Company: CL
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000021665-25-000008
Chunk: 109

Company: COLGATE PALMOLIVE CO
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 109
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5% in 2023. Excluding the items described above in both periods, as applicable, Operating profit margin was 21.7% in 2024, an increase of 100 bps from 20.7% in 2023, primarily due to an increase in Gross profit (240 bps), partially offset by an increase in Selling, general and administrative expenses (170 bps), both as a percentage of Net sales.

20242023% ChangeOperating profit, GAAP$4,268 $3,984 7 %2022 Global Productivity Initiative85 27 Product recall costs— 25 Operating profit, non-GAAP$4,353 $4,036 8 %

20242023Basis Point ChangeOperating profit margin, GAAP21.2 %20.5 %70 2022 Global Productivity Initiative0.5 %0.1 %Product recall costs— %0.1 %Operating profit margin, non-GAAP21.7 %20.7 %100 

Non-Service Related Postretirement Costs

Non-service related postretirement costs were $87 in 2024 compared to $360 in 2023. In 2023, Non-service related postretirement costs included charges related to the ERISA litigation matter and the 2022 Global Productivity Initiative. Excluding these charges in 2023, Non-service related postretirement costs were $87 in 2024 compared to $88 in 2023.

20242023Non-service related postretirement costs, GAAP$87 $360 ERISA litigation matter— (267)2022 Global Productivity Initiative— (5)Non-service related postretirement costs, non-GAAP$87 $88 

Interest Expense

Interest expense was $292 in 2024 as compared to $287 in 2023. 

Interest Income

Interest income was $67 in 2024 as compared to $55 in 2023. 

34

(Dollars in Millions Except Per Share Amounts)

Income Taxes

The effective income tax rate was 22.9% in 2024 and 27.6% in 2023. As reflected in the table below, the non-GAAP effective income tax rate was 22.7% in 2024 and 23.6% in 2023. 2024Income Before Income TaxesProvision For Income Taxes(1