10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________________

FORM 10-Q

________________________

 (Mark One)

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

For the quarterly period ended June 30, 2024

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)

(212) 310-2000

(Registrant’s telephone number, including area code)

NO CHANGES

(Former name, former address and former fiscal year, if changed since last report)

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 whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒  No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class	Shares Outstanding	Date
Common stock, $1.00 par value	817,087,145	June 30, 2024

PART I.    FINANCIAL INFORMATION

COLGATE-PALMOLIVE COMPANY

Condensed Consolidated Statements of Income

(Dollars in Millions Except Per Share Amounts)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net sales	$	5,058	$	4,822	$	10,124	$	9,592
Cost of sales	1,992		2,035		4,019		4,093
Gross profit	3,066		2,787		6,105		5,499
Selling, general and administrative expenses	1,939		1,768		3,855		3,526
Other (income) expense, net	35		45		111		90
Operating profit	1,092		974		2,139		1,883
Non-service related postretirement costs	22		29		44		323
Interest (income) expense, net	60		58		118		112
Income before income taxes	1,010		887		1,977		1,448
Provision for income taxes	243		353		482		500
Net income including noncontrolling interests	767		534		1,495		948
Less: Net income attributable to noncontrolling interests	36		32		81		74
Net income attributable to Colgate-Palmolive Company	$	731	$	502	$	1,414	$	874
Earnings per common share, basic	$	0.89	$	0.61	$	1.72	$	1.05
Earnings per common share, diluted	$	0.89	$	0.60	$	1.71	$	1.05

See Notes to Condensed Consolidated Financial Statements.

2

COLGATE-PALMOLIVE COMPANY

Condensed Consolidated Statements of Comprehensive Income

(Dollars in Millions)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net income including noncontrolling interests	$	767	$	534	$	1,495	$	948
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(118)		27		(212)		70
Retirement plans and other retiree benefit adjustments	6		6		11		13
Gains (losses) on cash flow hedges	2		(10)		2		(4)
Total Other comprehensive income (loss), net of tax	(110)		23		(199)		79
Total Comprehensive income including noncontrolling interests	657		557		1,296		1,027
Less: Net income attributable to noncontrolling interests	36		32		81		74
Less: Cumulative translation adjustments attributable to noncontrolling interests	(1)		(25)		(8)		(41)
Total Comprehensive income attributable to noncontrolling interests	35		7		73		33
Total Comprehensive income attributable to Colgate-Palmolive Company	$	622	$	550	$	1,223	$	994

See Notes to Condensed Consolidated Financial Statements.

3

COLGATE-PALMOLIVE COMPANY

Condensed Consolidated Balance Sheets

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

	June 30, 2024		December 31, 2023
Assets
Current Assets
Cash and cash equivalents	$	1,110	$	966
Receivables (net of allowances of $84 and $80, respectively)	1,825		1,586
Inventories	1,922		1,934
Other current assets	789		793
Total current assets	5,646		5,279
Property, plant and equipment:
Cost	10,167		10,286
Less: Accumulated depreciation	(5,775)		(5,704)
	4,392		4,582
Goodwill	3,320		3,410
Other intangible assets, net	1,814		1,887
Deferred income taxes	214		214
Other assets	1,094		1,021
Total assets	$	16,480	$	16,393
Liabilities and Shareholders’ Equity
Current Liabilities
Notes and loans payable	$	509	$	310
Current portion of long-term debt	21		20
Accounts payable	1,557		1,698
Accrued income taxes	399		336
Other accruals	2,864		2,377
Total current liabilities	5,350		4,741
Long-term debt	8,146		8,219
Deferred income taxes	355		361
Other liabilities	2,147		2,115
Total liabilities	15,998		15,436
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	4,035		3,808
Retained earnings	25,486		25,289
Accumulated other comprehensive income (loss)	(4,128)		(3,937)
Treasury stock, at cost	(26,736)		(26,017)
Total Colgate-Palmolive Company shareholders’ equity	123		609
Noncontrolling interests	359		348
Total equity	482		957
Total liabilities and equity	$	16,480	$	16,393

See Notes to Condensed Consolidated Financial Statements.

4

COLGATE-PALMOLIVE COMPANY

Condensed Consolidated Statements of Cash Flows

(Dollars in Millions)

(Unaudited)

	Six Months Ended
	June 30,
	2024		2023
Operating Activities
Net income including noncontrolling interests	$	1,495	$	948
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:
Depreciation and amortization	307		273
ERISA litigation matter	—		267
Restructuring and termination benefits, net of cash	48		(8)
Stock-based compensation expense	43		37
Deferred income taxes	(92)		(156)
Cash effects of changes in:
Receivables	(309)		(112)
Inventories	(17)		54
Accounts payable and other accruals	194		153
Other non-current assets and liabilities	2		1
Net cash provided by (used in) operations	1,671		1,457
Investing Activities
Capital expenditures	(243)		(347)
Purchases of marketable securities and investments	(243)		(225)
Proceeds from sale of marketable securities and investments	178		146
Other investing activities	4		(12)
Net cash provided by (used in) investing activities	(304)		(438)
Financing Activities
Short-term borrowing (repayment) less than 90 days, net	736		(415)
Principal payments of debt	(500)		(903)
Proceeds from issuance of debt	2		1,497
Dividends paid	(867)		(847)
Purchases of treasury shares	(989)		(551)
Proceeds from exercise of stock options	455		259
Other financing activities	(43)		5
Net cash provided by (used in) financing activities	(1,206)		(955)
Effect of exchange rate changes on Cash and cash equivalents	(17)		(20)
Net increase (decrease) in Cash and cash equivalents	144		44
Cash and cash equivalents at beginning of the period	966		775
Cash and cash equivalents at end of the period	$	1,110	$	819
Supplemental Cash Flow Information
Income taxes paid	$	505	$	450
Interest paid	$	161	$	129

See Notes to Condensed Consolidated Financial Statements.

5

COLGATE-PALMOLIVE COMPANY

Condensed Consolidated Statements of Changes in Shareholders’ Equity

(Dollars in Millions)

(Unaudited)

Three Months Ended June 30, 2024
	Colgate-Palmolive Company Shareholders’ Equity
	Common Stock		Additional Paid-in Capital		Unearned Compensation		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)(1)		Noncontrolling Interests
Balance, March 31, 2024	$	1,466	$	3,962	$	—	$	(26,343)	$	25,164	$	(4,019)	$	387
Net income	—		—		—		—		731		—		36
Other comprehensive income (loss), net of tax	—		—		—		—		—		(109)		(1)
Dividends ($0.50 per share)	—		—		—		—		(409)		—		(63)
Stock-based compensation expense	—		24		—		—		—		—		—
Shares issued for stock options	—		48		—		87		—		—		—
Shares issued for restricted stock units	—		(1)		—		1		—		—		—
Treasury stock acquired	—		—		—		(480)		—		—		—
Other	—		2		—		(1)		—		—		—
Balance, June 30, 2024	$	1,466	$	4,035	$	—	$	(26,736)	$	25,486	$	(4,128)	$	359

Three Months Ended June 30, 2023
	Colgate-Palmolive Company Shareholders’ Equity
	Common Stock		Additional Paid-in Capital		Unearned Compensation		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)(1)		Noncontrolling Interests
Balance, March 31, 2023	$	1,466	$	3,603	$	—	$	(25,245)	$	24,153	$	(3,983)	$	431
Net income	—		—		—		—		502		—		32
Other comprehensive income (loss), net of tax	—		—		—		—		—		48		(25)
Dividends ($0.48 per share)	—		—		—		—		(397)		—		(59)
Stock-based compensation expense	—		23		—		—		—		—		—
Shares issued for stock options	—		62		—		77		—		—		—
Shares issued for restricted stock units	—		(1)		—		1		—		—		—
Treasury stock acquired	—		—		—		(371)		—		—		—
Other	—		1		—		(3)		—		—		—
Balance, June 30, 2023	$	1,466	$	3,688	$	—	$	(25,541)	$	24,258	$	(3,935)	$	379

(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,555 at June 30, 2024 ($3,381 at June 30, 2023) and $3,438 at March 31, 2024 ($3,431 at March 31, 2023), respectively, and unrecognized retirement plan and other retiree benefits costs of $636 at June 30, 2024 ($618 at June 30, 2023) and $643 at March 31, 2024 ($624 at March 31, 2023), respectively.

See Notes to Condensed Consolidated Financial Statements.

6

COLGATE-PALMOLIVE COMPANY

Condensed Consolidated Statements of Changes in Shareholders’ Equity

(Dollars in Millions)

(Unaudited)

Six Months Ended June 30, 2024
	Colgate-Palmolive Company Shareholders’ Equity
	Common Stock		Additional Paid-in Capital		Unearned Compensation		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)(1)		Noncontrolling Interests
Balance, December 31, 2023	$	1,466	$	3,808	$	—	$	(26,017)	$	25,289	$	(3,937)	$	348
Net income	—		—		—		—		1,414		—		81
Other comprehensive income (loss), net of tax	—		—		—		—		—		(191)		(8)
Dividends ($1.48 per share)*	—		—		—		—		(1,217)		—		(63)
Stock-based compensation expense	—		43		—		—		—		—		—
Shares issued for stock options	—		202		—		250		—		—		—
Shares issued for restricted stock units	—		(22)		—		22		—		—		—
Treasury stock acquired	—		—		—		(989)		—		—		—
Other	—		4		—		(2)		—		—		1
Balance, June 30, 2024	$	1,466	$	4,035	$	—	$	(26,736)	$	25,486	$	(4,128)	$	359

Six Months Ended June 30, 2023
	Colgate-Palmolive Company Shareholders’ Equity
	Common Stock		Additional Paid-in Capital		Unearned Compensation		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)(1)		Noncontrolling Interests
Balance, December 31, 2022	$	1,466	$	3,546	$	(1)	$	(25,128)	$	24,573	$	(4,055)	$	405
Net income	—		—		—		—		874		—		74
Other comprehensive income (loss), net of tax	—		—		—		—		—		120		(41)
Dividends ($1.43 per share)*	—		—		—		—		(1,189)		—		(59)
Stock-based compensation expense	—		37		—		—		—		—		—
Shares issued for stock options	—		116		—		127		—		—		—
Shares issued for restricted stock units	—		(14)		—		14		—		—		—
Treasury stock acquired	—		—		—		(551)		—		—		—
Other	—		3		1		(3)		—		—		—
Balance, June 30, 2023	$	1,466	$	3,688	$	—	$	(25,541)	$	24,258	$	(3,935)	$	379

(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,555 at June 30, 2024 ($3,381 at June 30, 2023) and $3,351 at December 31, 2023 ($3,491 at December 31, 2022), respectively, and unrecognized retirement plan and other retiree benefits costs of $636 at June 30, 2024 ($618 at June 30, 2023) and $647 at December 31, 2023 ($631 at December 31, 2022), respectively.

* Two dividends were declared in each of the first quarters of 2024 and 2023.

See Notes to Condensed Consolidated Financial Statements.

7

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

1.    Basis of Presentation

The Condensed Consolidated Financial Statements reflect all normal recurring adjustments which, in management’s opinion, are necessary for a fair statement of the results for interim periods. Results of operations for interim periods may not be representative of results to be expected for a full year. Note that certain columns and rows may not sum due to rounding. Colgate-Palmolive Company (together with its subsidiaries, the “Company” or “Colgate”) reclassifies certain prior year amounts, as applicable, to conform to the current year presentation.

For a complete set of financial statement notes, including the Company’s significant accounting policies, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”).

2.     Use of Estimates

Provisions for certain expenses, including income taxes, advertising and consumer promotion, are based on full year assumptions and are included in the accompanying Condensed Consolidated Financial Statements in proportion with estimated annual tax rates, the passage of time or estimated annual sales, as applicable.

3.    Recent Accounting Pronouncements and Disclosure Rules

In March 2024, the SEC finalized rules intended to enhance and standardize climate-related disclosures in registrants’ registration statements and Annual Reports on Form 10-K. The new rules would require climate-related disclosures, including as they relate to governance, strategy, risk management, targets and goals and greenhouse gas emissions. In addition, the rules would require certain climate-related disclosures as it relates to severe weather events and other natural conditions and carbon offsets and renewable energy credits. In April 2024, the SEC voluntarily stayed the rules due to pending judicial review. As these rules only impact disclosures, they will not have a material impact on the Company’s Consolidated Financial Statements.

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. This guidance is effective for the Company for fiscal years beginning after December 15, 2024. As this accounting standard only impacts disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-08, “Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.” This ASU improves the accounting for certain crypto assets by requiring companies to measure them at fair value for each reporting period with changes in fair value recognized in net income. This guidance is effective for the Company for fiscal years beginning after December 15, 2024 and is not expected to have an impact on the Company’s Consolidated Financial Statements.

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU modified the disclosure and presentation requirements primarily through enhanced disclosures of significant segment expenses and other segment items. This guidance is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. As this accounting standard only impacts disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.

In October 2023, the FASB issued ASU No. 2023-06, “Disclosure Improvements-Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” This ASU modified the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. This guidance is effective for the Company no later than June 30, 2027 and is not expected to have a material impact on the Company’s Consolidated Financial Statements.

8

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

In August 2023, the FASB issued ASU No. 2023-05, “Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement.” This ASU requires a joint venture to initially measure all contributions received upon its formation at fair value. This guidance is applicable to joint ventures with a formation date on or after January 1, 2025 and is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In March 2023, the FASB issued ASU No. 2023-01, “Leases (Topic 842): Common Control Arrangements.” This ASU clarified the accounting for leasehold improvements for leases under common control. The guidance was effective for the Company beginning on January 1, 2024 and did not have a material impact on the Company’s Consolidated Financial Statements.

In September 2022, the FASB issued ASU No. 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” This ASU requires a buyer that uses supplier finance programs to make annual disclosures about the programs’ key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated roll-forward information. The Company adopted the guidance beginning on January 1, 2023, and with respect to the roll-forward information disclosure, beginning on January 1, 2024. See Note 12, Supplier Finance Program for additional information.

4.    Restructuring and Related Implementation Charges

On January 27, 2022, the Company’s Board of Directors (the “Board”) approved a targeted productivity program (the “2022 Global Productivity Initiative”). Substantially all initiatives under the program have been implemented as of the second quarter of 2024 and the Company expects to incur the remaining charges in the second half of 2024. The 2022 Global Productivity Initiative resulted in the reallocation of resources towards the Company’s strategic priorities and faster growth businesses, efficiencies in the Company’s operations and the streamlining of its supply chain to reduce structural costs.

Total pretax charges from the implementation of the 2022 Global Productivity Initiative are now expected to be approximately $225 ($180 aftertax), once all the charges are recorded, which is now estimated to be comprised of the following categories: employee-related costs, including severance, pension and other termination benefits (80%); asset-related costs, primarily accelerated depreciation and asset write-downs (5%); and other charges (15%), which include contract termination costs, consisting primarily of implementation-related charges resulting directly from exit activities and the implementation of new strategies. It is now estimated that approximately 80% of the charges will result in cash expenditures.

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

For the three months ended June 30, 2024, charges resulting from the 2022 Global Productivity Initiative were $27 pretax ($23 aftertax). For the three months ended June 30, 2023, charges resulting from the 2022 Global Productivity Initiative were $21 pretax ($16 aftertax).

For the six months ended June 30, 2024 and June 30, 2023, charges resulting from the 2022 Global Productivity Initiative are reflected in the income statement as follows:

	Six Months Ended June 30,
	2024		2023
Gross Profit	$	9	$	—
Selling, general and administrative expenses	3		2
Other (income) expense, net	51		21
Non-service related postretirement costs	—		4
Total 2022 Global Productivity Initiative charges, pretax	$	63	$	27
Total 2022 Global Productivity Initiative charges, aftertax	$	53	$	21

9

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

Restructuring and related implementation charges were recorded in the Corporate segment as these initiatives are predominantly centrally directed and controlled and are not included in internal measures of segment operating performance.

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

	Six Months Ended June 30,				Program-to-date Accumulated Charges
	2024		2023
North America	—	%	14	%	8	%
Latin America	—	%	2	%	9	%
Europe	90	%	26	%	41	%
Asia Pacific	—	%	22	%	8	%
Africa/Eurasia	1	%	2	%	7	%
Hill's Pet Nutrition	8	%	15	%	12	%
Corporate	1	%	19	%	15	%
Total	100	%	100	%	100	%

Since the inception of the 2022 Global Productivity Initiative, the Company has incurred cumulative pretax charges of $205 ($165 aftertax) in connection with the implementation of various projects as follows:

	Cumulative Charges
	as of June 30, 2024
Employee-Related Costs	$	175
Incremental Depreciation	7
Asset Impairments	1
Other	22
Total	$	205

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

	Six Months Ended June 30, 2024
	Employee-Related Costs		Incremental Depreciation		Asset Impairments		Other		Total
Balance at December 31, 2023	$	10	$	—	$	—	$	1	$	11
Charges	49		7		—		7		63
Cash Payments	(10)		—		—		(5)		(15)
Charges against assets	—		(7)		—		—		(7)
Foreign exchange	(1)		—		—		—		(1)
Balance at June 30, 2024	$	48	$	—	$	—	$	3	$	51

Employee-Related Costs primarily include severance and other termination benefits and are calculated based on long-standing benefit practices, written severance policies, local statutory requirements and, in certain cases, voluntary termination arrangements. Employee-Related Costs also include pension enhancements which are reflected as Charges against assets within Employee-Related Costs in the preceding table as the corresponding balance sheet amounts are

10

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

reflected as a reduction of pension assets or an increase in pension liabilities. For the six months ended June 30, 2024, there were no pension enhancements included in Charges against assets within Employee-Related Costs.

Incremental Depreciation is recorded to reflect changes in useful lives and estimated residual values for long-lived assets that will be taken out of service prior to the end of their normal service period. Asset Impairments are recorded to write down inventories and assets held for sale or disposal to their fair value based on amounts expected to be realized. Charges against assets within Asset Impairments are net of cash proceeds pertaining to the sale of certain assets.

5.    Inventories

Inventories by major class were as follows:

	June 30, 2024		December 31, 2023
Raw materials and supplies	$	613	$	606
Work-in-process	43		46
Finished goods	1,398		1,411
Total Inventories, net	$	2,054	$	2,063
Non-current inventory, net	$	(132)	$	(129)
Current Inventories, net	$	1,922	$	1,934

11

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

6.    Earnings Per Share

For the three months ended June 30, 2024 and 2023, earnings per share were as follows:

	Three Months Ended
	June 30, 2024					June 30, 2023
	Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share		Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share
Basic EPS	$	731	819.7	$	0.89	$	502	829.4	$	0.61
Stock options and restricted stock units			4.0					1.9
Diluted EPS	$	731	823.7	$	0.89	$	502	831.3	$	0.60

For the three months ended June 30, 2024 and 2023, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 14,865 and 6,268,944, respectively.

For the six months ended June 30, 2024 and 2023, earnings per share were as follows:

	Six Months Ended
	June 30, 2024					June 30, 2023
	Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share		Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share
Basic EPS	$	1,414	821.3	$	1.72	$	874	830.4	$	1.05
Stock options and restricted stock units			3.6					1.7
Diluted EPS	$	1,414	824.9	$	1.71	$	874	832.1	$	1.05

For the six months ended June 30, 2024 and 2023, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 23,044 and 13,482,312, respectively.

Basic and diluted earnings per share are computed independently for each quarter and any year-to-date period presented. As a result of changes in the number of shares outstanding during the year and rounding, the sum of the quarters’ earnings per share may not necessarily equal the earnings per share for any year-to-date period.

