The Procter & Gamble Company (PG) 10-Q 20 Jan 17 2017 Q2 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION	6 Months Ended
	Dec. 31, 2016shares
Document Information [Line Items]
Entity Registrant Name	PROCTER & GAMBLE CO
Entity Central Index Key	80,424
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	PG
Entity Well Known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Files	No
Entity Common Stock, Shares Outstanding	2,556,477,220

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Net Sales		$ 16,856	$ 16,915	$ 33,374	$ 33,442
Cost of Products Sold		8,298	8,460	16,400	16,612
Selling, General and Administrative Expense		4,683	4,602	9,328	9,209
Operating Income		3,875	3,853	7,646	7,621
Interest Expense		122	143	253	283
Interest Income		42	58	77	102
Other Non-operating Income/(Loss), Net		(539)	35	(476)	17
Earnings/(Loss) from Continuing Operations Before Income Taxes		3,256	3,803	6,994	7,457
Income Taxes on Continuing Operations		695	898	1,558	1,775
Net Earnings/(Loss) from Continuing Operations		2,561	2,905	5,436	5,682
Net Earnings/(Loss) from Discontinued Operations		5,335	323	5,217	181
Net Earnings		7,896	3,228	10,653	5,863
Less: Net Earnings Attributable to Noncontrolling Interest		21	22	64	56
Net Earnings Attributable to Procter & Gamble		$ 7,875	$ 3,206	$ 10,589	$ 5,807
Basic Net Earnings Per Common Share
Earnings from Continuing Operations	[1]	$ 0.96	$ 1.04	$ 1.99	$ 2.02
Earnings/(Loss) from Discontinued Operations	[1]	2.05	0.12	1.98	0.07
Basic Net Earnings Per Common Share	[1],[2]	3.01	1.16	3.97	2.09
Diluted Net Earnings Per Common Share
Earnings from Continuing Operations	[1]	0.93	1.01	1.93	1.97
Earnings/(Loss) from Discontinued Operations	[1]	1.95	0.11	1.88	0.06
Diluted Net Earnings Per Common Share	[1],[2]	2.88	1.12	3.81	2.03
Dividends Per Common Share		$ 0.6695	$ 0.6629	$ 1.3390	$ 1.3258
Diluted Weighted Average Common Shares Outstanding		2,737.6	2,864.6	2,780.2	2,865.8
[1]	Basic net earnings per share and Diluted net earnings per share are calculated on Net earnings attributable to Procter & Gamble.
[2]	Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.

CONDOLIDATED STATEMENTS OF COMP

CONDOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Net Earnings	$ 7,896	$ 3,228	$ 10,653	$ 5,863
Financial Statement Translation	(1,988)	(955)	(1,989)	(1,978)
Unrealized Gains/(Losses) on Hedges	864	252	749	210
Unrealized Gains/(Losses) on Investment Securities	(55)	(28)	(68)	(20)
Unrealized Gains/(Losses) on Defined Benefit Retirement Plans	600	143	693	234
Total Other Comprehensive Income (Loss), Net of Tax	(579)	(588)	(615)	(1,554)
Total Comprehensive Income/(Loss)	7,317	2,640	10,038	4,309
Less: Total Comprehensive Income Attributable to Noncontrolling Interest	21	22	64	56
Total Comprehensive Income/(Loss) Attributable to Procter & Gamble	$ 7,296	$ 2,618	$ 9,974	$ 4,253

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Current Assets
Cash and Cash Equivalents	$ 6,051	$ 7,102
Available-for-Sale Investment Securities	7,403	6,246
Accounts Receivable	4,729	4,373
Inventories
Materials and Supplies	1,398	1,188
Work in Process	522	563
Finished Goods	2,867	2,965
Total Inventories	4,787	4,716
Deferred Income Taxes	0	1,507
Prepaid Expenses and Other Current Assets	2,602	2,653
Current Assets Held for Sale	0	7,185
Total Current Assets	25,572	33,782
Property, Plant and Equipment, Net	18,778	19,385
Goodwill	43,458	44,350
Trademarks and Other Intangible Assets, Net	24,185	24,527
Other Noncurrent Assets	5,040	5,092
Total Assets	117,033	127,136
Current Liabilities
Accounts Payable	8,300	9,325
Accrued and Other Liabilities	7,584	7,449
Current Liabilities Held for Sale	0	2,343
Debt Due Within One Year	13,007	11,653
Total Current Liabilities	28,891	30,770
Long-Term Debt	16,460	18,945
Deferred Income Taxes	8,692	9,113
Other Noncurrent Liabilities	9,246	10,325
Total Liabilities	63,289	69,153
Shareholders' Equity
Preferred Stock	$ 1,024	$ 1,038
Common Stock, Shares, Issued	4,009.2	4,009.2
Common Stock, Value, Issued	$ 4,009	$ 4,009
Additional Paid in Capital	63,596	63,714
Reserve For ESOP Debt Retirement	(1,272)	(1,290)
Accumulated Other Comprehensive Income/(Loss)	(16,522)	(15,907)
Treasury Stock	(92,720)	(82,176)
Retained Earnings	94,945	87,953
Noncontrolling Interest	684	642
Total Shareholders' Equity	53,744	57,983
Total Liabilities and Shareholders' Equity	$ 117,033	$ 127,136

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2016		Dec. 31, 2015
Statement of Cash Flows [Abstract]
Cash and Cash Equivalents, Beginning of Period	$ 7,102		$ 6,836
Operating Activities
Net Earnings	10,653		5,863
Depreciation and Amortization	1,435		1,454
Gain (Loss) on Extinguishment of Debt	543		0
Share-based Compensation Expense	104		140
Deferred Income Taxes	(448)		140
Gain on Sale of Businesses	(5,343)		(37)
Goodwill and Intangible Asset Impairment Charges	0		402
Changes In:
Accounts Receivable	(595)		(488)
Inventories	(247)		(386)
Accounts Payable, Accrued and Other Liabilities	(296)		322
Other Operating Assets and Liabilities	152		374
Other Noncash Expense	67		234
Total Operating Activities	6,025		8,018
Investing Activities
Capital Expenditures	(1,429)		(1,223)
Proceeds from Asset Sales	280		80
Acquisitions, Net of Cash Acquired	(16)		(186)
Purchases of Short-term Investments	(1,739)		(762)
Proceeds from Sales of Short-term Investments	354		683
Increase (Decrease) in Restricted Cash	(874)		0
Cash Transferred to Discontinued Beauty Business	(475)		0
Release of Restricted Cash	1,870		0
Change in Other Investments	8		(31)
Total Investing Activites	(2,021)		(1,439)
Financing Activities
Dividends to Shareholders	(3,637)		(3,733)
Change in Short-term Debt	2,715		2,020
Additions to Long-term Debt	2,641		1,721
Reductions of Long-term Debt	(5,029)	[1]	(2,239)
Treasury Stock Purchases	(2,503)		(2,503)
Impact of Stock Options and Other	1,074		1,007
Total Financing Activities	(4,739)		(3,727)
Effect of Exchange Rate on Cash and Cash Equivalents	(316)		(285)
Change in Cash and Cash Equivalents	(1,051)		2,567
Cash and Cash Equivalents, End of Period	$ 6,051		$ 9,403
[1]	Includes $543 of costs related to early extinguishment of debt.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Basis of Presentation These statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2016 . In the opinion of management, the accompanying unaudited Consolidated Financial Statements of The Procter & Gamble Company and subsidiaries (the "Company," "Procter & Gamble," "P&G," "we" or "our") contain all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods reported. However, the results of operations included in such financial statements may not necessarily be indicative of annual results.

NEW ACCOUNTING PRONOUNCEMENTS A

NEW ACCOUNTING PRONOUNCEMENTS AND POLICIES	6 Months Ended
	Dec. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]	New Accounting Pronouncements and Policies In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)". This guidance outlines a single, comprehensive model for accounting for revenue from contracts with customers. We will adopt the standard no later than July 1, 2018. While we are currently assessing the impact of the new standard, our revenue is primarily generated from the sale of finished product to customers. Those sales predominantly contain a single delivery element and revenue is recognized at a single point in time when ownership, risks and rewards transfer. These are largely un-impacted by the new standard. Therefore we do not expect this new guidance to have a material impact on our Consolidated Financial Statements. In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes". This guidance simplifies the presentation of deferred taxes on the balance sheet by requiring that all deferred tax assets and liabilities be classified as non-current. The new standard is effective for us beginning July 1, 2017, with early adoption permitted. We elected to early adopt the new guidance on a prospective basis in the first quarter of fiscal year 2017. The impact was not significant. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)". The standard requires lessees to recognize lease assets and lease liabilities on the balance sheet and requires expanded disclosures about leasing arrangements. We will adopt the standard no later than July 1, 2019. We are currently assessing the impact that the new standard will have on our Consolidated Financial Statements, which will consist primarily of a balance sheet gross up of our operating leases. In March 2016, the FASB issued ASU 2016-09, "Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" which changes the accounting for certain aspects of share-based payments to employees. The new guidance requires excess tax benefits (which represent the excess of actual tax benefits received at vest or settlement over the benefits recognized at issuance of share-based payments) and tax deficiencies (which represent the amount by which actual tax benefits received at vest or settlement is lower than the benefits recognized at issuance of share-based payments) to be recorded in the income statement when the awards vest or are settled. The amended guidance also requires excess tax benefits to be classified as an operating activity in the statement of cash flows, rather than a financing activity. The standard further provides an accounting policy election to account for forfeitures as they occur rather than utilizing the estimated amount of forfeitures at the time of issuance. The new standard is effective for us beginning July 1, 2017, with early adoption permitted. We elected to early adopt the new guidance on a prospective basis in the first quarter of fiscal year 2017. The primary impact of adoption was the recognition of excess tax benefits in our Income taxes on continuing operations rather than in Additional paid-in capital for fiscal year 2017 . As a result, we recognized a discrete tax benefit of $129 in Income taxes on continuing operations during the six months ended December 31, 2016 . We also elected to adopt the cash flow presentation of the excess tax benefits prospectively commencing in the first quarter of fiscal 2017. We have elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. None of the other provisions in this amended guidance had a significant impact on our Consolidated Financial Statements. No other new accounting pronouncement issued or effective during the fiscal year had, or is expected to have, a material impact on our Consolidated Financial Statements.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Segment Information As discussed in Note 11, the Beauty Brands and Batteries businesses are presented as discontinued operations and are excluded from segment results for all periods presented. Effective July 1, 2016, the Company began accounting for sales to its Venezuela subsidiaries in Corporate for management reporting purposes. As a result, we are also reflecting such sales in Corporate for segment reporting purposes. This change was made on a prospective basis for both management and external segment reporting purposes and did not have a significant impact on any of the segments. Following is a summary of reportable segment results: Three Months Ended December 31 Six Months Ended December 31 Net Sales Earnings/(Loss) from Continuing Operations Before Income Taxes Net Earnings/(Loss) from Continuing Operations Net Sales Earnings/(Loss) from Continuing Operations Before Income Taxes Net Earnings/(Loss) from Continuing Operations Beauty 2016 $ 2,942 $ 714 $ 540 $ 5,938 $ 1,497 $ 1,132 2015 2,963 774 585 6,004 1,596 1,209 Grooming 2016 1,789 614 469 3,447 1,143 884 2015 1,806 579 441 3,480 1,078 831 Health Care 2016 2,072 608 422 3,933 1,104 742 2015 1,978 564 394 3,774 1,012 712 Fabric & Home Care 2016 5,270 1,125 725 10,572 2,254 1,453 2015 5,347 1,177 773 10,598 2,297 1,520 Baby, Feminine & Family Care 2016 4,645 1,038 680 9,240 2,083 1,377 2015 4,710 1,037 683 9,368 2,148 1,432 Corporate 2016 138 (843 ) (275 ) 244 (1,087 ) (152 ) 2015 111 (328 ) 29 218 (674 ) (22 ) Total Company 2016 $ 16,856 $ 3,256 $ 2,561 $ 33,374 $ 6,994 $ 5,436 2015 16,915 3,803 2,905 33,442 7,457 5,682

