Colgate-Palmolive Company
COLGATE PALMOLIVE CO (Form: 11-K, Received: 06/15/2017 16:24:34)

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)

x
ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2016
 
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 COMPANY EMPLOYEES 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




COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Index to Financial Statements
 
 
Page
Report of Independent Registered Public Accounting Firm
 
 
Financial Statements:
 
 
 
Statements of Net Assets Available for Benefits as of December 31, 2016 and 2015
 
 
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2016
 
 
Notes to Financial Statements
 
 
Signatures
 
 
Supplemental Schedule:
 
 
 
Schedule of Assets (held at end of year)

All other 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




REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Employee Relations Committee of the
Colgate-Palmolive Company Employees Savings and Investment Plan
 
We have audited the accompanying statements of net assets available for benefits of Colgate-Palmolive Company Employees Savings and Investment Plan (the “Plan”) as of December 31, 2016 and 2015, and the related statement of changes in net assets available for benefits for the year ended December 31, 2016. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Colgate-Palmolive Company Employees Savings and Investment Plan as of December 31, 2016 and 2015, and the changes in net assets available for benefits for the year ended December 31, 2016 in conformity with accounting principles generally accepted in the United States of America.

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2016 has been subjected to audit procedures performed in conjunction with the audit of Colgate-Palmolive Company Employees Savings and Investment Plan’s financial statements. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements, but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplementary information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the basic financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information referred to above is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.



/s/ GRANT THORNTON LLP
New York, New York
June 15, 2017






3

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Statements of Net Assets Available for Benefits
As of December 31, 2016 and 2015
(Dollars in thousands)


 
 
 
2016
 
2015
Assets
 
 
 
 
Cash
 
$
1,843

 
$
1,569

Investments at fair value
 
2,876,581

 
2,977,366

Investments at contract value
 
182,182

 
168,020

Receivables:
 
 
 
 
Employer contributions receivable
 
76

 
75

Participant contributions receivable
 
136

 
136

Due from brokers for securities sold
 
872

 

Dividends and interest receivable
 
479

 

Notes receivable from participants
 
14,863

 
15,788

Total receivables
 
16,426

 
15,999

Total assets
 
3,077,032

 
3,162,954

 
 
 
 
 
Liabilities
 
 

 
 

Due to brokers for securities purchased
 
1,064

 
5,151

Long-term note payable to Colgate-Palmolive Company
 
7,750

 
12,690

Accrued interest on note payable
 
251

 
67

Total liabilities
 
9,065

 
17,908

Net assets available for benefits
 
$
3,067,967

 
$
3,145,046



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

4

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2016
(Dollars in thousands)


 
Additions
 
Net investment income:
 

Interest
$
4,913

Dividends
56,353

Appreciation in the fair value of investments, net
56,694

Net investment income (loss)
117,960

 
 
Contributions:
 
Employer contributions
20,990

Participant contributions
50,370

Total contributions
71,360

 
 

Interest income on notes receivable from participants
512

 
 

Total additions
189,832

 
 

Deductions
 

Administrative expenses
(3,477
)
Distributions to participants
(262,942
)
Interest expense on note payable
(492
)
Total deductions
(266,911
)
 
 

Decrease in net assets available for benefits
(77,079
)
Net assets available for benefits – beginning of year
3,145,046

Net assets available for benefits – end of year
$
3,067,967



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

5

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
(Dollars in thousands, except as indicated)


1.    Description of the Plan

The Colgate-Palmolive Company Employees Savings and Investment Plan (the “Plan”) is a defined contribution plan sponsored by Colgate-Palmolive Company (the “Company”). 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”). The Plan is also an employee stock ownership plan (“ESOP”). State Street Global Advisors (the “ESOP Trustee”), a division of State Street Bank & Trust Company, is the trustee of Funds D and E (the “ESOP Shares Trust”). The Bank of New York Mellon is the trustee of the remaining funds and the custodian of the Plan. Transamerica Retirement Solutions LLC is the recordkeeper of the Plan.
 
The Plan offers programs which include an employer match, a success sharing program, a retirement contribution program, a bonus savings account program, an income savings account program and a retiree insurance program. The provisions below, applicable to the Plan participants, provide only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

Employees eligible to participate in the Plan must meet certain minimum hourly service requirements and be at least 18 years old. Employees are eligible upon hire to participate in the Plan.

As of December 31, 2016, the Plan maintained the following funds:
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 (Fund B)
Colgate-Palmolive Company Common Stock and cash reserve funds
Colgate Employer Common Stock Fund (Fund D)
Colgate-Palmolive Company Common Stock (the ESOP Shares Trust)
Colgate Common Stock Fund (Fund E)
Colgate-Palmolive Company Common Stock (the ESOP Shares Trust)
Vanguard Wellington Fund
Equity and fixed income securities where common stocks represent 60% to 70% of the fund’s total assets
Vanguard Institutional Index Fund (Admiral shares)
Equity securities included in the S&P 500 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
Baird Core Plus Bond Fund
Primarily invests its assets in a diversified portfolio of U.S. government, corporate, mortgage and asset-backed securities
Neuberger Berman Genesis Fund
Primarily invests in stocks of companies with total market value of less than $2 billion at the time of the initial investment
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
T. Rowe Price Growth Stock Strategy
Primarily invests its assets in the common stock of a diversified group of growth companies
Brandywine Classic Large Cap Value Fund
Primarily invests in dividend paying value stocks of large-cap companies
BlackRock LifePath Funds
Funds whose investment mix across a range of asset classes becomes more conservative as the target or maturity date approaches

6

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


Employee Stock Ownership Plan

In 1989, the Company expanded its Employee Stock Ownership Plan (“ESOP”) through the introduction of a leveraged ESOP that funds certain benefits for employees who have met eligibility requirements.
During 2000, the ESOP entered into a loan agreement with the Company under which the benefits for the ESOP may be extended through December 2035. Repayments of principal and interest are funded through future contributions and dividends on stock held by ESOP Fund D, both paid by the Company to the ESOP. In addition, the Company guaranteed minimum funding of $130,000, on a present value basis, in excess of debt service requirements.

As of December 31, 2016 and 2015, the ESOP had outstanding loans from the Company of $7,750 and $12,690 , respectively, bearing an average interest rate of 5.7% per year. The fair value of the outstanding notes payable to the Company was estimated at approximately $12 million and $19 million as of December 31, 2016 and 2015, respectively based on current interest rates for debt with similar maturities (Level 2 valuation). During 2016, the Company did not make any contributions to the ESOP.
 
