XML 49 R24.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Accounting Changes and Error Corrections | 12 Months Ended
--- | ---
Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract] |
Error Correction | 16. Revision of Previously Issued Financial Statements (Unaudited) The amounts below reflect the unaudited interim periods within fiscal 2024 and include the revisions to previously filed unaudited interim condensed consolidated financial data to correct immaterial prior period errors as discussed in Note 1. We intend to reflect these revisions in our Quarterly Reports to be filed on Form 10-Q in fiscal 2025. 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 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 + Details
Name: | us-gaap_ErrorCorrectionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration