CARDINAL HEALTH INC, 10-Q filed on 11/1/2024
Quarterly Report
v3.24.3
Cover Page - shares
 3 Months Ended
Sep. 30, 2024
Oct. 25, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 1-11373  
Entity Registrant Name Cardinal Health, Inc.  
Entity Central Index Key 0000721371  
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Incorporation, State or Country Code OH  
Entity Tax Identification Number 31-0958666  
Entity Address, Address Line One 7000 Cardinal Place  
Entity Address, City or Town Dublin  
Entity Address, State or Province OH  
Entity Address, Postal Zip Code 43017  
City Area Code 614  
Local Phone Number 757-5000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Title of 12(b) Security Common shares (without par value)  
Trading Symbol CAH  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   242,010,503
v3.24.3
Condensed Consolidated Statements of Earnings - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]    
Revenue $ 52,277 $ 54,650
Cost of Goods and Services Sold 50,375 52,907
Gross margin 1,902 1,743
Operating expenses:    
Distribution, selling, general and administrative expenses 1,277 1,186
Restructuring and employee severance 24 25
Amortization and other acquisition-related costs 74 64
Impairments and (gain)/loss on disposal of assets, net (1) 541
Litigation (recoveries)/charges, net (40) (41)
Operating earnings/(loss) 568 (32)
Other (income)/expense, net (5) 1
Interest expense, net 32 11
Earnings/(loss) before income taxes 541 (44)
Provision for/(benefit from) income taxes 124 (33)
Net earnings/(loss) 417 (11)
Less: Net earnings attributable to noncontrolling interests (1) (1)
Net earnings/(loss) attributable to Cardinal Health, Inc. $ 416 $ (12)
Earnings/(loss) per common share attributable to Cardinal Health, Inc.:    
Basic (in shares) $ 1.71 $ (0.05)
Diluted (in shares) $ 1.70 $ (0.05)
Weighted-average number of common shares outstanding:    
Basic (in shares) 243 249
Diluted (in shares) 245 249
Cash dividends declared per common share $ 0.5056 $ 0.5006
v3.24.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]    
Net earnings/(loss) $ 417 $ (11)
Other comprehensive income/(loss):    
Foreign currency translation adjustments and other 5 (11)
Net unrealized gain/(loss) on derivative instruments, net of tax 7 (3)
Total other comprehensive income/(loss), net of tax 12 (14)
Total comprehensive income/(loss) 429 (25)
Less: comprehensive income attributable to noncontrolling interests (1) (1)
Total comprehensive income attributable to Cardinal Health, Inc. $ 428 $ (26)
v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
shares in Thousands, $ in Millions
Sep. 30, 2024
Jun. 30, 2024
Current assets:    
Cash and equivalents $ 2,867 $ 5,133
Trade receivables, net 11,781 12,084
Inventories, net 15,619 14,957
Prepaid expenses and other 2,591 2,663
Assets held for sale 47 47
Total current assets 32,905 34,884
Property and equipment, net 2,535 2,529
Goodwill and other intangibles, net 6,388 6,450
Other Assets 1,231 1,258
Total assets 43,059 45,121
Current liabilities:    
Accounts Payable, Current 30,365 31,759
Current portion of long-term obligations and other short-term borrowings 940 434
Other accrued liabilities 3,373 3,447
Total current liabilities 34,678 35,640
Long-term obligations, less current portion 4,224 4,658
Deferred income taxes and other liabilities $ 7,433 $ 8,035
Preferred shares, without par value:    
Preferred Stock, Shares Authorized 500 500
Preferred Stock, Shares Issued 0 0
Preferred Stock, Value, Issued $ 0 $ 0
Common shares, without par value:    
Common Stock, Shares Authorized 755,000 755,000
Common Stock, Shares, Issued 327,000 327,000
Common Stock, Value, Issued $ 2,827 $ 2,917
Retained earnings/(accumulated deficit) 14 (286)
Treasury Stock, Value $ (5,963) $ (5,677)
Treasury Stock, Shares 85,000 83,000
Accumulated other comprehensive loss $ (155) $ (167)
Total Cardinal Health, Inc. shareholders' deficit (3,277) (3,213)
Noncontrolling interests 1 1
Total shareholders' equity (3,276) (3,212)
Total liabilities and shareholders’ deficit $ 43,059 $ 45,121
v3.24.3
Condensed Consolidated Statement of Shareholders' Equity - USD ($)
shares in Thousands, $ in Millions
Total
Common Shares
Retained Earnings/(Accumulated Deficit)
Treasury Shares
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Balance at beginning of period (in shares) at Jun. 30, 2023   327,000        
Balance at beginning of period at Jun. 30, 2023 $ (2,957) $ 2,746 $ (642)   $ (151) $ 1
Treasury, balance at beginning of period (in shares) at Jun. 30, 2023       (76,000)    
Treasury, balance at beginning of period at Jun. 30, 2023       $ (4,911)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings (12)          
Net earnings (11)         1
Other comprehensive income, net of tax (14)       (14)  
Employee stock plans activity, net of shares withheld for employee taxes (in shares)   0   1,000    
Employee stock plans activity, net of shares withheld for employee taxes 7 $ (18)   $ 25    
Purchase of treasury shares (500)        
Share repurchase program activity (in shares)       (5,000)    
Share repurchase program activity (505)     $ (505)    
Dividends (125)   (125)      
Other (2)   (1)     (1)
Balance at end of period (in shares) at Sep. 30, 2023   327,000        
Balance at end of period at Sep. 30, 2023 $ (3,607) $ 2,728 (780)   (165) 1
Treasury, balance at end of period (in shares) at Sep. 30, 2023       (80,000)    
Treasury, balance at end of period at Sep. 30, 2023       $ (5,391)    
Balance at beginning of period (in shares) at Jun. 30, 2024 327,000 327,000        
Balance at beginning of period at Jun. 30, 2024 $ (3,212) $ 2,917 (286)   (167) 1
Treasury, balance at beginning of period (in shares) at Jun. 30, 2024 (83,000)     (83,000)    
Treasury, balance at beginning of period at Jun. 30, 2024 $ (5,677)     $ (5,677)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 416          
Net earnings 417         1
Other comprehensive income, net of tax 12       12  
Employee stock plans activity, net of shares withheld for employee taxes (in shares)   0   1,000    
Employee stock plans activity, net of shares withheld for employee taxes 2 $ (15)   $ 17    
Purchase of treasury shares (375) $ (75)        
Share repurchase program activity (in shares)       (3,000)    
Share repurchase program activity (378)     $ (303)    
Dividends (119)   (119)      
Other $ 2   3     (1)
Balance at end of period (in shares) at Sep. 30, 2024 327,000 327,000        
Balance at end of period at Sep. 30, 2024 $ (3,276) $ 2,827 $ 14   $ (155) $ 1
Treasury, balance at end of period (in shares) at Sep. 30, 2024 (85,000)     (85,000)    
Treasury, balance at end of period at Sep. 30, 2024 $ (5,963)     $ (5,963)    
v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net earnings/(loss) $ 417 $ (11)
Adjustments to reconcile net earnings/(loss) to net cash provided by/(used in) operating activities:    
Depreciation and amortization 182 172
Gain (Loss) on Sale of Investments 1 0
Impairments and (gain)/loss on disposal of assets, net (1) 541
Share-based compensation 30 29
Provision for bad debts 16 9
Change in operating assets and liabilities, net of effects from acquisitions and divestitures:    
Decrease in trade receivables 288 58
Increase in inventories (678) (1,073)
Increase/(decrease) in accounts payable (1,394) 1,762
Other accrued liabilities and operating items, net (508) (959)
Net cash provided by/(used in) operating activities (1,647) 528
Cash flows from investing activities:    
Additions to property and equipment (90) (92)
Proceeds from divestitures, net of cash sold 2 0
Proceeds from disposal of property and equipment 0 1
Proceeds from net investment hedge terminations 0 28
Net cash used in investing activities (88) (63)
Cash flows from financing activities:    
Reduction of long-term obligations (9) (7)
Net tax withholding from share-based compensation (28) (28)
Dividends on common shares (128) (131)
Purchase of treasury shares (375) (500)
Net cash used in financing activities (540) (666)
Effect of exchange rates changes on cash and equivalents 9 (5)
Net decrease in cash and equivalents (2,266) (206)
Cash and equivalents at beginning of period 5,133 4,076
Cash and equivalents at end of period $ 2,867 $ 3,870
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies
1. Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
Our condensed consolidated financial statements include the accounts of all majority-owned or consolidated subsidiaries, and all significant intercompany transactions and amounts have been eliminated. The results of businesses acquired or disposed of are included in the condensed consolidated financial statements from the date of the acquisition or up to the date of disposal, respectively.
References to "we," "our," and similar pronouns in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (this "Form 10-Q") are to Cardinal Health, Inc. and its majority-owned or consolidated subsidiaries unless the context requires otherwise.
Our fiscal year ends on June 30. References to fiscal 2025 and 2024 in these condensed consolidated financial statements are to the fiscal years ending or ended June 30, 2025 and June 30, 2024, respectively.
Our condensed consolidated financial statements have been prepared in accordance with the U.S. Securities and Exchange Commission ("SEC") instructions to Quarterly Reports on Form 10-Q and include the information and disclosures required by accounting principles generally accepted in the United States ("GAAP") for interim financial reporting. The preparation of financial statements in conformity with GAAP requires us to make estimates, judgments, and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Actual amounts may differ from these estimated amounts.
In our opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Except as disclosed elsewhere in this Form 10-Q, all such adjustments are of a normal and recurring nature. In addition, financial results presented for this fiscal 2025 interim period are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2025. These condensed consolidated financial statements are unaudited and, accordingly, should be read in conjunction with the audited consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (the "2024 Form 10-K").
Revision of Prior Period Consolidated Financial Statements
As previously disclosed in the 2024 Form 10-K, we revised our prior period financial statements to correct for an accounting error related to the at-Home Solutions operating segment that was not
material, individually or in the aggregate, to our previously issued Consolidated Financial Statements, as well as other unrelated immaterial errors. The appropriate revisions to our historical condensed consolidated financial statements and the notes thereto are reflected herein. See Note 1 and Note 16 to the "Consolidated Financial Statements" in the 2024 Form 10-K for additional information.
Updated Segment Reporting Structure
Effective January 1, 2024, we operated under an updated organizational structure and re-aligned our reporting structure under two reportable segments: Pharmaceutical and Specialty Solutions ("Pharma") segment and Global Medical Products and Distribution ("GMPD") segment. The remaining operating segments, Nuclear and Precision Health Solutions, at-Home Solutions, and OptiFreight® Logistics, are not significant enough to require separate reportable disclosures and are included in Other. The Pharma reportable segment consists of all businesses formerly within our Pharmaceutical segment, excluding Nuclear and Precision Health Solutions. The GMPD reportable segment consists of all businesses formerly within our Medical segment, excluding at-Home Solutions and OptiFreight® Logistics. Our previously reported segment results have been recast to conform to this re-aligned reporting structure and reflect changes in the elimination of inter-segment revenue and allocated corporate technology and shared function expenses, which are driven by the reporting structure change. See Note 13 for segment results under the new reporting structure.
Major Customers
On April 22, 2024, we announced that our pharmaceutical distribution contracts with OptumRx, which expired at the end of June 2024, would not be renewed. Sales to OptumRx generated 17 percent of our consolidated revenue in fiscal 2024.
