Cresco Labs

Reimagining A Healthier Future For All
Colgate-Palmolive Company
2024 Annual Report

$20.1B
 Worldwide
Net Sales
Hill’s
#1
Brand
Recommended
By Veterinarians
in the U.S.
+15%
Advertising
Investment
+26%
Cash Returned
to Shareholders
Through
Dividends and
Share
Repurchases
#1
Market Share
in Toothpaste
Worldwide
Colgate
#1
Most
Penetrated Brand
Worldwide*
+230bps
Gross
Profit Margin
$4.1B
Record
Operating
Cash Flow
*per Kantar Brand Footprint 2024 report
2024 Highlights
Net Sales By Market Maturity
Net Sales By Geographic Region
55% Developed Markets
45% Emerging Markets
21% North America
24% Latin America
14% Europe
14% Asia Pacific
  5% Africa/Eurasia
22% Hill’s Pet Nutrition

*For a reconciliation of organic sales growth to net sales growth, see page 48 of our Annual Report on Form 10-K for the year ended December 31, 2024.
Noel
Wallace
Dear Colgate-Palmolive Shareholders
Colgate-Palmolive people delivered another year of strong top and bottom-line results
in 2024, surpassing $20 billion in net sales for the first time. We continued to execute
on our strategy of delivering sustainable, profitable growth while investing for the
future and scaling our improved capabilities across the organization.
Net sales grew 3.3% and organic sales* grew 7.4%, with organic sales growth in every
division and in all four of our categories. We are particularly pleased with the quality
of our results with gross profit, gross profit margin, operating profit and operating
profit margin all increasing versus 2023 driving double-digit growth in net income and
earnings per share. We leveraged our strong margin performance to invest behind
building our brands, with a 15% increase in advertising spending in 2024 on top of the
19% increase in 2023. The strong investment is reflected in our improved market share
performance with our leading global toothpaste market share increasing for the third
consecutive year.
Our sharp focus on cash flow is also paying off with operating cash flow increasing
10% to a record level in 2024. We maintained our strong balance sheet and the Board
of Directors authorized an increase in the quarterly cash dividend. This was our 62nd
consecutive year of dividend increases and our 130th consecutive year paying a
dividend.
We are Colgate-Palmolive, a caring, innovative growth company that is reimagining
a healthier future for all people, their pets and our planet. We remain focused on our
priorities of continuing our organic sales growth momentum, further strengthening
and scaling our improved capabilities, increasing productivity and efficiencies to fund
investment and drive margin expansion and making progress on our sustainability and
social impact goals.
We are executing the right strategy and driving growth across
our portfolio.
We introduced our current strategy in 2019 and have since delivered six straight
years of organic sales growth at or above our long-term target range of 3% to 5%.
Importantly, that growth has been widespread across our categories and divisions, and,
in 2024, we delivered a healthy balance between pricing growth and volume growth.
In the current environment where pricing growth is slowing, we know that increasing
household penetration, or, to put it more simply, getting more people to use our
products more often, will be vital to sustaining our growth going forward. We believe
that driving household penetration in a profitable way stems first and foremost from
improving brand health. Brand health is an indication of the value consumers see in our
brands, which supports our ability to premiumize our portfolio over time. The strength
of our results this year reflects our efforts in this area and we are confident we are
executing the right strategy to continue to drive profitable growth going forward.
Our growth strategy centers around three key initiatives: accelerating science-led,
core and premium innovation with a focus on more disruptive and transformational
products across price tiers, pursuing higher-growth adjacent categories and segments
and expanding in faster-growing channels and markets.
q 2024 brought exciting new news to our Colgate Total franchise. New Colgate
Total Active Prevention toothpaste has a breakthrough, clinically proven and
1

proprietary formula that optimizes the performance of the active ingredients,
helping consumers prevent many common oral care problems before they become
an issue. Colgate Total’s new regimen, including a new toothbrush with dual bristle
technology, offers a comprehensive solution backed by world-class science that
provides consumers with everyday preventive oral health care. Now rolling out
globally, this launch also includes new packaging and increased brand support to
help further accelerate our premiumization strategy.
q Hill’s was the fastest growing global brand in pet specialty and neighborhood
pet stores in the U.S. in 2024. We continue to see the benefits of our increased
capacity with expanded offerings and wet pet food innovation for both
Prescription Diet and Science Diet driving share gains in a challenging category.
The science-led innovation included Hill’s Prescription Diet z/d Low Fat, Hill’s first
low-fat diet in the derm category, and Science Diet Sensitive Stomach and Skin
specially formulated for the unique needs of puppies and kittens.
q Sanex marked its 40th anniversary in 2024 with market share gains in body
wash in key markets across Europe driven by the relaunch of Sanex Zero %
hypoallergenic body wash and the continued success of Sanex Expert Skin Health
body wash.
q In U.S. home care, innovation like new watermelon scent Fabuloso 2X
concentrated formula, along with great trade execution and increased advertising
drove significant market share gains in liquid cleaners with Fabuloso’s market
share up 430 basis points for the year.
q The launch of elmex Sensitivity + Gum toothpaste drove share gains in the
sensitivity segment in Europe and Latin America and is increasing professional
recommendations for the brand. elmex is now the No. 1 toothpaste brand
recommended by dentists for sensitivity in Germany.
We are scaling our improved capabilities across the Company
to drive growth.
Building and then scaling our improved capabilities in areas like innovation, digital,
eCommerce, media, advertising, revenue growth management (RGM) and advanced
analytics is a key part of our strategy as we work to deliver consistent, compounded
earnings per share growth.
Digital continues to be a big part of our transformation and we are making
advancements in a number of areas. While we are spending more on advertising to
support innovation and drive brand health and household penetration, we are also
improving the impact of this spending both in terms of efficiency and effectiveness.
q The way that we buy, monitor and manage our media spending has advanced
significantly providing us the data we need to continue to drive optimization
across markets and categories.
q We are building new marketing and agency capabilities to make sure we have
the best talent and internal capabilities to drive brand health in a profitable way.
q We are maximizing the impact of our digital creative by using artificial intelligence
(AI)-powered automation tools to test and score the quality of creative units
before and after deployment.
In data and analytics, we are focusing on driving real, measurable value to our
business, such as driving revenue impact through RGM analytics, optimizing our
media spend and our promotion planning and saving time and reducing costs
through automation and in-house capabilities.
q Now scaled globally, our proprietary RGM analytics tools are driving more
informed decisions faster and helping our teams on the ground to more
accurately assess the impact of their actions. This is an important area given the
inflationary pressures we have faced over the last few years and as we look to
find pricing opportunities in the future.
2

me are using prescriptive analytics, a form of AI, to determine the optimal promotion
calendar.
q Eur teams can run billions of scenarios in minutes to optimiøe volume, revenue and
proĝt. me have had great success in our ĝrst pilot in the U.S. and have begun scaling
this tool globally.
me are delivering productivity and efĝciencies to fund investment
and drive margin eñpansion.
Eur tireless focus on productivity is generating leverage within our income statement to
drive margins higher, fund increased investment and drive earnings per share growth.
q Eur ongoing bestŕinŕclass fundingŕtheŕgrowth costŕsaving initiatives delivered strong
savings again in 2024 and we continue to accelerate these initiatives across
all areas of our business.
q As part of our global automation and efĝciency strategy, we invested in automated
packing and palletiøing robots in our Greenwood, South Carolina plant. The pro³ect
increased line capacity by 24ƥ and we are now scaling this automation across all of
our manufacturing facilities worldwide.
q me are also driving energy savings in line with our sustainability goals, delivering an
estimated Ƅ2 million in savings from energy reduction pro³ects in 2024 alone. Likewise,
we continue to invest in renewable energy generation worldwide. In addition to our
virtual power purchase agreement řlPPAŚ for a solar energy farm in the U.S., which is
eñpected to produce the eÑuivalent of 100ƥ of our U.S.ŕbased operational electricity
needs, we now have onŕsite renewable energy generation at more than ĥ0ƥ of our
manufacturing facilities worldwide.
q Eur 2022 Global Productivity Initiative concluded in 2024, having generated
approñimately Ƅ12ħ million in annualiøed pretañ savings.
We are reimagining a healthier, more sustainable future for all.
mith the Colgate brand in more homes than any other, we are presented with great
opportunities and new challenges as we work to integrate sustainability into all aspects
of our business and create positive social impact.
q Since introducing our ĝrstŕofŕitsŕkind recyclable toothpaste tube in 201ī, as of
ecember ĥ1, 2024, we have transitioned approñimately ĩħƥ of our toothpaste
S6Us globally and approñimately īħƥ of our toothpaste S6Us in North America to
recyclable tubes. me continue to share the technology with third parties to encourage
recyclability of all tubes in practice and at scale and advise that consumers should
check with their local recycling facilities to conĝrm tube acceptance.
q me continue to accelerate action on climate change as we work towards our ambitious
targets of Net yero carbon emissions by 2040 and 100ƥ renewable electricity across
our global operations by 20ĥ0. In 2024, we signed our second longŕterm lPPA for a
wind farm in Europe commissioned in early 202ħ and which is eñpected to produce the
eÑuivalent of approñimately Ĩ0ƥ of our Europeŕbased operational electricity needs.
Eutlook
As we move ahead together, I would like to thank all ColgateŕPalmolive people for their
eñtraordinary commitment to achieving our goals, and eñpress appreciation for the
support of our consumers, customers, suppliers, shareholders and 
oard of irectors.
Eur strong results and growth momentum gives us conĝdence that we are eñecuting the
right strategies to deliver consistent compounded earnings per share growth and drive
value for all of our stakeholders in 202ħ and beyond.
Noel mallace
Chairman, President and Chief Eñecutive Efĝcer
ĥ

We are pleased to report excellent progress in 2024 on our 2025 Sustainability & Social Impact Strategy. We earned
recognition in 2024 as a U.S. EPA ENERGY STAR® Partner of the Year for the 14th consecutive year, and, in 2025, we were
named a JUST 100 Leader and one of America’s Most JUST Companies by JUST Capital in recognition of our commitment
to serving our workers, customers, communities, stockholders and the environment. In addition to the highlights below,
more about our 2025 Sustainability & Social Impact Strategy progress is available in the Sustainability section of our
website at www.colgatepalmolive.com/sustainability.
2025 Sustainability & Social Impact Strategy
Helping Millions Of Homes
We are empowering people
to develop healthier habits by
choosing sustainable products
that improve their lives and
homes from oral and personal
care to home care and pet
nutrition.
Since introducing our first-of-its-kind
recyclable toothpaste tube in 2019,
as of December 31, 2024, we have
transitioned approximately
75%
of our toothpaste SKUs
globally to recyclable tubes and
continue to share the technology
with third parties and work with
recycling stakeholders to encourage
recyclability of all tubes in
practice and at scale.*
Since 2002, Hill’s Food,
Shelter & Love program has
provided more than
$300M
in pet food to more than
1,000 pet shelters and helped more
than 15 million pets find their
new homes across North America.
Preserving Our
Environment
We are accelerating action on
climate change and reducing our
environmental footprint, including
by working with our partners and
operations to eliminate waste,
decrease plastic usage, save water
and conserve natural resources.
As of December 31, 2024,
we have earned
44
TRUE certifications for
Zero Waste in 26 countries
and across six continents,
demonstrating our commitment
to operating high-efficiency,
low-impact, zero-waste facilities.
In 2024, we signed our
second long-term virtual power
purchase agreement for
a wind farm in Europe
commissioned in early 2025 and
which is expected to produce the
equivalent of approximately 60%
of our Europe-based operational
electricity needs.
Driving Social Impact
We are committed to helping
to ensure the wellbeing of all
people and their pets, building a
culture of inclusivity and creating
meaningful opportunities for
all people to succeed, those
within our workforce and in the
communities we serve.
In 2024, we launched our new
Data Literacy & Analytics
Academy Onboarding Experience.
This program is designed for
both new and current
Colgate-Palmolive people
who want to enhance their skills,
providing them with
the essential tools to become
proficient data and artificial
intelligence professionals.
Colgate Bright Smiles,
Bright Futures is our flagship
oral health education and
wellbeing initiative.
Since the program was
established in 1991, we have
reached approximately
1.8B
children and their families
around the world.
*Your community may not yet accept tubes for recycling. Check locally. Learn more at www.colgate.com/goodness.
4

 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K 
(Mark One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 
1934
 
For the fiscal year ended December 31, 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)
Registrant’s telephone number, including area code 212-310-2000 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $1.00 par value
CL
New York Stock Exchange
0.500% Notes due 2026
CL26
New York Stock Exchange
0.300% Notes due 2029
CL29
New York Stock Exchange
1.375% Notes due 2034
CL34
New York Stock Exchange
0.875% Notes due 2039
CL39
New York Stock Exchange
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes ☐  No ☒
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange 
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been 
subject to such filing requirements for the past 90 days.  Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant 
to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit 
and post such files).  Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting 
company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and 
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer 
☒
Accelerated filer 
☐
Non-accelerated filer 
☐
Smaller reporting company 
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for 
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its 
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting 
firm that prepared or issued its audit report.  Yes ☒ No ☐
If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the 
registrant included in the filing reflect the correction of an error to previously issued financial statements.  ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based 
compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No ☒
The aggregate market value of Colgate-Palmolive Company Common Stock held by non-affiliates as of June 30, 2024 (the last 
business day of its most recently completed second quarter) was approximately $79.2 billion.
There were 811,536,437 shares of Colgate-Palmolive Company Common Stock outstanding as of January 31, 2025.
DOCUMENTS INCORPORATED BY REFERENCE:
Documents
Form 10-K Reference
Portions of Proxy Statement for the 2025 Annual Meeting of Stockholders
Part III, Items 10 through 14

ol7ate$al=oliFe o=panI
(a2le of ontents
$art 
  
Page
  
  
Item 1.
Business
1
Item 1A.  
Ris? actors
7
Item 1B.
-nresolved Staff Comments
20
Item 1C.
Cybersecurity
21
Item 2.
Properties
23
Item 3.
$egal Proceedings
24
Item 4.
Mine Safety Disclosures
24
  
$art 
  
Item 5.
Mar?et for RegistrantXs Common EEuity, Related Stoc?holder Matters and Issuer Purchases of 
EEuity Securities
25
Item 6.
3Reserved4
25
Item 7.
ManagementXs Discussion and Analysis of inancial Condition and Results of Operations
26
Item 7A.
)uantitative and )ualitative Disclosures About Mar?et Ris?
59
Item 8.
inancial Statements and Supplementary Data
60
Item 9.
Changes in and Disagreements with Accountants on Accounting and inancial Disclosure
60
Item 9A.
Controls and Procedures
60
Item 9B.
Other Information
60
Item 9C.
Disclosure Regarding oreign "urisdictions that Prevent Inspections
60
$art 
  
Item 10.
Directors, Executive Officers and Corporate Governance
61
Item 11.
Executive Compensation
61
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stoc?holder 
Matters
62
Item 13.
Certain Relationships and Related ,ransactions and Director Independence
62
Item 14.
Principal Accountant ees and Services
62
$art *
  
Item 15.
Exhibits and inancial Statement Schedules
63
Item 16.
orm 10-# Summary
67
  
  
'i7natures
68

PART I
ITEM 1. 
BUSINESS
General Development of the Business
Colgate-Palmolive Company (together with its subsidiaries, “we,” “us,” “our,” the “Company” or “Colgate”) is a 
caring, innovative growth company reimagining a healthier future for all people, their pets and our planet. We seek to 
deliver consistent compounded earnings per share growth to help drive superior total shareholder return, 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 & Social Impact Strategy across our organization. Our products are marketed in over 200 countries and 
territories throughout the world. Colgate was founded in 1806 and incorporated under the laws of the State of Delaware in 
1923.
For recent business developments and other information, refer to the information set forth under the captions 
“Management’s Discussion and Analysis of Financial Condition and Results of Operations–Executive Overview,” “– 
Outlook,” “–Results of Operations” and “– Liquidity and Capital Resources” in Part II, Item 7 of this report.
Description of the Business
We operate in two product segments: Oral, Personal and Home Care; and Pet Nutrition. We are a leader in Oral Care 
with global leadership in the toothpaste and manual toothbrush categories according to market share data. We sell our 
toothpastes under brands such as Colgate, Darlie, elmex, hello, meridol, Sorriso and Tom’s of Maine, our toothbrushes 
under brands such as Colgate, Darlie, elmex and meridol and our mouthwashes under brands such as Colgate, elmex and 
meridol. Our Oral Care business also includes pharmaceutical products for dentists and other oral health professionals.
We are a leader in many product categories of the Personal Care market with global leadership in liquid hand soap, 
according to market share data, which we sell under brands such as Palmolive, Protex and Softsoap. Our Personal Care 
products also include Irish Spring, Palmolive and Protex bar soaps, Irish Spring, Palmolive, Sanex and Softsoap shower 
gels, Lady Speed Stick, Sanex, Speed Stick and Tom’s of Maine deodorants and antiperspirants, EltaMD, Filorga and PCA 
SKIN skin health products and Palmolive shampoos and conditioners. 
We manufacture and market a wide array of products for the Home Care market, including Ajax, Axion and Palmolive 
dishwashing liquids, Ajax, Fabuloso and Murphy household cleaners and Suavitel, Soupline, Fluffy and Cuddly fabric 
conditioners.
Sales of Oral, Personal and Home Care products accounted for 43%, 18% and 17%, respectively, of our total 
worldwide Net sales in 2024. Geographically, Oral Care is a substantial part of our business in Asia Pacific.
Through our Hill’s Pet Nutrition segment (“Hill’s” or “Pet Nutrition”), we are a leader in specialty pet nutrition 
products for dogs and cats with products marketed in over 80 countries and territories worldwide. Hill’s markets pet foods 
primarily under two brands. Hill’s Science Diet, which is called Hill’s Science Plan in Europe, is a range of products for 
everyday nutritional needs. Hill’s Prescription Diet is a range of therapeutic pet foods to help nutritionally support dogs and 
cats in different stages of health. Sales of Pet Nutrition products accounted for 22% of our total worldwide Net sales in 
2024.
For more information regarding our worldwide Net sales by product category, refer to Note 1, Nature of Operations 
and Note 13, Segment Information to the Consolidated Financial Statements. 
For additional information regarding market share data, see “Market Share Information” in Part II, Item 7 of this 
report.
1

Distribution; Raw Materials; Competition; Trademarks and Patents
Our Oral, Personal and Home Care products are sold to a variety of retailers, wholesalers and distributors worldwide. 
Pet Nutrition products are sold by authorized pet supply retailers, veterinarians and eCommerce retailers. Certain of our 
products are also sold direct-to-consumer. Our sales to Walmart, Inc. and its affiliates represented approximately 11% of 
our Net sales in 2024. No other customer represented more than 10% of our Net sales in 2024. We support our products 
with advertising, promotion and other marketing (with increasing emphasis on digital) to build awareness and trial of our 
products. Our products are marketed by a direct sales force at individual operating subsidiaries or business units and by 
distributors or brokers.
The majority of raw and packaging materials used in our products is purchased from other companies and is available 
from several sources. No single raw or packaging material represents, and no single supplier provides, a significant portion 
of our total material requirements. We do, however, purchase certain key raw and packaging materials from single-source 
suppliers or a limited number of suppliers. For certain materials, new suppliers may have to be qualified under industry, 
governmental and/or Colgate standards (including those relating to responsible sourcing), which can require additional 
investment and/or take a significant period of time. Raw and packaging material commodities, such as resins, essential oils, 
tropical oils, pulp, tallow, corn, poultry and soybeans, are subject to market price variations. For further information 
regarding the impact of changes in commodity prices, see Item 1A, “Risk Factors - Volatility in material and other costs 
has in the past and may continue to adversely impact our profitability” and Item 7, “Management’s Discussion and 
Analysis of Financial Condition and Results of Operations.” 
Our products are sold in a highly competitive global marketplace which has experienced increased retail trade 
concentration, the substantial growth of eCommerce, the integration of traditional and digital operations at key retailers and 
the growing presence of large-format retailers, discounters and eCommerce retailers. Products similar to ours are available 
from multinational and local competitors in the U.S. and around the world. Certain of our competitors are larger and have 
greater resources than we do. In addition, the substantial growth in eCommerce has encouraged the entry of new 
competitors and business models. In certain geographies, we also face strong local competitors, who may be more agile and 
have better local consumer insights than we do. Private label brands sold by retailers are also a source of competition for 
certain of our products. 
The retail landscape in many of our markets continues to evolve as a result of the continued growth of eCommerce, 
changing consumer behavior and preferences (as consumers increasingly shop online, including to compare prices and 
product availability) and the increased presence of alternative retail channels, such as subscription services and direct-to-
consumer businesses. We face competition in several aspects of our business, including pricing, promotional activities, new 
products and brand introductions and expansion into new geographies and channels. 
We consider trademarks to be material to our business. We follow a practice of seeking trademark protection in the 
U.S. and throughout the world where our products are sold. Principal global and regional trademarks include Colgate, 
Palmolive, Darlie, elmex, hello, meridol, Sorriso, Tom’s of Maine, EltaMD, Filorga, Irish Spring, Lady Speed Stick, PCA 
SKIN, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion, Fabuloso, Murphy, Soupline and Suavitel, as well as Hill’s 
Science Diet and Hill’s Prescription Diet. Our rights in these trademarks endure for as long as they are used and/or 
registered. Although we actively develop and maintain a portfolio of patents, no single patent is considered significant to 
the business as a whole.
2

Government Regulations
As a global company, we are subject to extensive governmental regulations, including environmental rules and 
regulations, in the U.S. and abroad. The most significant government regulations that impact our business are discussed 
below. We are also subject to laws and regulations relating to sustainability, labor and employment practices, artificial 
intelligence and taxation. It is our policy and practice to comply with all government regulations applicable to our business. 
In 2024, compliance with these regulations did not have, and we do not expect such compliance in the future to have, a 
material adverse effect on our capital expenditures, earnings or competitive position. For further discussion of how global 
legal and regulatory requirements may impact our business, see Part I, Item 1A, “Risk Factors.” 
Product Development: Legal and regulatory requirements apply to most aspects of our products, including their 
development, ingredients, formulation, manufacture, packaging, labeling, storage, transportation, distribution, export, 
import, advertising, sale and environmental impact. U.S. federal authorities, including the U.S. Food and Drug 
Administration, the Federal Trade Commission, the Consumer Product Safety Commission, the Occupational, Safety and 
Health Administration and the Environmental Protection Agency, regulate different aspects of our business, along with 
parallel authorities at the state and local levels and comparable authorities overseas.
Anti-Corruption, Anti-Bribery, Commercial Bribery and Competition: We are subject to anti-corruption laws and 
regulations, including the U.S. Foreign Corrupt Practices Act and other laws that generally prohibit the making or offering 
of improper payments to foreign government officials and political figures for the purpose of obtaining or retaining 
business or to gain an unfair business advantage, and laws that prohibit commercial bribery. In addition, our selling 
practices are regulated by competition law authorities in the U.S. and abroad.
Privacy and Data Protection: Our collection, storage, transfer and/or processing of customer, consumer, employee, 
vendor and other stakeholder information and personal data is subject to important data protection laws and regulations in 
the U.S. and abroad, including the General Data Protection Regulation.
Trade Compliance: We are subject to laws and sanctions imposed by the U.S., including those imposed by the U.S. 
Treasury Department’s Office of Foreign Asset Control (“OFAC”) and/or by other jurisdictions that may prohibit us or 
certain of our affiliates from doing business in certain countries or restrict the kind of business that may be conducted. For 
information regarding the impact of the war in Ukraine, refer to Part II, Item 7 “Management’s Discussion and Analysis of 
Financial Condition and Results of Operations - Executive Overview.”
Human Capital Management
Human capital matters at Colgate are managed by our Global Human Resources function, led by our Chief Human 
Resources Officer, with oversight from the Personnel and Organization Committee of our Board of Directors (the 
“Board”). As of December 31, 2024, we had approximately 34,000 employees based in over 100 countries. Approximately 
two-thirds of our revenues are generated from markets outside the U.S. and over 80% of our employees are located outside 
the U.S. Approximately 33% of our employees are based in Asia Pacific, 30% are based in Latin America, 17% are based 
in North America, 15% are based in Europe and 5% are based in Africa/Eurasia. Our global workforce covers a broad 
range of functions, from manufacturing employees to management personnel and certain of our employees are represented 
by unions or works councils.
Colgate’s Culture and Core Values
Colgate’s purpose is to reimagine a healthier future for all people, their pets and our planet. We believe Colgate people 
are crucial to our ongoing business success and aim to recruit, develop and retain strong talent with diverse backgrounds 
and perspectives. As the owner of the world’s most penetrated brand, our business success relies on our ability to market 
our brands to consumers around the world. We believe having a workforce that can speak to our consumers in an authentic 
manner enables us to increase our household penetration, an important part of our business strategy. We are committed to 
fostering a sense of belonging that embodies our purpose and values, which are essential to how we drive innovation and 
growth. We celebrate differences, emphasize the importance of inclusion and belonging for everyone and value the 
contributions of all Colgate people. At Colgate, we are proud of our collaborative spirit - what we call The Power of WE.
3

Colgate people, working around the world, share a commitment to our three corporate values - We are Caring, We are 
Inclusive and We are Courageous. By encouraging Colgate people to be more caring, inclusive and courageous every day, 
our goal is to create a healthier future for ourselves and others. Underlying these values and our strong culture is the 
commitment of all Colgate people to maintain the highest ethical standards and demonstrate ethical leadership, including 
compliance with Colgate policies and our Code of Conduct. 
We are committed to getting better every day in all that we do, as individuals and as teams. We seek to foster an 
inclusive and supportive workplace that promotes the growth and development of all employees, supported by a robust 
learning culture that aligns with our business needs. We are also committed to listening to our employees and seeing how 
the company is evolving and growing through regular employee engagement surveys. 
As a truly global company, with employees in over 100 countries, it is important that our employees reflect the 
communities in which we live and work. As of December 31, 2024, our global workforce was approximately 58% male 
and 42% female. Women represented approximately 46% of Colgate’s executives and 35% of senior leadership. In the 
U.S., approximately 33% of our employees self-identify as racial/ethnic minorities, approximately 45% of our executives 
self-identify as racial/ethnic minorities and approximately 39% of our senior leadership self-identify as racial/ethnic 
minorities. In this section, “executives” refers to those employees who are eligible to participate in Colgate’s equity 
incentive compensation plans and “senior leadership” refers to employees who are Senior Vice Presidents and above.
Succession Planning
We have a rigorous succession planning process, led by our Global Human Resources function. Our Board is also 
extensively involved in succession planning and people development, with special focus on CEO succession. As part of the 
succession planning process, we review and discuss potential successors to key positions and examine backgrounds, 
capabilities and appropriate developmental assignments. 
Compensation Philosophy
Given the importance of Colgate people to our business success, motivating and retaining critical talent is a key focus. 
We view compensation as an important tool to motivate leaders at all levels of the organization. For information regarding 
our compensation philosophy and executive compensation programs, please see our Proxy Statement to be filed with the 
United States Securities and Exchange Commission (the “SEC”) in connection with the 2025 Annual Meeting of 
Stockholders.
Sustainability and Social Impact
Sustainability is critically important to our overall business and growth strategy. Our 2025 Sustainability & Social 
Impact Strategy is focused on three key ambitions - preserving our environment by accelerating action on climate change 
and reducing our environmental footprint; helping millions of homes by designing more sustainable products and 
empowering people to develop healthier habits; and driving social impact with a commitment to helping to ensure the 
wellbeing of all people and their pets. These ambitions are supported by actionable targets consistent with our continued 
commitment to building environmental and social consciousness into our decision-making.
In 2024, we made progress on the targets set forth in our 2025 Sustainability & Social Impact Strategy.
Reduce Plastic Waste: We continue to implement our first-of-its-kind recyclable toothpaste tube across our toothpaste 
portfolio. We introduced this tube in 2019 and, as of December 31, 2024, we have transitioned approximately 75% of our 
toothpaste SKUs globally and approximately 95% of our toothpaste SKUs in North America to recyclable tubes. We 
continue to share the tube technology with third parties and work to encourage recyclability of all tubes in practice and at 
scale. We are also focused on working with recycling stakeholders and partnering with key third parties to drive tube 
acceptance and communicating that consumers should check with their local recycling facilities to confirm tube 
acceptance. We also remain committed to reducing our use of new (virgin) plastic across our portfolio and continue to 
make progress toward our target to reduce new (virgin) plastic by one-third versus 2019. We are working towards this 
target with product design changes and by increasing recycled content in our packaging.
4

Accelerate Action on Climate Change: We are taking steps to accelerate action on climate change through science-
based near-term, long-term and Net Zero 2040 emissions targets across our operations and value chain, which have been 
approved by The Science Based Targets initiative. To support our target to become Net Zero carbon in our operations by 
2040, we have built a global renewable energy master plan which includes roadmaps by division to cover our 
manufacturing facilities and owned warehouses, global technology centers and offices. Renewable energy agreements are a 
valuable part of this renewable energy master plan and are key contributors to achieving our target to have 100% renewable 
electricity by 2030. As part of these efforts, in 2023 and 2024, we signed long-term virtual power purchase agreements in 
the United States and Europe, respectively. 
Lead with Zero Waste Facilities: Our goal is to achieve TRUE certification for zero waste at 100% of our operations, 
which we define as our manufacturing facilities, owned and operated warehouses, global technology centers and strategic 
offices, by 2025. In 2024, eight more of our sites achieved TRUE certification. That brings the total number of TRUE 
certified sites to 44 across six continents in 26 countries, as of December 31, 2024.
Social Impact: Colgate Bright Smiles, Bright Futures is our flagship oral health education and well-being initiative. 
Since the program was established in 1991, we have reached approximately 1.8 billion children and their families with oral 
health education. Through our Hill’s Food, Shelter & Love program, we have helped over 15 million shelter pets find 
forever homes since 2002.
Additional information about our sustainability targets and efforts, including our 2023 Sustainability & Social Impact 
Report and our 2024 Climate Transition & Net Zero Action Plan can be found in the Sustainability section of our website 
at https://www.colgatepalmolive.com/sustainability. References to these reports and our website are for informational 
purposes only and neither the reports nor the other information on our website is incorporated by reference into this Annual 
Report on Form 10-K.
5

nfor=ation a2out our He3utiFe Offi3ers
,he following is a list of our executive officers as of ebruary 13, 2025
Noel /allace
60
2009
Chairman of the Board, President and Chief Executive Officer
Stanley ". Sutula III
59
2020
Chief inancial Officer
"ennifer M. Daniels
61
2014
Chief $egal Officer and Secretary
Prabha Parameswaran
66
2019
Group President, Growth and Strategy
Panagiotis ,sourapas
60
2019
Group President, Europe and Developing Mar?ets
Sally Massey
51
2020
Chief  uman Resources Officer
Gregory O. Malcolm
57
2022
Executive .ice President, Controller
Name
Age
Date irst Elected 
Executive Officer
Present ,itle
Each of our executive officers listed above has served the Company or our subsidiaries in various executive capacities 
for the past five years with the exception of Stanley ". Sutula III, Chief inancial Officer. Prior to >oining the Company, 
Mr. Sutula was Executive .ice President and Chief inancial Officer of Pitney Bowes Inc., which he >oined in 2017. 
-nder our By-$aws, our officers hold office until their respective successors are chosen and Eualified or until they 
have resigned, retired or been removed by the affirmative vote of a ma>ority of our Board. ,here are no family relationships 
between any of our executive officers, and there is no arrangement or understanding between any executive officer and any 
other person pursuant to which the executive officer was elected.
Available Information
Our website address is www.colgatepalmolive.com. ,he information contained on our website is not included as a part 
of, or incorporated by reference into, this Annual Report on orm 10-#. /e ma?e available, free of charge, on our website 
our Annual Reports on orm 10-#, )uarterly Reports on orm 10-), interactive data files posted pursuant to Rule 405 of 
Regulation S-,, Current Reports on orm 8-# and amendments to such reports filed or furnished pursuant to Section 13(a) 
or 15(d) of the Securities Exchange Act of 1934 (the VExchange ActW) as soon as reasonably practicable after we 
electronically file such material with, or furnish it to, the SEC. Also available on our website are the CompanyXs Code of 
Conduct and Board Guidelines on Significant Corporate Governance Issues, the charters of the Committees of the Board, 
SpecialiNed Disclosure Reports on orm SD, reports under Section 16 of the Exchange Act of transactions in Company 
stoc? by directors and executive officers and our Proxy Statements.
6

