Each swatch in your color palette contains the hexidecimal and RGB color value in the bottom left corner. On the right side of the swatch is a toolbar that will be covered a little later. Below is an example of a color swatch.
This swatch has a hexidecimal color value of #266C80, and a RGB color value of (38, 108, 128).
The swatch toolbar appears on the right side of the swatch and is used to insert a new swatch, delete the current swatch, and to change the swatch's color. Below is a picture of a swatch toolbar.
is used to insert a new swatch to the left of the current swatch.
is used to remove the current swatch from the palette.
is used to change the color of the current swatch.