Colgate-Palmolive (CL) 10-Q 28 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document and Entity Information [Abstract]
Entity Registrant Name	COLGATE PALMOLIVE CO
Entity Central Index Key	21,665
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Trading Symbol	CL
Entity Common Stock, Shares Outstanding	893,017,691
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) $ in Millions		3 Months Ended
		Mar. 31, 2016USD ($)Dividend$ / shares	Mar. 31, 2015USD ($)Dividend$ / shares
Income Statement [Abstract]
Net sales		$ 3,762	$ 4,070
Cost of sales		1,514	1,678
Gross profit		2,248	2,392
Selling, general and administrative expenses		1,354	1,450
Other (income) expense, net		27	82
Operating profit		867	860
Interest (income) expense, net		28	8
Income before income taxes		839	852
Provision for income taxes		265	269
Net income including noncontrolling interests		574	583
Less: Net income attributable to noncontrolling interests		41	41
Net income attributable to Colgate-Palmolive Company		$ 533	$ 542
Earnings per common share, basic (in dollars per share) | $ / shares		$ 0.60	$ 0.60
Earnings per common share, diluted (in dollars per share) | $ / shares		0.59	0.59
Dividends declared per common share (in dollars per share) | $ / shares	[1]	$ 0.77	$ 0.74
Number of Dividends Declared Per Quarter | Dividend		2	2
[1]	Two dividends were declared in the first quarter of 2016 and 2015.

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income including noncontrolling interests	$ 574	$ 583
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	126	(351)
Retirement plans and other retiree benefit adjustments	11	13
Gains (losses) on available-for-sale securities	0	(1)
Gains (losses) on cash flow hedges	(11)	0
Total Other comprehensive income (loss), net of tax	126	(339)
Total Comprehensive income including noncontrolling interests	700	244
Less: Net income attributable to noncontrolling interests	41	41
Less: Cumulative translation adjustments attributable to noncontrolling interests	1	1
Total Comprehensive income attributable to noncontrolling interests	42	42
Total Comprehensive income attributable to Colgate-Palmolive Company	$ 658	$ 202

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	[1]
Current Assets
Cash and cash equivalents	$ 1,014	$ 970
Receivables (net of allowances of $59 and $59, respectively)	1,546	1,427
Inventories	1,234	1,180
Other current assets	696	807
Total current assets	4,490	4,384
Property, plant and equipment:
Cost	8,222	8,059
Less: Accumulated depreciation	(4,402)	(4,263)
Property, plant and equipment, net	3,820	3,796
Goodwill	2,170	2,103
Other intangible assets, net	1,361	1,346
Deferred income taxes	349	67
Other assets	258	239
Total assets	12,448	11,935
Current Liabilities
Notes and loans payable	5	4
Current portion of long-term debt	698	298
Accounts payable	1,108	1,110
Accrued income taxes	370	277
Other accruals	2,282	1,845
Total current liabilities	4,463	3,534
Long-term debt	5,877	6,246
Deferred income taxes	249	233
Other liabilities	1,932	1,966
Total liabilities	12,521	11,979
Shareholders’ Equity
Common stock	1,466	1,466
Additional paid-in capital	1,495	1,438
Retained earnings	18,705	18,861
Accumulated other comprehensive income (loss)	(3,825)	(3,950)
Unearned compensation	(7)	(12)
Treasury stock, at cost	(18,204)	(18,102)
Total Colgate-Palmolive Company shareholders’ equity	(370)	(299)
Noncontrolling interests	297	255
Total equity	(73)	(44)
Total liabilities and equity	$ 12,448	$ 11,935
[1]	Prior year amounts have been reclassified to conform to the current year presentation of debt issuance costs required by Accounting Standards Update (“ASU”) No. 2015-03 “Simplifying the Presentation of Debt Issuance Costs.” See Note 1 to the Condensed Consolidated Financial Statements for additional information.

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 59	$ 59	[1]
[1]	Prior year amounts have been reclassified to conform to the current year presentation of debt issuance costs required by Accounting Standards Update (“ASU”) No. 2015-03 “Simplifying the Presentation of Debt Issuance Costs.” See Note 1 to the Condensed Consolidated Financial Statements for additional information.

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Operating Activities
Net income including noncontrolling interests	$ 574		$ 583
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:
Depreciation and amortization	106		114
Restructuring and termination benefits, net of cash	6		57
Stock-based compensation expense	31		32
Deferred income taxes	(36)		(22)
Voluntary benefit plan contributions	(50)		0
Cash effects of changes in:
Receivables	(95)		(150)
Inventories	(32)		(23)
Accounts payable and other accruals	80		111
Other non-current assets and liabilities	30		25
Net cash provided by operations	614		727
Investing Activities
Capital expenditures	(114)		(122)
Purchases of marketable securities and investments	(80)		(252)
Proceeds from sale of marketable securities and investments	50		110
Other	0		7
Net cash used in investing activities	(144)		(257)
Financing Activities
Principal payments on debt	(2,388)		(2,171)
Proceeds from issuance of debt	2,370		2,105
Dividends paid	(340)		(329)
Purchases of treasury shares	(229)		(374)
Proceeds from exercise of stock options and excess tax benefits	146		128
Net cash used in financing activities	(441)		(641)
Effect of exchange rate changes on Cash and cash equivalents	15		(59)
Net increase (decrease) in Cash and cash equivalents	44		(230)
Cash and cash equivalents at beginning of the period	970	[1]	1,089
Cash and cash equivalents at end of the period	1,014		859
Supplemental Cash Flow Information
Income taxes paid	$ 217		$ 164
[1]	Prior year amounts have been reclassified to conform to the current year presentation of debt issuance costs required by Accounting Standards Update (“ASU”) No. 2015-03 “Simplifying the Presentation of Debt Issuance Costs.” See Note 1 to the Condensed Consolidated Financial Statements for additional information.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Condensed Consolidated Financial Statements reflect all normal recurring adjustments which, in management’s opinion, are necessary for a fair statement of the results for interim periods. Results of operations for interim periods may not be representative of results to be expected for a full year. Certain prior year amounts have been reclassified to conform to the current year presentation. The Company adopted Accounting Standards Update (“ASU”) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” on January 1, 2016. To conform to the current year’s presentation, debt issuance costs have been reclassified from Other assets and are now presented as a direct deduction to the carrying amount of the related debt balance at December 31, 2015. The reclassification had no further effect on the Company’s Consolidated Financial Statements. For a complete set of financial statement notes, including the significant accounting policies of Colgate-Palmolive Company (together with its subsidiaries, the “Company” or “Colgate”), refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 , filed with the Securities and Exchange Commission.

Use of Estimates

Use of Estimates	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates Provisions for certain expenses, including income taxes, media advertising and consumer promotion, are based on full year assumptions and are included in the accompanying Condensed Consolidated Financial Statements in proportion with estimated annual tax rates, the passage of time or estimated annual sales.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements On March 30, 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which amends accounting for income taxes related to share-based compensation, the related classification in the statement of cash flows and share award forfeiture accounting. The new guidance is effective for the Company beginning on January 1, 2017 and early adoption is permitted. The Company is currently assessing the impact of the new standard on its Consolidated Financial Statements. On March 15, 2016, the FASB issued ASU No. 2016-07, “Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting,” which eliminates the requirement to retroactively adjust an investment that subsequently qualifies for equity method accounting (as a result of an increase in level of ownership interest or degree of influence) as if the equity method of accounting had been applied during all prior periods that the investment was held. The new standard requires that the investor add the cost of acquiring additional ownership interest in the investee to its current basis and prospectively adopt the equity method of accounting. Any unrealized gains or losses in an available-for-sale investment that subsequently qualifies as an equity method investment should be recognized in earnings at the date the investment qualifies as an equity method investment. The new guidance is effective for the Company beginning on January 1, 2017 and requires prospective adoption, with early adoption permitted. This new guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. On February 25, 2016, the FASB issued its final standard on lease accounting, ASU No. 2016-02, “Leases (Topic 842),” which supersedes Topic 840, “Leases.” The new accounting standard requires the recognition of right-of-use assets and lease liabilities for all long-term leases, including operating leases, on the balance sheet. The new standard also provides additional guidance on the measurement of the right-of-use assets and lease liabilities and requires enhanced disclosures about the Company’s leasing arrangements. This new standard is effective for the Company beginning January 1, 2019, with early adoption permitted. The standard requires a “modified retrospective” adoption, meaning the standard is applied to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently assessing the impact of the new standard on its Consolidated Financial Statements. On January 5, 2016, the FASB issued ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The updated guidance enhances the reporting model for financial instruments and includes amendments to address aspects of recognition, measurement, presentation and disclosure. The amendment to the standard is effective for the Company beginning on January 1, 2018. While the Company is currently assessing the impact of the new standard, it does not expect this new guidance to have a material impact on its Consolidated Financial Statements. On November 20, 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which simplifies the presentation of deferred income taxes. Under the new accounting standard, deferred tax assets and liabilities are required to be classified as noncurrent, eliminating the prior requirement to separate deferred tax assets and liabilities into current and noncurrent. As permitted, the Company adopted the new standard on March 31, 2016, on a prospective basis and did not retrospectively adjust prior periods. On July 22, 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” which simplifies the subsequent measurement of inventories by replacing the lower of cost or market test with a lower of cost and net realizable value test. The guidance applies only to inventories for which cost is determined by methods other than last-in first-out (“LIFO”) and the retail inventory method. The new guidance is effective for the Company beginning on January 1, 2017, with early adoption permitted. This new guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. On May 28, 2014, the FASB and the International Accounting Standards Board (“IASB”) issued their final converged standard on revenue recognition. The standard, issued as ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” by the FASB, provides a single, comprehensive revenue recognition model for all contracts with customers and supersedes current revenue recognition guidance. The revenue standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The new standard also includes enhanced disclosures which are significantly more comprehensive than those in existing revenue standards. ASU No. 2014-09 was to be effective for the Company beginning January 1, 2017. However, on July 9, 2015, the FASB voted to approve a one-year deferral of the effective date. This new guidance is now expected to be effective for the Company beginning January 1, 2018. On March 30, 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Principal versus Agent Considerations),” to clarify the implementation guidance on principal versus agent considerations. On April 14, 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Identifying Performance Obligations and Licensing),” to clarify the implementation guidance on identifying performance obligations and licensing. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. While the Company is currently assessing the impact of the new standard, it does not expect this new standard will have a material impact on its Consolidated Financial Statements.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Sale of Land in Mexico On September 13, 2011, the Company’s Mexican subsidiary entered into an agreement to sell to the United States of America (the “Purchaser”) the Mexico City site on which its commercial operations, technology center and soap production facility were located. The sale price is payable in three installments. During the third quarter of 2011, the Company received the first installment of $24 upon signing the agreement. During the third quarter of 2012, the Company received the second installment of $36 . The parties have subsequently amended the agreement to extend the closing date. Under the existing agreement, the final installment of the purchase price is due upon the transfer of the property, which is subject to the Company’s satisfaction of certain closing conditions relating to site preparation by May 16, 2016 . If these conditions are not fully satisfied by such date, the agreement will automatically be extended to May 31, 2016 . While these conditions are not expected to be fully satisfied by May 31, 2016 , in which case the Purchaser has several options under the agreement (including termination and the return to it of the first two installments of the purchase price), based on the discussions to date, the Company believes that an additional amendment will be negotiated and the transfer of the property is expected to occur by the third quarter of 2016. The Company has reinvested the first two installments to relocate its soap production to a new state-of-the-art facility at its Mission Hills, Mexico site, to relocate its commercial and technology operations within Mexico City and to prepare the existing site for transfer. Exit costs incurred during the project primarily relate to staff leaving indemnities, accelerated depreciation and demolition to make the site building-ready. During the three months ended March 31, 2016 and 2015 , the Company did not record any costs related to the sale.

