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CL Colgate-Palmolive

Cover Page

Cover Page9 Months Ended
Sep. 30, 2021shares
Entity Information [Line Items]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateSep. 30,
2021
Document Transition Reportfalse
Entity File Number1-644
Entity Registrant NameCOLGATE-PALMOLIVE COMPANY
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number13-1815595
Entity Address, Address Line One300 Park Avenue
Entity Address, City or TownNew York,
Entity Address, State or ProvinceNY
Entity Address, Postal Zip Code10022
City Area Code212
Local Phone Number310-2000
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding842,848,691
Entity Central Index Key0000021665
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ3
Amendment Flagfalse
Common Stock
Entity Information [Line Items]
Title of 12(b) SecurityCommon Stock, $1.00 par value
Trading SymbolCL
Security Exchange NameNYSE
0.500% Notes due 2026
Entity Information [Line Items]
Title of 12(b) Security0.500% Notes due 2026
Trading SymbolCL26
Security Exchange NameNYSE
1.375% Notes due 2034
Entity Information [Line Items]
Title of 12(b) Security1.375% Notes due 2034
Trading SymbolCL34
Security Exchange NameNYSE
0.875% Notes due 2039
Entity Information [Line Items]
Title of 12(b) Security0.875% Notes due 2039
Trading SymbolCL39
Security Exchange NameNYSE

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Income Statement [Abstract]
Net sales $ 4,414 $ 4,153 $ 13,018 $ 12,147
Cost of sales1,791 1,613 5,202 4,773
Gross profit2,623 2,540 7,816 7,374
Selling, general and administrative expenses1,636 1,518 4,809 4,386
Other (income) expense, net20 4 40 72
Operating profit967 1,018 2,967 2,916
Non-service related postretirement costs16 15 52 56
Interest (income) expense, net98 36 152 107
Income before income taxes853 967 2,763 2,753
Provision for income taxes172 222 613 585
Net income including noncontrolling interests681 745 2,150 2,168
Less: Net income attributable to noncontrolling interests47 47 132 120
Net income attributable to Colgate-Palmolive Company $ 634 $ 698 $ 2,018 $ 2,048
Earnings per common share, basic (in dollars per share) $ 0.75 $ 0.81 $ 2.39 $ 2.39
Earnings per common share, diluted (in dollars per share) $ 0.75 $ 0.81 $ 2.38 $ 2.38

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income including noncontrolling interests $ 681 $ 745 $ 2,150 $ 2,168
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments(116)57 (168)(230)
Retirement plans and other retiree benefit adjustments31 54 49 84
Gains (losses) on cash flow hedges17 1 25 (2)
Total Other comprehensive income (loss), net of tax(68)112 (94)(148)
Total Comprehensive income including noncontrolling interests613 857 2,056 2,020
Less: Net income attributable to noncontrolling interests47 47 132 120
Less: Cumulative translation adjustments attributable to noncontrolling interests(2)12 (5)(1)
Total Comprehensive income attributable to noncontrolling interests45 59 127 119
Total Comprehensive income attributable to Colgate-Palmolive Company $ 568 $ 798 $ 1,929 $ 1,901

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in MillionsSep. 30, 2021Dec. 31, 2020
Current Assets
Cash and cash equivalents $ 958 $ 888
Receivables (net of allowances of $80 and $89, respectively)1,424 1,264
Inventories1,670 1,673
Other current assets618 513
Total current assets4,670 4,338
Property, plant and equipment:
Cost8,827 8,751
Less: Accumulated depreciation(5,194)(5,035)
Property, plant and equipment, net3,633 3,716
Goodwill3,685 3,824
Other intangible assets, net2,719 2,894
Deferred income taxes260 291
Other assets913 857
Total assets15,880 15,920
Current Liabilities
Notes and loans payable3 258
Current portion of long-term debt11 9
Accounts payable1,258 1,393
Accrued income taxes452 403
Other accruals2,557 2,341
Total current liabilities4,281 4,404
Long-term debt7,682 7,334
Deferred income taxes399 426
Other liabilities2,491 2,655
Total liabilities14,853 14,819
Shareholders’ Equity
Common stock1,466 1,466
Additional paid-in capital3,174 2,969
Retained earnings24,201 23,699
Accumulated other comprehensive income (loss)(4,434)(4,345)
Unearned compensation0 (1)
Treasury stock, at cost(23,816)(23,045)
Total Colgate-Palmolive Company shareholders’ equity591 743
Noncontrolling interests436 358
Total equity1,027 1,101
Total liabilities and equity $ 15,880 $ 15,920

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in MillionsSep. 30, 2021Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts $ 80 $ 89

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions9 Months Ended
Sep. 30, 2021Sep. 30, 2020
Operating Activities
Net income including noncontrolling interests $ 2,150 $ 2,168
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:
Depreciation and amortization414 400
Restructuring and termination benefits, net of cash(19)(66)
Stock-based compensation expense107 85
Loss on early extinguishment of debt75 0
Deferred income taxes(146)(124)
Cash effects of changes in:
Receivables(198)62
Inventories(37)(214)
Accounts payable and other accruals(107)468
Other non-current assets and liabilities(20)(23)
Net cash provided by (used in) operations2,219 2,756
Investing Activities
Capital expenditures(374)(249)
Purchases of marketable securities and investments(118)(109)
Proceeds from sale of marketable securities and investments55 42
Payment for acquisitions, net of cash acquired0 (352)
Other investing activities(25)0
Net cash provided by (used in) investing activities(462)(668)
Financing Activities
Short-term borrowing (repayment) less than 90 days, net205
Short-term borrowing (repayment) less than 90 days, net(796)
Principal payments of debt(118)(7)
Proceeds from issuance of debt119 0
Dividends paid(1,183)(1,162)
Purchases of treasury shares(964)(578)
Proceeds from exercise of stock options282 640
Purchase of non-controlling interest in subsidiaries0 (99)
Other financing activities(9)34
Net cash provided by (used in) financing activities(1,668)(1,968)
Effect of exchange rate changes on Cash and cash equivalents(19)(14)
Net increase (decrease) in Cash and cash equivalents70 106
Cash and cash equivalents at beginning of the period888 883
Cash and cash equivalents at end of the period958 989
Supplemental Cash Flow Information
Income taxes paid $ 742 $ 606

