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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net earnings (loss) $ (746) $ 360
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities:    
Depreciation and amortization 415 408
Deferred income taxes (292) (83)
Non-cash stock-based compensation 180 189
Net loss on disposal of property, plant and equipment 2 2
Non-cash restructuring and other charges 17 4
Pension and post-retirement benefit expense 37 27
Pension and post-retirement benefit contributions (50) (62)
Impairment of goodwill and other intangible assets 861 0
Other non-cash items 7 14
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable, net 79 (279)
Decrease in inventory and promotional merchandise 132 405
Decrease (increase) in other assets, net (47) 44
Decrease in accounts payable (298) (251)
Increase in other accrued and noncurrent liabilities 102 175
Decrease in operating lease assets and liabilities, net (12) (16)
Net cash flows provided by operating activities 387 937
Cash flows from investing activities    
Capital expenditures (273) (527)
Purchases of investments (1) (4)
Settlement of net investment hedges (20) (26)
Net cash flows used for investing activities (294) (557)
Cash flows from financing activities    
Proceeds of current debt, net 0 780
Repayments of commercial paper (maturities after three months) 0 (785)
Repayments of long-term debt (502) (5)
Net proceeds from stock-based compensation transactions 15 19
Payments to acquire treasury stock (35) (33)
Settlement of cross-currency swaps 10 9
Dividends paid to stockholders (366) (474)
Net cash flows used for financing activities (878) (489)
Effect of exchange rate changes on Cash and cash equivalents (24) 19
Net decrease in Cash and cash equivalents (809) (90)
Cash and cash equivalents at beginning of period 3,395 4,029
Cash and cash equivalents at end of period $ 2,586 $ 3,939