Item 1. Business

ITEM 1.
BUSINESS
Name Age Date First Elected Officer

Ian Cook 62 1996
Fabian T. Garcia 55 2003
Franck J. Moison 61 2002
Dennis J. Hickey 66 1998

Andrew D. Hendry 67 1,991
Jennifer M. Daniels 51 2014
Victoria L. Dolan 55 2011
John J. Huston 60 2002
Delia H. Thompson 65 2002
Daniel B. Marsili 54 2005
P. Justin Skala 55 2008
Noel R. Wallace 50 2009
Patricia Verduin 55 2011

Nigel B. Burton 56 2012
Present Title
Chairman of the Board
President and Chief Executive Officer
Chief Operating Officer
Global Innovation and Growth, Europe/South Pacific
and Hill’s Pet Nutrition
Chief Operating Officer
Emerging Markets and Business Development
Chief Financial Officer
Vice Chairman
Chief Legal Officer and Secretary
Vice President and Corporate Controller
Senior Vice President
Office of the Chairman
Investor Relations
Global Human Resources
President
Colgate – North America and Global Sustainability
President
Colgate – Latin America
Chief Technology Officer
Chief Marketing Officer
Issuer Purchases of Equity Securities
Month Total Number of Shares Purchased(1) Average Price Paid per Share
October 1 through 31, 2014 864,507 $ 65.56
November 1 through 30, 2014 1,715,867 $ 68.19
December 1 through 31, 2014 3,722,203 $ 69.50
Total 6,302,577 $ 68.60
mber of Shares PurchasedMaximum
as Part ofNumber
Publicly of
Announced
Shares that
Plans
MayorYet
Programs(2)
Be Purchased Under the Plans or Programs(3)
791,500 9,589,086
1,661,705 7,927,381
3,660,593 4,266,788
6,113,798
Results of Operations
2014
Gross profit, GAAP $ 10,109
2012 Restructuring Program 29
Costs related to the sale of land in Mexico 4
Business realignment and other cost-saving initiatives —
Gross profit, non-GAAP $ 10,142
2013 2012
$ 10,201 $ 9,932
32 2
15 24
— 5
$ 10,248 $ 9,963
2014
Gross profit margin, GAAP 58.5%
2012 Restructuring Program 0.20
Costs related to the sale of land in Mexico —
Gross profit margin, non-GAAP 58.7%
2013 Basis Point Change 2012
58.6% (10) 58.1%
0.20 — —
— — 0.20
— — —
58.8% (10) 58.3%
Basis Point Change
50
50
2014
Selling, general and administrative expenses, GAAP $ 5,982
2012 Restructuring Program (62)
Selling, general and administrative expenses, non-GAAP $ 5,920
2013 2012
$ 6,223 $ 5,930
(137) (6)
— (14)
$ 6,086 $ 5,910
Selling, general and administrative expenses as a percentage of Net sales, GAAP
2012 Restructuring Program
Business realignment and other cost-saving initiatives
Selling, general and administrative expenses as a percentage of Net sales, non-GAAP
2014 2013 Basis Point Change
34.6% 35.7% (110)
(0.30) (0.80) —
— — —
34.3% 34.9% (60)
2012 Basis Point Change
34.7% 100
—
(0.10)
34.6% 30
Other (income) expense, net 2014
Amortization of intangible assets $ 32
Venezuela remeasurement charges 327
Charges for European competition law matters 41
Equity (income) (7)
Other, net (18)
Total Other (income) expense, net $ 570
2013 2012
$ 32 $ 31
202 81
172 —
23 —
3 —
— 2
(5) (7)
(5) 6
$ 422 $ 113
2014
Other (income) expense, net, GAAP $ 570
2012 Restructuring Program (195)
Venezuela remeasurement charges (327)
Charges for European competition law matters (41)
Other (income) expense, net, non-GAAP $ 7
2013 2012
$ 422 $ 113
(202) (81)
(172) —
(23) —
(3) —
— (2)
$ 22 $ 30
2014
Operating profit, GAAP $ 3,557
Operating profit, non-GAAP $ 4,215
2013 % Change 2012
$ 3,556 —% $ 3,889
371 89
172 —
23 —
18 24
— 21
$ 4,140 2% $ 4,023
% Change
(9 )%
3%
2014
Operating profit margin, GAAP 20.6%
Venezuela remeasurement charges 1.90
Charges for European competition law matters 0.20
Operating profit margin, non-GAAP 24.4%
2013 Basis Point Change 2012
20.4% 20 22.8%
2.20 0.50
1.00 —
0.10 —
0.10 0.10
— 0.10
23.8% 60 23.5%
Basis Point Change
(240)
30
2014
Effective income tax rate, GAAP 33.8%
2012 Restructuring Program (0.50)
Charges for European competition law matters (0.30)
Charge for a foreign tax matter (1.60)
Effective income tax rate, non-GAAP 31.5%
2013 2012
32.4% 32.1%
(0.70) (0.30)
0.20 —
(0.20) —
— —
— —
— —
31.7% 31.8%
2014
Net income attributable to Colgate-Palmolive Company, GAAP $ 2,180
Charge for a foreign tax matter 66
Net income attributable to Colgate-Palmolive Company, non-GAAP $ 2,712
2014 2013 % Change 2012
$ 2,241 (3 )% $ 2,472
278 70
111 —
23 —
12 18
— —
— 14
$ 2,665 2% $ 2,574
2012 % Change
(9 )%
4%
2014
Earnings per share, diluted, GAAP $ 2.36
Charges for European competition law matters 0.04
Charge for a foreign tax matter 0.07
Earnings per share, diluted, non-GAAP $ 2.93
2013 % Change 2012
$ 2.38 (1 )% $ 2.57
0.30 0.07
0.12 —
0.03 —
0.01 0.02
— —
— 0.02
$ 2.84 3% $ 2.68
% Change
(7 )%
6%
North America
2014 2013
Net sales $ 3,124 $ 3,072
Operating profit $ 926 $ 927
% of Net sales 29.6% 30.2%
% Change 2012 % Change
1.50 % $ 2,971 3.50 %
— % $ 810 14 %
(60) bps 27.3% 290 bps
Latin America
2014 2013
Net sales $ 4,769 $ 5,012
Operating profit $ 1,279 $ 1,385
% of Net sales 26.8% 27.6%
(5.00) % $ 5,032 (0.50) %
(8) % $ 1,454 (5) %
(80) bps 28.9% (130) bps
Europe/South Pacific
2014 2013
Net sales $ 3,406 $ 3,396
% of Net sales 25.7% 23.7%
0.50 % $ 3,417 (0.50) %
9 % $ 747 8 %
200 bps 21.9% 180 bps
Asia
2014 2013
Net sales $ 2,515 $ 2,472
% of Net sales 29.3% 28.2%
1.50 % $ 2,264 9.00 %
5 % $ 619 13 %
110 bps 27.3% 90 bps
Africa/Eurasia
2014 2013
Net sales $ 1,208 $ 1,257
% of Net sales 19.5% 21.3%
(4.00) % $ 1,241 1.50 %
(12) % $ 267 — %
(180) bps 21.5% (20) bps
Hill
2014 2013
Net sales $ 2,255 $ 2,211
% of Net sales 26.3% 25.5%
2.00 % $ 2,160 2.50 %
5 % $ 589 (4) %
80 bps 27.3% (180) bps
Corporate
2014 2013
Operating profit (loss) ($1,088) ($1,090)
— % ($597) 83%
2014
2012 Restructuring Program ($286)
Venezuela remeasurement charges (327)
Charges for European competition law matters (41)
Costs related to the sale of land in Mexico (4)
Corporate overhead costs and other, net (430)
Total Corporate Operating profit (loss) ($1,088)
2013 2012
($371) ($89)
(172) —
(23) —
(18) (24)
— (21)
(506) (463)
($1,090) ($597)
2014
Cost of sales $ 29
Selling, general and administrative expenses 62
Total 2012 Restructuring Program charges, pretax $ 286
Total 2012 Restructuring Program charges, aftertax $ 208

