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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________
 FORM 10-Q
_________________________
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from________ to________ .
Commission File Number: 1-644
COLGATE-PALMOLIVE COMPANY
(Exact name of registrant as specified in its charter)
Delaware
13-1815595
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
300 Park Avenue
 
 

 
 
New York,
New York
 
 
10022
 
(Address of principal executive offices)
 
(Zip Code)
 
(212) 310-2000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $1.00 par value
 
CL
 
New York Stock Exchange
0.500% Notes due 2026
 
CL 26
 
New York Stock Exchange
1.375% Notes due 2034
 
CL 34
 
New York Stock Exchange

NO CHANGES
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Yes   No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Yes No 




Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Class
 
Shares Outstanding
 
Date
Common stock, $1.00 par value
 
858,006,448
 
June 30, 2019





PART I.    FINANCIAL INFORMATION


COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Income
(Dollars in Millions Except Per Share Amounts)
(Unaudited)
 
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Net sales
$
3,866

 
$
3,886

 
$
7,750

 
$
7,888

Cost of sales
1,558

 
1,585

 
3,155

 
3,179

Gross profit
2,308

 
2,301

 
4,595

 
4,709

Selling, general and administrative expenses
1,369

 
1,300

 
2,734

 
2,692

Other (income) expense, net
51

 
55

 
94

 
88

Operating profit
888

 
946

 
1,767

 
1,929

Non-service related postretirement costs
27

 
23

 
52

 
47

Interest (income) expense, net
38

 
35

 
78

 
70

Income before income taxes
823

 
888

 
1,637

 
1,812

Provision for income taxes
205

 
213

 
419

 
459

Net income including noncontrolling interests
618

 
675

 
1,218

 
1,353

Less: Net income attributable to noncontrolling interests
32

 
38

 
72

 
82

Net income attributable to Colgate-Palmolive Company
$
586

 
$
637

 
$
1,146

 
$
1,271

 
 
 
 
 
 
 
 
Earnings per common share, basic
$
0.68

 
$
0.73

 
$
1.33

 
$
1.46

 
 
 
 
 
 
 
 
Earnings per common share, diluted
$
0.68

 
$
0.73

 
$
1.33

 
$
1.45







See Notes to Condensed Consolidated Financial Statements.

3





COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Comprehensive Income
(Dollars in Millions)
(Unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Net income including noncontrolling interests
$
618

 
$
675

 
$
1,218

 
$
1,353

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Cumulative translation adjustments
25

 
(305
)
 
51

 
(198
)
Retirement plans and other retiree benefit adjustments
13

 
14

 
25

 
28

     Gains (losses) on cash flow hedges
(2
)
 
11

 
(7
)
 
10

Total Other comprehensive income (loss), net of tax
36

 
(280
)
 
69

 
(160
)
Total Comprehensive income including noncontrolling interests
654

 
395

 
1,287

 
1,193

Less: Net income attributable to noncontrolling interests
32

 
38

 
72

 
82

Less: Cumulative translation adjustments attributable to noncontrolling interests
(5
)
 
(16
)
 

 
(14
)
Total Comprehensive income attributable to noncontrolling interests
27

 
22

 
72

 
68

Total Comprehensive income attributable to Colgate-Palmolive Company
$
627

 
$
373

 
$
1,215

 
$
1,125



See Notes to Condensed Consolidated Financial Statements.

4



COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Balance Sheets
(Dollars in Millions)
(Unaudited)
 
June 30,
2019
 
December 31,
2018
Assets
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
863

 
$
726

Receivables (net of allowances of $87 and $82, respectively)
1,590

 
1,400

Inventories
1,322

 
1,250

Other current assets
480

 
417

Total current assets
4,255

 
3,793

Property, plant and equipment:
 

 
 

Cost
8,476

 
8,336

Less: Accumulated depreciation
(4,683
)
 
(4,455
)
 
3,793

 
3,881

Goodwill
2,536

 
2,530

Other intangible assets, net
1,609

 
1,637

Deferred income taxes
167

 
152

Other assets
791

 
168

Total assets
$
13,151

 
$
12,161

Liabilities and Shareholders’ Equity
 

 
 

