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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 | |
---|---|---|---|---|---|---|---|---|
-0.11 | -0.07% | 165.76 | 166.07 | 163.95 | 165.62 | 6,009,409 | 00:48:14 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Ohio
|
|
1-434
|
|
31-0411980
|
(State of Incorporation)
|
|
(Commission File Number)
|
|
(I.R.S. Employer Identification Number)
|
One Procter & Gamble Plaza, Cincinnati, Ohio
|
|
45202
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
Large accelerated filer
|
þ
|
|
|
Accelerated filer
|
¨
|
|
|
Non-accelerated filer
|
¨
|
|
|
Smaller reporting company
|
¨
|
|
|
|
|
|
|
Emerging growth company
|
¨
|
|
Item 1.
|
Financial Statements
|
|
Three Months Ended December 31
|
|
Six Months Ended December 31
|
||||||||||||
Amounts in millions except per share amounts
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
NET SALES
|
$
|
17,438
|
|
|
$
|
17,395
|
|
|
$
|
34,128
|
|
|
$
|
34,048
|
|
Cost of products sold
|
8,919
|
|
|
8,709
|
|
|
17,403
|
|
|
16,978
|
|
||||
Selling, general and administrative expense
|
4,623
|
|
|
4,767
|
|
|
9,275
|
|
|
9,503
|
|
||||
OPERATING INCOME
|
3,896
|
|
|
3,919
|
|
|
7,450
|
|
|
7,567
|
|
||||
Interest expense
|
138
|
|
|
122
|
|
|
267
|
|
|
237
|
|
||||
Interest income
|
63
|
|
|
66
|
|
|
116
|
|
|
115
|
|
||||
Other non-operating income, net
|
95
|
|
|
170
|
|
|
557
|
|
|
339
|
|
||||
EARNINGS BEFORE INCOME TAXES
|
3,916
|
|
|
4,033
|
|
|
7,856
|
|
|
7,784
|
|
||||
Income taxes
|
700
|
|
|
1,472
|
|
|
1,429
|
|
|
2,353
|
|
||||
NET EARNINGS
|
3,216
|
|
|
2,561
|
|
|
6,427
|
|
|
5,431
|
|
||||
Less: Net earnings attributable to noncontrolling interests
|
22
|
|
|
66
|
|
|
34
|
|
|
83
|
|
||||
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
|
$
|
3,194
|
|
|
$
|
2,495
|
|
|
$
|
6,393
|
|
|
$
|
5,348
|
|
|
|
|
|
|
|
|
|
||||||||
NET EARNINGS PER SHARE
(1)
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.25
|
|
|
$
|
0.96
|
|
|
$
|
2.51
|
|
|
$
|
2.05
|
|
Diluted
|
$
|
1.22
|
|
|
$
|
0.93
|
|
|
$
|
2.44
|
|
|
$
|
2.00
|
|
|
|
|
|
|
|
|
|
||||||||
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
2,623.0
|
|
|
2,669.6
|
|
|
2,617.6
|
|
|
2,680.1
|
|
(1)
|
Basic net earnings per share and Diluted net earnings per share are calculated on Net earnings attributable to Procter & Gamble.
|
|
Three Months Ended December 31
|
|
Six Months Ended December 31
|
||||||||||||
Amounts in millions
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
NET EARNINGS
|
$
|
3,216
|
|
|
$
|
2,561
|
|
|
$
|
6,427
|
|
|
$
|
5,431
|
|
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX
|
|
|
|
|
|
|
|
||||||||
Financial statement foreign currency translation
|
(370
|
)
|
|
188
|
|
|
(586
|
)
|
|
1,028
|
|
||||
Unrealized gains/(losses) on hedges
|
192
|
|
|
(167
|
)
|
|
199
|
|
|
(630
|
)
|
||||
Unrealized gains/(losses) on investment securities
|
58
|
|
|
(61
|
)
|
|
53
|
|
|
(65
|
)
|
||||
Unrealized gains/(losses) on defined benefit retirement plans
|
98
|
|
|
161
|
|
|
250
|
|
|
128
|
|
||||
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX
|
(22
|
)
|
|
121
|
|
|
(84
|
)
|
|
461
|
|
||||
TOTAL COMPREHENSIVE INCOME
|
3,194
|
|
|
2,682
|
|
|
6,343
|
|
|
5,892
|
|
||||
Less: Total comprehensive income attributable to noncontrolling interests
|
23
|
|
|
66
|
|
|
31
|
|
|
83
|
|
||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE
|
$
|
3,171
|
|
|
$
|
2,616
|
|
|
$
|
6,312
|
|
|
$
|
5,809
|
|
Amounts in millions
|
|
|
|
|
December 31, 2018
|
|
June 30, 2018
|
|||||
Assets
|
|
|
|
|
|
|
|
|||||
CURRENT ASSETS
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
|
|
|
|
$
|
3,696
|
|
|
$
|
2,569
|
|
|
Available-for-sale investment securities
|
|
|
|
|
8,421
|
|
|
9,281
|
|
|||
Accounts receivable
|
|
|
|
|
5,055
|
|
|
4,686
|
|
|||
INVENTORIES
|
|
|
|
|
|
|
|
|||||
Materials and supplies
|
|
|
|
|
1,524
|
|
|
1,335
|
|
|||
Work in process
|
|
|
|
|
593
|
|
|
588
|
|
|||
Finished goods
|
|
|
|
|
3,164
|
|
|
2,815
|
|
|||
Total inventories
|
|
|
|
|
5,281
|
|
|
4,738
|
|
|||
Prepaid expenses and other current assets
|
|
|
|
|
1,978
|
|
|
2,046
|
|
|||
TOTAL CURRENT ASSETS
|
|
|
|
|
24,431
|
|
|
23,320
|
|
|||
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
|
|
|
20,822
|
|
|
20,600
|
|
|||
GOODWILL
|
|
|
|
|
46,932
|
|
|
45,175
|
|
|||
TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET
|
|
|
|
25,947
|
|
|
23,902
|
|
||||
OTHER NONCURRENT ASSETS
|
|
|
|
|
5,555
|
|
|
5,313
|
|
|||
TOTAL ASSETS
|
|
|
|
|
$
|
123,687
|
|
|
$
|
118,310
|
|
|
|
|
|
|
|
|
|
|
|||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|||||
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|||||
Accounts payable
|
|
|
|
|
$
|
10,266
|
|
|
$
|
10,344
|
|
|
Accrued and other liabilities
|
|
|
|
|
8,868
|
|
|
7,470
|
|
|||
Debt due within one year
|
|
|
|
|
12,113
|
|
|
10,423
|
|
|||
TOTAL CURRENT LIABILITIES
|
|
|
|
|
31,247
|
|
|
28,237
|
|
|||
LONG-TERM DEBT
|
|
|
|
|
21,514
|
|
|
20,863
|
|
|||
DEFERRED INCOME TAXES
|
|
|
|
|
6,872
|
|
|
6,163
|
|
|||
OTHER NONCURRENT LIABILITIES
|
|
|
|
|
9,611
|
|
|
10,164
|
|
|||
TOTAL LIABILITIES
|
|
|
|
|
69,244
|
|
|
65,427
|
|
|||
SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|||||
Preferred stock
|
|
|
|
|
946
|
|
|
967
|
|
|||
Common stock – shares issued –
|
December 2018
|
|
4,009.2
|
|
|
|
|
|
||||
|
June 2018
|
|
4,009.2
|
|
|
4,009
|
|
|
4,009
|
|
||
Additional paid-in capital
|
|
|
|
|
63,679
|
|
|
63,846
|
|
|||
Reserve for ESOP debt retirement
|
|
|
|
|
(1,178
|
)
|
|
(1,204
|
)
|
|||
Accumulated other comprehensive income/(loss)
|
|
|
|
|
(15,156
|
)
|
|
(14,749
|
)
|
|||
Treasury stock
|
|
|
|
|
(99,480
|
)
|
|
(99,217
|
)
|
|||
Retained earnings
|
|
|
|
|
101,170
|
|
|
98,641
|
|
|||
Noncontrolling interest
|
|
|
|
|
453
|
|
|
590
|
|
|||
TOTAL SHAREHOLDERS’ EQUITY
|
|
|
|
|
54,443
|
|
|
52,883
|
|
|||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
$
|
123,687
|
|
|
$
|
118,310
|
|
|
Three Months Ended December 31, 2018
|
||||||||||||||||||||||||||||
Dollars in millions; shares in thousands
|
Common Stock
|
Preferred Stock
|
Add-itional Paid-In Capital
|
Reserve for ESOP Debt Retirement
|
Accumu-lated
Other Comp-rehensive Income/(Loss) |
Treasury Stock
|
