Company: CL
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000021665-25-000008
Chunk: 44

Company: COLGATE PALMOLIVE CO
Filing Date: 2025-02-13
Form: 10-K
Item: Item 16
Chunk 44
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 Share Amounts)

10.    Income Taxes

The components of Income before income taxes are as follows for the years ended December 31:  202420232022United States$1,084 $692 $1,169 International2,872 2,700 1,491 Total Income before income taxes$3,956 $3,392 $2,660 The Provision for income taxes consists of the following for the years ended December 31:  202420232022United States$188 $72 $199 International719 865 494 Total Provision for income taxes$907 $937 $693 Temporary differences between accounting for financial statement purposes and accounting for tax purposes result in the current provision for taxes being higher (lower) than the total provision for income taxes as follows:  202420232022Goodwill and intangible assets$3 $1 $106 Property, plant and equipment12 (13)2 Pension and other retiree benefits(6)68 (1)Stock-based compensation(14)2 (3)Right-of-use assets/lease liabilities2 1 (5)Tax credits and tax loss carryforwards, net of valuation allowance37 29 8 Deferred withholding tax(14)7 8 Research and Experimentation Capitalization21 29 58 Other, net(8)11 (10)Total deferred tax benefit (provision)$33 $135 $163 The difference between the statutory U.S. federal income tax rate and the Company’s global effective tax rate as reflected in the Consolidated Statements of Income is as follows:202420232022Percentage of Income before income taxesTax at United States statutory rate21.0 %21.0 %21.0 %State income taxes, net of federal benefit0.5 (0.1)0.8 Earnings taxed at other than United States statutory rate4.1 5.4 5.4 Non-deductible goodwill impairment charges— — 1.9 Foreign-derived intangible income benefit(2.6)(2.4)(2.6)Foreign tax matter— 3.7 — Other, net(0.1)— (0.4)Effective tax rate22.9 %27.6 %26.1 %

104

COLGATE-PALMOLIVE COMPANY Notes to