Dividends on stock held by ESOP Fund D are paid to the ESOP and, together with cash contributions from the Company, are (a) used by the ESOP to repay principal and interest on the long-term notes, (b) credited to participant accounts, or (c) used to fund basic and additional basic retirement contributions.

A portion of the ESOP Fund D shares are released periodically for allocation to participants based on the ratio of debt service for the period to total debt service over the remaining scheduled life of all ESOP debt. As of December 31, 2016, 16,409,918 common shares (valued at $1,073,865) were released for allocation to participant accounts and the balance of 4,672,244 common shares (valued at $305,752) were available for future allocation to participant accounts. As of December 31, 2015, 17,690,600 common shares (valued at $1,178,548) were released for allocation to participant accounts and the balance of 5,945,584 common shares (valued at $396,095) were available for future allocation to participant accounts. The ESOP released shares are allocated to fund the employer portion of the various Plan programs described below.

Savings Program

Participant Contributions

Under the Savings Program, employees generally can contribute to the Plan between 1% and 25% of their recognized earnings (the greater of total compensation paid during the previous calendar year minus items such as reimbursement of moving expenses and special awards, or regular salary as of the most recent January 1, plus commissions and bonuses paid in the prior year). Employees who are not “highly compensated”, as defined by the Internal Revenue Code (“IRC”), may contribute any combination up to 25% of their recognized earnings on either a before-tax (subject to certain IRC limitations) or after-tax basis. Employees who are highly compensated may contribute as follows: those employees whose 2016 recognized earnings were less than $149.9 were limited to 16% of their recognized earnings, those employees whose 2016 recognized earnings were between $150.0 and $264.9 were limited to 12% of their recognized earnings and those employees whose 2016 recognized earnings equaled or exceeded $265.0 were limited to 8% of their recognized earnings. Participants may generally begin, suspend or resume contributions, change their contribution rate and the allocation of their contributions between before-tax and after-tax earnings on a daily basis. Plan participants are always fully vested in their contributions and related investment earnings. Under the IRC, the maximum allowable pre-tax contribution for participants was $18.0 for 2016. Participants who are expected to reach or are over the age of 50 during the Plan year and have made the maximum before-tax contribution are eligible to make additional catch-up contributions. Under the IRC, the maximum allowable catch-up contribution was $6.0 for 2016 on a pre-tax basis.

Employees may direct the investment of participant contributions to any of the Plan’s investment funds, other than Funds D and E, and may change how these contributions will be invested when allocated 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, although participants cannot make transfers into Funds D and E.


7

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


Company Matching Contributions

The Company and wholly-owned subsidiaries to which the Plan has been extended, make matching contributions of 50% to 75% of employee contributions up to 6% of recognized earnings, depending on years of service and collective bargaining agreements. Company matching contributions are invested in the same manner as employee elections for investment of their participant contributions. Contributions made are diversifiable, on a daily basis, immediately upon allocation, among any of the investment funds in the Plan, although participants cannot make transfers into Funds D and E. Participants are 50% vested in their Company 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, die, or in the event of Plan termination.

Incoming Rollovers

The Plan permits incoming rollovers of before-tax money from Section 403(b) plans and governmental Section 457 plans, as well as both before-tax and after-tax money from other companies’ qualified plans. Participants may direct the investment of an incoming rollover to any of the Plan’s investment funds, other than Funds D and E. Participants may, on a daily basis, diversify / transfer their rollover balances among any of the investment funds in the Plan, although participants cannot make transfers into Funds D and E.

Company Retirement Contributions Program

All eligible employees generally receive Basic Retirement Contributions (“BRCs”) and Additional Basic Retirement Contributions (“ABRCs”) equal to 4% up to 15% of recognized earnings depending on years of service and prior eligibility status in the Company’s Employees’ Retirement Income Plan. Employees of Hill’s Pet Nutrition, Inc. who are covered by a collective bargaining agreement are not eligible for these Company retirement contributions.

Participating employees may direct the investment of Company retirement contributions to be allocated among any of the Plan’s investment funds, other than Fund E. These Company retirement contributions are diversifiable, on a daily basis, immediately upon allocation, among any of the investment funds in the Plan, although participants cannot make transfers into Fund D or E. Participants are 50% vested in their account after two years of service and fully vested after three years of service, or if while active, they reach age 55, become permanently disabled, die, or in the event of Plan termination.
 
Success Sharing Program

The Success Sharing Program is designed to enable the Company to share its financial success with employees. Under the Success Sharing Program, a Success Sharing Account (“SSA”) has been established within the Plan for each eligible employee. As the Company meets or exceeds annual financial targets, shares of common stock are allocated to employee accounts according to a pre-determined formula. This program is generally available to all employees in the United States who are participants in the Plan and are on the payroll from at least June 30 through the last day of the year. If the individual is eligible but was not employed for the entire year, the allocation will be prorated. Employees are at all times fully vested in the value of their SSA. Any allocation is initially credited to Fund D. Participants may, on a daily basis, immediately upon allocation, diversify their SSA among any of the Plan’s investment funds, although participants cannot make transfers into Funds D and E.


8

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


Bonus Savings Account Program

The Bonus Savings Account (“BSA”) Program is designed to enable each eligible employee to receive an allocation representing all or a portion of his/her bonus in common stock. Under this program, a BSA allocation is credited to each eligible employee’s BSA established within the Plan. The portion of an employee’s bonus that can be allocated within the BSA program is determined based on the bonus amount earned, the total number of shares of common stock available for allocation, and other factors such as an employee’s income level and Internal Revenue Service (“IRS”) rules. This program is generally available to all employees in the United States who are participants in the Plan. However, due to IRS restrictions, employees who have not been a participant in the Plan for at least two years are unable to participate in the program, and employees with fewer than five years of service may be ineligible to receive a BSA allocation with respect to certain bonus periods. Employees are at all times fully vested in the value of their BSA and may elect to withdraw the balance of this account from the Plan immediately or at a later date. Any allocation is initially credited to Fund D. BSA balances are diversifiable, on a daily basis, immediately upon allocation, among any of the investment funds in the Plan, although participants cannot make transfers into Funds D and E.

Income Savings Account Program

The Income Savings Account (“ISA”) Program is designed to enable each eligible employee to receive an allocation representing a portion of his/her income in the form of common stock. Under this program, an ISA allocation of common stock is made each year to each eligible employee’s ISA. This program is generally available to all employees in the United States who are participants in the Plan, and who have at least five years of service as of July 2nd of the current year. Employees are at all times fully vested in the value of their ISA and may elect to withdraw the balance of this account from the Plan immediately or at a later date. Any allocation is initially credited to Fund D. ISA balances are diversifiable, on a daily basis, immediately upon allocation, among any of the investment funds in the Plan, although participants cannot make transfers into Funds D and E.

