Table 4

Colgate-Palmolive Company

Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2022 and 2021

(Dollars in Millions) (Unaudited)

2022

2021

Operating Activities

Net income including noncontrolling interests

$

1,924

$

2,150

Adjustments to reconcile Net income including noncontrolling interests to Net cash provided by operations:

Depreciation and amortization

410

414

Restructuring and termination benefits, net of cash

51

(19)

Stock-based compensation expense

105

107

Gain on sale of land

(47)

-

Forward starting swap settlement

82

-

Loss on early extinguishment of debt

-

75

Deferred income taxes

(13)

(146)

Cash effects of changes in:

Receivables

(171)

(198)

Inventories

(422)

(37)

Accounts payable and other accruals

9

(107)

Other non-current assets and liabilities

(45)

(20)

Net cash provided by (used in) operations

1,883

2,219

Investing Activities

Capital expenditures

(475)

(374)

Purchases of marketable securities and investments

(239)

(118)

Proceeds from sale of marketable securities and investments

55

55

Payment for acquisition, net of cash acquired

(817)

-

Proceeds from sale of land

47

-

Other investing activities

1

(25)

Net cash provided by (used in) investing activities

(1,428)

(462)

Supplemental Cash Flow Information

Free cash flow before dividends (Net cash provided by operations less Capital expenditures)

Net cash provided by operations

$

1,883

$

2,219

Less: Capital expenditures

(475)

(374)

Free cash flow before dividends

$

1,408

$

1,845

Income taxes paid

$

690

$

742