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Accounting Changes and Error Corrections (Tables) | 9 Months Ended
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Mar. 31, 2024 | Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract] |  |
Schedule of Error Corrections and Prior Period Adjustments | The following tables set forth our revisions to the condensed consolidated statements of earnings/(loss) for each of the first three quarters in fiscal 2024 and fiscal 2023.
| Three Months Ended September 30, 2023 |  | Three Months Ended December 31, 2023 |  | Three Months Ended March 31, 2024
(in millions, except per common share amounts) | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised
Revenue | $ | 54,763 |  |  | $ | (113) |  |  | $ | 54,650 |  |  | $ | 57,445 |  |  | $ | (3) |  |  | $ | 57,442 |  |  | $ | 54,911 |  |  | $ | (43) |  |  | $ | 54,868 |
Cost of products sold | 52,995 |  |  | (88) |  |  | 52,907 |  |  | 55,599 |  |  | (11) |  |  | 55,588 |  |  | 52,964 |  |  | (31) |  |  | 52,933 |
Gross margin | 1,768 |  |  | (25) |  |  | 1,743 |  |  | 1,846 |  |  | 8 |  |  | 1,854 |  |  | 1,947 |  |  | (12) |  |  | 1,935 |
Distribution, selling, general and administrative expenses | 1,197 |  |  | (11) |  |  | 1,186 |  |  | 1,283 |  |  | (15) |  |  | 1,268 |  |  | 1,282 |  |  | (13) |  |  | 1,269 |
Impairments and (gain)/loss on disposal of assets, net | 537 |  |  | 4 |  |  | 541 |  |  | 1 |  |  | — |  |  | 1 |  |  | 84 |  |  | — |  |  | 84 |
Litigation (recoveries)/charges, net | (41) |  |  | — |  |  | (41) |  |  | (11) |  |  | — |  |  | (11) |  |  | 81 |  |  | (1) |  |  | 80 |
Operating earnings/(loss) | (14) |  |  | (18) |  |  | (32) |  |  | 482 |  |  | 23 |  |  | 505 |  |  | 367 |  |  | 2 |  |  | 369 |
Other (income)/expense, net | (2) |  |  | 3 |  |  | 1 |  |  | (16) |  |  | 6 |  |  | (10) |  |  | (7) |  |  | 6 |  |  | (1) |
Interest expense, net | 14 |  |  | (3) |  |  | 11 |  |  | 8 |  |  | (5) |  |  | 3 |  |  | 33 |  |  | (5) |  |  | 28 |
Earnings/(loss) before income taxes | (26) |  |  | (18) |  |  | (44) |  |  | 490 |  |  | 22 |  |  | 512 |  |  | 341 |  |  | 1 |  |  | 342 |
Provision for/(benefit from) income taxes | (32) |  |  | (1) |  |  | (33) |  |  | 136 |  |  | 7 |  |  | 143 |  |  | 82 |  |  | (2) |  |  | 80 |
Net earnings/(loss) | 6 |  |  | (17) |  |  | (11) |  |  | 354 |  |  | 15 |  |  | 369 |  |  | 259 |  |  | 3 |  |  | 262 |
Net earnings/(loss) attributable to Cardinal Health, Inc. | 5 |  |  | (17) |  |  | (12) |  |  | 353 |  |  | 15 |  |  | 368 |  |  | 258 |  |  | 3 |  |  | 261 |
Earnings/(loss) per common share attributable to Cardinal Health, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.02 |  |  | $ | (0.07) |  |  | $ | (0.05) |  |  | $ | 1.44 |  |  | $ | 0.06 |  |  | $ | 1.50 |  |  | $ | 1.06 |  |  | $ | 0.01 |  |  | $ | 1.07 |
Diluted | 0.02 |  |  | (0.07) |  |  | (0.05) |  |  | 1.43 |  |  | 0.07 |  |  | 1.50 |  |  | 1.05 |  |  | 0.02 |  |  | 1.07 |
| Three Months Ended September 30, 2022 |  | Three Months Ended December 31, 2022 |  | Three Months Ended March 31, 2023
(in millions, except per common share amounts) | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised
Revenue | $ | 49,603 |  |  | $ | (11) |  |  | $ | 49,592 |  |  | $ | 51,469 |  |  | $ | (1) |  |  | $ | 51,468 |  |  | $ | 50,487 |  |  | $ | 11 |  |  | $ | 50,498 |
Cost of products sold | 47,989 |  |  | 7 |  |  | 47,996 |  |  | 49,806 |  |  | (22) |  |  | 49,784 |  |  | 48,702 |  |  | (14) |  |  | 48,688 |