ITEM 1A. RISK FACTORS
In addition to the risks described elsewhere in this report, set forth below is a summary of the material risks to an 
investment in our securities. These risks, some of which have occurred and/or are occurring and any of which could occur 
in the future, are not the only ones we face. Additional risks not presently known to us or that we currently deem 
immaterial may also have an adverse effect on us. If any of these risks actually occur, our business, results of operations, 
cash flows and financial condition could be materially and adversely impacted, which might cause the value of our 
securities to decline.
Business and Industry Risks
We face risks associated with significant international operations, including exposure to foreign currency 
fluctuations.
We operate on a global basis serving consumers in more than 200 countries and territories with approximately two-
thirds of our Net sales originating in markets outside the U.S. While geographic diversity helps to reduce our exposure to 
risks in any one country or part of the world, it also means that we face risks associated with significant international 
operations, including, but not limited to:
•
changing macroeconomic conditions in our markets, including as a result of inflationary pressure, economic 
slowdown or recession, the war in Ukraine, the conflict in the Middle East, major developments in trade relations, 
volatile commodity prices and increases and/or volatility in the cost of raw and packaging materials, labor, energy 
and logistics;
•
changes in exchange rates for foreign currencies, which may reduce the U.S. dollar value of revenues, profits and 
cash flows from non-U.S. markets or increase our supply costs, as measured in U.S. dollars, in those markets;
•
political instability or uncertainty, including as a result of elections, economic instability, geopolitical events and 
tensions, wars and military conflicts, such as the war in Ukraine, the conflict in the Middle East and tensions 
between China and Taiwan; 
•
changes to trade policies and agreements and other foreign or domestic legal and regulatory requirements, 
including those resulting in potentially adverse tax consequences or the imposition of and/or the increase in trade 
restrictions and/or tariffs, sanctions, price controls, labor laws, travel or immigration restrictions, profit controls or 
other government controls, including as a result of the war in Ukraine, conflict in the Middle East and tensions 
between China and Taiwan;
•
environmental events, widespread health emergencies, such as pandemics or epidemics, natural disasters or social 
or labor unrest;
•
exchange controls and other limits on our ability to import or export raw materials or finished product, including 
as a result of the war in Ukraine and the conflict in the Middle East, or to repatriate earnings from overseas;
•
lack of well-established, reliable and/or impartial legal systems in certain countries where we operate and 
difficulties in enforcing contractual, intellectual property or other legal rights; and
•
foreign ownership and investment restrictions and the potential for nationalization or expropriation of property or 
other resources.
Any or all of the foregoing risks could have a significant impact on our ability to sell our products on a competitive 
basis in international markets and may adversely affect our business, results of operations, cash flows and financial 
condition. In addition, a number of these risks may adversely impact consumer confidence and consumption, which could 
reduce sales volumes of our products or result in a shift in our product mix from higher margin to lower margin product 
offerings.
We face risks resulting from political and macroeconomic instability and geopolitical events and tensions, such as the 
war in Ukraine, the conflict in the Middle East and tensions between China and Taiwan. These geopolitical conflicts 
7

andtensions may also heighten other risks disclosed in this Annual Report on Form 10-K, any of which could have an 
adverse impact on our business, results of operations, cash flows or financial condition.
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. We have no 
manufacturing facilities in Russia. For the year ended December 31, 2024, our business in the Eurasia region constituted 
approximately 1% of our consolidated net sales and approximately 2% of our consolidated operating profit. We, however, 
have experienced, and expect to continue to experience, risks related to the impact of the war in Ukraine, including 
increases in the cost 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 to identify banking partners to support our Russian operations and may face challenges to our ability to 
protect our assets in Russia. We also continue to monitor the impact of the sanctions, export controls and import 
restrictions imposed generally and in response to the war in Ukraine. 
The conflict in the Middle East has not had a material impact on our Consolidated Financial Statements. Uncertainties 
and risks remain as to the duration of the conflict and its impact on geopolitical relations and stability in North Africa, the 
wider Middle East and nearby regions. The conflict 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.
Furthermore, the imposition of tariffs and/or increases in tariffs on various raw materials or products, or threats to 
impose or increase such tariffs, by the United States and other countries have introduced greater uncertainty with respect to 
trade policies and government regulations affecting trade between the United States and other countries and new and/or 
increased tariffs have subjected, and may continue in the future to subject, us to additional costs and expenditure of 
resources. Major developments in trade relations, including the imposition of new or increased tariffs by the United States 
and/or other countries, such as China, Mexico and Canada, including those imposed following the United States’ February 
2025 executive orders, and any nationalist trends in specific countries, have altered and could continue to alter the trade 
environment and consumer purchasing behavior which, in turn, could have a material effect on our business, results of 
operations, cash flows and financial condition.
In an effort to minimize the impact on earnings of foreign currency rate movements, we engage in a combination of 
selling price increases, where permitted, sourcing strategies, cost containment measures and selective hedging of foreign 
currency transactions. However, the impact of these measures has not and may not in the future fully offset any negative 
impact of foreign currency rate movements on our business, results of operations, cash flows and financial condition.
Significant competition in our industry could adversely affect our business.
We face vigorous competition worldwide, including from strong local competitors (including private label 
competition) and from other large, multinational companies, some of which have greater resources than we do. In addition, 
the substantial growth in eCommerce has encouraged the entry of new competitors and business models.
We face competition in several aspects of our business, including pricing, promotional activities, new product 
introductions and expansion into new geographies and channels. Some of our competitors may spend more aggressively on 
or have more effective advertising and promotional activities than we do, introduce competing products more quickly and/
or respond more effectively to business and economic conditions and changing consumer preferences, including by 
launching innovative new products. Such competition also extends to administrative and legal challenges of product claims 
and advertising. Our success is and will likely increasingly be dependent on our ability to effectively leverage existing and 
emerging digital technologies, such as artificial intelligence and data analytics, to gain new commercial insights and 
develop relevant marketing and advertising to reach customers and consumers. Our ability to compete also depends on the 
strength of our brands and products and on our ability to enforce and defend our intellectual property, including patent, 
trademark, copyright, trade secret and trade dress rights, against infringement and legal challenges by competitors.
We may be unable to anticipate the timing and scale of such initiatives or challenges by competitors or to successfully 
respond to them, which could harm our business and/or reputation. In addition, the cost of responding to such initiatives 
8

and challenges, including management time, out-of-pocket expenses and price reductions, may affect our performance. A 
failure to compete effectively could adversely affect our business, results of operations, cash flows and financial condition.
Increasing dependence on key retailers in developed markets, changes in the policies of our retail trade customers, 
the emergence of alternative retail channels and the rapidly changing retail landscape and changing consumer 
preferences may adversely affect our business.
Our products are sold in a highly competitive global marketplace which has experienced increased trade concentration 
and the growing presence of large-format retailers, discounters and eCommerce retailers. With the growing trend toward 
retail trade consolidation, the substantial growth of eCommerce and the integration of traditional and digital operations at 
key retailers, we are increasingly dependent on certain retailers, and some of these retailers have and may continue to have 
greater bargaining strength than we do. They have used and may continue to use this leverage to demand higher trade 
discounts, allowances, slotting fees, increased investment, including through display media, paid search and co-op 
programs, or changes to product assortments, which have led to and could continue to lead to reduced sales or profitability 
in certain markets. The loss of a key customer or distributor or a significant reduction in sales to a key customer or 
distributor could adversely affect our business, results of operations, cash flows and financial condition. For additional 
information regarding our customers, see “Distribution; Raw Materials; Competition; Trademarks and Patents” in Item 1 
“Business.”
We also have been and may continue to be negatively affected by changes in the policies or practices of our retail trade 
customers, such as inventory destocking, fulfillment requirements, technology-aided category pricing pressures, limitations 
on access to shelf space, delisting of our products, or sustainability, supply chain or packaging standards or initiatives. For 
example, a determination by a key retailer that any of our ingredients should not be used in certain consumer products or 
that our packaging does not comply with certain requirements and standards could adversely impact our business, results of 
operations, cash flows and financial condition. In addition, “private label” products sold by our retail customers, which are 
typically sold at lower prices than branded products, are a source of competition for certain of our products. 
Further, the retail landscape in many of our markets continues to evolve as a result of the substantial growth of 
eCommerce, changing consumer behaviors and preferences (as consumers increasingly shop online, including to compare 
prices and product availability) and the increased presence of alternative retail channels, such as subscription services and 
direct-to-customer 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. 
In addition, consumer preferences continue to evolve due to a number of factors, including evolving consumer 
concerns or perceptions (whether or not valid) regarding sustainability and social impact practices, including the sourcing 
and sustainability of raw and packaging materials, a demand for natural or organic products and ingredients and ingredient 
transparency, consumer concerns or perceptions regarding the effects of ingredients, consumer sentiment toward non-local 
products or sources and perceptions of and increased focus on labor and human rights and environmental impacts 
(including responsible sourcing, deforestation, packaging, plastic, energy and water use and waste management).
If we are not successful in continuing to adapt or to effectively react to changes in consumer behaviors, preferences or 
purchasing patterns and/or changing market dynamics, including customer policies or the proliferation of eCommerce and 
alternative retail channels, our business, results of operations, cash flows and financial condition could be adversely 
affected. 
The growth of our business depends on the successful identification, development and launch of innovative new 
products.
Our growth depends on the continued success of existing products, the successful identification, development and 
launch of innovative new and differentiated products and the expansion into adjacent categories, channels of distribution or 
geographies. Our ability to launch new products, to sustain existing products and to expand into adjacent categories, 
channels of distribution or geographies is affected by whether we can successfully:
•
identify, develop and fund technological innovations;
9

•
obtain and maintain necessary intellectual property protection and avoid infringing intellectual property rights of 
others;
•
obtain approvals and registrations of regulated products, including from the FDA and other regulatory bodies in 
the U.S. and abroad; and
•
anticipate and quickly respond to the needs and preferences of consumers and customers.
The identification, development and introduction of innovative new products that drive incremental sales involves 
considerable costs and effort, and any new product may not generate sufficient customer and consumer interest and sales to 
become a profitable product or to cover the costs of its development and promotion. Our ability to achieve a successful 
launch of a new product could also be adversely affected by preemptive actions taken by competitors in response to the 
launch, such as increased promotional activities and advertising. In addition, new products may not be accepted quickly or 
significantly in the marketplace.
Our ability to quickly innovate to adapt and market our products and to adapt our packaging or the sustainability 
profile of our products to meet evolving consumer preferences and/or regulatory requirements is an essential part of our 
business strategy. The failure to develop and launch successful new products or to adapt our packaging, the sustainability 
profile of our products or supply chain to meet such preferences could hinder the growth of our business and any delay in 
the development or launch of a new product could result in us not being the first to market, which could compromise our 
competitive position and adversely affect our business, results of operations, cash flows and financial condition. In 
addition, our success in launching new products is also dependent on our ability to deliver effective and efficient marketing 
in an evolving media landscape (including digital), which is subject to dynamic and increasingly restrictive privacy 
requirements and emerging regulations. Our ability to launch new products, including our ability to deliver effective and 
efficient marketing campaigns, is also impacted by our ability to successfully adopt new technologies, such as artificial 
intelligence, including machine learning and generative artificial intelligence.
If, in the course of identifying or developing new products, we are found to have infringed the trademark, trade secret, 
copyright, patent or other intellectual property rights of others, directly or indirectly, through the use of third-party ideas or 
technologies, such a finding could adversely affect our ability to develop innovative new products and adversely affect our 
business, results of operations, cash flows and financial condition. Even if we are not found to infringe a third party’s 
intellectual property rights, claims of infringement could adversely affect us, including by increasing costs and by delaying 
the launch of new products.
Damage to our reputation could have an adverse effect on our business.
Maintaining our strong reputation with consumers and our trade partners globally is critical to selling our branded 
products. Accordingly, we devote significant time and resources to programs designed to protect and preserve our 
reputation, such as our ethics and compliance, sustainability and social impact, brand protection and product safety, 
regulatory and quality initiatives and our enterprise risk management program. Negative publicity about us, our brands, our 
products, our supply chain, our ingredients, our packaging, our sustainability and social impact practices, or our employees, 
whether or not deserved, could jeopardize our reputation. Such negative publicity could relate to, among other things, 
health or quality concerns, threatened or pending litigation or regulatory proceedings, animal welfare, labor and human 
rights and environmental impact (including responsible sourcing, deforestation, packaging, plastic, energy and water use 
and waste management) or our sustainability and social impact practices. In addition, the proliferation of digital and social 
media has greatly increased the accessibility of information, the speed of its dissemination and the potential for negative 
publicity and misinformation. Negative publicity, posts or comments on digital and social media, whether true or untrue, 
could damage our brands and our reputation. The success of our brands could also suffer if our marketing initiatives do not 
have the desired impact on a brand’s image or its ability to attract consumers.
In addition, the legal, regulatory and ethics landscape around the use of artificial intelligence, including machine 
learning and generative artificial intelligence, is rapidly evolving. Our ability to adapt and use this emerging technology in 
an effective and ethical manner may impact our reputation and our ability to compete, as outputs from generative artificial 
intelligence models could be, among other things, false, biased or inconsistent with our values or strategies. Further, the use 
of generative artificial intelligence tools may compromise our confidential or sensitive information or put our intellectual 
property at risk or subject us to claims of intellectual property infringement, which could in turn damage our reputation.
10

Additionally, due to the scale and scope of our business, we must rely on relationships with third parties, including our 
suppliers, distributors, contractors, joint venture partners and other external business partners, for certain functions. While 
we have policies and procedures for managing these relationships, they inherently involve a lesser degree of control over 
business operations, compliance and sustainability and social impact practices, thereby potentially increasing our 
reputational and legal risk.
We have taken and in the future may take certain actions to safeguard our reputation and uphold our ethical values, 
such as changes to how and where we sell, advertise and invest behind our products and operations, which could adversely 
affect our business, results of operations, cash flows and financial condition.
In addition, third parties sell counterfeit versions of our products, which are inferior or may pose safety risks. As a 
result, consumers of our brands could confuse our products with these counterfeit products, which could cause them to 
refrain from purchasing our brands in the future and in turn could impair our brand equity and adversely affect our 
business, results of operations, cash flows and financial condition.
Damage to our reputation or loss of consumer confidence in our products for these or any other reasons could 
adversely affect our business, results of operations, cash flows and financial condition, as well as require resources to 
rebuild our reputation.
We face various risks related to pandemics, epidemics or other widespread public health concerns, which may have 
a material adverse effect on our business, results of operations, cash flows and financial condition.
We face various risks related to pandemics, epidemics or other widespread public health concerns. A pandemic, 
epidemic or other widespread health concern could have, and COVID-19 has had a variety of impacts on our business, 
results of operations, cash flows and financial condition, including:
•
our ability to continue to maintain and support the health, safety and well-being of our employees, including key 
employees;
•
disruptions to our global supply chain, including transportation and logistics challenges;
•
a decrease in our workforce or in the efficiency of such workforce;
•
volatility in the demand for and availability of our products;
•
changes in purchasing patterns of our consumers;
•
significant volatility in demand for certain of our products, which may require us to increase our production 
capacity or acquire additional capacity at an additional cost and expense;
•
failure of third parties on which we rely to meet their obligations to us, or significant disruptions in their ability to 
do so, which may be caused by their own financial or operational difficulties;
•
significant changes in the economic and political conditions of the markets in which we operate;
•
disruptions and volatility in the global capital markets, including rising interest rates, which may increase the cost 
of capital and adversely impact our access to capital; and/or
•
volatility in foreign exchange rates and increases in the cost and availability of raw and packaging materials and 
transportation and logistics costs.
11

Our success depends upon our ability to recruit, attract and retain key employees and the succession of senior 
management.
Our success largely depends on the performance of our management team and other key employees. If we are unable 
to recruit, attract and retain talented, highly qualified senior management and other key people, our business, results of 
operations, cash flows and financial condition could be adversely affected. Successfully executing organizational change, 
including management transitions at leadership levels of the Company and succession plans for senior management, is 
critical to our business success. While we follow a disciplined, ongoing succession planning process and have succession 
plans in place for senior management and other key executives, these do not guarantee that the services of qualified senior 
executives will continue to be available to us at particular moments in time. Further, changes in immigration laws and 
government policies have made, in certain circumstances, and may continue to make it more difficult for us to recruit or 
relocate highly skilled technical, professional and management personnel to meet our business needs. Our ability to attract 
and retain talent has been and may continue to be impacted by a number of factors, including challenges in the labor 
market. We continue to embed new ways of working to, among other things, instill a growth mindset to drive innovation. If 
we do not (or are perceived not to) successfully implement these initiatives, our ability to recruit, attract and retain talent 
may be adversely impacted.
We have pursued and may continue to pursue acquisitions and divestitures, which could adversely impact our 
business.
We have pursued and may continue to pursue acquisitions of brands, businesses, assets or technologies from third 
parties. Acquisitions and their pursuit have involved, and can involve, numerous potential risks, including, among other 
things:
•
realizing the full extent of the expected benefits or synergies as a result of a transaction, within the anticipated 
time frame, or at all;
•
successfully integrating the operations, technologies, services, products and systems of the acquired brands, assets 
or businesses in an effective, timely and cost-efficient manner;
•
receiving necessary consents, clearances and approvals in connection with a transaction;
•
diverting management’s attention from other business priorities;
•
successfully operating in new lines of business, channels of distribution or markets;
•
achieving distribution expansion related to products, categories and markets;
•
retaining key employees, partners, suppliers and customers of the acquired business;
•
conforming standards, controls, procedures and policies of the acquired business with our own;
•
developing or launching products with acquired technologies; and
•
other unanticipated problems or liabilities.
Moreover, acquisitions have resulted in and could in the future result in substantial additional debt, the assumption of 
contingent liabilities, such as litigation or earn-out obligations, or transaction costs. In addition, to the extent that the 
economic benefits associated with an acquisition or investment diminish in the future or the performance of an acquired 
company or business is less robust than expected, we may be required to record additional impairments of intangible assets, 
including trademarks and goodwill. Any of these risks could adversely impact our reputation and our business, results of 
operations, cash flows and financial condition.
We have divested and may in the future periodically divest brands or businesses. These divestitures may adversely 
impact our business, results of operations, cash flows and financial condition if we are unable to offset the dilutive impacts 
from the loss of revenue associated with the divested brands or businesses, or otherwise achieve the anticipated benefits or 
12

cost savings from the divestitures. In addition, businesses under consideration for, or otherwise subject to, divestiture may 
be adversely impacted prior to the divestiture, which could negatively impact our business, results of operations, cash flows 
and financial condition. If any planned divestiture is not able to be completed, we may also incur negative business and 
financial results.
Operational Risks
Our business results are impacted by our ability to manage disruptions in our global supply chain and/or key office 
facilities.
We are engaged in the manufacture and sourcing of products and materials on a global scale. Our operations and those 
of our suppliers, contract manufacturers or logistics providers have been and may continue to be disrupted by a number of 
factors, including, but not limited to:
•
geopolitical events, wars and military conflicts, such as the war in Ukraine and the conflict in Middle East;
•
widespread health emergencies, such as pandemics or epidemics;
•
strikes and other labor disputes;
•
disruptions in logistics;
•
loss or impairment of key manufacturing or distribution sites;
•
loss of key suppliers or contract manufacturers;
•
capacity constraints;
•
raw material and product availability and/or quality or safety issues;
•
industrial accidents or other occupational health and safety issues;
•
the impact on our suppliers of tighter credit or capital markets;
•
the lack of availability of qualified personnel, such as truck drivers and production labor;
•
governmental incentives, regulations and controls (including import and export restrictions, such as new or 
increased tariffs, sanctions, quotas or trade barriers); and
•
natural disasters, including climatic events (including any potential effects of climate change) and earthquakes, 
tornadoes, acts of war or terrorism, political unrest or uncertainty, fires or explosions, cybersecurity incidents and 
other external factors over which we have no control.
In addition, we purchase certain key raw and packaging materials from single-source suppliers or a limited number of 
suppliers and new suppliers may have to be qualified under industry, governmental and/or Colgate standards, which can 
require additional investment and take a significant period of time. If our existing or new suppliers fail to meet such 
standards or if we are unable to contract with suppliers on favorable terms, our business, results of operations, cash flows 
and financial condition could be adversely affected.
We believe that the supplies of raw and packaging materials needed to manufacture our products are adequate. In 
addition, we have business continuity and contingency plans in place for key manufacturing sites and contract 
manufacturers and the supply of raw and packaging materials. Nonetheless, a significant disruption to the manufacturing or 
sourcing of products or materials for any reason, including those mentioned above, have at times interrupted and could in 
the future interrupt product supply and, if not remedied, could have an adverse impact on our business, results of 
operations, cash flows and financial condition.
13

In addition, as a result of our global shared service organizational model, certain of our functions, such as finance and 
accounting, customer service and logistics, human resources, global information technology and data analytics are 
concentrated in key office facilities. A significant disruption to any of our key office facilities for any reason, including 
those mentioned above, could adversely affect our business, results of operations, cash flows and financial condition.
Volatility in material and other costs has in the past and may continue to adversely impact our profitability.
Raw and packaging material commodities, such as resins, essential oils, tropical oils, pulp, tallow, corn, poultry and 
soybeans, are subject to market price variations. Increases in the costs of and/or a reduction in the availability of 
commodities, energy (including fuel prices), logistics (including trucks and containers) or other necessary services, 
including as a result of geopolitical conflicts, such as the war in Ukraine and the conflict in the Middle East, and/or the 
impact of climatic events have affected and are likely to continue to adversely affect our profit margins. While the prices of 
many commodities and services have retreated from their historical peaks, prices may increase again, which could create 
year-over-year inflationary pressure. We have taken and may continue to take actions to mitigate these cost increases in the 
form of price increases and efforts to achieve cost efficiencies in areas such as manufacturing and distribution, or otherwise 
manage the exposure through sourcing strategies, ongoing productivity initiatives and the limited use of commodity 
hedging contracts. These actions may not, however, fully offset these higher costs and our business, results of operations, 
cash flows and financial condition have been and may continue to be adversely impacted. In addition, even if we are able to 
increase the prices of our products in response to commodity and other cost increases, we may not be able to sustain the 
price increases. If such price increases are sustained, they may negatively impact our sales volume, which can in turn 
negatively impact our margins and profitability. If competitors do not adjust their prices or if consumers decide not to pay 
higher prices and forego purchasing certain of our products or switch to “private label” or lower-priced product offerings, 
sales declines, a deterioration in our profitability and loss of market share may occur which could adversely affect our 
business, results of operations, cash flows and financial condition. See “Our business results are impacted by our ability to 
manage disruptions in our global supply chain and/or key office facilities” above for additional information.
There is no guarantee that our ongoing efforts to reduce costs will be successful.
One way that we generate funds needed to support the growth of our business is through our continuous, Company-
wide initiatives to lower costs and increase effective asset utilization, which we refer to as our funding-the-growth 
initiatives. These initiatives are designed to reduce costs associated with direct materials, indirect expenses, distribution and 
logistics, and advertising and promotional materials, among other things. The achievement of our funding-the-growth goals 
depends on our ability to successfully identify and realize additional savings opportunities. Events and circumstances, such 
as financial or strategic difficulties, delays and unexpected costs may occur that could result in our not realizing any or all 
of the anticipated benefits or our not realizing the anticipated benefits on our expected timetable. If we are unable to realize 
the anticipated savings of our funding-the-growth initiatives, our ability to fund other initiatives and achieve our 
profitability goals may be adversely affected. Any failure to implement our funding-the-growth initiatives in accordance 
with our expectations could adversely affect our business, results of operations, cash flows and financial condition. For 
additional information regarding our funding-the-growth initiatives, refer to Part II, Item 7 “Management’s Discussion and 
Analysis of Financial Condition and Results of Operations – Executive Overview.”
A cybersecurity incident, data breach or a failure of key technology systems could adversely impact our business.
We rely extensively on information and operational technology systems (“IT/OT Systems”), some of which are 
managed, hosted, provided and/or used by third parties, including cloud-based service providers, and their vendors, in order 
to conduct our business. Our uses of these systems include, but are not limited to:
•
communicating within our company and with other parties, including our customers, suppliers and consumers;
•
ordering and managing materials from suppliers;
•
converting materials to finished products;
•
receiving and processing orders from, shipping products to and invoicing our customers, suppliers and consumers;
•
marketing products to consumers;
14

•
collecting, storing, transferring and/or processing customer, consumer, employee, vendor, investor and other 
stakeholder information and personal data, including, but not limited to, such data from residents of states, 
countries and regions with comprehensive data protection laws and regulations;
•
processing transactions, including but not limited to employee payroll, employee and retiree benefits and 
payments to customers, suppliers and vendors;
•
hosting, processing and sharing confidential and proprietary research, intellectual property, business plans and 
financial information;
•
summarizing and reporting results of operations, including financial reporting;
•
managing our banking and other cash liquidity systems and platforms;
•
complying with legal, regulatory and tax requirements;
•
providing data security; and
•
handling other processes involved in managing our business.
Although we have a broad array of information and operational security measures in place, our IT/OT Systems, 
including those of third-party service providers with whom we have contracted, have been, and will likely continue to be, 
subject to computer viruses or other malicious codes, unauthorized access attempts, phishing and other cyberattacks. 
Cyberattacks and other cyber incidents are occurring more frequently, are constantly evolving in nature, are becoming 
more sophisticated and are being made by different threat actors including groups, individuals and nation states with a wide 
range of expertise and motives. Such cyberattacks and cyber incidents can take many forms, including cyber extortion, 
social engineering, password theft or introduction of viruses or malware, such as ransomware. In addition, the techniques 
used in cyberattacks and cyber incidents continue to evolve and develop, including through the use of existing and 
emerging technologies, such as artificial intelligence.
We cannot guarantee that our security efforts will prevent breaches or breakdowns of our or our third-party service 
providers’ IT/OT Systems because the techniques used in these attacks change frequently and may be difficult to detect for 
periods of time. In addition, although we have policies and procedures in place to ensure that all personal information 
collected by us or our third-party service providers is securely maintained, data leakages due to human error or intentional 
or unintentional conduct have occurred and likely will occur again. Furthermore, we periodically upgrade our IT/OT 
Systems or adopt new technologies. If such an upgrade or new technology does not function as designed or does not go as 
planned or if an attacker identifies a vulnerability in our IT/OT Systems, then our exposure to a cyberattack or cyber 
incident may increase significantly.
A cyberattack or cyber incident may adversely impact our business, including our ability to ship products to customers, 
issue invoices and process payments or order raw and packaging materials. Although we have seen no material impact on 
our business operations from the cybersecurity incidents we have experienced to date, if we suffer a significant loss or 
disclosure of confidential business or stakeholder information as a result of a breach of our IT/OT Systems, including those 
of third-party service providers with whom we have contracted, or otherwise, we may suffer reputational, competitive and/
or business harm, incur significant costs and be subject to government investigations, litigation, fines and/or damages, 
which may adversely impact our business, results of operations, cash flows and financial condition. In addition, the rapid 
evolution and increased adoption of existing and emerging technologies, such as artificial intelligence, may intensify our 
cybersecurity risks. Further, while we currently maintain insurance coverage that, subject to its terms and conditions, is 
intended to address costs associated with certain aspects of cybersecurity incidents and IT/OT System failures, this 
insurance coverage may not, depending on the specific facts and circumstances surrounding an incident, cover all losses or 
all types of claims that arise from an incident, or the damage to our business, reputation or brands that may result from an 
incident. As the frequency and magnitude of cybersecurity incidents increase globally, we may be unable to obtain the 
insurance coverage that we think is appropriate or necessary to offset the risk.
While we have disaster recovery and business continuity plans in place, if our IT/OT Systems are damaged, breached 
or cease to function properly for any reason, including the poor performance of, failure of or cyberattack on third-party 
15

service providers, catastrophic events, power outages, cybersecurity breaches, network outages, failed upgrades or other 
similar events and, if the disaster recovery and business continuity plans do not effectively resolve such issues on a timely 
basis, we may suffer interruptions in our ability to manage or conduct business as well as reputational harm, and may be 
subject to governmental investigations and litigation, any of which may adversely impact our business, results of 
operations, cash flows and financial condition.
Climate change and other sustainability matters could have an adverse impact on our business and results of 
operations.
Climate change resulting in the increased frequency and severity of natural disasters and other extreme weather 
conditions may adversely impact our business, results of operations, cash flows and financial condition. Specifically, the 
predicted physical effects of climate change may exacerbate challenges regarding the availability and quality of water and 
the cost, quality and availability of raw and packaging materials, pose physical risks to our facilities and those of our key 
suppliers, disrupt our global supply chain or impact demand for our products. In addition, the increased concern over 
climate change has resulted and is likely to continue to result in transition risks, including additional legal and regulatory 
requirements intended to, among other things, reduce or mitigate the effects of climate change and have related and may 
relate to, among other things, greenhouse gas emissions (e.g., carbon pricing), alternative energy policy and additional 
disclosure obligations, such as the Corporate Sustainability Reporting Directive, and extended producer responsibility 
obligations that relate to our product packaging. Such additional regulations may adversely affect our business, results of 
operations, cash flows and financial condition by increasing our compliance and manufacturing costs and/or negatively 
impacting our reputation if we are unable to, or are perceived (whether or not valid) not to, satisfy such requirements or 
expectations. Achieving our sustainability and social impact targets will require significant efforts from us and our 
stakeholders, such as our suppliers and other third parties. It will also require capital investment, additional expense (e.g., 
renewable energy costs) and the development of technology that may not currently exist. Failure to achieve our 
sustainability and social impact targets or the perception (whether or not valid) that we have failed to act responsibly with 
respect to such matters or to effectively respond to new or additional legal or regulatory requirements regarding climate 
change or other sustainability matters, could result in adverse publicity and increased litigation risk and adversely affect our 
business and reputation. There is also increased focus, including by governmental and non-governmental organizations, 
investors, customers, consumers, regulators, our employees and other stakeholders on these and other sustainability and 
social impact matters, including responsible sourcing, deforestation, animal welfare, labor, employment and human rights, 
the use of plastic, energy and water, the recyclability or recoverability of packaging, including single-use and other plastic 
packaging.  From many of these stakeholders, there is also a growing demand for natural or organic products and 
ingredient transparency, such as sources of palm oil and palm kernel oil, and an increased focus on reducing our impact on 
nature. Our reputation could be damaged if we do not (or are perceived not to) act responsibly with respect to sustainability 
matters, which could adversely affect our business, results of operations, cash flows and financial condition.
Our reliance on third parties in many aspects of our business could have an adverse effect on our business and 
results of operations.
We use third parties including, but not limited to, suppliers, contract manufacturers, distributors, commercial 
banks and other external business partners, to support many aspects of our business including those that provide support 
across much of the lifespan of our products from the purchasing of ingredients up to and including the sale of our products 
to consumers. While we maintain robust policies and procedures to govern and manage our interactions with and 
requirements of these third parties, including building in redundancies and alternatives wherever possible, we inherently 
have a lesser degree of control over the business operations, governance and compliance of these unrelated entities. As a 
result, disruptions in these relationships or the failure of these third parties to meet their obligations to us could have an 
adverse effect on our reputation and our business, results of operations, cash flows and financial condition. 
Legal and Regulatory Risks
Our business is subject to legal and regulatory risks in the U.S. and abroad.
Our business is subject to extensive legal and regulatory requirements in the U.S. and abroad. Such legal and 
regulatory requirements apply to most aspects of our products, including their development, ingredients, formulation, 
manufacture, packaging, labeling, storage, transportation, distribution, export, import, advertising, sale and environmental 
impact. U.S. federal authorities, including the U.S. Food and Drug Administration (the “FDA”), the Federal Trade 
16

Commission, the Consumer Product Safety Commission, the Occupational Safety and Health Administration and the 
Environmental Protection Agency, regulate different aspects of our business, along with parallel authorities at the state and 
local levels and comparable authorities overseas. In addition, our selling practices are regulated by competition law 
authorities in the U.S. and abroad.
New or more stringent legal or regulatory requirements, or more restrictive interpretations of existing requirements, 
could adversely impact our business, results of operations, cash flows and financial condition. For example, from time to 
time, various regulatory authorities around the world review the use of various ingredients and packaging content in 
consumer products. While we monitor and seek to mitigate the impact of any emerging information, a decision by a 
regulatory or governmental authority that any ingredient or packaging content in our products should be restricted or 
should otherwise be newly regulated could adversely impact our business and reputation, as could negative reactions by 
our consumers, trade customers or non-governmental organizations to our current or prior use of such ingredients or 
packaging. Additionally, an inability to develop new or reformulated products containing alternative ingredients, to obtain 
regulatory approval of such products or ingredients on a timely basis or to effectively market and sell such products could 
likewise adversely affect our business.
Because of our extensive international operations, we could be adversely affected by violations of worldwide anti-
bribery laws, including those that prohibit companies and their intermediaries from making improper payments to 
government officials or other third parties for the purpose of obtaining or retaining business, such as the U.S. Foreign 
Corrupt Practices Act, and laws that prohibit commercial bribery. We are also subject to laws and sanctions imposed by the 
U.S. (including, without limitation, those imposed by OFAC) and/or by other jurisdictions that may prohibit us or certain 
of our affiliates from doing business in certain countries, or restrict the kind of business that may be conducted. While our 
policies mandate compliance with these laws, we cannot provide assurance that our internal control policies and procedures 
will always protect us from reckless or criminal acts committed by our employees, joint venture partners or agents. 
Violations of these laws, or allegations of such violations, could disrupt our business and adversely affect our reputation 
and our business, results of operations, cash flows and financial condition.
While it is our policy and practice to comply with all legal and regulatory requirements applicable to our business, 
findings that we are in violation of, or out of compliance with, applicable laws or regulations have subjected us to, and 
could subject us to, civil remedies, including fines, damages, injunctions or product recalls, or criminal sanctions, any of 
which could adversely affect our business, results of operations, cash flows and financial condition. Even if a claim is 
unsuccessful, is without merit or is not fully pursued, the cost of responding to such a claim, including management time 
and out-of-pocket expenses, and the negative publicity surrounding such assertions regarding our products, processes or 
business practices could adversely affect our reputation, brand image and our business, results of operations, cash flows 
and financial condition. For information regarding our legal and regulatory matters, see Item 3 “Legal Proceedings” and 
Note 12, Commitments and Contingencies to the Consolidated Financial Statements.
Legal claims and proceedings could adversely impact our business.
As a global company serving consumers in more than 200 countries and territories, we are and may continue to be 
subject to a wide variety of legal claims and proceedings, including disputes relating to intellectual property, contracts, 
product liability, marketing, advertising, foreign exchange controls, antitrust and trade regulation, as well as labor and 
employment, pension, data privacy and security, environmental and tax matters and consumer class actions. Regardless of 
their merit, these claims can require significant time and expense to investigate and defend. Since litigation is inherently 
uncertain, there is no guarantee that we will be successful in defending ourselves against such claims or proceedings, or 
that our assessment of the materiality of these matters, including any reserves taken in connection therewith, will be 
consistent with the ultimate outcome of such matters. In addition, if one of our products, or an ingredient contained in our 
products, is perceived or found to be defective, or unsafe or have a quality issue, we have had to and may in the future need 
to withdraw, recall or reformulate some of our products. Whether or not a legal claim or proceeding is successful, or a 
withdrawal, recall or reformulation is required or advisable, such assertions could have an adverse effect on our business, 
results of operations, cash flows and financial condition, and the negative publicity surrounding them could harm our 
reputation and brand image. The resolution of, or increase in the reserves taken in connection with, one or more of these 
matters in any reporting period could have a material adverse effect on our business, results of operations, cash flows and 
financial condition for that period. See Item 3 “Legal Proceedings” and Note 12, Commitments and Contingencies to the 
Consolidated Financial Statements for additional information on certain of our legal claims and proceedings.
17