Retiree Insurance Program

The Retiree Insurance Program was designed to provide funds that could be used by employees to purchase health and life insurance upon retirement. Under the Retiree Insurance Program, a Retiree Insurance Account (“RIA”) was established within the Plan for each eligible employee. Prior to September 1, 2010, shares from the Colgate Employer Common Stock Fund were allocated to each eligible employee’s RIA. Effective September 1, 2010, the Company only makes allocations into an RIA for employees who are members of one of the Hill’s Pet Nutrition, Inc. participating unions. Allocations are based upon the schedule that was in place as of the Plan year 2009. Participants are 50% vested in their RIA after two years of service and fully vested after three years of service, or if while active, reach age 55, become permanently disabled, die, or in the event of Plan termination. RIA allocations are made in the form of common stock to Fund D and are diversifiable, on a daily basis, immediately upon allocation, among any of the investment funds in the Plan, although participants cannot make transfers into Funds D and E. Employees are entitled to the value of the vested amount of their RIA upon resignation, termination or retirement.

Participant Accounts

Each participant account may be credited with the types of allocations described above as well as allocations 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 is the benefit that can be provided from the participant’s vested account.

Distributions

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.




9

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


Forfeitures

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 become available to the Company to reduce future Company contributions and/or to pay for administrative expenses incurred by the Plan. The forfeiture balance as of December 31, 2016 and 2015 totaled $73 and $115, respectively. During 2016, the Company used $495 of forfeitures to reduce Company contributions.

Notes Receivable From Participants

Participants who have $1 or more in the Plan may borrow from the total of their fund accounts a minimum of $0.5 up to a maximum equal to the lesser of $50 (subject to certain offsets for prior loans) or 50% of their vested balance, subject to certain exclusions. Participants are allowed to have one ordinary loan and one loan related to the purchase of a principal residence outstanding at any time. The loans are secured by the balance in the participant’s account and bear a fixed rate of interest equal to the prime rate as listed in The Wall Street Journal on the first business day of the month in which the loan was requested. Principal and interest are paid ratably via payroll deductions. Loan terms range from 1 to 15 years. Loans outstanding at December 31, 2016 had interest rates ranging from 3.3% to 8.3% and maturities through 2031. Loans outstanding at December 31, 2015 had interest rates ranging from 3.3% to 9.5% and maturities through 2030.

Plan Termination

Although the Company has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan at any time subject to the provisions of ERISA. In the event of termination of the Plan, the Employee Relations Committee of the Company (the “Committee”) shall compute and distribute the value of the accounts of the participants.

2.    Summary of Significant Accounting Policies

Basis of Accounting

The financial statements of the Plan are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 

Use of Estimates

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.

Notes Receivable from Participants

Participant loans are stated at cost plus accrued interest. Interest income is recorded on an accrual basis. No allowances for credit losses has been recorded as of December 31, 2016 and 2015. Delinquent loans are reclassified as distributions to participants based upon the terms defined in the Plan document.

Investment Valuation and Income Recognition

The Plan’s investments, 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 Bank of New York Mellon, the Plan’s trustee.


10

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


The Plan is invested in common/collective trust funds which 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 by each trust, minus its liabilities, divided by the number of shares outstanding. The liabilities, which are primarily investment management fees due, are included in Due to brokers for securities purchased in the Statements of Net Assets Available for Benefits. The common/collective trust funds are primarily comprised of a mix of equity and fixed income funds.

The Plan has entered into 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.

As more fully discussed below, GICs are accounted for at contract 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 employer 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.

Examples of events that would permit a contract issuer to terminate a contract upon short notice include the Plan’s loss of its qualified status, uncorrected material breaches of responsibilities, or material and adverse changes to the provisions of the Plan. If one of these events was to occur, the contract issuer could terminate the contract at the fair value of the underlying investments (or in the case of traditional GICs, at the hypothetical fair value based upon a contractual formula).

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.

Benefit Payments Recognition

Benefits paid directly to participants are recorded when paid.

Administration

The Plan is administered by the Committee for the benefit of the participants. Administrative expenses are paid by the Plan.

Recent Accounting Pronouncements

In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-12, “Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient”, (“ASU 2015-12”). Part I eliminates the requirements to measure the fair value of fully benefit-responsive investment contracts but continues to provide certain disclosures that help users understand the nature and risks of fully benefit-responsive investment contracts. Upon adoption, contract value is the only required measure for fully benefit-responsive investment contracts. Part II eliminates the requirements to disclose individual investments that represent 5% or more of net assets available for benefits and the net appreciation or depreciation in fair value of investments by general type. Part II also simplifies the level of disaggregation of investments that are measured using fair value. Plans continue to disaggregate investments that are measured using fair value by general type; however, plans are no longer required to disaggregate investments by nature, characteristics and risks.

11

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


Further, the disclosure of information about fair value measurements is provided by general type of plan asset. Part III provides a practical expedient to permit plans to measure investments and investment-related accounts as of a month-end date that is closest to the plan’s fiscal year-end, when the fiscal period does not coincide with month-end. ASU 2015-12 was effective for the Plan beginning January 1, 2016 and as required, was adopted retrospectively. As a result, (i) fully benefit responsive investment contracts are stated at contract value; and (ii) for individual investments that represent 5% or more of net assets available for benefits, the net appreciation or depreciation of investments by general type, as well as the disaggregation of investments by nature, characteristics and risks in the fair value table, have been eliminated. Part III is not applicable to the Plan’s financial statements.

In May 2015, the FASB issued ASU 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent)”, (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy investments for which fair value is measured using the net asset value per share practical expedient. In addition, the update limits disclosures to investments for which the entity elected to measure the fair value using the practical expedient rather than all eligible investments. ASU 2015-07 was effective for the Plan on January 1, 2016 and as required, was adopted retrospectively. The Plan’s financial statements disclosures have been revised to reflect this adoption.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

3.
Tax Status

The Company has obtained a favorable determination from the IRS in a letter dated May 2, 2014 regarding the Plan’s qualified status. The Plan has been amended since the amendments considered under the determination letter. However, the Committee and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. On January 29, 2016, the Company submitted to the IRS an application for a new determination letter.

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 Internal Revenue Service. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2016 and 2015, 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.