Gross margin | 1,614 |  |  | (18) |  |  | 1,596 |  |  | 1,663 |  |  | 21 |  |  | 1,684 |  |  | 1,785 |  |  | 25 |  |  | 1,810 |
Distribution, selling, general and administrative expenses | 1,197 |  |  | (2) |  |  | 1,195 |  |  | 1,191 |  |  | (12) |  |  | 1,179 |  |  | 1,179 |  |  | (7) |  |  | 1,172 |
Litigation (recoveries)/charges, net | 27 |  |  | (2) |  |  | 25 |  |  | (207) |  |  | — |  |  | (207) |  |  | (76) |  |  | — |  |  | (76) |
Operating earnings/(loss) | 137 |  |  | (14) |  |  | 123 |  |  | (119) |  |  | 33 |  |  | (86) |  |  | 572 |  |  | 32 |  |  | 604 |
Other (income)/expense, net | 2 |  |  | 1 |  |  | 3 |  |  | (7) |  |  | 1 |  |  | (6) |  |  | — |  |  | 2 |  |  | 2 |
Interest expense, net | 25 |  |  | (1) |  |  | 24 |  |  | 25 |  |  | (1) |  |  | 24 |  |  | 28 |  |  | (2) |  |  | 26 |
Earnings/(loss) before income taxes | 110 |  |  | (14) |  |  | 96 |  |  | (137) |  |  | 33 |  |  | (104) |  |  | 544 |  |  | 32 |  |  | 576 |
Provision for/(benefit from) income taxes | (1) |  |  | (2) |  |  | (3) |  |  | (7) |  |  | (20) |  |  | (27) |  |  | 197 |  |  | 12 |  |  | 209 |
Net earnings/(loss) | 111 |  |  | (12) |  |  | 99 |  |  | (130) |  |  | 53 |  |  | (77) |  |  | 347 |  |  | 20 |  |  | 367 |
Net earnings/(loss) attributable to Cardinal Health, Inc. | 110 |  |  | (12) |  |  | 98 |  |  | (130) |  |  | 53 |  |  | (77) |  |  | 345 |  |  | 20 |  |  | 365 |
Earnings/(loss) per common share attributable to Cardinal Health, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.41 |  |  | $ | (0.05) |  |  | $ | 0.36 |  |  | $ | (0.50) |  |  | $ | 0.20 |  |  | $ | (0.30) |  |  | $ | 1.35 |  |  | $ | 0.08 |  |  | $ | 1.43 |
Diluted | 0.40 |  |  | (0.04) |  |  | 0.36 |  |  | (0.50) |  |  | 0.20 |  |  | (0.30) |  |  | 1.34 |  |  | 0.07 |  |  | 1.41 |
The following tables set forth our revisions to the condensed consolidated statements of comprehensive income/(loss) for each of the first three quarters in fiscal 2024 and fiscal 2023.
| Three Months Ended September 30, 2023 |  | Three Months Ended December 31, 2023 |  | Three Months Ended March 31, 2024 |  |  |
(in millions) | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised |  |  |
Net earnings/(loss) | $ | 6 |  |  | $ | (17) |  |  | $ | (11) |  |  | $ | 354 |  |  | $ | 15 |  |  | $ | 369 |  |  | $ | 259 |  |  | $ | 3 |  |  | $ | 262 |  |  |  |
Total comprehensive income/(loss), net of tax | (8) |  |  | (17) |  |  | (25) |  |  | 364 |  |  | 15 |  |  | 379 |  |  | 254 |  |  | 3 |  |  | 257 |  |  |  |
Total comprehensive income/(loss) attributable to Cardinal Health, Inc. | (9) |  |  | (17) |  |  | (26) |  |  | 363 |  |  | 15 |  |  | 378 |  |  | 253 |  |  | 3 |  |  | 256 |  |  |  |
| Three Months Ended September 30, 2022 |  | Three Months Ended December 31, 2022 |  | Three Months Ended March 31, 2023
(in millions) | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised
Net earnings/(loss) | $ | 111 |  |  | $ | (12) |  |  | $ | 99 |  |  | $ | (130) |  |  | $ | 53 |  |  | $ | (77) |  |  | $ | 347 |  |  | $ | 20 |  |  | $ | 367 |
Total comprehensive income/(loss), net of tax | 49 |  |  | (12) |  |  | 37 |  |  | (100) |  |  | 53 |  |  | (47) |  |  | 351 |  |  | 20 |  |  | 371 |
Total comprehensive income/(loss) attributable to Cardinal Health, Inc. | 48 |  |  | (12) |  |  | 36 |  |  | (100) |  |  | 53 |  |  | (47) |  |  | 349 |  |  | 20 |  |  | 369 |
| The following tables set forth our revisions to the condensed consolidated statements of earnings/(loss) for each of the first three quarters in fiscal 2024 and fiscal 2023.
