[Product Question] is this Cetaphil Moisturizing Lotion water or silicone based?

Ingredients list: AQUA, GLYCERIN, ISOPROPYL PALMITATE, CETEARYL ALCOHOL, CETEARETH-20, PANTHENOL, NIACINAMIDE, TOCOPHERYL ACETATE, DIMETHICONE, PERSEA GRATISSIMA DIL, HELIANTHUS ANNUUS SEED OIL, PANTOLACTONE, GLYCERYL STEARATE, SODIUM BENZOATE, BENZYL ALCOHOL, CITRIC ACID. FIL.1745.V00

I know water is one of the first ingredients but it does have dimethicone, however that is quite far down the list. So is it water or silicone based? I’ve noticed I can’t use my L’Oréal true match foundation over it at all but I’m not sure what base that has either.