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in MillionsTotalCommon StockAdditional Paid-in CapitalUnearned CompensationTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests
Changes in Shareholders' Equity [Roll Forward]
Accumulated other comprehensive loss, cumulative translation losses $ 3,128
Accumulated other comprehensive income (loss), unrecognized retirement plan and other retiree benefit costs1,138
Beginning balance at Dec. 31, 2019 $ 1,466 $ 2,488 $ (2) $ (22,063) $ 22,501 $ (4,273)[1] $ 441
Changes in Shareholders' Equity [Roll Forward]
Net income2,168 2,048 120
Other comprehensive income (loss), net of tax(148)(147)[1](1)
Dividends[2](1,503)(37)
Stock-based compensation expense85
Shares issued for stock options290 329
Shares issued for restricted stock units(30)30
Treasury stock acquired(578)
Noncontrolling interests acquired(99)
Other4 1 2 6 (1)[1](4)
Ending balance at Sep. 30, 20201,466 2,837 (1)(22,280)23,052 (4,421)[1],[3]420
Changes in Shareholders' Equity [Roll Forward]
Accumulated other comprehensive loss, cumulative translation losses3,402
Accumulated other comprehensive income (loss), unrecognized retirement plan and other retiree benefit costs1,108
Beginning balance at Jun. 30, 20201,466 2,666 (1)(22,075)22,731 (4,519)[3]464
Changes in Shareholders' Equity [Roll Forward]
Net income745 698 47
Other comprehensive income (loss), net of tax112 100 [3]12
Dividends(379)0
Stock-based compensation expense53
Shares issued for stock options130 132
Shares issued for restricted stock units(13)13
Treasury stock acquired(350)
Noncontrolling interests acquired0 [3](99)
Other1 0 2 (2)[3](4)
Ending balance at Sep. 30, 20201,466 2,837 (1)(22,280)23,052 (4,421)[1],[3]420
Changes in Shareholders' Equity [Roll Forward]
Accumulated other comprehensive loss, cumulative translation losses3,357
Accumulated other comprehensive income (loss), unrecognized retirement plan and other retiree benefit costs1,054
Accumulated other comprehensive loss, cumulative translation losses3,158
Accumulated other comprehensive income (loss), unrecognized retirement plan and other retiree benefit costs1,178
Beginning balance at Dec. 31, 20201,101 1,466 2,969 (1)(23,045)23,699 (4,345)[1]358
Changes in Shareholders' Equity [Roll Forward]
Net income2,150 2,018 132
Other comprehensive income (loss), net of tax(94)(89)[1](5)
Dividends[2](1,516)(49)
Stock-based compensation expense107
Shares issued for stock options120 167
Shares issued for restricted stock units(26)26
Treasury stock acquired(964)
Other4 1
Ending balance at Sep. 30, 20211,027 1,466 3,174 0 (23,816)24,201 (4,434)[1],[3]436
Changes in Shareholders' Equity [Roll Forward]
Accumulated other comprehensive loss, cumulative translation losses3,207
Accumulated other comprehensive income (loss), unrecognized retirement plan and other retiree benefit costs1,160
Beginning balance at Jun. 30, 20211,466 3,085 0 (23,665)23,946 (4,368)[3]398
Changes in Shareholders' Equity [Roll Forward]
Net income681 634 47
Other comprehensive income (loss), net of tax(68)(66)[3](2)
Dividends(379)(7)
Stock-based compensation expense49
Shares issued for stock options53 87
Shares issued for restricted stock units(14)14
Treasury stock acquired(251)
Other1 (1)0
Ending balance at Sep. 30, 20211,027 $ 1,466 $ 3,174 $ 0 $ (23,816) $ 24,201 $ (4,434)[1],[3] $ 436
Changes in Shareholders' Equity [Roll Forward]
Accumulated other comprehensive loss, cumulative translation losses3,321
Accumulated other comprehensive income (loss), unrecognized retirement plan and other retiree benefit costs $ 1,129
[1]Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,321 at September 30, 2021 ($3,357 at September 30, 2020) and $3,158 at December 31, 2020 ($3,128 at December 31, 2019), respectively, and unrecognized retirement plan and other retiree benefits costs of $1,129 at September 30, 2021 ($1,054 at September 30, 2020) and $1,178 at December 31, 2020 ($1,138 at December 31, 2019), respectively.
[2]Two dividends were declared in each of the first quarters of 2021 and 2020.
[3]Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,321 at September 30, 2021 ($3,357 at September 30, 2020) and $3,207 at June 30, 2021 ($3,402 at June 30, 2020), respectively, and unrecognized retirement plan and other retiree benefits costs of $1,129 at September 30, 2021 ($1,054 at September 30, 2020) and $1,160 at June 30, 2021 ($1,108 at June 30, 2020), respectively.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical)3 Months Ended9 Months Ended
Sep. 30, 2021$ / sharesMar. 31, 2021DividendSep. 30, 2020$ / shares[1]Mar. 31, 2020DividendSep. 30, 2021$ / shares[1]Sep. 30, 2020$ / shares[1]
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share) | $ / shares $ 0.45 $ 0.44 $ 1.79 $ 1.75
Number of dividends declared per quarter | Dividend2 2
[1]Two dividends were declared in each of the first quarters of 2021 and 2020.

Basis of Presentation

Basis of Presentation9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of PresentationBasis of Presentation The Condensed Consolidated Financial Statements reflect all normal recurring adjustments which, in management’s opinion, are necessary for a fair statement of the results for interim periods. Results of operations for interim periods may not be representative of results to be expected for a full year. Colgate-Palmolive Company (together with its subsidiaries, the “Company” or “Colgate”) reclassifies certain prior year amounts, as applicable, to conform to the current year presentation. For a complete set of financial statement notes, including the Company’s significant accounting policies, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”).

Use of Estimates

Use of Estimates9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]
Use of EstimatesUse of Estimates Provisions for certain expenses, including income taxes, advertising and consumer promotion, are based on full year assumptions and are included in the accompanying Condensed Consolidated Financial Statements in proportion with estimated annual tax rates, the passage of time or estimated annual sales, as applicable.

Recent Accounting Pronouncement

Recent Accounting Pronouncements9 Months Ended
Sep. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting PronouncementsRecent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” which clarified that certain optional expedients and exceptions in Topic 848 apply to derivatives that are affected by the discounting transition due to reference rate reform. These ASUs were effective upon issuance and can be applied prospectively for contract modifications and hedging relationships through December 31, 2022. The guidance has not had and is not expected to have a material impact on the Company’s Consolidated Financial Statements. In October 2020, the FASB issued ASU No. 2020-10, “Codification Improvements.” This ASU improves the consistency of the codification topics by including all disclosure guidance in the appropriate disclosure section and also clarifies the application of various provisions in the codification. This guidance was effective for the Company beginning on January 1, 2021 and did not have a material impact on the Company’s Consolidated Financial Statements. In January 2020, the FASB issued ASU No. 2020-01, “Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” This ASU provides clarification of the interaction of rules for equity securities, the equity method of accounting and forward contracts and purchase options on certain types of securities. This guidance was effective for the Company beginning on January 1, 2021 and did not have a material impact on the Company’s Consolidated Financial Statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. This guidance was effective for the Company beginning on January 1, 2021 and did not have a material impact on the Company’s Consolidated Financial Statements.

Acquisitions

Acquisitions9 Months Ended
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
AcquisitionsAcquisitions Hello Products LLC (“hello”) On January 31, 2020, the Company acquired hello, an oral care business, for cash consideration of $351. The acquisition was financed with a combination of debt and cash. This acquisition is part of the Company’s strategy to focus on high growth segments within its Oral Care, Personal Care and Pet Nutrition businesses. The total purchase price consideration of $351 was allocated to the net assets acquired based on their respective estimated fair values as follows: Receivables $ 11 Inventories 13 Other assets and liabilities, net (4) Other intangible assets 160 Goodwill 171 Fair value of net assets acquired $ 351 Other intangible assets acquired include trademarks, valued at $115, which are considered to have a finite useful life of 25 years, and customer relationships, valued at $45, which are considered to have a finite useful life of 17 years. Goodwill of $171 was allocated to the North America segment and is deductible for tax purposes. Pro forma results of operations have not been presented as the impact on the Company’s Condensed Consolidated Financial Statements is not material.

Restructuring and Related Imple

Restructuring and Related Implementation Charges9 Months Ended
Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Related Implementation ChargesRestructuring and Related Implementation Charges The Company’s restructuring program (the “Global Growth and Efficiency Program”), which commenced in the fourth quarter of 2012, concluded on December 31, 2019. Initiatives under the Global Growth and Efficiency Program fit within the program’s three focus areas of expanding commercial hubs, extending shared business services and streamlining global functions and optimizing the global supply chain and facilities. Substantially all initiatives under the Global Growth and Efficiency Program had been implemented as of December 31, 2019 and no new restructuring projects were approved for implementation subsequent to the conclusion of the Global Growth and Efficiency Program. During the three 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 to reflect its revised estimate of remaining liabilities. This adjustment resulted in a reduction of $16 ($13 after-tax), of which $3 was recorded in Selling, general and administrative expenses and $13 was recorded in Other (income) expense, net. During the nine months ended September 30, 2021 and September 30, 2020, the Company made cash payments of $19 and $50, respectively, related to projects approved prior to the conclusion of the Global Growth and Efficiency Program.