Retained Earnings
|
Non-controlling Interest
|
Total Share-holders' Equity
|
||||||||||||||||||||
Shares
|
Amount
|
||||||||||||||||||||||||||||
BALANCE SEPTEMBER 30, 2018
|
2,491,408
|
|
|
$4,009
|
|
|
$951
|
|
|
$63,711
|
|
|
($1,177
|
)
|
|
($15,133
|
)
|
|
($99,956
|
)
|
|
$99,831
|
|
|
$268
|
|
|
$52,504
|
|
Net earnings
|
|
|
|
|
|
|
|
3,194
|
|
22
|
|
3,216
|
|
||||||||||||||||
Other comprehensive income/(loss)
|
|
|
|
|
|
(23
|
)
|
|
|
1
|
|
(22
|
)
|
||||||||||||||||
Dividends and dividend equivalents ($0.7172 per share):
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Common
|
|
|
|
|
|
|
|
(1,790
|
)
|
|
(1,790
|
)
|
|||||||||||||||||
Preferred, net of tax benefits
|
|
|
|
|
|
|
|
(65
|
)
|
|
(65
|
)
|
|||||||||||||||||
Treasury stock purchases
|
(8,647
|
)
|
|
|
|
|
|
(751
|
)
|
|
|
(751
|
)
|
||||||||||||||||
Employee stock plans
|
18,021
|
|
|
|
(73
|
)
|
|
|
1,222
|
|
|
|
1,149
|
|
|||||||||||||||
Preferred stock conversions
|
798
|
|
|
(5
|
)
|
—
|
|
|
|
5
|
|
|
|
—
|
|
||||||||||||||
ESOP debt impacts
|
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
(1
|
)
|
||||||||||||||||
Noncontrolling interest, net
|
|
|
|
41
|
|
|
|
|
|
162
|
|
203
|
|
||||||||||||||||
BALANCE
DECEMBER 31, 2018
|
2,501,580
|
|
|
$4,009
|
|
|
$946
|
|
|
$63,679
|
|
|
($1,178
|
)
|
|
($15,156
|
)
|
|
($99,480
|
)
|
|
$101,170
|
|
|
$453
|
|
|
$54,443
|
|
|
Six Months Ended December 31, 2018
|
||||||||||||||||||||||||||||
Dollars in millions; shares in thousands
|
Common Stock
|
Preferred Stock
|
Add-itional Paid-In Capital
|
Reserve for ESOP Debt Retirement
|
Accumu-lated
Other Comp-rehensive Income/(Loss) |
Treasury Stock
|
Retained Earnings
|
Non-controlling Interest
|
Total Share-holders' Equity
|
||||||||||||||||||||
Shares
|
Amount
|
||||||||||||||||||||||||||||
BALANCE
JUNE 30, 2018
|
2,498,093
|
|
|
$4,009
|
|
|
$967
|
|
|
$63,846
|
|
|
($1,204
|
)
|
|
($14,749
|
)
|
|
($99,217
|
)
|
|
$98,641
|
|
|
$590
|
|
|
$52,883
|
|
Impact of adoption of new accounting standards
|
|
|
|
|
|
(326
|
)
|
|
(200
|
)
|
(27
|
)
|
(553
|
)
|
|||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
6,393
|
|
34
|
|
6,427
|
|
||||||||||||||||
Other comprehensive income/(loss)
|
|
|
|
|
|
(81
|
)
|
|
|
(3
|
)
|
(84
|
)
|
||||||||||||||||
Dividends and dividend equivalents
($1.4344 per share): |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Common
|
|
|
|
|
|
|
|
(3,581
|
)
|
|
(3,581
|
)
|
|||||||||||||||||
Preferred, net of tax benefits
|
|
|
|
|
|
|
|
(131
|
)
|
|
(131
|
)
|
|||||||||||||||||
Treasury stock purchases
|
(24,337
|
)
|
|
|
|
|
|
(2,003
|
)
|
|
|
(2,003
|
)
|
||||||||||||||||
Employee stock plans
|
25,389
|
|
|
|
(53
|
)
|
|
|
1,722
|
|
|
|
1,669
|
|
|||||||||||||||
Preferred stock conversions
|
2,435
|
|
|
(21
|
)
|
3
|
|
|
|
18
|
|
|
|
—
|
|
||||||||||||||
ESOP debt impacts
|
|
|
|
|
26
|
|
|
|
48
|
|
|
74
|
|
||||||||||||||||
Noncontrolling interest, net
|
|
|
|
(117
|
)
|
|
|
|
|
(141
|
)
|
(258
|
)
|
||||||||||||||||
BALANCE
DECEMBER 31, 2018
|
2,501,580
|
|
|
$4,009
|
|
|
$946
|
|
|
$63,679
|
|
|
($1,178
|
)
|
|
($15,156
|
)
|
|
($99,480
|
)
|
|
$101,170
|
|
|
$453
|
|
|
$54,443
|
|
|
Three Months Ended December 31, 2017
|
||||||||||||||||||||||||||||
Dollars in millions; shares in thousands
|
Common Stock
|
Preferred Stock
|
Add-itional Paid-In Capital
|
Reserve for ESOP Debt Retirement
|
Accumu-lated
Other Comp-rehensive Income/(Loss) |
Treasury Stock
|
Retained Earnings
|
Non-controlling Interest
|
Total Share-holders' Equity
|
||||||||||||||||||||
Shares
|
Amount
|
||||||||||||||||||||||||||||
BALANCE
SEPTEMBER 30, 2017
|
2,536,958
|
|
|
$4,009
|
|
|
$991
|
|
|
$63,705
|
|
|
($1,229
|
)
|
|
($14,292
|
)
|
|
($95,563
|
)
|
|
$97,197
|
|
|
$597
|
|
|
$55,415
|
|
Net earnings
|
|
|
|
|
|
|
|
2,495
|
|
66
|
|
2,561
|
|
||||||||||||||||
Other comprehensive income/(loss)
|
|
|
|
|
|
121
|
|
|
|
—
|
|
121
|
|
||||||||||||||||
Dividends and dividend equivalents
($0.6896 per share): |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Common
|
|
|
|
|
|
|
|
(1,751
|
)
|
|
(1,751
|
)
|
|||||||||||||||||
Preferred, net of tax benefits
|
|
|
|
|
|
|
|
(62
|
)
|
|
(62
|
)
|
|||||||||||||||||
Treasury stock purchases
|
(19,409
|
)
|
|
|
|
|
|
(1,751
|
)
|
|
|
(1,751
|
)
|
||||||||||||||||
Employee stock plans
|
2,791
|
|
|
|
51
|
|
|
|
189
|
|
|
|
240
|
|
|||||||||||||||
Preferred stock conversions
|
664
|
|
|
(5
|
)
|
1
|
|
|
|
4
|
|
|
|
—
|
|
||||||||||||||
ESOP debt impacts
|
|
|
|
|
—
|
|
|
|
2
|
|
|
2
|
|
||||||||||||||||
Noncontrolling interest, net
|
|
|
|
|
|
|
|
|
(54
|
)
|
(54
|
)
|
|||||||||||||||||
BALANCE
DECEMBER 31, 2017
|
2,521,004
|
|
|
$4,009
|
|
|
$986
|
|
|
$63,757
|
|
|
($1,229
|
)
|
|
($14,171
|
)
|
|
($97,121
|
)
|
|
$97,881
|
|
|
$609
|
|
|
$54,721
|
|
|
Six Months Ended December 31, 2017
|
||||||||||||||||||||||||||||
Dollars in millions; shares in thousands
|
Common Stock
|
Preferred Stock
|
Add-itional Paid-In Capital
|
Reserve for ESOP Debt Retirement
|
Accumu-lated
Other Comp-rehensive Income/(Loss) |
Treasury Stock
|
Retained Earnings
|
Non-controlling Interest
|
Total Share-holders' Equity
|
||||||||||||||||||||
Shares
|
Amount
|
||||||||||||||||||||||||||||
BALANCE
JUNE 30, 2017
|
2,553,297
|
|
|
$4,009
|
|
|
$1,006
|
|
|
$63,641
|
|
|
($1,249
|
)
|
|
($14,632
|
)
|
|
($93,715
|
)
|
|
$96,124
|
|
|
$594
|
|
|
$55,778
|
|
Net earnings
|
|
|
|
|
|
|
|
5,348
|
|
83
|
|
5,431
|
|
||||||||||||||||
Other comprehensive income/(loss)
|
|
|
|
|
|
461
|
|
|
|
—
|
|
461
|
|
||||||||||||||||
Dividends and dividend equivalents ($1.3792 per share):
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Common
|
|
|
|
|
|
|
|
(3,512
|
)
|
|
(3,512
|
)
|
|||||||||||||||||
Preferred, net of tax benefits
|
|
|
|
|
|
|
|
(124
|
)
|
|
(124
|
)
|
|||||||||||||||||
Treasury stock purchases
|
(46,736
|
)
|
|
|
|
|
|
(4,253
|
)
|
|
|
(4,253
|
)
|
||||||||||||||||
Employee stock plans
|
12,239
|
|
|
|
113
|
|
|
|
830
|
|
|
|
943
|
|
|||||||||||||||
Preferred stock conversions
|
2,204
|
|
|
(20
|
)
|
3
|
|
|
|
17
|
|
|
|
—
|
|
||||||||||||||
ESOP debt impacts
|
|
|
|
|
20
|
|
|
|
45
|
|
|
65
|
|
||||||||||||||||
Noncontrolling interest, net
|
|
|
|
|
|
|
|
|
(68
|
)
|
(68
|
)
|
|||||||||||||||||
BALANCE
