SEC Info - Colgate Palmolive Co - ‘10-Q’ for 6/30/00

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Colgate Palmolive Co – ‘10-Q’ for 6/30/00

On: Thursday, 8/10/00, at 4:29pm ET · For: 6/30/00 · Accession #: 940180-0-960 · File #: 1-00644

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/10/00  Colgate Palmolive Co              10-Q        6/30/00    4:93K                                    Donnelley RR & So… 12/FA

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      13     55K 
 2: EX-4.B(B)   Employee Stock Ownership Trust Agreement              23    110K 
 3: EX-12       Ratio of Earnings to Fixed Charges                     2±     8K 
 4: EX-27       Financial Data Schedule                                2      8K

10-Q — Quarterly Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Exhibits and Reports on Form 8-K Legal Proceedings Submission of Matters to a Vote of Security Holders
1	1st Page - Filing Submission
11	Item 1. Legal Proceedings
"	Item 4. Submission of Matters to a Vote of Security Holders
12	Item 6. Exhibits and Reports on Form 8-K

10-Q 1st Page of 13 TOC ↑Top Previous Next ↓Bottom Just 1st
 
FORM 10-Q 

SECURITIES AND EXCHANGE COMMISSION  

Washington, D.C. 20549  

(Mark One)                                                                      
[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES     
EXCHANGE ACT OF 1934                                          

For the quarterly period ended June 30, 2000.                                   

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       (I.R.S. Employer Identification No.)
incorporation or organization)                                        

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)                            

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  X  No ___                               
 ---

Indicate the number of shares outstanding of each of the issuer's classes of    
common stock, as of the latest practical date:                                  

Class                    Shares Outstanding               Date
--------------------------     ------------------------      -------------------
Common, $1.00 par value              574,377,429               July 31, 2000    

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PART I.       FINANCIAL INFORMATION                                             
-------       ---------------------                                             

COLGATE-PALMOLIVE COMPANY 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
------------------------------------------- 

(Dollars in Millions Except Per Share Amounts)  
(Unaudited) 

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------------------------
                                                Three Months Ended                 Six Months Ended              
                                                    June 30,                           June 30,                  
                                                    --------                           --------                  
                                               2000             1999             2000            1999            
                                               ----             ----             ----            ----            
                                                                                                                 
Net sales                                  $  2,336.7       $  2,285.0       $  4,578.5      $  4,460.3          
Cost of sales                                 1,065.8          1,063.7          2,086.4         2,073.1          
                                           ----------       ----------       ----------      ----------          
Gross profit                                  1,270.9          1,221.3          2,492.1         2,387.2          

Selling, general and administrative                                                                              
    expenses                                    832.8            831.5          1,649.5         1,632.5          
Interest expense                                 51.2             54.5            100.3           108.5          
Interest income                                  (7.0)           (10.3)           (15.0)          (18.4)         
                                           ----------       ----------       ----------      ----------          

Income before income taxes                      393.9            345.6            757.3           664.6          
Provision for income taxes                      132.0            117.5            255.5           227.6          
                                           ----------       ----------       ----------      ----------          

Net income                                 $    261.9       $    228.1       $    501.8      $    437.0          
                                           ==========       ==========       ==========      ==========          

Earnings per common share:                                                                                       

     Basic                                 $      .45       $      .38       $      .85      $      .73          
                                           ==========       ==========       ==========      ==========          

     Diluted                               $      .42       $      .36       $      .80      $      .68          
                                           ==========       ==========       ==========      ==========          

Dividends declared per common share*       $     -          $     -          $      .32      $      .28          
                                           ===========      ===========      ==========      ==========          

* Includes two dividend declarations in the first quarter periods.              

See Notes to Condensed Consolidated Financial Statements.                       

