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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Procter and Gamble Co | NYSE:PG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.60 | 0.37% | 162.26 | 162.55 | 161.60 | 161.86 | 1,553,890 | 16:40:58 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 | ||
Form 10-K |
Cincinnati | THE PROCTER & GAMBLE COMPANY | OH | ||||||
One Procter & Gamble Plaza | One Procter & Gamble Plaza, Cincinnati, Ohio 45202 | 45202 | ||||||
513 | Telephone (513) 983-1100 | 983-1100 | ||||||
IRS Employer Identification No. 31-0411980 | 31-0411980 | |||||||
State of Incorporation: Ohio | OH |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, without Par Value | PG | New York Stock Exchange | ||||||
2.000% Notes due 2022 | PG22B | New York Stock Exchange | ||||||
1.125% Notes due 2023 | PG23A | New York Stock Exchange | ||||||
0.500% Notes due 2024 | PG24A | New York Stock Exchange | ||||||
0.625% Notes due 2024 | PG24B | New York Stock Exchange | ||||||
1.375% Notes due 2025 | PG25 | New York Stock Exchange | ||||||
0.110% Notes due 2026 | PG26D | New York Stock Exchange | ||||||
4.875% EUR Notes due May 2027 | PG27A | New York Stock Exchange | ||||||
1.200% Notes due 2028 | PG28 | New York Stock Exchange | ||||||
1.250% Notes due 2029 | PG29B | New York Stock Exchange | ||||||
1.800% Notes due 2029 | PG29A | New York Stock Exchange | ||||||
6.250% GBP Notes due January 2030 | PG30 | New York Stock Exchange | ||||||
0.350% Notes due 2030 | PG30C | New York Stock Exchange | ||||||
0.230% Notes due 2031 | PG31A | New York Stock Exchange | ||||||
5.250% GBP Notes due January 2033 | PG33 | New York Stock Exchange | ||||||
1.875% Notes due 2038 | PG38 | New York Stock Exchange | ||||||
0.900% Notes due 2041 | PG41 | New York Stock Exchange |
Large accelerated filer | þ | Accelerated filer | ¨ | |||||||||||||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company | ¨ | FALSE | ||||||||||||||||||||||
Emerging growth company | ¨ | FALSE |
FORM 10-K TABLE OF CONTENTS | Page | |||||||||||||
PART I | Item 1. | |||||||||||||
Item 1A. | ||||||||||||||
Item 1B. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
PART II | Item 5. | |||||||||||||
Item 6. | ||||||||||||||
Item 7. | ||||||||||||||
Item 7A. | ||||||||||||||
Item 8. | ||||||||||||||
Item 9. | ||||||||||||||
Item 9A. | ||||||||||||||
Item 9B. | ||||||||||||||
Item 9C. | ||||||||||||||
PART III | Item 10. | |||||||||||||
Item 11. | ||||||||||||||
Item 12. | ||||||||||||||
Item 13. | ||||||||||||||
Item 14. | ||||||||||||||
PART IV | Item 15. | |||||||||||||
Item 16. | ||||||||||||||
Name | Position | Age | First Elected to Officer Position | |||||||||||||||||
Jon R. Moeller | Chairman of the Board, President and Chief Executive Officer | 58 | 2009 (1) | |||||||||||||||||
Shailesh Jejurikar | Chief Operating Officer | 55 | 2018 (2) | |||||||||||||||||
Andre Schulten | Chief Financial Officer | 51 | 2021 (3) | |||||||||||||||||
Gary A. Coombe | Chief Executive Officer - Grooming | 58 | 2014 (4) | |||||||||||||||||
Jennifer L. Davis | Chief Executive Officer - Health Care | 51 | 2022 (5) | |||||||||||||||||
Ma. Fatima D. Francisco | Chief Executive Officer - Baby, Feminine and Family Care and Executive Sponsor for Gender Equality | 54 | 2018 (6) | |||||||||||||||||
R. Alexandra Keith | Chief Executive Officer - Beauty and Executive Sponsor for Corporate Sustainability | 54 | 2017 (7) | |||||||||||||||||
Sundar Raman | Chief Executive Officer - Fabric and Home Care | 47 | 2021 (8) | |||||||||||||||||
Victor Aguilar | Chief Research, Development and Innovation Officer | 55 | 2020 (9) | |||||||||||||||||
M. Tracey Grabowski | Chief Human Resources Officer | 54 | 2018 (10) | |||||||||||||||||
Marc S. Pritchard | Chief Brand Officer | 62 | 2008 ( ) | |||||||||||||||||
Susan Street Whaley | Chief Legal Officer and Secretary | 48 | 2022 (11) |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3) | Approximate Dollar Value of Shares that May Yet Be Purchased Under Our Share Repurchase Program | ||||||||||||||||||||||
4/1/2022 - 4/30/2022 | 3,772,818 | $159.03 | 3,772,818 | (3) | ||||||||||||||||||||||
5/1/2022 - 5/31/2022 | — | — | — | (3) | ||||||||||||||||||||||
6/1/2022 - 6/30/2022 | 5,319,017 | 140.93 | 4,620,153 | (3) | ||||||||||||||||||||||
Total | 9,091,835 | $148.44 | 8,392,971 | (3) |
(in dollars; split-adjusted) | 1956 | 1962 | 1972 | 1982 | 1992 | 2002 | 2012 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Dividends per share | $ | 0.01 | $ | 0.02 | $ | 0.05 | $ | 0.13 | $ | 0.26 | $ | 0.76 | $ | 2.14 | $ | 3.52 |
Cumulative Value of $100 Investment, through June 30 | ||||||||||||||||||||
Company Name/Index | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||
P&G | $ | 100 | $ | 93 | $ | 134 | $ | 150 | $ | 174 | $ | 189 | ||||||||
S&P 500 Stock Index | 100 | 114 | 126 | 136 | 191 | 171 | ||||||||||||||
S&P 500 Consumer Staples Index | 100 | 96 | 112 | 116 | 143 | 152 |
Reportable Segments | % of Net Sales (1) | % of Net Earnings (1) | Product Categories (Sub-Categories) | Major Brands | ||||||||||
Beauty | 18% | 22% | Hair Care (Conditioner, Shampoo, Styling Aids, Treatments) | Head & Shoulders, Herbal Essences, Pantene, Rejoice | ||||||||||
Skin and Personal Care (Antiperspirant and Deodorant, Personal Cleansing, Skin Care) | Olay, Old Spice, Safeguard, Secret, SK-II | |||||||||||||
Grooming | 8% | 10% | Grooming (2) (Shave Care - Female Blades & Razors, Male Blades & Razors, Pre- and Post-Shave Products, Other Shave Care; Appliances) | Braun, Gillette, Venus | ||||||||||
Health Care | 14% | 14% | Oral Care (Toothbrushes, Toothpaste, Other Oral Care) | Crest, Oral-B | ||||||||||
Personal Health Care (Gastrointestinal, Rapid Diagnostics, Respiratory, Vitamins/Minerals/Supplements, Pain Relief, Other Personal Health Care) | Metamucil, Neurobion, Pepto-Bismol, Vicks | |||||||||||||
Fabric & Home Care | 35% | 31% | Fabric Care (Fabric Enhancers, Laundry Additives, Laundry Detergents) | Ariel, Downy, Gain, Tide | ||||||||||
Home Care (Air Care, Dish Care, P&G Professional, Surface Care) | Cascade, Dawn, Fairy, Febreze, Mr. Clean, Swiffer | |||||||||||||
Baby, Feminine & Family Care | 25% | 23% | Baby Care (Baby Wipes, Taped Diapers and Pants) | Luvs, Pampers | ||||||||||
Feminine Care (Adult Incontinence, Feminine Care) | Always, Always Discreet, Tampax | |||||||||||||
Family Care (Paper Towels, Tissues, Toilet Paper) | Bounty, Charmin, Puffs |
Amounts in millions, except per share amounts | 2022 | 2021 | Change vs. Prior Year | ||||||||||||||
Net sales | $ | 80,187 | $ | 76,118 | 5 | % | |||||||||||
Operating income | 17,813 | 17,986 | (1) | % | |||||||||||||
Net earnings | 14,793 | 14,352 | 3 | % | |||||||||||||
Net earnings attributable to Procter & Gamble | 14,742 | 14,306 | 3 | % | |||||||||||||
Diluted net earnings per common share | 5.81 | 5.50 | 6 | % | |||||||||||||
Core earnings per share | 5.81 | 5.66 | 3 | % | |||||||||||||
Cash flow from operating activities | 16,723 | 18,371 | (9) | % |
Comparisons as a percentage of net sales; Years ended June 30 | 2022 | 2021 | Basis Point Change | ||||||||||||||
Gross margin | 47.4 | % | 51.2 | % | (380) | ||||||||||||
Selling, general and administrative expense | 25.2 | % | 27.6 | % | (240) | ||||||||||||
Operating margin | 22.2 | % | 23.6 | % | (140) | ||||||||||||
Earnings before income taxes | 22.4 | % | 23.1 | % | (70) | ||||||||||||
Net earnings | 18.4 | % | 18.9 | % | (50) | ||||||||||||
Net earnings attributable to Procter & Gamble | 18.4 | % | 18.8 | % | (40) |
Net Sales Change Drivers 2022 vs. 2021 (1) | |||||||||||||||||||||||||||||||||||||||||
Volume with Acquisitions & Divestitures | Volume Excluding Acquisitions & Divestitures | Foreign Exchange | Price | Mix | Other (2) | Net Sales Growth | |||||||||||||||||||||||||||||||||||
Beauty | — | % | — | % | — | % | 3 | % | (1) | % | — | % | 2 | % | |||||||||||||||||||||||||||
Grooming | — | % | — | % | (3) | % | 5 | % | — | % | — | % | 2 | % | |||||||||||||||||||||||||||
