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Acquisitions | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Acquisitions | Acquisitions Hello Products LLC (“hello”) On January 31, 2020, the Company acquired hello, an oral care business, for cash consideration of $351. The acquisition was financed with a combination of debt and cash. This acquisition is part of the Company’s strategy to focus on high growth segments within its Oral Care, Personal Care and Pet Nutrition businesses. The total purchase price consideration of $351 has been allocated to the net assets acquired based on their respective estimated fair values as follows:
Receivables | $ | 11 |
Inventories | 13 |
Other assets and liabilities, net | (4) |
Other intangible assets | 160 |
Goodwill | 171 |
Fair value of net assets acquired | $ | 351 |
Other intangible assets acquired include trademarks, valued at $115, which are considered to have a finite useful life of 25 years, and customer relationships valued at $45, which are considered to have a finite useful life of 17 years. Goodwill of $171 was allocated to the North America segment. The Company expects that goodwill will be deductible for tax purposes. Pro forma results of operations have not been presented as the impact on the Company’s Consolidated Financial Statements is not material. Laboratoires Filorga Cosmétiques (“Filorga”) On September 19, 2019, the Company acquired the Filorga skin health business for cash consideration of €1,516 (approximately $1,674), which included interest on the equity purchase price plus additional consideration of €32 (approximately $38), the majority of which related to repayment of loans from former shareholders of Filorga. Filorga is a premium anti-aging skin health brand focused primarily on facial care. This acquisition is part of the Company’s strategy to focus on high growth segments within its Oral Care, Personal Care and Pet Nutrition businesses, including by expanding its portfolio in premium skin health. The total purchase price consideration of $1,712 has been allocated to the net assets acquired based on their respective estimated fair values as follows:
Cash | $ | 30 |
Receivables | 53 |
Inventories | 70 |
Other current assets | 18 |
Other intangible assets | 1,051 |
Goodwill | 923 |
Other current liabilities | (67) |
Deferred income taxes | (276) |
Noncontrolling interests | (90) |
Fair value of net assets acquired | $ | 1,712 |
Other intangible assets acquired include trademarks of $774, which are considered to have an indefinite useful life, and customer relationships of $277, which are considered to have a finite useful life of 14 years. Goodwill of $923 was allocated to the Europe segment. Goodwill will not be deductible for tax purposes. In the third quarter of 2020, the Company completed the purchase of the outstanding non-controlling interest of Filorga’s joint venture based in Hong Kong and covering the Hong Kong and China markets for approximately €85 (approximately $99) in cash. The results of operations of Filorga are reported on a lag basis. As such, Filorga’s results of operations from December 1, 2019 through November 30, 2020 and from the Acquisition Date through November 30, 2019 are included in the Company’s Consolidated Results of Operations for the periods ended December 31, 2020 and 2019, respectively. Pro forma results of operations have not been presented as the impact on the Company’s Consolidated Financial Statements is not material. Nigeria Joint Venture On August 15, 2019, the Company acquired a 51% controlling interest in Colgate Tolaram Pte. Ltd., a joint venture which owns the Nigeria-based Hypo Homecare Products Limited, for $31. Pro forma results of operations have not been presented as the impact on the Company’s Consolidated Financial Statements is not material.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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