Consolidated Statements of Cash Flows

For Three Months Ended

September 30,

(In millions)

2023

2022

Cash flows from operating activities

   Net income

$

1,709

$

2,295

   Adjustments to net income:

   Depreciation

303

249

   Amortization of capitalized software

17

13

   Stock compensation

79

68

   Deferred taxes

(99)

(3)

   Increase (decrease) from changes in:

   Accounts receivable

(20)

150

   Inventories

(179)

(205)

   Prepaid expenses and other current assets

28

25

   Accounts payable and accrued expenses

27

42

   Accrued compensation

145

140

   Income taxes payable

(7)

21

   Changes in funded status of retirement plans

26

56

   Other

(92)

(85)

Cash flows from operating activities

1,937

2,766

Cash flows from investing activities

   Capital expenditures

(1,495)

(790)

   Proceeds from asset sales

1

—

   Purchases of short-term investments

(3,080)

(4,346)

   Proceeds from short-term investments

2,885

3,033

   Other

(5)

(10)

Cash flows from investing activities

(1,694)

(2,113)

Cash flows from financing activities

   Proceeds from issuance of long-term debt

—

695

   Dividends paid

(1,126)

(1,051)

   Stock repurchases

(46)

(996)

   Proceeds from common stock transactions

68

78

   Other

(12)

(12)

Cash flows from financing activities

(1,116)

(1,286)

Net change in cash and cash equivalents

(873)

(633)

Cash and cash equivalents at beginning of period

3,439

3,802

Cash and cash equivalents at end of period

$

2,566

$

3,169