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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net earnings (loss) $ (156) $ 36
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities:    
Depreciation and amortization 208 203
Deferred income taxes (79) (57)
Non-cash stock-based compensation 74 80
Net loss on disposal of property, plant and equipment 1 1
Non-cash restructuring and other charges 11 2
Pension and post-retirement benefit expense 18 13
Pension and post-retirement benefit contributions (32) (54)
Other non-cash items 1 7
Changes in operating assets and liabilities:    
Increase in accounts receivable, net (219) (477)
Decrease (increase) in inventory and promotional merchandise (10) 62
Increase in other assets, net (47) (17)
Decrease in accounts payable (337) (255)
Increase (decrease) in other accrued and noncurrent liabilities (100) 51
Decrease in operating lease assets and liabilities, net (3) (3)
Net cash flows used for operating activities (670) (408)
Cash flows from investing activities    
Capital expenditures (141) (295)
Purchases of investments (1) 0
Settlement of net investment hedges (18) 0
Net cash flows used for investing activities (160) (295)
Cash flows from financing activities    
Repayments of current debt, net 0 (1)
Repayments and redemptions of long-term debt (1) (3)
Net proceeds from stock-based compensation transactions 15 15
Payments to acquire treasury stock (10) (3)
Settlement of cross-currency swaps 10 9
Dividends paid to stockholders (240) (236)
Net cash flows used for financing activities (226) (219)
Effect of exchange rate changes on Cash and cash equivalents 11 (17)
Net decrease in Cash and cash equivalents (1,045) (939)
Cash and cash equivalents at beginning of period 3,395 4,029
Cash and cash equivalents at end of period $ 2,350 $ 3,090