Health Care | 4 | % | 4 | % | (1) | % | 3 | % | 3 | % | — | % | 9 | % | |||||||||||||||||||||||||||
Fabric & Home Care | 3 | % | 3 | % | (2) | % | 5 | % | — | % | — | % | 6 | % | |||||||||||||||||||||||||||
Baby, Feminine & Family Care | 1 | % | 1 | % | (1) | % | 4 | % | 1 | % | — | % | 5 | % | |||||||||||||||||||||||||||
TOTAL COMPANY | 2 | % | 2 | % | (2) | % | 4 | % | 1 | % | — | % | 5 | % |
($ millions) | 2022 | 2021 | Change vs. 2021 | ||||||||||||||
Volume | N/A | N/A | —% | ||||||||||||||
Net sales | $14,740 | $14,417 | 2% | ||||||||||||||
Net earnings | $3,160 | $3,210 | (2)% | ||||||||||||||
% of net sales | 21.4% | 22.3% | (90) bps |
($ millions) | 2022 | 2021 | Change vs. 2021 | ||||||||||||||
Volume | N/A | N/A | —% | ||||||||||||||
Net sales | $6,587 | $6,440 | 2% | ||||||||||||||
Net earnings | $1,490 | $1,427 | 4% | ||||||||||||||
% of net sales | 22.6% | 22.2% | 40 bps |
($ millions) | 2022 | 2021 | Change vs. 2021 | ||||||||||||||
Volume | N/A | N/A | 4% | ||||||||||||||
Net sales | $10,824 | $9,956 | 9% | ||||||||||||||
Net earnings | $2,006 | $1,851 | 8% | ||||||||||||||
% of net sales | 18.5% | 18.6% | (10) bps |
($ millions) | 2022 | 2021 | Change vs. 2021 | ||||||||||||||
Volume | N/A | N/A | 3% | ||||||||||||||
Net sales | $27,556 | $26,014 | 6% | ||||||||||||||
Net earnings | $4,386 | $4,622 | (5)% | ||||||||||||||
% of net sales | 15.9% | 17.8% | (190) bps |
($ millions) | 2022 | 2021 | Change vs. 2021 | ||||||||||||||
Volume | N/A | N/A | 1% | ||||||||||||||
Net sales | $19,736 | $18,850 | 5% | ||||||||||||||
Net earnings | $3,266 | $3,629 | (10)% | ||||||||||||||
% of net sales | 16.5% | 19.3% | (280) bps |
($ millions) | 2022 | 2021 | Change vs. 2021 | ||||||||||||||
Net sales | $744 | $441 | 69% | ||||||||||||||
Net earnings/(loss) | $485 | $(387) | N/A |
($ millions) | 2022 | 2021 | |||||||||
Net cash provided by operating activities | $ | 16,723 | $ | 18,371 | |||||||
Net cash provided/(used) by investing activities | (4,424) | (2,834) | |||||||||
Net cash used in financing activities | (14,876) | (21,531) | |||||||||
Adjusted Free Cash Flow | 13,792 | 15,809 | |||||||||
Adjusted Free Cash Flow Productivity | 93 | % | 107 | % |
($ millions) | Total | Less Than 1 Year | 1-3 Years | 3-5 Years | After 5 Years | ||||||||||||||||||||||||
RECORDED LIABILITIES | |||||||||||||||||||||||||||||
Total debt | $ | 31,925 | $ | 8,656 | $ | 4,190 | $ | 6,508 | $ | 12,571 | |||||||||||||||||||
Leases | 885 | 206 | 314 | 156 | 209 | ||||||||||||||||||||||||
U.S. Tax Act transitional charge (1) | 1,886 | 225 | 983 | 678 | — | ||||||||||||||||||||||||
OTHER | |||||||||||||||||||||||||||||
Interest payments relating to long-term debt | 4,813 | 568 | 988 | 868 | 2,389 | ||||||||||||||||||||||||
Minimum pension funding (2) | 493 | 160 | 333 | — | — | ||||||||||||||||||||||||
Purchase obligations (3) | 2,785 | 1,082 | 826 | 452 | 425 | ||||||||||||||||||||||||
TOTAL CONTRACTUAL COMMITMENTS | $ | 42,787 | $ | 10,897 | $ | 7,634 | $ | 8,662 | $ | 15,594 |
Approximate Percent Change in Estimated Fair Value | |||||||||||||||||
+25 bps Discount Rate | -25 bps Growth Rate | -50 bps Royalty Rate | |||||||||||||||
Shave Care goodwill reporting unit | (6)% | (6)% | N/A | ||||||||||||||
Gillette indefinite-lived intangible asset | (6)% | (6)% | (3)% |
Year ended June 30, 2022 | Net Sales Growth | Foreign Exchange Impact | Acquisition & Divestiture Impact/Other (1) | Organic Sales Growth | ||||||||||
Beauty | 2 | % | — | % | — | % | 2 | % | ||||||
Grooming | 2 | % | 3 | % | — | % | 5 | % | ||||||
Health Care | 9 | % | 1 | % | — | % | 10 | % | ||||||
Fabric & Home Care | 6 | % | 2 | % | — | % | 8 | % | ||||||
Baby, Feminine & Family Care | 5 | % | 1 | % | — | % | 6 | % | ||||||
TOTAL COMPANY | 5 | % | 2 | % | — | % | 7 | % |
Operating Cash Flow | Capital Spending | Adjustments to Operating Cash Flow (1) | Adjusted Free Cash Flow | |||||||||||
2022 | $ | 16,723 | $ | (3,156) | $ | 225 | $ | 13,792 | ||||||
2021 | $ | 18,371 | $ | (2,787) | $ | 225 | $ | 15,809 |
Adjusted Free Cash Flow | Net Earnings | Early Debt Extinguishment Charges | Net Earnings Excluding Adjustments | Adjusted Free Cash Flow Productivity | |||||||||||||
2022 | $ | 13,792 | $ | 14,793 | $ | — | $ | 14,793 | 93 | % | |||||||
2021 | $ | 15,809 | $ | 14,352 | $ | 427 | $ | 14,779 | 107 | % |
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES (Amounts in Millions Except Per Share Amounts) Reconciliation of Non-GAAP Measures | |||||||||||||||||||||||
Twelve Months Ended June 30, 2022 | Twelve Months Ended June 30, 2021 | ||||||||||||||||||||||
AS REPORTED (GAAP) | AS REPORTED (GAAP) | EARLY DEBT EXTINGUISHMENT | NON-GAAP (CORE) | ||||||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO P&G | $ | 14,742 | $ | 14,306 | $ | 427 | $ | 14,733 | |||||||||||||||
Core EPS | |||||||||||||||||||||||
DILUTED NET EARNINGS PER COMMON SHARE (1) | $ | 5.81 | $ | 5.50 | $ | 0.16 | $ | 5.66 |
CHANGE IN CURRENT YEAR REPORTED (GAAP) VERSUS NON-GAAP (CORE)(1) | |||||||||||
CORE EPS | 3 | % |
/s/ Jon R. Moeller | ||
(Jon R. Moeller) | ||
Chairman of the Board, President and Chief Executive Officer | ||
/s/ Andre Schulten | ||
(Andre Schulten) | ||
Chief Financial Officer | ||
August 5, 2022 |
/s/ Deloitte & Touche LLP | ||
Cincinnati, Ohio | ||
August 5, 2022 | ||
We have served as the Company’s auditor since 1890. |
/s/ Deloitte & Touche LLP | ||
Cincinnati, Ohio | ||
August 5, 2022 |
Amounts in millions except per share amounts; Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||
NET SALES | $ | 80,187 | $ | 76,118 | $ | 70,950 | |||||||||||
Cost of products sold | 42,157 | 37,108 | 35,250 | ||||||||||||||
Selling, general and administrative expense | 20,217 | 21,024 | 19,994 | ||||||||||||||
OPERATING INCOME | 17,813 | 17,986 | 15,706 | ||||||||||||||
Interest expense | (439) | (502) | (465) | ||||||||||||||
Interest income | 51 | 45 | 155 | ||||||||||||||
Other non-operating income, net | 570 | 86 | 438 | ||||||||||||||
EARNINGS BEFORE INCOME TAXES | 17,995 | 17,615 | 15,834 | ||||||||||||||
Income taxes | 3,202 | 3,263 | 2,731 | ||||||||||||||
NET EARNINGS | 14,793 | 14,352 | 13,103 | ||||||||||||||
Less: Net earnings attributable to noncontrolling interests | 51 | 46 | 76 | ||||||||||||||
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE | $ | 14,742 | $ | 14,306 | $ | 13,027 | |||||||||||
NET EARNINGS PER COMMON SHARE: (1) | |||||||||||||||||
Basic | $ | 6.00 | $ | 5.69 | $ | 5.13 | |||||||||||
Diluted | $ | 5.81 | $ | 5.50 | $ | 4.96 | |||||||||||
Amounts in millions; Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||
NET EARNINGS | $ | 14,793 | $ | 14,352 | $ | 13,103 | |||||||||||
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX | |||||||||||||||||
Foreign currency translation (net of tax of $515, $(266) and $59, respectively) | (1,450) | 1,023 | (1,083) | ||||||||||||||
Unrealized gains/(losses) on investment securities (net of tax of $1, $5 and $(1), respectively) | 5 | 16 | (12) | ||||||||||||||
Unrealized gains/(losses) on defined benefit postretirement plans (net of tax of $1,022, $445 and $(42), respectively) | 2,992 | 1,386 | (150) | ||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX | 1,547 | 2,425 | (1,245) | ||||||||||||||
TOTAL COMPREHENSIVE INCOME | 16,340 | 16,777 | 11,858 | ||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | 43 | 50 | 60 | ||||||||||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE | $ | 16,297 | $ | 16,727 | $ | 11,798 |
Amounts in millions except stated values; As of June 30 | 2022 | 2021 | |||||||||
Assets | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | 7,214 | $ | 10,288 | |||||||
Accounts receivable | 5,143 | 4,725 | |||||||||
INVENTORIES | |||||||||||
Materials and supplies | 2,168 | 1,645 | |||||||||
Work in process | 856 | 719 | |||||||||
Finished goods | 3,900 | 3,619 | |||||||||
Total inventories | 6,924 | 5,983 | |||||||||
Prepaid expenses and other current assets | 2,372 | 2,095 | |||||||||
