beneficiary acquires a right to receive payments from the Company under this Plan, such rights shall be no greater than the rights of any unsecured general creditor of the Company.

Applicable Law. All questions pertaining to the construction, validity and effect of this Plan shall be determined in accordance with the laws of the State of Delaware, to the extent not preempted by Federal law.

No Employment Rights Conferred. The establishment of the Plan shall not be construed as conferring any rights upon any Eligible Employee for continuation of employment, nor shall it be construed as limiting in any way the right of the Company to discharge any Eligible Employee or treat him without regard to the effect which such treatment might have upon him under the Plan.

Plan to Comply with Code Section 409A. Notwithstanding any provision to the contrary in this Plan, each provision in this Plan shall be interpreted to permit the deferral of compensation in accordance with Code section 409A, and any provision that would conflict with such requirements shall not be valid or enforceable.

Reductions to Member’s Account. To the extent permitted by applicable law (including Code section 409A), a Member’s Account shall be reduced as appropriate by any severance, separation, notice or termination allowance or indemnity paid or payable to such Member which is paid by or is attributable to payments by the Company or the Company’s subsidiaries or affiliates, directly or indirectly, under any law, decree or ruling having the effect of law.

Recovery of Overpayments. The Plan has a right of reimbursement against any person who receives or holds a payment from the Plan in excess of the amount to which a Participant or Beneficiary is entitled under the terms of the Plan. The Plan’s right to recover overpayments from any Participant or

9

Beneficiary exists regardless of the error, event or other circumstances giving rise to the overpayment and shall not be conditioned upon or mitigated by the behavior of any involved party. The Participant or Beneficiary shall not be permitted to raise reliance, estoppel or other legal or equitable defenses in response to any action by the Committee or its delegates to recover an overpayment. The Plan’s right to recovery is an equitable lien by agreement, and the Committee and its delegates, may recover the amount overpaid, plus any earnings or interest determined in accordance with guidance issued by the Internal Revenue Service, in any manner determined by the Committee to be in the best interests of the Plan, including, but not limited to, by legal action against the recipient and/or holder of the overpayment or by offset against other or future benefits payable to or with respect to the Participant or Beneficiary under the Plan, regardless of whether the overpaid amounts remain in his or her possession. The provisions of this Section 4.11 are intended to clarify existing rights of the Plan and apply to all past or future overpayments.

10

APPENDIX A

TEMPORARY COVID-19 PANDEMIC-RELATED RELIEF PROVISION

DOL and IRS Extension of Claims and Appeals Deadline Relief

With respect to any requirement for Participant or Beneficiaries to timely furnish a notice or document or comply with a claims procedure deadline during the period between March 1, 2020 and the earlier of (1) 60 days after the announced end of the COVID-19 National Emergency or (2) one year from the date the deadline would have begun running for the participant or beneficiary, as applicable, relief pursuant to EBSA Disaster Relief Notice 2020-01, the Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID–19 Outbreak published in the Federal Register on May 4, 2020, and any other or subsequent applicable guidance by the IRS, Department of Labor or Treasury Department, shall apply. The Employee Relations Committee or its delegates and other responsible fiduciaries under the Plan shall act in good faith and furnish any required notice, disclosure, or document or comply with any applicable deadline as soon as administratively practicable under the circumstances or as set forth in such guidance (or other or subsequent applicable guidance).

11

EX-21

EXHIBIT 21

COLGATE-PALMOLIVE COMPANY

SUBSIDIARIES OF THE REGISTRANT

Name of Company	Jurisdiction of Organization
887357 Ontario Inc.	Canada
Cleaning Dimensions, Inc.	Delaware
COLGALIVE S.A.	Dominican Republic
Colgate (BVI) Limited	British Virgin Islands
Colgate (Guangzhou) Company Limited	China
Colgate (U.K.) Limited	United Kingdom
Colgate Business Services of the Americas, S.C.	Mexico
Colgate Flavors and Fragrances, Inc.	Delaware
Colgate Global Business Services Private Limited	India
Colgate Holdings	United Kingdom
Colgate Oral Pharmaceuticals, Inc.	Delaware
Colgate Palmolive Ghana Limited	Ghana
Colgate Palmolive Holding S.Com.P.A.	Spain
Colgate Palmolive LLC	United Arab Emirates
Colgate Palmolive Nouvelle Caledonie Sarl	New Caldonia
Colgate Palmolive Tanzania Limited	Tanzania
Colgate Sanxiao Company Limited	China
Colgate Tolaram Pte. Ltd.*	Singapore
Colgate Venture Company, Inc.	Delaware
Colgate, Inc.	Delaware
Colgate-Palmolive (America), Inc.	Delaware
Colgate-Palmolive (Asia) Pte, Ltd	Singapore
Colgate-Palmolive (Blantyre) Limited	Malawi
Colgate-Palmolive (Brunei) Sdn Bhn	Brunei
Colgate-Palmolive (Central America) Inc. y Compañia Limitada	Guatemala
Colgate-Palmolive (Central America), Inc.	Delaware
Colgate-Palmolive (Centro America) S.A.	Guatemala
Colgate-Palmolive (China) Co. Ltd	China
Colgate-Palmolive (Costa Rica), S.A.	Costa Rica
Colgate-Palmolive (Dominica), Inc.	Delaware
Colgate-Palmolive (Dominican Republic), Inc.	Delaware
Colgate-Palmolive (East Africa) Limited	Kenya
Colgate-Palmolive (Eastern) Pte. Ltd.	Singapore
Colgate-Palmolive (Egypt) S.A.E.	Delaware/Egypt
Colgate-Palmolive (Fiji) Pte Limited	Fiji
Colgate-Palmolive (Gabon), S.A.	Gabon
Colgate-Palmolive (Gulf States) Ltd. *	British Virgin Islands
Colgate-Palmolive (Guyana) Ltd.	Guyana
Colgate-Palmolive (H.K.) Limited	Hong Kong
Colgate-Palmolive (Hellas) S.A. I.C.	Greece
Colgate-Palmolive (Hong Kong) Holding Limited	Hong Kong
Colgate-Palmolive (India) Limited *	India
Colgate-Palmolive (Kazakhstan), L.L.P.	Kazakhstan
Colgate-Palmolive (Latvia) Ltd.	Latvia
Colgate-Palmolive (Malaysia) Sdn Bhd	Malaysia
Colgate-Palmolive (Middle East Exports) Ltd.	British Virgin Islands
Colgate-Palmolive (Myanmar) Limited	Myanmar
Colgate-Palmolive (New York), Inc.	Delaware
Colgate-Palmolive (Poland) Sp. z o.o.	Poland

Colgate-Palmolive (Proprietary) Limited	South Africa
Colgate-Palmolive (Research & Development), Inc.	Delaware
Colgate-Palmolive (Romania) SRL	Romania
Colgate-Palmolive (Thailand) Limited	Thailand
Colgate-Palmolive (Uganda) Limited	Uganda
Colgate-Palmolive (UK) Limited	United Kingdom
Colgate-Palmolive (Vietnam) Ltd.	Vietnam
Colgate-Palmolive (Zambia) Inc.	Delaware
Colgate-Palmolive (Zimbabwe), Inc.	Delaware
Colgate-Palmolive A.B.	Sweden
Colgate-Palmolive A/S	Denmark
Colgate-Palmolive Adria Ltd.	Slovenia
Colgate-Palmolive Arabia Ltd. *	Saudi Arabia
Colgate-Palmolive Argentina S.A.	Argentina
Colgate-Palmolive Asia Pacific Limited	Hong Kong
Colgate-Palmolive Asia Pacific Treasury Services Limited	Hong Kong
Colgate-Palmolive Belgium S.A.	Belgium
Colgate-Palmolive Bolivia, Ltda.	Bolivia
Colgate-Palmolive Cameroun S.A. *	Cameroon
Colgate-Palmolive Canada, Inc.	Canada
Colgate-Palmolive Caricom Service Co., Inc.	Puerto Rico
Colgate-Palmolive Central European Management Inc.	Delaware
Colgate-Palmolive Èeská republika spol. s r.o.	Czech Republic
Colgate-Palmolive Chile S.A.	Chile
Colgate-Palmolive Cia.	Delaware
Colgate-Palmolive Comercial Ltda.	Brazil
Colgate-Palmolive Commercial (Hellas) SP LLC	Greece
Colgate-Palmolive Commerciale S.A.S.	France
Colgate-Palmolive Commericale S.r.l.	Italy
Colgate-Palmolive Compania Anonima	Venezuela
Colgate-Palmolive Company, Distr. LLC	Puerto Rico
Colgate-Palmolive Cyprus Limited	Cyprus
Colgate-Palmolive de Paraguay Sociedad Anonima	Paraguay
Colgate-Palmolive de Puerto Rico, Inc.	Delaware
Colgate-Palmolive del Ecuador, S.A.I.C.	Ecuador
Colgate-Palmolive del Peru (Delaware) Inc.	Delaware
Colgate-Palmolive Development Corp.	Delaware
Colgate-Palmolive East West Africa Region (Pty) Ltd	South Africa
Colgate-Palmolive Enterprises, Inc.	Delaware
Colgate-Palmolive Espana, S.A.	Spain
Colgate-Palmolive Europe Sarl	Switzerland
Colgate-Palmolive Finance (UK) plc	United Kingdom
Colgate-Palmolive Global Trading Company	Delaware
Colgate-Palmolive Holding Argentina S.A.	Argentina
Colgate-Palmolive Hungary Kft, Limited Liability Company	Hungary
Colgate-Palmolive IHQ Services (Thailand) Limited	Thailand
Colgate-Palmolive Inc.	Delaware
Colgate-Palmolive Inc. S.A.	Uruguay
Colgate-Palmolive Industrial Ltda.	Brazil
Colgate-Palmolive Industriel S.A.S.	France
Colgate-Palmolive International Holding LLC	Delaware
Colgate-Palmolive International LLC	Delaware
Colgate-Palmolive Investment Co., Inc.	Delaware
Colgate-Palmolive Investments (BVI) Ltd.	British Virgin Islands
Colgate-Palmolive Investments (PNG) Ltd.	Papua New Guinea

Colgate-Palmolive Investments, (UK) Limited	United Kingdom
Colgate-Palmolive Investments, Inc.	Delaware
Colgate-Palmolive Israel Ltd.	Israel
Colgate-Palmolive Italia, S.r.l.	Italy
Colgate-Palmolive JSC	Russia
Colgate-Palmolive Lanka (Private) Limited	Sri Lanka
Colgate-Palmolive Latin America Inc.	Delaware
Colgate-Palmolive Limited	New Zealand
Colgate-Palmolive Manufacturing (Poland) Sp. z o.o.	Poland
Colgate-Palmolive Marketing Sdn Bhd	Malaysia
Colgate-Palmolive Maroc, S.A.	Morocco
Colgate-Palmolive Mocambique Limitada	Mozambique
Colgate-Palmolive Nederland B.V.	Netherlands
Colgate-Palmolive Norge A/S	Norway
Colgate-Palmolive Participacoes e Investimentos Imobiliarios, Lda.	Portugal
Colgate-Palmolive Peru S.A.	Peru
Colgate-Palmolive Philippines, Inc.	Philippines
Colgate-Palmolive Pty Ltd	Australia
Colgate-Palmolive Retirement Trustee Limited	New Zealand
Colgate-Palmolive S.p.A.	Italy
Colgate-Palmolive Services (Hellas) LLC	Greece
Colgate-Palmolive Services (Poland) Sp. z o.o.	Poland
Colgate-Palmolive Services CEW GmbH	Germany
Colgate-Palmolive Services, S.A.	France
Colgate-Palmolive Slovensko, s.r.o.	Slovakia
Colgate-Palmolive Support Services	Ireland
Colgate-Palmolive Temizlik Urunleri Sanayi ve Ticart S.A.	Turkey
Colgate-Palmolive Transnational Inc.	Delaware
Colgate-Palmolive Ukraine LLC	Ukraine
Colgate-Palmolive Unipessoal, Lda	Portugal
Colgate-Palmolive, S.A. de C.V.	Mexico
Colpal CBS, S de R. L. de C. V.	Mexico
Consumer Viewpoint Center, Inc.	New Jersey
Cotelle S.A.	France
CP GABA GmbH	Germany
CP International Holding C.V.	Netherlands
CP Skin Health Group, Inc.	Delaware
Dimac Development Corp.	Delaware
Dominica Coconut Products Limited	Dominica
EKIB, Inc.	Delaware
ELM Company Limited	Bermuda
Elta MD Holdings, Inc.	Delaware
Elta MD (Shanghai) Trade Co., Ltd.	China
Filorga Americas Inc.	Delaware
Filorga Asia Limited	Hong Kong
Filorga Benelux SA	Belgium
Filorga Cosmetiques Polska	Poland
Filorga Mexico Cosmetic, S.A. de C.V.*	Mexico
Filorga Middle East DMCC	United Arab Emirates
Filorga Portugal, Unipessoal, Lda.	Portugal
Filorga RU, Limited Liability Company	Russia
FZG Holdings Limited	Hong Kong
GABA Europe Holding GmbH	Switzerland
GABA International Holding LLC	Delaware
GABA Schweiz AG	Switzerland

GABA Therwil GmbH	Switzerland
Gamma Development Co., Ltd.	Thailand
Global Trading and Supply LLC	Delaware
Hamol, Ltd.	Delaware
Hawley & Hazel (BVI) Company Ltd. *	British Virgin Islands
Hello Products LLC	Delaware
Hill’s Funding Company	Delaware
Hill’s Pet Nutrition (NZ) Limited	New Zealand
Hill’s Pet Nutrition (Thailand) Co., Ltd.	Thailand
Hill’s Pet Nutrition Asia Limited	Hong Kong
Hill’s Pet Nutrition B.V.	Netherlands
Hill’s Pet Nutrition Canada Inc.	Canada
Hill’s Pet Nutrition de Mexico, S.A. de C.V.	Mexico
Hill’s Pet Nutrition de Puerto Rico, Inc.	Puerto Rico
Hill’s Pet Nutrition Denmark ApS	Denmark
Hill’s Pet Nutrition Espana, S.L.	Spain
Hill’s Pet Nutrition GmbH	Germany
Hill’s Pet Nutrition Holding B.V.	Netherlands
Hill’s Pet Nutrition Indiana, Inc.	Delaware
Hill’s Pet Nutrition Italia, S.r.l.	Italy
Hill’s Pet Nutrition Korea Ltd.	Korea
Hill’s Pet Nutrition Ltd.	United Kingdom
Hill’s Pet Nutrition Manufacturing, B.V.	Netherlands
Hill’s Pet Nutrition Manufacturing, s.r.o	Czech Republic
Hill’s Pet Nutrition Norway AS	Norway
Hill’s Pet Nutrition OOO	Russia
Hill's Pet Nutrition (OAC) Limited	United Kingdom
Hill’s Pet Nutrition Pty. Limited	Australia
Hill’s Pet Nutrition s.r.o.	Czech Republic
Hill’s Pet Nutrition Sales, Inc.	Delaware
Hill’s Pet Nutrition SNC	France
Hill’s Pet Nutrition South Africa Proprietary Limited	South Africa
Hill’s Pet Nutrition Sweden AB	Sweden
Hill’s Pet Nutrition Switzerland GmbH	Switzerland
Hill’s Pet Nutrition Taiwan, Ltd	Taiwan
Hill’s Pet Nutrition Trading (GZ) Co., Ltd	China
Hill’s Pet Nutrition, Inc.	Delaware
Hill’s Pet Nutrition, S.p.A.	Italy
Hill’s Pet Products (Benelux) S.A.	Belgium
Hill’s Pet Products, Inc.	Delaware
Hill’s Veterinary Companies of America, Inc.	Delaware
Hill’s-Colgate (Japan) Ltd.	Japan
Hopro Liquidating Corp.	Ohio
Hygiene Systemes et Services SA	Tunisia
IES Enterprises, Inc.	Massachusetts
Inmobiliaria Colpal, S. de R.L. de C.V.	Mexico
Inmobiliaria Hills, S.A. de C.V.	Mexico
Innovacion Creativa, S.A. de C.V.	Mexico
Kolynos Corporation	Delaware
Laboratoires Filorga Cosmetiques Espana S.L.U.	Spain
Laboratoires Filorga Cosmetiques Italia S.R.L.	Italy
Laboratoires Filorga Cosmétiques S.A.	France
Lournay Sales, Inc.	Delaware
Mennen de Chile, Ltd.	Delaware
Mennen de Nicargua, S.A.	Delaware

Mennen Interamerica, Ltd.	Delaware
Mennen Limited	Delaware
Mennen South Africa, Ltd.	Delaware
Mission Hills Property Corporation	Delaware
Mission Hills, S.A. de C.V.	Mexico
Norwood International, Incorporated	Delaware
Olive Music Publishing Corporation	Delaware
P.T. Colgate Palmolive Indonesia *	Indonesia
Paramount Research, Inc.	Delaware
Penny, LLC	Delaware
Pet Chemicals Inc.	Florida
Productos Halogenados Copalven, C.A.	Venezuela
Purity Holding Company	Delaware
Purity Music Publishing Corporation	Delaware
Refresh Company Limited	Dominica
Samuel Taylor Holdings B.V.	Netherlands
Sanxiao Company Limited	Hong Kong
Services Development Co., Ltd.	Thailand
Societe Generale de Negoce et de Services (GENESE) S.A.	Tunisia
The GDN - The Global Distributive Network SAS	France
The Lournay Company, Inc.	Delaware
The MPDP - The Medical and Pharmaceutic Distributive Platform SAS	France
The Murphy-Phoenix Company	Ohio
Tom’s of Maine Holdings, Inc.	Delaware
Tom’s of Maine, Inc.	Maine
Veterinary Companies of America, Inc.	Delaware
Vipont Pharmaceutical, Inc.	Delaware
Weda (Beijing) Co. Ltd.	China

* Indicates a company that is not wholly owned, directly or indirectly, by Colgate-Palmolive Company.

EX-23

EXHIBIT 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-249768) and Form S-8 (Nos. 33-58746, 33-64753, 333-45679, 333-132038, 333-171448, 333-188528, and 333-231380) of Colgate-Palmolive Company of our report dated February 17, 2022 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 17, 2022

EX-24

EXHIBIT 24

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

I, John P. Bilbrey, do hereby make, constitute and appoint Jennifer M. Daniels and Kristine Hutchinson, and each of them, as my attorneys-in-fact and agents with full power of substitution for me and in my name, place and stead, in any and all capacities, to execute for me and on my behalf the Annual Report of Colgate-Palmolive Company on Form 10-K for the year ended December 31, 2021, and any and all amendments thereto and any other documents in connection therewith, and to file the same with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary and proper to be done in and about the premises, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents and/or either of them may lawfully do or cause to be done by virtue hereof.

In witness whereof, I have executed this Power of Attorney this 29th day of January, 2022.

/s/ John P. Bilbrey

Name: John P. Bilbrey

EXHIBIT 24

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

I, John T. Cahill, do hereby make, constitute and appoint Jennifer M. Daniels and Kristine Hutchinson, and each of them, as my attorneys-in-fact and agents with full power of substitution for me and in my name, place and stead, in any and all capacities, to execute for me and on my behalf the Annual Report of Colgate-Palmolive Company on Form 10-K for the year ended December 31, 2021, and any and all amendments thereto and any other documents in connection therewith, and to file the same with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary and proper to be done in and about the premises, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents and/or either of them may lawfully do or cause to be done by virtue hereof.

In witness whereof, I have executed this Power of Attorney this 28th day of January, 2022.

/s/ John T. Cahill

Name: John T. Cahill

EXHIBIT 24

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

I, Lisa M. Edwards, do hereby make, constitute and appoint Jennifer M. Daniels and Kristine Hutchinson, and each of them, as my attorneys-in-fact and agents with full power of substitution for me and in my name, place and stead, in any and all capacities, to execute for me and on my behalf the Annual Report of Colgate-Palmolive Company on Form 10-K for the year ended December 31, 2021, and any and all amendments thereto and any other documents in connection therewith, and to file the same with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary and proper to be done in and about the premises, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents and/or either of them may lawfully do or cause to be done by virtue hereof.

In witness whereof, I have executed this Power of Attorney this 28th day of January, 2022.

/s/ Lisa M. Edwards

Name: Lisa M. Edwards

EXHIBIT 24

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

I, C. Martin Harris, do hereby make, constitute and appoint Jennifer M. Daniels and Kristine Hutchinson, and each of them, as my attorneys-in-fact and agents with full power of substitution for me and in my name, place and stead, in any and all capacities, to execute for me and on my behalf the Annual Report of Colgate-Palmolive Company on Form 10-K for the year ended December 31, 2021, and any and all amendments thereto and any other documents in connection therewith, and to file the same with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary and proper to be done in and about the premises, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents and/or either of them may lawfully do or cause to be done by virtue hereof.

In witness whereof, I have executed this Power of Attorney this 1st day of February, 2022.

/s/ C. Martin Harris

Name: C. Martin Harris

EXHIBIT 24

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

I, Martina Hund-Mejean, do hereby make, constitute and appoint Jennifer M. Daniels and Kristine Hutchinson, and each of them, as my attorneys-in-fact and agents with full power of substitution for me and in my name, place and stead, in any and all capacities, to execute for me and on my behalf the Annual Report of Colgate-Palmolive Company on Form 10-K for the year ended December 31, 2021, and any and all amendments thereto and any other documents in connection therewith, and to file the same with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary and proper to be done in and about the premises, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents and/or either of them may lawfully do or cause to be done by virtue hereof.

In witness whereof, I have executed this Power of Attorney this 29th day of January, 2022.

/s/ Martina Hund-Mejean

Name: Martina Hund-Mejean

EXHIBIT 24

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

I, Kimberly A. Nelson, do hereby make, constitute and appoint Jennifer M. Daniels and Kristine Hutchinson, and each of them, as my attorneys-in-fact and agents with full power of substitution for me and in my name, place and stead, in any and all capacities, to execute for me and on my behalf the Annual Report of Colgate-Palmolive Company on Form 10-K for the year ended December 31, 2021, and any and all amendments thereto and any other documents in connection therewith, and to file the same with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary and proper to be done in and about the premises, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents and/or either of them may lawfully do or cause to be done by virtue hereof.

In witness whereof, I have executed this Power of Attorney this 28th day of January, 2022.

/s/ Kimberly A. Nelson

Name: Kimberly A. Nelson

EXHIBIT 24

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

I, Lorrie M. Norrington, do hereby make, constitute and appoint Jennifer M. Daniels and Kristine Hutchinson, and each of them, as my attorneys-in-fact and agents with full power of substitution for me and in my name, place and stead, in any and all capacities, to execute for me and on my behalf the Annual Report of Colgate-Palmolive Company on Form 10-K for the year ended December 31, 2021, and any and all amendments thereto and any other documents in connection therewith, and to file the same with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary and proper to be done in and about the premises, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents and/or either of them may lawfully do or cause to be done by virtue hereof.

In witness whereof, I have executed this Power of Attorney this 28th day of January, 2022.

/s/ Lorrie M. Norrington

Name: Lorrie M. Norrington

EXHIBIT 24

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

I, Michael B. Polk, do hereby make, constitute and appoint Jennifer M. Daniels and Kristine Hutchinson, and each of them, as my attorneys-in-fact and agents with full power of substitution for me and in my name, place and stead, in any and all capacities, to execute for me and on my behalf the Annual Report of Colgate-Palmolive Company on Form 10-K for the year ended December 31, 2021, and any and all amendments thereto and any other documents in connection therewith, and to file the same with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary and proper to be done in and about the premises, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents and/or either of them may lawfully do or cause to be done by virtue hereof.

In witness whereof, I have executed this Power of Attorney this 28th day of January, 2022.

/s/ Michael B. Polk

Name: Michael B. Polk

EXHIBIT 24

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

I, Stephen I. Sadove, do hereby make, constitute and appoint Jennifer M. Daniels and Kristine Hutchinson, and each of them, as my attorneys-in-fact and agents with full power of substitution for me and in my name, place and stead, in any and all capacities, to execute for me and on my behalf the Annual Report of Colgate-Palmolive Company on Form 10-K for the year ended December 31, 2021, and any and all amendments thereto and any other documents in connection therewith, and to file the same with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary and proper to be done in and about the premises, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents and/or either of them may lawfully do or cause to be done by virtue hereof.

In witness whereof, I have executed this Power of Attorney this 28th day of January, 2022.

/s/ Stephen I. Sadove

Name: Stephen I. Sadove

EX-31.A

EXHIBIT 31-A

I, Noel R. Wallace, certify that:

1.I have reviewed this Annual Report on Form 10-K of Colgate-Palmolive Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 17, 2022

/s/ Noel R. Wallace

Noel R. Wallace

Chairman of the Board, President and

Chief Executive Officer

EX-31.B

EXHIBIT 31-B

I, Stanley J. Sutula III, certify that:

1.I have reviewed this Annual Report on Form 10-K of Colgate-Palmolive Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 17, 2022

/s/ Stanley J. Sutula III

Stanley J. Sutula III

Chief Financial Officer

EX-32

EXHIBIT 32

The undersigned Chairman of the Board, President and Chief Executive Officer and Chief Financial Officer of Colgate-Palmolive Company each certify, pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. § 1350, that:

(1)the Annual Report on Form 10-K for the year ended December 31, 2021 (the “Annual Report”) which this statement accompanies, fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

(2)information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of Colgate-Palmolive Company.