DECEMBER 31, 2017
|
2,521,004
|
|
|
$4,009
|
|
|
$986
|
|
|
$63,757
|
|
|
($1,229
|
)
|
|
($14,171
|
)
|
|
($97,121
|
)
|
|
$97,881
|
|
|
$609
|
|
|
$54,721
|
|
|
Six Months Ended December 31
|
||||||
Amounts in millions
|
2018
|
|
2017
|
||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
|
$
|
2,569
|
|
|
$
|
5,569
|
|
OPERATING ACTIVITIES
|
|
|
|
||||
Net earnings
|
6,427
|
|
|
5,431
|
|
||
Depreciation and amortization
|
1,293
|
|
|
1,368
|
|
||
Share-based compensation expense
|
181
|
|
|
157
|
|
||
Deferred income taxes
|
37
|
|
|
(2,008
|
)
|
||
Gain on sale of assets
|
(370
|
)
|
|
(158
|
)
|
||
Changes in:
|
|
|
|
||||
Accounts receivable
|
(398
|
)
|
|
(547
|
)
|
||
Inventories
|
(531
|
)
|
|
(457
|
)
|
||
Accounts payable, accrued and other liabilities
|
1,141
|
|
|
857
|
|
||
Other operating assets and liabilities
|
(370
|
)
|
|
2,524
|
|
||
Other
|
164
|
|
|
148
|
|
||
TOTAL OPERATING ACTIVITIES
|
7,574
|
|
|
7,315
|
|
||
INVESTING ACTIVITIES
|
|
|
|
||||
Capital expenditures
|
(1,781
|
)
|
|
(1,900
|
)
|
||
Proceeds from asset sales
|
18
|
|
|
201
|
|
||
Acquisitions, net of cash acquired
|
(3,848
|
)
|
|
(101
|
)
|
||
Purchases of short-term investments
|
(158
|
)
|
|
(3,598
|
)
|
||
Proceeds from sales and maturities of short-term investments
|
1,117
|
|
|
1,643
|
|
||
Change in other investments
|
(58
|
)
|
|
50
|
|
||
TOTAL INVESTING ACTIVITIES
|
(4,710
|
)
|
|
(3,705
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
||||
Dividends to shareholders
|
(3,703
|
)
|
|
(3,636
|
)
|
||
Change in short-term debt
|
1,206
|
|
|
1,524
|
|
||
Additions to long-term debt
|
2,368
|
|
|
5,072
|
|
||
Reductions of long-term debt
|
(978
|
)
|
|
(1,281
|
)
|
||
Treasury stock purchases
|
(2,003
|
)
|
|
(4,253
|
)
|
||
Impact of stock options and other
|
1,486
|
|
|
698
|
|
||
TOTAL FINANCING ACTIVITIES
|
(1,624
|
)
|
|
(1,876
|
)
|
||
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
(113
|
)
|
|
129
|
|
||
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
1,127
|
|
|
1,863
|
|
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
|
$
|
3,696
|
|
|
$
|
7,432
|
|
•
|
Beauty
: Hair Care (Conditioner, Shampoo, Styling Aids, Treatments); Skin and Personal Care (Antiperspirant and Deodorant, Personal Cleansing, Skin Care);
|
•
|
Grooming
: Shave Care (Female Blades & Razors, Male Blades & Razors, Pre- and Post-Shave Products, Other Shave Care); Appliances
|
•
|
Health Care
: Oral Care (Toothbrushes, Toothpaste, Other Oral Care); Personal Health Care (Gastrointestinal, Rapid Diagnostics, Respiratory, Vitamins/Minerals/Supplements, Other Personal Health Care);
|
•
|
Fabric & Home Care
: Fabric Care (Fabric Enhancers, Laundry Additives, Laundry Detergents); Home Care (Air Care, Dish Care, P&G Professional, Surface Care); and
|
•
|
Baby, Feminine & Family Care
: Baby Care (Baby Wipes, Diapers and Pants); Feminine Care (Adult Incontinence, Feminine Care); Family Care (Paper Towels, Tissues, Toilet Paper).
|
|
% of Net sales by Business Unit
(1)
|
||||||
|
Three Months Ended December 31
|
|
Six Months Ended December 31
|
||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Fabric Care
|
22%
|
|
21%
|
|
22%
|
|
22%
|
Baby Care
|
12%
|
|
13%
|
|
12%
|
|
13%
|
Home Care
|
10%
|
|
10%
|
|
10%
|
|
10%
|
Skin and Personal Care
|
10%
|
|
9%
|
|
10%
|
|
9%
|
Hair Care
|
9%
|
|
10%
|
|
10%
|
|
10%
|
Family Care
|
9%
|
|
8%
|
|
9%
|
|
8%
|
Oral Care
|
9%
|
|
9%
|
|
8%
|
|
8%
|
Shave Care
|
7%
|
|
8%
|
|
8%
|
|
8%
|
Feminine Care
|
6%
|
|
6%
|
|
6%
|
|
6%
|
All Other
|
6%
|
|
6%
|
|
5%
|
|
6%
|
Total
|
100%
|
|
100%
|
|
100%
|
|
100%
|
(1)
|
% of Net sales by business unit excludes sales held in Corporate.
|
|
|
Three Months Ended December 31
|
|
Six Months Ended December 31
|
||||||||||||||||||||
|
|
Net Sales
|
|
Earnings/(Loss) Before Income Taxes
|
|
Net Earnings/(Loss)
|
|
Net Sales
|
|
Earnings/(Loss) Before Income Taxes
|
|
Net Earnings/(Loss)
|
||||||||||||
Beauty
|
2018
|
$
|
3,357
|
|
|
$
|
964
|
|
|
$
|
772
|
|
|
$
|
6,646
|
|
|
$
|
1,911
|
|
|
$
|
1,531
|
|
|
2017
|
3,233
|
|
|
853
|
|
|
655
|
|
|
6,371
|
|
|
1,689
|
|
|
1,287
|
|
||||||
Grooming
|
2018
|
1,617
|
|
|
448
|
|
|
378
|
|
|
3,179
|
|
|
865
|
|
|
718
|
|
||||||
|
2017
|
1,776
|
|
|
531
|
|
|
423
|
|
|
3,353
|
|
|
945
|
|
|
752
|
|
||||||
Health Care
|
2018
|
2,220
|
|
|
669
|
|
|
520
|
|
|
4,065
|
|
|
1,109
|
|
|
852
|
|
||||||
|
2017
|
2,212
|
|
|
668
|
|
|
455
|
|
|
4,114
|
|
|
1,123
|
|
|
760
|
|
||||||
Fabric & Home Care
|
2018
|
5,557
|
|
|
1,134
|
|
|
860
|
|
|
11,045
|
|
|
2,278
|
|
|
1,737
|
|
||||||
|
2017
|
5,434
|
|
|
1,101
|
|
|
714
|
|
|
10,817
|
|
|
2,280
|
|
|
1,483
|
|
||||||
Baby, Feminine & Family Care
|
2018
|
4,558
|
|
|
930
|
|
|
707
|
|
|
8,948
|
|
|
1,832
|
|
|
1,399
|
|
||||||
|
2017
|
4,613
|
|
|
933
|
|
|
597
|
|
|
9,158
|
|
|
1,897
|
|
|
1,227
|
|
||||||
Corporate
|
2018
|
129
|
|
|
(229
|
)
|
|
(21
|
)
|
|
245
|
|
|
(139
|
)
|
|
190
|
|
||||||
|
2017
|
127
|
|
|
(53
|
)
|
|
(283
|
)
|
|
235
|
|
|
(150
|
)
|
|
(78
|
)
|
||||||
Total Company
|
2018
|
$
|
17,438
|
|
|
$
|
3,916
|
|
|
$
|
3,216
|
|
|
$
|
34,128
|
|
|
$
|
7,856
|
|
|
$
|
6,427
|
|
|
2017
|
17,395
|
|
|
4,033
|
|
|
2,561
|
|
|
34,048
|
|
|
7,784
|
|
|
5,431
|
|
|
Beauty
|
|
Grooming
|
|
Health Care
|
|
Fabric & Home Care
|
|
Baby, Feminine & Family Care
|
|
Total Company
|
||||||||||||
Goodwill at June 30, 2018
|
$
|
12,992
|
|
|
$
|
19,820
|
|
|
$
|
5,929
|
|
|
$
|
1,865
|
|
|
$
|
4,569
|
|
|
$
|
45,175
|
|
Acquisitions and divestitures
|
132
|
|
|
—
|
|
|
1,955
|
|
|
6
|
|
|
—
|
|
|
2,093
|
|
||||||
Translation and other
|
(116
|
)
|
|
(135
|
)
|
|
(36
|
)
|
|
(13
|
)
|
|
(36
|
)
|
|
(336
|
)
|
||||||
Goodwill at December 31, 2018
|
$
|
13,008
|
|
|
$
|
19,685
|
|
|
$
|
7,848
|
|
|
$
|
1,858
|
|
|
$
|
4,533
|
|
|
$
|
46,932
|
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
||||
Intangible assets with determinable lives
|
$
|
8,580
|
|
|
$
|
(5,251
|
)
|
Intangible assets with indefinite lives
|
22,618
|
|
|
—
|
|
||
Total identifiable intangible assets
|
$
|
31,198
|
|
|
$
|
(5,251
|
)
|
|
Approximate Percent Change in Estimated Fair Value
|
||||
|
+25 bps Discount Rate
|
|
-25 bps Growth Rate
|
||
Shave Care goodwill reporting unit
|
(5
|
)%
|
|
(6
|
)%
|