Restructuring and Related Imple

Restructuring and Related Implementation Charges	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Implementation Charges	Restructuring and Related Implementation Charges In the fourth quarter of 2012, the Company commenced a Global Growth and Efficiency Program (as expanded in 2014 and 2015 as described below, the “2012 Restructuring Program”) for sustained growth. The program’s initiatives are expected to help Colgate ensure continued solid worldwide growth in unit volume, organic sales and earnings per share and enhance its global leadership positions in its core businesses. On October 23, 2014, the Company’s Board of Directors (the “Board”) approved an expansion of the 2012 Restructuring Program to take advantage of additional savings opportunities. Recognizing the macroeconomic challenges around the world and the successful implementation of the 2012 Restructuring Program to date, on October 29, 2015, the Board approved the reinvestment of the funds from the sale of the Company’s laundry detergent business in the South Pacific to expand the 2012 Restructuring Program and extend it for one year through December 31, 2017. The Board approved the implementation plan for this expansion on March 10, 2016. Initiatives under the expanded 2012 Restructuring Program will continue to fit within the program’s three focus areas of expanding commercial hubs, extending shared business services and streamlining global functions and optimizing the global supply chain and facilities. As a result of the 2015 expansion, cumulative pretax charges related to the 2012 Restructuring Program, once all phases are approved and implemented, are now estimated to be $1,405 to $1,585 ( $1,050 to $1,170 aftertax), increased from $1,285 to $1,435 ( $950 to $1,050 aftertax). The pretax charges related to the 2012 Restructuring Program are currently estimated to be comprised of the following categories: Employee-Related Costs, including severance, pension and other termination benefits ( 50% ); asset-related costs, primarily Incremental Depreciation and Asset Impairments ( 10% ); and Other charges, which include contract termination costs, consisting primarily of related implementation charges resulting directly from exit activities ( 20% ) and the implementation of new strategies ( 20% ). Over the course of the 2012 Restructuring Program, it is currently estimated that approximately 75% of the charges will result in cash expenditures. Anticipated pretax charges for 2016 are now expected to approximate $270 to $310 ( $200 to $230 aftertax), as compared to the previously disclosed range of $285 to $435 ( $210 to $310 aftertax). It is now expected that substantially all charges related to the 2012 Restructuring Program will be incurred by December 31, 2017. It is expected that the cumulative pretax charges, once all projects are approved and implemented, will relate to initiatives undertaken in North America ( 15% ), Europe/South Pacific ( 20% ), Latin America ( 5% ), Asia ( 5% ), Africa/Eurasia ( 5% ), Hill’s Pet Nutrition ( 10% ) and Corporate ( 40% ), which includes substantially all of the costs related to the implementation of new strategies, noted above, on a global basis. It is now expected that, when it has been fully implemented, the 2012 Restructuring Program will contribute a net reduction of approximately 3,300 - 3,800 positions from the Company’s global employee workforce. For the three months ended March 31, 2016 and 2015 , restructuring and related implementation charges are reflected in the Condensed Consolidated Statements of Income as follows: Three Months Ended March 31, 2016 2015 Cost of sales $ 8 $ 4 Selling, general and administrative expenses 26 18 Other (income) expense, net 21 78 Total 2012 Restructuring Program charges, pretax $ 55 $ 100 Total 2012 Restructuring Program charges, aftertax $ 38 $ 67 Restructuring and related implementation charges in the preceding table are recorded in the Corporate segment as these initiatives are predominantly centrally directed and controlled and are not included in internal measures of segment operating performance. Total charges incurred for the 2012 Restructuring Program relate to initiatives undertaken by the following reportable operating segments: Program-to-date Three Months Ended March 31, Accumulated Charges 2016 2015 North America 42 % 18 % 14 % Latin America 7 % — % 4 % Europe/South Pacific 7 % 7 % 24 % Asia 4 % — % 2 % Africa/Eurasia 7 % 3 % 5 % Hill ’ s Pet Nutrition 1 % 4 % 7 % Corporate 32 % 68 % 44 % Since the inception of the 2012 Restructuring Program in the fourth quarter of 2012, the Company has incurred pretax cumulative charges of $1,055 ( $777 aftertax) in connection with the implementation of various projects as follows: Cumulative Charges as of March 31, 2016 Employee-Related Costs $ 419 Incremental Depreciation 74 Asset Impairments 7 Other 555 Total $ 1,055 The majority of costs incurred since inception relate to the following projects: the implementation of the Company’s overall hubbing strategy; the consolidation of facilities; the extension of shared business services and streamlining of global functions; the simplification and streamlining of the Company’s research and development capabilities and oral care supply chain, both in Europe; the closing of the Morristown, New Jersey personal care facility; and restructuring how the Company will provide future retirement benefits to substantially all of the U.S.-based employees participating in the Company’s defined benefit retirement plan by shifting them to the Company’s defined contribution plan. The following table summarizes the activity for the restructuring and related implementation charges discussed above and the related accruals: Three Months Ended March 31, 2016 Employee-Related Costs Incremental Depreciation Asset Impairments Other Total Balance at December 31, 2015 $ 84 $ — $ — $ 131 $ 215 Charges 15 3 — 37 55 Cash payments (16 ) — — (33 ) (49 ) Charges against assets (1 ) (3 ) — — (4 ) Foreign exchange 1 — — — 1 Balance at March 31, 2016 $ 83 $ — $ — $ 135 $ 218 Employee-Related Costs primarily include severance and other termination benefits and are calculated based on long-standing benefit practices, local statutory requirements and, in certain cases, voluntary termination arrangements. Employee-Related Costs also include pension and other retiree benefit enhancements amounting to $1 for the three months ended March 31, 2016 , which are reflected as Charges against assets within Employee-Related Costs in the preceding table, as the corresponding balance sheet amounts are reflected as a reduction of pension assets or an increase in pension and other retiree benefit liabilities (see Note 10, Retirement Plans and Other Retiree Benefits). Incremental Depreciation is recorded to reflect changes in useful lives and estimated residual values for long-lived assets that will be taken out of service prior to the end of their normal service period. Asset Impairments are recorded to write down assets held for sale or disposal to their fair value based on amounts expected to be realized. Charges against assets within Asset Impairments are net of cash proceeds pertaining to the sale of certain assets. Other charges consist primarily of charges resulting directly from exit activities and the implementation of new strategies as a result of the 2012 Restructuring Program. These charges for the three months ended March 31, 2016 include third-party incremental costs related to the development and implementation of new business and strategic initiatives of $ 31 and contract termination costs and charges resulting directly from exit activities of $ 5 directly related to the 2012 Restructuring Program. These charges were expensed as incurred. Also included in Other charges for the three months ended March 31, 2016 are other exit costs related to the consolidation of facilities of $ 1 .

