Company Quick10K Filing
Colgate Palmolive
Price73.26 EPS3
Shares862 P/E25
MCap63,179 P/FCF29
Net Debt6,700 EBIT3,074
TEV69,879 TEV/EBIT23
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-21
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10-K 2018-12-31 Filed 2019-02-21
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10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-18
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-19
10-Q 2014-09-30 Filed 2014-10-24
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-04-25
10-K 2013-12-31 Filed 2014-02-20
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-21
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-10-27
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10-K 2010-12-31 Filed 2011-02-24
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10-Q 2010-06-30 Filed 2010-07-29
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10-K 2009-12-31 Filed 2010-02-25
8-K 2020-11-18 Regulation FD
8-K 2020-10-30 Officers, Exhibits
8-K 2020-10-30 Earnings, Exhibits
8-K 2020-07-31 Earnings, Exhibits
8-K 2020-05-14
8-K 2020-05-01
8-K 2020-03-11
8-K 2020-01-31
8-K 2019-11-01
8-K 2019-09-19
8-K 2019-07-26
8-K 2019-07-11
8-K 2019-06-18
8-K 2019-05-10
8-K 2019-04-26
8-K 2019-03-14
8-K 2019-02-26
8-K 2019-02-21
8-K 2019-02-11
8-K 2019-01-25
8-K 2018-10-26
8-K 2018-10-10
8-K 2018-09-13
8-K 2018-07-27
8-K 2018-07-11
8-K 2018-06-18
8-K 2018-05-11
8-K 2018-05-04
8-K 2018-04-27
8-K 2018-03-19
8-K 2018-03-07
8-K 2018-01-26

CL 10Q Quarterly Report

Part I. Financial Information
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.A exhibit10-a093020q32020.htm
EX-31.A exhibit31a093020q32020.htm
EX-31.B exhibit31b093020q32020.htm
EX-32 exhibit32093020q32020.htm

Colgate Palmolive Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2015117302012201420172020
Assets, Equity
4.43.42.41.50.5-0.52012201420172020
Rev, G Profit, Net Income
1.10.5-0.1-0.7-1.3-1.92012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________
FORM 10-Q
_________________________
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from________ to________ .
Commission File Number: 1-644
COLGATE-PALMOLIVE COMPANY
(Exact name of registrant as specified in its charter)
Delaware13-1815595
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
 
300 Park Avenue
New York,New York10022
(Address of principal executive offices)(Zip Code)
(212) 310-2000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $1.00 par valueCLNew York Stock Exchange
0.000% Notes due 2021CL21ANew York Stock Exchange
0.500% Notes due 2026CL26New York Stock Exchange
1.375% Notes due 2034CL34New York Stock Exchange
0.875% Notes due 2039CL39New York Stock Exchange

NO CHANGES
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
ClassShares OutstandingDate
Common stock, $1.00 par value857,168,831September 30, 2020




PART I.    FINANCIAL INFORMATION


COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Income
(Dollars in Millions Except Per Share Amounts)
(Unaudited)
 
 Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Net sales$4,153 $3,928 $12,147 $11,678 
Cost of sales1,613 1,612 4,773 4,767 
Gross profit2,540 2,316 7,374 6,911 
Selling, general and administrative expenses1,518 1,429 4,386 4,163 
Other (income) expense, net4 31 72 125 
Operating profit1,018 856 2,916 2,623 
Non-service related postretirement costs15 27 56 79 
Interest (income) expense, net36 35 107 113 
Income before income taxes967 794 2,753 2,431 
Provision for income taxes222 167 585 586 
Net income including noncontrolling interests745 627 2,168 1,845 
Less: Net income attributable to noncontrolling interests47 49 120 121 
Net income attributable to Colgate-Palmolive Company$698 $578 $2,048 $1,724 
Earnings per common share, basic$0.81 $0.67 $2.39 $2.00 
Earnings per common share, diluted$0.81 $0.67 $2.38 $2.00 



See Notes to Condensed Consolidated Financial Statements.

