Colgate Palmolive : Condensed Consolidated Statements of Cash Flows for the Twelve Months Ended December 31, 2021 and 2020

					Table 4
Colgate-Palmolive Company
Condensed Consolidated Statements of Cash Flows
For the Twelve Months Ended December 31, 2021 and 2020
(Dollars in Millions) (Unaudited)
	2021				2020
Operating Activities
Net income including noncontrolling interests	$	2,338	$	2,860
Adjustments to reconcile Net income including noncontrolling interests to Net cash provided by operations:
Depreciation and amortization		556			539
Restructuring and termination benefits, net of cash		(21)			(71)
Stock-based compensation expense		135			107
Goodwill and indefinite-lived intangible impairment charges		571			-
Loss on early extinguishment of debt		75			23
Deferred income taxes		(132)			(120)
Cash effects of changes in:
Receivables		(84)			138
Inventories		(72)			(251)
Accounts payable and other accruals		14			520
Other non-current assets and liabilities		(55)			(26)
Net cash provided by operations		3,325			3,719
Investing Activities
Capital expenditures		(567)			(410)
Purchases of marketable securities and investments		(141)			(143)
Proceeds from sale of marketable securities and investments		141			124
Payment for acquisitions, net of cash acquired		-			(353)
Other		(25)			3
Net cash used in investing activities		(592)			(779)

Financing Activities

Short-term borrowing (repayment) less than 90 days, net Principal payments on debt

Proceeds from issuance of debt Dividends paid

Purchases of treasury shares

Proceeds from exercise of stock options

Purchases of non-controlling interests in subsidiaries Other financing activites

Net cash used in financing activities

Effect of exchange rate changes on Cash and cash equivalents Net increase (decrease) in Cash and cash equivalents

Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of the period

1. 488

1. (1,085)
   699-

(1,679)(1,654)

(1,320)(1,476)

424874

-(99)

1. 33

(2,774)(2,919)

	(15)			(16)
	(56)			5
	888			883
$	832	$	888

Supplemental Cash Flow Information
Free cash flow before dividends (Net cash provided by operations less Capital expenditures)
Net cash provided by operations		3,325			3,719
Less: Capital expenditures		(567)			(410)
Free cash flow before dividends	$	2,758	$	3,309

Income taxes paid

$

890

$

845