The Procter & Gamble Company (PG) 8-K Regulation FD Disclosure

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act Of 1934

Date of Report (Date of earliest event reported) June 11, 2014

THE PROCTER & GAMBLE COMPANY

(Exact name of registrant as specified in its charter)

Ohio	1-434	31-0411980
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

One Procter & Gamble Plaza, Cincinnati, Ohio	45202
(Address of principal executive offices)	Zip Code

(513) 983-1100	45202
(Registrant's telephone number, including area code)	Zip Code

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

   o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01 REGULATION FD DISCLOSURE

As discussed in the following paragraph, due to the The Procter & Gamble Company's (the “Company”)  planned exit from the pet care business, effective in April 2014 the Company is reporting the results of the pet care business as discontinued operations and, as such, these results have been excluded from both continuing operations and segment results.  Additionally, as discussed below, the Company changed its management accounting during the final quarter of fiscal 2014 for unconsolidated investees, which impacted its segment reporting.  This Form 8-K provides revised historical segment earnings and Consolidated Statements of Earnings information for the three months ended March 31, 2014, December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, as well as for the twelve months ended June 30, 2013 reflecting the above changes.  This information in no way revises or restates the Consolidated Statements of Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Shareholder’s Equity or Consolidated Statements of Cash Flows for the Company and consolidated subsidiaries for any period.

Fiscal Year 2014 Changes

In April 2014, the Company announced its intent to exit the pet care business. As part of the exit plan, the Company announced an agreement to sell its pet care operations in North America, Latin America, and other selected countries to Mars, Incorporated (Mars) for $2.9 billion in an all-cash transaction. Under the terms of the agreement, Mars will acquire our branded pet care products, our manufacturing facilities in the United States and the majority of the employees working in the pet care business. The agreement includes an option for Mars to acquire the pet care business in several additional countries.  The Company expects to complete the transaction in the first half of fiscal 2015, pending the receipt of necessary regulatory approvals. The European Union countries are not included in the agreement with Mars. The Company is pursuing alternate plans to sell its pet care business in these markets. The pet care business had historically been part of the Company’s Health Care reportable segment. In accordance with applicable accounting guidance for the disposal of long-lived assets, the results of the pet care business are presented as discontinued operations and, as such, will be excluded from both continuing operations and segment results. Additionally, the pet care balance sheet positions as of June 30, 2014 will be presented as held for sale in the Consolidated Balance Sheet.

During the final quarter of fiscal 2014, we changed our management accounting for unconsolidated investees. Previously, certain unconsolidated investees that are managed as integral parts of our businesses for management reporting purposes were reflected as consolidated subsidiaries in segment results, with full recognition of the individual income statement line items through before-tax earnings.  Eliminations to adjust these line items to the equity method of accounting under U.S. GAAP were included in Corporate. Pursuant to this change, segment results will no longer include full recognition of the individual income statement line items of unconsolidated investees, and resulting eliminations of such amounts will no longer be included in the corporate reportable segment.  The change will not impact the net earnings of the segments or total Company.

The above changes are being reflected in the consolidated financial statements and segment reporting beginning in fiscal year 2014, starting with the Form 10-K that will be issued for the twelve months ending June 30, 2014.  Reporting changes for both of the above items will be reflected for all historical periods presented.   In advance of the Form 10-K filing, this document provides revised sales and earnings information for the affected segments and Consolidated Statements of Earnings for the three months ended March 31, 2014, December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, as well as for the twelve months ended June 30, 2013.

This 8-K is furnished pursuant to Item 7.01 “Regulation FD Disclosure”.

	THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
	(Amounts in Millions)
	Segment Earnings Information
	Three Months Ended March 31, 2014
	Previously reported			Revised
	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations
Beauty	$    4,691	$              800	$                624	$      4,691	$              800	$                624
Grooming	1,863	613	463	1,863	613	463
Health Care	2,361	438	294	1,938	398	270
Fabric Care and Home Care	6,340	1,030	658	6,312	1,029	658
Baby, Feminine, and Family Care	5,453	1,103	725	5,177	1,065	725
Corporate	(149)	(656)	(128)	197	(630)	(137)
Total Company	$  20,559	$          3,328	$             2,636	$    20,178	$           3,275	$             2,603
	THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
	(Amounts in Millions)
	Segment Earnings Information
	Three Months Ended December 31, 2013
	Previously reported			Revised
	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations
Beauty	$    5,284	$          1,160	$                927	$      5,284	$         1,160	$                927
Grooming	2,118	730	553	2,118	730	553
Health Care	2,574	536	377	2,153	525	374
Fabric Care and Home Care	6,851	1,344	877	6,820	1,334	877
Baby, Feminine, and Family Care	5,603	1,142	765	5,323	1,099	765
Corporate	(150)	(481)	(27)	199	(446)	(42)
Total Company	$  22,280	$          4,431	$             3,472	$    21,897	$         4,402	$             3,454

	THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
	(Amounts in Millions)
	Segment Earnings Information
	Three Months Ended September 30, 2013
	Previously reported			Revised
	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations
Beauty	$    4,903	$              909	$                690	$      4,903	$              909	$                690
Grooming	1,956	601	453	1,956	601	453
Health Care	2,306	398	267	1,894	384	265
Fabric Care and Home Care	6,700	1,298	857	6,666	1,296	857
Baby, Feminine, and Family Care	5,503	1,121	725	5,247	1,082	725
Corporate	(163)	(315)	65	164	(291)	49
Total Company	$  21,205	$          4,012	$             3,057	$    20,830	$           3,981	$             3,039
	THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
	(Amounts in Millions)
	Segment Earnings Information
	Three Months Ended June 30, 2013
	Previously reported			Revised
	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations
Beauty	$    4,850	$          533	$                404	$      4,850	$         533	$                404
Grooming	1,981	536	409	1,981	536	409
Health Care	2,221	210	154	1,825	252	184
Fabric Care and Home Care	6,379	1,033	654	6,379	1,027	654
Baby, Feminine, and Family Care	5,445	1,109	713	5,163	1,074	713
Corporate	(221)	(910)	(452)	99	(893)	(471)
Total Company	$  20,655	$          2,511	$             1,882	$    20,297	$         2,529	$             1,893

	THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
	(Amounts in Millions)
	Segment Earnings Information
	Three Months Ended March 31, 2013
	Previously reported			Revised
	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations
Beauty	$    4,763	$              692	$                535	$      4,763	$              692	$                535
Grooming	1,931	593	444	1,931	593	444
Health Care	2,406	459	305	1,973	427	291
Fabric Care and Home Care	6,195	1,065	679	6,195	1,065	679
Baby, Feminine, and Family Care	5,537	1,233	810	5,265	1,199	810
Corporate	(234)	(754)	(182)	78	(732)	(197)
Total Company	$  20,598	$          3,288	$             2,591	$    20,205	$           3,244	$             2,562
	THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
	(Amounts in Millions)
	Segment Earnings Information
	Three Months Ended December 31, 2012
	Previously reported			Revised
	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations
Beauty	$    5,403	$          1,138	$                877	$      5,403	$         1,138	$                877
Grooming	2,119	695	518	2,119	695	518
Health Care	2,470	501	350	1,997	458	324
Fabric Care and Home Care	6,785	1,338	879	6,785	1,338	879
Baby, Feminine, and Family Care	5,557	1,219	800	5,227	1,177	800
Corporate	(159)	327	652	206	349	636
Total Company	$  22,175	$          5,218	$             4,076	$    21,737	$         5,155	$             4,034

	THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
	(Amounts in Millions)
	Segment Earnings Information
	Three Months Ended September 30, 2012
	Previously Reported			Revised
	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations
Beauty	$         4,940	$                        852	$                658	$         4,940	$                       852	$                658
Grooming	2,007	634	466	2,007	634	466
Health Care	2,322	486	321	1,889	445	294
Fabric Care and Home Care	6,503	1,327	877	6,503	1,327	877
Baby, Feminine, and Family Care	5,248	1,123	724	4,824	1,057	724
Corporate	(281)	(596)	(193)	179	(551)	(207)
Total Company	$       20,739	$                     3,826	$             2,853	$       20,342	$                    3,764	$             2,812

	THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
	(Amounts in Millions)
	Segment Earnings Information
	Twelve Months Ended June 30, 2013
	Previously Reported			Revised
	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations	Net Sales	Earnings From Continuing Operations Before Income Taxes	Net Earnings from Continuing Operations
Beauty	$       19,956	$                     3,215	$             2,474	$       19,956	$                    3,215	$             2,474
Grooming	8,038	2,458	1,837	8,038	2,458	1,837
Health Care	9,419	1,656	1,130	7,684	1,582	1,093
Fabric Care and Home Care	25,862	4,763	3,089	25,862	4,757	3,089
Baby, Feminine, and Family Care	21,787	4,684	3,047	20,479	4,507	3,047
Corporate	(895)	(1,933)	(175)	562	(1,827)	(239)
Total Company	$       84,167	$                   14,843	$           11,402	$       82,581	$                  14,692	$           11,301

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
	Three Months Ended March 31, 2014
		As Reported			Revised
NET SALES	$	20,559		$	20,178
COST OF PRODUCTS SOLD		10,601			10,366
GROSS PROFIT		9,958			9,812
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE		6,500			6,407
GOODWILL AND  INTANGIBLES IMPAIRMENT CHARGES		0			0
OPERATING INCOME		3,458			3,405
INTEREST EXPENSE		179			179
INTEREST INCOME		29			29
OTHER NON-OPERATING INCOME, NET		20			20
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		3,328			3,275
INCOME TAXES		692			672
NET EARNINGS  FROM CONTINUING OPERATIONS		2,636			2,603
NET EARNINGS FROM DISCONTINUED OPERATIONS		-			33
NET EARNINGS		2,636			2,636
LESS:  NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		27			27
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE	$	2,609		$	2,609
EFFECTIVE TAX RATE		20.8	%		20.5	%
NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	0.94		$	0.93
EARNINGS FROM DISCONTINUED OPERATIONS	$	-		$	0.01
BASIC NET EARNINGS PER COMMON SHARE	$	0.94		$	0.94
DILUTED NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	0.90		$	0.89
EARNINGS  FROM DISCONTINUED OPERATIONS		-		$	0.01
DILUTED NET EARNINGS PER COMMON SHARE	$	0.90		$	0.90
DIVIDENDS PER COMMON SHARE	$	0.602		$	0.602
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		2,894.1			2,894.1

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
	Three Months Ended December 31, 2013
		As Reported			Revised
NET SALES	$	22,280		$	21,897
COST OF PRODUCTS SOLD		11,130			10,884
GROSS PROFIT		11,150			11,013
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE		6,598			6,490
GOODWILL AND  INTANGIBLES IMPAIRMENT CHARGES		0			0
OPERATING INCOME		4,552			4,523
INTEREST EXPENSE		187			187
INTEREST INCOME		23			23
OTHER NON-OPERATING INCOME, NET		43			43
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		4,431			4,402
INCOME TAXES		959			948
NET EARNINGS  FROM CONTINUING OPERATIONS		3,472			3,454
NET EARNINGS FROM DISCONTINUED OPERATIONS		-			18
NET EARNINGS		3,472			3,472
LESS:  NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		44			44
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE	$	3,428		$	3,428
EFFECTIVE TAX RATE		21.6	%		21.5	%
NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	1.24		$	1.23
EARNINGS FROM DISCONTINUED OPERATIONS	$	-		$	0.01
BASIC NET EARNINGS PER COMMON SHARE	$	1.24		$	1.24
DILUTED NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	1.18		$	1.17
EARNINGS  FROM DISCONTINUED OPERATIONS	$	-		$	0.01
DILUTED NET EARNINGS PER COMMON SHARE	$	1.18		$	1.18
DIVIDENDS PER COMMON SHARE	$	0.602		$	0.602
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		2,908.5			2,908.5

