{"schemaVersion":1,"research":true,"symbol":"cl","name":"Colgate Palmolive Co","topic":"moat","path":"/stock/cl/moat","status":"published","version":3,"updatedAt":"2026-10-18T13:09:54.273Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Colgate-Palmolive has a narrow moat supported by established oral-care brands, reported global toothpaste and manual-toothbrush leadership, and extensive distribution. Realized price increases alongside Latin American volume growth demonstrate pricing power, although Hill’s volume weakness and retailer concessions show limits. The evidence does not establish customer lock-in, structural cost superiority or exceptional durability across the portfolio.","advantages":[{"mechanism":"intangible_assets","claim":"Protected brands, reported oral-care category leadership and established worldwide distribution support consumer preference and market access. Latin American pricing and volume growth provide operating evidence that these assets have economic value.","durability":"Trademark rights can continue while used or registered, and the established distribution footprint supports persistence. Economic durability still depends on consumer demand, innovation and continued brand investment; legal protection alone does not preserve brand preference.","risks":"Retailers have extracted concessions that reduced sales or profitability in certain markets. Private-label competition and digital entrants challenge brand preference. Organic growth slowed materially in 2025, and portfolio impairment charges caution against extending oral-care strength to every brand.","invalidation":"The thesis would be undermined by sustained loss of toothpaste and manual-toothbrush leadership, repeated underlying volume declines accompanying price increases across core markets, or persistent retailer concessions and distribution losses that prevent brands from sustaining profitable demand.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: oral-care category leadership","excerpt":"We are a leader in Oral Care with global leadership in the toothpaste and manual toothbrush categories according to market share data."},{"id":"e2","sourceId":"filing-1","location":"Business: geographic marketing footprint","excerpt":"Our products are marketed in over 200 countries and territories throughout the world."},{"id":"e3","sourceId":"filing-1","location":"Business: distribution channels","excerpt":"1 Distribution; Raw Materials; Competition; Trademarks and Patents Our Oral, Personal and Home Care products are sold to a variety of retailers, wholesalers and distributors worldwide."},{"id":"e4","sourceId":"filing-4","location":"Business: principal global and regional trademarks","excerpt":"Principal global and regional trademarks include Colgate, Palmolive, Darlie, elmex, hello, meridol, Sorriso, Tom’s of Maine, EltaMD, Filorga, Irish Spring, Lady Speed Stick, PCA SKIN, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion, Fabuloso, Murphy, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet."},{"id":"e5","sourceId":"filing-4","location":"Business: duration of trademark rights","excerpt":"Our rights in these trademarks endure for as long as they are used and/or registered."},{"id":"e6","sourceId":"filing-2","location":"MD&A: second-quarter 2026 Latin America price and volume results","excerpt":"35 COLGATE-PALMOLIVE COMPANY Management’s Discussion and Analysis of Financial Condition and Results of Operations (Dollars in Millions Except Per Share Amounts) Latin America Three Months Ended June 30, 2026 2025 Change Net sales $ 1,372 $ 1,207 13.7 % Operating profit $ 418 $ 367 14 % % of Net sales 30.4 % 30.4 % — Net sales in Latin America increased 13.7% in the second quarter of 2026 to $1,372, driven by volume growth of 2.6%, net selling price increases of 2.8% and positive foreign exchange of 8.4%."},{"id":"e7","sourceId":"filing-1","location":"Risk factors: retailer bargaining strength","excerpt":"We are also increasingly dependent on certain key retailers, some of which exercise greater bargaining strength than we do, including the exclusive access to valuable first-party consumer data and analytics."},{"id":"e8","sourceId":"filing-1","location":"Risk factors: realized retailer concessions and economic effects","excerpt":"They have demanded and may continue to demand higher trade discounts, allowances, slotting fees, significant investment (including through display media, paid search and co-op programs) or changes to product assortments, which have led to and could continue to lead to reduced sales or profitability in certain markets."