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Report of Independent Registered Public Accounting Firm			3

Financial Statements:

Statements of Net Assets Available for Benefits as of December 31, 2020 and 2019			4

Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2020			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.

We have audited the accompanying statements of net assets available for benefits of Colgate-Palmolive Puerto Rico Employees Savings and Investment Plan (the “Plan”) as of December 31, 2020 and 2019, the related statement of changes in net assets available for benefits for the year ended December 31, 2020, 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, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

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.


	2020		2019
Assets
Employer contributions receivable	$	31,460	$	15,968
Participant contributions receivable	8,922		—
Plan’s interest in the Colgate-Palmolive Savings & Investment Plans Master Trust	12,750,794		10,591,876

Total assets	12,791,176		10,607,844

Liabilities
Payable to participants	—		7,228
Net assets available for benefits	$	12,791,176	$	10,600,616


Additions

Net investment income (loss):


Change in Plan’s interest in the Colgate-Palmolive Savings & Investment Plans Master Trust	$	2,162,760
Net investment income (loss)	2,162,760

Contributions:
Employer contributions	381,269
Participant contributions	312,144
Total contributions	693,413

Total additions	2,856,173

Deductions

Distributions to participants	665,613


Total deductions	665,613

Increase in net assets available for benefits	2,190,560

Net assets available for benefits – beginning of year	10,600,616

Net assets available for benefits – end of year	$	12,791,176

The following description of the Colgate-Palmolive Puerto Rico Savings and Investment Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a complete description of the Plan’s provisions.

The Plan was created on February 1, 1994 to provide retirement benefits for eligible employees and is sponsored by Colgate-Palmolive Company Distr. LLC (the “Plan Sponsor” or the “Company”), a wholly-owned subsidiary of Colgate-Palmolive Company. Banco Popular de Puerto Rico is the trustee of the Plan. The recordkeeper of the Plan is Alight Solutions LLC. The Plan’s investments are contained within the Colgate-Palmolive Savings & Investment Plans Master Trust (the “Master Trust”) and the custodian of the Plan is the Bank of New York Mellon.

The Plan is a defined contribution retirement plan and is administered by the Colgate-Palmolive Company Employee Relations Committee (the “Committee”). The Plan is subject to the reporting and disclosure requirements, participation and vesting standards and fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and to the Puerto Rico Internal Revenue Code of 2011, as amended (“Puerto Rico IRC”). Employees eligible to participate in the Plan must meet certain minimum hourly service requirements and be at least 21 years old.


Name of Fund			Description of the type of investment
Short Term Fixed Income Fund			Guaranteed investment contracts and cash reserve funds
Colgate Common Stock Fund			Colgate-Palmolive Company Common Stock and cash reserve funds
Vanguard Wellington Fund			Equity and fixed income securities where common stocks represent 60% to 80% of the fund’s total assets
Vanguard Institutional Index Fund			Equity securities included in the S&P500 Index in proportion to their weighting in the index
American Funds EuroPacific Growth Fund			Primarily invests in stocks of companies in Europe and the Pacific Basin
Neuberger Berman Genesis Fund			Primarily invests in stocks of companies with total market value of less than $1.5 billion at the time of the initial investment
BlackRock LifePath Funds			Funds whose investment mix across a range of asset classes becomes more conservative as the target or maturity date approaches
Baird Core Plus Bond Fund			Primarily invests its assets in a diversified portfolio of U.S. government, corporate, mortgage and asset-backed securities
Vanguard Extended Market Index			Invests in approximately 3,000 small and mid-cap stocks which account for about one-fourth of the market cap of the U.S. stock market

Employees can generally contribute to the Plan between 1% and 100% of their eligible compensation. Participants may generally begin, resume or suspend contributions, change their contribution rate and the allocation of their contributions between pre-tax and after-tax earnings on a daily basis. Participants are always fully vested in their contributions and related investment earnings. Under the Puerto Rico IRC the maximum allowable participant pre-tax contribution was $15,000 for 2020. Participants who are expected to reach or are over the age of 50 during the Plan year and have made the maximum pre-tax contributions are eligible to make additional catch-up contributions. The maximum allowable catch-up contribution under the Puerto Rico IRC was $1,500 for 2020, on a pre-tax basis.