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Inventories	Inventories Inventories by major class are as follows: March 31, December 31, Raw materials and supplies $ 260 $ 261 Work-in-process 61 45 Finished goods 913 874 Total Inventories $ 1,234 $ 1,180

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Shareholders’ Equity Changes in the components of Shareholders’ Equity for the three months ended March 31, 2016 are as follows: Colgate-Palmolive Company Shareholders’ Equity Noncontrolling Interests Common Stock Additional Paid-in Capital Unearned Compensation Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2015 $ 1,466 $ 1,438 $ (12 ) $ (18,102 ) $ 18,861 $ (3,950 ) $ 255 Net income 533 41 Other comprehensive income (loss), net of tax 125 1 Dividends (689 ) Stock-based compensation expense 31 Shares issued for stock options 45 104 Shares issued for restricted stock units (23 ) 23 Treasury stock acquired (229 ) Other 4 5 Balance, March 31, 2016 $ 1,466 $ 1,495 $ (7 ) $ (18,204 ) $ 18,705 $ (3,825 ) $ 297 Accumulated other comprehensive income (loss) includes cumulative translation losses of $ 2,962 and $ 3,087 at March 31, 2016 and December 31, 2015 , respectively, and unrecognized retirement plan and other retiree benefits costs of $ 857 and $ 868 at March 31, 2016 and December 31, 2015 , respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended March 31, 2016 March 31, 2015 Net income attributable to Colgate-Palmolive Company Shares (millions) Per Share Net income attributable to Colgate-Palmolive Company Shares (millions) Per Share Basic EPS $ 533 893.7 $ 0.60 $ 542 907.7 $ 0.60 Stock options and restricted stock units 6.5 8.6 Diluted EPS $ 533 900.2 $ 0.59 $ 542 916.3 $ 0.59 For the three months ended March 31, 2016 and 2015 , the average number of stock options and restricted stock units that were anti-dilutive and not included in diluted earnings per share calculations were 3,361,727 and 1,566,993 , respectively. Basic and diluted earnings per share are computed independently for each quarter and any year-to-date period presented. As a result of changes in shares outstanding during the year and rounding, the sum of the quarters ’ earnings per share may not necessarily equal the earnings per share for any year-to-date period.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) Additions to and reclassifications out of Accumulated other comprehensive income (loss) attributable to the Company for the three months ended March 31, 2016 and 2015 were as follows: 2016 2015 Pretax Net of Tax Pretax Net of Tax Cumulative translation adjustments $ 94 $ 125 $ (340 ) $ (352 ) Retirement plans and other retiree benefits: Net actuarial gain (loss) and prior service costs arising during the period — — (1 ) (1 ) Amortization of net actuarial loss, transition and prior service costs (1) 16 11 22 14 Retirement plans and other retiree benefits adjustments 16 11 21 13 Available-for-sale securities: Unrealized gains (losses) on available-for-sale securities — — (1 ) (1 ) Reclassification of (gains) losses into net earnings on available-for-sale securities — — — — Gains (losses) on available-for-sale securities — — (1 ) (1 ) Cash flow hedges: Unrealized gains (losses) on cash flow hedges (14 ) (10 ) 6 4 Reclassification of (gains) losses into net earnings on cash flow hedges (2) (2 ) (1 ) (6 ) (4 ) Gains (losses) on cash flow hedges (16 ) (11 ) — — Total Other comprehensive income (loss) $ 94 $ 125 $ (320 ) $ (340 ) (1) These components of Other comprehensive income (loss) are included in the computation of total pension cost. See Note 10 , Retirement Plans and Other Retiree Benefits for additional details. (2) These (gains) losses are reclassified into Cost of sales. See Note 14 , Fair Value Measurements and Financial Instruments for additional details. There were no tax impacts on Other comprehensive income (loss) attributable to Noncontrolling interests.