},{"id":"e9","sourceId":"filing-1","location":"Risk factors: lower-priced private-label competition","excerpt":"In addition, “private label” products sold by our retail customers, which are typically sold at lower prices than branded products, are a source of competition for certain of our products."},{"id":"e10","sourceId":"filing-2","location":"MD&A: digital channels encouraging competitor entry","excerpt":"In addition, the substantial growth of eCommerce and the emergence and adoption of social commerce and AI have encouraged the entry of new competitors, some of which sell products direct-to-consumer."},{"id":"e11","sourceId":"filing-3","location":"Annex A: 2023–2025 growth, earnings and cash-flow reconciliations","excerpt":"76 Table of Contents Annex A Reconciliation of Non-GAAP Financial Measures 2023 2024 2025 Net Sales Growth—GAAP 8.3 % 3.3 % 1.4 % Acquisitions and Divestments Impact (1.1 ) — (0.3 ) Foreign Exchange Impact 1.2 4.1 0.3 Organic Sales Growth—Non-GAAP 8.4 % 7.4 % 1.4 % 2022 2023 2024 2025 Diluted Earnings Per Share as Reported—GAAP $ 2.13 $ 2.77 $ 3.51 $ 2.63 Acquisition-Related Costs 0.02 — — 0.01 Goodwill and Intangible Assets Impairment Charges 0.74 — — 0.98 Restructuring Programs(1) 0.10 0.03 0.09 0.01 Gain on the Sale of Land in Asia Pacific (0.02 ) — — — ERISA Litigation Matter — 0.26 — 0.06 Foreign Tax Matter — 0.15 — — Product Recall Costs — 0.02 — — Base Business Earnings Per Share—Non-GAAP $ 2.97 $ 3.23 $ 3.60 $ 3.69 (Dollars in millions) 2022 2023 2024 2025 Net Income Attributable to Colgate-Palmolive Company—GAAP $ 1,785 $ 2,300 $ 2,889 $ 2,132 Acquisition-Related Costs 16 — — 7 Goodwill and Intangible Assets Impairment Charges 620 — — 794 Restructuring Programs(1) 87 25 73 11 Gain on the Sale of Land in Asia Pacific (15 ) — — — ERISA Litigation Matter — 212 — 53 Foreign Tax Matter — 126 — — Product Recall Costs — 19 — — Base Business Net Income—Non-GAAP $ 2,493 $ 2,682 $ 2,962 $ 2,996 (Dollars in millions) 2023 2024 2025 Net Cash Provided by Operations—GAAP $ 3,745 $ 4,107 $ 4,198 Less: Capital Expenditures (705 ) (561 ) (564 ) Free Cash Flow Before Dividends—Non-GAAP $ 3,040 $ 3,546 $ 3,634 The impact of non-GAAP adjustments may not necessarily equal the difference between “GAAP” and \"non-GAAP\" as a result of rounding."},{"id":"e12","sourceId":"filing-1","location":"Consolidated statements of income: 2023–2025 results and impairment charges","excerpt":"69 COLGATE-PALMOLIVE COMPANY Consolidated Statements of Income For the years ended December 31, (Dollars in Millions Except Per Share Amounts) 2025 2024 2023 Net sales $ 20,382 $ 20,101 $ 19,457 Cost of sales 8,131 7,940 8,131 Gross profit 12,251 12,161 11,326 Selling, general and administrative expenses 7,903 7,729 7,151 Other (income) expense, net 123 164 191 Goodwill and intangible assets impairment charges 919 — — Operating profit 3,306 4,268 3,984 Non-service related postretirement costs 55 87 360 Interest expense 267 292 287 Interest income 75 67 55 Income before income taxes 3,059 3,956 3,392 Provision for income taxes 798 907 937 Net income including noncontrolling interests 2,261 3,049 2,455 Less: Net income attributable to noncontrolling interests 129 160 155 Net income attributable to Colgate-Palmolive Company $ 2,132 $ 2,889 $ 2,300 Earnings per common share, basic $ 2.64 $ 3.53 $ 2.78 Earnings per common share, diluted $ 2.63 $ 3.51 $ 2.77 See Notes to Consolidated Financial Statements."},{"id":"e13","sourceId":"filing-1","location":"MD&A: Hill’s 2025 pricing and volume results","excerpt":"Net sales for Hill’s Pet Nutrition increased 2.9% in 2025 to $4,613, driven by net selling price increases of 3.0% and positive foreign exchange of 0.5%, partially offset by volume declines of 0.6%."},{"id":"e14","sourceId":"filing-1","location":"MD&A: acquisition contribution to Hill’s volume","excerpt":"The Prime100 acquisition contributed 1.1% to volume."},{"id":"e15","sourceId":"filing-1","location":"MD&A: Hill’s organic growth and lower private-label sales","excerpt":"Organic sales in Hill’s Pet Nutrition increased 1.2% in 2025 despite a negative impact from lower private label sales (320 bps)."},{"id":"e16","sourceId":"filing-6","location":"MD&A: first-quarter 2026 gross-margin cost, pricing and productivity bridge","excerpt":"This decrease in Gross profit margin was due to significantly higher raw and packaging material costs (350 bps), which included the impact of tariffs, partially offset by cost savings from the Company’s funding-the-growth initiatives (230 bps), higher pricing (80 bps) and favorable mix (20 bps)."