Total Colgate-Palmolive Company shareholders' equity
743
117
Noncontrolling interests
358
441
Total equity
1,101
558
Total liabilities and equity
$ 15,920
$ 15,034
See Notes to Consolidated Financial Statements.
Shareholders' Equity
Dollars in Millions
Consolidated Statements of Changes in Shareholders' Equity
Colgate-Palmolive Company Shareholders' Equity
Additional
Accumulated Other
Common
Paid-In
Unearned
Treasury
Retained
Comprehensive
Noncontrolling
Stock
Capital
Compensation
Stock
Earnings
Income (Loss)
Interests
Balance, January 1, 2018
$ 1,466
$ 1,984
$ (5)
$ (20,181)
$ 20,531
$ (3,855)
$ 303
Net income
2,400
158
Other comprehensive income (loss), net of tax
(170)
(19)
Dividends ($1.66)/per share*
(1,448)
(143)
Stock-based compensation expense
109
Shares issued for stock options
137
190
Shares issued for restricted stock awards
(31)
31
Treasury stock acquired
(1,238)
Other
5
2
2
132
(163)
(1)
Balance, December 31, 2018
$ 1,466
$ 2,204
$ (3)
$ (21,196)
$ 21,615
$ (4,188)
$ 299
Net income
2,367
160
Other comprehensive income (loss), net of tax
(85)
(2)
Dividends ($1.71)/per share*
(1,472)
(141)
Stock-based compensation expense
100
Shares issued for stock options
210
305
Shares issued for restricted stock awards
(29)
29
Noncontrolling interests assumed through acquisition
125
Treasury stock acquired
(1,202)
Other
3
1
1
(9)
Balance, December 31, 2019
$ 1,466
$ 2,488
$ (2)
$ (22,063)
$ 22,501
$ (4,273)
$ 441
Net income
2,695
165
Other comprehensive income (loss), net of tax
(72)
6
Dividends ($1.75)/per share*
(1,502)
(152)
Stock-based compensation expense
107
Shares issued for stock options
400
462
Shares issued for restricted stock awards
(31)
31
Noncontrolling interests acquired
(99)
Treasury stock acquired
(1,476)
Other
5
1
1
5
(3)
Balance, December 31, 2020
$ 1,466
$ 2,969
$ (1)
$ (23,045)
$ 23,699
$ (4,345)
$ 358
(1)
As a result of the early adoption of ASU 2018-02, the Company reclassified the stranded tax effects in Accumulated other comprehensive income (loss) resulting from the Tax Cuts and Jobs Act to Retained earnings.
*
Two dividends were declared in each of the first quarters of 2020, 2019 and 2018.
Cash Flows
Dollars in Millions
Consolidated Statements of Cash Flow
For the years ended December 31,
2020
2019
2018
Operating Activities
Net income including noncontrolling interests
$ 2,860
$ 2,527
$ 2,558
Adjustments to reconcile net income including noncontrolling interests
to net cash provided by operations:
Depreciation and amortization
539
519
511
Restructuring and termination benefits, net of cash
(71)
18
(7)
Stock-based compensation expense
107
100
109
Loss on early extinguishment of debt
23
-
-
Charge for U.S tax reform
-
-
80
Deferred income taxes
(120)
17
27
Voluntary benefit plan contributions
-
(113)
(67)
Cash effects of changes in:
Receivables
138
19
(79)
Inventories
(251)
(77)
(58)
Accounts payable and other accruals
520
36
18
Other non-current assets and liabilities
(26)
87
(36)
Net cash provided by operations
3,719
3,133
3,056
Investing Activities
Capital expenditures
(410)
(335)
(436)
Purchases of marketable securities and investments
(143)
(184)
(169)
Proceeds from sale of marketable securities and investments
124
131
156
Payment for acquisitions, net of cash acquired
(353)
(1,711)
(728)
Other
3
-
7
Net cash used in investing activities
(779)
(2,099)
(1,170)
Financing Activities
Short-term borrowing/(repayment) less than 90 days - net
497
294
546
Principal payments on debt (1)
(1,061)
(1,441)
(725)
Proceeds from issuance of debt
-
2,595
-
Dividends paid
(1,654)
(1,614)
(1,591)
Purchases of treasury shares
(1,476)
(1,202)
(1,238)
Proceeds from exercise of stock options
874
498
329
Purchases of non-controlling interest in subsidiaries
(99)
-
-
Net cash used in financing activities
(2,919)
(870)
(2,679)
Effect of exchange rate changes on Cash and cash equivalents
(16)
(7)
(16)
Net increase (decrease) in Cash and cash equivalents
5
157
(809)
Cash and cash equivalents at beginning of year
883
726
1,535
Cash and cash equivalents at end of year
$ 888
$ 883
$ 726
Supplemental Cash Flow Information
Income taxes paid
$ 845
$ 803
$ 847
Interest paid
$ 188
$ 185
$ 194
(1)
For the year ended December 31, 2020, Principal payments on debt includes cash charges of $20 related to the extinguishment of debt prior to maturity. See Note 6, Long-Term Debt and Credit Facilities for additional information.