Employees participating in the Plan may direct the investment of their contributions into various investment options offered by the Plan and may change their investment direction on a daily basis. Participants may, on a daily basis, diversify/transfer their participant account balances among any of the investment funds in the Plan.

The Company matches participant pre-tax contributions at a rate of 50% or 75% of the participant’s pre-tax contributions, up to a maximum of 6% of participant eligible compensation depending on years of service. Company matching contributions are initially invested in Colgate-Palmolive Company Common Stock and are diversifiable on a daily basis, immediately upon allocation, among any of the investment funds in the Plan. Vesting in the Company’s matching contribution portion of participants’ accounts is based on years of service. Participants are 50% vested in their matching contribution accounts after two years of service and fully vested after three years of service or, if while active, they reach age 55, become permanently disabled, or die, or in the event of Plan termination.

The Company allocates Basic Retirement Contributions (“BRCs”) and Additional Basic Retirement Contributions (“ABRCs”) to participants. BRCs are based on eligible compensation and number of years of service with the Company. Employees with less than 10 years of service will receive 4% of eligible compensation and employees with 10 or more years of service will receive 5% of eligible compensation. ABRCs in the amount of 1% of eligible compensation are made for employees hired prior to November 1, 2012. Employees do not need to make contributions to the Plan to receive BRCs/ABRCs.

Employees may direct the investment of these contributions into various investment options offered by the Plan and may change their investment direction on a daily basis. Participants may, on a daily basis, diversify/transfer these account balances among any of the investment funds in the Plan.

Vesting on the BRC and ABRC portion of the participants’ accounts is based on years of service. Participants are 25% vested after 2 but less than 3 years of service, 50% vested after 3 but less than 4 years of service, 75% vested after 4 but less than 5 years of service, and 100% after 5 years, or, if while active, they reach 55, become permanently disabled, or die, or in the event of Plan termination.

An account is maintained for each participant, credited with the types of contributions described above as well as allocation of fund earnings or losses, and expenses. Depending on fund elections, certain participant investment accounts are also charged with monthly investment service fees. The benefit to which a participant is entitled upon termination of employment is the vested portion of the amount accumulated in the participant’s account.

Participating employees can receive a distribution from the Plan due to retirement, permanent disability, termination or death. Unvested balances will be forfeited in the event of termination. In-service withdrawals are available as specified by the Plan.

After the earlier of the distribution of the terminated participant’s vested account balances or the fifth anniversary of the participant’s termination, nonvested account balances are considered forfeited and can be used to reduce future Company contributions and/or to pay for administrative expenses incurred by the Plan. The forfeiture balance as of December 31, 2020 and 2019 totaled $0 and $0, respectively. During 2020, the Company used $12 of forfeitures to reduce Company contributions.

Although it has not expressed any intention to do so, the Plan Sponsor has the right under the Plan to discontinue its contributions at any time and/or terminate the Plan subject to the provisions set forth in ERISA. In the event of termination of the Plan, the Committee shall compute and distribute the value of the accounts of the participants.

The preparation of financial statements in conformity with U.S. GAAP requires the Plan administrator to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

The investments of the Plan are maintained through the Master Trust. The Plan participates in the Master Trust along with the Colgate-Palmolive Company Employees Savings and Investment Plan. The value of the Plan’s interest in the Master Trust is based on the beginning value of the Plan’s interest in the Master Trust plus actual contributions and allocated net investment income (loss) less actual distributions and allocated administrative expenses. The Plan’s allocated share of investment activities is based upon each plan’s participation in investment options within the Master Trust.

Investments maintained by the Master Trust, other than investments in common/collective trust funds and guaranteed investment contracts (“GICs”), are stated at fair value based on quoted market prices or as otherwise determined by the Bank of New York Mellon, the Master Trust custodian. Common/collective trust funds are stated at fair value using the net asset value (“NAV”) per unit in each fund. The NAV is based on the fair value of the underlying investments owned, minus its liabilities, divided by the number of shares outstanding. The liabilities, which are primarily investment management fees due, are included as part of the Plan’s interest in the Master Trust in the Statements of Net Assets Available for Benefits.