2 

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COLGATE-PALMOLIVE COMPANY 

CONDENSED CONSOLIDATED BALANCE SHEETS 
------------------------------------- 

(Dollars in Millions) 
(Unaudited) 

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------------------------

                                                ASSETS                                                           
                                                ------                                                           

                                                                      June 30,             December 31,          
                                                                        2000                   1999              
                                                                   -------------          -------------          
                                                                                                                 
Current Assets:                                                                                                  
     Cash and cash equivalents                                      $     224.2             $     199.6          
     Marketable securities                                                 14.5                    35.6          
     Receivables (less allowances of $38.1 and $37.2)                   1,190.1                 1,100.8          
     Inventories                                                          751.0                   783.7          
     Other current assets                                                 219.2                   235.1          
                                                                    -----------             -----------          
                                                                        2,399.0                 2,354.8          

Property, plant and equipment:                                                                                   
     Cost                                                               4,211.2                 4,166.0          
     Less:  Accumulated depreciation                                    1,692.8                 1,614.9          
                                                                    -----------             -----------          
                                                                        2,518.4                 2,551.1          
Goodwill and other intangible assets                                                                             
     (net of accumulated amortization                                                                            
     of $620.8 and $578.9)                                              2,129.1                 2,185.4          
Other assets                                                              313.6                   331.8          
                                                                    -----------             -----------          
                                                                    $   7,360.1             $   7,423.1          
                                                                    ===========             ===========          

See Notes to Condensed Consolidated Financial Statements.                       

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COLGATE-PALMOLIVE COMPANY 

CONDENSED CONSOLIDATED BALANCE SHEETS 
------------------------------------- 

(Dollars in Millions) 
(Unaudited) 

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------------------------

                                   LIABILITIES AND SHAREHOLDERS' EQUITY                                          
                                   ------------------------------------                                          

                                                   June 30,            December 31,                              
                                                     2000                 1999                                   
                                                   --------             --------                                 
                                                                                                                 
Current Liabilities:                                                                                             
     Notes and loans payable                     $      151.5          $      207.3                              
     Current portion of long-term debt                  242.9                 338.9                              
     Accounts payable                                   724.6                 764.8                              
     Accrued income taxes                               143.5                 116.6                              
     Other accruals                                     797.1                 845.9                              
                                                 ------------          ------------                              
                                                      2,059.6               2,273.5                              

Long-term debt                                        2,532.3               2,243.3                              
Deferred income taxes                                   462.3                 398.6                              
Other liabilities                                       665.9                 674.0                              

Shareholders' equity:                                                                                            
     Preferred stock                                    358.6                 366.5                              
     Common stock                                       732.9                 732.9                              
     Additional paid-in capital                       1,097.8               1,063.2                              
     Retained earnings                                4,522.0               4,212.3                              
     Cumulative foreign currency                                                                                 
        translation adjustments                      (1,189.8)             (1,136.2)                             
                                                 ------------          ------------                              
                                                      5,521.5               5,238.7                              

     Unearned compensation                             (345.7)               (348.6)                             
     Treasury stock, at cost                         (3,535.8)             (3,056.4)                             
                                                 ------------          ------------                              
                                                      1,640.0               1,833.7                              
                                                 ------------          ------------                              
                                                 $    7,360.1          $    7,423.1                              
                                                 ============          ============                              

See Notes to Condensed Consolidated Financial Statements.                       

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COLGATE-PALMOLIVE COMPANY 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
----------------------------------------------- 

(Dollars in Millions) 
(Unaudited) 

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------------------------
                                                                                 Six Months Ended                
                                                                                 ----------------                
                                                                                     June 30,                    
                                                                                     --------                    
                                                                           2000                   1999           
                                                                         --------              ---------         
                                                                                                                 
Operating Activities:                                                                                            
--------------------                                                                                             

    Net cash provided by operating activities                           $    657.2            $    551.5         

Investing Activities:                                                                                            
--------------------                                                                                             

Capital expenditures                                                        (157.2)               (145.9)        
Payments for acquisitions, net of cash acquired                              (30.0)                (19.6)        
Sale of non-core product lines                                                 -                    89.7         
Sale of (investments in) marketable securities                                19.1                 (42.7)        
Proceeds from sale of long-term investments                                  103.5                   3.2         
Other                                                                        (37.4)                 (6.7)        
                                                                        ----------            ----------         
    Net cash used for investing activities                                  (102.0)               (122.0)        