Retirement Plans and Other Reti

Retirement Plans and Other Retiree Benefits	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Retirement Plans and Other Retiree Benefits	Retirement Plans and Other Retiree Benefits Components of Net periodic benefit cost for the three months ended March 31, 2016 and 2015 were as follows: Pension Benefits Other Retiree Benefits United States International Three Months Ended March 31, 2016 2015 2016 2015 2016 2015 Service cost $ — $ — $ 4 $ 5 $ 3 $ 4 Interest cost 27 25 6 8 11 11 ESOP offset — — — — — — Expected return on plan assets (27 ) (29 ) (5 ) (8 ) — (1 ) Amortization of transition and prior service costs (credits) — — — — — — Amortization of actuarial loss (gain) 10 12 2 3 4 7 Net periodic benefit cost $ 10 $ 8 $ 7 $ 8 $ 18 $ 21 For the three months ended March 31, 2016 , the Company made voluntary contributions of $50 to its U.S. postretirement plans. For the three months ended March 31, 2015, the Company did no t make any voluntary contributions to its U.S. postretirement plans.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate in the first quarter of 2016 included a $210 U.S. income tax benefit principally related to changes in Venezuela’s foreign exchange regime implemented in March 2016. Although, effective December 31, 2015, the operating results of the Company’s Venezuelan subsidiary (“CP Venezuela”) are no longer included in the Company’s Consolidated Financial Statements, under current tax rules, the Company is required to continue including CP Venezuela’s results in its consolidated U.S. federal income tax return. In order to fully recognize the $210 tax benefit in 2016, the Company now intends to repatriate an incremental $1,500 of earnings of foreign subsidiaries and, accordingly, recorded a tax charge of $210 during the first quarter of 2016.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2016
Loss Contingency [Abstract]
Contingencies	Contingencies As a global company serving consumers in more than 200 countries and territories, the Company is routinely subject to a wide variety of legal proceedings. These include disputes relating to intellectual property, contracts, product liability, marketing, advertising, foreign exchange controls, antitrust and trade regulation, as well as labor and employment, environmental and tax matters and consumer class actions. Management proactively reviews and monitors the Company’s exposure to, and the impact of, environmental matters. The Company is party to various environmental matters and, as such, may be responsible for all or a portion of the cleanup, restoration and post-closure monitoring of several sites. The Company establishes accruals for loss contingencies when it has determined that a loss is probable and that the amount of loss, or range of loss, can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances. The Company also determines estimates of reasonably possible losses or ranges of reasonably possible losses in excess of related accrued liabilities, if any, when it has determined that a loss is reasonably possible and it is able to determine such estimates. For those matters disclosed below, the Company currently estimates that the aggregate range of reasonably possible losses in excess of any accrued liabilities is $0 to approximately $200 (based on current exchange rates). The estimates included in this amount are based on the Company’s analysis of currently available information and, as new information is obtained, these estimates may change. Due to the inherent subjectivity of the assessments and the unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company. Thus, the Company’s exposure and ultimate losses may be higher or lower, and possibly significantly so, than the amounts accrued or the range disclosed above. Based on current knowledge, management does not believe that the ultimate resolution of loss contingencies arising from the matters discussed herein will have a material effect on the Company’s consolidated financial position or its ongoing results of operations or cash flows. However, in light of the inherent uncertainties noted above, an adverse outcome in one or more matters could be material to the Company’s results of operations or cash flows for any particular quarter or year. Brazilian Matters There are certain tax and civil proceedings outstanding, as described below, related to the Company ’ s 1995 acquisition of the Kolynos oral care business from Wyeth (the “ Seller ” ). The Brazilian internal revenue authority has disallowed interest deductions and foreign exchange losses taken by the Company’s Brazilian subsidiary for certain years in connection with the financing of the Kolynos acquisition. The tax assessments with interest, at the current exchange rate, are approximately $84 . The Company has been disputing the disallowances by appealing the assessments since October 2001. Numerous appeals are currently pending at the administrative level. In the event the Company is ultimately unsuccessful in its administrative appeals, further appeals are available within the Brazilian federal courts. In September 2015, the Company lost one of its appeals at the administrative level, and has filed a lawsuit in Brazilian federal court. In the event the Company is unsuccessful in this filing, further appeals are available within the Brazilian federal courts. Although there can be no assurances, management believes, based on the opinion of its Brazilian legal counsel, that the disallowances are without merit and that the Company should ultimately prevail. The Company is challenging these assessments vigorously. In July 2002, the Brazilian Federal Public Attorney filed a civil action against the federal government of Brazil, Laboratorios Wyeth-Whitehall Ltda. (the Brazilian subsidiary of the Seller) and the Company, as represented by its Brazilian subsidiary, in the 6th. Lower Federal Court in the City of São Paulo, seeking to annul an April 2000 decision by the Brazilian Board of Tax Appeals that found in favor of the Seller’s Brazilian subsidiary on the issue of whether it had incurred taxable capital gains as a result of the divestiture of Kolynos. The action seeks to make the Company’s Brazilian subsidiary jointly and severally liable for any tax due from the Seller’s Brazilian subsidiary. The case has been pending since 2002, and the Lower Federal Court has not issued a decision. Although there can be no assurances, management believes, based on the opinion of its Brazilian legal counsel, that the Company should ultimately prevail in this action. The Company is challenging this action vigorously. In December 2005, the Brazilian internal revenue authority issued to the Company’s Brazilian subsidiary a tax assessment with interest and penalties of approximately $53 , at the current exchange rate, based on a claim that certain purchases of U.S. Treasury bills by the subsidiary and their subsequent disposition during the period 2000 to 2001 were subject to a tax on foreign exchange transactions. The Company had been disputing the assessment within the internal revenue authority’s administrative appeals process. However, in November 2015, the Superior Chamber of Administrative Tax Appeals denied the Company’s final administrative appeal and the Company has filed a lawsuit in Brazilian federal court. In the event the Company is unsuccessful in this filing, further appeals are available within the Brazilian federal courts. Although there can be no assurances, management believes, based on the opinion of its Brazilian legal counsel, that the tax assessment is without merit and that the Company should ultimately prevail. The Company is challenging this assessment vigorously. Competition Matters The Company is subject to competition law investigations and legal proceedings in a number of countries. The Company’s policy is to comply with antitrust and competition laws and, if a violation of any such laws is found, to take appropriate remedial action and to cooperate fully with any related governmental inquiry. Competition and antitrust law investigations often continue for several years and can result in substantial fines for violations that are found and associated private actions for damages. While the Company cannot predict the final financial impact of these competition law issues, as these matters may change, the Company evaluates developments in these matters quarterly and accrues liabilities as and when appropriate. European Competition Matters Certain of the Company’s subsidiaries in Europe are subject to investigations, and, in some cases, fines, by governmental authorities in a number of European countries related to potential competition law violations. The Company understands that substantially all of these matters also involve other consumer goods companies and/or retail customers. The status of the various pending matters is discussed below. Fines have been imposed on the Company in the following matters, although, as noted below, the Company has appealed each of these fines: ▪ In December 2009, the Swiss competition law authority imposed a fine of $6 on the Company’s GABA subsidiary for alleged violations of restrictions on parallel imports into Switzerland, which the Company appealed. In January 2014, this appeal was denied. The Company is appealing before the Swiss Supreme Court. ▪ In December 2010, the Italian competition law authority found that 16 consumer goods companies, including the Company’s Italian subsidiary, exchanged competitively sensitive information in the cosmetics sector, for which the Company’s Italian subsidiary was fined $3 . The Company is appealing the fine in the Italian courts. ▪ In December 2014, the French competition law authority found that 13 consumer goods companies, including the Company’s French subsidiary, exchanged competitively sensitive information related to the French home care and personal care sectors, for which the Company’s French subsidiary was fined $57 . In addition, as a result of the Company’s acquisition of the Sanex personal care business in 2011 from Unilever N.V. and Unilever PLC (together with Unilever N.V., “Unilever”) pursuant to a Business and Share Sale and Purchase Agreement (the “Sale and Purchase Agreement”), the French competition law authority found that the Company’s French subsidiary, along with Hillshire Brands Company (formerly Sara Lee Corporation (“Sara Lee”)), were jointly and severally liable for fines of $25 assessed against Sara Lee’s French subsidiary. The Company is entitled to indemnification for this fine from Unilever as provided in the Sale and Purchase Agreement. The Company is appealing both fines in the French courts. Currently, the following formal claim of violations is pending against the Company: ▪ In July 2014, the Greek competition law authority issued a statement of objections alleging the Company and its Greek subsidiary restricted parallel imports into Greece. The Company has responded to this statement of objections. Australian Competition Matter In December 2013, the Australian competition law authority instituted civil proceedings in the Sydney registry of the Federal Court of Australia alleging that three consumer goods companies, including the Company’s Australian subsidiary, a retailer and a former employee of the Company’s Australian subsidiary violated the Australian competition law by coordinating the launching and pricing of ultra concentrated laundry detergents. In 2015, the Company recognized a charge of $14 in connection with this matter. In March 2016, the Company and the Australian competition law authority reached an agreement to settle these proceedings for a fine of $13 and cost reimbursement to the competition law authority of $1 . The former employee of the Company also reached an agreement to settle. The settlement agreements were approved by the court in April 2016. Talcum Powder Matters The Company is a defendant in a number of civil actions alleging that certain talcum powder products it sold prior to 1996 were contaminated with asbestos. As of March 31, 2016, there were 51 individual cases pending against the Company in state and federal courts throughout the United States, twenty-two of which were filed against the Company during the quarter ended March 31, 2016. All of the pending cases have multiple defendants named in addition to the Company. In addition to the pending cases, as of March 31, 2016, 27 cases filed against the Company had been voluntarily dismissed and/or had final judgment entered in favor of the Company, and the Company had settled 16 cases for amounts that are not material to the Company’s results of operations. A number of the 51 pending cases are expected to go to trial in 2016. While the Company and its legal counsel believe that these cases are without merit and intend to challenge them vigorously, there can be no assurances of the outcome at trial. Since the amount of any potential losses from these cases currently cannot be estimated, the range of reasonably possible losses in excess of accrued liabilities disclosed above does not include any amount relating to these cases. N8 The Company is a defendant in a lawsuit pending in Utah federal court brought by N8 Medical, Inc. (“N8 Medical”), Brigham Young University (“BYU”) and N8 Pharmaceuticals, Inc. (“N8 Pharma”) (collectively “plaintiffs”). The complaint, originally filed in November 2013, alleges breach of contract and other torts arising out of the Company’s evaluation of a technology owned by BYU and licensed, at various times, to Ceragenix Pharmaceuticals, Inc., now in bankruptcy, N8 Medical and N8 Pharma. In the third quarter of 2015, plaintiffs completed a submission of documents in the litigation alleging damages of approximately $2,500 . The Company and its legal counsel believe these damages allegations are without merit and are vigorously challenging them and defending this case on its merits. This case is expected to go to trial in 2016.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The Company operates in two product segments: Oral, Personal and Home Care; and Pet Nutrition. Through March 31, 2016, the operations of the Oral, Personal and Home Care product segment were managed geographically in five reportable operating segments: North America, Latin America, Europe/South Pacific, Asia and Africa/Eurasia. The Company evaluates segment performance based on several factors, including Operating profit. The Company uses Operating profit as a measure of operating segment performance because it excludes the impact of corporate-driven decisions related to interest expense and income taxes. The accounting policies of the operating segments are generally the same as those described in Note 2, Summary of Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Intercompany sales have been eliminated. Corporate operations include costs related to stock options and restricted stock units, research and development costs, Corporate overhead costs, restructuring and related implementation costs and gains and losses on sales of non-core product lines and assets. The Company reports these items within Corporate operations as they relate to Corporate-based responsibilities and decisions and are not included in the internal measures of segment operating performance used by the Company to measure the underlying performance of the operating segments. Net sales and Operating profit by segment were as follows: Three Months Ended March 31, 2016 2015 Net sales Oral, Personal and Home Care North America $ 800 $ 789 Latin America 848 1,087 Europe/South Pacific 685 741 Asia 646 661 Africa/Eurasia 231 254 Total Oral, Personal and Home Care 3,210 3,532 Pet Nutrition 552 538 Total Net sales $ 3,762 $ 4,070 Operating profit Oral, Personal and Home Care North America $ 239 $ 218 Latin America 247 308 Europe/South Pacific 168 184 Asia 192 193 Africa/Eurasia 43 39 Total Oral, Personal and Home Care 889 942 Pet Nutrition 155 147 Corporate (177 ) (229 ) Total Operating profit $ 867 $ 860 Approximately 75% of the Company’s Net sales are generated from markets outside the U.S., with approximately 50% of the Company’s Net sales coming from emerging markets (which consist of Latin America, Asia (excluding Japan), Africa/Eurasia and Central Europe). For the three months ended March 31, 2016 , Corporate Operating profit (loss) includes charges of $55 related to the 2012 Restructuring Program. For the three months ended March 31, 2015 , Corporate Operating profit (loss) included charges of $100 related to the 2012 Restructuring Program. For further information regarding the 2012 Restructuring Program, refer to Note 5 , Restructuring and Related Implementation Charges. As a result of management changes effective April 1, 2016, the Company realigned the geographic structure of its Europe/South Pacific and Asia reportable operating segments within the Oral, Personal and Home Care product segment. Management responsibility for the South Pacific operations was transferred from Europe/South Pacific management to Asia management. Accordingly, commencing with the Company’s financial reporting for the quarter ending June 30, 2016, the results of the South Pacific operations will be reported in the Asia Pacific reportable operating segment, which will result in a slight modification to the geographic components of the Oral, Personal and Home Care product segment, with no impact on historical Company results overall.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	3 Months Ended
	Mar. 31, 2016
Financial Instruments and Fair Value Measurements [Abstract]
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments The Company uses available market information and other valuation methodologies in assessing the fair value of financial instruments. Judgment is required in interpreting market data to develop the estimates of fair value and, accordingly, changes in assumptions or the estimation methodologies may affect the fair value estimates. The Company is exposed to the risk of credit loss in the event of nonperformance by counterparties to financial instrument contracts; however, nonperformance is considered unlikely and any nonperformance is unlikely to be material, as it is the Company’s policy to contract only with diverse, credit-worthy counterparties based upon both strong credit ratings and other credit considerations. The Company is exposed to market risk from foreign currency exchange rates, interest rates and commodity price fluctuations. Volatility relating to these exposures is managed on a global basis by utilizing a number of techniques, including working capital management, sourcing strategies, selling price increases, selective borrowings in local currencies and entering into selective derivative instrument transactions, issued with standard features, in accordance with the Company’s treasury and risk management policies, which prohibit the use of derivatives for speculative purposes and leveraged derivatives for any purpose. It is the Company’s policy to enter into derivative instrument contracts with terms that match the underlying exposure being hedged. Hedge ineffectiveness, if any, is not material for any period presented. The Company’s derivative instruments include interest rate swap contracts, foreign currency contracts and commodity contracts. The Company utilizes interest rate swap contracts to manage its targeted mix of fixed and floating rate debt, and these swaps are valued using observable benchmark rates (Level 2 valuation). The Company utilizes foreign currency contracts, including forward and swap contracts, option contracts, local currency deposits and local currency borrowings to hedge portions of its foreign currency purchases, assets and liabilities arising in the normal course of business and the net investment in certain foreign subsidiaries. These contracts are valued using observable market rates (Level 2 valuation). Commodity futures contracts are utilized to hedge the purchases of raw materials used in production. These contracts are measured using quoted commodity exchange prices (Level 1 valuation). The duration of foreign currency and commodity contracts generally does not exceed 12 months. The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments at March 31, 2016 and December 31, 2015 : Assets Liabilities Account Fair Value Account Fair Value Designated derivative instruments 3/31/16 12/31/15 3/31/16 12/31/15 Interest rate swap contracts Other current assets $ — $ — Other accruals $ — $ — Interest rate swap contracts Other assets 14 7 Other liabilities — — Foreign currency contracts Other current assets 103 131 Other accruals 30 5 Foreign currency contracts Other assets — — Other liabilities — — Commodity contracts Other current assets — — Other accruals — — Total designated $ 117 $ 138 $ 30 $ 5 Derivatives not designated Foreign currency contracts Other assets $ 16 $ 13 Other liabilities $ — $ — Total not designated $ 16 $ 13 $ — $ — Total derivative instruments $ 133 $ 151 $ 30 $ 5 Other financial instruments Marketable securities Other current assets $ 87 $ 61 Total other financial instruments $ 87 $ 61 The carrying amount of cash, cash equivalents, accounts receivable and short-term debt approximated fair value as of March 31, 2016 and December 31, 2015 . The estimated fair value of the Company’s long-term debt, including the current portion, as of March 31, 2016 and December 31, 2015 , was $7,021 and $6,767 , respectively, and the related carrying value was $6,575 and $6,544 , respectively. The estimated fair value of long-term debt was derived principally from quoted prices on the Company’s outstanding fixed-term notes (Level 2 valuation). Fair Value Hedges The Company has designated all interest rate swap contracts and certain foreign currency forward and option contracts as fair value hedges, for which the gain or loss on the derivative and the offsetting gain or loss on the hedged item are recognized in current earnings. The impact of foreign currency contracts is primarily recognized in Selling, general and administrative expenses and the impact of interest rate swap contracts is recognized in Interest (income) expense, net. Activity related to fair value hedges recorded during the three months ended March 31, 2016 and 2015 was as follows: 2016 2015 Foreign Currency Contracts Interest Rate Swaps Total Foreign Currency Contracts Interest Rate Swaps Total Notional Value at March 31, $ 422 $ 1,250 $ 1,672 $ 1,213 $ 1,438 $ 2,651 Three months ended March 31, Gain (loss) on derivatives 1 8 9 2 6 8 Gain (loss) on hedged items (1 ) (8 ) (9 ) (2 ) (6 ) (8 ) Cash Flow Hedges All of the Company’s commodity contracts and certain foreign currency forward contracts have been designated as cash flow hedges, for which the effective portion of the gain or loss is reported as a component of Other comprehensive income ( “ OCI ” ) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Activity related to cash flow hedges recorded during the three months ended March 31, 2016 and 2015 was as follows: 2016 2015 Foreign Currency Contracts Commodity Contracts Total Foreign Currency Contracts Commodity Contracts Total Notional Value at March 31, $ 817 $ 8 $ 825 $ 595 $ 12 $ 607 Three months ended March 31, Gain (loss) recognized in OCI (14 ) — (14 ) 7 (1 ) 6 Gain (loss) reclassified into Cost of sales 3 (1 ) 2 7 (1 ) 6 The net gain (loss) recognized in OCI for both foreign currency contracts and commodity contracts is expected to be recognized in Cost of sales within the next twelve months. Net Investment Hedges The Company has designated certain foreign currency forward and option contracts and certain foreign currency-denominated debt as net investment hedges, for which the gain or loss on the instrument is reported as a component of Cumulative translation adjustments within OCI, along with the offsetting gain or loss on the hedged items. Activity related to net investment hedges recorded during the three months ended March 31, 2016 and 2015 was as follows: 2016 2015 Foreign Currency Contracts Foreign Currency Debt Total Foreign Currency Contracts Foreign Currency Debt Total Notional Value at March 31, $ 795 $ 1,305 $ 2,100 $ 768 $ 273 $ 1,041 Three months ended March 31, Gain (loss) on instruments (26 ) (49 ) (75 ) 62 27 89 Gain (loss) on hedged items 23 49 72 (62 ) (27 ) (89 ) Derivatives Not Designated as Hedging Instruments Derivatives not designated as hedging instruments for each period consist of a cross-currency swap that serves as an economic hedge of a foreign currency deposit, for which the gain or loss on the instrument and the offsetting gain or loss on the hedged item are recognized in Other (income) expense, net for each period. Activity related to these contracts during the three months ended March 31, 2016 and 2015 was as follows: 2016 2015 Cross-currency Cross-currency Swap Notional Value at March 31, $ 102 $ 102 Three months ended March 31, Gain (loss) on instruments 3 5 Gain (loss) on hedged items (3 ) (5 ) Other Financial Instruments Other financial instruments are classified as Other current assets or Other assets. Other financial instruments classified as Other current assets include marketable securities consisting of bank deposits of $87 with original maturities greater than 90 days (Level 1 valuation) and the current portion of bonds issued by the Argentinian government (Level 2 valuation) in the amount of $50 . The long-term portion of these bonds in the amount of $11 is included in Other assets. Through its subsidiary in Argentina, the Company invested in U.S. dollar-linked devaluation-protected bonds issued by the Argentinian government. These bonds are considered held-to-maturity and are carried at amortized cost. As of March 31, 2016 , the amortized cost of these bonds is $61 , with an approximate fair value of $85 .