Inventories

Inventories9 Months Ended
Sep. 30, 2021
Inventory, Net, Items Net of Reserve Alternative [Abstract]
InventoriesInventories Inventories by major class were as follows: September 30, December 31, Raw materials and supplies $ 451 $ 454 Work-in-process 44 45 Finished goods 1,261 1,256 Total Inventories, net $ 1,756 $ 1,755 Non-current inventory, net $ (86) $ (82) Current Inventories, net $ 1,670 $ 1,673

Earnings Per Share

Earnings Per Share9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per ShareEarnings Per Share For the three months ended September 30, 2021 and 2020, earnings per share were as follows: Three Months Ended September 30, 2021 September 30, 2020 Net income attributable to Colgate-Palmolive Company Shares Per Net income attributable to Colgate-Palmolive Company Shares Per Basic EPS $ 634 843.6 $ 0.75 $ 698 859.0 $ 0.81 Stock options and restricted stock units 2.8 2.8 Diluted EPS $ 634 846.4 $ 0.75 $ 698 861.8 $ 0.81 For the three months ended September 30, 2021 and 2020, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 2,318,391 and 2,693,996, respectively. For the nine months ended September 30, 2021 and 2020, earnings per share were as follows: Nine Months Ended September 30, 2021 September 30, 2020 Net income attributable to Colgate-Palmolive Company Shares Per Net income attributable to Colgate-Palmolive Company Shares Per Basic EPS $ 2,018 845.9 $ 2.39 $ 2,048 857.7 $ 2.39 Stock options and restricted stock units 3.1 1.8 Diluted EPS $ 2,018 849.0 $ 2.38 $ 2,048 859.5 $ 2.38 For the nine months ended September 30, 2021 and 2020, the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 2,763,779 and 15,862,643, respectively. Basic and diluted earnings per share are computed independently for each quarter and any year-to-date period presented. As a result of changes in the number of shares outstanding during the year and rounding, the sum of the quarters’ earnings per share may not necessarily equal the earnings per share for any year-to-date period.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)9 Months Ended
Sep. 30, 2021
Equity [Abstract]
Other Comprehensive Income (Loss)Other Comprehensive Income (Loss) Additions to and reclassifications out of Accumulated other comprehensive income (loss) attributable to the Company for the three months ended September 30, 2021 and 2020 were as follows: 2021 2020 Pretax Net of Tax Pretax Net of Tax Cumulative translation adjustments $ (83) $ (114) $ 5 $ 45 Retirement plans and other retiree benefits: Net actuarial gain (loss) and prior service costs arising during the period 23 17 53 41 Amortization of net actuarial loss, transition and prior service costs (1) 18 14 15 13 Retirement plans and other retiree benefits adjustments 41 31 68 54 Cash flow hedges: Unrealized gains (losses) on cash flow hedges 18 15 (1) (1) Reclassification of (gains) losses into net earnings on cash flow hedges (2) 2 2 2 2 Gains (losses) on cash flow hedges 20 17 1 1 Total Other comprehensive income (loss) $ (22) $ (66) $ 74 $ 100 (1) These 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. (2) These (gains) losses are reclassified into Cost of sales. See Note 13, Fair Value Measurements and Financial Instruments for additional details. There were no tax impacts on Other comprehensive income (loss) (“OCI”) attributable to Noncontrolling interests. Additions to and reclassifications out of Accumulated other comprehensive income (loss) attributable to the Company for the nine months ended September 30, 2021 and 2020 were as follows: 2021 2020 Pretax Net of Tax Pretax Net of Tax Cumulative translation adjustments $ (111) $ (163) $ (288) $ (229) Retirement plans and other retiree benefits: Net actuarial gain (loss) and prior service costs arising during the period — 2 55 42 Amortization of net actuarial loss, transition and prior service costs (1) 61 47 55 42 Retirement plans and other retiree benefits adjustments 61 49 110 84 Cash flow hedges: Unrealized gains (losses) on cash flow hedges 22 17 2 1 Reclassification of (gains) losses into net earnings on cash flow hedges (2) 9 8 (4) (3) Gains (losses) on cash flow hedges 31 25 (2) (2) Total Other comprehensive income (loss) $ (19) $ (89) $ (180) $ (147) (1) These 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. (2) These (gains) losses are reclassified into Cost of sales. See Note 13, Fair Value Measurements and Financial Instruments for additional details. There were no tax impacts on OCI attributable to Noncontrolling interests.

Retirement Plans and Other Reti

Retirement Plans and Other Retiree Benefits9 Months Ended
Sep. 30, 2021
Retirement Benefits [Abstract]
Retirement Plans and Other Retiree BenefitsRetirement Plans and Other Retiree Benefits Components of Net periodic benefit cost for the three and nine months ended September 30, 2021 and 2020 were as follows: Three Months Ended September 30, Pension Benefits Other Retiree Benefits United States International 2021 2020 2021 2020 2021 2020 Service cost $ — $ — $ 3 $ 4 $ 7 $ 3 Interest cost 16 20 5 5 8 10 Expected return on plan assets (27) (29) (4) (6) — — Amortization of actuarial loss (gain) 11 10 2 2 5 3 Net periodic benefit cost $ — $ 1 $ 6 $ 5 $ 20 $ 16 Nine Months Ended September 30, Pension Benefits Other Retiree Benefits United States International 2021 2020 2021 2020 2021 2020 Service cost $ 1 $ — $ 11 $ 11 $ 20 $ 14 Interest cost 46 57 14 14 26 29 Expected return on plan assets (81) (83) (14) (15) — (1) Amortization of actuarial loss (gain) 35 34 8 7 18 14 Net periodic benefit cost $ 1 $ 8 $ 19 $ 17 $ 64 $ 56 For the nine months ended September 30, 2021 and 2020, the Company made no voluntary contributions to its U.S. postretirement plans.

Income Taxes

Income Taxes9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes The provision for income taxes for the nine months ended September 30, 2020 includes $71 of income tax benefits recorded on a discrete period basis, of which $45 relates to previously recorded foreign withholding taxes and $26 relates to a previously recorded valuation allowance against a deferred tax asset. As more fully described below, both items were previously recorded in connection with the charge recorded by the Company in 2017 and revised in 2018 related to the Tax Cuts and Jobs Act (the “ TCJA ” ). As part of the previously recorded charge for the TCJA, the Company had provided for foreign withholding taxes expected to be paid on the remittance of earnings from certain overseas subsidiaries no longer deemed indefinitely reinvested. As a result of a reorganization of the ownership structure of certain foreign subsidiaries, the Company determined that no withholding taxes would be due on the remittance by certain subsidiaries of earnings previously deemed reinvested and, accordingly, in the first quarter of 2020, reversed $45 of previously recorded foreign withholding taxes.