12

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


4.    Investments and Fair Value Measurements

Investments

As of December 31, 2016 and 2015, the Plan had investments in Colgate-Palmolive Company Common Stock, mutual funds, cash reserve funds, GICs and common/collective trust funds.

The GICs carry a crediting interest rate established at inception and reset periodically (typically monthly) to approximate the interest earnings of the underlying investments, subject to certain minimums.

Fair Value Measurements

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.

Assets and liabilities carried at fair value are classified as follows:
 
 
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.
 
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.

The valuation methodologies used for Plan assets are as follows:
 
Colgate-Palmolive Company Common Stock: Valued at the closing price reported on the active market on which the individual securities are traded.

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 NAV per unit as of the redemption date.

Cash reserve funds: Valued at cost plus accrued interest, which approximates fair value. The funds have no restrictions from redemption .

Separately managed account fund: Valued based on the fair values of the underlying securities, which are valued using quoted prices on the active market on which the individual securities are traded.

Common/Collective trust funds: Valued using the NAV per unit in each fund. The NAV 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 per unit as of the redemption date.
 

13

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


The following table presents the Plan’s fair value hierarchy for those investments measured at fair value at December 31, 2016:
 
 
Level 1
 
Total
Colgate-Palmolive Company Common Stock
 
$
1,733,505

 
$
1,733,505

Mutual funds
 
723,658

 
723,658

Cash reserve funds
 
33,099

 
33,099

Separately managed account fund
 
134,610

 
134,610

Investments in the Fair Value Hierarchy
 
2,624,872

 
2,624,872

Investments Measured at Net Asset Value (1)
 

 
251,709

Total Investments at Fair Value
 
$
2,624,872

 
$
2,876,581


(1) Consists of Common/Collective trust funds.

The following table presents the Plan’s fair value hierarchy for those investments measured at fair value at December 31, 2015:
 
 
Level 1
 
Total
Colgate-Palmolive Company Common Stock
 
$
1,920,827

 
$
1,920,827

Mutual funds
 
666,420

 
666,420

Cash reserve funds
 
38,593

 
38,593

Separately managed account fund
 
24,107

 
24,107

Investments in the Fair Value Hierarchy
 
2,649,947

 
2,649,947

Investments Measured at Net Asset Value (1)
 

 
327,419

Total Investments at Fair Value
 
$
2,649,947

 
$
2,977,366


(1) Consists of Common/Collective trust funds.




14

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


5.
ESOP Shares Trust

Information about the net assets and significant components of the changes in net assets relating to the investments maintained in Funds D and E is as follows:

 
 
December 31,
 
 
2016
 
2015
Assets:
 
 
 
 
Cash
 
$
1,842

 
$
1,566

Fixed income liquid reserve fund
 
860

 
755

Colgate-Palmolive Company Common Stock
 
1,406,066

 
1,603,262

Interest receivable
 
1

 

Total assets
 
1,408,769

 
1,605,583

Liabilities:
 
 

 
 

Long-term note payable to Colgate-Palmolive Company
 
7,750

 
12,690

Accrued interest on long-term note
 
251

 
67

Total liabilities
 
8,001

 
12,757

Net assets available for benefits
 
$
1,400,768

 
$
1,592,826


 
 
Year Ended
December 31, 2016
Changes in net assets available for benefits:
 
Employer contributions
$

Dividends and interest, net of fees
32,388

Net appreciation (depreciation) in the fair value of investments
(15,480
)
Transfers to other funds
(82,684
)
Interest expense on long-term note
(492
)
Distributions to participants
(125,790
)
Increase (decrease) in net assets available for benefits
$
(192,058
)




15

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


6.
Reconciliation to Form 5500

At December 31, 2016 and 2015, benefit distributions that have been processed and approved for payment as of such date but not yet paid of $345 and $123, respectively, are not reflected in the financial statements. These amounts are reported as a liability on Form 5500.

7.
Risks and Uncertainties

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the value of investment securities may occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

8.
Related Party Transactions

As of December 31, 2016 and 2015, the Plan held shares of common stock of Colgate-Palmolive Company, the Plan Sponsor. Certain investments within the Employee Benefit Temporary Investment FD Fund are shares of funds managed by Bank of New York Mellon, the trustee of the Plan. Certain investments within the Dreyfus Treasury Prime Fund are shares of funds managed by Bank of New York Mellon’s affiliate, Dreyfus. As of December 31, 2016, the Plan had $11,463 and $2,174 invested in the Employee Benefit Temporary Investment FD Fund and Dreyfus Treasury Prime Fund, respectively. As of December 31, 2015, the Plan had $9,546 and $9,704 invested in the Employee Benefit Temporary Investment FD Fund and Dreyfus Treasury Prime Fund, respectively. These transactions qualify as party-in-interest transactions that are allowable under ERISA. Administrative fees paid to Bank of New York Mellon for the twelve months ended December 31, 2016 were $462.


16



SIGNATURES
 
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.
 
 
COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
(Name of Plan)
 
 
Date:           June 15, 2017
/s/ Dennis J. Hickey
 
Dennis J. Hickey
 
Chief Financial Officer
 
Colgate-Palmolive Company
 
 
Date:           June 15, 2017
/s/ Victoria L. Dolan
 
Victoria L. Dolan
 
Chief Transformation Officer and Corporate Controller
 
Colgate-Palmolive Company


17


EIN:     13-1815595
PN:    003
SCHEDULE H



COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
PARTICIPANT LOANS
AS OF DECEMBER 31, 2016
(Dollars in thousands, except as indicated)




(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of  investment including maturity date, rate of interest, collateral,  par, or maturity value
 
(e) Current value
 
 
 
 
 
 
 
 
 
Participant loans, maturities ranging from 1 to 15 years
 
3.3% - 8.3%
 
$
14,863

 
 
 
 
 
 
 

 
 
Total Participant Loans
 
 
 
$
14,863






                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2016
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
 
 
 
 
 
 
 
 
Colgate Separate Account Cash
 
0.66
%
$
17,744

 
$
17,744

 
Dreyfus Treasury Prime Fund
 
0.00
%
2,173

 
2,174

 
 
ANZ New Zealand Int’l Ltd
 
1.40
%
300

 
301

 
 
Altera Corp
 
1.75
%
402

 
402

 
 
American Express Credit Corp
 
1.13
%
400

 
400

 
 
BNP Paribas SA
 
1.38
%
300

 
301

 
 
BPCE SA
 
Var Rate

250

 
250

*
 
Bank of New York Mellon Corp
 
Step

301

 
301

 
 
Bank of Nova Scotia
 
2.55
%
300

 
304

 
 
Berkshire Hathaway Finance Corp
 
1.60
%
451

 
452

 
 
Canadian IMP BK NY Instl C/D
 
1.01
%
300

 
300

 
 
John Deere Capital Corp
 
1.13
%
401

 
401

 
 
ING Bank NV 144A
 
3.75
%
301

 
305

 
 
Jackson National Life Glo 144A
 
1.25
%
500

 
503

 
 
Macquarie Bank Ltd 144A
 
1.65
%
325

 
327

 
 
Metropolitan Life Global 144A
 
Var Rate

500

 
502

 
 
Paccar Financial Corp
 
1.10
%
400

 
401

 
 
Pepsiamericas Inc.
 