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	Goodwill and Other Intangible Assets Goodwill is allocated by reportable segment as follows: Beauty Grooming Health Care Fabric & Home Care Baby, Feminine & Family Care Total Company Goodwill at June 30, 2016 $ 12,645 $ 19,477 $ 5,840 $ 1,856 $ 4,532 $ 44,350 Acquisitions and divestitures — — (10 ) (3 ) — (13 ) Translation and other (308 ) (350 ) (100 ) (30 ) (91 ) (879 ) Goodwill at December 31, 2016 $ 12,337 $ 19,127 $ 5,730 $ 1,823 $ 4,441 $ 43,458 On October 1, 2016, the Company completed the divestiture of four product categories, comprised of 41 of its beauty brands ("Beauty Brands"), to Coty, Inc. The transaction included the global salon professional hair care and color, retail hair color and cosmetics businesses and a majority of the fine fragrances business, along with select hair styling brands (see Note 11). The Beauty Brands have historically been part of the Company's Beauty reportable segment. In accordance with applicable accounting guidance for the disposal of long-lived assets, the results of the Beauty Brands are presented as discontinued operations. As a result, the goodwill attributable to the Beauty Brands as of June 30, 2016 is excluded from the preceding table and is reported as Current assets held for sale in the Consolidated Balance Sheets. Goodwill decreased from June 30, 2016 primarily due to currency translation. The test to evaluate goodwill for impairment is a two-step process. In the first step, we compare the fair value of the reporting unit to its carrying value. If the fair value of the reporting unit is less than its carrying value, we perform a second step to determine the implied fair value of the reporting unit's goodwill. The second step of the impairment analysis requires a valuation of a reporting unit's tangible and intangible assets and liabilities in a manner similar to the allocation of purchase price in a business combination. If the resulting implied fair value of the reporting unit's goodwill is less than its carrying value, that difference represents an impairment. The business unit valuations used to test goodwill and intangible assets for impairment are dependent on a number of significant estimates and assumptions including macroeconomic conditions, overall category growth rates, competitive activities, cost containment, margin expansion and Company business plans. We believe these estimates and assumptions are reasonable. However, future changes in the judgments, assumptions and estimates that are used in our impairment testing for goodwill and indefinite-lived intangible assets, including discount and tax rates or future cash flow projections, could result in significantly different estimates of the fair values. Most of our goodwill reporting units are comprised of a combination of legacy and acquired businesses and as a result have fair value cushions that, at a minimum, exceed two times their underlying carrying values. Certain of our continuing goodwill reporting units, in particular Shave Care and Appliances, are comprised entirely of acquired businesses and as a result have fair value cushions that are not as high. While both of these wholly-acquired reporting units have fair value cushions that currently exceed the underlying carrying values, the Shave Care cushion, as well as the related indefinite-lived intangible assets, have been reduced to approximately 20% or below due in large part to significant currency devaluations in a number of countries relative to the U.S. dollar in recent years. As a result, this unit is more susceptible to impairment risk from adverse changes in business operating plans and macroeconomic environment conditions, including any further significant devaluation of major currencies relative to the U.S. dollar. Any such adverse changes in the future could reduce the underlying cash flows used to estimate fair values and could result in a decline in fair value that could trigger future impairment charges of the business unit's goodwill and indefinite-lived intangibles. Identifiable intangible assets at December 31, 2016 are comprised of: Gross Carrying Amount Accumulated Amortization Intangible assets with determinable lives $ 7,322 $ (4,703 ) Intangible assets with indefinite lives 21,566 — Total identifiable intangible assets $ 28,888 $ (4,703 ) Intangible assets with determinable lives consist of brands, patents, technology and customer relationships. The intangible assets with indefinite lives consist of brands. The amortization expense of intangible assets for the three months ended December 31, 2016 and 2015 was $80 and $99 , respectively. For the six months ended December 31, 2016 and 2015 , the amortization expense of intangible assets was $169 and $203 , respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Earnings Per Share Net earnings attributable to Procter & Gamble less preferred dividends (net of related tax benefits) are divided by the weighted average number of common shares outstanding during the period to calculate Basic net earnings per common share. Diluted net earnings per common share are calculated to give effect to stock options and other stock-based awards and assume conversion of preferred stock. Net earnings attributable to Procter & Gamble and common shares used to calculate Basic and Diluted net earnings per share were as follows: Three Months Ended December 31, 2016 Three Months Ended December 31, 2015 CONSOLIDATED AMOUNTS Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total Net earnings $ 2,561 $ 5,335 $ 7,896 $ 2,905 $ 323 $ 3,228 Net earnings attributable to noncontrolling interests (21 ) — (21 ) (22 ) — (22 ) Net earnings attributable to P&G (Diluted) 2,540 5,335 7,875 2,883 323 3,206 Preferred dividends, net of tax benefit (61 ) — (61 ) (64 ) — (64 ) Net earnings attributable to P&G available to common shareholders (Basic) $ 2,479 $ 5,335 $ 7,814 $ 2,819 $ 323 $ 3,142 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,596.6 2,596.6 2,596.6 2,718.9 2,718.9 2,718.9 Effect of dilutive securities Conversion of preferred shares (1) 100.1 100.1 100.1 104.7 104.7 104.7 Exercise of stock options and other unvested equity awards (2) 40.9 40.9 40.9 41.0 41.0 41.0 Diluted weighted average common shares outstanding 2,737.6 2,737.6 2,737.6 2,864.6 2,864.6 2,864.6 PER SHARE AMOUNTS (3) Basic net earnings per common share $ 0.96 $ 2.05 $ 3.01 $ 1.04 $ 0.12 $ 1.16 Diluted net earnings per common share $ 0.93 $ 1.95 $ 2.88 $ 1.01 $ 0.11 $ 1.12 Six Months Ended December 31, 2016 Six Months Ended December 31, 2015 CONSOLIDATED AMOUNTS Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total Net earnings $ 5,436 $ 5,217 $ 10,653 $ 5,682 $ 181 $ 5,863 Net earnings attributable to noncontrolling interests (64 ) — (64 ) (56 ) — (56 ) Net earnings attributable to P&G (Diluted) 5,372 5,217 10,589 5,626 181 5,807 Preferred dividends, net of tax benefit (124 ) — (124 ) (129 ) — (129 ) Net earnings attributable to P&G available to common shareholders (Basic) $ 5,248 $ 5,217 $ 10,465 $ 5,497 $ 181 $ 5,678 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,635.6 2,635.6 2,635.6 2,719.5 2,719.5 2,719.5 Effect of dilutive securities Conversion of preferred shares (1) 100.5 100.5 100.5 105.2 105.2 105.2 Exercise of stock options and other unvested equity awards (2) 44.1 44.1 44.1 41.1 41.1 41.1 Diluted weighted average common shares outstanding 2,780.2 2,780.2 2,780.2 2,865.8 2,865.8 2,865.8 PER SHARE AMOUNTS (3) Basic net earnings per common share $ 1.99 $ 1.98 $ 3.97 $ 2.02 $ 0.07 $ 2.09 Diluted net earnings per common share $ 1.93 $ 1.88 $ 3.81 $ 1.97 $ 0.06 $ 2.03 (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) Outstanding stock options of approximately 27 million and 48 million for the three months ended December 31, 2016 and 2015 , respectively, and approximately 27 million and 69 million for the six months ended December 31, 2016 and 2015 , 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) Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.

SHARE-BASED COMPENSATION AND PO

SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS	6 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation and Employee Benefit Plans [Text Block]	Share-Based Compensation and Postretirement Benefits The following table provides a summary of our share-based compensation expense and postretirement benefit costs: Three Months Ended December 31 Six Months Ended December 31 2016 2015 2016 2015 Share-based compensation expense $ 74 $ 74 $ 118 $ 140 Net periodic benefit cost for pension benefits (1) 257 85 353 171 Net periodic benefit cost/(credit) for other retiree benefits (1) 58 (25 ) 39 (49 ) (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, 2016 . The disclosures above for both share-based compensation and postretirement benefits include amounts related to discontinued operations which were not material in any period presented.