Restructuring and Related Imp21

Restructuring and Related Implementation Charges (Tables)	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	For the three months ended March 31, 2016 and 2015 , restructuring and related implementation charges are reflected in the Condensed Consolidated Statements of Income as follows: Three Months Ended March 31, 2016 2015 Cost of sales $ 8 $ 4 Selling, general and administrative expenses 26 18 Other (income) expense, net 21 78 Total 2012 Restructuring Program charges, pretax $ 55 $ 100 Total 2012 Restructuring Program charges, aftertax $ 38 $ 67
Schedule of Percent of Total Restructuring Charges Related To Segment for the period	Total charges incurred for the 2012 Restructuring Program relate to initiatives undertaken by the following reportable operating segments: Program-to-date Three Months Ended March 31, Accumulated Charges 2016 2015 North America 42 % 18 % 14 % Latin America 7 % — % 4 % Europe/South Pacific 7 % 7 % 24 % Asia 4 % — % 2 % Africa/Eurasia 7 % 3 % 5 % Hill ’ s Pet Nutrition 1 % 4 % 7 % Corporate 32 % 68 % 44 %
Schedule of Restructuring and Related Costs Incurred to Date	Since the inception of the 2012 Restructuring Program in the fourth quarter of 2012, the Company has incurred pretax cumulative charges of $1,055 ( $777 aftertax) in connection with the implementation of various projects as follows: Cumulative Charges as of March 31, 2016 Employee-Related Costs $ 419 Incremental Depreciation 74 Asset Impairments 7 Other 555 Total $ 1,055
Schedule of Restructuring Reserve by Type of Cost	The following table summarizes the activity for the restructuring and related implementation charges discussed above and the related accruals: Three Months Ended March 31, 2016 Employee-Related Costs Incremental Depreciation Asset Impairments Other Total Balance at December 31, 2015 $ 84 $ — $ — $ 131 $ 215 Charges 15 3 — 37 55 Cash payments (16 ) — — (33 ) (49 ) Charges against assets (1 ) (3 ) — — (4 ) Foreign exchange 1 — — — 1 Balance at March 31, 2016 $ 83 $ — $ — $ 135 $ 218

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Inventories By Major Class	Inventories by major class are as follows: March 31, December 31, Raw materials and supplies $ 260 $ 261 Work-in-process 61 45 Finished goods 913 874 Total Inventories $ 1,234 $ 1,180

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Changes in the components of Shareholders’ Equity for the three months ended March 31, 2016 are as follows: Colgate-Palmolive Company Shareholders’ Equity Noncontrolling Interests Common Stock Additional Paid-in Capital Unearned Compensation Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2015 $ 1,466 $ 1,438 $ (12 ) $ (18,102 ) $ 18,861 $ (3,950 ) $ 255 Net income 533 41 Other comprehensive income (loss), net of tax 125 1 Dividends (689 ) Stock-based compensation expense 31 Shares issued for stock options 45 104 Shares issued for restricted stock units (23 ) 23 Treasury stock acquired (229 ) Other 4 5 Balance, March 31, 2016 $ 1,466 $ 1,495 $ (7 ) $ (18,204 ) $ 18,705 $ (3,825 ) $ 297

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended March 31, 2016 March 31, 2015 Net income attributable to Colgate-Palmolive Company Shares (millions) Per Share Net income attributable to Colgate-Palmolive Company Shares (millions) Per Share Basic EPS $ 533 893.7 $ 0.60 $ 542 907.7 $ 0.60 Stock options and restricted stock units 6.5 8.6 Diluted EPS $ 533 900.2 $ 0.59 $ 542 916.3 $ 0.59