2013 2012
$ 32 $ 2
137 6
202 81
$ 371 $ 89
$ 278 $ 70
Program-to-date
2014 2013 2012 Accumulated Charges
North America 11% 11% 2% 10%
Latin America 4% 4% —% 4%
Europe/South Pacific 20% 28% 55% 28%
Asia 3% —% —% 1%
Africa/Eurasia 3% 7% 2% 5%
Hill’s Pet Nutrition 10% 8% 3% 8%
Corporate 49% 42% 38% 44%
Program-to-date
Accumulated Charges
Employee-RelatedCosts IncrementalDepreciation
Balance at January 1, 2012 $— $—
Charges 78 —
Cash payments (1) —
Charges against assets — —
Foreign exchange 7 —
Balance at December 31, 2012 $ 84 $—
Charges 144 26
Charges against assets (17) (26)
Other — —
Charges 73 25
Foreign exchange (4) —
Other — —
mentalDepreciation AssetImpairments Other
$— $—
— 11
— (4)
— —
— (2)
$— $ 5
1 200
— (72)
(1) —
— —
— (91)
$— $ 42
1 187
— (117)
(1) —
— (5)
— —
$— $ 107
Total
$—
89
(5)
—
5
$ 89
371
(169)
(44)
2
(91)
$ 158
286
(212)
(31)
(9)
—
$ 192
Non-GAAP Financial Measures
Year ended December 31, 2014 OrganicSales Growth(Non-GAAP) ForeignExchangeImpact

Oral, Personal and Home Care
North America 2.5% (1.0)%
Latin America 9.0% (14.5)%
Europe/South Pacific 1.5% (0.5)%
Asia 4.5% (3.0)%
Africa/Eurasia 7.0% (11.0)%
Total Oral, Personal and Home Care 5.0% (6.0)%
Pet Nutrition 4.0% (2.0)%
Total Company 5.0% (6.0)%
Acquisitions and DivestmentsImpact Net Sales Growth(GAAP)
—% 1.5%
0.5% (5.0)%
(0.5)% 0.5%
—% 1.5%
—% (4.0)%
—% (1.0)%
—% 2.0%
—% (1.0)%
Year ended December 31, 2013 OrganicSales Growth(Non-GAAP) ForeignExchangeImpact
North America 3.5% —%
Latin America 9.5% (9.5)%
Europe/South Pacific (0.5)% 0.5%
Asia 10.5% (1.5)%
Africa/Eurasia 7.0% (5.5)%
Total Oral, Personal and Home Care 6.0% (4.0)%
Pet Nutrition 5.0% (2.5)%
Total Company 6.0% (4.0)%
Acquisitions and DivestmentsImpact Net Sales Growth(GAAP)
—% 3.5%
(0.5)% (0.5)%
(0.5)% (0.5)%
—% 9.0%
—% 1.5%
—% 2.0%
—% 2.5%
—% 2.0%
Cash Flow
2014
Weighted Average Interest Rate Maturities Outstanding
Payable to banks 1.9% 2015 $ 16
Commercial paper —% 2015 255
Total $ 271
2013
Outstanding Weighted Average Interest Rate Maturities Outstanding
2.2% 2014 $ 13
—
$ 13
Total
Long-term debt including current portion $ 6,132
Net cash interest payments on long-term debt(1) 398
Leases 1,063
Purchase obligations(2) 774
Total $ 8,367
Payments Due
2015 2016 2017
$ 743 $ 263 $ 660
59 51 35
201 170 148
500 140 99
$ 1,503 $ 624 $ 942
Payments Due by Period
2017 2018 2019
$ 697 $ 498
35 41
138 126
35 —
$ 905 $ 665
Thereafter
$ 3,271
177
280
—
$ 3,728
Index to Financial Statements
Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm
Consolidated Statements of Income for the years ended December 31, 2014, 2013 and 2012
Consolidated Statements of Comprehensive Income for the years ended December 31, 2014, 2013 and 2012
Consolidated Balance Sheets as of December 31, 2014 and 2013
Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2014, 2013 and 2012
Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012
Notes to Consolidated Financial Statements
Financial Statement Schedule
Schedule II - Valuation and Qualifying Accounts for the years ended December 31, 2014, 2013 and 2012
Selected Financial Data
Market and Dividend Information
Historical Financial Summary

Page
54
55
56
57
58
59
60
101
102
104
Consolidated Statements of Income
2014
Net sales $ 17,277
Cost of sales 7,168
Gross profit 10,109
Selling, general and administrative expenses 5,982
Operating profit 3,557
Interest (income) expense, net 24
Income before income taxes 3,533
Provision for income taxes 1,194
Net income including noncontrolling interests 2,339
Less: Net income attributable to noncontrolling interests 159
Net income attributable to Colgate-Palmolive Company $ 2,180
Earnings per common share, basic $ 2.38
Earnings per common share, diluted $ 2.36
2013 2012
$ 17,420 $ 17,085
7,219 7,153
10,201 9,932
6,223 5,930
422 113
3,556 3,889
(9) 15
3,565 3,874
1,155 1,243
2,410 2,631
169 159
$ 2,241 $ 2,472
$ 2.41 $ 2.60
$ 2.38 $ 2.57
Consolidated Statements of Comprehensive Income
2014
Net income including noncontrolling interests $ 2,339
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments (685)
Retirement Plan and other retiree benefit adjustments (329)
Gains (losses) on available-for-sale securities (48)
Gains (losses) on cash flow hedges 2
Total Other comprehensive income (loss), net of tax (1,060)
Total Comprehensive income including noncontrolling interests 1,279
Less: Net income attributable to noncontrolling interests 159
Less: Cumulative translation adjustments attributable to noncontrolling interests (4)
Total Comprehensive income attributable to noncontrolling interests 155
Total Comprehensive income attributable to Colgate-Palmolive Company $ 1,124
2014 2013 2012
$ 2,339 $ 2,410 $ 2,631
(685) (166) (18)