Contingencies

Contingencies9 Months Ended
Sep. 30, 2021
Loss Contingency [Abstract]
ContingenciesContingencies 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. 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 $425 (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 $109. 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. In each of September 2015, February 2017, June 2018, April 2019 and September 2020, the Company lost an administrative appeal and subsequently filed an appeal in Brazilian federal court. Currently, there are five appeals pending in the Brazilian federal court. Although there can be no assurances, management believes, based on the opinion of its Brazilian legal counsel, that the disallowances are without merit and that the Company should ultimately prevail. The Company is challenging these disallowances vigorously. 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 the Company should ultimately prevail in this action. 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 $48, 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 the tax assessment is without merit and that the Company should ultimately prevail. The Company is challenging this assessment vigorously. Competition Matter Certain of the Company’s subsidiaries were historically subject to actions and, in some cases, fines, by governmental authorities in a number of countries related to alleged competition law violations. Substantially all of these matters also involved other consumer goods companies and/or retail customers. The Company’s policy is to comply with antitrust and competition laws and, if a violation of any such laws is found, to take appropriate remedial action and to cooperate fully with any related governmental inquiry. The status as of September 30, 2021 of such competition law matters pending against the Company during the nine months ended September 30, 2021 is set forth below. ▪ In July 2014, the Greek competition law authority issued a statement of objections alleging a restriction of parallel imports into Greece. The Company responded to this statement of objections. In July 2017, the Company received the decision from the Greek competition law authority in which the Company was fined $11. The Company appealed the decision to the Greek courts. In April 2019, the Greek courts affirmed the judgment against the Company’s Greek subsidiary, but reduced the fine to $10.5 and dismissed the case against Colgate-Palmolive Company. The Company’s Greek subsidiary and the Greek competition authority have appealed the decision to the Greek Supreme Court. Talcum Powder Matters The Company has been named as a defendant in civil actions alleging that certain talcum powder products that were sold prior to 1996 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 September 30, 2021, there were 168 individual cases pending against the Company in state and federal courts throughout the United States, as compared to 151 cases as of June 30, 2021 and 137 cases as of December 31, 2020. During the three months ended September 30, 2021, 26 new cases were filed and nine cases were resolved by voluntary dismissal, settlement or dismissal by court. During the nine months ended September 30, 2021, 53 new cases were filed and 22 cases were resolved by voluntary dismissal, settlement or dismissal by the court. The values of the settlements in the quarter and year-to-date period presented were not material, either individually or in the aggregate, to the Company’s results of operations in either such period. A significant portion of the Company’s costs incurred in defending and resolving these claims has been, and the Company believes a portion of such 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 these cases are without merit and intend to challenge them vigorously, there can be no assurances regarding the ultimate resolution of these matters. ERISA Matter

Segment Information

Segment Information9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]
Segment InformationSegment 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. 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 accounting policies of the operating segments are generally the same as those described in Note 2, Summary of Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Intercompany sales have been eliminated. Corporate operations include costs related to stock options and restricted stock units, research and development costs, Corporate overhead costs 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. Net sales by segment were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net sales Oral, Personal and Home Care North America $ 931 $ 923 $ 2,765 $ 2,801 Latin America 931 837 2,745 2,531 Europe 718 712 2,144 2,004 Asia Pacific 731 722 2,142 1,980 Africa/Eurasia 258 255 796 736 Total Oral, Personal and Home Care 3,569 3,449 10,592 10,052 Pet Nutrition 845 704 2,426 2,095 Total Net sales $ 4,414 $ 4,153 $ 13,018 $ 12,147 Approximately 70% 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). The Company’s Net sales of Oral, Personal and Home Care and Pet Nutrition products accounted for the following percentages of the Company’s Net sales: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net sales Oral Care 44 % 44 % 44 % 43 % Personal Care 20 % 21 % 20 % 21 % Home Care 18 % 18 % 17 % 19 % Pet Nutrition 18 % 17 % 19 % 17 % Total Net sales 100 % 100 % 100 % 100 % Operating profit by segment was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Operating profit Oral, Personal and Home Care North America $ 183 $ 242 $ 585 $ 753 Latin America 248 250 774 728 Europe 178 169 524 482 Asia Pacific 215 222 639 559 Africa/Eurasia 44 61 153 174 Total Oral, Personal and Home Care 868 944 2,675 2,696 Pet Nutrition 233 196 661 588 Corporate (134) (122) (369) (368) Total Operating profit $ 967 $ 1,018 $ 2,967 $ 2,916 Corporate Operating profit (loss) for the nine months ended September 30, 2021 included a benefit related to a value-added tax matter in Brazil of $26. Corporate Operating profit (loss) for the nine months ended September 30, 2020 included charges for acquisition-related costs of $6.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial InstrumentsFair 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. The Company’s derivative instruments include interest rate swap contracts, forward-starting interest rate swaps, foreign currency contracts and commodity contracts. The Company utilizes interest rate swap contracts to manage its targeted mix of fixed and floating rate debt, and these swaps are valued using observable benchmark rates (Level 2 valuation). The Company utilizes forward-starting interest rate swaps to mitigate the risk of variability in interest rate for future debt issuances and these swaps are valued using observable benchmark rates (Level 2 valuation). The Company utilizes foreign currency contracts, including forward and swap contracts, option contracts, 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. These contracts are valued using observable market rates (Level 2 valuation). Commodity futures contracts are utilized to hedge the purchases of raw materials used in production. These contracts are measured using quoted commodity exchange prices (Level 1 valuation). The duration of foreign currency and commodity contracts generally does not exceed 12 months. The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments which are carried at fair value in the Company’s Consolidated Balance Sheets at September 30, 2021 and December 31, 2020: Assets Liabilities Fair Value Account Fair Value Designated derivative instruments September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Interest rate swap contracts Other assets $ 8 $ 14 Other liabilities $ — $ — Forward-starting interest rate swaps Other assets 24 5 Other liabilities 9 — Foreign currency contracts Other current assets 22 7 Other accruals 37 93 Commodity contracts Other current assets — 3 Other accruals — — Total designated $ 54 $ 29 $ 46 $ 93 Other financial instruments Marketable securities Other current assets $ 100 $ 37 Total other financial instruments $ 100 $ 37 The carrying amount of cash, cash equivalents, marketable securities, accounts receivable and short-term debt approximated fair value as of September 30, 2021 and December 31, 2020. The estimated fair value of the Company’s long-term debt, including the current portion, as of September 30, 2021 and December 31, 2020, was $8,173 and $8,175, respectively, and the related carrying value was $7,693 and $7,343, respectively. The estimated fair value of long-term debt was derived principally from quoted prices on the Company’s outstanding fixed-term notes (Level 2 valuation). The following amounts were recorded on the Condensed Consolidated Balance Sheet related to the cumulative basis adjustment for fair value hedges as of: September 30, 2021 December 31, 2020 Long-term debt: Carrying amount of hedged item $ 407 $ 413 Cumulative hedging adjustment included in the carrying amount 8 14 The following tables present the notional values as of: September 30, 2021 Foreign Currency Contracts Foreign Currency Debt Interest Rate Swaps Forward-Starting Interest Rate Swaps Commodity Contracts Fair Value Hedges $ 600 $ — $ 400 $ — $ — $ 1,000 Cash Flow Hedges 778 — — 700 18 1,496 Net Investment Hedges 692 4,403 — — — 5,095 December 31, 2020 Foreign Currency Contracts Foreign Currency Debt Interest Rate Swaps Forward-Starting Interest Rate Swaps Commodity Contracts Fair Value Hedges $ 589 $ — $ 400 $ — $ — $ 989 Cash Flow Hedges 854 — — 300 17 1,171 Net Investment Hedges 528 4,523 — — — 5,051 The following tables present the location and amount of gains (losses) recognized on the Company’s Condensed Consolidated Statements of Income: Three Months Ended September 30, 2021 2020 Cost of sales Selling, general and administrative expenses Interest (income) expense, net Cost of sales Selling, general and administrative expenses Interest (income) expense, net Interest rate swaps designated as fair value hedges: Derivative instrument $ — $ — $ 2 $ — $ — $ 2 Hedged items — — (2) — — (2) Foreign currency contracts designated as fair value hedges: Derivative instrument — 1 — — (10) — Hedged items — (1) — — 10 — Foreign currency contracts designated as cash flow hedges: Amount reclassified from OCI (2) — — (1) — — Commodity contracts designated as cash flow hedges: Amount reclassified from OCI — — — (1) — — Total gain (loss) on hedges recognized in income $ (2) $ — $ — $ (2) $ — $ — Nine Months ended September 30, 2021 2020 Cost of sales Selling, general and administrative expenses Interest (income) expense, net Cost of sales Selling, general and administrative expenses Interest (income) expense, net Interest rate swaps designated as fair value hedges: Derivative instrument $ — $ — $ 6 $ — $ — $ (11) Hedged items — — (6) — — 11 Foreign currency contracts designated as fair value hedges: Derivative instrument — (4) — — 29 — Hedged items — 4 — — (29) — Foreign currency contracts designated as cash flow hedges: Amount reclassified from OCI (14) — — 6 — — Commodity contracts designated as cash flow hedges: Amount reclassified from OCI 5 — — (2) — — Total gain (loss) on hedges recognized in income $ (9) $ — $ — $ 4 $ — $ — The following table presents the location and amount of unrealized gains (losses) included in OCI: Three Months Ended September 30, 2021 2020 Foreign currency contracts designated as cash flow hedges: Gain (loss) recognized in OCI $ 8 $ (7) Forward-starting interest rate swaps designated as cash flow hedges: Gain (loss) recognized in OCI 12 4 Commodity contracts designated as cash flow hedges: Gain (loss) recognized in OCI (2) 2 Foreign currency contracts designated as net investment hedges: Gain (loss) on instruments 19 (21) Gain (loss) on hedged items (19) 21 Foreign currency debt designated as net investment hedges: Gain (loss) on instruments 112 (171) Gain (loss) on hedged items (112) 171 Total unrealized gain (loss) on hedges recognized in OCI $ 18 $ (1) Nine Months Ended September 30, 2021 2020 Foreign currency contracts designated as cash flow hedges: Gain (loss) recognized in OCI $ 12 $ 6 Forward-starting interest rate swaps designated as cash flow hedges: Gain (loss) recognized in OCI 10 (4) Commodity contracts designated as cash flow hedges: Gain (loss) recognized in OCI — — Foreign currency contracts designated as net investment hedges: Gain (loss) on instruments 23 (8) Gain (loss) on hedged items (23) 8 Foreign currency debt designated as net investment hedges: Gain (loss) on instruments 261 (174) Gain (loss) on hedged items (261) 174 Total unrealized gain (loss) on hedges recognized in OCI $ 22 $ 2