Date: February 17, 2022

/s/ Noel R. Wallace

Noel R. Wallace

Chairman of the Board, President and

Chief Executive Officer

/s/ Stanley J. Sutula III

Stanley J. Sutula III

Chief Financial Officer

A signed original of this written statement has been provided to Colgate-Palmolive Company and will be retained by Colgate-Palmolive Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover - USD ($)
$ in Billions

12 Months Ended

Dec. 31, 2021

Jan. 31, 2022

Jun. 30, 2021

Entity Information [Line Items]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2021

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

1-644

Entity Registrant Name

COLGATE-PALMOLIVE COMPANY

Entity Incorporation, State or Country Code

DE

Entity Tax Identification Number

13-1815595

Entity Address, Address Line One

300 Park Avenue

Entity Address, City or Town

New York,

Entity Address, State or Province

NY

Entity Address, Postal Zip Code

10022

City Area Code

212

Local Phone Number

310-2000

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

No

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Entity Shell Company

false

Entity Public Float

$ 68.6

Entity Common Stock, Shares Outstanding

840,487,222

Documents Incorporated by Reference

Documents	Form 10-K Reference
Portions of Proxy Statement for the 2022 Annual Meeting of Stockholders	Part III, Items 10 through 14

Entity Central Index Key

0000021665

Document Fiscal Year Focus

2021

Document Fiscal Period Focus

FY

Amendment Flag

false

Common Stock

Entity Information [Line Items]

Title of 12(b) Security

Common Stock, $1.00 par value

Trading Symbol

CL

Security Exchange Name

NYSE

0.500% Notes Due 2026

Entity Information [Line Items]

Title of 12(b) Security

0.500% Notes due 2026

Trading Symbol

CL26

Security Exchange Name

NYSE

0.000% Notes due 2021

Entity Information [Line Items]

Title of 12(b) Security

0.300% Notes due 2029

Trading Symbol

CL29

Security Exchange Name

NYSE

1.375% Notes Due 2034

Entity Information [Line Items]

Title of 12(b) Security

1.375% Notes due 2034

Trading Symbol

CL34

Security Exchange Name

NYSE

0.875% Notes due 2039

Entity Information [Line Items]

Title of 12(b) Security

0.875% Notes due 2039

Trading Symbol

CL39

Security Exchange Name

NYSE

XML

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York
Auditor Firm ID	238

XML

Consolidated Statements of Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net sales	$ 17,421	$ 16,471	$ 15,693
Cost of sales	7,046	6,454	6,368
Gross profit	10,375	10,017	9,325
Selling, general and administrative expenses	6,407	6,019	5,575
Other (income) expense, net	65	113	196
Goodwill and indefinite-lived intangible impairment charges	571	0	0
Operating profit	3,332	3,885	3,554
Non-service related postretirement costs	70	74	108
Interest (income) expense, net	175	164	145
Income before income taxes	3,087	3,647	3,301
Provision for income taxes	749	787	774
Net income including noncontrolling interests	2,338	2,860	2,527
Less: Net income attributable to noncontrolling interests	172	165	160
Net income attributable to Colgate-Palmolive Company	$ 2,166	$ 2,695	$ 2,367
Earnings per common share, basic (in dollars per share)	$ 2.56	$ 3.15	$ 2.76
Earnings per common share, diluted (in dollars per share)	$ 2.55	$ 3.14	$ 2.75

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income including noncontrolling interests	$ 2,338	$ 2,860	$ 2,527
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(193)	(24)	25
Retirement plan and other retiree benefit adjustments	134	(40)	(100)
Gains (losses) on cash flow hedges	16	(2)	(12)
Total Other comprehensive income (loss), net of tax	(43)	(66)	(87)
Total Comprehensive income including noncontrolling interests	2,295	2,794	2,440
Less: Net income attributable to noncontrolling interests	172	165	160
Less: Cumulative translation adjustments attributable to noncontrolling interests	(2)	6	(2)
Total Comprehensive income attributable to noncontrolling interests	170	171	158
Total Comprehensive income attributable to Colgate-Palmolive Company	$ 2,125	$ 2,623	$ 2,282

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 832	$ 888
Receivables (net of allowances of $78 and $89, respectively)	1,297	1,264
Inventories	1,692	1,673
Other current assets	576	513
Total current assets	4,397	4,338
Property, plant and equipment, net	3,730	3,716
Goodwill	3,284	3,824
Other intangible assets, net	2,462	2,894
Deferred income taxes	193	291
Other assets	974	857
Total assets	15,040	15,920
Current Liabilities
Notes and loans payable	39	258
Current portion of long-term debt	12	9
Accounts payable	1,479	1,393
Accrued income taxes	436	403
Other accruals	2,085	2,341
Total current liabilities	4,051	4,404
Long-term debt	7,194	7,334
Deferred income taxes	395	426
Other liabilities	2,429	2,655
Total liabilities	14,069	14,819
Commitments and contingent liabilities	0	0
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 capital	3,269	2,969
Retained earnings	24,350	23,699
Accumulated other comprehensive income (loss)	(4,386)	(4,345)
Unearned compensation	(1)	(1)
Treasury stock, at cost	(24,089)	(23,045)
Total Colgate-Palmolive Company shareholders’ equity	609	743
Noncontrolling interests	362	358
Total equity	971	1,101
Total liabilities and equity	$ 15,040	$ 15,920

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Allowance for doubtful accounts receivable, current	$ 78	$ 89
Shareholders’ Equity
Common stock par value (in USD per share)	$ 1	$ 1
Common stock authorized (in shares)	2,000,000,000	2,000,000,000
Common stock issued (in shares)	1,465,706,360	1,465,706,360

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Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions		Total	Common Stock	Additional Paid-In Capital	Unearned Compensation	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance at Dec. 31, 2018			$ 1,466	$ 2,204	$ (3)	$ (21,196)	$ 21,615	$ (4,188)	$ 299
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		$ 2,527					2,367		160
Other comprehensive income (loss), net of tax		(87)						(85)	(2)
Dividends	[1]						(1,472)		(141)
Stock-based compensation expense				100
Shares issued for stock options				210		305
Shares issued for restricted stock awards				(29)		29
Noncontrolling interests acquired									125
Treasury stock acquired						(1,202)
Other				3	1	1	(9)
Ending balance at Dec. 31, 2019			1,466	2,488	(2)	(22,063)	22,501	(4,273)	441
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		2,860					2,695		165
Other comprehensive income (loss), net of tax		(66)						(72)	6
Dividends	[1]						(1,502)		(152)
Stock-based compensation expense				107
Shares issued for stock options				400		462
Shares issued for restricted stock awards				(31)		31
Noncontrolling interests acquired									(99)
Treasury stock acquired						(1,476)
Other				5	1	1	5		(3)
Ending balance at Dec. 31, 2020		1,101	1,466	2,969	(1)	(23,045)	23,699	(4,345)	358
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		2,338					2,166		172
Other comprehensive income (loss), net of tax		(43)						(41)	(2)
Dividends	[1]						(1,515)		(166)
Stock-based compensation expense				135
Shares issued for stock options				188		248
Shares issued for restricted stock awards				(27)		27
Treasury stock acquired						(1,320)
Other				4	0	1	0		0
Ending balance at Dec. 31, 2021		$ 971	$ 1,466	$ 3,269	$ (1)	$ (24,089)	$ 24,350	$ (4,386)	$ 362

[1] * Two dividends were declared in each of the first quarters of 2021, 2020 and 2019.

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Consolidated Statements of Changes in Shareholders' Equity (Parenthetical)	3 Months Ended			12 Months Ended
	Mar. 31, 2021 Dividend	Mar. 31, 2020 Dividend	Mar. 31, 2019 Dividend	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares	[1]	Dec. 31, 2019 $ / shares	[1]
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in USD per share) | $ / shares				$ 1.79	$ 1.75		$ 1.71
Number of dividends declared per quarter | Dividend	2	2	2

[1] * Two dividends were declared in each of the first quarters of 2021, 2020 and 2019.

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Consolidated Statements of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Net income including noncontrolling interests		$ 2,338	$ 2,860	$ 2,527
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:
Depreciation and amortization		556	539	519
Restructuring and termination benefits, net of cash		(21)	(71)	18
Stock-based compensation expense		135	107	100
Goodwill and indefinite-lived intangible impairment charges		571	0	0
Loss on early extinguishment of debt		75	23	0
Deferred income taxes		(132)	(120)	17
Voluntary benefit plan contributions		0	0	(113)
Cash effects of changes in:
Receivables		(84)	138	19
Inventories		(72)	(251)	(77)
Accounts payable and other accruals		14	520	36
Other non-current assets and liabilities		(55)	(26)	87
Net cash provided by operations		3,325	3,719	3,133
Investing Activities
Capital expenditures		(567)	(410)	(335)
Purchases of marketable securities and investments		(141)	(143)	(184)
Proceeds from sale of marketable securities and investments		141	124	131
Payment for acquisitions, net of cash acquired		0	(353)	(1,711)
Other investing activities		(25)	3	0
Net cash used in investing activities		(592)	(779)	(2,099)
Financing Activities
Short-term borrowing (repayment) less than 90 days, net		(171)	488	296
Principal payments on debt	[1]	(703)	(1,085)	(1,441)
Proceeds from issuance of debt		699	0	2,578
Dividends paid		(1,679)	(1,654)	(1,614)
Purchases of treasury shares		(1,320)	(1,476)	(1,202)
Proceeds from exercise of stock options		424	874	498
Purchases of non-controlling interests in subsidiaries		0	(99)	0
Other financing activities		(24)	33	15
Net cash used in financing activities		(2,774)	(2,919)	(870)
Effect of exchange rate changes on Cash and cash equivalents		(15)	(16)	(7)
Net (decrease) increase in Cash and cash equivalents		(56)	5	157
Cash and cash equivalents at beginning of year		888	883	726
Cash and cash equivalents at end of year		832	888	883
Supplemental Cash Flow Information
Income taxes paid		890	845	803
Interest paid		$ 194	$ 188	$ 185

[1] (1) For the years ended December 31, 2021 and 2020, Principal payments on debt includes cash charges of $75 and $20, respectively, related to the extinguishment of debt prior to maturity. See Note 6, Long-Term Debt and Credit Facilities for additional information.

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Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Cash charges for extinguishment of debt prior to maturity	$ 75	$ 20

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Nature of Operations

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

Nature of Operations    

The Company manufactures and markets a wide variety of products in the U.S. and around the world in two product segments: Oral, Personal and Home Care; and Pet Nutrition. Oral, Personal and Home Care products include toothpaste, toothbrushes, mouthwash, bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin health products, dishwashing detergents, fabric conditioners, household cleaners and other similar items. These products are sold primarily to a variety of traditional and eCommerce retailers, wholesalers and distributors worldwide. Pet Nutrition products include specialty pet nutrition products manufactured and marketed by Hill’s Pet Nutrition. The principal customers for Pet Nutrition products are authorized pet supply retailers, veterinarians and eCommerce retailers. Some of our products are also sold direct-to-consumer. Principal global and regional trademarks include Colgate, Palmolive, elmex, hello, meridol, Sorriso, Tom’s of Maine, EltaMD, Filorga, Irish Spring, Lady Speed Stick, PCA SKIN, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion, Fabuloso, Murphy, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet.

The Company’s principal classes of products accounted for the following percentages of worldwide Net sales for the past three years:

	2021		2020		2019
Oral Care	44	%	44	%	46	%
Personal Care	20	%	21	%	20	%
Home Care	17	%	18	%	18	%
Pet Nutrition	19	%	17	%	16	%
Total	100	%	100	%	100	%

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Colgate-Palmolive Company and its majority-owned or controlled subsidiaries. Intercompany transactions and balances have been eliminated. The Company’s investments in consumer products companies with interests ranging between 20% and 50%, where the Company has significant influence over the investee, are accounted for using the equity method. Net income (loss) from such investments is recorded in Other (income) expense, net in the Consolidated Statements of Income. As of December 31, 2021 and 2020, equity method investments included in Other assets in the Consolidated Balance Sheets were $64 and $56, respectively. Unrelated third parties hold the remaining ownership interests in these investments. Investments with less than a 20% interest are recorded at cost and periodically adjusted based on observable price changes or quoted market prices in active markets, if applicable.

Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. As such, the most significant uncertainty in the Company’s assumptions and estimates involved in preparing the financial statements includes pension and other retiree benefit cost assumptions, stock-based compensation, asset impairments, uncertain tax positions, tax valuation allowances and legal and other contingency reserves. Additionally, the Company uses available market information and other valuation methodologies in assessing the fair value of financial instruments and retirement plan assets. Judgment is required in interpreting market data to develop the estimates of fair value and, accordingly, changes in assumptions or the estimation methodologies may affect the fair value estimates. Actual results could ultimately differ from those estimates.

Revenue Recognition

The Company’s revenue contracts represent a single performance obligation to sell its products to trade customers. Sales are recorded at the time control of the products is transferred to trade customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products. Control is the ability of trade customers to “direct the use of” and “obtain” the benefit from our products. In evaluating the timing of the transfer of control of products to trade customers, the Company considers several control indicators, including significant risks and rewards of products, the Company’s right to payment and the legal title of the products. Based on the assessment of control indicators, sales are generally recognized when products are delivered to trade customers.

Net sales reflect the transaction prices for contracts, which include units shipped at selling list prices reduced by variable consideration. Variable consideration includes expected sales returns and the cost of current and continuing promotional programs. Current promotional programs primarily include product listing allowances and co-operative advertising arrangements. Continuing promotional programs are predominantly consumer coupons and volume-based sales incentive arrangements. The cost of promotional programs is estimated using the expected value method considering all reasonably available information, including the Company’s historical experience and its current expectations, and is reflected in the transaction price when sales are recorded. Adjustments to the cost of promotional programs in subsequent periods are generally not material, as the Company’s promotional programs are typically of short duration, thereby reducing the uncertainty inherent in such estimates.

Sales returns are generally accepted at the Company’s discretion and are not material to the Company’s Consolidated Financial Statements. The Company’s contracts with trade customers do not have significant financing components or non-cash consideration and the Company does not have unbilled revenue or significant amounts of prepayments from customers. The Company records Net sales excluding taxes collected on its sales to its trade customers. Shipping and handling activities are accounted for as contract fulfillment costs and classified as Selling, general and administrative expenses.

Shipping and Handling Costs

Shipping and handling costs are classified as Selling, general and administrative expenses and were $1,687, $1,392 and $1,275 for the years ended December 31, 2021, 2020 and 2019, respectively.

Marketing Costs

The Company markets its products through advertising and other promotional activities. Advertising costs are included in Selling, general and administrative expenses and are expensed as incurred. Certain consumer and trade promotional programs, such as consumer coupons, are recorded as a reduction of sales.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

Inventories

The cost of approximately 75% of inventories is determined using the FIFO method, which is stated at the lower of cost or net realizable value. The cost of all other inventories, in the U.S. and Mexico, is determined using the LIFO method, which is stated at the lower of cost or market. Inventories in excess of one year of forecasted sales are classified in the Consolidated Balance Sheets as non-current “Other assets.”

Property, Plant and Equipment

Land, buildings and machinery and equipment are stated at cost. Depreciation is provided, primarily using the straight-line method, over-estimated useful lives ranging from 3 to 15 years for machinery and equipment and up to 40 years for buildings. Depreciation attributable to manufacturing operations is included in Cost of sales. The remaining component of depreciation is included in Selling, general and administrative expenses.

Goodwill and Other Intangibles

Goodwill and indefinite-life intangible assets, such as the Company’s global brands, are subject to impairment tests at least annually or when events or changes in circumstances indicate that an asset may be impaired. Other intangible assets with finite lives, such as local brands and trademarks, customer relationships and non-compete agreements, are amortized over their estimated useful lives, generally ranging from 5 to 40 years. Amortization expense related to intangible assets is included in Other (income) expense, net, which is included in Operating profit.

Income Taxes

The provision for income taxes is determined using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized based upon the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates that will be in effect at the time such differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company uses a comprehensive model to recognize, measure, present and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on an income tax return. The Company recognizes interest expense and penalties related to unrecognized tax benefits within Provision for income taxes.

Financial Instruments

Derivative instruments are recorded as assets and liabilities at estimated fair value based on available market information. The Company’s derivative instruments that qualify for hedge accounting are designated as either fair value hedges, cash flow hedges or net investment hedges. For fair value hedges, changes in the fair value of the derivative, as well as the offsetting changes in the fair value of the hedged item, are recognized in earnings each period. For cash flow hedges, changes in the fair value of the derivative are recorded in Other comprehensive income (loss) and are recognized in earnings when the offsetting effect of the hedged item is also recognized in earnings. For hedges of the net investment in foreign subsidiaries, changes in the fair value of the derivative are recorded in Other comprehensive income (loss) to offset the change in the value of the net investment being hedged. Cash flows related to hedges are classified in the same category as the cash flows from the hedged item in the Consolidated Statements of Cash Flows.

The Company may also enter into certain foreign currency and interest rate instruments that economically hedge certain of its risks but do not qualify for hedge accounting. Changes in fair value of these derivative instruments, based on quoted market prices, are recognized in earnings each period. The Company’s derivative instruments and other financial instruments are more fully described in Note 7, Fair Value Measurements and Financial Instruments along with the related fair value measurement considerations.

Stock-Based Compensation

The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock units (both performance-based and time-vested), based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to estimate the fair value of stock option awards. In addition to performance conditions, performance-based restricted stock units also include a total shareholder return modifier. Because the total shareholder return modifier is considered a market condition, the Company uses a Monte-Carlo simulation model to determine the fair value of performance-based restricted stock units. The fair value of time-vested restricted stock units is determined based on the closing market price of the Company’s stock at the date of grant. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option pricing model are more fully described in Note 8, Capital Stock and Stock-Based Compensation Plans.

Currency Translation

The assets and liabilities of foreign subsidiaries, other than those operating in highly inflationary environments, are translated into U.S. dollars at year-end exchange rates with resulting translation gains and losses accumulated in a separate component of shareholders’ equity. Income and expense items are translated into U.S. dollars at average rates of exchange prevailing during the year.

For subsidiaries operating in highly inflationary environments, local currency-denominated non-monetary assets, including inventories, goodwill and property, plant and equipment, are remeasured at their historical exchange rates, while local currency-denominated monetary assets and liabilities are remeasured at year-end exchange rates. Remeasurement adjustments for these operations are included in Net income attributable to Colgate-Palmolive Company.

Recent Accounting Pronouncements

In November 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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 is effective for the Company beginning on January 1, 2022 and is not expected to 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.

In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope.” This ASU clarifies that certain optional expedients and exceptions in Topic 848 apply to derivatives that are affected by the discounting transition. This guidance was effective upon issuance for the Company 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 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.” The ASU 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. This guidance was effective upon issuance of this ASU for contract modifications and hedging relationships on a prospective basis and is not expected to 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.” The guidance 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.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

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Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

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 has been 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
Goodwill	171
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 Consolidated Financial Statements is not material.

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Restructuring and Related Implementation Charges

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Implementation Charges

Restructuring and Related Implementation Charges

2022 Global Productivity Initiative

On January 27, 2022, 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 expected to be substantially completed by December 31, 2022, is projected to result in cumulative pre-tax charges, once all phases are approved and implemented, totaling between $200 and $240, which are currently estimated to be comprised of the following: employee-related costs, including severance, pension and other termination benefits (80%); asset-related costs, primarily accelerated depreciation and asset write-downs (10%); 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 90% of the charges will result in cash expenditures.

Global Growth and Efficiency 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.

In the third quarter of 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 aftertax), of which a benefit of $3 was recorded in Selling, general and administrative expenses and $13 was recorded in Other (income) expense, net.

For the year ended December 31, 2019, restructuring and related implementation charges are reflected in the Consolidated Statements of Income as follows:  

	2019
Cost of sales	$	8
Selling, general and administrative expenses	60
Other (income) expense, net	57
Non-service related postretirement costs	7
Total Global Growth and Efficiency Program charges, pretax	$	132
Total Global Growth and Efficiency Program charges, aftertax	$	102

Restructuring and related implementation charges in the preceding table and the adjustment recorded in the third quarter of 2020 were recorded in the Corporate segment as these initiatives were predominantly centrally directed and controlled and were not included in internal measures of segment operating performance.

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

			Total Program
	2019		Charges
North America	4	%	17	%
Latin America	12	%	5	%
Europe	4	%	19	%
Asia Pacific	6	%	4	%
Africa/Eurasia	(1)	%	5	%
Hill’s Pet Nutrition	2	%	8	%
Corporate	73	%	42	%
Total	100	%	100	%

Over the course of the Global Growth and Efficiency Program, the Company incurred total pretax charges of $1,854 ($1,380 aftertax) in connection with the implementation of various projects as follows:

	Total Program Charges
	as of December 31, 2019
Employee-Related Costs	$	706
Incremental Depreciation	128
Asset Impairments	58
Other	962
Total	$	1,854

Over the course of the Global Growth and Efficiency Program, the majority of the costs incurred related to the following projects: the implementation of the Company’s overall hubbing strategy; the consolidation of facilities; the extension of shared business services and streamlining of global functions; the closing of the Morristown, New Jersey personal care facility; the simplification and streamlining of the Company’s research and development capabilities and oral care supply chain, both in Europe; redesigning the European commercial organization; restructuring how the Company will provide future retirement benefits to substantially all of the U.S.-based employees participating in the Company’s defined benefit retirement plan by shifting them to the Company’s defined contribution plan; and the implementation of a Corporate efficiencies program.

Employee-Related Costs primarily included severance and other termination benefits and were calculated based on long-standing benefit practices, local statutory requirements and, in certain cases, voluntary termination arrangements. Employee-Related Costs also included pension and other retiree benefit enhancements.

Incremental Depreciation was 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 were 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.

Other charges consisted primarily of charges resulting directly from exit activities and the implementation of new strategies as a result of the Global Growth and Efficiency Program.

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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

The net carrying value of Goodwill as of December 31, 2021 and 2020 by segment was as follows:

	2021		2020
Oral, Personal and Home Care
North America	$	912	$	912
Latin America	159		171
Europe	1,902		2,415
Asia Pacific	182		190
Africa/Eurasia	114		121
Total Oral, Personal and Home Care	3,269		3,809
Pet Nutrition	15		15
Total Goodwill	$	3,284	$	3,824

The change in the amount of Goodwill during 2021 is due to the goodwill impairment charge related to the Filorga reporting unit as more fully described below, and foreign currency translation.

Other intangible assets as of December 31, 2021 and 2020 were comprised of the following:

	2021						2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Trademarks - finite life	$	891	$	(445)	$	446	$	902	$	(422)	$	480
Other finite life intangible assets	744		(289)		455		786		(237)		549
Indefinite life intangible assets	1,561		—		1,561		1,865		—		1,865
Total Other intangible assets	$	3,196	$	(734)	$	2,462	$	3,553	$	(659)	$	2,894

The change in the net carrying amounts of Other intangible assets during 2021 was primarily due to the impact of impairment charge related to the Filorga indefinite-lived trademark as more fully described below, foreign currency translation and amortization expense of $89. Annual estimated amortization expense for each of the next five years is expected to be approximately $77.

The Company made revisions to the internal forecasts relating to its Filorga reporting unit during the fourth quarter of 2021 due primarily to the impact of the COVID-19 pandemic on the Filorga skin health business as a result of government restrictions and reduced consumer mobility, which negatively impacted consumption in the duty-free, travel retail and pharmacy channels. The Company concluded that the changes in circumstances in this reporting unit triggered the need for an interim impairment review of its indefinite-lived trademark and goodwill and, accordingly, performed an interim impairment test for the trademark as of December 31, 2021. The Company concluded that the carrying value of the trademark exceeded its estimated fair value, and recorded an impairment charge of $204, reducing the carrying value to approximately $588. After adjusting the carrying value of the trademark, the Company completed a quantitative impairment test for goodwill and recorded a goodwill impairment charge of $367 in the Filorga reporting unit, reducing the carrying value of goodwill to approximately $577. The goodwill and trademark impairment charges are presented as a separate line item in the Consolidated Statements of Income.

The Company used the income approach to determine the fair value of the Filorga reporting unit and indefinite-lived trademark that required significant judgments and estimates by management regarding several key inputs, including future cash flows consistent with management’s strategic plans, sales growth rates and the selection of royalty rate and a discount rate, among others. Estimating sales growth rates requires significant judgment by management in areas such as future economic conditions, category and industry growth rates, product pricing, consumer tastes and preferences and future expansion expectations.

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Long-Term Debt and Credit Facilities

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt and Credit Facilities

Long-Term Debt and Credit Facilities

Long-term debt consisted of the following at December 31:

	Weighted Average Interest Rate	Maturities			2021		2020
Notes	1.9%	2022	-	2078	$	5,958	$	6,170
Commercial paper	(0.4)%	2022			1,204		1,139
Finance Lease Obligations	Various	Various			44		34
					7,206		7,343
Less: Current portion of long-term debt					(12)		(9)
Total					$	7,194	$	7,334

The weighted-average interest rate on short-term borrowings included in Notes and loans payable in the Consolidated Balance Sheets as of December 31, 2021 and 2020 was 0.7% and 4.8%, respectively.

The Company classifies commercial paper and notes maturing within the next twelve months as long-term debt when it has the intent and ability to refinance such obligations on a long-term basis. Excluding such obligations, scheduled maturities of long-term debt and finance leases outstanding as of December 31, 2021, were as follows:  

Years Ended December 31,
2022	$	456
2023	908
2024	506
2025	135
2026	566
Thereafter	3,431

The Company has entered into interest rate swap agreements and foreign exchange contracts related to certain of these debt instruments. See Note 7, Fair Value Measurements and Financial Instruments for further information about the Company’s financial instruments.