(329) 318 (145)
(48) 13 18
2 2 1
(1,060) 167 (144)
1,279 2,577 2,487
159 169 159
(4) (3) 2
155 166 161
$ 1,124 $ 2,411 $ 2,326
Consolidated Balance Sheets
Assets
Current Assets
Cash and cash equivalents
Receivables (net of allowances of $54 and $67, respectively)
Inventories
Other current assets
Total current assets
Property, plant and equipment, net
Goodwill
Other intangible assets, net
Deferred income taxes
Other assets
Total assets
Liabilities and Shareholders’ Equity
Current Liabilities
Notes and loans payable
Current portion of long-term debt
Accounts payable
Accrued income taxes
Other accruals
Total current liabilities
Long-term debt
Other liabilities
Total liabilities
Commitments and contingent liabilities
Shareholders’ Equity
Common stock, $1 par value (2,000,000,000 shares authorized, 1,465,706,360 shares issued)
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Unearned compensation
Treasury stock, at cost
Total Colgate-Palmolive Company shareholders’ equity
Noncontrolling interests
Total shareholders’ equity
Total liabilities and shareholders’ equity
2014 2013
$ 1,089 $ 962
1,552 1,636
1,382 1,425
840 908
4,863 4,931
4,080 4,083
2,307 2,474
1,413 1,496
76 77
720 924
$ 13,459 $ 13,985
$ 16 $ 13
488 895
1,231 1,343
294 239
1,917 2,089
3,946 4,579
5,644 4,749
261 444
2,223 1,677
12,074 11,449
— —
1,466 1,466
1,236 1,004
18,832 17,952
(3,507) (2,451)
(20) (33)
(16,862) (15,633)
1,145 2,305
240 231
1,385 2,536
$ 13,459 $ 13,985
Consolidated Statements of Changes in Shareholders’ Equity
Common Stock Additional Paid-In Capi

Balance, January 1, 2012 $ 1,466 $ 603
Net income
Other comprehensive income (loss), net of tax
Dividends
Stock-based compensation expense 120
Shares issued for stock options 99
Shares issued for restricted stock awards (70)
Treasury stock acquired
Other 66
Balance, December 31, 2012 $ 1,466 $ 818
Net income
Dividends
Other 51
Balance, December 31, 2013 $ 1,466 $ 1,004
Net income
Dividends
Other 78
Balance, December 31, 2014 $ 1,466 $ 1,236
Colgate-Palmolive Company Shareholders’ Equity
Additional Paid-In Capital Unearned Compensation Treasury Stock
$ 603 ($60) ($12,808)
120
99 297
(70) 70
(1,943)
66 19 (2)
$ 818 ($41) ($14,386)
128
82 201
(75) 75
(1,521)
51 8 (2)
$ 1,004 ($33) ($15,633)
131
100 225
(77) 77
(1,530)
78 13 (1)
$ 1,236 ($20) ($16,862)
Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests
$ 15,649 ($2,475) $ 166
2,472 159
(146) 2
(1,168) (109)
(17)
$ 16,953 ($2,621) $ 201
2,241 169
170 (3)
(1,242) (140)
4
$ 17,952 ($2,451) $ 231
2,180 159
(1,056) (4)
(1,300) (146)
$ 18,832 ($3,507) $ 240

Noncontrolling Interests
$ 166
159
2
(109)
(17)
$ 201
169
(3)
(140)
4
$ 231
159
(4)
(146)
$ 240
Consolidated Statements of Cash Flows
Operating Activities
Net income including noncontrolling interests
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:
Depreciation and amortization
Restructuring and termination benefits, net of cash
Venezuela remeasurement charges
Voluntary benefit plan contributions
Charge for a foreign tax matter
Stock-based compensation expense
Cash effects of changes in:
Receivables
Inventories
Accounts payable and other accruals
Other non-current assets and liabilities
Net cash provided by operations
Investing Activities
Capital expenditures
Sale of property and non-core product lines
Purchases of marketable securities and investments
Proceeds from sale of marketable securities and investments
Payment for acquisitions, net of cash acquired
Other
Net cash used in investing activities
Financing Activities
Principal payments on debt
Proceeds from issuance of debt
Dividends paid
Purchases of treasury shares
Proceeds from exercise of stock options and excess tax benefits
Net cash used in financing activities
Effect of exchange rate changes on Cash and cash equivalents
Net increase (decrease) in Cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Supplemental Cash Flow Information
Income taxes paid
Interest paid
2014 2013 2012
$ 2,339 $ 2,410 $ 2,631
442 439 425

64 182 35
327 172 —
(2) (101) (101)
66 — —
131 128 120
18 71 63
(109) (37) 19
(60) (97) (21)
57 24 (5)
25 13 30
3,298 3,204 3,196
(757) (670) (565)

24 15 72
(340) (505) (545)
283 267 147
(87) (3) (29)
18 6 55
(859) (890) (865)
(8,525) (7,554) (5,011)

8,960 7,976 5,452
(1,446) (1,382) (1,277)
(1,530) (1,521) (1,943)
371 339 478
(2,170) (2,142) (2,301)
(142) (94) (24)
127 78 6
962 884 878
$ 1,089 $ 962 $ 884
$ 1,009 $ 1,087 $ 1,280

$ 133 $ 118 $ 77
2012
COLGATE-PALMOLIVE COMPANY
2014 2013 2012

Oral Care 46% 46% 44%
Personal Care 21% 21% 22%
Home Care 20% 20% 21%
Pet Nutrition 13% 13% 13%
Total 100% 100% 100%
2014
Cost of sales $ 29
Selling, general and administrative expenses 62
Total 2012 Restructuring Program charges, pretax $ 286
Total 2012 Restructuring Program charges, aftertax $ 208

2013 2012
$ 32 $ 2
137 6
202 81
$ 371 $ 89
$ 278 $ 70
Program-to-date
2014 2013 2012 Accumulated Charges
North America 11% 11% 2% 10%
Latin America 4% 4% —% 4%
Europe/South Pacific 20% 28% 55% 28%
Asia 3% —% —% 1%
Africa/Eurasia 3% 7% 2% 5%
Hill’s Pet Nutrition 10% 8% 3% 8%
Corporate 49% 42% 38% 44%
Program-to-date
Accumulated Charges
Employee-RelatedCosts IncrementalDepreciation
Balance at January 1, 2012 $— $—
Charges 78 —
Charges against assets — —
Charges 144 26
Other — —
Charges 73 25
Foreign exchange (4) —
Other — —
mentalDepreciation AssetImpairments Other
$— $—
— 11
— (4)
— —
— (2)
$— $ 5
1 200
— (72)
(1) —
— —
— (91)
$— $ 42
1 187
— (117)
(1) —
— (5)
— —
$— $ 107
Total
$—
89
(5)
—
5
$ 89
371
(169)
(44)
2
(91)
$ 158
286
(212)
(31)
(9)
—
$ 192
2014 2013
North America $ 352 $ 362
Latin America 320 353
Europe/South Pacific 1,374 1,525
Asia 160 126
Africa/Eurasia 86 93
Total Oral, Personal and Home Care 2,292 2,459
Pet Nutrition 15 15
Total Goodwill $ 2,307 $ 2,474
2013
$ 362
353
1,525
126
93
2,459
15
$ 2,474
2014
Gross Carrying Amount Accumulated Amortizatio
Trademarks $ 552 ($285)
Other finite life intangible assets 213 (54)
Indefinite life intangible assets 987 —
Total Other intangible assets $ 1,752 ($339)
2014
Accumulated Amortization Net Gross Carrying Amount
($285) $ 267 $ 551
(54) 159 219
— 987 1,046
($339) $ 1,413 $ 1,816
2013
Accumulated Amortization Net
($275) $ 276
(45) 174
— 1,046
($320) $ 1,496
Weighted Average Interest Rate