},{"id":"e17","sourceId":"filing-2","location":"MD&A: second-quarter 2026 GAAP operating margin","excerpt":"Operating profit margin was 19.0% in the second quarter of 2026, a decrease of 210 bps compared to 21.1% in the second quarter of 2025."},{"id":"e18","sourceId":"filing-2","location":"MD&A: second-quarter 2026 adjusted operating margin","excerpt":"Excluding the items described above in both periods, as applicable, Operating profit margin was 21.4% in the second quarter of 2026, an increase of 10 bps compared to 21.3% in the second quarter of 2025."},{"id":"e19","sourceId":"filing-2","location":"Condensed cash-flow statements: first-half 2026 spending, financing and distributions","excerpt":"4 COLGATE-PALMOLIVE COMPANY Condensed Consolidated Statements of Cash Flows (Dollars in Millions) (Unaudited) Six Months Ended June 30, 2026 2025 Operating Activities Net income including noncontrolling interests $ 1,401 $ 1,499 Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations: Depreciation and amortization 311 299 ERISA litigation matter — 65 Restructuring and termination benefits, net of cash 232 (13) Stock-based compensation expense 78 55 Deferred income taxes (15) (17) Cash effects of changes in: Receivables (274) (152) Inventories (110) 3 Accounts payable and other working capital 124 (248) Other non-current assets 47 31 Other non-current liabilities (52) (38) Net cash provided by (used in) operations 1,742 1,484 Investing Activities Capital expenditures (266) (232) Purchases of marketable securities and investments (124) (384) Proceeds from sale of marketable securities and investments 150 350 Payment for acquisition, net of cash acquired — (293) Other investing activities (4) (1) Net cash provided by (used in) investing activities (244) (560) Financing Activities Short-term borrowing (repayment) less than 90 days, net 1,053 (30) Principal payments of debt (1,086) (139) Proceeds from issuance of debt — 497 Dividends paid (879) (880) Purchases of treasury shares (597) (516) Proceeds from exercise of stock options 138 65 Other financing activities (43) 136 Net cash provided by (used in) financing activities (1,414) (867) Effect of exchange rate changes on Cash and cash equivalents (2) 62 Net increase (decrease) in Cash and cash equivalents 82 119 Cash and cash equivalents at beginning of the period 1,288 1,096 Cash and cash equivalents at end of the period $ 1,370 $ 1,215 Supplemental Cash Flow Information Income taxes paid $ 459 $ 530 Interest paid $ 127 $ 137 See Notes to Condensed Consolidated Financial Statements."},{"id":"e20","sourceId":"filing-6","location":"Restructuring note: expanded estimated program charges","excerpt":"The Strategic Growth and Productivity Program is now estimated to result in cumulative pre-tax charges, once all initiatives are approved and implemented, totaling between $350 and $550, increased from $200 to $300."},{"id":"e21","sourceId":"filing-2","location":"MD&A: projected annualized productivity savings","excerpt":"Annualized pre-tax savings are projected to be in the range of $200 to $300, once all projects are approved and implemented."},{"id":"e22","sourceId":"filing-3","location":"Executive compensation: existing compensation governance practices","excerpt":"Compensation Governance Our key executive compensation practices include the following: High percentage of compensation is variable and is tied to annual and long-term performance Double-trigger vesting of severance payments upon change in control Multiple performance measures used No executive officer employment agreements Robust stock ownership guidelines No hedging or pledging of Company stock is permitted Clawback policies tied to financial restatements or code of conduct violations No backdating, springloading or repricing of stock options Only ongoing perquisites relate to CEO security No tax gross-ups on perquisites or severance Please see the CD&A beginning on page 28 for a detailed description of our executive compensation programs."},{"id":"e23","sourceId":"filing-3","location":"Governance: adopted shareholder rights and share-retention requirements","excerpt":"For example, following dialogue and collaboration with our stockholders and other stakeholders, we have adopted the following corporate and compensation governance enhancements in recent years: ● Reducing the threshold for stockholders to call special meetings from 25% to 15% ● Enhancing the duties of our Lead Director ● Adopting a policy that we will not execute any new severance agreement with an executive officer that provides for cash severance benefits exceeding 2.99 times the sum of the executive officer’s base salary plus target bonus opportunity without seeking