CASH FLOWS STATEMENTS - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2014
Operations
Net income	$ 16,798	[1]	$ 12,193	[2]	$ 22,074
Adjustments to reconcile net income to net cash from operations:
Goodwill and asset impairments	630		7,498		0
Depreciation, amortization, and other	6,622		5,957		5,212
Stock-based compensation expense	2,668		2,574		2,446
Net recognized gains on investments and derivatives	(223)		(443)		(109)
Deferred income taxes	332		224		(331)
Deferral of unearned revenue	57,072		45,072		44,325
Recognition of unearned revenue	(48,498)		(44,920)		(41,739)
Changes in operating assets and liabilities:
Accounts receivable	(530)		1,456		(1,120)
Inventories	600		(272)		(161)
Other current assets	(1,167)		62		(29)
Other long-term assets	(41)		346		(628)
Accounts payable	88		(1,054)		473
Other current liabilities	(260)		(624)		1,075
Other long-term liabilities	(766)		1,599		1,014
Net cash from operations	33,325		29,668		32,502
Financing
Proceeds from issuance of short-term debt, maturities of 90 days or less, net	7,195		4,481		500
Proceeds from issuance of debt	13,884		10,680		10,350
Repayments of debt	(2,796)		(1,500)		(3,888)
Common stock issued	668		634		607
Common stock repurchased	(15,969)		(14,443)		(7,316)
Common stock cash dividends paid	(11,006)		(9,882)		(8,879)
Other	(369)		362		(39)
Net cash used in financing	(8,393)		(9,668)		(8,665)
Investing
Additions to property and equipment	(8,343)		(5,944)		(5,485)
Acquisition of companies, net of cash acquired, and purchases of intangible and other assets	(1,393)		(3,723)		(5,937)
Purchases of investments	(129,758)		(98,729)		(72,690)
Maturities of investments	22,054		15,013		5,272
Sales of investments	93,287		70,848		60,094
Securities lending payable	203		(466)		(87)
Net cash used in investing	(23,950)		(23,001)		(18,833)
Effect of foreign exchange rates on cash and cash equivalents	(67)		(73)		(139)
Net change in cash and cash equivalents	915		(3,074)		4,865
Cash and cash equivalents, beginning of period	5,595		8,669		3,804
Cash and cash equivalents, end of period	$ 6,510		$ 5,595		$ 8,669

[1] Includes $630 million of asset impairment charges related to our phone business, and $480 million of restructuring charges associated with our 2016 restructuring plans, which together decreased net income and diluted EPS by $895 million and $0.11, respectively.

[2] Includes $7.5 billion of goodwill and asset impairment charges related to our phone business, and $2.5 billion of integration and restructuring expenses, primarily associated with our Phone Hardware Integration Plan and Phone Hardware Restructuring Plan, which together decreased net income and diluted EPS by $9.5 billion and $1.15, respectively.