Current Liabilities
 

 
 

Notes and loans payable
$
4

 
$
12

Current portion of long-term debt
1

 

Accounts payable
1,209

 
1,222

Accrued income taxes
293

 
411

Other accruals
2,275

 
1,696

Total current liabilities
3,782

 
3,341

Long-term debt
6,640

 
6,354

Deferred income taxes
303

 
235

Other liabilities
2,436

 
2,034

Total liabilities
13,161

 
11,964

Shareholders’ Equity
 

 
 

Common stock
1,466

 
1,466

Additional paid-in capital
2,338

 
2,204

Retained earnings
21,653

 
21,615

Accumulated other comprehensive income (loss)
(4,119
)
 
(4,188
)
Unearned compensation
(3
)
 
(3
)
Treasury stock, at cost
(21,682
)
 
(21,196
)
Total Colgate-Palmolive Company shareholders’ equity
(347
)
 
(102
)
Noncontrolling interests
337

 
299

Total equity
(10
)
 
197

Total liabilities and equity
$
13,151

 
$
12,161




See Notes to Condensed Consolidated Financial Statements.

5




COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Cash Flows
(Dollars in Millions)
(Unaudited)
 
Six Months Ended
 
June 30,
 
2019
 
2018
Operating Activities
 
 
 
Net income including noncontrolling interests
$
1,218

 
$
1,353

Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:
 

 
 

Depreciation and amortization
256

 
258

Restructuring and termination benefits, net of cash
21

 
(14
)
Stock-based compensation expense
34

 
47

Deferred income taxes
53

 
2

Voluntary benefit plan contributions
(102
)
 

Cash effects of changes in:
 
 
 
Receivables
(178
)
 
(200
)
Inventories
(63
)
 
(30
)
Accounts payable and other accruals
(14
)
 
(96
)
Other non-current assets and liabilities
24

 
(23
)
Net cash provided by operations
1,249


1,297

Investing Activities
 

 
 

Capital expenditures
(146
)
 
(216
)
Purchases of marketable securities and investments
(80
)
 
(96
)
Proceeds from sale of marketable securities and investments
14

 
19

Payment for acquisitions, net of cash acquired

 
(727
)
Other

 
7

Net cash used in investing activities
(212
)
 
(1,013
)
Financing Activities
 

 
 

Principal payments on debt
(3,105
)
 
(3,953
)
Proceeds from issuance of debt
3,368

 
4,266

Dividends paid
(770
)
 
(756
)
Purchases of treasury shares
(664
)
 
(696
)
Proceeds from exercise of stock options
267

 
160

Net cash used in financing activities
(904
)
 
(979
)
Effect of exchange rate changes on Cash and cash equivalents
4

 
(7
)
Net increase (decrease) in Cash and cash equivalents
137

 
(702
)
Cash and cash equivalents at beginning of the period
726

 
1,535

Cash and cash equivalents at end of the period
$
863

 
$
833

Supplemental Cash Flow Information
 

 
 

Income taxes paid
$
463

 
$
468


See Notes to Condensed Consolidated Financial Statements.

6




COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Changes in Shareholders Equity
(Dollars in Millions)
(Unaudited)
Three Months Ended June 30, 2019
 
Colgate-Palmolive Company Shareholders’ Equity
 
Noncontrolling
Interests
 
Common
Stock
 
Additional
Paid-in
Capital
 
Unearned
Compensation
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)(1)
 
 
Balance, March 31, 2019
$
1,466

 
$
2,241

 
$
(3
)
 
$
(21,532
)
 
$
21,436

 
$
(4,160
)
 
$
342

Net income
 

 
 

 
 

 
 

 
586

 
 
 
32

Other comprehensive income (loss), net of tax
 

 
 

 
 

 
 

 
 
 
41

 
(5
)
Dividends ($0.43)/per share)
 

 
 

 
 

 
 

 
(369
)
 
 

 
(32
)
Stock-based compensation expense
 

 
17

 
 

 
 

 
 