stockholder ratification of the agreement ● Adopting a requirement prohibiting our officers from selling net after-tax shares of Common Stock received upon the vesting of any restricted stock unit award until they have achieved their required ownership level ● Enhancing our political contributions policy ● Enhancing our director time commitment policy Communications to the Board of Directors Stockholders and other interested parties are encouraged to communicate directly with our independent directors by sending an email to directors@colpal.com or by writing to Directors, c/o Office of the Chief Legal Officer, Colgate-Palmolive Company, 300 Park Avenue, 11th Floor, New York, New York 10022."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation: realized decline in 2025 annual incentive payments","excerpt":"Consistent with these financial results and reflecting the impact of our pay-for-performance philosophy, our annual incentive payments also declined in 2025."},{"id":"e25","sourceId":"filing-3","location":"Proxy summary: board practices, attendance and shareholder rights","excerpt":"The governance section beginning on page 6 describes our corporate governance framework and commitment, which include the following highlights: BOARD FOCUSED ON KEY STRATEGIC PRIORITIES Board plays major role in overseeing business strategy and performance, risk management, Company culture and succession planning Board and management focus on cybersecurity, AI, sustainability and human capital matters FOCUS ON BOARD PERFORMANCE Board composition defined by strong leadership and experience Strong record of Board refreshment and mix of tenure of directors Strong focus on having a range of backgrounds, perspectives, skills and experiences represented on the Board 96% average attendance of incumbent directors at Board and committee meetings in 2025 Mandatory retirement age of 72 provides a mechanism for regular Board refreshment Directorship limits and related policies prevent overboarding Annual Board and committee self-evaluations Regular independent director evaluations conducted by an external facilitator Regular review of committee charters, corporate governance guidelines, director qualifications and related policies ALIGNMENT WITH STOCKHOLDER INTERESTS Substantial majority of director compensation paid in Company equity Robust stock ownership requirements for directors and officers Prohibitions on insider trading and hedging or pledging Company stock Stringent clawback policies Pay-for-performance philosophy Robust annual stockholder engagement program BOARD INDEPENDENCE Strict director independence standards 9 out of 10 director nominees are independent (all except for the Chief Executive Officer) Board committees are 100% independent Robust independent Lead Director duties Executive sessions of independent directors are held at every regularly scheduled Board meeting STOCKHOLDER RIGHTS Annual election of all directors Majority voting and director resignation policy for directors in uncontested elections Annual “say on pay” advisory vote Stockholders have ability to call special meetings (15% threshold) and to act by written consent Stockholders have proxy access right 4 Table of Contents Proxy Statement Summary Executive Compensation Program Highlights The key principles underlying our compensation philosophy are aligning pay and performance, driving strong business results and our strategic plan, focusing on long-term shareholder return, motivating and retaining critical talent and reflecting external market and competitive practices."},{"id":"e26","sourceId":"filing-3","location":"Governance: combined chairman and CEO position at proxy date","excerpt":"employee director, Noel Wallace, who is our President and CEO and Chairman of the Board."},{"id":"e27","sourceId":"filing-2","location":"Contingencies: adverse ERISA decisions and recorded charges","excerpt":"15 COLGATE-PALMOLIVE COMPANY Notes to Condensed Consolidated Financial Statements (Dollars in Millions Except Share and Per Share Amounts) (Unaudited) Following adverse decisions by the District Court and the United States Court of Appeals for the Second Circuit, the Company recorded charges to earnings of $267 in the quarter ended March 31, 2023 and $65 in the quarter ended March 31, 2025 to reflect the then current estimated increase in pension plan liability and other related costs."},{"id":"e28","sourceId":"filing-2","location":"Contingencies: ERISA settlement amount","excerpt":"In the quarter ended September 30, 2025, the parties entered into a settlement agreement to fully resolve the litigation for $332, inclusive of attorneys’ fees and costs."