Table 9
Colgate-Palmolive Company | ||||||
Non-GAAP Reconciliations | ||||||
For the Twelve Months Ended December 31, 2021 vs. 2020 | ||||||
(Dollars in Millions Except Per Share Amounts) (Unaudited) | ||||||
Gross Profit | 2021 | 2020 | ||||
Gross profit, GAAP | $ | 10,375 | $ | 10,017 | ||
Acquisition-related costs | - | 4 | ||||
Gross profit, non-GAAP | $ | 10,375 | $ | 10,021 | ||
Selling, General and Administrative Expenses | 2021 | 2020 | |||
Selling, general and administrative expenses, GAAP | $ | 6,407 | $ | 6,019 | |
Global Growth and Efficiency Program | - | 3 | |||
Selling, general and administrative expenses, non-GAAP | $ | 6,407 | $ | 6,022 | |
Basis Point | |||||
Selling, General and Administrative Expenses as a Percentage of Net Sales | 2021 | 2020 | Change | ||
Selling, general and administrative expenses as a percentage of Net sales, GAAP | 36.8 % | 36.5 % | 30 | ||
Global Growth and Efficiency Program | - % | 0.1 % | |||
Selling, general and administrative expenses as a percentage of Net sales, non-GAAP | 36.8 % | 36.6 % | 20 | ||
Other (Income) Expense, Net | 2021 | 2020 | |||
Other (income) expense, net, GAAP | $ | 65 | $ | 113 | |
Global Growth and Efficiency Program | - | 13 | |||
Acquisition-related costs | - | (2) | |||
Value-added tax matter in Brazil | 26 | - | |||
Other (income) expense, net, non-GAAP | $ | 91 | $ | 124 | |
Operating Profit | 2021 | 2020 | % Change | ||||
Operating profit, GAAP | $ | 3,332 | $ | 3,885 | (14)% | ||
Global Growth and Efficiency Program | - | (16) | |||||
Acquisition-related costs | - | 6 | |||||
Value-added tax matter in Brazil | (26) | - | |||||
Goodwill and indefinite-lived intangible impairment charges | 571 | - | |||||
Operating profit, non-GAAP | $ | 3,877 | $ | 3,875 | - % | ||
2021 | 2020 | Basis Point | |||
Operating Profit Margin | Change | ||||
Operating profit margin, GAAP | 19.1 % | 23.6 % | (450) | ||
Global Growth and Efficiency Program | - % | (0.1)% | |||
Value-added tax matter in Brazil | (0.2)% | - % | |||
Goodwill and indefinite-lived intangible impairment charges | 3.4 % | - % | |||
Operating profit margin, non-GAAP | 22.3 % | 23.5 % | (120) | ||
Interest (Income) Expense, Net | 2021 | 2020 | |||
Interest (income) expense, GAAP | $ | 175 | $ | 164 | |
Losses on early extinguishment of debt | (75) | (23) | |||
Interest (income) expense, non-GAAP | $ | 100 | $ | 141 | |
Table 9
Continued
Colgate-Palmolive Company
Non-GAAP Reconciliations
For the Twelve Months Ended December 31, 2021 vs. 2020
(Dollars in Millions Except Per Share Amounts) (Unaudited)
2021
Net Income | Net Income | Effective | Diluted | ||
Income Before | Provision For | Including | Attributable To | ||
Noncontrolling | Colgate-Palmolive | Income | Earnings | ||
Income Taxes | Income Taxes(1) | Interests | Company | Tax Rate(2) | Per Share |
As Reported GAAP | $ |
Goodwill and indefinite-lived | |
intangible impairment charges | |
Loss on early extinguishment of | |
debt | |
Value-added tax matter in Brazil | |
Non-GAAP | $ |
3,087 | $ | 749 | $ | 2,338 | $ | 2,166 | 24.3 % | $ | 2.55 | ||||
571 | 53 | 518 | 518 | (2.1)% | 0.61 | ||||||||
75 | 20 | 55 | 55 | (0.3)% | 0.07 | ||||||||
(26) | (6) | (20) | (20) | 0.1 % | (0.02) | ||||||||
3,707 | $ | 816 | $ | 2,891 | $ | 2,719 | 22.0 % | $ | 3.21 | ||||
2020 | ||||||||||||||||
Net Income | Net Income | Effective | Diluted | |||||||||||||
Income Before | Provision For | Including | Attributable To | |||||||||||||
Noncontrolling | Colgate-Palmolive | Income | Earnings | |||||||||||||
Income Taxes | Income Taxes(1) | Interests | Company | Tax Rate(2) | Per Share | |||||||||||
As Reported GAAP | $ | 3,647 | $ | 787 | $ | 2,860 | $ | 2,695 | 21.6 % | $ | 3.14 | |||||
Global Growth and Efficiency | ||||||||||||||||
Program | (16) | (3) | (13) | (13) | - % | (0.02) | ||||||||||
Subsidiary and operating | - | 71 | (71) | (71) | 2.0 % | (0.08) | ||||||||||
structure initiatives | ||||||||||||||||
Acquisition-related costs | 6 | 2 | 4 | 4 | - % | - | ||||||||||
Loss on early extinguishment of | 23 | 5 | 18 | 18 | - % | 0.02 | ||||||||||
debt | ||||||||||||||||
Non-GAAP | $ | 3,660 | $ | 862 | $ | 2,798 | $ | 2,633 | 23.6 % | $ | 3.06 | |||||
The impact of non-GAAP adjustments may not necessarily equal the difference between "GAAP" and "non-GAAP" as a result of rounding.
Notes:
- The income tax effect on non-GAAP items is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.
- The impact of non-GAAP items on the Company's effective tax rate represents the difference in the effective tax rate calculated with and without the non- GAAP adjustment on Income before income taxes and Provision for income taxes.
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Colgate-Palmolive Company published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 13:12:06 UTC.