Financing Activities:                                                                                            
--------------------                                                                                             

Principal payments on debt                                                  (333.1)               (303.1)        
Proceeds from issuance of debt                                               456.0                 378.4         
Dividends paid                                                              (191.9)               (171.5)        
Purchase of common stock                                                    (465.4)               (302.0)        
Other                                                                          6.4                 (12.1)        
                                                                        ----------            ----------         
    Net cash used for financing activities                                  (528.0)               (410.3)        

Effect of exchange rate changes on                                                                               
    cash and cash equivalents                                                 (2.6)                 (2.8)        
                                                                        ----------            ----------         
Net increase in cash and cash equivalents                                     24.6                  16.4         

Cash and cash equivalents at beginning of period                             199.6                 181.7         
                                                                        ----------            ----------         
Cash and cash equivalents at end of period                              $    224.2             $   198.1         
                                                                        ==========            ==========         

See Notes to Condensed Consolidated Financial Statements.                       

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COLGATE-PALMOLIVE COMPANY 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  
----------------------------------------------------  

(Dollars and Shares in Millions Except Per Share Amounts) 
(Unaudited) 

--------------------------------------------------------------------------------

1.    The Condensed Consolidated Financial Statements reflect all normal        
     recurring adjustments which, in management's opinion, are necessary for a
fair presentation of the results for interim periods. Results of    
      operations for the interim periods may not be representative of results to
be expected for a full year.                                        

2.    Provision for certain expenses, including income taxes, media advertising,
    consumer promotion and new product introductory costs, are based on full
 year assumptions. Such expenses are charged to operations in the year
incurred and are included in the accompanying condensed consolidated
financial statements in proportion with the passage of time or with 
estimated annual tax rates or annual sales.                         

3.    Inventories by major classes were as follows:                             

                                                                [Download Table]

                           June 30,  December 31,
                             2000        1999    
                            ------   ------------
                                                 
Raw material and supplies  $  231.6    $  259.6  
Work-in-process                33.5        33.2  
Finished goods                485.9       490.9  
                           --------    --------  
                           $  751.0    $  783.7  
                           ========    ========  

4.       Earnings Per Share:                                                    

                                                        [Enlarge/Download Table]

                     Three Months Ended June 30, 2000  Three Months Ended June 30, 1999
                     --------------------------------  --------------------------------
                                                Per                                Per 
                      Income      Shares       Share     Income      Shares       Share
                      ------      ------       -----     ------      ------       -----
                                                                                       
Net income             $261.9                            $228.1                        
Preferred dividends      (5.1)                             (5.1)                       
                     ---------                         ---------                       

    Basic EPS           256.8      576.3        $.45      223.0       584.1        $.38
                                                ====                               ====

Stock options                       10.3                               12.2            
ESOP conversion           5.0       42.7                    4.4        44.1            
                     --------     ------               --------       -----            

    Diluted EPS        $261.8      629.3        $.42     $227.4       640.4        $.36
                     ========      =====        ====     ======       =====        ====

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COLGATE-PALMOLIVE COMPANY 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  
----------------------------------------------------  

(Dollars and Shares in Millions Except Per Share Amounts) 
(Unaudited) 

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------------------

                                    Six Months Ended June 30, 2000         Six Months Ended June 30, 1999                     
                                    ------------------------------         ------------------------------                     
                                                             Per                                    Per                       
                                      Income    Shares      Share            Income      Shares    Share                      
                                      ------    ------      -----            ------      ------    -----                      
                                                                                                                              
     Net income                      $ 501.8                                $ 437.0                                           
     Preferred dividends               (10.4)                                 (10.3)                                          
                                     -------                                -------                                           

         Basic EPS                     491.4     577.2      $ .85             426.7       583.9    $ .73                      
                                                            =====                                  =====                      

     Stock options                                10.6                                     12.5                               
     ESOP conversion                    10.1      43.0                          9.1        44.1                               
                                     -------    ------                      -------      ------                               

