Colgate-Palmolive is a consumer products company with the leading toothpaste brand in the United States. In addition, Colgate sells bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants, antiperspirants, and shaving products. The following operating results (in thousands) are for years ending December 31:

a. Compute the ratio of cash flow to net income for each year. Round to one decimal place.
b. Is there a significant difference between the ratios for 2004 and 2003? If so, what are some possible causes for thedifference?

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2004 2003 Net cash flows from operating activities Net income $1,754,300 $1,767,700 1,327,100 ,421,300