Notes 1.9% 2015
Commercial paper —%
Less: Current portion of long-term debt

Total
Maturities 2014 2013
2015 - 2,078 $ 5,877 $ 5,644
2015 255 —
6,132 5,644
488 895
$ 5,644 $ 4,749
Years Ended December 31,
2015 $ 488
2016 263
2017 660
2018 697
2019 498
Thereafter 3,271
Assets
Account Fair Value
Designated derivative instruments 12/31/14
Interest rate swap contracts Other current assets $ 1
Interest rate swap contracts Other assets 12
Foreign currency contracts Other current assets 21
Foreign currency contracts Other assets 60
Commodity contracts Other current assets —
Total designated $ 94
Derivatives not designated

Foreign currency contracts Other current assets $—
Foreign currency contracts Other assets 8
Total not designated $ 8
Total derivative instruments $ 102
Other financial instruments

Marketable securities Other current assets $ 200
Available-for-sale securities Other assets 322
Note receivable Other current assets 42
Total other financial instruments $ 564
ts Liabilities
Fair Value Account Fair Va
12/31/13 12/31/14
$ 1 Other accruals $—
20 Other liabilities 2
14 Other accruals 4
— Other liabilities —
— Other accruals 1
$ 35 $ 7
$— Other accruals $—
— Other liabilities —
$— $—
$ 35 $ 7
$ 173
685
—
$ 858
Liabilities
Fair Value
12/31/14 12/31/13
$—
1
8
10
—
$ 19
$ 3
—
$ 3
$ 22
2014
ForeignCurrencyContracts InterestRateSwaps
Notional Value at December 31, $ 1,163 $ 1,438
Gain (loss) on derivative 3 (8)
Gain (loss) on hedged items (3) 8
2013
Total ForeignCurrencyContracts InterestRateSwaps
$ 2,601 $ 1,320 $ 1,188
(5) 24 (22)
5 (24) 22
2013
InterestRateSwaps Total
$ 1,188 $ 2,508
(22) 2
22 (2)
Cash Flow Hedges
2014
ForeignCurrencyContracts CommodityContracts
Notional Value at December 31, $ 511 $ 14
Gain (loss) recognized in OCI 9 —
Gain (loss) reclassified into Cost of sales 5 —
2014
CommodityContracts Total ForeignCurrencyContracts
$ 14 $ 525 $ 386
— 9 20
— 5 16
2013
CommodityContracts Total
$ 14 $ 400
— 20
1 17
2014
ForeignCurrencyContracts ForeignCurrencyDebt
Notional Value at December 31, $ 567 $ 297
Gain (loss) on instruments 73 11
Gain (loss) on hedged items (73) (11)
2013
Total ForeignCurrencyContracts ForeignCurrencyDebt
$ 864 $ 529 $ 256
84 (24) (4)
(84) 23 4
2013
ForeignCurrencyDebt Total
$ 256 $ 785
(4) (28)
4 27
2014 2013
Beginning balance as of January 1 $ 685 $ 642
Unrealized gain (loss) on investment (341) (113)
Purchases and sales during the period 55 156
Ending balance as of December 31 $ 399 $ 685
2013
Common Stock Outstanding

Balance, January 1, 2012 ###
Common stock acquired ###

Shares issued for stock options 12,217,230
Shares issued for restricted stock units and other 2,205,898
Balance, December 31, 2012 ###


Treasury Stock
###
38,730,602
###
(2,205,898)
###
25,573,317
(7,883,834)
(1,907,382)
###
23,131,081
(7,977,124)
(1,919,527)
###
2014 2013
Expected Term of Options 4.5 years 4.5 years
Expected Volatility Rate 17.1% 18.4%
Risk-Free Interest Rate 1.6% 1.5%
Expected Dividend Yield 2.3% 2.3%
2012
4.5 years
20.8%
0.6%
2.4%
Shares(in thousands)
Restricted stock units as of January 1, 2014 4,539
Activity:
Granted 1,092
Vested (1,867)
Forfeited (70)
Restricted stock units as of December 31, 2014 3,694
Weighted Average Grant Date Fair Value Per Award
$ 48
64
42
52
$ 56
Stock Options
Shares(in thousands) Weighted Average Exercise Price

Options outstanding, January 1, 2014 42,832 $ 47
Granted 9,036 64
Exercised (8,526) 41
Forfeited or expired (440) 57
Options outstanding, December 31, 2014 42,902 52
Options exercisable, December 31, 2014 24,946 $ 46
Weighted Average Exercise Price Weighted Average Remaining Contractual Life(in years)
$ 47
64
41
57
52 4
$ 46 3
Intrinsic Value of Unexercised In-the-Money Options
$ 746
$ 582
Investments:
Cash & cash equivalents
U.S. common stocks
International common stocks
Fixed income securities(a)
Common/collective trust funds(b):
Developed market equity index funds
Emerging market equity index funds
Other common stock funds
Fixed income funds: U.S. or foreign government and agency securities
Fixed income funds: investment grade corporate bonds
Fixed income funds: high yield corporate bonds and other
Guaranteed investment contracts(c)
Real estate funds(d)
Total Investments at fair value
Level of ValuationInput Pension Plans
United States International
Level 1 $ 48 $ 10
Level 1 130 3
Level 1 — 2
Level 2 625 —
Level 2
352 193
32 8
118 27
115 107
168 75
136 54
Level 2 1 54
Level 3 46 19
$ 1,771 $ 552
Other RetireeBenefit Plans
$ 1
3
—
13
9
1
3
3
4
3
—
1
$ 41
Investments:
Cash & cash equivalents
U.S. common stocks
International common stocks
Fixed income securities(a)
Common/collective trust funds(b):
Developed market equity index funds
Emerging market equity index funds
Other common stock funds
Fixed income funds: U.S. or foreign government and agency securities
Fixed income funds: investment grade corporate bonds
Fixed income funds: high yield corporate bonds and other
Guaranteed investment contracts(c)
Real estate funds(d)
Total Investments at fair value
Level of Valuation
Input Pension Plans
Level 1 $ 97 $ 23
Level 1 127 —
Level 1 51 —
Level 2 433 —
Level 2
359 229
33 9
123 41
149 73
203 71
119 35
Level 2 2 56
Level 3 40 21
$ 1,736 $ 558
Other RetireeBenefit Plans
$ 3
3
1
8
9
1
3
3
5
4
—
1
$ 41
2014
United States Real Estate Fund
Beginning balance as of January 1 $ 41
Earned income, net of management expenses 2
Unrealized gain (loss) on investment 4
Purchases, sales, issuances and settlements, net —
Ending balance as of December 31 $ 47
2014 2013
International Real Estate Fund United States Real Estate Fund International Real Estate Fun
$ 21 $ 72 $ 20
— 2 —
(1) 9 —
(1) (42) 1
$ 19 $ 41 $ 21
International Real Estate Fund
$ 20
—
—
1
$ 21
2014
Change in Benefit Obligations