TOTAL CURRENT ASSETS | 21,653 | 23,091 | |||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 21,195 | 21,686 | |||||||||
GOODWILL | 39,700 | 40,924 | |||||||||
TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET | 23,679 | 23,642 | |||||||||
OTHER NONCURRENT ASSETS | 10,981 | 9,964 | |||||||||
TOTAL ASSETS | $ | 117,208 | $ | 119,307 | |||||||
Liabilities and Shareholders' Equity | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | 14,882 | $ | 13,720 | |||||||
Accrued and other liabilities | 9,554 | 10,523 | |||||||||
Debt due within one year | 8,645 | 8,889 | |||||||||
TOTAL CURRENT LIABILITIES | 33,081 | 33,132 | |||||||||
LONG-TERM DEBT | 22,848 | 23,099 | |||||||||
DEFERRED INCOME TAXES | 6,809 | 6,153 | |||||||||
OTHER NONCURRENT LIABILITIES | 7,616 | 10,269 | |||||||||
TOTAL LIABILITIES | 70,354 | 72,653 | |||||||||
SHAREHOLDERS' EQUITY | |||||||||||
Convertible Class A preferred stock, stated value $1 per share (600 shares authorized) | 843 | 870 | |||||||||
Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized) | — | — | |||||||||
Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2022 - 4,009.2, 2021 - 4,009.2) | 4,009 | 4,009 | |||||||||
Additional paid-in capital | 65,795 | 64,848 | |||||||||
Reserve for ESOP debt retirement | (916) | (1,006) | |||||||||
Accumulated other comprehensive loss | (12,189) | (13,744) | |||||||||
Treasury stock, at cost (shares held: 2022 - 1,615.4, 2021 - 1,579.5) | (123,382) | (114,973) | |||||||||
Retained earnings | 112,429 | 106,374 | |||||||||
Noncontrolling interest | 265 | 276 | |||||||||
TOTAL SHAREHOLDERS' EQUITY | 46,854 | 46,654 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 117,208 | $ | 119,307 |
Dollars in millions except per share amounts; shares in thousands | Common Stock | Preferred Stock | Additional Paid-In Capital | Reserve for ESOP Debt Retirement | Accumulated Other Comp-rehensive Income/(Loss) | Treasury Stock | Retained Earnings | Non-controlling Interest | Total Share-holders' Equity | |||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||
BALANCE JUNE 30, 2019 | 2,504,751 | $4,009 | $928 | $63,827 | ($1,146) | ($14,936) | ($100,406) | $94,918 | $385 | $47,579 | ||||||||||||||||||||||
Net earnings | 13,027 | 76 | 13,103 | |||||||||||||||||||||||||||||
Other comprehensive income/(loss) | (1,229) | (16) | (1,245) | |||||||||||||||||||||||||||||
Dividends and dividend equivalents ($3.0284 per share): | ||||||||||||||||||||||||||||||||
Common | (7,551) | (7,551) | ||||||||||||||||||||||||||||||
Preferred | (263) | (263) | ||||||||||||||||||||||||||||||
Treasury stock purchases | (61,346) | (7,405) | (7,405) | |||||||||||||||||||||||||||||
Employee stock plans | 32,603 | 362 | 2,212 | 2,574 | ||||||||||||||||||||||||||||
Preferred stock conversions | 3,738 | (31) | 5 | 26 | — | |||||||||||||||||||||||||||
ESOP debt impacts | 66 | 108 | 174 | |||||||||||||||||||||||||||||
Noncontrolling interest, net | (88) | (88) | ||||||||||||||||||||||||||||||
BALANCE JUNE 30, 2020 | 2,479,746 | $4,009 | $897 | $64,194 | ($1,080) | ($16,165) | ($105,573) | $100,239 | $357 | $46,878 | ||||||||||||||||||||||
Net earnings | 14,306 | 46 | 14,352 | |||||||||||||||||||||||||||||
Other comprehensive income/(loss) | 2,421 | 4 | 2,425 | |||||||||||||||||||||||||||||
Dividends and dividend equivalents ($3.2419 per share): | ||||||||||||||||||||||||||||||||
Common | (8,020) | (8,020) | ||||||||||||||||||||||||||||||
Preferred | (271) | (271) | ||||||||||||||||||||||||||||||
Treasury stock purchases | (81,343) | (11,009) | (11,009) | |||||||||||||||||||||||||||||
Employee stock plans | 28,001 | 650 | 1,586 | 2,236 | ||||||||||||||||||||||||||||
Preferred stock conversions | 3,302 | (27) | 4 | 23 | — | |||||||||||||||||||||||||||
ESOP debt impacts | 74 | 120 | 194 | |||||||||||||||||||||||||||||
Noncontrolling interest, net | (131) | (131) | ||||||||||||||||||||||||||||||
BALANCE JUNE 30, 2021 | 2,429,706 | $4,009 | $870 | $64,848 | ($1,006) | ($13,744) | ($114,973) | $106,374 | $276 | $46,654 | ||||||||||||||||||||||
Net earnings | 14,742 | 51 | 14,793 | |||||||||||||||||||||||||||||
Other comprehensive income/(loss) | 1,555 | (8) | 1,547 | |||||||||||||||||||||||||||||
Dividends and dividend equivalents ($3.5227 per share): | ||||||||||||||||||||||||||||||||
Common | (8,514) | (8,514) | ||||||||||||||||||||||||||||||
Preferred | (281) | (281) | ||||||||||||||||||||||||||||||
Treasury stock purchases | (67,088) | (10,003) | (10,003) | |||||||||||||||||||||||||||||
Employee stock plans | 28,042 | 945 | 1,571 | 2,516 | ||||||||||||||||||||||||||||
Preferred stock conversions | 3,217 | (27) | 4 | 23 | — | |||||||||||||||||||||||||||
ESOP debt impacts | 90 | 108 | 198 | |||||||||||||||||||||||||||||
Noncontrolling interest, net | (2) | (54) | (56) | |||||||||||||||||||||||||||||
BALANCE JUNE 30, 2022 | 2,393,877 | $4,009 | $843 | $65,795 | ($916) | ($12,189) | ($123,382) | $112,429 | $265 | $46,854 |
Amounts in millions; Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | $ | 10,288 | $ | 16,181 | $ | 4,239 | |||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net earnings | 14,793 | 14,352 | 13,103 | ||||||||||||||
Depreciation and amortization | 2,807 | 2,735 | 3,013 | ||||||||||||||
Loss on early extinguishment of debt | — | 512 | — | ||||||||||||||
Share-based compensation expense | 528 | 540 | 558 | ||||||||||||||
Deferred income taxes | (402) | (258) | (596) | ||||||||||||||
Loss/(gain) on sale of assets | (85) | (16) | 7 | ||||||||||||||
Change in accounts receivable | (694) | (342) | 634 | ||||||||||||||
Change in inventories | (1,247) | (309) | (637) | ||||||||||||||
Change in accounts payable, accrued and other liabilities | 1,429 | 1,391 | 1,923 | ||||||||||||||
Change in other operating assets and liabilities | (635) | (369) | (710) | ||||||||||||||
Other | 229 | 135 | 108 | ||||||||||||||
TOTAL OPERATING ACTIVITIES | 16,723 | 18,371 | 17,403 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Capital expenditures | (3,156) | (2,787) | (3,073) | ||||||||||||||
Proceeds from asset sales | 110 | 42 | 30 | ||||||||||||||
Acquisitions, net of cash acquired | (1,381) | (34) | (58) | ||||||||||||||
Purchases of investment securities | — | (55) | — | ||||||||||||||
Proceeds from sales and maturities of investment securities | — | — | 6,151 | ||||||||||||||
Change in other investments | 3 | — | (5) | ||||||||||||||
TOTAL INVESTING ACTIVITIES | (4,424) | (2,834) | 3,045 | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Dividends to shareholders | (8,770) | (8,263) | (7,789) | ||||||||||||||
Additions to short-term debt with original maturities of more than three months | 10,411 | 7,675 | 14,371 | ||||||||||||||
Reductions in short-term debt with original maturities of more than three months | (11,478) | (7,577) | (12,984) | ||||||||||||||
Additions/(reductions) in other short-term debt | 917 | (3,431) | 958 | ||||||||||||||
Additions to long-term debt | 4,385 | 4,417 | 4,951 | ||||||||||||||
Reductions of long-term debt (1) | (2,343) | (4,987) | (2,447) | ||||||||||||||
Treasury stock purchases | (10,003) | (11,009) | (7,405) | ||||||||||||||
Impact of stock options and other | 2,005 | 1,644 | 1,978 | ||||||||||||||
TOTAL FINANCING ACTIVITIES | (14,876) | (21,531) | (8,367) | ||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (497) | 101 | (139) | ||||||||||||||
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (3,074) | (5,893) | 11,942 | ||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | $ | 7,214 | $ | 10,288 | $ | 16,181 | |||||||||||
SUPPLEMENTAL DISCLOSURE | |||||||||||||||||
Cash payments for interest | $ | 451 | $ | 531 | $ | 434 | |||||||||||
Cash payments for income taxes | 3,818 | 3,822 | 3,550 |
% of Net sales by operating segment (1) | |||||||||||||||||
Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||
Fabric Care | 23% | 22% | 22% | ||||||||||||||
Home Care | 12% | 12% | 11% | ||||||||||||||
Baby Care | 10% | 10% | 11% | ||||||||||||||
Skin and Personal Care | 9% | 10% | 10% | ||||||||||||||