Gillette indefinite-lived intangible asset
|
(5
|
)%
|
|
(6
|
)%
|
CONSOLIDATED AMOUNTS
|
Three Months Ended December 31
|
|
Six Months Ended December 31
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net earnings
|
$
|
3,216
|
|
|
$
|
2,561
|
|
|
$
|
6,427
|
|
|
$
|
5,431
|
|
Less: Net earnings attributable to noncontrolling interests
|
22
|
|
|
66
|
|
|
34
|
|
|
83
|
|
||||
Net earnings attributable to P&G (Diluted)
|
3,194
|
|
|
2,495
|
|
|
6,393
|
|
|
5,348
|
|
||||
Preferred dividends, net of tax
|
(65
|
)
|
|
(62
|
)
|
|
(131
|
)
|
|
(124
|
)
|
||||
Net earnings attributable to P&G available to common shareholders (Basic)
|
$
|
3,129
|
|
|
$
|
2,433
|
|
|
$
|
6,262
|
|
|
$
|
5,224
|
|
|
|
|
|
|
|
|
|
||||||||
SHARES IN MILLIONS
|
|
|
|
|
|
|
|
||||||||
Basic weighted average common shares outstanding
|
2,499.7
|
|
|
2,533.9
|
|
|
2,497.8
|
|
|
2,542.2
|
|
||||
Add: Effect of dilutive securities
|
|
|
|
|
|
|
|
||||||||
Conversion of preferred shares
(1)
|
90.7
|
|
|
95.5
|
|
|
91.3
|
|
|
96.0
|
|
||||
Impact of stock options and other unvested equity awards
(2)
|
32.6
|
|
|
40.2
|
|
|
28.5
|
|
|
41.9
|
|
||||
Diluted weighted average common shares outstanding
|
2,623.0
|
|
|
2,669.6
|
|
|
2,617.6
|
|
|
2,680.1
|
|
||||
|
|
|
|
|
|
|
|
||||||||
NET EARNINGS PER SHARE
(3)
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.25
|
|
|
$
|
0.96
|
|
|
$
|
2.51
|
|
|
$
|
2.05
|
|
Diluted
|
$
|
1.22
|
|
|
$
|
0.93
|
|
|
$
|
2.44
|
|
|
$
|
2.00
|
|
(1)
|
Despite being included currently in Diluted net earnings per common share, the actual conversion to common stock occurs when the preferred shares are sold. Shares may only be sold after being allocated to the ESOP participants pursuant to the repayment of the ESOP's obligations through 2035.
|
(2)
|
Weighted average outstanding stock options of approximately
23 million
and
24 million
for the three months ended
December 31, 2018
and
2017
, and approximately
35 million
and
22 million
for the six months ended
December 31, 2018
and
2017
respectively, were not included in the Diluted net earnings per share calculation because the options were out of the money or to do so would have been antidilutive (i.e., the total proceeds upon exercise would have exceeded the market value of the underlying common shares).
|
(3)
|
Net earnings per share are calculated on Net earnings attributable to Procter & Gamble.
|
|
Three Months Ended December 31
|
|
Six Months Ended December 31
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Share-based compensation expense
|
$
|
79
|
|
|
$
|
73
|
|
|
$
|
181
|
|
|
$
|
157
|
|
Net periodic benefit cost for pension benefits
(1)
|
36
|
|
|
52
|
|
|
64
|
|
|
103
|
|
||||
Net periodic benefit cost/(credit) for other retiree benefits
(1)
|
(42
|
)
|
|
(38
|
)
|
|
(83
|
)
|
|
(76
|
)
|
(1)
|
The components of the total net periodic benefit cost for both pension benefits and other retiree benefits for those interim periods, on an annualized basis, do not differ materially from the amounts disclosed in the Annual Report on Form 10-K for the fiscal year ended
June 30, 2018
, as revised by the Form 8-K filed October 22, 2018 to update the Form 10-K to revise disclosures to reflect the adoption of the Financial Accounting Standards Board (FASB) ASU 2017-07 and 2016-18.
|
|
Fair Value Asset
|
||||||
|
December 31, 2018
|
|
June 30, 2018
|
||||
Investments:
|
|
|
|
||||
U.S. government securities
|
$
|
5,177
|
|
|
$
|
5,544
|
|
Corporate bond securities
|
3,244
|
|
|
3,737
|
|
||
Other investments
|
163
|
|
|
141
|
|
||
Total
|
$
|
8,584
|
|
|
$
|
9,422
|
|
|
Amount of Gain/(Loss) Recognized in OCI on Derivatives
|
||||||||||||||
|
Three Months Ended December 31
|
|
Six Months Ended December 31
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
(1) (2)
|
|||||||||||||||
Foreign exchange contracts
|
$
|
23
|
|
|
$
|
(89
|
)
|
|
$
|
19
|
|
|
$
|
(262
|
)
|
(1)
|
For the derivatives in net investment hedging relationships, the amount of gain/(loss) excluded from effectiveness testing, which was recognized in earnings, was
$13
and
$42
for the three months ended
December 31, 2018
and 2017, respectively. The amount of gain/(loss) excluded from effectiveness testing was
$27
and
$73
for the six months ended
December 31, 2018
and 2017, respectively.
|
(2)
|
In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The amount of gain/(loss) recognized in AOCI for such instruments was
$228
and
$(176)
, for the three months ended
December 31, 2018
and 2017, respectively. The amount of gain/(loss) recognized in AOCI for such instruments was
$241
and
$(745)
, for the six months ended
December 31, 2018
and 2017, respectively.
|
|
Amount of Gain/(Loss) Recognized in Earnings
|
||||||||||||||
|
Three Months Ended December 31
|
|
Six Months Ended December 31
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
|
|
|
|
|
|||||||||||
Interest rate contracts
|
$
|
42
|
|
|
$
|
(38
|
)
|
|
$
|
18
|
|
|
$
|
(41
|
)
|
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
|
|
|
|
|
|||||||||||
Foreign currency contracts
|
$
|
(5
|
)
|
|
$
|
(1
|
)
|
|
$
|
(7
|
)
|
|
$
|
(2
|
)
|
|
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
|
||||||||||||||||||
|
Hedges
|
|
Investment Securities
|
|
Pension and Other Retiree Benefits
|
|
Financial Statement Translation
|
|
Total AOCI
|
||||||||||
Balance at June 30, 2018
|
$
|
(3,246
|
)
|
|
$
|
(173
|
)
|
|
$
|
(4,058
|
)
|
|
$
|
(7,272
|
)
|
|
$
|
(14,749
|
)
|
OCI before reclassifications
(1)
|
199
|
|
|
54
|
|
|
149
|
|
|
(587
|
)
|
|
(185
|
)
|
|||||
Amounts reclassified from AOCI
(2)
|
—
|
|
|
(1
|
)
|
|
101
|
|
|
1
|
|
|
101
|
|
|||||
Net current period OCI
|
199
|
|
|
53
|
|
|
250
|
|
|
(586
|
)
|
|
(84
|
)
|
|||||
Reclassification to retained earnings in accordance with ASU 2018-02
(3)
|
(18
|
)
|
|
—
|
|
|
(308
|
)
|
|
—
|
|
|
(326
|
)
|
|||||
Less: Other comprehensive income/(loss) attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|||||
Balance at December 31, 2018
|
$
|
(3,065
|
)
|
|
$
|
(120
|
)
|
|
$
|
(4,116
|
)
|
|
$
|
(7,855
|
)
|
|
$
|
(15,156
|
)
|
(1)
|
Net of tax expense/(benefit) of
$61
,
$0
and
$38
for gains/losses on hedges, investment securities and pension and other retiree benefit items, respectively.
