Company: CL
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000021665-25-000008
Chunk: 107

Company: COLGATE PALMOLIVE CO
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 107
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rowth initiatives (280 bps), higher pricing (170 bps) and favorable mix (20 bps), partially offset by higher raw and packaging material costs (230 bps), which included foreign exchange transaction costs.

20242023Gross profit, GAAP$12,161 $11,326 2022 Global Productivity Initiative20 1 Gross profit, non-GAAP$12,181 $11,327 20242023Basis Point ChangeGross profit margin, GAAP60.5 %58.2 %230 2022 Global Productivity Initiative0.1 %— Gross profit margin, non-GAAP60.6 %58.2 %240 

31

(Dollars in Millions Except Per Share Amounts)

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased 8% to $7,729 in 2024 from $7,151 in 2023. Selling, general and administrative expenses in both periods included charges resulting from the 2022 Global Productivity Initiative. Excluding these charges in both periods, Selling, general and administrative expenses increased to $7,723 in 2024 from $7,149 in 2023, reflecting increased advertising investment of $349 and higher overhead expenses of $225.

Selling, general and administrative expenses as a percentage of Net sales increased to 38.5% in 2024 from 36.8% in 2023. Excluding charges resulting from the 2022 Global Productivity Initiative in both periods, Selling, general and administrative expenses as a percentage of Net sales increased to 38.4% in 2024 from 36.7% in 2023. This increase was due to increased advertising investment (130 bps) and higher overhead expenses (40 bps), both as a percentage of Net sales. In 2024, advertising investment increased as a percentage of Net sales to 13.5% from 12.2% in 2023 and increased by 14.7% in absolute terms to $2,720 as compared with $2,371 in 2023.

20242023Selling, general and administrative expenses, GAAP$7,729 $7,151 2022 Global Productivity Initiative(6)(2)Selling, general and administrative expenses, non-GAAP$7,723 $7,149 

20242023Basis Point ChangeSelling, general