5.00
%
406

 
409

 
 
Unitedhealth Group Inc
 
Var Rate

290

 
291

 
 
Total Cash Equivalents
 
 

 
$
26,068

 
 
 
 
 
 
 
 
 
 
Guaranteed Investment Contracts:
 
 
 
 
 
 
 
UNITED STATES TREASURY NOTE
 
0.75
%
10/31/2017

 
1,302

 
 
UNITED STATES TREASURY NOTE
 
1.00
%
05/15/2018

 
5,012

 
 
UNITED STATES TREASURY NOTE
 
1.25
%
10/31/2018

 
5,029

 
 
UNITED STATES TREASURY NOTE
 
1.38
%
4/30/2021

 
1,834

 
 
UNITED STATES TREASURY NOTE
 
1.38
%
09/30/2020

 
11,550

 
 
UNITED STATES TREASURY NOTE
 
1.63
%
06/30/2020

 
17,140

 
 
UNITED STATES TREASURY NOTE
 
1.63
%
07/31/2020

 
5,065

 
 
UNITED STATES TREASURY NOTE
 
1.75
%
09/30/2022

 
6,218

 
 
UNITED STATES TREASURY NOTE
 
1.75
%
12/31/2020

 
1,900

 
 
UNITED STATES TREASURY NOTE
 
1.75
%
03/31/2022

 
100

 
 
UNITED STATES TREASURY NOTE
 
1.88
%
08/31/2022

 
40

 
 
UNITED STATES TREASURY NOTE
 
1.88
%
10/31/2022

 
2,851



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2016
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
UNITED STATES TREASURY NOTE
 
2.00
%
08/15/2025

 
882

 
 
UNITED STATES TREASURY NOTE
 
2.25
%
11/15/2025

 
3,149

 
 
UNITED STATES TREASURY NOTE
 
2.25
%
12/31/2023

 
4,861

 
 
UNITED STATES TREASURY NOTE
 
2.38
%
08/15/2024

 
6,638

 
 
UNITED STATES TREASURY NOTE
 
3.00
%
11/15/2045

 
50

 
 
UNITED STATES STRIP
 
%
02/15/2036

 
169

 
 
UNITED STATES T-BILL
 
%
05/04/2017

 
1,298

 
 
UNITED STATES T-BILL
 
%
04/27/2017

 
2,835

 
 
UNITED STATES TIPS
 
0.13
%
04/15/2017

 
961

 
 
UNITED STATES TIPS
 
0.13
%
04/15/2018

 
4,753

 
 
UNITED STATES TIPS
 
0.13
%
04/15/2019

 
261

 
 
UNITED STATES TIPS
 
0.13
%
01/15/2023

 
1,146

 
 
UNITED STATES TIPS
 
0.38
%
07/15/2023

 
1,263

 
 
UNITED STATES TIPS
 
0.63
%
01/15/2024

 
1,486

 
 
UNITED STATES TIPS
 
1.13
%
01/15/2021

 
703

 
 
UNITED STATES TIPS
 
2.63
%
07/15/2017

 
489

 
 
FEDERAL FARM CREDIT BANK SYSTEM
 
5.05
%
06/22/2018

 
1,795

 
 
FEDERAL HOME LOAN BANK SYSTEM
 
1.88
%
03/13/2020

 
306

 
 
FEDERAL NATIONAL MORTGAGE ASSOCIATION
 
1.88
%
09/24/2026

 
1,209

 
 
COMMONWEALTH OF PENNSYLVANIA
 
5.85
%
07/15/2030

 
699

 
 
DALLAS TEXAS INDEPENDENT SCHO
 
6.45
%
02/15/2035

 
477

 
 
VIRGINIA COMMONWEALTH TRANSPORTATION
 
5.35
%
05/15/2035

 
543

 
 
ACTAVIS FUNDING SCS
 
3.45
%
03/15/2022

 
621

 
 
ACTAVIS FUNDING SCS
 
3.80
%
03/15/2025

 
143

 
 
ACTAVIS FUNDING SCS
 
3.85
%
06/15/2024

 
228

 
 
AETNA INC.
 
2.40
%
06/15/2021

 
175

 
 
AETNA INC.
 
2.80
%
06/15/2023

 
148

 
 
AMAZON.COM INC.
 
3.30
%
12/05/2021

 
286

 
 
AMERICAN CAMPUS COMMUNITIES
 
4.13
%
07/01/2024

 
427

 
 
AMERICAN EXPRESS CREDIT CORPORATION
 
2.38
%
03/24/2017

 
305

 
 
AMERICAN INTERNATIONAL GROUP
 
3.90
%
04/01/2026

 
493

 
 
AMERICAN INTERNATIONAL GROUP
 
4.88
%
06/01/2022

 
110

 
 
ANDARKO PETROLEUM CORPORATION
 
3.45
%
07/15/2024

 
106



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2016
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
ANDARKO PETROLEUM CORPORATION
 
8.70
%
03/15/2019

 
416

 
 
ANHEUSER-BUSCH INBEV FINANCE
 
2.65
%
02/01/2021

 
257

 
 
ANHEUSER-BUSCH INBEV FINANCE
 
3.65
%
02/01/2026

 
889

 
 
APACHE CORPORATION
 
2.63
%
01/15/2023

 
148

 
 
APACHE CORPORATION
 
3.25
%
04/15/2022

 
154

 
 
APPALACHIAN POWER COMPANY
 
4.60
%
03/30/2021

 
686

 
 
ARCH CAPITAL FINANCE LLC
 
4.01
%
12/15/2026

 
153

 
 
AT&T INC.
 
2.30
%
03/11/2019

 
356

 
 
AT&T INC.
 
3.40
%
05/15/2025

 
122

 
 
AT&T INC.
 