Use of Estimates (Policies)

Use of Estimates (Policies)9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]
Use of EstimatesUse of Estimates Provisions for certain expenses, including income taxes, advertising and consumer promotion, are based on full year assumptions and are included in the accompanying Condensed Consolidated Financial Statements in proportion with estimated annual tax rates, the passage of time or estimated annual sales, as applicable.
Recent Accounting PronouncementsRecent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” which clarified that certain optional expedients and exceptions in Topic 848 apply to derivatives that are affected by the discounting transition due to reference rate reform. These ASUs were effective upon issuance and can be applied prospectively for contract modifications and hedging relationships through December 31, 2022. The guidance has not had and is not expected to have a material impact on the Company’s Consolidated Financial Statements. In October 2020, the FASB issued ASU No. 2020-10, “Codification Improvements.” This ASU improves the consistency of the codification topics by including all disclosure guidance in the appropriate disclosure section and also clarifies the application of various provisions in the codification. This guidance was effective for the Company beginning on January 1, 2021 and did not have a material impact on the Company’s Consolidated Financial Statements. In January 2020, the FASB issued ASU No. 2020-01, “Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” This ASU provides clarification of the interaction of rules for equity securities, the equity method of accounting and forward contracts and purchase options on certain types of securities. This guidance was effective for the Company beginning on January 1, 2021 and did not have a material impact on the Company’s Consolidated Financial Statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. This guidance was effective for the Company beginning on January 1, 2021 and did not have a material impact on the Company’s Consolidated Financial Statements.

Acquisitions (Tables)

Acquisitions (Tables)9 Months Ended
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities AssumedThe total purchase price consideration of $351 was allocated to the net assets acquired based on their respective estimated fair values as follows: Receivables $ 11 Inventories 13 Other assets and liabilities, net (4) Other intangible assets 160 Goodwill 171 Fair value of net assets acquired $ 351

Inventories (Tables)

Inventories (Tables)9 Months Ended
Sep. 30, 2021
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Inventories by Major ClassInventories by major class were as follows: September 30, December 31, Raw materials and supplies $ 451 $ 454 Work-in-process 44 45 Finished goods 1,261 1,256 Total Inventories, net $ 1,756 $ 1,755 Non-current inventory, net $ (86) $ (82) Current Inventories, net $ 1,670 $ 1,673

Earnings Per Share (Tables)

Earnings Per Share (Tables)9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and DilutedFor the three months ended September 30, 2021 and 2020, earnings per share were as follows: Three Months Ended September 30, 2021 September 30, 2020 Net income attributable to Colgate-Palmolive Company Shares Per Net income attributable to Colgate-Palmolive Company Shares Per Basic EPS $ 634 843.6 $ 0.75 $ 698 859.0 $ 0.81 Stock options and restricted stock units 2.8 2.8 Diluted EPS $ 634 846.4 $ 0.75 $ 698 861.8 $ 0.81 For the nine months ended September 30, 2021 and 2020, earnings per share were as follows: Nine Months Ended September 30, 2021 September 30, 2020 Net income attributable to Colgate-Palmolive Company Shares Per Net income attributable to Colgate-Palmolive Company Shares Per Basic EPS $ 2,018 845.9 $ 2.39 $ 2,048 857.7 $ 2.39 Stock options and restricted stock units 3.1 1.8 Diluted EPS $ 2,018 849.0 $ 2.38 $ 2,048 859.5 $ 2.38

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)9 Months Ended
Sep. 30, 2021
Equity [Abstract]
Schedule of Comprehensive Income (Loss)Additions to and reclassifications out of Accumulated other comprehensive income (loss) attributable to the Company for the three months ended September 30, 2021 and 2020 were as follows: 2021 2020 Pretax Net of Tax Pretax Net of Tax Cumulative translation adjustments $ (83) $ (114) $ 5 $ 45 Retirement plans and other retiree benefits: Net actuarial gain (loss) and prior service costs arising during the period 23 17 53 41 Amortization of net actuarial loss, transition and prior service costs (1) 18 14 15 13 Retirement plans and other retiree benefits adjustments 41 31 68 54 Cash flow hedges: Unrealized gains (losses) on cash flow hedges 18 15 (1) (1) Reclassification of (gains) losses into net earnings on cash flow hedges (2) 2 2 2 2 Gains (losses) on cash flow hedges 20 17 1 1 Total Other comprehensive income (loss) $ (22) $ (66) $ 74 $ 100 (1) These 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. (2) These (gains) losses are reclassified into Cost of sales. See Note 13, Fair Value Measurements and Financial Instruments for additional details. Additions to and reclassifications out of Accumulated other comprehensive income (loss) attributable to the Company for the nine months ended September 30, 2021 and 2020 were as follows: 2021 2020 Pretax Net of Tax Pretax Net of Tax Cumulative translation adjustments $ (111) $ (163) $ (288) $ (229) Retirement plans and other retiree benefits: Net actuarial gain (loss) and prior service costs arising during the period — 2 55 42 Amortization of net actuarial loss, transition and prior service costs (1) 61 47 55 42 Retirement plans and other retiree benefits adjustments 61 49 110 84 Cash flow hedges: Unrealized gains (losses) on cash flow hedges 22 17 2 1 Reclassification of (gains) losses into net earnings on cash flow hedges (2) 9 8 (4) (3) Gains (losses) on cash flow hedges 31 25 (2) (2) Total Other comprehensive income (loss) $ (19) $ (89) $ (180) $ (147) (1) These 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. (2) These (gains) losses are reclassified into Cost of sales. See Note 13, Fair Value Measurements and Financial Instruments for additional details.