 
 

 
 

Shares issued for stock options
 

 
81

 
 

 
113

 
 

 
 

 
 

Shares issued for restricted stock units
 
 
(1
)
 
 
 
1

 
 
 
 
 
 
Treasury stock acquired
 

 
 

 
 

 
(265
)
 
 

 
 

 
 

Other
 

 
 
 
 
 
1

 
 
 
 
 
 
Balance, June 30, 2019
$
1,466

 
$
2,338

 
$
(3
)
 
$
(21,682
)
 
$
21,653

 
$
(4,119
)
 
$
337


Three Months Ended June 30, 2018
 
Colgate-Palmolive Company Shareholders’ Equity
 
Noncontrolling
Interests
 
Common
Stock
 
Additional
Paid-in
Capital
 
Unearned
Compensation
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)(1)
 
 
Balance, March 31, 2018
$
1,466

 
$
2,047

 
$
(2
)
 
$
(20,441
)
 
$
20,581

 
$
(3,900
)
 
$
350

Net income
 

 
 

 
 

 
 

 
637

 
 
 
38

Other comprehensive income (loss), net of tax
 

 
 

 
 

 
 

 
 
 
(264
)
 
(16
)
Dividends ($0.42)/per share)
 

 
 

 
 

 
 

 
(367
)
 
 

 
(38
)
Stock-based compensation expense
 

 
19

 
 

 
 

 
 

 
 

 
 

Shares issued for stock options
 

 
16

 
 

 
27

 
 

 
 

 
 

Shares issued for restricted stock units
 
 
(2
)
 
 
 
2

 
 
 
 
 
 
Treasury stock acquired
 

 
 

 
 

 
(345
)
 
 

 
 

 
 

Other
 

 
1

 
2

 
 
 
 
 
 
 
 
Balance, June 30, 2018
$
1,466

 
$
2,081

 
$

 
$
(20,757
)
 
$
20,851

 
$
(4,164
)
 
$
334


(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,104 at June 30, 2019 ($3,121 at June 30, 2018) and $3,134 at March 31, 2019 ($2,832 at March 31, 2018), respectively, and unrecognized retirement plan and other retiree benefits costs of $1,013 at June 30, 2019 ($1,048 at June 30, 2018) and $1,026 at March 31, 2019 ($1,062 at March 31, 2018), respectively.




See Notes to Condensed Consolidated Financial Statements.

7




COLGATE-PALMOLIVE COMPANY
Condensed Consolidated Statements of Changes in Shareholders Equity
(Dollars in Millions)
(Unaudited)
Six Months Ended June 30, 2019
 
Colgate-Palmolive Company Shareholders’ Equity
 
Noncontrolling
Interests
 
Common
Stock
 
Additional
Paid-in
Capital
 
Unearned
Compensation
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)(1)
 
 
Balance, December 31, 2018
$
1,466

 
$
2,204

 
$
(3
)
 
$
(21,196
)
 
$
21,615

 
$
(4,188
)
 
$
299

Net income
 

 
 

 
 

 
 

 
1,146

 
 
 
72

Other comprehensive income (loss), net of tax
 

 
 

 
 

 
 

 
 
 
69

 

Dividends ($1.28)/per share)*
 

 
 

 
 

 
 

 
(1,103
)
 
 

 
(34
)
Stock-based compensation expense
 

 
34

 
 

 
 

 
 

 
 

 
 

Shares issued for stock options
 

 
114

 
 

 
162

 
 

 
 

 
 

Shares issued for restricted stock units
 
 
(14
)
 
 
 
14

 
 
 
 
 
 
Treasury stock acquired
 

 
 

 
 

 
(664
)
 
 

 
 

 
 

Other
 

 


 


 
2

 
(5
)
 


 


Balance, June 30, 2019
$
1,466

 
$
2,338

 
$
(3
)
 
$
(21,682
)
 
$
21,653

 
$
(4,119
)
 
$
337


Six Months Ended June 30, 2018
 
Colgate-Palmolive Company Shareholders’ Equity
 
Noncontrolling
Interests
 
Common
Stock
 
Additional
Paid-in
Capital
 
Unearned
Compensation
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)(1)
 