12

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

7.    Other Comprehensive Income (Loss)

Additions to and reclassifications out of Accumulated other comprehensive income (loss) attributable to the Company for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cumulative translation adjustments, pre-tax	$	(94)	$	57	$	(165)	$	106
Tax amounts	(23)		(5)		(39)		5
Cumulative translation adjustments, net of tax	(117)		52		(204)		111
Pension and other benefits:
Net actuarial gain (loss), prior service costs and settlements during the period	—		(1)		(1)		—
Amortization of net actuarial loss, transition and prior service costs(1)	6		8		15		16
Retirement Plan and other retiree benefit adjustments, pre-tax	6		7		14		16
Tax amounts	—		(1)		(3)		(3)
Retirement Plan and other retiree benefit adjustments, net of tax	6		6		11		13
Cash flow hedges:
Unrealized gains (losses) on cash flow hedges	1		(17)		1		—
Reclassification of (gains) losses into net earnings on cash flow hedges(2)	1		3		1		(6)
Gains (losses) on cash flow hedges, pre-tax	2		(14)		2		(6)
Tax amounts	—		4		—		2
Gains (losses) on cash flow hedges, net of tax	2		(10)		2		(4)
Total Other comprehensive income (loss), net of tax	$	(109)	$	48	$	(191)	$	120

(1) These components of Other comprehensive income (loss) are included in the computation of total pension cost. See Note 8, Retirement Plans and Other Retiree Benefits for additional details.

(2) These (gains) losses are reclassified into Cost of sales. See Note 11, Fair Value Measurements and Financial Instruments for additional details.

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

13

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

8.    Retirement Plans and Other Retiree Benefits

Components of Net periodic benefit cost for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three Months Ended June 30,
	Pension Benefits								Other Retiree Benefits
	United States				International
	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	5	$	3	$	2	$	2
Interest cost	24		25		7		8		11		11
Expected return on plan assets	(20)		(21)		(6)		(5)		—		—
Amortization of actuarial loss (gain)	11		11		—		1		(5)		(4)
Net periodic benefit cost	$	15	$	15	$	6	$	7	$	8	$	9
Other postretirement charges	—		3		—		—		—		—
Total pension cost	$	15	$	18	$	6	$	7	$	8	$	9

	Six Months Ended June 30,
	Pension Benefits								Other Retiree Benefits
	United States				International
	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	8	$	6	$	4	$	4
Interest cost	47		48		15		16		19		22
Expected return on plan assets	(39)		(41)		(13)		(9)		—		—
Amortization of actuarial loss (gain)	21		22		2		2		(8)		(8)
Net periodic benefit cost	$	29	$	29	$	12	$	15	$	15	$	18
Other postretirement charges	—		4		—		—		—		—
ERISA litigation matter	—		267		—		—		—		—
Total pension cost	$	29	$	300	$	12	$	15	$	15	$	18

There were no other postretirement charges for the three and six months ended June 30, 2024. Other postretirement charges for the three and six months ended June 30, 2023 included pension and other charges of $3 and $4, respectively, incurred pursuant to the 2022 Global Productivity Initiative.

In the first quarter of 2023, the Company recorded a charge of $267 as a result of a decision of the United States Court of Appeals for the Second Circuit (the “Second Circuit”) affirming a grant of summary judgment to the plaintiffs in a lawsuit under the Employee Retirement Income Security Act (“ERISA”) seeking the recalculation of benefits and other relief associated with a 2005 residual annuity amendment to the Colgate-Palmolive Company Employees’ Retirement Income Plan (the “Retirement Plan”). The decision resulted in an increase in the obligations of the Retirement Plan, which based on the current funded status of the Retirement Plan will require no immediate cash contribution by the Company. See Note 9, Contingencies for additional information.

For the three and six months ended June 30, 2024 and 2023, the Company made no voluntary contributions to its U.S. postretirement plans.

14

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

9.    Contingencies

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 $275 (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 $117. 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, September 2018, April 2019 and August 2020, the Company lost an administrative appeal and subsequently challenged these assessments in the Brazilian federal courts. Currently, there are three lawsuits pending in the Lower Federal Court and two cases have progressed to the Federal Court of Appeals. 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

15

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

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 $52, 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 June 30, 2024 of such competition law matters pending against the Company during the six months ended June 30, 2024 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 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 of its talcum powder products 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 June 30, 2024, there were 293 individual cases pending against the Company in state and federal courts throughout the United States, as compared to 285 cases as of March 31, 2024 and 279 cases as of December 31, 2023. During the three months ended June 30, 2024, 40 new cases were filed and 32 cases were resolved by voluntary dismissal or settlement. During the six months ended June 30, 2024, 66 new cases were filed and 52 cases were resolved by voluntary dismissal, settlement or dismissal by the court. The value of the settlements in the periods presented was not material, either individually or in the aggregate, to such periods’ results of operations. During the three months ended March 31, 2024, one case resulted in a jury verdict in favor of the Company after a trial. During the three months ended June 30, 2024, the court entered a judgment granting plaintiffs’ motion for a new trial in that case. The Company is challenging that ruling.

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.

16

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

ERISA Matter

In June 2016, a lawsuit was filed in the United States District Court for the Southern District of New York (the “District Court”) against the Retirement Plan, the Company and certain individuals (the “Company Defendants”) claiming that residual annuity payments associated with a 2005 residual annuity amendment to the Retirement Plan were improperly calculated for certain Retirement Plan participants in violation of ERISA. The relief sought included 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 District Court dismissed certain claims, and in August 2020 granted the plaintiffs’ motion for summary judgment on the remaining claims. In September 2020, the Company appealed to the Second Circuit. In March 2023, the Second Circuit affirmed the grant of summary judgment to the plaintiffs.

In light of the Second Circuit decision, the Company recorded a charge to earnings of $267 in the quarter ended March 31, 2023, which is comprised of the recalculation of benefits and interest. Possible additional charges associated with this matter are expected to be immaterial and, where estimable, are reflected in the range of reasonably possible losses disclosed above. The decision resulted in an increase in the obligations of the Retirement Plan, which based on the current funded status of the Retirement Plan will require no immediate cash contribution by the Company. In June 2023, the Company filed a petition for certiorari to the United States Supreme Court requesting permission for an appeal to that court and that petition was denied in October 2023. Also, in June 2023, the plaintiffs filed a motion to enter a revised final judgment in the District Court to address certain unresolved calculation issues, which the Company opposed. In March 2024, the District Court granted the plaintiffs’ motion and found for the plaintiffs on those calculation issues. The Company is appealing that decision to the Second Circuit.

17

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

10.    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 to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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.

Net sales by segment were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net sales
Oral, Personal and Home Care
North America	$	1,002	$	978	$	1,999	$	1,936
Latin America	1,267		1,178		2,520		2,253
Europe	720		678		1,432		1,328
Asia Pacific	682		664		1,408		1,402
Africa/Eurasia	273		268		549		556
Total Oral, Personal and Home Care	3,944		3,766		7,908		7,475
Pet Nutrition	1,114		1,056		2,216		2,117
Total Net sales	$	5,058	$	4,822	$	10,124	$	9,592

Approximately two-thirds 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).

18

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

The Company’s Net sales of Oral, Personal and Home Care and Pet Nutrition products accounted for the following percentages of the Company’s Net sales:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net sales
Oral Care	42	%	42	%	43	%	42	%
Personal Care	19	%	19	%	18	%	19	%
Home Care	17	%	17	%	17	%	17	%
Pet Nutrition	22	%	22	%	22	%	22	%
Total Net sales	100	%	100	%	100	%	100	%

Operating profit by segment was as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating profit
Oral, Personal and Home Care
North America	$	223	$	227	$	445	$	420
Latin America	417		363		822		678
Europe	159		134		303		250
Asia Pacific	195		169		402		371
Africa/Eurasia	64		62		130		130
Total Oral, Personal and Home Care	1,058		955		2,102		1,849
Pet Nutrition	235		191		433		374
Corporate	(201)		(172)		(397)		(340)
Total Operating profit	$	1,092	$	974	$	2,139	$	1,883

Note: Table may not sum due to rounding.

Corporate Operating profit (loss) for the three months ended June 30, 2024 and June 30, 2023 included charges resulting from the 2022 Global Productivity Initiative of $27 and $18, respectively.

Corporate Operating profit (loss) for the six months ended June 30, 2024 included charges resulting from the 2022 Global Productivity Initiative of $63.

Corporate Operating profit (loss) for the six months ended June 30, 2023 included product recall costs of $25 and charges resulting from the 2022 Global Productivity Initiative of $23.

In connection with management changes, the Company realigned the reporting structure of its skin health business effective July 1, 2024. Accordingly, commencing with the quarter ending September 30, 2024, the results of the skin health business previously reported within the Europe reportable operating segment will now be reported with our other skin health businesses in the North America reportable operating segment, with no impact on the Company's consolidated results of operations or financial position.

19

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

11. 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.

The Company’s derivative instruments include forward-starting interest rate swaps, foreign currency contracts and commodity contracts. The Company utilizes forward-starting interest rate swaps to mitigate the risk of variability in interest rate for future debt issuances and these swaps are valued using observable benchmark rates (Level 2 valuation). The Company utilizes foreign currency contracts, including forward and swap contracts, option contracts, 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. These contracts are valued using observable market rates (Level 2 valuation). Commodity futures contracts are utilized to hedge the purchases of raw materials used in production. These contracts are measured using quoted commodity exchange prices (Level 1 valuation). The duration of foreign currency and commodity contracts generally does not exceed 12 months.

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 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023:

	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		June 30, 2024		December 31, 2023			June 30, 2024		December 31, 2023
Foreign currency contracts	Other current assets	$	48	$	19	Other accruals	$	13	$	25
Commodity contracts	Other current assets	—		—		Other accruals	3		1
Total designated		$	48	$	19		$	16	$	26
Other financial instruments
Marketable securities	Other current assets	$	225	$	179
Total other financial instruments		$	225	$	179

20

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

The carrying amount of cash, cash equivalents, marketable securities, accounts receivable and short-term debt approximated fair value as of June 30, 2024 and December 31, 2023. The estimated fair value of the Company’s long-term debt, including the current portion, as of June 30, 2024 and December 31, 2023, was $7,575 and $7,862, respectively, and the related carrying value was $8,167 and $8,239, 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 tables present the notional values as of:

	June 30, 2024
	Foreign Currency Contracts		Foreign Currency Debt		Commodity Contracts		Total
Fair Value Hedges	$	1,718	$	—	$	—	$	1,718
Cash Flow Hedges	957		—		32		989
Net Investment Hedges	445		4,530		—		4,975

	December 31, 2023
	Foreign Currency Contracts		Foreign Currency Debt		Commodity Contracts		Total
Fair Value Hedges	$	1,625	$	—	$	—	$	1,625
Cash Flow Hedges	869		—		39		908
Net Investment Hedges	280		3,908		—		4,188

The following table presents the location and amount of gain (loss) on fair value hedges recognized in the Company’s Condensed Consolidated Statements of Income:

		Gain (Loss) Recognized in Income
	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Hedging instruments:
Foreign currency contracts	Selling, general and administrative expenses	$	(1)	$	18	$	(22)	$	23
Total gain (loss) on fair value hedges		$	(1)	$	18	$	(22)	$	23

21

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

The following tables present the amount of gain (loss) on cash flow hedges recognized in the Company’s Accumulated Other Comprehensive Income (AOCI) and reclassification from AOCI into the Condensed Consolidated Statements of Income:

	Gain (Loss) Recognized in AOCI					Amount Reclassified from AOCI Into Income
	Three Months Ended June 30,				Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,
	2024		2023			2024		2023
Hedging instruments:
Foreign currency contracts	$	4	$	(8)	Cost of Sales	$	—	$	(1)
Commodity contracts	(3)		(5)		Cost of Sales	(3)		(3)
Forward Starting Swaps	(2)		(4)		Interest (income) expense, net	2		1
Total gain (loss) on cash flow hedges	$	(1)	$	(17)		$	(1)	$	(3)

	Gain (Loss) Recognized in AOCI					Amount Reclassified from AOCI Into Income
	Six Months Ended June 30,				Location of Gain (Loss) Recognized in Income	Six Months Ended June 30,
	2024		2023			2024		2023
Hedging instruments:
Foreign currency contracts	$	7	$	(9)	Cost of Sales	$	(1)	$	3
Commodity contracts	(6)		(6)		Cost of Sales	(4)		—
Forward Starting Swaps	(4)		15		Interest (income) expense, net	4		3
Total gain (loss) on cash flow hedges	$	(3)	$	—		$	(1)	$	6

The following table presents the amount of gain (loss) on net investment hedges recognized in the Company’s AOCI:

	Gain (Loss) Recognized in AOCI
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Hedging instruments:
Foreign currency contracts	$	22	$	26	$	24	$	18
Foreign currency debt	28		113		134		40
Total gain (loss) on net investment hedges	$	50	$	139	$	158	$	58

22

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

12. Supplier Finance Program

The Company has agreements to provide supplier finance programs which facilitate participating suppliers’ ability to finance payment obligations of the Company with designated third-party financial institutions. Participating suppliers may, at their sole discretion, elect to finance one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to finance amounts under these arrangements. The outstanding payment obligations under the Company’s supplier finance programs are included in Accounts Payable in the Condensed Consolidated Balance Sheets and were not material as of June 30, 2024 or December 31, 2023.

13. Income Taxes

The effective income tax rate was 24.1% for the second quarter of 2024 as compared to 39.8% for the second quarter of 2023. The quarterly provision for income taxes is determined based on the Company’s estimated full year effective income tax rate adjusted by the amount of tax attributable to infrequent or unusual items that are separately recognized on a discrete basis in the income tax provision in the quarter in which they occur. The Company’s current estimate of its full year effective income tax rate before discrete period items is 24.3%, as compared to 24.8% in the comparable period of 2023.

In the third quarter of 2023, the Internal Revenue Service (the “IRS”) issued a notice giving taxpayers temporary relief from the effects of certain U.S. tax regulations that were issued in December 2021, which place greater restrictions on foreign taxes that are creditable against U.S. taxes on foreign-source income. This notice allowed taxpayers to defer the application of these new regulations through the end of 2023. In December 2023, the IRS issued further guidance modifying this temporary relief period to the date that a notice or other guidance withdrawing or modifying the temporary relief is issued. The Company will recognize the impact, if any, in the period in which the temporary relief is withdrawn or modified.

The Company has ongoing federal, state and international income tax audits in various jurisdictions and evaluates uncertain tax positions that may be challenged by local tax authorities and not fully sustained. 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. One such matter relates to the IRS assessment of taxes on the Company by imputing income on certain activities within one of our international operations, which is also under audit for the years 2014 through 2018. There were U.S. Tax Court rulings during 2023 in favor of the IRS against unrelated third parties on similar matters. Despite the U.S. Tax Court rulings, the Company continues to believe that the tax assessment against the Company is without merit. While there can be no assurances, the Company believes this matter will ultimately be decided in favor of the Company. The amount of tax plus interest for the years 2010 through 2018 is estimated to be approximately $150, which is not included in the Company’s uncertain tax positions. In May 2024, the IRS initiated an audit for the years 2019 through 2021.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted, which among other things, implements a 15% minimum tax on book income of certain large corporations effective for years beginning after December 31, 2022. Based on the Company’s analysis, as well as guidance published by the IRS, the IRA, and in particular the 15% minimum tax, did not have an impact on the Company’s Consolidated Financial Statements. The Company will continue to evaluate the potential impact of this law as additional guidance and clarification becomes available.

Additionally, on December 15, 2022, the 27 member states of the European Union (“EU”) reached an agreement on a minimum level of taxation for certain large corporations to pay a minimum corporate tax rate of 15% in every jurisdiction in which they operate. This agreement, which is known as the Minimum Tax Directive (part of the “Pillar II Model Rules”), was supposed to be transposed into the laws of all EU member states by December 31, 2023. Most member states complied, while some were granted extensions of time. In addition, many other jurisdictions outside the EU have also committed to implement this Directive while others have implemented a similar minimum tax regime consistent with the policy of the Pillar II Model Rules. This Directive does not have a material impact on the Company’s Consolidated Financial Statements.

23

COLGATE-PALMOLIVE COMPANY

 Notes to Condensed Consolidated Financial Statements (continued)

(Dollars in Millions Except Share and Per Share Amounts)

(Unaudited)

During the quarter ended June 30, 2023, the Company reassessed with its legal and tax advisers certain tax deductions taken in prior years by one of our subsidiaries and concluded that it was more likely than not that the deductions would not be sustained by the courts in that jurisdiction. The value of the tax deductions was not material to the Company in any year in which they were taken. The cumulative effect of the change in tax position of $148 was reflected as a discrete item in the quarter ended June 30, 2023 income tax expense, partially offset by the reversal of certain prior years’ withholding tax reserves of $22 that were no longer required. The tax liability was paid in the quarter ended September 30, 2023.

24

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

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 science-led 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.

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 two-thirds 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, distributors, dentists and, in some segments, skin health professionals. 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.

In connection with management changes, the Company realigned the reporting structure of its skin health business effective July 1, 2024. Accordingly, commencing with the quarter ending September 30, 2024, the results of the skin health business previously reported within the Europe reportable operating segment will now be reported with our other skin health businesses in the North America reportable operating segment, with no impact on the Company's consolidated results of operations or financial position.

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, selling, general and administrative expenses, 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.

25

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

The War in Ukraine

The war in Ukraine, and the related geopolitical tensions, have had and continue to have a significant impact on our operations in Ukraine and Russia, though it has not been material to our Consolidated Financial Statements. While our ability to do business in Ukraine has been significantly impacted, we remain committed to providing access to our products to people in the region. In Russia, we are importing and selling a reduced portfolio of health and hygiene products for everyday use. We have no manufacturing facilities in Russia and have ceased all capital investments and media activities in the country. For the six months ended June 30, 2024, our business in the Eurasia region constituted approximately 1% of our consolidated net sales and approximately 2% of our consolidated operating profit. We have experienced, and expect to continue to experience, risks related to the impact of the war in Ukraine, including increases in the costs and, in certain cases, limitations on the availability of certain raw and packaging materials and commodities (including oil and natural gas), supply chain and logistics challenges, import restrictions, foreign currency volatility and reputational concerns. We also have faced and continue to face challenges to our ability to repatriate cash from Russia and find banking partners in Russia and we may face challenges to our ability to protect our assets in Russia. We also continue to monitor the impact of sanctions, export controls and import restrictions imposed in response to the war in Ukraine.

The Israel-Hamas War

The Israel-Hamas war has not had a material impact on our Consolidated Financial Statements. Uncertainties and risks remain as to the duration of the war and its impact on geopolitical relations and stability in North Africa, the Middle East and nearby regions. The war has impacted and may continue to impact, among other things, supply chain and logistics, the availability and price of raw and packaging materials and commodities such as oil, consumer sentiment and consumption and category growth rates in the region.

For more information about factors that could impact our business, including due to geopolitical conflicts, such as the war in Ukraine and the Israel-Hamas war, refer to Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023.

26

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(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 consistent compounded earnings per share growth through science-led, core and premium innovation, pursuing higher-growth adjacent categories and segments, expanding in faster-growing channels and markets and delivering margin expansion through operating leverage and efficiency. We continue to prioritize our investments in high growth segments within our Oral Care, Personal Care and Pet Nutrition businesses. We are also seeking to lead in the development of human capital and to maximize the impact of our sustainability and social impact and DE&I strategies. We are strengthening and leveraging our capabilities in areas such as innovation, digital, artificial intelligence, eCommerce and data and analytics, enabling us to be more responsive in today’s rapidly changing world. 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 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.