Retirement Plans and Other Re_2

Retirement Plans and Other Retiree Benefits (Tables)9 Months Ended
Sep. 30, 2021
Retirement Benefits [Abstract]
Components Of Net Periodic Benefit CostComponents of Net periodic benefit cost for the three and nine months ended September 30, 2021 and 2020 were as follows: Three Months Ended September 30, Pension Benefits Other Retiree Benefits United States International 2021 2020 2021 2020 2021 2020 Service cost $ — $ — $ 3 $ 4 $ 7 $ 3 Interest cost 16 20 5 5 8 10 Expected return on plan assets (27) (29) (4) (6) — — Amortization of actuarial loss (gain) 11 10 2 2 5 3 Net periodic benefit cost $ — $ 1 $ 6 $ 5 $ 20 $ 16 Nine Months Ended September 30, Pension Benefits Other Retiree Benefits United States International 2021 2020 2021 2020 2021 2020 Service cost $ 1 $ — $ 11 $ 11 $ 20 $ 14 Interest cost 46 57 14 14 26 29 Expected return on plan assets (81) (83) (14) (15) — (1) Amortization of actuarial loss (gain) 35 34 8 7 18 14 Net periodic benefit cost $ 1 $ 8 $ 19 $ 17 $ 64 $ 56

Segment Information (Tables)

Segment Information (Tables)9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]
Net Sales and Operating Profit by SegmentNet sales by segment were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net sales Oral, Personal and Home Care North America $ 931 $ 923 $ 2,765 $ 2,801 Latin America 931 837 2,745 2,531 Europe 718 712 2,144 2,004 Asia Pacific 731 722 2,142 1,980 Africa/Eurasia 258 255 796 736 Total Oral, Personal and Home Care 3,569 3,449 10,592 10,052 Pet Nutrition 845 704 2,426 2,095 Total Net sales $ 4,414 $ 4,153 $ 13,018 $ 12,147 The Company’s Net sales of Oral, Personal and Home Care and Pet Nutrition products accounted for the following percentages of the Company’s Net sales: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net sales Oral Care 44 % 44 % 44 % 43 % Personal Care 20 % 21 % 20 % 21 % Home Care 18 % 18 % 17 % 19 % Pet Nutrition 18 % 17 % 19 % 17 % Total Net sales 100 % 100 % 100 % 100 % Operating profit by segment was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Operating profit Oral, Personal and Home Care North America $ 183 $ 242 $ 585 $ 753 Latin America 248 250 774 728 Europe 178 169 524 482 Asia Pacific 215 222 639 559 Africa/Eurasia 44 61 153 174 Total Oral, Personal and Home Care 868 944 2,675 2,696 Pet Nutrition 233 196 661 588 Corporate (134) (122) (369) (368) Total Operating profit $ 967 $ 1,018 $ 2,967 $ 2,916

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of derivative instrumentsThe following table summarizes the fair value of the Company’s derivative instruments and other financial instruments which are carried at fair value in the Company’s Consolidated Balance Sheets at September 30, 2021 and December 31, 2020: Assets Liabilities Fair Value Account Fair Value Designated derivative instruments September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Interest rate swap contracts Other assets $ 8 $ 14 Other liabilities $ — $ — Forward-starting interest rate swaps Other assets 24 5 Other liabilities 9 — Foreign currency contracts Other current assets 22 7 Other accruals 37 93 Commodity contracts Other current assets — 3 Other accruals — — Total designated $ 54 $ 29 $ 46 $ 93 Other financial instruments Marketable securities Other current assets $ 100 $ 37 Total other financial instruments $ 100 $ 37
Schedule of hedged item and cumulative adjustment to carrying amountThe following amounts were recorded on the Condensed Consolidated Balance Sheet related to the cumulative basis adjustment for fair value hedges as of: September 30, 2021 December 31, 2020 Long-term debt: Carrying amount of hedged item $ 407 $ 413 Cumulative hedging adjustment included in the carrying amount 8 14
Schedule of notional valuesThe following tables present the notional values as of: September 30, 2021 Foreign Currency Contracts Foreign Currency Debt Interest Rate Swaps Forward-Starting Interest Rate Swaps Commodity Contracts Fair Value Hedges $ 600 $ — $ 400 $ — $ — $ 1,000 Cash Flow Hedges 778 — — 700 18 1,496 Net Investment Hedges 692 4,403 — — — 5,095 December 31, 2020 Foreign Currency Contracts Foreign Currency Debt Interest Rate Swaps Forward-Starting Interest Rate Swaps Commodity Contracts Fair Value Hedges $ 589 $ — $ 400 $ — $ — $ 989 Cash Flow Hedges 854 — — 300 17 1,171 Net Investment Hedges 528 4,523 — — — 5,051
Schedule of gains (losses) recognized in Statements of IncomeThe following tables present the location and amount of gains (losses) recognized on the Company’s Condensed Consolidated Statements of Income: Three Months Ended September 30, 2021 2020 Cost of sales Selling, general and administrative expenses Interest (income) expense, net Cost of sales Selling, general and administrative expenses Interest (income) expense, net Interest rate swaps designated as fair value hedges: Derivative instrument $ — $ — $ 2 $ — $ — $ 2 Hedged items — — (2) — — (2) Foreign currency contracts designated as fair value hedges: Derivative instrument — 1 — — (10) — Hedged items — (1) — — 10 — Foreign currency contracts designated as cash flow hedges: Amount reclassified from OCI (2) — — (1) — — Commodity contracts designated as cash flow hedges: Amount reclassified from OCI — — — (1) — — Total gain (loss) on hedges recognized in income $ (2) $ — $ — $ (2) $ — $ — Nine Months ended September 30, 2021 2020 Cost of sales Selling, general and administrative expenses Interest (income) expense, net Cost of sales Selling, general and administrative expenses Interest (income) expense, net Interest rate swaps designated as fair value hedges: Derivative instrument $ — $ — $ 6 $ — $ — $ (11) Hedged items — — (6) — — 11 Foreign currency contracts designated as fair value hedges: Derivative instrument — (4) — — 29 — Hedged items — 4 — — (29) — Foreign currency contracts designated as cash flow hedges: Amount reclassified from OCI (14) — — 6 — — Commodity contracts designated as cash flow hedges: Amount reclassified from OCI 5 — — (2) — — Total gain (loss) on hedges recognized in income $ (9) $ — $ — $ 4 $ — $ —
Schedule of gains (losses) included in Other Comprehensive IncomeThe following table presents the location and amount of unrealized gains (losses) included in OCI: Three Months Ended September 30, 2021 2020 Foreign currency contracts designated as cash flow hedges: Gain (loss) recognized in OCI $ 8 $ (7) Forward-starting interest rate swaps designated as cash flow hedges: Gain (loss) recognized in OCI 12 4 Commodity contracts designated as cash flow hedges: Gain (loss) recognized in OCI (2) 2 Foreign currency contracts designated as net investment hedges: Gain (loss) on instruments 19 (21) Gain (loss) on hedged items (19) 21 Foreign currency debt designated as net investment hedges: Gain (loss) on instruments 112 (171) Gain (loss) on hedged items (112) 171 Total unrealized gain (loss) on hedges recognized in OCI $ 18 $ (1) Nine Months Ended September 30, 2021 2020 Foreign currency contracts designated as cash flow hedges: Gain (loss) recognized in OCI $ 12 $ 6 Forward-starting interest rate swaps designated as cash flow hedges: Gain (loss) recognized in OCI 10 (4) Commodity contracts designated as cash flow hedges: Gain (loss) recognized in OCI — — Foreign currency contracts designated as net investment hedges: Gain (loss) on instruments 23 (8) Gain (loss) on hedged items (23) 8 Foreign currency debt designated as net investment hedges: Gain (loss) on instruments 261 (174) Gain (loss) on hedged items (261) 174 Total unrealized gain (loss) on hedges recognized in OCI $ 22 $ 2

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in MillionsJan. 31, 2020Sep. 30, 2021Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill $ 3,685 $ 3,824
Hello Product LLC
Business Acquisition [Line Items]
Payments to acquire business $ 351
Purchase price consideration351
Other intangible assets160
Goodwill171
Hello Product LLC | North America
Business Acquisition [Line Items]
Goodwill171
Hello Product LLC | Trademarks
Business Acquisition [Line Items]
Other intangible assets $ 115
Useful life25 years
Hello Product LLC | Customer Relationships
Business Acquisition [Line Items]
Other intangible assets $ 45
Useful life17 years