Financial and Economic Risks
Uncertain or unfavorable global economic conditions may adversely affect our business.
Uncertain or unfavorable global economic conditions could adversely affect our business. Unfavorable global 
economic conditions, such as a recession, an economic slowdown, inflation, higher interest rates and/or reduced category 
growth rates, including as a result of the war in Ukraine and the conflict in the Middle East, have negatively impacted and/
or could negatively impact our business and result in declining revenues, profitability and/or cash flows. Although we 
continue to devote significant resources to support our brands and market our products at multiple price points, during 
periods of economic uncertainty or unfavorable economic conditions, consumers may have less consumer confidence, 
reduce consumption or discretionary spending and/or change their purchasing patterns by foregoing purchasing certain of 
our products or by switching to “private label,” or lower-priced product offerings. These changes could reduce demand for 
our products or result in a shift in our product mix, as consumers may choose products that sell at lower prices. 
Additionally, our retailers may be impacted and they may increase pressure on our selling prices or increase promotional 
activity for lower-priced or value offerings as they seek to maintain sales volumes and margins. Furthermore, economic 
conditions can cause our customers, suppliers, distributors, contract manufacturers, logistics providers or other third-party 
partners to suffer financial or operational difficulties, which may impact their ability to buy our products or provide us with 
or distribute finished product, raw and packaging materials and/or services in a timely manner or at all. In addition, we 
could face difficulty collecting or recovering accounts receivables from third parties facing financial or operational 
difficulties, including bankruptcies.
Disruptions in the credit markets or changes to our credit ratings may adversely affect our business.
While we currently generate significant cash flows from ongoing operations and have access to global credit markets 
through our various financing activities, a disruption or volatility in the credit markets, interest rate increases or changes to 
our credit rating could negatively impact the availability or further increase the cost of funding. Reduced access to credit or 
increased costs could adversely affect our liquidity and capital resources or significantly increase our cost of capital. In 
addition, if any financial institutions that hold our cash or other investments or that are parties to our undrawn revolving 
credit facility supporting our commercial paper programs or other financing arrangements, such as interest rate, foreign 
exchange or commodity hedging instruments, were to declare bankruptcy or become insolvent, they may be unable to 
perform under their agreements with us. This could leave us with reduced borrowing capacity or unhedged against certain 
interest rate, foreign currency or commodity price exposures. In addition, tighter or more volatile credit markets may lead 
to business disruptions for certain of our suppliers, contract manufacturers or trade customers which could, in turn, 
adversely impact our business, results of operations, cash flows and financial condition.
Tax matters, including changes in tax rates, disagreements with taxing authorities and imposition of new taxes 
could negatively impact our business.
We are subject to taxes in the U.S. and in the foreign jurisdictions where we do business. Due to economic and 
political conditions, tax rates in the U.S. and various foreign jurisdictions have been and may be subject to significant 
change. Changes in the mix of our earnings between countries with differing statutory tax rates, changes in the valuation of 
deferred tax assets and liabilities related to changes in tax rates, changes in tax laws, including how existing tax laws are 
interpreted or enforced, or contemplated changes in long-standing tax principles, if finalized and adopted, could adversely 
impact our future effective tax rate and business, results of operations, cash flows and financial condition. For example, 
long-standing international tax norms that determine each country’s jurisdiction to tax cross-border international trade are 
evolving as a result of a multilateral project, the Base Erosion and Profit Shifting Project (the “BEPS Project”), that has 
established new principles and reporting requirements recommended by the member countries of the Organization for 
Economic Cooperation and Development (the “OECD”). In connection with the BEPS Project, companies are required to 
disclose more information to tax authorities and the public on operations around the world, which may lead to greater audit 
scrutiny of profits earned in countries outside of the U.S. Many jurisdictions have already enacted legislation and adopted 
policies resulting from the BEPS Project. The OECD is also addressing the challenges of the digitization of the global 
economy with plans to redefine jurisdictional taxation rights in market countries and establish a global minimum tax. The 
European Union has established the Minimum Tax Directive (“Pillar II”) that provides for a minimum level of taxation for 
certain large corporations in every jurisdiction in which they operate. In addition, many other jurisdictions outside of the 
European Union have also implemented a similar minimum tax regime consistent with the policy of Pillar II. Detailed 
18

regulations of these minimum tax regimes are still being considered in certain countries. Other than significant additional 
time and resources to comply, based on our preliminary evaluation, Pillar II did not have a material impact as of December 
31, 2024 and we do not believe it will have a material impact on our business, results of operations, cash flows and 
financial condition.  However, as these and other tax laws and related regulations change, our business, results of 
operations, cash flows and financial condition could be materially impacted. For more information regarding recent 
legislation, refer to Part II, Item 7 “Management's Discussion and Analysis of Financial Condition and Results of 
Operations - Results of Operations - Income Taxes.”
Furthermore, we are seeing an increase in regular reviews, examinations and audits by the Internal Revenue Service 
and increasingly aggressive enforcement actions by other taxing authorities with respect to taxes outside of the U.S. 
Although we believe our tax positions are sustainable, when a taxing authority disagrees with the positions we have taken, 
we have faced and in the future may face additional tax liabilities, including interest and penalties, in excess of reserves. 
The payment of such additional amounts upon final adjudication of any disputes could adversely impact our business, 
results of operations, cash flows and financial condition.
19

ITEM 1B. 
UNRESOLVED STAFF COMMENTS
None.
20

ITEM 1C. CYBERSECURITY
Management’s Role in Assessing and Managing Cybersecurity Risk; Processes for assessing, identifying and 
managing material risks from cybersecurity threats
We have a systematic and thorough risk management process, which is designed to identify, assess, prioritize and 
mitigate the risks that could negatively impact achievement of our strategic and operating objectives. A key component 
of this process is our Enterprise Risk Management (“ERM”) Committee, which is led by our Chairman, President and 
Chief Executive Officer, and includes our Chief Financial Officer, Chief Legal Officer, Chief Information Officer and 
other members of senior management. The ERM Committee monitors both current and emerging risks facing the 
Company and meets at least quarterly to review the prioritization of identified risks. The ERM Committee has 
identified cybersecurity as a critical risk facing the Company. Each of the most critical risks identified is assigned to a 
member of senior management who oversees the management, mitigation and presentation of the risk to the senior 
leadership team and throughout the year to our Board of Directors. The risks relating to information technology, 
including cybersecurity, are overseen by our Chief Information Officer. Our Chief Information Officer then assigns the 
risks within the Information Technology risk category to others on his team. The cybersecurity risk is managed and 
overseen by our Chief Information Security Officer (“CISO”), who reports to our Chief Information Officer. 
Cybersecurity as a risk is presented to the full ERM Committee annually or more frequently as needed. 
We have a dedicated information security organization, led by our CISO and overseen by our Chief Information 
Officer, which is responsible for assessing and managing material risks from cybersecurity threats. Our Chief 
Information Officer reports to our Group President, Growth and Strategy, a member of our senior leadership team who 
reports to our Chairman of the Board, President and Chief Executive Officer.
Our CISO has over 25 years of information technology experience, including leading data analytics, customer 
relationship management, architecture and application development teams. He has been leading our global information 
security program for almost seven years. He is a Certified Information Systems Professional, a member of Google 
Cloud CISO Customer Advisory Board and New Jersey Infragard and completed the FBI CISO Academy. He joined 
the Company over 25 years ago and has extensive knowledge regarding our business processes and the associated 
information technology platforms utilized worldwide, enabling him to guide his organization to protect the Company’s 
systems and information.  
Our Chief Information Officer joined the Company over 25 years ago and has expertise across a wide array of 
information technology and systems, with experience leading a large array of different functions within the global 
information technology organization. He has led our information technology Operational Performance and Reliability 
Committee for the last nine years, which reviews and provides continuous improvement processes and technology 
across infrastructure, information security, architecture, application and end user performance. He has application 
development leadership experience across all functions, including the policies and controls that govern both 
application development and implementation of packaged software. He has a certification from Stanford University for 
Cybersecurity and Executive Strategy.
The Company’s information security organization seeks to employ cybersecurity best practices, including 
implementing new technologies to proactively identify and monitor new vulnerabilities and reduce risk, conducting 
due diligence of third-party vendors’ information security programs, maintaining security policies and standards and 
regularly updating and testing our response planning and protocols. The information security organization also works 
in partnership with our Internal Audit function to identify cybersecurity risks and review cybersecurity-related internal 
controls with third parties as part of the overall internal controls process. The information security organization also 
gains valuable information to improve our threat and risk awareness capabilities as a member of an industry 
information sharing and analysis organization, which provides strategic and tactical information sharing channels. 
Additionally, employees are provided mandatory cybersecurity awareness training on an annual basis, which includes 
information about how to identify and report cybersecurity concerns and incidents. The information security 
organization also conducts phishing simulations and testing scenarios through tabletop exercises and assessment 
activities, to help ensure compliance with our cyber policies and procedures. We maintain a cybersecurity insurance 
policy and have retained relevant incident response services. Additionally, we maintain an offensive security team that 
21

works both independently and with third party cybersecurity professionals to conduct security assessments of our 
enterprise-wide cybersecurity practices, including penetration testing, and identify areas for continuous improvement 
within the information security program. The Company is a member of the Retail and Hospitality Information Sharing 
and Analysis Center, which provides additional intelligence associated with threats pertaining to our industry.
We maintain a Data Security Incident Response Plan (the “Plan”), which outlines the processes and procedures 
that we should follow to respond to, remediate and resolve a security incident involving a potential or actual 
compromise of our proprietary information and/or personal information. It also describes the structure, roles and 
responsibilities of personnel involved in responding to such incidents and provides a process for alerting senior 
management of such incidents. The Plan is reviewed on an annual basis and revised as necessary. 
Our dedicated information security organization leverages various frameworks for managing cybersecurity risks, 
including the National Institute of Standards and Technology (“NIST”) framework. The key pillars of the NIST 
framework are to (i) develop an organizational understanding to manage cybersecurity risk to systems, people, assets, 
data and capabilities; (ii) develop and implement appropriate safeguards to ensure delivery of critical services; (iii) 
develop and implement appropriate activities to identify the occurrence of a cybersecurity event; (iv) develop and 
implement appropriate activities to maintain plans for resilience and to restore any capabilities or services that were 
impaired due to a cybersecurity incident; and (v) develop appropriate activities to action an incident.
We have a comprehensive third party cybersecurity risk review process, which prioritizes, monitors and assesses 
the risks associated with our third party service provider interactions. The third party service provider assessment 
framework follows industry standard practices and allows us to properly understand the risk associated with the 
services provided which are key to our company’s daily operations. 
For additional information regarding risks faced by the Company from cybersecurity threats, see Item 1A, “Risk 
Factors - A cybersecurity incident, data breach or a failure of key technology systems could adversely impact our 
business.”
Board’s Oversight of Cybersecurity Risks
Our Board of Directors is focused on cybersecurity. Specific responsibility for cybersecurity oversight is 
delegated to the Audit Committee. The Board oversees our risk management process to ensure it is properly designed, 
well-functioning and consistent with our overall corporate strategy. Our Audit Committee oversees the ERM process 
and the implementation of appropriate risk monitoring and management systems, though all Board members attend 
Audit Committee meetings and participate in risk management discussions. 
Our Board of Directors has adopted a written statement, known as the Independent Board Candidate 
Qualifications and made available on our website, outlining the qualities sought in our directors. This statement, which 
is refreshed periodically, is used by the Nominating, Governance and Corporate Responsibility Committee (“NGCR 
Committee”) to evaluate individual director candidates. The NGCR Committee has identified experience with 
overseeing and managing risk management processes, including with respect to cybersecurity, as being important to 
creating an effective, well-rounded and diverse Board. Directors with experience overseeing and managing risk 
management processes play a critical role in the Board’s oversight of our enterprise risk management process.
Our CISO reports to the Audit Committee on cybersecurity quarterly, or more frequently if circumstances warrant, 
including relevant cybersecurity incidents impacting the Company and on topics related to information security, data 
privacy and cyber risks and mitigation strategies. In addition, outside experts periodically present to the Board on 
cybersecurity.
22

ITEM 2. 
PROPERTIES
We own or lease approximately 315 properties, which include manufacturing, distribution, research and development 
and office facilities worldwide. Our corporate headquarters is located in a leased property at 300 Park Avenue, New York, 
New York.
In the U.S., we operate in approximately 85 properties, of which 17 are owned. Major U.S. manufacturing and 
warehousing facilities used by the Oral, Personal and Home Care product segment of our business are located in Ohio, 
South Carolina and Tennessee. The Pet Nutrition segment has major manufacturing and warehousing facilities in Indiana, 
Kansas, Kentucky, Ohio, Oklahoma and South Carolina. 
Outside the U.S., we operate in approximately 230 properties, of which 58 are owned, in over 80 countries. Major 
overseas manufacturing and warehousing facilities used by the Oral, Personal and Home Care product segment of our 
business are located in Australia, Brazil, China, Colombia, France, Greece, Guatemala, India, Italy, Mexico, Poland, South 
Africa, Thailand, Türkiye and Vietnam. The Pet Nutrition segment has major manufacturing and warehousing facilities in 
Czech Republic, Italy and the Netherlands.
The primary research and development center for Oral Care and Personal Care products is located in New Jersey, the 
primary research and development center for Home Care products is located in Mexico and the primary research and 
development center for Pet Nutrition products is located in Kansas. Our global data center is also located in New Jersey.
We have shared business service centers in India, Mexico and Poland, which are located in leased properties.
All of the facilities we operate are well maintained and adequate for the purpose for which they are intended.
23

ITEM 3. 
LEGAL PROCEEDINGS
For information regarding legal proceedings, refer to Note 12, Commitments and Contingencies to the Consolidated 
Financial Statements included in Part IV, Item 15 of this report.
ITEM 4.  
MINE SAFETY DISCLOSURES
Not applicable.
24

$R( 
(!  
!R( OR R'(R"(O' O!!O" %)(- R ( '(OO R !((R' 
" '')R $)R'' O %)(- ')R('
or information regarding the mar?et for the CompanyXs common stoc?, including stoc? price performance graphs, 
refer to VMar?et InformationW included in Part I., Item 15 of this report. or information regarding the securities 
authoriNed for issuance under our eEuity compensation plans, refer to VSecurity Ownership of Certain Beneficial Owners 
and Management and Related Stoc?holder MattersW included in Part III, Item 12 of this report.
As of December 31, 2024, the number of common shareholders of record was 15,598.
ssuer $ur38ases of AuitI 'e3urities
On March 10, 2022, the Board authoriNed the repurchase of shares of the CompanyXs common stoc? having an 
aggregate purchase price of up to $5 billion under a new share repurchase program (the V2022 ProgramW), which replaced a 
previously authoriNed share repurchase program. ,he Board also has authoriNed share repurchases on an ongoing basis to 
fulfill certain reEuirements of the CompanyXs compensation and benefit programs. ,he shares are repurchased from time to 
time in open mar?et or privately negotiated transactions at the CompanyXs discretion, sub>ect to mar?et conditions, 
customary blac?out periods and other factors. 
,he following table shows the share repurchase activity for the three months in the Euarter ended December 31, 2024
!ont8
(otal "u=2er of 
'8ares 
$ur38ase4

Fera7e $ri3e 
$ai4 per '8are
(otal "u=2er of 
'8ares $ur38ase4 
as $art of $u2li3lI 
nnoun3e4 $lans 
or $ro7ra=s
pproHi=ate 
ollar *alue of 
'8ares (8at !aI 
-et e $ur38ase4 
)n4er t8e $lans or 
$ro7ra=s 
in =illions
October 1 through 31, 2024
 
1,194,671 $ 
99.07  
1,190,665 $ 
1,517 
November 1 through 30, 2024
 
554,917 $ 
92.51  
549,900 $ 
1,466 
December 1 through 31, 2024
 
3,045,662 $ 
93.15  
3,035,383 $ 
1,183 
,otal
 
4,795,250 $ 
94.55  
4,775,948 
(1)
Includes share repurchases under the 2022 Program and those associated with certain employee elections under the CompanyXs 
compensation and benefit programs.
(2)
,he difference between the total number of shares purchased and the total number of shares purchased as part of publicly 
announced plans or programs is 19,302 shares, which represents shares deemed surrendered to the Company to satisfy certain 
employee elections under the CompanyXs compensation and benefit programs.
(3)
Includes approximate dollar value of shares that were available to be purchased under the publicly announced plans or programs
that were in effect as of December 31, 2024.
(!  
/ReserFe40
25

ITEM 7. 
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS 
OF OPERATIONS
Executive Overview
Business Organization
Colgate-Palmolive Company (together with its subsidiaries, “we,” “us,” “our,” the “Company” or “Colgate”) is a 
caring, innovative growth company reimagining a healthier future for all people, their pets and our planet. We seek to 
deliver consistent compounded earnings per share growth to help drive superior total shareholder return, 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 & Social Impact Strategy 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 retailers, wholesalers, distributors, dentists and, in some geographies, 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, we realigned the reporting structure of our skin health business effective 
July 1, 2024. Accordingly, commencing with the quarter ended September 30, 2024, the results of the skin health business 
previously reported within the Europe reportable operating segment are 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. The Company has recast its historical geographic segment information to conform to the new reporting 
structure.
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 a 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, household penetration 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.
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. We have no 
manufacturing facilities in Russia. For the year ended December 31, 2024, our business in the Eurasia region constituted 
approximately 1% of our consolidated net sales and approximately 2% of our consolidated operating profit. 
(Dollars in Millions Except Per Share Amounts)
26

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 identify banking partners to support our Russian operations 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 generally and in response to the war in Ukraine. 
The Conflict in the Middle East
The conflict in the Middle East has not had a material impact on our Consolidated Financial Statements. Uncertainties 
and risks remain as to the duration of the conflict and its impact on geopolitical relations and stability in North Africa, the 
wider Middle East and nearby regions. The conflict 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 conflict in the Middle East, refer to Part I, Item 1A “Risk Factors” of this Annual Report on Form 
10-K.
Business Strategy
To achieve our business and financial objectives, we are focused on delivering consistent compounded earnings per 
share growth through driving organic sales growth, operational efficiencies and leveraging the strength of our balance 
sheet. We believe increased household penetration and improved brand health are the keys to consistent organic sales 
growth and aim to achieve these through science-led, core and premium innovation, pursuing higher-growth adjacent 
categories and segments and expanding in faster-growing channels and markets. We aim to deliver margin expansion and 
cash flow growth 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 also seek to lead in the development of 
human capital and to maximize the impact of our Sustainability & Social Impact Strategy. We are building and scaling our 
capabilities in areas such as innovation, digital, data, analytics and artificial intelligence, 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, retailers and dental, veterinary and skin health professionals. 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 were 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 10, Income Taxes, to the 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 
(Dollars in Millions Except Per Share Amounts)
27

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 and depending on further developments in the litigation, may 
require a cash contribution by the Company in 2025. In June 2023, we filed a petition for certiorari to the United States 
Supreme Court requesting permission for an appeal to that court, which 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 have appealed that 
decision to the Second Circuit. See Note 12, Commitments and Contingencies to the 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 quarter ended March 31, 2023. 
On January 27, 2022, the Board approved a targeted productivity program (the “2022 Global Productivity Initiative”). 
All initiatives under the program have been implemented and the program concluded on December 31, 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 were $228 ($186 aftertax). Total annualized 
pretax savings from the 2022 Global Productivity Initiative were approximately $125 ($100 aftertax). See “Restructuring 
and Related Implementation Charges” below and Note 3, Restructuring and Related Implementation Charges to the 
Consolidated Financial Statements for additional information.
In the years ended December 31, 2024 and 2023, we incurred pretax costs of $85 (aftertax costs of $73) and $32 
(aftertax costs of $25), respectively, resulting from the 2022 Global Productivity Initiative.
Outlook
Looking forward, we expect global macroeconomic, political and market conditions to remain challenging, including 
as a result of inflation, high interest rates, foreign currency volatility and developments in trade relations following the 
imposition of new and/or additional tariffs by the United States and other countries. 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. 
Recent developments in trade relations and the imposition of new and/or additional tariffs by the United States and 
other countries, including following the United States’ February 2025 executive orders imposing tariffs on imports from 
Canada, Mexico and China, may contribute to inflationary pressures and, as a result, may impact consumer demand for our 
products. We are following the dynamic situation closely and evaluating the impact of such tariffs and any retaliatory 
actions taken by other countries on our business, results of operations, cash flows and financial condition. While we have 
made and will make efforts to mitigate the impact of these and any additional tariffs imposed by the United States and/or 
other countries, they could impact the cost and/or price of our products, the cost and availability of raw and packaging 
materials and commodities and/or consumer demand for our products due to, among other things, the impact of such tariffs 
on the global economy, inflationary pressures or geopolitical relations. 
Such inflation and developments in trade relations as well as 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.
(Dollars in Millions Except Per Share Amounts)
28

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. Effective January 1, 2025, we designated Nigeria as a hyper-inflationary 
economy. Consequently, the functional currency for our Nigerian subsidiary will be the U.S. dollar and the impact of all 
future Nigerian currency fluctuations will be recorded in income. However, this designation is not expected to have a 
material impact on the Company's Consolidated Financial Statements. As discussed above, we continue to experience 
higher raw and packaging material costs, including the impact of transactional foreign exchange. While we have taken, and 
will continue to take, measures to mitigate the effect of these conditions, such as 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 (including private label 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, technology-aided category pricing pressures, limitations on access to 
shelf space, delisting of our products and 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, including to compare prices and product availability) and 
the increased presence of alternative retail channels, such as subscription services and direct-to-consumer businesses. We 
are building and scaling our capabilities in areas such as innovation, digital, data, analytics and artificial intelligence and 
investing behind 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 conflict 
in the Middle East, tensions between China and Taiwan and the developments in trade relations, 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 this Annual Report on Form 10-K. 
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 delivering consistent compounded earnings per share growth through driving 
organic sales growth, operational efficiencies and leveraging the strength of our balance sheet. We believe increased 
household penetration and improved brand health are the keys to consistent organic sales growth and aim to achieve these 
through science-led, core and premium innovation, pursuing higher-growth adjacent categories and segments and 
expanding in faster-growing channels and markets. We aim to deliver margin expansion and cash flow growth through 
operating leverage and efficiency. We also seek to lead in the development of human capital and to maximize our 
Sustainability & Social Impact Strategy. 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.
(Dollars in Millions Except Per Share Amounts)
29

Results of Operations
This section of this Annual Report on Form 10-K generally discusses 2024 and 2023 items and year-to-year 
comparisons between 2024 and 2023. Discussions of 2022 items and year-to-year comparisons between 2023 and 2022 that 
are not included in this Annual Report on Form 10-K can be found in “Management’s Discussion and Analysis of Financial 
Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year 
ended December 31, 2023.
Net Sales
Worldwide Net sales were $20,101 in 2024, up 3.3% from 2023, driven by volume growth of 3.1% and net selling 
price increases of 4.4%, partially offset by negative foreign exchange of 4.1%. Organic sales (Net sales excluding, as 
applicable, the impact of foreign exchange, acquisitions and divestments), a non-GAAP financial measure as discussed 
below, increased 7.4% in 2024.
Net sales in the Oral, Personal and Home Care product segment were $15,618 in 2024, up 3.0% from 2023, driven by 
volume growth of 3.7% and net selling price increases of 4.4%, partially offset by negative foreign exchange of 5.2%. 
Organic sales in the Oral, Personal and Home Care product segment increased 8.1% in 2024.
The increase in organic sales in 2024 versus 2023 was due to increases in Oral Care, Home Care and Personal 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 Home Care was primarily due to organic sales growth in the surface cleaner and fabric softener 
categories. The increase in Personal Care was primarily due to organic sales growth in the liquid hand soap and body wash 
categories, partially offset by organic sales declines in the skin health category. 
The Company’s share of the global toothpaste market was 41.4% for full year 2024, up 0.3 share points from full year 
2023, and its share of the global manual toothbrush market was 32.2% for full year 2024, up 0.7 share points versus full 
year 2023. Full year 2024 market shares in toothpaste were up in Latin America, Europe and Africa/Eurasia, flat in Asia 
Pacific and down in North America versus full year 2023. In the manual toothbrush category, full year 2024 market shares 
were up in North America, Latin America and Asia Pacific and flat in Europe and Africa/Eurasia versus full year 2023. For 
additional information regarding the Company’s use of market share data and limitations of such data, see “Market Share 
Information” below.
Net sales for Hill’s Pet Nutrition were $4,483 in 2024, up 4.5% from 2023, driven by volume growth of 0.8% and net 
selling price increases of 4.1%, partially offset by negative foreign exchange of 0.4%. Organic sales for Hill’s Pet Nutrition 
increased 4.9% in 2024.
The increase in organic sales in 2024 versus 2023 was due to increases in organic sales in the therapeutic and wellness 
categories.
(Dollars in Millions Except Per Share Amounts)
30

Gross ProfitMargin
/orldwide Gross profit increased 7% to $12,161 in 2024 from $11,326 in 2023. /orldwide Gross profit in both 
periods included charges resulting from the 2022 Global Productivity Initiative. Excluding these charges in both periods, 
worldwide Gross profit increased to $12,181 in 2024 compared to $11,327 in 2023, reflecting an increase of $482 resulting 
from higher Gross profit margin and an increase of $372 resulting from higher Net sales.
/orldwide Gross profit margin increased to 60.5% in 2024 from 58.2% in 2023. Excluding charges resulting from the 
2022 Global Productivity Initiative in 2024, Gross profit margin increased to 60.6% in 2024 from 58.2% in 2023. ,his 
increase in Gross profit margin was due to cost savings from the CompanyXs funding-the-growth initiatives (280 bps), 
higher pricing (170 bps) and favorable mix (20 bps), partially offset by higher raw and pac?aging material costs (230 bps), 
which included foreign exchange transaction costs.
2024
2023
Gross profit, GAAP
$ 
12,161 $ 
11,326 
2022 Global Productivity Initiative
 
20 
 
1 
Gross profit, non-GAAP
$ 
12,181 $ 
11,327 
2024
2023
Basis Point 
Change
Gross profit margin, GAAP
 60.5 %
 58.2 %
 230 
2022 Global Productivity Initiative
 0.1 %
 — 
Gross profit margin, non-GAAP
 60.6 %
 58.2 %
 240 
(Dollars in Millions Except Per Share Amounts)
31

Selling, General and Administrative Expenses
Selling, general and administrative expenses increased 8% to $7,729 in 2024 from $7,151 in 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 $7,723 in 2024 from $7,149 in 
2023, reflecting increased advertising investment of $349 and higher overhead expenses of $225.
Selling, general and administrative expenses as a percentage of Net sales increased to 38.5% in 2024 from 36.8% in 
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 to 38.4% in 2024 from 36.7% in 2023. ,his increase was 
due to increased advertising investment (130 bps) and higher overhead expenses (40 bps), both as a percentage of Net 
sales. In 2024, advertising investment increased as a percentage of Net sales to 13.5% from 12.2% in 2023 and increased 
by 14.7% in absolute terms to $2,720 as compared with $2,371 in 2023.
2024
2023
Selling, general and administrative expenses, GAAP
$ 
7,729 $ 
7,151 
2022 Global Productivity Initiative
 
(6)  
(2) 
Selling, general and administrative expenses, non-GAAP
$ 
7,723 $ 
7,149 
2024
2023
Basis Point 
Change
Selling, general and administrative expenses as a percentage of Net sales, GAAP
 38.5 %
 36.8 %
 170 
2022 Global Productivity Initiative
 (0.1) %
 (0.1) %
Selling, general and administrative expenses as a percentage of Net sales, non-GAAP
 38.4 %
 36.7 %
 170 
(Dollars in Millions Except Per Share Amounts)
32

Other (Income) Expense, Net
Other (income) expense, net was $164 and $191 in 2024 and 2023, respectively. Other (income) expense, net in 2024
included charges resulting from the 2022 Global Productivity Initiative. Other (income) expense, net in 2023 included 
product recall costs and charges resulting from the 2022 Global Productivity Initiative.
2024
2023
Other (income) expense, net, GAAP
$ 
164 $ 
191 
2022 Global Productivity Initiative
 
(59)  
(24) 
Product recall costs
 
—  
(25) 
Other (income) expense, net, non-GAAP
$ 
105 $ 
142 
Excluding the items described above in both periods, as applicable, Other (income) expense, net was $105 in 2024 and 
$142 in 2023, comprised of the following
2024
2023
AmortiNation of intangible assets
$ 
75 $ 
72 
EEuity income
 
(22)  
(17) 
$osses (gains) from mar?etable securities and other assets
 
6  
11 
Indirect tax payments (refunds)
 
27  
18 
Other, net
 
19  
58 
,otal Other (income) expense, net, non-GAAP
$ 
105 $ 
142 
(Dollars in Millions Except Per Share Amounts)
33

Operating Profit
Operating profit increased 7% to $4,268 in 2024 from $3,984 in 2023. In 2024, Operating profit included charges 
resulting from the 2022 Global Productivity Initiative. In 2023, Operating profit included charges resulting from the 2022 
Global Productivity Initiative and product recall costs. Excluding these items in both periods, as applicable, Operating 
profit increased 8% to $4,353 in 2024 from $4,036 in 2023 primarily due to an increase in Gross profit, partially offset by 
an increase in Selling, general and administrative expenses.
 