Benefit obligations at beginning of year $ 2,102
Service cost 1
Interest cost 102
Participants’ contributions —
Acquisitions/plan amendments —
Actuarial loss (gain) 362
Foreign exchange impact —
Termination benefits (1) 5
Curtailments and settlements —
Benefit payments (154)
Other (12)
Benefit obligations at end of year $ 2,406
Change in Plan Assets
Fair value of plan assets at beginning of year $ 1,736
Actual return on plan assets 178
Company contributions 23
Participants’ contributions —
Foreign exchange impact —
Settlements —
Benefit payments (154)
Other (12)
Fair value of plan assets at end of year $ 1,771
Funded Status
Benefit obligations at end of year $ 2,406
Fair value of plan assets at end of year 1,771
Net amount recognized ($635)
Amounts Recognized in Balance Sheet
Noncurrent assets $—
Current liabilities (20)
Noncurrent liabilities (615)
Net amount recognized ($635)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Actuarial loss $ 933
Transition/prior service cost 2
$ 935
Accumulated benefit obligation $ 2,283
Pension Plans
2014 2013 2014
$ 2,102 $ 2,227 $ 894

1 24 17
102 90 35
— 1 4
— 40 —
362 (148) 123
— — (88)
5 11 —
— (12) (28)
(154) (131) (40)
(12) — (1)
$ 2,406 $ 2,102 $ 916
$ 1,736 $ 1,597 $ 558

178 148 65
23 121 36
— 1 4
— — (43)
— — (27)
(154) (131) (40)
(12) — (1)
$ 1,771 $ 1,736 $ 552
$ 2,406 $ 2,102 $ 916

1,771 1,736 552
($635) ($366) ($364)
$— $ 16 $ 6
(20) (19) (28)
(615) (363) (342)
($635) ($366) ($364)
$ 933 $ 674 $ 259

2 3 19
$ 935 $ 677 $ 278
$ 2,283 $ 1,995 $ 817
Other Retiree Benefit Plans
2013 2014 2013
International
$ 888 $ 792 $ 875

19 10 11
34 42 38
3 — —
2 — —
(1) 203 (101)
12 (3) (5)
— — 6
(21) — —
(41) (33) (32)
(1) — —
$ 894 $ 1,011 $ 792
$ 486 $ 41 $ 37
59 4 4
61 29 32
3 — —
2 — —
(11) — —
(41) (33) (32)
(1) — —
$ 558 $ 41 $ 41
$ 894 $ 1,011 $ 792

558 41 41
($336) ($970) ($751)
$ 12 $— $—
(36) (41) (39)
(312) (929) (712)
($336) ($970) ($751)
$ 181 $ 481 $ 296

23 (3) 1
$ 204 $ 478 $ 297
$ 802 $— $—
efit Plans
2013
$ 875
11
38
—
—
(101)
(5)
6
—
(32)
—
$ 792
$ 37
4
32
—
—
—
(32)
—
$ 41
$ 792
41
($751)
$—
(39)
(712)
($751)
$ 296
1
$ 297
$—
2014
United States
Weighted-Average Assumptions Used to Determine Benefit Obligations
Discount rate 4.24%
Long-term rate of return on plan assets 6.80%
Long-term rate of compensation increase 3.50%
ESOP growth rate —%
Medical cost trend rate of increase —%
Pension Plans Other Retiree Bene
2013 2014 2013 2014
4.96% 3.06% 3.99% 4.36%

6.80% 5.05% 5.50% 6.80%
3.50% 2.83% 3.02% —%
—% —% —% 10.00%
—% —% —% 7.00%
2014 2013
5.24%
6.80%
—%
10.00%
7.00%
Years Ended December 31
2014
Benefit Obligation Exceeds Fair Value of Plan Assets
Projected benefit obligation $ 2,958
Fair value of plan assets 1,955
Accumulated benefit obligation 2,725

Fair value of plan assets 1,922
Years Ended December 31,
2013
$ 1,130
402
700
66
2014
Components of Net Periodic Benefit Cost

Service cost $ 1
Interest cost 102
Annual ESOP allocation —
Expected return on plan assets (112)
Amortization of transition & prior service costs (credits) 1
Amortization of actuarial loss 37
Net periodic benefit cost $ 29
Other postretirement charges 5
Total pension cost $ 34
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate 4.96%
Long-term rate of return on plan assets 6.80%
Long-term rate of compensation increase 3.50%
ESOP growth rate —%
Medical cost trend rate of increase —%
Pension Plans
2014 2013 2012
United States
$ 1 $ 24 $ 24
102 90 97
— — —
(112) (118) (112)
1 9 9
37 68 62
$ 29 $ 73 $ 80
5 102 —
$ 34 $ 175 $ 80
4.96% 4.14% 4.90%

6.80% 7.30% 7.75%
3.50% 3.50% 4.00%
—% —% —%
—% —% —%
Pension Plans
2014 2013 2012
International
$ 17 $ 19 $ 12
35 34 35
— — —
(29) (26) (26)
4 2 2
6 10 9
$ 33 $ 39 $ 32
(8) 3 9
$ 25 $ 42 $ 41
3.99% 3.57% 4.59%

5.50% 5.39% 5.91%
3.02% 2.80% 2.87%
—% —% —%
—% —% —%
2012 2014 2013
$ 12 $ 11 $ 13
35 42 38
— (1) (2)
(26) (3) (3)
2 3 1
9 16 21
$ 32 $ 68 $ 68
9 — 6
$ 41 $ 68 $ 74
4.59% 5.24% 4.32%

5.91% 6.80% 7.30%
2.87% —% —%
—% 10.00% 10.00%
—% 7.00% 7.50%
efit Plans
2012
$ 11
40
(2)
(3)
3
18
$ 67
1
$ 68
5.26%
7.75%
—%
10.00%
8.00%
Expected Contributions & Benefit Payments
Pension Plans
Years Ended December 31, United States International
2015 $ 139 $ 63
2016 139 45
2017 139 55
2018 139 54
2019 140 64
2020-2024 721 646
nternational Other Retiree Benefit Plans Total
$ 42 $ 244
43 227
44 238
45 238
46 250
247 1,614
11. Income Taxes
2014 2013
United States $ 1,094 $ 1,018
International 2,439 2,547
Total Income before income taxes $ 3,533 $ 3,565
2013 2012
$ 1,018 $ 1,155
2,547 2,719
$ 3,565 $ 3,874
2014 2013
United States $ 348 $ 314
International 846 841
Total Provision for income taxes $ 1,194 $ 1,155
2013 2012
$ 314 $ 395
841 848
$ 1,155 $ 1,243
2014 2013
Goodwill and intangible assets ($40) ($14)
Property, plant and equipment (13) —
Pension and other retiree benefits 19 85
Stock-based compensation 11 10
Tax loss and tax credit carryforwards 5 (30)
Other, net (19) (33)
Total deferred tax provision ($37) $ 18
2013 2012
($14) ($7)
— (13)
85 (14)
10 5
(30) (39)
(33) 32
$ 18 ($36)
Percentage of Income before income taxes 2014
Tax at United States statutory rate 35.0%
State income taxes, net of federal benefit 0.70
Earnings taxed at other than United States statutory rate (2.30)
Charge for a foreign tax matter (1) 1.90
Other, net (1.50)
Effective tax rate 33.8%
2013 2012
35.0% 35.0%
0.40 0.70
(1.40) (2.60)
— —
(1.60) (1.00)
32.4% 32.1%
2014 2013
Deferred tax liabilities:
Goodwill and intangible assets ($497) ($475)
Property, plant and equipment (380) (375)
Other (266) (237)
(1,143) (1,087)
Deferred tax assets:
Pension and other retiree benefits 638 448
Tax loss and tax credit carryforwards 33 28
Accrued liabilities 276 317
Stock-based compensation 119 116
Other 148 95
1,214 1,004
Net deferred income taxes $ 71 ($83)
2013
($475)
(375)
(237)
(1,087)
448
28
317
116
95
1,004
($83)
2014 2013
Deferred taxes included within:
Assets:
Other current assets $ 256 $ 284
Deferred income taxes 76 77
Liabilities:
Deferred income taxes (261) (444)
Net deferred income taxes $ 71 ($83)
2013
$ 284
77
(444)
($83)
Unrecognized tax benefits:
Balance, January 1
Increases as a result of tax positions taken during the current year
Decreases of tax positions taken during prior years
Increases of tax positions taken during prior years
Decreases as a result of settlements with taxing authorities and the expiration of statutes of limitations
Effect of foreign currency rate movements
Balance, December 31
2014 2013 2012
$ 199 $ 212 $ 176

