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CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jul. 01, 2023
Cash flows from operating activities:      
Net earnings $ 1,828 $ 1,955 $ 1,770
Adjustments to reconcile net earnings to cash provided by operating activities:      
Pension settlement charge 0 0 315
Share-based compensation expense 93 104 96
Depreciation and amortization 945 873 776
Operating lease asset amortization 141 124 113
Amortization of debt issuance and other debt-related costs 15 19 20
Deferred income taxes (13) 27 (16)
Provision for losses on receivables 85 57 36
Goodwill impairment 92 0 0
Other non-cash items (100) (12) (7)
Additional changes in certain assets and liabilities, net of effect of businesses acquired:      
Increase in receivables (206) (110) (271)
Increase in inventories (330) (70) (22)
(Increase) decrease in prepaid expenses and other current assets (22) (2) 2
Increase in accounts payable 143 104 196
(Decrease) increase in accrued expenses (14) (12) 22
Decrease in operating lease liabilities (177) (144) (134)
(Decrease) increase in accrued income taxes (62) 13 92
Decrease in other assets 18 38 6
Increase (decrease) in other long-term liabilities 74 25 (126)
Net cash provided by operating activities 2,510 2,989 2,868
Cash flows from investing activities:      
Additions to plant and equipment (906) (832) (793)
Proceeds from sales of plant and equipment 214 79 42
Acquisition of businesses, net of cash acquired (40) (1,210) (37)
Purchase of marketable securities (32) (33) (16)
Proceeds from sales of marketable securities 29 29 12
Other investing activities 18 5 7
Net cash used for investing activities (717) (1,962) (785)
Cash flows from financing activities:      
Bank and commercial paper borrowings, net 45 200 0
Other debt borrowings including senior notes 1,254 1,362 249
Other debt repayments including senior notes (549) (447) (830)
Proceeds from stock option exercises 110 120 79
Stock repurchases (1,250) (1,232) (500)
Dividends paid (1,000) (1,008) (996)
Other financing activities (22) (33) (58)
Net cash used for financing activities (1,412) (1,038) (2,056)
Effect of exchange rates on cash, cash equivalents and restricted cash 22 (10) 8
Net increase (decrease) in cash, cash equivalents and restricted cash 403 (21) 35
Cash, cash equivalents and restricted cash at beginning of period 945 966 931
Cash, cash equivalents and restricted cash at end of period 1,348 945 966
Cash paid during the period for:      
Interest 629 557 511
Income taxes, net of refunds [1] $ 640 $ 564 $ 444
[1]
Cash paid for income taxes, net for fiscal 2025 includes $190 million of cash paid for the purchase of federal tax credits.