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
	Three Months Ended September 30, 2013
		As Reported			Revised
NET SALES	$	21,205		$	20,830
COST OF PRODUCTS SOLD		10,810			10,574
GROSS PROFIT		10,395			10,256
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE		6,244			6,136
GOODWILL AND  INTANGIBLES IMPAIRMENT CHARGES		0			0
OPERATING INCOME		4,151			4,120
INTEREST EXPENSE		165			165
INTEREST INCOME		21			21
OTHER NON-OPERATING INCOME, NET		5			5
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		4,012			3,981
INCOME TAXES		955			942
NET EARNINGS  FROM CONTINUING OPERATIONS		3,057			3,039
NET EARNINGS FROM DISCONTINUED OPERATIONS		-			18
NET EARNINGS		3,057			3,057
LESS:  NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		30			30
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE	$	3,027		$	3,027
EFFECTIVE TAX RATE		23.8	%		23.7	%
NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	1.09		$	1.08
EARNINGS FROM DISCONTINUED OPERATIONS	$	-		$	0.01
BASIC NET EARNINGS PER COMMON SHARE	$	1.09		$	1.09
DILUTED NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	1.04		$	1.03
EARNINGS  FROM DISCONTINUED OPERATIONS	$	-		$	0.01
DILUTED NET EARNINGS PER COMMON SHARE	$	1.04		$	1.04
DIVIDENDS PER COMMON SHARE	$	0.602		$	0.602
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		2,924.3			2,924.3

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
	Three Months Ended June 30, 2013
		As Reported			Revised
NET SALES	$	20,655		$	20,297
COST OF PRODUCTS SOLD		10,854			10,577
GROSS PROFIT		9,801			9,720
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE		6,860			6,761
GOODWILL AND  INTANGIBLES IMPAIRMENT CHARGES		308			308
OPERATING INCOME		2,633			2,651
INTEREST EXPENSE		163			163
INTEREST INCOME		28			28
OTHER NON-OPERATING INCOME, NET		13			13
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		2,511			2,529
INCOME TAXES		629			636
NET EARNINGS  FROM CONTINUING OPERATIONS		1,882			1,893
NET EARNINGS/(LOSS) FROM DISCONTINUED OPERATIONS		-			(11)
NET EARNINGS		1,882			1,882
LESS:  NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		7			7
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE	$	1,875		$	1,875
EFFECTIVE TAX RATE		25.0	%		25.1	%
NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	0.66		$	0.66
EARNINGS FROM DISCONTINUED OPERATIONS	$	-		$	-
BASIC NET EARNINGS PER COMMON SHARE	$	0.66		$	0.66
DILUTED NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	0.64		$	0.64
EARNINGS  FROM DISCONTINUED OPERATIONS	$	-		$	-
DILUTED NET EARNINGS PER COMMON SHARE	$	0.64		$	0.64
DIVIDENDS PER COMMON SHARE	$	0.602		$	0.602
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		2,937.1			2,937.1

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
	Three Months Ended March 31, 2013
		As Reported			Revised
NET SALES	$	20,598		$	20,205
COST OF PRODUCTS SOLD		10,344			10,093
GROSS PROFIT		10,254			10,112
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE		6,849			6,751
GOODWILL AND  INTANGIBLES IMPAIRMENT CHARGES		0			0
OPERATING INCOME		3,405			3,361
INTEREST EXPENSE		163			163
INTEREST INCOME		21			21
OTHER NON-OPERATING INCOME, NET		25			25
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		3,288			3,244
INCOME TAXES		697			682
NET EARNINGS  FROM CONTINUING OPERATIONS		2,591			2,562
NET EARNINGS FROM DISCONTINUED OPERATIONS		-			29
NET EARNINGS		2,591			2,591
LESS:  NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		25			25
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE	$	2,566		$	2,566
EFFECTIVE TAX RATE		21.2	%		21.0	%
NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	0.92		$	0.91
EARNINGS FROM DISCONTINUED OPERATIONS	$	-		$	0.01
BASIC NET EARNINGS PER COMMON SHARE	$	0.92		$	0.92
DILUTED NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	0.88		$	0.87
EARNINGS  FROM DISCONTINUED OPERATIONS		-		$	0.01
DILUTED NET EARNINGS PER COMMON SHARE	$	0.88		$	0.88
DIVIDENDS PER COMMON SHARE	$	0.562		$	0.562
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		2,930.7			2,930.7