RISK MANAGEMENT ACTIVITIES AND

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 2016
Risk Management Activities and Fair Value Measurements [Abstract]
Risk Management And Fair Value [Text Block]	Risk Management Activities and Fair Value Measurements As a multinational company with diverse product offerings, we are exposed to market risks, such as changes in interest rates, currency exchange rates and commodity prices. There have been no significant changes in our risk management policies or activities during the six months ended December 31, 2016 . The Company has not changed its valuation techniques used in measuring the fair value of any financial assets and liabilities during the period. The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each quarter. There were no transfers between levels during the periods presented. Also, there was no significant activity within the Level 3 assets and liabilities during the periods presented. There were no significant assets or liabilities that were remeasured at fair value on a non-recurring basis for the six months ended December 31, 2016 . The following table sets forth the Company’s financial assets as of December 31, 2016 and June 30, 2016 that are measured at fair value on a recurring basis during the period: Fair Value Asset December 31, 2016 June 30, 2016 Investments U.S. government securities $ 5,599 $ 4,839 Corporate bond securities 1,804 1,407 Other investments 30 28 Total $ 7,433 $ 6,274 Investment securities are presented in Available-for-sale investment securities and Other noncurrent assets. The amortized cost of U.S. government securities with maturities less than one year was $1,642 as of December 31, 2016 and $292 as of June 30, 2016 . The amortized cost of U.S. government securities with maturities between one and five years was $3,983 as of December 31, 2016 and $4,513 as of June 30, 2016 . The amortized cost of Corporate bond securities with maturities of less than a year was $443 as of December 31, 2016 and $382 as of June 30, 2016 . The amortized cost of Corporate bond securities with maturities between one and five years was $1,369 as of December 31, 2016 and $1,018 as of June 30, 2016 . The Company's investments measured at fair value are generally classified as Level 2 within the fair value hierarchy. There are no material investment balances classified as either Level 1 or Level 3 within the fair value hierarchy. Fair values are generally estimated based upon quoted market prices for similar instruments. The fair value of long-term debt was $19,870 and $24,362 as of December 31, 2016 and June 30, 2016 , respectively. This includes the current portion ( $1,790 and $2,761 as of December 31, 2016 and June 30, 2016 , respectively) of debt instruments. Certain long-term debt is recorded at fair value. Certain long-term debt is not recorded at fair value on a recurring basis but is measured at fair value for disclosure purposes. Long-term debt with fair value of $1,700 and $2,331 as of December 31, 2016 and June 30, 2016 , respectively, is classified as Level 2 within the fair value hierarchy. All remaining long-term debt is classified as Level 1 within the fair value hierarchy. Fair values are generally estimated based on quoted market prices for identical or similar instruments. The following table sets forth the notional amounts and fair values of qualifying and non-qualifying financial instruments used in hedging transactions as of December 31, 2016 and June 30, 2016 : Notional Amount Fair Value Asset/(Liability) December 31, 2016 June 30, 2016 December 31, 2016 June 30, 2016 Derivatives in Cash Flow Hedging Relationships Foreign currency contracts $ 798 $ 798 $ 116 $ 31 Derivatives in Fair Value Hedging Relationships Interest rate contracts $ 4,393 $ 4,993 $ 191 $ 371 Derivatives in Net Investment Hedging Relationships Net investment hedges $ 3,044 $ 3,013 $ 147 $ (87 ) Derivatives Not Designated as Hedging Instruments Foreign currency contracts $ 3,745 $ 6,482 $ (20 ) $ (10 ) All derivative assets are presented in Prepaid expenses and other current assets or Other noncurrent assets. All derivative liabilities are presented in Accrued and other liabilities or Other noncurrent liabilities. The total notional amount of contracts outstanding at the end of the period is indicative of the Company's derivative activity during the period. The change in the notional balance of foreign currency contracts not designated as hedging instruments during the period reflects changes in the level of intercompany financing activity. All of the Company's derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. Amount of Gain/(Loss) Recognized in AOCI on Derivatives (Effective Portion) December 31, 2016 June 30, 2016 Derivatives in Cash Flow Hedging Relationships Interest rate contracts $ (2 ) $ (2 ) Foreign currency contracts (7 ) — Total $ (9 ) $ (2 ) Derivatives in Net Investment Hedging Relationships Net investment hedges $ 94 $ (53 ) During the next 12 months, the amount of the December 31, 2016 Accumulated other comprehensive income (AOCI) balance that will be reclassified to earnings is expected to be immaterial. The amounts of gains and losses on qualifying and non-qualifying financial instruments used in hedging transactions for the three and six months ended December 31, 2016 and 2015 are as follows: Amount of Gain/(Loss) Reclassified from AOCI into Earnings Three Months Ended December 31 Six Months Ended December 31 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationships (1) Interest rate contracts $ — $ 1 $ — $ 3 Foreign currency contracts 107 8 99 (1 ) Total $ 107 $ 9 $ 99 $ 2 Amount of Gain/(Loss) Recognized in Earnings Three Months Ended December 31 Six Months Ended December 31 2016 2015 2016 2015 Derivatives in Fair Value Hedging Relationships (2) Interest rate contracts $ (152 ) $ (50 ) $ (180 ) $ 39 Debt 152 50 180 (39 ) Total $ — $ — $ — $ — Derivatives in Net Investment Hedging Relationships (2) Net investment hedges $ — $ — $ — $ — Derivatives Not Designated as Hedging Instruments (3) Foreign currency contracts $ (176 ) $ (158 ) $ (184 ) $ (220 ) (1) The gain or loss on the effective portion of cash flow hedging relationships is reclassified from AOCI into net income in the same period during which the related item affects earnings. Such amounts are included in the Consolidated Statements of Earnings as follows: interest rate contracts in Interest expense and foreign currency contracts in Selling, general and administrative expense (SG&A) and Interest expense. (2) The gain or loss on the ineffective portion of interest rate contracts and net investment hedges, if any, is included in the Consolidated Statements of Earnings in Interest expense. (3) The gain or loss on foreign currency contracts not designated as hedging instruments is included in the Consolidated Statements of Earnings in SG&A. This gain or loss substantially offsets the foreign currency mark-to-market impact of the related exposure.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Comprehensive Income (Loss) Note [Text Block]	Accumulated Other Comprehensive Income/(Loss) The table below presents the changes in Accumulated other comprehensive income/(loss) by component and the reclassifications out of Accumulated other comprehensive income/(loss): Changes in Accumulated Other Comprehensive Income/(Loss) by Component Hedges Investment Securities Pension and Other Retiree Benefits Financial Statement Translation Total Balance at June 30, 2016 $ (2,641 ) $ 34 $ (5,798 ) $ (7,502 ) $ (15,907 ) OCI before reclassifications (1) 848 (63 ) 385 (1,989 ) (819 ) Amounts reclassified from AOCI (2) (3) (99 ) (5 ) 308 — 204 Net current period OCI 749 (68 ) 693 (1,989 ) (615 ) Balance at December 31, 2016 $ (1,892 ) $ (34 ) $ (5,105 ) $ (9,491 ) $ (16,522 ) (1) Net of tax expense/(benefit) of $453 , $(6) and $113 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 $114 for gains/losses on hedges, investment securities and pension and other retiree benefit items, respectively. (3) See Note 7 for classification of gains and losses from hedges in the Consolidated Statements of Earnings. Gains and losses on investment securities are reclassified from AOCI into Other non-operating income/(loss), net. Gains and losses on pension and other retiree benefits are reclassified from AOCI into Cost of products sold and SG&A and are included in the computation of net periodic pension costs.