The Company’s debt issuances and redemptions support its capital structure strategy objectives of funding its business and growth initiatives while minimizing its risk-adjusted cost of capital. During the fourth quarter of 2021, the Company issued €500 of eight-year notes at a fixed coupon rate of 0.300%. The debt issuance was under the Company’s shelf registration statement. An amount equal to the net proceeds of the notes will be used to finance or refinance, in part or in full, new and existing projects and programs with distinct environmental or social benefits.

During the fourth quarter of 2021, the Company redeemed prior to maturity all of its outstanding 0.000% notes due 2021 with a principal amount of €500, originally issued on November 12, 2019. The redemption was financed with commercial paper borrowings. The redemption price was equal to the carrying amount of the debt extinguished.

In 1990, the Company’s Canadian subsidiary (“CP Canada”), issued C$145 of Canadian dollar-denominated unsecured unsubordinated 12.85% guaranteed notes due October 4, 2030 (the “Canada notes”). During the third quarter of 2021, CP Canada redeemed the Canada notes and recorded a loss on the early extinguishment of debt of $75, which is included in Interest (income) expense, net in the Consolidated Statements of Income, representing the difference between the redemption price and the carrying amount of the debt extinguished.

During the fourth quarter of 2020, the Company redeemed prior to maturity all of its outstanding 2.450% notes due 2021 with a principal amount $300, originally issued on November 8, 2011, and all of its outstanding 2.300% notes due 2022 with a principal amount of $500, originally issued on May 3, 2012. These redemptions were financed with commercial paper borrowings and cash. The Company recorded a loss on the early extinguishment of debt of $23, which is included in Interest (income) expense, net in the Consolidated Statements of Income, representing the difference between the redemption price and the carrying amount of the debt extinguished.

At December 31, 2021, the Company had access to unused domestic and foreign lines of credit of $3,457 (including under the facility discussed below) and could also issue long-term debt pursuant to an effective shelf registration statement. In August 2021, the Company entered into a new $3,000 five-year revolving credit facility with a syndicate of banks for a five-year term expiring August 2026, which replaced, on substantially similar terms, the Company’s $2,650 revolving credit facility that was scheduled to expire in November 2024. Commitment fees related to the credit facility are not material. The Company’s $1,500 364-day credit facility with a syndicate of banks expired in August 2021 and was not renewed.

Certain agreements with respect to the Company’s bank borrowings contain financial and other covenants as well as cross-default provisions. Noncompliance with these requirements could ultimately result in the acceleration of amounts owed. The Company is in full compliance with all such requirements and believes the likelihood of noncompliance is remote.

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Fair Value Measurements and Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

Fair Value Measurements and Financial Instruments

The Company uses available market information and other valuation methodologies in assessing the fair value of financial instruments. Judgment is required in interpreting market data to develop the estimates of fair value and, accordingly, changes in assumptions or the estimation methodologies may affect the fair value estimates. The Company is exposed to the risk of credit loss in the event of nonperformance by counterparties to financial instrument contracts; however, nonperformance is considered unlikely and any nonperformance is unlikely to be material, as it is the Company’s policy to contract only with diverse, credit-worthy counterparties based upon both strong credit ratings and other credit considerations.

The Company is exposed to market risk from foreign currency exchange rates, interest rates and commodity price fluctuations. Volatility relating to these exposures is managed on a global basis by utilizing a number of techniques, including working capital management, sourcing strategies, selling price increases, selective borrowings in local currencies and entering into selective derivative instrument transactions, issued with standard features, in accordance with the Company’s treasury and risk management policies, which prohibit the use of derivatives for speculative purposes and leveraged derivatives for any purpose. It is the Company’s policy to enter into derivative instrument contracts with terms that match the underlying exposure being hedged. Provided below are details of the Company’s exposures by type of risk and derivative instruments by type of hedge designation.

Valuation Considerations

The Company’s derivative instruments include interest rate swap contracts, forward-starting interest rate swaps, foreign currency contracts and commodity contracts. The Company utilizes interest rate swap contracts to manage its targeted mix of fixed and floating rate debt, and these swaps are classified as follows:

Level 1: Based upon quoted market prices in active markets for identical assets or liabilities.

Level 2: Based upon observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Based upon unobservable inputs reflecting the reporting entity’s own assumptions.

Foreign Exchange Risk

As the Company markets its products in over 200 countries and territories, it is exposed to currency fluctuations related to manufacturing and selling its products in currencies other than the U.S. dollar. The Company manages its foreign currency exposures through a combination of cost containment measures, sourcing strategies, selling price increases and the hedging of certain costs in an effort to minimize the impact on earnings of foreign currency rate movements.

The Company primarily utilizes foreign currency contracts, including forward and swap contracts, option contracts, foreign and local currency deposits and local currency borrowings to hedge portions of its foreign currency purchases, assets and liabilities arising in the normal course of business and the net investment in certain foreign subsidiaries. The duration of foreign currency contracts generally does not exceed 12 months and the contracts are valued using observable market rates (Level 2 valuation).

Interest Rate Risk

The Company manages its targeted mix of fixed and floating rate debt with debt issuances and by entering into interest rate swaps in order to mitigate fluctuations in earnings and cash flows that may result from interest rate volatility. The Company utilizes forward-starting interest rate swaps to mitigate the risk of variability in interest rate for future debt issuances. The notional amount, interest payment and maturity date of the swaps generally match the principal, interest payment and maturity date of the related debt, and the swaps are valued using observable benchmark rates (Level 2 valuation).

Commodity Price Risk

The Company is exposed to price volatility related to raw materials used in production, such as essential oils, resins, tropical oils, pulp, tallow, corn, poultry and soybeans. The Company manages its raw material exposures through a combination of cost containment measures, sourcing strategies, ongoing productivity initiatives and the limited use of commodity hedging contracts. Futures contracts are used on a limited basis, primarily in the Hill’s Pet Nutrition segment, to manage volatility related to raw material inventory purchases of certain traded commodities, and these contracts are measured using quoted commodity exchange prices (Level 1 valuation). The duration of the commodity contracts generally does not exceed 12 months.

Credit Risk

The Company is exposed to the risk of credit loss in the event of nonperformance by counterparties to financial instrument contracts; however, nonperformance is considered unlikely and any nonperformance is unlikely to be material as it is the Company’s policy to contract with diverse, credit-worthy counterparties based upon both strong credit ratings and other credit considerations.

The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments which are carried at fair value in the Company’s Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020:

	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		December 31, 2021		December 31, 2020			December 31, 2021		December 31, 2020
Interest rate swap contracts	Other current assets	$	5	$	—	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	—		14		Other liabilities	—		—
Forward-starting interest rate swaps	Other assets	20		5		Other liabilities	21		—
Foreign currency contracts	Other current assets	22		7		Other accruals	6		93
Commodity contracts	Other current assets	2		3		Other accruals	—		—
Total designated		$	49	$	29		$	27	$	93
Other financial instruments
Marketable securities	Other current assets	34		37
Total other financial instruments		$	34	$	37

The carrying amount of cash, cash equivalents, accounts receivable and short-term debt approximated fair value as of December 31, 2021 and 2020. The estimated fair value of the Company’s long-term debt, including the current portion, as of December 31, 2021 and 2020, was $7,651 and $8,175, respectively, and the related carrying value was $7,206 and $7,343, respectively. The estimated fair value of long-term debt was derived principally from quoted prices on the Company’s outstanding fixed-term notes (Level 2 valuation).

The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustment for fair value hedges as of:

	December 31, 2021		December 31, 2020
Long-term debt:
Carrying amount of hedged item	$	405	$	413
Cumulative hedging adjustment included in the carrying amount	$	5	$	14

The following tables present the notional values as of:

	December 31, 2021
	Foreign Currency Contracts		Foreign Currency Debt		Interest Rate Swaps		Forward-Starting Interest Rate Swaps		Commodity Contracts		Total
Fair Value Hedges	$	566	$	—	$	400	$	—	$	—	$	966
Cash Flow Hedges	873		—		—		700		24		1,597
Net Investment Hedges	173		4,600		—		—		—		4,773

	December 31, 2020
	Foreign Currency Contracts		Foreign Currency Debt		Interest Rate Swaps		Forward-Starting Interest Rate Swaps		Commodity Contracts		Total
Fair Value Hedges	$	589	$	—	$	400	$	—	$	—	$	989
Cash Flow Hedges	854		—		—		300		17		1,171
Net Investment Hedges	528		4,523		—		—		—		5,051

The following table presents the location and amount of gains (losses) on hedges recognized on the Company’s Consolidated Statements of Income:

	Twelve Months Ended December 31,
	2021						2020
	Cost of sales		Selling, general and administrative expenses		Interest (income) expense, net		Cost of sales		Selling, general and administrative expenses		Interest (income) expense, net
Gain (loss) on hedges recognized in income:
Interest rate swaps designated as fair value hedges:
Derivative instrument	$	—	$	—	$	8	$	—	$	—	$	(10)
Hedged items	—		—		(8)		—		—		10
Foreign currency contracts designated as fair value hedges:
Derivative instrument	—		6		—		—		29		—
Hedged items	—		(6)		—		—		(29)		—
Foreign currency contracts designated as cash flow hedges:
Amount reclassified from OCI	(12)		—		—		1		—		—
Commodity contracts designated as cash flow hedges:
Amount reclassified from OCI	5		—		—		(1)		—		—
Total gain (loss) on hedges recognized in income	$	(7)	$	—	$	—	$	—	$	—	$	—

The following table presents the location and amount of unrealized gains (losses) on hedges included in OCI:

	Twelve Months Ended
	December 31,
	2021		2020
Foreign currency contracts designated as cash flow hedges:
Gain (loss) recognized in OCI	$	16	$	(11)
Forward-starting interest rate swaps designated as cash flow hedges:
Gain (loss) recognized in OCI	(6)		5
Commodity contracts designated as cash flow hedges:
Gain (loss) recognized in OCI	3		3
Foreign currency contracts designated as net investment hedges:
Gain (loss) on instruments	30		(52)
Gain (loss) on hedged items	(30)		52
Foreign currency debt designated as net investment hedges:
Gain (loss) on instruments	370		(356)
Gain (loss) on hedged items	(370)		356
Total unrealized gain (loss) on hedges recognized in OCI	$	13	$	(3)

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Capital Stock and Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Capital Stock and Stock-Based Compensation Plans

Capital Stock and Stock-Based Compensation Plans

Preference Stock

The Company has the authority to issue 50,262,150 shares of preference stock. 

Stock Repurchases

On June 18, 2018, the Board authorized the repurchase of shares of the Company’s common stock having an aggregate purchase price of up to $5 billion under a new share repurchase program (the “2018 Program”), which replaced a previously authorized share repurchase program. The Company commenced repurchases of shares of the Company’s common stock under the 2018 Program beginning June 19, 2018. The Board also has authorized share repurchases on an ongoing basis to fulfill certain requirements of the Company’s compensation and benefit programs. The shares are repurchased from time to time in open market or privately negotiated transactions at the Company’s discretion, subject to market conditions, customary blackout periods and other factors. The Company repurchased its common stock at a cost of $1,320 during 2021 under the 2018 Program.

The Company may use either authorized and unissued shares or treasury shares to meet share requirements resulting from the exercise of stock options and the vesting of restricted stock unit awards.

A summary of common stock and treasury stock activity for the three years ended December 31 is as follows:

	Common Stock Outstanding	Treasury Stock
Balance, January 1, 2019	862,912,792	602,793,568
Common stock acquired	(17,219,642)	17,219,642
Shares issued for stock options	8,145,777	(8,145,777)
Shares issued for restricted stock units and other	862,852	(862,852)
Balance, December 31, 2019	854,701,779	611,004,581
Common stock acquired	(18,701,843)	18,701,843
Shares issued for stock options	13,018,354	(13,018,354)
Shares issued for restricted stock units and other	875,311	(875,311)
Balance, December 31, 2020	849,893,601	615,812,759
Common stock acquired	(16,518,163)	16,518,163
Shares issued for stock options	6,357,793	(6,357,793)
Shares issued for restricted stock units and other	747,053	(747,053)
Balance, December 31, 2021	840,480,284	625,226,076

Stock-Based Compensation

The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock units, based on the fair value of those awards at the date of grant. The fair value of restricted stock units, generally based on market prices, is amortized on a straight-line basis over the requisite service period. The estimated fair value of stock options on the date of grant is amortized on a straight-line basis over the requisite service period for each separately vesting portion of the award. Awards to employees eligible for retirement prior to the award becoming fully vested are recognized as compensation cost from the grant date through the date that the employee first becomes eligible to retire and is no longer required to provide service to earn the award.

The Company has one incentive compensation plan pursuant to which it issues restricted stock units (both performance-based and time-vested) and stock options to employees and shares of common stock and stock options to non-employee directors. The Personnel and Organization Committee of the Board of Directors, which is comprised entirely of independent directors, administers the incentive compensation plan. The total stock-based compensation expense charged against pretax income for this plan was $135, $107 and $100 for the years ended December 31, 2021, 2020 and 2019, respectively. The total income tax benefit recognized on stock-based compensation, excluding excess tax benefits, was approximately $25, $20 and $20 for the years ended December 31, 2021, 2020 and 2019, respectively.

Stock-based compensation expense is recorded within Selling, general and administrative expenses in the Corporate segment as these amounts are not included in internal measures of segment operating performance.

The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards. The weighted-average estimated fair value of stock options granted in the years ended December 31, 2021, 2020 and 2019 was $11.11, $11.26 and $10.48, respectively. Fair value is estimated using the Black-Scholes option pricing model with the assumptions summarized in the following table:

	2021		2020		2019
Expected term of options	6 years		6 years		6 years
Expected volatility rate	20.3	%	21.8	%	19.2	%
Risk-free interest rate	1.0	%	0.5	%	1.5	%
Expected dividend yield	2.3	%	2.3	%	2.3	%

The weighted-average expected term of options granted each year was determined with reference to historical exercise and post-vesting cancellation experience, the vesting period of the awards and the contractual term of the awards, among other factors. Expected volatility incorporates implied share-price volatility derived from exchange traded options on the Company’s common stock. The risk-free interest rate for the expected term of the option is based on the yield of a zero-coupon U.S. Treasury bond with a maturity period equal to the option’s expected term.

Performance-based Restricted Stock Units

In 2019, the Company evolved its approach to granting long-term incentive compensation from granting time-vested restricted stock units following the conclusion of a three-year performance cycle to granting officers and other key employees a target number of unearned performance-based restricted stock units at the beginning of each three-year performance cycle. Awards are earned and vest following the conclusion of the performance period on the basis of achievement of performance goals established at the commencement of each three-year performance period.

A summary of performance-based restricted stock unit activity for the year ended December 31, 2021 is presented below:

	Shares (in thousands)	Weighted Average Grant Date Fair Value Per Award
Performance-based restricted stock units as of January 1, 2021	860	$	73
Activity:
Granted	355	70
Forfeited	(189)	81
Performance-based restricted stock units as of December 31, 2021	1,026	$	70

As of December 31, 2021, there was $26 of total unrecognized compensation expense related to unvested performance-based restricted stock unit awards, which will be recognized ratably over the remaining performance period.

The Company uses a Monte-Carlo simulation model to estimate the fair value of performance-based restricted stock units at the date of grant.

Time-Vested Restricted Stock Units

The Company also grants time-vested restricted stock unit awards. As described above, under the Company’s previous long-term incentive program, time-vested restricted stock unit awards were granted to officers and other key employees following a three-year performance period. Awards vest at the end of the restriction period, which is three years from the date of grant. Awards for the 2018-2020 performance period were granted in 2021. No awards were granted in 2019 or 2020 for the 2016-2018 or 2017-2019 performance periods. As of December 31, 2021, approximately 10,990,000 shares of common stock were available for future restricted stock unit awards.

A summary of restricted stock unit activity during 2021 is presented below:

	Shares (in thousands)	Weighted Average Grant Date Fair Value Per Award
Restricted stock units as of January 1, 2021	1,897	$	73
Activity:
Granted	749	78
Vested	(674)	70
Forfeited	(56)	74
Restricted stock units as of December 31, 2021	1,916	$	76

As of December 31, 2021, there was $56 of total unrecognized compensation expense related to unvested time-vested restricted stock unit awards, which will be recognized over a weighted-average period of 2 years. The total fair value of time-vested restricted stock units vested during the years ended December 31, 2021, 2020 and 2019 was $47, $58 and $53, respectively.

Stock Options

The Company issues non-qualified stock options to non-employee directors, officers and other employees. Beginning in 2019, stock options have a contractual term of eight years. Prior to 2019, stock options generally had a contractual term of six years. Stock options generally vest ratably over three years. As of December 31, 2021, approximately 26,038,000 shares of common stock were available for future stock option grants.

A summary of stock option activity during 2021 is presented below:

	Shares (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Intrinsic Value of Unexercised In-the-Money Options
Options outstanding, January 1, 2021	27,530	$	71
Granted	5,120	77
Exercised	(6,358)	68
Forfeited	(173)	75
Expired	(24)	73
Options outstanding, December 31, 2021	26,095	72		5	$	309
Options exercisable, December 31, 2021	16,725	$	72	3	$	223

As of December 31, 2021, there was $32 of total unrecognized compensation expense related to unvested options, which will be recognized over a weighted-average period of 1.5 years. The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $83, $136 and $84, respectively.

The benefits of tax deductions in excess of grant date fair value resulting from the exercise of stock options and vesting of restricted stock unit awards for the years ended December 31, 2021, 2020 and 2019 were $9, $8 and $6, respectively, and are recognized in the provision for income taxes as a discrete item in the quarterly period in which they occur and classified as an operating cash flow. Cash proceeds received from options exercised for the years ended December 31, 2021, 2020 and 2019 were $424, $874 and $498, respectively.

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Employee Stock Ownership Plan

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Employee Stock Ownership Plan

Employee Stock Ownership Plan

In 1989, the Company expanded its Employee Stock Ownership Plan (“ESOP”) through the introduction of a leveraged ESOP that funds certain benefits for employees who have met eligibility requirements. As of December 31, 2021 and 2020, there were 10,290,667 and 11,545,950 shares of common stock, respectively, outstanding and issued to the Company’s ESOP.

During 2000, the ESOP entered into a loan agreement with the Company under which the benefits of the ESOP may be extended through 2035. As of December 31, 2021, the ESOP had outstanding borrowings from the Company of $1, which represents unearned compensation shown as a reduction in Shareholders’ equity.

Dividends on stock held by the ESOP are paid to the ESOP trust and, together with cash contributions from the Company, are (a) used by the ESOP to repay principal and interest, (b) credited to participant accounts, (c) used for contributions to the Company’s defined contribution plans or (d) used to pay the Company’s defined contribution plan expenses. Stock is allocated to participants based upon the ratio of the current year’s debt service to the sum of total outstanding principal and interest payments over the life of the debt. As of December 31, 2021, 9,559,255 shares of common stock had been released and allocated to participant accounts and 731,412 shares of common stock were available for future release and allocation to participant accounts.

Dividends on the stock used to repay principal and interest or credited to participant accounts are deductible for income tax purposes and, accordingly, are reflected net of their tax benefit in the Consolidated Statements of Changes in Shareholders’ Equity.

Annual expense related to the ESOP was $0 in 2021, 2020 and 2019.

The Company paid dividends on the shares held by the ESOP of $20 in 2021, $23 in 2020 and $25 in 2019. The Company did not make any contributions to the ESOP in 2021, 2020 or 2019.

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Retirement Plans and Other Retiree Benefits

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Retirement Plans and Other Retiree Benefits

Retirement Plans and Other Retiree Benefits

Retirement Plans

The Company and certain of its U.S. and foreign subsidiaries maintain defined benefit retirement plans. Benefits under these plans are based primarily on years of service and employees’ earnings.

In the U.S., effective January 1, 2014, the Company provides virtually all future retirement benefits through the Company’s defined contribution plan. As a result, service after December 31, 2013 is not considered for participants in the Company’s principal U.S. defined benefit retirement plan. Participants in the Company’s principal U.S. defined benefit retirement plan whose retirement benefit was determined under the cash balance formula continue to earn interest credits on their vested balances as of December 31, 2013 but no longer receive pay credits. Participants whose retirement benefit was determined under the final average earnings formula or career average earnings formula continue to have their accrued benefit adjusted for pay increases until termination of employment.

In the Company’s principal U.S. plans and certain funded foreign plans, funds are contributed to trusts in accordance with regulatory limits to provide for current service and for any unfunded projected benefit obligation over a reasonable period. The target asset allocation for the Company’s defined benefit plans is as follows:

	United States		International
Asset Category
Equity securities	21	%	22	%
Fixed income securities	76	%	63	%
Real estate and other investments	3	%	15	%
Total	100	%	100	%

At December 31, 2021, the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:

	Level of Valuation Input	Pension Plans
		United States		International		Other Retiree Benefit Plans
Cash and cash equivalents	Level 1	$	38	$	9	$	—
U.S. common stocks	Level 1	—		2		—
International common stocks	Level 1	—		13		—
Pooled funds(1)	Level 1	48		116		—
Fixed income securities(2)	Level 2	905		67		—
Guaranteed investment contracts(3)	Level 2	1		51		—
		992		258		—
Investments valued using NAV per share(4)
Domestic, developed and emerging markets equity funds		361		97		—
Fixed income funds(5)		469		328		—
Hedge funds(6)		—		8		—
Multi-asset funds(7)		26		2		—
Real estate funds(8)		—		30		—
		856		465		—
Other assets and liabilities, net(9)		(14)		—		—
Total Investments		$	1,834	$	723	$	—

At December 31, 2020, the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:

	Level of Valuation Input	Pension Plans
		United States		International		Other Retiree Benefit Plans
Cash and cash equivalents	Level 1	$	50	$	12	$	—
U.S. common stocks	Level 1	—		1		—
International common stocks	Level 1	—		8		—
Pooled funds(1)	Level 1	65		117		—
Fixed income securities(2)	Level 2	1,117		59		2
Guaranteed investment contracts(3)	Level 2	1		55		—
		1,233		252		2
Investments valued using NAV per share(4)
Domestic, developed and emerging markets equity funds		456		183		1
Fixed income funds(5)		136		225		—
Hedge funds(6)		—		6		—
Multi-asset funds(7)		77		2		—
Real estate funds(8)		34		30		—
		703		446		1
Other assets and liabilities, net(9)		(15)		—		—
Total Investments		$	1,921	$	698	$	3

_______

(1)Pooled funds primarily invest in U.S. and foreign equity securities, debt and money market securities.

(2)The fixed income securities are traded over-the-counter and certain of these securities lack daily pricing or liquidity and as such are classified as Level 2. As of December 31, 2021, approximately 40% of the U.S. pension plan fixed income portfolio was invested in U.S. treasury or agency securities, with the remainder invested in other government bonds and corporate bonds, compared to approximately 50% as of December 31, 2020.

(3)The guaranteed investment contracts (“GICs”) represent contracts with insurance companies measured at the cash surrender value of each contract. The Level 2 valuation reflects that the cash surrender value is based principally on a referenced pool of investment funds with active redemption.

(4)Investments that are measured at fair value using net asset value (“NAV”) per share as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the value of the underlying investments owned, minus its liabilities, divided by the number of shares outstanding. There are no unfunded commitments related to these investments. Redemption notice period primarily ranges from 0-3 months and redemption frequency windows range from daily to quarterly.

(5)Fixed income funds primarily invest in U.S. government and investment grade corporate bonds.

(6)Consists of investments in underlying hedge fund strategies that are primarily implemented through the use of long and short equity and fixed income securities and derivative instruments such as futures and options.

(7)Multi-asset funds primarily invest across a variety of asset classes, including global stocks and bonds, as well as alternative strategies.

(8)Real estate is valued using the NAV per unit of funds that are invested in real estate property. The investment value of the real estate property is determined quarterly using independent market appraisals as determined by the investment manager.

(9)This category primarily includes unsettled trades for investments purchased and sold and dividend receivables.

Equity securities in the U.S. plans did not include any investment in the Company’s common stock at either December 31, 2021 or December 31, 2020. In 2020, the U.S. plans sold 739,869 shares of the Company’s common stock to the Company to take the number of shares of the Company’s stock in the U.S. plans to zero as of December 31, 2020. No shares of the Company’s stock were purchased by the U.S. plans in 2021 or 2020. The plans received no dividends on the Company’s common stock in either 2021 or 2020.

Other Retiree Benefits

The Company and certain of its subsidiaries provide health care and life insurance benefits for retired employees to the extent not provided by government-sponsored plans.