|
(2)
|
Net of tax expense/(benefit) of
$0
,
$0
and
$32
for gains/losses on hedges, investment securities and pension and other retiree benefit items, respectively.
|
(3)
|
Adjustment made to early adopt ASU 2018-02: "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," as discussed in Note 2.
|
•
|
Investment securities: amounts reclassified from AOCI into Other non-operating income, net.
|
•
|
Pension and other retiree benefits: amounts reclassified from AOCI into Other non-operating income, net and included in the computation of net periodic postretirement costs.
|
•
|
Financial statement translation: amounts reclassified from AOCI into SG&A.
|
|
|
|
Charges Previously Reported (Three Months Ended September 30, 2018)
|
|
Charges for the Three Months Ended December 31, 2018
|
|
Six Months Ended December 31, 2018
|
|
|
||||||||||||||
|
Reserve Balance June 30, 2018
|
|
|
|
Cash Spent
|
|
Charges Against Assets
|
|
Reserve Balance December 31, 2018
|
||||||||||||||
Separations
|
$
|
259
|
|
|
$
|
53
|
|
|
$
|
56
|
|
|
$
|
(115
|
)
|
|
$
|
—
|
|
|
$
|
253
|
|
Asset-related costs
|
—
|
|
|
28
|
|
|
22
|
|
|
—
|
|
|
(50
|
)
|
|
—
|
|
||||||
Other costs
|
254
|
|
|
56
|
|
|
99
|
|
|
(180
|
)
|
|
—
|
|
|
229
|
|
||||||
Total
|
$
|
513
|
|
|
$137
|
|
$
|
177
|
|
|
$
|
(295
|
)
|
|
$
|
(50
|
)
|
|
$
|
482
|
|
|
Three Months Ended December 31, 2018
|
|
Six Months Ended December 31, 2018
|
||||
Beauty
|
$
|
17
|
|
|
$
|
27
|
|
Grooming
|
25
|
|
|
31
|
|
||
Health Care
|
4
|
|
|
12
|
|
||
Fabric & Home Care
|
18
|
|
|
31
|
|
||
Baby, Feminine & Family Care
|
70
|
|
|
91
|
|
||
Corporate
(1)
|
43
|
|
|
122
|
|
||
Total Company
|
$177
|
|
$
|
314
|
|
(1)
|
Corporate includes costs related to allocated overheads, including charges related to our Sales and Market Operations, Global Business Services and Corporate Functions activities.
|
Amounts in Millions
|
November 30, 2018
|
||
Current assets
|
$
|
393
|
|
Property, plant and equipment
|
122
|
|
|
Intangible assets
|
2,111
|
|
|
Goodwill
|
2,010
|
|
|
Other non-current assets
|
143
|
|
|
Total Assets Acquired
|
$
|
4,779
|
|
|
|
||
Current liabilities
|
$
|
233
|
|
Deferred income taxes
|
661
|
|
|
Non-current liabilities
|
60
|
|
|
Total Liabilities Acquired
|
$
|
954
|
|
|
|
||
Noncontrolling Interest
(1)
|
$
|
169
|
|
|
|
||
Net Assets Acquired
|
$
|
3,656
|
|
(1)
|
Represents a
48%
minority ownership interest in the Merck India company.
|
Amounts in Millions
|
Estimated Fair Value
|
|
Avg Remaining
Useful Life |
||
Intangible Assets with Determinable Lives
|
|
|
|
||
Brands
|
$
|
701
|
|
|
14
|
Patents and technology
|
118
|
|
|
7
|
|
Customer relationships
|
346
|
|
|
20
|
|
Total
|
$
|
1,165
|
|
|
15
|
|
|
|
|
||
Intangible Assets with Indefinite Lives
|
|
|
|
||
Brands
|
946
|
|
|
|
|
Total Intangible Assets
|
$
|
2,111
|
|
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
Overview
|
•
|
Summary of Results –
Six
Months Ended
December 31, 2018
|
•
|
Economic Conditions and Uncertainties
|
•
|
Results of Operations –
Three and Six Months Ended December 31, 2018
|
•
|
Business Segment Discussion –
Three and Six Months Ended December 31, 2018
|
•
|
Liquidity and Capital Resources
|
•
|
Reconciliation of Measures Not Defined by U.S. GAAP
|
Reportable Segments
|
Product Categories (Sub-Categories)
|
Major Brands
|
Beauty
|
Hair Care (
Conditioner, Shampoo, Styling Aids, Treatments
)
|
Head & Shoulders, Pantene, Rejoice
|
Skin and Personal Care (
Antiperspirant and Deodorant, Personal Cleansing, Skin Care
)
|
Olay, Old Spice, Safeguard, SK-II
|
|
Grooming
|
Grooming
(1)
(Shave Care -
Female Blades & Razors, Male Blades & Razors, Pre- and Post-Shave Products, Other Shave Care;
Appliances)
|
Braun, Fusion, Gillette, Mach3, Prestobarba, Venus
|
Health Care
|
Oral Care (
Toothbrushes, Toothpaste, Other Oral Care
)
|
Crest, Oral-B
|
Personal Health Care (
Gastrointestinal, Rapid Diagnostics, Respiratory, Vitamins/Minerals/Supplements, Other Personal Health Care
)
|
Metamucil, Prilosec, Vicks
|
|
Fabric & Home Care
|
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, Febreze, Mr. Clean, Swiffer
|
|
Baby, Feminine & Family Care
|
Baby Care (
Baby Wipes, Diapers and Pants
)
|
Luvs, Pampers
|
Feminine Care (
Adult Incontinence, Feminine Care
)
|
Always, Tampax
|
|
Family Care (
Paper Towels, Tissues, Toilet Paper
)
|
Bounty, Charmin, Puffs
|
(1)
|
The Grooming product category is comprised of the Shave Care and Appliances Global Business Units.
|
|
Three Months Ended December 31, 2018
|
|
Six Months Ended December 31, 2018
|
||||
|
Net Sales
|
|
Net Earnings
|
|
Net Sales
|
|
Net Earnings
|
Beauty
|
20%
|
|
24%
|
|
20%
|
|
25%
|
Grooming
|
9%
|
|
12%
|
|
9%
|
|
11%
|
Health Care
|
13%
|
|
16%
|
|
12%
|
|
14%
|
Fabric & Home Care
|
32%
|
|
26%
|
|
33%
|
|
28%
|
Baby, Feminine & Family Care
|
26%
|
|
22%
|
|
26%
|
|
22%
|
Total Company
|
100%
|
|
100%
|
|
100%
|
|
100%
|
•
|
Net sales were unchanged at
$34.1 billion
. Organic sales, which exclude the impacts of acquisitions and divestitures and foreign exchange,
increased 4%
. Organic sales increased 8% in Beauty, 5% in Health Care and Fabric & Home Care and 1% in Baby, Feminine & Family Care. Organic sales were unchanged in Grooming.
|
•
|
Unit volume increased
2%
, with organic volume up
3%
. Volume increased mid-single digits in Fabric & Home Care, low single digits in Beauty, Health Care and Baby, Feminine & Family Care and was unchanged in Grooming. Excluding the impacts of the PGT Healthcare partnership dissolution and the Merck OTC acquisition, organic volume increased mid-single digits in Health Care.
|
•
|
Net earnings were
$6.4 billion
,
an increase of $996 million, or 18%
versus the prior year due to a reduction in current year income tax expense (due primarily to the ongoing impacts of the U.S. Tax Act), a current year gain on the dissolution of the PGT Healthcare partnership and base period charges related to the transitional impacts of the U.S. Tax Act.
|
•
|
Diluted net earnings per share increased
22%
to
$2.44
due primarily to the increase in net earnings and a reduction in shares outstanding due to share repurchases.
|
•
|
Net earnings attributable to Procter & Gamble increased
$1.0 billion
or
20%
versus the prior year period to
$6.4 billion
.
|
•
|
Core net earnings attributable to Procter & Gamble, which represents net earnings excluding the current period gain on the dissolution of the PGT Healthcare partnership, incremental restructuring charges in both periods and the base period charges related to the transitional impacts of the U.S. Tax Act, increased 1% to $6.2 billion. Core net earnings per share increased
4%
to
$2.36
due to the increase in Core net earnings and the reduction in shares outstanding.