10 year Financial Summary
Dollars in Millions Except Per Share Amounts
Historical Financial Summary
For the years ended December 31,
(Unaudited)
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
Continuing Operations
Net sales
$ 16,471
$ 15,693
$ 15,544
$ 15,454
$ 15,195
$ 16,034
$ 17,277
$ 17,420
$ 17,085
$ 16,734
Results of operations:
Net income attributable to Colgate-Palmolive Company
2,695
(1)
2,367
(2)
2,400
(3)
2,024
(4)
2,441
(5)
1,384
(6)
2,180
(7)
2,241
(8)
2,472
(9)
2,431
(10)
Per commom share, basic
3.15
(1)
2.76
(2)
2.76
(3)
2.30
(4)
2.74
(5)
1.53
(6)
2.38
(7)
2.41
(8)
2.60
(9)
2.49
(10)
Per commom share, diluted
3.14
(1)
2.75
(2)
2.75
(3)
2.28
(4)
2.72
(5)
1.52
(6)
2.36
(7)
2.38
(8)
2.57
(9)
2.47
(10)
Depreciation and amortization expense
539
519
511
475
443
449
442
439
425
421
Financial Position
Current ratio
1.0
1.0
1.1
1.4
1.3
1.2
1.2
1.1
1.2
1.2
Property, plant and equipment, net
3,716
3,750
3,881
4,072
3,840
3,796
4,080
4,083
3,842
3,668
Capital expenditures
410
335
436
553
593
691
757
670
565
537
Total assets
15,920
15,034
12,161
12,676
12,123
11,935
13,440
13,968
13,379
12,711
Long-term debt
7,334
7,333
6,354
6,566
6,520
6,246
5,625
4,732
4,911
4,417
Colgate-Palmolive Company shareholders' equity
743
117
(102)
(60)
(243)
(299)
1,145
2,305
2,189
2,375
Share and Other
Book value per common share
1.30
0.66
0.23
0.28
0.03
(0.04)
1.55
2.79
2.60
2.71
Cash dividends declared and paid per common share
1.75
1.71
1.66
1.59
1.55
1.50
1.42
1.33
1.22
1.14
Closing price
85.51
68.84
59.52
75.45
65.44
66.62
69.19
65.21
52.27
46.20
Number of common shares outstanding (in millions)
849.9
854.7
862.9
874.7
883.1
892.7
906.7
919.9
935.8
960.0
Number of common shareholders of record
19,442
20,556
21,900
22,700
23,600
24,400
25,400
26,900
27,600
28,900
Number of employees
34,200
34,300
33,600
35,900
36,700
37,900
37,700
37,400
37,700
38,600
Note: All per share amounts and numbers of shares outstanding were adjusted for the two-for-one stock split of the Company's common stock in 2013.
(1)
Net income attributable to Colgate-Palmolive Company and Earnings per common share for the full year of 2020 include $13 of aftertax benefits resulting from the Global Growth and Efficiency Program, a $71 tax benefit related to subsidiary and operating structure initiatives, a $4 aftertax charge for acquisition-related costs, and a $18 aftertax loss on the early extinguishment of debt.