 
Balance, December 31, 2017
$
1,466

 
$
1,984

 
$
(5
)
 
$
(20,181
)
 
$
20,531

 
$
(3,855
)
 
$
303

Net income
 

 
 

 
 

 
 

 
1,271

 
 
 
82

Other comprehensive income (loss), net of tax
 

 
 

 
 

 
 

 
 
 
(146
)
 
(14
)
Dividends ($1.24)/per share)*
 

 
 

 
 

 
 

 
(1,085
)
 
 

 
(37
)
Stock-based compensation expense
 

 
47

 
 

 
 

 
 

 
 

 
 

Shares issued for stock options
 

 
64

 
 

 
104

 
 

 
 

 
 

Shares issued for restricted stock units
 
 
(14
)
 
 
 
14

 
 
 
 
 
 
Treasury stock acquired
 

 
 

 
 

 
(696
)
 
 

 
 

 
 

Other
 

 

 
5

 
2

 
134

 
(163
)
(2)
 
Balance, June 30, 2018
$
1,466

 
$
2,081

 
$

 
$
(20,757
)
 
$
20,851

 
$
(4,164
)
 
$
334


(1) Accumulated other comprehensive income (loss) includes cumulative translation losses of $3,104 at June 30, 2019 ($3,121 at June 30, 2018) and $3,155 at December 31, 2018 ($2,927 at December 31, 2017), respectively, and unrecognized retirement plan and other retiree benefits costs of $1,013 at June 30, 2019 ($1,048 at June 30, 2018) and $1,038 at December 31, 2018 ($923 at December 31, 2017), respectively.

(2) As a result of the early adoption of ASU 2018-02, the Company reclassified the stranded tax effects in Accumulated other comprehensive income (loss) resulting from the Tax Cuts and Jobs Act (the “TCJA” or “U.S. tax reform”) to Retained earnings. See Note 2, Summary of Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for additional information.

* Two dividends were declared in each of the first quarters of 2019 and 2018.

See Notes to Condensed Consolidated Financial Statements.

8


COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


1.
Basis 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, 2018, filed with the Securities and Exchange Commission (the “SEC”).

2.
Use 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.

3.
Recent Accounting Pronouncements

In April 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-04, Codification Improvements to Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 825). This extensive ASU clarifies three topics related to financial instruments accounting. This new guidance is effective for the Company beginning on January 1, 2020, with early adoption permitted. This new guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In October 2018, the FASB issued ASU No. 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as Benchmark Interest Rate for Hedge Accounting Purposes.” The new guidance permits the use of the OIS rate based on the SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815. The new guidance was effective for the Company on a prospective basis beginning on January 1, 2019, concurrently with the adoption of ASU 2017-12, and did not have an impact on the Company’s Consolidated Financial Statements.

In August 2018, the FASB issued ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” This new guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This new guidance is effective for the Company on a prospective or retrospective basis beginning on January 1, 2020, with early adoption permitted. The Company elected to adopt this guidance early, beginning on January 1, 2019 on a prospective basis. The new guidance did not have a material impact on the Company’s Consolidated Financial Statements.

In August 2018, the FASB issued ASU No. 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Topic 715): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” This new guidance removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and requires certain additional disclosures. This new guidance is effective for the Company on a retrospective basis beginning on January 1, 2020, with early adoption permitted. While the Company is currently assessing the impact of the new guidance, it is not expected to have a material impact on the Company’s Consolidated Financial Statements.