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.

Significant Items Impacting Comparability

During the quarter ended June 30, 2023, we reassessed with our legal and tax advisers certain tax deductions taken in prior years by one of our subsidiaries and concluded that it was more likely than not that the deductions would not be sustained by the courts in that jurisdiction. The value of the tax deductions was not material to us in any year in which they were taken. The cumulative effect of the change in tax position of $148 was reflected as a discrete item in the quarter ended June 30, 2023 income tax expense, partially offset by the reversal of certain prior years’ withholding tax reserves of $22 that are no longer required (hereinafter referred to as the “foreign tax matter”). The tax liability was paid in the quarter ended September 30, 2023. See Note 13, Income Taxes, to the Condensed Consolidated Financial Statements for additional information.

During the quarter ended March 31, 2023, we recorded a charge of $267 as a result of a decision of the United States Court of Appeals for the Second Circuit (the “Second Circuit”) affirming a grant of summary judgment to the plaintiffs in a lawsuit under the Employee Retirement Income Security Act seeking the recalculation of benefits and other relief associated with a 2005 residual annuity amendment to the Colgate-Palmolive Company Employees’ Retirement Income Plan (the “Retirement Plan”). The decision resulted in an increase in the obligations of the Retirement Plan, which based on the current funded status of the Retirement Plan will require no immediate cash contribution by the Company. In June 2023, we filed a petition for certiorari to the United States Supreme Court requesting permission for an appeal to that court and that petition was denied in October 2023. Also, in June 2023, the plaintiffs filed a motion to enter a revised final judgment in the United States District Court for the Southern District of New York (the “District Court”) to address certain unresolved calculation issues, which we opposed. In March 2024, the District Court granted the plaintiffs’ motion and found for the plaintiffs on those calculation issues. We are appealing that decision to the Second Circuit. See Note 9, Contingencies to the Condensed Consolidated Financial Statements for additional information.

During the quarter ended March 31, 2023, we announced a voluntary recall of select Fabuloso multi-purpose cleaner products sold in the United States and Canada. The costs associated with the voluntary recall had a $25 impact on our Operating profit in the six months ended June 30, 2023.

On January 27, 2022, the Company’s Board of Directors (the “Board”) approved a targeted productivity program (the “2022 Global Productivity Initiative”). Substantially all initiatives under the program have been implemented as of the second quarter of 2024 and we expect to incur the remaining charges in the second half of 2024. The 2022 Global Productivity Initiative resulted in the reallocation of resources towards our strategic priorities and faster growth businesses, efficiencies in our operations and the streamlining of our supply chain to reduce structural costs. Total pretax charges from the implementation of the 2022 Global Productivity Initiative are now expected to be approximately $225 ($180 aftertax),

27

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

once all charges are recorded. Total annualized pretax savings from the 2022 Global Productivity Initiative are now expected to be approximately $125 ($100 aftertax). For more information regarding the 2022 Global Productivity Initiative, see “Restructuring and Related Implementation Charges” below.

In the three months ended June 30, 2024 and 2023, we incurred pretax costs of $27 (aftertax costs of $23) and $21 (aftertax costs of $16), respectively, resulting from the 2022 Global Productivity Initiative.

In the six months ended June 30, 2024 and 2023, we incurred pretax costs of $63 (aftertax costs of $53) and $27 (aftertax costs of $21), respectively, resulting from the 2022 Global Productivity Initiative.

28

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Outlook

Looking forward, we expect global macroeconomic, political and market conditions to remain challenging, including as a result of inflation, high interest rates and foreign currency volatility. We have taken and are taking additional pricing to try to offset the increases in raw and packaging material costs we have seen in recent years. This has negatively impacted consumer demand for our products. Additionally, inflation has impacted the broader economy with consumers around the world facing widespread rising prices as well as high interest rates resulting from measures to address inflation. Such inflation and high interest rates may negatively impact consumer consumption or discretionary spending and/or change their purchasing patterns by foregoing purchasing certain of our products or by switching to “private label” or to our lower-priced product offerings. Although we continue to devote significant resources to support our brands and market our products at multiple price points, 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. In light of this challenging environment, we expect continued volatility across all of our categories and it is therefore difficult to predict category growth rates in the near term.

Given that approximately two-thirds of our Net sales originate in markets outside the U.S., we have experienced and will likely continue to experience volatile foreign currency fluctuations, particularly in Argentina and Türkiye, which are considered hyper-inflationary economies. As discussed above, we have also experienced higher raw and packaging material 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, 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.

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 destocking, fulfillment requirements, limitations on access to shelf space, delisting of our products and certain 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 continued 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. We plan to continue to invest behind our data strategy, digital and analytics (including artificial intelligence) capabilities and higher growth businesses. The substantial 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.

We continue to closely monitor the impact of geopolitical events and tensions, such as the war in Ukraine, the Israel-Hamas war and tensions between China and Taiwan and the challenging market conditions discussed above, on our business and the related uncertainties and risks. While we have taken, and will continue to take, measures to mitigate the effects of these events and conditions, we cannot estimate with certainty the full extent of their impact on our business, results of operations, cash flows and/or financial condition. For more information about factors that could impact our business, see “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023.

We believe that we are well prepared to meet the challenges ahead due to our strong financial condition, experience operating in challenging environments, resilient global supply chain, dedicated and diverse global team and focused business strategy. Our strategy is based on driving organic sales growth and consistent compounded earnings per share growth through science-led, core and premium innovation, pursuing higher-growth adjacent categories and segments, expanding in faster-growing channels and markets and delivering margin expansion through operating leverage and efficiency. We are also seeking to lead in the development of human capital and to maximize 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 profitability and driving efficiency in cash generation should position us well to manage through the challenges we face and increase shareholder value over time.

29

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Results of Operations

Three Months

Worldwide Net sales were $5,058 in the second quarter of 2024, up 4.9% from the second quarter of 2023, due to volume growth of 4.7% and net selling price increases of 4.2%, partially offset by negative foreign exchange of 4.1%. Organic sales (Net sales excluding the impact of foreign exchange, acquisitions and divestments), a non-GAAP financial measure, increased 9.0% in the second quarter of 2024. A reconciliation of net sales growth to organic sales growth is provided under “Non-GAAP Financial Measures” below.

Net sales in the Oral, Personal and Home Care product segment were $3,944 in the second quarter of 2024, up 4.7% from the second quarter of 2023, due to volume growth of 5.4% and net selling price increases of 4.4%, partially offset by negative foreign exchange of 5.0%. Organic sales in the Oral, Personal and Home Care product segment increased 9.8% in the second quarter of 2024.

The Company’s share of the global toothpaste market was 41.5% on a year-to-date basis, up 0.9 share points from the year ago period, and its share of the global manual toothbrush market was 32.2% on a year-to-date basis, up 1.0 share points from the year ago period. Year-to-date market shares in toothpaste were up in Latin America, Europe and Africa/Eurasia and flat in North America and Asia/Pacific versus the comparable 2023 period. In the manual toothbrush category, year-to-date market shares were up in North America, Latin America and Asia/Pacific, flat in Europe and down in Africa/Eurasia versus the comparable 2023 period. For additional information regarding market shares, see “Market Share Information” below.

Net sales in the Hill’s Pet Nutrition segment were $1,114 in the second quarter of 2024, up 5.5% from the second quarter of 2023, due to volume growth of 2.5% and net selling price increases of 3.7%, partially offset by negative foreign exchange of 0.7%. Organic sales in the Hill’s Pet Nutrition segment increased 6.1% in the second quarter of 2024.

30

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Gross Profit/Margin

Worldwide Gross profit increased to $3,066 in the second quarter of 2024 compared to $2,787 in the second quarter of 2023. Worldwide Gross profit in the second quarter of 2024 included charges resulting from the 2022 Global Productivity Initiative. Excluding these charges, Worldwide Gross profit increased to $3,075 in the second quarter of 2024 compared to $2,787 in the second quarter of 2023, reflecting an increase of $152 resulting from higher Gross profit margin and an increase of $136 resulting from higher Net sales.

Worldwide Gross profit margin increased to 60.6% in the second quarter of 2024 from 57.8% in the second quarter of 2023. Excluding charges resulting from the 2022 Global Productivity Initiative in the second quarter of 2024, Gross profit margin increased to 60.8% in the second quarter of 2024 from 57.8% in the second quarter of 2023. This increase in Gross profit margin was due to cost savings from the Company’s funding-the-growth initiatives (280 bps) and higher pricing (160 bps), partially offset by higher raw and packaging material costs (140 bps), which included foreign exchange transaction costs.

	Three Months Ended June 30,
	2024		2023
Gross profit, GAAP	$	3,066	$	2,787
2022 Global Productivity Initiative	9		—
Gross profit, non-GAAP	$	3,075	$	2,787

	Three Months Ended June 30,
	2024		2023		Basis Point Change
Gross profit margin, GAAP	60.6	%	57.8	%	280
2022 Global Productivity Initiative	0.2	%	—
Gross profit margin, non-GAAP	60.8	%	57.8	%	300

31

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased 10% to $1,939 in the second quarter of 2024 compared to $1,768 in the second quarter of 2023. Selling, general and administrative expenses in both periods included charges resulting from the 2022 Global Productivity Initiative. Excluding these charges in both periods, Selling, general and administrative expenses increased 10% to $1,937 in the second quarter of 2024 compared to $1,766 in the second quarter of 2023, reflecting increased advertising investment of $105 and higher overhead expenses of $66.

Selling, general and administrative expenses as a percentage of Net sales increased by 160 bps to 38.3% in the second quarter of 2024 as compared to 36.7% in the second quarter of 2023. Excluding charges resulting from the 2022 Global Productivity Initiative in both periods, Selling, general and administrative expenses as a percentage of Net sales increased by 170 bps to 38.3% in the second quarter of 2024 as compared to 36.6% in the second quarter of 2023. This increase was primarily due to increased advertising investment (150 bps). In the second quarter of 2024, advertising investment increased as a percentage of Net sales to 14.0% from 12.5% in the second quarter of 2023, or 18% in absolute terms, to $706 as compared with $601 in the second quarter of 2023.

	Three Months Ended June 30,
	2024		2023
Selling, general and administrative expenses, GAAP	$	1,939	$	1,768
2022 Global Productivity Initiative	(2)		(2)
Selling, general and administrative expenses, non-GAAP	$	1,937	$	1,766

	Three Months Ended June 30,
	2024		2023		Basis Point Change
Selling, general and administrative expenses as a percentage of Net sales, GAAP	38.3	%	36.7	%	160
2022 Global Productivity Initiative	—		(0.1)
Selling, general and administrative expenses as a percentage of Net sales, non-GAAP	38.3	%	36.6	%	170

Other (Income) Expense, Net

Other (income) expense, net was $35 in the second quarter of 2024 and $45 in the second quarter of 2023. Other (income) expense, net in both periods included charges resulting from the 2022 Global Productivity Initiative. Excluding these charges in both periods, Other (income) expense, net was $20 in the second quarter of 2024 and $29 in the second quarter of 2023.

	Three Months Ended June 30,
	2024		2023
Other (income) expense, net, GAAP	$	35	$	45
2022 Global Productivity Initiative	(16)		(16)
Other (income) expense, net, non-GAAP	$	20	$	29

Note: Table may not sum due to rounding.

32

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Operating Profit

Operating profit increased 12% to $1,092 in the second quarter of 2024 from $974 in the second quarter of 2023. Operating profit in both periods included charges resulting from the 2022 Global Productivity Initiative. Excluding these charges in both periods, Operating profit increased 13% to $1,118 in the second quarter of 2024 from $992 in the second quarter of 2023.

Operating profit margin was 21.6% in the second quarter of 2024, an increase of 140 bps compared to 20.2% in the second quarter of 2023. Excluding charges resulting from the 2022 Global Productivity Initiative in both periods, Operating profit margin was 22.1% in the second quarter of 2024, an increase of 150 bps compared to 20.6% in the second quarter of 2023. This increase in Operating profit margin was primarily due to an increase in Gross profit (300 bps), partially offset by an increase in Selling, general and administrative expenses (170 bps), both as a percentage of Net sales.

	Three Months Ended June 30,
	2024		2023		% Change
Operating profit, GAAP	$	1,092	$	974	12	%
2022 Global Productivity Initiative	27		18
Operating profit, non-GAAP	$	1,118	$	992	13	%

Note: Table may not sum due to rounding.

	Three Months Ended June 30,
	2024		2023		Basis Point Change
Operating profit margin, GAAP	21.6	%	20.2	%	140
2022 Global Productivity Initiative	0.5	%	0.4	%
Operating profit margin, non-GAAP	22.1	%	20.6	%	150

Non-Service Related Postretirement Costs

Non-service related postretirement costs were $22 in the second quarter of 2024 as compared to $29 in the second quarter of 2023. Non-service related postretirement costs in the second quarter of 2023 included charges related to the 2022 Global Productivity Initiative. Excluding these charges in the second quarter of 2023, Non-service related postretirement costs were $22 in the second quarter of 2024 and $26 in the second quarter of 2023.

	Three Months Ended June 30,
	2024		2023
Non-service related postretirement costs, GAAP	$	22	$	29
2022 Global Productivity Initiative	—		(3)
Non-service related postretirement costs, non-GAAP	$	22	$	26

Interest (Income) Expense, Net

Interest (income) expense, net was $60 in the second quarter of 2024 as compared to $58 in the second quarter of 2023.

33

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(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 in the second quarter of 2024 increased to $731 from $502 in the second quarter of 2023, and Earnings per common share on a diluted basis increased to $0.89 per share in the second quarter of 2024 from $0.60 in the second quarter of 2023. Net Income attributable to Colgate-Palmolive Company in the second quarter of 2024 included charges resulting from the 2022 Global Productivity Initiative. Net Income attributable to Colgate-Palmolive Company in the second quarter of 2023 included charges resulting from the foreign tax matter and the 2022 Global Productivity Initiative.

Excluding the items described above in both periods, as applicable, Net income attributable to Colgate-Palmolive Company in the second quarter of 2024 increased 17% to $753 from $644 in the second quarter of 2023, and Earnings per common share on a diluted basis increased 18% to $0.91 in the second quarter of 2024 from $0.77 in the second quarter of 2023.

	Three Months Ended June 30, 2024
	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	$	1,010	$	243	$	767	$	36	$	731	$	0.89
2022 Global Productivity Initiative	27		4		23		—		23		0.02
Non-GAAP	$	1,036	$	247	$	789	$	36	$	753	$	0.91

Note: Table may not sum due to rounding.

	Three Months Ended June 30, 2023
	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	$	887	$	353	$	534	$	32	$	502	$	0.60
Foreign tax matter	—		(126)		126		—		126		0.15
2022 Global Productivity Initiative	21		4		17		1		16		0.02
Non-GAAP	$	908	$	231	$	677	$	33	$	644	$	0.77

(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.

34

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Net Sales and Operating Profit by Segment

Oral, Personal and Home Care

North America

	Three Months Ended June 30,
	2024			2023			Change
Net sales	$	1,002		$	978		2.5	%
Operating profit	$	223		$	227		(2)	%
% of Net sales	22.3		%	23.2		%	(90)	bps

Net sales in North America increased 2.5% in the second quarter of 2024 to $1,002, driven by volume growth of 5.9%, partially offset by net selling price decreases of 3.3% and negative foreign exchange of 0.1%. Organic sales in North America increased 2.5% in the second quarter of 2024. Organic sales growth was driven by the United States and Canada.

The increase in organic sales in North America in the second quarter of 2024 versus the second quarter of 2023 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 category. The increase in Personal Care was primarily due to organic sales growth in the liquid hand soap and skin health categories, partially offset by organic sales declines in the underarm protection category. The increase in Home Care was primarily due to organic sales growth in the surface cleaner category, partially offset by organic sales declines in the hand dish category.

Operating profit in North America decreased 2% in the second quarter of 2024 to $223, or 90 bps to 22.3% as a percentage of Net sales. This decrease in Operating profit as a percentage of Net sales was primarily due to an increase in Selling, general and administrative expenses (160 bps), partially offset by a decrease in Other (income) expense, net (70 bps), both as a percentage of Net sales. This increase in Selling, general and administrative expenses was primarily due to increased advertising investment (270 bps), partially offset by lower overhead expenses (90 bps). Lower overhead expenses were driven by lower logistics costs (110 bps), partially offset by higher other overhead expenses (20 bps). The decrease in Other (income) expense, net was primarily due to insurance recoveries.

35

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Latin America

	Three Months Ended June 30,
	2024			2023			Change
Net sales	$	1,267		$	1,178		7.6	%
Operating profit	$	417		$	363		15	%
% of Net sales	32.9		%	30.8		%	210	bps

Net sales in Latin America increased 7.6% in the second quarter of 2024 to $1,267, driven by volume growth of 5.5% and net selling price increases of 13.3%, partially offset by negative foreign exchange of 11.2%. Organic sales in Latin America increased 18.8% in the second quarter of 2024. Organic sales growth was led by Argentina, Brazil and Mexico.

The increase in organic sales in Latin America in the second quarter of 2024 versus the second quarter of 2023 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 and manual toothbrush categories. The increase in Personal Care was primarily due to organic sales growth in the shampoo, underarm protection and bar soap categories. The increase in Home Care was primarily due to organic sales growth in the surface cleaner, fabric softener and hand dish categories.

Operating profit in Latin America increased 15% in the second quarter of 2024 to $417, or 210 bps to 32.9% as a percentage of Net sales. This increase in Operating profit as a percentage of Net sales was primarily due to an increase in Gross profit (350 bps), partially offset by an increase in Selling, general and administrative expenses (170 bps), both as a percentage of Net sales. This increase in Gross profit was primarily due to higher pricing and cost savings from the Company’s funding-the-growth initiatives (260 bps), partially offset by significantly higher raw and packaging material costs (380 bps), which included foreign exchange transaction costs. This increase in Selling, general and administrative expenses was due to increased advertising investment (90 bps) and higher overhead expenses (80 bps), both as a percentage of Net sales.

Europe

	Three Months Ended June 30,
	2024			2023			Change
Net sales	$	720		$	678		6.2	%
Operating profit	$	159		$	134		19	%
% of Net sales	22.1		%	19.8		%	230	bps

Net sales in Europe increased 6.2% in the second quarter of 2024 to $720, driven by volume growth of 5.2% and net selling price increases of 1.3%, partially offset by negative foreign exchange of 0.2%. Organic sales in Europe increased 6.5% in the second quarter of 2024. Organic sales growth was led by Germany, France and Poland.

The increase in organic sales in Europe in the second quarter of 2024 versus the second quarter of 2023 was primarily due to increases in Oral Care and Home Care organic sales. The increase in Oral Care was primarily due to organic sales growth in the toothpaste category. The increase in Home Care was primarily due to organic sales growth in the fabric softener and hand dish categories.

Operating profit in Europe increased 19% in the second quarter of 2024 to $159, or 230 bps to 22.1% as a percentage of Net sales. This increase in Operating profit as a percentage of Net sales was primarily due to an increase in Gross profit (410 bps), partially offset by an increase in Selling, general and administrative expenses (150 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 (250 bps), lower raw and packaging material costs (120 bps) and higher pricing. This increase in Selling, general and administrative expenses was primarily due to increased advertising investment (170 bps).

36

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Asia Pacific

	Three Months Ended June 30,
	2024			2023			Change
Net sales	$	682		$	664		2.6	%
Operating profit	$	195		$	169		16	%
% of Net sales	28.7		%	25.5		%	320	bps

Net sales in Asia Pacific increased 2.6% in the second quarter of 2024 to $682, driven by volume growth of 3.4% and net selling price increases of 1.7%, partially offset by negative foreign exchange of 2.5%. Organic sales in Asia Pacific increased 5.1% in the second quarter of 2024. Organic sales growth was led by India and the Greater China region.