Operating profit margin was 21.2% in 2024, an increase of 70 bps compared with 20.5% in 2023. Excluding the items 
described above in both periods, as applicable, Operating profit margin was 21.7% in 2024, an increase of 100 bps from 
20.7% in 2023, primarily due to an increase in Gross profit (240 bps), partially offset by an increase in Selling, general and 
administrative expenses (170 bps), both as a percentage of Net sales.
2024
2023
% Change
Operating profit, GAAP
$ 
4,268 $ 
3,984 
 7 %
2022 Global Productivity Initiative
 
85  
27 
Product recall costs
 
—  
25 
Operating profit, non-GAAP
$ 
4,353 $ 
4,036 
 8 %
2024
2023
Basis Point 
Change
Operating profit margin, GAAP
 21.2 %
 20.5 %
 70 
2022 Global Productivity Initiative
 0.5 %
 0.1 %
Product recall costs
 — %
 0.1 %
Operating profit margin, non-GAAP
 21.7 %
 20.7 %
 100 
Non-Service Related Postretirement Costs
Non-service related postretirement costs were $87 in 2024 compared to $360 in 2023. In 2023, Non-service related 
postretirement costs included charges related to the ERISA litigation matter and the 2022 Global Productivity Initiative. 
Excluding these charges in 2023, Non-service related postretirement costs were $87 in 2024 compared to $88 in 2023.
2024
2023
Non-service related postretirement costs, GAAP
$ 
87 $ 
360 
ERISA litigation matter
 
—  
(267) 
2022 Global Productivity Initiative
 
—  
(5) 
Non-service related postretirement costs, non-GAAP
$ 
87 $ 
88 
Interest Expense
Interest expense was $292 in 2024 as compared to $287 in 2023. 
Interest Income
Interest income was $67 in 2024 as compared to $55 in 2023. 
(Dollars in Millions Except Per Share Amounts)
34

Income ,axes
,he effective income tax rate was 22.9% in 2024 and 27.6% in 2023. As reflected in the table below, the non-GAAP 
effective income tax rate was 22.7% in 2024 and 23.6% in 2023. 
2024
Income Before 
Income ,axes
Provision or 
Income ,axes(1)
Effective Income 
,ax Rate(2)
As Reported GAAP
$ 
3,956 $ 
907 
 22.9 %
2022 Global Productivity Initiative
85 
12 
 (0.2) %
Non-GAAP
$ 
4,041 $ 
919 
 22.7 %
2023
Income Before 
Income ,axes
Provision or 
Income ,axes(1)
Effective Income 
,ax Rate(2)
As Reported GAAP
$ 
3,392 $ 
937 
 27.6 %
ERISA litigation matter
267 
55 
 (0.5) %
oreign tax matter
— 
(126) 
 (3.4) %
2022 Global Productivity Initiative
32 
6 
 (0.1) %
Product recall costs
25 
6 
 — %
Non-GAAP
$ 
3,716 $ 
878 
 23.6 %
(1) ,he income tax effect on non-GAAP items is calculated based upon the tax laws and statutory income tax rates applicable in the tax 
>urisdiction(s) of the underlying non-GAAP ad>ustment. 
(2) ,he impact of non-GAAP items on the CompanyXs effective tax rate represents the difference in the effective tax rate calculated with 
and without the non-GAAP ad>ustment on Income before income taxes and Provision for income taxes.
,he effective income tax rate in all years benefited from tax planning associated with the CompanyXs global business 
initiatives.
In the third Euarter of 2023, the Internal Revenue Service (the VIRSW) issued a notice giving taxpayers temporary relief 
from the effects of certain -.S. tax regulations that were issued in December 2021, which place greater restrictions on 
foreign taxes that are creditable against -.S. taxes on foreign-source income. ,his 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. ,he Company will recogniNe the impact, if any, in the period in which the temporary relief is withdrawn or 
modified. 
During the Euarter ended "une 30, 2023, we reassessed with our legal and tax advisers certain tax deductions ta?en in 
prior years by one of our subsidiaries and concluded that it was more li?ely than not that the deductions would not be 
sustained by the courts in that >urisdiction. ,he value of the tax deductions was not material to us in any year in which they 
were ta?en. ,he cumulative effect of the change in tax position of $148 was reflected as a discrete item in the Euarter ended 
"une 30, 2023 income tax expense, partially offset by the reversal of certain prior yearsX withholding tax reserves of $22
that were no longer reEuired. ,he tax liability was paid in the Euarter ended September 30, 2023.
On August 16, 2022, the Inflation Reduction Act of 2022 (the VIRAW) was enacted, which among other things, 
implements a 15% minimum tax on boo? income of certain large corporations effective for years beginning after December 
31, 2022. Based on the CompanyXs 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 CompanyXs Consolidated inancial Statements. SubseEuent to the 
aforementioned guidance published by the IRS, on September 12, 2024, the -.S. ,reasury Department and IRS released 
proposed regulations relating to this 15% minimum tax. Based on the CompanyXs analysis, these proposed regulations, if 
finaliNed in their current form, are not expected to have an impact on the CompanyXs Consolidated inancial Statements. 
 owever, the Company will continue to evaluate any additional guidance and clarification that becomes available.
Additionally, on December 15, 2022, the 27 member states of the European -nion (VE-W) reached an agreement on a 
minimum level of taxation for certain large corporations to pay a minimum corporate tax rate of 15% in every >urisdiction 
in which they operate. ,his agreement, which is ?nown as the Minimum ,ax Directive (part of the VPillar II Model 
(Dollars in Millions Except Per Share Amounts)
35

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 
implemented a similar minimum tax regime consistent with the policy of the Pillar II Model Rules. Detailed regulations of 
these minimum tax regimes are still being considered in certain countries and, in some cases, enactment and timing is still 
uncertain. Based on current legislation and available guidance, apart from a significant additional compliance burden, Pillar 
II did not have a material impact as of December 31, 2024 and the Company does not believe it will have a material impact 
on its Consolidated Financial Statements. However, as these rules and related regulations are revised and implemented, the 
Company will evaluate the impact, if any, on its Consolidated Financial Statements.
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 
$153, 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.
(Dollars in Millions Except Per Share Amounts)
36

Net income attributable to Colgate-Palmolive Company and Earnings per share
Net income attributable to Colgate-Palmolive Company was $2,889, or $3.51 per share on a diluted basis, in 2024, an 
increase from $2,300, or $2.77 per share on a diluted basis, in 2023. In 2024, Net income attributable to Colgate-Palmolive 
Company included charges resulting from the 2022 Global Productivity Initiative. In 2023, Net income attributable to 
Colgate-Palmolive Company included charges resulting from the ERISA litigation matter, the foreign tax matter and 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 increased 10% to $2,962 in 2024 from $2,682 in 2023, and Earnings per common share on a diluted basis 
increased 11% to $3.60 in 2024 from $3.23 in 2023.
2024
Income 
Before 
Income 
,axes
Provision 
or 
Income 
,axes(1)
Net Income 
Including 
Noncontrolling 
Interests
$ess Income 
Attributable ,o 
Noncontrolling 
Interests
Net Income 
Attributable to 
Colgate-
Palmolive 
Company
Diluted 
Earnings 
Per 
Share(2)
As Reported GAAP
$ 3,956 $ 
907 $ 
3,049 $ 
160 $ 
2,889 $ 
3.51 
2022 Global Productivity 
Initiative
 
85  
12  
73  
—  
73  
0.09 
Non-GAAP
$ 4,041 $ 
919 $ 
3,122 $ 
160 $ 
2,962 $ 
3.60 
2023
Income 
Before 
Income 
,axes
Provision 
or 
Income 
,axes(1)
Net Income 
Including 
Noncontrolling 
Interests
$ess Income 
Attributable ,o 
Noncontrolling 
Interests
Net Income 
Attributable to 
Colgate-
Palmolive 
Company
Diluted 
Earnings 
Per 
Share(2)
As Reported GAAP
$ 3,392 $ 
937 $ 
2,455 $ 
155 $ 
2,300 $ 
2.77 
ERISA litigation matter
 
267  
55  
212  
—  
212  
0.26 
oreign tax matter
 
—  
(126)  
126  
—  
126  
0.15 
2022 Global Productivity 
Initiative
 
32  
6  
26 
1  
25  
0.03 
Product recall costs
 
25  
6  
19  
—  
19  
0.02 
Non-GAAP
$ 3,716 $ 
878 $ 
2,838 $ 
156 $ 
2,682 $ 
3.23 
(1) ,he income tax effect on non-GAAP items is calculated based upon the tax laws and statutory income tax rates applicable in the tax 
>urisdiction(s) of the underlying non-GAAP ad>ustment.
(2)  ,he impact of non-GAAP ad>ustments on diluted earnings per share may not necessarily eEual the difference between VGAAPW and 
Vnon-GAAPW as a result of rounding.
(Dollars in Millions Except Per Share Amounts)
37

Segment Results
,he Company mar?ets its products in over 200 countries and territories throughout the world in two product segments 
Oral, Personal and  ome Care and Pet Nutrition. ,he Company uses Operating profit as a measure of the operating 
segment performance because it excludes the impact of corporate-driven decisions related to interest expense and income 
taxes.
Oral, Personal and Home Care
North America
2024
2023
% Change
Net sales
$ 
4,113 
$ 
4,091 
 0.5 %
Operating profit
$ 
839 
$ 
871 
 (4) %
% of Net sales
 20.4 %
 21.3 %
 
(90) bps
Net sales in North America increased 0.5% in 2024 to $4,113, driven by volume growth of 2.6%, partially offset by 
net selling price decreases of 1.9% and negative foreign exchange of 0.1%. Organic sales in North America increased 0.7%
in 2024. ,he organic sales growth was driven by the -nited States and Canada.
,he increase in organic sales in North America in 2024 versus 2023 was due to increases in  ome Care and Oral Care 
organic sales, partially offset by a decrease in Personal Care organic sales. ,he increase in  ome Care was primarily due to 
organic sales growth in the surface cleaner category, partially offset by an organic sales decline in the hand dish category. 
,he increase in Oral Care was primarily due to organic sales growth in the toothpaste and manual toothbrush categories. 
,he decrease in Personal Care was primarily due to organic sales declines in the s?in health and underarm protection 
categories, partially offset by organic sales growth in the liEuid hand soap category.
Operating profit in North America decreased 4% in 2024 to $839, or 90 bps to 20.4% as a percentage of Net Sales. 
,his decrease in Operating profit as a percentage of Net sales was due to an increase in Gross profit (60 bps), more than 
offset by an increase in Selling, general and administrative expenses (150 bps), both as a percentage of Net sales. ,his 
increase in Gross profit was primarily due to cost savings from the CompanyXs funding-the-growth initiatives (210 bps), 
partially offset by lower pricing and higher raw and pac?aging material costs (50 bps). ,his increase in Selling, general and 
administrative expenses was primarily due to increased advertising investment (140 bps). 
(Dollars in Millions Except Per Share Amounts)
38

atin America
2024
2023
% Change
Net sales
$ 
4,782 
$ 
4,640 
 3.1 %
Operating profit
$ 
1,526 
$ 
1,417 
 8 %
% of Net sales
 31.9 %
 30.5 %
 
140 bps
Net sales in $atin America increased 3.1% in 2024 to $4,782, driven by volume growth of 3.9% and net selling price 
increases of 12.9%, partially offset by negative foreign exchange of 13.7%. Organic sales in $atin America increased
16.8% in 2024. Organic sales growth was led by Argentina, BraNil and Mexico.
,he increase in organic sales in $atin America in 2024 versus 2023 was due to increases in Oral Care,   ome Care and 
Personal Care organic sales. ,he increase in Oral Care was primarily due to organic sales growth in the toothpaste, manual 
toothbrush and mouthwash categories. ,he increase in  ome Care was primarily due to organic sales growth in the surface 
cleaner and hand dish categories. ,he increase in Personal Care was primarily due to organic sales growth in the underarm 
protection category. 
Operating profit in $atin America increased 8% in 2024 to $1,526, or 140 bps to 31.9% as a percentage of Net 
sales. ,his increase in Operating profit as a percentage of Net sales was primarily due to an increase in Gross profit (220
bps), partially offset by an increase in Selling, general and administrative expenses (100 bps), both as a percentage of Net 
sales. ,his increase in Gross profit was due to higher pricing and cost savings from the CompanyXs funding-the-growth 
initiatives (290 bps), partially offset by significantly higher raw and pac?aging material costs (540 bps), which included 
foreign exchange transaction costs. ,his increase in Selling, general and administrative expenses was due to higher 
overhead expenses (60 bps) and increased advertising investment (50 bps). 
(Dollars in Millions Except Per Share Amounts)
39

+ro'e
2024
2023
% Change
Net sales
$ 
2,770 
$ 
2,571 
 7.7 %
Operating profit
$ 
658 
$ 
573 
 15 %
% of Net sales
 23.7 %
 22.3 %
 
140 bps
Net sales in Europe increased 7.7% in 2024 to $2,770, driven by volume growth of 4.1%, net selling price increases of 
2.5% and positive foreign exchange of 1.1%. Organic sales in Europe increased 6.7% in 2024. Organic sales growth was 
led by Germany, the -nited #ingdom, rance and Poland. 
,he increase in organic sales in Europe in 2024 versus 2023 was primarily due to increases in Oral Care and Personal 
Care organic sales. ,he increase in Oral Care was primarily due to organic sales growth in the toothpaste category. ,he 
increase in Personal Care was primarily due to organic sales growth in the body wash category. 
Operating profit in Europe increased 15% in 2024 to $658, or 140 bps to 23.7% as a percentage of Net sales. ,his 
increase in Operating profit as a percentage of Net sales was primarily due to an increase in Gross profit (370 bps), partially 
offset by an increase in Selling, general and administrative expense (230 bps), both as a percentage of Net sales. ,his 
increase in Gross profit was due to cost savings from the CompanyXs funding-the-growth initiatives (290 bps), higher 
pricing and favorable mix (70 bps), partially offset by higher raw and pac?aging material costs (100 bps). ,his increase in 
Selling, general and administrative expenses was primarily due to increased advertising investment (220 bps).
(Dollars in Millions Except Per Share Amounts)
40

Asia Paciic
2024
2023
% Change
Net sales
$ 
2,858 
$ 
2,782 
 2.7 %
Operating profit
$ 
812 
$ 
767 
 6 %
% of Net sales
 28.4 %
 27.6 %
 
80 bps
Net sales in Asia Pacific increased 2.7% in 2024 to $2,858, driven by volume growth of 3.1% and net selling price 
increases of 1.0%, partially offset by negative foreign exchange of 1.3%. Organic sales in Asia Pacific increased 4.0% in 
2024. Organic sales growth was led by India, the Philippines, Australia and the Greater China region.
,he increase in organic sales in 2024 versus 2023 was primarily due to an increase in Oral Care organic sales. ,he 
increase in Oral Care was primarily due to organic sales growth in the toothpaste category.
Operating profit in Asia Pacific increased 6% in 2024 to $812, or 80 bps to 28.4% as a percentage of Net sales. ,his 
increase in Operating profit as a percentage of Net sales was due to an increase in Gross profit (210 bps) and a decrease in 
Other (income) expense, net (30 bps), partially offset by an increase in Selling, general and administrative expenses (160
bps), all as a percentage of Net sales. ,his increase in Gross profit was due to cost savings from the CompanyXs funding-
the-growth initiatives (280 bps) and higher pricing, partially offset by higher raw and pac?aging material costs (110
bps). ,his increase in Selling, general and administrative expenses was due to increased advertising investment (160 bps). 
(Dollars in Millions Except Per Share Amounts)
41

Arica+rasia
2024
2023
% Change
Net sales
$ 
1,095 
$ 
1,083 
 1.2 %
Operating profit
$ 
253 
$ 
254 
 — %
% of Net sales
 23.1 %
 23.5 %
 
(40) bps
Net sales in AfricaEurasia increased 1.2% in 2024 to $1,095, driven by volume growth of 7.6% and net selling price 
increases of 5.7%, partially offset by negative foreign exchange of 12.1%. Organic sales in AfricaEurasia increased 13.3%
in 2024. Organic sales growth was led by ,Pr?iye, Nigeria and the North AfricaMiddle East region.
,he increase in organic sales in 2024 versus 2023 was primarily due to increases in Oral Care and  ome Care organic 
sales. ,he increase in Oral Care was primarily due to organic sales growth in the toothpaste and manual toothbrush 
categories. ,he increase in  ome Care was primarily due to organic sales growth in the bleach category. 
Operating profit in AfricaEurasia was flat at $253 versus 2023, and as a percentage of Net sales decreased by 40 bps 
to 23.1%. ,his decrease in Operating profit as a percentage of Net sales was due to an increase in Gross profit (140 bps), 
more than offset by an increase in Selling, general, and administrative expense (120 bps) and an increase in Other (income) 
expense, net (60 bps), all as a percentage of Net sales. ,his increase in Gross profit was due to cost savings from the 
CompanyXs funding-the-growth initiatives (250 bps), higher pricing and favorable mix (30 bps), partially offset by 
significantly higher raw and pac?aging material costs (340 bps), which included foreign exchange transaction costs. ,his 
increase in Selling, general and administrative expense was due to higher overhead expense (70 bps) and increased 
advertising investment (50 bps).
(Dollars in Millions Except Per Share Amounts)
42

HillXs Pet N+trition
2024
2023
% Change
Net sales
$ 
4,483 
$ 
4,290 
 4.5 %
Operating profit
$ 
965 
$ 
806 
 20 %
% of Net sales
 21.5 %
 18.8 %
 
270 bps
Net sales for  illXs Pet Nutrition increased 4.5% in 2024 to $4,483, driven by volume growth of 0.8% and net selling 
price increases of 4.1%, partially offset by negative foreign exchange of 0.4%. Organic sales in  illXs Pet Nutrition 
increased 4.9% in 2024. Organic sales growth was led by the -nited States despite a negative impact from lower private 
label pet nutrition sales of 210 bps.
,he increase in organic sales in 2024 versus 2023 was due to organic sales growth in the therapeutic and wellness 
categories.
Operating profit in  illXs Pet Nutrition increased 20% in 2024 to $965, or 270 bps to 21.5% as a percentage of Net 
sales. ,his 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 expense (180 bps), both as a percentage of Net 
sales. ,his increase in Gross profit was due to cost savings from the CompanyXs funding-the-growth initiatives (340 bps), 
higher pricing and favorable mix (50 bps), partially offset by higher raw and pac?aging material costs (170 bps). ,his 
increase in Selling, general and administrative expense was primarily due to increased advertising investment (190 bps).
(Dollars in Millions Except Per Share Amounts)
43

Cor'orate
2024
2023
% Change
Operating profit (loss)
$ 
(784) $ 
(704) 
 11 %
Corporate operations include Corporate overhead costs, research and development costs, stoc?-based compensation 
expense related to stoc? options and restricted stoc? unit awards, restructuring and related implementation costs and gains 
and losses on sales of non-core product lines. ,he components of Operating profit (loss) for the Corporate segment are 
presented as follows
2024
2023
2022 Global Productivity Initiative
$ 
(85) $ 
(27) 
Product Recall Costs
 
—  
(25) 
Corporate overhead costs and other, net
 
(699)  
(652) 
,otal Corporate Operating profit (loss)
$ 
(784) $ 
(704) 
(Dollars in Millions Except Per Share Amounts)
44

Restru3turin7 an4 Relate4 =ple=entation 8ar7es 
 On "anuary 27, 2022, the Board approved the 2022 Global Productivity Initiative. All initiatives under the program 
have been implemented and the program concluded on December 31, 2024. ,he 2022 Global Productivity Initiative 
resulted in the reallocation of resources towards the CompanyXs strategic priorities and faster growth businesses, 
efficiencies in the CompanyXs operations and the streamlining of its supply chain to reduce structural costs.
Over the course of the 2022 Global Productivity Initiative, the Company incurred total pretax charges of $228 ($186
aftertax) in connection with the implementation of various pro>ects as follows
(otal $ro7ra= 8ar7es
as of e3e=2er 
 	
Employee-Related Costs
$ 
175 
Incremental Depreciation
13 
Asset Impairments
1 
Other
39 
,otal
$ 
228 
,otal pretax charges resulting from the 2022 Global Productivity Initiative were 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. Over the course of the 2022 Global Productivity Initiative, approximately 80% of the charges resulted in cash 
expenditures. 
,otal annualiNed pretax savings from the 2022 Global Productivity Initiative were approximately $125 ($100 aftertax).
or the twelve months ended December 31, 2024 and December 31, 2023, charges resulting from the 2022 Global 
Productivity Initiative are reflected in the income statement as follows
(GelFe !ont8s n4e4 e3e=2er 

	
	
Gross Profit
$ 
20 
$ 
1 
Selling, general and administrative expenses
6 
2 
Other (income) expense, net
59 
24 
Non-service related postretirement costs
— 
5 
,otal 2022 Global Productivity Initiative charges, pretax
$ 
85 
$ 
32 
,otal 2022 Global Productivity Initiative charges, aftertax
$ 
73 
$ 
25 
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.
(Dollars in Millions Except Per Share Amounts)
45

,otal charges incurred for the 2022 Global Productivity Initiative relate to initiatives underta?en by the following 
reportable operating segments
(GelFe !ont8s n4e4 e3e=2er 

(otal $ro7ra= 8ar7es
	
	
North America(1)
3 %
 15 %
 9 %
$atin America 
 — %
 — %
 9 %
Europe(1)
 89 %
 19 %
 44 %
Asia Pacific
 — %
 20 %
 7 %
AfricaEurasia
 — %
 5 %
 6 %
 ills Pet Nutrition
 6 %
 23 %
 11 %
Corporate
 2 %
 18 %
 14 %
,otal
 100 %
 100 %
 100 %
(1) ,he Company has recast its historical geographic segment information to conform to the reporting structure effective as of "uly 1, 
2024.
,he following table summariNes the activity for the restructuring and related implementation charges discussed above 
and the related accruals
(GelFe !ont8s n4e4 e3e=2er 

=ploIeeRelate4
osts 
n3re=ental
epre3iation 
sset
=pair=ents
Ot8er
(otal
Balance at December 31, 2022
$ 
30 $ 
— $ 
1 $ 
3 $ 
34 
Charges
24  
—  
—  
8  
32 
Cash Payments
(45)  
—  
—  
(10)  
(55) 
Charges against assets
(5)  
—  
(1)  
—  
(6) 
oreign exchange
6  
—  
—  
—  
6 
Balance at December 31, 2023
$ 
10 $ 
— $ 
— $ 
1 $ 
11 
Charges 
49  
13  
—  
23  
85 
Cash Payments 
(20)  
—  
—  
(14)  
(34) 
Charges against assets
—  
(13)  
—  
—  
(13) 
oreign exchange
(5)  
—  
—  
—  
(5) 
Balance at December 31, 2024
$ 
34 $ 
— $ 
— $ 
10 $ 
44 
Employee-Related Costs primarily include severance and other termination benefits and are calculated based on long-
standing benefit practices, written severance policies, local statutory reEuirements 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.
Incremental Depreciation is recorded to reflect changes in useful lives and estimated residual values for long-lived 
assets that will be ta?en 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 realiNed. 
Charges against assets within Asset Impairments are net of cash proceeds pertaining to the sale of certain assets, as 
applicable.
(Dollars in Millions Except Per Share Amounts)
46

Non-GAAP Financial Measures
This Annual Report on Form 10-K discusses certain financial measures on both a GAAP and a non-GAAP basis. The 
Company uses the non-GAAP financial measures described below internally in its budgeting process, to evaluate segment 
and overall operating performance and as a factor in determining compensation. The Company believes that these non-
GAAP financial measures are useful in evaluating the Company’s underlying business performance and trends; however, 
this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a 
substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial 
measures may not be the same as similar measures presented by other companies. 
Net sales growth (GAAP) and organic sales growth (Net sales growth excluding the impact of foreign exchange, 
acquisitions and divestments) (non-GAAP) are discussed in this Annual Report on Form 10-K. Management believes the 
organic sales growth measure provides investors and analysts with useful supplemental information regarding the 
Company’s underlying sales trends by presenting sales growth excluding, the external factor of foreign exchange, as well 
as the impact of acquisitions and divestments, as applicable. A reconciliation of organic sales growth to Net sales growth 
for the years ended December 31, 2024 and 2023 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 Annual Report on Form 10-K both on a GAAP basis and 
excluding, as applicable, charges resulting from the ERISA litigation matter, the foreign tax matter and the 2022 Global 
Productivity Initiative and product recall costs. 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 years ended December 31, 2024 and 2023 is presented within the applicable 
section of Results of Operations.
(Dollars in Millions Except Per Share Amounts)
47

,he following tables provide a Euantitative reconciliation of Net sales growth to organic sales growth for the years 
ended December 31, 2024 and 2023 versus the prior year
-ear en4e4 e3e=2er 
 	
"et 'ales roGt8
$
orei7n
H38an7e
=pa3t
3Auisitions an4 
iFest=ents
=pa3t
Or7ani3
'ales roGt8
"on$
Oral, Personal and  ome Care
North America(1)
0.5%
(0.1)%
—%
0.7%
$atin America
3.1%
(13.7)%
—%
16.8%
Europe(1)
7.7%
1.1%
—%
6.7%
Asia Pacific
2.7%
(1.3)%
—%
4.0%
AfricaEurasia
1.2%
(12.1)%
—%
13.3%
,otal Oral, Personal and  ome Care
3.0%
(5.2)%
—%
8.1%
Pet Nutrition
4.5%
(0.4)%
—%
4.9%
(otal o=panI
3.3%
(4.1)%
—%
7.4%
Note ,able may not sum due to rounding.
(1) ,he Company has recast its historical geographic segment information to conform to the reporting structure effective as of "uly 1, 
2024.
-ear en4e4 e3e=2er 
 	
"et 'ales roGt8
$
orei7n
H38an7e
=pa3t
3Auisitions an4 
iFest=ents
=pa3t 
Or7ani3
'ales roGt8
"on$
Oral, Personal and  ome Care
North America(1)
2.2%
(0.2)%
—%
2.4%
$atin America
16.5%
1.1%
—%
15.4%
Europe(1)
8.9%
2.6%
—%
6.3%
Asia Pacific
(1.6)%
(3.8)%
—%
2.3%
AfricaEurasia
0.1%
(17.2)%
—%
17.3%
,otal Oral, Personal and  ome Care
6.4%
(1.4)%
—%
7.8%
Pet Nutrition
15.5%
(0.5)%
5.4%
10.6%
(otal o=panI
8.3%
(1.2)%
1.1%
8.4%
Note ,able may not sum due to rounding.
(1) ,he Company has recast its historical geographic segment information to conform to the reporting structure effective as of "uly 1, 
2024.
!ar;et '8are nfor=ation 
Management uses mar?et share information as a ?ey indicator to monitor business health and performance. References 
to mar?et share in this Annual Report on orm 10-# are based on a combination of consumption and mar?et share data 
provided by third-party vendors, primarily Nielsen, and internal estimates. All mar?et 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 .eneNuela from all periods).
(Dollars in Millions Except Per Share Amounts)
48

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.
(Dollars in Millions Except Per Share Amounts)
49

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 10% to $4,107 in 2024 as compared to $3,745 in 2023, primarily due to 
higher net income, partially offset by changes in working capital. The Company’s working capital as a percentage of Net 
sales was (5.2)% in 2024 and (1.4)% in 2023. This change in working capital as a percentage of Net sales was primarily 
due to higher accounts payable and accruals. 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 $534 of cash in 2024 compared to $742 during 2023.
Capital expenditures in the year ended December 31, 2024 were $561, a decrease from $705 in 2023. Capital 
expenditures for 2025 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 $3,389 of cash during the year ended December 31, 2024 compared to $2,793 during 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 $7,941 as of December 31, 2024, as compared to $8,239 as 
of December 31, 2023, and total debt decreased to $7,949 as of December 31, 2024 as compared to $8,549 as of 
December 31, 2023. During the year ended December 31, 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.
In March 2023, the Company issued $500 of three-year Senior Notes at a fixed coupon rate of 4.800%, $500 of five-
year Senior Notes at a fixed coupon rate of 4.600% and $500 of ten-year Senior Notes at a fixed coupon rate of 4.600%. 
The Company’s debt issuances support the Company’s capital structure objectives of funding its business and growth 
initiatives while minimizing its risk-adjusted cost of capital.
At December 31, 2024, the Company had access to unused domestic and foreign lines of credit of $3,725 (including 
under the facility discussed below) and could also issue long-term debt pursuant to an effective shelf registration statement. 
In November 2022, the Company entered into an amended and restated $3,000 five-year revolving credit facility with 
a syndicate of banks for a five-year term expiring November 2027, which replaced, on substantially similar terms, the 
Company’s $3,000 revolving credit facility that was scheduled to expire in August 2026. In November 2023, the Company 
extended the term of the credit facility for an additional year, expiring in November 2028. In November 2024, the 
Company further extended the term of the credit facility for an additional year, expiring in November 2029. Commitment 
fees related to the credit facility were not material. 
Domestic and foreign commercial paper outstanding was $936 and $906 as of December 31, 2024 and December 31, 
2023, respectively. The average daily balances outstanding of commercial paper in 2024 and 2023 were $1,710 and $1,800, 
respectively. The Company classifies commercial paper as long-term debt when it has the intent and ability to refinance 
such obligations on a long-term basis, including, if necessary, by utilizing its available lines of credit (under the facilities 
discussed above).
(Dollars in Millions Except Per Share Amounts)
50

,he following is a summary of the CompanyXs commercial paper as of December 31, 2024 and 2023
2024
2023
/eighted 
Average 
Interest Rate
Maturities
Outstanding
/eighted 
Average 
Interest Rate
Maturities
Outstanding
Commercial Paper
 3.0 %
2025
$ 
936 
 4.0 %
2024
$ 
906 
Certain of the agreements with respect to the CompanyXs ban? borrowings contain financial and other covenants as 
well as cross-default provisions. Noncompliance with these reEuirements could ultimately result in the acceleration of 
amounts owed. ,he Company is in full compliance with all such reEuirements and believes the li?elihood of 
noncompliance is remote. Refer to Note 5, $ong-,erm Debt and Credit acilities to the Consolidated inancial Statements 
for further information about the CompanyXs long-term debt and credit facilities.
Dividend payments in 2024 were $1,789, an increase from $1,749 in 2023. Dividend payments increased to $1.98 per 
share in 2024 from $1.91 per share in 2023. In the first Euarter of 2024, the Company increased the Euarterly common 
stoc? dividend to $0.50 per share from $0.48 per share, effective in the second Euarter of 2024. 
,he Company repurchases shares of its common stoc? in the open mar?et and in private transactions to maintain its 
targeted capital structure and to fulfill certain reEuirements of its compensation and benefit plans. On March 10, 2022, the 
Board authoriNed the repurchase of shares of the CompanyXs common stoc? having an aggregate purchase price of up to $5 
billion under the 2022 Program, which replaced a previously authoriNed share repurchase program. ,he Board also has 
authoriNed share repurchases on an ongoing basis to fulfill certain reEuirements of the CompanyXs compensation and 
benefit programs. ,he shares are repurchased from time to time in open mar?et or privately negotiated transactions at the 
CompanyXs discretion, sub>ect to mar?et conditions, customary blac?out periods and other factors.
Aggregate share repurchases in 2024 consisted of approximately 18.3 million common shares under the 2022 Program 
and 0.4 million common shares to fulfill the reEuirements of compensation and benefit plans, for a total purchase price of 
$1,739. Aggregate repurchases in 2023 consisted of approximately 14.7 million common shares under the 2022 Program 
and 0.3 million common shares to fulfill the reEuirements of compensation and benefit plans, for a total purchase price of 
$1,128. Share repurchases, net of proceeds from exercise of stoc? options, were $1,101 and $748 in 2024 and 2023, 
respectively.
Cash and cash eEuivalents increased $130 during 2024 to $1,096 at December 31, 2024, compared to $966 at 
December 31, 2023. Cash and cash eEuivalents held by the CompanyXs foreign subsidiaries was $1,059 and $922, 
respectively, at December 31, 2024 and 2023.
,he following represents the scheduled maturities of the CompanyXs contractual obligations as of December 31, 2024
,otal
2025
2026
2027
2028
2029
,hereafter
$ong-term debt including current portion(1)
$ 
7,005 $ 652 $ 1,035 $ 509 $ 612 $ 519 $ 
3,678 
Net cash interest payments on long-term debt(2)
 
2,077  
232  
174  
160  
134  
119  
1,258 
Operating $eases
 
655  
126  
108  
101  
80  
58  
182 
Purchase obligations(3)
 
568  
202  
140  
92  
39  
30  
65 
-.S. tax reform payments 
 
77  
77  
—  
—  
—  
—  
— 
,otal
$ 10,382 $ 1,289 $ 1,457 $ 862 $ 865 $ 726 $ 
5,183 
(1)
,he Company classifies commercial paper as long-term debt when it has the intent and ability to refinance such obligations on a 
long-term basis. ,he amounts in this table exclude commercial paper.
(2)
Includes the net interest payments on fixed and variable rate debt. Interest payments associated with floating rate instruments are 
based on managementXs best estimate of pro>ected interest rates for the remaining term of variable rate debt.
(3)
,he Company had outstanding contractual obligations with suppliers at the end of 2024 for the purchase of raw, pac?aging and 
other materials and services in the normal course of business. ,hese purchase obligation amounts represent only those items which 
are based on agreements that are legally binding and that specify all significant terms including minimum Euantity, price and term 
and do not represent total anticipated purchases.
(Dollars in Millions Except Per Share Amounts)
51

Long-term liabilities associated with the Company’s postretirement plans are excluded from the table above due to the 
uncertainty of the timing of these cash disbursements. The amount and timing of cash funding related to these benefit plans 
will generally depend on the variability of the market value of the assets, changes in the benefit obligations, local 
regulatory requirements, various economic assumptions (the most significant of which are detailed in “Critical Accounting 
Policies and Use of Estimates” below) and voluntary Company contributions. Based on current information, the Company 
is not required to make a mandatory contribution to its qualified U.S. pension plan in 2025. The Company does not expect 
to make any voluntary contributions to its U.S. postretirement plans in 2025. In addition, total benefit payments expected to 
be paid from the Company’s assets to participants in unfunded plans are estimated to be approximately $95 for the year 
ending December 31, 2025.
Additionally, liabilities for unrecognized income tax benefits are excluded from the table above as the Company is 
unable to reasonably predict the ultimate amount or timing of a settlement of such liabilities. See Note 10, Income Taxes to 
the Consolidated Financial Statements for more information.
As more fully described in Note 12, Commitments and Contingencies to the Consolidated Financial Statements, the 
Company has commitments and contingencies with respect to lawsuits, environmental matters, taxes and other matters 
arising in the ordinary course of business.
(Dollars in Millions Except Per Share Amounts)
52

Off-Balance Sheet Arrangements
The Company does not have off-balance sheet financing or unconsolidated special purpose entities.
Managing Foreign Currency, Interest Rate, Commodity Price and Credit Risk Exposure
The Company is exposed to market risk from foreign currency exchange rates, interest rates and commodity price 
fluctuations. Volatility relating to these exposures is managed on a global basis by utilizing a number of techniques, 
including working capital management, selling price increases, selective borrowings in local currencies and entering into 
selective derivative instrument transactions, issued with standard features, in accordance with the Company’s treasury and 
risk management policies. The Company’s treasury and risk management policies prohibit the use of derivatives for 
speculative purposes and leveraged derivatives for any purpose.
See Note 2, Summary of Significant Accounting Policies and Note 6, Fair Value Measurements and Financial 
Instruments to the Consolidated Financial Statements for further discussion of derivatives and hedging policies and fair 
value measurements.
Foreign Exchange Risk
As the Company markets its products in over 200 countries and territories, it is exposed to currency fluctuations 
related to manufacturing and selling its products in currencies other than the U.S. dollar. The Company manages its foreign 
currency exposures through a combination of cost containment measures, sourcing strategies, selling price increases and 
the hedging of certain costs in an effort to minimize the impact on earnings of foreign currency rate movements. See 
“Results of Operations” above for a discussion of the foreign exchange impact on Net sales in each operating segment.
The assets and liabilities of foreign subsidiaries are translated into U.S. dollars at year-end exchange rates with 
resulting translation gains and losses accumulated in a separate component of shareholders’ equity. Income and expense 
items are translated into U.S. dollars at average rates of exchange prevailing during the year.
The Company primarily utilizes foreign currency contracts, including forward and swap contracts, option contracts, 
foreign and local currency deposits and local currency borrowings to hedge portions of its exposures relating to foreign 
currency purchases, assets and liabilities created in the normal course of business and the net investment in certain foreign 
subsidiaries. The duration of foreign currency contracts generally does not exceed 12 months and the contracts are valued 
using observable market rates.
Interest Rate Risk
The Company manages its mix of fixed and floating rate debt against its target with debt issuances and by entering into 
interest rate swaps in order to mitigate fluctuations in earnings and cash flows that may result from interest rate volatility. 
The Company utilizes forward-starting interest rate swaps to mitigate the risk of variability in interest rates for future debt 
issuances. The notional amount, interest payment and maturity date of the swaps generally match the principal, interest 
payment and maturity date of the related debt, and the swaps are valued using observable benchmark rates.
Based on year-end 2024 variable rate debt levels, a 1% increase in interest rates would have increased Interest expense 
by $3 in 2024.
Commodity Price Risk
The Company is exposed to price volatility related to raw materials used in production, such as resins, essential oils, 
tropical oils, pulp, tallow, corn, poultry and soybeans. The Company manages its raw material exposures through a 
combination of cost containment measures, ongoing productivity initiatives and the limited use of commodity hedging 
contracts. Futures contracts are used on a limited basis, primarily in the Hill’s Pet Nutrition segment, to manage volatility 
related to anticipated raw material inventory purchases of certain traded commodities.
(Dollars in Millions Except Per Share Amounts)
53

