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Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Net sales $ 16,734 $ 15,564 $ 15,327
Cost of sales 7,144 6,360 6,319
Gross profit 9,590 9,204 9,008
Selling, general and administrative expenses 5,758 5,414 5,282
Other (income) expense, net (9) 301 111
Operating profit 3,841 3,489 3,615
Interest expense, net 52 59 77
Income before Income taxes 3,789 3,430 3,538
Provision for income taxes 1,235 1,117 1,141
Net income including noncontrolling interests 2,554 [1] 2,313 [2] 2,397
Less: Net income attributable to noncontrolling interests 123 110 106
Net income attributable to Colgate-Palmolive Company $ 2,431 [1] $ 2,203 [2] $ 2,291
Earnings per common share, basic (in dollars per share) $ 4.98 [1] $ 4.45 [2] $ 4.53
Earnings per common share, diluted (in dollars per share) $ 4.94 [1] $ 4.31 [2] $ 4.37
[1] Net income including noncontrolling interests, Net income attributable to Colgate-Palmolive Company and earnings per share for the full year of 2011 include a $135 aftertax gain resulting from the sale of the Company's laundry detergent business in Colombia, $147 of aftertax charges for the implementation of various business realignment and other cost-saving initiatives, $9 of aftertax charges related to the sale of land in Mexico and a $21 charge for a competition law matter in France related to a divested detergent business.
[2] Net income including noncontrolling interests, Net income attributable to Colgate-Palmolive Company and earnings per share for the full year of 2010 include a $271 one-time charge related to the transition to hyperinflationary accounting in Venezuela, a $61 aftertax charge for termination benefits related to overhead reduction initiatives, a $30 aftertax gain on sales of non-core product lines and a $31 benefit related to the reorganization of an overseas subsidiary.