Company: CL
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000021665-25-000008
Chunk: 119

Company: COLGATE PALMOLIVE CO
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 119
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 connection with the implementation of various projects as follows:

Total Program Chargesas of December 31, 2024Employee-Related Costs$175 Incremental Depreciation13 Asset Impairments1 Other39 Total$228 

Total pretax charges resulting from the 2022 Global Productivity Initiative were comprised of the following categories: employee-related costs, including severance, pension and other termination benefits (80%); asset-related costs, primarily accelerated depreciation and asset write-downs (5%); and other charges (15%), which include contract termination costs, consisting primarily of implementation-related charges resulting directly from exit activities and the implementation of new strategies. Over the course of the 2022 Global Productivity Initiative, approximately 80% of the charges resulted in cash expenditures. 

Total annualized pretax savings from the 2022 Global Productivity Initiative were approximately $125 ($100 aftertax).

For the twelve months ended December 31, 2024 and December 31, 2023, charges resulting from the 2022 Global Productivity Initiative are reflected in the income statement as follows:

Twelve Months Ended December 31,20242023Gross Profit$20 $1 Selling, general and administrative expenses6 2 Other (income) expense, net59 24 Non-service related postretirement costs— 5 Total 2022 Global Productivity Initiative charges, pretax$85 $32 Total 2022 Global Productivity Initiative charges, aftertax$73 $25 

Restructuring and related implementation charges are recorded in the Corporate segment as these initiatives are predominantly centrally directed and controlled and are not included in internal measures of segment operating performance.

45

(Dollars in Millions Except Per Share Amounts)

Total charges incurred for the 2022 Global Productivity Initiative relate to initiatives undertaken by the following reportable operating segments:

Twelve Months Ended December 31,Total Program Charges 20242023North America(1)3 %15 %9 %Latin America — %— %9 %Europe(1)89 %19 %44 %Asia Pacific— %20 %7 %Africa/Eurasia— %5 %6 %Hill's Pet Nutrition6 %23 %11 %Corporate2 %18 %14 %Total100 %100 %100 %

(1) The Company has recast its historical geographic segment information to conform to