         Diluted EPS                 $ 501.5     630.8      $ .80           $ 435.8       640.5    $ .68                      
                                     =======    ======      =====           =======      ======    =====                      

5.   Comprehensive income                                                       

  Comprehensive income is comprised primarily of net earnings and currency
    translation gains and losses. Total comprehensive income for the three and
six months ended June 30, 2000 and 1999 were as follows:              

                                                        [Enlarge/Download Table]

                                                 Three months ended       Six months ended    
                                                    June 30,                  June 30,        
                                                   2000       1999         2000       1999    
                                                ---------   ---------   ---------   --------- 
                                                                                              
Net income                                      $   261.9   $   228.1   $   501.8   $   437.0 
Foreign currency translation adjustment due to                                                
    devaluation of Brazilian Real                   (15.0)      (12.5)       (3.2)     (236.5)
Other foreign currency translation adjustments      (31.2)      (14.6)      (50.4)      (40.9)
                                                ---------   ---------   ---------   --------- 
Total comprehensive income                       $  215.7    $  201.0    $  448.2    $  159.6 
                                                =========   =========   =========   ========= 

The charge to cumulative translation adjustment resulting from the    
 devaluation of the Brazilian Real in the six months ended June 30, 1999
  related to foreign currency denominated goodwill and property, plant and
equipment and did not include economic losses on monetary assets.     

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COLGATE-PALMOLIVE COMPANY 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  
----------------------------------------------------  

(Dollars in Millions) 
(Unaudited) 

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------------------

6.   Segment information:                                                                                                     

                                                 Three months ended June 30,          Six months ended June 30,               
                                                      2000            1999                2000              1999              
                                                 -----------       -----------         -----------       -----------          
                                                                                                                              
     Net Sales                                                                                                                
     North America                               $     567.4       $     534.9         $   1,115.3       $   1,068.2          
     Latin America                                     635.8             613.6             1,224.2           1,148.1          
     Europe                                            480.0             495.4               942.4             996.9          
     Asia/Africa                                       378.8             377.8               754.3             738.8          
                                                 -----------       -----------         -----------       -----------          
     Total Oral, Personal and                                                                                                 
        Household Care                               2,062.0           2,021.7             4,036.2           3,952.0          
     Total Pet Nutrition                               274.7             263.3               542.3             508.3          
                                                 -----------       -----------         -----------       -----------          
     Net Sales                                   $   2,336.7       $   2,285.0         $   4,578.5       $   4,460.3          
                                                 ===========       ===========         ===========       ===========          

     Earnings                                                                                                                 
     North America                               $     127.3       $     103.1         $     241.6       $     216.1          
     Latin America                                     144.1             129.8               285.7             258.0          
     Europe                                             83.0              82.4               167.2             172.0          
     Asia/Africa                                        46.1              42.9                93.6              85.3          
                                                 -----------       -----------         -----------       -----------          
     Total Oral, Personal and                                                                                                 
        Household Care                                 400.5             358.2               788.1             731.4          
     Total Pet Nutrition                                58.0              51.0               113.6              95.5          
     Corporate overhead and other                      (20.4)            (19.4)              (59.1)            (72.2)         
                                                 -----------       -----------         -----------       -----------          
     Earnings before interest and                                                                                             
       taxes                                           438.1             389.8               842.6             754.7          
     Interest expense, net                             (44.2)            (44.2)              (85.3)            (90.1)         
                                                 -----------       -----------         -----------       -----------          
     Income before income taxes                  $     393.9       $     345.6         $     757.3       $     664.6          
                                                 ===========       ===========         ===========       ===========          

7.   In July 2000, the Financial Accounting Standards Board's Emerging Issues   
   Task Force (EITF) reached a consensus on Issue No. 00-14, "Accounting for
Certain Sales Incentives". This issue addresses the recognition,      
     measurement, and income statement classification for various types of sales
 incentives including discounts, coupons, rebates and free products. The
    Company will adopt this consensus in the fourth quarter of 2000. While the
     impact of this consensus on the Company's consolidated financial statements
     is still being evaluated, it is expected to only impact revenue and expense
classifications and not change reported net income.                   