Recently Issued Financial Accounting Standards And Disclosure Rules Not Yet Adopted
We assess the adoption impacts of recently issued accounting standards by the FASB on our consolidated financial statements as well as material updates to previous assessments, if any, from the 2024 Form 10-K.
Segment Reporting
In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances reportable segment disclosure requirements, primarily through disclosures of significant segment expenses. This guidance will be effective for us in the 2025 Form 10-K and the guidance must be applied retrospectively to all prior periods presented. We are currently evaluating the impact of adoption of this guidance on our disclosures.
Income Tax Disclosure
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This guidance also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for us in the 2026 Form 10-K and should be applied on a prospective basis, with retrospective application permitted. We are currently evaluating the impact of adoption of this guidance on our disclosures.
Climate-Related Disclosures
In March 2024, the SEC issued final rules on climate-related disclosures that will require annual disclosure of material climate-related risks and material direct greenhouse gas emissions from operations owned or controlled (Scope 1) and material indirect greenhouse gas emissions from purchased energy consumed in owned or controlled operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates. These rules also require disclosure of climate risk oversight practices of the Board of Directors and management, and the disclosure of governance, risk management, and strategy related to material climate-related risks. In April 2024, the SEC voluntarily stayed the new rules pending the completion of judicial review. We are currently evaluating the impact of adoption of these final rules on our disclosures.
Recently Adopted Financial Accounting Standards
There were no new material accounting standards adopted in the three months ended September 30, 2024.
v3.24.3
Acquisitions
 3 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combination Disclosure
2. Acquisitions
On September 20, 2024, we announced that we have entered into a definitive agreement to acquire Integrated Oncology Network ("ION"), a physician-led independent community oncology network, for a purchase price of $1.1 billion in cash, subject to certain adjustments. ION includes more than 50 practice sites in 10 states representing more than 100 providers. ION supports a complete continuum of care across its member sites including medical oncology, radiation oncology, urology diagnostic testing and other ancillary services. This transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals.
On March 18, 2024, we completed the acquisition of Specialty Networks for a purchase price of $1.2 billion in cash. Specialty Networks creates clinical and economic value for providers and partners across multiple specialty group purchasing organizations ("GPOs"): UroGPO, Gastrologix and GastroGPO, and United Rheumatology.
The allocation of the purchase price for the acquisition of Specialty Networks is not yet finalized and is subject to adjustment as we complete the valuation analysis of the acquisition. The pro forma results of operations and the results of operations for Specialty Networks have not been separately disclosed because the effects were not significant compared to the consolidated financial statements.
v3.24.3
Divestitures
 3 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure
3. Divestitures
On June 5, 2023, we signed a definitive agreement to contribute the Outcomes™ business to TDS, a portfolio company of BlackRock Long Term Private Capital and GTCR, in exchange for a 16 percent equity interest in the combined entity. The transaction closed on July 10, 2023 and we recognized a pre-tax gain of $53 million during the three months ended September 30, 2023, which was included in impairments and (gain)/loss on disposal of assets, net in our condensed consolidated statements of earnings/(loss). This gain includes our initial recognition of an equity method investment in the combined entity for $147 million, which was recorded in other assets in our condensed consolidated balance sheets.
We determined that the divestiture of the Outcomes™ business did not meet the criteria to be classified as discontinued operations. The Outcomes™ business operated within our former Pharmaceutical segment and its results before the divestiture are reflected within the Pharma segment.
v3.24.3
Restructuring and Employee Severance
 3 Months Ended
Sep. 30, 2024
Restructuring Charges [Abstract]  
Restructuring and Employee Severance
4. Restructuring and Employee Severance
The following table summarizes restructuring and employee severance costs:
Three Months Ended September 30,
(in millions)20242023
Employee-related costs$16 $7 
Facility exit and other costs8 18 
Total restructuring and employee severance$24 $25 

Employee-related costs primarily consist of termination benefits provided to employees who have been involuntarily terminated, duplicate payroll costs, and retention bonuses incurred during transition periods. Facility exit and other costs primarily consist of project consulting fees, accelerated depreciation, professional project management, and costs associated with vacant facilities.
During the three months ended September 30, 2024, restructuring and employee severance costs were primarily related to the implementation of certain enterprise-wide cost-savings measures and certain initiatives to rationalize our manufacturing operations. During the three months ended September 30, 2023, restructuring and employee severance costs were primarily related to certain
projects resulting from reviews of our strategy, portfolio, capital-allocation framework, and operations and the implementation of certain enterprise-wide cost-savings measures.
The following table summarizes activity related to liabilities associated with restructuring and employee severance:
(in millions)Employee-
Related Costs		Facility Exit
and Other Costs		Total
Balance at June 30, 2024$92 $5 $97 
Additions7 — 7 
Payments and other adjustments(5)(5)(10)
Balance at September 30, 2024$94 $— $94 
v3.24.3
Goodwill and Other Intangible Assets
 3 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure
5. Goodwill and Other Intangible Assets
Goodwill
The following table summarizes the carrying amount of goodwill by segment and in total:
(in millions)Pharmaceutical and Specialty SolutionsGlobal Medical Products and DistributionOther (1)Total
Balance at June 30, 2024$3,555 $— $1,170 $4,725 
Goodwill acquired, net of purchase price adjustments— — — — 
Balance at September 30, 2024$3,555 $— $1,170 $4,725 
(1)Comprised of the remaining operating segments, Nuclear and Precision Health Solutions, at-Home Solutions and OptiFreight® Logistics.
During the three months ended September 30, 2023, we performed interim quantitative goodwill impairment testing for GMPD. This quantitative testing resulted in the carrying amount of GMPD exceeding the fair value, resulting in a pre-tax impairment charge of $585 million. GMPD goodwill was fully impaired during the third quarter of fiscal 2024.
Other Intangible Assets
The following tables summarize other intangible assets by class at:
September 30, 2024
(in millions)Gross
Intangible		Accumulated
Amortization		Net
Intangible		Weighted- Average Remaining Amortization Period (Years)
Indefinite-life intangibles:
Trademarks and patents$12 $— $12 N/A
Total indefinite-life intangibles12 — 12 N/A
Definite-life intangibles:
Customer relationships3,651 2,495 1,156 11
Trademarks, trade names and patents562 415 147 7
Developed technology and other1,047 699 348 7
Total definite-life intangibles5,260 3,609 1,651 10
Total other intangible assets$5,272 $3,609 $1,663 N/A
June 30, 2024
(in millions)Gross
Intangible		Accumulated
Amortization		Net
Intangible
Indefinite-life intangibles:
Trademarks and patents$12 $— $12 
Total indefinite-life intangibles12 — 12 
Definite-life intangibles:
Customer relationships3,628 2,431 1,197 
Trademarks, trade names and patents561 408 153 
Developed technology and other1,047 684 363 
Total definite-life intangibles5,236 3,523 1,713 
Total other intangible assets$5,248 $3,523 $1,725 
Total amortization of intangible assets was $68 million and $64 million for the three months ended September 30, 2024 and 2023, respectively. Estimated annual amortization of intangible assets for the remainder of fiscal 2025 through 2029 is as follows: $200 million, $246 million, $219 million, $191 million, and $186 million.
v3.24.3
Long-Term Obligations and Other Short-Term Borrowings
 3 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Long-Term Obligations and Other Short-Term Borrowings
6. Long-Term Obligations and Other Short-Term Borrowings
Long-Term Debt
We had total long-term obligations, including the current portion and other short-term borrowings, of $5.2 billion and $5.1 billion at September 30, 2024 and June 30, 2024, respectively. All the notes represent unsecured obligations of Cardinal Health, Inc. and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness. Interest is paid pursuant to the terms of the obligations. These notes are effectively subordinated to the liabilities of our subsidiaries, including trade payables of $30.4 billion and $31.8 billion at September 30, 2024 and June 30, 2024, respectively.
Other Financing Arrangements
In addition to cash and equivalents and operating cash flow, other sources of liquidity at September 30, 2024 include a $2.0 billion commercial paper program, backed by a $2.0 billion revolving credit facility, which expires in February 2028. We also have a $1.0 billion committed receivables sales facility through September 2025. At September 30, 2024, we had no amounts outstanding under our commercial paper program, revolving credit facility, or our committed receivables sales facility.
In October 2024, we entered into a new 364-Day Revolving Credit Facility, under which we have access to $1.0 billion of committed liquidity through October 2025. We also increased our Commercial Paper program from $2.0 billion to $3.0 billion.
Our revolving credit and committed receivables sales facilities require us to maintain a consolidated net leverage ratio of no more than 3.75-to-1. As of September 30, 2024, we were in compliance with this financial covenant.
v3.24.3
Commitments, Contingent Liabilities and Litigation
 3 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingent Liabilities and Litigation
7. Commitments, Contingent Liabilities and Litigation
Commitments
Generic Sourcing Venture with CVS Health
In July 2014, we established Red Oak Sourcing, LLC ("Red Oak Sourcing"), a U.S.-based generic pharmaceutical sourcing venture with CVS Health for an initial term of 10 years. Red Oak Sourcing negotiates generic pharmaceutical supply contracts on behalf of its participants. In August 2021, we amended our agreement to extend the term through June 2029. We are required to make quarterly payments to CVS Health for the term of the arrangement.
Contingencies
New York Opioid Stewardship Act
In April 2018, the State of New York passed a budget which included the Opioid Stewardship Act (the "OSA"). The OSA created an aggregate $100 million annual assessment on all manufacturers and distributors that was assessed based on each
manufacturer or distributor's share of the total morphine milligram equivalents sold or distributed in New York during the applicable calendar year, beginning in 2017. Subsequently, New York passed a new opioid excise tax and limited the OSA to two years (2017 and 2018).
We accrue contingencies if it is probable that a liability has been incurred and the amount can be estimated. Since fiscal 2021, we have made certain payments to New York State for our portion of the assessment in 2017 and 2018. However, we, and other distributors, challenged the OSA as unconstitutional. In May 2024, the New York Appellate Division held that the 2017 assessment was unconstitutionally retroactive, directing a refund of assessments paid for calendar year 2017, but upheld the 2018 assessment. Both parties have appealed the decision of the New York Appellate Division to the New York Court of Appeals, the state's highest court. We have not recorded a receivable for any possible recoveries related to these assessments.
Legal Proceedings
We become involved from time to time in disputes, litigation, and regulatory matters.
From time to time, we determine that products we distribute, source, manufacture, or market do not meet our specifications, regulatory requirements, or published standards. When we or a regulatory agency identify a potential quality or regulatory issue, we investigate and take appropriate corrective action. Such actions have led to product recalls, costs to repair or replace affected products, temporary interruptions in product sales, restrictions on importation, product liability claims, and lawsuits and can lead to action by regulators. Even absent an identified regulatory or quality issue or product recall, we can become subject to product liability claims and lawsuits.
From time to time, we become aware through employees, internal audits or other parties of possible compliance matters, such as complaints or concerns relating to accounting, internal accounting controls, financial reporting, auditing, or other ethical matters or relating to compliance with laws such as healthcare fraud and abuse, anti-corruption or anti-bribery laws. When we become aware of such possible compliance matters, we investigate internally and take appropriate corrective action. In addition, from time to time, we receive subpoenas or requests for information from various federal or state agencies relating to our business or to the business of a customer, supplier, or other industry participants. Internal investigations, subpoenas, or requests for information could directly or indirectly lead to the assertion of claims or the commencement of legal proceedings against us or result in sanctions.