Other Comprehensive Income (L25

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of Comprehensive Income (Loss)	Additions to and reclassifications out of Accumulated other comprehensive income (loss) attributable to the Company for the three months ended March 31, 2016 and 2015 were as follows: 2016 2015 Pretax Net of Tax Pretax Net of Tax Cumulative translation adjustments $ 94 $ 125 $ (340 ) $ (352 ) Retirement plans and other retiree benefits: Net actuarial gain (loss) and prior service costs arising during the period — — (1 ) (1 ) Amortization of net actuarial loss, transition and prior service costs (1) 16 11 22 14 Retirement plans and other retiree benefits adjustments 16 11 21 13 Available-for-sale securities: Unrealized gains (losses) on available-for-sale securities — — (1 ) (1 ) Reclassification of (gains) losses into net earnings on available-for-sale securities — — — — Gains (losses) on available-for-sale securities — — (1 ) (1 ) Cash flow hedges: Unrealized gains (losses) on cash flow hedges (14 ) (10 ) 6 4 Reclassification of (gains) losses into net earnings on cash flow hedges (2) (2 ) (1 ) (6 ) (4 ) Gains (losses) on cash flow hedges (16 ) (11 ) — — Total Other comprehensive income (loss) $ 94 $ 125 $ (320 ) $ (340 ) (1) These components of Other comprehensive income (loss) are included in the computation of total pension cost. See Note 10 , Retirement Plans and Other Retiree Benefits for additional details. (2) These (gains) losses are reclassified into Cost of sales. See Note 14 , Fair Value Measurements and Financial Instruments for additional details.

Retirement Plans and Other Re26

Retirement Plans and Other Retiree Benefits (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Cost	Components of Net periodic benefit cost for the three months ended March 31, 2016 and 2015 were as follows: Pension Benefits Other Retiree Benefits United States International Three Months Ended March 31, 2016 2015 2016 2015 2016 2015 Service cost $ — $ — $ 4 $ 5 $ 3 $ 4 Interest cost 27 25 6 8 11 11 ESOP offset — — — — — — Expected return on plan assets (27 ) (29 ) (5 ) (8 ) — (1 ) Amortization of transition and prior service costs (credits) — — — — — — Amortization of actuarial loss (gain) 10 12 2 3 4 7 Net periodic benefit cost $ 10 $ 8 $ 7 $ 8 $ 18 $ 21

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Net Sales and Operating Profit by Segment	Net sales and Operating profit by segment were as follows: Three Months Ended March 31, 2016 2015 Net sales Oral, Personal and Home Care North America $ 800 $ 789 Latin America 848 1,087 Europe/South Pacific 685 741 Asia 646 661 Africa/Eurasia 231 254 Total Oral, Personal and Home Care 3,210 3,532 Pet Nutrition 552 538 Total Net sales $ 3,762 $ 4,070 Operating profit Oral, Personal and Home Care North America $ 239 $ 218 Latin America 247 308 Europe/South Pacific 168 184 Asia 192 193 Africa/Eurasia 43 39 Total Oral, Personal and Home Care 889 942 Pet Nutrition 155 147 Corporate (177 ) (229 ) Total Operating profit $ 867 $ 860

Fair Value Measurements and F28

Fair Value Measurements and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Financial Instruments and Fair Value Measurements [Abstract]
Schedule of derivative instruments	The following table summarizes the fair value of the Company’s derivative instruments and other financial instruments at March 31, 2016 and December 31, 2015 : Assets Liabilities Account Fair Value Account Fair Value Designated derivative instruments 3/31/16 12/31/15 3/31/16 12/31/15 Interest rate swap contracts Other current assets $ — $ — Other accruals $ — $ — Interest rate swap contracts Other assets 14 7 Other liabilities — — Foreign currency contracts Other current assets 103 131 Other accruals 30 5 Foreign currency contracts Other assets — — Other liabilities — — Commodity contracts Other current assets — — Other accruals — — Total designated $ 117 $ 138 $ 30 $ 5 Derivatives not designated Foreign currency contracts Other assets $ 16 $ 13 Other liabilities $ — $ — Total not designated $ 16 $ 13 $ — $ — Total derivative instruments $ 133 $ 151 $ 30 $ 5 Other financial instruments Marketable securities Other current assets $ 87 $ 61 Total other financial instruments $ 87 $ 61
Activity related to fair value hedges	Activity related to fair value hedges recorded during the three months ended March 31, 2016 and 2015 was as follows: 2016 2015 Foreign Currency Contracts Interest Rate Swaps Total Foreign Currency Contracts Interest Rate Swaps Total Notional Value at March 31, $ 422 $ 1,250 $ 1,672 $ 1,213 $ 1,438 $ 2,651 Three months ended March 31, Gain (loss) on derivatives 1 8 9 2 6 8 Gain (loss) on hedged items (1 ) (8 ) (9 ) (2 ) (6 ) (8 )
Activity related to cash flow hedges	Activity related to cash flow hedges recorded during the three months ended March 31, 2016 and 2015 was as follows: 2016 2015 Foreign Currency Contracts Commodity Contracts Total Foreign Currency Contracts Commodity Contracts Total Notional Value at March 31, $ 817 $ 8 $ 825 $ 595 $ 12 $ 607 Three months ended March 31, Gain (loss) recognized in OCI (14 ) — (14 ) 7 (1 ) 6 Gain (loss) reclassified into Cost of sales 3 (1 ) 2 7 (1 ) 6
Activity related to net investment hedges	Activity related to net investment hedges recorded during the three months ended March 31, 2016 and 2015 was as follows: 2016 2015 Foreign Currency Contracts Foreign Currency Debt Total Foreign Currency Contracts Foreign Currency Debt Total Notional Value at March 31, $ 795 $ 1,305 $ 2,100 $ 768 $ 273 $ 1,041 Three months ended March 31, Gain (loss) on instruments (26 ) (49 ) (75 ) 62 27 89 Gain (loss) on hedged items 23 49 72 (62 ) (27 ) (89 )
Activity related to derivatives not designated as hedging instruments	Activity related to these contracts during the three months ended March 31, 2016 and 2015 was as follows: 2016 2015 Cross-currency Cross-currency Swap Notional Value at March 31, $ 102 $ 102 Three months ended March 31, Gain (loss) on instruments 3 5 Gain (loss) on hedged items (3 ) (5 )

Acquisitions and Divestitures -

Acquisitions and Divestitures - Divestitures (Details 1) - Mexico $ in Millions	3 Months Ended
	Sep. 30, 2012USD ($)	Sep. 30, 2011USD ($)	Mar. 31, 2016payment	Sep. 13, 2011payment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Number of Installment Payments | payment				3
First Installment received from the sale of land in Mexico | $		$ 24
Second Installment received from the sale of land in Mexico | $	$ 36
Disposal Group, Number of Installment Payments Received to Date | payment			2

Restructuring and Related Imp30

Restructuring and Related Implementation Charges (Details) - 2012 Restructuring Program $ in Millions	Oct. 29, 2015	Mar. 31, 2016USD ($)position	Dec. 31, 2015USD ($)
Restructuring Cost and Reserve [Line Items]
Duration of Extension of the Restructuring Program	1 year
Expected percent of total charges resulting in cash expenditure		75.00%
Hill’s Pet Nutrition
Restructuring Cost and Reserve [Line Items]
Expected percent of total restructuring charges related to segment for the duration of the program		10.00%
Corporate
Restructuring Cost and Reserve [Line Items]
Expected percent of total restructuring charges related to segment for the duration of the program		40.00%
North America
Restructuring Cost and Reserve [Line Items]
Expected percent of total restructuring charges related to segment for the duration of the program		15.00%
Europe/South Pacific
Restructuring Cost and Reserve [Line Items]
Expected percent of total restructuring charges related to segment for the duration of the program		20.00%
Latin America
Restructuring Cost and Reserve [Line Items]
Expected percent of total restructuring charges related to segment for the duration of the program		5.00%
Asia
Restructuring Cost and Reserve [Line Items]
Expected percent of total restructuring charges related to segment for the duration of the program		5.00%
Africa/Eurasia
Restructuring Cost and Reserve [Line Items]
Expected percent of total restructuring charges related to segment for the duration of the program		5.00%
Employee-Related Costs
Restructuring Cost and Reserve [Line Items]
Estimated percent of total cumulative pretax charges of implementing restructuring program by category		50.00%
Incremental Depreciation And Asset Impairment
Restructuring Cost and Reserve [Line Items]
Estimated percent of total cumulative pretax charges of implementing restructuring program by category		10.00%
Charges Resulting Directly From Exit Activities
Restructuring Cost and Reserve [Line Items]
Estimated percent of total cumulative pretax charges of implementing restructuring program by category		20.00%
Implementation Of New Strategies
Restructuring Cost and Reserve [Line Items]
Estimated percent of total cumulative pretax charges of implementing restructuring program by category		20.00%
Minimum | Expected Completion Date 2017
Restructuring Cost and Reserve [Line Items]
Restructuring program expected cost before tax		$ 1,405	$ 1,285
Restructuring program expected cost after tax		$ 1,050	950
Restructuring and Related Cost, Expected Number of Positions Eliminated | position		3,300
Minimum | Expected Completion Date 2016
Restructuring Cost and Reserve [Line Items]
Restructuring program expected cost before tax		$ 270	285
Restructuring program expected cost after tax		200	210
Maximum | Expected Completion Date 2017
Restructuring Cost and Reserve [Line Items]
Restructuring program expected cost before tax		1,585	1,435
Restructuring program expected cost after tax		$ 1,170	1,050
Restructuring and Related Cost, Expected Number of Positions Eliminated | position		3,800
Maximum | Expected Completion Date 2016
Restructuring Cost and Reserve [Line Items]
Restructuring program expected cost before tax		$ 310	435
Restructuring program expected cost after tax		$ 230	$ 310

