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Equity
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Stockholders' Equity Note Disclosure
Note 9—Shareholders' Equity and Noncontrolling Interest
Stock Conversion
During the three months ended March 31, 2023, certain legacy owners of Colgate exchanged 20,906,000 of their units of OpCo (“Common Units”) and corresponding shares of Class C Common Stock for Class A Common Stock. A tax benefit of $2.4 million was recorded in equity as a result of the conversion of shares from the noncontrolling interest owner. No cash proceeds were received by the Company in connection with the conversions.
Dividends
In March 2023, the Company declared a cash dividend of $0.05 per share of Class A Common Stock and a cash distribution of $0.05 per Common Unit (each of which has an underlying share of Class C Common Stock). The dividend and distribution, which totaled $28.1 million, was paid on March 15, 2023.
Stock Repurchase Program
In February 2022, the Company’s Board of Directors authorized a stock repurchase program to acquire up to $350 million of the Company’s outstanding Common Stock (the “Repurchase Program”), which was approved to run through April 1, 2024. In connection with the Merger, the Repurchase Program was increased to $500 million and was extended through December 31, 2024. The Repurchase Program can be used by the Company to reduce its shares of Class A Common Stock and Class C Common Stock outstanding. Repurchases may be made from time to time in the open-market or via privately negotiated transactions at the Company’s discretion and will be subject to market conditions, applicable legal requirements, available liquidity, compliance with the Company’s debt and other agreements and other factors. The Repurchase Program does not require any specific number of shares to be acquired and can be modified or discontinued by the Company’s Board of Directors at any time.
During the three months ended March 31, 2023, the Company paid $29.4 million to repurchase 2.8 million Common Units resulting in an equal number of the underlying Class C Common Stock simultaneously being canceled.
Noncontrolling Interest
The noncontrolling interest relates to Common Units that were issued in connection with the Merger. At the date of the Merger, the noncontrolling interest represented approximately 48% of the ownership in OpCo. The noncontrolling interest
percentage is affected by various equity transactions such as Common Unit and Class C Common Stock exchanges and Class A Common Stock activities.
As of March 31, 2023, the noncontrolling interest ownership of OpCo decreased to 43.9% from 48% as of December 31, 2022. The decrease was mainly the result of the exchange of Common Units (and corresponding shares of Class C Common Stock) for Class A Common Stock and the Class C Common Stock repurchase discussed above.
The Company consolidates the financial position, results of operations and cash flows of OpCo and reflects the portion retained by other holders of Common Units as a noncontrolling interest. Refer to the consolidated statements of shareholders’ equity for a summary of the activity attributable to the noncontrolling interest during the period.