For the Nine Months Ended September 30, 2021 and 2020
(Dollars in Millions Except Per Share Amounts) (Unaudited)
Gross Profit
2021
2020
Gross profit, GAAP
$
7,816
$
7,374
Acquisition-related costs
-
4
Gross profit, non-GAAP
$
7,816
$
7,378
Selling, General and Administrative Expenses
2021
2020
Selling, general and administrative expenses, GAAP
$
4,809
$
4,386
Global Growth and Efficiency Program
-
3
Selling, general and administrative expenses, non-GAAP
$
4,809
$
4,389
Other (Income) Expense, Net
2021
2020
Other (income) expense, net, GAAP
$
40
$
72
Value-added tax matter in Brazil
26
-
Global Growth and Efficiency Program
-
13
Acquisition-related costs
-
(2)
Other (income) expense, net, non-GAAP
$
66
$
83
Operating Profit
2021
2020
% Change
Operating profit, GAAP
$
2,967
$
2,916
2 %
Value-added tax matter in Brazil
(26)
-
Global Growth and Efficiency Program
-
(16)
Acquisition-related costs
-
6
Operating profit, non-GAAP
$
2,941
$
2,906
1 %
Basis Point
Operating Profit Margin
2021
2020
Change
Operating profit margin, GAAP
22.8 %
24.0 %
(120)
Value-added tax matter in Brazil
(0.2)%
- %
Global Growth and Efficiency Program
- %
(0.1)%
Operating profit margin, non-GAAP
22.6 %
23.9 %
(130)
Interest (Income) Expense, Net
2021
2020
Interest (income) expense, net, GAAP
$
152
$
107
Loss on early extinguishment of debt
(75)
-
Interest (income) expense, net, non-GAAP
$
77
$
107
Table 9
Continued
Colgate-Palmolive Company
Non-GAAP Reconciliations
For the Nine Months Ended September 30, 2021 and 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
$
2,763
$
613
$
2,150
$
2,018
22.2 %
$
2.38
Loss on early extinguishment of
75
20
55
55
0.1 %
0.06
debt
Value-added tax matter in Brazil
(26)
(6)
(20)
(20)
- %
(0.02)
Non-GAAP
$
2,812
$
627
$
2,185
$
2,053
22.3 %
$
2.42
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
$
2,753
$
585
$
2,168
$
2,048
21.2 %
$
2.38
Global Growth and Efficiency
Program
(16)
(3)
(13)
(13)
- %
(0.02)
Subsidiary and operating
structure initiatives
-
71
(71)
(71)
2.7 %
(0.08)
Acquisition-related costs
6
2
4
4
- %
0.01
Non-GAAP
$
2,743
$
655
$
2,088
$
1,968
23.9 %
$
2.29
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 adjustments on Income before income taxes and Provision for income taxes.
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Colgate-Palmolive Company published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2021 15:59:08 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.