4.13
%
02/17/2026

 
209

 
 
AUTOMATIC DATA PROCESSING
 
3.38
%
09/15/2025

 
78

 
 
BANK OF AMERICA CORPORATION
 
3.25
%
10/21/2027

 
459

 
 
BANK OF AMERICA CORPORATION
 
4.00
%
04/01/2024

 
841

 
 
BANK OF AMERICA NATIONAL ASSOCI
 
1.65
%
03/26/2018

 
934

 
 
BANK OF TOKYO-MITSUBISHI UF
 
2.15
%
09/14/2018

 
456

 
 
BB&T CORPORATION
 
1.60
%
08/15/2017

 
304

 
 
BERKSHIRE HATHAWAY ENERGY COMP
 
2.40
%
02/01/2020

 
614

 
 
BPCE
 
4.00
%
04/15/2024

 
580

 
 
BRANCH BANKING AND TRUST COM
 
3.63
%
09/16/2025

 
519

 
 
BRIXMOR OPERATING PARTNERSHIP
 
3.85
%
02/01/2025

 
153

 
 
BUCKEYE PARTNERS L.P.
 
4.15
%
07/01/2023

 
211

 
 
CHARTER COMMUNICATIONS OPERA
 
4.91
%
07/23/2025

 
631

 
 
CIGNA CORPORATION
 
3.25
%
04/15/2025

 
272

 
 
CITIGROUP INC.
 
4.50
%
01/14/2022

 
886

 
 
COMCAST CORPORATION
 
3.38
%
08/15/2025

 
181

 
 
CONOCOPHILLIPS COMPANY
 
3.35
%
11/15/2024

 
326

 
 
CONOCOPHILLIPS COMPANY
 
4.95
%
03/15/2026

 
170

 
 
CREDIT SUISSE AG-NEW YORK BRANCH
 
3.00
%
10/29/2021

 
867

 
 
CREDIT SUISSE GROUP FUNDING
 
3.13
%
12/10/2020

 
250

 
 
CROWN CASTLE INTERNATIONAL CO
 
2.25
%
09/01/2021

 
123

 
 
CUBESMART L.P.
 
4.80
%
07/15/2022

 
448

 
 
CVS HEALTH CORPORATION
 
2.88
%
06/01/2026

 
742

 
 
DANAHER CORPORATION
 
3.35
%
09/15/2025

 
235



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2016
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
DEUTSCHE BANK AG-LONDON BRANCH
 
2.50
%
02/13/2019

 
177

 
 
DEUTSCHE BANK AKTIENGESELLS
 
4.25
%
10/14/2021

 
204

 
 
DEVON ENERGY CORPORATION
 
3.25
%
05/15/2022

 
125

 
 
DEVON ENERGY CORPORATION
 
4.00
%
07/15/2021

 
80

 
 
DUKE ENERGY CORPORATION
 
2.65
%
09/01/2026

 
191

 
 
DUKE ENERGY PROGRESS LLC
 
5.30
%
01/15/2019

 
212

 
 
EASTMAN CHEMICAL COMPANY
 
3.80
%
03/15/2025

 
254

 
 
ECOLAB INC.
 
2.70
%
11/01/2026

 
217

 
 
EMERA US FINANCE LP
 
2.70
%
06/15/2021

 
174

 
 
ENERGY TRANSFER PARTNERS L.P
 
4.65
%
06/01/2021

 
132

 
 
ENTERGY CORPORATION
 
2.95
%
09/01/2026

 
191

 
 
ENTERPRISE PRODUCTS OPERATING
 
2.85
%
04/15/2021

 
178

 
 
ENTERPRISE PRODUCTS OPERATING
 
3.75
%
02/15/2025

 
42

 
 
ENTERPRISE PRODUCTS OPERATING LL
 
5.25
%
01/31/2020

 
563

 
 
ERP OPERATING LIMITED PARTNE
 
4.63
%
12/15/2021

 
213

 
 
FEDERAL REALTY INVESTMENT TRU
 
2.55
%
01/15/2021

 
153

 
 
FIDELITY NATIONAL INFORMATION
 
3.63
%
10/15/2020

 
446

 
 
FIDELITY NATIONAL INFORMATION SE
 
3.00
%
08/15/2026

 
192

 
 
FISERV INC.
 
2.70
%
06/01/2020

 
278

 
 
FORD MOTOR CREDIT COMPANY LLC
 
5.88
%
08/02/2021

 
1,297

 
 
FOREST LABORATORIES INC.
 
4.38
%
02/01/2019

 
188

 
 
FOREST LABORATORIES INC.
 
5.00
%
12/15/2021

 
136

 
 
HALLIBURTON COMPANY
 
3.25
%
11/15/2021

 
309

 
 
HALLIBURTON COMPANY
 
3.50
%
08/01/2023

 
52

 
 
HARTFORD FINANCIAL SERVICES GROUP
 
5.50
%
03/30/2020

 
252

 
 
HARTFORD FINANCIAL SERVICES GROUP
 
6.00
%
01/15/2019

 
119

 
 
HEALTHCARE TRUST OF AMERICA
 
3.38
%
07/15/2021

 
156

 
 
HEWLETT PACKARD ENTERPRISE COM
 
4.90
%
10/15/2025

 
236

 
 
HP INC.
 
4.30
%
06/01/2021

 
184

 
 
INTEL CORPORATION
 
3.70
%
07/29/2025

 
407

 
 
INTESA SANPAOLO SPA
 
2.38
%
01/13/2017

 
434

 
 
INTESA SANPAOLO SPA
 
5.25
%
01/12/2024

 
358

 
 
JPMORGAN CHASE & CO.
 
2.97
%
01/15/2023

 
350



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2016
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
JPMORGAN CHASE & CO.
 
3.63
%
12/01/2027

 
196

 
 
JPMORGAN CHASE & CO.
 
4.40
%
07/22/2020

 
265

 
 
JPMORGAN CHASE & CO.
 
4.50
%
01/24/2022

 
1,788

 
 
KEYCORP
 
5.10
%
03/24/2021

 
269

 
 
KILROY REALTY L.P.
 
4.38
%
10/01/2025

 
288

 
 
KIMCO REALTY CORPORATION
 
3.20
%
05/01/2021

 
462

 
 
KINDER MORGAN ENERGY PARTNERS
 
3.50
%
03/01/2021

 
571

 
 
KINDER MORGAN INC.
 
3.05
%
12/01/2019

 
714

 
 
LYONDELLBASELL INDUSTRIES N.V.
 