2




COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Comprehensive Income
(Dollars in Millions)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Net income including noncontrolling interests$745 $627 $2,168 $1,845 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments57 (111)(230)(60)
Retirement plans and other retiree benefit adjustments54 5 84 30 
    Gains (losses) on cash flow hedges1 4 (2)(3)
Total Other comprehensive income (loss), net of tax112 (102)(148)(33)
Total Comprehensive income including noncontrolling interests857 525 2,020 1,812 
Less: Net income attributable to noncontrolling interests47 49 120 121 
Less: Cumulative translation adjustments attributable to noncontrolling interests12 (6)(1)(6)
Total Comprehensive income attributable to noncontrolling interests59 43 119 115 
Total Comprehensive income attributable to Colgate-Palmolive Company$798 $482 $1,901 $1,697 
See Notes to Condensed Consolidated Financial Statements.

3



COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Balance Sheets
(Dollars in Millions)
(Unaudited)
September 30,
2020
December 31,
2019
Assets
Current Assets
Cash and cash equivalents$989 $883 
Receivables (net of allowances of $88 and $76, respectively)
1,292 1,440 
Inventories1,578 1,400 
Other current assets508 456 
Total current assets4,367 4,179 
Property, plant and equipment:  
Cost8,380 8,580 
Less: Accumulated depreciation(4,874)(4,830)
 3,506 3,750 
Goodwill3,711 3,508 
Other intangible assets, net2,838 2,667 
Deferred income taxes208 177 
Other assets836 753 
Total assets$15,466 $15,034 
Liabilities and Shareholders’ Equity  
Current Liabilities  
Notes and loans payable$9 $260 
Current portion of long-term debt256 254 
Accounts payable1,225 1,237 
Accrued income taxes423 370 
Other accruals2,568 1,917 
Total current liabilities4,481 4,038 
Long-term debt6,971 7,333 
Deferred income taxes406 507 
Other liabilities2,535 2,598 
Total liabilities14,393 14,476 
Shareholders’ Equity  
Common stock1,466 1,466 
Additional paid-in capital2,837 2,488 
Retained earnings23,052 22,501 
Accumulated other comprehensive income (loss)(4,421)(4,273)
Unearned compensation(1)(2)
Treasury stock, at cost(22,280)(22,063)
Total Colgate-Palmolive Company shareholders’ equity653 117 
Noncontrolling interests420 441 
Total equity1,073 558 
Total liabilities and equity$15,466 $15,034 
See Notes to Condensed Consolidated Financial Statements.

4



COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Cash Flows
(Dollars in Millions)
(Unaudited)
Nine Months Ended
 September 30,
 20202019
Operating Activities  
Net income including noncontrolling interests$2,168 $1,845 
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:  
Depreciation and amortization400 386 
Restructuring and termination benefits, net of cash(66)11 
Stock-based compensation expense85 83 
Deferred income taxes(124)79 
Voluntary benefit plan contributions (113)
Cash effects of changes in:
Receivables62 (65)
Inventories(214)(69)
Accounts payable and other accruals468 (52)
Other non-current assets and liabilities(23)58 
Net cash provided by (used in) operations2,756 2,163 
Investing Activities  
Capital expenditures(249)(226)
Purchases of marketable securities and investments(109)(152)
Proceeds from sale of marketable securities and investments42 14 
Payment for acquisitions, net of cash acquired(352)(1,711)
Net cash provided by (used in) investing activities(668)(2,075)
Financing Activities  
Principal payments on debt(3,269)(4,184)
Proceeds from issuance of debt2,500 6,008 
Dividends paid(1,162)(1,140)
Purchases of treasury shares(578)(1,024)
Proceeds from exercise of stock options640 490 
Purchases of non-controlling interests in subsidiaries(99) 
Net cash provided by (used in) financing activities(1,968)150 
Effect of exchange rate changes on Cash and cash equivalents(14)(16)
Net increase (decrease) in Cash and cash equivalents106 222 
Cash and cash equivalents at beginning of the period883 726 
Cash and cash equivalents at end of the period$989 $948 
Supplemental Cash Flow Information  
Income taxes paid$606 $669 
See Notes to Condensed Consolidated Financial Statements.