The Company uses a December 31 measurement date for its defined benefit and other retiree benefit plans. Summarized information for the Company’s defined benefit and other retiree benefit plans is as follows:

	Pension Plans								Other Retiree Benefit Plans
	2021		2020		2021		2020		2021		2020
	United States				International
Change in Benefit Obligations
Benefit obligations at beginning of year	$	2,363	$	2,272	$	1,013	$	876	$	1,112	$	1,050
Service cost	—		1		19		17		26		20
Interest cost	61		74		20		21		35		37
Participants’ contributions	—		—		6		5		—		—
Acquisitions/plan amendments	(2)		—		—		30		—		—
Actuarial loss (gain)	(52)		171		(39)		65		(50)		61
Foreign exchange impact	—		—		(38)		46		(8)		(9)
Termination benefits	—		3		—		—		—		—
Curtailments and settlements	(5)		(3)		(4)		(7)		—		—
Benefit payments	(158)		(155)		(40)		(40)		(35)		(47)
Other	—		—		—		—		—		—
Benefit obligations at end of year	$	2,207	$	2,363	$	937	$	1,013	$	1,080	$	1,112
Change in Plan Assets
Fair value of plan assets at beginning of year	$	1,921	$	1,806	$	698	$	586	$	3	$	37
Actual return on plan assets	46		243		45		59		—		2
Company contributions	28		30		33		36		32		11
Participants’ contributions	—		—		6		5		—		—
Foreign exchange impact	—		—		(14)		26		—		—
Settlements and acquisitions	(3)		(3)		(5)		26		—		—
Benefit payments	(158)		(155)		(40)		(40)		(35)		(47)
Other	—		—		—		—		—		—
Fair value of plan assets at end of year	$	1,834	$	1,921	$	723	$	698	$	—	$	3
Funded Status
Benefit obligations at end of year	$	2,207	$	2,363	$	937	$	1,013	$	1,080	$	1,112
Fair value of plan assets at end of year	1,834		1,921		723		698		—		3
Net amount recognized	$	(373)	$	(442)	$	(214)	$	(315)	$	(1,080)	$	(1,109)
Amounts Recognized in Balance Sheet
Noncurrent assets	$	70	$	20	$	72	$	18	$	—	$	—
Current liabilities	(27)		(30)		(13)		(14)		(47)		(45)
Noncurrent liabilities	(416)		(432)		(273)		(319)		(1,033)		(1,064)
Net amount recognized	$	(373)	$	(442)	$	(214)	$	(315)	$	(1,080)	$	(1,109)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Actuarial loss	$	866	$	902	$	179	$	255	$	356	$	429
Transition/prior service cost	—		1		9		7		—		—
	$	866	$	903	$	188	$	262	$	356	$	429
Accumulated benefit obligation	$	2,171	$	2,325	$	872	$	946	$	—	$	—

	Pension Plans								Other Retiree Benefit Plans
	2021		2020		2021		2020		2021		2020
	United States				International
Weighted-Average Assumptions Used to Determine Benefit Obligations
Discount rate	2.98	%	2.65	%	2.10	%	1.61	%	3.06	%	2.88	%
Expected long-term rate of return on plan assets	5.70	%	5.70	%	2.72	%	2.93	%	N/A		5.70	%
Long-term rate of compensation increase	3.50	%	3.50	%	2.89	%	2.62	%	3.50	%	3.50	%
ESOP growth rate	—	%	—	%	—	%	—	%	6.00	%	10.00	%
Medical cost trend rate of increase	—	%	—	%	—	%	—	%	6.00	%	6.00	%
Interest Crediting Rate	2.85	%	2.48	%	0.84	%	0.83	%	—	%	—	%

The actuarial gains recorded during 2021 for both the U.S. pension and other retiree benefit plans were primarily a result of an increase in discount rates applied against future estimated benefit payments that resulted in a decrease in the benefit obligation for both the U.S. pension and Other retiree benefit plans. The actuarial losses incurred during 2020 were primarily driven by a decrease in discount rates applied against future expected benefit payments that resulted in an increase in the benefit obligation for both the U.S. pension and Other retiree benefit plans.

The overall investment objective of the plans is to balance risk and return so that obligations to employees are met. The Company evaluates its expected long-term rate of return on plan assets on an annual basis. In determining the expected long-term rate of return, the Company considers the nature of the plans’ investments and the historical rates of return. The assumed expected long-term rate of return on plan assets as of December 31, 2021 for the U.S. plans was 5.70%. Average annual rates of return for the U.S. plans for the most recent 1-year, 5-year, 10-year, 15-year and 25-year periods were 3%, 8%, 8%, 6% and 7%, respectively. Similar assessments were performed in determining rates of return on international pension plan assets to arrive at the Company’s 2021 weighted-average expected long-term rate of return on plan assets of 2.72%.

The medical cost trend rate of increase assumed in measuring the expected cost of benefits is projected to decrease from 6.00% in 2022 to 4.75% by 2026, remaining at 4.75% for the years thereafter.

Pension plans with projected benefit obligations in excess of plan assets and plans with accumulated benefit obligations in excess of plan assets as of December 31 consisted of the following:

	2021		2020
Benefit Obligation Exceeds Fair Value of Plan Assets
Projected benefit obligation	$	805	$	1,092
Fair value of plan assets	82		299
Accumulated benefit obligation	771		882
Fair value of plan assets	81		134

Other Retiree Benefit plans with accumulated postretirement benefit obligation in excess of plan assets as of December 31 consisted of the following:

	2021		2020
Benefit Obligation Exceeds Fair Value of Plan Assets
Accumulated postretirement benefit obligation	$	1,080	$	1,112
Fair value of plan assets	—		3

Summarized information regarding the net periodic benefit costs for the Company’s defined benefit and other retiree benefit plans is as follows:

	Pension Plans																		Other Retiree Benefit Plans
	2021			2020			2019			2021			2020			2019			2021			2020			2019
	United States									International
Components of Net Periodic Benefit Cost
Service cost	$	—		$	1		$	1		$	19		$	17		$	14		$	26		$	20		$	15
Interest cost	61			74			90			20			21			22			35			37			41
Expected return on plan assets	(106)			(111)			(103)			(20)			(22)			(19)			—			(2)			(3)
Amortization of transition and prior service costs (credits)	—			—			—			1			—			1			—			—			—
Amortization of actuarial loss	47			46			51			11			9			9			23			18			11
Net periodic benefit cost	$	2		$	10		$	39		$	31		$	25		$	27		$	84		$	73		$	64
Other postretirement charges	(3)			4			7			1			—			1			—			—			—
Total pension cost	$	(1)		$	14		$	46		$	32		$	25		$	28		$	84		$	73		$	64
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	2.65		%	3.40		%	4.38		%	1.61		%	2.06		%	2.80		%	2.88		%	3.56		%	4.43		%
Expected long-term rate of return on plan assets	5.70		%	6.30		%	6.60		%	2.93		%	3.38		%	4.06		%	5.70		%	6.30		%	6.60		%
Long-term rate of compensation increase	3.50		%	3.50		%	3.50		%	2.62		%	2.83		%	2.86		%	—		%	—		%	—		%
ESOP growth rate	—		%	—		%	—		%	—		%	—		%	—		%	10.00		%	10.00		%	10.00		%
Medical cost trend rate of increase	—		%	—		%	—		%	—		%	—		%	—		%	6.00		%	6.00		%	6.00		%
Interest Crediting Rate	2.48		%	3.21		%	4.26		%	0.83		%	0.85		%	0.85		%	—		%	—		%	—		%

The service related component of pension and other postretirement benefit costs is included in Operating profit. The non-service related components (interest cost, expected return on assets and amortization of actuarial gains and losses) are included in the line item “Non-service related postretirement costs,” which is below Operating profit.

The Company made no voluntary contributions in 2021 and 2020, and made voluntary contributions of $113 in 2019, to its U.S. retirement plans.

Expected Contributions and Benefit Payments

The Company does not expect to make any voluntary contributions to its U.S. postretirement plans for the year ending December 31, 2022. Actual funding may differ from current estimates depending on the variability of the market value of the assets as compared to the obligation and other market or regulatory conditions.

Benefit payments expected to be paid from the Company’s assets to participants in unfunded plans are estimated to be approximately $89 for the year ending December 31, 2022.

Total benefit payments expected to be paid to participants in both funded and unfunded plans are estimated as follows:

	Pension Plans
Years Ended December 31,	United States		International		Other Retiree Benefit Plans		Total
2022	$	147	$	43	$	47	$	237
2023	146		40		48		234
2024	147		45		49		241
2025	144		44		50		238
2026	147		46		51		244
2027-2031	692		246		267		1,205

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Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The components of Income before income taxes are as follows for the years ended December 31:

	2021		2020		2019
United States	$	1,256	$	1,317	$	1,050
International	1,831		2,330		2,251
Total Income before income taxes	$	3,087	$	3,647	$	3,301

The Provision for income taxes consists of the following for the years ended December 31:

	2021		2020		2019
United States	$	228	$	259	$	180
International	521		528		594
Total Provision for income taxes	$	749	$	787	$	774

Temporary differences between accounting for financial statement purposes and accounting for tax purposes result in the current provision for taxes being higher (lower) than the total provision for income taxes as follows:

	2021		2020		2019
Goodwill and intangible assets	$	50	$	1	$	34
Property, plant and equipment	(19)		12		12
Pension and other retiree benefits	(4)		10		(13)
Stock-based compensation	11		(7)		(1)
Right-of-use assets/lease liabilities	(2)		(1)		—
Tax credits and tax loss carryforwards	(2)		(1)		3
Deferred withholding tax	(16)		111		(21)
Other, net	19		18		(33)
Total deferred tax benefit (provision)	$	37	$	143	$	(19)

The difference between the statutory U.S. federal income tax rate and the Company’s global effective tax rate as reflected in the Consolidated Statements of Income is as follows:

	2021		2020		2019
Percentage of Income before income taxes
Tax at United States statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.1		1.0		0.6
Earnings taxed at other than United States statutory rate	2.7		3.3		4.6
Benefit for foreign tax matters(1)	—		(2.0)		(0.9)
Non-deductible goodwill impairment charges	2.2		—		—
Foreign-derived intangible income benefit	(2.2)		(1.6)		(1.3)
Other, net	(0.5)		(0.1)		(0.6)
Effective tax rate	24.3	%	21.6	%	23.4	%

_________

(1)In 2020, the provision for income taxes includes $71 of income tax benefits recorded on a discrete period basis, of which $45 relates to previously recorded foreign withholding taxes and $26 relates to a previously recorded valuation allowance against a deferred tax asset. As part of a previously recorded charge for the Tax Cuts and Jobs Act of 2017 (the “TCJA”), the Company has provided for foreign withholding taxes expected to be paid on the remittance of earnings from certain overseas subsidiaries no longer deemed indefinitely reinvested. As a result of a recent reorganization of the ownership structure of certain foreign subsidiaries, the Company determined that no withholding taxes will be due on the remittance by certain subsidiaries of earnings previously deemed reinvested and, accordingly, reversed $45 of previously recorded foreign withholding taxes. Also as part of the previously recorded charge for the TCJA, the Company provided a valuation allowance against a deferred tax asset related to the foreign tax credit carryforwards that the Company did not expect to be able to use due to changes made by the TCJA. As a result of a new operating structure being implemented within one of the Company’s divisions, the Company believes the use of these foreign tax credit carryforwards will not be limited in the future and, accordingly, reversed the previously recorded valuation allowance of $26. In 2019, the provision for income taxes includes a net benefit of $29 related to changes enacted by the Swiss government to its corporate tax regime, which included, among other items, the repeal of certain preferential tax regimes and an increase to the cantonal tax rate for future periods. Additionally, the government provided transition rules which allowed companies to record goodwill for tax purposes, partially offsetting the impact on cash taxes of the higher cantonal rate over the next ten years.

The components of deferred tax assets (liabilities) are as follows at December 31:

	2021		2020
Deferred tax liabilities:
Goodwill and intangible assets	$	(523)	$	(603)
Property, plant and equipment	(301)		(281)
Right-of-use assets	(125)		(131)
Deferred withholding tax	(111)		(95)
Other	(35)		(52)
Total deferred tax liabilities	(1,095)		(1,162)
Deferred tax assets:
Pension and other retiree benefits	344		404
Tax credits and tax loss carryforwards	152		127
Lease liabilities	138		144
Accrued liabilities	234		250
Stock-based compensation	76		73
Other	69		125
Total deferred tax assets	1,013		1,123
Valuation Allowance	$	(120)	$	(96)
Net deferred tax assets	$	893	$	1,027
Net deferred income taxes	$	(202)	$	(135)

Applicable U.S. income and foreign withholding taxes have been provided on substantially all of the Company’s accumulated earnings of foreign subsidiaries.

Net tax expense of $(146) was recorded directly through equity in 2021, and net tax benefits of $101 and $13 were recorded directly through equity in 2020 and 2019, respectively. The net tax expense or benefit in each year predominantly includes current and future tax impacts related to benefit plans and the impact of currency translation adjustments.

The Company uses a comprehensive model to recognize, measure, present and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on an income tax return.

Unrecognized tax benefits activity for the years ended December 31, 2021, 2020 and 2019 is summarized below:

	2021		2020		2019
Unrecognized tax benefits:
Balance, January 1	$	227	$	173	$	190
Increases as a result of tax positions taken during the current year	26		18		14
Decreases of tax positions taken during prior years	(20)		(5)		(21)
Increases of tax positions taken during prior years	40		57		20
Decreases as a result of settlements with taxing authorities and the expiration of statutes of limitations	(23)		(19)		(30)
Effect of foreign currency rate movements	(5)		3		—
Balance, December 31	$	245	$	227	$	173

If all of the unrecognized tax benefits for 2021 above were recognized, approximately $235 would impact the effective tax rate. Although it is possible that the amount of unrecognized benefits with respect to our uncertain tax positions will increase or decrease in the next twelve months, the Company does not expect material changes.

The Company recognized expense of approximately $10, $9 and $0 for interest and penalties related to the above unrecognized tax benefits within income tax expense in 2021, 2020 and 2019, respectively. The Company had accrued interest and penalties of approximately $35, $24 and $23 as of December 31, 2021, 2020 and 2019, respectively.

The Company and its subsidiaries file U.S. federal income tax returns as well as income tax returns in many state and foreign jurisdictions. All U.S. federal income tax returns through December 31, 2013 have been audited by the IRS and there are limited matters which the Company plans to appeal for years 2010 through 2013, the settlement of which is not expected to have a material effect on the Company’s results of operations, cash flows or financial condition. With a few exceptions, the Company is no longer subject to U.S. state and local income tax examinations for income tax returns through December 31, 2016. In addition, the Company has subsidiaries in various foreign jurisdictions that have statutes of limitations for tax audits generally ranging from three to six years.

The Company has made an accounting policy election to treat Global Intangible Low-Taxed Income taxes as a current period expense rather than including these amounts in the measurement of deferred taxes.

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Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

For the years ended December 31, 2021, 2020 and 2019, earnings per share were as follows:

	2021					2020					2019
	Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share		Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share		Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share
Basic EPS	$	2,166	845.0	$	2.56	$	2,695	856.8	$	3.15	$	2,367	859.1	$	2.76
Stock options and restricted stock units			3.3					2.5					2.0
Diluted EPS	$	2,166	848.3	$	2.55	$	2,695	859.3	$	3.14	$	2,367	861.1	$	2.75

Basic earnings per common share is computed by dividing net income available for common stockholders by the weighted-average number of shares of common stock outstanding for the period.

Diluted earnings per common share is computed using the treasury stock method on the basis of the weighted-average number of shares of common stock plus the dilutive effect of potential common shares outstanding during the period. Dilutive potential common shares include outstanding stock options and restricted stock units.

As of December 31, 2021, 2020 and 2019, the average number of stock options that were anti-dilutive and not included in diluted earnings per share calculations were 2,495,393, 3,257,310 and 19,901,202, respectively. As of December 31, 2021, 2020 and 2019, the average number of restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 126,378, 25,381 and 4,516, respectively.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

As of December 31, 2021, the Company has various contractual commitments for future multi-year purchases of raw, packaging and other materials totaling approximately $724.

As a global company serving consumers in more than 200 countries and territories, the Company is routinely subject to a wide variety of legal proceedings. These include disputes relating to intellectual property, contracts, product liability, marketing, advertising, foreign exchange controls, antitrust and trade regulation, as well as labor and employment, pension, data privacy and security, environmental and tax matters and consumer class actions. Management proactively reviews and monitors the Company’s exposure to, and the impact of, environmental matters. The Company is party to various environmental matters and, as such, may be responsible for all or a portion of the cleanup, restoration and post-closure monitoring of several sites.

The Company establishes accruals for loss contingencies when it has determined that a loss is probable and that the amount of loss, or range of loss, can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances.

The Company also determines estimates of reasonably possible losses or ranges of reasonably possible losses in excess of related accrued liabilities, if any, when it has determined that a loss is reasonably possible and it is able to determine such estimates. For those matters disclosed below for which the amount of any potential losses can be reasonably estimated, the Company currently estimates that the aggregate range of reasonably possible losses in excess of any accrued liabilities is $0 to approximately $425 (based on current exchange rates). The estimates included in this amount are based on the Company’s analysis of currently available information and, as new information is obtained, these estimates may change. Due to the inherent subjectivity of the assessments and the unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate range may not represent the ultimate loss to the Company. Thus, the Company’s exposure and ultimate losses may be higher or lower, and possibly significantly so, than the amounts accrued or the range disclosed above.

Based on current knowledge, management does not believe that the ultimate resolution of loss contingencies arising from the matters discussed herein will have a material effect on the Company’s consolidated financial position or its ongoing results of operations or cash flows. However, in light of the inherent uncertainties noted above, an adverse outcome in one or more matters could be material to the Company’s results of operations or cash flows for any particular quarter or year.

Brazilian Matters

There are certain tax and civil proceedings outstanding, as described below, related to the Company’s 1995 acquisition of the Kolynos oral care business from Wyeth (the “Seller”).

The Brazilian internal revenue authority has disallowed interest deductions and foreign exchange losses taken by the Company’s Brazilian subsidiary for certain years in connection with the financing of the Kolynos acquisition. The tax assessments with interest, penalties and any court-mandated fees, at the current exchange rate, are approximately $106. This amount includes additional assessments received from the Brazilian internal revenue authority in April 2016 relating to net operating loss carryforwards used by the Company’s Brazilian subsidiary to offset taxable income that had also been deducted from the authority’s original assessments. The Company has been disputing the disallowances by appealing the assessments since October 2001.

In each of September 2015, February 2017, June 2018, April 2019 and September 2020, the Company lost an administrative appeal and subsequently filed an appeal in Brazilian federal court. Currently, there are five appeals pending in the Brazilian federal court. Although there can be no assurances, management believes, based on the opinion of its Brazilian legal counsel, that the disallowances are without merit and that the Company should ultimately prevail. The Company is challenging these disallowances vigorously.

In July 2002, the Brazilian Federal Public Attorney filed a civil action against the federal government of Brazil, Laboratorios Wyeth-Whitehall Ltda. (the Brazilian subsidiary of the Seller) and the Company, as represented by its Brazilian subsidiary, in the 6th. Lower Federal Court in the City of São Paulo, seeking to annul an April 2000 decision by the Brazilian Board of Tax Appeals that found in favor of the Seller’s Brazilian subsidiary on the issue of whether it had incurred taxable capital gains as a result of the divestiture of Kolynos. The action seeks to make the Company’s Brazilian subsidiary jointly and severally liable for any tax due from the Seller’s Brazilian subsidiary. The case has been pending since 2002, and the Lower Federal Court has not issued a decision. Although there can be no assurances, management believes, based on the opinion of its Brazilian legal counsel, that the Company should ultimately prevail in this action. The Company is challenging this action vigorously.

In December 2005, the Brazilian internal revenue authority issued to the Company’s Brazilian subsidiary a tax assessment with interest, penalties and any court-mandated fees of approximately $47, at the current exchange rate, based on a claim that certain purchases of U.S. Treasury bills by the subsidiary and their subsequent disposition during the period 2000 to 2001 were subject to a tax on foreign exchange transactions. The Company had been disputing the assessment within the internal revenue authority’s administrative appeals process. However, in November 2015, the Superior Chamber of Administrative Tax Appeals denied the Company’s final administrative appeal, and the Company has filed a lawsuit in the Brazilian federal court. In the event the Company is unsuccessful in this lawsuit, further appeals are available within the Brazilian federal courts. Although there can be no assurances, management believes, based on the opinion of its Brazilian legal counsel, that the tax assessment is without merit and that the Company should ultimately prevail. The Company is challenging this assessment vigorously.

Competition Matter

Certain of the Company’s subsidiaries were historically subject to actions and, in some cases, fines, by governmental authorities in a number of countries related to alleged competition law violations. Substantially all of these matters also involved other consumer goods companies and/or retail customers. The Company’s policy is to comply with antitrust and competition laws and, if a violation of any such laws is found, to take appropriate remedial action and to cooperate fully with any related governmental inquiry. The status as of December 31, 2021 of such competition law matters pending against the Company during the year ended December 31, 2021 is set forth below.

▪In July 2014, the Greek competition law authority issued a statement of objections alleging a restriction of parallel imports into Greece. The Company responded to this statement of objections. In July 2017, the Company received the decision from the Greek competition law authority in which the Company was fined $11. The Company appealed the decision to the Greek courts. In April 2019, the Greek courts affirmed the judgment against the Company’s Greek subsidiary, but reduced the fine to $10.5 and dismissed the case against Colgate-Palmolive Company. The Company’s Greek subsidiary and the Greek competition authority have appealed the decision to the Greek Supreme Court.

Talcum Powder Matters

The Company has been named as a defendant in civil actions alleging that certain talcum powder products that were sold prior to 1996 were contaminated with asbestos and/or caused mesothelioma and other cancers. Many of these actions involve a number of co-defendants from a variety of different industries, including suppliers of asbestos and manufacturers of products that, unlike the Company’s products, were designed to contain asbestos. As of December 31, 2021, there were 171 individual cases pending against the Company in state and federal courts throughout the United States, as compared to 136 cases as of December 31, 2020. During the year ended December 31, 2021, 74 new cases were filed and 39 cases were resolved by voluntary dismissal, settlement or dismissal by the court. The value of the settlements in the years presented was not material, either individually or in the aggregate, to each such period’s results of operations.

A significant portion of the Company’s costs incurred in defending and resolving these claims has been, and the Company believes that a portion of the costs will continue to be, covered by insurance policies issued by several primary, excess and umbrella insurance carriers, subject to deductibles, exclusions, retentions, policy limits and insurance carrier insolvencies.

While the Company and its legal counsel believe that these cases are without merit and intend to challenge them vigorously, there can be no assurances regarding the ultimate resolution of these matters.

ERISA Matter

In June 2016, a putative class action claiming that residual annuity payments made to certain participants in the Colgate-Palmolive Company Employees’ Retirement Income Plan (the “Plan”) did not comply with the Employee Retirement Income Security Act was filed against the Plan, the Company and certain individuals (the “Company Defendants”) in the United States District Court for the Southern District of New York (the “Court”). The relief sought includes recalculation of benefits, pre- and post-judgment interest and attorneys’ fees. This action was certified as a class action in July 2017. In July 2020, the Court granted in part and denied in part the Company Defendants’ motion for summary judgment and dismissed certain claims on consent of the parties. In August 2020, the Court granted the plaintiffs’ motion for summary judgment on the remaining claims. The Company and the Plan are contesting this action vigorously and, in September 2020, appealed to the United States Court of Appeals for the Second Circuit. The appeal is currently pending.

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Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company operates in two product segments: Oral, Personal and Home Care; and Pet Nutrition. 

The operations of the Oral, Personal and Home Care product segment are managed geographically in five reportable operating segments: North America, Latin America, Europe, Asia Pacific and Africa/Eurasia.

The Company evaluates segment performance based on several factors, including Operating profit. The Company uses Operating profit as a measure of operating segment performance because it excludes the impact of Corporate-driven decisions related to interest expense and income taxes.

The accounting policies of the operating segments are generally the same as those described in Note 2, Summary of Significant Accounting Policies. Intercompany sales have been eliminated. Corporate operations include costs related to stock options and restricted stock units, research and development costs, Corporate overhead costs, restructuring and related implementation charges and gains and losses on sales of non-core product lines and assets. The Company reports these items within Corporate operations as they relate to Corporate-based responsibilities and decisions and are not included in the internal measures of segment operating performance used by the Company to measure the underlying performance of the operating segments.

Approximately 70% of the Company’s Net sales are generated from markets outside the U.S., with approximately 45% of the Company’s Net sales coming from emerging markets (which consist of Latin America, Asia (excluding Japan), Africa/Eurasia and Central Europe). Oral, Personal and Home Care sales to Walmart, Inc. and its affiliates represent approximately 12%, 12% and 11% of the Company’s Net sales in 2021, 2020 and 2019, respectively. No other customer represented more than 10% of Net sales in any period presented.

In 2021, Corporate Operating profit included goodwill and indefinite-lived intangible impairment charges of $571, and a benefit of $26 related to a value-added tax matter in Brazil. In 2020, Corporate Operating profit included benefits of $16 resulting from the Global Growth and Efficiency Program and a charge of $6 for acquisition-related costs. In 2019, Corporate Operating profit included charges of $125 resulting from the Global Growth and Efficiency Program, a charge of $24 for acquisition-related costs and a benefit of $30 from a value-added tax matter in Brazil.

	2021		2020		2019
Net sales
Oral, Personal and Home Care
North America(1)	$	3,694	$	3,741	$	3,424
Latin America	3,663		3,418		3,606
Europe	2,841		2,747		2,450
Asia Pacific	2,867		2,701		2,707
Africa/Eurasia	1,045		981		981
Total Oral, Personal and Home Care	14,110		13,588		13,168
Pet Nutrition(2)	3,311		2,883		2,525
Total Net sales	$	17,421	$	16,471	$	15,693

_________

(1)    Net sales in the U.S. for Oral, Personal and Home Care were $3,391, $3,447 and $3,166 in 2021, 2020 and 2019, respectively.

(2)    Net sales in the U.S. for Pet Nutrition were $2,018, $1,712 and $1,441 in 2021, 2020 and 2019, respectively.