The increase in organic sales in Asia Pacific in the second quarter of 2024 versus the second quarter of 2023 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 category.

Operating profit in Asia Pacific increased 16% in the second quarter of 2024 to $195, or 320 bps to 28.7% as a percentage of Net sales. This increase in Operating profit as a percentage of Net sales was primarily due to an increase in Gross profit (370 bps) 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 (310 bps) and higher pricing.

Africa/Eurasia

	Three Months Ended June 30,
	2024			2023			Change
Net sales	$	273		$	268		2.2	%
Operating profit	$	64		$	62		4	%
% of Net sales	23.4		%	23.1		%	30	bps

Net sales in Africa/Eurasia increased 2.2% in the second quarter of 2024 to $273, driven by volume growth of 8.4% and net selling price increases of 8.0%, partially offset by negative foreign exchange of 14.3%. Organic sales in Africa/Eurasia increased 16.4% in the second quarter of 2024. Organic sales growth was led by Türkiye, Nigeria and South Africa.

The increase in organic sales in Africa/Eurasia in the second quarter of 2024 versus the second quarter of 2023 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 increased 4% in the second quarter of 2024 to $64, or 30 bps to 23.4% as a percentage of Net sales. This increase in Operating profit as a percentage of Net sales was primarily due to an increase in Gross profit (410 bps), partially offset by an increase in Selling, general and administrative expenses (390 bps), both as a percentage of Net sales. This increase in Gross profit was primarily due to higher pricing and cost savings from the Company’s funding-the-growth initiatives (210 bps), partially offset by higher raw and packaging material costs (120 bps), which included foreign exchange transaction costs. This increase in Selling, general and administrative expenses was primarily due to higher overhead expenses (330 bps) and increased advertising investment (60 bps).

37

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Hill’s Pet Nutrition

	Three Months Ended June 30,
	2024			2023			Change
Net sales	$	1,114		$	1,056		5.5	%
Operating profit	$	235		$	191		23	%
% of Net sales	21.1		%	18.1		%	300	bps

Net sales for Hill’s Pet Nutrition increased 5.5% in the second quarter of 2024 to $1,114, driven by volume growth of 2.5% and net selling price increases of 3.7%, partially offset by negative foreign exchange of 0.7%. Organic sales in Hill’s Pet Nutrition increased 6.1% in the second quarter of 2024. Organic sales growth was led by the United States.

The increase in organic sales in the second quarter of 2024 was primarily due to organic sales growth in the therapeutic and wellness categories.

Operating profit in Hill’s Pet Nutrition increased 23% in the second quarter of 2024 to $235, or 300 bps to 21.1% as a percentage of Net sales. This increase in Operating profit as a percentage of Net sales was primarily due to an increase in Gross profit (420 bps), partially offset by an increase in Selling, general and administrative expenses (160 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 (340 bps) and higher pricing, partially offset by higher raw and packaging material costs (130 bps). This increase in Selling, general and administrative expenses was primarily due to increased advertising investment (170 bps).

Corporate

	Three Months Ended June 30,
	2024		2023		Change
Operating profit (loss)	$	(201)	$	(172)	17	%

Operating profit (loss) related to Corporate was $(201) in the second quarter of 2024 as compared to $(172) in the second quarter of 2023. In the second quarters of 2024 and 2023, Corporate Operating profit (loss) included charges resulting from the 2022 Global Productivity Initiative of $27 and $18, respectively.

38

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Six Months

Worldwide Net sales were $10,124 in the first six months of 2024, up 5.5% as compared to the first six months of 2023 due to volume growth of 3.0% and net selling price increases of 6.3%, partially offset by negative foreign exchange of 3.8%. Organic sales increased 9.4% in the first six months of 2024.

Net sales in the Oral, Personal and Home Care product segment were $7,908 in the first six months of 2024, an increase of 5.8% as compared to the first six months of 2023 due to volume growth of 4.1% and net selling price increases of 6.5%, partially offset by negative foreign exchange of 4.8%. Organic sales in the Oral, Personal and Home Care product segment increased 10.6% in the first six months of 2024.

The increase in organic sales in the first six months of 2024 versus the first six months of 2023 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 and manual toothbrush categories. The increase in Personal Care was primarily due to organic sales growth in the body wash, liquid hand soap and bar soap categories. The increase in Home Care was primarily due to organic sales growth in the surface cleaner category.

Net sales in the Hill’s Pet Nutrition segment were $2,216 in the first six months of 2024, an increase of 4.7% from the first six months of 2023 due to net selling price increases of 5.9%, partially offset by volume declines of 0.7% and negative foreign exchange of 0.5%. Organic sales in the Hill’s Pet Nutrition segment increased 5.2% in the first six months of 2024.

39

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Net Sales and Operating Profit by Segment

Net sales and Operating profit by segment were as follows:

	Six Months Ended June 30,
	2024		2023
Net sales
Oral, Personal and Home Care
North America	$	1,999	$	1,936
Latin America	2,520		2,253
Europe	1,432		1,328
Asia Pacific	1,408		1,402
Africa/Eurasia	549		556
Total Oral, Personal and Home Care	7,908		7,475
Pet Nutrition	2,216		2,117
Total Net sales	$	10,124	$	9,592
Operating profit
Oral, Personal and Home Care
North America	$	445	$	420
Latin America	822		678
Europe	303		250
Asia Pacific	402		371
Africa/Eurasia	130		130
Total Oral, Personal and Home Care	2,102		1,849
Pet Nutrition	433		374
Corporate	(397)		(340)
Total Operating profit	$	2,139	$	1,883

Note: Table may not sum due to rounding.

40

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Net sales and Organic sales change by division were as follows:

	For the Six Months Ended June 30, 2024 vs. 2023
Oral, Personal and Home Care	Net Sales	Organic Sales	As Reported Volume	Pricing	Foreign Exchange
North America	3.2%	3.3%	4.4%	(1.1)%	—%
Latin America	11.8%	22.2%	5.8%	16.4%	(10.4)%
Europe	7.8%	6.8%	4.2%	2.7%	1.0%
Asia Pacific	0.4%	3.2%	0.1%	3.1%	(2.7)%
Africa/Eurasia	(1.3)%	16.3%	6.1%	10.2%	(17.6)%
Total Oral, Personal and Home Care	5.8%	10.6%	4.1%	6.5%	(4.8)%
Pet Nutrition	4.7%	5.2%	(0.7)%	5.9%	(0.5)%
Total Company	5.5%	9.4%	3.0%	6.3%	(3.8)%

Note: Table may not sum due to rounding.

In the first six months of 2024, Operating profit (loss) related to Corporate was $(397) as compared to $(340) in the first six months of 2023. Corporate Operating profit (loss) for the first six months of 2024 included charges resulting from the 2022 Global Productivity Initiative of $63. Corporate Operating profit (loss) for the first six months of 2023 included product recall costs of $25 and charges resulting from the 2022 Global Productivity Initiative of $23.

Gross Profit/Margin

Worldwide Gross profit increased to $6,105 in the first six months of 2024 from $5,499 in the first six months of 2023. Worldwide Gross profit in the first six months of 2024 included charges resulting from the 2022 Global Productivity Initiative. Excluding these charges, Worldwide Gross profit increased to $6,114 in the first six months of 2024 from $5,499 in the first six months of 2023, reflecting an increase of $311 resulting from higher Gross profit margin and an increase of $304 resulting from higher Net sales.

Worldwide Gross profit margin increased to 60.3% in the first six months of 2024 from 57.3% in the first six months of 2023. Excluding charges resulting from the 2022 Global Productivity Initiative in the first six months of 2024, Gross profit margin increased to 60.4% in the first six months of 2024 from 57.3% in the first six months of 2023, primarily due to cost savings from the Company’s funding-the-growth initiatives (260 bps) and higher pricing (250 bps), partially offset by higher raw and packaging material costs (210 bps).

	Six Months Ended June 30,
	2024		2023
Gross profit, GAAP	$	6,105	$	5,499
2022 Global Productivity Initiative	9		—
Gross profit, non-GAAP	$	6,114	$	5,499

	Six Months Ended June 30,
	2024		2023		Basis Point Change
Gross profit margin, GAAP	60.3	%	57.3	%	300
2022 Global Productivity Initiative	0.1	%	—	%
Gross profit margin, non-GAAP	60.4	%	57.3	%	310

41

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased 9% to $3,855 in the first six months of 2024 from $3,526 in the first six months of 2023. Selling, general and administrative expenses in both periods included charges resulting from the 2022 Global Productivity Initiative. Excluding these charges in both periods, Selling, general and administrative expenses increased to $3,852 in the first six months of 2024 from $3,524 in the first six months of 2023, reflecting increased advertising investment of $198 and higher overhead expenses of $130.

Selling, general and administrative expenses as a percentage of Net sales increased to 38.1% in the first six months of 2024 from 36.8% in the first six months of 2023. Excluding charges resulting from the 2022 Global Productivity Initiative, Selling, general and administrative expenses as a percentage of Net sales increased to 38.0% in the first six months of 2024 from 36.7% in the first six months of 2023. This increase was due to increased advertising investment (130 bps). In the first six months of 2024, advertising investment increased 17% in absolute terms to $1,378 as compared with $1,180 in the first six months of 2023, while as a percentage of Net sales it increased to 13.6% from 12.3% in the first six months of 2023.

	Six Months Ended June 30,
	2024		2023
Selling, general and administrative expenses, GAAP	$	3,855	$	3,526
2022 Global Productivity Initiative	(3)		(2)
Selling, general and administrative expenses, non-GAAP	$	3,852	$	3,524

	Six Months Ended June 30,
	2024		2023		Basis Point Change
Selling, general and administrative expenses as a percentage of Net sales, GAAP	38.1	%	36.8	%	130
2022 Global Productivity Initiative	(0.1)		(0.1)
Selling, general and administrative expenses as a percentage of Net sales, non-GAAP	38.0	%	36.7	%	130

Other (Income) Expense, Net

Other (income) expense, net was $111 in the first six months of 2024 and $90 in the first six months of 2023. Other (income) expense, net in the first six months of 2024 included charges resulting from the 2022 Global Productivity Initiative. Other (income) expense, net in the first six months of 2023 included product recall costs and charges resulting from the 2022 Global Productivity Initiative. Excluding these items in both periods as applicable, Other (income) expense, net was $60 in the first six months of 2024 and $44 in the first six months of 2023.

	Six Months Ended June 30,
	2024		2023
Other (income) expense, net, GAAP	$	111	$	90
2022 Global Productivity Initiative	(51)		(21)
Product recall costs	—		(25)
Other (income) expense, net, non-GAAP	$	60	$	44

42

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Operating Profit

Operating profit increased 14% to $2,139 in the first six months of 2024 from $1,883 in the first six months of 2023. Operating profit in the first six months of 2024 included charges resulting from the 2022 Global Productivity Initiative. Operating profit in the first six months of 2023 included product recall costs and charges resulting from the 2022 Global Productivity Initiative. Excluding these items in both periods as applicable, Operating profit increased to $2,202 in the first six months of 2024 from $1,931 in the first six months of 2023 due to an increase in Gross profit, partially offset by an increase in Selling, general and administrative expenses.

Operating profit margin was 21.1% in the first six months of 2024, an increase of 150 bps compared to 19.6% in the first six months of 2023. Excluding the items described above in both periods, as applicable, Operating profit margin was 21.8% in the first six months of 2024, an increase of 170 bps compared to 20.1% in the first six months of 2023, due to an increase in Gross profit (310 bps), partially offset by an increase in Selling, general and administrative expenses (130 bps), both as a percentage of Net sales.

	Six Months Ended June 30,
	2024		2023		% Change
Operating profit, GAAP	$	2,139	$	1,883	14	%
2022 Global Productivity Initiative	63		23
Product recall costs	—		25
Operating profit, non-GAAP	$	2,202	$	1,931	14	%

	Six Months Ended June 30,
	2024		2023		Basis Point Change
Operating profit margin, GAAP	21.1	%	19.6	%	150
2022 Global Productivity Initiative	0.7		0.2
Product recall costs	—		0.3
Operating profit margin, non-GAAP	21.8	%	20.1	%	170

Non-Service Related Postretirement Costs

Non-service related postretirement costs were $44 in the first six months of 2024 as compared to $323 in the first six months of 2023. Non-service related postretirement costs in the first six months of 2023 included charges related to the ERISA litigation matter and charges related to the 2022 Global Productivity Initiative. Excluding these charges in the first six months of 2024, Non-service related postretirement costs were $44 in the first six months of 2024 and $52 in the first six months of 2023.

	Six Months Ended June 30,
	2024		2023
Non-service related postretirement costs, GAAP	$	44	$	323
2022 Global Productivity Initiative	—		(4)
ERISA litigation matter	—		(267)
Non-service related postretirement costs, non-GAAP	$	44	$	52

Interest (Income) Expense, Net

Interest (income) expense, net was $118 in the first six months of 2024 as compared to $112 in the first six months of 2023.

43

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Income Taxes

The effective income tax rate was 24.1% for the second quarter of 2024 as compared to 39.8% for the second quarter of 2023. As reflected in the table below, the non-GAAP effective income tax rate was 23.8% for the second quarter of 2024 as compared to 25.4% for the second quarter of 2023.

The effective income tax rate was 24.4% for the first six months of 2024 as compared to 34.5% for the first six months of 2023. As reflected in the table below, the non-GAAP effective income tax rate was 24.1% for the first six months of 2024 as compared to 24.9% for the first six months of 2023.

The quarterly provision for income taxes is determined based on the Company’s estimated full year effective income tax rate adjusted by the amount of tax attributable to infrequent or unusual items that are separately recognized on a discrete basis in the income tax provision in the quarter in which they occur. The Company’s current estimate of its full year effective income tax rate before discrete period items is 24.3%, compared to 24.8% in 2023.

In the third quarter of 2023, the Internal Revenue Service (the “IRS”) issued a notice giving taxpayers temporary relief from the effects of certain U.S. tax regulations that were issued in December 2021, which place greater restrictions on foreign taxes that are creditable against U.S. taxes on foreign-source income. This notice allowed taxpayers to defer the application of these new regulations through the end of 2023. In December 2023, the IRS issued further guidance modifying this temporary relief period to the date that a notice or other guidance withdrawing or modifying the temporary relief is issued. The Company will recognize the impact, if any, in the period in which the temporary relief is withdrawn or modified.

The Company has ongoing federal, state and international income tax audits in various jurisdictions and evaluates uncertain tax positions that may be challenged by local tax authorities and not fully sustained. 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. One such matter relates to the IRS assessment of taxes on the Company by imputing income on certain activities within one of our international operations, which is also under audit for the years 2014 through 2018. There were U.S. Tax Court rulings during 2023 in favor of the IRS against unrelated third parties on similar matters. Despite the U.S. Tax Court rulings, the Company continues to believe that the tax assessment against the Company is without merit. While there can be no assurances, the Company believes this matter will ultimately be decided in favor of the Company. The amount of tax plus interest for the years 2010 through 2018 is estimated to be approximately $150, which is not included in the Company’s uncertain tax positions. In May 2024, the IRS initiated an audit for the years 2019 through 2021.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted, which among other things, implements a 15% minimum tax on book income of certain large corporations effective for years beginning after December 31, 2022. Based on the Company’s analysis, as well as guidance published by the IRS, the IRA, and in particular the 15% minimum tax, did not have an impact on the Company’s Consolidated Financial Statements. The Company will continue to evaluate the potential impact of this law as additional guidance and clarification becomes available.

Additionally, on December 15, 2022, the 27 member states of the European Union (“EU”) reached an agreement on a minimum level of taxation for certain large corporations to pay a minimum corporate tax rate of 15% in every jurisdiction in which they operate. This agreement, which is known as the Minimum Tax Directive (part of the “Pillar II Model Rules”), was supposed to be transposed into the laws of all EU member states by December 31, 2023. Most member states complied while some were granted extensions of time. In addition, many other jurisdictions outside the EU have also committed to implement this Directive while others have implemented a similar minimum tax regime consistent with the policy of the Pillar II Model Rules. This Directive does not have a material impact on the Company's Consolidated Financial Statements.

During the quarter ended June 30, 2023, we reassessed with our legal and tax advisers certain tax deductions taken in prior years by one of our subsidiaries and concluded that it was more likely than not that the deductions would not be sustained by the courts in that jurisdiction. The value of the tax deductions was not material to us in any year in which they were taken. The cumulative effect of the change in tax position of $148 was reflected as a discrete item in the quarter ended June 30, 2023 income tax expense, partially offset by the reversal of certain prior years’ withholding tax reserves of $22 that were no longer required. The tax liability was paid in the quarter ended September 30, 2023.

44

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

	Three Months Ended June 30,
	2024						2023
	Income Before Income Taxes		Provision For Income Taxes(1)		Effective Income Tax Rate(2)		Income Before Income Taxes		Provision For Income Taxes(1)		Effective Income Tax Rate(2)
As Reported GAAP	$	1,010	$	243	24.1	%	$	887	$	353	39.8	%
2022 Global Productivity Initiative	27		4		(0.3)		21		4		(0.2)
Foreign tax matter	—		—		—		—		(126)		(14.2)
Non-GAAP	$	1,036	$	247	23.8	%	$	908	$	231	25.4	%

Note: Table may not sum due to rounding.

	Six Months Ended June 30,
	2024						2023
	Income Before Income Taxes		Provision For Income Taxes(1)		Effective Income Tax Rate(2)		Income Before Income Taxes		Provision For Income Taxes(1)		Effective Income Tax Rate(2)
As Reported GAAP	$	1,977	$	482	24.4	%	$	1,448	$	500	34.5	%
2022 Global Productivity Initiative	63		10		(0.3)		27		5		(0.1)
ERISA litigation matter	—		—		—		267		55		(2.2)
Foreign tax matter	—		—		—		—		(126)		(7.3)
Product recall costs	—		—		—		25		6		—
Non-GAAP	$	2,040	$	492	24.1	%	$	1,767	$	440	24.9	%

(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.

45

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(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 in the first six months of 2024 increased to $1,414 from $874 in the comparable 2023 period. Earnings per common share on a diluted basis increased to $1.71 in the first six months of 2024 from $1.05 in the comparable 2023 period. Net income attributable to Colgate-Palmolive Company in the first six months of 2024 included charges resulting from the 2022 Global Productivity Initiative. Net income attributable to Colgate-Palmolive Company in the comparable 2023 period included charges resulting from the ERISA litigation matter, the foreign tax matter, the 2022 Global Productivity Initiative and product recall costs.

Excluding the items described above in both periods as applicable, Net income attributable to Colgate-Palmolive Company in the first six months of 2024 increased 17% to $1,467 from $1,252 in the first six months of 2023, and Earnings per common share on a diluted basis increased 19% to $1.78 in the first six months of 2024 from $1.50 in the first six months of 2023.

	Six Months Ended June 30, 2024
	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	$	1,977	$	482	$	1,495	$	81	$	1,414	$	1.71
2022 Global Productivity Initiative	63		10		53		—		53		0.07
Non-GAAP	$	2,040	$	492	$	1,548	$	81	$	1,467	$	1.78

	Six Months Ended June 30, 2023
	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	$	1,448	$	500	$	948	$	74	$	874	$	1.05
ERISA litigation matter	267		55		212		—		212		0.25
Foreign tax matter	—		(126)		126		—		126		0.15
2022 Global Productivity Initiative	27		5		22		1		21		0.03
Product recall costs	25		6		19		—		19		0.02
Non-GAAP	$	1,767	$	440	$	1,327	$	75	$	1,252	$	1.50

(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.