We have been named from time to time in qui tam actions initiated by private third parties. In such actions, the private parties purport to act on behalf of federal or state governments, allege that false claims have been submitted for payment by the government and may receive an award if their claims are successful. After a private party has filed a qui tam action, the government must investigate
the private party's claim and determine whether to intervene in and take control over the litigation. These actions may remain under seal while the government makes this determination. If the government declines to intervene, the private party may nonetheless continue to pursue the litigation on his or her own purporting to act on behalf of the government.
We accrue for contingencies related to disputes, litigation, and regulatory matters if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because these matters are inherently unpredictable and unfavorable developments or resolutions can occur, assessing contingencies is highly subjective and requires judgments about future events. We regularly review contingencies to determine whether our accruals and related disclosures are adequate. The amount of ultimate loss may differ from these estimates.
We recognize income from the favorable outcome of litigation when we receive the associated cash or assets.
We recognize estimated loss contingencies for certain litigation and regulatory matters and income from favorable resolution of litigation in litigation (recoveries)/charges, net, in our condensed consolidated statements of earnings/(loss); however, losses and recoveries of lost profits from disputes that occur in the ordinary course of business are included within segment profit.
Opioid Lawsuits and Investigations
Cardinal Health, other pharmaceutical wholesalers, and other participants in the pharmaceutical supply chain have been named as defendants in lawsuits related to the distribution of opioid pain medications. These lawsuits seek equitable relief and monetary damages based on a variety of legal theories, including various common law claims, such as public nuisance, negligence, unjust enrichment, personal injury, as well as violations of controlled substance laws, the Racketeer Influenced and Corrupt Organizations Act, and various other statutes. Plaintiffs in these lawsuits include governmental entities, as well as private parties, such as unions and other health and welfare funds, hospital systems and other healthcare providers, businesses, and individuals.
Additionally, we have received federal grand jury subpoenas issued in connection with investigations being conducted by the U.S. Attorney's Office for the Eastern District of New York and the Fraud Section of the U.S. Department of Justice ("DOJ"). We have also received civil requests for information, subpoenas, and other requests from other DOJ offices. These investigations concern operation of our anti-diversion program, our anti-diversion policies and procedures, and distribution of certain controlled substances. We are cooperating with these investigations. We are unable to predict the outcome of any of these investigations.
In total, as of September 30, 2024, we have $5.0 billion accrued for these matters, of which $789 million is included in other accrued liabilities and the remainder is included in deferred income taxes and other liabilities in our condensed consolidated balance sheets. During fiscal 2024, we recognized expense of $340 million
in connection with opioid-related matters, including agreements in principle with counsel representing classes of third-party payors and acute care hospitals, and settlements with the City of Baltimore and the State of Alabama. This expense was partially offset by a benefit of $105 million related to prepayments at a prenegotiated discount of certain future payments totaling $344 million.
Because loss contingencies are inherently unpredictable and unfavorable developments or resolutions can occur, the assessment is highly subjective and requires judgments about future events. We regularly review these opioid litigation matters to determine whether our accrual is adequate. The amount of ultimate loss may differ materially from this accrual, whether as a result of settlement discussions, a judicial decision or verdict or otherwise, but we are not able to estimate a range of reasonably possible additional losses for these matters. We continue to strongly dispute the allegations made in these lawsuits and none of the agreements described below is an admission of liability or wrongdoing. Please see below for additional description of these matters.
States & Political Subdivisions
In 2022, we along with two other national distributors (collectively, the "Distributors") entered into the National Opioid Settlement Agreement to settle the vast majority of opioid lawsuits and claims brought by states and political subdivisions. In addition to the Distributors, parties to the National Opioid Settlement Agreement include 48 states, the District of Columbia and 5 U.S. territories. Over 99 percent of political subdivisions in settling states (by population as calculated under the National Opioid Settlement Agreement) that had brought opioid-related suits against us have chosen to join the National Opioid Settlement Agreement or have had their claims addressed by state legislation (together with settling states and territories that joined the National Opioid Settlement Agreement, the "Settling Governmental Entities").
During fiscal 2024, we recognized a $22 million charge in litigation (recoveries)/charge, net in the condensed consolidated statements of earnings/(loss) related to an agreement with the Alabama Attorney General under which we agreed to pay approximately $123 million to the State of Alabama over a period of ten years to resolve opioid-related claims brought by the State and its political subdivisions (the "Alabama Settlement"). Including the National Opioid Settlement Agreement, the Alabama Settlement and a prior settlement with the State of West Virginia, we have now resolved the opioid-related claims of all 50 states and the District of Columbia. Additionally, in August 2024, we entered into a settlement agreement with the City of Baltimore to resolve its opioid-related claims. Under this agreement, we agreed to pay $153 million.
Under the National Opioid Settlement Agreement, through October 2024, we have paid the Settling Governmental Entities approximately $1.9 billion. We expect to pay Settling Governmental Entities additional amounts up to $4.4 billion
through 2038. The National Opioid Settlement Agreement also includes injunctive relief terms related to Distributors’ controlled substance anti-diversion programs. A monitor is overseeing compliance with these provisions until 2027. In addition, the Distributors have engaged a third-party vendor to act as a clearinghouse for data aggregation and reporting, which Distributors will fund for 10 years. As a result of the National Opioid Settlement Agreement, the vast majority of lawsuits brought against us by political subdivisions have been dismissed. We continue to engage in resolution discussions with certain nonparticipating political subdivisions. We intend to defend ourselves vigorously against all remaining lawsuits.
Other Settlements
West Virginia subdivisions and Native American tribes were not a part of the National Opioid Settlement Agreement. In July 2022, a judgment in favor of the Distributors was entered in a bench trial before a federal judge in West Virginia in a case brought by Cabell County and City of Huntington. Plaintiffs have appealed this decision to the Fourth Circuit Court of Appeals. In July 2022, we entered into separate agreements to settle the opioid-related claims of the majority of the remaining West Virginia subdivisions and Native American Tribes for approximately $124 million over 11-years and $136 million over five years, respectively.
Private Plaintiffs
The National Opioid Settlement Agreement does not address claims by private parties, which includes unions and other health and welfare funds, hospital systems and other healthcare providers, businesses, and individuals alleging personal injury. There were approximately 367 lawsuits brought by private plaintiffs pending as of October 28, 2024. Of these, 98 are purported class actions. The causes of action asserted by these plaintiffs are similar to those asserted by public plaintiffs. We are vigorously defending ourselves in all of these matters.
Following resolution discussions with certain private plaintiffs, during the three months ended September 30, 2024, Distributors finalized agreements with classes of third-party payors and acute care hospitals to settle their claims for $213 million. These agreements remain subject to certain contingencies, including court approval. Active litigation brought by hospital and third-party payor plaintiffs, including certain scheduled trials, has been stayed as to Distributors pending court approval of these settlements.
A trial in a case involving 21 plaintiffs began in state court in Georgia in January 2023 and concluded in March 2023 with a verdict for the company and other defendants on all claims. Following cross-appeals, in September 2024, The Georgia Supreme Court affirmed the defense verdict in full.
Insurance Litigation
We are involved in ongoing legal proceedings with insurers related to their obligations to reimburse us for defense and indemnity costs in connection with the lawsuits described above. During fiscal 2024, we received $34 million in insurance recoveries related to these matters and $9 million in the three months ended
September 30, 2024. We have not recorded a receivable for any additional recoveries related to these insurance litigation matters as of September 30, 2024. Certain recoveries from our insurers are recorded in the Pharmaceutical and Specialty Solutions segment.
Department of Justice Civil Investigative Demand
In November 2023, we received a Civil Investigative Demand ("CID") from the Department of Justice focused on potential violations of the Anti-Kickback Statute and False Claims Act in connection with a 2022 transaction in which we purchased a minority ownership interest in a rheumatology managed services organization and a group purchasing organization. We are cooperating with this investigation.
Cordis IVC Filter Matters
We have been named as a defendant in product liability lawsuits coordinated in Alameda County Superior Court in California involving claims by plaintiffs that allege personal injuries associated with the use of inferior vena cava ("IVC") filter products. These lawsuits sought a variety of remedies, including unspecified monetary damages. The divestiture of the Cordis business did not include product liability related to the IVC filters in the U.S. and Canada, which we retained.
In April 2023, we executed a settlement agreement that, if certain conditions are satisfied, will resolve approximately 4,375 claims for $275 million. This settlement agreement is subject to certain conditions, including certain opt-in thresholds. Between May and September 2023, we made settlement payments totaling $275 million into a qualified settlement fund, which will be disbursed to the plaintiffs if required conditions are satisfied. Since July 2021, while we have also entered into agreements to settle the vast majority of IVC filter product liability claims, these settlements will not resolve all of them, and we intend to continue to vigorously defend ourselves in the remaining lawsuits.
We recognized income of $103 million during fiscal year 2023, primarily related to a reduction of the reserve for the estimated settlement and defense costs for these matters due to the execution of the settlements noted above. At September 30, 2024, we had a total of $289 million accrued for losses and legal defense costs, related to the IVC filter product liability lawsuits in our condensed consolidated balance sheets, which includes the $275 million in the qualified settlement fund.
Other Civil Litigation
Generic Pharmaceutical Pricing Antitrust Litigation
In December 2019, pharmaceutical distributors including us were added as defendants in a civil class action lawsuit filed by indirect purchasers of generic drugs, such as hospitals and retail pharmacies. The indirect purchaser case is part of a multidistrict litigation consisting of multiple individual class action matters condensed consolidated in the Eastern District of Pennsylvania. The indirect purchaser plaintiffs allege that pharmaceutical distributors encouraged manufacturers to increase prices, provided
anti-competitive pricing information to manufacturers, and improperly engaged in customer allocation. In May 2020, the court granted our motion to dismiss. In July 2022, the indirect purchasers filed an amended complaint and in August 2022, we filed a motion to dismiss the amended complaint. We are vigorously defending ourselves in this matter, which remains pending as of September 30, 2024.
Antitrust Litigation Proceeds
We recognized income for net recoveries in class action antitrust lawsuits in which we were a class member or plaintiff of $43 million and $41 million, which were recognized in litigation (recoveries)/charges, net, during the three months ended September 30, 2024 and 2023, respectively.
v3.24.3
Income Taxes
 3 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Tax Disclosure
8. Income Taxes
Fluctuations in our provision for/(benefit from) income taxes as a percentage of our pre-tax earnings/(loss) (“effective tax rate”) are due to changes in international and U.S. state effective tax rates resulting from our business mix and discrete items.
Effective Tax Rate
During the three months ended September 30, 2024 and 2023, the effective tax rate was 23.0 percent and 75.1 percent, respectively. The tax rate during the three months ended September 30, 2023 reflects the impact of the tax effects of the goodwill impairment charge recognized in the same quarter.
Tax Effects of Goodwill Impairment Charge
During the three months ended September 30, 2023, we recognized a $585 million pre-tax charge for goodwill impairment related to the GMPD segment. The net tax benefit related to this charge is $45 million for fiscal 2024.
Unless an item is considered discrete because it is unusual or infrequent, the tax impact of the item is included in our estimated annual effective tax rate. When items are recognized through our estimated annual effective tax rate, we apply our estimated annual effective tax rate to the earnings/(loss) before income taxes for the year-to-date period to compute our impact from income taxes for the current quarter and year-to-date period. The tax impacts of discrete items are recognized in their entirety in the period in which they occur.