Through the Master Trust, the Plan maintains fully benefit-responsive GICs with insurance companies, banks and other financial institutions. The GICs represent investments that have fixed income securities paired with benefit-responsive wrap contracts. Wrap contracts are issued by high-quality financial institutions with primarily the following objectives: to provide a fixed rate of interest for a specified period of time and to enable the fund to pay participant-initiated withdrawals at book value.

In certain circumstances, the amount withdrawn from the GICs would be payable at fair value rather than at contract value. These events include termination of the Plan, a material adverse change to the provisions of the Plan, if the Plan elects to withdraw from a contract in order to switch to a different investment provider, or if the terms of a successor plan (in the event of the spin-off or sale of a division) do not meet the contract issuer’s underwriting criteria for issuance of a similar contract. Such circumstances, resulting in the payment of benefits at market value rather than contract value, are not considered probable of occurring in the foreseeable future.

The contract issuer could terminate the contract upon short notice at the fair value of the underlying investments in certain circumstances, including the Plan’s loss of its qualified status, uncorrected material breaches of responsibilities, or material and adverse changes to the provisions of the Plan.

Purchases and sales are recorded on a trade-date basis. Net appreciation or depreciation in fair value of investments includes the Plan’s gains and losses on investments bought and sold as well as held during the year. Dividend income is recorded on the ex-dividend date. The Plan’s interest in the net investment income (loss) of the Master Trust includes the Plan’s share of gains and losses on investments bought and sold as well as held during the year by the Master Trust and its share of interest and dividends earned by the Master Trust and is included in the Statements of Changes in Net Assets Available for Benefits.

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This new guidance removes certain disclosure requirements related to the fair value hierarchy, modifies existing disclosure requirements related to measurement uncertainty and adds new disclosure requirements. This guidance was effective for the Plan beginning on January 1, 2020 and did not have a material impact on the Plan’s Financial Statements.

The Plan Sponsor adopted an individually designed plan for which the Plan Sponsor received a favorable opinion letter, dated May 2, 2016, from the Treasury Department of Puerto Rico. Accordingly, the Plan is exempt from United States income taxes under Section 1022(i)(1) of ERISA and from Puerto Rico income taxes under Sections 1081(a) and (d) of the Puerto Rico IRC. The effects of such qualification, maintained through the continued operations of the Plan, are to:

U.S. GAAP requires the Plan administrator to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Puerto Rico Treasury Department. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2020 and 2019, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

The Plan’s investments are part of the Master Trust and the custodian of the Plan is the Bank of New York Mellon. The Master Trust also holds the assets of the Colgate-Palmolive Company Employees Savings and Investment Plan. The Plan’s custodian and recordkeeper maintain a separate account for the associated Plan assets and liabilities held within the Master Trust.

As of December 31, 2020 the Master Trust held investments in Colgate-Palmolive Company Common Stock, mutual funds, cash reserve funds, separately managed account funds, GICs and common/collective trust funds. Refer to Note 1, Description of the Plan, for additional discussion on the types of investments held within the Master Trust.

The value of the Plan’s interest in the Master Trust is based on the beginning value of the Plan’s interest in the Master Trust plus actual contributions and allocated net investment income (loss) less actual distributions and allocated administrative expenses. The Plan’s allocated share of investment activities is based upon each plan’s participation in investment options within the Master Trust.


	Net Assets as of December 31, 2020
	Master Trust		Plan’s Interest in Master Trust
Investments in the Master Trust
Colgate-Palmolive Company Common Stock	$	352,131,377	$	6,905,913
Mutual funds	981,036,064		2,627,818
Cash reserve funds	8,439,047		29,223
Separately managed account fund	251,971,999		—
Investments in the fair value hierarchy	1,593,578,487		9,562,954
Investments measured at net asset value	479,862,161		2,952,081
Investments at contract value	221,517,489		198,537
Total investments	2,294,958,137		12,713,572
Receivables	2,489,428		37,981
Total assets	2,297,447,565		12,751,553