46

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Restructuring and Related Implementation Charges

On January 27, 2022, the Board approved the 2022 Global Productivity Initiative. Substantially all initiatives under the program have been implemented as of the second quarter of 2024 and the Company expects to incur the remaining charges in the second half of 2024. The 2022 Global Productivity Initiative resulted in the reallocation of resources towards the Company’s strategic priorities and faster growth businesses, efficiencies in the Company’s operations and the streamlining of its supply chain to reduce structural costs.

Total pretax charges from the implementation of the 2022 Global Productivity Initiative are now expected to be approximately $225 ($180 aftertax), once all the charges are recorded, which is now estimated to be comprised of the following categories: employee-related costs, including severance, pension and other termination benefits (80%); asset-related costs, primarily accelerated depreciation and asset write-downs (5%); and other charges (15%), which include contract termination costs, consisting primarily of implementation-related charges resulting directly from exit activities and the implementation of new strategies. It is now estimated that approximately 80% of the charges will result in cash expenditures.

Total annualized pretax savings from the 2022 Global Productivity Initiative are now expected to be approximately $125 ($100 aftertax). Savings achieved since the implementation of the 2022 Global Productivity Initiative were approximately $110 pretax ($90 aftertax).

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

For the three months ended June 30, 2024, charges resulting from the 2022 Global Productivity Initiative were $27 pretax ($23 aftertax). For the three months ended June 30, 2023, charges resulting from the 2022 Global Productivity Initiative were $21 pretax ($16 aftertax).

For the six months ended June 30, 2024 and June 30, 2023, charges resulting from the 2022 Global Productivity Initiative are reflected in the income statement as follows:

	Six Months Ended June 30,
	2024		2023
Gross Profit	$	9	$	—
Selling, general and administrative expenses	3		2
Other (income) expense, net	51		21
Non-service related postretirement costs	—		4
Total 2022 Global Productivity Initiative charges, pretax	$	63	$	27
Total 2022 Global Productivity Initiative charges, aftertax	$	53	$	21

Restructuring and related implementation charges are recorded in the Corporate segment as these initiatives are predominantly centrally directed and controlled and are not included in internal measures of segment operating performance.

47

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

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

	Six Months Ended June 30,				Program-to-date Accumulated Charges
	2024		2023
North America	—	%	14	%	8	%
Latin America	—	%	2	%	9	%
Europe	90	%	26	%	41	%
Asia Pacific	—	%	22	%	8	%
Africa/Eurasia	1	%	2	%	7	%
Hill’s Pet Nutrition	8	%	15	%	12	%
Corporate	1	%	19	%	15	%
Total	100	%	100	%	100	%

Since the inception of the 2022 Global Productivity Initiative, the Company has incurred cumulative pretax charges of $205 ($165 aftertax) in connection with the implementation of various projects as follows:

	Cumulative Charges
	as of June 30, 2024
Employee-Related Costs	$	175
Incremental Depreciation	7
Asset Impairments	1
Other	22
Total	$	205

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

	Six Months Ended June 30, 2024
	Employee-Related Costs		Incremental Depreciation		Asset Impairments		Other		Total
Balance at December 31, 2023	$	10	$	—	$	—	$	1	$	11
Charges	49		7		—		7		63
Cash Payments	(10)		—		—		(5)		(15)
Charges against assets	—		(7)		—		—		(7)
Foreign exchange	(1)		—		—		—		(1)
Balance at June 30, 2024	$	48	$	—	$	—	$	3	$	51

Employee-Related Costs primarily include severance and other termination benefits and are calculated based on long-standing benefit practices, written severance policies, local statutory requirements and, in certain cases, voluntary termination arrangements. Employee-Related Costs also include pension enhancements, which are reflected as Charges against assets within Employee-Related Costs in the preceding table, as the corresponding balance sheet amounts are reflected as a reduction of pension assets or an increase in pension liabilities. For the six months ended June 30, 2024, there were no pension enhancements included in Charges against assets within Employee-Related Costs.

48

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Incremental Depreciation is recorded to reflect changes in useful lives and estimated residual values for long-lived assets that will be taken out of service prior to the end of their normal service period. Asset Impairments are recorded to write down inventories and assets held for sale or disposal to their fair value based on amounts expected to be realized. Charges against assets within Asset Impairments are net of cash proceeds pertaining to the sale of certain assets.

49

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Non-GAAP Financial Measures

This Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q. 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 three and six months ended June 30, 2024 is provided below.

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, Non-service related postretirement costs, Effective income tax rate, Net income attributable to Colgate-Palmolive Company and Earnings per share on a diluted basis are discussed in this Quarterly Report on Form 10-Q both on a GAAP basis and excluding, as applicable, charges resulting from the ERISA litigation matter, the 2022 Global Productivity Initiative, product recall costs and the foreign tax matter. 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, acquisition-related costs, gains and losses from certain divestitures and certain other 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 three and six months ended June 30, 2024 and 2023 is presented within the applicable section of Results of Operations.

The following tables provide a quantitative reconciliation of Net sales growth to organic sales growth for the three and six months ended June 30, 2024:

Three Months Ended June 30, 2024	Net Sales Growth (GAAP)	Foreign Exchange Impact	Acquisitions and Divestments Impact	Organic Sales Growth (Non-GAAP)
Oral, Personal and Home Care
North America	2.5%	(0.1)%	—%	2.5%
Latin America	7.6%	(11.2)%	—%	18.8%
Europe	6.2%	(0.2)%	—%	6.5%
Asia Pacific	2.6%	(2.5)%	—%	5.1%
Africa/Eurasia	2.2%	(14.3)%	—%	16.4%
Total Oral, Personal and Home Care	4.7%	(5.0)%	—%	9.8%
Pet Nutrition	5.5%	(0.7)%	—%	6.1%
Total Company	4.9%	(4.1)%	—%	9.0%

Note: Table may not sum due to rounding.

50

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Six Months Ended June 30, 2024	Net Sales Growth (GAAP)	Foreign Exchange Impact	Acquisitions and Divestments Impact	Organic Sales Growth (Non-GAAP)
Oral, Personal and Home Care
North America	3.2%	—%	—%	3.3%
Latin America	11.8%	(10.4)%	—%	22.2%
Europe	7.8%	1.0%	—%	6.8%
Asia Pacific	0.4%	(2.7)%	—%	3.2%
Africa/Eurasia	(1.3)%	(17.6)%	—%	16.3%
Total Oral, Personal and Home Care	5.8%	(4.8)%	—%	10.6%
Pet Nutrition	4.7%	(0.5)%	—%	5.2%
Total Company	5.5%	(3.8)%	—%	9.4%

Note: Table may not sum due to rounding.

51

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(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 increased 15% to $1,671 in the first six months of 2024, compared to $1,457 in the first six months of 2023, primarily due to higher net income, partially offset by an increase in receivables. The Company’s working capital was (2.5%) as a percentage of Net sales as of June 30, 2024 as compared to (1.3%) as of June 30, 2023. 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 $304 of cash in the first six months of 2024, compared to $438 in the first six months of 2023.

Capital expenditures were $243 in the first six months of 2024 compared to $347 in the first six months of 2023. Capital expenditures for 2024 are expected to be approximately 3.0% of Net sales. The Company continues to focus its capital spending on projects that are expected to yield high aftertax returns. 

Financing activities used $1,206 of cash during the first six months of 2024, compared to $955 used in the first six months of 2023. The increase in cash used was primarily due to higher share repurchases, partially offset by higher proceeds from the exercise of stock options.

Long-term debt, including the current portion, decreased to $8,167 as of June 30, 2024, as compared to $8,239 as of December 31, 2023 and total debt was $8,676 as of June 30, 2024, as compared to $8,549 as of December 31, 2023. During the first quarter of 2024, the Company redeemed at maturity $500 of ten-year Medium-Term Notes with a fixed coupon of 3.25%. The redemption was financed with commercial paper borrowings.

Domestic and foreign commercial paper outstanding was $1,607 and $906 as of June 30, 2024 and December 31, 2023, respectively. The average daily balances outstanding for commercial paper in the first six months of 2024 and 2023 were $1,688 and $1,915, 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 unused lines of credit or by issuing long-term debt pursuant to an effective shelf registration statement.

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 contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for further information about the Company’s long-term debt and credit facilities.

In the first quarter of 2024, the Company increased the quarterly common stock dividend to $0.50 per share from $0.48 per share previously, effective in the second quarter of 2024.

Cash and cash equivalents increased $144 during the first six months of 2024 to $1,110 at June 30, 2024, compared to $966 at December 31, 2023, the majority of which ($1,016 and $922, respectively) was held by the Company’s foreign subsidiaries.

For additional information regarding liquidity and capital resources, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

52

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Goodwill and Intangible Assets

As of the date of the annual goodwill and indefinite-lived impairment test, the fair value of the Filorga reporting unit and one of the Company’s indefinite-lived trademarks continue to approximate their carrying value.

Given the inherent uncertainties of estimating the future cash flows, the impact of interest rates and inflation on macroeconomic conditions, actual results may differ from management's current estimates which could potentially result in impairment charges in future periods.

53

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Market Share Information

Management uses market share information as a key indicator to monitor business health and performance. References to market share in this Quarterly Report on Form 10-Q 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 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.

Cautionary Statement on Forward-Looking Statements

This Quarterly Report on Form 10-Q 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, the impact of geopolitical conflicts and tensions, such as the war in Ukraine, the Israel-Hamas war and tensions between China and Taiwan, cost-reduction plans (including the 2022 Global Productivity Initiative), tax rates, interest rates, new product introductions, digital capabilities, 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 macroeconomic and political environment in different countries, including as a result of inflation and rising interest rates, and its effect on consumer confidence and spending, foreign currency rate fluctuations, exchange controls, import restrictions, tariffs, sanctions, 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, the ability to manage disruptions in our global supply chain and/or key office facilities, the 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 through mobile applications), the ability to develop innovative new products, the ability to continue lowering costs and operate in an agile manner, the ability to maintain the security of our information and operational technology systems from a cybersecurity incident or data breach, the ability to address the effects of climate change and achieve our sustainability and social impact goals, 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, including inflation, 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 the Company’s filings with the SEC (including, but not limited to, the information set forth under the captions “Risk Factors” and “Cautionary Statement on Forward-Looking

54

COLGATE-PALMOLIVE COMPANY

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

(Dollars in Millions Except Per Share Amounts)

Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings with the SEC).

Quantitative and Qualitative Disclosures about Market Risk

There is no material change in the information reported under Part II, Item 7, “Managing Foreign Currency, Interest Rate, Commodity Price and Credit Risk Exposure” contained in our Annual Report on Form 10-K for the year ended December 31, 2023.

55

COLGATE-PALMOLIVE COMPANY

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 June 30, 2024 (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.

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.

56

COLGATE-PALMOLIVE COMPANY

PART II.    OTHER INFORMATION

Item 1.    Legal Proceedings

For information regarding legal matters, refer to Note 9, Contingencies to the Condensed Consolidated Financial Statements contained in Part I of this Quarterly Report on Form 10-Q, which is incorporated herein by reference.

Item 1A.    Risk Factors

There have been no material changes from the risk factors disclosed in “Risk Factors” in Part 1, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

57

COLGATE-PALMOLIVE COMPANY

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds    

On March 10, 2022, 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 “2022 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 stock repurchase activity for the three months in the quarter ended June 30, 2024:

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)
April 1 through 30, 2024	1,014,319	$	87.80	1,014,319	$	2,265
May 1 through 31, 2024	1,731,098	$	93.23	1,725,858	$	2,104
June 1 through 30, 2024	2,081,617	$	95.98	2,080,600	$	1,904
Total	4,827,034	$	93.27	4,820,777

(1) Includes share repurchases under the 2022 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 6,257 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 June 30, 2024.

58

COLGATE-PALMOLIVE COMPANY

Item 3.    Defaults Upon Senior Securities

None.

Item 4.    Mine Safety Disclosures

Not Applicable.

Item 5.    Other Information

(c) Trading Plans

During the three months ended June 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

59

COLGATE-PALMOLIVE COMPANY

Item 6.    Exhibits

Exhibit No.	Description
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 Quarterly Report on Form 10-Q for the period ended June 30, 2024, formatted in Inline eXtensible Business Reporting Language (Inline XBRL): (i) the Condensed Consolidated Statements of Income; (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Balance Sheets; (iv) the Condensed Consolidated Statements of Cash Flows; (v) Condensed Consolidated Statements of Changes in Shareholders’ Equity; and (vi) Notes to Condensed Consolidated Financial Statements.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

__________

* Filed herewith.

** Furnished herewith.

60

COLGATE-PALMOLIVE COMPANY

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	COLGATE-PALMOLIVE COMPANY
	(Registrant)
	Principal Executive Officer:
July 26, 2024	/s/ Noel R. Wallace
	Noel R. Wallace
	Chairman of the Board, President and Chief Executive Officer
	Principal Financial Officer:
July 26, 2024	/s/ Stanley J. Sutula III
	Stanley J. Sutula III
	Chief Financial Officer
	Principal Accounting Officer:
July 26, 2024	/s/ Gregory O. Malcolm
	Gregory O. Malcolm
	Executive Vice President and Controller

61

EX-31.A

EXHIBIT 31-A

I, Noel R. Wallace, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q 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: July 26, 2024

/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 Quarterly Report on Form 10-Q 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: July 26, 2024

/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 Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 (the “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 Report fairly presents, in all material respects, the financial condition and results of operations of Colgate-Palmolive Company.

Date: July 26, 2024

/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

XML

Cover Page	6 Months Ended
	Jun. 30, 2024 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	817,087,145
Entity Central Index Key	0000021665
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, $1.00 par value
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
0.300% Notes due 2029
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

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 5,058	$ 4,822	$ 10,124	$ 9,592
Cost of sales	1,992	2,035	4,019	4,093
Gross profit	3,066	2,787	6,105	5,499
Selling, general and administrative expenses	1,939	1,768	3,855	3,526
Other (income) expense, net	35	45	111	90
Operating profit	1,092	974	2,139	1,883
Non-service related postretirement costs	22	29	44	323
Interest (income) expense, net	60	58	118	112
Income before income taxes	1,010	887	1,977	1,448
Provision for income taxes	243	353	482	500
Net income including noncontrolling interests	767	534	1,495	948
Less: Net income attributable to noncontrolling interests	36	32	81	74
Net income attributable to Colgate-Palmolive Company	$ 731	$ 502	$ 1,414	$ 874
Earnings per common share, basic (in dollars per share)	$ 0.89	$ 0.61	$ 1.72	$ 1.05
Earnings per common share, diluted (in dollars per share)	$ 0.89	$ 0.60	$ 1.71	$ 1.05

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income including noncontrolling interests	$ 767	$ 534	$ 1,495	$ 948
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(118)	27	(212)	70
Retirement plans and other retiree benefit adjustments	6	6	11	13
Gains (losses) on cash flow hedges	2	(10)	2	(4)
Total Other comprehensive income (loss), net of tax	(110)	23	(199)	79
Total Comprehensive income including noncontrolling interests	657	557	1,296	1,027
Less: Net income attributable to noncontrolling interests	36	32	81	74
Less: Cumulative translation adjustments attributable to noncontrolling interests	(1)	(25)	(8)	(41)
Total Comprehensive income attributable to noncontrolling interests	35	7	73	33
Total Comprehensive income attributable to Colgate-Palmolive Company	$ 622	$ 550	$ 1,223	$ 994

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 1,110	$ 966
Receivables (net of allowances of $84 and $80, respectively)	1,825	1,586
Inventories	1,922	1,934
Other current assets	789	793
Total current assets	5,646	5,279
Property, plant and equipment:
Cost	10,167	10,286
Less: Accumulated depreciation	(5,775)	(5,704)
Property, plant and equipment, net	4,392	4,582
Goodwill	3,320	3,410
Other intangible assets, net	1,814	1,887
Deferred income taxes	214	214
Other assets	1,094	1,021
Total assets	16,480	16,393
Current Liabilities
Notes and loans payable	509	310
Current portion of long-term debt	21	20
Accounts payable	1,557	1,698
Accrued income taxes	399	336
Other accruals	2,864	2,377
Total current liabilities	5,350	4,741
Long-term debt	8,146	8,219
Deferred income taxes	355	361
Other liabilities	2,147	2,115
Total liabilities	15,998	15,436
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	4,035	3,808
Retained earnings	25,486	25,289
Accumulated other comprehensive income (loss)	(4,128)	(3,937)
Treasury stock, at cost	(26,736)	(26,017)
Total Colgate-Palmolive Company shareholders’ equity	123	609
Noncontrolling interests	359	348
Total equity	482	957
Total liabilities and equity	$ 16,480	$ 16,393

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Allowance for doubtful accounts receivable, current	$ 84	$ 80
Shareholders’ Equity
Common stock par value (in dollars 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

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net income including noncontrolling interests	$ 1,495	$ 948
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:
Depreciation and amortization	307	273
ERISA litigation matter	0	267
Restructuring and termination benefits, net of cash	48	(8)
Stock-based compensation expense	43	37
Deferred income taxes	(92)	(156)
Cash effects of changes in:
Receivables	(309)	(112)
Inventories	(17)	54
Accounts payable and other accruals	194	153
Other non-current assets and liabilities	2	1
Net cash provided by (used in) operations	1,671	1,457
Investing Activities
Capital expenditures	(243)	(347)
Purchases of marketable securities and investments	(243)	(225)
Proceeds from sale of marketable securities and investments	178	146
Other investing activities	4	(12)
Net cash provided by (used in) investing activities	(304)	(438)
Financing Activities
Short-term borrowing (repayment) less than 90 days, net	736	(415)
Principal payments of debt	(500)	(903)
Proceeds from issuance of debt	2	1,497
Dividends paid	(867)	(847)
Purchases of treasury shares	(989)	(551)
Proceeds from exercise of stock options	455	259
Other financing activities	(43)	5
Net cash provided by (used in) financing activities	(1,206)	(955)
Effect of exchange rate changes on Cash and cash equivalents	(17)	(20)
Net increase (decrease) in Cash and cash equivalents	144	44
Cash and cash equivalents at beginning of the period	966	775
Cash and cash equivalents at end of the period	1,110	819
Supplemental Cash Flow Information
Income taxes paid	505	450
Interest paid	$ 161	$ 129

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Condensed 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, 2022			$ 1,466	$ 3,546	$ (1)	$ (25,128)	$ 24,573	$ (4,055)	[1]	$ 405
Changes in Shareholders' Equity [Roll Forward]
Net income		$ 948					874			74
Other comprehensive income (loss), net of tax		79						120	[1]	(41)
Dividends	[2]						(1,189)			(59)
Stock-based compensation expense				37
Shares issued for stock options				116		127
Shares issued for restricted stock units				(14)		14
Treasury stock acquired						(551)
Other				3	1	(3)
Ending balance at Jun. 30, 2023			1,466	3,688	0	(25,541)	24,258	(3,935)	[1],[3]	379
Beginning balance at Mar. 31, 2023			1,466	3,603	0	(25,245)	24,153	(3,983)	[3]	431
Changes in Shareholders' Equity [Roll Forward]
Net income		534					502			32
Other comprehensive income (loss), net of tax		23						48	[3]	(25)
Dividends		(59)					(397)
Stock-based compensation expense				23
Shares issued for stock options				62		77
Shares issued for restricted stock units				(1)		1
Treasury stock acquired						(371)
Other				1		(3)
Ending balance at Jun. 30, 2023			1,466	3,688	0	(25,541)	24,258	(3,935)	[1],[3]	379
Beginning balance at Dec. 31, 2023		957	1,466	3,808	0	(26,017)	25,289	(3,937)		348
Changes in Shareholders' Equity [Roll Forward]
Net income		1,495					1,414			81
Other comprehensive income (loss), net of tax		(199)						(191)		(8)
Dividends							(1,217)			(63)
Stock-based compensation expense				43
Shares issued for stock options				202		250
Shares issued for restricted stock units				(22)		22
Treasury stock acquired						(989)
Other				4		(2)				1
Ending balance at Jun. 30, 2024		482	1,466	4,035	0	(26,736)	25,486	(4,128)	[3]	359
Beginning balance at Mar. 31, 2024			1,466	3,962	0	(26,343)	25,164	(4,019)	[3]	387
Changes in Shareholders' Equity [Roll Forward]
Net income		767					731			36
Other comprehensive income (loss), net of tax		(110)						(109)	[3]	(1)
Dividends							(409)			(63)
Stock-based compensation expense				24
Shares issued for stock options				48		87
Shares issued for restricted stock units				(1)		1
Treasury stock acquired						(480)
Other				2		(1)
Ending balance at Jun. 30, 2024		$ 482	$ 1,466	$ 4,035	$ 0	$ (26,736)	$ 25,486	$ (4,128)	[3]	$ 359

[1] Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,555 at June 30, 2024 ($3,381 at June 30, 2023) and $3,351 at December 31, 2023 ($3,491 at December 31, 2022), respectively, and unrecognized retirement plan and other retiree benefits costs of $636 at June 30, 2024 ($618 at June 30, 2023) and $647 at December 31, 2023 ($631 at December 31, 2022), respectively.

