Colgate Palmolive : An annual report of employee stock purchase, savings and similar plans

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

ANNUAL REPORT

PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

OR

• o TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

  For the transition period from __________ to __________.

  Commission file number: 1-644

• A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

  COLGATE-PALMOLIVE PUERTO RICO SAVINGS AND INVESTMENT PLAN

• B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

COLGATE-PALMOLIVE COMPANY

300 PARK AVENUE, NEW YORK, NY 10022

1

COLGATE-PALMOLIVE PUERTO RICO SAVINGS AND INVESTMENT PLAN
INDEX TO FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm	3
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2019 and 2018	4
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2019	5
Notes to Financial Statements	6
Signatures	15

Supplemental schedules were omitted as they are not applicable or not required based on the disclosure requirements of the Employee Retirement Income Security Act of 1974, as amended and applicable regulations issued by the Department of Labor.

Exhibit:

23.1

Consent of Grant Thornton LLP

2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Administrator, Plan Participants and Employee Relations Committee of the

Colgate-Palmolive Puerto Rico Savings and Investment Plan

Opinion on the financial statements

We have audited the accompanying statements of net assets available for benefits of Colgate-Palmolive Puerto Rico Savings and Investment Plan (the "Plan") as of December 31, 2019 and 2018, the related statement of changes in net assets available for benefits for the year ended December 31, 2019, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

We have served as the Plan's auditor since 2011.

New York, New York

June 19, 2020

3

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

AS OF DECEMBER 31, 2019 AND 2018

2019	2018
Assets
Employer contributions receivable	$	15,968$	25,622
Participant contributions receivable	-	8,396
Plan's interest in the Colgate-Palmolive Savings & Investment Plans Master Trust	10,591,876	8,940,467
Total assets	10,607,844	8,974,485
Liabilities
Payable to participants	7,228	-
Net assets available for benefits	$	10,600,616$	8,974,485

The accompanying notes are an integral part of these financial statements.

4

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEAR ENDED DECEMBER 31, 2019

Additions

Net investment income (loss):

Change in Plan's interest in the Colgate-Palmolive Savings & Investment Plans Master Trust	1,845,318
Net investment income (loss)	1,845,318
Contributions:
Employer contributions	360,542
Participant contributions	303,257
Total contributions	663,799
Total increase (decrease)	2,509,117
Deductions
Distributions to participants	882,986
Total deductions	882,986
Increase in net assets available for benefits	1,626,131
Net assets available for benefits - beginning of year	8,974,485
Net assets available for benefits - end of year
The accompanying notes are an integral part of these financial statements.
5

$

$ 10,600,616