RESTRUCTURING PROGRAM

RESTRUCTURING PROGRAM	6 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	Restructuring Program The Company has historically incurred an ongoing annual level of restructuring-type activities to maintain a competitive cost structure, including manufacturing and workforce optimization. Before-tax costs incurred under the ongoing program have generally ranged from $250 to $500 annually. In fiscal 2012, the Company initiated an incremental restructuring program as part of a productivity and cost savings plan to reduce costs in the areas of supply chain, research and development, marketing and overheads. The productivity and cost savings plan was designed to accelerate cost reductions by streamlining management decision making, manufacturing and other work processes in order to help fund the Company's growth strategy. The Company expects to incur approximately $5.5 billion in before-tax restructuring costs over a six year period (from fiscal 2012 through fiscal 2017 ), including costs incurred as part of the ongoing and incremental restructuring program. The program includes a non-manufacturing overhead enrollment reduction target of approximately 25% - 30% by the end of fiscal 2017 . Through December 31, 2016 , the Company reduced non-manufacturing enrollment by approximately 26% . The reductions are enabled by the elimination of duplicate work, simplification through the use of technology and optimization of various functional and business organizations and the Company's global footprint. In addition, the plan includes integration of newly acquired companies and the optimization of the supply chain and other manufacturing processes. Restructuring costs incurred consist primarily of costs to separate employees, asset-related costs to exit facilities and other costs. Through fiscal 2016 , the Company incurred charges of approximately $4.9 billion . Approximately $2.3 billion of these charges were related to separations, $1.4 billion were asset-related costs and $1.2 billion were related to other restructuring-type costs. For the three and six month periods ended December 31, 2016 , the Company incurred total restructuring charges of approximately $180 and $348 , respectively. For the three and six month periods ended December 31, 2016 , $27 and $48 of these charges were recorded in SG&A, respectively. For the three and six month periods ended December 31, 2016 , $148 and $277 of these charges were recorded in Cost of products sold, respectively. The remainder of the charges were included in discontinued operations. The following table presents restructuring activity for the six months ended December 31, 2016 : Six Months Ended December 31, 2016 Accrual Balance June 30, 2016 Charges Previously Reported (Three Months Ended September 30, 2016) Charges for the Three Months Ended December 31, 2016 Cash Spent (1) Charges Against Assets Accrual Balance December 31, 2016 Separations $ 243 $ 47 $ 49 $ (107 ) $ — $ 232 Asset-related costs — 105 101 — (206 ) — Other costs 72 16 30 (62 ) — 56 Total $ 315 $ 168 $ 180 $ (169 ) $ (206 ) $ 288 (1) Includes liabilities transferred to Coty related to our Beauty Brands divestiture. Separation Costs Employee separation charges for the three and six month periods ended December 31, 2016 relate to severance packages for approximately 520 and 1,040 employees, respectively. Separations related to non-manufacturing employees were approximately 110 and 190 employees for the three and six month periods ended December 31, 2016 , respectively. The packages are predominantly voluntary and the amounts are calculated based on salary levels and past service periods. Severance costs related to voluntary separations are generally charged to earnings when the employee accepts the offer. Since its inception, the restructuring program has incurred separation charges related to approximately 18,110 employees, of which approximately 9,730 are non-manufacturing overhead personnel. Asset-Related Costs Asset-related costs consist of both asset write-downs and accelerated depreciation. Asset write-downs relate to the establishment of a new fair value basis for assets held-for-sale or disposal. These assets were written down to the lower of their current carrying basis or amounts expected to be realized upon disposal, less minor disposal costs. Charges for accelerated depreciation relate to long-lived assets that will be taken out of service prior to the end of their normal service period. These assets relate primarily to manufacturing consolidations and technology standardizations. The asset-related charges will not have a significant impact on future depreciation charges. Other Costs Other restructuring-type charges are incurred as a direct result of the restructuring program. Such charges primarily include employee relocation related to separations and office consolidations, termination of contracts related to supply chain redesign and the cost to change internal systems and processes to support the underlying organizational changes. Consistent with our historical policies for ongoing restructuring-type activities, the restructuring program charges are funded by and included within Corporate for both management and segment reporting. Accordingly, all of the charges under the program are included within the Corporate reportable segment. However, for informative purposes, the following table summarizes the total restructuring costs related to our reportable segments: Three Months Ended December 31, 2016 Six Months Ended December 31, 2016 Beauty $ 21 $ 40 Grooming 12 17 Health Care 4 8 Fabric & Home Care 50 77 Baby, Feminine & Family Care 46 100 Corporate (1) 47 106 Total Company $ 180 $ 348 (1) Corporate includes costs related to allocated overheads, including charges related to our Sales and Market Operations, Global Business Services and Corporate Functions activities and costs related to discontinued operations from our Beauty Brands businesses.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Commitments and Contingencies Litigation The Company is subject to various legal proceedings and claims arising out of our business which cover a wide range of matters such as antitrust, trade and other governmental regulations, product liability, patent and trademark, advertising, contracts, environmental, labor and employment and tax. With respect to these and other litigation and claims, while considerable uncertainty exists, in the opinion of management and our counsel, the ultimate resolution of the various lawsuits and claims will not materially affect our financial position, results of operations or cash flows. We are also subject to contingencies pursuant to environmental laws and regulations that in the future may require us to take action to correct the effects on the environment of prior manufacturing and waste disposal practices. Based on currently available information, we do not believe the ultimate resolution of environmental remediation will materially affect our financial position, results of operations or cash flows. Income Tax Uncertainties The Company is present in approximately 140 taxable jurisdictions and, at any point in time, has 50 – 60 jurisdictional audits underway at various stages of completion. We evaluate our tax positions and establish liabilities for uncertain tax positions that may be challenged by local authorities and may not be fully sustained, despite our belief that the underlying tax positions are fully supportable. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances, including progress of tax audits, developments in case law and closing of statutes of limitations. Such adjustments are reflected in the tax provision as appropriate. We have tax years open ranging from 2008 and forward. We are generally not able to reliably estimate the ultimate settlement amounts until the close of the audit. Based on information currently available, we anticipate that over the next 12 month period, audit activity could be completed related to uncertain tax positions in multiple jurisdictions for which we have accrued liabilities of approximately $180 , including interest and penalties. Additional information on the Commitments and Contingencies of the Company can be found in our Annual Report on Form 10-K for the year ended June 30, 2016 .

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Discontinued Operations On October 1, 2016, the Company completed the divestiture of four product categories to Coty, Inc. (“Coty”). The divestiture included 41 of the Company's beauty brands (“Beauty Brands”), including the global salon professional hair care and color, retail hair color, cosmetics and a majority of the fine fragrance businesses, along with select hair styling brands. The form of the divestiture transaction was a Reverse Morris Trust split-off, in which P&G shareholders were given the election to exchange their P&G shares for shares of a new corporation that held the Beauty Brands (Galleria Co.), and then immediately exchange those shares for Coty shares. The value P&G received in the transaction was $11.4 billion . The value is comprised of 105 million shares of common stock of the Company, which were tendered by shareholders of the Company and exchanged for the Galleria Co. shares, valued at approximately $9.4 billion , and the assumption of $1.9 billion of debt by Galleria Co.. The shares tendered in the transaction were reflected as an addition to treasury stock and the cash received related to the debt assumed by Coty was reflected as an investing activity in the Consolidated Statement of Cash Flows. The Company recorded an after-tax gain on the final transaction of $5.3 billion , net of transaction and related costs. Two of the fine fragrance brands, Dolce & Gabbana and Christina Aguilera, were excluded from the divestiture. These brands were divested at amounts that approximated their adjusted carrying values. In February 2016, the Company completed the divestiture of its Batteries business to Berkshire Hathaway (BH) via a split transaction, in which the Company exchanged Duracell, which the Company had infused with approximately $1.9 billion of additional cash, to repurchase all 52.5 million shares of P&G stock owned by BH. During fiscal 2016, the Company recorded a non-cash, before-tax goodwill and indefinite-lived asset impairment charge of $402 ( $350 after-tax), to reduce the value to the total estimated proceeds based on the value of BH’s shares in P&G stock at the time of the impairment charges. The Company recorded an after-tax gain on the final transaction of $422 to reflect the final value of the BH’s shares in P&G stock. The total value of the transaction was $4.2 billion representing the value of the Duracell business and the cash infusion. The cash infusion was reflected as a purchase of treasury stock. In accordance with applicable accounting guidance for the disposal of long-lived assets, the results of the Beauty Brands and Batteries business are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for all periods presented. Additionally, the Beauty Brands' balance sheet positions are presented as assets and liabilities held for sale in the Consolidated Balance Sheets as of June 30, 2016. The Beauty Brands were historically part of the Company's Beauty reportable segment. The Batteries business was historically part of the Company's Fabric & Home Care reportable segment. On July 1, 2015, the Company adopted ASU 2014-08, which included new reporting and disclosure requirements for discontinued operations. The new requirements are effective for discontinued operations occurring on or after the adoption date, which includes the Beauty Brands divestiture. All other discontinued operations prior to July 1, 2015 are reported based on the previous disclosure requirements for discontinued operations, including the Batteries divestiture. The following table summarizes Net earnings/(loss) from discontinued operations and reconciles to the Consolidated Statements of Earnings: Three Months Ended December 31 Six Months Ended December 31 2016 2015 2016 2015 Beauty Brands $ 5,335 $ 238 $ 5,217 $ 388 Batteries — 85 — (207 ) Net earnings/(loss) from discontinued operations $ 5,335 $ 323 $ 5,217 $ 181 The following is selected financial information included in Net earnings/(loss) from discontinued operations for the Beauty Brands: Beauty Brands Three Months Ended December 31 Six Months Ended December 31 2016 2015 2016 2015 Net sales $ — $ 1,404 $ 1,159 $ 2,623 Cost of products sold — 443 450 828 Selling, general and administrative expense — 664 783 1,311 Interest expense — — 14 — Other non-operating income/(loss), net — (3 ) 16 (2 ) Earnings/(loss) from discontinued operations before income taxes $ — $ 294 $ (72 ) $ 482 Income taxes on discontinued operations — 56 46 94 Gain on sale of business before income taxes $ 5,197 $ — $ 5,197 $ — Income tax expense/(benefit) on sale of business (138 ) (1) — (138 ) (1) — Net earnings/(loss) from discontinued operations $ 5,335 $ 238 $ 5,217 $ 388 (1) The income tax benefit of the Beauty Brands divestiture represents the reversal of underlying deferred tax balances offset by current tax expense related to the transaction. The Beauty Brands incurred transition costs of $167 , after-tax, for the three months ended September 30, 2016, included in the above table. Residual transaction costs for the three months ended December 31, 2016 are included in the gain on the sale of business in the table above. The following is selected financial information related to cash flows from discontinued operations for the Beauty Brands: Beauty Brands Six Months Ended December 31 2016 2015 NON-CASH OPERATING ITEMS Depreciation and amortization $ 24 $ 52 Deferred income tax benefit (649 ) — Before tax gain on sale of business 5,210 — Net increase in accrued taxes 382 — CASH FLOWS FROM OPERATING ACTIVITIES Cash taxes paid $ 129 $ — CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures $ 38 $ 35 The major components of assets and liabilities of the Beauty Brands held for sale are provided below. Beauty Brands June 30, 2016 Cash $ 40 Restricted cash 996 Accounts receivable 384 Inventories 494 Prepaid expenses and other current assets 126 Property, plant and equipment, net 629 Goodwill and intangible assets, net 4,411 Other noncurrent assets 105 Current assets held for sale $ 7,185 Accounts payable $ 148 Accrued and other liabilities 384 Noncurrent deferred tax liabilities 370 Long-term debt 996 Other noncurrent liabilities 445 Current liabilities held for sale $ 2,343 Prior to the transaction, Beauty Brands drew $1.9 billion of debt ( $1.0 billion as of June 30, 2016 ), which as noted above, was used to fund a portion of the transaction. The proceeds were held by the Beauty Brands as of June 30, 2016 . In connection with the closing, this cash reverted to the Company and was used to retire P&G debt as part of a broader $2.5 billion debt retirement program that was completed in November 2016 . The following is selected financial information included in Net earnings/(loss) from discontinued operations for the Batteries business: Batteries Three Months Ended December 31, 2015 Six Months Ended December 31, 2015 Net sales $ 691 $ 1,197 Earnings before impairment charges and income taxes 138 231 Impairment charges — (402 ) Income tax (expense)/benefit (53 ) (36 ) Net earnings/(loss) from discontinued operations $ 85 $ (207 )