[2] Two dividends were declared in each of the first quarters of 2024 and 2023.

[3] Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,555 at June 30, 2024 ($3,381 at June 30, 2023) and $3,438 at March 31, 2024 ($3,431 at March 31, 2023), respectively, and unrecognized retirement plan and other retiree benefits costs of $636 at June 30, 2024 ($618 at June 30, 2023) and $643 at March 31, 2024 ($624 at March 31, 2023), respectively.

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Condensed Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) dividend	Jun. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) dividend	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share) | $ / shares	$ 0.50		$ 0.48		$ 1.48	$ 1.43
Accumulated other comprehensive loss, cumulative translation losses	$ 3,555	$ 3,438	$ 3,381	$ 3,431	$ 3,555	$ 3,381	$ 3,351	$ 3,491
Accumulated other comprehensive income (loss), unrecognized retirement plan and other retiree benefit costs	$ 636	$ 643	$ 618	$ 624	$ 636	$ 618	$ 647	$ 631
Number of dividends declared per quarter | dividend		2		2

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Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The Condensed Consolidated Financial Statements reflect all normal recurring adjustments which, in management’s opinion, are necessary for a fair statement of the results for interim periods. Results of operations for interim periods may not be representative of results to be expected for a full year. Note that certain columns and rows may not sum due to rounding. Colgate-Palmolive Company (together with its subsidiaries, the “Company” or “Colgate”) reclassifies certain prior year amounts, as applicable, to conform to the current year presentation.

For a complete set of financial statement notes, including the Company’s significant accounting policies, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”).

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Use of Estimates

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates

Provisions for certain expenses, including income taxes, advertising and consumer promotion, are based on full year assumptions and are included in the accompanying Condensed Consolidated Financial Statements in proportion with estimated annual tax rates, the passage of time or estimated annual sales, as applicable.

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Recent Accounting Pronouncements and Disclosure Rules

6 Months Ended

Jun. 30, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Pronouncements and Disclosure Rules

Recent Accounting Pronouncements and Disclosure Rules

In March 2024, the SEC finalized rules intended to enhance and standardize climate-related disclosures in registrants’ registration statements and Annual Reports on Form 10-K. The new rules would require climate-related disclosures, including as they relate to governance, strategy, risk management, targets and goals and greenhouse gas emissions. In addition, the rules would require certain climate-related disclosures as it relates to severe weather events and other natural conditions and carbon offsets and renewable energy credits. In April 2024, the SEC voluntarily stayed the rules due to pending judicial review. As these rules only impact disclosures, they will not have a material impact on the Company’s Consolidated Financial Statements.

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. This guidance is effective for the Company for fiscal years beginning after December 15, 2024. As this accounting standard only impacts disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-08, “Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.” This ASU improves the accounting for certain crypto assets by requiring companies to measure them at fair value for each reporting period with changes in fair value recognized in net income. This guidance is effective for the Company for fiscal years beginning after December 15, 2024 and is not expected to have an impact on the Company’s Consolidated Financial Statements.

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU modified the disclosure and presentation requirements primarily through enhanced disclosures of significant segment expenses and other segment items. This guidance is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. As this accounting standard only impacts disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.

In October 2023, the FASB issued ASU No. 2023-06, “Disclosure Improvements-Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” This ASU modified the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. This guidance is effective for the Company no later than June 30, 2027 and is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In August 2023, the FASB issued ASU No. 2023-05, “Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement.” This ASU requires a joint venture to initially measure all contributions received upon its formation at fair value. This guidance is applicable to joint ventures with a formation date on or after January 1, 2025 and is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In March 2023, the FASB issued ASU No. 2023-01, “Leases (Topic 842): Common Control Arrangements.” This ASU clarified the accounting for leasehold improvements for leases under common control. The guidance was effective for the Company beginning on January 1, 2024 and did not have a material impact on the Company’s Consolidated Financial Statements.

In September 2022, the FASB issued ASU No. 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” This ASU requires a buyer that uses supplier finance programs to make annual disclosures about the programs’ key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated roll-forward information. The Company adopted the guidance beginning on January 1, 2023, and with respect to the roll-forward information disclosure, beginning on January 1, 2024. See Note 12, Supplier Finance Program for additional information.

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Restructuring and Related Implementation Charges

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Implementation Charges

Restructuring and Related Implementation Charges

On January 27, 2022, the Company’s Board of Directors (the “Board”) approved a targeted productivity program (the “2022 Global Productivity Initiative”). Substantially all initiatives under the program have been implemented as of the second quarter of 2024 and the Company expects to incur the remaining charges in the second half of 2024. The 2022 Global Productivity Initiative resulted in the reallocation of resources towards the Company’s strategic priorities and faster growth businesses, efficiencies in the Company’s operations and the streamlining of its supply chain to reduce structural costs.

Total pretax charges from the implementation of the 2022 Global Productivity Initiative are now expected to be approximately $225 ($180 aftertax), once all the charges are recorded, which is now estimated to be comprised of the following categories: employee-related costs, including severance, pension and other termination benefits (80%); asset-related costs, primarily accelerated depreciation and asset write-downs (5%); and other charges (15%), which include contract termination costs, consisting primarily of implementation-related charges resulting directly from exit activities and the implementation of new strategies. It is now estimated that approximately 80% of the charges will result in cash expenditures.

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

For the three months ended June 30, 2024, charges resulting from the 2022 Global Productivity Initiative were $27 pretax ($23 aftertax). For the three months ended June 30, 2023, charges resulting from the 2022 Global Productivity Initiative were $21 pretax ($16 aftertax).

For the six months ended June 30, 2024 and June 30, 2023, charges resulting from the 2022 Global Productivity Initiative are reflected in the income statement as follows:

	Six Months Ended June 30,
	2024		2023
Gross Profit	$	9	$	—
Selling, general and administrative expenses	3		2
Other (income) expense, net	51		21
Non-service related postretirement costs	—		4
Total 2022 Global Productivity Initiative charges, pretax	$	63	$	27
Total 2022 Global Productivity Initiative charges, aftertax	$	53	$	21

Restructuring and related implementation charges were recorded in the Corporate segment as these initiatives are predominantly centrally directed and controlled and are not included in internal measures of segment operating performance.

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

	Six Months Ended June 30,				Program-to-date Accumulated Charges
	2024		2023
North America	—	%	14	%	8	%
Latin America	—	%	2	%	9	%
Europe	90	%	26	%	41	%
Asia Pacific	—	%	22	%	8	%
Africa/Eurasia	1	%	2	%	7	%
Hill's Pet Nutrition	8	%	15	%	12	%
Corporate	1	%	19	%	15	%
Total	100	%	100	%	100	%

Since the inception of the 2022 Global Productivity Initiative, the Company has incurred cumulative pretax charges of $205 ($165 aftertax) in connection with the implementation of various projects as follows:

	Cumulative Charges
	as of June 30, 2024
Employee-Related Costs	$	175
Incremental Depreciation	7
Asset Impairments	1
Other	22
Total	$	205

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

	Six Months Ended June 30, 2024
	Employee-Related Costs		Incremental Depreciation		Asset Impairments		Other		Total
Balance at December 31, 2023	$	10	$	—	$	—	$	1	$	11
Charges	49		7		—		7		63
Cash Payments	(10)		—		—		(5)		(15)
Charges against assets	—		(7)		—		—		(7)
Foreign exchange	(1)		—		—		—		(1)
Balance at June 30, 2024	$	48	$	—	$	—	$	3	$	51

Employee-Related Costs primarily include severance and other termination benefits and are calculated based on long-standing benefit practices, written severance policies, local statutory requirements and, in certain cases, voluntary termination arrangements. Employee-Related Costs also include pension enhancements which are reflected as Charges against assets within Employee-Related Costs in the preceding table as the corresponding balance sheet amounts are

reflected as a reduction of pension assets or an increase in pension liabilities. For the six months ended June 30, 2024, there were no pension enhancements included in Charges against assets within Employee-Related Costs.

Incremental Depreciation is recorded to reflect changes in useful lives and estimated residual values for long-lived assets that will be taken out of service prior to the end of their normal service period. Asset Impairments are recorded to write down inventories and assets held for sale or disposal to their fair value based on amounts expected to be realized. Charges against assets within Asset Impairments are net of cash proceeds pertaining to the sale of certain assets.

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Inventories

6 Months Ended

Jun. 30, 2024

Inventory, Net, Items Net of Reserve Alternative [Abstract]

Inventories

Inventories

Inventories by major class were as follows:

	June 30, 2024		December 31, 2023
Raw materials and supplies	$	613	$	606
Work-in-process	43		46
Finished goods	1,398		1,411
Total Inventories, net	$	2,054	$	2,063
Non-current inventory, net	$	(132)	$	(129)
Current Inventories, net	$	1,922	$	1,934

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Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

For the three months ended June 30, 2024 and 2023, earnings per share were as follows:

	Three Months Ended
	June 30, 2024					June 30, 2023
	Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share		Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share
Basic EPS	$	731	819.7	$	0.89	$	502	829.4	$	0.61
Stock options and restricted stock units			4.0					1.9
Diluted EPS	$	731	823.7	$	0.89	$	502	831.3	$	0.60

For the three months ended June 30, 2024 and 2023, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 14,865 and 6,268,944, respectively.

For the six months ended June 30, 2024 and 2023, earnings per share were as follows:

	Six Months Ended
	June 30, 2024					June 30, 2023
	Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share		Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share
Basic EPS	$	1,414	821.3	$	1.72	$	874	830.4	$	1.05
Stock options and restricted stock units			3.6					1.7
Diluted EPS	$	1,414	824.9	$	1.71	$	874	832.1	$	1.05

For the six months ended June 30, 2024 and 2023, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 23,044 and 13,482,312, respectively.

Basic and diluted earnings per share are computed independently for each quarter and any year-to-date period presented. As a result of changes in the number of shares outstanding during the year and rounding, the sum of the quarters’ earnings per share may not necessarily equal the earnings per share for any year-to-date period.

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Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

Additions to and reclassifications out of Accumulated other comprehensive income (loss) attributable to the Company for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cumulative translation adjustments, pre-tax	$	(94)	$	57	$	(165)	$	106
Tax amounts	(23)		(5)		(39)		5
Cumulative translation adjustments, net of tax	(117)		52		(204)		111
Pension and other benefits:
Net actuarial gain (loss), prior service costs and settlements during the period	—		(1)		(1)		—
Amortization of net actuarial loss, transition and prior service costs(1)	6		8		15		16
Retirement Plan and other retiree benefit adjustments, pre-tax	6		7		14		16
Tax amounts	—		(1)		(3)		(3)
Retirement Plan and other retiree benefit adjustments, net of tax	6		6		11		13
Cash flow hedges:
Unrealized gains (losses) on cash flow hedges	1		(17)		1		—
Reclassification of (gains) losses into net earnings on cash flow hedges(2)	1		3		1		(6)
Gains (losses) on cash flow hedges, pre-tax	2		(14)		2		(6)
Tax amounts	—		4		—		2
Gains (losses) on cash flow hedges, net of tax	2		(10)		2		(4)
Total Other comprehensive income (loss), net of tax	$	(109)	$	48	$	(191)	$	120

(1) These components of Other comprehensive income (loss) are included in the computation of total pension cost. See Note 8, Retirement Plans and Other Retiree Benefits for additional details.

(2) These (gains) losses are reclassified into Cost of sales. See Note 11, Fair Value Measurements and Financial Instruments for additional details.

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

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Retirement Plans and Other Retiree Benefits

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Retirement Plans and Other Retiree Benefits

Retirement Plans and Other Retiree Benefits

Components of Net periodic benefit cost for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three Months Ended June 30,
	Pension Benefits								Other Retiree Benefits
	United States				International
	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	5	$	3	$	2	$	2
Interest cost	24		25		7		8		11		11
Expected return on plan assets	(20)		(21)		(6)		(5)		—		—
Amortization of actuarial loss (gain)	11		11		—		1		(5)		(4)
Net periodic benefit cost	$	15	$	15	$	6	$	7	$	8	$	9
Other postretirement charges	—		3		—		—		—		—
Total pension cost	$	15	$	18	$	6	$	7	$	8	$	9

	Six Months Ended June 30,
	Pension Benefits								Other Retiree Benefits
	United States				International
	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	8	$	6	$	4	$	4
Interest cost	47		48		15		16		19		22
Expected return on plan assets	(39)		(41)		(13)		(9)		—		—
Amortization of actuarial loss (gain)	21		22		2		2		(8)		(8)
Net periodic benefit cost	$	29	$	29	$	12	$	15	$	15	$	18
Other postretirement charges	—		4		—		—		—		—
ERISA litigation matter	—		267		—		—		—		—
Total pension cost	$	29	$	300	$	12	$	15	$	15	$	18

There were no other postretirement charges for the three and six months ended June 30, 2024. Other postretirement charges for the three and six months ended June 30, 2023 included pension and other charges of $3 and $4, respectively, incurred pursuant to the 2022 Global Productivity Initiative.

In the first quarter of 2023, the Company recorded a charge of $267 as a result of a decision of the United States Court of Appeals for the Second Circuit (the “Second Circuit”) affirming a grant of summary judgment to the plaintiffs in a lawsuit under the Employee Retirement Income Security Act (“ERISA”) seeking the recalculation of benefits and other relief associated with a 2005 residual annuity amendment to the Colgate-Palmolive Company Employees’ Retirement Income Plan (the “Retirement Plan”). The decision resulted in an increase in the obligations of the Retirement Plan, which based on the current funded status of the Retirement Plan will require no immediate cash contribution by the Company. See Note 9, Contingencies for additional information.

For the three and six months ended June 30, 2024 and 2023, the Company made no voluntary contributions to its U.S. postretirement plans.

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Contingencies

6 Months Ended

Jun. 30, 2024

Loss Contingency [Abstract]

Contingencies

Contingencies

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 $275 (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 $117. 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, September 2018, April 2019 and August 2020, the Company lost an administrative appeal and subsequently challenged these assessments in the Brazilian federal courts. Currently, there are three lawsuits pending in the Lower Federal Court and two cases have progressed to the Federal Court of Appeals. 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 $52, 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 June 30, 2024 of such competition law matters pending against the Company during the six months ended June 30, 2024 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 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 of its talcum powder products 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 June 30, 2024, there were 293 individual cases pending against the Company in state and federal courts throughout the United States, as compared to 285 cases as of March 31, 2024 and 279 cases as of December 31, 2023. During the three months ended June 30, 2024, 40 new cases were filed and 32 cases were resolved by voluntary dismissal or settlement. During the six months ended June 30, 2024, 66 new cases were filed and 52 cases were resolved by voluntary dismissal, settlement or dismissal by the court. The value of the settlements in the periods presented was not material, either individually or in the aggregate, to such periods’ results of operations. During the three months ended March 31, 2024, one case resulted in a jury verdict in favor of the Company after a trial. During the three months ended June 30, 2024, the court entered a judgment granting plaintiffs’ motion for a new trial in that case. The Company is challenging that ruling.

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 lawsuit was filed in the United States District Court for the Southern District of New York (the “District Court”) against the Retirement Plan, the Company and certain individuals (the “Company Defendants”) claiming that residual annuity payments associated with a 2005 residual annuity amendment to the Retirement Plan were improperly calculated for certain Retirement Plan participants in violation of ERISA. The relief sought included 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 District Court dismissed certain claims, and in August 2020 granted the plaintiffs’ motion for summary judgment on the remaining claims. In September 2020, the Company appealed to the Second Circuit. In March 2023, the Second Circuit affirmed the grant of summary judgment to the plaintiffs.

In light of the Second Circuit decision, the Company recorded a charge to earnings of $267 in the quarter ended March 31, 2023, which is comprised of the recalculation of benefits and interest. Possible additional charges associated with this matter are expected to be immaterial and, where estimable, are reflected in the range of reasonably possible losses disclosed above. The decision resulted in an increase in the obligations of the Retirement Plan, which based on the current funded status of the Retirement Plan will require no immediate cash contribution by the Company. In June 2023, the Company filed a petition for certiorari to the United States Supreme Court requesting permission for an appeal to that court and that petition was denied in October 2023. Also, in June 2023, the plaintiffs filed a motion to enter a revised final judgment in the District Court to address certain unresolved calculation issues, which the Company opposed. In March 2024, the District Court granted the plaintiffs’ motion and found for the plaintiffs on those calculation issues. The Company is appealing that decision to the Second Circuit.

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Segment Information

6 Months Ended

Jun. 30, 2024

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 to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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.

Net sales by segment were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net sales
Oral, Personal and Home Care
North America	$	1,002	$	978	$	1,999	$	1,936
Latin America	1,267		1,178		2,520		2,253
Europe	720		678		1,432		1,328
Asia Pacific	682		664		1,408		1,402
Africa/Eurasia	273		268		549		556
Total Oral, Personal and Home Care	3,944		3,766		7,908		7,475
Pet Nutrition	1,114		1,056		2,216		2,117
Total Net sales	$	5,058	$	4,822	$	10,124	$	9,592

Approximately two-thirds 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).

The Company’s Net sales of Oral, Personal and Home Care and Pet Nutrition products accounted for the following percentages of the Company’s Net sales:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net sales
Oral Care	42	%	42	%	43	%	42	%
Personal Care	19	%	19	%	18	%	19	%
Home Care	17	%	17	%	17	%	17	%
Pet Nutrition	22	%	22	%	22	%	22	%
Total Net sales	100	%	100	%	100	%	100	%

Operating profit by segment was as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating profit
Oral, Personal and Home Care
North America	$	223	$	227	$	445	$	420
Latin America	417		363		822		678
Europe	159		134		303		250
Asia Pacific	195		169		402		371
Africa/Eurasia	64		62		130		130
Total Oral, Personal and Home Care	1,058		955		2,102		1,849
Pet Nutrition	235		191		433		374
Corporate	(201)		(172)		(397)		(340)
Total Operating profit	$	1,092	$	974	$	2,139	$	1,883

Note: Table may not sum due to rounding.

