Colgate Palmolive : Condensed Consolidated Statements of Cash Flows for the Twelve Months Ended December 31, 2022 and 2021

					Table 4
Colgate-Palmolive Company
Condensed Consolidated Statements of Cash Flows
For the Twelve Months Ended December 31, 2022 and 2021
(Dollars in Millions) (Unaudited)
		2022			2021
Operating Activities
Net income including noncontrolling interests	$	1,967	$	2,338
Adjustments to reconcile Net income including noncontrolling interests to Net cash provided by operations:
Depreciation and amortization		545			556
Restructuring and termination benefits, net of cash		49			(21)
Stock-based compensation expense		125			135
Gain on the sale of land		(47)			-
Goodwill and intangible assets impairment charges		721			571
Loss on early extinguishment of debt		-			75
Deferred income taxes		(78)			(132)
Cash effects of changes in:
Receivables		(227)			(84)
Inventories		(333)			(72)
Accounts payable and other accruals		(115)			14
Other non-current assets and liabilities		(51)			(55)
Net cash provided by operations		2,556			3,325
Investing Activities
Capital expenditures		(696)			(567)
Purchases of marketable securities and investments		(470)			(141)
Proceeds from sale of marketable securities and investments		322			141
Payment for acquisitions, net of cash acquired		(809)			-
Proceeds from the sale of land		47			-
Other investing activities		5			(25)
Net cash used in investing activities		(1,601)			(592)

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 Other financing activities

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

540(171)

1. (703)

1,513	699
(1,691)	(1,679)
(1,308)	(1,320)

418424

1. (24)

1. (2,774)

	(60)			(15)
	(57)			(56)
	832			888
$	775	$	832

Supplemental Cash Flow Information
Free cash flow before dividends (Net cash provided by operations less Capital expenditures)
Net cash provided by operations		2,556			3,325
Less: Capital expenditures		(696)			(567)
Free cash flow before dividends	$	1,860		$	2,758
Income taxes paid	$	945	$	890