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Following is a summary of reportable segment results: Three Months Ended December 31 Six Months Ended December 31 Net Sales Earnings/(Loss) from Continuing Operations Before Income Taxes Net Earnings/(Loss) from Continuing Operations Net Sales Earnings/(Loss) from Continuing Operations Before Income Taxes Net Earnings/(Loss) from Continuing Operations Beauty 2016 $ 2,942 $ 714 $ 540 $ 5,938 $ 1,497 $ 1,132 2015 2,963 774 585 6,004 1,596 1,209 Grooming 2016 1,789 614 469 3,447 1,143 884 2015 1,806 579 441 3,480 1,078 831 Health Care 2016 2,072 608 422 3,933 1,104 742 2015 1,978 564 394 3,774 1,012 712 Fabric & Home Care 2016 5,270 1,125 725 10,572 2,254 1,453 2015 5,347 1,177 773 10,598 2,297 1,520 Baby, Feminine & Family Care 2016 4,645 1,038 680 9,240 2,083 1,377 2015 4,710 1,037 683 9,368 2,148 1,432 Corporate 2016 138 (843 ) (275 ) 244 (1,087 ) (152 ) 2015 111 (328 ) 29 218 (674 ) (22 ) Total Company 2016 $ 16,856 $ 3,256 $ 2,561 $ 33,374 $ 6,994 $ 5,436 2015 16,915 3,803 2,905 33,442 7,457 5,682

GOODWILL AND OTHER INTANGIBLE18

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	Goodwill is allocated by reportable segment as follows: Beauty Grooming Health Care Fabric & Home Care Baby, Feminine & Family Care Total Company Goodwill at June 30, 2016 $ 12,645 $ 19,477 $ 5,840 $ 1,856 $ 4,532 $ 44,350 Acquisitions and divestitures — — (10 ) (3 ) — (13 ) Translation and other (308 ) (350 ) (100 ) (30 ) (91 ) (879 ) Goodwill at December 31, 2016 $ 12,337 $ 19,127 $ 5,730 $ 1,823 $ 4,441 $ 43,458
Schedule of Intangible Assets and Goodwill [Table Text Block]	Identifiable intangible assets at December 31, 2016 are comprised of: Gross Carrying Amount Accumulated Amortization Intangible assets with determinable lives $ 7,322 $ (4,703 ) Intangible assets with indefinite lives 21,566 — Total identifiable intangible assets $ 28,888 $ (4,703 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Net earnings attributable to Procter & Gamble and common shares used to calculate Basic and Diluted net earnings per share were as follows: Three Months Ended December 31, 2016 Three Months Ended December 31, 2015 CONSOLIDATED AMOUNTS Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total Net earnings $ 2,561 $ 5,335 $ 7,896 $ 2,905 $ 323 $ 3,228 Net earnings attributable to noncontrolling interests (21 ) — (21 ) (22 ) — (22 ) Net earnings attributable to P&G (Diluted) 2,540 5,335 7,875 2,883 323 3,206 Preferred dividends, net of tax benefit (61 ) — (61 ) (64 ) — (64 ) Net earnings attributable to P&G available to common shareholders (Basic) $ 2,479 $ 5,335 $ 7,814 $ 2,819 $ 323 $ 3,142 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,596.6 2,596.6 2,596.6 2,718.9 2,718.9 2,718.9 Effect of dilutive securities Conversion of preferred shares (1) 100.1 100.1 100.1 104.7 104.7 104.7 Exercise of stock options and other unvested equity awards (2) 40.9 40.9 40.9 41.0 41.0 41.0 Diluted weighted average common shares outstanding 2,737.6 2,737.6 2,737.6 2,864.6 2,864.6 2,864.6 PER SHARE AMOUNTS (3) Basic net earnings per common share $ 0.96 $ 2.05 $ 3.01 $ 1.04 $ 0.12 $ 1.16 Diluted net earnings per common share $ 0.93 $ 1.95 $ 2.88 $ 1.01 $ 0.11 $ 1.12 Six Months Ended December 31, 2016 Six Months Ended December 31, 2015 CONSOLIDATED AMOUNTS Continuing Operations Discontinued Operations Total Continuing Operations Discontinued Operations Total Net earnings $ 5,436 $ 5,217 $ 10,653 $ 5,682 $ 181 $ 5,863 Net earnings attributable to noncontrolling interests (64 ) — (64 ) (56 ) — (56 ) Net earnings attributable to P&G (Diluted) 5,372 5,217 10,589 5,626 181 5,807 Preferred dividends, net of tax benefit (124 ) — (124 ) (129 ) — (129 ) Net earnings attributable to P&G available to common shareholders (Basic) $ 5,248 $ 5,217 $ 10,465 $ 5,497 $ 181 $ 5,678 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,635.6 2,635.6 2,635.6 2,719.5 2,719.5 2,719.5 Effect of dilutive securities Conversion of preferred shares (1) 100.5 100.5 100.5 105.2 105.2 105.2 Exercise of stock options and other unvested equity awards (2) 44.1 44.1 44.1 41.1 41.1 41.1 Diluted weighted average common shares outstanding 2,780.2 2,780.2 2,780.2 2,865.8 2,865.8 2,865.8 PER SHARE AMOUNTS (3) Basic net earnings per common share $ 1.99 $ 1.98 $ 3.97 $ 2.02 $ 0.07 $ 2.09 Diluted net earnings per common share $ 1.93 $ 1.88 $ 3.81 $ 1.97 $ 0.06 $ 2.03 (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) Outstanding stock options of approximately 27 million and 48 million for the three months ended December 31, 2016 and 2015 , respectively, and approximately 27 million and 69 million for the six months ended December 31, 2016 and 2015 , 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) Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.

SHARE-BASED COMPENSATION AND 20

SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS (Tables)	6 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation and Employee Benefit Plans [Table Text Block]	The following table provides a summary of our share-based compensation expense and postretirement benefit costs: Three Months Ended December 31 Six Months Ended December 31 2016 2015 2016 2015 Share-based compensation expense $ 74 $ 74 $ 118 $ 140 Net periodic benefit cost for pension benefits (1) 257 85 353 171 Net periodic benefit cost/(credit) for other retiree benefits (1) 58 (25 ) 39 (49 ) (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, 2016 .

RISK MANAGEMENT ACTIVITIES AN21

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2016
Risk Management Activities and Fair Value Measurements [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following table sets forth the Company’s financial assets as of December 31, 2016 and June 30, 2016 that are measured at fair value on a recurring basis during the period: Fair Value Asset December 31, 2016 June 30, 2016 Investments U.S. government securities $ 5,599 $ 4,839 Corporate bond securities 1,804 1,407 Other investments 30 28 Total $ 7,433 $ 6,274
Schedule of Derivative Instruments [Table Text Block]	The following table sets forth the notional amounts and fair values of qualifying and non-qualifying financial instruments used in hedging transactions as of December 31, 2016 and June 30, 2016 : Notional Amount Fair Value Asset/(Liability) December 31, 2016 June 30, 2016 December 31, 2016 June 30, 2016 Derivatives in Cash Flow Hedging Relationships Foreign currency contracts $ 798 $ 798 $ 116 $ 31 Derivatives in Fair Value Hedging Relationships Interest rate contracts $ 4,393 $ 4,993 $ 191 $ 371 Derivatives in Net Investment Hedging Relationships Net investment hedges $ 3,044 $ 3,013 $ 147 $ (87 ) Derivatives Not Designated as Hedging Instruments Foreign currency contracts $ 3,745 $ 6,482 $ (20 ) $ (10 )
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Amount of Gain/(Loss) Recognized in AOCI on Derivatives (Effective Portion) December 31, 2016 June 30, 2016 Derivatives in Cash Flow Hedging Relationships Interest rate contracts $ (2 ) $ (2 ) Foreign currency contracts (7 ) — Total $ (9 ) $ (2 ) Derivatives in Net Investment Hedging Relationships Net investment hedges $ 94 $ (53 )
Derivative Instruments, Gain (Loss) [Table Text Block]	The amounts of gains and losses on qualifying and non-qualifying financial instruments used in hedging transactions for the three and six months ended December 31, 2016 and 2015 are as follows: Amount of Gain/(Loss) Reclassified from AOCI into Earnings Three Months Ended December 31 Six Months Ended December 31 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationships (1) Interest rate contracts $ — $ 1 $ — $ 3 Foreign currency contracts 107 8 99 (1 ) Total $ 107 $ 9 $ 99 $ 2 Amount of Gain/(Loss) Recognized in Earnings Three Months Ended December 31 Six Months Ended December 31 2016 2015 2016 2015 Derivatives in Fair Value Hedging Relationships (2) Interest rate contracts $ (152 ) $ (50 ) $ (180 ) $ 39 Debt 152 50 180 (39 ) Total $ — $ — $ — $ — Derivatives in Net Investment Hedging Relationships (2) Net investment hedges $ — $ — $ — $ — Derivatives Not Designated as Hedging Instruments (3) Foreign currency contracts $ (176 ) $ (158 ) $ (184 ) $ (220 ) (1) The gain or loss on the effective portion of cash flow hedging relationships is reclassified from AOCI into net income in the same period during which the related item affects earnings. Such amounts are included in the Consolidated Statements of Earnings as follows: interest rate contracts in Interest expense and foreign currency contracts in Selling, general and administrative expense (SG&A) and Interest expense. (2) The gain or loss on the ineffective portion of interest rate contracts and net investment hedges, if any, is included in the Consolidated Statements of Earnings in Interest expense. (3) The gain or loss on foreign currency contracts not designated as hedging instruments is included in the Consolidated Statements of Earnings in SG&A. This gain or loss substantially offsets the foreign currency mark-to-market impact of the related exposure.

ACCUMULATED OTHER COMPREHENSI22

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The table below presents the changes in Accumulated other comprehensive income/(loss) by component and the reclassifications out of Accumulated other comprehensive income/(loss): Changes in Accumulated Other Comprehensive Income/(Loss) by Component Hedges Investment Securities Pension and Other Retiree Benefits Financial Statement Translation Total Balance at June 30, 2016 $ (2,641 ) $ 34 $ (5,798 ) $ (7,502 ) $ (15,907 ) OCI before reclassifications (1) 848 (63 ) 385 (1,989 ) (819 ) Amounts reclassified from AOCI (2) (3) (99 ) (5 ) 308 — 204 Net current period OCI 749 (68 ) 693 (1,989 ) (615 ) Balance at December 31, 2016 $ (1,892 ) $ (34 ) $ (5,105 ) $ (9,491 ) $ (16,522 ) (1) Net of tax expense/(benefit) of $453 , $(6) and $113 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 $114 for gains/losses on hedges, investment securities and pension and other retiree benefit items, respectively. (3) See Note 7 for classification of gains and losses from hedges in the Consolidated Statements of Earnings. Gains and losses on investment securities are reclassified from AOCI into Other non-operating income/(loss), net. Gains and losses on pension and other retiree benefits are reclassified from AOCI into Cost of products sold and SG&A and are included in the computation of net periodic pension costs.