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
	Three Months Ended December 31, 2012
		As Reported			Revised
NET SALES	$	22,175		$	21,737
COST OF PRODUCTS SOLD		10,880			10,609
GROSS PROFIT		11,295			11,128
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE		6,803			6,699
GOODWILL AND  INTANGIBLES IMPAIRMENT CHARGES		0			0
OPERATING INCOME		4,492			4,429
INTEREST EXPENSE		169			169
INTEREST INCOME		19			19
OTHER NON-OPERATING INCOME, NET		876			876
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		5,218			5,155
INCOME TAXES		1,142			1,121
NET EARNINGS  FROM CONTINUING OPERATIONS		4,076			4,034
NET EARNINGS FROM DISCONTINUED OPERATIONS		-			42
NET EARNINGS		4,076			4,076
LESS:  NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		19			19
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE	$	4,057		$	4,057
EFFECTIVE TAX RATE		21.9	%		21.7	%
NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	1.46		$	1.44
EARNINGS FROM DISCONTINUED OPERATIONS		-		$	0.02
BASIC NET EARNINGS PER COMMON SHARE	$	1.46		$	1.46
DILUTED NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	1.39		$	1.38
EARNINGS  FROM DISCONTINUED OPERATIONS		-		$	0.01
DILUTED NET EARNINGS PER COMMON SHARE	$	1.39		$	1.39
DIVIDENDS PER COMMON SHARE	$	0.562		$	0.562
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		2,919.1			2,919.1

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
	Three Months Ended September 30, 2012
		As Reported			Revised
NET SALES	$	20,739		$	20,342
COST OF PRODUCTS SOLD		10,350			10,112
GROSS PROFIT		10,389			10,230
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE		6,438			6,341
GOODWILL AND  INTANGIBLES IMPAIRMENT CHARGES		��        0			0
OPERATING INCOME		3,951			3,889
INTEREST EXPENSE		172			172
INTEREST INCOME		19			19
OTHER NON-OPERATING INCOME, NET		28			28
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		3,826			3,764
INCOME TAXES		973			952
NET EARNINGS  FROM CONTINUING OPERATIONS		2,853			2,812
NET EARNINGS FROM DISCONTINUED OPERATIONS		-			41
NET EARNINGS		2,853			2,853
LESS:  NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		39			39
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE	$	2,814		$	2,814
EFFECTIVE TAX RATE		25.4	%		25.3	%
NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	1.00		$	0.99
EARNINGS FROM DISCONTINUED OPERATIONS	$	-		$	0.01
BASIC NET EARNINGS PER COMMON SHARE	$	1.00		$	1.00
DILUTED NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	0.96		$	0.95
EARNINGS  FROM DISCONTINUED OPERATIONS	$	-		$	0.01
DILUTED NET EARNINGS PER COMMON SHARE	$	0.96		$	0.96
DIVIDENDS PER COMMON SHARE	$	0.562		$	0.562
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		2,931.7			2,931.7

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
	Twelve Months Ended June 30, 2013
		As Reported			Revised
NET SALES	$	84,167		$	82,581
COST OF PRODUCTS SOLD		42,428			41,391
GROSS PROFIT		41,739			41,190
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE		26,950			26,552
GOODWILL AND  INTANGIBLES IMPAIRMENT CHARGES		308			308
OPERATING INCOME		14,481			14,330
INTEREST EXPENSE		667			667
INTEREST INCOME		87			87
OTHER NON-OPERATING INCOME, NET		942			942
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		14,843			14,692
INCOME TAXES		3,441			3,391
NET EARNINGS  FROM CONTINUING OPERATIONS		11,402			11,301
NET EARNINGS FROM DISCONTINUED OPERATIONS		-			101
NET EARNINGS		11,402			11,402
LESS:  NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		90			90
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE	$	11,312		$	11,312
EFFECTIVE TAX RATE		23.2	%		23.1	%
NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	4.04		$	4.00
EARNINGS FROM DISCONTINUED OPERATIONS	$	-		$	0.04
BASIC NET EARNINGS PER COMMON SHARE	$	4.04		$	4.04
DILUTED NET EARNINGS PER COMMON SHARE:
EARNINGS FROM CONTINUING OPERATIONS	$	3.86		$	3.83
EARNINGS  FROM DISCONTINUED OPERATIONS	$	-		$	0.03
DILUTED NET EARNINGS PER COMMON SHARE	$	3.86		$	3.86
DIVIDENDS PER COMMON SHARE	$	2.288		$	2.288
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		2,930.6			2,930.6

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 THE PROCTER & GAMBLE COMPANY

  BY:  /s/ Susan S. Whaley

              Susan S. Whaley

              Assistant Secretary

              June 11, 2014