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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities      
Net earnings $ 696 $ 1,794 $ 1,117
Adjustments to reconcile net earnings to net cash flows from operating activities:      
Depreciation and amortization 611 557 531
Deferred income taxes (143) (66) 175
Non-cash stock-based compensation 213 243 236
Net loss on disposal of property, plant and equipment 20 17 15
Non-cash restructuring and other charges 20 0 1
Pension and post-retirement benefit expense 82 72 73
Pension and post-retirement benefit contributions (73) (53) (85)
Goodwill, other intangible and long-lived asset impairments 1,426 90 0
Changes in fair value of contingent consideration (17) (37) (43)
Gain on liquidation of an investment in a foreign subsidiary, net 0 (71) 0
Gain on previously held equity method investment (534) 0 0
Other non-cash items (10) (27) (22)
Changes in operating assets and liabilities:      
Decrease (increase) in accounts receivable, net 625 (169) (105)
Increase in inventory and promotional merchandise (3) (375) (147)
Decrease (increase) in other assets, net (212) (62) 1
Increase (decrease) in accounts payable (308) 319 349
Increase (decrease) in other accrued and noncurrent liabilities (169) 285 466
Increase in operating lease assets and liabilities, net 56    
Net cash flows provided by operating activities 2,280 2,517 2,562
Cash flows from investing activities      
Capital expenditures (623) (744) (629)
Payments for acquired businesses, net of cash acquired (1,047) 0 0
Proceeds from the disposition of investments 0 1,229 749
Purchases of investments (5) (14) (478)
Proceeds from sale of property, plant and equipment 0 2 0
Settlement of net investment hedges (23) 0 0
Net cash flows provided by (used for) investing activities (1,698) 473 (358)
Cash flows from financing activities      
Proceeds (repayments) of current debt, net 755 (171) (8)
Proceeds from issuance of long-term debt, net 2,481 0 0
Debt issuance costs (18) 0 0
Repayments and redemptions of long-term debt (513) (1) (2)
Net proceeds from stock-based compensation transactions 180 192 182
Payments to acquire treasury stock (893) (1,555) (759)
Dividends paid to stockholders (503) (609) (546)
Payments to noncontrolling interest holders for dividends (10) (6) (4)
Payments of contingent consideration (18) (23) (35)
Net cash flows provided by (used for) financing activities 1,461 (2,173) (1,172)
Effect of exchange rate changes on Cash and cash equivalents (8) (11) 13
Net increase in Cash and cash equivalents 2,035 806 1,045
Cash and cash equivalents at beginning of year 2,987 2,181 1,136
Cash and cash equivalents at end of year $ 5,022 $ 2,987 $ 2,181