Summary
Colgate-Palmolive Company (CL) filed an 8-K on April 25, 2013, primarily to announce its financial results for the first quarter ended March 31, 2013, via an attached press release (Exhibit 99.1). This filing is crucial for investors as it provides an update on the company's operational performance and financial condition during the reporting period. While the press release details the earnings, the 8-K also disclosed a change in segment reporting effective January 1, 2013. The company realigned its North America and Latin America operating segments. Specifically, management responsibility for the Puerto Rico and Caribbean region (CARICOM) operations has been transferred from North America to Latin America management. This change is intended to better leverage emerging market consumer insights and accelerate growth in the Latin America region. Although this reclassification impacts how segment data is presented, it does not alter Colgate-Palmolive's historical consolidated financial results, position, operations, or cash flows. The company provided reclassified historical segment information (Exhibit 99.2) for comparability.
Key Highlights
- 1Announcement of Q1 2013 earnings and financial results via press release (Exhibit 99.1).
- 2Effective January 1, 2013, Colgate-Palmolive realigned its North America and Latin America reportable operating segments.
- 3Management responsibility for Puerto Rico and CARICOM operations transferred from North America to Latin America.
- 4The change aims to leverage Latin America management's knowledge of emerging market consumers to accelerate regional growth.
- 5The segment reclassification does not impact the Company's historical consolidated financial results, operations, or cash flows.
- 6Reclassified historical segment information for the years 2008-2012 and specific quarters of 2012 provided for comparability (Exhibit 99.2).
- 7The reclassified disclosure does not constitute a restatement of previously issued financial statements.