23 23 34
(11) (52) (6)
32 37 10
(10) (22) (3)
(15) 1 1
$ 218 $ 199 $ 212
2012
$ 176
34
(6)
10
(3)
1
$ 212
For the Year Ended 2014

Net income attributable to Colgate-Palmolive Company Shares(millions)
Basic EPS 2,180 915.10
Stock options and restricted stock units 9.20
Diluted EPS $ 2,180 924.30
or the Year Ended 2014 For the Year Ended
Shares(millions) PerShare Net income attributable to Colgate-Palmolive Company
$ 2.38 2,241
$ 2.36 $ 2,241
For the Year Ended 2013 For th
Shares(millions) PerShare Net income attributable to Colgate-Palmolive Company
930.80 $ 2.41 2,472
9.10
939.90 $ 2.38 $ 2,472
For the Year Ended 2012
Shares(millions) PerShare
952.10 $ 2.60
8.10
960.20 $ 2.57
2014 2013
Net sales
North America(1) $ 3,124 $ 3,072
Latin America 4,769 5,012
Asia 2,515 2,472
Africa/Eurasia 1,208 1,257
Pet Nutrition(2) 2,255 2,211
Total Net sales $ 17,277 $ 17,420
2013 2012
$ 3,072 $ 2,971
5,012 5,032
3,396 3,417
2,472 2,264
1,257 1,241
15,209 14,925
2,211 2,160
$ 17,420 $ 17,085
2014 2013
Operating profit
Europe/South Pacific 877 805
Asia 736 698
Pet Nutrition 592 563
Corporate (1,088) (1,090)
Total Operating profit $ 3,557 $ 3,556
2013 2012
$ 927 $ 810
1,385 1,454
805 747
698 619
268 267
4,083 3,897
563 589
(1,090) (597)
$ 3,556 $ 3,889
2014 2013
Capital expenditures
Latin America 205 235
Asia 147 123
Total Oral, Personal and Home Care 580 497
Pet Nutrition 40 45
Corporate 137 128
Total Capital expenditures $ 757 $ 670
2013 2012
$ 54 $ 43
235 237
74 71
123 88
11 16
497 455
45 37
128 73
$ 670 $ 565
2014 2013
Depreciation and amortization
Latin America 93 93
Asia 78 72
Total Oral, Personal and Home Care 308 312
Pet Nutrition 52 51
Corporate 82 76
Total Depreciation and amortization $ 442 $ 439
2013 2012
$ 51 $ 50
93 91
85 85
72 70
11 11
312 307
51 50
76 68
$ 439 $ 425
2014 2013
Identifiable assets
North America $ 2,326 $ 2,301
Asia 1,903 1,794
Pet Nutrition 1,051 1,087
Corporate(3) 140 66
Total Identifiable assets(4) $ 13,459 $ 13,985
2013 2012
$ 2,301 $ 2,157
4,202 4,288
3,978 3,649
1,794 1,608
557 561
12,832 12,263
1,087 1,045
66 86
$ 13,985 $ 13,394
16. Supplemental Income Statement Information

Amortization of intangible assets $ 32
Equity (income) (7)
Other, net (18)
Total Other (income) expense, net $ 570
2013 2012
$ 32 $ 31
202 81
172 —
23 —
3 —
— 2
(5) (7)
(5) 6
$ 422 $ 113
Interest (income) expense, net 2014 2013
Interest incurred $ 134 $ 119
Interest capitalized (4) (3)
Interest income (106) (125)
Total Interest (income) expense, net $ 24 ($9)
2013 2012
$ 119 $ 81
(3) (1)
(125) (65)
($9) $ 15
2014 2013
Research and development $ 277 $ 267
Advertising $ 1,784 $ 1,891
2013 2012
$ 259
$ 1,792
Inventories 2014 2013

Raw materials and supplies $ 349 $ 340
Work-in-process 55 60
Finished goods 978 1,025
Total Inventories $ 1,382 $ 1,425
2013
Property, plant and equipment, net 2014
Land $ 250
Buildings 1,660
Manufacturing machinery and equipment 5,220
Other equipment 1,255
8,385
Accumulated depreciation (4,305)
Total Property, plant and equipment, net $ 4,080
2013
$ 254
1,625
5,220
1,231
8,330
(4,247)
$ 4,083
Other accruals 2014
Accrued advertising and coupon redemption $ 550
Accrued payroll and employee benefits 332
Accrued taxes other than income taxes 122
Restructuring accrual 114
Pension and other retiree benefits 89
Accrued interest 28
Derivatives 5
Other 677
Total Other accruals $ 1,917
2013
$ 676
361
131
142
94
27
11
647
$ 2,089
Other liabilities 2014 2013
Pension and other retiree benefits $ 1,886 $ 1,387
Restructuring accrual 78 16
Other 259 274
Total Other liabilities $ 2,223 $ 1,677
2013
$ 1,387
16
274
$ 1,677
Cumulative translation adjustments

Pension and other benefits:
Net actuarial gain (loss) and prior service costs arising during the period
Amortization of net actuarial loss, transition and prior service costs(1)
Curtailment loss - unamortized

prior service costs(1)
Retirement Plan and other retiree benefitadjustments
Available-for-sale securities:
Unrealized gains (losses) on available- for-sale securities(2)
Reclassification of (gains) losses into net earnings on available- for-sale securities(3)
Gains (losses) on available-for-sale securities
Cash flow hedges:
Unrealized gains (losses) on cash flow hedges
Reclassification of (gains) losses into net earnings on cash flow hedges(4)
Gains (losses) on cash flow hedges
Total Other comprehensive income (loss)
2014 2013
Pre-tax Net of Tax Pre-tax
($663) ($681) ($188)
(580) (374) 295

67 45 111
— — 91
(513) (329) 497
(341) (222) (113)

267 174 133
(74) (48) 20
9 6 20
(5) (4) (17)
4 2 3
($1,246) ($1,056) $ 332
2013 2012
Pre-tax Net of Tax Pre-tax Net of Tax
($163) $ 18 ($20)
189 (317) (207)