	2021		2020		2019
Operating profit
Oral, Personal and Home Care
North America	$	754	$	988	$	982
Latin America	1,012		975		963
Europe	682		652		624
Asia Pacific	844		773		749
Africa/Eurasia	203		206		187
Total Oral, Personal and Home Care	3,495		3,594		3,505
Pet Nutrition	901		793		703
Corporate	(1,064)		(502)		(654)
Total Operating profit	$	3,332	$	3,885	$	3,554

	2021		2020		2019
Capital expenditures
Oral, Personal and Home Care
North America	$	87	$	65	$	43
Latin America	118		104		90
Europe	44		41		42
Asia Pacific	50		51		40
Africa/Eurasia	33		13		8
Total Oral, Personal and Home Care	332		274		223
Pet Nutrition	147		56		41
Corporate	88		79		71
Total Capital expenditures	$	567	$	409	$	335

	2021		2020		2019
Depreciation and amortization
Oral, Personal and Home Care
North America	$	104	$	101	$	94
Latin America	88		81		84
Europe	98		94		72
Asia Pacific	96		95		100
Africa/Eurasia	9		9		8
Total Oral, Personal and Home Care	395		380		358
Pet Nutrition	62		58		55
Corporate	99		101		106
Total Depreciation and amortization	$	556	$	539	$	519

	2021		2020		2019
Identifiable assets
Oral, Personal and Home Care
North America	$	4,058	$	4,132	$	3,576
Latin America	2,369		2,251		2,384
Europe	4,432		5,386		5,104
Asia Pacific	2,161		2,272		2,155
Africa/Eurasia	599		605		590
Total Oral, Personal and Home Care	13,619		14,646		13,809
Pet Nutrition	1,342		1,210		1,175
Corporate(1)	79		64		50
Total Identifiable assets	$	15,040	$	15,920	$	15,034

____________

(1)In 2021, Corporate identifiable assets primarily consisted of investments in equity securities (87%) and derivative instruments (10%). In 2020, Corporate identifiable assets primarily consisted of investments in equity securities (95%). In 2019, Corporate identifiable assets primarily consisted of investments in equity securities (92%) and derivative instruments (2%). 

	2021		2020		2019
Long-lived assets(1)
United States	$	1,981	$	1,889	$	1,895
International	2,275		2,348		2,359
Total Long-lived assets	$	4,256	$	4,237	$	4,254

____________

(1)Long-lived assets include Property, plant and equipment, net and lease right-of-use assets.

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Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Leases

The Company enters into leases for land, office space, warehouses and equipment. A number of the leases include one or more options to renew the lease terms, purchase the leased property or terminate the lease. The exercise of these options is at the Company’s discretion and is therefore recognized on the balance sheet when it is reasonably certain the Company will exercise such options. As the Company’s leases typically do not contain a readily determinable implicit rate, the Company determines the present value of the lease liability using its incremental borrowing rate at the lease commencement date.

Substantially all of the Company’s leases are considered operating leases. Finance leases were not material as of December 31, 2021 and 2020.

As of December 31, 2021 and 2020, the Company’s right-of use assets and liabilities for operating leases were as follows:

	2021		2020
Other assets	$	527	$	521
Other accruals	137		137
Other liabilities	451		476
Total operating lease liabilities	$	588	$	613

Lease liabilities for operating leases as of December 31, 2021 were as follows:

2022	$	156
2023	109
2024	76
2025	61
2026	48
Thereafter	235
Total lease commitments	$	685
Less: Interest	(97)
Present value of lease liabilities	$	588

The components of the Company’s operating lease cost for the twelve months ended December 31, 2021 and 2020 were as follows:

	2021		2020
Operating lease cost	$	142	$	155
Short-term lease cost	7		3
Variable lease cost	20		20
Sublease Income	(1)		—
Total lease cost	$	168	$	178

Short-term lease cost represents the Company’s cost with respect to leases with a duration of 12 months or less and is not reflected on the Company’s Consolidated Balance Sheets. Variable lease costs are comprised of costs, such as the Company’s proportionate share of actual costs for utilities, common area maintenance, property taxes and insurance, that are not included in the lease liability and are recognized in the period in which they are incurred.

Supplemental cash flow information related to operating leases for the twelve months ended December 31, 2021 and 2020 was as follows:

▪Payments against amounts included in the measurement of lease liabilities: $173 and $193, respectively

▪Lease assets obtained in exchange for lease liabilities: $197 and $163, respectively.

As of December 31, 2021 and 2020, the weighted-average remaining lease term for operating leases was 8 and 8 years, respectively, and the weighted-average discount rate for operating leases was 4.0% and 4.2%, respectively.

There were no material operating leases that the Company had entered into and that were yet to commence as of December 31, 2021.

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Supplemental Income Statement Information

12 Months Ended

Dec. 31, 2021

Supplemental Income Statement Elements [Abstract]

Supplemental Income Statement Information

Supplemental Income Statement Information

Other (income) expense, net	2021		2020		2019
Global Growth and Efficiency Program	$	—	$	(13)	$	57
Amortization of intangible assets	89		88		62
Equity income	(12)		(12)		(9)
Value-added tax matter in Brazil	(26)		—		(30)
Write-off of certain investments and fixed assets	10		—		51
Acquisition-related costs	—		2		21
Charges for a change in go-to-market strategy in certain countries	—		—		15
Other, net	4		48		29
Total Other (income) expense, net	$	65	$	113	$	196

Interest (income) expense, net	2021		2020		2019
Interest incurred	$	195	$	184	$	193
Interest capitalized	(3)		(1)		(1)
Interest income	(17)		(19)		(47)
Total Interest (income) expense, net	$	175	$	164	$	145

	2021		2020		2019
Research and development	$	307	$	290	$	281
Advertising	$	2,021	$	1,948	$	1,694

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Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Supplemental Balance Sheet Information

Supplemental Balance Sheet Information

Inventories by major class are as follows at December 31:

Inventories	2021		2020
Raw materials and supplies	$	505	$	454
Work-in-process	39		45
Finished goods	1,248		1,256
Total Inventories, net	$	1,792	$	1,755
Non-current inventory, net	(100)		(82)
Current Inventories, net	$	1,692	$	1,673

Inventories valued under LIFO amounted to $410 and $439 at December 31, 2021 and 2020, respectively. The excess of current cost over LIFO cost at the end of each year was $60 and $65, respectively. The liquidations of LIFO inventory quantities had no material effect on income in 2021, 2020 and 2019. Inventory classified as non-current at December 31, 2021 was recorded on the Consolidated Balance Sheets as “Other assets.”

Property, plant and equipment, net	2021		2020
Land	$	163	$	166
Buildings	1,603		1,623
Manufacturing machinery and equipment	5,527		5,409
Other equipment	1,606		1,553
	8,899		8,751
Accumulated depreciation	(5,169)		(5,035)
Total Property, plant and equipment, net	$	3,730	$	3,716

Other accruals	2021		2020
Accrued advertising and coupon redemption	$	709	$	728
Accrued payroll and employee benefits	353		401
Accrued taxes other than income taxes	118		116
Restructuring accrual	7		21
Pension and other retiree benefits	87		89
Lease liabilities due in one year	137		137
Accrued interest	38		39
Derivatives	6		93
Other	630		717
Total Other accruals	$	2,085	$	2,341

Other liabilities	2021		2020
Pension and other retiree benefits	$	1,722	$	1,815
Restructuring accrual	2		10
Long-term lease liabilities	451		476
Other	254		354
Total Other liabilities	$	2,429	$	2,655

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Supplemental Other Comprehensive Income (Loss) Information

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Supplemental Other Comprehensive Income (Loss) Information

Supplemental Other Comprehensive Income (Loss) Information

Other comprehensive income (loss) components attributable to Colgate-Palmolive Company before tax and net of tax during the years ended December 31 were as follows:

	2021				2020				2019
	Pretax		Net of Tax		Pretax		Net of Tax		Pretax		Net of Tax
Cumulative translation adjustments	$	(99)	$	(191)	$	(119)	$	(30)	$	49	$	27
Pension and other benefits:
Net actuarial gain (loss), prior    service costs and settlements    during the period	102		71		(125)		(97)		(204)		(154)
Amortization of net actuarial loss,    transition and prior service costs(1)	82		63		74		57		72		54
Retirement Plan and other retiree benefit adjustments	184		134		(51)		(40)		(132)		(100)
Cash flow hedges:
Unrealized gains (losses) on cash flow    hedges	13		10		(3)		(2)		(9)		(7)
Reclassification of (gains) losses    into net earnings on cash flow    hedges(2)	7		6		—		—		(6)		(5)
Gains (losses) on cash flow hedges	20		16		(3)		(2)		(15)		(12)
Total Other comprehensive income (loss)	$	105	$	(41)	$	(173)	$	(72)	$	(98)	$	(85)

_________

(1)These components of Other comprehensive income (loss) are included in the computation of total pension cost. See Note 10, Retirement Plans and Other Retiree Benefits for additional details.

(2)These (gains) losses are reclassified into Cost of sales. See Note 7, Fair Value Measurements and Financial Instruments for additional details.

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

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) is comprised of cumulative foreign currency translation gains and losses, unrecognized pension and other retiree benefit costs and unrealized gains and losses from derivative instruments designated as cash flow hedges. At December 31, 2021 and 2020, Accumulated other comprehensive income (loss) consisted primarily of aftertax unrecognized pension and other retiree benefit costs of $1,044 and $1,178, respectively, and cumulative foreign currency translation adjustments of $3,349 and $3,158, respectively. Foreign currency translation adjustments in 2021 primarily reflect losses from the euro, Brazilian real, Thailand bhat and Turkish lira. Foreign currency translation adjustments in 2020 primarily reflect loss from the Brazilian real and the Mexican peso.

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Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

(Dollars in Millions)

			Additions
	Balance at Beginning of Period		Charged to Costs and Expenses		Other		Deductions		Balance at End of Period
Year Ended December 31, 2021
Allowance for doubtful accounts and estimated returns	$	89	$	35	$	—	$	46	$	78
Valuation allowance for deferred tax assets	$	96	$	27	$	—	$	3	$	120
Year Ended December 31, 2020
Allowance for doubtful accounts and estimated returns	$	76	$	16	$	—	$	3	$	89
Valuation allowance for deferred tax assets	$	115	$	31	$	—	$	50	$	96
Year Ended December 31, 2019
Allowance for doubtful accounts and estimated returns	$	82	$	6	$	—	$	12	$	76
Valuation allowance for deferred tax assets	$	54	$	68	$	—	$	7	$	115

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Principles of Consolidation

Principles of ConsolidationThe Consolidated Financial Statements include the accounts of Colgate-Palmolive Company and its majority-owned or controlled subsidiaries. Intercompany transactions and balances have been eliminated. The Company’s investments in consumer products companies with interests ranging between 20% and 50%, where the Company has significant influence over the investee, are accounted for using the equity method. Net income (loss) from such investments is recorded in Other (income) expense, net in the Consolidated Statements of Income. As of December 31, 2021 and 2020, equity method investments included in Other assets in the Consolidated Balance Sheets were $64 and $56, respectively. Unrelated third parties hold the remaining ownership interests in these investments. Investments with less than a 20% interest are recorded at cost and periodically adjusted based on observable price changes or quoted market prices in active markets, if applicable.

Use of Estimates

Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. As such, the most significant uncertainty in the Company’s assumptions and estimates involved in preparing the financial statements includes pension and other retiree benefit cost assumptions, stock-based compensation, asset impairments, uncertain tax positions, tax valuation allowances and legal and other contingency reserves. Additionally, the Company uses available market information and other valuation methodologies in assessing the fair value of financial instruments and retirement plan assets. Judgment is required in interpreting market data to develop the estimates of fair value and, accordingly, changes in assumptions or the estimation methodologies may affect the fair value estimates. Actual results could ultimately differ from those estimates.

Revenue Recognition

Revenue Recognition

The Company’s revenue contracts represent a single performance obligation to sell its products to trade customers. Sales are recorded at the time control of the products is transferred to trade customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products. Control is the ability of trade customers to “direct the use of” and “obtain” the benefit from our products. In evaluating the timing of the transfer of control of products to trade customers, the Company considers several control indicators, including significant risks and rewards of products, the Company’s right to payment and the legal title of the products. Based on the assessment of control indicators, sales are generally recognized when products are delivered to trade customers.

Net sales reflect the transaction prices for contracts, which include units shipped at selling list prices reduced by variable consideration. Variable consideration includes expected sales returns and the cost of current and continuing promotional programs. Current promotional programs primarily include product listing allowances and co-operative advertising arrangements. Continuing promotional programs are predominantly consumer coupons and volume-based sales incentive arrangements. The cost of promotional programs is estimated using the expected value method considering all reasonably available information, including the Company’s historical experience and its current expectations, and is reflected in the transaction price when sales are recorded. Adjustments to the cost of promotional programs in subsequent periods are generally not material, as the Company’s promotional programs are typically of short duration, thereby reducing the uncertainty inherent in such estimates.

Sales returns are generally accepted at the Company’s discretion and are not material to the Company’s Consolidated Financial Statements. The Company’s contracts with trade customers do not have significant financing components or non-cash consideration and the Company does not have unbilled revenue or significant amounts of prepayments from customers. The Company records Net sales excluding taxes collected on its sales to its trade customers. Shipping and handling activities are accounted for as contract fulfillment costs and classified as Selling, general and administrative expenses.

Shipping and Handling Costs

Shipping and Handling Costs

Shipping and handling costs are classified as Selling, general and administrative expenses and were $1,687, $1,392 and $1,275 for the years ended December 31, 2021, 2020 and 2019, respectively.

Marketing Costs

Marketing Costs

The Company markets its products through advertising and other promotional activities. Advertising costs are included in Selling, general and administrative expenses and are expensed as incurred. Certain consumer and trade promotional programs, such as consumer coupons, are recorded as a reduction of sales.

Cash and Cash equivalents

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

Inventories

Inventories

The cost of approximately 75% of inventories is determined using the FIFO method, which is stated at the lower of cost or net realizable value. The cost of all other inventories, in the U.S. and Mexico, is determined using the LIFO method, which is stated at the lower of cost or market. Inventories in excess of one year of forecasted sales are classified in the Consolidated Balance Sheets as non-current “Other assets.”

Property, Plant and Equipment

Property, Plant and Equipment

Land, buildings and machinery and equipment are stated at cost. Depreciation is provided, primarily using the straight-line method, over-estimated useful lives ranging from 3 to 15 years for machinery and equipment and up to 40 years for buildings. Depreciation attributable to manufacturing operations is included in Cost of sales. The remaining component of depreciation is included in Selling, general and administrative expenses.

Goodwill and Other Intangibles

Goodwill and Other Intangibles

Goodwill and indefinite-life intangible assets, such as the Company’s global brands, are subject to impairment tests at least annually or when events or changes in circumstances indicate that an asset may be impaired. Other intangible assets with finite lives, such as local brands and trademarks, customer relationships and non-compete agreements, are amortized over their estimated useful lives, generally ranging from 5 to 40 years. Amortization expense related to intangible assets is included in Other (income) expense, net, which is included in Operating profit.

Income Taxes

Income Taxes

The provision for income taxes is determined using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized based upon the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates that will be in effect at the time such differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company uses a comprehensive model to recognize, measure, present and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on an income tax return. The Company recognizes interest expense and penalties related to unrecognized tax benefits within Provision for income taxes.

Financial Instruments

Financial Instruments

Derivative instruments are recorded as assets and liabilities at estimated fair value based on available market information. The Company’s derivative instruments that qualify for hedge accounting are designated as either fair value hedges, cash flow hedges or net investment hedges. For fair value hedges, changes in the fair value of the derivative, as well as the offsetting changes in the fair value of the hedged item, are recognized in earnings each period. For cash flow hedges, changes in the fair value of the derivative are recorded in Other comprehensive income (loss) and are recognized in earnings when the offsetting effect of the hedged item is also recognized in earnings. For hedges of the net investment in foreign subsidiaries, changes in the fair value of the derivative are recorded in Other comprehensive income (loss) to offset the change in the value of the net investment being hedged. Cash flows related to hedges are classified in the same category as the cash flows from the hedged item in the Consolidated Statements of Cash Flows.

The Company may also enter into certain foreign currency and interest rate instruments that economically hedge certain of its risks but do not qualify for hedge accounting. Changes in fair value of these derivative instruments, based on quoted market prices, are recognized in earnings each period. The Company’s derivative instruments and other financial instruments are more fully described in Note 7, Fair Value Measurements and Financial Instruments along with the related fair value measurement considerations.

Stock-Based Compensation

Stock-Based Compensation

The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock units (both performance-based and time-vested), based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to estimate the fair value of stock option awards. In addition to performance conditions, performance-based restricted stock units also include a total shareholder return modifier. Because the total shareholder return modifier is considered a market condition, the Company uses a Monte-Carlo simulation model to determine the fair value of performance-based restricted stock units. The fair value of time-vested restricted stock units is determined based on the closing market price of the Company’s stock at the date of grant. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option pricing model are more fully described in Note 8, Capital Stock and Stock-Based Compensation Plans.

Currency Translation

Currency Translation

The assets and liabilities of foreign subsidiaries, other than those operating in highly inflationary environments, are translated into U.S. dollars at year-end exchange rates with resulting translation gains and losses accumulated in a separate component of shareholders’ equity. Income and expense items are translated into U.S. dollars at average rates of exchange prevailing during the year.

For subsidiaries operating in highly inflationary environments, local currency-denominated non-monetary assets, including inventories, goodwill and property, plant and equipment, are remeasured at their historical exchange rates, while local currency-denominated monetary assets and liabilities are remeasured at year-end exchange rates. Remeasurement adjustments for these operations are included in Net income attributable to Colgate-Palmolive Company.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In November 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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 is effective for the Company beginning on January 1, 2022 and is not expected to 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.

In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope.” This ASU clarifies that certain optional expedients and exceptions in Topic 848 apply to derivatives that are affected by the discounting transition. This guidance was effective upon issuance for the Company 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 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.” The ASU 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. This guidance was effective upon issuance of this ASU for contract modifications and hedging relationships on a prospective basis and is not expected to 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.” The guidance 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.

Reclassifications

ReclassificationsCertain prior year amounts have been reclassified to conform to the current year presentation.

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Nature of Operations (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Percentage of Worldwide Sales

The Company’s principal classes of products accounted for the following percentages of worldwide Net sales for the past three years:

	2021		2020		2019
Oral Care	44	%	44	%	46	%
Personal Care	20	%	21	%	20	%
Home Care	17	%	18	%	18	%
Pet Nutrition	19	%	17	%	16	%
Total	100	%	100	%	100	%

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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The total purchase price consideration of $351 has been 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
Goodwill	171
Fair value of net assets acquired	$	351

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Restructuring and Related Implementation Charges (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

For the year ended December 31, 2019, restructuring and related implementation charges are reflected in the Consolidated Statements of Income as follows:  

	2019
Cost of sales	$	8
Selling, general and administrative expenses	60
Other (income) expense, net	57
Non-service related postretirement costs	7
Total Global Growth and Efficiency Program charges, pretax	$	132
Total Global Growth and Efficiency Program charges, aftertax	$	102

Schedule of Percent of Total Restructuring Charges Related To Segment for the period

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

			Total Program
	2019		Charges
North America	4	%	17	%
Latin America	12	%	5	%
Europe	4	%	19	%
Asia Pacific	6	%	4	%
Africa/Eurasia	(1)	%	5	%
Hill’s Pet Nutrition	2	%	8	%
Corporate	73	%	42	%
Total	100	%	100	%

Schedule of Restructuring and Related Costs Incurred to Date

Over the course of the Global Growth and Efficiency Program, the Company incurred total pretax charges of $1,854 ($1,380 aftertax) in connection with the implementation of various projects as follows:

	Total Program Charges
	as of December 31, 2019
Employee-Related Costs	$	706
Incremental Depreciation	128
Asset Impairments	58
Other	962
Total	$	1,854

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The net carrying value of Goodwill as of December 31, 2021 and 2020 by segment was as follows:

	2021		2020
Oral, Personal and Home Care
North America	$	912	$	912
Latin America	159		171
Europe	1,902		2,415
Asia Pacific	182		190
Africa/Eurasia	114		121
Total Oral, Personal and Home Care	3,269		3,809
Pet Nutrition	15		15
Total Goodwill	$	3,284	$	3,824

Schedule of Finite and Indefinite Lived Intangible Assets By Major Class

Other intangible assets as of December 31, 2021 and 2020 were comprised of the following:

	2021						2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Trademarks - finite life	$	891	$	(445)	$	446	$	902	$	(422)	$	480
Other finite life intangible assets	744		(289)		455		786		(237)		549
Indefinite life intangible assets	1,561		—		1,561		1,865		—		1,865
Total Other intangible assets	$	3,196	$	(734)	$	2,462	$	3,553	$	(659)	$	2,894

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Long-Term Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consisted of the following at December 31:

	Weighted Average Interest Rate	Maturities			2021		2020
Notes	1.9%	2022	-	2078	$	5,958	$	6,170
Commercial paper	(0.4)%	2022			1,204		1,139
Finance Lease Obligations	Various	Various			44		34
					7,206		7,343
Less: Current portion of long-term debt					(12)		(9)
Total					$	7,194	$	7,334

Schedule of Maturities of Long-term Debt

Excluding such obligations, scheduled maturities of long-term debt and finance leases outstanding as of December 31, 2021, were as follows:  

Years Ended December 31,
2022	$	456
2023	908
2024	506
2025	135
2026	566
Thereafter	3,431

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Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments

The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments which are carried at fair value in the Company’s Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020:

	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		December 31, 2021		December 31, 2020			December 31, 2021		December 31, 2020
Interest rate swap contracts	Other current assets	$	5	$	—	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	—		14		Other liabilities	—		—
Forward-starting interest rate swaps	Other assets	20		5		Other liabilities	21		—
Foreign currency contracts	Other current assets	22		7		Other accruals	6		93
Commodity contracts	Other current assets	2		3		Other accruals	—		—
Total designated		$	49	$	29		$	27	$	93
Other financial instruments
Marketable securities	Other current assets	34		37
Total other financial instruments		$	34	$	37

Activity related to fair value hedges

The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustment for fair value hedges as of:

	December 31, 2021		December 31, 2020
Long-term debt:
Carrying amount of hedged item	$	405	$	413
Cumulative hedging adjustment included in the carrying amount	$	5	$	14

Schedule of Notional Amounts of Outstanding Derivative Positions

The following tables present the notional values as of:

	December 31, 2021
	Foreign Currency Contracts		Foreign Currency Debt		Interest Rate Swaps		Forward-Starting Interest Rate Swaps		Commodity Contracts		Total
Fair Value Hedges	$	566	$	—	$	400	$	—	$	—	$	966
Cash Flow Hedges	873		—		—		700		24		1,597
Net Investment Hedges	173		4,600		—		—		—		4,773

	December 31, 2020
	Foreign Currency Contracts		Foreign Currency Debt		Interest Rate Swaps		Forward-Starting Interest Rate Swaps		Commodity Contracts		Total
Fair Value Hedges	$	589	$	—	$	400	$	—	$	—	$	989
Cash Flow Hedges	854		—		—		300		17		1,171
Net Investment Hedges	528		4,523		—		—		—		5,051

Derivative Instruments, Gain (Loss)

The following table presents the location and amount of gains (losses) on hedges recognized on the Company’s Consolidated Statements of Income:

	Twelve Months Ended December 31,
	2021						2020
	Cost of sales		Selling, general and administrative expenses		Interest (income) expense, net		Cost of sales		Selling, general and administrative expenses		Interest (income) expense, net
Gain (loss) on hedges recognized in income:
Interest rate swaps designated as fair value hedges:
Derivative instrument	$	—	$	—	$	8	$	—	$	—	$	(10)
Hedged items	—		—		(8)		—		—		10
Foreign currency contracts designated as fair value hedges:
Derivative instrument	—		6		—		—		29		—
Hedged items	—		(6)		—		—		(29)		—
Foreign currency contracts designated as cash flow hedges:
Amount reclassified from OCI	(12)		—		—		1		—		—
Commodity contracts designated as cash flow hedges:
Amount reclassified from OCI	5		—		—		(1)		—		—
Total gain (loss) on hedges recognized in income	$	(7)	$	—	$	—	$	—	$	—	$	—

Schedule Of Cash Flow And Net Investment Hedges Included In Accumulated Other Comprehensive Income (Loss)

The following table presents the location and amount of unrealized gains (losses) on hedges included in OCI:

	Twelve Months Ended
	December 31,
	2021		2020
Foreign currency contracts designated as cash flow hedges:
Gain (loss) recognized in OCI	$	16	$	(11)
Forward-starting interest rate swaps designated as cash flow hedges:
Gain (loss) recognized in OCI	(6)		5
Commodity contracts designated as cash flow hedges:
Gain (loss) recognized in OCI	3		3
Foreign currency contracts designated as net investment hedges:
Gain (loss) on instruments	30		(52)
Gain (loss) on hedged items	(30)		52
Foreign currency debt designated as net investment hedges:
Gain (loss) on instruments	370		(356)
Gain (loss) on hedged items	(370)		356
Total unrealized gain (loss) on hedges recognized in OCI	$	13	$	(3)

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Capital Stock and Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Common and Treasury Stock Activity

A summary of common stock and treasury stock activity for the three years ended December 31 is as follows:

	Common Stock Outstanding	Treasury Stock
Balance, January 1, 2019	862,912,792	602,793,568
Common stock acquired	(17,219,642)	17,219,642
Shares issued for stock options	8,145,777	(8,145,777)
Shares issued for restricted stock units and other	862,852	(862,852)
Balance, December 31, 2019	854,701,779	611,004,581
Common stock acquired	(18,701,843)	18,701,843
Shares issued for stock options	13,018,354	(13,018,354)
Shares issued for restricted stock units and other	875,311	(875,311)
Balance, December 31, 2020	849,893,601	615,812,759
Common stock acquired	(16,518,163)	16,518,163
Shares issued for stock options	6,357,793	(6,357,793)
Shares issued for restricted stock units and other	747,053	(747,053)
Balance, December 31, 2021	840,480,284	625,226,076

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

Fair value is estimated using the Black-Scholes option pricing model with the assumptions summarized in the following table:

	2021		2020		2019
Expected term of options	6 years		6 years		6 years
Expected volatility rate	20.3	%	21.8	%	19.2	%
Risk-free interest rate	1.0	%	0.5	%	1.5	%
Expected dividend yield	2.3	%	2.3	%	2.3	%

Schedule of Share-based Compensation, Performance Restricted Stock and Time-based Restricted Stock Units Activity

A summary of performance-based restricted stock unit activity for the year ended December 31, 2021 is presented below:

	Shares (in thousands)	Weighted Average Grant Date Fair Value Per Award
Performance-based restricted stock units as of January 1, 2021	860	$	73
Activity:
Granted	355	70
Forfeited	(189)	81
Performance-based restricted stock units as of December 31, 2021	1,026	$	70

A summary of restricted stock unit activity during 2021 is presented below:

	Shares (in thousands)	Weighted Average Grant Date Fair Value Per Award
Restricted stock units as of January 1, 2021	1,897	$	73
Activity:
Granted	749	78
Vested	(674)	70
Forfeited	(56)	74
Restricted stock units as of December 31, 2021	1,916	$	76

Schedule of Share-based Compensation, Stock Options, Activity

A summary of stock option activity during 2021 is presented below:

	Shares (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Intrinsic Value of Unexercised In-the-Money Options
Options outstanding, January 1, 2021	27,530	$	71
Granted	5,120	77
Exercised	(6,358)	68
Forfeited	(173)	75
Expired	(24)	73
Options outstanding, December 31, 2021	26,095	72		5	$	309
Options exercisable, December 31, 2021	16,725	$	72	3	$	223

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Retirement Plans and Other Retiree Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Allocation of Plan Assets

The target asset allocation for the Company’s defined benefit plans is as follows:

	United States		International
Asset Category
Equity securities	21	%	22	%
Fixed income securities	76	%	63	%
Real estate and other investments	3	%	15	%
Total	100	%	100	%

At December 31, 2021, the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:

	Level of Valuation Input	Pension Plans
		United States		International		Other Retiree Benefit Plans
Cash and cash equivalents	Level 1	$	38	$	9	$	—
U.S. common stocks	Level 1	—		2		—
International common stocks	Level 1	—		13		—
Pooled funds(1)	Level 1	48		116		—
Fixed income securities(2)	Level 2	905		67		—
Guaranteed investment contracts(3)	Level 2	1		51		—
		992		258		—
Investments valued using NAV per share(4)
Domestic, developed and emerging markets equity funds		361		97		—
Fixed income funds(5)		469		328		—
Hedge funds(6)		—		8		—
Multi-asset funds(7)		26		2		—
Real estate funds(8)		—		30		—
		856		465		—
Other assets and liabilities, net(9)		(14)		—		—
Total Investments		$	1,834	$	723	$	—

At December 31, 2020, the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:

	Level of Valuation Input	Pension Plans
		United States		International		Other Retiree Benefit Plans
Cash and cash equivalents	Level 1	$	50	$	12	$	—
U.S. common stocks	Level 1	—		1		—
International common stocks	Level 1	—		8		—
Pooled funds(1)	Level 1	65		117		—
Fixed income securities(2)	Level 2	1,117		59		2
Guaranteed investment contracts(3)	Level 2	1		55		—
		1,233		252		2
Investments valued using NAV per share(4)
Domestic, developed and emerging markets equity funds		456		183		1
Fixed income funds(5)		136		225		—
Hedge funds(6)		—		6		—
Multi-asset funds(7)		77		2		—
Real estate funds(8)		34		30		—
		703		446		1
Other assets and liabilities, net(9)		(15)		—		—
Total Investments		$	1,921	$	698	$	3

_______

(1)Pooled funds primarily invest in U.S. and foreign equity securities, debt and money market securities.

