Consolidated Statements of Cash Flows Amounts in millions; Years ended June 30 2022 2021 2020 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR $ 10,288 $ 16,181 $ 4,239 OPERATING ACTIVITIES Net earnings 14,793 14,352 13,103 Depreciation and amortization 2,807 2,735 3,013 Loss on early extinguishment of debt — 512 — Share - based compensation expense 528 540 558 Deferred income taxes (402) (258) (596) Loss/(gain) on sale of assets (85) (16) 7 Change in accounts receivable (694) (342) 634 Change in inventories (1,247) (309) (637) Change in accounts payable, accrued and other liabilities 1,429 1,391 1,923 Change in other operating assets and liabilities (635) (369) (710) Other 229 135 108 TOTAL OPERATING ACTIVITIES 16,723 18,371 17,403 INVESTING ACTIVITIES Capital expenditures (3,156) (2,787) (3,073) Proceeds from asset sales 110 42 30 Acquisitions, net of cash acquired (1,381) (34) (58) Purchases of investment securities — (55) — Proceeds from sales and maturities of investment securities — — 6,151 Change in other investments 3 — (5) TOTAL INVESTING ACTIVITIES (4,424) (2,834) 3,045 F INANCING ACTIVITIES Dividends to shareholders (8,770) (8,263) (7,789) Additions to short - term debt with original maturities of more than three months 10,411 7,675 14,371 Reductions in short - term debt with original maturities of more than three months (11,478) (7,577) (12,984) Additions/(reductions) in other short - term debt 917 (3,431) 958 Additions to long - term debt 4,385 4,417 4,951 Reductions of long - term debt (1) (2,343) (4,987) (2,447) Treasury stock purchases (10,003) (11,009) (7,405) Impact of stock options and other 2,005 1,644 1,978 TOTAL FINANCING ACTIVITIES (14,876) (21,531) (8,367) EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH (497) 101 (139) C HANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (3,074) (5,893) 11,942 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR $ 7,214 $ 10,288 $ 16,181 SUPPLEMENTAL DISCLOSURE Cash payments for interest $ 451 $ 531 $ 434 Cash payments for income taxes 3,818 3,822 3,550 (1) Includes early extinguishment of debt costs of $512 in 2021. The Procter & Gamble Company 41 See accompanying Notes to Consolidated Financial Statements.