70 101 62
59 — —
318 (216) (145)
(73) 28 18
86 — —
13 28 18
13 13 8
(11) (11) (7)
2 2 1
$ 170 ($168) ($146)
Net of Tax
Total
2014
Net sales $ 17,277
Gross profit 10,109 (1)
Net income including noncontrolling interests 2,339 (2)
Net income attributable to Colgate-Palmolive Company 2,180 (2)
Earnings per common share:
Basic 2.38 (2)
Diluted 2.36 (2)
2013
Net sales $ 17,420
Gross profit 10,201 (11)
Net income including noncontrolling interests 2,410 (12)
Net income attributable to Colgate-Palmolive Company 2,241 (12)
Earnings per common share:
Basic 2.41 (12)
Diluted 2.38 (12)
FirstQuarter SecondQuarter ThirdQuarter
$ 4,325 $ 4,352 $ 4,379

2,524 (3) 2,552 (5) 2,558
432 (4) 661 (6) 580
388 (4) 622 (6) 542
0.42 (4) 0.68 (6) 0.59

0.42 (4) 0.67 (6) 0.59
$ 4,315 $ 4,346 $ 4,398

2,515 (13) 2,534 (15) 2,585
506 (14) 604 (16) 699
460 (14) 561 (16) 656
0.49 (14) 0.60 (16) 0.71

0.48 (14) 0.60 (16) 0.70
ThirdQuarter FourthQuarter
$ 4,221
(7) 2,475 (9)
(8) 666 (10)
(8) 628 (10)
(8) 0.69 (10)

(8) 0.68 (10)
$ 4,361
(17) 2,567 (19)
(18) 601 (20)
(18) 564 (20)
(18) 0.61 (20)

(18) 0.60 (20)
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period

Year Ended December 31, 2014
Allowance for doubtful accounts and estimated returns $ 67
Valuation allowance for deferred tax assets $ 6


Additions
Charged to Costs and Expenses Other Deductions
$— $— $ 13
$— $— $ 6
$ 15 $— $ 9
$ 6 $— $ 1
$ 18 $— $ 6
$— $— $—
Deductions Balance at End of Period
$ 13 $ 54
$ 6 $—
$ 9 $ 67
$ 1 $ 6
$ 6 $ 61
$— $ 1
Market Price of Common Stock

2014
Quarter Ended High Low
March 31 $ 65.08 $ 60.17
June 30 69.43 64.22
September 30 69.79 63.40
December 31 71.00 63.11
Year-end Closing Price $ 69.19
2013
Low High Low
$ 59.02 $ 53.04
62.38 55.87
61.19 57.25
66.26 58.96
69.19 $ 65.21
Dividends Paid Per Common Share
Quarter Ended 2014 2013

March 31 $ 0.34 $ 0.31
June 30 0.36 0.34
September 30 0.36 0.34
December 31 0.36 0.34
Total $ 1.42 $ 1.33
2014
Continuing Operations
Net sales $ 17,277
Results of operations:
Net income attributable to Colgate-Palmolive Company 2,180
Per common share, basic 2.38
Per common share, diluted 2.36
Depreciation and amortization expense 442
Financial Position
Current ratio 1.20
Property, plant and equipment, net 4,080
Capital expenditures 757
Total assets 13,459
Long-term debt 5,644
Colgate-Palmolive Company shareholders’ equity 1,145
Share and Other

Book value per common share 1.55
Cash dividends declared and paid per common share 1.42
Closing price 69.19
Number of common shares outstanding (in millions) 906.70
Number of common shareholders of record 25,400
Number of employees 37,700
2013 2012
$ 17,420 $ 17,085
(1) 2,241 (2) 2,472 (3)

(1) 2.41 (2) 2.60 (3)
(1) 2.38 (2) 2.57 (3)
439 425
1.10 1.20
4,083 3,842
670 565
13,985 13,394
4,749 4,926
2,305 2,189
2.79 2.60
1.33 1.22
65.21 52.27
919.90 935.80
26,900 27,600
37,400 37,700
2011 2010 2009
$ 16,734 $ 15,564 $ 15,327
2,431 (4) 2,203 (5) 2,291

2.49 (4) 2.22 (5) 2.26
2.47 (4) 2.16 (5) 2.18
421 376 351
1.20 1.00 1.10

3,668 3,693 3,516
537 550 575
12,724 11,172 11,134
4,430 2,815 2,821
2,375 2,675 3,116
2.71 2.95 3.26

1.14 1.02 0.86
46.20 40.19 41.08
960.00 989.80 988.40
28,900 29,900 30,600
38,600 39,200 38,100
2009 2008 2007
$ 15,330 $ 13,790
1,957 (6) 1,737 (7)

1.91 (6) 1.67 (7)
1.83 (6) 1.60 (7)
348 334
1.30 1.10
3,119 3,015
684 583
9,979 10,112
3,585 3,222
1,923 2,286
2.04 2.37
0.78 0.70
34.27 38.98
1,002.80 1,018.00
31,400 32,200
36,600 36,000
2006 2005
$ 12,238 $ 11,397
1,353 (8) 1,351 (9)

1.29 (8) 1.27 (9)
1.23 (8) 1.21 (9)
329 329
1.00 1.00
2,696 2,544
476 389
9,138 8,507
2,720 2,918
1,411 1,350
1.51 1.44
0.63 0.56
32.62 27.43
1,025.40 1,032.40
33,400 35,000
34,700 35,800
Colgate Palmolive CO
Name of Bank Commitment

Citibank, N.A. ###
BNP Paribas ###
HSBC Bank USA, National Association ###
JPMorgan Chase Bank, N.A. ###
Wells Fargo Bank, National Association ###
Barclays Bank PLC ###
Goldman Sachs Bank USA ###
Morgan Stanley Bank, N.A. ###
US Bank National Association ###
Australia and New Zealand Banking Group Limited ###
Banco Bilbao Vizcaya Argentaria, S.A., New York Branch ###
The Royal Bank of Scotland plc ###
Santander Bank, N.A. ###
Bank of America, N.A. ###
The Bank of New York Mellon ###
The Northern Trust Company ###
Total of Commitments: ###
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Earnings:
Income before income taxes
Add:
Fixed charges
Less:
Income from equity investees
Capitalized interest
Income as adjusted
Fixed Charges:
Interest on indebtedness and amortization of debt expense discount or premium
Portion of rents representative of interest factor
Capitalized interest
Total fixed charges
Ratio of earnings to fixed charges
2014 2013 2012
$ 3,533 $ 3,565 $ 3,874
212 196 157
(7) (5) (7)