(2)
Net income attributable to Colgate-Palmolive Company and Earnings per common share in 2019 includes $102 of aftertax charges related to the Global Growth and Efficiency Program, a $20 aftertax charge for acquisition-related costs, a $20 aftertax benefit related to a value-added tax matter in Brazil and a $29 tax benefit related to Swiss income tax reform.
(3)
Net income attributable to Colgate-Palmolive Company and earnings per common share in 2018 include $125 of aftertax charges related to the Global Growth and Efficiency Program, a $15 benefit from a foreign tax matter, and an $80 charge related to U.S. tax reform.
(4)
Net income attributable to Colgate-Palmolive Company and earnings per common share in 2017 include $246 of aftertax charges related to the Global Growth and Efficiency Program and a $275 charge related to U.S. tax reform
(5)
Net income attributable to Colgate-Palmolive Company and earnings per common share in 2016 include $168 of aftertax charges related to the Global Growth and Efficiency Program, a $63 aftertax gain on the sale of land in Mexico, $11 of aftertax charges for a litigation matter and $35 of benefits from tax matters.
(6)
Net income (loss) attributable to Colgate-Palmolive Company and earnings (loss) per common share in 2015 include a $1,058 aftertax charge related to the change in accounting for the Company's Venezuelan operations, $183 of aftertax charges related to the Global Growth and Efficiency Program, $22 of aftertax charges related to the remeasurement of CP Venezuela's local currency-denominated net monetary assets as a result of effective devaluations, $120 aftertax gain on the sale of the South Pacific laundry detergent business, a $14 aftertax charge for a litigation matter and a $15 charge for a tax matter.
(7)
Net income attributable to Colgate-Palmolive Company and earnings per common share in 2014 include $208 of aftertax charges related to the Global Growth and Efficiency Program, $214 of aftertax charges related to the remeasurement of CP Venezuela's local currency-denominated net monetary assets as a result of effective devaluations, $41 of charges for litigation matters, $3 of aftertax costs related to the sale of land in Mexico and a $66 charge for a tax matter.
(8)
Net income attributable to Colgate-Palmolive Company and earnings per common share in 2013 include $278 of aftertax charges related to the Global Growth and Efficiency Program, a $111 aftertax charge related to the remeasurement of CP Venezuela's local currency-denominated net monetary assets as a result of a devaluation, a $23 charge for a litigation matter and $12 of aftertax costs related to the sale of land in Mexico.
(9)
Net income attributable to Colgate-Palmolive Company and earnings per common share in 2012 include $70 of aftertax charges related to the Global Growth and Efficiency Program, $18 of aftertax costs related to the sale of land in Mexico and $14 of aftertax costs associated with various business realignment and other cost-saving initiatives.
(10)
Net income attributable to Colgate-Palmolive Company and earnings per common share in 2011 include an aftertax gain of $135 on the sale of the non-core laundry detergent business in Colombia, offset by $147 of aftertax costs associated with various business realignment and other cost-saving initiatives, $9 of aftertax costs related to the sale of land in Mexico and a $21 charge for a litigation matter.
Attachments
Original document
Permalink
Disclaimer
Colgate-Palmolive Company published this content on 24 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 March 2021 20:44:09 UTC.
Colgate-Palmolive Company is one of the worldwide leaders in the manufacturing and marketing of cleaning and hygiene products. The group also products and sells pet food (dogs and cats). Net sales break down by family of products as follows:
- hygiene and cleaning products (78%): oral hygiene (toothpaste, toothbrushes, mouthwashes, etc.; Colgate brand), body care (soaps, shower gels, shampoos, conditioners, deodorants, shaving products, etc.; Palmolive, Speed Stick, Softsoap, etc.), household care, and linen care (dishwashing liquids, detergents, stain removers, fabric softeners, bleach, etc.; Palmolive, Ajax, Soupline, Suavitel, etc.). Net sales are distributed geographically as follows: North America (25.9%), Latin America (30.6%), Asia-Pacific (18.3%), Europe (18.1%), Africa and Eurasia (7.1%);
- cat and dog foods (22%; Hill's): world leader.
COLGATE-PALMOLIVE COMPANY 