5.00
%
04/15/2019

 
313

 
 
MAGELLAN MIDSTREAM PARTNERS LP
 
5.00
%
03/01/2026

 
282

 
 
MARRIOTT INTERNATIONAL INC
 
2.88
%
03/01/2021

 
230

 
 
MEDTRONIC INC.
 
2.50
%
03/15/2020

 
128

 
 
MEDTRONIC INC.
 
3.15
%
03/15/2022

 
209

 
 
METLIFE INC.
 
4.37
%
09/15/2023

 
81

 
 
MOLSON COORS BREWING COMPANY
 
2.10
%
07/15/2021

 
99

 
 
MOLSON COORS BREWING COMPANY
 
3.00
%
07/15/2026

 
122

 
 
MORGAN STANLEY
 
2.65
%
01/27/2020

 
873

 
 
MORGAN STANLEY
 
3.70
%
10/23/2024

 
282

 
 
MORGAN STANLEY
 
4.00
%
07/23/2025

 
27

 
 
MORGAN STANLEY
 
5.50
%
07/28/2021

 
1,184

 
 
MORGAN STANLEY FRN
 
2.28
%
10/24/2023

 
433

 
 
MYLAN N.V.
 
3.95
%
06/15/2026

 
141

 
 
NATIONAL RETAIL PROPERTIES INC.
 
4.00
%
11/15/2025

 
180

 
 
NBCUNIVERSAL MEDIA LLC
 
2.88
%
01/15/2023

 
128

 
 
NBCUNIVERSAL MEDIA LLC
 
4.38
%
04/01/2021

 
524

 
 
NEVADA POWER COMPANY
 
6.50
%
05/15/2018

 
211

 
 
NEXTERA ENERGY CAPITAL HOLDINGS IN
 
6.00
%
03/01/2019

 
264

 
 
ORACLE CORPORATION
 
2.50
%
05/15/2022

 
300

 
 
PACIFIC GAS AND ELECTRIC COMPA
 
3.50
%
06/15/2025

 
180

 
 
PENSKE TRUCK LEASING CO.
 
4.88
%
07/11/2022

 
616

 
 
PIONEER NATURAL RESOURCES COM
 
3.95
%
07/15/2022

 
328

 
 
PLAINS ALL AMERICAN PIPELINE
 
3.65
%
06/01/2022

 
76

 
 
PLAINS ALL AMERICAN PIPELINE
 
4.65
%
10/15/2025

 
184



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2016
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
PNC BANK NATIONAL ASSOCIATION
 
3.80
%
07/25/2023

 
638

 
 
RETAIL OPPORTUNITY INVESTMENTS
 
4.00
%
12/15/2024

 
313

 
 
REYNOLDS AMERICAN INC.
 
4.45
%
06/12/2025

 
1,114

 
 
ROPER TECHNOLOGIES INC.
 
3.00
%
12/15/2020

 
203

 
 
SANTANDER BANK N.A.
 
2.00
%
01/12/2018

 
611

 
 
SANTANDER UK PLC
 
3.05
%
08/23/2018

 
415

 
 
SANTANDER UK PLC
 
4.00
%
03/13/2024

 
426

 
 
SANTANDER UK PLC
 
5.00
%
11/07/2023

 
206

 
 
SELECT INCOME REIT
 
2.85
%
02/01/2018

 
51

 
 
SELECT INCOME REIT
 
3.60
%
02/01/2020

 
103

 
 
SHELL INTERNATIONAL FINANCE B.V
 
2.13
%
05/11/2020

 
603

 
 
SOUTHERN COMPANY
 
2.35
%
07/01/2021

 
379

 
 
SUNOCO LOGISTICS PARTNERS OPE
 
4.25
%
04/01/2024

 
103

 
 
SUNTRUST BANK
 
2.75
%
05/01/2023

 
369

 
 
SUNTRUST BANK
 
7.25
%
03/15/2018

 
271

 
 
SYNCHRONY FINANCIAL
 
2.60
%
01/15/2019

 
180

 
 
SYSCO CORPORATION
 
2.50
%
07/15/2021

 
304

 
 
SYSCO CORPORATION
 
3.30
%
07/15/2026

 
354

 
 
TANGER PROPERTIES LIMITED PA
 
3.13
%
09/01/2026

 
241

 
 
TD AMERITRADE HOLDING CORPORATION
 
2.95
%
04/01/2022

 
385

 
 
TELEFONICA EMISIONES S.A.U.
 
5.46
%
02/16/2021

 
1,103

 
 
THERMO FISHER SCIENTIFIC INC.
 
3.65
%
12/15/2025

 
478

 
 
TIME WARNER CABLE LLC
 
4.00
%
09/01/2021

 
158

 
 
TIME WARNER CABLE LLC
 
6.75
%
07/01/2018

 
170

 
 
U.S. BANCORP
 
2.95
%
07/15/2022

 
181

 
 
USD MARGIN CURRENCY
 
0.66
%
12/30/2016

 
62

 
 
VENTAS REALTY LIMITED PARTNER
 
2.70
%
04/01/2020

 
357

 
 
VERIZON COMMUNICATIONS INC.
 
2.45
%
11/01/2022

 
974

 
 
VERIZON COMMUNICATIONS INC.
 
5.15
%
09/15/2023

 
483

 
 
WALGREENS BOOTS ALLIANCE INC.
 
3.10
%
06/01/2023

 
399

 
 
WALGREENS BOOTS ALLIANCE INC.
 
3.30
%
11/18/2021

 
411

 
 
WELLS FARGO & COMPANY
 
3.00
%
10/23/2026

 
698

 
 
WELLS FARGO & COMPANY
 
4.60
%
04/01/2021

 
576

 
 
WELLTOWER INC.
 
4.13
%
04/01/2019

 
188



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2016
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
WESTERN GAS PARTNERS LP
 
3.95
%
06/01/2025

 
174

 
 
WILLIAMS PARTNERS L.P.
 
3.60
%
03/15/2022

 
128

 
 
WILLIAMS PARTNERS L.P.
 
4.00
%
11/15/2021

 
207

 
 
WISCONSIN POWER AND LIGHT COMPANY
 
5.00
%
07/15/2019

 
835

 
 
XCEL ENERGY INC.
 