9

COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This new guidance removes certain disclosure requirements related to the fair value hierarchy, modifies existing disclosure requirements related to measurement uncertainty and adds new disclosure requirements. The new disclosure requirements include disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This new guidance is effective for the Company beginning on January 1, 2020, with early adoption permitted. Certain disclosure requirements in the new guidance will need to be applied on a retrospective basis and others on a prospective basis. While the Company is currently assessing the impact of the new guidance, it is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” amending the eligibility criteria for hedged items and transactions to expand an entity’s ability to hedge nonfinancial and financial risk components. The new guidance eliminates the requirement to separately measure and present hedge ineffectiveness and aligns the presentation of hedge gains and losses with the underlying hedge item. The new guidance also simplifies the hedge documentation and hedge effectiveness assessment requirements. The amended presentation and disclosure requirements must be adopted on a prospective basis, while any amendments to cash flow and net investment hedge relationships that exist on the date of adoption must be applied on a “modified retrospective” basis, meaning a cumulative effect adjustment to the opening balance of retained earnings as of the beginning of the year of adoption. The new guidance was effective for the Company on January 1, 2019 and did not have a material impact on the Company’s Consolidated Financial Statements.

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles–Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” eliminating the requirement to calculate implied fair value, essentially eliminating step two from the goodwill impairment test. The new standard requires goodwill impairment to be based upon the results of step one of the impairment test, which is defined as the excess of the carrying value of a reporting unit over its fair value. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard is effective for the Company on a prospective basis beginning on January 1, 2020, with early adoption permitted. This new guidance is not expected to have an impact on the Company’s Consolidated Financial Statements.

In February 2016, the FASB issued its final standard on lease accounting, ASU No. 2016-02, “Leases (Topic 842),” which superseded Topic 840, “Leases,” which was further modified in ASU No. 2018-10, “Codification Improvements to Topic 842, Leases,” ASU No. 2018-11, “Leases (Topic 842) Targeted Improvements” and ASU No. 2019-01 “Leases (Topic 842) Codification Improvements” to clarify the implementation guidance. The new accounting standard was effective for the Company beginning on January 1, 2019 and required the recognition on the balance sheet of right-of-use assets and lease liabilities for all long-term leases, including operating leases, on the balance sheet. The Company elected the optional transition method and adopted the new guidance on January 1, 2019, on a modified retrospective basis with no restatement of prior period amounts. As allowed under the new accounting standard, the Company elected to apply practical expedients to carry forward the original lease determinations, lease classifications and accounting of initial direct costs for all asset classes at the time of adoption. The Company also elected not to separate lease components from non-lease components and to exclude short-term leases from its Consolidated Balance Sheet. The Company’s adoption of the new standard resulted in the recognition of right-of-use assets of $458 and liabilities of $574, with no material cumulative effect adjustment to equity as of the date of adoption. In connection with the adoption of this guidance, as required, the Company reclassified certain restructuring reserves incurred in connection with the Global Growth and Efficiency Program (see Note 4, Restructuring and Related Implementation Charges for additional information) and deferred rent liabilities as reductions to lease assets. Adoption of the new standard did not have a material impact on the Company’s Consolidated Statements of Income or Cash Flows. See Note 13, Leases for additional information.

10

COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)



4.
Restructuring and Related Implementation Charges
 
In the fourth quarter of 2012, the Company commenced a restructuring program (the “Global Growth and Efficiency Program”). The program was expanded in 2014 and expanded and extended in each of 2015 and 2017. The program runs through December 31, 2019.

Initiatives under the Global Growth and Efficiency Program continue to 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.

Cumulative pretax charges resulting from the Global Growth and Efficiency Program, once all phases are approved and implemented, are estimated to be in the range of $1,820 to $1,870 ($1,350 to $1,380 aftertax). The Company anticipates that pretax charges for 2019 will approximate $100 to $150 ($70 to $100 aftertax). It is expected that substantially all charges resulting from the Global Growth and Efficiency Program will be incurred by December 31, 2019.

The pretax charges resulting from the Global Growth and Efficiency Program are estimated to be comprised of the following categories: Employee-Related Costs, including severance, pension and other termination benefits (40%); asset-related costs, primarily Incremental Depreciation and Asset Impairments (10%); and Other charges, which include contract termination costs, consisting primarily of related implementation charges resulting directly from exit activities (30%) and the implementation of new strategies (20%). Over the course of the Global Growth and Efficiency Program, it is estimated that approximately 75% of the charges will result in cash expenditures.