The tax effect of the goodwill impairment charge during the three months ended September 30, 2023 was included in our estimated annual effective tax rate because it was not considered unusual or infrequent, given that we recorded goodwill impairments in prior fiscal years. The impact of the non-deductible goodwill increased the estimated annual effective tax rate for fiscal 2024. Applying the higher tax rate to pre-tax loss for three months ended September 30, 2023 resulted in recognizing an incremental interim tax benefit of approximately $102 million, which impacted the benefit from income taxes in the condensed consolidated statements of earnings/(loss) during the three months ended September 30, 2023 and prepaid expenses and other assets in the condensed
consolidated balance sheets at September 30, 2023. This interim tax benefit reversed in the remainder of fiscal 2024.
Unrecognized Tax Benefits
We had $952 million and $981 million of unrecognized tax benefits at September 30, 2024 and June 30, 2024, respectively. The September 30, 2024 and June 30, 2024 balances include $871 million and $882 million of unrecognized tax benefits, respectively, that if recognized, would have an impact on the effective tax rate.
At September 30, 2024 and June 30, 2024, we had $69 million and $65 million, respectively, accrued for the payment of interest and penalties related to unrecognized tax benefits, which we recognize in the provision for/(benefit from) from income taxes in the condensed consolidated statements of earnings/(loss). These balances are gross amounts before any tax benefits and are included in deferred income taxes and other liabilities in the condensed consolidated balance sheets.
It is reasonably possible that there could be a change in the amount of unrecognized tax benefits within the next 12 months due to activities of the U.S. Internal Revenue Service ("IRS") or other taxing authorities, possible settlement of audit issues, reassessment of existing unrecognized tax benefits, or the expiration of statutes of limitations. We estimate that the range of the possible change in unrecognized tax benefits within the next 12 months is between zero and a net decrease of $20 million, exclusive of penalties and interest.
Other Tax Matters
We file income tax returns in the U.S. federal jurisdiction, various U.S. state and local jurisdictions, and various foreign jurisdictions. With few exceptions, we are subject to audit by taxing authorities for fiscal years 2015 through the current fiscal year.
v3.24.3
Fair Value Measurements
 3 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements
9. Fair Value Measurements
Assets and Liabilities Measured on a Recurring Basis
The following tables present the fair values for assets and (liabilities) measured on a recurring basis at:
September 30, 2024
(in millions)Level 1Level 2Level 3Total
Assets:
Cash equivalents$678 $— $— $678 
Other investments (1)105 — — 105 
Liabilities:
Forward contracts (2)— (37)— (37)
June 30, 2024
(in millions)Level 1Level 2Level 3Total
Assets:
Cash equivalents$1,442 $— $— $1,442 
Other investments (1)108 — — 108 
Liabilities:
Forward contracts (2)— (87)— (87)
(1)The other investments balance includes investments in mutual funds, which offset fluctuations in deferred compensation liabilities. These mutual funds invest in the equity securities of companies with both large and small market capitalization and high quality fixed income debt securities. The fair value of these investments is determined using quoted market prices.
(2)     The fair value of interest rate swaps, foreign currency contracts, and net investment hedges is determined based on the present value of expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Observable Level 2 inputs are used to determine the present value of expected future cash flows. The fair value of these derivative contracts, which are subject to master netting arrangements under certain circumstances, is presented on a gross basis in prepaid expenses and other, other assets, other accrued liabilities, and deferred income taxes and other liabilities within the condensed consolidated balance sheets.
v3.24.3
Financial Instruments
 3 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments Disclosure
10. Financial Instruments
We utilize derivative financial instruments to manage exposure to certain risks related to our ongoing operations. The primary risks managed through the use of derivative instruments include interest rate risk, currency exchange risk, and commodity price risk. We do not use derivative instruments for trading or speculative purposes. While the majority of our derivative instruments are designated as hedging instruments, we also enter into derivative instruments that are designed to hedge a risk, but are not designated as hedging instruments. These derivative instruments are adjusted to current fair value through earnings at the end of each period. We are exposed to counterparty credit risk on all of our derivative instruments. Accordingly, we have established and maintain strict counterparty credit guidelines and only enter into derivative instruments with major financial institutions that are rated investment grade or better. We do not have significant exposure to any one counterparty and we believe the risk of loss is remote. Additionally, we do not require collateral under these agreements.
Interest Rate Risk Management
We are exposed to the impact of interest rate changes. Our objective is to manage the impact of interest rate changes on cash flows and the market value of our borrowings. We utilize a mix of debt maturities on our fixed-rate debt to manage changes in interest rates. In addition, we enter into interest rate swaps to further manage our exposure to interest rate variations related to our borrowings and to lower our overall borrowing costs.
Currency Exchange Risk Management
We conduct business in several major international currencies and are subject to risks associated with changing foreign exchange rates. Our objective is to reduce earnings and cash flow volatility associated with foreign exchange rate changes to allow
management to focus its attention on business operations. Accordingly, we enter into various contracts that change in value as foreign exchange rates change to protect the value of existing foreign currency assets and liabilities, commitments, and anticipated foreign currency revenue and expenses.
Commodity Price Risk Management
We are exposed to changes in the price of certain commodities. Our objective is to reduce earnings and cash flow volatility associated with forecasted purchases of these commodities to allow management to focus its attention on business operations. Accordingly, we enter into derivative contracts when possible to manage the price risk associated with certain forecasted purchases.
Fair Value Hedges
We enter into pay-floating interest rate swaps to hedge the changes in the fair value of fixed-rate debt resulting from fluctuations in interest rates. These contracts are designated and qualify as fair value hedges. Accordingly, the gain or loss recorded on the pay-floating interest rate swaps is directly offset by the change in fair value of the underlying debt. Both the derivative instrument and the underlying debt are adjusted to market value at the end of each period with any resulting gain or loss recorded in interest expense, net in the condensed consolidated statements of earnings/(loss). For the three months ended September 30, 2024 and 2023, there were no gains or losses recorded to interest expense as changes in the market value of our derivative instruments offset changes in the market value of the underlying debt.
During the three months ended September 30, 2023 we entered into pay-floating interest rate swaps with total notional amounts of $100 million. These swaps were designated as fair value hedges of our fixed rate debt and are included in deferred income taxes and other liabilities in our condensed consolidated balance sheets.
Cash Flow Hedges
We enter into derivative instruments to hedge our exposure to changes in cash flows attributable to interest rate, foreign currency, and commodity price fluctuations associated with certain forecasted transactions. These derivative instruments are designated and qualify as cash flow hedges. Accordingly, the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive loss and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings.
Pre-tax gains recognized in other comprehensive income/(loss) were $3 million and immaterial for the three months ended September 30, 2024 and 2023, respectively. Gains and losses recognized in accumulated other comprehensive loss and reclassified into earnings were a $1 million loss and a $1 million gain for the three months ended September 30, 2024 and 2023, respectively. Losses currently included within accumulated other comprehensive loss associated with our cash flow hedges to be
reclassified into net earnings within the next 12 months are $3 million.
Net Investment Hedges
We hedge the foreign currency risk associated with certain net investment positions in foreign subsidiaries. To accomplish this, we enter into cross-currency swaps that are designated as hedges of net investments.
In September 2023, we entered into ¥18 billion ($120 million) cross-currency swaps maturing in September 2025 and ¥18 billion ($120 million) cross-currency swaps maturing in June 2027. In June 2024, we terminated the ¥18 billion ($120 million) cross-currency swaps with a maturity date of June 2027.
In September 2023, we terminated the ¥38 billion ($300 million) cross-currency swaps entered into in January 2023 and received a net settlement in cash of $28 million, recorded in proceeds from net investment hedge terminations in our condensed consolidated statements of cash flows.
Cross-currency swaps designated as net investment hedges are marked to market using the current spot exchange rate as of the end of the period, with gains and losses included in the foreign currency translation component of accumulated other comprehensive loss until the sale or substantial liquidation of the underlying net investments. To the extent the cross-currency swaps designated as net investment hedges are not highly effective, changes in carrying value attributable to the change in spot rates are recorded in earnings.
Pre-tax gains and losses from net investment hedges recorded in the foreign currency translation component of accumulated other comprehensive loss were a $22 million loss and a $11 million gain for the three months ended September 30, 2024 and 2023, respectively. Gains recognized in interest expense, net in the condensed consolidated statements of earnings/(loss) for the portion of the net investment hedges excluded from the assessment of hedge effectiveness were $2 million and $3 million during the three months ended September 30, 2024 and 2023, respectively.
Economic (Non-Designated) Hedges
We enter into foreign currency contracts to manage our foreign exchange exposure related to sales transactions, intercompany financing transactions, and other balance sheet items subject to revaluation that do not meet the requirements for hedge accounting treatment. Accordingly, these derivative instruments are adjusted to current market value at the end of each period through earnings. The gain or loss recorded on these instruments is substantially offset by the remeasurement adjustment on the foreign currency denominated asset or liability. The settlement of the derivative instrument and the remeasurement adjustment on the foreign currency denominated asset or liability are both recorded in other (income)/expense, net. We recorded a $1 million loss and an immaterial gain during the three months ended September 30, 2024 and 2023, respectively. The principal currencies managed through foreign currency contracts are the
euro, Chinese renminbi, Canadian dollar, Indian rupee, and Brazilian real.
Fair Value of Financial Instruments
The carrying amounts of cash and equivalents, trade receivables, accounts payable, and other accrued liabilities at September 30, 2024 and June 30, 2024 approximate fair value due to their short-term maturities.
The following table summarizes the estimated fair value of our long-term obligations and other short-term borrowings compared to the respective carrying amounts at:
(in millions)September 30, 2024June 30, 2024
Estimated fair value$5,072 $4,891 
Carrying amount5,164 5,092 
The fair value of our long-term obligations and other short-term borrowings is estimated based on either the quoted market prices for the same or similar issues or other inputs derived from available market information, which represents a Level 2 measurement.
v3.24.3
Shareholders' Equity
 3 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Shareholders' Equity
11. Shareholders' Deficit
During the three months ended September 30, 2024, we entered into an accelerated share repurchase ("ASR") program to repurchase common shares for an aggregate purchase price of $375 million. We received an initial delivery of 2.7 million common shares using a reference price of $109.65. The program concluded on October 30, 2024 at a volume weighted average price per common share of $110.10 resulting in a final delivery of 0.7 million common shares.
During the three months ended September 30, 2023, we entered into an ASR program to repurchase common shares for an aggregate purchase price of $500 million. We received an initial delivery of 4.4 million common shares using a reference price of $90.57. The program concluded on October 31, 2023 at a volume weighted average price per common share of $88.22 resulting in a final delivery of 1.3 million common shares.
We funded the repurchases with available cash. The common shares repurchased are held in treasury to be used for general corporate purposes.
Accumulated Other Comprehensive Loss
The following tables summarize the changes in the balance of accumulated other comprehensive loss by component and in total:
(in millions)Foreign
Currency
Translation
Adjustments		Unrealized
Gain/(Loss) on
Derivatives,
net of tax		Accumulated Other
Comprehensive
Loss
Balance at June 30, 2024$(138)$(29)$(167)
Other comprehensive income, before reclassifications
5 6 11 
Amounts reclassified to earnings— 1 1 
Total other comprehensive income attributable to Cardinal Health, Inc., net of tax benefit of $5 million
5 7 12 
Balance at September 30, 2024$(133)$(22)$(155)
(in millions)Foreign
Currency
Translation
Adjustments		Unrealized
Gain/(Loss) on
Derivatives,
net of tax		Accumulated Other
Comprehensive
Loss
Balance at June 30, 2023$(137)$(14)$(151)
Other comprehensive loss, before reclassifications(11)(1)(12)
Amounts reclassified to earnings— (2)(2)
Total other comprehensive loss attributable to Cardinal Health, Inc., net of tax expense of $3 million
(11)(3)(14)
Balance at September 30, 2023$(148)$(17)$(165)
v3.24.3
Earnings Per Share Attributable to Cardinal Health, Inc.