8.   Reference is made to the Company's Annual Report on Form 10-K filed with   
 the Securities and Exchange Commission for the year 1999 for a complete
set of financial notes including the Company's significant accounting 
policies.                                                             

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COLGATE-PALMOLIVE COMPANY 
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL 
------------------------------------------------- 
CONDITION AND RESULTS OF OPERATIONS 
----------------------------------- 

(Dollars in Millions Except Per Share Amounts)  

--------------------------------------------------------------------------------

Results of Operations                                                           
---------------------                                                           

Worldwide sales reached $2,336.7 in the second quarter of 2000, a 2% increase   
over the 1999 second quarter, reflecting unit volume gains of 6% partially      
offset by a decline in foreign currencies. Sales would have risen 7%, excluding 
the effect of foreign exchange declines.                                        

Second quarter sales in the Oral, Personal and Household Care segment were      
$2,062.0, a 2% increase as compared to 1999 sales of $2,021.7 on volume growth  
of 6%.                                                                          

Colgate-North America sales were $567.4 in the second quarter of 2000. Sales,   
excluding divested businesses, grew 8% on volume gains of 7% driven by          
introductions of new products in all core categories. These new products        
included the battery-powered Colgate Actibrush toothbrush, and Colgate Sensitive
Maximum Strength and Colgate Sparkling White toothpastes. Also contributing to  
increased sales were Palmolive Spring Sensations dishwashing liquid and Irish   
Spring aloe bar soap, both introduced in late 1999.                             

Colgate-Latin America second quarter sales increased 4% to $635.8 on volume     
gains of 7%, led by strong volume growth in Mexico, Venezuela, Peru, the        
Dominican Republic and Central America. The regional introduction of Colgate    
Fresh Confidence gel toothpaste, now in 14 countries, as well as the continued  
success of herbal toothpastes and Palmolive Botanicals shampoo and soap         
strengthened market shares in the Oral and Personal Care categories.            

Colgate-Europe second quarter sales decreased 3% to $480.0 as volume gains of 6%
were negatively impacted by the weakened euro. Excluding the impact of foreign  
currency, sales would have risen 6% largely due to volume increases in the      
United Kingdom, Italy, Greece, Spain, Poland, Turkey and the Nordic group. The  
Colgate Actibrush, and Colgate Fresh Confidence and Colgate Herbal toothpastes  
led Oral Care market share growth in the region. Market share growth in the     
Personal and Household Care categories also continued, generated by Palmolive   
Aquarium liquid hand soap, new varieties of Palmolive shower gel, Ajax Shower   
Power and Palmolive Spring Sensations dishwashing liquid.                       

Colgate-Asia/Africa second quarter sales increased 1% to $378.8 as volume grew  
6% largely as a result of strong growth in China, the Philippines, Malaysia,    
Australia, Vietnam and South Africa. China continued to experience significant  
growth through geographic expansion as well as the introduction of new products 
such as Softlan fabric softener and Palmolive Naturals shampoo. The region also 
experienced strong volume growth from new products such as Colgate Fresh        
Confidence, Colgate Herbal and Colgate Triple Action toothpastes. In addition,  
effective July 1, 2000, the Company formed a majority-owned joint venture with  
China's market-leading toothbrush company, Jiangsu Sanxiao Group Co. Ltd.       