Hair Care | 9% | 9% | 9% | ||||||||||||||
Family Care | 9% | 9% | 9% | ||||||||||||||
Oral Care | 8% | 8% | 8% | ||||||||||||||
Shave Care | 6% | 7% | 7% | ||||||||||||||
Feminine Care | 6% | 6% | 6% | ||||||||||||||
Personal Health Care | 6% | 5% | 5% | ||||||||||||||
All Other | 2% | 2% | 2% | ||||||||||||||
TOTAL | 100% | 100% | 100% |
Years ended June 30 | 2022 | 2021 | 2020 | |||||||||||||||||
NET SALES | ||||||||||||||||||||
United States | $ | 36.5 | $ | 33.7 | $ | 31.3 | ||||||||||||||
International | $ | 43.7 | $ | 42.4 | $ | 39.7 | ||||||||||||||
LONG-LIVED ASSETS (1) | ||||||||||||||||||||
United States | $ | 10.7 | $ | 10.1 | $ | 9.9 | ||||||||||||||
International | $ | 10.5 | $ | 11.6 | $ | 10.8 |
Global Segment Results | Net Sales | Earnings/(Loss) Before Income Taxes | Net Earnings/(Loss) | Depreciation and Amortization | Total Assets | Capital Expenditures | |||||||||||||||||||||||||||||||||||
BEAUTY | 2022 | $ | 14,740 | $ | 3,946 | $ | 3,160 | $ | 348 | $ | 6,055 | $ | 331 | ||||||||||||||||||||||||||||
2021 | 14,417 | 4,018 | 3,210 | 333 | 5,587 | 386 | |||||||||||||||||||||||||||||||||||
2020 | 13,359 | 3,437 | 2,737 | 320 | 5,531 | 397 | |||||||||||||||||||||||||||||||||||
GROOMING | 2022 | 6,587 | 1,835 | 1,490 | 361 | 20,482 | 260 | ||||||||||||||||||||||||||||||||||
2021 | 6,440 | 1,728 | 1,427 | 378 | 20,668 | 291 | |||||||||||||||||||||||||||||||||||
2020 | 6,069 | 1,613 | 1,329 | 406 | 20,589 | 305 | |||||||||||||||||||||||||||||||||||
HEALTH CARE | 2022 | 10,824 | 2,618 | 2,006 | 376 | 7,888 | 410 | ||||||||||||||||||||||||||||||||||
2021 | 9,956 | 2,398 | 1,851 | 372 | 7,976 | 364 | |||||||||||||||||||||||||||||||||||
2020 | 9,028 | 2,156 | 1,652 | 350 | 7,726 | 338 | |||||||||||||||||||||||||||||||||||
FABRIC & HOME CARE | 2022 | 27,556 | 5,729 | 4,386 | 672 | 8,567 | 988 | ||||||||||||||||||||||||||||||||||
2021 | 26,014 | 5,986 | 4,622 | 646 | 8,334 | 1,006 | |||||||||||||||||||||||||||||||||||
2020 | 23,735 | 5,426 | 4,154 | 605 | 7,745 | 887 | |||||||||||||||||||||||||||||||||||
BABY, FEMININE & FAMILY CARE | 2022 | 19,736 | 4,267 | 3,266 | 826 | 8,443 | 932 | ||||||||||||||||||||||||||||||||||
2021 | 18,850 | 4,723 | 3,629 | 846 | 8,666 | 814 | |||||||||||||||||||||||||||||||||||
2020 | 18,364 | 4,534 | 3,465 | 839 | 8,628 | 764 | |||||||||||||||||||||||||||||||||||
CORPORATE | 2022 | 744 | (400) | 485 | 224 | 65,773 | 235 | ||||||||||||||||||||||||||||||||||
2021 | 441 | (1,238) | (387) | 160 | 68,076 | (74) | |||||||||||||||||||||||||||||||||||
2020 | 395 | (1,332) | (234) | 493 | 70,481 | 382 | |||||||||||||||||||||||||||||||||||
TOTAL COMPANY | 2022 | $ | 80,187 | $ | 17,995 | $ | 14,793 | $ | 2,807 | $ | 117,208 | $ | 3,156 | ||||||||||||||||||||||||||||
2021 | 76,118 | 17,615 | 14,352 | 2,735 | 119,307 | 2,787 | |||||||||||||||||||||||||||||||||||
2020 | 70,950 | 15,834 | 13,103 | 3,013 | 120,700 | 3,073 |
As of June 30 | 2022 | 2021 | |||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||
Buildings | $ | 8,087 | $ | 8,165 | |||||||
Machinery and equipment | 35,098 | 35,367 | |||||||||
Land | 756 | 808 | |||||||||
Construction in progress | 2,756 | 2,358 | |||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 46,697 | 46,698 | |||||||||
Accumulated depreciation | (25,502) | (25,012) | |||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | $ | 21,195 | $ | 21,686 |
Separations | Asset-Related Costs | Other | Total | |||||||||||
RESERVE JUNE 30, 2020 | $ | 285 | $ | — | $ | 187 | $ | 472 | ||||||
Cost incurred and charged to expense | 127 | 24 | 179 | 330 | ||||||||||
Cost paid/settled | (236) | (24) | (264) | (524) | ||||||||||
RESERVE JUNE 30, 2021 | 176 | — | 102 | 278 | ||||||||||
Cost incurred and charged to expense | 88 | 87 | 78 | 253 | ||||||||||
Cost paid/settled | (143) | (87) | (154) | (384) | ||||||||||
RESERVE JUNE 30, 2022 | $ | 121 | $ | — | $ | 26 | $ | 147 |
Years ended June 30 | 2022 | 2021 | 2020 (2) | ||||||||
Beauty | $ | 11 | $ | 13 | $ | 54 | |||||
Grooming | 14 | 25 | 102 | ||||||||
Health Care | 32 | 51 | 136 | ||||||||
Fabric & Home Care | 42 | 22 | 75 | ||||||||
Baby, Feminine & Family Care | 83 | 29 | 192 | ||||||||
Corporate (1) | 71 | 190 | 223 | ||||||||
Total Company | $ | 253 | $ | 330 | $ | 782 |
Beauty | Grooming | Health Care | Fabric & Home Care | Baby, Feminine & Family Care | Total Company | |||||||||||||||
BALANCE AT JUNE 30, 2020 - NET (1) | $ | 12,902 | $ | 12,815 | $ | 7,786 | $ | 1,841 | $ | 4,557 | $ | 39,901 | ||||||||
Acquisitions and divestitures | — | — | 16 | — | — | 16 | ||||||||||||||
Translation and other | 355 | 280 | 244 | 32 | 96 | 1,007 | ||||||||||||||
BALANCE AT JUNE 30, 2021 - NET (1) | 13,257 | 13,095 | 8,046 | 1,873 | 4,653 | 40,924 | ||||||||||||||
Acquisitions and divestitures | 781 | — | 1 | — | — | 782 | ||||||||||||||
Translation and other | (742) | (524) | (458) | (65) | (217) | (2,006) | ||||||||||||||
BALANCE AT JUNE 30, 2022 - NET (1) | $ | 13,296 | $ | 12,571 | $ | 7,589 | $ | 1,808 | $ | 4,436 | $ | 39,700 |
2022 | 2021 | ||||||||||||||||
As of June 30 | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
INTANGIBLE ASSETS WITH DETERMINABLE LIVES | |||||||||||||||||
Brands | $ | 4,299 | $ | (2,628) | $ | 3,908 | $ | (2,546) | |||||||||
Patents and technology | 2,769 | (2,609) | 2,781 | (2,575) | |||||||||||||
Customer relationships | 1,797 | (939) | 1,789 | (882) | |||||||||||||
Other | 147 | (97) | 150 | (97) | |||||||||||||
TOTAL | $ | 9,012 | $ | (6,273) | $ | 8,628 | $ | (6,100) | |||||||||
INTANGIBLE ASSETS WITH INDEFINITE LIVES | |||||||||||||||||
Brands | 20,940 | — | 21,114 | — | |||||||||||||
TOTAL | $ | 29,952 | $ | (6,273) | $ | 29,742 | $ | (6,100) |
Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||
Intangible asset amortization | $ | 312 | $ | 318 | $ | 360 |
Years ending June 30 | 2023 | 2024 | 2025 | 2026 | 2027 | ||||||||||||
Estimated amortization expense | $ | 316 | $ | 305 | $ | 288 | $ | 268 | $ | 258 |
Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||
United States | $ | 11,698 | $ | 10,858 | $ | 10,338 | |||||||||||
International | 6,297 | 6,757 | 5,496 | ||||||||||||||
TOTAL | $ | 17,995 | $ | 17,615 | $ | 15,834 |
Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||
CURRENT TAX EXPENSE | |||||||||||||||||
U.S. federal | $ | 1,916 | $ | 1,663 | $ | 1,266 | |||||||||||
International | 1,333 | 1,534 | 1,769 | ||||||||||||||
U.S. state and local | 355 | 324 | 292 | ||||||||||||||
TOTAL | 3,604 | 3,521 | 3,327 | ||||||||||||||
DEFERRED TAX EXPENSE/(BENEFIT) | |||||||||||||||||
U.S. federal | (320) | (65) | 39 | ||||||||||||||
International and other | (82) | (193) | (635) | ||||||||||||||
TOTAL | (402) | (258) | (596) | ||||||||||||||
TOTAL TAX EXPENSE | $ | 3,202 | $ | 3,263 | $ | 2,731 |
Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||
U.S. federal statutory income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
Country mix impacts of foreign operations | (0.3) | % | (0.5) | % | (0.1) | % | |||||||||||
State income taxes, net of federal benefit | 1.5 | % | 1.3 | % | 1.4 | % | |||||||||||
Excess tax benefits from the exercise of stock options | (2.0) | % | (1.6) | % | (1.6) | % | |||||||||||
Tax benefit from simplification of legal entity structure | — | % | — | % | (1.4) | % | |||||||||||
Foreign derived intangible income deduction (FDII) | (1.1) | % | (1.0) | % | (1.0) | % | |||||||||||
Changes in uncertain tax positions | (0.4) | % | (0.1) | % | 0.1 | % | |||||||||||
Other | (0.9) | % | (0.6) | % | (1.2) | % | |||||||||||
EFFECTIVE INCOME TAX RATE | 17.8 | % | 18.5 | % | 17.2 | % |
Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||
BEGINNING OF YEAR | $ | 627 | $ | 485 | $ | 466 | |||||||||||
Increases in tax positions for prior years | 102 | 157 | 60 | ||||||||||||||
Decreases in tax positions for prior years | (118) | (34) | (21) | ||||||||||||||
Increases in tax positions for current year | 53 | 60 | 82 | ||||||||||||||
Settlements with taxing authorities | (42) | (26) | (83) | ||||||||||||||