5



COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Changes in Shareholders Equity
(Dollars in Millions)
(Unaudited)
Three Months Ended September 30, 2020
Colgate-Palmolive Company Shareholders’ Equity
Common
Stock
Additional
Paid-in
Capital
Unearned
Compensation
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)(1)
Noncontrolling
Interests
Balance, June 30, 2020
$1,466 $2,666 $(1)$(22,075)$22,731 $(4,519)$464 
Net income    698  47 
Other comprehensive income (loss), net of tax
     100 12 
Dividends ($0.44 per share)
    (379)  
Stock-based compensation expense
 53      
Shares issued for stock options
 130  132    
Shares issued for restricted stock units
 (13) 13    
Treasury stock acquired
   (350)   
Noncontrolling interests acquired      (99)
Other 1   2 (2)(4)
Balance, September 30, 2020
$1,466 $2,837 $(1)$(22,280)$23,052 $(4,421)$420 
Three Months Ended September 30, 2019
Colgate-Palmolive Company Shareholders’ Equity
Common
Stock
Additional
Paid-in
Capital
Unearned
Compensation
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)(1)
Noncontrolling
Interests
Balance, June 30, 2019
$1,466 $2,338 $(3)$(21,682)$21,653 $(4,119)$337 
Net income— — — — 578 — 49 
Other comprehensive income (loss), net of tax
— — — — — (96)(6)
Dividends ($0.43 per share)
— — — — (370)— (2)
Stock-based compensation expense
— 49 — — — — — 
Shares issued for stock options
— 93 — 128 — — — 
Shares issued for restricted stock units
— (14)— 14 — — — 
Treasury stock acquired
— — — (360)— — — 
Noncontrolling interests assumed through acquisition— — — — — — 120 
Other— — 2 — (1)— — 
Balance, September 30, 2019
$1,466 $2,466 $(1)$(21,900)$21,860 $(4,215)$498 
(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,357 at September 30, 2020 ($3,209 at September 30, 2019) and $3,402 at June 30, 2020 ($3,104 at June 30, 2019), respectively, and unrecognized retirement plan and other retiree benefits costs of $1,054 at September 30, 2020 ($1,008 at September 30, 2019) and $1,108 at June 30, 2020 ($1,013 at June 30, 2019), respectively.




See Notes to Condensed Consolidated Financial Statements.

6






COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Changes in Shareholders Equity
(Dollars in Millions)
(Unaudited)
Nine Months Ended September 30, 2020
Colgate-Palmolive Company Shareholders’ Equity
Common
Stock
Additional
Paid-in
Capital
Unearned
Compensation
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)(1)
Noncontrolling
Interests
Balance, December 31, 2019
$1,466 $2,488 $(2)$(22,063)$22,501 $(4,273)$441 
Net income    2,048  120 
Other comprehensive income (loss), net of tax
     (147)(1)
Dividends ($1.75 per share)*
    (1,503) (37)
Stock-based compensation expense
 85      
Shares issued for stock options
 290  329    
Shares issued for restricted stock units
 (30) 30    
Treasury stock acquired
   (578)   
Noncontrolling interests acquired      (99)
Other 4 1 2 6 (1)(4)
Balance, September 30, 2020
$1,466 $2,837 $(1)$(22,280)$23,052 $(4,421)$420 
Nine Months Ended September 30, 2019
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, 2018
$1,466 $2,204 $(3)$(21,196)$21,615 $(4,188)$299 
Net income— — — — 1,724 — 121 
Other comprehensive income (loss), net of tax
— — — — — (27)(6)
Dividends ($1.71 per share)*
— — — — (1,473)— (36)
Stock-based compensation expense
— 83 — — — — — 
Shares issued for stock options
— 207 — 290 — — — 
Shares issued for restricted stock units
— (28)— 28 — — — 
Treasury stock acquired
— — — (1,024)— — — 
Noncontrolling interests assumed through acquisition — — — — — — 120 
Other— — 2 2 (6)— — 
Balance, September 30, 2019
$1,466 $2,466 $(1)$(21,900)$21,860 $(4,215)$498 
(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,357 at September 30, 2020 ($3,209 at September 30, 2019) and $3,128 at December 31, 2019 ($3,155 at December 31, 2018), respectively, and unrecognized retirement plan and other retiree benefits costs of $1,054 at September 30, 2020 ($1,008 at September 30, 2019) and $1,138 at December 31, 2019 ($1,038 at December 31, 2018), respectively.