Hill's Pet Nutrition second quarter sales increased 4% to $274.7 with unit      
volume gains of 6%. Domestic volume rose through strong veterinary endorsements,
higher sales from Science Diet Feline Hairball Control and its lifestage        
variants and effective national selling programs. Hill's-International          
experienced volume growth in Japan, following the launch of Science Diet Feline 
Hairball Control, and in Europe and Asia-Pacific, where the introduction of     
educational programs has led to strong sales growth of Prescription Diet        
products.                                                                       

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COLGATE-PALMOLIVE COMPANY 
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL 
------------------------------------------------- 
CONDITION AND RESULTS OF OPERATIONS 
----------------------------------- 

(Dollars in Millions Except Per Share Amounts)  

--------------------------------------------------------------------------------

Sales in the Oral, Personal and Household Care segment for the six months ended 
June 30, 2000 were up 2% to $4,036.2 from the comparable period in 1999 as      
volume rose 7% partially offset by a decline in foreign currencies. Within this 
segment, Colgate-North America sales excluding divested businesses increased 7% 
on volume growth of 6%, Colgate-Latin America sales increased 7% on volume      
growth of 8%, Colgate-Europe sales decreased 5% while volume grew 5% and        
Colgate-Asia/Africa sales increased 3% on volume growth of 7%.                  

Worldwide gross profit margin for the second quarter of 2000 increased 100 basis
point to 54.4% from 53.4% for the comparable period in 1999. The Company        
continued to benefit from manufacturing cost reduction initiatives,             
global sourcing and product mix.                                                

Selling, general and administrative expenses as a percentage of sales decreased 
to 35.6% in the second quarter of 2000 from 36.4% in 1999, and to 36.0% in the  
first half of 2000 from 36.6% for the comparable period in 1999, due to overhead
cost efficiency programs.                                                       

Earnings before interest and taxes (EBIT) increased 12.4% to $438.1 in the      
second quarter of 2000, and reached a level of 18.7% of sales versus 17.1% in   
second quarter of 1999. For the first half of 2000 EBIT increased 11.6% to      
$842.6, a level of 18.4% of sales as compared to 16.9% in 1999.                 

Interest expense, net of interest income, remained level at $44.2 in the second 
quarter of 2000 as compared with 1999. For the first half of 2000 interest      
expense decreased to $85.3 compared with $90.1 in 1999, primarily due to strong 
cash generation and the lower dollar cost of foreign currency denominated debt. 

The effective tax rate for the second quarter of 2000 was 33.5% versus 34.0% for
the second quarter of 1999. The effective rate for the first half of 2000 was   
33.7% versus 34.2% for the same period in 1999. The 33.7% rate reflects the     
Company's current estimate of its full year effective income tax rate which is  
slightly higher than the 1999 full year rate of 32.8%. The rates in both years  
include the benefits of global tax planning strategies, including the           
realization of tax credits.                                                     

Net income for the second quarter of 2000 increased 14.8% to $261.9 or $.42 per 
share on a diluted basis compared with $228.1 or $.36 per share in the prior    
year. For the first half of 2000, net income increased 14.8% to $501.8 or $.80  
per share on a diluted basis compared with $437.0 or $.68 per share in the prior
year.                                                                           

Liquidity and Capital Resources                                                 
-------------------------------                                                 

Net cash provided by operations increased 19% to $657.2 in the 2000 first half  
compared with $551.5 in the 1999 first half. The improvement was primarily      
generated by the increase in operating profit. At June 30, 2000, $634.4 of      
commercial paper was classified as long-term debt in accordance with the        
Company's intent and ability to refinance these obligations on a long-term      
basis. The Company's liquidity remains strong. In March 2000, Standard and Poors
increased the Company's debt rating from A to A+.                               

Reference should be made to the Company's 1999 Annual Report on Form 10-K for   
additional information regarding liquidity and capital resources.               

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COLGATE-PALMOLIVE COMPANY 

PART II.  OTHER INFORMATION                                                     
--------  -----------------                                                     

--------------------------------------------------------------------------------

Item 1.   Legal Proceedings                                                     
-------   -----------------                                                     

        For information regarding legal matters refer to Item 3 on page 4 of
  the registrant's Annual Report on Form 10-K for the year ended
          December 31, 1999 and Note 14 to the consolidated financial statements
included therein on page 36.                                

