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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net earnings $ 1,785 $ 1,402
Adjustments to reconcile net earnings to net cash flows from operating activities:    
Depreciation and amortization 364 316
Deferred income taxes (43) (49)
Non-cash stock-based compensation 192 169
Net loss on disposal of property, plant and equipment 3 13
Non-cash restructuring and other charges 1 1
Pension and post-retirement benefit expense 39 52
Pension and post-retirement benefit contributions (18) (25)
Goodwill and other intangible asset impairments 0 81
Changes in fair value of contingent consideration 0 (2)
Gain on previously held equity method investment (1) 0
Other non-cash items (4) (23)
Changes in operating assets and liabilities:    
Increase in accounts receivable, net (407) (720)
Decrease (increase) in inventory and promotional merchandise (164) 67
Increase in other assets, net (57) (110)
Increase (decrease) in accounts payable (40) 63
Increase in other accrued and noncurrent liabilities 213 750
Decrease in operating lease assets and liabilities, net (17) (7)
Net cash flows provided by operating activities 1,846 1,978
Cash flows from investing activities    
Capital expenditures (459) (250)
Proceeds from purchase price refund 0 32
Payment for acquired business (3) (6)
Purchases of investments (10) (40)
Settlement of net investment hedges 58 (133)
Net cash flows used for investing activities (414) (397)
Cash flows from financing activities    
Repayments of current debt, net (4) (747)
Debt issuance costs (1) 0
Repayments and redemptions of long-term debt (10) (4)
Net proceeds from stock-based compensation transactions 77 104
Payments to acquire treasury stock (1,428) (102)
Dividends paid to stockholders (409) (368)
Payments to noncontrolling interest holders for dividends 0 (2)
Net cash flows used for financing activities (1,775) (1,119)
Effect of exchange rate changes on Cash and cash equivalents (12) 61
Net increase (decrease) in Cash and cash equivalents (355) 523
Cash and cash equivalents at beginning of period 4,958 5,022
Cash and cash equivalents at end of period $ 4,603 $ 5,545