 3 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Attributable to Cardinal Health, Inc.
12. Earnings/(Loss) Per Share Attributable to Cardinal Health, Inc.
The following table reconciles the number of common shares used to compute basic and diluted earnings/(loss) per share attributable to Cardinal Health, Inc. ("EPS"):
Three Months Ended September 30,
(in millions)20242023
Weighted-average common shares–basic243 249 
Effect of dilutive securities:
Employee stock options, restricted share units, and performance share units2 — 
Weighted-average common shares–diluted245 249 
The potentially dilutive employee stock options, restricted share units, and performance share units that were excluded from the computation of diluted EPS were immaterial for the three months ended September 30, 2024 and 2 million for the three months ended September 30, 2023, 1 million of which were anti-dilutive as a result of the net loss during the period.
v3.24.3
Segment Information
 3 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information
13. Segment Information
Effective January 1, 2024, we operated under an updated organizational structure and re-aligned our reporting structure under two reportable segments: Pharma segment and GMPD segment. All remaining operating segments that are not significant enough to require separate reportable segment disclosures are included in Other, which is comprised of Nuclear and Precision Health Solutions, at-Home Solutions, and OptiFreight® Logistics. The factors for determining the reportable segments include the manner in which management evaluates performance for purposes of allocating resources and assessing performance combined with the nature of the individual business activities. Our previously reported segment results have been recast to conform to this re-aligned reporting structure and reflect changes in the elimination of inter-segment revenue and allocated corporate technology and shared function expenses, which are driven by the reporting structure change.
Our Pharma segment distributes branded and generic pharmaceutical, specialty pharmaceutical, and over-the-counter healthcare and consumer products in the United States. This segment also provides services to pharmaceutical manufacturers and healthcare providers for specialty pharmaceutical products; provides pharmacy management services to hospitals and operates a limited number of pharmacies, including pharmacies in community health centers; and repackages generic pharmaceuticals and over-the-counter healthcare products.
Our GMPD segment manufactures, sources, and distributes Cardinal Health brand medical, surgical, and laboratory products, which are sold in the United States, Canada, Europe, Asia, and other markets. In addition to distributing Cardinal Health brand products, this segment also distributes a broad range of medical, surgical, and laboratory products known as national brand products to hospitals, ambulatory surgery centers, clinical laboratories, and other healthcare providers in the United States and Canada.
The remaining three non-reportable operating segments included in Other are Nuclear and Precision Health Solutions, at-Home Solutions, and OptiFreight® Logistics. These operating segments respectively operate nuclear pharmacies and radiopharmaceutical manufacturing facilities, distribute medical products to patients' homes in the United States, and provide supply chain services and solutions to our customers.
Revenue
The following table presents revenue for the two reportable segments and disaggregated revenue within the remaining operating segments, included in Other, and Corporate:
Three Months Ended September 30,
(in millions)20242023
Pharmaceutical and Specialty Solutions$47,990 $50,588 
Global Medical Products and Distribution3,123 3,032 
Nuclear and Precision Health Solutions373 324 
at-Home Solutions739 667 
OptiFreight® Logistics
74 60 
Other1,186 1,051 
Total segment revenue
52,299 54,671 
Corporate (1)(22)(21)
Total revenue$52,277 $54,650 
(1)Corporate revenue consists of the elimination of inter-segment revenue and other revenue not allocated to the segments.
The following table presents revenue by geographic area:
Three Months Ended September 30,
(in millions)20242023
United States$51,891 $54,270 
International408 401 
Total segment revenue
52,299 54,671 
Corporate (1)(22)(21)
Total revenue$52,277 $54,650 
(1)Corporate revenue consists of the elimination of inter-segment revenue and other revenue not allocated to the segments.
Segment Profit
We evaluate segment performance based on segment profit, among other measures. Segment profit is segment revenue, less segment cost of products sold, less segment distribution, selling, general and administrative ("SG&A") expenses. Segment SG&A expenses include share-based compensation expense as well as allocated corporate technology and shared functions expenses, including corporate management, corporate finance, financial and customer care shared services, human resources, information technology, and legal and compliance, including certain litigation defense costs. Corporate expenses are allocated to the segments based on headcount, level of benefit provided, and other ratable allocation methodologies. The results attributable to noncontrolling interests are recorded within segment profit.
We do not allocate the following items to our segments:
•last-in first-out, or ("LIFO"), inventory charges/(credits);
•state opioid assessment related to prior fiscal years;
•shareholder cooperation agreement costs;
•restructuring and employee severance;
•amortization and other acquisition-related costs;
•impairments and (gain)/loss on disposal of assets, net; we recognized a pre-tax goodwill impairment charge of $585 million during the three months ended September 30, 2023;
•litigation (recoveries)/charges, net;
•other (income)/expense, net;
•interest expense, net;
•loss on early extinguishment of debt;
•provision for/(benefit from) income taxes
In addition, certain investment spending and certain portions of enterprise-wide incentive compensation and other spending are not allocated to the segments. Investment spending generally includes the first-year spend for certain projects that require incremental investments in the form of additional operating expenses. Because approval for these projects is dependent on executive management, we retain these expenses at Corporate. Investment spending within Corporate was $12 million and $6 million for the three months ended September 30, 2024 and 2023, respectively.
The following table presents segment profit for the two reportable segments and the remaining operating segments, included in Other, and Corporate:
Three Months Ended September 30,
(in millions)20242023
Pharmaceutical and Specialty Solutions$530 $456 
Global Medical Products and Distribution8 12 
Other (1)104 96 
Total segment profit642 564 
Corporate(74)(596)
Total operating earnings/(loss)
$568 $(32)
(1)     Comprised of the remaining operating segments, Nuclear and Precision Health Solutions, at-Home Solutions, and OptiFreight® Logistics.

Segment Assets
The following table presents total assets for two reportable segments and the remaining operating segments, included in Other, and Corporate:
(in millions)September 30, 2024June 30, 2024
Pharmaceutical and Specialty Solutions$29,215 $29,149 
Global Medical Products and Distribution7,148 7,047 
Other2,611 2,606 
Corporate
4,085 6,319 
Total assets$43,059 $45,121 
v3.24.3
Share-Based Compensation
 3 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
14. Share-Based Compensation
We maintain stock incentive plans (collectively, the “Plans”) for the benefit of certain of our officers, directors, and employees.
The following table provides total share-based compensation expense by type of award:
Three Months Ended September 30,
(in millions)20242023
Restricted share unit expense$19 $21 
Performance share unit expense11 8 
Total share-based compensation
$30 $29 
The total tax benefit related to share-based compensation was $4 million for both the three months ended September 30, 2024 and 2023.
Restricted Share Units
Restricted share units granted under the Plans generally vest in equal annual installments over three years. Restricted share units accrue cash dividend equivalents that are payable upon vesting of the awards.
The following table summarizes all transactions related to restricted share units under the Plans:
(in millions, except per share amounts)Restricted Share UnitsWeighted-Average
Grant Date Fair
Value per Share
Nonvested at June 30, 20241.7 $70.98 
Granted0.7 107.88 
Vested(0.8)72.19 
Canceled and forfeited— — 
Nonvested at September 30, 20241.6 $90.60 
At September 30, 2024, the total pre-tax compensation cost, net of estimated forfeitures, related to nonvested restricted share units not yet recognized was $110 million, which is expected to be recognized over a weighted-average period of two years.
Performance Share Units
Performance share units vest over a three-year performance period based on achievement of specific performance goals. Based on the extent to which the targets are achieved and our total shareholder return relative to the S&P 500 Health Care Index, vested shares may range from zero to 240 percent of the target award amount. Performance share units accrue cash dividend equivalents that are payable upon vesting of the awards.
The following table summarizes all transactions related to performance share units under the Plans (based on target award amounts):
(in millions, except per share amounts)Performance
Share Units		Weighted-Average
Grant Date Fair
Value per Share
Nonvested at June 30, 20241.3 $97.03 
Granted0.4 113.88 
Vested(0.3)108.78 
Canceled and forfeited— — 
Nonvested at September 30, 20241.4 $98.81 
At September 30, 2024, the total pre-tax compensation cost, net of estimated forfeitures, related to nonvested performance share units not yet recognized was $63 million, which is expected to be recognized over a weighted-average period of two years if the performance goals are achieved.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure    
Net earnings $ 416 $ (12)
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
Our condensed consolidated financial statements include the accounts of all majority-owned or consolidated subsidiaries, and all significant intercompany transactions and amounts have been eliminated. The results of businesses acquired or disposed of are included in the condensed consolidated financial statements from the date of the acquisition or up to the date of disposal, respectively.
References to "we," "our," and similar pronouns in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (this "Form 10-Q") are to Cardinal Health, Inc. and its majority-owned or consolidated subsidiaries unless the context requires otherwise.
Our fiscal year ends on June 30. References to fiscal 2025 and 2024 in these condensed consolidated financial statements are to the fiscal years ending or ended June 30, 2025 and June 30, 2024, respectively.
Our condensed consolidated financial statements have been prepared in accordance with the U.S. Securities and Exchange Commission ("SEC") instructions to Quarterly Reports on Form 10-Q and include the information and disclosures required by accounting principles generally accepted in the United States ("GAAP") for interim financial reporting. The preparation of financial statements in conformity with GAAP requires us to make estimates, judgments, and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Actual amounts may differ from these estimated amounts.
In our opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Except as disclosed elsewhere in this Form 10-Q, all such adjustments are of a normal and recurring nature. In addition, financial results presented for this fiscal 2025 interim period are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2025. These condensed consolidated financial statements are unaudited and, accordingly, should be read in conjunction with the audited consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (the "2024 Form 10-K").
Revision of Prior Period Consolidated Financial Statements
As previously disclosed in the 2024 Form 10-K, we revised our prior period financial statements to correct for an accounting error related to the at-Home Solutions operating segment that was not
material, individually or in the aggregate, to our previously issued Consolidated Financial Statements, as well as other unrelated immaterial errors. The appropriate revisions to our historical condensed consolidated financial statements and the notes thereto are reflected herein. See Note 1 and Note 16 to the "Consolidated Financial Statements" in the 2024 Form 10-K for additional information.
Updated Segment Reporting Structure
Effective January 1, 2024, we operated under an updated organizational structure and re-aligned our reporting structure under two reportable segments: Pharmaceutical and Specialty Solutions ("Pharma") segment and Global Medical Products and Distribution ("GMPD") segment. The remaining operating segments, Nuclear and Precision Health Solutions, at-Home Solutions, and OptiFreight® Logistics, are not significant enough to require separate reportable disclosures and are included in Other. The Pharma reportable segment consists of all businesses formerly within our Pharmaceutical segment, excluding Nuclear and Precision Health Solutions. The GMPD reportable segment consists of all businesses formerly within our Medical segment, excluding at-Home Solutions and OptiFreight® Logistics. Our previously reported segment results have been recast to conform to this re-aligned reporting structure and reflect changes in the elimination of inter-segment revenue and allocated corporate technology and shared function expenses, which are driven by the reporting structure change. See Note 13 for segment results under the new reporting structure.
Major Customers, Policy
Major Customers
On April 22, 2024, we announced that our pharmaceutical distribution contracts with OptumRx, which expired at the end of June 2024, would not be renewed. Sales to OptumRx generated 17 percent of our consolidated revenue in fiscal 2024.
Recent Financial Accounting Standards
Recently Issued Financial Accounting Standards And Disclosure Rules Not Yet Adopted
We assess the adoption impacts of recently issued accounting standards by the FASB on our consolidated financial statements as well as material updates to previous assessments, if any, from the 2024 Form 10-K.
Segment Reporting
In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances reportable segment disclosure requirements, primarily through disclosures of significant segment expenses. This guidance will be effective for us in the 2025 Form 10-K and the guidance must be applied retrospectively to all prior periods presented. We are currently evaluating the impact of adoption of this guidance on our disclosures.
Income Tax Disclosure
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This guidance also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for us in the 2026 Form 10-K and should be applied on a prospective basis, with retrospective application permitted. We are currently evaluating the impact of adoption of this guidance on our disclosures.
Climate-Related Disclosures
In March 2024, the SEC issued final rules on climate-related disclosures that will require annual disclosure of material climate-related risks and material direct greenhouse gas emissions from operations owned or controlled (Scope 1) and material indirect greenhouse gas emissions from purchased energy consumed in owned or controlled operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates. These rules also require disclosure of climate risk oversight practices of the Board of Directors and management, and the disclosure of governance, risk management, and strategy related to material climate-related risks. In April 2024, the SEC voluntarily stayed the new rules pending the completion of judicial review. We are currently evaluating the impact of adoption of these final rules on our disclosures.
Recently Adopted Financial Accounting Standards
There were no new material accounting standards adopted in the three months ended September 30, 2024.
v3.24.3
Restructuring and Employee Severance (Tables)
 3 Months Ended
Sep. 30, 2024
Restructuring Charges [Abstract]  
Summary of Restructuring and Employee Severance
The following table summarizes restructuring and employee severance costs:
Three Months Ended September 30,
(in millions)20242023
Employee-related costs$16 $7 
Facility exit and other costs8 18 
Total restructuring and employee severance$24 $25 
Schedule of Activity Related to Liabilities Associated with Restructuring and Employee Severance
The following table summarizes activity related to liabilities associated with restructuring and employee severance:
(in millions)Employee-
Related Costs		Facility Exit
and Other Costs		Total
Balance at June 30, 2024$92 $5 $97 
Additions7 — 7 
Payments and other adjustments(5)(5)(10)
Balance at September 30, 2024$94 $— $94 
v3.24.3
Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill by Reportable Segment
The following table summarizes the carrying amount of goodwill by segment and in total:
(in millions)Pharmaceutical and Specialty SolutionsGlobal Medical Products and DistributionOther (1)Total
Balance at June 30, 2024$3,555 $— $1,170 $4,725 
Goodwill acquired, net of purchase price adjustments— — — — 
Balance at September 30, 2024$3,555 $— $1,170 $4,725 
(1)Comprised of the remaining operating segments, Nuclear and Precision Health Solutions, at-Home Solutions and OptiFreight® Logistics.
Schedule of Definite and Indefinite-Lived Intangible Assets
The following tables summarize other intangible assets by class at:
September 30, 2024
(in millions)Gross
Intangible		Accumulated
Amortization		Net
Intangible		Weighted- Average Remaining Amortization Period (Years)
Indefinite-life intangibles:
Trademarks and patents$12 $— $12 N/A
Total indefinite-life intangibles12 — 12 N/A
Definite-life intangibles:
Customer relationships3,651 2,495 1,156 11
Trademarks, trade names and patents562 415 147 7
Developed technology and other1,047 699 348 7
Total definite-life intangibles5,260 3,609 1,651 10
Total other intangible assets$5,272 $3,609 $1,663 N/A
June 30, 2024
(in millions)Gross
Intangible		Accumulated
Amortization		Net
Intangible
Indefinite-life intangibles:
Trademarks and patents$12 $— $12 
Total indefinite-life intangibles12 — 12 
Definite-life intangibles:
Customer relationships3,628 2,431 1,197 
Trademarks, trade names and patents561 408 153 
Developed technology and other1,047 684 363 
Total definite-life intangibles5,236 3,523 1,713 
Total other intangible assets$5,248 $3,523 $1,725 
v3.24.3
Fair Value Measurements (Tables)
 3 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the fair values for assets and (liabilities) measured on a recurring basis at:
September 30, 2024
(in millions)Level 1Level 2Level 3Total
Assets:
Cash equivalents$678 $— $— $678 
Other investments (1)105 — — 105 
Liabilities:
Forward contracts (2)— (37)— (37)
June 30, 2024
(in millions)Level 1Level 2Level 3Total
Assets:
Cash equivalents$1,442 $— $— $1,442 
Other investments (1)108 — — 108 
Liabilities:
Forward contracts (2)— (87)— (87)
(1)The other investments balance includes investments in mutual funds, which offset fluctuations in deferred compensation liabilities. These mutual funds invest in the equity securities of companies with both large and small market capitalization and high quality fixed income debt securities. The fair value of these investments is determined using quoted market prices.
(2)     The fair value of interest rate swaps, foreign currency contracts, and net investment hedges is determined based on the present value of expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Observable Level 2 inputs are used to determine the present value of expected future cash flows. The fair value of these derivative contracts, which are subject to master netting arrangements under certain circumstances, is presented on a gross basis in prepaid expenses and other, other assets, other accrued liabilities, and deferred income taxes and other liabilities within the condensed consolidated balance sheets.
v3.24.3
Financial Instruments (Tables)
 3 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Estimated Fair Value of Long-term Obligations and Other Short-term Borrowings Compared to the Respective Carrying Amount
The following table summarizes the estimated fair value of our long-term obligations and other short-term borrowings compared to the respective carrying amounts at:
(in millions)September 30, 2024June 30, 2024
Estimated fair value$5,072 $4,891 
Carrying amount5,164 5,092 
v3.24.3
Shareholders' Equity (Tables)
 3 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Changes in the Balance of Accumulated Other Comprehensive Loss by Component and in Total
Accumulated Other Comprehensive Loss
The following tables summarize the changes in the balance of accumulated other comprehensive loss by component and in total:
(in millions)Foreign
Currency
Translation
Adjustments		Unrealized
Gain/(Loss) on
Derivatives,
net of tax		Accumulated Other
Comprehensive
Loss
Balance at June 30, 2024$(138)$(29)$(167)
Other comprehensive income, before reclassifications
5 6 11 
Amounts reclassified to earnings— 1 1 
Total other comprehensive income attributable to Cardinal Health, Inc., net of tax benefit of $5 million
5 7 12 
Balance at September 30, 2024$(133)$(22)$(155)
(in millions)Foreign
Currency
Translation
Adjustments		Unrealized
Gain/(Loss) on
Derivatives,
net of tax		Accumulated Other
Comprehensive
Loss
Balance at June 30, 2023$(137)$(14)$(151)
Other comprehensive loss, before reclassifications(11)(1)(12)
Amounts reclassified to earnings— (2)(2)
Total other comprehensive loss attributable to Cardinal Health, Inc., net of tax expense of $3 million
(11)(3)(14)
Balance at September 30, 2023$(148)$(17)$(165)
v3.24.3
Earnings Per Share Attributable to Cardinal Health, Inc. (Tables)
 3 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Reconciliation of Common Shares Used to Compute Basic and Diluted Earnings Per Share
The following table reconciles the number of common shares used to compute basic and diluted earnings/(loss) per share attributable to Cardinal Health, Inc. ("EPS"):
Three Months Ended September 30,
(in millions)20242023
Weighted-average common shares–basic243 249 
Effect of dilutive securities:
Employee stock options, restricted share units, and performance share units2 — 
Weighted-average common shares–diluted245 249 
v3.24.3
Segment Information (Tables)
 3 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Revenue
The following table presents revenue for the two reportable segments and disaggregated revenue within the remaining operating segments, included in Other, and Corporate:
Three Months Ended September 30,
(in millions)20242023
Pharmaceutical and Specialty Solutions$47,990 $50,588 
Global Medical Products and Distribution3,123 3,032 
Nuclear and Precision Health Solutions373 324 
at-Home Solutions739 667 
OptiFreight® Logistics
74 60 
Other1,186 1,051 
Total segment revenue
52,299 54,671 
Corporate (1)(22)(21)
Total revenue$52,277 $54,650 
(1)Corporate revenue consists of the elimination of inter-segment revenue and other revenue not allocated to the segments.
Revenue from External Customers by Geographic Areas [Table Text Block]
The following table presents revenue by geographic area:
Three Months Ended September 30,
(in millions)20242023
United States$51,891 $54,270 
International408 401 
Total segment revenue
52,299 54,671 
Corporate (1)(22)(21)
Total revenue$52,277 $54,650 
(1)Corporate revenue consists of the elimination of inter-segment revenue and other revenue not allocated to the segments.
Segment Profit by Reportable Segment
The following table presents segment profit for the two reportable segments and the remaining operating segments, included in Other, and Corporate:
Three Months Ended September 30,
(in millions)20242023
Pharmaceutical and Specialty Solutions$530 $456 
Global Medical Products and Distribution8 12 
Other (1)104 96 
Total segment profit642 564 
Corporate(74)(596)
Total operating earnings/(loss)
$568 $(32)
(1)     Comprised of the remaining operating segments, Nuclear and Precision Health Solutions, at-Home Solutions, and OptiFreight® Logistics.