Item 4.   Submission of Matters to a Vote of Security Holders                   
-------   ---------------------------------------------------                   

         The Company's annual meeting of stockholders was held on May 9, 2000.
     The matters voted on and the results of the vote were as follows:

       (a)  Jill K. Conway, Ronald E. Ferguson, Ellen M. Hancock, David W.
         Johnson, John P. Kendall, Richard J. Kogan, Reuben Mark and
             Howard B. Wentz, Jr. were elected directors of the Company. The
results of the vote were as follows:              

                                       Votes Received           Votes Withheld
                                       --------------           --------------

            Jill K. Conway             520,188,400               4,941,627
            Ronald E. Ferguson         520,145,297               4,984,730
            Ellen M. Hancock           520,252,837               4,877,190
            David W. Johnson           520,003,027               5,127,000
            John P. Kendall            519,329,489               5,800,538
            Richard J. Kogan           520,382,647               4,747,380
            Reuben Mark                520,173,628               4,956,399
            Howard B. Wentz, Jr.       519,580,310               5,549,717

    (b)  The ratification of the selection of Arthur Andersen LLP as
              auditors for the year ending December 31, 2000 was approved. The
results of the vote were as follows:              

        Votes For          Votes Against           Abstentions
      -------------        -------------           -----------
      519,282,642           3,503,968              2,343,417

11

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COLGATE-PALMOLIVE COMPANY 

PART II.  OTHER INFORMATION (continued)                                         
--------  ------------------                                                    

--------------------------------------------------------------------------------

Item 6.   Exhibits and Reports on Form 8-K                                      
-------   --------------------------------                                      

(a)  Exhibits:                                              

               Exhibit 4-B(b) Colgate-Palmolive Company Employee Stock Ownership
                  Trust effective as of June 1, 1989, as
amended             

Exhibit 12     Ratio of Earnings to Fixed Charges.

Exhibit 27     Financial Data Schedule.           

(b)  Reports on Form 8-K.                                   

None.                                             

The exhibits indicated above which are not included with the Form 10-Q are      
available upon request and payment of a reasonable fee approximating the        
registrant's cost of providing and mailing the exhibits. Inquiries should be    
directed to:                                                                    

               Colgate-Palmolive Company
                             Office of the Secretary (10-Q Exhibits)
     300 Park Avenue
             New York, NY 10022-7499

12

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SIGNATURE 
--------- 

Pursuant to the requirements of the Securities Exchange Act of 1934, the        
registrant has duly caused this report to be signed on its behalf by the        
undersigned thereunto duly authorized.                                          

COLGATE-PALMOLIVE COMPANY 
------------------------- 
(Registrant)  

    Principal Financial Officer:

August 10, 2000            /s/    Stephen C. Patrick                            
 ---------------------------
      Stephen C. Patrick
         Chief Financial Officer

     Principal Accounting Officer:

August 10, 2000            /s/    Dennis J. Hickey                              
 ---------------------------
    Dennis J. Hickey
    Vice President and
    Corporate Controller

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-Q’ Filing	Date	First	Last	Other Filings

	12/31/00	11		10-K405
Filed on:	8/10/00	13
	7/31/00	1
	7/1/00	9
For Period End:	6/30/00	1	10
	5/9/00	11		DEF 14A
	12/31/99	11		10-K405
	6/30/99	6	7	10-Q
				List all Filings

4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/15/24  Colgate-Palmolive Co.             10-K       12/31/23  129:16M
 2/16/23  Colgate-Palmolive Co.             10-K       12/31/22  127:56M
 2/17/22  Colgate-Palmolive Co.             10-K       12/31/21  127:17M
 2/18/21  Colgate-Palmolive Co.             10-K       12/31/20  129:19M

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Filing Submission 0000940180-00-000960 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Colgate Palmolive Co – ‘10-Q’ for 6/30/00

On: Thursday, 8/10/00, at 4:29pm ET · For: 6/30/00 · Accession #: 940180-0-960 · File #: 1-00644

Quarterly Report — Form 10-QFiling Table of Contents

10-Q — Quarterly ReportDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

4 Subsequent Filings that Reference this Filing

Quarterly Report — Form 10-Q
Filing Table of Contents

10-Q — Quarterly Report
Document Table of Contents