* Two dividends were declared in each of the first quarters of 2020 and 2019
See Notes to Condensed Consolidated Financial Statements.

7


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

1.    Basis of Presentation

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

For a complete set of financial statement notes, including the Company’s significant accounting policies, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission (the “SEC”).

2.     Use of Estimates

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

3.    Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This new guidance was effective upon issuance of this ASU for contract modifications and hedging relationships on a prospective basis and is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In March 2020, the FASB issued ASU No. 2020-03, “Codification to Financial Instruments.” This ASU improves and clarifies various financial instruments topics, including the current expected credit losses (“CECL”) standard issued in 2016. The ASU includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments related to Issue 1, Issue 2, Issue 4 and Issue 5 were effective upon issuance of this update. The amendments related to Issue 3, Issue 6 and Issue 7 were effective for the Company beginning on January 1, 2020. The new guidance did not have a material impact on the Company’s Consolidated Financial Statements.

In January 2020, the FASB issued ASU No. 2020-01, “Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323) and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” The guidance provides clarification of the interaction of rules for equity securities, the equity method of accounting and forward contracts and purchase options on certain types of securities. This new guidance is effective for the Company beginning on January 1, 2021, with early adoption permitted. This new guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In December 2019, the FASB issued ASU No. 2019-12, “Income taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. This new guidance is effective for the Company beginning on January 1, 2021, with early adoption permitted. This new guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 825).” This ASU clarifies three topics related to financial instruments accounting. This new guidance was effective for the Company beginning on January 1, 2020. The new guidance did not have a material impact on the Company’s Consolidated Financial Statements.


8

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


In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This new guidance removes certain disclosure requirements related to the fair value hierarchy, modifies existing disclosure requirements related to measurement uncertainty and adds new disclosure requirements. The new disclosure requirements include disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This new guidance was effective for the Company beginning on January 1, 2020 and did not have a material impact on the Company’s Consolidated Financial Statements.

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles–Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” eliminating the requirement to calculate implied fair value, essentially eliminating step two from the goodwill impairment test. The new standard requires goodwill impairment to be based upon the results of step one of the impairment test, which is defined as the excess of the carrying value of a reporting unit over its fair value. Any impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard was effective for the Company on a prospective basis beginning on January 1, 2020 and did not have a material impact on the Company’s Consolidated Financial Statements.

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326) Codification Improvements to Financial Instruments-Credit Losses (Topic 326).” Subsequent updates were released in November 2018 (ASU No. 2018-19), November 2019 (ASU No. 2019-10 and 2019-11) and February 2020 (ASU No. 2020-02) that provided additional guidance on this Topic. This ASU introduces the CECL model, which will require an entity to measure credit losses for certain financial instruments and financial assets, including trade receivables. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. The Company adopted the new standard, which primarily impacts the Company’s trade receivables and related methodology for assessing the collectability of its customer accounts, on January 1, 2020, on a “modified retrospective” basis. The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements.
9

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


4.    Acquisitions

Hello Products LLC

On January 31, 2020, the Company acquired Hello Products LLC, an oral care business, for cash consideration of $351. The acquisition was financed with a combination of debt and cash. This acquisition is part of the Company’s strategy to focus on high growth segments within its Oral Care, Personal Care and Pet Nutrition businesses.