RESTRUCTURING PROGRAM (Tables)

RESTRUCTURING PROGRAM (Tables)	6 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The following table presents restructuring activity for the six months ended December 31, 2016 : Six Months Ended December 31, 2016 Accrual Balance June 30, 2016 Charges Previously Reported (Three Months Ended September 30, 2016) Charges for the Three Months Ended December 31, 2016 Cash Spent (1) Charges Against Assets Accrual Balance December 31, 2016 Separations $ 243 $ 47 $ 49 $ (107 ) $ — $ 232 Asset-related costs — 105 101 — (206 ) — Other costs 72 16 30 (62 ) — 56 Total $ 315 $ 168 $ 180 $ (169 ) $ (206 ) $ 288 (1) Includes liabilities transferred to Coty related to our Beauty Brands divestiture.
Restructuring and Related Costs [Table Text Block]	However, for informative purposes, the following table summarizes the total restructuring costs related to our reportable segments: Three Months Ended December 31, 2016 Six Months Ended December 31, 2016 Beauty $ 21 $ 40 Grooming 12 17 Health Care 4 8 Fabric & Home Care 50 77 Baby, Feminine & Family Care 46 100 Corporate (1) 47 106 Total Company $ 180 $ 348 (1) Corporate includes costs related to allocated overheads, including charges related to our Sales and Market Operations, Global Business Services and Corporate Functions activities and costs related to discontinued operations from our Beauty Brands businesses.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	The following table summarizes Net earnings/(loss) from discontinued operations and reconciles to the Consolidated Statements of Earnings: Three Months Ended December 31 Six Months Ended December 31 2016 2015 2016 2015 Beauty Brands $ 5,335 $ 238 $ 5,217 $ 388 Batteries — 85 — (207 ) Net earnings/(loss) from discontinued operations $ 5,335 $ 323 $ 5,217 $ 181
Discontinued Operations and Disposal Groups - Beauty Brands [Table Text Block]	The following is selected financial information related to cash flows from discontinued operations for the Beauty Brands: Beauty Brands Six Months Ended December 31 2016 2015 NON-CASH OPERATING ITEMS Depreciation and amortization $ 24 $ 52 Deferred income tax benefit (649 ) — Before tax gain on sale of business 5,210 — Net increase in accrued taxes 382 — CASH FLOWS FROM OPERATING ACTIVITIES Cash taxes paid $ 129 $ — CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures $ 38 $ 35 The major components of assets and liabilities of the Beauty Brands held for sale are provided below. Beauty Brands June 30, 2016 Cash $ 40 Restricted cash 996 Accounts receivable 384 Inventories 494 Prepaid expenses and other current assets 126 Property, plant and equipment, net 629 Goodwill and intangible assets, net 4,411 Other noncurrent assets 105 Current assets held for sale $ 7,185 Accounts payable $ 148 Accrued and other liabilities 384 Noncurrent deferred tax liabilities 370 Long-term debt 996 Other noncurrent liabilities 445 Current liabilities held for sale $ 2,343 The following is selected financial information included in Net earnings/(loss) from discontinued operations for the Beauty Brands: Beauty Brands Three Months Ended December 31 Six Months Ended December 31 2016 2015 2016 2015 Net sales $ — $ 1,404 $ 1,159 $ 2,623 Cost of products sold — 443 450 828 Selling, general and administrative expense — 664 783 1,311 Interest expense — — 14 — Other non-operating income/(loss), net — (3 ) 16 (2 ) Earnings/(loss) from discontinued operations before income taxes $ — $ 294 $ (72 ) $ 482 Income taxes on discontinued operations — 56 46 94 Gain on sale of business before income taxes $ 5,197 $ — $ 5,197 $ — Income tax expense/(benefit) on sale of business (138 ) (1) — (138 ) (1) — Net earnings/(loss) from discontinued operations $ 5,335 $ 238 $ 5,217 $ 388 (1) The income tax benefit of the Beauty Brands divestiture represents the reversal of underlying deferred tax balances offset by current tax expense related to the transaction.
Disposal Groups, Including Discontinued Operations - Batteries [Table Text Block]	The following is selected financial information included in Net earnings/(loss) from discontinued operations for the Batteries business: Batteries Three Months Ended December 31, 2015 Six Months Ended December 31, 2015 Net sales $ 691 $ 1,197 Earnings before impairment charges and income taxes 138 231 Impairment charges — (402 ) Income tax (expense)/benefit (53 ) (36 ) Net earnings/(loss) from discontinued operations $ 85 $ (207 )

NEW ACCOUNTING PRONOUNCEMENTS25

NEW ACCOUNTING PRONOUNCEMENTS AND POLICIES - ADDITIONAL INFORMATION (Details) $ in Millions	6 Months Ended
	Dec. 31, 2016USD ($)
Accounting Changes and Error Corrections [Abstract]
Income Tax Benefit (Expense), behind New Accounting Pronouncement	$ 129

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net Sales	$ 16,856	$ 16,915	$ 33,374	$ 33,442
Earnings/(Loss) from Continuing Operations Before Income Taxes	3,256	3,803	6,994	7,457
Net Earnings/(Loss) from Continuing Operations	2,561	2,905	5,436	5,682
Beauty
Segment Reporting Information [Line Items]
Net Sales	2,942	2,963	5,938	6,004
Earnings/(Loss) from Continuing Operations Before Income Taxes	714	774	1,497	1,596
Net Earnings/(Loss) from Continuing Operations	540	585	1,132	1,209
Grooming
Segment Reporting Information [Line Items]
Net Sales	1,789	1,806	3,447	3,480
Earnings/(Loss) from Continuing Operations Before Income Taxes	614	579	1,143	1,078
Net Earnings/(Loss) from Continuing Operations	469	441	884	831
Health Care
Segment Reporting Information [Line Items]
Net Sales	2,072	1,978	3,933	3,774
Earnings/(Loss) from Continuing Operations Before Income Taxes	608	564	1,104	1,012
Net Earnings/(Loss) from Continuing Operations	422	394	742	712
Fabric & Home Care
Segment Reporting Information [Line Items]
Net Sales	5,270	5,347	10,572	10,598
Earnings/(Loss) from Continuing Operations Before Income Taxes	1,125	1,177	2,254	2,297
Net Earnings/(Loss) from Continuing Operations	725	773	1,453	1,520
Baby, Feminine & Family Care
Segment Reporting Information [Line Items]
Net Sales	4,645	4,710	9,240	9,368
Earnings/(Loss) from Continuing Operations Before Income Taxes	1,038	1,037	2,083	2,148
Net Earnings/(Loss) from Continuing Operations	680	683	1,377	1,432
Corporate
Segment Reporting Information [Line Items]
Net Sales	138	111	244	218
Earnings/(Loss) from Continuing Operations Before Income Taxes	(843)	(328)	(1,087)	(674)
Net Earnings/(Loss) from Continuing Operations	$ (275)	$ 29	$ (152)	$ (22)

GOODWILL AND OTHER INTANGIBLE27

GOODWILL AND OTHER INTANGIBLE ASSETS - ADDITIONAL INFORMATION (Details) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Oct. 01, 2016
Other Significant Noncash Transactions [Line Items]
Amortization of Intangible Assets	$ 80	$ 99	$ 169	$ 203
Shave Care
Other Significant Noncash Transactions [Line Items]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	20.00%		20.00%
Beauty Brands
Other Significant Noncash Transactions [Line Items]
Disposal Groups - Number of Product Categories					4
Disposal Groups - Number of Brands					41

GOODWILL AND OTHER INTANGIBLE28

GOODWILL AND OTHER INTANGIBLE ASSETS - CHANGE IN THE NET CARRYING AMOUNT OF GOODWILL BY GLOBAL BUSINESS UNIT (Details) $ in Millions	6 Months Ended
	Dec. 31, 2016USD ($)
Goodwill [Roll Forward]
Goodwill at June 30, 2016	$ 44,350
Goodwill, Acquisitions and Divestitures	(13)
Goodwill, Translation and Other	(879)
Goodwill at December 31, 2016	43,458
Beauty
Goodwill [Roll Forward]
Goodwill at June 30, 2016	12,645
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	(308)
Goodwill at December 31, 2016	12,337
Grooming
Goodwill [Roll Forward]
Goodwill at June 30, 2016	19,477
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	(350)
Goodwill at December 31, 2016	19,127
Health Care
Goodwill [Roll Forward]
Goodwill at June 30, 2016	5,840
Goodwill, Acquisitions and Divestitures	(10)
Goodwill, Translation and Other	(100)
Goodwill at December 31, 2016	5,730
Fabric & Home Care
Goodwill [Roll Forward]
Goodwill at June 30, 2016	1,856
Goodwill, Acquisitions and Divestitures	(3)
Goodwill, Translation and Other	(30)
Goodwill at December 31, 2016	1,823
Baby, Feminine & Family Care
Goodwill [Roll Forward]
Goodwill at June 30, 2016	4,532
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	(91)
Goodwill at December 31, 2016	$ 4,441