(4) (3) (1)
$ 3,734 $ 3,753 $ 4,023
$ 130 $ 116 $ 80
78 77 76
4 3 1
$ 212 $ 196 $ 157
17.60 19.10 25.60
2012 2011 2010
$ 3,789 $ 3,430
141 141
(6) (5)
(1) (4)
$ 3,923 $ 3,562
$ 58 $ 64
82 73
1 4
$ 141 $ 141
27.80 25.30
SUBSIDIARIES OF THE REGISTRANT
Name of Company
Colgate (Guangzhou) Company Limited
Colgate Flavors and Fragrances, Inc.
Colgate Holdings
Colgate Oral Pharmaceuticals, Inc.
Colgate-Palmolive (Middle East Exports) Ltd.
Colgate-Palmolive Europe Sarl
Colgate-Palmolive, Unipessoal, Lda.
Colgate-Palmolive Peru S.A.
Colgate Sanxiao Company Limited
Colgate-Palmolive S.p.A.
Colgate-Palmolive (America), Inc.
Colgate-Palmolive (Asia) Pte. Ltd.
Colgate-Palmolive (Caribbean) Inc.
Colgate-Palmolive (Central America), Inc.
Colgate-Palmolive (Dominican Republic), Inc.
Colgate-Palmolive (Eastern) Pte. Ltd.
Colgate-Palmolive (China) Co. Ltd.
Colgate-Palmolive (H.K.) Limited
Colgate-Palmolive (Hellas) S.A.I.C.
*Colgate-Palmolive (India) Limited
Colgate-Palmolive (Malaysia) Sdn Bhd
Colgate Palmolive (Marketing) Sdn Bhd
Colgate-Palmolive (Poland) SP. Zo.o.
Colgate-Palmolive (Proprietary) Limited
Colgate-Palmolive (Thailand) Limited
Colgate-Palmolive A/S
Colgate-Palmolive AB
Colgate-Palmolive Argentina S.A.
Colgate-Palmolive Belgium SA/NV
Colgate-Palmolive Canada Inc.
Colgate-Palmolive Ceska republika, s.r.o.
Colgate-Palmolive S.A.
Colgate-Palmolive Cia.
Colgate-Palmolive C.A.
Colgate-Palmolive Company, Distr.
Colgate-Palmolive de Puerto Rico, Inc.
Colgate-Palmolive del Ecuador Sociedad Anonima Industrial Y Comercial
Colgate-Palmolive España, S.A./N.V.
Colgate-Palmolive GmbH
Colgate-Palmolive Holding S. Com p.a.
Colgate-Palmolive Inc. S.A.
Colgate-Palmolive (Myanmar) Limited
Colgate-Palmolive Ghana Limited
CP West East Investment Limited
Colgate-Palmolive (Middle East Exports) Limited
Jurisdiction of Organization
China
Delaware
United Kingdom
Delaware
BVI
Switzerland
Portugal
Peru
China
Italy
Delaware
Singapore
Delaware
Delaware
Delaware
Singapore
China
Hong Kong
Greece
India
Malaysia
Malaysia
Poland
South Africa
Thailand
Denmark
Sweden
Argentina
Belgium
Canada
Czech Republic
Chile
Delaware
Venezuela
Puerto Rico
Delaware
Ecuador
Spain
Germany
Spain
Uruguay
Myanmar
Ghana
Nigeria
United Arab Emirates
EXHIBIT 21
Name of Company Jurisdiction of Organ

Colgate-Palmolive Comercial Ltda. Brazil
Colgate-Palmolive International LLC Delaware
Colgate-Palmolive Lanka (Private) Limited Sri Lanka
Colgate-Palmolive Limited New Zealand
Colgate-Palmolive Manufacturing (Poland) SP. ZO.O Poland
Colgate-Palmolive Moroc S.A. Morocco
Colgate-Palmolive Nederland BV Netherlands
Colgate-Palmolive Norge AS Norway
Colgate-Palmolive Operations (Ireland) Ltd. Ireland
Colgate-Palmolive Philippines, Inc. Philippines
Colgate-Palmolive Pty Limited Australia
Colgate-Palmolive Senegal S.A. Senegal
Colgate-Palmolive Services (Belgium) S.A./N.V. Belgium
Colgate-Palmolive Services S.A. France
Colgate-Palmolive Temizlik Urunleri Sanayi ve Ticaret Anonim Sirketi Turkey
Colgate-Palmolive (Vietnam) Limited Vietnam
Colgate-Palmolive, S.A. de C.V. Mexico
Cotelle S.A. France
CPIF Venture, Inc. Delaware
GABA Holding AG Switzerland
*Hawley & Hazel Chemical (Taiwan) Corp. Ltd. Taiwan
*Hawley & Hazel Chemical Company (Hong Kong) Limited Hong Kong
*Hawley & Hazel Chemical Company (Zhong Shan) Limited China
Hill’s Pet Nutrition Asia-Pacific, Pte. Ltd. Singapore
Hill’s Pet Nutrition Indiana, Inc. Delaware
Hill’s Pet Nutrition Limited United Kingdom
Hill’s Pet Nutrition Manufacturing B.V. Netherlands
Hill’s Pet Nutrition Manufacturing, s.r.o. Czech Republic
Hill’s Pet Nutrition Sales, Inc. Delaware
Hill’s Pet Nutrition S.N.C. France
Hill’s Pet Nutrition, Inc. Delaware
Hill’s Pet Products, Inc. Delaware
Hill’s-Colgate (Japan) Ltd. Japan
Inmobiliara Colpal, S. de R.L. de C.V. Mexico
Inmobiliara Hills, S.A. de C.V. Mexico
Mission Hills, S.A. de C.V. Mexico
Norwood International, Incorporated Delaware
Tom’s of Maine, Inc. Maine
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
/s/ PricewaterhouseCoopers LLP

/s/ Ian Cook

Ian Cook
Chairman of the Board, President andChief Executive Officer
/s/ Dennis J. Hickey

Dennis J. Hickey
/s/ Ian Cook

Ian Cook
Chairman of the Board, President and Chief Executive Officer
/s/ Dennis J. Hickey

Dennis J. Hickey

Item 1. Business

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Item 1. Business

Uploaded by

Copyright:

Available Formats

ITEM 1.

Name Age Date First Elected Officer

Fabian T. Garcia 55 2003

Franck J. Moison 61 2002

Dennis J. Hickey 66 1998

Delia H. Thompson 65 2002

Daniel B. Marsili 54 2005

P. Justin Skala 55 2008

Noel R. Wallace 50 2009

Patricia Verduin 55 2011

Total 2012 Restructuring Program charges, aftertax $ 208

Year ended December 31, 2014 OrganicSales Growth(Non-GAAP) ForeignExchangeImpact

Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheets as of December 31, 2014 and 2013

Notes to Consolidated Financial Statements

Financial Statement Schedule

Selected Financial Data

Market and Dividend Information

Historical Financial Summary

(685) (166) (18)

Common Stock Additional Paid-In Capi

$ 18,832 ($3,507) $ 240

$ 2,339 $ 2,410 $ 2,631

442 439 425

(757) (670) (565)

(8,525) (7,554) (5,011)

$ 1,009 $ 1,087 $ 1,280

2014 2013 2012

Total 2012 Restructuring Program charges, aftertax $ 208

Weighted Average Interest Rate

Less: Current portion of long-term debt

Derivatives not designated

Total derivative instruments $ 102

Other financial instruments

Common Stock Outstanding

Common stock acquired ###

Common stock acquired ###

Common stock acquired ###

Shares(in thousands) Weighted Average Exercise Price

Change in Benefit Obligations

$ 2,102 $ 2,227 $ 894

$ 1,736 $ 1,597 $ 558

$ 2,406 $ 2,102 $ 916

$ 933 $ 674 $ 259

$ 888 $ 792 $ 875

$ 894 $ 1,011 $ 792

$ 181 $ 481 $ 296

4.96% 3.06% 3.99% 4.36%

Accumulated benefit obligation 2,725

Components of Net Periodic Benefit Cost

4.96% 4.14% 4.90%

3.99% 3.57% 4.59%

4.59% 5.24% 4.32%

$ 199 $ 212 $ 176

For the Year Ended 2014

Other (income) expense, net 2014

Inventories 2014 2013

Cumulative translation adjustments

Curtailment loss - unamortized

($663) ($681) ($188)

(580) (374) 295