| Three Months Ended September 30, 2023 |  | Three Months Ended December 31, 2023 |  | Three Months Ended March 31, 2024
(in millions, except per common share amounts) | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised
Revenue | $ | 54,763 |  |  | $ | (113) |  |  | $ | 54,650 |  |  | $ | 57,445 |  |  | $ | (3) |  |  | $ | 57,442 |  |  | $ | 54,911 |  |  | $ | (43) |  |  | $ | 54,868 |
Cost of products sold | 52,995 |  |  | (88) |  |  | 52,907 |  |  | 55,599 |  |  | (11) |  |  | 55,588 |  |  | 52,964 |  |  | (31) |  |  | 52,933 |
Gross margin | 1,768 |  |  | (25) |  |  | 1,743 |  |  | 1,846 |  |  | 8 |  |  | 1,854 |  |  | 1,947 |  |  | (12) |  |  | 1,935 |
Distribution, selling, general and administrative expenses | 1,197 |  |  | (11) |  |  | 1,186 |  |  | 1,283 |  |  | (15) |  |  | 1,268 |  |  | 1,282 |  |  | (13) |  |  | 1,269 |
Impairments and (gain)/loss on disposal of assets, net | 537 |  |  | 4 |  |  | 541 |  |  | 1 |  |  | — |  |  | 1 |  |  | 84 |  |  | — |  |  | 84 |
Litigation (recoveries)/charges, net | (41) |  |  | — |  |  | (41) |  |  | (11) |  |  | — |  |  | (11) |  |  | 81 |  |  | (1) |  |  | 80 |
Operating earnings/(loss) | (14) |  |  | (18) |  |  | (32) |  |  | 482 |  |  | 23 |  |  | 505 |  |  | 367 |  |  | 2 |  |  | 369 |
Other (income)/expense, net | (2) |  |  | 3 |  |  | 1 |  |  | (16) |  |  | 6 |  |  | (10) |  |  | (7) |  |  | 6 |  |  | (1) |
Interest expense, net | 14 |  |  | (3) |  |  | 11 |  |  | 8 |  |  | (5) |  |  | 3 |  |  | 33 |  |  | (5) |  |  | 28 |
Earnings/(loss) before income taxes | (26) |  |  | (18) |  |  | (44) |  |  | 490 |  |  | 22 |  |  | 512 |  |  | 341 |  |  | 1 |  |  | 342 |
Provision for/(benefit from) income taxes | (32) |  |  | (1) |  |  | (33) |  |  | 136 |  |  | 7 |  |  | 143 |  |  | 82 |  |  | (2) |  |  | 80 |
Net earnings/(loss) | 6 |  |  | (17) |  |  | (11) |  |  | 354 |  |  | 15 |  |  | 369 |  |  | 259 |  |  | 3 |  |  | 262 |
Net earnings/(loss) attributable to Cardinal Health, Inc. | 5 |  |  | (17) |  |  | (12) |  |  | 353 |  |  | 15 |  |  | 368 |  |  | 258 |  |  | 3 |  |  | 261 |
Earnings/(loss) per common share attributable to Cardinal Health, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.02 |  |  | $ | (0.07) |  |  | $ | (0.05) |  |  | $ | 1.44 |  |  | $ | 0.06 |  |  | $ | 1.50 |  |  | $ | 1.06 |  |  | $ | 0.01 |  |  | $ | 1.07 |
Diluted | 0.02 |  |  | (0.07) |  |  | (0.05) |  |  | 1.43 |  |  | 0.07 |  |  | 1.50 |  |  | 1.05 |  |  | 0.02 |  |  | 1.07 |
| Three Months Ended September 30, 2022 |  | Three Months Ended December 31, 2022 |  | Three Months Ended March 31, 2023
(in millions, except per common share amounts) | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised
Revenue | $ | 49,603 |  |  | $ | (11) |  |  | $ | 49,592 |  |  | $ | 51,469 |  |  | $ | (1) |  |  | $ | 51,468 |  |  | $ | 50,487 |  |  | $ | 11 |  |  | $ | 50,498 |
Cost of products sold | 47,989 |  |  | 7 |  |  | 47,996 |  |  | 49,806 |  |  | (22) |  |  | 49,784 |  |  | 48,702 |  |  | (14) |  |  | 48,688 |
Gross margin | 1,614 |  |  | (18) |  |  | 1,596 |  |  | 1,663 |  |  | 21 |  |  | 1,684 |  |  | 1,785 |  |  | 25 |  |  | 1,810 |
Distribution, selling, general and administrative expenses | 1,197 |  |  | (2) |  |  | 1,195 |  |  | 1,191 |  |  | (12) |  |  | 1,179 |  |  | 1,179 |  |  | (7) |  |  | 1,172 |