Lapse in statute of limitations | (17) | (24) | (12) | ||||||||||||||
Currency translation | (22) | 9 | (7) | ||||||||||||||
END OF YEAR | $ | 583 | $ | 627 | $ | 485 |
As of June 30 | 2022 | 2021 | |||||||||
DEFERRED TAX ASSETS | |||||||||||
Loss and other carryforwards | 914 | 1,030 | |||||||||
Pension and other retiree benefits | $ | 740 | $ | 1,476 | |||||||
Capitalized research & development | 646 | 358 | |||||||||
Accrued marketing and promotion | 420 | 424 | |||||||||
Stock-based compensation | 386 | 386 | |||||||||
Fixed assets | 209 | 223 | |||||||||
Lease liabilities | 185 | 196 | |||||||||
Unrealized loss on financial and foreign exchange transactions | 138 | 109 | |||||||||
Advance payments | 82 | — | |||||||||
Inventory | 41 | 31 | |||||||||
Accrued interest and taxes | 22 | 22 | |||||||||
Other | 717 | 878 | |||||||||
Valuation allowances | (409) | (569) | |||||||||
TOTAL | $ | 4,091 | $ | 4,564 | |||||||
DEFERRED TAX LIABILITIES | |||||||||||
Goodwill and intangible assets | $ | 5,783 | $ | 5,761 | |||||||
Fixed assets | 1,542 | 1,512 | |||||||||
Other retiree benefits | 1,031 | 645 | |||||||||
Unrealized gain on financial and foreign exchange transactions | 439 | 111 | |||||||||
Lease right-of-use assets | 179 | 191 | |||||||||
Foreign withholding tax on earnings to be repatriated | 70 | 108 | |||||||||
Other | 244 | 175 | |||||||||
TOTAL | $ | 9,288 | $ | 8,503 |
Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||
CONSOLIDATED AMOUNTS | |||||||||||||||||
Net earnings | $ | 14,793 | $ | 14,352 | $ | 13,103 | |||||||||||
Less: Net earnings attributable to noncontrolling interests | 51 | 46 | 76 | ||||||||||||||
Net earnings attributable to P&G | 14,742 | 14,306 | 13,027 | ||||||||||||||
Less: Preferred dividends | 281 | 271 | 263 | ||||||||||||||
Net earnings attributable to P&G available to common shareholders (Basic) | $ | 14,461 | $ | 14,035 | $ | 12,764 | |||||||||||
Net earnings attributable to P&G available to common shareholders (Diluted) | $ | 14,742 | $ | 14,306 | $ | 13,027 | |||||||||||
SHARES IN MILLIONS | |||||||||||||||||
Basic weighted average common shares outstanding | 2,410.3 | 2,465.8 | 2,487.1 | ||||||||||||||
Add effect of dilutive securities: | |||||||||||||||||
Stock options and other unvested equity awards (1) | 49.5 | 52.5 | 52.7 | ||||||||||||||
Convertible preferred shares (2) | 79.3 | 82.7 | 86.0 | ||||||||||||||
Diluted weighted average common shares outstanding | 2,539.1 | 2,601.0 | 2,625.8 | ||||||||||||||
NET EARNINGS PER SHARE (3) | |||||||||||||||||
Basic | $ | 6.00 | $ | 5.69 | $ | 5.13 | |||||||||||
Diluted | $ | 5.81 | $ | 5.50 | $ | 4.96 |
Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||
Stock options | $ | 271 | $ | 279 | $ | 249 | |||||||||||
RSUs and PSUs | 257 | 261 | 309 | ||||||||||||||
Total stock-based expense | $ | 528 | $ | 540 | $ | 558 | |||||||||||
Income tax benefit | $ | 88 | $ | 102 | $ | 97 |
Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Interest rate | 0.1 | - | 1.6 | % | 0.1 | - | 0.7 | % | 1.1 | - | 1.4 | % | |||||||||||||||||||||||
Weighted average interest rate | 1.5 | % | 0.6 | % | 1.3 | % | |||||||||||||||||||||||||||||
Dividend yield | 2.4 | % | 2.4 | % | 2.4 | % | |||||||||||||||||||||||||||||
Expected volatility | 19 | % | 20 | % | 17 | % | |||||||||||||||||||||||||||||
Expected life in years | 9.1 | 9.2 | 9.2 |
Options | Options (in thousands) | Weighted Average Exercise Price | Weighted Average Contract-ual Life in Years | Aggregate Intrinsic Value | ||||||||||
Outstanding at July 1, 2021 | 138,272 | $ | 91.24 | |||||||||||
Granted | 14,369 | 141.67 | ||||||||||||
Exercised | (25,040) | 77.07 | ||||||||||||
Forfeited/expired | (886) | 116.38 | ||||||||||||
Outstanding at June 30, 2022 | 126,715 | $ | 99.59 | 5.4 | $ | 5,618 | ||||||||
Exercisable | 86,992 | $ | 84.89 | 4.0 | $ | 5,124 |
Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||
Weighted average grant-date fair value of options granted | $ | 21.55 | $ | 20.94 | $ | 15.60 | |||||||||||
Intrinsic value of options exercised | 1,886 | 1,401 | 1,455 | ||||||||||||||
Grant-date fair value of options that vested | 177 | 236 | 217 | ||||||||||||||
Cash received from options exercised | 1,930 | 1,705 | 2,019 | ||||||||||||||
Actual tax benefit from options exercised | 399 | 292 | 298 |
RSUs | PSUs | ||||||||||||||||
RSU and PSU awards | Units (in thousands) | Weighted Average Grant Date Fair Value | Units (in thousands) | Weighted Average Grant Date Fair Value | |||||||||||||
Non-vested at July 1, 2021 | 3,237 | $ | 114.68 | 971 | $ | 135.24 | |||||||||||
Granted | 1,365 | 141.13 | 539 | 152.69 | |||||||||||||
Vested | (1,656) | 109.08 | (550) | 121.62 | |||||||||||||
Forfeited | (114) | 123.06 | (32) | 152.89 | |||||||||||||
Non-vested at June 30, 2022 | 2,832 | $ | 130.37 | 928 | $ | 152.94 |
Pension Benefits (1) | Other Retiree Benefits (2) | ||||||||||||||||||||||
Years ended June 30 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
CHANGE IN BENEFIT OBLIGATION | |||||||||||||||||||||||
Benefit obligation at beginning of year (3) | $ | 18,469 | $ | 17,761 | $ | 4,206 | $ | 4,770 | |||||||||||||||
Service cost | 253 | 275 | 86 | 94 | |||||||||||||||||||
Interest cost | 253 | 240 | 99 | 114 | |||||||||||||||||||
Participants' contributions | 14 | 13 | 67 | 76 | |||||||||||||||||||
Amendments (5) | 5 | 34 | (586) | — | |||||||||||||||||||
Net actuarial loss/(gain) | (4,067) | (466) | (586) | (678) | |||||||||||||||||||
Special termination benefits | 4 | 17 | 1 | 2 | |||||||||||||||||||
Currency translation and other | (1,720) | 1,220 | 51 | 64 | |||||||||||||||||||
Benefit payments | (603) | (625) | (268) | (236) | |||||||||||||||||||
BENEFIT OBLIGATION AT END OF YEAR (3) | $ | 12,608 | $ | 18,469 | $ | 3,070 | $ | 4,206 |
CHANGE IN PLAN ASSETS | |||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 13,041 | $ | 11,484 | $ | 6,444 | $ | 5,618 | |||||||||||||||
Actual return on plan assets | (1,233) | 1,058 | 526 | 879 | |||||||||||||||||||
Employer contributions | 222 | 202 | 37 | 34 | |||||||||||||||||||
Participants' contributions | 14 | 13 | 67 | 76 | |||||||||||||||||||
Currency translation and other | (1,268) | 909 | 1 | 2 | |||||||||||||||||||
ESOP debt impacts (4) | — | — | 82 | 71 | |||||||||||||||||||
Benefit payments | (603) | (625) | (268) | (236) | |||||||||||||||||||
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | $ | 10,173 | $ | 13,041 | $ | 6,889 | $ | 6,444 | |||||||||||||||
FUNDED STATUS | $ | (2,435) | $ | (5,428) | $ | 3,819 | $ | 2,238 |
Pension Benefits | Other Retiree Benefits | ||||||||||||||||||||||
As of June 30 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
CLASSIFICATION OF NET AMOUNT RECOGNIZED | |||||||||||||||||||||||
Noncurrent assets | $ | 765 | $ | 88 | $ | 4,525 | $ | 3,193 | |||||||||||||||
Current liabilities | (61) | (64) | (34) | (33) | |||||||||||||||||||
Noncurrent liabilities | (3,139) | (5,452) | (672) | (922) | |||||||||||||||||||
NET AMOUNT RECOGNIZED | $ | (2,435) | $ | (5,428) | $ | 3,819 | $ | 2,238 | |||||||||||||||
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE (INCOME)/LOSS (AOCI) | |||||||||||||||||||||||
Net actuarial loss/(gain) | $ | 1,906 | $ | 4,869 | $ | (1,093) | $ | (504) | |||||||||||||||
Prior service cost/(credit) | 170 | 198 | (907) | (471) | |||||||||||||||||||
NET AMOUNTS RECOGNIZED IN AOCI | $ | 2,076 | $ | 5,067 | $ | (2,000) | $ | (975) |
As of June 30 | 2022 | 2021 | |||||||||
PENSION PLANS WITH A PROJECTED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS | |||||||||||
Projected benefit obligation | $ | 7,989 | $ | 11,747 | |||||||
Fair value of plan assets | 4,789 | 6,231 | |||||||||
PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS | |||||||||||
Accumulated benefit obligation | $ | 7,191 | $ | 11,005 | |||||||
Fair value of plan assets | 4,433 | 6,226 | |||||||||
OTHER RETIREE BENEFIT PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS | |||||||||||
Accumulated benefit obligation | $ | 808 | $ | 1,082 | |||||||
