Item 2.05.     Costs Associated with Exit or Disposal Activities.

As part of its previously disclosed four-year restructuring and business-building program (the “Restructuring Program”), Colgate-Palmolive Company (the “Company”) announced on May 16, 2006 a voluntary early retirement program applicable to certain U.S. employees. The purpose of the program is to enable the Company to continue to re-align organizational resources consistent with its business-building goals. Since the program is voluntary, the amount of the associated charges will depend on which employees elect to participate and is not known at this time. The Company expects the charges, substantially all in cash, to be approximately 10% of the previously disclosed estimated range of total charges for the overall Restructuring Program of between $550 million and $650 million after tax. The expected savings from this project are also included in the previously disclosed range of estimated savings from the overall Restructuring Program of between $250 million and $300 million per year after tax by the fourth year of the Restructuring Program.

This report on Form 8-K may contain forward-looking statements. Actual events or results may differ materially from those statements. For information about factors that could cause such differences, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2005, including information set forth under the captions “Risk Factors” and “Cautionary Statement on Forward-Looking Statements.”