Assets by Reportable Segment
The following table presents total assets for two reportable segments and the remaining operating segments, included in Other, and Corporate:
(in millions)September 30, 2024June 30, 2024
Pharmaceutical and Specialty Solutions$29,215 $29,149 
Global Medical Products and Distribution7,148 7,047 
Other2,611 2,606 
Corporate
4,085 6,319 
Total assets$43,059 $45,121 
v3.24.3
Share-Based Compensation (Tables)
 3 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Total Share-based Compensation Expense by Type of Award
The following table provides total share-based compensation expense by type of award:
Three Months Ended September 30,
(in millions)20242023
Restricted share unit expense$19 $21 
Performance share unit expense11 8 
Total share-based compensation
$30 $29 
Schedule of Transactions Related to Restricted Share Units Under the Plans
The following table summarizes all transactions related to restricted share units under the Plans:
(in millions, except per share amounts)Restricted Share UnitsWeighted-Average
Grant Date Fair
Value per Share
Nonvested at June 30, 20241.7 $70.98 
Granted0.7 107.88 
Vested(0.8)72.19 
Canceled and forfeited— — 
Nonvested at September 30, 20241.6 $90.60 
Schedule of Transactions Related to Performance Share Units Under the Plans
The following table summarizes all transactions related to performance share units under the Plans (based on target award amounts):
(in millions, except per share amounts)Performance
Share Units		Weighted-Average
Grant Date Fair
Value per Share
Nonvested at June 30, 20241.3 $97.03 
Granted0.4 113.88 
Vested(0.3)108.78 
Canceled and forfeited— — 
Nonvested at September 30, 20241.4 $98.81 
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies Narrative (Details)
 12 Months Ended
Jun. 30, 2024
Rate
OptumRx | Revenue Benchmark | Customer Concentration Risk | Pharmaceutical and Specialty Solutions  
Concentration Risk [Line Items]  
Concentration Risk, Percentage 17.00%
v3.24.3
Acquisitions (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Integrated Oncology Network    
Business Acquisition [Line Items]    
Business Combination, Price of Acquisition, Expected $ 1,100  
Specialty Networks    
Business Acquisition [Line Items]    
Payments to Acquire Businesses, Gross   $ 1,200
v3.24.3
Divestitures (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Jun. 30, 2024
Sep. 30, 2024
Jul. 10, 2023
Long Lived Assets Held-for-sale [Line Items]        
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] Gain (Loss) on Sale of Assets and Asset Impairment Charges      
Transaction Data System Investment [Member]        
Long Lived Assets Held-for-sale [Line Items]        
Equity Method Investments, Fair Value Disclosure       $ 147
Equity Method Investment, Ownership Percentage     16.00%  
Outcomes Divestiture        
Long Lived Assets Held-for-sale [Line Items]        
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal   $ 53    
v3.24.3
Restructuring and Employee Severance (Activity Related to Restructuring and Employee Severance Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Restructuring Charges [Abstract]    
Employee-related costs $ 16 $ 7
Facility Exit and Other Costs 8 18
Total restructuring and employee severance $ 24 $ 25
v3.24.3
Restructuring and Employee Severance (Liabilities Associated with Restructuring and Employee Severance Activities) (Details)
$ in Millions
 3 Months Ended
Sep. 30, 2024
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning Balance $ 97
Additions 7
Payments and other adjustments (10)
Ending Balance 94
Employee- Related Costs  
Restructuring Reserve [Roll Forward]  
Beginning Balance 92
Additions 7
Payments and other adjustments (5)
Ending Balance 94
Facility Exit and Other Costs  
Restructuring Reserve [Roll Forward]  
Beginning Balance 5
Additions 0
Payments and other adjustments (5)
Ending Balance $ 0
v3.24.3
Restructuring and Employee Severance Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]    
Severance Costs $ 16 $ 7
Facility Exit and Other Costs $ 8 $ 18
v3.24.3
Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Segment) (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Goodwill [Roll Forward]    
Balance at June 30, 2024 $ 4,725  
Goodwill acquired, net of purchase price adjustments 0  
Ending balance 4,725  
Other Operating Segment    
Goodwill [Roll Forward]    
Balance at June 30, 2024 1,170  
Goodwill acquired, net of purchase price adjustments 0  
Ending balance 1,170  
Pharmaceutical and Specialty Solutions    
Goodwill [Roll Forward]    
Balance at June 30, 2024 3,555  
Goodwill acquired, net of purchase price adjustments 0  
Ending balance 3,555  
GMPD    
Goodwill [Roll Forward]    
Balance at June 30, 2024 0  
Goodwill acquired, net of purchase price adjustments 0  
Ending balance $ 0  
Goodwill impairment   $ 585
v3.24.3
Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Jun. 30, 2024
Indefinite-lived Intangible Assets [Line Items]    
Net Intangible $ 12 $ 12
Finite-Lived Intangible Assets [Line Items]    
Gross Intangible 5,260 5,236
Accumulated Amortization 3,609 3,523
Net Intangible $ 1,651 1,713
Weighted- Average Remaining Amortization Period (Years) 10 years  
Gross Intangible, Total other intangible assets $ 5,272 5,248
Net Intangible, Total other intangible assets 1,663 1,725
Trademarks and patents    
Indefinite-lived Intangible Assets [Line Items]    
Net Intangible 12 12
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Intangible 3,651 3,628
Accumulated Amortization 2,495 2,431
Net Intangible $ 1,156 1,197
Weighted- Average Remaining Amortization Period (Years) 11 years  
Trademarks, trade names and patents    
Finite-Lived Intangible Assets [Line Items]    
Gross Intangible $ 562 561
Accumulated Amortization 415 408
Net Intangible $ 147 153
Weighted- Average Remaining Amortization Period (Years) 7 years  
Developed technology and other    
Finite-Lived Intangible Assets [Line Items]    
Gross Intangible $ 1,047 1,047
Accumulated Amortization 699 684
Net Intangible $ 348 $ 363
Weighted- Average Remaining Amortization Period (Years) 7 years  
v3.24.3
Goodwill and Other Intangible Assets Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of intangible assets $ 68 $ 64  
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year 200    
Finite-Lived Intangible Asset, Expected Amortization, Year One 246    
Finite-Lived Intangible Assets, Amortization Expense, Year Two 219    
Finite-Lived Intangible Assets, Amortization Expense, Year Three 191    
Finite-Lived Intangible Assets, Amortization Expense, Year Four 186    
Goodwill [Line Items]      
Goodwill 4,725   $ 4,725
GMPD      
Goodwill [Line Items]      
Goodwill impairment   $ 585  
Goodwill $ 0   $ 0
v3.24.3
Long-Term Obligations and Other Short-Term Borrowings Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Oct. 07, 2025
Oct. 08, 2024
Sep. 30, 2024
Jun. 30, 2024
Debt Instrument [Line Items]        
Debt, Long-term and Short-term, Combined Amount     $ 5,200 $ 5,100
Accounts Payable     30,400 $ 31,800
Commercial Paper [Member]        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity     2,000  
Commercial Paper [Member] | Subsequent Event        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity   $ 3,000    
Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity     2,000  
Revolving Credit Facility [Member] | Subsequent Event        
Debt Instrument [Line Items]        
Line of Credit Facility, Increase (Decrease), Net $ 1,000      
Short Term Credit Facilities Member        
Debt Instrument [Line Items]        
Other Short-term Borrowings     0  
Short Term Credit Facilities Member | Committed Receivables Sales Facility Program [Member]        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity     $ 1,000  
v3.24.3
Commitments, Contingent Liabilities and Litigation Narrative (Details)
 3 Months Ended 5 Months Ended 12 Months Ended 40 Months Ended 164 Months Ended
Apr. 30, 2023
USD ($)
lawsuit
Sep. 30, 2024
USD ($)
numberOfUSTerritories
states
Rate
Sep. 30, 2023
USD ($)
Jun. 30, 2023
plaintiff
Sep. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Oct. 31, 2024
USD ($)
lawsuit
Jun. 30, 2038
USD ($)
Aug. 31, 2024
USD ($)
Nov. 30, 2023
USD ($)
Oct. 31, 2022
USD ($)
Jul. 31, 2022
USD ($)
Apr. 30, 2018
USD ($)
Loss Contingencies [Line Items]                            
Gain (Loss) from Litigation Settlement   $ 40,000,000 $ 41,000,000                      
Income from Settlements of Class Action Lawsuits   43,000,000 $ 41,000,000                      
Product Liability Lawsuits [Member] | IVC April 2023 Agreement                            
Loss Contingencies [Line Items]                            
Loss Contingency, Claims Settled, Number | lawsuit 4,375                          
Product Liability Lawsuits [Member] | Minimum                            
Loss Contingencies [Line Items]                            
Loss Contingency Accrual   289,000,000                        
Total Opioid Litigation [Member]                            
Loss Contingencies [Line Items]                            
litigation settlement liability recorded   5,000,000,000                        
Estimated Litigation Liability, Current   $ 789,000,000                        
Litigation Settlement, Loss           $ 340,000,000                
Income As A Result Of Prepayments           105,000,000                
Loss Contingency Accrual, Period Increase (Decrease)           344,000,000                
Opioid Lawsuits [Member]                            
Loss Contingencies [Line Items]                            
Settling States | states   48                        
Settling U.S Territories | numberOfUSTerritories   5                        
Percentage Settling Subdivisions [Line Items] | Rate   99.00%                        
Insurance Recoveries   $ 9,000,000       34,000,000                
Opioid Lawsuits [Member] | Subsequent Event                            
Loss Contingencies [Line Items]                            
Payments for Legal Settlements               $ 1,900,000,000 $ 4,400,000,000          
Opioid Lawsuits [Member] | WEST VIRGINIA                            
Loss Contingencies [Line Items]                            
Loss Contingency, Estimate of Possible Loss                         $ 124,000,000  
Opioid Lawsuits [Member] | 921150 American Indian and Alaska Native Tribal Governments                            
Loss Contingencies [Line Items]                            
Loss Contingency, Estimate of Possible Loss                       $ 136,000,000    
Opioid Lawsuits [Member] | ALABAMA                            
Loss Contingencies [Line Items]                            
Litigation Settlement, Loss           $ 22,000,000                
Loss Contingency, Estimate of Possible Loss                     $ 123,000,000      
Opioid Lawsuits [Member] | City of Baltimore                            
Loss Contingencies [Line Items]                            
Loss Contingency, Estimate of Possible Loss                   $ 153,000,000        
Opioid Lawsuits [Member] | Private Parties [Member] | Subsequent Event                            
Loss Contingencies [Line Items]                            
Loss Contingency, Lawsuits, Number | lawsuit               367            
Opioid Lawsuits [Member] | Private Parties [Member] | GEORGIA                            
Loss Contingencies [Line Items]                            
Number of plaintiffs | plaintiff       21                    
Opioid Lawsuits [Member] | Class Action Lawsuits [Member] | Private Parties [Member]                            
Loss Contingencies [Line Items]                            
Loss Contingency, Estimate of Possible Loss   $ 213,000,000                        
Opioid Lawsuits [Member] | Class Action Lawsuits [Member] | Private Parties [Member] | Subsequent Event                            
Loss Contingencies [Line Items]                            
Loss Contingency, Lawsuits, Number | lawsuit               98            
Product Liability Lawsuits [Member]                            
Loss Contingencies [Line Items]                            
Loss Contingency Accrual, Period Increase (Decrease)             $ 103,000,000              
Product Liability Lawsuits [Member] | IVC April 2023 Agreement                            
Loss Contingencies [Line Items]                            
Loss Contingency, Estimate of Possible Loss $ 275,000,000                          
Loss Contingency Accrual, Payments         $ 275,000,000                  
New York Opioid Stewardship Act [Member]                            
Loss Contingencies [Line Items]                            
Aggregate Annual Assessment                           $ 100,000,000
CVS Health                            
Loss Contingencies [Line Items]                            
Long-term Purchase Commitment, Period   10 years                        
v3.24.3
Income Taxes Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Jun. 30, 2024
Income Taxes        
Provision for/(benefit from) income taxes $ (124) $ 33    
Effective Income Tax Rate Reconciliation, Percent 23.00% 75.10%    
Unrecognized tax benefits $ 952   $ 981 $ 981
Unrecognized tax benefits that would impact effective tax rate 871   882 882
Unrecognized tax benefits, interest and penalties accrued 69   65 65
FY24 Q1 GMPD Goodwill Impairment [Member]        
Income Taxes        
Provision for/(benefit from) income taxes     $ (102) $ 45
GMPD        
Income Taxes        
Goodwill impairment   $ 585    
Minimum        
Income Taxes        
Estimated range of decrease in unrecognized tax benefits within the next 12 months 0      
Maximum        
Income Taxes        
Estimated range of decrease in unrecognized tax benefits within the next 12 months $ 20      
Federal | Minimum        
Income Taxes        
Open Tax Year 2015      