Fair value of plan assets | 102 | 127 |
Pension Benefits | Other Retiree Benefits | ||||||||||||||||||||||||||||||||||
Years ended June 30 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
AMOUNTS RECOGNIZED IN NET PERIODIC BENEFIT COST/(CREDIT) | |||||||||||||||||||||||||||||||||||
Service cost | $ | 253 | $ | 275 | $ | 247 | $ | 86 | $ | 94 | $ | 100 | |||||||||||||||||||||||
Interest cost | 253 | 240 | 276 | 99 | 114 | 160 | |||||||||||||||||||||||||||||
Expected return on plan assets | (684) | (783) | (740) | (564) | (508) | (473) | |||||||||||||||||||||||||||||
Amortization of net actuarial loss | 337 | 423 | 340 | 11 | 47 | 68 | |||||||||||||||||||||||||||||
Amortization of prior service cost/(credit) | 28 | 25 | 25 | (107) | (60) | (48) | |||||||||||||||||||||||||||||
Amortization of net actuarial (gain)/loss due to settlements | (5) | 5 | 7 | — | — | — | |||||||||||||||||||||||||||||
Special termination benefits | 4 | 17 | 11 | 1 | 2 | 2 | |||||||||||||||||||||||||||||
GROSS BENEFIT COST/(CREDIT) | 186 | 202 | 166 | (474) | (311) | (191) | |||||||||||||||||||||||||||||
Dividends on ESOP preferred stock | — | — | — | — | (8) | (19) | |||||||||||||||||||||||||||||
NET PERIODIC BENEFIT COST/(CREDIT) | $ | 186 | $ | 202 | $ | 166 | $ | (474) | $ | (319) | $ | (210) | |||||||||||||||||||||||
CHANGE IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN AOCI | |||||||||||||||||||||||||||||||||||
Net actuarial loss/(gain) - current year | $ | (2,150) | $ | (741) | $ | (548) | $ | (1,049) | |||||||||||||||||||||||||||
Prior service cost/(credit) - current year | 5 | 34 | (586) | — | |||||||||||||||||||||||||||||||
Amortization of net actuarial loss | (337) | (423) | (11) | (47) | |||||||||||||||||||||||||||||||
Amortization of prior service (cost)/credit | (28) | (25) | 107 | 60 | |||||||||||||||||||||||||||||||
Amortization of net actuarial loss/(gain) due to settlements | 5 | (5) | — | — | |||||||||||||||||||||||||||||||
Currency translation and other | (486) | 367 | 13 | — | |||||||||||||||||||||||||||||||
TOTAL CHANGE IN AOCI | (2,991) | (793) | (1,025) | (1,036) | |||||||||||||||||||||||||||||||
NET AMOUNTS RECOGNIZED IN PERIODIC BENEFIT COST/(CREDIT) AND AOCI | $ | (2,805) | $ | (591) | $ | (1,499) | $ | (1,355) |
Pension Benefits | Other Retiree Benefits | ||||||||||||||||||||||
As of June 30 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Discount rate | 3.7 | % | 1.7 | % | 5.0 | % | 3.2 | % | |||||||||||||||
Rate of compensation increase | 2.8 | % | 2.7 | % | N/A | N/A | |||||||||||||||||
Interest crediting rate for cash balance plans | 4.3 | % | 4.4 | % | N/A | N/A | |||||||||||||||||
Health care cost trend rates assumed for next year | N/A | N/A | 6.4 | % | 6.4 | % | |||||||||||||||||
Rate to which the health care cost trend rate is assumed to decline (ultimate trend rate) | N/A | N/A | 4.5 | % | 4.5 | % | |||||||||||||||||
Year that the rate reaches the ultimate trend rate | N/A | N/A | 2028 | 2028 |
Pension Benefits | Other Retiree Benefits | ||||||||||||||||||||||||||||||||||
Years ended June 30 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
Discount rate | 1.7 | % | 1.5 | % | 1.9 | % | 3.2 | % | 3.1 | % | 3.7 | % | |||||||||||||||||||||||
Expected return on plan assets | 5.5 | % | 6.5 | % | 6.6 | % | 8.4 | % | 8.4 | % | 8.4 | % | |||||||||||||||||||||||
Rate of compensation increase | 2.7 | % | 2.5 | % | 2.6 | % | N/A | N/A | N/A | ||||||||||||||||||||||||||
Interest crediting rate for cash balance plans | 4.4 | % | 4.4 | % | 4.4 | % | N/A | N/A | N/A |
Target Asset Allocation | Actual Asset Allocation at June 30 | ||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | Pension Benefits | Other Retiree Benefits | ||||||||||||||||||||||||||||||||
Asset Category | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Cash | — | % | 2 | % | 1 | % | 1 | % | 2 | % | 2 | % | |||||||||||||||||||||||
Debt securities | 61 | % | 2 | % | 58 | % | 59 | % | 1 | % | 2 | % | |||||||||||||||||||||||
Equity securities | 39 | % | 96 | % | 41 | % | 40 | % | 97 | % | 96 | % | |||||||||||||||||||||||
TOTAL | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Pension Benefits | Other Retiree Benefits | ||||||||||||||||||||||||||||||||||
As of June 30 | Fair Value Hierarchy Level | 2022 | 2021 | Fair Value Hierarchy Level | 2022 | 2021 | |||||||||||||||||||||||||||||
ASSETS AT FAIR VALUE | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 78 | $ | 82 | 1 | $ | 130 | $ | 131 | |||||||||||||||||||||||||
Company common stock | — | — | 1 | 319 | 275 | ||||||||||||||||||||||||||||||
Company preferred stock (1) | — | — | 2 | 6,340 | 5,911 | ||||||||||||||||||||||||||||||
Fixed income securities (2) | 2 | 1,545 | 1,931 | 2 | — | 3 | |||||||||||||||||||||||||||||
Insurance contracts (3) | 3 | 94 | 111 | — | — | ||||||||||||||||||||||||||||||
TOTAL ASSETS IN THE FAIR VALUE HIERARCHY | 1,717 | 2,124 | 6,789 | 6,320 | |||||||||||||||||||||||||||||||
Investments valued at net asset value (4) | 8,456 | 10,917 | 100 | 124 | |||||||||||||||||||||||||||||||
TOTAL ASSETS AT FAIR VALUE | $ | 10,173 | 13,041 | $ | 6,889 | 6,444 |
Years ending June 30 | Pension Benefits | Other Retiree Benefits | |||||||||
EXPECTED BENEFIT PAYMENTS | |||||||||||
2023 | $ | 571 | $ | 177 | |||||||
2024 | 564 | 186 | |||||||||
2025 | 590 | 190 | |||||||||
2026 | 585 | 193 | |||||||||
2027 | 601 | 198 | |||||||||
2028 - 2032 | 3,459 | 1,076 |
Shares in thousands | 2022 | 2021 | 2020 | ||||||||||||||
Allocated | 25,901 | 27,759 | 29,591 | ||||||||||||||
Unallocated | 1,123 | 1,769 | 2,479 | ||||||||||||||
TOTAL SERIES A | 27,024 | 29,528 | 32,070 | ||||||||||||||
Allocated | 30,719 | 29,203 | 27,894 | ||||||||||||||
Unallocated | 20,120 | 22,349 | 24,418 | ||||||||||||||
TOTAL SERIES B | 50,839 | 51,552 | 52,312 |
Amount of Gain/(Loss) Recognized in OCI on Derivatives | |||||||||||
Years ended June 30 | 2022 | 2021 | |||||||||
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2) | |||||||||||
Foreign currency interest rate contracts | $ | 1,033 | $ | (232) |
Amount of Gain/(Loss) Recognized in Earnings | |||||||||||
Years ended June 30 | 2022 | 2021 | |||||||||
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS | |||||||||||
Interest rate contracts | $ | (450) | $ | (123) | |||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | |||||||||||
Foreign currency contracts | $ | (149) | $ | 296 |
As of June 30 | 2022 | 2021 | |||||||||
DEBT DUE WITHIN ONE YEAR | |||||||||||
Current portion of long-term debt | $ | 3,647 | $ | 3,620 | |||||||
Commercial paper | 4,805 | 5,171 | |||||||||
Other | 193 | 98 | |||||||||
TOTAL | $ | 8,645 | $ | 8,889 | |||||||
Short-term weighted average interest rates (1) | 0.8 | % | 0.2 | % |
As of June 30 | 2022 | 2021 | |||||||||
LONG-TERM DEBT | |||||||||||
2.15% USD note due August 2022 | $ | 1,250 | $ | 1,250 | |||||||
2.00% EUR note due August 2022 | 1,045 | 1,190 | |||||||||
3.10% USD note due August 2023 | 1,000 | 1,000 | |||||||||
1.13% EUR note due November 2023 | 1,306 | 1,488 | |||||||||
0.50% EUR note due October 2024 | 523 | 595 | |||||||||
0.63% EUR note due October 2024 | 836 | 952 | |||||||||
0.55% USD note due October 2025 | 1,000 | 1,000 | |||||||||
2.70% USD note due February 2026 | 600 | 600 | |||||||||
1.00% USD note due April 2026 | 1,000 | 1,000 | |||||||||
2.45% USD note due November 2026 | 875 | 875 | |||||||||
1.90% USD note due February 2027 | 1,000 | — | |||||||||
2.80% USD note due March 2027 | 500 | 500 | |||||||||
4.88% EUR note due May 2027 | 1,045 | 1,190 | |||||||||
2.85% USD note due August 2027 | 750 | 750 | |||||||||
1.20% EUR note due October 2028 | 836 | 952 | |||||||||
1.25% EUR note due October 2029 | 523 | 595 | |||||||||
3.00% USD note due March 2030 | 1,500 | 1,500 | |||||||||
0.35% EUR note due May 2030 | 523 | — | |||||||||
1.20% USD note due October 2030 | 1,250 | 1,250 | |||||||||
1.95% USD note due April 2031 | 1,000 | 1,000 | |||||||||
2.30% USD note due February 2032 | 850 | — | |||||||||
5.55% USD note due March 2037 | 716 | 716 | |||||||||