},{"id":"e29","sourceId":"filing-2","location":"Segment note: first-half 2026 productivity-program charges","excerpt":"Corporate Operating profit (loss) for the six months ended June 30, 2026 included charges resulting from the Strategic Growth and Productivity Program of $300."}],"changes":["Retains the previous narrow-moat verdict; the supplied evidence supports brand and distribution advantages without establishing a wide moat.","Adds explicit pricing, retention, management and governance assessments, including actual incentive-payment reductions and adopted shareholder protections.","Separates projected restructuring savings from realized results and recognizes mixed margin resilience and increased program commitments."],"limitations":["Assessment uses only the supplied passages. Source dates are filing dates (dateKind: filed), not retrieval dates; operating periods and proxy-date disclosures are distinguished.","Category leadership is issuer-reported and attributed to market-share data, but numerical shares, methodology and a multi-year share series are absent.","Competitive passages identify generic competitor categories. Named customers, compensation comparators and stock-performance peers do not establish named product competitors, so the competitors array is empty.","Repeat demand is assessed indirectly from operating results; household repeat-purchase rates, customer cohorts and switching-friction measurements are absent.","Pricing evidence covers selected regions and segments. Detailed customer pricing contracts, repricing rights and portfolio-wide price elasticity are absent.","The proxy supports assessment of existing incentive and governance arrangements, but actual executive ownership balances and full incentive calculations are not supplied. Nominee statistics are not treated as subsequent election results.","Impairments demonstrate portfolio losses but do not alone establish erosion of the core oral-care franchise. Projected productivity savings and strategic aspirations are not realized advantages."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Reported global oral-care leadership, protected brands and extensive distribution, corroborated by Latin American price and volume growth, support a demonstrated brand advantage. Relative costs and portfolio-wide superiority are not established.","evidenceIds":["e1","e2","e3","e4","e6"]},{"criterion":"durability","grade":2,"rationale":"Continuing trademark protection and established market access support persistence, but materially slower organic growth and realized retailer concessions make economic durability mixed. No long-term market-share series demonstrates exceptional resilience.","evidenceIds":["e3","e5","e8","e11"]},{"criterion":"customer_dependency","grade":1,"rationale":"Brand preference supports demand, but lower-priced substitutes and stronger retailer bargaining positions indicate weak customer dependence. No contractual lock-in or material consumer switching friction is demonstrated.","evidenceIds":["e6","e7","e8","e9"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Latin American price and volume growth and broadly stable adjusted second-quarter operating margin counterbalance slower 2025 growth, retailer concessions and portfolio impairments. Digital entry is an erosion risk, rather than proof of realized share loss.","evidenceIds":["e6","e8","e10","e11","e12","e18"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Latin America achieved 2.8% net selling-price growth with 2.6% volume growth in second-quarter 2026; Hill’s achieved 3.0% pricing in 2025. These are demonstrated outcomes, although Hill’s volume declined and the evidence is not portfolio-wide.","evidenceIds":["e6","e13"]},{"criterion":"retention","grade":2,"rationale":"Indirect demand evidence is mixed: Latin American volume grew alongside pricing, while Hill’s total volume declined 0.6% despite a 1.1% acquisition contribution. Lower private-label sales explain part of Hill’s weakness, so this is not a measured branded-customer retention rate.","evidenceIds":["e6","e13","e14","e15"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-quarter 2026 pricing and productivity savings did not fully offset material-cost inflation. Second-quarter adjusted operating margin improved 10 basis points, while GAAP margin declined 210 basis points. Resilience reflects both pricing and cost actions, with restructuring costs material.","evidenceIds":["e16","e17","e18","e29"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Actual price increases demonstrate some practical discretion, but