Corporate Operating profit (loss) for the three months ended June 30, 2024 and June 30, 2023 included charges resulting from the 2022 Global Productivity Initiative of $27 and $18, respectively.

Corporate Operating profit (loss) for the six months ended June 30, 2024 included charges resulting from the 2022 Global Productivity Initiative of $63.

Corporate Operating profit (loss) for the six months ended June 30, 2023 included product recall costs of $25 and charges resulting from the 2022 Global Productivity Initiative of $23.

In connection with management changes, the Company realigned the reporting structure of its skin health business effective July 1, 2024. Accordingly, commencing with the quarter ending September 30, 2024, the results of the skin health business previously reported within the Europe reportable operating segment will now be reported with our other skin health businesses in the North America reportable operating segment, with no impact on the Company's consolidated results of operations or financial position.

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Fair Value Measurements and Financial Instruments

6 Months Ended

Jun. 30, 2024

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.

The Company’s derivative instruments include forward-starting interest rate swaps, foreign currency contracts and commodity contracts. The Company utilizes forward-starting interest rate swaps to mitigate the risk of variability in interest rate for future debt issuances and these swaps are valued using observable benchmark rates (Level 2 valuation). The Company utilizes foreign currency contracts, including forward and swap contracts, option contracts, 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. These contracts are valued using observable market rates (Level 2 valuation). Commodity futures contracts are utilized to hedge the purchases of raw materials used in production. These contracts are measured using quoted commodity exchange prices (Level 1 valuation). The duration of foreign currency and commodity contracts generally does not exceed 12 months.

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 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023:

	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		June 30, 2024		December 31, 2023			June 30, 2024		December 31, 2023
Foreign currency contracts	Other current assets	$	48	$	19	Other accruals	$	13	$	25
Commodity contracts	Other current assets	—		—		Other accruals	3		1
Total designated		$	48	$	19		$	16	$	26
Other financial instruments
Marketable securities	Other current assets	$	225	$	179
Total other financial instruments		$	225	$	179

The carrying amount of cash, cash equivalents, marketable securities, accounts receivable and short-term debt approximated fair value as of June 30, 2024 and December 31, 2023. The estimated fair value of the Company’s long-term debt, including the current portion, as of June 30, 2024 and December 31, 2023, was $7,575 and $7,862, respectively, and the related carrying value was $8,167 and $8,239, 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 tables present the notional values as of:

	June 30, 2024
	Foreign Currency Contracts		Foreign Currency Debt		Commodity Contracts		Total
Fair Value Hedges	$	1,718	$	—	$	—	$	1,718
Cash Flow Hedges	957		—		32		989
Net Investment Hedges	445		4,530		—		4,975

	December 31, 2023
	Foreign Currency Contracts		Foreign Currency Debt		Commodity Contracts		Total
Fair Value Hedges	$	1,625	$	—	$	—	$	1,625
Cash Flow Hedges	869		—		39		908
Net Investment Hedges	280		3,908		—		4,188

The following table presents the location and amount of gain (loss) on fair value hedges recognized in the Company’s Condensed Consolidated Statements of Income:

		Gain (Loss) Recognized in Income
	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Hedging instruments:
Foreign currency contracts	Selling, general and administrative expenses	$	(1)	$	18	$	(22)	$	23
Total gain (loss) on fair value hedges		$	(1)	$	18	$	(22)	$	23

The following tables present the amount of gain (loss) on cash flow hedges recognized in the Company’s Accumulated Other Comprehensive Income (AOCI) and reclassification from AOCI into the Condensed Consolidated Statements of Income:

	Gain (Loss) Recognized in AOCI					Amount Reclassified from AOCI Into Income
	Three Months Ended June 30,				Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,
	2024		2023			2024		2023
Hedging instruments:
Foreign currency contracts	$	4	$	(8)	Cost of Sales	$	—	$	(1)
Commodity contracts	(3)		(5)		Cost of Sales	(3)		(3)
Forward Starting Swaps	(2)		(4)		Interest (income) expense, net	2		1
Total gain (loss) on cash flow hedges	$	(1)	$	(17)		$	(1)	$	(3)

	Gain (Loss) Recognized in AOCI					Amount Reclassified from AOCI Into Income
	Six Months Ended June 30,				Location of Gain (Loss) Recognized in Income	Six Months Ended June 30,
	2024		2023			2024		2023
Hedging instruments:
Foreign currency contracts	$	7	$	(9)	Cost of Sales	$	(1)	$	3
Commodity contracts	(6)		(6)		Cost of Sales	(4)		—
Forward Starting Swaps	(4)		15		Interest (income) expense, net	4		3
Total gain (loss) on cash flow hedges	$	(3)	$	—		$	(1)	$	6

The following table presents the amount of gain (loss) on net investment hedges recognized in the Company’s AOCI:

	Gain (Loss) Recognized in AOCI
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Hedging instruments:
Foreign currency contracts	$	22	$	26	$	24	$	18
Foreign currency debt	28		113		134		40
Total gain (loss) on net investment hedges	$	50	$	139	$	158	$	58

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Supplier Finance Program

6 Months Ended

Jun. 30, 2024

Other Liabilities Disclosure [Abstract]

Supplier Finance Program

Supplier Finance Program

The Company has agreements to provide supplier finance programs which facilitate participating suppliers’ ability to finance payment obligations of the Company with designated third-party financial institutions. Participating suppliers may, at their sole discretion, elect to finance one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to finance amounts under these arrangements. The outstanding payment obligations under the Company’s supplier finance programs are included in Accounts Payable in the Condensed Consolidated Balance Sheets and were not material as of June 30, 2024 or December 31, 2023.

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Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective income tax rate was 24.1% for the second quarter of 2024 as compared to 39.8% for the second quarter of 2023. The quarterly provision for income taxes is determined based on the Company’s estimated full year effective income tax rate adjusted by the amount of tax attributable to infrequent or unusual items that are separately recognized on a discrete basis in the income tax provision in the quarter in which they occur. The Company’s current estimate of its full year effective income tax rate before discrete period items is 24.3%, as compared to 24.8% in the comparable period of 2023.

In the third quarter of 2023, the Internal Revenue Service (the “IRS”) issued a notice giving taxpayers temporary relief from the effects of certain U.S. tax regulations that were issued in December 2021, which place greater restrictions on foreign taxes that are creditable against U.S. taxes on foreign-source income. This notice allowed taxpayers to defer the application of these new regulations through the end of 2023. In December 2023, the IRS issued further guidance modifying this temporary relief period to the date that a notice or other guidance withdrawing or modifying the temporary relief is issued. The Company will recognize the impact, if any, in the period in which the temporary relief is withdrawn or modified.

The Company has ongoing federal, state and international income tax audits in various jurisdictions and evaluates uncertain tax positions that may be challenged by local tax authorities and not fully sustained. 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. One such matter relates to the IRS assessment of taxes on the Company by imputing income on certain activities within one of our international operations, which is also under audit for the years 2014 through 2018. There were U.S. Tax Court rulings during 2023 in favor of the IRS against unrelated third parties on similar matters. Despite the U.S. Tax Court rulings, the Company continues to believe that the tax assessment against the Company is without merit. While there can be no assurances, the Company believes this matter will ultimately be decided in favor of the Company. The amount of tax plus interest for the years 2010 through 2018 is estimated to be approximately $150, which is not included in the Company’s uncertain tax positions. In May 2024, the IRS initiated an audit for the years 2019 through 2021.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted, which among other things, implements a 15% minimum tax on book income of certain large corporations effective for years beginning after December 31, 2022. Based on the Company’s analysis, as well as guidance published by the IRS, the IRA, and in particular the 15% minimum tax, did not have an impact on the Company’s Consolidated Financial Statements. The Company will continue to evaluate the potential impact of this law as additional guidance and clarification becomes available.

Additionally, on December 15, 2022, the 27 member states of the European Union (“EU”) reached an agreement on a minimum level of taxation for certain large corporations to pay a minimum corporate tax rate of 15% in every jurisdiction in which they operate. This agreement, which is known as the Minimum Tax Directive (part of the “Pillar II Model Rules”), was supposed to be transposed into the laws of all EU member states by December 31, 2023. Most member states complied, while some were granted extensions of time. In addition, many other jurisdictions outside the EU have also committed to implement this Directive while others have implemented a similar minimum tax regime consistent with the policy of the Pillar II Model Rules. This Directive does not have a material impact on the Company’s Consolidated Financial Statements.

During the quarter ended June 30, 2023, the Company reassessed with its legal and tax advisers certain tax deductions taken in prior years by one of our subsidiaries and concluded that it was more likely than not that the deductions would not be sustained by the courts in that jurisdiction. The value of the tax deductions was not material to the Company in any year in which they were taken. The cumulative effect of the change in tax position of $148 was reflected as a discrete item in the quarter ended June 30, 2023 income tax expense, partially offset by the reversal of certain prior years’ withholding tax reserves of $22 that were no longer required. The tax liability was paid in the quarter ended September 30, 2023.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 731	$ 502	$ 1,414	$ 874

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Use of Estimates (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates

Provisions for certain expenses, including income taxes, advertising and consumer promotion, are based on full year assumptions and are included in the accompanying Condensed Consolidated Financial Statements in proportion with estimated annual tax rates, the passage of time or estimated annual sales, as applicable.

Recent Accounting Pronouncements

Recent Accounting Pronouncements and Disclosure Rules

In March 2024, the SEC finalized rules intended to enhance and standardize climate-related disclosures in registrants’ registration statements and Annual Reports on Form 10-K. The new rules would require climate-related disclosures, including as they relate to governance, strategy, risk management, targets and goals and greenhouse gas emissions. In addition, the rules would require certain climate-related disclosures as it relates to severe weather events and other natural conditions and carbon offsets and renewable energy credits. In April 2024, the SEC voluntarily stayed the rules due to pending judicial review. As these rules only impact disclosures, they will not have a material impact on the Company’s Consolidated Financial Statements.

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. This guidance is effective for the Company for fiscal years beginning after December 15, 2024. As this accounting standard only impacts disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-08, “Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.” This ASU improves the accounting for certain crypto assets by requiring companies to measure them at fair value for each reporting period with changes in fair value recognized in net income. This guidance is effective for the Company for fiscal years beginning after December 15, 2024 and is not expected to have an impact on the Company’s Consolidated Financial Statements.

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU modified the disclosure and presentation requirements primarily through enhanced disclosures of significant segment expenses and other segment items. This guidance is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. As this accounting standard only impacts disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.

In October 2023, the FASB issued ASU No. 2023-06, “Disclosure Improvements-Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” This ASU modified the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. This guidance is effective for the Company no later than June 30, 2027 and is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In August 2023, the FASB issued ASU No. 2023-05, “Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement.” This ASU requires a joint venture to initially measure all contributions received upon its formation at fair value. This guidance is applicable to joint ventures with a formation date on or after January 1, 2025 and is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In March 2023, the FASB issued ASU No. 2023-01, “Leases (Topic 842): Common Control Arrangements.” This ASU clarified the accounting for leasehold improvements for leases under common control. The guidance was effective for the Company beginning on January 1, 2024 and did not have a material impact on the Company’s Consolidated Financial Statements.

In September 2022, the FASB issued ASU No. 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” This ASU requires a buyer that uses supplier finance programs to make annual disclosures about the programs’ key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated roll-forward information. The Company adopted the guidance beginning on January 1, 2023, and with respect to the roll-forward information disclosure, beginning on January 1, 2024. See Note 12, Supplier Finance Program for additional information.

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Restructuring and Related Implementation Charges (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

For the six months ended June 30, 2024 and June 30, 2023, charges resulting from the 2022 Global Productivity Initiative are reflected in the income statement as follows:

	Six Months Ended June 30,
	2024		2023
Gross Profit	$	9	$	—
Selling, general and administrative expenses	3		2
Other (income) expense, net	51		21
Non-service related postretirement costs	—		4
Total 2022 Global Productivity Initiative charges, pretax	$	63	$	27
Total 2022 Global Productivity Initiative charges, aftertax	$	53	$	21

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

	Six Months Ended June 30, 2024
	Employee-Related Costs		Incremental Depreciation		Asset Impairments		Other		Total
Balance at December 31, 2023	$	10	$	—	$	—	$	1	$	11
Charges	49		7		—		7		63
Cash Payments	(10)		—		—		(5)		(15)
Charges against assets	—		(7)		—		—		(7)
Foreign exchange	(1)		—		—		—		(1)
Balance at June 30, 2024	$	48	$	—	$	—	$	3	$	51

Schedule of Percent of Total Restructuring Charges Related To Segment for the period

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

	Six Months Ended June 30,				Program-to-date Accumulated Charges
	2024		2023
North America	—	%	14	%	8	%
Latin America	—	%	2	%	9	%
Europe	90	%	26	%	41	%
Asia Pacific	—	%	22	%	8	%
Africa/Eurasia	1	%	2	%	7	%
Hill's Pet Nutrition	8	%	15	%	12	%
Corporate	1	%	19	%	15	%
Total	100	%	100	%	100	%

Schedule of Cumulative Pretax Restructuring Charges

Since the inception of the 2022 Global Productivity Initiative, the Company has incurred cumulative pretax charges of $205 ($165 aftertax) in connection with the implementation of various projects as follows:

	Cumulative Charges
	as of June 30, 2024
Employee-Related Costs	$	175
Incremental Depreciation	7
Asset Impairments	1
Other	22
Total	$	205

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Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory, Net, Items Net of Reserve Alternative [Abstract]

Schedule of Inventories by Major Class

Inventories by major class were as follows:

	June 30, 2024		December 31, 2023
Raw materials and supplies	$	613	$	606
Work-in-process	43		46
Finished goods	1,398		1,411
Total Inventories, net	$	2,054	$	2,063
Non-current inventory, net	$	(132)	$	(129)
Current Inventories, net	$	1,922	$	1,934

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

For the three months ended June 30, 2024 and 2023, earnings per share were as follows:

	Three Months Ended
	June 30, 2024					June 30, 2023
	Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share		Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share
Basic EPS	$	731	819.7	$	0.89	$	502	829.4	$	0.61
Stock options and restricted stock units			4.0					1.9
Diluted EPS	$	731	823.7	$	0.89	$	502	831.3	$	0.60

For the six months ended June 30, 2024 and 2023, earnings per share were as follows:

	Six Months Ended
	June 30, 2024					June 30, 2023
	Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share		Net income attributable to Colgate-Palmolive Company		Shares (millions)	Per Share
Basic EPS	$	1,414	821.3	$	1.72	$	874	830.4	$	1.05
Stock options and restricted stock units			3.6					1.7
Diluted EPS	$	1,414	824.9	$	1.71	$	874	832.1	$	1.05

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Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Comprehensive Income (Loss)

Additions to and reclassifications out of Accumulated other comprehensive income (loss) attributable to the Company for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cumulative translation adjustments, pre-tax	$	(94)	$	57	$	(165)	$	106
Tax amounts	(23)		(5)		(39)		5
Cumulative translation adjustments, net of tax	(117)		52		(204)		111
Pension and other benefits:
Net actuarial gain (loss), prior service costs and settlements during the period	—		(1)		(1)		—
Amortization of net actuarial loss, transition and prior service costs(1)	6		8		15		16
Retirement Plan and other retiree benefit adjustments, pre-tax	6		7		14		16
Tax amounts	—		(1)		(3)		(3)
Retirement Plan and other retiree benefit adjustments, net of tax	6		6		11		13
Cash flow hedges:
Unrealized gains (losses) on cash flow hedges	1		(17)		1		—
Reclassification of (gains) losses into net earnings on cash flow hedges(2)	1		3		1		(6)
Gains (losses) on cash flow hedges, pre-tax	2		(14)		2		(6)
Tax amounts	—		4		—		2
Gains (losses) on cash flow hedges, net of tax	2		(10)		2		(4)
Total Other comprehensive income (loss), net of tax	$	(109)	$	48	$	(191)	$	120

(1) These components of Other comprehensive income (loss) are included in the computation of total pension cost. See Note 8, Retirement Plans and Other Retiree Benefits for additional details.

(2) These (gains) losses are reclassified into Cost of sales. See Note 11, Fair Value Measurements and Financial Instruments for additional details.

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Retirement Plans and Other Retiree Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost

Components of Net periodic benefit cost for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three Months Ended June 30,
	Pension Benefits								Other Retiree Benefits
	United States				International
	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	5	$	3	$	2	$	2
Interest cost	24		25		7		8		11		11
Expected return on plan assets	(20)		(21)		(6)		(5)		—		—
Amortization of actuarial loss (gain)	11		11		—		1		(5)		(4)
Net periodic benefit cost	$	15	$	15	$	6	$	7	$	8	$	9
Other postretirement charges	—		3		—		—		—		—
Total pension cost	$	15	$	18	$	6	$	7	$	8	$	9

	Six Months Ended June 30,
	Pension Benefits								Other Retiree Benefits
	United States				International
	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	8	$	6	$	4	$	4
Interest cost	47		48		15		16		19		22
Expected return on plan assets	(39)		(41)		(13)		(9)		—		—
Amortization of actuarial loss (gain)	21		22		2		2		(8)		(8)
Net periodic benefit cost	$	29	$	29	$	12	$	15	$	15	$	18
Other postretirement charges	—		4		—		—		—		—
ERISA litigation matter	—		267		—		—		—		—
Total pension cost	$	29	$	300	$	12	$	15	$	15	$	18

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Net Sales and Operating Profit by Segment

Net sales by segment were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net sales
Oral, Personal and Home Care
North America	$	1,002	$	978	$	1,999	$	1,936
Latin America	1,267		1,178		2,520		2,253
Europe	720		678		1,432		1,328
Asia Pacific	682		664		1,408		1,402
Africa/Eurasia	273		268		549		556
Total Oral, Personal and Home Care	3,944		3,766		7,908		7,475
Pet Nutrition	1,114		1,056		2,216		2,117
Total Net sales	$	5,058	$	4,822	$	10,124	$	9,592

The Company’s Net sales of Oral, Personal and Home Care and Pet Nutrition products accounted for the following percentages of the Company’s Net sales:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net sales
Oral Care	42	%	42	%	43	%	42	%
Personal Care	19	%	19	%	18	%	19	%
Home Care	17	%	17	%	17	%	17	%
Pet Nutrition	22	%	22	%	22	%	22	%
Total Net sales	100	%	100	%	100	%	100	%

Operating profit by segment was as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating profit
Oral, Personal and Home Care
North America	$	223	$	227	$	445	$	420
Latin America	417		363		822		678
Europe	159		134		303		250
Asia Pacific	195		169		402		371
Africa/Eurasia	64		62		130		130
Total Oral, Personal and Home Care	1,058		955		2,102		1,849
Pet Nutrition	235		191		433		374
Corporate	(201)		(172)		(397)		(340)
Total Operating profit	$	1,092	$	974	$	2,139	$	1,883

Note: Table may not sum due to rounding.