1.88% EUR note due October 2038 | 523 | 595 | |||||||||
3.55% USD note due March 2040 | 516 | 516 | |||||||||
0.90% EUR note due November 2041 | 627 | — | |||||||||
All other long-term debt | 4,901 | 7,205 | |||||||||
Current portion of long-term debt | (3,647) | (3,620) | |||||||||
TOTAL | $ | 22,848 | $ | 23,099 | |||||||
Long-term weighted average interest rates (1) | 2.2% | 2.0% |
Years ending June 30 | 2023 | 2024 | 2025 | 2026 | 2027 | ||||||||||||
Debt maturities | $3,647 | $2,298 | $1,879 | $2,713 | $3,686 |
Changes in Accumulated Other Comprehensive Income/(Loss) by Component | |||||||||||||||||||||||
Investment Securities | Post-retirement Benefit Plans | Foreign Currency Translation | Total AOCI | ||||||||||||||||||||
BALANCE at JUNE 30, 2020 | $ | (1) | $ | (4,350) | $ | (11,814) | $ | (16,165) | |||||||||||||||
OCI before reclassifications (1) | 20 | 1,046 | 1,023 | 2,089 | |||||||||||||||||||
Amounts reclassified to the Consolidated Statement of Earnings (2) | (4) | 340 | — | 336 | |||||||||||||||||||
Net current period OCI | 16 | 1,386 | 1,023 | 2,425 | |||||||||||||||||||
Less: OCI attributable to non-controlling interests | — | (1) | 5 | 4 | |||||||||||||||||||
BALANCE at JUNE 30, 2021 | 15 | (2,963) | (10,796) | (13,744) | |||||||||||||||||||
OCI before reclassifications (3) | 4 | 2,797 | (1,451) | 1,350 | |||||||||||||||||||
Amounts reclassified to the Consolidated Statement of Earnings (4) | 1 | 195 | 1 | 197 | |||||||||||||||||||
Net current period OCI | 5 | 2,992 | (1,450) | 1,547 | |||||||||||||||||||
Less: OCI attributable to non-controlling interests | — | 2 | (10) | (8) | |||||||||||||||||||
BALANCE at JUNE 30, 2022 | $ | 20 | $ | 27 | $ | (12,236) | $ | (12,189) |
Years ended June 30 | 2022 | 2021 | 2020 | ||||||||||||||
Operating lease cost | 220 | 245 | 271 | ||||||||||||||
Variable lease cost (1) | 89 | 75 | 76 | ||||||||||||||
Total lease cost | $ | 309 | $ | 320 | $ | 347 |
As of June 30 | 2022 | 2021 | |||||||||
Operating leases: | |||||||||||
Right-of-use assets (Other noncurrent assets) | $ | 760 | $ | 808 | |||||||
Current lease liabilities (Accrued and other liabilities) | 205 | 219 | |||||||||
Noncurrent lease liabilities (Other noncurrent liabilities) | 595 | 631 | |||||||||
Total operating lease liabilities | $ | 800 | $ | 850 | |||||||
Weighted average remaining lease term: | |||||||||||
Operating leases | 6.4 years | 6.4 years | |||||||||
Weighted average discount rate: | |||||||||||
Operating leases | 3.2 | % | 3.8 | % |
Operating Leases | |||||
June 30, 2022 | |||||
1 year | $ | 206 | |||
2 years | 179 | ||||
3 years | 135 | ||||
4 years | 92 | ||||
5 years | 64 | ||||
Over 5 years | 209 | ||||
Total lease payments | 885 | ||||
Less: Interest | (85) | ||||
Present value of lease liabilities | $ | 800 |
Years ending June 30 | 2023 | 2024 | 2025 | 2026 | 2027 | There-after | ||||||||||||||
Purchase obligations | $ | 1,082 | $ | 494 | $ | 332 | $ | 259 | $ | 193 | $ | 425 |
Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights | (b) Weighted average exercise price of outstanding options, warrants and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | ||||||||||||||
Equity compensation plans approved by security holders | |||||||||||||||||
Stock Options/Stock Appreciation Rights | 126,737,581 | $99.5228 | (1) | ||||||||||||||
Restricted Stock Units (RSUs)/Performance Stock Units (PSUs) | 6,448,414 | N/A | (1) | ||||||||||||||
TOTAL | 133,185,995 | $99.5228 | (2) |
Exhibit (3-1) - | Amended Articles of Incorporation (as amended by shareholders at the annual meeting on October 11, 2011 and consolidated by the Board of Directors on April 8, 2016) (Incorporated by reference to Exhibit (3-1) of the Company's Annual Report on Form 10-K for the year ended June 30, 2016). | |||||||
(3-2) - | Regulations (as approved by the Board of Directors on April 8, 2016, pursuant to authority granted by shareholders at the annual meeting on October 13, 2009) (Incorporated by reference to Exhibit (3-2) of the Company's Annual Report on Form 10-K for the year ended June 30, 2016). | |||||||
Exhibit (4-1) - | Indenture, dated as of September 3, 2009, between the Company and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit (4-1) of the Company's Annual Report on Form 10-K for the year ended June 30, 2015). | |||||||
(4-2) - | The Company agrees to furnish to the Securities and Exchange Commission, upon request, a copy of any other instrument defining the rights of holders of the Company’s long-term debt. | |||||||
(4-3) - | Description of the Company’s Common Stock (Incorporated by reference to Exhibit (4-3) of the Company’s Annual report on Form 10-K for the year ended June 30, 2019). | |||||||
(4-4) - | Description of the Company’s 0.625% Notes due 2024, 1.200% Notes due 2028, and 1.875% Notes due 2038 (Incorporated by reference to Exhibit (4-4) of the Company’s Annual report on Form 10-K for the year ended June 30, 2019). | |||||||
(4-5) - | Description of the Company’s 4.875% EUR notes due May 2027, 6.250% GBP notes due January 2030, and 5.250% GBP notes due January 2033 (Incorporated by reference to Exhibit (4-5) of the Company’s Annual report on Form 10-K for the year ended June 30, 2021). | |||||||
(4-6) - | Description of the Company’s 0.500% Notes due 2024 and 1.250% Notes due 2029 (Incorporated by reference to Exhibit (4-6) of the Company’s Annual report on Form 10-K for the year ended June 30, 2019). | |||||||
(4-7) - | Description of the Company’s 1.375% Notes due 2025 and 1.800% Notes due 2029 (Incorporated by reference to Exhibit (4-7) of the Company’s Annual report on Form 10-K for the year ended June 30, 2019). | |||||||
(4-8) - | Description of the Company’s 1.125% Notes due 2023 (Incorporated by reference to Exhibit (4-8) of the Company’s Annual report on Form 10-K for the year ended June 30, 2019). | |||||||
(4-9) - | Description of the Company’s 2.000% Notes due 2022 (Incorporated by reference to Exhibit (4-11) of the Company’s Annual report on Form 10-K for the year ended June 30, 2019). | |||||||
(4-10) - | Description of the Company's 0.350% EUR Notes due 2030 and 0.900% EUR Notes due 2041. + | |||||||
(4-11) - | Description of the Company's 0.110% Yen Notes due 2026 and 0.230% Yen Notes due 2031. + | |||||||
Exhibit (10-1) - | The Procter & Gamble 2001 Stock and Incentive Compensation Plan (as amended), which was originally adopted by shareholders at the annual meeting on October 9, 2001 (Incorporated by reference to Exhibit (10-1) of the Company’s Annual Report on Form 10-K for the year ended June 30, 2018).* | |||||||
(10-2) - | The Procter & Gamble 2001 Stock and Incentive Compensation Plan related correspondence and terms and conditions (Incorporated by reference to Exhibit (10-1) of the Company's Form 10-Q for the quarter ended December 31, 2013).* | |||||||
(10-3) - | The Procter & Gamble 1992 Stock Plan (as amended December 11, 2001), which was originally adopted by the shareholders at the annual meeting on October 12, 1992 (Incorporated by reference to Exhibit (10-2) of the Company’s Annual Report on Form 10-K for the year ended June 30, 2018).* | |||||||
(10-4) - | The Procter & Gamble Executive Group Life Insurance Policy (Incorporated by reference to Exhibit (10-3) of the Company’s Annual Report on Form 10-K for the year ended June 30, 2018).* | |||||||
(10-5) - | Summary of the Company’s Retirement Plan Restoration Program (Incorporated by reference to Exhibit (10-5) of the Company's Form 10-Q for the quarter ended December 31, 2019).* | |||||||
(10-6) - | Retirement Plan Restoration Program related correspondence and terms and conditions (Incorporated by reference to Exhibit (10-8) of the Company's Form 10-Q for the quarter ended September 30, 2015).* | |||||||
(10-7) - | Summary of the Company’s Long-Term Incentive Program (Incorporated by reference to Exhibit (10-3) of the Company's Form 10-Q for the quarter ended September 30, 2020).* | |||||||