Litigation (recoveries)/charges, net | 27 |  |  | (2) |  |  | 25 |  |  | (207) |  |  | — |  |  | (207) |  |  | (76) |  |  | — |  |  | (76) |
Operating earnings/(loss) | 137 |  |  | (14) |  |  | 123 |  |  | (119) |  |  | 33 |  |  | (86) |  |  | 572 |  |  | 32 |  |  | 604 |
Other (income)/expense, net | 2 |  |  | 1 |  |  | 3 |  |  | (7) |  |  | 1 |  |  | (6) |  |  | — |  |  | 2 |  |  | 2 |
Interest expense, net | 25 |  |  | (1) |  |  | 24 |  |  | 25 |  |  | (1) |  |  | 24 |  |  | 28 |  |  | (2) |  |  | 26 |
Earnings/(loss) before income taxes | 110 |  |  | (14) |  |  | 96 |  |  | (137) |  |  | 33 |  |  | (104) |  |  | 544 |  |  | 32 |  |  | 576 |
Provision for/(benefit from) income taxes | (1) |  |  | (2) |  |  | (3) |  |  | (7) |  |  | (20) |  |  | (27) |  |  | 197 |  |  | 12 |  |  | 209 |
Net earnings/(loss) | 111 |  |  | (12) |  |  | 99 |  |  | (130) |  |  | 53 |  |  | (77) |  |  | 347 |  |  | 20 |  |  | 367 |
Net earnings/(loss) attributable to Cardinal Health, Inc. | 110 |  |  | (12) |  |  | 98 |  |  | (130) |  |  | 53 |  |  | (77) |  |  | 345 |  |  | 20 |  |  | 365 |
Earnings/(loss) per common share attributable to Cardinal Health, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.41 |  |  | $ | (0.05) |  |  | $ | 0.36 |  |  | $ | (0.50) |  |  | $ | 0.20 |  |  | $ | (0.30) |  |  | $ | 1.35 |  |  | $ | 0.08 |  |  | $ | 1.43 |
Diluted | 0.40 |  |  | (0.04) |  |  | 0.36 |  |  | (0.50) |  |  | 0.20 |  |  | (0.30) |  |  | 1.34 |  |  | 0.07 |  |  | 1.41 |
The following tables set forth our revisions to the condensed consolidated statements of comprehensive income/(loss) for each of the first three quarters in fiscal 2024 and fiscal 2023.
| Three Months Ended September 30, 2023 |  | Three Months Ended December 31, 2023 |  | Three Months Ended March 31, 2024 |  |  |
(in millions) | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised |  |  |
Net earnings/(loss) | $ | 6 |  |  | $ | (17) |  |  | $ | (11) |  |  | $ | 354 |  |  | $ | 15 |  |  | $ | 369 |  |  | $ | 259 |  |  | $ | 3 |  |  | $ | 262 |  |  |  |
Total comprehensive income/(loss), net of tax | (8) |  |  | (17) |  |  | (25) |  |  | 364 |  |  | 15 |  |  | 379 |  |  | 254 |  |  | 3 |  |  | 257 |  |  |  |
Total comprehensive income/(loss) attributable to Cardinal Health, Inc. | (9) |  |  | (17) |  |  | (26) |  |  | 363 |  |  | 15 |  |  | 378 |  |  | 253 |  |  | 3 |  |  | 256 |  |  |  |
| Three Months Ended September 30, 2022 |  | Three Months Ended December 31, 2022 |  | Three Months Ended March 31, 2023
(in millions) | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised
Net earnings/(loss) | $ | 111 |  |  | $ | (12) |  |  | $ | 99 |  |  | $ | (130) |  |  | $ | 53 |  |  | $ | (77) |  |  | $ | 347 |  |  | $ | 20 |  |  | $ | 367 |
Total comprehensive income/(loss), net of tax | 49 |  |  | (12) |  |  | 37 |  |  | (100) |  |  | 53 |  |  | (47) |  |  | 351 |  |  | 20 |  |  | 371 |
Total comprehensive income/(loss) attributable to Cardinal Health, Inc. | 48 |  |  | (12) |  |  | 36 |  |  | (100) |  |  | 53 |  |  | (47) |  |  | 349 |  |  | 20 |  |  | 369 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9 + Details
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