(2)The fixed income securities are traded over-the-counter and certain of these securities lack daily pricing or liquidity and as such are classified as Level 2. As of December 31, 2021, approximately 40% of the U.S. pension plan fixed income portfolio was invested in U.S. treasury or agency securities, with the remainder invested in other government bonds and corporate bonds, compared to approximately 50% as of December 31, 2020.

(3)The guaranteed investment contracts (“GICs”) represent contracts with insurance companies measured at the cash surrender value of each contract. The Level 2 valuation reflects that the cash surrender value is based principally on a referenced pool of investment funds with active redemption.

(4)Investments that are measured at fair value using net asset value (“NAV”) per share as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the value of the underlying investments owned, minus its liabilities, divided by the number of shares outstanding. There are no unfunded commitments related to these investments. Redemption notice period primarily ranges from 0-3 months and redemption frequency windows range from daily to quarterly.

(5)Fixed income funds primarily invest in U.S. government and investment grade corporate bonds.

(6)Consists of investments in underlying hedge fund strategies that are primarily implemented through the use of long and short equity and fixed income securities and derivative instruments such as futures and options.

(7)Multi-asset funds primarily invest across a variety of asset classes, including global stocks and bonds, as well as alternative strategies.

(8)Real estate is valued using the NAV per unit of funds that are invested in real estate property. The investment value of the real estate property is determined quarterly using independent market appraisals as determined by the investment manager.

(9)This category primarily includes unsettled trades for investments purchased and sold and dividend receivables.

Defined Benefit Plans Disclosures

The Company uses a December 31 measurement date for its defined benefit and other retiree benefit plans. Summarized information for the Company’s defined benefit and other retiree benefit plans is as follows:

	Pension Plans								Other Retiree Benefit Plans
	2021		2020		2021		2020		2021		2020
	United States				International
Change in Benefit Obligations
Benefit obligations at beginning of year	$	2,363	$	2,272	$	1,013	$	876	$	1,112	$	1,050
Service cost	—		1		19		17		26		20
Interest cost	61		74		20		21		35		37
Participants’ contributions	—		—		6		5		—		—
Acquisitions/plan amendments	(2)		—		—		30		—		—
Actuarial loss (gain)	(52)		171		(39)		65		(50)		61
Foreign exchange impact	—		—		(38)		46		(8)		(9)
Termination benefits	—		3		—		—		—		—
Curtailments and settlements	(5)		(3)		(4)		(7)		—		—
Benefit payments	(158)		(155)		(40)		(40)		(35)		(47)
Other	—		—		—		—		—		—
Benefit obligations at end of year	$	2,207	$	2,363	$	937	$	1,013	$	1,080	$	1,112
Change in Plan Assets
Fair value of plan assets at beginning of year	$	1,921	$	1,806	$	698	$	586	$	3	$	37
Actual return on plan assets	46		243		45		59		—		2
Company contributions	28		30		33		36		32		11
Participants’ contributions	—		—		6		5		—		—
Foreign exchange impact	—		—		(14)		26		—		—
Settlements and acquisitions	(3)		(3)		(5)		26		—		—
Benefit payments	(158)		(155)		(40)		(40)		(35)		(47)
Other	—		—		—		—		—		—
Fair value of plan assets at end of year	$	1,834	$	1,921	$	723	$	698	$	—	$	3
Funded Status
Benefit obligations at end of year	$	2,207	$	2,363	$	937	$	1,013	$	1,080	$	1,112
Fair value of plan assets at end of year	1,834		1,921		723		698		—		3
Net amount recognized	$	(373)	$	(442)	$	(214)	$	(315)	$	(1,080)	$	(1,109)
Amounts Recognized in Balance Sheet
Noncurrent assets	$	70	$	20	$	72	$	18	$	—	$	—
Current liabilities	(27)		(30)		(13)		(14)		(47)		(45)
Noncurrent liabilities	(416)		(432)		(273)		(319)		(1,033)		(1,064)
Net amount recognized	$	(373)	$	(442)	$	(214)	$	(315)	$	(1,080)	$	(1,109)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Actuarial loss	$	866	$	902	$	179	$	255	$	356	$	429
Transition/prior service cost	—		1		9		7		—		—
	$	866	$	903	$	188	$	262	$	356	$	429
Accumulated benefit obligation	$	2,171	$	2,325	$	872	$	946	$	—	$	—

	Pension Plans								Other Retiree Benefit Plans
	2021		2020		2021		2020		2021		2020
	United States				International
Weighted-Average Assumptions Used to Determine Benefit Obligations
Discount rate	2.98	%	2.65	%	2.10	%	1.61	%	3.06	%	2.88	%
Expected long-term rate of return on plan assets	5.70	%	5.70	%	2.72	%	2.93	%	N/A		5.70	%
Long-term rate of compensation increase	3.50	%	3.50	%	2.89	%	2.62	%	3.50	%	3.50	%
ESOP growth rate	—	%	—	%	—	%	—	%	6.00	%	10.00	%
Medical cost trend rate of increase	—	%	—	%	—	%	—	%	6.00	%	6.00	%
Interest Crediting Rate	2.85	%	2.48	%	0.84	%	0.83	%	—	%	—	%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Pension plans with projected benefit obligations in excess of plan assets and plans with accumulated benefit obligations in excess of plan assets as of December 31 consisted of the following:

	2021		2020
Benefit Obligation Exceeds Fair Value of Plan Assets
Projected benefit obligation	$	805	$	1,092
Fair value of plan assets	82		299
Accumulated benefit obligation	771		882
Fair value of plan assets	81		134

Other Retiree Benefit plans with accumulated postretirement benefit obligation in excess of plan assets as of December 31 consisted of the following:

	2021		2020
Benefit Obligation Exceeds Fair Value of Plan Assets
Accumulated postretirement benefit obligation	$	1,080	$	1,112
Fair value of plan assets	—		3

Schedule of Net Benefit Costs

Summarized information regarding the net periodic benefit costs for the Company’s defined benefit and other retiree benefit plans is as follows:

	Pension Plans																		Other Retiree Benefit Plans
	2021			2020			2019			2021			2020			2019			2021			2020			2019
	United States									International
Components of Net Periodic Benefit Cost
Service cost	$	—		$	1		$	1		$	19		$	17		$	14		$	26		$	20		$	15
Interest cost	61			74			90			20			21			22			35			37			41
Expected return on plan assets	(106)			(111)			(103)			(20)			(22)			(19)			—			(2)			(3)
Amortization of transition and prior service costs (credits)	—			—			—			1			—			1			—			—			—
Amortization of actuarial loss	47			46			51			11			9			9			23			18			11
Net periodic benefit cost	$	2		$	10		$	39		$	31		$	25		$	27		$	84		$	73		$	64
Other postretirement charges	(3)			4			7			1			—			1			—			—			—
Total pension cost	$	(1)		$	14		$	46		$	32		$	25		$	28		$	84		$	73		$	64
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	2.65		%	3.40		%	4.38		%	1.61		%	2.06		%	2.80		%	2.88		%	3.56		%	4.43		%
Expected long-term rate of return on plan assets	5.70		%	6.30		%	6.60		%	2.93		%	3.38		%	4.06		%	5.70		%	6.30		%	6.60		%
Long-term rate of compensation increase	3.50		%	3.50		%	3.50		%	2.62		%	2.83		%	2.86		%	—		%	—		%	—		%
ESOP growth rate	—		%	—		%	—		%	—		%	—		%	—		%	10.00		%	10.00		%	10.00		%
Medical cost trend rate of increase	—		%	—		%	—		%	—		%	—		%	—		%	6.00		%	6.00		%	6.00		%
Interest Crediting Rate	2.48		%	3.21		%	4.26		%	0.83		%	0.85		%	0.85		%	—		%	—		%	—		%

Schedule of Expected Benefit Payments

Total benefit payments expected to be paid to participants in both funded and unfunded plans are estimated as follows:

	Pension Plans
Years Ended December 31,	United States		International		Other Retiree Benefit Plans		Total
2022	$	147	$	43	$	47	$	237
2023	146		40		48		234
2024	147		45		49		241
2025	144		44		50		238
2026	147		46		51		244
2027-2031	692		246		267		1,205

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes

The components of Income before income taxes are as follows for the years ended December 31:

	2021		2020		2019
United States	$	1,256	$	1,317	$	1,050
International	1,831		2,330		2,251
Total Income before income taxes	$	3,087	$	3,647	$	3,301

Provision for Income Taxes

The Provision for income taxes consists of the following for the years ended December 31:

	2021		2020		2019
United States	$	228	$	259	$	180
International	521		528		594
Total Provision for income taxes	$	749	$	787	$	774

Schedule of Components of Deferred Income Tax Benefit

Temporary differences between accounting for financial statement purposes and accounting for tax purposes result in the current provision for taxes being higher (lower) than the total provision for income taxes as follows:

	2021		2020		2019
Goodwill and intangible assets	$	50	$	1	$	34
Property, plant and equipment	(19)		12		12
Pension and other retiree benefits	(4)		10		(13)
Stock-based compensation	11		(7)		(1)
Right-of-use assets/lease liabilities	(2)		(1)		—
Tax credits and tax loss carryforwards	(2)		(1)		3
Deferred withholding tax	(16)		111		(21)
Other, net	19		18		(33)
Total deferred tax benefit (provision)	$	37	$	143	$	(19)

Effective Tax Rate Reconciliation

The difference between the statutory U.S. federal income tax rate and the Company’s global effective tax rate as reflected in the Consolidated Statements of Income is as follows:

	2021		2020		2019
Percentage of Income before income taxes
Tax at United States statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.1		1.0		0.6
Earnings taxed at other than United States statutory rate	2.7		3.3		4.6
Benefit for foreign tax matters(1)	—		(2.0)		(0.9)
Non-deductible goodwill impairment charges	2.2		—		—
Foreign-derived intangible income benefit	(2.2)		(1.6)		(1.3)
Other, net	(0.5)		(0.1)		(0.6)
Effective tax rate	24.3	%	21.6	%	23.4	%

_________

(1)In 2020, the provision for income taxes includes $71 of income tax benefits recorded on a discrete period basis, of which $45 relates to previously recorded foreign withholding taxes and $26 relates to a previously recorded valuation allowance against a deferred tax asset. As part of a previously recorded charge for the Tax Cuts and Jobs Act of 2017 (the “TCJA”), the Company has provided for foreign withholding taxes expected to be paid on the remittance of earnings from certain overseas subsidiaries no longer deemed indefinitely reinvested. As a result of a recent reorganization of the ownership structure of certain foreign subsidiaries, the Company determined that no withholding taxes will be due on the remittance by certain subsidiaries of earnings previously deemed reinvested and, accordingly, reversed $45 of previously recorded foreign withholding taxes. Also as part of the previously recorded charge for the TCJA, the Company provided a valuation allowance against a deferred tax asset related to the foreign tax credit carryforwards that the Company did not expect to be able to use due to changes made by the TCJA. As a result of a new operating structure being implemented within one of the Company’s divisions, the Company believes the use of these foreign tax credit carryforwards will not be limited in the future and, accordingly, reversed the previously recorded valuation allowance of $26. In 2019, the provision for income taxes includes a net benefit of $29 related to changes enacted by the Swiss government to its corporate tax regime, which included, among other items, the repeal of certain preferential tax regimes and an increase to the cantonal tax rate for future periods. Additionally, the government provided transition rules which allowed companies to record goodwill for tax purposes, partially offsetting the impact on cash taxes of the higher cantonal rate over the next ten years.

Components of Deferred Tax Assets (Liabilities)

The components of deferred tax assets (liabilities) are as follows at December 31:

	2021		2020
Deferred tax liabilities:
Goodwill and intangible assets	$	(523)	$	(603)
Property, plant and equipment	(301)		(281)
Right-of-use assets	(125)		(131)
Deferred withholding tax	(111)		(95)
Other	(35)		(52)
Total deferred tax liabilities	(1,095)		(1,162)
Deferred tax assets:
Pension and other retiree benefits	344		404
Tax credits and tax loss carryforwards	152		127
Lease liabilities	138		144
Accrued liabilities	234		250
Stock-based compensation	76		73
Other	69		125
Total deferred tax assets	1,013		1,123
Valuation Allowance	$	(120)	$	(96)
Net deferred tax assets	$	893	$	1,027
Net deferred income taxes	$	(202)	$	(135)

Unrecognized Tax Benefits Activity

Unrecognized tax benefits activity for the years ended December 31, 2021, 2020 and 2019 is summarized below:

	2021		2020		2019
Unrecognized tax benefits:
Balance, January 1	$	227	$	173	$	190
Increases as a result of tax positions taken during the current year	26		18		14
Decreases of tax positions taken during prior years	(20)		(5)		(21)
Increases of tax positions taken during prior years	40		57		20
Decreases as a result of settlements with taxing authorities and the expiration of statutes of limitations	(23)		(19)		(30)
Effect of foreign currency rate movements	(5)		3		—
Balance, December 31	$	245	$	227	$	173

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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

For the years ended December 31, 2021, 2020 and 2019, earnings per share were as follows:

	2021					2020					2019
	Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share		Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share		Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share
Basic EPS	$	2,166	845.0	$	2.56	$	2,695	856.8	$	3.15	$	2,367	859.1	$	2.76
Stock options and restricted stock units			3.3					2.5					2.0
Diluted EPS	$	2,166	848.3	$	2.55	$	2,695	859.3	$	3.14	$	2,367	861.1	$	2.75

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Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Net Sales and Operating Profit by Segment

	2021		2020		2019
Net sales
Oral, Personal and Home Care
North America(1)	$	3,694	$	3,741	$	3,424
Latin America	3,663		3,418		3,606
Europe	2,841		2,747		2,450
Asia Pacific	2,867		2,701		2,707
Africa/Eurasia	1,045		981		981
Total Oral, Personal and Home Care	14,110		13,588		13,168
Pet Nutrition(2)	3,311		2,883		2,525
Total Net sales	$	17,421	$	16,471	$	15,693

_________

(1)    Net sales in the U.S. for Oral, Personal and Home Care were $3,391, $3,447 and $3,166 in 2021, 2020 and 2019, respectively.

(2)    Net sales in the U.S. for Pet Nutrition were $2,018, $1,712 and $1,441 in 2021, 2020 and 2019, respectively.

	2021		2020		2019
Operating profit
Oral, Personal and Home Care
North America	$	754	$	988	$	982
Latin America	1,012		975		963
Europe	682		652		624
Asia Pacific	844		773		749
Africa/Eurasia	203		206		187
Total Oral, Personal and Home Care	3,495		3,594		3,505
Pet Nutrition	901		793		703
Corporate	(1,064)		(502)		(654)
Total Operating profit	$	3,332	$	3,885	$	3,554

	2021		2020		2019
Capital expenditures
Oral, Personal and Home Care
North America	$	87	$	65	$	43
Latin America	118		104		90
Europe	44		41		42
Asia Pacific	50		51		40
Africa/Eurasia	33		13		8
Total Oral, Personal and Home Care	332		274		223
Pet Nutrition	147		56		41
Corporate	88		79		71
Total Capital expenditures	$	567	$	409	$	335

	2021		2020		2019
Depreciation and amortization
Oral, Personal and Home Care
North America	$	104	$	101	$	94
Latin America	88		81		84
Europe	98		94		72
Asia Pacific	96		95		100
Africa/Eurasia	9		9		8
Total Oral, Personal and Home Care	395		380		358
Pet Nutrition	62		58		55
Corporate	99		101		106
Total Depreciation and amortization	$	556	$	539	$	519

	2021		2020		2019
Identifiable assets
Oral, Personal and Home Care
North America	$	4,058	$	4,132	$	3,576
Latin America	2,369		2,251		2,384
Europe	4,432		5,386		5,104
Asia Pacific	2,161		2,272		2,155
Africa/Eurasia	599		605		590
Total Oral, Personal and Home Care	13,619		14,646		13,809
Pet Nutrition	1,342		1,210		1,175
Corporate(1)	79		64		50
Total Identifiable assets	$	15,040	$	15,920	$	15,034

____________

(1)In 2021, Corporate identifiable assets primarily consisted of investments in equity securities (87%) and derivative instruments (10%). In 2020, Corporate identifiable assets primarily consisted of investments in equity securities (95%). In 2019, Corporate identifiable assets primarily consisted of investments in equity securities (92%) and derivative instruments (2%). 

	2021		2020		2019
Long-lived assets(1)
United States	$	1,981	$	1,889	$	1,895
International	2,275		2,348		2,359
Total Long-lived assets	$	4,256	$	4,237	$	4,254

____________

(1)Long-lived assets include Property, plant and equipment, net and lease right-of-use assets.

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Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Right-of-use Assets and Liabilities for Operating Leases

As of December 31, 2021 and 2020, the Company’s right-of use assets and liabilities for operating leases were as follows:

	2021		2020
Other assets	$	527	$	521
Other accruals	137		137
Other liabilities	451		476
Total operating lease liabilities	$	588	$	613

Schedule of Operating Lease Liabilities

Lease liabilities for operating leases as of December 31, 2021 were as follows:

2022	$	156
2023	109
2024	76
2025	61
2026	48
Thereafter	235
Total lease commitments	$	685
Less: Interest	(97)
Present value of lease liabilities	$	588

Schedule of Components of Operating Lease Expense

The components of the Company’s operating lease cost for the twelve months ended December 31, 2021 and 2020 were as follows:

	2021		2020
Operating lease cost	$	142	$	155
Short-term lease cost	7		3
Variable lease cost	20		20
Sublease Income	(1)		—
Total lease cost	$	168	$	178

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Supplemental Income Statement Information (Tables)

12 Months Ended

Dec. 31, 2021

Supplemental Income Statement Elements [Abstract]

Other (income) expense, net

Other (income) expense, net	2021		2020		2019
Global Growth and Efficiency Program	$	—	$	(13)	$	57
Amortization of intangible assets	89		88		62
Equity income	(12)		(12)		(9)
Value-added tax matter in Brazil	(26)		—		(30)
Write-off of certain investments and fixed assets	10		—		51
Acquisition-related costs	—		2		21
Charges for a change in go-to-market strategy in certain countries	—		—		15
Other, net	4		48		29
Total Other (income) expense, net	$	65	$	113	$	196

Interest expense, net

Interest (income) expense, net	2021		2020		2019
Interest incurred	$	195	$	184	$	193
Interest capitalized	(3)		(1)		(1)
Interest income	(17)		(19)		(47)
Total Interest (income) expense, net	$	175	$	164	$	145

Research and development and Advertising

	2021		2020		2019
Research and development	$	307	$	290	$	281
Advertising	$	2,021	$	1,948	$	1,694

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Supplemental Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventories by Major Class

Inventories by major class are as follows at December 31:

Inventories	2021		2020
Raw materials and supplies	$	505	$	454
Work-in-process	39		45
Finished goods	1,248		1,256
Total Inventories, net	$	1,792	$	1,755
Non-current inventory, net	(100)		(82)
Current Inventories, net	$	1,692	$	1,673

Schedule of Property, Plant and Equipment

Property, plant and equipment, net	2021		2020
Land	$	163	$	166
Buildings	1,603		1,623
Manufacturing machinery and equipment	5,527		5,409
Other equipment	1,606		1,553
	8,899		8,751
Accumulated depreciation	(5,169)		(5,035)
Total Property, plant and equipment, net	$	3,730	$	3,716

Schedule of Other Accruals

Other accruals	2021		2020
Accrued advertising and coupon redemption	$	709	$	728
Accrued payroll and employee benefits	353		401
Accrued taxes other than income taxes	118		116
Restructuring accrual	7		21
Pension and other retiree benefits	87		89
Lease liabilities due in one year	137		137
Accrued interest	38		39
Derivatives	6		93
Other	630		717
Total Other accruals	$	2,085	$	2,341

Schedule of Other Liabilities

Other liabilities	2021		2020
Pension and other retiree benefits	$	1,722	$	1,815
Restructuring accrual	2		10
Long-term lease liabilities	451		476
Other	254		354
Total Other liabilities	$	2,429	$	2,655

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Supplemental Other Comprehensive Income (Loss) Information (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Comprehensive Income (Loss)

Other comprehensive income (loss) components attributable to Colgate-Palmolive Company before tax and net of tax during the years ended December 31 were as follows:

	2021				2020				2019
	Pretax		Net of Tax		Pretax		Net of Tax		Pretax		Net of Tax
Cumulative translation adjustments	$	(99)	$	(191)	$	(119)	$	(30)	$	49	$	27
Pension and other benefits:
Net actuarial gain (loss), prior    service costs and settlements    during the period	102		71		(125)		(97)		(204)		(154)
Amortization of net actuarial loss,    transition and prior service costs(1)	82		63		74		57		72		54
Retirement Plan and other retiree benefit adjustments	184		134		(51)		(40)		(132)		(100)
Cash flow hedges:
Unrealized gains (losses) on cash flow    hedges	13		10		(3)		(2)		(9)		(7)
Reclassification of (gains) losses    into net earnings on cash flow    hedges(2)	7		6		—		—		(6)		(5)
Gains (losses) on cash flow hedges	20		16		(3)		(2)		(15)		(12)
Total Other comprehensive income (loss)	$	105	$	(41)	$	(173)	$	(72)	$	(98)	$	(85)

_________

(1)These components of Other comprehensive income (loss) are included in the computation of total pension cost. See Note 10, Retirement Plans and Other Retiree Benefits for additional details.

(2)These (gains) losses are reclassified into Cost of sales. See Note 7, Fair Value Measurements and Financial Instruments for additional details.

