Table 9
Colgate-Palmolive Company
Non-GAAP Reconciliations
For the Nine Months Ended September 30, 2020 and 2019
(Dollars in Millions Except Per Share Amounts) (Unaudited)
Gross Profit Gross profit, GAAP Acquisition-related costs
Global Growth and Efficiency Program Gross profit, non-GAAP
Gross Profit Margin Gross profit margin, GAAP
Global Growth and Efficiency Program Gross profit margin, non-GAAP
2020
$
7,374 4 -
$
7,378
2020
60.7 % - % 60.7 %
2019
$ 6,911 - 9 $ 6,920
2019
59.2 % 0.1 %
59.3
%
Basis Point
Change
150
140
Selling, General and Administrative Expenses Selling, general and administrative expenses, GAAP Global Growth and Efficiency Program (1)
Selling, general and administrative expenses, non-GAAPSelling, General and Administrative Expenses as a Percentage of Net Sales Selling, general and administrative expenses as a percentage of Net sales, GAAP Global Growth and Efficiency Program
Selling, general and administrative expenses as a percentage of Net sales, non-GAAP
2020
$
4,386 3
$
4,389
2020
36.1 % - % 36.1 %
2019
$ 4,163
(42) $ 4,121
2019
35.6 % (0.3)% 35.3 %
Basis Point
Change
50
80
Other (Income) Expense, Net Other (income) expense, net, GAAP Global Growth and Efficiency Program (1) Acquisition-related costs
Other (income) expense, net, non-GAAP
2020
2019
$
72 $ 125
13 (43)
(2) (18)
$
83
$
64
Operating Profit Operating profit, GAAP
Global Growth and Efficiency Program (1) Acquisition-related costs
Operating profit, non-GAAP
Operating Profit Margin Operating profit margin, GAAP
Global Growth and Efficiency Program (1) Acquisition-related costs
Operating profit margin, non-GAAP
2020
2019
$
2,916
(16) 94 6 18
$
2,906
2020
24.0 % (0.1)% - % 23.9 %
$ 2,623
$ 2,735
2019
22.5 % 0.8 % 0.1 %
23.4
%
% Change
11 %
6 %
Basis Point
Change
150
50
Non-Service Related Postretirement Costs Non-service related postretirement costs, GAAP Global Growth and Efficiency Program
Non-service related postretirement costs, non-GAAP
2020
$
56 -
$
56
2019
$
79 (4)
$
75
Table 9 Continued
Colgate-Palmolive Company
Non-GAAP Reconciliations
For the Nine Months Ended September 30, 2020 and 2019
(Dollars in Millions Except Per Share Amounts) (Unaudited)
2020
Net IncomeIncome Before Income TaxesProvision For Income Taxes(2)
Including Noncontrolling
Net Income Attributable To Colgate-Palmolive
Effective
Interests
Company
Income Tax Rate(3)Diluted Earnings Per Share
As Reported GAAP
$
2,753
$
585
$
2,168
$
2,048
21.2 % $ 2.38
Global Growth and Efficiency Program (1)
(16)
(3)
(13)
(13)
- % (0.02)
Subsidiary and operating structure initiatives Acquisition-related costs Non-GAAP
$
- 6 2,743
$
71 2 655
(71)
(71)
2.7 % (0.08)
4
4
- % 0.01
$
2,088
$
1,968
23.9 %
$
2.29
2019
Net IncomeIncome Before Income TaxesProvision For Income Taxes(2)
Including Noncontrolling
Net Income Attributable To Colgate-Palmolive
Effective
Interests
Company
Income Tax Rate(3)Diluted Earnings Per Share
As Reported GAAP
$
2,431
$
Global Growth and Efficiency Program
U.S. tax reform Non-GAAP
$
98 18 2,547
$
586 23 4 613
$
1,845
$
1,724
24.1 % $ 2.00
$
75 14 1,934
75 - % 0.09
14 - % 0.01
$
1,813
24.1 %
$
2.10
The impact of non-GAAP adjustments may not necessarily equal the difference between "GAAP" and "non-GAAP" as a result of rounding.
Notes:
(1) During the nine months ended September 30, 2020, the Company adjusted the accrual balances related to certain projects approved prior to the conclusion of the Global Growth and Efficiency Program, which ended on December 31, 2019, resulting in a reduction of $16 ($13 aftertax). No new restructuring projects were approved for implementation during the nine months ended September 30, 2020.
(2) 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.
(3) 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 30 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2020 18:19:09 UTC