|
•
|
Operating cash flow was
$7.6 billion
. Adjusted free cash flow, which is operating cash flow less capital expenditures and certain other impacts, was
$6.0 billion
. Adjusted free cash flow productivity was
99%
. Adjusted free cash flow and adjusted free cash flow productivity are defined in the section entitled "Reconciliation of Measures not defined by U.S. GAAP."
|
|
Three Months Ended December 31
|
||||
Amounts in millions, except per share amounts
|
2018
|
|
2017
|
|
% Chg
|
Net sales
|
$17,438
|
|
$17,395
|
|
—%
|
Operating income
|
3,896
|
|
3,919
|
|
(1)%
|
Net earnings
|
3,216
|
|
2,561
|
|
26%
|
Net earnings attributable to Procter & Gamble
|
3,194
|
|
2,495
|
|
28%
|
Diluted net earnings per common share
|
1.22
|
|
0.93
|
|
31%
|
Core net earnings per common share
|
1.25
|
|
1.19
|
|
5%
|
|
|||||
|
Three Months Ended December 31
|
||||
COMPARISONS AS A PERCENTAGE OF NET SALES
|
2018
|
|
2017
|
|
Basis Pt Chg
|
Gross profit
|
48.9%
|
|
49.9%
|
|
(100)
|
Selling, general & administrative expense
|
26.5%
|
|
27.4%
|
|
(90)
|
Operating income
|
22.3%
|
|
22.5%
|
|
(20)
|
Earnings before income taxes
|
22.5%
|
|
23.2%
|
|
(70)
|
Net earnings
|
18.4%
|
|
14.7%
|
|
370
|
Net earnings attributable to Procter & Gamble
|
18.3%
|
|
14.3%
|
|
400
|
•
|
a 90 basis point decline due to higher commodity costs,
|
•
|
a 120 basis point decline from unfavorable product mix (primarily within segments due to the growth of lower margin products forms in certain categories and due to the disproportionate growth of the Fabric Care category which has lower than company-average margins) and other impacts and
|
•
|
a 60 basis point decline from unfavorable foreign exchange
|
•
|
a 1,550 basis-point reduction due to prior year transitional impacts from the U.S. Tax Act,
|
•
|
a 410 basis-point reduction from the on-going impacts of U.S. Tax reform. The lower blended U.S. federal tax rate on current year earnings was partially offset by the impact of recording a year-to-date (6 month) impact in December 2017 upon passage of the tax reform.
|
•
|
a 150 basis-point reduction from excess tax benefits from share-based compensation (170 basis points in the current year versus 20 basis points in the prior year),
|
•
|
a 90 basis-point reduction from discrete impacts related to uncertain tax positions (90 basis points in the current year versus 0 basis points in the prior year),
|
•
|
a 340 basis-point increase from unfavorable impacts from geographic mix of earnings.
|
|
Six Months Ended December 31
|
||||
Amounts in millions, except per share amounts
|
2018
|
|
2017
|
|
% Chg
|
Net sales
|
$34,128
|
|
$34,048
|
|
—%
|
Operating income
|
7,450
|
|
7,567
|
|
(2)%
|
Net earnings
|
6,427
|
|
5,431
|
|
18%
|
Net earnings attributable to Procter & Gamble
|
6,393
|
|
5,348
|
|
20%
|
Diluted net earnings per common share
|
2.44
|
|
2.00
|
|
22%
|
Core net earnings per common share
|
$2.36
|
|
$2.28
|
|
4%
|
|
|||||
|
Six Months Ended December 31
|
||||
COMPARISONS AS A PERCENTAGE OF NET SALES
|
2018
|
|
2017
|
|
Basis Pt Chg
|
Gross profit
|
49.0%
|
|
50.1%
|
|
(110)
|
Selling, general & administrative expense
|
27.2%
|
|
27.9%
|
|
(70)
|
Operating income
|
21.8%
|
|
22.2%
|
|
(40)
|
Earnings before income taxes
|
23.0%
|
|
22.9%
|
|
10
|
Net earnings
|
18.8%
|
|
16.0%
|
|
280
|
Net earnings attributable to Procter & Gamble
|
18.7%
|
|
15.7%
|
|
300
|
•
|
a 100 basis point decline due to higher commodity costs,
|
•
|
a 70 basis point decline from unfavorable product mix (primarily within segments due to the growth of lower margin products forms and club channels in certain categories and due to the disproportionate growth of the Fabric Care category which has lower than company-average margins) and other impacts and
|
•
|
a 60 basis point decline from unfavorable foreign exchange
|
•
|
an 810 basis-point reduction due to prior year transitional impacts from the U.S. Tax Act,
|
•
|
a 490 basis-point reduction from the impact of the lower blended U.S. federal tax rate on current year earnings versus the prior year rate,
|
•
|
an 80 basis-point reduction from the tax impact of the gain on the dissolution of the PGT Healthcare partnership,
|
•
|
a 40 basis-point reduction from excess tax benefits from share-based compensation (110 basis points in the current year versus 70 basis points in the prior year),
|
•
|
a 20 basis-point reduction from discrete impacts related to uncertain tax positions (20 basis points in the current year versus 0 basis points in the prior year),
|
•
|
a 240 basis-point increase from unfavorable impacts from geographic mix of earnings.
|
|
Three Months Ended December 31, 2018
|
|||||||||||||||||||
|
Net Sales
|
|
% Change Versus Year Ago
|
|
Earnings/(Loss) Before Income Taxes
|
|
% Change Versus Year Ago
|
|
Net Earnings/(Loss)
|
|
% Change Versus Year Ago
|
|||||||||
Beauty
|
$
|
3,357
|
|
|
4
|
%
|
|
$
|
964
|
|
|
13
|
%
|
|
$
|
772
|
|
|
18
|
%
|
Grooming
|
1,617
|
|
|
(9
|
)%
|
|
448
|
|
|
(16
|
)%
|
|
378
|
|
|
(11
|
)%
|
|||
Health Care
|
2,220
|
|
|
—
|
%
|
|
669
|
|
|
—
|
%
|
|
520
|
|
|
14
|
%
|
|||
Fabric & Home Care
|
5,557
|
|
|
2
|
%
|
|
1,134
|
|
|
3
|
%
|
|
860
|
|
|
20
|
%
|
|||
Baby, Feminine & Family Care
|
4,558
|
|
|
(1
|
)%
|
|
930
|
|
|
—
|
%
|
|
707
|
|
|
18
|
%
|
|||
Corporate
|
129
|
|
|
2
|
%
|
|
(229
|
)
|
|
N/A
|
|
|
(21
|
)
|
|
N/A
|
|
|||
Total Company
|
$
|
17,438
|
|
|
—
|
%
|
|
$
|
3,916
|
|
|
(3
|
)%
|
|
$
|
3,216
|
|
|
26
|
%
|
|
Six Months Ended December 31, 2018
|
|||||||||||||||||||
|
Net Sales
|
|
% Change Versus Year Ago
|
|
Earnings/(Loss) Before Income Taxes
|
|
% Change Versus Year Ago
|
|
Net Earnings/(Loss)
|
|
% Change Versus Year Ago
|
|||||||||
Beauty
|
$
|
6,646
|
|
|
4
|
%
|
|
$
|
1,911
|
|
|
13
|
%
|
|
$
|
1,531
|
|
|
19
|
%
|
Grooming
|
3,179
|
|
|
(5
|
)%
|
|
865
|
|
|
(8
|
)%
|
|
718
|
|
|
(5
|
)%
|
|||
Health Care
|
4,065
|
|
|
(1
|
)%
|
|
1,109
|
|
|
(1
|
)%
|
|
852
|
|
|
12
|
%
|
|||
Fabric & Home Care
|
11,045
|
|
|
2
|
%
|
|
2,278
|
|
|
—
|
%
|
|
1,737
|
|
|
17
|
%
|
|||
Baby, Feminine & Family Care
|
8,948
|
|
|
(2
|
)%
|
|
1,832
|
|
|
(3
|
)%
|
|
1,399
|
|
|
14
|
%
|
|||
Corporate
|
245
|
|
|
4
|
%
|
|
(139
|
)
|
|
N/A
|
|
|
190
|
|
|
N/A
|
|
|||
Total Company
|
$
|
34,128
|
|
|
—
|
%
|
|
$
|
7,856
|
|
|
1
|
%
|
|
$
|
6,427
|
|
|
18
|
%
|
•
|
Volume in Hair Care
was unchanged
. Developed market volume was unchanged. Volume in developing regions decreased low single digits. Excluding the impact of minor brand divestitures, volume in developing markets was unchanged. Global market share of the Hair Care category
was unchanged
.
|
•
|
Volume in Skin and Personal Care
increased mid-single digits
. Excluding the impact of minor brand acquisitions, organic volume increased low single digits. Volume increased low single digits in developed regions. Excluding the impact of minor brand acquisitions, developed regions volume declined low single digits due to price increases in the current period and higher retail inventory to support new product launches in the base period. Volume increased high single digits in developing regions due to premium innovation and increased marketing spending. Global market share of the Skin and Personal Care category increased slightly.