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Nature of Operations (Details) - business_segment	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of product segments (in segments)	2
Sales Revenue, Net | Product Concentration Risk
Entity-Wide Information, Revenue from External Customer [Line Items]
Percent of net sales	100.00%	100.00%	100.00%
Sales Revenue, Net | Product Concentration Risk | Oral Care
Entity-Wide Information, Revenue from External Customer [Line Items]
Percent of net sales	44.00%	44.00%	46.00%
Sales Revenue, Net | Product Concentration Risk | Personal Care
Entity-Wide Information, Revenue from External Customer [Line Items]
Percent of net sales	20.00%	21.00%	20.00%
Sales Revenue, Net | Product Concentration Risk | Home Care
Entity-Wide Information, Revenue from External Customer [Line Items]
Percent of net sales	17.00%	18.00%	18.00%
Sales Revenue, Net | Product Concentration Risk | Pet Nutrition
Entity-Wide Information, Revenue from External Customer [Line Items]
Percent of net sales	19.00%	17.00%	16.00%

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Summary of Significant Accounting Policies - Principles of Consolidation, Shipping and Handling Costs, Inventories, & Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Investments accounted for using the equity method, minimum interest	20.00%
Investments accounted for using the equity method, maximum interest	50.00%
Equity method investments included in other assets	$ 64	$ 56
Investments accounted for using the cost method, maximum interest	20.00%
Approximate percentage of inventories determined using the first-in, first-out (FIFO) method	75.00%

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Summary of Significant Accounting Policies - Goodwill and Other Intangibles (Details) - Local Brands, Trademarks, Customer Relationships, and Non-Compete Agreements	12 Months Ended
	Dec. 31, 2021
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of finite-lived intangible assets	5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of finite-lived intangible assets	40 years

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Summary of Significant Accounting Policies - Shipping and Handling Costs, Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Selling, general and administrative expenses	$ 6,407	$ 6,019	$ 5,575
Minimum | Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Maximum | Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Maximum | Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Shipping and Handling
Property, Plant and Equipment [Line Items]
Selling, general and administrative expenses	$ 1,687	$ 1,392	$ 1,275

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Acquisitions - Narrative (Details) - USD ($) $ in Millions	Jan. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 3,284	$ 3,824
hello
Business Acquisition [Line Items]
Payments to acquire business	$ 351
Purchase price consideration	351
Other intangible assets	160
Goodwill	171
hello | North America
Business Acquisition [Line Items]
Goodwill	171
hello | Trademarks
Business Acquisition [Line Items]
Other intangible assets	$ 115
Useful life	25 years
hello | Customer Relationships
Business Acquisition [Line Items]
Other intangible assets	$ 45
Useful life	17 years

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Acquisitions - Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 3,284	$ 3,824
hello
Business Acquisition [Line Items]
Receivables			$ 11
Inventories			13
Other assets and liabilities, net			(4)
Other intangible assets			160
Goodwill			171
Fair value of net assets acquired			$ 351

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Restructuring and Related Implementation Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 27, 2022
Restructuring Cost and Reserve [Line Items]
Global Growth and Efficiency Program		$ 0	$ (13)	$ 57
Global Productivity Initiative | Subsequent Event
Restructuring Cost and Reserve [Line Items]
Restructuring and related Cost, estimated to settle through cash, percentage					90.00%
Global Productivity Initiative | Subsequent Event | Employee-Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost, percentage					80.00%
Global Productivity Initiative | Subsequent Event | Asset Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost, percentage					10.00%
Global Productivity Initiative | Subsequent Event | Other Charges
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost, percentage					10.00%
Global Productivity Initiative | Minimum | Subsequent Event
Restructuring Cost and Reserve [Line Items]
Restructuring program cost before tax					$ 200
Global Productivity Initiative | Maximum | Subsequent Event
Restructuring Cost and Reserve [Line Items]
Restructuring program cost before tax					$ 240
Global Growth and Efficiency Program
Restructuring Cost and Reserve [Line Items]
Restructuring reduction	$ 16
Restructuring reduction after tax	13
Pretax charges related to the Restructuring Program to date				1,854
Restructuring and related cost incurred cost to date after tax				1,380
Global Growth and Efficiency Program				132
Global Growth and Efficiency Program | Employee-Related Costs
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the Restructuring Program to date				706
Global Growth and Efficiency Program | Other Charges
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the Restructuring Program to date				962
Global Growth and Efficiency Program | Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring reduction	3
Global Growth and Efficiency Program				60
Global Growth and Efficiency Program | Other (income) expense, net
Restructuring Cost and Reserve [Line Items]
Restructuring reduction	$ 13
Global Growth and Efficiency Program				$ 57

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Restructuring and Related Implementation Charges - Summary of Restructuring and Related Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Global Growth and Efficiency Program	$ 0	$ (13)	$ 57
Global Growth and Efficiency Program
Restructuring Cost and Reserve [Line Items]
Global Growth and Efficiency Program			132
Restructuring And Related Cost, Incurred Cost, After Tax			102
Global Growth and Efficiency Program | Cost of sales
Restructuring Cost and Reserve [Line Items]
Global Growth and Efficiency Program			8
Global Growth and Efficiency Program | Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Global Growth and Efficiency Program			60
Global Growth and Efficiency Program | Other (income) expense, net
Restructuring Cost and Reserve [Line Items]
Global Growth and Efficiency Program			57
Global Growth and Efficiency Program | Non-service related postretirement costs
Restructuring Cost and Reserve [Line Items]
Global Growth and Efficiency Program			$ 7

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Restructuring and Related Implementation Charges - Restructuring Charges Incurred, by Segment (Details) - Global Growth and Efficiency Program	12 Months Ended
	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	100.00%
Percent of restructuring charges related to segment, total program accumulated charges	100.00%
Pet Nutrition
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	2.00%
Percent of restructuring charges related to segment, total program accumulated charges	8.00%
Corporate
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	73.00%
Percent of restructuring charges related to segment, total program accumulated charges	42.00%
North America
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	4.00%
Percent of restructuring charges related to segment, total program accumulated charges	17.00%
Latin America
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	12.00%
Percent of restructuring charges related to segment, total program accumulated charges	5.00%
Europe
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	4.00%
Percent of restructuring charges related to segment, total program accumulated charges	19.00%
Asia Pacific
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	6.00%
Percent of restructuring charges related to segment, total program accumulated charges	4.00%
Africa/Eurasia
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	(1.00%)
Percent of restructuring charges related to segment, total program accumulated charges	5.00%

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Restructuring and Related Implementation Charges - Summary of Restructuring Charges, Cumulative to Date (Details) - Global Growth and Efficiency Program $ in Millions	Dec. 31, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the Restructuring Program to date	$ 1,854
Employee-Related Costs
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the Restructuring Program to date	706
Incremental Depreciation
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the Restructuring Program to date	128
Asset Impairments
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the Restructuring Program to date	58
Other
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the Restructuring Program to date	$ 962

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Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 3,284	$ 3,824
Oral, Personal and Home Care
Goodwill [Line Items]
Goodwill	3,269	3,809
Pet Nutrition
Goodwill [Line Items]
Goodwill	15	15
North America | Oral, Personal and Home Care
Goodwill [Line Items]
Goodwill	912	912
Latin America | Oral, Personal and Home Care
Goodwill [Line Items]
Goodwill	159	171
Europe | Oral, Personal and Home Care
Goodwill [Line Items]
Goodwill	1,902	2,415
Asia Pacific | Oral, Personal and Home Care
Goodwill [Line Items]
Goodwill	182	190
Africa/Eurasia | Oral, Personal and Home Care
Goodwill [Line Items]
Goodwill	$ 114	$ 121

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Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Finite and indefinite-lived intangible assets [Line Items]
Finite & indefinite lived intangibles, gross	$ 3,196	$ 3,553
Finite-lived intangible assets, accumulated amortization, net	(734)	(659)
Intangible assets, net (excluding goodwill)	2,462	2,894
Indefinite life intangible assets
Finite and indefinite-lived intangible assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	1,561	1,865
Trademarks
Finite and indefinite-lived intangible assets [Line Items]
Finite-lived intangible assets, gross	891	902
Finite-lived intangible assets, accumulated amortization, net	(445)	(422)
Finite-lived intangible assets, net	446	480
Other finite life intangible assets
Finite and indefinite-lived intangible assets [Line Items]
Finite-lived intangible assets, gross	744	786
Finite-lived intangible assets, accumulated amortization, net	(289)	(237)
Finite-lived intangible assets, net	$ 455	$ 549

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Amortization of intangible assets		$ 89	$ 88	$ 62
Annual estimated amortization expense, year 1	$ 77	77
Annual estimated amortization expense, year 2	77	77
Annual estimated amortization expense, year 3	77	77
Annual estimated amortization expense, year 4	77	77
Annual estimated amortization expense, year 5	77	77
Impairment charge	204
Reporting unit, impairment analysis, projected reduction of carrying amount	588	588
Filorga Reporting Unit
Goodwill [Line Items]
Goodwill, Impairment Loss	367
Carrying value (including goodwill)	$ 577	$ 577

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Long-Term Debt and Credit Facilities - Components of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 7,206	$ 7,343
Less: Current portion of long-term debt	(12)	(9)
Total debt, excluding current portion of long-term debt	$ 7,194	7,334
Notes
Debt Instrument [Line Items]
Weighted average interest rate	1.90%
Total debt	$ 5,958	6,170
Commercial paper
Debt Instrument [Line Items]
Weighted average interest rate	(0.40%)
Total debt	$ 1,204	1,139
Finance Lease Obligations
Debt Instrument [Line Items]
Total debt	$ 44	$ 34

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Long-Term Debt and Credit Facilities - Schedule of Long-Term Debt and Finance Lease Maturities (Details) $ in Millions	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 456
2023	908
2024	506
2025	135
2026	566
Thereafter	$ 3,431

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Long-Term Debt and Credit Facilities - Narrative (Details)	1 Months Ended	3 Months Ended			12 Months Ended
	Aug. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 1990 CAD ($)
Debt Instrument [Line Items]
Weighted-average interest rate on short term borrowings		0.70%		4.80%	0.70%	4.80%		0.70%
Debt instrument term					364 days
Loss on early extinguishment of debt					$ 75,000,000	$ 23,000,000	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument term	5 years
Unused borrowing capacity		$ 3,457,000,000			3,457,000,000
Long-term Line of Credit	$ 3,000,000,000
Amended Domestic Revolving Credit Facility 2650 Million Capacity
Debt Instrument [Line Items]
Maximum borrowing capacity		2,650,000,000			2,650,000,000
Amended Foreign Revolving Credit Facility 1500 Million Capacity
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,500,000,000			$ 1,500,000,000
Eight Year notes at 0.30 Percent
Debt Instrument [Line Items]
Face amount | €								€ 500,000,000
Debt instrument term		8 years
Fixed interest rate		0.30%			0.30%			0.30%
2.45% Notes Due 2021
Debt Instrument [Line Items]
Fixed interest rate		0.00%		2.45%	0.00%	2.45%		0.00%
Repayments of Debt				$ 300,000,000
12.85% Guaranteed Notes Due 2030
Debt Instrument [Line Items]
Face amount									$ 145,000
Fixed interest rate									12.85%
0.00% Notes Due 2021
Debt Instrument [Line Items]
Face amount		$ 500,000,000			$ 500,000,000
Loss on early extinguishment of debt			$ 75,000,000
2.30% Notes Due 2022
Debt Instrument [Line Items]
Fixed interest rate				2.30%		2.30%
Repayments of Debt				$ 500,000,000
2.45% Notes Due 2021 and 2.30% Notes Due 2022
Debt Instrument [Line Items]
Loss on early extinguishment of debt				$ 23,000,000

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Fair Value Measurements and Financial Instruments - Narrative (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) country_and_territory	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Minimum number of countries and territories serving consumers (more than) (in countries and territories) | country_and_territory	200
Carrying Value
Debt Instrument [Line Items]
Carrying value of long-term debt	$ 7,206,000,000	$ 7,343,000,000
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Estimated fair value of long-term debt	$ 7,651,000,000	$ 8,175,000,000

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Fair Value Measurements and Financial Instruments - Fair Value of Derivative Instruments and Other Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Designated derivative instruments
Derivative asset	$ 49	$ 29
Derivative liability	27	93
Other financial instruments
Investments fair value	34	37
Other assets | Interest rate swap contracts
Designated derivative instruments
Derivative asset	0	14
Other assets | Forward-starting interest rate swaps
Designated derivative instruments
Derivative asset	20	5
Other current assets
Other financial instruments
Marketable securities	34	37
Other current assets | Interest rate swap contracts
Designated derivative instruments
Derivative asset	5	0
Other current assets | Foreign currency contracts
Designated derivative instruments
Derivative asset	22	7
Other current assets | Commodity contracts
Designated derivative instruments
Derivative asset	2	3
Other liabilities | Interest rate swap contracts
Designated derivative instruments
Derivative liability	0	0
Other liabilities | Forward-starting interest rate swaps
Designated derivative instruments
Derivative liability	21	0
Other accruals | Interest rate swap contracts
Designated derivative instruments
Derivative liability	0	0
Other accruals | Foreign currency contracts
Designated derivative instruments
Derivative liability	6	93
Other accruals | Commodity contracts
Designated derivative instruments
Derivative liability	$ 0	$ 0

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Fair Value Measurements and Financial Instruments - Carrying Value and Estimated Fair Value of Long-term Debt (Details) - Long-term Debt - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying amount of hedged item	$ 405	$ 413
Cumulative hedging adjustment included in the carrying amount	$ 5	$ 14

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Fair Value Measurements and Financial Instruments - Schedule of Notional Values (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	$ 966	$ 989
Fair Value Hedges | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	566	589
Fair Value Hedges | Foreign Currency Debt
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	0	0
Fair Value Hedges | Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	400	400
Fair Value Hedges | Forward-starting interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	0	0
Fair Value Hedges | Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	0	0
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	1,597	1,171
Cash Flow Hedges | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	873	854
Cash Flow Hedges | Foreign Currency Debt
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	0	0
Cash Flow Hedges | Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	0	0
Cash Flow Hedges | Forward-starting interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	700	300
Cash Flow Hedges | Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	24	17
Net Investment Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	4,773	5,051
Net Investment Hedges | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	173	528
Net Investment Hedges | Foreign Currency Debt
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	4,600	4,523
Net Investment Hedges | Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	0	0
Net Investment Hedges | Forward-starting interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	0	0
Net Investment Hedges | Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of derivative	$ 0	$ 0

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Fair Value Measurements and Financial Instruments - Schedule of Gain (Loss) on Hedges Recognized in Statements of Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on hedges recognized in income	$ (7)	$ 0
Cost of sales | Fair Value Hedges | Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	0	0
Gain (loss) on hedged items	0	0
Cost of sales | Fair Value Hedges | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	0	0
Gain (loss) on hedged items	0	0
Cost of sales | Cash Flow Hedges | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from OCI	(12)	1
Cost of sales | Cash Flow Hedges | Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from OCI	5	(1)
Selling, general and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on hedges recognized in income	0	0
Selling, general and administrative expenses | Fair Value Hedges | Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	0	0
Gain (loss) on hedged items	0	0
Selling, general and administrative expenses | Fair Value Hedges | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	6	29
Gain (loss) on hedged items	(6)	(29)
Selling, general and administrative expenses | Cash Flow Hedges | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from OCI	0	0
Selling, general and administrative expenses | Cash Flow Hedges | Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from OCI	0	0
Interest (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on hedges recognized in income	0	0
Interest (income) expense, net | Fair Value Hedges | Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	8	(10)
Gain (loss) on hedged items	(8)	10
Interest (income) expense, net | Fair Value Hedges | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	0	0
Gain (loss) on hedged items	0	0
Interest (income) expense, net | Cash Flow Hedges | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from OCI	0	0
Interest (income) expense, net | Cash Flow Hedges | Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from OCI	$ 0	$ 0

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Fair Value Measurements and Financial Instruments - Schedule of Gain (Loss) Included in OCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flow hedges [Abstract]
Gain (loss) recognized in OCI	$ 13	$ (3)
Foreign currency contracts
Cash flow hedges [Abstract]
Gain (loss) recognized in OCI	16	(11)
Net investment hedges [Abstract]
Gain (loss) on instruments	30	(52)
Gain (loss) on hedged items	(30)	52
Forward-starting interest rate swaps
Cash flow hedges [Abstract]
Gain (loss) recognized in OCI	(6)	5
Commodity contracts
Cash flow hedges [Abstract]
Gain (loss) recognized in OCI	3	3
Foreign Currency Debt
Net investment hedges [Abstract]
Gain (loss) on instruments	370	(356)
Gain (loss) on hedged items	$ (370)	$ 356

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Capital Stock and Stock-Based Compensation Plans - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) plan $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Jun. 18, 2018 USD ($)
Preference Stock [Abstract]
Shares authorized (in shares) | shares	50,262,150
Stock Repurchases [Abstract]
Repurchased stock	$ 1,320	$ 1,476	$ 1,202
Stock-Based Compensation [Abstract]
Number of stockholder approved plans, current | plan	1
Total stock-based compensation expense charged against pretax income	$ 135	107	100
Total income tax benefit from stock compensation	$ 25	$ 20	$ 20
Weighted-average estimated fair value of stock options granted (in dollars per share) | $ / shares	$ 11.11	$ 11.26	$ 10.48
Stock-based compensation, additional disclosures [Abstract]
Tax benefit from exercise of stock options and vesting of restricted stock unit awards	$ 9	$ 8	$ 6
Proceeds from exercise of stock options	$ 424	$ 874	498
Stock Option Plans
Additional disclosures pertaining to stock based compensation [Abstract]
Vesting period (in years)	3 years
Unrecognized compensation expense	$ 32
Number of shares available for grant (in shares) | shares	26,038,000
Unrecognized compensation expense, weighted-average period of recognition in years	1 year 6 months
Stock-based compensation, additional disclosures [Abstract]
Contractual term (in years)	8 years	6 years
Total intrinsic value of options exercised	$ 83	$ 136	$ 84
Performance Shares | Incentive Stock Plans
Additional disclosures pertaining to stock based compensation [Abstract]
Vesting period (in years)	3 years
Unrecognized compensation expense	$ 26
Time-Vested Stock | Incentive Stock Plans
Additional disclosures pertaining to stock based compensation [Abstract]
Vesting period (in years)	3 years
Unrecognized compensation expense	$ 56
Number of shares available for grant (in shares) | shares	10,990,000	0	0
Unrecognized compensation expense, weighted-average period of recognition in years	2 years
Total fair value of shares vested	$ 47	$ 58	$ 53
Program 2018
Stock Repurchases [Abstract]
Stock repurchase program, authorized amount				$ 5,000
Repurchased stock	$ 1,320

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Capital Stock and Stock-Based Compensation Plans - Summary of Common Stock and Treasury Stock Activity (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock Outstanding
Common stock balance, January 1 (in shares)	849,893,601	854,701,779	862,912,792
Common stock acquired (in shares)	16,518,163	18,701,843	17,219,642
Shares issued for stock options (in shares)	6,357,793	13,018,354	8,145,777
Shares issued for restricted stock and other (in shares)	747,053	875,311	862,852
Common stock balance, December 31 (in shares)	840,480,284	849,893,601	854,701,779
Treasury Stock
Treasury stock balance, January 1 (in shares)	615,812,759	611,004,581	602,793,568
Common stock acquired (in shares)	16,518,163	18,701,843	17,219,642
Shares issued for stock options (in shares)	6,357,793	13,018,354	8,145,777
Shares issued for restricted stock and other (in shares)	747,053	875,311	862,852
Treasury stock balance, December 31 (in shares)	625,226,076	615,812,759	611,004,581

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Capital Stock and Stock-Based Compensation Plans - Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Expected term of options	6 years	6 years	6 years
Expected volatility rate	20.30%	21.80%	19.20%
Risk-free interest rate	1.00%	0.50%	1.50%
Expected dividend yield	2.30%	2.30%	2.30%

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Capital Stock and Stock-Based Compensation Plans - Summary of Performance Restricted Stock Activity (Details) - Performance Shares shares in Thousands	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Shares (in thousands)
Restricted stock awards - beginning balance (in shares) | shares	860
Granted (in shares) | shares	355
Forfeited (in shares) | shares	(189)
Restricted stock awards - ending balance (in shares) | shares	1,026
Weighted Average Grant Date Fair Value Per Award
Restricted stock awards - beginning of period (in dollars per share) | $ / shares	$ 73
Restricted stock awards - shares granted (in dollars per share) | $ / shares	70
Restricted stock awards - shares forfeited (in dollars per share) | $ / shares	81
Restricted stock awards - end of period (in dollars per share) | $ / shares	$ 70

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Capital Stock and Stock-Based Compensation Plans - Summary of Restricted Stock Activity (Details) - Time-Vested Stock shares in Thousands	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Shares (in thousands)
Restricted stock awards - beginning balance (in shares) | shares	1,897
Granted (in shares) | shares	749
Vested (in shares) | shares	(674)
Forfeited (in shares) | shares	(56)
Restricted stock awards - ending balance (in shares) | shares	1,916
Weighted Average Grant Date Fair Value Per Award
Restricted stock awards - beginning of period (in dollars per share) | $ / shares	$ 73
Restricted stock awards - shares granted (in dollars per share) | $ / shares	78
Weighted average grant date fair value of restricted stock awards - shares vested (in dollars per share) | $ / shares	70
Restricted stock awards - shares forfeited (in dollars per share) | $ / shares	74
Restricted stock awards - end of period (in dollars per share) | $ / shares	$ 76

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Capital Stock and Stock-Based Compensation Plans - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Shares (in thousands)
Options - beginning balance (in shares) | shares	27,530
Granted (in shares) | shares	5,120
Exercised (in shares) | shares	(6,358)
Forfeited (in shares) | shares	(173)
Expired (in share) | shares	(24)
Options - ending balance (in shares) | shares	26,095
Options exercisable (in shares) | shares	16,725
Weighted Average Exercise Price
Options - beginning of period (in dollars per share) | $ / shares	$ 71
Options - shares granted (in dollars per share) | $ / shares	77
Options - shares exercised (in dollars per share) | $ / shares	68
Options - shares forfeited (in dollars per share) | $ / shares	75
Options - shares expired (in dollars per share) | $ / shares	73
Options - end of period (in dollars per share) | $ / shares	72
Options exercisable - end of period (in dollars per share) | $ / shares	$ 72
Weighted average remaining contractual life, options outstanding (in years)	5 years
Weighted average remaining contractual life, options exercisable (in years)	3 years
Intrinsic value of unexercised in-the-money options, options outstanding | $	$ 309
Intrinsic value of unexercised in-the-money options, options exercisable | $	$ 223

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Employee Stock Ownership Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Shares in ESOP (in shares)	10,290,667	11,545,950
Outstanding borrowings in the ESOP	$ 1
Common shares released and allocated to participant accounts (in shares)	9,559,255
Common shares available for future allocation to participant accounts (in shares)	731,412
Annual ESOP expense	$ 0	$ 0	$ 0
Dividends paid by the Company on shares held by the ESOP	20	23	25
Company contributions to the ESOP	$ 0	$ 0	$ 0

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Retirement Plans and Other Retiree Benefits - Schedule of Target Asset Allocation (Details)	Dec. 31, 2021
United States
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target asset allocation	100.00%
International
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target asset allocation	100.00%
Equity securities | United States
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target asset allocation	21.00%
Equity securities | International
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target asset allocation	22.00%
Fixed income securities | United States
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target asset allocation	76.00%
Fixed income securities | International
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target asset allocation	63.00%
Real estate and other investments | United States
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target asset allocation	3.00%
Real estate and other investments | International
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target asset allocation	15.00%

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Retirement Plans and Other Retiree Benefits - Allocation of Plan Assets and Level of Valuation Input, by Major Asset Category (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Percent of fixed income assets invested in US treasury or agency securities	40.00%	50.00%
Other assets and liabilities, net
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 0
Other Retiree Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	3	$ 37
Other Retiree Benefit Plans | Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	2
Other Retiree Benefit Plans | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	1
Other Retiree Benefit Plans | Cash and cash equivalents | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other Retiree Benefit Plans | U.S. common stocks | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other Retiree Benefit Plans | International common stocks | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other Retiree Benefit Plans | Pooled funds | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other Retiree Benefit Plans | Fixed income securities | Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	2
Other Retiree Benefit Plans | Guaranteed investment contracts | Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other Retiree Benefit Plans | Domestic, developed and emerging markets equity funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	1
Other Retiree Benefit Plans | Fixed income funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other Retiree Benefit Plans | Hedge funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other Retiree Benefit Plans | Multi-Asset funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other Retiree Benefit Plans | Real estate funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other Retiree Benefit Plans | Other assets and liabilities, net
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
United States | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,834	1,921	1,806
United States | Pension Plans | Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	992	1,233
United States | Pension Plans | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	856	703
United States | Pension Plans | Cash and cash equivalents | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	38	50
United States | Pension Plans | U.S. common stocks | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Pension Plans | International common stocks | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Pension Plans | Pooled funds | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	48	65
United States | Pension Plans | Fixed income securities | Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	905	1,117
United States | Pension Plans | Guaranteed investment contracts | Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	1
United States | Pension Plans | Domestic, developed and emerging markets equity funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	361	456
United States | Pension Plans | Fixed income funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	469	136
United States | Pension Plans | Hedge funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Pension Plans | Multi-Asset funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	26	77
United States | Pension Plans | Real estate funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	34
United States | Pension Plans | Other assets and liabilities, net
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	(14)	(15)
International | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	723	698	$ 586
International | Pension Plans | Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	258	252
International | Pension Plans | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	465	446
International | Pension Plans | Cash and cash equivalents | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9	12
International | Pension Plans | U.S. common stocks | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2	1
International | Pension Plans | International common stocks | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13	8
International | Pension Plans | Pooled funds | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	116	117
International | Pension Plans | Fixed income securities | Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	67	59
International | Pension Plans | Guaranteed investment contracts | Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	51	55
International | Pension Plans | Domestic, developed and emerging markets equity funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	97	183
International | Pension Plans | Fixed income funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	328	225
International | Pension Plans | Hedge funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8	6
International | Pension Plans | Multi-Asset funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2	2
International | Pension Plans | Real estate funds | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	30	30
International | Pension Plans | Other assets and liabilities, net
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 0