Credit Risk
The Company is exposed to the risk of credit loss in the event of nonperformance by counterparties to financial 
instrument contracts; however, nonperformance is considered unlikely and any nonperformance is unlikely to be material 
as it is the Company’s policy to contract with diverse, credit-worthy counterparties based upon both strong credit ratings 
and other credit considerations. 
Recent Accounting Pronouncements and Disclosure Rules
In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update 
(“ASU”) No. 2024-04, “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of 
Convertible Debt Instruments.” This ASU clarifies the requirements for determining whether certain settlements of 
convertible debt instruments should be accounted for as induced conversions. This guidance is effective for the Company 
for fiscal years beginning after December 15, 2025 and is not expected to have an impact on the Company’s Consolidated 
Financial Statements. 
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—
Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU 
requires additional disclosures related to the disaggregation of income statement expense categories. This guidance is 
effective for the Company for fiscal years beginning after December 15, 2026, and interim periods within fiscal years 
beginning after December 15, 2027. Other than the new disclosure requirements, this guidance will not have an impact on 
the Company’s Consolidated Financial Statements.  
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. Other than the new disclosure requirements, this guidance will not have an impact on the 
Company’s Consolidated Financial Statements. 
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax 
Disclosures.” This ASU improves the transparency of income tax disclosure 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. Other than the new disclosure 
requirements, this guidance will not have an 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. The Company adopted this guidance in 
2024. See Note 13, Segment Information to the Consolidated Financial Statements for additional information.
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. Other than the new disclosure requirements, this guidance will not 
have an impact on the Company’s Consolidated Financial Statements.
(Dollars in Millions Except Per Share Amounts)
54

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 15, Supplier Finance Programs to the Consolidated Financial Statements for additional information.
Critical Accounting Policies and Use of Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United 
States of America requires management to use judgment and make estimates. The level of uncertainty in estimates and 
assumptions increases with the length of time until the underlying transactions are completed. Actual results could 
ultimately differ from those estimates. The accounting policies that are most critical in the preparation of the Company’s 
Consolidated Financial Statements are those that are both important to the presentation of the Consolidated Financial 
Statements and require significant or complex judgments and estimates on the part of management. The Company’s critical 
accounting policies are reviewed periodically with the Audit Committee of the Board.
In certain instances, accounting principles generally accepted in the United States of America allow for the selection of 
alternative accounting methods. The Company’s significant policies that involve the selection of alternative methods are 
accounting for inventories and shipping and handling costs.
▪
The Company accounts for inventories using both the first-in, first-out (“FIFO”) method (approximately 75% of 
inventories) and the last-in, first-out (“LIFO”) method (approximately 25% of inventories). There would have 
been no material impact on reported earnings for 2024 or 2023 had all inventories been accounted for under the 
FIFO method.
▪
Shipping and handling costs (also referred to as logistics costs) may be reported as either a component of Cost of 
sales or Selling, general and administrative expenses. The Company accounts for such costs, primarily related to 
warehousing and outbound freight, as fulfillment costs and reports them in the Consolidated Statements of Income 
as a component of Selling, general and administrative expenses. Accordingly, the Company’s Gross profit margin 
is not comparable with the Gross profit margin of those companies that include shipping and handling charges in 
Cost of sales. If such costs had been included as a component of Cost of sales, the Company’s Gross profit margin 
would have been lower by 880 bps in 2024, 910 bps in 2023 and 1040 bps in 2022, with no impact on reported 
earnings.
The areas of accounting that involve significant or complex judgments and estimates are pensions and other retiree 
benefit cost assumptions, stock-based compensation, asset impairments, uncertain tax positions, tax valuation allowances 
and legal and other contingency reserves.
▪
In accounting for pension and other postretirement benefit costs, the most significant actuarial assumptions are the 
discount rate and the expected long-term rate of return on plan assets. The discount rate used to measure the 
benefit obligation for U.S. defined benefit plans was 5.73% and 5.40% as of December 31, 2024 and 2023, 
respectively. The discount rate used to measure the benefit obligation for other U.S. postretirement plans was 
5.74% and 5.37% as of December 31, 2024 and 2023, respectively. Discount rates used for the U.S. and 
international defined benefit and other postretirement plans are based on a yield curve constructed from a portfolio 
(Dollars in Millions Except Per Share Amounts)
55

of high-quality bonds whose projected cash flows approximate the projected benefit payments of the plans. The 
assumed expected long-term rate of return on plan assets for U.S. plans was 6.50% as of December 31, 2024 and 
2023. In determining the expected long-term rate of return, the Company considers the nature of the plans’ 
investments and the historical rate of return.
Average annual rates of return for the U.S. plans for the most recent 1-year, 5-year, 10-year, 15-year and 25-year 
periods were 5%, 2%, 4%, 6% and 5%, respectively. In addition, the current assumed rate of return for the U.S. 
plans is based upon the nature of the plans’ investments with a target asset allocation of approximately 60% in 
fixed income securities, 26% in equity securities and 14% in other investments. A 1% change in the assumed rate 
of return on plan assets of the U.S. pension plans would impact future Net income attributable to Colgate-
Palmolive Company by approximately $11. A 1% change in the discount rate for the U.S. pension plans and the 
other U.S. retiree benefit plan would impact future Net income attributable to Colgate-Palmolive Company by 
approximately $1 and $2, respectively. A third assumption is the long-term rate of compensation increase for the 
pension plans, a change in which would partially offset the impact of a change in either the discount rate or the 
expected long-term rate of return. This rate was 3.50% as of December 31, 2024 and 2023. Refer to Note 9, 
Retirement Plans and Other Retiree Benefits to the Consolidated Financial Statements for further discussion of the 
Company’s pension and other postretirement plans.
▪
The assumption requiring the most judgment in accounting for other postretirement benefits (other than the 
discount rate noted above) is the medical cost trend rate. The Company reviews external data and its own 
historical trends for health care costs to determine the medical cost trend rate. The assumed rate of increase for the 
U.S. postretirement benefit plans is 7.00% for 2025, declining to 5.00% by 2030 and remaining at 4.50% for the 
years thereafter. A 1% change in the assumed long-term medical cost trend rate would impact future Net income 
attributable to Colgate-Palmolive Company by $2.
▪
The Company recognizes the cost of employee services received in exchange for awards of equity instruments, 
such as stock options and restricted stock units (both performance-based and time-vested), based on the fair value 
of those awards at the date of grant. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option 
pricing model to estimate the fair value of stock option awards. The weighted-average estimated fair value of each 
stock option award granted in the year ended December 31, 2024 was $22.65. The Black-Scholes model uses 
various assumptions to estimate the fair value of stock option awards. These assumptions include the expected 
term of stock option awards, expected volatility rate, risk-free interest rate and expected dividend yield. While 
these assumptions do not require significant judgment, as the significant inputs are determined from historical 
experience or independent third-party sources, changes in these inputs could result in significant changes in the 
fair value of stock option awards. A one-year change in expected term would result in a change in fair value of 
approximately 7%. A 1% change in volatility would change fair value by approximately 4%. The Company uses a 
Monte-Carlo simulation to determine the fair value of performance-based restricted stock units at the date of 
grant. The Monte-Carlo simulation model uses substantially the same inputs as the Black-Scholes model. 
▪
Goodwill and indefinite-life intangible assets, such as the Company’s global brands, are subject to impairment 
tests at least annually or when events or changes in circumstances indicate an asset may be impaired. In assessing 
impairment, the Company performs either a quantitative or a qualitative analysis.
(Dollars in Millions Except Per Share Amounts)
56

Determining the fair value of the Company’s reporting units for goodwill and the fair value of its intangible assets 
requires significant estimates and judgments by management. When a quantitative analysis is performed, the 
Company generally uses the income approach, which requires several estimates, including future cash flows 
consistent with management’s strategic plans, sales growth rates and the selection of royalty rates and discount 
rates. Estimating sales growth rates requires significant judgment by management in areas such as future 
economic conditions, category growth rates, product pricing, consumer tastes and preferences and future 
expansion expectations. In selecting an appropriate royalty rate, the Company considers the long-term profitability 
of the brand and recent market transactions for similar brands and products. In determining an appropriate 
discount rate, the Company considers the current interest rate environment and its estimated cost of capital. Other 
qualitative factors the Company considers, in addition to those quantitative measures discussed above, include 
assessments of general macroeconomic conditions, industry-specific considerations and historical financial 
performance. The Company generally engages a third-party valuation firm to assist it in determining the fair value 
of intangible assets acquired in business combinations.
In determining the fair value of the Company’s reporting units, fair value is also determined using the market 
approach, which is generally derived from metrics of comparable publicly traded companies. As multiple 
valuation methodologies are used, the Company also performs a qualitative analysis comparing the fair value of a 
reporting unit under each method to assess its reasonableness and ensure consistency of results.
Determining the expected life of a brand requires management judgment and is based on an evaluation of several 
factors including market share, brand history, future expansion expectations, the level of in-market support 
anticipated by management, legal or regulatory restrictions and the economic environment in the countries in 
which the brand is sold. 
As of the date of the annual goodwill impairment test, the estimated fair value of the Company’s reporting units 
substantially exceeds their carrying value. 
As of the date of the annual impairment test of indefinite-lived intangible assets, the fair value of one of the 
Company’s indefinite-lived trademark intangible assets exceeded its carrying value by less than 20%. The 
carrying value of this trademark is $293 as of December 31, 2024. 
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.
▪
The recognition and measurement of uncertain tax positions involves consideration of the amounts and 
probabilities of various outcomes that could be realized upon ultimate resolution.
▪
Tax valuation allowances are established to reduce deferred tax assets, such as tax loss carryforwards, to net 
realizable value. Factors considered in estimating net realizable value include historical results by tax jurisdiction, 
carryforward periods, income tax strategies and forecasted taxable income.
▪
Legal and other contingency reserves are based on management’s assessment of the risk of potential loss, which 
includes consultation with outside legal counsel and other advisors. Such assessments are reviewed each period 
and revised based on current facts and circumstances, if necessary. While it is possible that the Company’s cash 
flows and results of operations in a particular quarter or year could be materially affected by the impact of such 
contingencies, based on current knowledge it is the opinion of management that these matters will not have a 
material effect on the Company’s financial position, or its ongoing results of operations or cash flows. Refer to 
Note 12, Commitments and Contingencies to the Consolidated Financial Statements for further discussion of the 
Company’s contingencies.
(Dollars in Millions Except Per Share Amounts)
57

The Company generates revenue through the sale of well-known consumer products to trade customers under 
established trading terms. While the recognition of revenue and receivables requires the use of estimates, there is a short 
time frame (typically less than 60 days) between the shipment of product and cash receipt, thereby reducing the level of 
uncertainty in these estimates. Refer to Note 2, Summary of Significant Accounting Policies to the Consolidated Financial 
Statements for further description of the Company’s significant accounting policies.
(Dollars in Millions Except Per Share Amounts)
58

Cautionary Statement on Forward-Looking Statements
This Annual Report on Form 10-K may contain forward-looking statements as that term is defined in the Private 
Securities Litigation Reform Act of 1995 or by the SEC in its rules, regulations and releases that set forth anticipated 
results based on management’s current plans and assumptions. Such statements may relate, for example, to sales or volume 
growth, net selling price increases, organic sales growth, profit or profit margin levels, earnings per share levels, financial 
goals, the impact of foreign exchange, the impact of additional tariffs, the impact of geopolitical conflicts and tensions, 
such as the war in Ukraine, the conflict in the Middle East and tensions between China and Taiwan, cost-reduction plans, 
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 higher 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, 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, the ability to develop innovative new products and 
successfully adopt new technologies (such as artificial intelligence), 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, 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 Part I, Item 1A “Risk Factors.”
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
See “Managing Foreign Currency, Interest Rate, Commodity Price and Credit Risk Exposure” in Part II, Item 7.
(Dollars in Millions Except Per Share Amounts)
59

ITEM 8. 
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
See “Index to Financial Statements.”
ITEM 9. 
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND 
FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company’s management, under the supervision and with the participation of the Company’s Chairman of the 
Board, President and Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of 
the design and operation of the Company’s disclosure controls and procedures as of December 31, 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.
Management’s Annual Report on Internal Control Over Financial Reporting
The Company’s management is responsible for establishing and maintaining adequate internal control over financial 
reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. Management, under the 
supervision and with the participation of the Company’s Chairman of the Board, President and Chief Executive Officer and 
Chief Financial Officer, conducted an evaluation of the Company’s internal control over financial reporting based upon the 
framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the 
Treadway Commission and concluded that it was effective as of December 31, 2024. 
The Company’s independent registered public accounting firm, PricewaterhouseCoopers LLP, has audited the 
effectiveness of the Company’s internal control over financial reporting as of December 31, 2024, and has expressed an 
unqualified opinion in their report, which appears under “Index to Financial Statements – Report of Independent 
Registered Public Accounting Firm.”
Changes in Internal Control Over Financial Reporting
The Company is in the process of upgrading its enterprise IT system to SAP S/4 HANA. This change has not had and 
is not expected to have a material impact on the Company’s internal controls over financial reporting. 
Except as noted above, there were no changes in the Company’s internal control over financial reporting that occurred 
during the Company’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, 
the Company’s internal control over financial reporting. 
ITEM 9B. 
OTHER INFORMATION
(b)          Trading Plans
       During the three months ended December 31, 2024, no director or officer of the Company adopted, modified 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.
ITEM 9C.     Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
60

PART III
ITEM 10. 
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
See “Information about our Executive Officers” in Part I, Item 1 of this report.
Additional information required by this Item 10 will be included under the headings “Governance – the Board of 
Directors,” “Governance – Board Structure and Responsibilities – Committees of the Board of Directors – Audit 
Committee” and “Executive Compensation – Compensation Discussion and Analysis – Compensation Governance 
Features – Insider Trading Policy and Prohibition on Hedging and Pledging of Company Stock” in the Company’s Proxy 
Statement for its 2025 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the year ended 
December 31, 2024 (the “2025 Proxy Statement”) and is incorporated herein by reference.
Information on beneficial ownership reporting compliance will be included under the heading “Stock Ownership – 
Delinquent Section 16(a) Reports,” if applicable, in the 2025 Proxy Statement and is incorporated herein by reference.
The Company’s Code of Conduct promotes the highest ethical standards in all of the Company’s business dealings. 
The Code of Conduct satisfies the SEC’s requirements for a Code of Ethics for senior financial officers and applies to all 
Company employees, including the Chairman of the Board, President and Chief Executive Officer, the Chief Financial 
Officer and the Executive Vice President, Controller, and the Company’s directors. The Code of Conduct is available on 
the Company’s website at www.colgatepalmolive.com. Any amendment to the Code of Conduct will promptly be posted 
on the Company’s website. It is the Company’s policy not to grant waivers of the Code of Conduct. In the extremely 
unlikely event that the Company grants an executive officer a waiver from a provision of the Code of Conduct, the 
Company will promptly disclose such information by posting it on its website or by using other appropriate means in 
accordance with SEC rules.
ITEM 11. 
EXECUTIVE COMPENSATION
Information required by this Item 11 will be included under the headings “Executive Compensation,” “Governance – 
Compensation of Directors” and “Governance – Compensation Committee Interlocks and Insider Participation” in the 2025 
Proxy Statement and is incorporated herein by reference.
61

(! 
 
')R(- O+"R'$ O R(" "  O+"R' " !"!"( " 
R ( '(OO R !((R'
(a) Information regarding security ownership of certain beneficial owners and management will be included under the 
heading VStoc? OwnershipW in the 2025 Proxy Statement and is incorporated herein by reference.
(b) ,he Registrant does not ?now of any arrangements that may at a subseEuent date result in a change in control of 
the Registrant.
(c) EEuity compensation plan information as of December 31, 2024
(a)
(b)
(c)
Plan Category
Number of 
securities to be 
issued upon 
exercise of 
outstanding 
options, warrants 
and rights
(in thousands)
/eighted-average 
exercise price of 
outstanding options, 
warrants and rights
Number of securities 
remaining available for 
future issuance under 
eEuity compensation 
plans (excluding 
securities reflected in 
column (a))
(in thousands)
EEuity compensation plans approved by 
security holders
 
15,798 (1) $ 
79.00 (2)
26,572 (3)
EEuity compensation plans not approved 
by security holders
Not applicable
Not applicable
Not applicable
,otal
 
15,798 
$ 
79.00 
26,572 
(1)
Consists of 12,774 options outstanding, 1,987 restricted stoc? units awarded but not yet vested and 1,037 performance-based 
restricted stoc? units outstanding under the CompanyXs 2019 Incentive Compensation Plan, as more fully described in Note 7, 
Capital Stoc? and Stoc?-Based Compensation Plans to the Consolidated inancial Statements.
(2)
Includes the weighted-average exercise price of stoc? options outstanding of $78, restricted stoc? units of $88 and performance-
based restricted stoc? units of $74.
(3)
Amount includes all of the securities available for future issuances in the form of options, restricted stoc? units and performance-
based awards under the CompanyXs 2019 Incentive Compensation Plan.
(! 
 
R(" R (O"'$' " R ( (R"'(O"' " R(OR 
"$""
Information reEuired by this Item 13 will be included under the headings VGovernance T Certain Relationships and 
Related ,ransactionsW and VGovernance T Director IndependenceW in the 2025 Proxy Statement and is incorporated herein 
by reference.
(! 

 
$R"$  O)"("( ' " 'R*'
Information reEuired by this Item 14 will be included under the heading VProposal 2 T Ratification of Selection of 
Independent Registered Public Accounting irmW in the 2025 Proxy Statement and is incorporated herein by reference.
62

PART IV
ITEM 15. 
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) Financial Statements and Financial Statement Schedules
 
See “Index to Financial Statements.”
 
(b) Exhibits:
63

Exhibit No.
Description
 
 
3-A
 
Restated Certificate of Incorporation, as amended. (Registrant hereby incorporates by reference Exhibit 3-
A to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, File No. 1-644.)
3-B
 
Colgate-Palmolive Company By-laws, Amended and Restated as of January 12, 2023. (Registrant hereby 
incorporates by reference Exhibit 3.01 to its Current Report on Form 8-K filed on January 12, 2023, File 
No. 1-644.)
4
a)
Description of Securities of the Registrant**
b)
Indenture, dated as of November 15, 1992, between the Company and The Bank of New York Mellon 
(formerly known as The Bank of New York) as Trustee. (Registrant hereby incorporates by reference 
Exhibit 4.1 to its Registration Statement on Form S-3 and Post-Effective Amendment No. 1 filed on June 
26, 1992, Registration No. 33-48840.)(1)  
 
c)
Colgate-Palmolive Company Employee Stock Ownership Trust Agreement dated as of June 1, 1989, as 
amended. (Registrant hereby incorporates by reference Exhibit 4-B (b) to its Quarterly Report on Form 
10-Q for the quarter ended June 30, 2000, File No. 1-644.)
10-A
a)
Colgate-Palmolive 2019 Incentive Compensation Plan. (Registrant hereby incorporates by reference 
Annex C to its 2019 Notice of Annual Meeting and Proxy Statement, File No. 1-644.)*
b)
Form of Nonqualified Option Award Agreement used in connection with grants under the Colgate-
Palmolive Company 2019 Incentive Compensation Plan. (Registrant hereby incorporates by reference 
Exhibit 10-B to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, File No. 
1-644.)*
c)
Form of Restricted Stock Unit Award Agreement used in connection with grants under the Colgate-
Palmolive Company 2019 Incentive Compensation Plan. (Registrant hereby incorporates by reference 
Exhibit 10-C to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, File No. 
1-644.)*
d)
Form of Performance Stock Unit Award Agreement for the 2022-2024 Performance Cycle (Registrant 
hereby incorporates by reference Exhibit 10-B to its Quarterly Report on Form 10-Q for the quarter ended 
March 31, 2022, File No. 1-644.)*
e)
Form of Performance Stock Unit Award Agreement for the 2023-2025 Performance Cycle (Registrant 
hereby incorporates by reference Exhibit 10-A to its Quarterly Report on Form 10-Q for the quarter ended 
March 31, 2023, File No. 1-644.)*
f)
Form of Performance Stock Unit Award Agreement for the 2024-2026 Performance Cycle (Registrant 
hereby incorporates by reference Exhibit 10-A to its Quarterly Report on Form 10-Q for the quarter ended 
March 31, 2024, File No. 1-644)*
10-B
a)
Colgate-Palmolive Company Executive Incentive Compensation Plan Trust, as amended. (Registrant 
hereby incorporates by reference Exhibit 10-B (b) to its Annual Report on Form 10-K for the year ended 
December 31, 1987, File No. 1-644.)*
 
b)
Amendment, dated as of October 29, 2007, to the Colgate-Palmolive Company Executive Incentive 
Compensation Plan Trust. (Registrant hereby incorporates by reference Exhibit 10-A (b) to its Quarterly 
Report on Form 10-Q for the quarter ended September 30, 2007, File No. 1-644.)*
10-C
Colgate-Palmolive Company Supplemental Salaried Employees’ Retirement Plan, amended and restated, 
effective as of January 1, 2021. (Registrant hereby incorporates by reference Exhibit 10-D to its Annual 
Report on Form 10-K for the year ended December 31, 2021, File No. 1-644.)*
10-D
a)
Colgate-Palmolive Company Executive Severance Plan, as amended and restated through September 13, 
2023. (Registrant hereby incorporates by reference Exhibit 10-A to its Current Report on Form 8-K filed 
on September 15, 2023, File No. 1-644.)*
 
b)
Colgate-Palmolive Company Executive Severance Plan Trust. (Registrant hereby incorporates by 
reference Exhibit 10-E (b) to its Annual Report on Form 10-K for the year ended December 31, 1987, File 
No. 1-644.)*
64

c)
Colgate-Palmolive Company Executive Officer Cash Severance Policy. (Registrant hereby incorporates 
by reference Exhibit 10.1 to its Current Report on Form 8-K filed on April 11, 2022, File No 1-644.)*
10-E
 
Colgate-Palmolive Company Pension Plan for Outside Directors, as amended and restated. (Registrant 
hereby incorporates by reference Exhibit 10-D to its Annual Report on Form 10-K for the year ended 
December 31, 1999, File No. 1-644.)*
10-F
a)
Colgate-Palmolive Company Restated and Amended Deferred Compensation Plan for Non-Employee 
Directors, as amended. (Registrant hereby incorporates by reference Exhibit 10-H to its Annual Report on 
Form 10-K for the year ended December 31, 1997, File No. 1-644.)*
 
b)
Amendment, effective as of January 1, 2005, to the Colgate-Palmolive Company Restated and Amended 
Deferred Compensation Plan for Non-Employee Directors. (Registrant hereby incorporates by reference 
Exhibit 10-F to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, File No. 
1-644.)*
10-G
 
Colgate-Palmolive Company Deferred Compensation Plan, amended and restated, effective as of October 
28, 2021. (Registrant hereby incorporates by reference Exhibit 10-B to its Quarterly Report on Form 10-Q 
for the quarter ended September 30, 2021, File No. 1-644.)*
10-H
Amended and Restated Five Year Credit Agreement, dated as of November 4, 2022, by and among 
Colgate-Palmolive Company, as Borrower, Citibank, N.A., as Administrative Agent and Arranger, and 
the Lenders party thereto. (Registrant hereby incorporates by reference Exhibit 10-I to its Annual Report 
on Form 10-K for the year ended December 31, 2022, File No. 1-644.) 
10-I
Colgate-Palmolive Company Supplemental Savings and Investment Plan, amended and restated, effective 
as of January 1, 2022. (Registrant hereby incorporates by reference Exhibit 10-J to its Annual Report on 
Form 10-K for the year ended December 31, 2022, File No. 1-644.)*
10-J
Form of Indemnification Agreement between Colgate-Palmolive Company and its directors, executive 
officers and certain key employees. (Registrant hereby incorporates by reference Exhibit 10-K to its 
Annual Report on Form 10-K for the year ended December 31, 2017, File No. 1-644.)
19
Colgate-Palmolive Company Insider Trading Policy.**
21
 
Subsidiaries of the Registrant.**
23
 
Consent of Independent Registered Public Accounting Firm.**
24
 
Powers of Attorney.**
31-A
 
Certificate of the Chairman of the Board, President and Chief Executive Officer of Colgate-Palmolive 
Company pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.**
31-B
 
Certificate of the Chief Financial Officer of Colgate-Palmolive Company pursuant to Rule 13a-14(a) 
under the Securities Exchange Act of 1934.**
32
 
Certificate of the Chairman of the Board, President and Chief Executive Officer and the Chief Financial 
Officer of Colgate-Palmolive Company pursuant to Rule 13a-14(b) under the Securities Exchange Act of 
1934 and 18 U.S.C. § 1350.***
97
Colgate-Palmolive Company Dodd-Frank Clawback Policy for the Recovery of Erroneously Awarded 
Compensation.**
101
 
The following materials from Colgate-Palmolive Company’s Annual Report on Form 10-K for the year 
ended December 31, 2024, formatted in Inline eXtensible Business Reporting Language (Inline XBRL): 
(i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, 
(iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Changes in Shareholders’ 
Equity, (v) the Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial 
Statements.**
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).**
65

* 
Indicates a management contract or compensatory plan or arrangement.
** Filed herewith.
*** Furnished herewith.
(1) 
Registrant hereby undertakes to furnish the Commission, upon request, with a copy of any instrument with respect to 
long-term debt where the total amount of securities authorized thereunder does not exceed 10% of the total assets of 
the Registrant and its subsidiaries on a consolidated basis.
The exhibits indicated above that are not included with the Form 10-K are available upon request and payment of a 
reasonable fee approximating the registrant’s cost of providing and mailing the exhibits. Inquiries should be directed to:
Colgate-Palmolive Company
Office of the Secretary (10-K Exhibits)
300 Park Avenue
New York, NY 10022-7499
66

ITEM 16. 
FORM 10-K SUMMARY
None.
67

 O ($ !O * O!$"-
'"()R'
Pursuant to the reEuirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly 
caused this report to be signed on its behalf by the undersigned, thereunto duly authoriNed.
  
Colgate-Palmolive Company
            (Registrant)
  
  
  
Date ebruary 13, 2025
By
s Noel /allace
  
Noel /allace 
Chairman of the Board, President and
Chief Executive Officer
Pursuant to the reEuirements of the Securities Exchange Act of 1934, this report has been signed below on 
ebruary 13, 2025, by the following persons on behalf of the registrant and in the capacities indicated.
  
(a)           Principal Executive Officer
(d)           Directors
s Noel /allace
s Noel /allace
Noel /allace 
Chairman of the Board, President and
Chief Executive Officer
Noel /allace
(b)           Principal inancial Officer
"ohn P. Bilbrey, "ohn ,. Cahill, Steven A. Cahillane,
$isa M. Edwards, C. Martin  arris, 
Martina  und-Me>ean, #imberly A. Nelson,
Brian O. Newman, $orrie M. Norrington
s Stanley ". Sutula III
By s "ennifer M. Daniels
Stanley ". Sutula III
Chief inancial Officer
"ennifer M. Daniels
As Attorney-in-act
(c)           Principal Accounting Officer
  
s Gregory O. Malcolm
Gregory O. Malcolm
Executive .ice President, Controller
68

n4eH to inan3ial 'tate=ents
  
Page
onsoli4ate4 inan3ial 'tate=ents
  
Report of Independent Registered Public Accounting irm (PCAOB ID 238)
70
  
Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022
72
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022
73
  
Consolidated Balance Sheets as of December 31, 2024 and 2023
74
  
Consolidated Statements of Changes in ShareholdersX EEuity for the years ended December 31, 2024, 2023 and 
2022
75
Consolidated Statements of Cash lows for the years ended December 31, 2024, 2023 and 2022
76
  
Notes to Consolidated inancial Statements
77
  
Mar?et Information
121
  
All other financial statements and schedules not listed have been omitted since the reEuired information is included in 
the financial statements or the notes thereto or is not applicable or reEuired.
69

     Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Colgate-Palmolive Company
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Colgate-Palmolive Company and its 
subsidiaries (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of 
income, of comprehensive income, of changes in shareholders' equity and of cash flows for each of the three years 
in the period ended December 31, 2024, including the related notes (collectively referred to as the "consolidated 
financial statements"). We also have audited the Company's internal control over financial reporting as of 
December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the 
Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the 
financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash 
flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles 
generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material 
respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established 
in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective 
internal control over financial reporting, and for its assessment of the effectiveness of internal control over 
financial reporting, included in Management’s Annual Report on Internal Control over Financial Reporting 
appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial 
statements and on the Company's internal control over financial reporting based on our audits. We are a public 
accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and 
are required to be independent with respect to the Company in accordance with the U.S. federal securities laws 
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan 
and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are 
free of material misstatement, whether due to error or fraud, and whether effective internal control over financial 
reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material 
misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures 
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts 
and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting 
principles used and significant estimates made by management, as well as evaluating the overall presentation of 
the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an 
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and 
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our 
audits also included performing such other procedures as we considered necessary in the circumstances. We 
believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in 
accordance with generally accepted accounting principles. A company’s internal control over financial reporting 
includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, 
accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable 
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance 
with generally accepted accounting principles, and that receipts and expenditures of the company are being made 
only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable 
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the 
company’s assets that could have a material effect on the financial statements.
70

Because of its inherent limitations, internal control over financial reporting may not prevent or detect 
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that 
controls may become inadequate because of changes in conditions, or that the degree of compliance with the 
policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated 
financial statements that was communicated or required to be communicated to the audit committee and that (i) 
relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our 
especially challenging, subjective, or complex judgments. The communication of critical audit matters does not 
alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by 
communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the 
accounts or disclosures to which it relates.
Goodwill Impairment Assessment for a Certain Reporting Unit within the North America Oral, Personal and 
Home Care Segment Prior to the Reporting Structure Realignment
As described in Notes 2, 4 and 13 to the consolidated financial statements, goodwill within the North America 
Oral, Personal and Home Care segment was $1,108 million as of December 31, 2024, of which a portion relates to 
a certain reporting unit. Goodwill is subject to an impairment test at least annually or when events or changes in 
circumstances indicate that an asset may be impaired. In connection with management changes, the Company 
realigned the reporting structure of its skin health business effective July 1, 2024, and in conjunction with this 
reporting structure realignment, management completed a goodwill impairment assessment. As disclosed by 
management, determining the fair value of the Company’s reporting units for goodwill requires significant 
estimates and judgments by management. When a quantitative analysis is performed, management uses the 
income approach, which requires several estimates, including future cash flows consistent with management’s 
strategic plans, sales growth rates and discount rates. 
The principal considerations for our determination that performing procedures relating to the goodwill 
impairment assessment for a certain reporting unit within the North America Oral, Personal and Home Care 
segment prior to the reporting structure realignment is a critical audit matter are (i) the significant judgment by 
management when developing the fair value estimate of a certain reporting unit within the North America Oral, 
Personal and Home Care segment prior to the reporting structure realignment; (ii) a high degree of auditor 
judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions 
related to the sales growth rates and the discount rate; and (iii) the audit effort involved the use of professionals 
with specialized skill and knowledge. 
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming 
our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness 
of controls relating to management’s goodwill impairment assessment, including controls over the valuation of a 
certain reporting unit within the North America Oral, Personal and Home Care segment prior to the reporting 
structure realignment. These procedures also included, among others (i) testing management’s process for 
developing the fair value estimate of a certain reporting unit within the North America Oral, Personal and Home 
Care segment prior to the reporting structure realignment; (ii) evaluating the appropriateness of the income 
approach used by management; (iii) testing the completeness and accuracy of underlying data used in the income 
approach; and (iv) evaluating the reasonableness of the significant assumptions used by management related to 
the sales growth rates and the discount rate. Evaluating management’s assumptions related to the sales growth 
rates involved evaluating whether the assumptions used by management were reasonable considering (i) the 
current and past performance of a certain business within the North America Oral, Personal and Home Care 
segment; (ii) the consistency with external market and industry data; and (iii) whether the assumptions were 
consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge 
were used to assist in evaluating (i) the appropriateness of the income approach and (ii) the reasonableness of the 
discount rate assumption.
/s/ PricewaterhouseCoopers LLP
New York, New York
February 13, 2025
We have served as the Company’s auditor since 2002.
71

O ($ !O * O!$"-
onsoli4ate4 'tate=ents of n3o=e
or t8e Iears en4e4 e3e=2er 

(Dollars in Millions Except Per Share Amounts)
	
2023
2022
Net sales
 
	
	
 $ 
19,457 $ 
17,967 
Cost of sales
 

	  
8,131  
7,719 
Gross profit
 



  
11,326  
10,248 
Selling, general and administrative expenses
 
  
7,151  
6,565 
Other (income) expense, net
 


  
191  
69 
Goodwill and intangible assets impairment charges
 
L  
—  
721 
Operating profit
 

  
3,984  
2,893 
Non-service related postretirement costs
 
  
360  
80 
Interest expense
 
  
287  
167 
Interest income
 
  
55  
14 
Income before income taxes
 
  
3,392  
2,660 
Provision for income taxes
 
	  
937  
693 
Net income including noncontrolling interests
 
	
  
2,455  
1,967 
$ess Net income attributable to noncontrolling interests
 

	  
155  
182 
Net income attributable to Colgate-Palmolive Company
 
 $ 
2,300 $ 
1,785 
Earnings per common share, basic
 
 $ 
2.78 $ 
2.13 
Earnings per common share, diluted
 

 $ 
2.77 $ 
2.13 
See Notes to Consolidated inancial Statements.
72

 O ($ !O * O!$"-
onsoli4ate4 'tate=ents of o=pre8ensiFe n3o=e
or t8e Iears en4e4 e3e=2er 

(Dollars in Millions)
	
2023
2022
Net income including noncontrolling interests
 
	
 $ 
2,455 $ 
1,967 
Other comprehensive income (loss), net of tax
     Cumulative translation ad>ustments
 