The Company expects that the cumulative pretax charges, once all projects are approved and implemented, will relate to initiatives undertaken in North America (15%), Europe (20%), Latin America (5%), Asia Pacific (5%), Africa/Eurasia (5%), Hill’s Pet Nutrition (10%) and Corporate (40%), which includes substantially all of the costs related to the implementation of new strategies, noted above, on a global basis. The Company expects that, when it has been fully implemented, the Global Growth and Efficiency Program will have contributed a net reduction of approximately 4,000 to 4,400 positions from the Company’s global employee workforce.

For the three and six months ended June 30, 2019 and 2018, restructuring and related implementation charges are reflected in the Condensed Consolidated Statements of Income as follows:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Cost of sales
$
(3
)
 
$
5

 
$
8

 
$
11

Selling, general and administrative expenses
10

 
10

 
14

 
15

Other (income) expense, net
33

 
43

 
46

 
56

Non-service related postretirement costs
2

 
3

 
3

 
7

Total Global Growth and Efficiency Program charges, pretax
$
42

 
$
61

 
$
71

 
$
89

 
 
 
 
 
 
 
 
Total Global Growth and Efficiency Program charges, aftertax
$
31

 
$
51

 
$
53

 
$
71


Restructuring and related implementation charges in the preceding table 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.

11

COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)


Total charges incurred for the Global Growth and Efficiency Program relate to initiatives undertaken by the following reportable operating segments:

Three Months Ended

Six Months Ended

Program-to-date

June 30,

June 30,

Accumulated Charges

2019

2018

2019

2018


North America
 %

8
 %

3
 %

17
%

18
%
Latin America
8
 %

11
 %

21
 %

11
%

5
%
Europe
(3
)%

2
 %

1
 %

2
%

19
%
Asia Pacific
7
 %

(6
)%

7
 %

1
%

4
%
Africa/Eurasia
(2
)%

7
 %

(1
)%

6
%

5
%
Hills Pet Nutrition
1
 %

22
 %

6
 %

21
%

8
%
Corporate
89
 %

56
 %

63
 %

42
%

41
%
Total
100
 %
 
100
 %
 
100
 %
 
100
%
 
100
%


Since the inception of the Global Growth and Efficiency Program in the fourth quarter of 2012, the Company has incurred cumulative pretax charges of $1,793 ($1,331 aftertax) in connection with the implementation of various projects as follows:
 
Cumulative Charges
 
as of June 30, 2019
Employee-Related Costs
$
695

Incremental Depreciation
102

Asset Impairments
58

Other
938

Total
$
1,793



The majority of costs incurred since inception relate to the following projects: the implementation of the Company’s overall hubbing strategy; the consolidation of facilities; the extension of shared business services and streamlining of global functions; the closing of the Morristown, New Jersey personal care facility; the simplification and streamlining of the Company’s research and development capabilities and oral care supply chain, both in Europe; redesigning the European commercial organization; restructuring how the Company will provide future retirement benefits to substantially all of the U.S.-based employees participating in the Company’s defined benefit retirement plan by shifting them to the Company’s defined contribution plan; and the implementation of a Corporate efficiencies program.

The following tables summarize the activity for the restructuring and related implementation charges discussed above and the related accruals:
 
 
Three Months Ended June 30, 2019
 
 
Employee-Related
Costs
 
Incremental
Depreciation
 
Asset
Impairments
 
Other
 
Total
Balance at March 31, 2019
 
$
52

 
$

 
$

 
$
94

 
$
146

Charges
 
4

 
5

 

 
33

 
42

Cash payments
 
(12
)
 

 

 
(14
)
 
(26
)
Charges against assets
 
(2
)
 
(5
)
 

 
(27
)
 
(34
)
Foreign exchange
 
(1
)
 

 

 

 
(1
)
Other
 

 

 

 

 

Balance at June 30, 2019
 
$
41

 
$

 
$

 
$
86

 
$
127


12

COLGATE-PALMOLIVE COMPANY
 Notes to Condensed Consolidated Financial Statements (continued)
(Dollars in Millions Except Share and Per Share Amounts)
(Unaudited)



 
 
Six Months Ended June 30, 2019