Payables	472,095		759
Total	$	2,296,975,470	$	12,750,794


	Net Assets as of December 31, 2019
	Master Trust		Plan’s Interest in Master Trust
Investments in the Master Trust
Colgate-Palmolive Company Common Stock	$	308,790,769	$	5,548,780
Mutual funds	881,349,027		2,592,312
Cash reserve funds	11,998,110		81,715
Separately managed account fund	200,566,846		—
Investments in the fair value hierarchy	1,402,704,752		8,222,807
Investments measured at net asset value	406,060,644		2,194,386
Investments at contract value	198,831,358		175,254
Total investments	2,007,596,754		10,592,447
Receivables	1,061,046		509
Total assets	2,008,657,800		10,592,956

Payables	910,636		1,080
Total	$	2,007,747,164	$	10,591,876

The Plan uses available market information and other valuation methodologies in assessing the fair value of financial instruments. Judgment is required in interpreting market data to develop the estimates of fair value and, accordingly, changes in assumptions or the estimation methodologies may affect the fair value estimates.

The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs.

Mutual funds: Valued at the NAV of units held by the Plan at year end based upon quoted market prices. The investments provide daily redemptions by the Plan with no advance notice requirements, and have redemption prices that are determined by the fund’s net asset value per unit as of the redemption date.

Common/Collective trust funds: Valued using the NAV practical expedient per unit in each fund. The NAV practical expedient is based on the value of the underlying investments owned by each trust, minus its liabilities, divided by the number of shares outstanding. The investments provide daily redemptions by the Plan with no advance notice requirements, and have redemption prices that are determined by the fund’s NAV practical expedient per unit as of the redemption date.


	Level 1		Total
Colgate-Palmolive Company Common Stock	$	6,905,913	$	6,905,913
Mutual funds	2,627,818		2,627,818
Cash reserve funds	29,223		29,223
Investments in the fair value hierarchy	9,562,954		9,562,954
Investments measured at net asset value(1)	—		2,952,081
Investments at fair value	$	9,562,954	$	12,515,035


	Level 1		Total
Colgate-Palmolive Company Common Stock	$	5,548,780	$	5,548,780
Mutual funds	2,592,312		2,592,312
Cash reserve funds	81,715		81,715
Investments in the fair value hierarchy	8,222,807		8,222,807
Investments measured at net asset value(1)	—		2,194,386
Investments at fair value	$	8,222,807	$	10,417,193

The Plan invests in various investment securities which are exposed to various risks, such as interest rate, market, and credit risks, and also may be impacted by COVID-19, which has caused significant changes in political and economic conditions around the world, including disruptions and volatility in the global capital markets. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of these securities may occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

As of December 31, 2020 and 2019, the Plan held shares of common stock of Colgate-Palmolive Company, the Plan Sponsor’s parent company. Certain investments within the Employee Benefit Temporary Investment FD Fund are shares of funds managed by the Bank of New York Mellon, the custodian of the Plan. The Dreyfus Government Cash Management Fund is managed by the Bank of New York Mellon’s affiliate, Dreyfus. As of December 31, 2020, the Plan had $25,582 and $4,063 invested in the Employee Benefit Temporary Investment FD Fund and Dreyfus Government Cash Management Fund, respectively. These transactions qualify as party-in-interest transactions that are allowable under ERISA.


The Plan:			Pursuant to the requirements of the Securities Exchange Act of 1934, as amended the Trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.


Master Trust net investment income (loss):	For The Year Ended December 31, 2020
Interest	$	5,415,754
Dividends	54,300,115
Appreciation in the fair value of investments, net	309,347,079
Master Trust net investment income:	369,062,948


		COLGATE-PALMOLIVE PUERTO RICO
		SAVINGS AND INVESTMENT PLAN
		(Name of Plan)


Date:	June 24, 2021	/s/ Stanley J. Sutula III
		Stanley J. Sutula III
		Chief Financial Officer
		Colgate-Palmolive Company


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


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


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


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


			Level 1:			Based upon quoted market prices in active markets for identical assets or liabilities.


			Level 2:			Based upon observable market-based inputs or unobservable inputs that are corroborated by market data.


			Level 3:			Based upon unobservable inputs reflecting the reporting entity’s own assumptions.


COLGATE-PALMOLIVE COMPANY


300 PARK AVENUE, NEW YORK, NY 10022


23.1			Consent of Grant Thornton LLP