GOODWILL AND OTHER INTANGIBLE29

GOODWILL AND OTHER INTANGIBLE ASSETS - IDENTIFIABLE INTANGIBLE ASSETS (Details) $ in Millions	Dec. 31, 2016USD ($)
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 28,888
Accumulated Amortization	(4,703)
Intangible Assets with Indefinite Lives
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,566
Accumulated Amortization	0
Intangible Assets with Determinable Lives
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,322
Accumulated Amortization	$ (4,703)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share Reconciliation [Abstract]
Net Earnings/(Loss)		$ 7,896	$ 3,228	$ 10,653	$ 5,863
Net Earnings Attributable to Noncontrolling Interest		(21)	(22)	(64)	(56)
Net Earnings/(Loss) Attributable to P&G (Diluted)		7,875	3,206	10,589	5,807
Preferred Dividends, Net of Tax Benefit		(61)	(64)	(124)	(129)
Net Earnings/(Loss) Attributable to P&G Available to Common Shareholders (Basic)		$ 7,814	$ 3,142	$ 10,465	$ 5,678
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic Weighted Average Common Shares Outstanding		2,596.6	2,718.9	2,635.6	2,719.5
Effect of Dilutive Securities
Conversion of Preferred Shares	[1]	100.1	104.7	100.5	105.2
Exercise of Stock Options and Other Unvested Equity Awards	[2]	40.9	41	44.1	41.1
Diluted Weighted Average Common Shares Outstanding		2,737.6	2,864.6	2,780.2	2,865.8
Basic Net Earnings/(Loss) Per Common Share	[3],[4]	$ 3.01	$ 1.16	$ 3.97	$ 2.09
Diluted Net Earnings/(Loss) Per Common Share	[3],[4]	$ 2.88	$ 1.12	$ 3.81	$ 2.03
Continuing Operations
Earnings Per Share Reconciliation [Abstract]
Net Earnings/(Loss)		$ 2,561	$ 2,905	$ 5,436	$ 5,682
Net Earnings Attributable to Noncontrolling Interest		(21)	(22)	(64)	(56)
Net Earnings/(Loss) Attributable to P&G (Diluted)		2,540	2,883	5,372	5,626
Preferred Dividends, Net of Tax Benefit		(61)	(64)	(124)	(129)
Net Earnings/(Loss) Attributable to P&G Available to Common Shareholders (Basic)		$ 2,479	$ 2,819	$ 5,248	$ 5,497
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic Weighted Average Common Shares Outstanding		2,596.6	2,718.9	2,635.6	2,719.5
Effect of Dilutive Securities
Conversion of Preferred Shares	[1]	100.1	104.7	100.5	105.2
Exercise of Stock Options and Other Unvested Equity Awards	[2]	40.9	41	44.1	41.1
Diluted Weighted Average Common Shares Outstanding		2,737.6	2,864.6	2,780.2	2,865.8
Basic Net Earnings/(Loss) Per Common Share	[3]	$ 0.96	$ 1.04	$ 1.99	$ 2.02
Diluted Net Earnings/(Loss) Per Common Share	[3]	$ 0.93	$ 1.01	$ 1.93	$ 1.97
Discontinued Operations
Earnings Per Share Reconciliation [Abstract]
Net Earnings/(Loss)		$ 5,335	$ 323	$ 5,217	$ 181
Net Earnings Attributable to Noncontrolling Interest		0	0	0	0
Net Earnings/(Loss) Attributable to P&G (Diluted)		5,335	323	5,217	181
Preferred Dividends, Net of Tax Benefit		0	0	0	0
Net Earnings/(Loss) Attributable to P&G Available to Common Shareholders (Basic)		$ 5,335	$ 323	$ 5,217	$ 181
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic Weighted Average Common Shares Outstanding		2,596.6	2,718.9	2,635.6	2,719.5
Effect of Dilutive Securities
Conversion of Preferred Shares	[1]	100.1	104.7	100.5	105.2
Exercise of Stock Options and Other Unvested Equity Awards	[2]	40.9	41	44.1	41.1
Diluted Weighted Average Common Shares Outstanding		2,737.6	2,864.6	2,780.2	2,865.8
Basic Net Earnings/(Loss) Per Common Share	[3]	$ 2.05	$ 0.12	$ 1.98	$ 0.07
Diluted Net Earnings/(Loss) Per Common Share	[3]	$ 1.95	$ 0.11	$ 1.88	$ 0.06
[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]	Outstanding stock options of approximately 27 million and 48 million for the three months ended December 31, 2016 and 2015, respectively, and approximately 27 million and 69 million for the six months ended December 31, 2016 and 2015, 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]	Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
[4]	Basic net earnings per share and Diluted net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

EARNINGS PER SHARE - ANTIDILUTI

EARNINGS PER SHARE - ANTIDILUTIVE SECURITIES (Details) - shares shares in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	[1]	27	48	27	69
[1]	Outstanding stock options of approximately 27 million and 48 million for the three months ended December 31, 2016 and 2015, respectively, and approximately 27 million and 69 million for the six months ended December 31, 2016 and 2015, 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).

SHARE-BASED COMPENSATION AND 32

SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Allocated Share-based Compensation Expense		$ 74	$ 74	$ 118	$ 140
Pension and Other Retiree Benefits
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost	[1]	257	85	353	171
Other Postretirement Benefit Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost	[1]	$ 58	$ (25)	$ 39	$ (49)
[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, 2016.

RISK MANAGEMENT ACTIVITIES AN33

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 19,870	$ 24,362
Long Term Debt, Current Maturities Measured at Fair Value	1,790	2,761
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	1,700	2,331
U.S. Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis	1,642	292
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis	3,983	4,513
Corporate Bond Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis	443	382
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis	$ 1,369	$ 1,018

RISK MANAGEMENT ACTIVITIES AN34

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Fair Value Asset	$ 7,433	$ 6,274
U.S. Government Securities
Fair Value Asset	5,599	4,839
Corporate Bond Securities
Fair Value Asset	1,804	1,407
Other Investments
Fair Value Asset	$ 30	$ 28

RISK MANAGEMENT ACTIVITIES AN35

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - DERIVATIVE NOTIONAL AMOUNTS AND FAIR VALUE (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Derivatives Not Designated as Hedging Instruments | Foreign Currency Contracts
Derivative [Line Items]
Notional Amount	$ 3,745	$ 6,482
Fair Value Asset/(Liability)	(20)	(10)
Derivatives in Cash Flow Hedging Relationships | Foreign Currency Contracts
Derivative [Line Items]
Notional Amount	798	798
Fair Value Asset/(Liability)	116	31
Derivatives in Fair Value Hedging Relationships | Interest Rate Contracts
Derivative [Line Items]
Notional Amount	4,393	4,993
Fair Value Asset/(Liability)	191	371
Derivatives in Net Investment Hedging Relationships
Derivative [Line Items]
Notional Amount	3,044	3,013
Fair Value Asset/(Liability)	$ 147	$ (87)

RISK MANAGEMENT ACTIVITIES AN36

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - GAIN (LOSS) ON DERIVATIVE INSTRUMENTS (EFFECTIVE PORTION) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in AOCI on Derivatives (Effective Portion)	$ (9)	$ (2)
Derivatives in Cash Flow Hedging Relationships | Interest Rate Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in AOCI on Derivatives (Effective Portion)	(2)	(2)
Derivatives in Cash Flow Hedging Relationships | Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in AOCI on Derivatives (Effective Portion)	(7)	0
Derivatives in Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in AOCI on Derivatives (Effective Portion)	$ 94	$ (53)

RISK MANAGEMENT ACTIVITIES AN37

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - GAIN (LOSS) ON DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Derivatives Not Designated as Hedging Instruments | Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Earnings	[1]	$ (176)	$ (158)	$ (184)	$ (220)
Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Earnings	[2]	107	9	99	2
Derivatives in Cash Flow Hedging Relationships | Interest Rate Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Earnings	[2]	0	1	0	3
Derivatives in Cash Flow Hedging Relationships | Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Earnings	[2]	107	8	99	(1)
Derivatives in Fair Value Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Earnings	[3]	0	0	0	0
Derivatives in Fair Value Hedging Relationships | Interest Rate Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Earnings	[3]	(152)	(50)	(180)	39
Derivatives in Fair Value Hedging Relationships | Debt
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Earnings	[3]	152	50	180	(39)
Derivatives in Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Earnings	[3]	$ 0	$ 0	$ 0	$ 0
[1]	The gain or loss on foreign currency contracts not designated as hedging instruments is included in the Consolidated Statements of Earnings in SG&A. This gain or loss substantially offsets the foreign currency mark-to-market impact of the related exposure.
[2]	The gain or loss on the effective portion of cash flow hedging relationships is reclassified from AOCI into net income in the same period during which the related item affects earnings. Such amounts are included in the Consolidated Statements of Earnings as follows: interest rate contracts in Interest expense and foreign currency contracts in Selling, general and administrative expense (SG&A) and Interest expense.
[3]	The gain or loss on the ineffective portion of interest rate contracts and net investment hedges, if any, is included in the Consolidated Statements of Earnings in Interest expense.

ACCUMULATED OTHER COMPREHENSI38

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - CHANGES IN AOCI AND RECLASSIFICATION OUT OF AOCI (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Accumulated Other Comprehensive Income/(Loss)		$ (16,522)		$ (16,522)		$ (15,907)
OCI before Reclassifications				(819)
Other Comprehensive Income (Loss), Net of Tax		(579)	$ (588)	(615)	$ (1,554)
Hedges
Accumulated Other Comprehensive Income/(Loss)		(1,892)		(1,892)		(2,641)
OCI before Reclassifications	[1]			848
Other Comprehensive Income (Loss), Net of Tax				749
Investment Securities
Accumulated Other Comprehensive Income/(Loss)		(34)		(34)		34
OCI before Reclassifications	[1]			(63)
Other Comprehensive Income (Loss), Net of Tax				(68)
Amounts Reclassified from AOCI
Other Comprehensive Income (Loss), Net of Tax				204
Amounts Reclassified from AOCI | Hedges
Other Comprehensive Income (Loss), Net of Tax	[2],[3]			(99)
Amounts Reclassified from AOCI | Investment Securities
Other Comprehensive Income (Loss), Net of Tax	[2],[3]			(5)
Pension and Other Retiree Benefits
Accumulated Other Comprehensive Income/(Loss)		(5,105)		(5,105)		(5,798)
OCI before Reclassifications	[1]			385
Other Comprehensive Income (Loss), Net of Tax				693
Pension and Other Retiree Benefits | Amounts Reclassified from AOCI
Other Comprehensive Income (Loss), Net of Tax	[2],[3]			308
Financial Statement Translation
Accumulated Other Comprehensive Income/(Loss)		$ (9,491)		(9,491)		$ (7,502)
OCI before Reclassifications				(1,989)
Other Comprehensive Income (Loss), Net of Tax				(1,989)
Financial Statement Translation | Amounts Reclassified from AOCI
Other Comprehensive Income (Loss), Net of Tax				$ 0
[1]	Net of tax expense/(benefit) of $453, $(6) and $113 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 $114 for gains/losses on hedges, investment securities and pension and other retiree benefit items, respectively.
[3]	See Note 7 for classification of gains and losses from hedges in the Consolidated Statements of Earnings. Gains and losses on investment securities are reclassified from AOCI into Other non-operating income/(loss), net. Gains and losses on pension and other retiree benefits are reclassified from AOCI into Cost of products sold and SG&A and are included in the computation of net periodic pension costs.