Acquisitions - Schedule of Reco

Acquisitions - Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in MillionsSep. 30, 2021Dec. 31, 2020Jan. 31, 2020
Business Acquisition [Line Items]
Goodwill $ 3,685 $ 3,824
Hello Product LLC
Business Acquisition [Line Items]
Receivables $ 11
Inventories13
Other assets and liabilities, net(4)
Other intangible assets160
Goodwill171
Fair value of net assets acquired $ 351

Restructuring and Related Imp_2

Restructuring and Related Implementation Charges - Narrative (Details) - Global Growth and Efficiency Program - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring reduction $ 16
Restructuring reduction after tax13
Payments for restructuring $ 19 $ 50
Restructuring reserve $ 12 $ 31
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring reduction3
Other (income) expense, net
Restructuring Cost and Reserve [Line Items]
Restructuring reduction $ 13

Inventories (Details)

Inventories (Details) - USD ($) $ in MillionsSep. 30, 2021Dec. 31, 2020
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Raw materials and supplies $ 451 $ 454
Work-in-process44 45
Finished goods1,261 1,256
Total Inventories, net1,756 1,755
Non-current inventory, net(86)(82)
Current Inventories, net $ 1,670 $ 1,673

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Net income attributable to Colgate-Palmolive Company
Basic EPS $ 634 $ 698 $ 2,018 $ 2,048
Diluted EPS $ 634 $ 698 $ 2,018 $ 2,048
Shares (millions)
Basic EPS (in shares)843,600,000 859,000,000 845,900,000 857,700,000
Stock options and restricted stock units (in shares)2,800,000 2,800,000 3,100,000 1,800,000
Diluted EPS (in shares)846,400,000 861,800,000 849,000,000 859,500,000
Per Share
Basic EPS (in dollars per share) $ 0.75 $ 0.81 $ 2.39 $ 2.39
Diluted EPS (in dollars per share) $ 0.75 $ 0.81 $ 2.38 $ 2.38
Antidilutive securities excluded from computation of earnings per share (in shares)2,318,391 2,693,996 2,763,779 15,862,643

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Other comprehensive income (loss), net of tax $ (68) $ 112 $ (94) $ (148)
Total Other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax(22)74 (19)(180)
Other comprehensive income (loss), pretax(22)74 (19)(180)
Total Other comprehensive income (loss), net of tax(66)[1]100 [1](89)[2](147)[2]
Cumulative translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax(83)5 (111)(288)
Other comprehensive income (loss), pretax(83)5 (111)(288)
Total Other comprehensive income (loss), net of tax(114)45 (163)(229)
Retirement plans and other retiree benefits adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax41 68 61 110
Other comprehensive income (loss), before reclassifications, pretax23 53 0 55
Reclassification from AOCI, pretax18 15 61 55
Other comprehensive income (loss), pretax41 68 61 110
Other comprehensive income (loss), before reclassifications, net of tax17 41 2 42
Reclassification from AOCI, net of tax14 13 47 42
Total Other comprehensive income (loss), net of tax31 54 49 84
Gains (losses) on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax20 1 31 (2)
Other comprehensive income (loss), before reclassifications, pretax18 (1)22 2
Reclassification from AOCI, pretax2 2 9 (4)
Other comprehensive income (loss), pretax20 1 31 (2)
Other comprehensive income (loss), before reclassifications, net of tax15 (1)17 1
Reclassification from AOCI, net of tax2 2 8 (3)
Total Other comprehensive income (loss), net of tax $ 17 $ 1 $ 25 $ (2)
[1]Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,321 at September 30, 2021 ($3,357 at September 30, 2020) and $3,207 at June 30, 2021 ($3,402 at June 30, 2020), respectively, and unrecognized retirement plan and other retiree benefits costs of $1,129 at September 30, 2021 ($1,054 at September 30, 2020) and $1,160 at June 30, 2021 ($1,108 at June 30, 2020), respectively.
[2]Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,321 at September 30, 2021 ($3,357 at September 30, 2020) and $3,158 at December 31, 2020 ($3,128 at December 31, 2019), respectively, and unrecognized retirement plan and other retiree benefits costs of $1,129 at September 30, 2021 ($1,054 at September 30, 2020) and $1,178 at December 31, 2020 ($1,138 at December 31, 2019), respectively.

Retirement Plans and Other Re_3

Retirement Plans and Other Retiree Benefits (Details) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Other Retiree Benefits
Components of net periodic benefit cost
Service cost $ 7,000,000 $ 3,000,000 $ 20,000,000 $ 14,000,000
Interest cost8,000,000 10,000,000 26,000,000 29,000,000
Expected return on plan assets0 0 0 (1,000,000)
Amortization of actuarial loss (gain)5,000,000 3,000,000 18,000,000 14,000,000
Net periodic benefit cost20,000,000 16,000,000 64,000,000 56,000,000
United States | Pension Benefits
Components of net periodic benefit cost
Service cost0 0 1,000,000 0
Interest cost16,000,000 20,000,000 46,000,000 57,000,000
Expected return on plan assets(27,000,000)(29,000,000)(81,000,000)(83,000,000)
Amortization of actuarial loss (gain)11,000,000 10,000,000 35,000,000 34,000,000
Net periodic benefit cost0 1,000,000 1,000,000 8,000,000
Voluntary benefit plan contribution0 0
International | Pension Benefits
Components of net periodic benefit cost
Service cost3,000,000 4,000,000 11,000,000 11,000,000
Interest cost5,000,000 5,000,000 14,000,000 14,000,000
Expected return on plan assets(4,000,000)(6,000,000)(14,000,000)(15,000,000)
Amortization of actuarial loss (gain)2,000,000 2,000,000 8,000,000 7,000,000
Net periodic benefit cost $ 6,000,000 $ 5,000,000 $ 19,000,000 $ 17,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)3 Months Ended9 Months Ended
Mar. 31, 2020Sep. 30, 2021
Income Tax Disclosure [Abstract]
Provisional income tax benefit $ 71,000,000
Foreign withholding income tax $ 45,000,000 45,000,000
Valuation allowance against deferred tax asset26,000,000 $ 26,000,000
Withholding tax due $ 0

Contingencies (Details)

Contingencies (Details) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021USD ($)casecountry_and_territorySep. 30, 2021USD ($)casecountry_and_territoryJun. 30, 2021caseDec. 31, 2020caseApr. 30, 2019USD ($)Jul. 31, 2017USD ($)Dec. 31, 2005USD ($)
Loss Contingencies [Line Items]
Number of countries in which entity operates (more than) | country_and_territory200 200
Brazilian internal revenue authority, matter 1 $ 109 $ 109
Loss contingency, number of cases on appeal | case5
Brazilian internal revenue authority, matter 2 $ 48
Fine imposed by Greek competition authority $ 10.5 $ 11
Loss contingency, pending claims, number (in cases) | case168 168 151 137
Loss contingency, new claims filed, number (in cases) | case26 53
Loss contingency, claims dismissed or settled, number (in cases) | case9 22
Minimum
Loss Contingencies [Line Items]
Range of reasonably possible losses $ 0 $ 0
Maximum
Loss Contingencies [Line Items]
Range of reasonably possible losses $ 425 $ 425

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021USD ($)Sep. 30, 2021USD ($)segmentSep. 30, 2020USD ($)
Segment Reporting Information [Line Items]
Number of product segments (in segments) | segment2
Number of reportable segments (in segments) | segment5
Number of operating segments (in segments) | segment5
Corporate | Included in Operating profit (loss)
Segment Reporting Information [Line Items]
Benefit from foreign tax matter | $ $ 26
Acquisition related costs | $ $ 6
Corporate | Included in Operating profit (loss) | Brazil
Segment Reporting Information [Line Items]
Benefit from foreign tax matter | $ $ 26
Net Sales
Segment Reporting Information [Line Items]
Percentage of consolidated Net sales represented by sales outside US70.00%70.00%
Percentage of consolidated Net sales coming from emerging markets45.00%45.00%