2.40
%
03/15/2021

 
504

 
 
CREDIT SUISSE MORTGAGE
 
5.53
%
01/15/2049

 
450

 
 
WACHOVIA BANK COMMERC
 
6.01
%
06/15/2045

 
91

 
 
WELLS FARGO COMMERCI
 
3.54
%
12/15/2048

 
1,283

 
 
FGCI J13715
 
3.50
%
12/01/2020

 
2

 
 
FGLMC G05532
 
5.50
%
08/01/2035

 
782

 
 
FGLMC G06255
 
4.50
%
02/01/2041

 
171

 
 
FGLMC G06348
 
4.50
%
02/01/2041

 
127

 
 
FGLMC G07505
 
7.00
%
02/01/2039

 
432

 
 
FGLMC G07961
 
3.50
%
03/01/2045

 
1,728

 
 
FHARM 1B0118
 
3.16
%
08/01/2031

 
6

 
 
FHARM 781013
 
2.59
%
11/01/2033

 
67

 
 
FHARM 847589
 
2.88
%
09/01/2035

 
97

 
 
FNARM 748645
 
2.57
%
09/01/2033

 
93

 
 
FNARM 754671
 
2.72
%
10/01/2033

 
81

 
 
FNARM 756359
 
2.88
%
12/01/2033

 
54

 
 
FNARM 758612
 
2.78
%
11/01/2033

 
87

 
 
FNCI AL3757
 
5.00
%
03/01/2027

 
38

 
 
FNCL 805480
 
5.50
%
12/01/2034

 
583

 
 
FNCL 889060
 
6.00
%
01/01/2038

 
176

 
 
FNCL 889061
 
6.00
%
01/01/2038

 
166

 
 
FNCL AL4316
 
7.00
%
03/01/2039

 
249

 
 
FNCN AE2033
 
3.50
%
09/01/2020

 
12

 
 
CS FIRST BOSTON MORTGAGE
 
5.50
%
07/25/2020

 
67

 
 
FEDERAL HOME LOAN
 
2.09
%
03/25/2019

 
1,112

 
 
FEDERAL HOME LOAN
 
1.88
%
05/25/2019

 
1,308

 
 
FEDERAL HOME LOAN
 
3.50
%
10/15/2024

 
96

 
 
FEDERAL HOME LOAN MO HA
 
2.50
%
05/15/2045

 
629

 
 
FEDERAL HOME LOAN MOR
 
1.10
%
08/15/2036

 
607

 
 
FEDERAL HOME LOAN MORT
 
3.00
%
06/15/2045

 
1,306

 
 
FEDERAL HOME LOAN MORT PA
 
3.00
%
03/15/2044

 
988

 
 
FEDERAL HOME LOAN MORT PA
 
3.00
%
11/15/2044

 
936



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2016
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
FEDERAL NATIONAL MORTGAGE
 
1.80
%
12/25/2019

 
603

 
 
FEDERAL NATIONAL MORTGAGE
 
1.52
%
12/25/2019

 
327

 
 
FEDERAL NATIONAL MORTGAGE
 
2.35
%
05/25/2022

 
497

 
 
FEDERAL NATIONAL MORTGAGE
 
2.98
%
04/25/2022

 
820

 
 
FEDERAL NATIONAL MORTGAGE
 
2.71
%
09/25/2022

 
528

 
 
FEDERAL NATIONAL MORTG PA
 
2.50
%
12/25/2041

 
261

 
 
FEDERAL NATIONAL MORTGAGE
 
7.00
%
10/25/2042

 
106

 
 
FNMA AL2293
 
4.38
%
06/01/2021

 
485

 
 
MASTR ASSET SECURITIZA
 
5.50
%
05/25/2033

 
97

 
 
WAMU 2004AR14 A1
 
2.83
%
01/25/2035

 
68

 
 
ACCESS GROUP INC.
 
1.04
%
08/25/2023

 
49

 
 
ALLY AUTO RECEIVABLE
 
1.21
%
12/20/2017

 
141

 
 
BARCLAYS DRYROCK ISSUAN
 
2.41
%
07/15/2022

 
862

 
 
CAPITAL ONE MULTI-ASSET
 
1.39
%
01/15/2021

 
901

 
 
CAPITAL ONE MULTI-ASSET
 
1.66
%
06/17/2024

 
1,165

 
 
CARDS II TRUST A
 
1.40
%
07/15/2021

 
754

 
 
CENTERPOINT ENERGY TR
 
0.90
%
04/15/2018

 
57

 
 
CHASE EDUCATION LOAN TRU
 
1.07
%
12/28/2023

 
114

 
 
DISCOVER CARD EXECUTION
 
1.85
%
10/16/2023

 
1,132

 
 
DISCOVER CARD EXECUTION
 
1.90
%
10/17/2022

 
499

 
 
EVERGREEN CREDIT CARD
 
1.42
%
04/15/2020

 
1,307

 
 
FORD CREDIT AUTO
 
2.03
%
12/15/2027

 
591

 
 
FORD CREDIT FLOORPLAN
 
1.95
%
11/15/2021

 
1,402

 
 
GMF FLOORPLAN OWN
 
1.65
%
05/15/2020

 
750

 
 
GMF FLOORPLAN OWN
 
1.96
%
05/17/2021

 
598

 
 
GOLDEN CREDIT CARD
 
1.60
%
09/15/2021

 
891

 
 
HIGHER EDUCATION FUNDING
 
1.07
%
02/25/2030

 
144

 
 
NAVIENT STUDENT LOAN
 
2.01
%
06/25/2065

 
1,887

 
 
NAVIENT STUDENT LOAN
 
1.91
%
03/25/2066

 
849

 
 
NELNET STUDENT LOAN TRUST
 
1.13
%
06/22/2026

 
192

 
 
NELNET STUDENT LOAN TRUST
 
1.03
%
08/23/2027

 
569

 
 
NORTHSTAR EDUCATION
 
1.06
%
07/30/2018

 
44

 
 
SLC STUDENT LOAN TRUST
 
1.07
%
03/15/2027

 
741

 
 
SLM STUDENT LOAN TRUST
 
0.97
%
10/25/2024

 
327

 
 
SLM STUDENT LOAN TRUST
 
0.99
%
07/25/2025

 
409

 
 
SLM STUDENT LOAN TRUST
 
1.11
%
01/25/2023

 
111



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2016
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
SOUTH CAROLINA STUDENT
 
1.37
%
05/01/2030

 
488

 
 
TRILLIUM CREDIT CARD
 
1.48
%
05/26/2021

 
1,357

 
 
WACHOVIA STUDENT LOAN TR
 
1.01
%
01/26/2026

 
99

 
EB TEMPORARY INVESTMENT FUND
 
 
 
 
4,432

 
 
Total Guaranteed Investment Contracts at Fair Value
 
 
 
 
$
187,007