  
98  
(146) 
     Retirement plan and other retiree benefit ad>ustments
 

  
(16)  
413 
     Gains (losses) on cash flow hedges
 
  
(7)  
60 
,otal Other comprehensive income (loss), net of tax
 
  
75  
327 
,otal Comprehensive income including noncontrolling interests
 
  
2,530  
2,294 
$ess Net income attributable to noncontrolling interests
 

	  
155  
182 
$ess Cumulative translation ad>ustments attributable to 
noncontrolling interests
 
  
(42)  
(4) 
,otal Comprehensive income attributable to noncontrolling interests
 

  
113  
178 
,otal Comprehensive income attributable to Colgate-Palmolive 
Company
 
	 $ 
2,417 $ 
2,116 
See Notes to Consolidated inancial Statements.
73

O ($ !O * O!$"-
onsoli4ate4 alan3e '8eets
s of e3e=2er 

 (Dollars in Millions Except Share and Per Share Amounts)
	
2023
ssets
Current Assets
Cash and cash eEuivalents
 

	 
$ 
966 
Receivables (net of allowances of $85 and $80, respectively)
 


 
 
1,586 
Inventories
 

 
 
1,934 
Other current assets
 

 
 
793 
,otal current assets
 

 
 
5,279 
Property, plant and eEuipment, net
 


 
 
4,582 
Goodwill
 
 
 
3,410 
Other intangible assets, net
 

 
 
1,887 
Deferred income taxes
 

 
 
214 
Other assets
 

	
 
 
1,021 
,otal assets
 

	
 
$ 
16,393 
 ia2ilities an4 '8are8ol4ersO AuitI
Current $iabilities
Debt payable within one-year
 
	 
$ 
330 
Accounts payable
 

	 
 
1,698 
Accrued income taxes
 

	 
 
336 
Other accruals
 

 
 
2,377 
,otal current liabilities
 
 
 
4,741 
$ong-term debt
 
 
 
8,219 
Deferred income taxes
 

 
 
361 
Other liabilities
 



 
 
2,115 
,otal liabilities
 

	 
 
15,436 
Commitments and contingent liabilities
L 
— 
ShareholdersX EEuity
Common stoc?, $1 par value (2,000,000,000 shares authoriNed, 1,465,706,360 shares issued)
 


 
 
1,466 
Additional paid-in capital
 



 
 
3,808 
Retained earnings
 


 
 
25,289 
Accumulated other comprehensive income (loss)
 

  
(3,937) 
,reasury stoc?, at cost
 
  
(26,017) 
,otal Colgate-Palmolive Company shareholdersX eEuity
 

 
 
609 
Noncontrolling interests
 
 
 
348 
,otal eEuity
 


 
 
957 
,otal liabilities and eEuity
 

	
 
$ 
16,393 
See Notes to Consolidated inancial Statements.
74

O ($ !O * O!$"-
onsoli4ate4 'tate=ents of 8an7es in '8are8ol4ersO AuitI
(Dollars in Millions)
Colgate-Palmolive Company ShareholdersX EEuity
Common 
Stoc?
Additional 
Paid-In 
Capital
-nearned 
Compensation
,reasury 
Stoc?
Retained 
Earnings
Accumulated 
Other 
Comprehensive 
Income ($oss)
Noncontrolling 
Interests
Balance, "anuary 1, 2022
$ 
1,466 
$ 
3,269 
$ 
(1) $ (24,089) $ 24,350 
$ 
(4,386) 
$ 
362 
Net income
 
— 
 
— 
 
— 
 
— 
 
1,785 
— 
 
182 
Other comprehensive income (loss), net 
of tax
 
— 
 
— 
 
— 
 
— 
 
— 
 
331 
(4) 
Dividends ($1.86)per share
 
— 
 
— 
 
— 
 
— 
 
(1,562) 
— 
 
(135) 
Stoc?-based compensation expense
 
— 
 
125 
 
— 
 
— 
 
— 
— 
 
— 
Shares issued for stoc? options
 
— 
 
190 
 
— 
 
226 
 
— 
— 
 
— 
Shares issued for restricted stoc? awards  
— 
 
(40)  
— 
 
40 
 
— 
— 
 
— 
,reasury stoc? acEuired
 
— 
 
— 
 
— 
 
(1,308)  
— 
— 
 
— 
Other
 
— 
 
2 
 
— 
 
3 
 
— 
— 
 
— 
Balance, December 31, 2022
$ 
1,466 
$ 
3,546 
$ 
(1) $ (25,128) $ 24,573 
$ 
(4,055) 
$ 
405 
Net income
 
— 
 
— 
 
— 
 
— 
 
2,300 
— 
 
155 
Other comprehensive income (loss), net 
of tax
 
— 
 
— 
 
— 
 
— 
 
— 
 
117 
 
(42) 
Dividends ($1.91)per share
 
— 
 
— 
 
— 
 
— 
 
(1,584) 
— 
 
(170) 
Stoc?-based compensation expense
 
— 
122
 
— 
 
— 
 
— 
— 
 
— 
Shares issued for stoc? options
 
— 
 
170 
 
— 
 
212 
 
— 
— 
 
— 
Shares issued for restricted stoc? awards  
— 
 
(34)  
— 
 
34 
 
— 
— 
 
— 
,reasury stoc? acEuired
 
— 
 
— 
 
— 
 
(1,128)  
— 
— 
 
— 
Other
 
— 
 
4 
1 
 
(7)  
— 
1 
 
— 
Balance, December 31, 2023
$ 
1,466 
$ 
3,808 
$ 
— 
$ (26,017) $ 25,289 
$ 
(3,937) 
$ 
348 
Net income
 
— 
 
— 
 
— 
 
— 
 
2,889 
— 
 
160 
Other comprehensive income (loss), net 
of tax
 
— 
 
— 
 
— 
 
— 
 
— 
 
(284) 
(8) 
Dividends ($2.48)per share
 
— 
 
— 
 
— 
 
— 
 
(2,034) 
— 
 
(168) 
Stoc?-based compensation expense
 
— 
 
135 
 
— 
 
— 
 
— 
— 
 
— 
Shares issued for stoc? options
 
— 
 
284 
 
— 
 
354 
 
— 
— 
 
— 
Shares issued for restricted stoc? awards  
— 
 
(52)  
— 
 
52 
 
— 
— 
 
— 
,reasury stoc? acEuired
 
— 
 
— 
 
— 
 
(1,739)  
— 
— 
 
— 
Other
 
— 
 
6 
 
— 
 
(8)  
1 
(1) 
 
— 
alan3e e3e=2er 
 	
 


 
 



 
 
L 
   

 
 

 
 
 
 ive dividends were declared in 2024. our dividends were declared in 2023 and 2022.
See Notes to Consolidated inancial Statements.
75

O ($ !O * O!$"-
onsoli4ate4 'tate=ents of as8 loGs 
or t8e Iears en4e4 e3e=2er 

(Dollars in Millions)
	
2023
2022
Operatin7 3tiFities
Net income including noncontrolling interests
 
	
 
$ 
2,455 
$ 
1,967 
Ad>ustments to reconcile net income including noncontrolling interests to net cash 
provided by operations
Depreciation and amortiNation
	 
567 
545 
ERISA litigation matter
L 
267 
— 
Restructuring and termination benefits, net of cash

 
(23) 
49 
Stoc?-based compensation expense

 
122 
125 
Gain on the sale of land
L 
— 
(47) 
Goodwill and intangible assets impairment charges
L 
— 
721 
Deferred income taxes
 
(98) 
(78) 
Cash effects of changes in
Receivables
 
(37) 
(227) 
Inventories

		 
194 
(333) 
Accounts payable and other accruals

 
309 
(115) 
Other non-current assets and liabilities

 
(11) 
(51) 
Net cash provided by operations
 


	 
 
3,745 
 
2,556 
nFestin7 3tiFities
Capital expenditures

 
(705) 
(696) 
Purchases of mar?etable securities and investments

 
(506) 
(470) 
Proceeds from sale of mar?etable securities and investments

 
502 
322 
Payment for acEuisitions, net of cash acEuired
L 
— 
(809) 
Proceeds from the sale of land
L 
— 
47 
Other investing activities
 
(33) 
5 
Net cash used in investing activities

 
(742)  
(1,601) 
inan3in7 3tiFities
Short-term borrowing (repayment) less than 90 days, net
 
(906) 
540 
Principal payments on debt
	 
(903) 
(406) 
Proceeds from issuance of debt
 
 
1,495 
 
1,513 
Dividends paid
 

  
(1,749)  
(1,691) 
Purchases of treasury shares
 

  
(1,128)  
(1,308) 
Proceeds from exercise of stoc? options
 
380 
418 
Other financing activities

 
18 
(18) 
Net cash used in financing activities
 
  
(2,793) 
(952) 
Effect of exchange rate changes on Cash and cash eEuivalents

 
(19) 
(60) 
Net increase (decrease) in Cash and cash eEuivalents

	 
191 
(57) 
Cash and cash eEuivalents at beginning of year
 
775 
832 
Cash and cash eEuivalents at end of year
 

	 
$ 
966 
$ 
775 
'upple=ental as8 loG nfor=ation
Income taxes paid
 
 
$ 
937 
$ 
945 
Interest paid
 
	 
$ 
280 
$ 
151 
See Notes to Consolidated inancial Statements.
76

  
 
"ature of Operations
,he Company manufactures and mar?ets a wide variety of products in the -.S. and around the world in two product 
segments Oral, Personal and  ome Care and Pet Nutrition. Oral, Personal and  ome Care products include toothpaste, 
toothbrushes, mouthwash, bar and liEuid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, 
s?in health products, dishwashing detergents, fabric conditioners, household cleaners and other similar items. ,hese 
products are sold primarily to a variety of retailers, wholesalers, distributors, dentists and, in some geographies, s?in health 
professionals. Pet Nutrition products include specialty pet nutrition products manufactured and mar?eted by  illXs Pet 
Nutrition. ,he principal customers for Pet Nutrition products are authoriNed pet supply retailers, veterinarians and 
eCommerce retailers. Some of our products are also sold direct-to-consumer. Principal global and regional trademar?s 
include Colgate, Palmolive, Darlie, elmex, hello, meridol, Sorriso, ,omXs of Maine, EltaMD, ilorga, Irish Spring, $ady 
Speed Stic?, PCA S#IN, Protex, Sanex, Softsoap, Speed Stic?, A>ax, Axion, abuloso, Murphy, Soupline and Suavitel, as 
well as  illXs Science Diet and  illXs Prescription Diet.
,he CompanyXs principal classes of products accounted for the following percentages of worldwide Net sales for the 
past three years
  
2024
2023
2022
Oral Care
 43 %
 42 %
 43 %
Personal Care
 18 %
 19 %
 19 %
 ome Care
 17 %
 17 %
 17 %
Pet Nutrition
 22 %
 22 %
 21 %
,otal
 100 %
 100 %
 100 %
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 
(Dollars in Millions Except Share and Per Share Amounts)
77

2. 
Summary of Significant Accounting Policies
Principles of Consolidation
The Consolidated Financial Statements include the accounts of Colgate-Palmolive Company and its majority-owned or 
controlled subsidiaries. Intercompany transactions and balances have been eliminated. The Company’s investments in 
consumer products companies with interests ranging between 20% and 50%, where the Company has significant influence 
over the investee, are accounted for using the equity method. Net income (loss) from such investments is recorded in Other 
(income) expense, net in the Consolidated Statements of Income. As of December 31, 2024 and 2023, equity method 
investments included in Other assets in the Consolidated Balance Sheets were $81 and $83, respectively. Unrelated third 
parties hold the remaining ownership interests in these investments. Investments with less than a 20% interest are recorded 
at cost and periodically adjusted based on observable price changes or quoted market prices in active markets, if applicable. 
Use of Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United 
States of America requires management to use judgment and make estimates that affect the reported amounts of assets and 
liabilities and disclosure of contingent gains and losses at the date of the financial statements and the reported amounts of 
revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the 
length of time until the underlying transactions are completed. As such, the most significant uncertainty in the Company’s 
assumptions and estimates involved in preparing the financial statements includes pension and other retiree benefit cost 
assumptions, stock-based compensation, asset impairments, uncertain tax positions, tax valuation allowances and legal and 
other contingency reserves. Additionally, the Company uses available market information and other valuation 
methodologies in assessing the fair value of financial instruments and retirement plan assets. Judgment is required in 
interpreting market data to develop the estimates of fair value and, accordingly, changes in assumptions or the estimation 
methodologies may affect the fair value estimates. Actual results could ultimately differ from those estimates.
Revenue Recognition
The Company’s revenue contracts represent a single performance obligation to sell its products to trade customers. 
Sales are recorded at the time control of the products is transferred to trade customers, in an amount that reflects the 
consideration the Company expects to be entitled to in exchange for the products. Control is the ability of trade customers 
to “direct the use of” and “obtain the benefit from” our products. In evaluating the timing of the transfer of control of 
products to trade customers, the Company considers several control indicators, including significant risks and rewards of 
products, the Company’s right to payment and the legal title of the products. Based on the assessment of control indicators, 
sales are generally recognized when products are delivered to trade customers.
Net sales reflect the transaction prices for contracts, which include units shipped at selling list prices reduced by 
variable consideration. Variable consideration includes expected sales returns and the cost of current and continuing 
promotional programs. Current promotional programs primarily include product listing allowances and co-operative 
advertising arrangements. Continuing promotional programs are predominantly consumer coupons and volume-based sales 
incentive arrangements. The cost of promotional programs is estimated using the expected value method considering all 
reasonably available information, including the Company’s historical experience and its current expectations, and is 
reflected in the transaction price when sales are recorded. Adjustments to the cost of promotional programs in subsequent 
periods are generally not material, as the Company’s promotional programs are typically of short duration, thereby 
reducing the uncertainty inherent in such estimates. 
Sales returns are generally accepted at the Company’s discretion and are not material to the Company’s Consolidated 
Financial Statements. The Company’s contracts with trade customers do not have significant financing components or non-
cash consideration and the Company does not have unbilled revenue or significant amounts of prepayments from 
customers. The Company records Net sales excluding taxes collected on its sales to its trade customers. Shipping and 
handling activities are accounted for as contract fulfillment costs and classified as Selling, general and administrative 
expenses.
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
78

Shipping and Handling Costs
Shipping and handling costs (also referred to as logistics costs) are classified as Selling, general and administrative 
expenses and were $1,777, $1,771 and $1,874 for the years ended December 31, 2024, 2023 and 2022, respectively.
Marketing Costs
The Company markets its products through advertising and other promotional activities. Advertising costs are included 
in Selling, general and administrative expenses and are expensed as incurred. Certain consumer and trade promotional 
programs, such as consumer coupons, are recorded as a reduction of sales.
Cash and Cash Equivalents
The Company considers all highly liquid investments with original maturities of three months or less at the time of 
purchase to be cash equivalents.
Inventories
The cost of approximately 75% of inventories is determined using the FIFO method, which is stated at the lower of 
cost or net realizable value. The cost of the remaining inventories, in the U.S. and Mexico, is determined using the LIFO 
method, which is stated at the lower of cost or market. Inventories in excess of one year of forecasted sales are classified in 
the Consolidated Balance Sheets as non-current “Other assets.”
Property, Plant and Equipment
Land, buildings and machinery and equipment are stated at cost. Depreciation is provided, primarily using the straight-
line method, over the estimated useful lives ranging from 3 to 15 years for machinery and equipment and up to 40 years for 
buildings. Depreciation attributable to manufacturing operations is included in Cost of sales. The remaining component of 
depreciation is included in Selling, general and administrative expenses.
Goodwill and Other Intangibles
Goodwill and indefinite-life intangible assets, such as the Company’s global brands, are subject to impairment tests at 
least annually or when events or changes in circumstances indicate that an asset may be impaired. In assessing impairment, 
the Company performs either a quantitative or a qualitative analysis. 
Determining the fair value of the Company’s reporting units for goodwill and the fair value of its intangible assets 
requires significant estimates and judgments by management. When a quantitative analysis is performed, the Company 
generally uses the income approach, which requires several estimates, including future cash flows consistent with 
management’s strategic plans, sales growth rates and the selection of royalty rates and discount rates. The Company 
generally engages a third-party valuation firm to assist in determining the fair value of intangible assets acquired in 
business combinations. 
As a result of a reporting structure realignment, the Company reallocated the goodwill of a certain reporting unit from 
the Europe segment to the North America segment. Before and after the reporting structure realignment, the Company 
completed an assessment indicating no goodwill impairment was required. Refer to Note 13, Segment Information for 
additional information.
Other intangible assets with finite lives, such as local brands and trademarks, customer relationships and non-compete 
agreements, are amortized over their estimated useful lives, generally ranging from 5 to 40 years. Amortization expense 
related to intangible assets is included in Other (income) expense, net, which is included in Operating profit.
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
79

Income Taxes
The provision for income taxes is determined using the asset and liability method. Under this method, deferred tax 
assets and liabilities are recognized based upon the differences between the financial statement and tax bases of assets and 
liabilities using enacted tax rates that will be in effect at the time such differences are expected to reverse. Deferred tax 
assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some 
portion or all of the deferred tax assets will not be realized. 
The Company uses a comprehensive model to recognize, measure, present and disclose in its financial statements 
uncertain tax positions that the Company has taken or expects to take on an income tax return. The Company recognizes 
interest expense and penalties related to unrecognized tax benefits within Provision for income taxes.
Financial Instruments
Derivative instruments are recorded as assets and liabilities at estimated fair value based on available market 
information. The Company’s derivative instruments that qualify for hedge accounting are designated as either fair value 
hedges, cash flow hedges or net investment hedges. For fair value hedges, changes in the fair value of the derivative, as 
well as the offsetting changes in the fair value of the hedged item, are recognized in earnings each period. For cash flow 
hedges, changes in the fair value of the derivative are recorded in Other comprehensive income (loss) and are recognized in 
earnings when the offsetting effect of the hedged item is also recognized in earnings. For hedges of the net investment in 
foreign subsidiaries, changes in the fair value of the derivative are recorded in Other comprehensive income (loss) to offset 
the change in the value of the net investment being hedged. Cash flows related to hedges are classified in the same category 
as the cash flows from the hedged item in the Consolidated Statements of Cash Flows.
The Company may also enter into certain foreign currency and interest rate instruments that economically hedge 
certain of its risks but do not qualify for hedge accounting. Changes in fair value of these derivative instruments, based on 
quoted market prices, are recognized in earnings each period. The Company’s derivative instruments and other financial 
instruments are more fully described in Note 6, Fair Value Measurements and Financial Instruments along with the related 
fair value measurement considerations.
Stock-Based Compensation
The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as 
stock options and restricted stock units (both performance-based and time-vested), based on the fair value of those awards 
at the date of grant over the requisite service period. The Company uses the Black-Scholes-Merton (“Black-Scholes”) 
option pricing model to estimate the fair value of stock option awards. In addition to performance conditions, performance-
based restricted stock units also include a total shareholder return modifier. Because the total shareholder return modifier is 
considered a market condition, the Company uses a Monte-Carlo simulation model to determine the fair value of 
performance-based restricted stock units. The fair value of time-vested restricted stock units is determined based on the 
closing market price of the Company’s stock at the date of grant. Stock-based compensation plans, related expenses and 
assumptions used in the Black-Scholes option pricing model are more fully described in Note 7, Capital Stock and Stock-
Based Compensation Plans.
Currency Translation
The assets and liabilities of foreign subsidiaries, other than those operating in highly inflationary environments, are 
translated into U.S. dollars at year-end exchange rates with resulting translation gains and losses accumulated in a separate 
component of shareholders’ equity. Income and expense items are translated into U.S. dollars at average rates of exchange 
prevailing during the year.
For subsidiaries operating in highly inflationary environments, local currency-denominated non-monetary assets, 
including inventories, goodwill and property, plant and equipment, are remeasured at their historical exchange rates, while 
local currency-denominated monetary assets and liabilities are remeasured at year-end exchange rates. Remeasurement 
adjustments for these operations are included in Net income attributable to Colgate-Palmolive Company. 
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
80

Recent Accounting Pronouncements and Disclosure Rules
In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update 
(“ASU”) No. 2024-04, “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of 
Convertible Debt Instruments.” This ASU clarifies the requirements for determining whether certain settlements of 
convertible debt instruments should be accounted for as induced conversions. This guidance is effective for the Company 
for fiscal years beginning after December 15, 2025 and is not expected to have an impact on the Company’s Consolidated 
Financial Statements.
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—
Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU 
requires additional disclosures related to the disaggregation of income statement expense categories. This guidance is 
effective for the Company for fiscal years beginning after December 15, 2026, and interim periods within fiscal years 
beginning after December 15, 2027. Other than the new disclosure requirements, this guidance will not have an impact on 
the Company’s Consolidated Financial Statements. 
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. Other than the new disclosure requirements, this guidance will not have an impact on the 
Company’s Consolidated Financial Statements. 
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax 
Disclosures.” This ASU improves the transparency of income tax disclosure 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. Other than the new disclosure 
requirements, this guidance will not have an 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. The Company adopted this guidance in 
2024. See Note 13, Segment Information for additional information.
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. Other than the new disclosure requirements, this guidance will not 
have an 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.
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
81

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 15, Supplier Finance Programs for additional information.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation. 
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
82

 
Restru3turin7 an4 Relate4 =ple=entation 8ar7es 
On "anuary 27, 2022, the Board approved a targeted productivity program (the V2022 Global Productivity InitiativeW). 
All initiatives have been implemented and the program concluded on December 31, 2024. ,he 2022 Global Productivity 
Initiative resulted in the reallocation of resources towards the CompanyXs strategic priorities and faster growth businesses, 
efficiencies in the CompanyXs operations and the streamlining of its supply chain to reduce structural costs.
Over the course of the 2022 Global Productivity Initiative, the Company incurred total pretax charges of $228 ($186
aftertax) in connection with the implementation of various pro>ects as follows
,otal Program Charges
as of December 31, 2024
Employee-Related Costs
$ 
175 
Incremental Depreciation
13 
Asset Impairments
1 
Other
39 
,otal
$ 
228 
,otal pretax charges resulting from the 2022 Global Productivity Initiative were 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. Over the course of the 2022 Global Productivity Initiative, approximately 80% of the charges resulted in cash 
expenditures. 
or the twelve months ended December 31, 2024 and December 31, 2023, charges resulting from the 2022 Global 
Productivity Initiative are reflected in the income statement as follows
,welve Months Ended December 31,
2024
2023
Gross Profit
$ 
20 
$ 
1 
Selling, general and administrative expenses
6 
2 
Other (income) expense, net
59 
24 
Non-service related postretirement costs
— 
5 
,otal 2022 Global Productivity Initiative charges, pretax
$ 
85 
$ 
32 
,otal 2022 Global Productivity Initiative charges, aftertax
$ 
73 
$ 
25 
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.  
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
83

,otal charges incurred for the 2022 Global Productivity Initiative relate to initiatives underta?en by the following 
reportable operating segments
,welve Months Ended December 31,
,otal Program Charges
2024
2023
North America(1)
3 %
 15 %
 9 %
$atin America 
 — %
 — %
 9 %
Europe(1)
 89 %
 19 %
 44 %
Asia Pacific
 — %
 20 %
 7 %
AfricaEurasia
 — %
 5 %
 6 %
 ills Pet Nutrition
 6 %
 23 %
 11 %
Corporate
 2 %
 18 %
 14 %
,otal
 100 %
 100 %
 100 %
(1) ,he Company has recast its historical geographic segment information to conform to the reporting structure effective as of "uly 1, 
2024. See Note 13, Segment Information for additional details.
,he following table summariNes the activity for the restructuring and related implementation charges discussed above 
and the related accruals
,welve Months Ended December 31,
Employee-Related
Costs 
Incremental
Depreciation 
Asset
Impairments
Other
,otal
Balance at December 31, 2022
$ 
30 $ 
— $ 
1 $ 
3 $ 
34 
Charges
24  
—  
— 
8  
32 
Cash Payments
(45)  
—  
—  
(10)  
(55) 
Charges against assets
(5)  
—  
(1)  
—  
(6) 
oreign exchange
6  
—  
—  
— 
6 
Balance at December 31, 2023
$ 
10 $ 
— $ 
— $ 
1 $ 
11 
Charges 
49  
13  
—  
23  
85 
Cash Payments 
(20)  
—  
—  
(14)  
(34) 
Charges against assets
—  
(13)  
—  
—  
(13) 
oreign exchange
(5)  
—  
—  
—  
(5) 
Balance at December 31, 2024
$ 
34 $ 
— $ 
— $ 
10 $ 
44 
Employee-Related Costs primarily include severance and other termination benefits and are calculated based on long-
standing benefit practices, written severance policies, local statutory reEuirements 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. 
Incremental Depreciation is recorded to reflect changes in useful lives and estimated residual values for long-lived 
assets that will be ta?en 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 realiNed. 
Charges against assets within Asset Impairments are net of cash proceeds pertaining to the sale of certain assets, as 
applicable.
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
84



oo4Gill an4 Ot8er ntan7i2le ssets
,he changes in net carrying value of Goodwill by segment for the years ended December 31, 2024 and 2023 were as 
follows
2023
  
Beginning Balance
oreign currency 
translation
Ending Balance
Oral, Personal and  ome Care
North America
$ 
906 $ 
2 $ 
908 
$atin America
168 
11 
179 
Europe
1,504 
67 
1,571 
Asia Pacific
179 
— 
179 
AfricaEurasia
107 
(19) 
88 
,otal Oral, Personal and  ome Care
2,864 
61 
2,925 
Pet Nutrition
488 
(3) 
485 
,otal Goodwill
$ 
3,352 $ 
58 $ 
3,410 
2024
  
Beginning 
Balance
Reallocation (1)
oreign currency 
translation
Ending Balance
Oral, Personal and  ome Care
North America
$ 
908 $ 
223 $ 
(23) $ 
1,108 
$atin America
179 
— 
(34) 
145 
Europe
 
1,571 
(223) 
(67)  
1,281 
Asia Pacific
179 
— 
(1) 
178 
AfricaEurasia
88 
— 
(10) 
78 
,otal Oral, Personal and  ome Care
 
2,925 
— 
(135)  
2,790 
Pet Nutrition
485 
— 
(3) 
482 
,otal Goodwill
$ 
3,410 $ 
— $ 
(138) $ 
3,272 
(1) As a result of a reporting structure realignment, the Company reallocated the goodwill of a certain reporting unit from the Europe 
segment to the North America segment. Before and after the reallocation of the goodwill, the Company completed an assessment 
indicating no goodwill impairment was reEuired as a result of this segment reporting structure realignment. Refer to Note 13, Segment 
Information for additional information.
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
85

Other intangible assets as of December 31, 2024 and 2023 were comprised of the following
  
2024
2023
  
Gross 
Carrying 
Amount
Accumulated 
AmortiNation
Net
Gross 
Carrying 
Amount
Accumulated 
AmortiNation
Net
,rademar?s - finite life
$ 
1,135 $ 
(545) $ 
590 $ 
1,167 $ 
(519) $ 
648 
Other finite life intangible assets
 
603  
(385)  
218  
624  
(363)  
261 
Indefinite life intangible assets
 
948  
—  
948  
978  
—  
978 
,otal Other intangible assets
$ 
2,686 $ 
(930) $ 1,756 $ 
2,769 $ 
(882) $ 
1,887 
,he change in the net carrying amounts of Other intangible assets during 2024 was due to foreign currency translation 
and amortiNation expense of $75. Annual estimated amortiNation expense for each of the next five years is expected to be 
approximately $68. In 2023, the Company re-characteriNed a certain trademar? from an indefinite to a finite life intangible 
asset based on an assessment of certain macroeconomic conditions, historical performance and demand. ,he carrying value 
of this trademar? as of December 31, 2024 is $234 and is being amortiNed over its estimated remaining useful life of 24 
years.
As of the date of the annual impairment test of indefinite-lived intangible assets, the fair value of one of the 
CompanyXs indefinite-lived trademar? intangible assets exceeded its carrying value by less than 20%. ,he carrying value of 
this trademar? is $293 as of December 31, 2024.  
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 managements current estimates which could potentially result in 
impairment charges in future periods. 
 
 on7(er= e2t an4 re4it a3ilities
$ong-term debt consisted of the following at December 31
  
/eighted 
Average 
Interest Rate
Maturities
2024
2023
Notes
3.0%
2025 - 2078
$ 6,946 $ 7,580 
Commercial paper
3.0%
2025
 
936  
606 
inance $ease Obligations
.arious
 
59  
53 
 
7,941  
8,239 
$ess Current portion of long-term debt
 
(652)  
(20) 
,otal
$ 7,289 $ 8,219 
Debt payable within one year consisted of the following at December 31
  
2024
2023
Notes and loans payable
$ 
8 $ 
310 
Current portion of long-term debt
 
652  
20 
Debt payable within one year 
$ 
660 $ 
330 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
86

,he Company classifies commercial paper as long-term debt when it has the intent and ability to refinance such 
obligations on a long-term basis. Excluding commercial paper, scheduled maturities of long-term debt and finance leases 
outstanding as of December 31, 2024, were as follows 
1ears Ended December 31,
2025
$ 
652 
2026
 
1,035 
2027
509 
2028
612 
2029
519 
,hereafter
 
3,678 
,otal
$ 
7,005 
,he CompanyXs debt issuances and redemptions support its capital structure strategy ob>ectives of funding its business 
and growth initiatives while minimiNing its ris?-ad>usted cost of capital. During the year ended December 31, 2024, the 
Company redeemed at maturity $500 of ten-year Medium-,erm Notes with a fixed coupon of 3.25%. ,he redemption was 
financed with commercial paper borrowings. In March 2023, the Company issued $500 of three-year Senior Notes at a 
fixed coupon rate of 4.800%, $500 of five-year Senior Notes at a fixed coupon rate of 4.600% and $500 of ten-year Senior 
Notes at a fixed coupon rate of 4.600%. 
At December 31, 2024, the Company had access to unused domestic and foreign lines of credit of $3,725 (including 
under the facility discussed below) and could also issue long-term debt pursuant to an effective shelf registration statement. 
In November 2022, the Company entered into an amended and restated $3,000 five-year revolving credit facility with a 
syndicate of ban?s for a five-year term expiring November 2027, which replaced, on substantially similar terms, the 
CompanyXs $3,000 revolving credit facility that was scheduled to expire in August 2026. In November 2023, the Company 
extended the term of the credit facility for an additional year, expiring in November 2028. In November 2024, the 
Company further extended the term of the credit facility for an additional year, expiring in November 2029. Commitment 
fees related to the credit facility are not material. 
Certain agreements with respect to the CompanyXs ban? borrowings contain financial and other covenants as well as 
cross-default provisions. Noncompliance with these reEuirements could ultimately result in the acceleration of amounts 
owed. ,he Company is in full compliance with all such reEuirements. 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
87

6. 
Fair Value Measurements and Financial Instruments 
The Company uses available market information and other valuation methodologies in assessing the fair value of 
financial instruments. Judgment is required in interpreting market data to develop the estimates of fair value and, 
accordingly, changes in assumptions or the estimation methodologies may affect the fair value estimates. The Company is 
exposed to the risk of credit loss in the event of nonperformance by counterparties to financial instrument contracts; 
however, nonperformance is considered unlikely and any nonperformance is unlikely to be material, as it is the Company’s 
policy to contract only with diverse, credit-worthy counterparties based upon both strong credit ratings and other credit 
considerations.
The Company is exposed to market risk from foreign currency exchange rates, interest rates and commodity price 
fluctuations. Volatility relating to these exposures is managed on a global basis by utilizing a number of techniques, 
including working capital management, sourcing strategies, selling price increases, selective borrowings in local currencies 
and entering into selective derivative instrument transactions, issued with standard features, in accordance with the 
Company’s treasury and risk management policies, which prohibit the use of derivatives for speculative purposes and 
leveraged derivatives for any purpose. It is the Company’s policy to enter into derivative instrument contracts with terms 
that match the underlying exposure being hedged. Provided below are details of the Company’s exposures by type of risk 
and derivative instruments by type of hedge designation.
Valuation Considerations
The Company’s derivative instruments include foreign currency contracts and commodity contracts. The fair value of 
these instruments are classified as follows:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions.
Foreign Exchange Risk
As the Company markets its products in over 200 countries and territories, it is exposed to currency fluctuations 
related to manufacturing and selling its products in currencies other than the U.S. dollar. The Company manages its foreign 
currency exposures through a combination of cost containment measures, sourcing strategies, selling price increases and 
the hedging of certain costs in an effort to minimize the impact on earnings of foreign currency rate movements.
The Company primarily utilizes foreign currency contracts, including forward and swap contracts, option contracts, 
foreign and local currency deposits and local currency borrowings to hedge portions of its foreign currency purchases, 
assets and liabilities arising in the normal course of business and the net investment in certain foreign subsidiaries. The 
duration of foreign currency contracts generally does not exceed 12 months and the contracts are valued using observable 
market rates (Level 2 valuation).
Interest Rate Risk
The Company manages its targeted mix of fixed and floating rate debt with debt issuances and by entering into interest 
rate swaps in order to mitigate fluctuations in earnings and cash flows that may result from interest rate volatility. The 
Company utilizes forward-starting interest rate swaps to mitigate the risk of variability in interest rates for future debt 
issuances. The notional amount, interest payment and maturity date of the swaps generally match the principal, interest 
payment and maturity date of the related debt, and the swaps are valued using observable benchmark rates (Level 2 
valuation).
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
88