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Fair Value Measurements and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Derivative Instruments and Other Financial 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 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023:

	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		June 30, 2024		December 31, 2023			June 30, 2024		December 31, 2023
Foreign currency contracts	Other current assets	$	48	$	19	Other accruals	$	13	$	25
Commodity contracts	Other current assets	—		—		Other accruals	3		1
Total designated		$	48	$	19		$	16	$	26
Other financial instruments
Marketable securities	Other current assets	$	225	$	179
Total other financial instruments		$	225	$	179

Schedule of Notional Values

The following tables present the notional values as of:

	June 30, 2024
	Foreign Currency Contracts		Foreign Currency Debt		Commodity Contracts		Total
Fair Value Hedges	$	1,718	$	—	$	—	$	1,718
Cash Flow Hedges	957		—		32		989
Net Investment Hedges	445		4,530		—		4,975

	December 31, 2023
	Foreign Currency Contracts		Foreign Currency Debt		Commodity Contracts		Total
Fair Value Hedges	$	1,625	$	—	$	—	$	1,625
Cash Flow Hedges	869		—		39		908
Net Investment Hedges	280		3,908		—		4,188

Schedule of Gains (Losses) Recognized in Statements of Income

The following table presents the location and amount of gain (loss) on fair value hedges recognized in the Company’s Condensed Consolidated Statements of Income:

		Gain (Loss) Recognized in Income
	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Hedging instruments:
Foreign currency contracts	Selling, general and administrative expenses	$	(1)	$	18	$	(22)	$	23
Total gain (loss) on fair value hedges		$	(1)	$	18	$	(22)	$	23

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following tables present the amount of gain (loss) on cash flow hedges recognized in the Company’s Accumulated Other Comprehensive Income (AOCI) and reclassification from AOCI into the Condensed Consolidated Statements of Income:

	Gain (Loss) Recognized in AOCI					Amount Reclassified from AOCI Into Income
	Three Months Ended June 30,				Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,
	2024		2023			2024		2023
Hedging instruments:
Foreign currency contracts	$	4	$	(8)	Cost of Sales	$	—	$	(1)
Commodity contracts	(3)		(5)		Cost of Sales	(3)		(3)
Forward Starting Swaps	(2)		(4)		Interest (income) expense, net	2		1
Total gain (loss) on cash flow hedges	$	(1)	$	(17)		$	(1)	$	(3)

	Gain (Loss) Recognized in AOCI					Amount Reclassified from AOCI Into Income
	Six Months Ended June 30,				Location of Gain (Loss) Recognized in Income	Six Months Ended June 30,
	2024		2023			2024		2023
Hedging instruments:
Foreign currency contracts	$	7	$	(9)	Cost of Sales	$	(1)	$	3
Commodity contracts	(6)		(6)		Cost of Sales	(4)		—
Forward Starting Swaps	(4)		15		Interest (income) expense, net	4		3
Total gain (loss) on cash flow hedges	$	(3)	$	—		$	(1)	$	6

Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)

The following table presents the amount of gain (loss) on net investment hedges recognized in the Company’s AOCI:

	Gain (Loss) Recognized in AOCI
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Hedging instruments:
Foreign currency contracts	$	22	$	26	$	24	$	18
Foreign currency debt	28		113		134		40
Total gain (loss) on net investment hedges	$	50	$	139	$	158	$	58

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Restructuring and Related Implementation Charges - Narrative (Details) - Global Productivity Initiative - USD ($)		3 Months Ended		6 Months Ended
	Jan. 27, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring program cost before tax		$ 225,000,000		$ 225,000,000
Restructuring program cost, after tax		180,000,000		$ 180,000,000
Restructuring and related cost, estimated to settle through cash, percentage	80.00%
Percent of total restructuring charges related to segment				100.00%	100.00%
Total 2022 Global Productivity Initiative charges, pretax		27,000,000	$ 21,000,000	$ 63,000,000	$ 27,000,000
Total 2022 Global Productivity Initiative charges, aftertax		$ 23,000,000	$ 16,000,000	53,000,000	$ 21,000,000
Employee related costs include pension				$ 0
Hill's Pet Nutrition
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	10.00%			8.00%	15.00%
Corporate
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	15.00%			1.00%	19.00%
North America
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	10.00%			0.00%	14.00%
Latin America
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	10.00%			0.00%	2.00%
Europe
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	45.00%			90.00%	26.00%
Asia Pacific
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	5.00%			0.00%	22.00%
Africa/Eurasia
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	5.00%			1.00%	2.00%
Employee-Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost, percentage	80.00%
Asset Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost, percentage	5.00%
Other
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost, percentage	15.00%

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Restructuring and Related Implementation Charges - Schedule of Restructuring and Related Costs (Details) - Global Productivity Initiative - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Total 2022 Global Productivity Initiative charges, pretax	$ 27	$ 21	$ 63	$ 27
Total 2022 Global Productivity Initiative charges, aftertax	$ 23	$ 16	53	21
Gross Profit
Restructuring Cost and Reserve [Line Items]
Total 2022 Global Productivity Initiative charges, pretax			9	0
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Total 2022 Global Productivity Initiative charges, pretax			3	2
Other (income) expense, net
Restructuring Cost and Reserve [Line Items]
Total 2022 Global Productivity Initiative charges, pretax			51	21
Non-service related postretirement costs
Restructuring Cost and Reserve [Line Items]
Total 2022 Global Productivity Initiative charges, pretax			$ 0	$ 4

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Restructuring and Related Implementation Charges - Schedule of Restructuring Charges Incurred, by Segment (Details) - Global Productivity Initiative		6 Months Ended
	Jan. 27, 2022	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment		100.00%	100.00%
Program-to-date Accumulated Charges		100.00%
Hill's Pet Nutrition
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	10.00%	8.00%	15.00%
Program-to-date Accumulated Charges		12.00%
Corporate
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	15.00%	1.00%	19.00%
Program-to-date Accumulated Charges		15.00%
North America
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	10.00%	0.00%	14.00%
Program-to-date Accumulated Charges		8.00%
Latin America
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	10.00%	0.00%	2.00%
Program-to-date Accumulated Charges		9.00%
Europe
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	45.00%	90.00%	26.00%
Program-to-date Accumulated Charges		41.00%
Asia Pacific
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	5.00%	0.00%	22.00%
Program-to-date Accumulated Charges		8.00%
Africa/Eurasia
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring charges related to segment	5.00%	1.00%	2.00%
Program-to-date Accumulated Charges		7.00%

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Restructuring and Related Implementation Charges - Schedule of Restructuring Charges, Cumulative to Date (Details) - Global Productivity Initiative $ in Millions	Jun. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the restructuring program to date	$ 205
Restructuring and related cost incurred cost to date after tax	165
Employee-Related Costs
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the restructuring program to date	175
Incremental Depreciation
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the restructuring program to date	7
Asset Impairments
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the restructuring program to date	1
Other
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the restructuring program to date	$ 22

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Restructuring and Related Implementation Charges - Schedule of Restructuring Activity and Related Accruals (Details) - Global Productivity Initiative $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance	$ 11
Charges	63
Cash Payments	(15)
Charges against assets	(7)
Foreign exchange	(1)
Balance	51
Employee-Related Costs
Restructuring Reserve [Roll Forward]
Balance	10
Charges	49
Cash Payments	(10)
Charges against assets	0
Foreign exchange	(1)
Balance	48
Incremental Depreciation
Restructuring Reserve [Roll Forward]
Balance	0
Charges	7
Cash Payments	0
Charges against assets	(7)
Foreign exchange	0
Balance	0
Asset Impairments
Restructuring Reserve [Roll Forward]
Balance	0
Charges	0
Cash Payments	0
Charges against assets	0
Foreign exchange	0
Balance	0
Other
Restructuring Reserve [Roll Forward]
Balance	1
Charges	7
Cash Payments	(5)
Charges against assets	0
Foreign exchange	0
Balance	$ 3

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Inventories - Schedule of Inventories by Major Class (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Raw materials and supplies	$ 613	$ 606
Work-in-process	43	46
Finished goods	1,398	1,411
Total Inventories, net	2,054	2,063
Non-current inventory, net	(132)	(129)
Current Inventories, net	$ 1,922	$ 1,934

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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	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income attributable to Colgate-Palmolive Company
Basic EPS	$ 731	$ 502	$ 1,414	$ 874
Diluted EPS	$ 731	$ 502	$ 1,414	$ 874
Shares (millions)
Basic EPS (in shares)	819.7	829.4	821.3	830.4
Stock options and restricted stock units (in shares)	4.0	1.9	3.6	1.7
Diluted EPS (in shares)	823.7	831.3	824.9	832.1
Per Share
Basic EPS (in dollars per share)	$ 0.89	$ 0.61	$ 1.72	$ 1.05
Diluted EPS (in dollars per share)	$ 0.89	$ 0.60	$ 1.71	$ 1.05

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Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	14,865	6,268,944	23,044	13,482,312

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Other Comprehensive Income (Loss) - Schedule of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total Other comprehensive income (loss), net of tax	$ (110)		$ 23		$ (199)	$ 79
Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total Other comprehensive income (loss), net of tax	(109)	[1]	48	[1]	(191)	120	[2]
Cumulative translation adjustments, pre-tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), pretax	(94)		57		(165)	106
Tax amounts	(23)		(5)		(39)	5
Total Other comprehensive income (loss), net of tax	(117)		52		(204)	111
Retirement Plan and other retiree benefit adjustments, net of tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before reclassifications, pretax	0		(1)		(1)	0
Reclassification from AOCI, pretax	6		8		15	16
Other comprehensive income (loss), pretax	6		7		14	16
Tax amounts	0		(1)		(3)	(3)
Total Other comprehensive income (loss), net of tax	6		6		11	13
Gains (losses) on cash flow hedges, net of tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before reclassifications, pretax	1		(17)		1	0
Reclassification from AOCI, pretax	1		3		1	(6)
Other comprehensive income (loss), pretax	2		(14)		2	(6)
Tax amounts	0		4		0	2
Total Other comprehensive income (loss), net of tax	$ 2		$ (10)		$ 2	$ (4)

[1] Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,555 at June 30, 2024 ($3,381 at June 30, 2023) and $3,438 at March 31, 2024 ($3,431 at March 31, 2023), respectively, and unrecognized retirement plan and other retiree benefits costs of $636 at June 30, 2024 ($618 at June 30, 2023) and $643 at March 31, 2024 ($624 at March 31, 2023), respectively.

[2] Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,555 at June 30, 2024 ($3,381 at June 30, 2023) and $3,351 at December 31, 2023 ($3,491 at December 31, 2022), respectively, and unrecognized retirement plan and other retiree benefits costs of $636 at June 30, 2024 ($618 at June 30, 2023) and $647 at December 31, 2023 ($631 at December 31, 2022), respectively.

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Retirement Plans and Other Retiree Benefits - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Components of net periodic benefit cost
ERISA litigation matter			$ 267,000,000	$ 0	$ 267,000,000
Employee-Related Costs  | Global Productivity Initiative
Components of net periodic benefit cost
Other postretirement charges		$ 3,000,000			4,000,000
Other Retiree Benefits
Components of net periodic benefit cost
Service cost	$ 2,000,000	2,000,000		4,000,000	4,000,000
Interest cost	11,000,000	11,000,000		19,000,000	22,000,000
Expected return on plan assets	0	0		0	0
Amortization of actuarial loss (gain)	(5,000,000)	(4,000,000)		(8,000,000)	(8,000,000)
Net periodic benefit cost	8,000,000	9,000,000		15,000,000	18,000,000
Other postretirement charges	0	0		0	0
ERISA litigation matter				0	0
Total pension cost	8,000,000	9,000,000		15,000,000	18,000,000
United States | Pension Benefits
Components of net periodic benefit cost
Service cost	0	0		0	0
Interest cost	24,000,000	25,000,000		47,000,000	48,000,000
Expected return on plan assets	(20,000,000)	(21,000,000)		(39,000,000)	(41,000,000)
Amortization of actuarial loss (gain)	11,000,000	11,000,000		21,000,000	22,000,000
Net periodic benefit cost	15,000,000	15,000,000		29,000,000	29,000,000
Other postretirement charges	0	3,000,000		0	4,000,000
ERISA litigation matter				0	267,000,000
Total pension cost	15,000,000	18,000,000		29,000,000	300,000,000
Voluntary benefit plan contribution	0	0
International | Pension Benefits
Components of net periodic benefit cost
Service cost	5,000,000	3,000,000		8,000,000	6,000,000
Interest cost	7,000,000	8,000,000		15,000,000	16,000,000
Expected return on plan assets	(6,000,000)	(5,000,000)		(13,000,000)	(9,000,000)
Amortization of actuarial loss (gain)	0	1,000,000		2,000,000	2,000,000
Net periodic benefit cost	6,000,000	7,000,000		12,000,000	15,000,000
Other postretirement charges	0	0		0	0
ERISA litigation matter				0	0
Total pension cost	$ 6,000,000	$ 7,000,000		$ 12,000,000	$ 15,000,000

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Contingencies (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2019 USD ($)	Jun. 30, 2024 USD ($) case countryAndTerritory	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) case countryAndTerritory lawsuit	Jun. 30, 2023 USD ($)	Mar. 31, 2024 case	Dec. 31, 2023 case	Jul. 31, 2017 USD ($)	Dec. 31, 2005 USD ($)
Loss Contingencies [Line Items]
Number of countries in which entity operates (more than) | countryAndTerritory		200		200
Brazilian internal revenue authority, matter 1		$ 117.0		$ 117.0
Loss contingency, number of cases pending in lower federal count | lawsuit				3
Loss contingency, number of cases on appeal | case				2
Brazilian internal revenue authority, matter 2									$ 52.0
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		293		293		285	279
Loss contingency, new claims filed, number (in cases) | case		40		66
Loss contingency, claims dismissed or settled, number (in cases) | case		32		52
Loss contingency, cases reaching jury verdict, number | case		1
ERISA litigation matter			$ 267.0	$ 0.0	$ 267.0
Minimum
Loss Contingencies [Line Items]
Range of reasonably possible losses		$ 0.0		0.0
Maximum
Loss Contingencies [Line Items]
Range of reasonably possible losses		$ 275.0		$ 275.0

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Segment Information - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of product segments (in segments) | segment			2
Number of geographically reportable operating segments (in segments) | segment			5
Corporate | Included in Operating profit (loss) | Global Productivity Initiative
Segment Reporting Information [Line Items]
Restructuring costs | $	$ 27	$ 18	$ 63	$ 23
Corporate | Included in Operating profit (loss) | Product Recall Cost
Segment Reporting Information [Line Items]
Restructuring costs | $				$ 25
Net Sales
Segment Reporting Information [Line Items]
Percentage of consolidated Net sales represented by sales outside US	66.67%		66.67%
Percentage of consolidated Net sales coming from emerging markets	45.00%		45.00%

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Segment Information - Schedule of Net Sales and Operating Profit by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total Net sales	$ 5,058	$ 4,822	$ 10,124	$ 9,592
Operating profit (loss)	$ 1,092	$ 974	$ 2,139	$ 1,883
Product Concentration Risk | Net Sales
Segment Reporting Information [Line Items]
Percent of net sales	100.00%	100.00%	100.00%	100.00%
Product Concentration Risk | Net Sales | Oral Care
Segment Reporting Information [Line Items]
Percent of net sales	42.00%	42.00%	43.00%	42.00%
Product Concentration Risk | Net Sales | Personal Care
Segment Reporting Information [Line Items]
Percent of net sales	19.00%	19.00%	18.00%	19.00%
Product Concentration Risk | Net Sales | Home Care
Segment Reporting Information [Line Items]
Percent of net sales	17.00%	17.00%	17.00%	17.00%
Product Concentration Risk | Net Sales | Pet Nutrition
Segment Reporting Information [Line Items]
Percent of net sales	22.00%	22.00%	22.00%	22.00%
Operating Segments | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Total Net sales	$ 3,944	$ 3,766	$ 7,908	$ 7,475
Operating profit (loss)	1,058	955	2,102	1,849
Operating Segments | Pet Nutrition
Segment Reporting Information [Line Items]
Total Net sales	1,114	1,056	2,216	2,117
Operating profit (loss)	235	191	433	374
Operating Segments | North America | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Total Net sales	1,002	978	1,999	1,936
Operating profit (loss)	223	227	445	420
Operating Segments | Latin America | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Total Net sales	1,267	1,178	2,520	2,253
Operating profit (loss)	417	363	822	678
Operating Segments | Europe | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Total Net sales	720	678	1,432	1,328
Operating profit (loss)	159	134	303	250
Operating Segments | Asia Pacific | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Total Net sales	682	664	1,408	1,402
Operating profit (loss)	195	169	402	371
Operating Segments | Africa/Eurasia | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Total Net sales	273	268	549	556
Operating profit (loss)	64	62	130	130
Corporate
Segment Reporting Information [Line Items]
Operating profit (loss)	$ (201)	$ (172)	$ (397)	$ (340)

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Fair Value Measurements and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Derivative, term of contract	12 months
Carrying Value
Debt Instrument [Line Items]
Carrying value of long-term debt	$ 8,167	$ 8,239
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Estimated fair value of long-term debt	$ 7,575	$ 7,862

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Fair Value Measurements and Financial Instruments - Schedule of Fair Value of Derivative Instruments and Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Designated derivative instruments
Derivative assets	$ 48	$ 19
Derivative liabilities	$ 16	$ 26
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other accruals	Other accruals
Other financial instruments
Total other financial instruments	$ 225	$ 179
Foreign currency contracts
Designated derivative instruments
Derivative assets	48	19
Derivative liabilities	13	25
Commodity contracts
Designated derivative instruments
Derivative assets	0	0
Derivative liabilities	3	1
Other current assets
Other financial instruments
Marketable securities	$ 225	$ 179

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Fair Value Measurements and Financial Instruments - Schedule of Notional Values (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional values	$ 1,718	$ 1,625
Fair Value Hedges | Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional values	1,718	1,625
Fair Value Hedges | Foreign Currency Debt
Derivative Instruments, Gain (Loss) [Line Items]
Notional values	0	0
Fair Value Hedges | Commodity Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional values	0	0
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional values	989	908
Cash Flow Hedges | Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional values	957	869
Cash Flow Hedges | Foreign Currency Debt
Derivative Instruments, Gain (Loss) [Line Items]
Notional values	0	0
Cash Flow Hedges | Commodity Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional values	32	39
Net Investment Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional values	4,975	4,188
Net Investment Hedges | Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional values	445	280
Net Investment Hedges | Foreign Currency Debt
Derivative Instruments, Gain (Loss) [Line Items]
Notional values	4,530	3,908
Net Investment Hedges | Commodity Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional values	$ 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	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	$ (1)	$ 18	$ (22)	$ 23
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	(1)	(17)	(3)	0
Amount Reclassified from AOCI Into Income	(1)	(3)	(1)	6
Cash Flow Hedges | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	4	(8)	7	(9)
Cash Flow Hedges | Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	(3)	(5)	(6)	(6)
Cash Flow Hedges | Forward-starting interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	(2)	(4)	(4)	15
Interest (income) expense, net | Cash Flow Hedges | Forward-starting interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from AOCI Into Income	$ 2	1	4	3
Selling, general and administrative expenses | Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses
Selling, general and administrative expenses | Fair Value Hedges | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument	$ (1)	18	(22)	23
Cost of Sales | Cash Flow Hedges | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from AOCI Into Income	0	(1)	(1)	3
Cost of Sales | Cash Flow Hedges | Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from AOCI Into Income	$ (3)	$ (3)	$ (4)	$ 0

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Fair Value Measurements and Financial Instruments - Schedule of Gain (Loss) Included in OCI (Details) - Net Investment Hedges - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net investment hedges [Abstract]
Total gain (loss) on net investment hedges	$ 50	$ 139	$ 158	$ 58
Foreign currency contracts
Net investment hedges [Abstract]
Total gain (loss) on net investment hedges	22	26	24	18
Foreign Currency Debt
Net investment hedges [Abstract]
Total gain (loss) on net investment hedges	$ 28	$ 113	$ 134	$ 40

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	24.10%	39.80%
Effective income tax rate, full year (percent)			24.30%	24.80%
Estimated tax plus interest			$ 150
Cumulative effect of change in tax position		$ 148
Withholding tax reserves, prior year reversals		$ 22