stronger retailers have demanded discounts, allowances and fees that reduced sales or profitability. This is adverse evidence of constrained commercial freedom; detailed pricing-contract rights remain unavailable.","evidenceIds":["e6","e7","e8"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash flow rose from $3.745 billion in 2023 to $4.198 billion in 2025, with controlled capital spending. First-half 2026 cash flow after capital expenditures approximately matched dividends and repurchases. However, $919 million of 2025 impairments and increased restructuring commitments temper the record; projected savings are not delivered returns.","evidenceIds":["e11","e12","e19","e20","e21"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing variable-pay arrangements, clawbacks, hedging restrictions and adopted share-retention requirements support alignment. Annual incentive payments actually declined with weaker 2025 results. Actual executive ownership balances and complete payout calculations are absent, limiting confidence beyond this grade.","evidenceIds":["e22","e23","e24"]},{"criterion":"execution","grade":2,"rationale":"Execution is assessed from operating evidence: multi-year cash generation, Latin American price and volume growth and stable adjusted second-quarter margin are positive. Slower organic growth, impairments and substantial restructuring charges make the overall outcome mixed.","evidenceIds":["e6","e11","e12","e18","e19","e29"]},{"criterion":"governance","grade":2,"rationale":"Independent committees, reported board attendance and adopted shareholder-rights enhancements provide concrete safeguards. The combined chairman and CEO position and adverse ERISA decisions culminating in a $332 million settlement temper the assessment. Proxy-date practices do not establish subsequent election outcomes or exceptional governance effectiveness.","evidenceIds":["e23","e25","e26","e27","e28"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"12aafddb94baa42b1f72fa92e47ccac3f88ee9d4e0ae5f9a437a4397fa5992b3","updatedAt":"2026-10-18T13:09:54.273Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/21665/000002166526000006/cl-20251231.htm","publishedAt":"2026-02-23","sha256":"e06043c88a2c510c99b47ac9df0b7956982e272eae853dc7e9272a72c4b0173b","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/21665/000002166526000042/cl-20260630.htm","publishedAt":"2026-07-31","sha256":"82a581c54a88a678ac2b59dc87f5960102e76613b2a97accb6dc49b2d16c0ce0","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/21665/000130817926000136/cl015164-def14a.htm","publishedAt":"2026-03-25","sha256":"54b988f2c4f044d41b31f198f74dbedebb83a75c08a1045e5ffbe5e300ebb1c7","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/21665/000002166525000008/cl-20241231.htm","publishedAt":"2025-02-13","sha256":"bcdbcf1f5adbe2598ccc6c498ff8e9966f3d1f160bd8fadcf19098c7e08fcbea","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/21665/000002166524000003/cl-20231231.htm","publishedAt":"2024-02-15","sha256":"3f8c8be0f0485e8c0b22e50125c6a7afbff8b4673498480f2f392254dec0cb5d","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/21665/000002166526000023/cl-20260331.htm","publishedAt":"2026-05-01","sha256":"04c74d394af52d9d71b438350fd0f04c8e507c00fdbb2c644318fc614fbc246c","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:534175cb8c7980ec62bc42fbbcafa4789562e6487315aaf087fcd51c59e350b6","usage":{"input_tokens":88154,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3457,"reasoning_output_tokens":137}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":59.55456058779633,"operating_margin":19.12634177142529,"roic":33.87095571512725,"fcf_margin":15.8314677687848,"sbc_revenue":0.7749268124677114},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":57.037902821840035,"operating_margin":16.101742082707187,"roic":26.524051434146084,"fcf_margin":10.352312573050593,"sbc_revenue":0.6957199309845828},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":58.210412704939095,"operating_margin":20.47592126227065,"roic":33.891243313729134,"fcf_margin":15.62419694711415,"sbc_revenue":0.6270236932723441},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":60.49947763792846,"operating_margin":21.232774488831403,"roic":42.12135397302979,"fcf_margin":17.64091338739366,"sbc_revenue":0.671608377692652},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":60.106957119026596,"operating_margin":16.2201942890786,"roic":33.81629141144899,"fcf_margin":17.829457364341085,"sbc_revenue":0.760474928858797},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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