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Segment Reporting Information [Line Items]
Total Net sales $ 4,414 $ 4,153 $ 13,018 $ 12,147
Operating profit (loss) $ 967 $ 1,018 $ 2,967 $ 2,916
Product Concentration Risk | Net Sales
Segment Reporting Information [Line Items]
Percent of net sales100.00%100.00%100.00%100.00%
Product Concentration Risk | Net Sales | Oral Care
Segment Reporting Information [Line Items]
Percent of net sales44.00%44.00%44.00%43.00%
Product Concentration Risk | Net Sales | Personal Care
Segment Reporting Information [Line Items]
Percent of net sales20.00%21.00%20.00%21.00%
Product Concentration Risk | Net Sales | Home Care
Segment Reporting Information [Line Items]
Percent of net sales18.00%18.00%17.00%19.00%
Product Concentration Risk | Net Sales | Pet Nutrition
Segment Reporting Information [Line Items]
Percent of net sales18.00%17.00%19.00%17.00%
Operating Segments | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Total Net sales $ 3,569 $ 3,449 $ 10,592 $ 10,052
Operating profit (loss)868 944 2,675 2,696
Operating Segments | Pet Nutrition
Segment Reporting Information [Line Items]
Total Net sales845 704 2,426 2,095
Operating profit (loss)233 196 661 588
Operating Segments | North America | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Total Net sales931 923 2,765 2,801
Operating profit (loss)183 242 585 753
Operating Segments | Latin America | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Total Net sales931 837 2,745 2,531
Operating profit (loss)248 250 774 728
Operating Segments | Europe | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Total Net sales718 712 2,144 2,004
Operating profit (loss)178 169 524 482
Operating Segments | Asia Pacific | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Total Net sales731 722 2,142 1,980
Operating profit (loss)215 222 639 559
Operating Segments | Africa/Eurasia | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Total Net sales258 255 796 736
Operating profit (loss)44 61 153 174
Corporate
Segment Reporting Information [Line Items]
Operating profit (loss) $ (134) $ (122) $ (369) $ (368)

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Fair Value of Derivative Instruments and Other Financial Instruments (Details) - USD ($) $ in MillionsSep. 30, 2021Dec. 31, 2020
Designated derivative instruments
Derivative assets $ 54 $ 29
Derivative liabilities46 93
Other financial instruments
Total other financial instruments100 37
Other assets | Interest rate swap contracts
Designated derivative instruments
Derivative assets8 14
Other assets | Forward-starting interest rate swaps
Designated derivative instruments
Derivative assets24 5
Other current assets
Other financial instruments
Marketable securities100 37
Other current assets | Foreign currency contracts
Designated derivative instruments
Derivative assets22 7
Other current assets | Commodity contracts
Designated derivative instruments
Derivative assets0 3
Other liabilities | Interest rate swap contracts
Designated derivative instruments
Derivative liabilities0 0
Other liabilities | Forward-starting interest rate swaps
Designated derivative instruments
Derivative liabilities9 0
Other accruals | Foreign currency contracts
Designated derivative instruments
Derivative liabilities37 93
Other accruals | Commodity contracts
Designated derivative instruments
Derivative liabilities $ 0 $ 0

Fair Value Measurements and F_4

Fair Value Measurements and Financial Instruments - Narrative (Details) - USD ($) $ in MillionsSep. 30, 2021Dec. 31, 2020
Carrying Value
Debt Instrument [Line Items]
Carrying value of long-term debt $ 7,693 $ 7,343
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Estimated fair value of long-term debt $ 8,173 $ 8,175

Fair Value Measurements and F_5

Fair Value Measurements and Financial Instruments - Carrying Value and Estimated Fair Value of Long-term Debt (Details) - Long-term Debt - USD ($) $ in MillionsSep. 30, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Carrying amount of hedged item $ 407 $ 413
Cumulative hedging adjustment included in the carrying amount $ 8 $ 14

Fair Value Measurements and F_6

Fair Value Measurements and Financial Instruments - Schedule of Notional Values (Details) - USD ($) $ in MillionsSep. 30, 2021Dec. 31, 2020
Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional values $ 1,000 $ 989
Fair Value Hedges | Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional values600 589
Fair Value Hedges | Foreign Currency Debt
Derivative Instruments, Gain (Loss) [Line Items]
Notional values0 0
Fair Value Hedges | Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional values400 400
Fair Value Hedges | Forward-starting interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional values0 0
Fair Value Hedges | Commodity Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional values0 0
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional values1,496 1,171
Cash Flow Hedges | Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional values778 854
Cash Flow Hedges | Foreign Currency Debt
Derivative Instruments, Gain (Loss) [Line Items]
Notional values0 0
Cash Flow Hedges | Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional values0 0
Cash Flow Hedges | Forward-starting interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional values700 300
Cash Flow Hedges | Commodity Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional values18 17
Net Investment Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional values5,095 5,051
Net Investment Hedges | Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional values692 528
Net Investment Hedges | Foreign Currency Debt
Derivative Instruments, Gain (Loss) [Line Items]
Notional values4,403 4,523
Net Investment Hedges | Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional values0 0
Net Investment Hedges | Forward-starting interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional values0 0
Net Investment Hedges | Commodity Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional values $ 0 $ 0

Fair Value Measurements and F_7

Fair Value Measurements and Financial Instruments - Schedule of Gain (Loss) on Hedges Recognized in Income (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on hedges recognized in income $ (2) $ (2) $ (9) $ 4
Cost of sales | Interest Rate Swaps | Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument0 0 0 0
Gain (loss) on hedged items0 0 0 0
Cost of sales | Foreign Currency Contracts | Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument0 0 0 0
Gain (loss) on hedged items0 0 0 0
Cost of sales | Foreign Currency Contracts | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from OCI(2)(1)(14)6
Cost of sales | Commodity contracts | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from OCI0 (1)5 (2)
Selling, general and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on hedges recognized in income0 0 0 0
Selling, general and administrative expenses | Interest Rate Swaps | Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument0 0 0 0
Gain (loss) on hedged items0 0 0 0
Selling, general and administrative expenses | Foreign Currency Contracts | Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument1 (10)(4)29
Gain (loss) on hedged items(1)10 4 (29)
Selling, general and administrative expenses | Foreign Currency Contracts | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from OCI0 0 0 0
Selling, general and administrative expenses | Commodity contracts | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from OCI0 0 0 0
Interest (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on hedges recognized in income0 0 0 0
Interest (income) expense, net | Interest Rate Swaps | Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument2 2 6 (11)
Gain (loss) on hedged items(2)(2)(6)11
Interest (income) expense, net | Foreign Currency Contracts | Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instrument0 0 0 0
Gain (loss) on hedged items0 0 0 0
Interest (income) expense, net | Foreign Currency Contracts | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from OCI0 0 0 0
Interest (income) expense, net | Commodity contracts | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from OCI $ 0 $ 0 $ 0 $ 0

Fair Value Measurements and F_8

Fair Value Measurements and Financial Instruments - Schedule of Gain (Loss) Included in OCI (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Cash flow hedges [Abstract]
Gain (loss) recognized in OCI $ 18 $ (1) $ 22 $ 2
Foreign Currency Contracts
Cash flow hedges [Abstract]
Gain (loss) recognized in OCI8 (7)12 6
Net investment hedges [Abstract]
Gain (loss) on instruments19 (21)23 (8)
Gain (loss) on hedged items(19)21 (23)8
Forward-starting interest rate swaps
Cash flow hedges [Abstract]
Gain (loss) recognized in OCI12 4 10 (4)
Commodity Contracts
Cash flow hedges [Abstract]
Gain (loss) recognized in OCI(2)2 0 0
Foreign Currency Debt
Net investment hedges [Abstract]
Gain (loss) on instruments112 (171)261 (174)
Gain (loss) on hedged items $ (112) $ 171 $ (261) $ 174