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CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jul. 02, 2022
Cash flows from operating activities:      
Net earnings $ 1,955 $ 1,770 $ 1,359
Adjustments to reconcile net earnings to cash provided by operating activities:      
Pension settlement charge 0 315 0
Share-based compensation expense 104 96 122
Depreciation and amortization 873 776 773
Operating lease asset amortization 124 113 108
Amortization of debt issuance and other debt-related costs 19 20 22
Deferred income taxes 27 (16) (64)
Provision for losses (gains) on receivables 57 36 (15)
Loss on extinguishment of debt 0 0 116
Other non-cash items (12) (7) (13)
Additional changes in certain assets and liabilities, net of effect of businesses acquired:      
Increase in receivables (110) (271) (971)
Increase in inventories (70) (22) (709)
(Increase) decrease in prepaid expenses and other current assets (2) 2 5
Increase in accounts payable 104 196 810
(Decrease) increase in accrued expenses (12) 22 423
Decrease in operating lease liabilities (144) (134) (126)
Increase (decrease) in accrued income taxes 13 92 (10)
Decrease (increase) in other assets 38 6 (1)
Increase (decrease) in other long-term liabilities 25 (126) (38)
Net cash provided by operating activities 2,989 2,868 1,791
Cash flows from investing activities:      
Additions to plant and equipment (832) (793) (633)
Proceeds from sales of plant and equipment 79 42 24
Acquisition of businesses, net of cash acquired (1,210) (37) (1,281)
Purchase of marketable securities (33) (16) (19)
Proceeds from sales of marketable securities 29 12 17
Other investing activities 5 7 14
Net cash used for investing activities (1,962) (785) (1,878)
Cash flows from financing activities:      
Bank and commercial paper borrowings, net 200 0 0
Other debt borrowings including senior notes 1,362 249 1,248
Other debt repayments including senior notes (447) (830) (494)
Redemption premiums and repayments for senior notes 0 0 (1,396)
Cash received from termination of interest rate swap agreements 0 0 23
Proceeds from stock option exercises 120 79 128
Stock repurchases (1,232) (500) (500)
Dividends paid (1,008) (996) (959)
Other financing activities (33) (58) (37)
Net cash used for financing activities (1,038) (2,056) (1,987)
Effect of exchange rates on cash, cash equivalents and restricted cash (10) 8 (32)
Net (decrease) increase in cash, cash equivalents and restricted cash (21) 35 (2,106)
Cash, cash equivalents and restricted cash at beginning of period 966 931 3,037
Cash, cash equivalents and restricted cash at end of period 945 966 931
Cash paid during the period for:      
Interest 557 511 498
Income taxes, net of refunds $ 564 $ 444 $ 450