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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities      
Net earnings $ 409 $ 1,010 $ 2,408
Adjustments to reconcile net earnings to net cash flows from operating activities:      
Depreciation and amortization 825 744 727
Deferred income taxes (265) (186) (149)
Non-cash stock-based compensation 325 267 331
Net loss on disposal of property, plant and equipment 9 13 8
Non-cash restructuring and other charges 7 36 14
Pension and post-retirement benefit expense 50 53 78
Pension and post-retirement benefit contributions (116) (49) (56)
Impairment of goodwill and other intangible assets 471 207 241
Gain on previously held equity method investment 0 0 (1)
Other non-cash items 14 (8) (7)
Changes in operating assets and liabilities:      
Decrease (increase) in accounts receivable, net (285) 185 (10)
Decrease (increase) in inventory and promotional merchandise 766 (64) (602)
Decrease (increase) in other assets, net 15 26 (101)
Increase (decrease) in accounts payable (38) (333) 210
Increase (decrease) in other accrued and noncurrent liabilities 209 (129) 1
Decrease in operating lease assets and liabilities, net (36) (41) (52)
Net cash flows provided by operating activities 2,360 1,731 3,040
Cash flows from investing activities      
Capital expenditures (919) (1,003) (1,040)
Payments for acquired business 0 0 (3)
Purchases of other intangible assets 0 (2,286) 0
Purchases of investments (18) (8) (10)
Settlement of net investment hedges (23) 80 108
Net cash flows used for investing activities (960) (3,217) (945)
Cash flows from financing activities      
Proceeds (repayments) of current debt, net (215) 218 (4)
Proceeds from issuance of commercial paper (maturities after three months) 0 765 0
Repayments of commercial paper (maturities after three months) (785) 0 0
Proceeds from issuance of long-term debt, net 648 1,995 0
Debt issuance costs (4) (15) (1)
Repayments and redemptions of long-term debt (10) (265) (18)
Net proceeds from stock-based compensation transactions 40 88 151
Payment for acquisition of noncontrolling interest 0 0 (15)
Payments for acquisition of redeemable noncontrolling interest (745) 0 0
Payments to acquire treasury stock (35) (271) (2,309)
Settlement of cross-currency swaps 18 0 0
Dividends paid to stockholders (947) (925) (840)
Net cash flows provided by (used for) financing activities (2,035) 1,590 (3,036)
Effect of exchange rate changes on Cash and cash equivalents 1 (32) (60)
Net increase (decrease) in Cash and cash equivalents (634) 72 (1,001)
Cash and cash equivalents at beginning of year 4,029 3,957 4,958
Cash and cash equivalents at end of year $ 3,395 $ 4,029 $ 3,957