Colgate Palmolive : Condensed Consolidated Statements of Cash Flows for the Twelve Months Ended December 31, 2020 and 2019

					Table 4
Colgate-Palmolive Company
Condensed Consolidated Statements of Cash Flows
For the Twelve Months Ended December 31, 2020 and 2019
(Dollars in Millions) (Unaudited)
		2020			2019
Operating Activities
Net income including noncontrolling interests	$	2,860	$	2,527
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:
Depreciation and amortization		539			519
Restructuring and termination benefits, net of cash		(71)			18
Stock-based compensation expense		107			100
Loss on early extinguishment of debt		23			-
Deferred income taxes		(120)			17
Voluntary benefit plan contributions		-			(113)
Cash effects of changes in:
Receivables		138			19
Inventories		(251)			(77)
Accounts payable and other accruals		520			36
Other non-current assets and liabilities		(26)			87
Net cash provided by operations		3,719			3,133
Investing Activities
Capital expenditures		(410)			(335)
Purchases of marketable securities and investments		(143)			(184)
Proceeds from sale of marketable securities and investments		124			131
Payment for acquisitions, net of cash acquired		(353)			(1,711)
Other		3			-
Net cash used in investing activities		(779)			(2,099)

Financing Activities

Debt, net of payments and proceeds Dividends paid

Purchases of treasury shares

Proceeds from exercise of stock options

Purchase of non-controlling interest in subsidiaries 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. 1,448
   (1,654) (1,614)

(1,476) (1,202)

874498

1. -

(2,919)(870)

	(16)			(7)
	5			157
	883			726
$	888	$	883

Supplemental Cash Flow Information
Free cash flow before dividends (Net cash provided by operations less Capital expenditures)
Net cash provided by operations	$	3,719	$	3,133
Less: Capital expenditures		(410)			(335)
Free cash flow before dividends	$	3,309	$	2,798

Income taxes paid

$

845

$

803