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Retirement Plans and Other Retiree Benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Expected benefit payments from company assets	$ 89
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on plan assets	5.70%
Pension Plans | United States
Defined Benefit Plan Disclosure [Line Items]
Percentage of investments in Company's common stock	0.00%
U.S. plans assets sold to Company (in shares)		739,869
U.S. plans assets purchased to Company (in shares)	0	0
Defined Benefit Plan Dividends Received On Employer Securities	$ 0	$ 0
Expected long-term rate of return on plan assets	5.70%	5.70%
Average annual rates of return for the most recent 1-year period	3.00%
Average annual rates of return for the most recent 5-year period	8.00%
Average annual rates of return for the most recent 10-year period	8.00%
Average annual rates of return for the most recent 15-year period	6.00%
Average annual rates of return for the most recent 25-year period	7.00%
Voluntary contributions to postretirement plans	$ 0	$ 0	$ 113
Other postretirement charges	$ (3)	$ 4	7
Pension Plans | International
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on plan assets	2.72%	2.93%
Other postretirement charges	$ 1	$ 0	1
Other Retiree Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on plan assets		5.70%
Medical cost trend rate assumed for next fiscal year	6.00%
Ultimate medical cost trend rate	4.75%
Year which ultimate medical cost trend rate is reached	2026
Other postretirement charges	$ 0	$ 0	$ 0

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Retirement Plans and Other Retiree Benefits - Summary of Defined Benefit and Other Retiree Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amounts Recognized in Balance Sheet
Current liabilities	$ (87)	$ (89)
Pension Plans
Weighted-Average Assumptions Used to Determine Benefit Obligations
Expected long-term rate of return on plan assets	5.70%
Other Retiree Benefit Plans
Change in Benefit Obligations
Benefit obligations at beginning of year	$ 1,112	1,050
Service cost	26	20	$ 15
Interest cost	35	37	41
Participants’ contributions	0	0
Acquisitions/plan amendments	0	0
Actuarial loss (gain)	(50)	61
Foreign exchange impact	(8)	(9)
Termination benefits	0	0
Curtailments and settlements	0	0
Benefit payments	(35)	(47)
Other	0	0
Benefit obligations at end of year	1,080	1,112	1,050
Change in Plan Assets
Fair value of plan assets at beginning of year	3	37
Actual return on plan assets	0	2
Company contributions	32	11
Participants’ contributions	0	0
Foreign exchange impact	0	0
Settlements and acquisitions	0	0
Benefit payments	(35)	(47)
Other	0	0
Fair value of plan assets at end of year	0	3	37
Funded Status
Benefit obligations at end of year	1,080	1,112	1,050
Fair value of plan assets at end of year	0	3	37
Net amount recognized	(1,080)	(1,109)
Amounts Recognized in Balance Sheet
Noncurrent assets	0	0
Current liabilities	(47)	(45)
Noncurrent liabilities	(1,033)	(1,064)
Net amount recognized	(1,080)	(1,109)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Actuarial loss	356	429
Transition/prior service cost	0	0
Amounts recognized in accumulated other comprehensive income	356	429
Accumulated benefit obligation	$ 0	$ 0
Weighted-Average Assumptions Used to Determine Benefit Obligations
Discount rate	3.06%	2.88%
Expected long-term rate of return on plan assets		5.70%
Long-term rate of compensation increase	3.50%	3.50%
ESOP growth rate	6.00%	10.00%
Medical cost trend rate of increase	6.00%	6.00%
Interest Crediting Rate	0.00%	0.00%
United States | Pension Plans
Change in Benefit Obligations
Benefit obligations at beginning of year	$ 2,363	$ 2,272
Service cost	0	1	1
Interest cost	61	74	90
Participants’ contributions	0	0
Acquisitions/plan amendments	(2)	0
Actuarial loss (gain)	(52)	171
Foreign exchange impact	0	0
Termination benefits	0	3
Curtailments and settlements	(5)	(3)
Benefit payments	(158)	(155)
Other	0	0
Benefit obligations at end of year	2,207	2,363	2,272
Change in Plan Assets
Fair value of plan assets at beginning of year	1,921	1,806
Actual return on plan assets	46	243
Company contributions	28	30
Participants’ contributions	0	0
Foreign exchange impact	0	0
Settlements and acquisitions	(3)	(3)
Benefit payments	(158)	(155)
Other	0	0
Fair value of plan assets at end of year	1,834	1,921	1,806
Funded Status
Benefit obligations at end of year	2,207	2,363	2,272
Fair value of plan assets at end of year	1,834	1,921	1,806
Net amount recognized	(373)	(442)
Amounts Recognized in Balance Sheet
Noncurrent assets	70	20
Current liabilities	(27)	(30)
Noncurrent liabilities	(416)	(432)
Net amount recognized	(373)	(442)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Actuarial loss	866	902
Transition/prior service cost	0	1
Amounts recognized in accumulated other comprehensive income	866	903
Accumulated benefit obligation	$ 2,171	$ 2,325
Weighted-Average Assumptions Used to Determine Benefit Obligations
Discount rate	2.98%	2.65%
Expected long-term rate of return on plan assets	5.70%	5.70%
Long-term rate of compensation increase	3.50%	3.50%
ESOP growth rate	0.00%	0.00%
Medical cost trend rate of increase	0.00%	0.00%
Interest Crediting Rate	2.85%	2.48%
International | Pension Plans
Change in Benefit Obligations
Benefit obligations at beginning of year	$ 1,013	$ 876
Service cost	19	17	14
Interest cost	20	21	22
Participants’ contributions	6	5
Acquisitions/plan amendments	0	30
Actuarial loss (gain)	(39)	65
Foreign exchange impact	(38)	46
Termination benefits	0	0
Curtailments and settlements	(4)	(7)
Benefit payments	(40)	(40)
Other	0	0
Benefit obligations at end of year	937	1,013	876
Change in Plan Assets
Fair value of plan assets at beginning of year	698	586
Actual return on plan assets	45	59
Company contributions	33	36
Participants’ contributions	6	5
Foreign exchange impact	(14)	26
Settlements and acquisitions	(5)	26
Benefit payments	(40)	(40)
Other	0	0
Fair value of plan assets at end of year	723	698	586
Funded Status
Benefit obligations at end of year	937	1,013	876
Fair value of plan assets at end of year	723	698	$ 586
Net amount recognized	(214)	(315)
Amounts Recognized in Balance Sheet
Noncurrent assets	72	18
Current liabilities	(13)	(14)
Noncurrent liabilities	(273)	(319)
Net amount recognized	(214)	(315)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Actuarial loss	179	255
Transition/prior service cost	9	7
Amounts recognized in accumulated other comprehensive income	188	262
Accumulated benefit obligation	$ 872	$ 946
Weighted-Average Assumptions Used to Determine Benefit Obligations
Discount rate	2.10%	1.61%
Expected long-term rate of return on plan assets	2.72%	2.93%
Long-term rate of compensation increase	2.89%	2.62%
ESOP growth rate	0.00%	0.00%
Medical cost trend rate of increase	0.00%	0.00%
Interest Crediting Rate	0.84%	0.83%

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Retirement Plans and Other Retiree Benefits - Benefit Obligation Exceeds Fair Value of Plan Assets (Details) - Pension Plans - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 805	$ 1,092
Fair value of plan assets	82	299
Accumulated benefit obligation	771	882
Fair value of plan assets	$ 81	$ 134

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Retirement Plans and Other Retiree Benefits - Summary of Other Retiree Benefit Plans (Details) - Other Retiree Benefit Plans - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 1,080	$ 1,112
Fair value of plan assets	$ 0	$ 3

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Retirement Plans and Other Retiree Benefits - Summary of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Retiree Benefit Plans
Components of Net Periodic Benefit Cost
Service cost	$ 26	$ 20	$ 15
Interest cost	35	37	41
Expected return on plan assets	0	(2)	(3)
Amortization of transition and prior service costs (credits)	0	0	0
Amortization of actuarial loss	23	18	11
Net periodic benefit cost	84	73	64
Other postretirement charges	0	0	0
Total pension cost	$ 84	$ 73	$ 64
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	2.88%	3.56%	4.43%
Expected long-term rate of return on plan assets	5.70%	6.30%	6.60%
Long-term rate of compensation increase	0.00%	0.00%	0.00%
ESOP growth rate	10.00%	10.00%	10.00%
Medical cost trend rate of increase	6.00%	6.00%	6.00%
Interest Crediting Rate	0.00%	0.00%	0.00%
United States | Pension Plans
Components of Net Periodic Benefit Cost
Service cost	$ 0	$ 1	$ 1
Interest cost	61	74	90
Expected return on plan assets	(106)	(111)	(103)
Amortization of transition and prior service costs (credits)	0	0	0
Amortization of actuarial loss	47	46	51
Net periodic benefit cost	2	10	39
Other postretirement charges	(3)	4	7
Total pension cost	$ (1)	$ 14	$ 46
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	2.65%	3.40%	4.38%
Expected long-term rate of return on plan assets	5.70%	6.30%	6.60%
Long-term rate of compensation increase	3.50%	3.50%	3.50%
ESOP growth rate	0.00%	0.00%	0.00%
Medical cost trend rate of increase	0.00%	0.00%	0.00%
Interest Crediting Rate	2.48%	3.21%	4.26%
International | Pension Plans
Components of Net Periodic Benefit Cost
Service cost	$ 19	$ 17	$ 14
Interest cost	20	21	22
Expected return on plan assets	(20)	(22)	(19)
Amortization of transition and prior service costs (credits)	1	0	1
Amortization of actuarial loss	11	9	9
Net periodic benefit cost	31	25	27
Other postretirement charges	1	0	1
Total pension cost	$ 32	$ 25	$ 28
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	1.61%	2.06%	2.80%
Expected long-term rate of return on plan assets	2.93%	3.38%	4.06%
Long-term rate of compensation increase	2.62%	2.83%	2.86%
ESOP growth rate	0.00%	0.00%	0.00%
Medical cost trend rate of increase	0.00%	0.00%	0.00%
Interest Crediting Rate	0.83%	0.85%	0.85%

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Retirement Plans and Other Retiree Benefits - Expected Contributions and Benefit Payments (Details) $ in Millions	Dec. 31, 2021 USD ($)
Total benefit payments [Abstract]
2022	$ 237
2023	234
2024	241
2025	238
2026	244
2027-2031	1,205
Other Retiree Benefit Plans
Total benefit payments [Abstract]
2022	47
2023	48
2024	49
2025	50
2026	51
2027-2031	267
United States | Pension Plans
Total benefit payments [Abstract]
2022	147
2023	146
2024	147
2025	144
2026	147
2027-2031	692
International | Pension Plans
Total benefit payments [Abstract]
2022	43
2023	40
2024	45
2025	44
2026	46
2027-2031	$ 246

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Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ 1,256	$ 1,317	$ 1,050
International	1,831	2,330	2,251
Income before income taxes	$ 3,087	$ 3,647	$ 3,301

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Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ 228	$ 259	$ 180
International	521	528	594
Total Provision for income taxes	$ 749	$ 787	$ 774

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Income Taxes - Income Tax Provision Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Goodwill and intangible assets	$ 50	$ 1	$ 34
Property, plant and equipment	(19)	12	12
Pension and other retiree benefits	(4)	10	(13)
Stock-based compensation	11	(7)	(1)
Right-of-use assets/lease liabilities	(2)	(1)	0
Tax credits and tax loss carryforwards	(2)	(1)	3
Deferred withholding tax	(16)	111	(21)
Other, net	19	18	(33)
Total deferred tax benefit (provision)	$ 37	$ 143	$ (19)

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Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Tax at United States statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	1.10%	1.00%	0.60%
Earnings taxed at other than United States statutory rate	2.70%	3.30%	4.60%
Benefit for foreign tax matters	0.00%	(2.00%)	(0.90%)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent	2.20%	0.00%	0.00%
Foreign-derived intangible income benefit	(2.20%)	(1.60%)	(1.30%)
Other, net	(0.50%)	(0.10%)	(0.60%)
Effective tax rate	24.30%	21.60%	23.40%
Provisional income tax benefit		$ 71,000,000
Foreign withholding income tax	$ 45,000,000	45,000,000
Valuation allowance against deferred tax asset		$ 26,000,000
Withholding tax due	$ 0
Income tax benefit related to changes in swiss preferential tax regime and increase to cantonal tax rate			$ 29,000,000

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Income Taxes - Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax liabilities:
Goodwill and intangible assets	$ (523)	$ (603)
Property, plant and equipment	(301)	(281)
Right-of-use assets	(125)	(131)
Deferred withholding tax	(111)	(95)
Other	(35)	(52)
Total deferred tax liabilities	(1,095)	(1,162)
Deferred tax assets:
Pension and other retiree benefits	344	404
Tax credits and tax loss carryforwards	152	127
Lease liabilities	138	144
Accrued liabilities	234	250
Stock-based compensation	76	73
Other	69	125
Total deferred tax assets	1,013	1,123
Valuation Allowance	(120)	(96)
Net deferred tax assets	893	1,027
Net deferred income taxes	$ (202)	$ (135)

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Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Income tax expense (benefit) allocated directly to equity	$ 146,000,000	$ (101,000,000)	$ (13,000,000)
Unrecognized tax benefits that would impact effective tax rate	235,000,000
Interest (income) expense recognized related to unrecognized tax benefits	10,000,000	9,000,000	0
Accrued interest related to unrecognized tax benefits	$ 35,000,000	$ 24,000,000	$ 23,000,000
Minimum
Income Taxes [Line Items]
Statue of limitations on foreign jurisdictions for tax audits	3 years
Maximum
Income Taxes [Line Items]
Statue of limitations on foreign jurisdictions for tax audits	6 years

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Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unrecognized tax benefits:
Balance, January 1	$ 227	$ 173	$ 190
Increases as a result of tax positions taken during the current year	26	18	14
Decreases of tax positions taken during prior years	(20)	(5)	(21)
Increases of tax positions taken during prior years	40	57	20
Decreases as a result of settlements with taxing authorities and the expiration of statutes of limitations	(23)	(19)	(30)
Effect of foreign currency rate movements	(5)	3	0
Balance, December 31	$ 245	$ 227	$ 173

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Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income attributable to Colgate-Palmolive Company
Basic EPS	$ 2,166	$ 2,695	$ 2,367
Diluted EPS	$ 2,166	$ 2,695	$ 2,367
Shares (millions)
Basic EPS (in shares)	845.0	856.8	859.1
Stock options and restricted stock units (in shares)	3.3	2.5	2.0
Diluted EPS (in shares)	848.3	859.3	861.1
Per Share
Basic EPS (in dollars per share)	$ 2.56	$ 3.15	$ 2.76
Diluted EPS (in dollars per share)	$ 2.55	$ 3.14	$ 2.75

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Earnings Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,495,393	3,257,310	19,901,202
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	126,378	25,381	4,516

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Commitments and Contingencies (Details) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2019 USD ($)	Dec. 31, 2021 USD ($) case country_and_territory	Dec. 31, 2020 case	Jul. 31, 2017 USD ($)	Dec. 31, 2005 USD ($)
Loss Contingencies [Line Items]
Contractual commitments, amount		$ 724.0
Number of countries in which entity operates | country_and_territory		200
Brazilian internal revenue authority, matter 1		$ 106.0
Loss contingency, number of cases on appeal | case		5
Brazilian internal revenue authority, matter 2					$ 47.0
Fine imposed by greek competition authority				$ 11.0
Increase (decrease) in fine imposed by Greek competition authority	$ 10.5
Loss contingency, pending claims, number (in cases) | case		171	136
Loss contingency, new claims filed, number (in cases) | case		74
Loss contingency, claims dismissed or settled, number (in cases) | case		39
Minimum
Loss Contingencies [Line Items]
Range of reasonably possible losses		$ 0.0
Maximum
Loss Contingencies [Line Items]
Range of reasonably possible losses		$ 425.0

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Segment Information - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) business_segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of product segments (in segments) | business_segment	2
Number of reportable segments (in segments) | business_segment	5
Number of operating segments (in segments) | business_segment	5
Goodwill and indefinite-lived intangible impairment charges	$ 571	$ 0	$ 0
Restructuring and related cost, incurred cost	0	(13)	57
Global Growth and Efficiency Program
Segment Reporting Information [Line Items]
Restructuring and related cost, incurred cost			132
Operating Profit | Corporate
Segment Reporting Information [Line Items]
Goodwill and indefinite-lived intangible impairment charges	571
Acquisition-related costs		6	24
Benefit from foreign tax matter	$ 26		30
Gross Profit | Global Growth and Efficiency Program
Segment Reporting Information [Line Items]
Restructuring and related cost, incurred cost		$ 16	$ 125
Sales Revenue, Net
Segment Reporting Information [Line Items]
Percentage of consolidated Net sales represented by sales outside US	70.00%
Percentage of consolidated Net sales coming from emerging markets	45.00%
Sales Revenue, Net | Customer Concentration Risk | Walmart, Inc.
Segment Reporting Information [Line Items]
Percentage of consolidated sales represented by one customer	12.00%	12.00%	11.00%

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Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net sales	$ 17,421	$ 16,471	$ 15,693
Operating profit	3,332	3,885	3,554
Capital expenditures	567	409	335
Depreciation and amortization	556	539	519
Identifiable assets	$ 15,040	$ 15,920	$ 15,034
Percentage of corporate identifiable assets consisting of investments in equity securities	87.00%	95.00%	92.00%
Percentage of corporate identifiable assets consisting of derivative instruments	10.00%		2.00%
Total long lived assets	$ 4,256	$ 4,237	$ 4,254
United States
Segment Reporting Information [Line Items]
Total long lived assets	1,981	1,889	1,895
Non-US
Segment Reporting Information [Line Items]
Total long lived assets	2,275	2,348	2,359
Oral, Personal and Home Care | United States
Segment Reporting Information [Line Items]
Net sales	3,391	3,447	3,166
Pet Nutrition | United States
Segment Reporting Information [Line Items]
Net sales	2,018	1,712	1,441
Operating Segments | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Net sales	14,110	13,588	13,168
Operating profit	3,495	3,594	3,505
Capital expenditures	332	274	223
Depreciation and amortization	395	380	358
Identifiable assets	13,619	14,646	13,809
Operating Segments | Oral, Personal and Home Care | North America
Segment Reporting Information [Line Items]
Net sales	3,694	3,741	3,424
Operating profit	754	988	982
Capital expenditures	87	65	43
Depreciation and amortization	104	101	94
Identifiable assets	4,058	4,132	3,576
Operating Segments | Oral, Personal and Home Care | Latin America
Segment Reporting Information [Line Items]
Net sales	3,663	3,418	3,606
Operating profit	1,012	975	963
Capital expenditures	118	104	90
Depreciation and amortization	88	81	84
Identifiable assets	2,369	2,251	2,384
Operating Segments | Oral, Personal and Home Care | Europe
Segment Reporting Information [Line Items]
Net sales	2,841	2,747	2,450
Operating profit	682	652	624
Capital expenditures	44	41	42
Depreciation and amortization	98	94	72
Identifiable assets	4,432	5,386	5,104
Operating Segments | Oral, Personal and Home Care | Asia Pacific
Segment Reporting Information [Line Items]
Net sales	2,867	2,701	2,707
Operating profit	844	773	749
Capital expenditures	50	51	40
Depreciation and amortization	96	95	100
Identifiable assets	2,161	2,272	2,155
Operating Segments | Oral, Personal and Home Care | Africa/Eurasia
Segment Reporting Information [Line Items]
Net sales	1,045	981	981
Operating profit	203	206	187
Capital expenditures	33	13	8
Depreciation and amortization	9	9	8
Identifiable assets	599	605	590
Operating Segments | Pet Nutrition
Segment Reporting Information [Line Items]
Net sales	3,311	2,883	2,525
Operating profit	901	793	703
Capital expenditures	147	56	41
Depreciation and amortization	62	58	55
Identifiable assets	1,342	1,210	1,175
Corporate
Segment Reporting Information [Line Items]
Operating profit	(1,064)	(502)	(654)
Capital expenditures	88	79	71
Depreciation and amortization	99	101	106
Identifiable assets	$ 79	$ 64	$ 50

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Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease, payments	$ 173	$ 193
Right-of-use asset obtained in exchange for operating lease liability	$ 197	$ 163
Operating lease, weighted average remaining lease term	8 years	8 years
Operating lease, weighted average discount rate	4.00%	4.20%

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Leases - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Other assets	$ 527	$ 521
Other accruals	137	137
Other liabilities	451	476
Total operating lease liabilities	$ 588	$ 613
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accruals	Other accruals
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities

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Leases - Schedule of Minimum Lease Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 156
2023	109
2024	76
2025	61
2026	48
Thereafter	235
Total lease commitments	685
Less: Interest	(97)
Present value of lease liabilities	$ 588	$ 613

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Leases - Schedule of Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 142	$ 155
Short-term lease cost	7	3
Variable lease cost	20	20
Sublease Income	(1)	0
Total lease cost	$ 168	$ 178

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Supplemental Income Statement Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other (income) expense, net
Global Growth and Efficiency Program	$ 0	$ (13)	$ 57
Amortization of intangible assets	89	88	62
Equity income	(12)	(12)	(9)
Value-added tax matter in Brazil	(26)	0	(30)
Write-off of certain investments and fixed assets	10	0	51
Acquisition-related costs	0	2	21
Charges for a change in go-to-market strategy in certain countries	0	0	15
Other, net	4	48	29
Total Other (income) expense, net	65	113	196
Interest (income) expense, net
Interest incurred	195	184	193
Interest capitalized	(3)	(1)	(1)
Interest income	(17)	(19)	(47)
Total Interest (income) expense, net	175	164	145
Research and development	307	290	281
Advertising	$ 2,021	$ 1,948	$ 1,694

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Supplemental Balance Sheet Information - Schedule of Inventories by Major Class (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventories
Raw materials and supplies	$ 505	$ 454
Work-in-process	39	45
Finished goods	1,248	1,256
Total Inventories, net	1,792	1,755
Non-current inventory, net	(100)	(82)
Current Inventories, net	$ 1,692	$ 1,673

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Supplemental Balance Sheet Information - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Inventories valued under LIFO	$ 410	$ 439
Excess of current cost over LIFO cost	$ 60	$ 65

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Supplemental Balance Sheet Information - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property, plant and equipment, net
Land	$ 163	$ 166
Buildings	1,603	1,623
Manufacturing machinery and equipment	5,527	5,409
Other equipment	1,606	1,553
Property, plant and equipment, gross	8,899	8,751
Accumulated depreciation	(5,169)	(5,035)
Property, plant and equipment, net	$ 3,730	$ 3,716

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Supplemental Balance Sheet Information - Schedule of Other Accruals (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other accruals
Accrued advertising and coupon redemption	$ 709	$ 728
Accrued payroll and employee benefits	353	401
Accrued taxes other than income taxes	118	116
Restructuring accrual	7	21
Pension and other retiree benefits	87	89
Lease liabilities due in one year	137	137
Accrued interest	38	39
Derivatives	6	93
Other	630	717
Other accruals	$ 2,085	$ 2,341

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Supplemental Balance Sheet Information - Schedule of Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other liabilities
Pension and other retiree benefits	$ 1,722	$ 1,815
Restructuring accrual	2	10
Long-term lease liabilities	451	476
Other	254	354
Total Other liabilities	$ 2,429	$ 2,655

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Supplemental Other Comprehensive Income (Loss) Information - Schedule of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total Other comprehensive income (loss), net of tax	$ (43)	$ (66)	$ (87)
Cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), Pretax	(99)	(119)	49
Total Other comprehensive income (loss), net of tax	(191)	(30)	27
Pension and other benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before reclassifications, Pretax	102	(125)	(204)
Reclassification from AOCI, Pretax	82	74	72
Other comprehensive income (loss), Pretax	184	(51)	(132)
Other comprehensive income (loss), before reclassifications, Net of Tax	71	(97)	(154)
Reclassification from AOCI, Net of Tax	63	57	54
Total Other comprehensive income (loss), net of tax	134	(40)	(100)
Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before reclassifications, Pretax	13	(3)	(9)
Reclassification from AOCI, Pretax	7	0	(6)
Other comprehensive income (loss), Pretax	20	(3)	(15)
Other comprehensive income (loss), before reclassifications, Net of Tax	10	(2)	(7)
Reclassification from AOCI, Net of Tax	6	0	(5)
Total Other comprehensive income (loss), net of tax	16	(2)	(12)
Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), Pretax	105	(173)	(98)
Total Other comprehensive income (loss), net of tax	$ (41)	$ (72)	$ (85)

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Supplemental Other Comprehensive Income (Loss) Information - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Unrecognized pension and other retiree benefit costs, aftertax	$ 1,044	$ 1,178
Foreign currency translation adjustments	$ 3,349	$ 3,158

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Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for doubtful accounts and estimated returns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance of valuation allowance and reserves	$ 89	$ 76	$ 82
Charged to Costs and Expenses, additions	35	16	6
Other, additions	0	0	0
Deductions	46	3	12
Ending balance of valuation allowance and reserves	78	89	76
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance of valuation allowance and reserves	96	115	54
Charged to Costs and Expenses, additions	27	31	68
Other, additions	0	0	0
Deductions	3	50	7
Ending balance of valuation allowance and reserves	$ 120	$ 96	$ 115