v3.24.3
Fair Value Measurements Narrative (Details) - Recurring - USD ($)
$ in Millions
Sep. 30, 2024
Jun. 30, 2024
Assets:    
Other investments $ 105 $ 108
Forward Contract (37) (87)
Level 1    
Assets:    
Cash equivalents 678 1,442
Other investments 105 108
Forward Contract 0 0
Level 2    
Assets:    
Cash equivalents 0 0
Other investments 0 0
Forward Contract (37) (87)
Level 3    
Assets:    
Cash equivalents 0 0
Other investments 0 0
Forward Contract 0 0
Fair Value, Inputs, Level 1, 2 and 3    
Assets:    
Cash equivalents $ 678 $ 1,442
v3.24.3
Financial Instruments Narrative (Details)
¥ in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2024
JPY (¥)
Sep. 30, 2023
JPY (¥)
Derivative [Line Items]            
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments $ 0          
Proceeds from net investment hedge terminations 0 $ 28        
January 2023            
Derivative [Line Items]            
Proceeds from net investment hedge terminations   28        
Foreign Exchange Contract [Member]            
Derivative [Line Items]            
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax (22) 11        
Interest Income (Expense), Nonoperating 2 3        
Cash Flow Hedging [Member]            
Derivative [Line Items]            
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 3          
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]            
Derivative [Line Items]            
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net 1 1        
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Forecast [Member] | Subsequent Event            
Derivative [Line Items]            
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net     $ 3      
Designated as Hedging Instrument | Fair Value Hedging | Interest Rate Swap            
Derivative [Line Items]            
Notional Amount   100        
Designated as Hedging Instrument | Net Investment Hedging | Currency Swap [Member] | January 2023            
Derivative [Line Items]            
Derivatives, Hedge Discontinuances, Termination of Hedging Instrument, Notional Amount   300       ¥ 38,000
Designated as Hedging Instrument | Net Investment Hedging | Currency Swap [Member] | September 2025            
Derivative [Line Items]            
Derivative Asset, Notional Amount   120       18,000
Derivatives, Hedge Discontinuances, Termination of Hedging Instrument, Notional Amount       $ 120 ¥ 18,000  
Designated as Hedging Instrument | Net Investment Hedging | Currency Swap [Member] | June 2027            
Derivative [Line Items]            
Derivative Asset, Notional Amount   $ 120       ¥ 18,000
Other Nonoperating Income (Expense) | Not Designated as Hedging Instrument | Foreign Exchange Contract [Member]            
Derivative [Line Items]            
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net $ (1)          
v3.24.3
Financial Instruments (Summary of Estimated Fair Value of Long-term Obligations and Other Short-term Borrowings) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount of Long-Term and other Short-Term Borrowings $ 5,164 $ 5,092
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Estimated fair value $ 5,072 $ 4,891
v3.24.3
Shareholders' Equity Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 4 Months Ended
Oct. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Oct. 30, 2024
Oct. 31, 2023
Class of Stock [Line Items]          
Share repurchase program activity   $ 375 $ 500    
#375 million share repurchase program          
Class of Stock [Line Items]          
Share repurchase program activity   $ 375      
$500 million share repurchase program          
Class of Stock [Line Items]          
Share repurchase program activity     $ 500    
Treasury Shares          
Class of Stock [Line Items]          
Treasury shares acquired (using cost method), shares   3.0 5.0    
Treasury Shares | $500 million share repurchase program          
Class of Stock [Line Items]          
Treasury shares acquired (using cost method), shares 1.3   4.4    
Treasury shares acquired, average price per share (in usd per share)         $ 88.22
Treasury Shares | #375 million share repurchase program          
Class of Stock [Line Items]          
Treasury shares acquired (using cost method), shares   2.7      
Treasury Shares | $500 million share repurchase program          
Class of Stock [Line Items]          
Treasury shares acquired, average price per share (in usd per share)     $ 90.57    
Treasury Shares | #375 million share repurchase program          
Class of Stock [Line Items]          
Treasury shares acquired, average price per share (in usd per share)   $ 109.65      
Subsequent Event | Treasury Shares | #375 million share repurchase program          
Class of Stock [Line Items]          
Treasury shares acquired (using cost method), shares       0.7  
Subsequent Event | Treasury Shares | #375 million share repurchase program          
Class of Stock [Line Items]          
Treasury shares acquired, average price per share (in usd per share)       $ 110.10  
v3.24.3
Shareholders' Equity (Changes in the Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
AOCI, Net of Tax [Roll Forward]    
Balance at beginning of period $ (3,212) $ (2,957)
Total other comprehensive income/(loss), net of tax 12 (14)
Other Comprehensive Income (Loss), Tax 5 (3)
Balance at end of period (3,276) (3,607)
Foreign Currency Translation Adjustments    
AOCI, Net of Tax [Roll Forward]    
Balance at beginning of period (138) (137)
Other comprehensive income, before reclassifications 5 (11)
Amounts reclassified to earnings 0 0
Total other comprehensive income/(loss), net of tax 5 (11)
Balance at end of period (133) (148)
Unrealized Gain/(Loss) on Derivatives, net of tax    
AOCI, Net of Tax [Roll Forward]    
Balance at beginning of period (29) (14)
Other comprehensive income, before reclassifications 6 (1)
Amounts reclassified to earnings 1 (2)
Total other comprehensive income/(loss), net of tax 7 (3)
Balance at end of period (22) (17)
Accumulated Other Comprehensive Loss    
AOCI, Net of Tax [Roll Forward]    
Balance at beginning of period (167) (151)
Total other comprehensive income/(loss), net of tax 12 (14)
Balance at end of period (155) (165)
Accumulated Other Comprehensive Loss    
AOCI, Net of Tax [Roll Forward]    
Balance at beginning of period (167) (151)
Other comprehensive income, before reclassifications 11 (12)
Amounts reclassified to earnings 1 (2)
Balance at end of period $ (155) $ (165)
v3.24.3
Earnings Per Share Attributable to Cardinal Health, Inc. (Reconciliation of Common Shares Used to Compute Basic and Diluted EPS) (Details) - shares
shares in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]    
Weighted-average common shares–basic (in shares) 243 249
Effect of dilutive securities:    
Weighted Average Number Diluted Shares Outstanding Adjustment 2 0
Weighted-average common shares–diluted (in shares) 245 249
v3.24.3
Earnings Per Share Attributable to Cardinal Health, Inc. Narrative (Details)
shares in Millions
 3 Months Ended
Sep. 30, 2023
shares
Earnings Per Share [Abstract]  
Potentially dilutive employee stock options, restricted share units and performance share units that were antidilutive (in shares) 2
Antidilutive Securities Excluded from computation of EPS as a result of the net loss during the period 1
v3.24.3
Segment Information Narrative (Details)
$ in Millions
 3 Months Ended
Sep. 30, 2024
USD ($)
segment
Segments
Sep. 30, 2023
USD ($)
Segment Reporting Information [Line Items]    
Number of Reportable Segments | segment 2  
Project Costs On Investment And Other Spending $ 12 $ 6
GMPD    
Segment Reporting Information [Line Items]    
Goodwill impairment   $ 585
Other Operating Segment    
Segment Reporting Information [Line Items]    
Number of operating segments | Segments 3  
v3.24.3
Segment Information (Revenue by Reportable Segment) (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]    
Total revenue $ 52,277 $ 54,650
Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 52,299 54,671
Corporate    
Segment Reporting Information [Line Items]    
Total revenue (22) (21)
Pharmaceutical and Specialty Solutions | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 47,990 50,588
GMPD | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 3,123 3,032
Other Operating Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 1,186 1,051
Other Operating Segment | Nuclear and Precision Health Solutions [Member] | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 373 324
Other Operating Segment | at-Home Solutions [Member] | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 739 667
Other Operating Segment | OptiFreight [Member] | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue $ 74 $ 60
v3.24.3
Segment Information Revenue by Geographical Segments (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Segment Revenue by Geographic [Line Items]    
Revenue $ 52,277 $ 54,650
UNITED STATES    
Segment Revenue by Geographic [Line Items]    
Revenue 51,891 54,270
Non-US [Member]    
Segment Revenue by Geographic [Line Items]    
Revenue 408 401
Operating Segments    
Segment Revenue by Geographic [Line Items]    
Revenue 52,299 54,671
Corporate    
Segment Revenue by Geographic [Line Items]    
Revenue $ (22) $ (21)
v3.24.3
Segment Information (Segment Profit by Reportable Segment) (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Total operating earnings $ 568 $ (32)
Operating Segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Total operating earnings 642 564
Operating Segments | Pharmaceutical and Specialty Solutions    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Total operating earnings 530 456
Operating Segments | GMPD    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Total operating earnings 8 12
Operating Segments | Other Operating Segment    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Total operating earnings 104 96
Corporate    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Total operating earnings $ (74) $ (596)
v3.24.3
Segment Information (Assets by Reportable Segment) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Jun. 30, 2024
Segment Reporting Information [Line Items]    
Total assets $ 43,059 $ 45,121
Operating Segments | Pharmaceutical and Specialty Solutions    
Segment Reporting Information [Line Items]    
Total assets 29,215 29,149
Operating Segments | GMPD    
Segment Reporting Information [Line Items]    
Total assets 7,148 7,047
Operating Segments | Other Operating Segment    
Segment Reporting Information [Line Items]    
Total assets 2,611 2,606
Corporate    
Segment Reporting Information [Line Items]    
Total assets $ 4,085 $ 6,319
v3.24.3
Share-Based Compensation Narrative (Details)
$ in Millions
 3 Months Ended
Sep. 30, 2024
USD ($)
Reportable_Segments
Sep. 30, 2023
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Tax benefit related to share-based compensation $ 4 $ 4
Restricted Share Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period (in years) 3 years  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 110  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 2 years  
Performance Share Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 63  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 2 years  
Vesting Period in years for Shares | Reportable_Segments 3  
Performance Share Units | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Target performance goal (as a percent) 0.00% 0.00%
Performance Share Units | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Target performance goal (as a percent) 240.00% 240.00%
v3.24.3
Share-Based Compensation (Schedule of Total Share-Based Compensation Expense by Type of Award) (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total share-based compensation $ 30 $ 29
Restricted Share Unit    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total share-based compensation 19 21
Performance Share Unit    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total share-based compensation $ 11 $ 8
v3.24.3
Share-Based Compensation (Schedule of All Transactions Related to Restricted Share Units Under the Plans) (Details) - Restricted Share Units
shares in Millions
 3 Months Ended
Sep. 30, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 2 years
Restricted Share Units  
Nonvested at beginning of period (in shares) | shares 1.7
Granted (in shares) | shares 0.7
Vested (in shares) | shares (0.8)
Canceled and forfeited (in shares) | shares 0.0
Nonvested at end of period (in shares) | shares 1.6
Weighted-Average Grant Date Fair Value per Share  
Nonvested at beginning of period (in usd per share) | $ / shares $ 70.98
Granted (in usd per share) | $ / shares 107.88
Vested (in usd per share) | $ / shares 72.19
Canceled and forfeited (in usd per share) | $ / shares 0
Nonvested at end of period (in usd per share) | $ / shares $ 90.60
v3.24.3
Share-Based Compensation (Schedule of All Transactions Related to Performance Share Units Under the Plans) (Details) - Performance Share Units
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Sep. 30, 2024
USD ($)
$ / shares
shares
Performance Share Units  
Nonvested at beginning of period (in shares) | shares 1.3
Granted (in shares) | shares 0.4
Vested (in shares) | shares (0.3)
Canceled and forfeited (in shares) | shares 0.0
Nonvested at end of period (in shares) | shares 1.4
Weighted-Average Grant Date Fair Value per Share  
Nonvested at beginning of period (in usd per share) | $ / shares $ 97.03
Granted (in usd per share) | $ / shares 113.88
Vested (in usd per share) | $ / shares 108.78
Canceled and forfeited (in usd per share) | $ / shares 0
Nonvested at end of period (in usd per share) | $ / shares $ 98.81
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ $ 63
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 2 years