The total purchase price consideration of $351 has been allocated to the net assets acquired based on their respective preliminary estimated fair values as follows:
Receivables $11 
Inventories 13 
Other assets and liabilities, net (4)
Other intangible assets 160 
Goodwill171 
Fair value of net assets acquired$351 
Other intangible assets acquired include trademarks, valued at $115, which are considered to have a finite useful life of 25 years, and customer relationships valued at $45, which are considered to have a finite useful life of 17 years. Goodwill of $171 was allocated to the North America segment. The Company expects that goodwill will be deductible for tax purposes.

The preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are subject to revisions, which may result in additional adjustments to the preliminary values discussed above. The Company expects to finalize the purchase price allocation no later than the first quarter of 2021.

Pro forma results of operations have not been presented as the impact on the Company’s Condensed Consolidated Financial Statements is not material.

Laboratoires Filorga Cosmétiques (“Filorga”)

On September 19, 2019, the Company acquired the Filorga skin health business ("Filorga") for cash consideration of €1,516 (approximately $1,674), which included interest on the equity purchase price, plus additional consideration of €32 (approximately $38), the majority of which related to repayment of loans from former shareholders of Filorga. Filorga is a premium anti-aging skin health brand focused primarily on facial care. This acquisition is part of the Company’s strategy to focus on high growth segments within its Oral Care, Personal Care and Pet Nutrition businesses, including by expanding its portfolio in premium skin health.
10

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



The total purchase price consideration of $1,712 has been allocated to the net assets acquired based on their respective preliminary estimated fair values as follows:
Cash$30 
Receivables53 
Inventories70 
Other current assets18 
Other intangible assets1,051 
Goodwill923 
Other current liabilities(67)
Deferred income taxes(276)
Noncontrolling interests(90)
Fair value of net assets acquired$1,712 
Other intangible assets acquired include trademarks of $774, which are considered to have an indefinite useful life, and customer relationships of $277, which are considered to have a finite useful life of 14 years. Goodwill of $923 was allocated to the Europe segment. Goodwill will not be deductible for tax purposes.

In the third quarter of 2020, the Company completed the purchase of the outstanding non-controlling interest of Filorga’s joint venture based in Hong Kong and covering the Hong Kong and China markets, for approximately €85 (approximately $99) in cash.

Pro forma results of operations have not been presented as the impact on the Company’s Condensed Consolidated Financial Statements is not material.

Nigeria Joint Venture

On August 15, 2019, the Company acquired a 51% controlling interest in Colgate Tolaram Pte. Ltd., a joint venture which owns the Nigeria-based Hypo Homecare Products Limited, for $31.

Pro forma results of operations have not been presented as the impact on the Company’s Condensed Consolidated Financial Statements is not material.


11

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


5.    Restructuring and Related Implementation Charges
    
The Company’s restructuring program (the “Global Growth and Efficiency Program”), which commenced in the fourth quarter of 2012, concluded on December 31, 2019. Initiatives under the Global Growth and Efficiency Program fit within the program’s three focus areas of expanding commercial hubs, extending shared business services and streamlining global functions and optimizing the global supply chain and facilities.

During the three months ended September 30, 2020, the Company adjusted the accrual balances related to certain projects approved prior to the conclusion of the Global Growth and Efficiency Program to reflect its revised estimate of remaining liabilities. This adjustment resulted in a reduction of $16 ($13 after-tax), of which $3 was recorded in Selling, general and administrative expenses and $13 was recorded in Other (income) expense, net. No new restructuring projects were approved for implementation during the nine months ended September 30, 2020.

For the three and nine months ended September 30, 2019 restructuring and implementation-related charges are reflected in the income statement as follows:
Three Months EndedNine Months Ended
September 30, 2019September 30, 2019
Cost of sales$1 $9 
Selling, general and administrative expenses28 42 
Other (income) expense, net(3)43 
Non-service related postretirement costs1 4 
Total Global Growth and Efficiency Program charges, pretax$27 $98