Restructuring and Related Imp31

Restructuring and Related Implementation Charges (Details 1) - 2012 Restructuring Program - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Cost and Reserve [Line Items]
Total 2012 Restructuring Program charges, pretax	$ 55	$ 100
Total 2012 Restructuring Program charges, aftertax	38	67
Cost of sales
Restructuring Cost and Reserve [Line Items]
Total 2012 Restructuring Program charges, pretax	8	4
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Total 2012 Restructuring Program charges, pretax	26	18
Other (income) expense, net
Restructuring Cost and Reserve [Line Items]
Total 2012 Restructuring Program charges, pretax	$ 21	$ 78

Restructuring and Related Imp32

Restructuring and Related Implementation Charges (Details 2) - 2012 Restructuring Program	3 Months Ended		42 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016
Hill’s Pet Nutrition
Restructuring Cost and Reserve [Line Items]
Percent of Total Restructuring Charges Related to Segment	1.00%	4.00%
Percent of Restructuring Charges Related to Segment, Program-to-date Accumulated Charges			7.00%
Corporate
Restructuring Cost and Reserve [Line Items]
Percent of Total Restructuring Charges Related to Segment	32.00%	68.00%
Percent of Restructuring Charges Related to Segment, Program-to-date Accumulated Charges			44.00%
North America
Restructuring Cost and Reserve [Line Items]
Percent of Total Restructuring Charges Related to Segment	42.00%	18.00%
Percent of Restructuring Charges Related to Segment, Program-to-date Accumulated Charges			14.00%
Latin America
Restructuring Cost and Reserve [Line Items]
Percent of Total Restructuring Charges Related to Segment	7.00%	0.00%
Percent of Restructuring Charges Related to Segment, Program-to-date Accumulated Charges			4.00%
Europe/South Pacific
Restructuring Cost and Reserve [Line Items]
Percent of Total Restructuring Charges Related to Segment	7.00%	7.00%
Percent of Restructuring Charges Related to Segment, Program-to-date Accumulated Charges			24.00%
Asia
Restructuring Cost and Reserve [Line Items]
Percent of Total Restructuring Charges Related to Segment	4.00%	0.00%
Percent of Restructuring Charges Related to Segment, Program-to-date Accumulated Charges			2.00%
Africa/Eurasia
Restructuring Cost and Reserve [Line Items]
Percent of Total Restructuring Charges Related to Segment	7.00%	3.00%
Percent of Restructuring Charges Related to Segment, Program-to-date Accumulated Charges			5.00%

Restructuring and Related Imp33

Restructuring and Related Implementation Charges (Details 3) - 2012 Restructuring Program $ in Millions	Mar. 31, 2016USD ($)
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the Restructuring Program to date	$ 1,055
Aftertax charges related to the Restructuring Program to date	777
Employee-Related Costs
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the Restructuring Program to date	419
Incremental Depreciation
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the Restructuring Program to date	74
Asset Impairments
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the Restructuring Program to date	7
Other
Restructuring Cost and Reserve [Line Items]
Pretax charges related to the Restructuring Program to date	$ 555

Restructuring and Related Imp34

Restructuring and Related Implementation Charges (Details 4) - 2012 Restructuring Program - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 215
Charges	55	$ 100
Cash payments	(49)
Charges against assets	(4)
Foreign exchange	1
Ending Balance	218
Employee-Related Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	84
Charges	15
Cash payments	(16)
Charges against assets	(1)
Foreign exchange	1
Ending Balance	83
Incremental Depreciation
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Charges	3
Cash payments	0
Charges against assets	(3)
Foreign exchange	0
Ending Balance	0
Asset Impairments
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Charges	0
Cash payments	0
Charges against assets	0
Foreign exchange	0
Ending Balance	0
Other
Restructuring Reserve [Roll Forward]
Beginning Balance	131
Charges	37
Cash payments	(33)
Charges against assets	0
Foreign exchange	0
Ending Balance	135
Third party Incremental Cost
Restructuring Reserve [Roll Forward]
Charges	31
Contract Termination
Restructuring Reserve [Roll Forward]
Charges	5
Land and Building
Restructuring Reserve [Roll Forward]
Charges	$ 1

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Raw materials and supplies	$ 260	$ 261
Work-in-process	61	45
Finished goods	913	874
Total Inventories	$ 1,234	$ 1,180	[1]
[1]	Prior year amounts have been reclassified to conform to the current year presentation of debt issuance costs required by Accounting Standards Update (“ASU”) No. 2015-03 “Simplifying the Presentation of Debt Issuance Costs.” See Note 1 to the Condensed Consolidated Financial Statements for additional information.

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Changes in Shareholders' Equity [Roll Forward]
Beginning balance	[1]	$ (44)
Net income		574	$ 583
Other comprehensive income (loss), net of tax		126	$ (339)
Ending balance		(73)
Accumulated other comprehensive income (loss), cumulative translation losses		2,962		$ 3,087
Accumulated other comprehensive income (loss), unrecognized retirement plan and other retiree benefits costs		857		$ 868
Common Stock
Changes in Shareholders' Equity [Roll Forward]
Beginning balance		1,466
Ending balance		1,466
Additional Paid-in Capital
Changes in Shareholders' Equity [Roll Forward]
Beginning balance		1,438
Stock-based compensation expense		31
Shares issued for stock options		45
Shares issued for restricted stock units		(23)
Other		4
Ending balance		1,495
Unearned Compensation
Changes in Shareholders' Equity [Roll Forward]
Beginning balance		(12)
Other		5
Ending balance		(7)
Treasury Stock
Changes in Shareholders' Equity [Roll Forward]
Beginning balance		(18,102)
Shares issued for stock options		104
Shares issued for restricted stock units		23
Treasury stock acquired		(229)
Ending balance		(18,204)
Retained Earnings
Changes in Shareholders' Equity [Roll Forward]
Beginning balance		18,861
Net income		533
Dividends		(689)
Ending balance		18,705
Accumulated Other Comprehensive Income (Loss)
Changes in Shareholders' Equity [Roll Forward]
Beginning balance		(3,950)
Other comprehensive income (loss), net of tax		125
Ending balance		(3,825)
Noncontrolling Interests
Changes in Shareholders' Equity [Roll Forward]
Beginning balance		255
Net income		41
Other comprehensive income (loss), net of tax		1
Ending balance		$ 297
[1]	Prior year amounts have been reclassified to conform to the current year presentation of debt issuance costs required by Accounting Standards Update (“ASU”) No. 2015-03 “Simplifying the Presentation of Debt Issuance Costs.” See Note 1 to the Condensed Consolidated Financial Statements for additional information.

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income attributable to Colgate-Palmolive Company
Basic EPS	$ 533	$ 542
Diluted EPS	$ 533	$ 542
Shares
Basic EPS (in shares)	893,700,000	907,700,000
Stock options and restricted stock units (in shares)	6,500,000	8,600,000
Diluted EPS (in shares)	900,200,000	916,300,000
Per Share
Basic EPS (in dollars per share)	$ 0.60	$ 0.60
Diluted EPS (in dollars per share)	$ 0.59	$ 0.59
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	3,361,727	1,566,993

Other Comprehensive Income (L38

Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity [Abstract]
Cumulative translation adjustments, Pretax	$ 94	$ (340)
Cumulative translation adjustment, Net of Tax	125	(352)
Retirement plans and other retiree benefits:
Net actuarial gain (loss) and prior service costs arising during the period, Pretax	0	(1)
Amortization of net actuarial loss, transition and prior service costs, Pretax	16	22
Retirement plans and other retiree benefits adjustments, Pretax	16	21
Net actuarial gain (loss) and prior service costs arising during the period, Net of Tax	0	(1)
Amortization of net actuarial loss, transition and prior service costs, Net of Tax	11	14
Retirement plans and other retiree benefits adjustments, Net of Tax	11	13
Available-for-sale securities:
Unrealized gains (losses) on available-for-sale securities, Pretax	0	(1)
Reclassification of (gains) losses into net earnings on available-for-sale securities, Pretax	0	0
Gains (losses) on available-for-sale securities, Pretax	0	(1)
Unrealized gains (losses) on available-for-sale securities, Net of Tax	0	(1)
Reclassification of (gains) losses into net earnings on available-for-sale securities, Net of Tax	0	0
Gains (losses) on available-for-sale securities, Net of Tax	0	(1)
Cash flow hedges:
Unrealized gains (losses) on cash flow hedges, Pretax	(14)	6
Reclassification of (gains) losses into net earnings on cash flow hedges, Pretax	(2)	(6)
Gains (losses) on cash flow hedges, Pretax	(16)	0
Unrealized gains (losses) on cash flow hedges, Net of Tax	(10)	4
Reclassification of (gains) losses into net earnings on cash flow hedges, Net of Tax	(1)	(4)
Gains (losses) on cash flow hedges, Net of Tax	(11)	0
Total Other comprehensive income (loss), Pretax	94	(320)
Total Other comprehensive income (loss), Net of Tax	$ 125	$ (340)