Commodit/ Price is"
,he Company is exposed to price volatility related to raw materials used in production, such as resins, essential oils, 
tropical oils, pulp, tallow, corn, poultry and soybeans. ,he Company manages its raw material exposures through a 
combination of cost containment measures, sourcing strategies, ongoing productivity initiatives and the limited use of 
commodity hedging contracts. utures contracts are used on a limited basis, primarily in the  illXs Pet Nutrition segment, 
to manage volatility related to raw material inventory purchases of certain traded commodities, and these contracts are 
measured using Euoted commodity exchange prices ($evel 1 valuation). ,he duration of the commodity contracts generally 
does not exceed 12 months.
Credit is"
,he Company is exposed to the ris? of credit loss in the event of nonperformance by counterparties to financial 
instrument contracts however, nonperformance is considered unli?ely and any nonperformance is unli?ely to be material 
as it is the CompanyXs policy to contract with diverse, credit-worthy counterparties based upon both strong credit ratings 
and other credit considerations. 
,he following table summariNes the fair value of the CompanyXs derivative instruments and other financial instruments 
which are carried at fair value in the CompanyXs Consolidated Balance Sheets as of December 31, 2024 and 2023
Assets
$iabilities
Account
air .alue
Account
air .alue
esi7nate4 4eriFatiFe 
instru=ents
December 
31, 2024
December 
31, 2023
December 
31, 2024
December 
31, 2023
oreign currency contracts
Other current assets
 
33  
19 Other accruals
 
22  
25 
Commodity contracts
Other current assets
 
—  
— Other accruals
 
1  
1 
(otal 4esi7nate4
$ 
33 $ 
19 
$ 
23 $ 
26 
Ot8er finan3ial instru=ents
Mar?etable securities
Other current assets
 
160  
179 
(otal ot8er finan3ial 
instru=ents
$ 
160 $ 
179 
,he carrying amount of cash, cash eEuivalents, accounts receivable and short-term debt approximated fair value as of 
December 31, 2024 and 2023. ,he estimated fair value of the CompanyXs long-term debt, including the current portion, as 
of December 31, 2024 and 2023, was $7,433 and $7,862, respectively, and the related carrying value was $7,941 and 
$8,239, respectively. ,he estimated fair value of long-term debt was derived principally from Euoted prices on the 
CompanyXs outstanding fixed-term notes ($evel 2 valuation).
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
89

,he following tables present the notional values as of
e3e=2er 
 	
oreign
Currency
Contracts
oreign 
Currency Debt
Commodity 
Contracts
,otal
air .alue  edges 
$ 
1,669 $ 
— $ 
— $ 
1,669 
Cash low  edges 
 
1,023 
— 
18 
1,041 
Net Investment  edges
 
289  
3,750 
— 
4,039 
e3e=2er 
 	
oreign
Currency
Contracts
oreign 
Currency Debt
Commodity 
Contracts
,otal
air .alue  edges 
$ 
1,625 $ 
— $ 
— $ 
1,625 
Cash low  edges 
 
869 
— 
39 
908 
Net Investment  edges
 
280  
3,908 
— 
4,188 
,he amount of gain (loss) recogniNed in income associated with fair value hedges did not have a material impact on 
the CompanyXs Consolidated inancial Statements during the twelve months ended December 31, 2024.
,he amount of gain (loss) recogniNed in income and Accumulated Other Comprehensive Income (AOCI) associated 
with cash flow hedges did not have a material impact on the CompanyXs Consolidated inancial Statements during the 
twelve months ended December 31, 2024.
,he following table presents the amount of gain (loss) on net investment hedges recogniNed in the CompanyXs AOCI
Gain ($oss) RecogniNed in AOCI
,welve Months Ended December 31,
 edging instruments
2024
2023
oreign currency contracts
$ 
42 
$ 
(34) 
oreign currency debt
211 
(124)
(otal 7ain loss on net inFest=ent 8e47es
$ 
253 
$ 
(158) 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
90

 
apital 'to3; an4 'to3;ase4 o=pensation $lans
$referen3e 'to3;
,he Company has the authority to issue 50,262,150 shares of preference stoc?. 
'to3; Repur38ases
On March 10, 2022, the Board authoriNed the repurchase of shares of the CompanyXs common stoc? having an 
aggregate purchase price of up to $5 billion under a new share repurchase program, which replaced a previously authoriNed 
share repurchase program. ,he Board also has authoriNed share repurchases on an ongoing basis to fulfill certain 
reEuirements of the CompanyXs compensation and benefit programs. ,he shares are repurchased from time to time in open 
mar?et or privately negotiated transactions at the CompanyXs discretion, sub>ect to mar?et conditions, customary blac?out 
periods and other factors. ,he Company repurchased its common stoc? at a cost of $1,739 during 2024.
,he Company may use either authoriNed and unissued shares or treasury shares to meet share reEuirements resulting 
from the exercise of stoc? options and the vesting of restricted stoc? unit awards.
A summary of common stoc? and treasury stoc? activity for the three years ended December 31 is as follows
  
Common 
Stoc? 
Outstanding
,reasury 
Stoc?
alan3e anuarI 
 	
 840,480,284  625,226,076 
Common stoc? acEuired
 (17,060,788)  
17,060,788 
Shares issued for stoc? options
 
5,654,692  
(5,654,692) 
Shares issued for restricted stoc? units and other
 
1,138,418  
(1,138,418) 
alan3e e3e=2er 
 	
 830,212,606  635,493,754 
Common stoc? acEuired
 (14,735,909)  
14,735,909 
Shares issued for stoc? options
 
5,318,430  
(5,318,430) 
Shares issued for restricted stoc? units and other
 
617,642  
(617,642) 
alan3e e3e=2er 
 	
 821,412,769  644,293,591 
Common stoc? acEuired
 (18,321,422)  
18,321,422 
Shares issued for stoc? options
 
8,606,699  
(8,606,699) 
Shares issued for restricted stoc? units and other
 
876,652  
(876,652) 
alan3e e3e=2er 
 	
 812,574,698  653,131,662 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
91

'to3;ase4 o=pensation
,he Company recogniNes the cost of employee services received in exchange for awards of eEuity instruments, such as 
stoc? options and restricted stoc? units, based on the fair value of those awards at the date of grant. ,he fair value of 
restricted stoc? units, generally based on mar?et price, is amortiNed ratably over the reEuisite service period. ,he estimated 
fair value of stoc? options on the date of grant, based on the Blac?-Scholes value described below, is amortiNed on a 
straight-line basis over the reEuisite service period for each separately vesting portion of the award. ,he Company accounts 
for forfeitures as they occur. Awards to employees eligible for retirement prior to the award becoming fully vested are 
recogniNed as compensation cost from the grant date through the date that the employee first becomes eligible to retire and 
is no longer reEuired to provide service to earn the award.
,he Company has one incentive compensation plan pursuant to which it issues restricted stoc? units (both 
performance-based and time-vested) and stoc? options to employees and shares of common stoc? and stoc? options to non-
employee directors. ,he Personnel and OrganiNation Committee of the Board, which is comprised entirely of independent 
directors, administers the incentive compensation plan. ,he total stoc?-based compensation expense charged against pretax 
income for this plan was $135, $122 and $125 for the years ended December 31, 2024, 2023 and 2022, respectively. ,he 
total income tax benefit recogniNed on stoc?-based compensation, excluding excess tax benefits, was approximately $26, 
$22 and $25 for the years ended December 31, 2024, 2023 and 2022, respectively.
Stoc?-based compensation expense is recorded within Selling, general and administrative expenses in the Corporate 
segment as these amounts are not included in internal measures of segment operating performance.
,he Company uses the Blac?-Scholes option pricing model to estimate the fair value of stoc? option awards. ,he 
weighted-average fair value assumptions are summariNed in the following table
  
2024
2023
2022
Expected term of options
6 years
6 years
6 years
Expected volatility rate
 20.5 %
 19.8 %
 21.1 %
Ris?-free interest rate
 3.8 %
 4.3 %
 3.0 %
Expected dividend yield
 2.1 %
 2.5 %
 2.4 %
/eighted-average estimated fair value
$ 
22.65 
$ 
14.89 
$ 
14.71 
,he weighted-average expected term of options granted each year was determined with reference to historical exercise 
and post-vesting cancellation experience, the vesting period of the awards and the contractual term of the awards, among 
other factors. Expected volatility incorporates implied share-price volatility derived from exchange traded options on the 
CompanyXs common stoc?. ,he ris?-free interest rate for the expected term of the option is based on the yield of a Nero-
coupon -.S. ,reasury bond with a maturity period eEual to the optionXs expected term.
'to3; Options
,he Company issues non-Eualified stoc? options to non-employee directors, officers and other ?ey employees. Stoc? 
options have a contractual term of eight years and generally vest ratably over three years. As of December 31, 2024, 
approximately 19,248,078 shares of common stoc? were available for future stoc? option grants. 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
92

A summary of stoc? option activity during 2024 is presented below
  
Shares
(in thousands)
/eighted 
Average 
Exercise 
Price
/eighted 
Average 
Remaining 
Contractual $ife
(in years)
Intrinsic .alue 
of -nexercised 
In-the-Money 
Options
Options outstanding, "anuary 1, 2024
 
20,742 
$ 
75 
Granted
 
955 
 
106 
Exercised
 
(8,662) 
 
74 
orfeited
 
(240) 
 
76 
Expired
 
(21) 
 
73 
Options outstanding, December 31, 2024
 
12,774 
 
78 
5
$ 
176 
Options exercisable, December 31, 2024
 
9,265 
$ 
76 
4
$ 
136 
As of December 31, 2024, there was $12 of total unrecogniNed compensation expense related to unvested stoc? 
options, which will be recogniNed over a weighted-average period of 1.3 years. ,he total intrinsic value of options 
exercised during the years ended December 31, 2024, 2023 and 2022 was $150, $28 and $47, respectively.
,he benefits of tax deductions in excess of grant date fair value resulting from the exercise of stoc? options and 
vesting of restricted stoc? unit awards for the years ended December 31, 2024, 2023 and 2022 were $18, $4 and $2, 
respectively, and are recogniNed in the provision for income taxes as a discrete item in the Euarterly period in which they 
occur and classified as an operating cash flow. Cash proceeds received from options exercised for the years ended 
December 31, 2024, 2023 and 2022 were $638, $380 and $418, respectively.
$erfor=an3e2ase4 Restri3te4 'to3; )nits
-nder the CompanyXs long-term incentive compensation program, the Company grants officers and other ?ey 
employees a target number of unearned performance-based restricted stoc? units at the beginning of each three-year
performance cycle. Awards are earned and vest following the conclusion of the performance period on the basis of 
achievement of performance goals established at the commencement of each three-year performance period.
A summary of performance-based restricted stoc? unit activity for the year ended December 31, 2024 is presented 
below
  
Shares
(in thousands)
/eighted Average 
Grant Date air .alue 
Per Award
Performance-based restricted stoc? units as of "anuary 1, 2024
 
1,069 $ 
68 
Activity
Granted
 
321 
91 
.ested
 
(283) 
70 
orfeited
(89) 
72 
Change due to performance andor mar?et condition achievement
19 
57 
Performance-based restricted stoc? units as of December 31, 2024
 
1,037 $ 
74 
      As of December 31, 2024, there was $32 of total unrecogniNed compensation expense related to unvested 
performance-based restricted stoc? unit awards, which will be recogniNed ratably over the remaining performance period.
,he Company uses a Monte-Carlo simulation model to estimate the fair value of performance-based restricted stoc? 
units at the date of grant.
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
93

(i=e*este4 Restri3te4 'to3; )nits
,he Company also grants time-vested restricted stoc? unit awards. Awards either vest at the end of the restriction 
period, which is generally three years from the date of grant, or ratably over the restriction period. As of December 31, 
2024, approximately 7,324,623 shares of common stoc? were available for future restricted stoc? unit awards.
A summary of restricted stoc? unit activity during 2024 is presented below
  
Shares
(in thousands)
/eighted Average 
Grant Date air .alue 
Per Award
Restricted stoc? units as of "anuary 1, 2024
 
2,174 $ 
76 
Activity
Granted
 
854 
105 
.ested
 
(951) 
76 
orfeited
(90) 
77 
Restricted stoc? units as of December 31, 2024
 
1,987 $ 
88 
As of December 31, 2024, there was $68 of total unrecogniNed compensation expense related to unvested time-vested 
restricted stoc? unit awards, which will be recogniNed over a weighted-average period of 1.6 years. ,he total fair value of 
time-vested restricted stoc? units vested during the years ended December 31, 2024, 2023 and 2022 was $72, $45 and $40, 
respectively.
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
94

8.
Employee Stock Ownership Plan
In 1989, the Company expanded its Employee Stock Ownership Plan (“ESOP”) through the introduction of a 
leveraged ESOP that funds certain benefits for employees who have met eligibility requirements. As of December 31, 2024 
and 2023, there were 7,428,343 and 8,348,104 shares of common stock, respectively, outstanding and issued to the 
Company’s ESOP. 
During 2000, the ESOP entered into a loan agreement with the Company under which the benefits of the ESOP may 
be extended through 2035. As of December 31, 2024, the ESOP had no outstanding borrowings from the Company.
Dividends on stock held by the ESOP are paid to the ESOP trust and, together with cash contributions from the 
Company, are (a) used by the ESOP to repay principal and interest, (b) credited to participant accounts, (c) used for 
contributions to the Company’s defined contribution plans or (d) used to pay the Company’s defined contribution plan 
expenses. Stock is allocated to participants based upon the ratio of the current year’s debt service to the sum of total 
outstanding principal and interest payments over the life of the debt. As of December 31, 2024, 7,334,758 shares of 
common stock had been released and allocated to participant accounts and 93,585 shares of common stock were available 
for future release and allocation to participant accounts. 
Dividends on the stock used to repay principal and interest or credited to participant accounts are deductible for 
income tax purposes and, accordingly, are reflected net of their tax benefit in the Consolidated Statements of Changes in 
Shareholders’ Equity.
Annual expense related to the ESOP was $0 in 2024, 2023 and 2022. 
 The Company paid dividends on the shares held by the ESOP of $16 in 2024, $17 in 2023 and $19 in 2022. The 
Company did not make any contributions to the ESOP in 2024, 2023 or 2022.
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
95

9. 
Retirement Plans and Other Retiree Benefits
Retirement Plans
The Company and certain of its U.S. and foreign subsidiaries maintain defined benefit retirement plans. Benefits under 
these plans are based primarily on years of service and employees’ earnings.
In the U.S., effective January 1, 2014, the Company provides virtually all future retirement benefits through the 
Company’s defined contribution plan. As a result, service after December 31, 2013 is not considered for participants in the 
Company’s principal U.S. defined benefit retirement plan. Participants in the Company’s principal U.S. defined benefit 
retirement plan whose retirement benefit was determined under the cash balance formula continue to earn interest credits 
on their vested balances as of December 31, 2013 but no longer receive pay credits. Participants whose retirement benefit 
was determined under the final average earnings formula or career average earnings formula continue to have their accrued 
benefit adjusted for pay increases until termination of employment. 
In the 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 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 and depending on further developments in the litigation, may require a 
cash contribution by the Company in 2025. See Note 12, Commitments and Contingencies for additional information.
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
96

In the CompanyXs principal -.S. plans and certain funded foreign plans, funds are contributed to trusts in accordance 
with regulatory limits to provide for current service and for any unfunded pro>ected benefit obligation over a reasonable 
period. ,he target asset allocation for the CompanyXs defined benefit plans is as follows
  
-nited States
International
sset ate7orI
EEuity securities
 26 %
 17 %
ixed income securities
 60 %
 63 %
Other investments
 14 %
 20 %
,otal
 100 %
 100 %
At December 31, 2024, the allocation of the CompanyXs plan assets and the level of valuation input, as applicable, for 
each ma>or asset category were as follows
$evel of 
.aluation
Input
Pension Plans
  
-nited States
International
  
Cash and cash eEuivalents
$evel 1
$ 
226 $ 
21 
-.S. common stoc?s
$evel 1
 
1  
2 
International common stoc?s
$evel 1
 
—  
15 
Pooled funds(1)
$evel 1
 
35  
103 
ixed income securities(2)
$evel 2
 
624  
75 
Guaranteed investment contracts(3)
$evel 2
 
—  
30 
  
 
886  
246 
Investments valued using NA. per share(4)
  
Domestic, developed and emerging mar?ets eEuity funds
  
 
223  
28 
ixed income funds(5)
  
 
68  
222 
 edge funds(6)
  
 
—  
7 
Multi-asset funds(7)
  
 
157  
2 
Real estate funds(8)
 
—  
27 
  
 
448  
286 
Other assets and liabilities, net(9)
 
(39)  
5 
,otal Investments
$ 
1,295 $ 
537 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
97

At December 31, 2023, the allocation of the CompanyXs plan assets and the level of valuation input, as applicable, for 
each ma>or asset category were as follows
$evel of 
.aluation
Input
Pension Plans
  
-nited States
International
  
Cash and cash eEuivalents
$evel 1
$ 
206 $ 
14 
-.S. common stoc?s
$evel 1
 
—  
2 
International common stoc?s
$evel 1
 
—  
20 
Pooled funds(1)
$evel 1
 
20  
113 
ixed income securities(2)
$evel 2
 
710  
71 
Guaranteed investment contracts(3)
$evel 2
 
—  
34 
  
 
936  
254 
Investments valued using NA. per share(4)
  
Domestic, developed and emerging mar?ets eEuity funds
  
 
315  
55 
ixed income funds(5)
  
 
99  
219 
 edge funds(6)
  
 
—  
7 
Multi-asset funds(7)
  
 
40  
1 
Real estate funds(8)
 
—  
30 
 
454  
312 
Other assets and liabilities, net(9)
 
(30)  
— 
,otal Investments
  
$ 
1,360 $ 
566 
(1)
Pooled funds primarily invest in -.S. and foreign eEuity securities, debt and money mar?et securities. 
(2)
,he fixed income securities are traded over-the-counter and certain of these securities lac? daily pricing or liEuidity and as such are 
classified as $evel 2. As of December 31, 2024 and December 31, 2023, approximately 30% of the -.S. pension plan fixed income 
portfolio was invested in -.S. treasury or agency securities, with the remainder invested in other government bonds and corporate 
bonds.
(3)
,he guaranteed investment contracts (VGICsW) represent contracts with insurance companies measured at the cash surrender value
of each contract. ,he $evel 2 valuation reflects that the cash surrender value is based principally on a referenced pool of investment 
funds with active redemption.
(4)
Investments that are measured at fair value using net asset value (VNA.W) per share as a practical expedient have not been classified 
in the fair value hierarchy. ,he NA. is based on the value of the underlying investments owned, minus its liabilities, divided by the 
number of shares outstanding. ,here are no unfunded commitments related to these investments. Redemption notice period 
primarily ranges from 0-3 months and redemption freEuency windows range from daily to Euarterly.
(5)
ixed income funds primarily invest in -.S. government and investment grade corporate bonds.
(6)
Consists of investments in underlying hedge fund strategies that are primarily implemented through the use of long and short eEuity 
and fixed income securities and derivative instruments such as futures and options.
(7)
Multi-asset funds primarily invest across a variety of asset classes, including global stoc?s and bonds, as well as alternative 
strategies.
(8)
Real estate is valued using the NA. per unit of funds that are invested in real estate property. ,he investment value of the real 
estate property is determined Euarterly using independent mar?et appraisals as determined by the investment manager. 
(9)
,his category primarily includes unsettled trades for investments purchased and sold and interest receivables. 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
98

Equity securities in the U.S. defined benefit retirement plans did not include any investment in the Company’s 
common stock at either December 31, 2024 or December 31, 2023. No shares of the Company’s stock were purchased by 
the U.S. plans in 2024 or 2023. The plans received no dividends on the Company’s common stock in either 2024 or 2023.
Other Retiree Benefits
The Company and certain of its subsidiaries provide, to the extent not otherwise provided by government-sponsored 
plans, health and life insurance benefits or subsidies for retired employees who meet applicable eligibility requirements.
The Company uses a December 31 measurement date for its defined benefit and other retiree benefit plans. 
Summarized information for the Company’s defined benefit and other retiree benefit plans is as follows:
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
99

  
Pension Plans
Other Retiree 
Benefit Plans
2024
2023
2024
2023
2024
2023
  
-nited States
International
8an7e in enefit O2li7ations
Benefit obligations at beginning of year
$ 1,922 $ 1,673 $ 776 $ 675 $ 
665 $ 
658 
Service cost
 
1  
—  
16  
15  
7  
7 
Interest cost
 
99  
91  
33  
33  
36  
38 
ParticipantsX contributions
 
—  
—  
5  
5  
—  
— 
Plan amendments
 
—  
—  
—  
—  
—  
(33) 
Actuarial loss (gain)
 
(54)  
36  
(11)  
65  
(14)  
38 
oreign exchange impact
 
—  
—  
(40)  
29  
(8)  
4 
,ermination benefits
 
5  
3  
—  
2  
—  
— 
Curtailments and settlements
 
(1)  
—  
(18)  
(6)  
—  
— 
Benefit payments
 (141)  (148)  
(41)  
(42)  
(54)  
(47) 
ERISA litigation matter
 
—  
267  
—  
—  
—  
— 
Benefit obligations at end of year
$ 1,831 $ 1,922 $ 720 $ 776 $ 
632 $ 
665 
8an7e in $lan ssets
air value of plan assets at beginning of year
$ 1,360 $ 1,363 $ 566 $ 516 $ 
— $ 
— 
Actual return on plan assets
 
49  
115  
18  
26  
—  
— 
Company contributions
 
29  
30  
37  
39  
54  
47 
ParticipantsX contributions
 
—  
—  
5  
5  
—  
— 
oreign exchange impact
 
—  
—  
(31)  
27  
—  
— 
Settlements and acEuisitions
 
(2)  
—  
(17)  
(5)  
—  
— 
Benefit payments
 (141)  (148)  
(41)  
(42)  
(54)  
(47) 
air value of plan assets at end of year
$ 1,295 $ 1,360 $ 537 $ 566 $ 
— $ 
— 
un4e4 'tatus
Benefit obligations at end of year
$ 1,831 $ 1,922 $ 720 $ 776 $ 
632 $ 
665 
air value of plan assets at end of year
 1,295  1,360  
537  
566  
—  
— 
Net amount recogniNed
$ (536) $ (562) $ (183) $ (210) $ (632) $ 
(665) 
=ounts Re3o7niJe4 in alan3e '8eet
Noncurrent assets
$ 
1 $ 
1 $ 
47 $ 
48 $ 
— $ 
— 
Current liabilities
 
(27)  
(28)  
(15)  
(15)  
(51)  
(53) 
Noncurrent liabilities
 (510)  (535)  (215)  (243)  
(581)  
(612) 
Net amount recogniNed
$ (536) $ (562) $ (183) $ (210) $ (632) $ 
(665) 
=ounts Re3o7niJe4 in 33u=ulate4 Ot8er 
o=pre8ensiFe n3o=e  oss
Actuarial loss
$ 710 $ 767 $ 174 $ 177 $ 
109 $ 
128 
,ransitionprior service cost(credit)
 
—  
—  
8  
9  
(159)  
(180) 
  
$ 710 $ 767 $ 182 $ 186 $ 
(50) $ 
(52) 
Accumulated benefit obligation
$ 1,818 $ 1,907 $ 668 $ 719 $ 
— $ 
— 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
100

  
Pension Plans
Other Retiree 
Benefit Plans
  
2024
2023
2024
2023
2024
2023
  
-nited States
International
+ei78te4Fera7e ssu=ptions )se4 to eter=ine 
enefit O2li7ations
Discount rate
 5.73 %
 5.40 %
 4.69 %
 4.35 %
 5.74 %
 5.37 %
$ong-term rate of compensation increase
 3.50 %
 3.50 %
 3.36 %
 3.19 %
 — %
 — %
ESOP growth rate
 — %
 — %
 — %
 — %
 6.00 %
 6.00 %
Medical cost trend rate of increase
 — %
 — %
 — %
 — %
 7.00 %
 6.00 %
Interest Crediting Rate
 5.58 %
 4.99 %
 3.23 %
 1.13 %
 — %
 — %
,he actuarial gains recorded during 2024 for both the -.S. pension and Other retiree benefit plans were primarily a 
result of an increase in discount rates applied against future estimated benefit payments that resulted in a decrease in the 
benefit obligation for both the -.S. pension and Other retiree benefit plans. ,he actuarial losses recorded during 2023 for 
both the -.S. pension and Other retiree benefit plans were primarily a result of a decrease in discount rates applied against 
future estimated benefit payments that resulted in an increase in the benefit obligation for both the -.S. pension and Other 
retiree benefit plans.
,he overall investment ob>ective of the plans is to balance ris? and return so that obligations to employees are met. 
,he Company evaluates its expected long-term rate of return on plan assets on an annual basis. In determining the expected 
long-term rate of return, the Company considers the nature of the plansX investments and the historical rates of return. ,he 
assumed expected long-term rate of return on plan assets for -.S. pension plans was 6.50% as of December 31, 2024 and  
December 31, 2023. Average annual rates of return on plan assets for the -.S. pension plans for the most recent 1-year, 5-
year, 10-year, 15-year and 25-year periods were 5%, 2%, 4%, 6% and 5%, respectively. Similar assessments were 
performed in determining rates of return on international pension plan assets to arrive at the CompanyXs 2024 weighted-
average expected long-term rate of return on plan assets of 5.69%.
,he medical cost trend rate of increase assumed in measuring the expected cost of benefits is pro>ected to decrease 
from 7.00% in 2025 to 5.00% by 2030, remaining at 4.50% for the years thereafter.
Pension plans with pro>ected benefit obligations in excess of plan assets and plans with accumulated benefit 
obligations in excess of plan assets as of December 31 consisted of the following
  
2024
2023
enefit O2li7ation H3ee4s air *alue of $lan ssets
Pro>ected benefit obligation
$ 
2,251 $ 
2,352 
air value of plan assets
 
1,486  
1,532 
Accumulated benefit obligation
 
2,075  
2,204 
air value of plan assets
 
1,345  
1,428 
Other Retiree Benefit plans with accumulated postretirement benefit obligation in excess of plan assets as of December 
31 consisted of the following
  
2024
2023
enefit O2li7ation H3ee4s air *alue of $lan ssets
Accumulated postretirement benefit obligation
$ 
632 $ 
665 
air value of plan assets
 
—  
— 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
101

SummariNed information regarding the net periodic benefit costs for the CompanyXs defined benefit and other retiree 
benefit plans is as follows
  
Pension Plans
Other Retiree Benefit Plans
  
2024
2023
2022
2024
2023
2022
2024
2023
2022
  
-nited States
International
o=ponents of "et $erio4i3 
enefit ost
Service cost
$ 1 
$ — 
$ — 
$ 16 
$ 15 
$ 15 
$ 
7 
$ 
7 
$ 18 
Interest cost
 99 
 91 
 64 
 33 
 33 
 21 
 
36 
 
38 
 
36 
Expected return on plan assets
 (85) 
 (79) 
 (101) 
 (29) 
 (25) 
 (21) 
 
— 
 
— 
 
— 
AmortiNation of transition and 
prior service costs (credits)
 — 
 — 
 — 
 
1 
 
1 
 
1 
 (21) 
 
(20) 
 
(6) 
AmortiNation of actuarial loss
 39 
 43 
 46 
 
5 
 
5 
 
7 
 
4 
 
1 
 
14 
Net periodic benefit cost
$ 54 
$ 55 
$ 9 
$ 26 
$ 29 
$ 23 
$ 26 
$ 26 
$ 62 
Other postretirement charges
 
5 
 
3 
 13 
 — 
 
2 
 
4 
 
— 
 
— 
 
2 
ERISA litigation matter
 
— 
 267 
 — 
 — 
 — 
 — 
 
— 
 
— 
 
— 
,otal pension cost
$ 59 
$ 325 
$ 22 
$ 26 
$ 31 
$ 27 
$ 26 
$ 26 
$ 64 
+ei78te4Fera7e ssu=ptions 
)se4 to eter=ine "et $erio4i3 
enefit ost
Discount rate
 5.40 %  5.66 %  2.98 %
 4.61 %  4.75 %  2.10 %
 5.37 %
 5.67 %
 3.06 %
Expected long-term rate of return 
on plan assets
 6.50 %  6.25 %  5.70 %
 5.69 %  4.66 %  2.72 %
NA
NA
NA
$ong-term rate of compensation 
increase
 3.50 %  3.50 %  3.50 %
 3.24 %  3.22 %  2.89 %
 — %
 — %
 — %
ESOP growth rate
 — %
 — %
 — %
 — %
 — %
 — %
 6.00 %
 6.00 %
 6.00 %
Medical cost trend rate of increase
 — %
 — %
 — %
 — %
 — %
 — %
 6.00 %
 6.25 %
 6.00 %
Interest Crediting Rate
 4.99 %  5.21 %  2.82 %
 0.64 %  2.28 %  0.84 %
 — %
 — %
 — %
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
102

,he service related component of pension and other postretirement benefit costs is included in Operating profit. ,he 
non-service related components (interest cost, expected return on assets, amortiNation of transition and prior service costs 
and credits and amortiNation of actuarial gains and losses) are included in the line item VNon-service related postretirement 
costs,W which is below Operating profit.
,he Company made no voluntary contributions in 2024, 2023 and 2022.
Hpe3te4 ontri2utions an4 enefit $aI=ents
At present, the Company does not expect to ma?e any voluntary contributions to its -.S. postretirement plans for the 
year ending December 31, 2025. Actual funding may differ from current estimates depending on the variability of the 
mar?et value of the assets, changes in the benefit obligations and other mar?et or regulatory conditions.
Benefit payments expected to be paid from the CompanyXs assets to participants in unfunded plans are estimated to be 
approximately $95 for the year ending December 31, 2025. 
,otal benefit payments expected to be paid to participants in both funded and unfunded plans are estimated as follows
  
Pension Plans
1ears Ended December 31,
-nited States
International
Other Retiree 
Benefit Plans
,otal
2025
$ 
377 $ 
42 $ 
52 
471 
2026
 
143  
41 
54 
238 
2027
 
143  
43 
55 
241 
2028
 
142  
45 
55 
242 
2029
 
141  
46 
55 
242 
2030-2034
 
653  
247 
274  
1,174 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
103


	 
n3o=e (aHes
,he components of Income before income taxes are as follows for the years ended December 31
  
2024
2023
2022
-nited States
$ 
1,084 $ 
692 $ 
1,169 
International
 
2,872  
2,700  
1,491 
,otal Income before income taxes
$ 
3,956 $ 
3,392 $ 
2,660 
,he Provision for income taxes consists of the following for the years ended December 31
  
2024
2023
2022
-nited States
$ 
188 $ 
72 $ 
199 
International
 
719  
865  
494 
,otal Provision for income taxes
$ 
907 $ 
937 $ 
693 
,emporary differences between accounting for financial statement purposes and accounting for tax purposes result in 
the current provision for taxes being higher (lower) than the total provision for income taxes as follows
  
2024
2023
2022
Goodwill and intangible assets
$ 
3 $ 
1 $ 
106 
Property, plant and eEuipment
 
12  
(13)  
2 
Pension and other retiree benefits
 
(6)  
68  
(1) 
Stoc?-based compensation
 
(14)  
2  
(3) 
Right-of-use assetslease liabilities
 
2  
1  
(5) 
,ax credits and tax loss carryforwards, net of valuation allowance
 
37  
29  
8 
Deferred withholding tax
 
(14)  
7  
8 
Research and Experimentation CapitaliNation
 
21  
29  
58 
Other, net
 
(8)  
11  
(10) 
,otal deferred tax benefit (provision)
$ 
33 $ 
135 $ 
163 
,he difference between the statutory -.S. federal income tax rate and the CompanyXs global effective tax rate as 
reflected in the Consolidated Statements of Income is as follows
2024
2023
2022
Percentage of Income before income taxes
,ax at -nited States statutory rate
 21.0 %
 21.0 %
 21.0 %
State income taxes, net of federal benefit
 0.5 
 (0.1) 
 0.8 
Earnings taxed at other than -nited States statutory rate
 4.1 
 5.4 
 5.4 
Non-deductible goodwill impairment charges
 — 
 — 
 1.9 
oreign-derived intangible income benefit
 (2.6) 
 (2.4) 
 (2.6) 
oreign tax matter
 — 
 3.7 
 — 
Other, net
 (0.1) 
 — 
 (0.4) 
Effective tax rate
 22.9 %
 27.6 %
 26.1 %
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
104

,he components of deferred tax assets (liabilities) are as follows at December 31
  
2024
2023
Deferred tax liabilities
Goodwill and intangible assets
$ 
(389) $ 
(412) 
Property, plant and eEuipment
 
(397)  
(420) 
Right-of-use assets
 
(126)  
(126) 
Deferred withholding tax
 
(110)  
(96) 
Other
 
(130)  
(34) 
,otal deferred tax liabilities
 
(1,152)  
(1,088) 
Deferred tax assets
Pension and other retiree benefits
 
272  
295 
,ax credits and tax loss carryforwards
 
430  
356 
$ease liabilities
 
137  
134 
Accrued liabilities
 
223  
221 
Stoc?-based compensation
 
61  
75 
Research and Experimentation CapitaliNation
 
108  
87 
Other
 
101  
60 
,otal deferred tax assets
 
1,332  
1,228 
.aluation Allowance
$ 
(328) $ 
(287) 
Net deferred tax assets
$ 
1,004 $ 
941 
Net deferred income taxes
$ 
(148) $ 
(147) 
,he changes in valuation allowance for deferred tax assets are as follows 
2024
2023
2022
Balance, "anuary 1
$ 
287 $ 
129 $ 
120 
Additions
     Charged to costs and expenses
56
158
14
Deductions
15
 
— 
5
Balance, December 31
$ 
328 $ 
287 $ 
129 
As of December 31, 2024, the Company had net operating losses (VNO$sW) and capital loss carryforwards of $37. Of 
this amount, capital loss and NO$ carryforwards of $6 will begin to expire in 2025 and NO$s of $13 can be carried 
forward indefinitely. ,he Company believes that it will be able to utiliNe these capital loss and NO$ carryforwards. ,here 
is an additional NO$ of $18 which has a full valuation allowance.
As of December 31, 2024, the Company has $393 of tax credits, of which $66 will begin to expire in 2030 and $17 can 
be carried forward indefinitely.  ,he Company believes that it will be able to utiliNe these tax credits. ,he remaining credits 
of $310 have a full valuation allowance. 
Applicable -.S. income and foreign withholding taxes have been provided on substantially all of the CompanyXs 
accumulated earnings of foreign subsidiaries. 
Net tax expense of $55, net tax benefit of $19 and net tax expense of $164 were recorded directly through eEuity in 
2024, 2023 and 2022 respectively. ,he net tax expense or benefit in each year predominantly includes current and future 
tax impacts related to benefit plans and the impact of currency translation ad>ustments. 
,he Company uses a comprehensive model to recogniNe, measure, present and disclose in its financial statements 
uncertain tax positions that the Company has ta?en or expects to ta?e on an income tax return.
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
105

