Colgate Palmolive : Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020

					Table 4
Colgate-Palmolive Company
Condensed Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2021 and 2020
(Dollars in Millions) (Unaudited)
	2021				2020
Operating Activities
Net income including noncontrolling interests	$	1,469	$	1,423
Adjustments to reconcile Net income including noncontrolling interests to Net cash provided by operations:
Depreciation and amortization		274			266
Restructuring and termination benefits, net of cash		(15)			(35)
Stock-based compensation expense		58			32
Deferred income taxes		(65)			(147)
Cash effects of changes in:
Receivables		(188)			121
Inventories		(39)			(176)
Accounts payable and other accruals		(254)			347
Other non-current assets and liabilities		(15)			(37)
Net cash provided by (used in) operations		1,225			1,794
Investing Activities
Capital expenditures		(237)			(159)
Purchases of marketable securities and investments		(80)			(48)
Proceeds from sale of marketable securities and investments		46			42
Payment for acquisitions, net of cash acquired		-			(352)
Other investing activities		(18)			-
Net cash provided by (used in) investing activities		(289)			(517)

Financing Activities

Short-term borrowing (repayment) less than 90 days, net Proceeds from issuance of debt

Dividends paid

Purchases of treasury shares

Proceeds from exercise of stock options Other financing activities

Net cash provided by (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. (493)

1. -

1. (784)

1. (228)

151353

1. 11

1. (1,141)

	(3)			(22)
	49			114
	888			883
$	937	$	997

Supplemental Cash Flow Information
Free cash flow before dividends (Net cash provided by operations less Capital expenditures)
Net cash provided by operations	$	1,225	$	1,794
Less: Capital expenditures		(237)			(159)
Free cash flow before dividends	$	988	$	1,635

Income taxes paid

$

542

$

349