|
•
|
Volume in Hair Care
increased low single digits
. Developed market volume was unchanged. Volume in developing regions increased low single digits due to market growth and product innovation. Global market share of the Hair Care category
was unchanged
.
|
•
|
Volume in Skin and Personal Care
increased mid-single digits
. Developed regions volume increased low single digits. Excluding the impact of minor brand acquisitions, developed regions volume was unchanged. Volume increased high single digits in developing regions due to premium innovation, increased marketing spending and market growth. Global market share of the Skin and Personal Care category was unchanged.
|
•
|
Shave Care volume
decreased mid-single digits
. Developed regions volume decreased low single digits due to competitive activity. Developing regions volume decreased mid-single digits due to devaluation related price increases and competitive activity. Global market share of the Shave Care category
was unchanged
.
|
•
|
Volume in Appliances
was unchanged
. Volume decreased low single digits in developed regions due to competitive activity and lower trade inventories in certain countries. Volume increased low single digits in developing regions due to market growth. Global market share of the Appliances category
decreased slightly
.
|
•
|
Shave Care volume
was unchanged
. Developed regions volume increased low single digits due to increased competitiveness following price reductions in prior quarters and an increase in consumer promotions. Developing regions volume decreased low single digits following devaluation related price increases and competitive activity. Global market share of the Shave Care category
was unchanged
.
|
•
|
Volume in Appliances
increased low single digits
. Volume increased low single digits in both developed and developing regions due to market growth. Global market share of the Appliances category
decreased nearly half a point
.
|
•
|
Oral Care volume
increased mid-single digits
. Volume increased mid-single digits in developed regions due to premium paste and power toothbrush innovation. Volume in developing regions increased mid-single digits due to innovation and base period trade inventory reductions. Global market share of the Oral Care category
increased less than half a point
.
|
•
|
Volume in Personal Health Care
was unchanged
. Excluding the impact of the PGT Healthcare partnership dissolution and the Merck OTC consumer healthcare acquisition, organic volume increased low single digits. Developed regions volume decreased high single digits, while organic volume grew low single digits due to product innovation. Volume in developing regions increased double digits and mid-single digits on an organic basis, due to innovation and market growth. Global market share of the Personal Health Care category
increased more than half a point
.
|
•
|
Oral Care volume
increased low single digits
. Volume increased mid-single digits in developed regions due to premium paste and power toothbrush innovation and lower pricing in the form of increased promotional spending. Volume in developing regions increased low single digits due to innovation and trade inventory reduction in the base period. Global market share of the Oral Care category
increased less than half a point
.
|
•
|
Volume in Personal Health Care
decreased low single digits
. Excluding the impact of the PGT Healthcare partnership dissolution and Merck OTC consumer healthcare acquisition, organic volume increased high single digits. Developed regions volume decreased mid-single digits, while organic volume grew low single digits due to product innovation. Volume in developing regions increased high single digits and double digits on an organic basis, due to innovation and market growth. Global market share of the Personal Health Care category
increased more than half a point
.
|
•
|
Fabric Care volume
increased mid-single digits
. Volume in developed regions grew mid-single digits due to product innovation and lower pricing in the form of increased promotional spending. Volume in developing regions increased mid-single digits driven by product innovation. Global market share of the Fabric Care category
increased slightly
.
|
•
|
Home Care volume
increased low single digits
. Volume in developed regions increased low single digits due to product innovation and market growth. Volume in developing regions decreased mid-single digits. Excluding the impact of minor brand divestitures, volume in developing regions decreased low single digits following devaluation related price increases. Global market share of the Home Care category
increased more than a point
.
|
•
|
Fabric Care volume
increased mid-single digits
. Volume in developed regions grew mid-single digits due to product innovation and lower pricing in the form of increased promotional spending. Volume in developing regions increased low single digits. Excluding the impact of minor brand divestitures, developing regions volume increased mid-single digits driven by product innovation and market growth. Global market share of the Fabric Care category
increased nearly half a point
.
|
•
|
Home Care volume
increased mid-single digits
. Volume in developed regions increased mid-single digits due to product innovation and market growth. Volume in developing regions decreased low single digits due to devaluation related price increases and category contraction in certain markets. Global market share of the Home Care category
increased less than a point
.
|
•
|
Volume in Baby Care
decreased mid-single digits
. Volume in developed regions declined low single digits due to competitive activity. Volume in developing regions declined high single digits due to competitive activity, volume declines following devaluation related price increases and category contraction in certain markets. Global market share of the Baby Care category
decreased nearly half a point
.
|
•
|
Volume in Feminine Care
increased mid-single digits
. Volume in developed regions increased low single digits due to product innovation and adult incontinence category growth. Volume increased mid-single digits in developing regions. Excluding the impact of minor brand divestitures, volume in developing regions increased high single digits driven by innovation. Global market share of the Feminine Care category
increased less than half a point
.
|
•
|
Volume in Family Care, which is predominantly a North American business,
increased mid-single digits
driven by product innovation and distribution gains. In the U.S., all-outlet share of the Family Care category
increased more than a point
.
|
•
|
Volume in Baby Care
decreased mid-single digits
. Volume in developed regions declined low single digits due to competitive pricing activity. Volume in developing regions declined high single digits due to competitive activity, volume declines following devaluation related price increases and category contraction in certain markets. Global market share of the Baby Care category
decreased more than half a point
.
|
•
|
Volume in Feminine Care
increased mid-single digits
. Volume in developed regions increased low single digits due to product innovation and adult incontinence category growth. Volume increased mid-single digits in developing regions driven by innovation and lower pricing in the form of increased promotional spending. Global market share of the Feminine Care category
increased less than half a point
.
|
•
|
Volume in Family Care, which is predominantly a North American business,
increased mid-single digits
driven by product innovation and distribution gains. In the U.S., all-outlet share of the Family Care category
increased a point
.
|
Three Months Ended December 31, 2018
|
Net Sales Growth
|
|
Foreign Exchange Impact
|
|
Acquisition & Divestiture Impact/Other
(1)
|
|
Organic Sales Growth
|
Beauty
|
4%
|
|
4%
|
|
—%
|
|
8%
|
Grooming
|
(9)%
|
|
5%
|
|
1%
|
|
(3)%
|
Health Care
|
—%
|
|
3%
|
|
2%
|
|
5%
|
Fabric & Home Care
|
2%
|
|
3%
|
|
1%
|
|
6%
|
Baby, Feminine & Family Care
|
(1)%
|
|
4%
|
|
—%
|
|
3%
|
Total Company
|
—%
|
|
4%
|
|
—%
|
|
4%
|
Six Months Ended December 31, 2018
|
Net Sales Growth
|
|
Foreign Exchange Impact
|
|
Acquisition & Divestiture Impact/Other
(1)
|
|
Organic Sales Growth
|
Beauty
|
4%
|
|
4%
|
|
—%
|
|
8%
|
Grooming
|
(5)%
|
|
5%
|
|
—%
|
|
—%
|
Health Care
|
(1)%
|
|
2%
|
|
4%
|
|
5%
|
Fabric & Home Care
|
2%
|
|
2%
|
|
1%
|
|
5%
|
Baby, Feminine & Family Care
|
(2)%
|
|
3%
|
|
—%
|
|
1%
|
Total Company
|
—%
|
|
3%
|
|
1%
|
|
4%
|
Fiscal Year-to-Date, December 31, 2018
|
|||||
Operating Cash Flow
|
|
Capital Spending
|
U.S. Tax Act Payments
|
|
Adjusted Free Cash Flow
|
$7,574
|
|
$(1,781)
|
$235
|
|
$6,028
|
Fiscal Year-to-Date, December 31, 2018
|
||||||
Adjusted Free Cash Flow
|
|
Net Earnings
|
Gain on Dissolution of PGT Partnership
|
Adjusted Net Earnings
|
|
Adjusted Free Cash Flow Productivity
|
$6,028
|
|
$6,427
|
$(353)
|
$6,074
|
|
99%