-nrecogniNed tax benefits activity for the years ended December 31, 2024, 2023 and 2022 is summariNed below
  
2024
2023
2022
-nrecogniNed tax benefits
Balance, "anuary 1
$ 
314 
$ 
298 $ 
245 
Increases as a result of tax positions ta?en during the current year
 
37 
 
73  
32 
Decreases of tax positions ta?en during prior years
 
(53)  
(61)  
(21) 
Increases of tax positions ta?en during prior years
 
10 
 
6  
46 
Decreases as a result of settlements with taxing authorities and the expiration of 
statutes of limitations
 
(3)  
(2)  
(2) 
Effect of foreign currency rate movements
 
(9)  
—  
(2) 
Balance, December 31
$ 
296 
$ 
314 $ 
298 
If all of the unrecogniNed tax benefits for 2024 above were recogniNed, approximately $286 would impact the effective 
tax rate. It is reasonably possible that the amount of unrecogniNed benefits with respect to our uncertain tax positions could 
change in the next twelve months and such change may or may not be material.
,he Company recogniNed expenses of approximately $22, $10 and $8 for interest and penalties related to the above 
unrecogniNed tax benefits within income tax expense in 2024, 2023 and 2022, respectively. ,he Company had accrued 
interest and penalties of approximately $68, $45 and $40 as of December 31, 2024, 2023 and 2022, respectively.
In the third Euarter of 2023, the Internal Revenue Service (the VIRSW) issued a notice giving taxpayers temporary relief 
from the effects of certain -.S. tax regulations that were issued in December 2021, which place greater restrictions on 
foreign taxes that are creditable against -.S. taxes on foreign-source income. ,his 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. ,he Company will recogniNe the impact, if any, in the period in which the temporary relief is withdrawn or 
modified. 
During the Euarter ended "une 30, 2023, the Company reassessed with its legal and tax advisers certain tax deductions 
ta?en in prior years by one of our subsidiaries and concluded that it was more li?ely than not that the deductions would not 
be sustained by the courts in that >urisdiction. ,he value of the tax deductions was not material to the Company in any year 
in which they were ta?en. ,he cumulative effect of the change in tax position of $148 was reflected as a discrete item in the 
Euarter ended "une 30, 2023 income tax expense, partially offset by the reversal of certain prior yearsX withholding tax 
reserves of $22 that were no longer reEuired. ,he tax liability was paid in the Euarter ended September 30, 2023.
On August 16, 2022, the Inflation Reduction Act of 2022 (the VIRAW) was enacted, which among other things, 
implements a 15% minimum tax on boo? income of certain large corporations effective for years beginning after December 
31, 2022. Based on the CompanyXs analysis, as well as guidance published by the IRS, the IRA, and in particular the 15% 
minimum tax, did not have an impact on the CompanyXs Consolidated inancial Statements. SubseEuent to the 
aforementioned guidance published by the IRS, on September 12, 2024, the -.S. ,reasury Department and IRS released 
proposed regulations relating to this 15% minimum tax. Based on the CompanyXs analysis, these proposed regulations, if 
finaliNed in their current form, are not expected to have an impact on the CompanyXs Consolidated inancial Statements. 
 owever, the Company will continue to evaluate any additional guidance and clarification that becomes available.
Additionally, on December 15, 2022, the 27 member states of the European -nion (VE-W) reached an agreement on a 
minimum level of taxation for certain large corporations to pay a minimum corporate tax rate of 15% in every >urisdiction 
in which they operate. ,his agreement, which is ?nown as the Minimum ,ax Directive (part of the VPillar II Model 
RulesW), was supposed to be transposed into the laws of all E- member states by December 31, 2023. Most member states 
complied, while some were granted extensions of time. In addition, many other >urisdictions outside the E- have 
implemented a similar minimum tax regime consistent with the policy of the Pillar II Model Rules. Detailed regulations of 
these minimum tax regimes are still being considered in certain countries and, in some cases, enactment and timing is still 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
106

uncertain. Based on current legislation and available guidance, apart from a significant additional compliance burden, Pillar 
II did not have a material impact as of December 31, 2024 and the Company does not believe it will have a material impact 
on its Consolidated Financial Statements. However, as these rules and related regulations are revised and implemented, the 
Company will evaluate the impact, if any, on its Consolidated Financial Statements.
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 
$153, 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.
The Company has made an accounting policy election to treat Global Intangible Low-Taxed Income taxes as a current 
period expense rather than including these amounts in the measurement of deferred taxes.
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
107



 
arnin7s $er '8are
or the years ended December 31, 2024, 2023 and 2022, earnings per share were as follows
2024
2023
2022
Net income 
attributable 
to Colgate-
Palmolive 
Company
Shares
(millions)
Per
Share
Net income 
attributable 
to Colgate-
Palmolive 
Company
Shares
(millions)
Per
Share
Net income 
attributable 
to Colgate-
Palmolive 
Company
Shares
(millions)
Per
Share
Basic EPS
$ 
2,889  
819.1 $ 3.53 $ 
2,300  
827.4 $ 2.78 $ 
1,785  
836.4 $ 2.13 
Stoc? options and 
restricted stoc? 
units
 
4.1 
 
1.8 
 
2.4 
Diluted EPS
$ 
2,889  
823.2 $ 3.51 $ 
2,300  
829.2 $ 2.77 $ 
1,785  
838.8 $ 2.13 
Basic earnings per common share is computed by dividing net income available for common stoc?holders by the 
weighted-average number of shares of common stoc? outstanding for the period. 
Diluted earnings per common share is computed using the treasury stoc? method on the basis of the weighted-average 
number of shares of common stoc? plus the dilutive effect of potential common shares outstanding during the period. 
Dilutive potential common shares include outstanding stoc? options and restricted stoc? units.
or the years ended December 31, 2024, 2023 and 2022, the average number of stoc? options that were anti-dilutive 
and not included in diluted earnings per share calculations were 295,968, 13,719,286 and 5,236,371, respectively. or the 
years ended December 31, 2024, 2023 and 2022, the average number of restricted stoc? units that were anti-dilutive and 
not included in diluted earnings per share calculations were 100,191, 1,183 and 155,118, respectively.
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
108

12. 
Commitments and Contingencies
As of December 31, 2024, the Company has various contractual commitments for future multi-year purchases of 
raw, packaging and other materials and services totaling approximately $568.
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. In 
addition, 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 $250 (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 
$93. 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. 
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
109

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 it 
has strong legal grounds to contest the disallowances and that the Company should ultimately prevail. The Company is 
challenging these disallowances vigorously. In November 2023, based upon changes in Brazilian tax law, the 
Company filed petitions in three of the actions requesting that the penalty portion of the claim be removed. The 
Brazilian tax authority agreed with the Company's position and in August 2024 reduced its claim in two of those 
actions and in October 2024 reduced its claim in the third.
 
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 it has strong legal grounds to contest the 
action and that the Company should ultimately prevail. The Company is challenging this action vigorously. 
 
In December 2005, the Brazilian internal revenue authority issued to the Company’s Brazilian subsidiary a tax 
assessment with interest, penalties and any court-mandated fees of approximately $47, at the current exchange rate, 
based on a claim that certain purchases of U.S. Treasury bills by the subsidiary and their subsequent disposition during 
the period 2000 to 2001 were subject to a tax on foreign exchange transactions. The Company had been disputing the 
assessment within the internal revenue authority’s administrative appeals process. However, in November 2015, the 
Superior Chamber of Administrative Tax Appeals denied the Company’s final administrative appeal, and the Company 
has filed a lawsuit in the Brazilian federal court. In the event the Company is unsuccessful in this lawsuit, further 
appeals are available within the Brazilian federal courts. Although there can be no assurances, management believes, 
based on the opinion of its Brazilian legal counsel, that it has strong legal grounds to contest the tax assessment and 
that the Company should ultimately prevail. The Company is challenging this assessment vigorously. In addition, in 
April 2024, based upon changes in Brazilian tax law, the Company filed a petition in this matter requesting that the 
penalty portion of the claim be removed. The Brazilian tax authority has not yet responded to that petition.
 
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
110

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 December 31, 2024, there were 309 individual cases pending against the Company in state and federal 
courts throughout the United States, as compared to 279 cases as of December 31, 2023.  During the year ended 
December 31, 2024, 142 new cases were filed and 111 cases were resolved by voluntary dismissal, settlement or 
dismissal by the court, and one case was removed from the case count when it was established that the claim does not 
relate to talcum powder. 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. Subsequently, the trial court granted plaintiffs’ motion 
for a new trial in that case. However, during the three months ended September 30, 2024, an appellate court granted 
the Company’s request to reinstate the jury’s verdict in favor of the Company. Plaintiffs are challenging that ruling and 
separately are appealing other issues related to the verdict.
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 the Company has strong legal grounds to contest these cases 
and intends 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 and depending on further developments in the litigation, may require a 
cash contribution by the Company in 2025. 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 has appealed that decision to the Second 
Circuit.
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
111

13. 
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.
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 ended September 30, 2024, the results of the skin health 
business previously reported within the Europe reportable operating segment are reported with the 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. The Company has recast its historical geographic segment information to conform to the 
new reporting structure.
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 Chairman of the Board, President and Chief Executive Officer 
has been determined to be the Company’s Chief Operating Decision Maker who uses Operating Profit to assess 
performance and to allocate resources for each of the reportable operating segments in the budgeting and forecasting 
process. Asset information by segment is not utilized for purposes of assessing performance or allocating resources, and 
therefore such information has not been presented.
The accounting policies of the operating segments are generally the same as those described in Note 2, Summary of 
Significant Accounting Policies. Intercompany sales have been eliminated. Corporate operations include costs related to 
stock options and restricted stock units, research and development costs, Corporate overhead costs, restructuring and 
related implementation charges and gains and losses on sales of non-core product lines and assets. The Company reports 
these items within Corporate operations as they relate to Corporate-based responsibilities and decisions and are not 
included in the internal measures of segment operating performance used by the Company to measure the underlying 
performance of the operating segments.
Approximately 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). Oral, Personal and Home Care sales to Walmart, Inc. and its 
affiliates represent approximately 11% of the Company’s Net sales in each of the years 2024, 2023 and 2022. No other 
customer represented more than 10% of Net sales in any period presented.
In 2024, Corporate Operating profit included charges resulting from the 2022 Global Productivity Initiative of $85. In 
2023, Corporate Operating profit included charges resulting from the 2022 Global Productivity Initiative of $27 and 
product recall costs of $25. In 2022, Corporate Operating profit included goodwill and intangible assets impairment 
charges of $721, charges resulting from the 2022 Global Productivity Initiative of $95, a gain on the sale of land in Asia 
Pacific of $47 and acquisition-related costs of $19. 
COLGATE-PALMOLIVE COMPANY
 Notes to Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
112

2024
"et sales
ost of 'ales
'ellin7 
7eneral an4 
a4=inistratiFe 
eHpenses
Ot8er 
in3o=e 
eHpense net 

Operatin7 
$rofit
Reporta2le 'e7=ents
Oral, Personal and  ome Care
North America(1)
$ 
4,113 $ 
1,571 $ 
1,668 $ 
36 $ 
839 
$atin America
 
4,782  
1,933  
1,328  
(5)  
1,526 
Europe
 
2,770  
1,050  
1,031  
31  
658 
Asia Pacific
 
2,858  
1,078  
997  
(30)  
812 
AfricaEurasia
 
1,095  
432  
395  
16  
253 
,otal Oral, Personal and  ome Care
 
15,618 
 
4,088 
Pet Nutrition(2)
 
4,483  
1,869  
1,641  
8  
965 
Re3on3iliation Git8 (otal o=panI 
Operatin7 $rofit
Corporate
 
(784) 
(otal
$ 
20,101 
$ 
4,268 
Note ,able may not sum due to rounding. 
(1) Net sales in the -.S. for Oral, Personal and  ome Care were $3,640 in 2024.
(2) Net sales in the -.S. for Pet Nutrition were $3,059 in 2024.
(3) Refer to Note 16, Supplemental Income Statement for information related to Other (income) expense, net. 
2023
"et sales
ost of 'ales
'ellin7 
7eneral an4 
a4=inistratiFe 
eHpenses
Ot8er 
in3o=e 
eHpense net 

Operatin7 
$rofit
Reporta2le 'e7=ents
Oral, Personal and  ome Care
North America(1)
$ 
4,091 $ 
1,588 $ 
1,594 $ 
37 $ 
871 
$atin America
 
4,640  
1,977  
1,241 
5  
1,417 
Europe
 
2,571  
1,069  
899  
31  
573 
Asia Pacific
 
2,782  
1,108  
925  
(18)  
767 
AfricaEurasia
 
1,083  
442  
377  
9  
254 
,otal Oral, Personal and  ome Care
 
15,167 
 
3,882 
Pet Nutrition(2)
 
4,290  
1,964  
1,493 
26  
806 
Re3on3iliation Git8 (otal o=panI 
Operatin7 $rofit
Corporate
$ 
(704) 
(otal
$ 
19,457 
$ 
3,984 
Note ,able may not sum due to rounding. 
(1) Net sales in the -.S. for Oral, Personal and  ome Care were $3,625 in 2023.
(2) Net sales in the -.S. for Pet Nutrition were $2,918 in 2023.
(3) Refer to Note 16, Supplemental Income Statement for information related to Other (income) expense, net.
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
113

2022
"et sales
ost of 
'ales
'ellin7 
7eneral an4 
a4=inistratiFe 
eHpenses
Ot8er 
in3o=e 
eHpense net 

Operatin7 
$rofit
Reporta2le 'e7=ents
Oral, Personal and  ome Care
North America(1)
$ 
4,002 $ 
1,649 $ 
1,567 $ 
46 $ 
741 
$atin America
 
3,982  
1,885  
1,059  
(71)  
1,108 
Europe
 
2,362  
1,023  
778  
28  
534 
Asia Pacific
 
2,826  
1,160  
954  
(24)  
737 
AfricaEurasia
 
1,082  
447  
389  
18  
228 
,otal Oral, Personal and  ome Care
 
14,254 
 
3,348 
Pet Nutrition(2)
 
3,713  
1,569  
1,287 
7  
850 
Re3on3iliation Git8 (otal o=panI 
Operatin7 $rofit
Corporate
$ 
(1,305) 
(otal
$ 
17,967 
$ 
2,893 
Note ,able may not sum due to rounding. 
(1) Net sales in the -.S. for Oral, Personal and  ome Care were $3,511 in 2022.
(2) Net sales in the -.S. for Pet Nutrition were $2,432 in 2022
(3) Refer to Note 16, Supplemental Income Statement for information related to Other (income) expense, net.
2024
2023
2022
apital eHpen4itures
Oral, Personal and  ome Care
North America
$ 
52 $ 
46 $ 
66 
$atin America
 
126  
146  
121 
Europe
 
63  
44  
31 
Asia Pacific
 
64  
65  
60 
AfricaEurasia
 
12  
10  
30 
,otal Oral, Personal and  ome Care
 
317  
311  
308 
Pet Nutrition
 
143  
301  
297 
Corporate
 
101  
93  
91 
,otal Capital expenditures
$ 
561 $ 
705 $ 
696 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
114

2024
2023
2022
epre3iation an4 a=ortiJation
Oral, Personal and  ome Care
North America
$ 
124 $ 
116 $ 
128 
$atin America
 
100  
98  
93 
Europe
 
65  
65  
68 
Asia Pacific
 
81  
84  
89 
AfricaEurasia
 
8  
9  
9 
,otal Oral, Personal and  ome Care
 
378  
372  
387 
Pet Nutrition
 
132  
101  
65 
Corporate
 
95  
94  
93 
,otal Depreciation and amortiNation
$ 
605 $ 
567 $ 
545 
2024
2023
 on7liFe4 assets

-nited States
$ 
2,728 $ 
2,733 
International
 
2,223  
2,340 
,otal $ong-lived assets
$ 
4,951 $ 
5,073 
            (1) $ong-lived assets include Property, plant and eEuipment, net and lease right-of-use assets. 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
115



 
     eases 
,he Company enters into leases for land, office space, warehouses and eEuipment. A number of the leases include 
one or more options to renew the lease terms, purchase the leased property or terminate the lease. ,he exercise of these 
options is at the CompanyXs discretion and is therefore recogniNed on the balance sheet when it is reasonably certain the 
Company will exercise such options. As the CompanyXs leases typically do not contain a readily determinable implicit 
rate, the Company determines the present value of the lease liability using its incremental borrowing rate at the lease 
commencement date. 
Substantially all of the CompanyXs leases are considered operating leases. inance leases were not material as of 
December 31, 2024 and 2023. 
As of December 31, 2024 and 2023, the CompanyXs right-of use assets and liabilities for operating leases were as 
follows
2024
2023
Other assets
$ 
529 $ 
491 
Other accruals
 
107  
95 
Other liabilities
 
456  
420 
,otal operating lease liabilities 
$ 
563 $ 
515 
$ease liabilities for operating leases as of December 31, 2024 were as follows
2025
$ 
126 
2026
 
108 
2027
 
101 
2028
 
80 
2029
 
58 
,hereafter
 
182 
,otal lease commitments
$ 
655 
$ess Interest
 
(92) 
Present value of lease liabilities
$ 
563 
,he components of the CompanyXs operating lease cost for the twelve months ended December 31, 2024 and 2023
were as follows
2024
2023
Operating lease cost
$ 
144 $ 
136 
Short-term lease cost
 
3  
3 
.ariable lease cost
 
19  
20 
Sublease Income
 
(2)  
(2) 
,otal lease cost
$ 
164 $ 
157 
Short-term lease cost represents the CompanyXs cost with respect to leases with a duration of 12 months or less and 
is not reflected on the CompanyXs Consolidated Balance Sheets. .ariable lease costs are comprised of costs, such as the 
CompanyXs proportionate share of actual costs for utilities, common area maintenance, property taxes and insurance, that 
are not included in the lease liability and are recogniNed in the period in which they are incurred. 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
116

Supplemental cash flow information related to operating leases for the twelve months ended December 31, 2024 and 
2023 was as follows
[
Payments against amounts included in the measurement of lease liabilities $132 and $171, respectively 
[
$ease assets obtained in exchange for lease liabilities $141 and $139, respectively.
As of December 31, 2024 and 2023, the weighted-average remaining lease term for operating leases was 7 and 8
years, respectively, and the weighted-average discount rate for operating leases was 4.4% and 4.5%, respectively. 
,here were no material operating leases that the Company had entered into or that were yet to commence as of 
December 31, 2024.

          'upplier inan3e $ro7ra=
,he 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. ,he CompanyXs obligations to its suppliers, 
including amounts due and scheduled payment dates, are not impacted by suppliersX decisions to finance amounts under 
these arrangements. ,he outstanding payment obligations under the CompanyXs supplier finance programs are included 
in Accounts Payable in the Consolidated Balance Sheets and were not material as of December 31, 2024 or 2023.

 
'upple=ental n3o=e 'tate=ent nfor=ation
Ot8er in3o=e eHpense net
2024
2023
2022
AmortiNation of intangible assets
$ 
75 $ 
72 $ 
80 
EEuity income
 
(22)  
(17)  
(12) 
2022 Global Productivity Initiative
 
59  
24 
 
90 
Product recall costs
 
—  
25  
— 
$osses (gains) from mar?etable securities and other assets
 
6  
11  
(22) 
Indirect tax payments (refunds)
 
27  
18  
(14) 
Gain on the sale of land in Asia Pacific
 
— 
 
— 
 
(47) 
AcEuisition-related costs
 
—  
—  
19 
Other, net
 
19  
58  
(25) 
,otal Other (income) expense, net
$ 
164 $ 
191 $ 
69 
2024
2023
2022
Research and development
$ 
355 $ 
343 $ 
320 
Advertising
$ 
2,720 $ 
2,371 $ 
1,997 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
117


 
'upple=ental alan3e '8eet nfor=ation
Inventories by ma>or class are as follows at December 31
nFentories
2024
2023
Raw materials and supplies
$ 
631 $ 
606 
/or?-in-process
 
46  
46 
inished goods
 
1,431  
1,411 
(otal nFentories net
$ 
2,108 $ 
2,063 
Non-current inventory, net
 
(121)  
(129) 
urrent nFentories net
$ 
1,987 $ 
1,934 
Inventories valued under $IO amounted to $453 and $471 at December 31, 2024 and 2023, respectively. ,he excess 
of current cost over $IO cost at the end of each year was $105 and $120, respectively. ,he liEuidations of $IO inventory 
Euantities had no material effect on income in 2024, 2023 and 2022. Inventory classified as non-current at December 31, 
2024 was recorded on the Consolidated Balance Sheets as VOther assets.W
$ropertI plant an4 eAuip=ent net
2024
2023
$and
$ 
226 $ 
227 
Buildings
 
2,056  
2,047 
Manufacturing machinery and eEuipment
 
6,265  
6,365 
Other eEuipment
 
1,580  
1,647 
 
10,127  
10,286 
Accumulated depreciation
 
(5,705)  
(5,704) 
,otal Property, plant and eEuipment, net
$ 
4,422 $ 
4,582 
Ot8er 3urrent assets
2024
2023
Mar?etable securities
$ 
160 $ 
179 
Prepaids
 
520  
595 
Derivatives
 
33  
19 
(otal Ot8er 3urrent assets
$ 
713 $ 
793 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
118

Ot8er a33ruals
2024
2023
Accrued advertising and consumer and trade promotions
$ 
912 $ 
882 
Accrued payroll and employee benefits
 
437  
403 
Accrued taxes other than income taxes
 
162  
167 
Restructuring accrual
 
15  
11 
Pension and other retiree benefits
 
93  
96 
$ease liabilities due in one year
 
107  
95 
Accrued interest
 
72  
78 
Derivatives
 
23  
26 
Dividend payable
 
408  
— 
Other
 
662  
619 
,otal Other accruals
$ 
2,891 $ 
2,377 
Ot8er lia2ilities
2024
2023
Pension and other retiree benefits
$ 
1,306 $ 
1,390 
$ong-term lease liabilities
 
456  
420 
Restructuring accrual
 
29  
— 
Other
 
320  
305 
,otal Other liabilities
$ 
2,111 $ 
2,115 
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
119


 
'upple=ental Ot8er o=pre8ensiFe n3o=e  oss nfor=ation
Other comprehensive income (loss) components attributable to Colgate-Palmolive Company before tax and net of tax 
during the years ended December 31 were as follows
2024
2023
2022
u=ulatiFe translation a4:ust=ents
Cumulative translation ad>ustments, pre-tax
$ 
(298) $ 
127 
$ 
(113) 
,ax amounts
 
(37)  
13 
 
(29) 
Cumulative translation ad>ustments, net of tax 
 
(335)  
140 
 
(142) 
$ension an4 ot8er 2enefits
   Net actuarial gain (loss), prior service costs and settlements
   during the period
 
31 
 
(49)  
466 
AmortiNation of net actuarial loss, transition and prior service costs(1)
 
28 
 
30 
 
62 
Retirement Plan and other retiree benefit ad>ustments, pre-tax
 
59 
 
(19)  
528 
,ax amounts
 
(16)  
3 
 
(115) 
Retirement Plan and other retiree benefit ad>ustments, net of tax 
 
43 
 
(16)  
413 
as8 floG 8e47es
Gains (losses) on cash flow hedges, pre-tax
 
10 
 
(10)  
80 
,ax amounts
 
(2)  
3 
 
(20) 
Gains (losses) on cash flow hedges, net of tax
 
8 
 
(7)  
60 
(otal Ot8er 3o=pre8ensiFe in3o=e loss net of taH
$ 
(284) $ 
117 
$ 
331 
(1) ,hese components of Other comprehensive income (loss) are included in the computation of total pension cost. See Note 9, 
Retirement Plans and Other Retiree Benefits for additional details.
,here were no tax impacts on Other comprehensive income (loss) attributable to Noncontrolling interests.
Acc+m+lated Other Com'rehensi,e ncome oss
Accumulated other comprehensive income (loss) is comprised of cumulative foreign currency translation gains and 
losses, unrecogniNed pension and other retiree benefit costs and unrealiNed gains and losses from derivative instruments 
designated as cash flow hedges. At December 31, 2024 and 2023, Accumulated other comprehensive income (loss) 
consisted primarily of aftertax unrecogniNed pension and other retiree benefit costs of $605 and $647, respectively, and 
aftertax cumulative foreign currency translation losses of $3,687 and $3,351, respectively. oreign currency translation 
ad>ustments in 2024 primarily reflect losses from the Euro, BraNilian Real and Mexican Peso. oreign currency translation 
ad>ustments in 2023 primarily reflect gains from the Euro, Mexican Peso and BraNilian Real.
O ($ !O * O!$"-
"otes to onsoli4ate4 inan3ial 'tate=ents 3ontinue4
(Dollars in Millions Except Share and Per Share Amounts)
120

The Company’s common stock is listed on the New York Stock Exchange, and its trading symbol is CL. 
Stock Price Performance Graphs 
       The following graphs compare cumulative total shareholder returns on Colgate-Palmolive Company common 
stock against the S&P Composite-500 Stock Index and a peer company index for the twenty-year, ten-year and five-
year periods each ended December 31, 2024. The peer company index is comprised of consumer products companies 
that have both domestic and international businesses. For 2024, the peer company index consisted of Church & 
Dwight Co., Inc., The Clorox Company, The Coca-Cola Company, The Estee Lauder Companies, Inc., General Mills, 
Inc., Haleon plc, Kellanova (formerly known as Kellogg Company), Kenvue Inc. (from and after its spin-off from 
Johnson & Johnson), Kimberly-Clark Corporation, The Kraft Heinz Company, Mondelez International, Inc., 
PepsiCo, Inc., The Procter & Gamble Company, Reckitt Benckiser Group plc and Unilever PLC. 
       These performance graphs do not constitute soliciting material, are not deemed filed with the SEC and are not 
incorporated by reference in any of the Company’s filings under the Securities Act of 1933 or the Securities 
Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form 10-K and 
irrespective of any general incorporation language in any such filing, except to the extent the Company specifically 
incorporates these performance graphs by reference therein.
COLGATE-PALMOLIVE COMPANY
Market Information
121

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

Our Leadership
Biographical information for our directors and leadership team is available on our website at www.colgatepalmolive.com. 
Board Of Directors
Executive Team
John P. Bilbrey
Independent Director
Executive Chair of the Board of Olaplex Holdings, Inc.
Elected director in 2015.
John T. Cahill
Independent Director
Vice Chair of The Kraft Heinz Company 
Elected director in 2005. 
Steven A. Cahillane
Independent Director
Chairman, President and Chief Executive Officer 
of Kellanova
Elected director in 2023.
Lisa M. Edwards
Independent Director
Former Executive Chair of Diligent Institute
Elected director in 2019. 
C. Martin Harris
Independent Director
Vice President of the Health Enterprise and 
Chief Business Officer of the Dell Medical School 
at The University of Texas at Austin 
Elected director in 2016.
Martina Hund-Mejean
Independent Director
Former Chief Financial Officer of Mastercard Inc.
Elected director in 2020. 
Kimberly A. Nelson
Independent Director
Former Senior Vice President, External Relations 
of General Mills, Inc.
Elected director in 2021. 
Brian O. Newman
Independent Director
Former Executive Vice President and 
Chief Financial Officer 
of United Parcel Service, Inc.
Elected director in 2024. 
Lorrie M. Norrington
Independent Director
Operating Partner of Lead Edge Capital LLC
Elected director in 2015. 
Noel Wallace
Chairman, President and Chief Executive 
Officer of Colgate-Palmolive Company
Elected director in 2019 and Chairman in 2020.
Noel Wallace
Chairman, President and Chief Executive Officer
Jennifer M. Daniels
Chief Legal Officer and Secretary 
Stanley J. Sutula III
Chief Financial Officer
Prabha Parameswaran
Group President, Growth and Strategy
Panagiotis Tsourapas
Group President, Europe and Developing Markets

Corporate Office
Colgate-Palmolive Company
300 Park Avenue
New York, NY 10022
(212) 310-2000
Stock Exchange
The common stock of Colgate-
Palmolive Company is listed and 
traded on the New York Stock 
Exchange under the symbol CL.
Transfer Agent and Registrar
Our transfer agent, Computershare, 
can assist you with a variety of 
shareholder services including change 
of address, stock transfers, questions 
about dividend checks, direct deposit 
of dividends and Colgate-Palmolive’s 
Direct Stock Purchase Plan.
Direct Stock Purchase Plan
A Direct Stock Purchase Plan is 
available through Computershare. The 
Plan includes dividend reinvestment 
options, offers optional cash 
investments by check or automatic 
monthly payments, as well as many 
other features. If you would like to 
learn more about the Plan or to enroll, 
please contact Computershare:
Computershare
P.O. Box 43078
Providence, RI 02940-3078
1-800-756-8700 or (781) 575-3301
Email: 
web.queries@computershare.com
Website: www.computershare.com
Hearing impaired: 
TDD 1-800-231-5469
Annual Meeting
Colgate-Palmolive shareholders are 
invited to attend our annual meeting, 
which will be held exclusively online 
via live webcast. It will be held at 
10:00 a.m. ET on Friday, May 9, 
2025 and can be accessed at www.
virtualshareholdermeeting.com/
CL2025.
Independent Registered 
Public Accounting Firm
PricewaterhouseCoopers LLP
Communications to the 
Board of Directors
Colgate-Palmolive shareholders 
and other interested parties are 
encouraged to communicate directly 
with the Company’s independent 
directors as a group, individual 
independent directors and committee 
chairs by sending an email to 
directors@colpal.com or by writing to 
Directors, cőo Office of the Chief Legal 
Officer, Colgate-Palmolive Company, 
300 Park Avenue, 11th Floor, New York, 
NY 10022. Such communications 
are handled in accordance with the 
procedures described in the Board 
of Directors section of our website at 
www.colgatepalmolive.com.
Forward-Looking Statements
This 2024 Annual Report may contain 
forward-looking statements. These 
statements are made on the basis of 
our views and assumptions as of this 
time, and we undertake no obligation 
to update these statements. We 
caution 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. Investors should consult 
the CompanyŤs filings with the 
Securities and Exchange Commission 
(SEC) (including the information set 
forth under the caption “Risk Factors” 
in the Company’s Annual Report 
on Form 10-K for the year ended 
December 31, 2024) for information 
about certain factors that could 
cause such differences. 
SEC and NYSE Certifications
]he certifications of Colgate-
PalmoliveŤs Chief Executive Officer 
and Chief Financial Officer, reÑuired 
under Section 302 of the Sarbanes-
Oxley 
ct of ĤĢĢĤ, have Šeen filed 
as exhibits to Colgate-Palmolive’s 
Annual Report on Form 10-K for the 
year ended December 31, 2024. In 
addition, in 2024, Colgate-Palmolive’s 
Chief Executive Officer suŠmitted 
the annual certification to the ?sSE 
regarding Colgate-Palmolive’s 
compliance with the NYSE corporate 
governance listing standards.
Reports and Polices
Annual reports, press releases, 
SEC filings and other puŠlications 
are available on our website at 
www.colgatepalmolive.com. Also 
available on our website is additional 
information on our Sustainability & 
Social Impact Strategy and related 
reports, our Code of Conduct and 
Colgate-Palmolive’s sustainability 
policies on, among other things, 
Ingredient Safety, Responsible 
Sourcing, No Deforestation, Palm Oil, 
Responsible Soy, Environment, Health 
& Safety, and Product Research and 
Animal Welfare.
Investor Relations
1-855-322-3551 or (212) 310-2575 
Email: investor_relations@colpal.com
Consumer Affairs
For Oral, Personal and Home Care
1-800-468-6502
For Hill’s Pet Nutrition
1-800-445-5777
Corporate Communications
(212) 310-2717
Media Inquiries
(212) 310-2670
Email: colgate_palmolive_media_ 
inquiry@colpal.com
More information about 
Colgate-Palmolive and our products 
is available on our website at 
www.colgatepalmolive.com
© 2025 Colgate-Palmolive Company
Design by Robert Webster Inc. (RWI), 
www.rwidesign.com
Printing by DSG | UW
Shareholder Information

Home Care
17%
of Net Sales
Our Global Brands
Personal Care
18%
of Net Sales
Pet Nutrition
22%
of Net Sales
Oral Care
43%
of Net Sales

Colgate-Palmolive Company is a caring, innovative growth company that is reimagining a
healthier future for all people, their pets and our planet. Focused on Oral Care, Personal
Care, Home Care and Pet Nutrition, we sell our products in more than 200 countries and
territories under brands such as Colgate, Palmolive, elmex, hello, meridol, Sorriso, Tom’s
of Maine, EltaMD, Filorga, Irish Spring, PCA SKIN, Protex, Sanex, Softsoap, Speed Stick, Ajax,
Axion, Fabuloso, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription
Diet. We are recognized for our leadership and innovation in promoting sustainability and
community wellbeing, including our achievements in decreasing plastic waste and promoting
recyclability, saving water, conserving natural resources and improving children’s oral health
through the Colgate Bright Smiles, Bright Futures program, which has reached approximately
1.8 billion children and their families since 1991.
www.instagram.com/colgatepalmoliveco
www.linkedin.com/company/colgate-palmolive
www.youtube.com/user/colgatepalmolive
For more information about Colgate-
Palmolive’s global business and how we are
building a future to smile about, visit www.
colgatepalmolive.com.