Retirement Plans and Other Re39

Retirement Plans and Other Retiree Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Benefits, United States
Components of net periodic benefit cost
Service cost	$ 0	$ 0
Interest cost	27	25
ESOP offset	0	0
Expected return on plan assets	(27)	(29)
Amortization of transition and prior service costs (credits)	0	0
Amortization of actuarial loss (gain)	10	12
Net periodic benefit cost	10	8
Voluntary benefit plan contribution	50	0
Pension Benefits, International
Components of net periodic benefit cost
Service cost	4	5
Interest cost	6	8
ESOP offset	0	0
Expected return on plan assets	(5)	(8)
Amortization of transition and prior service costs (credits)	0	0
Amortization of actuarial loss (gain)	2	3
Net periodic benefit cost	7	8
Other Retiree Benefits
Components of net periodic benefit cost
Service cost	3	4
Interest cost	11	11
ESOP offset	0	0
Expected return on plan assets	0	(1)
Amortization of transition and prior service costs (credits)	0	0
Amortization of actuarial loss (gain)	4	7
Net periodic benefit cost	$ 18	$ 21

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Income Tax Disclosure [Abstract]
Income Tax Benefit, Principally From Venezuela Currency Regime Change	$ 210
Foreign Earnings Repatriated	1,500
Income Tax Charge From Repatriation Of Earnings Of Foreign Subsidiaries	$ 210

Contingencies (Details)

Contingencies (Details) $ in Millions	1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)case	Sep. 30, 2015appeal	Mar. 31, 2016USD ($)casecountry_and_territory	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2010USD ($)	Dec. 31, 2009USD ($)
Loss Contingency [Abstract]
Minimum Number of Countries and Territories Serving Consumers (more than) | country_and_territory			200
Range of reasonably possible losses, minimum	$ 0		$ 0
Range of reasonably possible losses, maximum	200		200
Brazilian internal revenue authority, matter 1	84		84
Number of Appeals Lost | appeal		1
Brazilian internal revenue authority, matter 2	53		$ 53
European competition matters - Swiss competition law authority								$ 6
European competition matters - Italian competition law authority							$ 3
Fine Imposed French Competition Authority						$ 57
Fine Imposed French Competition Authority - As a result of Sanex Acquisition						$ 25
Loss Contingency Accrual, Period Increase (Decrease)					$ 14
Litigation Settlement, Fine, Amount	13
Litigation Settlement, Cost Reimbursement, Amount	$ 1
Loss Contingency, Pending Claims, Number | case	51		51
Loss Contingency, New Claims Filed, Number | case			22
Loss Contingency, Claims Dismissed, Number | case			27
Loss Contingency, Claims Settled, Number | case			16
Loss Contingency, Damages Sought, Approximate Value				$ 2,500

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)
Segment Reporting [Abstract]
Number of Product Segments | segment	2
Number of Operating Segments | segment	5
Number of Reportable Segments | segment	5
Segment Reporting Information [Line Items]
Total Net sales	$ 3,762	$ 4,070
Total Operating profit	867	860
2012 Restructuring Program
Segment Reporting Information [Line Items]
Total 2012 Restructuring Program charges, pretax	$ 55	100
Sales Revenue, Net
Segment Reporting Information [Line Items]
Percentage of Consolidated Net Sales represented by Sales outside US	75.00%
Percentage of Consolidated Net Sales coming from Emerging Markets	50.00%
Operating Segments | Oral, Personal and Home Care
Segment Reporting Information [Line Items]
Total Net sales	$ 3,210	3,532
Total Operating profit	889	942
Operating Segments | Oral, Personal and Home Care | North America
Segment Reporting Information [Line Items]
Total Net sales	800	789
Total Operating profit	239	218
Operating Segments | Oral, Personal and Home Care | Latin America
Segment Reporting Information [Line Items]
Total Net sales	848	1,087
Total Operating profit	247	308
Operating Segments | Oral, Personal and Home Care | Europe/South Pacific
Segment Reporting Information [Line Items]
Total Net sales	685	741
Total Operating profit	168	184
Operating Segments | Oral, Personal and Home Care | Asia
Segment Reporting Information [Line Items]
Total Net sales	646	661
Total Operating profit	192	193
Operating Segments | Oral, Personal and Home Care | Africa/Eurasia
Segment Reporting Information [Line Items]
Total Net sales	231	254
Total Operating profit	43	39
Operating Segments | Pet Nutrition
Segment Reporting Information [Line Items]
Total Net sales	552	538
Total Operating profit	155	147
Corporate
Segment Reporting Information [Line Items]
Total Operating profit	$ (177)	$ (229)

Fair Value Measurements and F43

Fair Value Measurements and Financial Instruments (Details 1) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Designated derivative instruments
Derivative assets, designated	$ 117	$ 138
Derivative liabilities, designated	30	5
Derivatives not designated
Derivative assets not designated	16	13
Derivative liabilities not designated	0	0
Total derivative instruments, Assets	133	151
Total derivative instruments, Liabilities	30	5
Other financial instruments
Total other financial instruments	87	61
Other current assets
Other financial instruments
Marketable securities	87	61
Other current assets | Interest rate swap contracts
Designated derivative instruments
Derivative assets, designated	0	0
Other current assets | Foreign currency contracts
Designated derivative instruments
Derivative assets, designated	103	131
Other current assets | Commodity contracts
Designated derivative instruments
Derivative assets, designated	0	0
Other assets | Interest rate swap contracts
Designated derivative instruments
Derivative assets, designated	14	7
Other assets | Foreign currency contracts
Designated derivative instruments
Derivative assets, designated	0	0
Derivatives not designated
Derivative assets not designated	16	13
Other accruals | Interest rate swap contracts
Designated derivative instruments
Derivative liabilities, designated	0	0
Other accruals | Foreign currency contracts
Designated derivative instruments
Derivative liabilities, designated	30	5
Other accruals | Commodity contracts
Designated derivative instruments
Derivative liabilities, designated	0	0
Other liabilities | Interest rate swap contracts
Designated derivative instruments
Derivative liabilities, designated	0	0
Other liabilities | Foreign currency contracts
Designated derivative instruments
Derivative liabilities, designated	0	0
Derivatives not designated
Derivative liabilities not designated	$ 0	$ 0

Fair Value Measurements and F44

Fair Value Measurements and Financial Instruments (Details 2) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Carrying Value
Debt Instrument [Line Items]
Carrying value of long-term debt	$ 6,575	$ 6,544
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Estimated fair value of long-term debt	$ 7,021	$ 6,767

Fair Value Measurements and F45

Fair Value Measurements and Financial Instruments (Details 3) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cross-currency Swap | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional value	$ 102	$ 102
Activity related to derivatives not designated as hedging instruments [Abstract]
Gain (loss) on instruments	3	5
Gain (loss) on hedged items	(3)	(5)
Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional value	1,672	2,651
Activity related to fair value hedges [Abstract]
Gain (loss) on derivatives	9	8
Gain (loss) on hedged items	(9)	(8)
Fair Value Hedges | Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value	422	1,213
Activity related to fair value hedges [Abstract]
Gain (loss) on derivatives	1	2
Gain (loss) on hedged items	(1)	(2)
Fair Value Hedges | Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional value	1,250	1,438
Activity related to fair value hedges [Abstract]
Gain (loss) on derivatives	8	6
Gain (loss) on hedged items	(8)	(6)
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional value	825	607
Activity related to cash flow hedges [Abstract]
Gain (loss) recognized in OCI	(14)	6
Gain (loss) reclassified into Cost of sales	2	6
Cash Flow Hedges | Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value	817	595
Activity related to cash flow hedges [Abstract]
Gain (loss) recognized in OCI	(14)	7
Gain (loss) reclassified into Cost of sales	3	7
Cash Flow Hedges | Commodity Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value	8	12
Activity related to cash flow hedges [Abstract]
Gain (loss) recognized in OCI	0	(1)
Gain (loss) reclassified into Cost of sales	(1)	(1)
Net Investment Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional value	2,100	1,041
Activity related to net investment hedges [Abstract]
Gain (loss) on instruments	(75)	89
Gain (loss) on hedged items	72	(89)
Net Investment Hedges | Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value	795	768
Activity related to net investment hedges [Abstract]
Gain (loss) on instruments	(26)	62
Gain (loss) on hedged items	23	(62)
Net Investment Hedges | Foreign Currency Debt
Derivative Instruments, Gain (Loss) [Line Items]
Notional value	1,305	273
Activity related to net investment hedges [Abstract]
Gain (loss) on instruments	(49)	27
Gain (loss) on hedged items	$ 49	$ (27)

Fair Value Measurements and F46

Fair Value Measurements and Financial Instruments (Details 4) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Other current assets
Schedule of Available-for-sale Securities [Line Items]
Marketable securities	$ 87	$ 61
Assets
Schedule of Available-for-sale Securities [Line Items]
Held-to-maturity Securities	61
Held-to-maturity Securities, Fair Value	85
Fair Value, Inputs, Level 1 | Other current assets | Deposits
Schedule of Available-for-sale Securities [Line Items]
Marketable securities	87
Fair Value, Inputs, Level 2 | Other current assets | Bonds Issued By Argentinian Government
Schedule of Available-for-sale Securities [Line Items]
Held-to-maturity Securities	50
Fair Value, Inputs, Level 2 | Other assets | Bonds Issued By Argentinian Government | Estimate of Fair Value Measurement
Schedule of Available-for-sale Securities [Line Items]
Held-to-maturity Securities	$ 11