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts) Reconciliation of Non-GAAP Measures |
|||||||||||||||
Three Months Ended December 31, 2018
|
|||||||||||||||
|
AS REPORTED (GAAP)
|
|
INCREMENTAL RESTRUCTURING
|
|
ROUNDING
|
|
NON-GAAP (CORE)
|
||||||||
COST OF PRODUCTS SOLD
|
$
|
8,919
|
|
|
$
|
(123
|
)
|
|
$
|
—
|
|
|
$
|
8,796
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE
|
4,623
|
|
|
38
|
|
|
(1
|
)
|
|
4,660
|
|
||||
OPERATING INCOME
|
3,896
|
|
|
85
|
|
|
1
|
|
|
3,982
|
|
||||
INCOME TAX
|
700
|
|
|
17
|
|
|
(2
|
)
|
|
715
|
|
||||
NET EARNINGS ATTRIBUTABLE TO P&G
|
3,194
|
|
|
77
|
|
|
1
|
|
|
3,272
|
|
||||
|
|
|
|
|
|
|
Core EPS
|
||||||||
DILUTED NET EARNINGS PER COMMON SHARE
(1)
|
$
|
1.22
|
|
|
$
|
0.03
|
|
|
$
|
—
|
|
|
$
|
1.25
|
|
|
|
CHANGE VERSUS YEAR AGO
|
|
|
|
|
|
|
|
CORE EPS
|
5
|
%
|
|
|
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts) Reconciliation of Non-GAAP Measures |
|||||||||||||||||||
Three Months Ended December 31, 2017
|
|||||||||||||||||||
|
AS REPORTED (GAAP)
|
|
INCREMENTAL RESTRUCTURING
|
|
TRANSITIONAL IMPACTS OF U.S. TAX REFORM
|
|
ROUNDING
|
|
NON-GAAP (CORE)
|
||||||||||
COST OF PRODUCTS SOLD
|
$
|
8,709
|
|
|
$
|
(86
|
)
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
8,624
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE
|
4,767
|
|
|
19
|
|
|
—
|
|
|
(1
|
)
|
|
4,785
|
|
|||||
OPERATING INCOME
|
3,919
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
3,986
|
|
|||||
INCOME TAX
|
1,472
|
|
|
21
|
|
|
(628
|
)
|
|
—
|
|
|
865
|
|
|||||
NET EARNINGS ATTRIBUTABLE TO P&G
|
2,495
|
|
|
51
|
|
|
628
|
|
|
—
|
|
|
3,174
|
|
|||||
|
|
|
|
|
|
|
|
|
Core EPS
|
||||||||||
DILUTED NET EARNINGS PER COMMON SHARE
(1)
|
$
|
0.93
|
|
|
$
|
0.02
|
|
|
$
|
0.24
|
|
|
$
|
—
|
|
|
$
|
1.19
|
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts) Reconciliation of Non-GAAP Measures |
|||||||||||||||||||
Six Months Ended December 31, 2018
|
|||||||||||||||||||
|
AS REPORTED (GAAP)
|
|
INCREMENTAL RESTRUCTURING
|
|
GAIN ON DISSOLUTION OF PGT PARTNERSHIP
|
|
ROUNDING
|
|
NON-GAAP (CORE)
|
||||||||||
COST OF PRODUCTS SOLD
|
$
|
17,403
|
|
|
$
|
(169
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,234
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE
|
9,275
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
9,285
|
|
|||||
OPERATING INCOME
|
7,450
|
|
|
159
|
|
|
—
|
|
|
—
|
|
|
7,609
|
|
|||||
INCOME TAX
|
1,429
|
|
|
23
|
|
|
(2
|
)
|
|
(1
|
)
|
|
1,449
|
|
|||||
NET EARNINGS ATTRIBUTABLE TO P&G
|
6,393
|
|
|
146
|
|
|
(353
|
)
|
|
1
|
|
|
6,187
|
|
|||||
|
|
|
|
|
|
|
|
|
Core EPS:
|
||||||||||
DILUTED NET EARNINGS PER COMMON SHARE
(1)
|
$
|
2.44
|
|
|
$
|
0.06
|
|
|
$
|
(0.14
|
)
|
|
$
|
—
|
|
|
$
|
2.36
|
|
|
|
CHANGE VERSUS YEAR AGO
|
|
|
|
|
|
|
|
CORE EPS
|
4
|
%
|
|
|
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts) Reconciliation of Non-GAAP Measures |
|||||||||||||||||||
Six Months Ended December 31, 2017
|
|||||||||||||||||||
|
AS REPORTED (GAAP)
|
|
INCREMENTAL RESTRUCTURING
|
|
TRANSITIONAL IMPACTS OF U.S. TAX REFORM
|
|
ROUNDING
|
|
NON-GAAP (CORE)
|
||||||||||
COST OF PRODUCTS SOLD
|
$
|
16,978
|
|
|
$
|
(186
|
)
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
16,793
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE
|
9,503
|
|
|
26
|
|
|
—
|
|
|
(1
|
)
|
|
9,528
|
|
|||||
OPERATING INCOME
|
7,567
|
|
|
160
|
|
|
—
|
|
|
—
|
|
|
7,727
|
|
|||||
INCOME TAX
|
2,353
|
|
|
41
|
|
|
(628
|
)
|
|
—
|
|
|
1,766
|
|
|||||
NET EARNINGS ATTRIBUTABLE TO P&G
|
5,348
|
|
|
126
|
|
|
628
|
|
|
—
|
|
|
6,102
|
|
|||||
|
|
|
|
|
|
|
|
|
Core EPS:
|
||||||||||
DILUTED NET EARNINGS PER COMMON SHARE
(1)
|
$
|
2.00
|
|
|
$
|
0.05
|
|
|
$
|
0.23
|
|
|
$
|
—
|
|
|
$
|
2.28
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
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
|
|||
10/01/2018 - 10/31/2018
|
5,384,600
|
|
|
$83.57
|
|
|
5,384,600
|
|
|
(3)
|
11/01/2018 - 11/30/2018
|
3,259,875
|
|
|
$92.03
|
|
|
3,259,875
|
|
|
(3)
|
12/01/2018 - 12/31/2018
|
—
|
|
|
—
|
|
|
—
|
|
|
(3)
|
Total
|
8,644,475
|
|
|
$86.76
|
|
8,644,475
|
|
|
|
(1)
|
All transactions were made in the open market with large financial institutions. This table excludes shares withheld from employees to satisfy minimum tax withholding requirements on option exercises and other equity-based transactions. The Company administers cashless exercises through an independent third party and does not repurchase stock in connection with cashless exercises.
|
(2)
|
Average price paid per share for open market transactions is calculated on a settlement basis and excludes commission.
|
(3)
|
On January 23, 2019, the Company stated that in fiscal year 2019 the Company expects to reduce outstanding shares through direct share repurchases at a value of up to $5 billion, notwithstanding any purchases under the Company's compensation and benefit plans. Purchases may be made in the open market and/or private transactions and purchases may be increased, decreased or discontinued at any time without prior notice. The share repurchases are authorized pursuant to a resolution issued by the Company's Board of Directors and are expected to be financed by a combination of operating cash flows and issuance of long-term and short-term debt.
|
Item 6.
|
Exhibits
|
|
|
|
|
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 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 Form 10-K for the year ended June 30, 2016)
|
|
|
|
|
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 Annual Report on Form 10-K for the year ended June 30, 2015)
|
|
|
|
|
10-1
|
|
|
The Procter & Gamble Performance Stock Program Summary * +
|
|
|
|
|
10-2
|
|
|
Summary of the Company’s Long-Term Incentive Program * +
|
|
|
|
|
10-3
|
|
|
Company’s Form of Separation Agreement and Release * +
|
|
|
|
|
31.1
|
|
|
Rule 13a-14(a)/15d-14(a) Certification – Chief Executive Officer +
|
|
|
|
|
31.2
|
|
|
Rule 13a-14(a)/15d-14(a) Certification – Chief Financial Officer +
|
|
|
|
|
32.1
|
|
|
Section 1350 Certifications – Chief Executive Officer +
|
|
|
|
|
32.2
|
|
|
Section 1350 Certifications – Chief Financial Officer +
|
|
|
|
|
101.INS
(1)
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XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
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101.SCH
(1)
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XBRL Taxonomy Extension Schema Document
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101.CAL
(1)
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
(1)
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XBRL Taxonomy Definition Linkbase Document
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101.LAB
(1)
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
(1)
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XBRL Taxonomy Extension Presentation Linkbase Document
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*
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Compensatory plan or arrangement
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+
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Filed herewith
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(1)
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Pursuant to Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 or 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
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THE PROCTER & GAMBLE COMPANY
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January 23, 2019
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/s/ VALARIE L. SHEPPARD
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Date
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(Valarie L. Sheppard)
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Senior Vice President, Comptroller and Treasurer
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Exhibit
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101.INS
(1)
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XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
101.SCH
(1)
|
|
XBRL Taxonomy Extension Schema Document
|
|
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101.CAL
(1)
|
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XBRL Taxonomy Extension Calculation Linkbase Document
|
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|
101.DEF
(1)
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XBRL Taxonomy Definition Linkbase Document
|
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101.LAB
(1)
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XBRL Taxonomy Extension Label Linkbase Document
|
|
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|
101.PRE
(1)
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
+
|
Filed herewith
|
|
|
(1)
|
Pursuant to Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 or 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
|
1 Year Procter and Gamble Chart |
1 Month Procter and Gamble Chart |
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