(10-8) - | Long-Term Incentive Program related correspondence and terms and conditions (Incorporated by reference to Exhibit (10-3) of the Company's Form 10-Q for the quarter ended September 30, 2021).* | |||||||
(10-9) - | The Procter & Gamble Company Executive Deferred Compensation Plan (Incorporated by reference to Exhibit (10-2) of the Company's Form 10-Q for the quarter ended March 31, 2020).* | |||||||
(10-10) - | Summary of the Company's Short Term Achievement Reward Program.* + | |||||||
(10-11) - | Short Term Achievement Reward Program – related correspondence and terms and conditions (Incorporated by reference to Exhibit (10-2) of the Company's Form 10-Q for the quarter ended September 30, 2021).* | |||||||
(10-12) - | Company's Form of Separation Agreement & Release.* + | |||||||
(10-13) - | Company's Form of Separation Letter and Release.* + | |||||||
(10-14) - | Summary of personal benefits available to certain officers and non-employee directors (Incorporated by reference to Exhibit (10-5) of the Company's Form 10-Q for the quarter ended September 30, 2021).* | |||||||
(10-15) - | The Gillette Company Deferred Compensation Plan (Incorporated by reference to Exhibit (10-18) of the Company’s Annual Report on Form 10-K for the year ended June 30, 2017).* | |||||||
(10-16) - | Senior Executive Recoupment Policy (Incorporated by reference to Exhibit (10-19) of the Company’s Annual Report on Form 10-K for the year ended June 30, 2018).* | |||||||
(10-17) - | The Gillette Company Deferred Compensation Plan (for salary deferrals prior to January 1, 2005) as amended through August 21, 2006 (Incorporated by reference to Exhibit (10-20) of the Company's Annual Report on Form 10-K for the year ended June 30, 2017).* | |||||||
(10-18) - | The Procter & Gamble 2009 Stock and Incentive Compensation Plan, which was originally adopted by shareholders at the annual meeting on October 13, 2009 (Incorporated by reference to Exhibit (10-21) of the Company's Annual Report on Form 10-K for the year ended June 30, 2017).* | |||||||
(10-19) - | Regulations of the Compensation and Leadership Development Committee for The Procter & Gamble 2009 Stock and Incentive Compensation Plan, The Procter & Gamble 2001 Stock and Incentive Compensation Plan, The Procter & Gamble 1992 Stock Plan, The Procter & Gamble 1992 Stock Plan (Belgium Version), The Gillette Company 2004 Long-Term Incentive Plan and the Gillette Company 1971 Stock Option Plan (Incorporated by reference to Exhibit (10-21) of the Company’s Annual Report on Form 10-K for the year ended June 30, 2018).* | |||||||
(10-20) - | The Procter & Gamble 2009 Stock and Incentive Compensation Plan - Additional terms and conditions and related correspondence (Incorporated by reference to Exhibit (10-2) of the Company Form 10-Q for the quarter ended December 31, 2013).* | |||||||
(10-21) - | The Procter & Gamble Performance Stock Program Summary (Incorporated by reference to Exhibit (10-5) of the Company's Form 10-Q for the quarter ended September 30, 2020).* | |||||||
(10-22) - | Performance Stock Program related correspondence and terms and conditions (Incorporated by reference to Exhibit (10-4) of the Company’s Form 10-Q for the quarter ended September 30, 2021).* | |||||||
(10-23) - | The Procter & Gamble 2013 Non-Employee Directors' Stock Plan (Incorporated by reference to Exhibit (10-3) of the Company's Form 10-Q for the quarter ended December 31, 2013). * | |||||||
(10-24) - | The Procter & Gamble 2014 Stock and Incentive Compensation Plan, which was originally adopted by shareholders at the annual meeting on October 14, 2014 (Incorporated by reference to Exhibit (10-25) of the Company's Annual Report on Form 10-K for the year ended June 30, 2016).* | |||||||
(10-25) - | Regulations of the Compensation and Leadership Development Committee for The Procter & Gamble 2019 Stock and Incentive Compensation Plan and The Procter & Gamble 2014 Stock and Incentive Compensation Plan (Incorporated by reference to Exhibit (10-1) of the Company's Form 10-Q for the quarter ended December 31, 2019).* | |||||||
(10-26) - | The Procter & Gamble 2014 Stock and Incentive Compensation Plan - Additional terms and conditions (Incorporated by reference to Exhibit (10-26) of the Company's Annual Report on Form 10-K for the year ended June 30, 2017).* | |||||||
(10-27) - | The Procter & Gamble 2019 Stock and Incentive Compensation Plan, which was originally adopted by shareholders at the annual meeting on October 8, 2019 (Incorporated by reference to Exhibit (10-1) of the Company’s Current Report on Form 8-K filed October 11, 2019).* | |||||||
(10-28) - | The Procter & Gamble 2019 Stock and Incentive Compensation Plan - Additional terms and conditions (Incorporated by reference to Exhibit (10-28) of the Company's Annual Report on Form 10-K for the year ended June 30, 2021).* | |||||||
Exhibit (21) - | Subsidiaries of the Registrant. + | |||||||
Exhibit (23) - | Consent of Independent Registered Public Accounting Firm. + | |||||||
Exhibit (31) - | Rule 13a-14(a)/15d-14(a) Certifications. + | |||||||
Exhibit (32) - | Section 1350 Certifications. + | |||||||
Exhibit (99-1) - | Summary of Directors and Officers Insurance Program. + | |||||||
101.INS (1) | Inline XBRL Instance Document | |||||||
101.SCH (1) | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL (1) | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF (1) | Inline XBRL Taxonomy Definition Linkbase Document | |||||||
101.LAB (1) | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE (1) | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) | |||||||
(1) | Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability. | |||||||
* | Compensatory plan or arrangement. | |||||||
+ | Filed herewith. |
THE PROCTER & GAMBLE COMPANY | ||||||||
By | /s/ JON R. MOELLER | |||||||
(Jon R. Moeller) Chairman of the Board, President and Chief Executive Officer | ||||||||
August 05, 2022 |
Signature | Title | Date | ||||||||||||
/s/ JON R. MOELLER (Jon R. Moeller) | Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer) | August 05, 2022 | ||||||||||||
/s/ ANDRE SCHULTEN (Andre Schulten) | Chief Financial Officer (Principal Financial Officer) | August 05, 2022 | ||||||||||||
/s/ MATTHEW W. JANZARUK (Matthew W. Janzaruk) | Senior Vice President - Chief Accounting Officer (Principal Accounting Officer) | August 05, 2022 | ||||||||||||
/s/ B. MARC ALLEN (B. Marc Allen) | Director | August 05, 2022 | ||||||||||||
/s/ ANGELA F. BRALY (Angela F. Braly) | Director | August 05, 2022 | ||||||||||||
/s/ AMY L. CHANG (Amy L. Chang) | Director | August 05, 2022 | ||||||||||||
/s/ JOSEPH JIMENEZ (Joseph Jimenez) | Director | August 05, 2022 | ||||||||||||
/s/ CHRISTOPHER J. KEMPCZINSKI (Christopher J. Kempczinski) | Director | August 05, 2022 | ||||||||||||
/s/ DEBRA L. LEE (Debra L. Lee) | Director | August 05, 2022 | ||||||||||||
/s/ TERRY J. LUNDGREN (Terry J. Lundgren) | Director | August 05, 2022 | ||||||||||||
/s/ CHRISTINE M. MCCARTHY (Christine M. McCarthy) | Director | August 05, 2022 | ||||||||||||
/s/ PATRICIA A. WOERTZ (Patricia A. Woertz) | Director | August 05, 2022 |
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(4-2) - | The Company agrees to furnish to the Securities and Exchange Commission, upon request, a copy of any other instrument defining the rights of holders of the Company’s long-term debt. | |||||||
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101.INS (1) | Inline XBRL Instance Document | |||||||
101.SCH (1) | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL (1) | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF (1) | Inline XBRL Taxonomy Definition Linkbase Document | |||||||
101.LAB (1) | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE (1) | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
(1) | Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability. | |||||||
+ | Filed herewith. |
1 Year Procter and Gamble Chart |
1 Month Procter and Gamble Chart |
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