ACCUMULATED OTHER COMPREHENSI39

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - NET OF TAX EXPENSE (BENEFIT) (Details) $ in Millions	6 Months Ended
	Dec. 31, 2016USD ($)
Hedges
Other Comprehensive Income (Loss) before Reclassifications, Tax	$ 453	[1]
Investment Securities
Other Comprehensive Income (Loss) before Reclassifications, Tax	(6)	[1]
Pension and Other Retiree Benefits
Other Comprehensive Income (Loss) before Reclassifications, Tax	113	[1]
Amounts Reclassified from AOCI | Hedges
Other Comprehensive Income (Loss), Tax	0	[2]
Amounts Reclassified from AOCI | Investment Securities
Other Comprehensive Income (Loss), Tax	0	[2]
Amounts Reclassified from AOCI | Pension and Other Retiree Benefits
Other Comprehensive Income (Loss), Tax	$ 114	[2]
[1]	Net of tax expense/(benefit) of $453, $(6) and $113 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 $114 for gains/losses on hedges, investment securities and pension and other retiree benefit items, respectively.

RESTRUCTURING PROGRAM - ADDITIO

RESTRUCTURING PROGRAM - ADDITIONAL INFORMATION (Details) $ in Millions	3 Months Ended		6 Months Ended	60 Months Ended	66 Months Ended	72 Months Ended
	Dec. 31, 2016USD ($)employee	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)employee	Jun. 30, 2016USD ($)	Dec. 31, 2016employee	Jun. 30, 2017USD ($)
Restructuring Charges	$ 180	$ 168	$ 348	$ 4,900
Minimum
Restructuring and Related Cost, Amounts Historically Incurred			250
Maximum
Restructuring and Related Cost, Amounts Historically Incurred			500
Selling, General and Administrative Expense
Restructuring Charges	27		48
Cost of Products Sold
Restructuring Charges	$ 148		$ 277
Non-Manufacturing Overhead Personnel
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent			26.00%
Restructuring and Related Cost, Number of Severance Packages Executed | employee	110		190		9,730
Separations
Restructuring Charges	$ 49	47		2,300
Restructuring and Related Cost, Number of Severance Packages Executed | employee	520		1,040		18,110
Asset-related Costs
Restructuring Charges	$ 101	105		1,400
Other Costs
Restructuring Charges	$ 30	$ 16		$ 1,200
Scenario, Forecast
Restructuring and Related Cost, Expected Cost						$ 5,500
Scenario, Forecast | Non-Manufacturing Overhead Personnel | Minimum
Restructuring And Related Cost, Expected Number Of Positions Eliminated, Percent						25.00%
Scenario, Forecast | Non-Manufacturing Overhead Personnel | Maximum
Restructuring And Related Cost, Expected Number Of Positions Eliminated, Percent						30.00%

RESTRUCTURING PROGRAM - RESTRUC

RESTRUCTURING PROGRAM - RESTRUCTURING RESERVE BY TYPE OF COSTS (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended	60 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2016	Jun. 30, 2016
Restructuring Reserve [Roll Forward]
Accrual Balance June 30, 2016			$ 315	$ 315
Restructuring Charges		$ 180	168	348	$ 4,900
Cash Spent	[1]			(169)
Charges Against Assets				(206)
Accrual Balance December 31, 2016		288		288	315
Separations
Restructuring Reserve [Roll Forward]
Accrual Balance June 30, 2016			243	243
Restructuring Charges		49	47		2,300
Cash Spent	[1]			(107)
Charges Against Assets				0
Accrual Balance December 31, 2016		232		232	243
Asset-related Costs
Restructuring Reserve [Roll Forward]
Accrual Balance June 30, 2016			0	0
Restructuring Charges		101	105		1,400
Cash Spent	[1]			0
Charges Against Assets				(206)
Accrual Balance December 31, 2016		0		0	0
Other Costs
Restructuring Reserve [Roll Forward]
Accrual Balance June 30, 2016			72	72
Restructuring Charges		30	$ 16		1,200
Cash Spent	[1]			(62)
Charges Against Assets				0
Accrual Balance December 31, 2016		$ 56		$ 56	$ 72
[1]	Includes liabilities transferred to Coty related to our Beauty Brands divestiture.

RESTRUCTURING PROGRAM - RESTR42

RESTRUCTURING PROGRAM - RESTRUCTURING COSTS PER SEGMENT (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended	60 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2016	Jun. 30, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		$ 180	$ 168	$ 348	$ 4,900
Beauty
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		21		40
Grooming
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		12		17
Health Care
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		4		8
Fabric & Home Care
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		50		77
Baby, Feminine & Family Care
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		46		100
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	[1]	$ 47		$ 106
[1]	Corporate includes costs related to allocated overheads, including charges related to our Sales and Market Operations, Global Business Services and Corporate Functions activities and costs related to discontinued operations from our Beauty Brands businesses.

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - ADDITIONAL INFORMATION (Details) $ in Millions	6 Months Ended
	Dec. 31, 2016USD ($)audittaxable_jurisdiction
Loss Contingencies [Line Items]
Number of Taxable Jurisdictions | taxable_jurisdiction	140
Liability for Uncertain Tax Positions, Current | $	$ 180
Minimum
Loss Contingencies [Line Items]
Number of Audits Typically Underway	50
Maximum
Loss Contingencies [Line Items]
Number of Audits Typically Underway	60

DISCONTINUED OPERATIONS - ADDIT

DISCONTINUED OPERATIONS - ADDITIONAL INFORMATION (Details) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)	Jun. 30, 2016USD ($)	Oct. 01, 2016	Feb. 29, 2016USD ($)shares
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 5,335	$ 323	$ 5,217	$ 181
Beauty Brands
Disposal Groups - Number of Product Categories						4
Disposal Groups - Number of Brands						41
Disposal Group, Including Discontinued Operation, Consideration	$ 11,400		$ 11,400
Disposal Groups - Consideration Received (Shares) | shares	105		105
Disposal Groups - Equity of New Company	$ 9,400		$ 9,400
Disposal Groups - Value of Debt Assumed	1,900		1,900
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	5,335	238	5,217	388
Batteries
Disposal Group, Including Discontinued Operation, Consideration							$ 4,200
Disposal Groups - Consideration Received (Shares) | shares							52.5
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 0	$ 85	$ 0	$ (207)
Disposal Group, Cash Contributed in Re-Capitalization							$ 1,900
Intangible Asset Impairment Charges					$ 402
Intangible Asset Impairment Charges After Tax					350
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax					$ 422

DISCONTINUED OPERATIONS - ADD45

DISCONTINUED OPERATIONS - ADDITIONAL INFORMATION ON TABLES (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016
Payments for Deposits Applied to Debt Retirements	$ 2,500
Beauty Brands
Disposal Groups - Transition Cost		$ 167
Disposal Groups - Total Loan Draw	$ 1,900
Disposal Groups - Term B Loan Draw			$ 1,000

DISCONTINUED OPERATIONS - NET E

DISCONTINUED OPERATIONS - NET EARNINGS FROM DISCONTINUED OPERATIONS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Net Earnings/(Loss) from Discontinued Operations	$ 5,335	$ 323	$ 5,217	$ 181
Beauty Brands
Net Earnings/(Loss) from Discontinued Operations	5,335	238	5,217	388
Batteries
Net Earnings/(Loss) from Discontinued Operations	0	85	0	(207)
Discontinued Operations
Net Earnings/(Loss) from Discontinued Operations	$ 5,335	$ 323	$ 5,217	$ 181

DISCONTINUED OPERATIONS - NET47

DISCONTINUED OPERATIONS - NET EARNINGS FROM DISCONTINUED OPERATIONS FOR BEAUTY BRANDS (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2016		Dec. 31, 2015
Net Earnings/(Loss) from Discontinued Operations	$ 5,335		$ 323	$ 5,217		$ 181
Beauty Brands
Net Sales, Discontinued Operations	0		1,404	1,159		2,623
Cost of Products Sold, Discontinued Operations	0		443	450		828
Selling, General and Administrative Expense, Discontinued Operations	0		664	783		1,311
Interest Expense, Discontinued Operations	0		0	14		0
Other Income, Discontinued Operations	0			16
Disposal Group, Including Discontinued Operation, Other Expense			(3)			(2)
Earnings/(Loss) from Discontinued Operations before Income Taxes	0		294	(72)		482
Income Taxes on Discontinued Operations	0		56	46		94
Gain on Disposition of Business, Before Income Taxes	5,197		0	5,197		0
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal	(138)	[1]	0	(138)	[1]	0
Net Earnings/(Loss) from Discontinued Operations	$ 5,335		$ 238	$ 5,217		$ 388
[1]	The income tax benefit of the Beauty Brands divestiture represents the reversal of underlying deferred tax balances offset by current tax expense related to the transaction.

DISCONTINUED OPERATIONS - CASH

DISCONTINUED OPERATIONS - CASH FLOWS FOR BEAUTY BRANDS (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Deferred Income Tax Expense (Benefit)	$ (448)	$ 140
Gain (Loss) on Disposition of Business	5,343	37
Beauty Brands
Depreciation and Amortization, Discontinued Operations	24	52
Deferred Income Tax Expense (Benefit)	(649)	0
Gain (Loss) on Disposition of Business	5,210	0
Increase (Decrease) in Accrued Taxes Payable	382	0
Income Taxes Paid	129	0
Capital Expenditure, Discontinued Operations	$ 38	$ 35

DISCONTINUED OPERATIONS - MAJOR

DISCONTINUED OPERATIONS - MAJOR COMPONENTS OF ASSETS AND LIABILITIES FOR BEAUTY BRANDS (Details) - Beauty Brands $ in Millions	Jun. 30, 2016USD ($)
Cash, Discontinued Operations	$ 40
Restricted Cash, Discontinued Operations	996
Accounts Receivable, Discontinued Operations	384
Inventories, Discontinued Operations	494
Prepaid Expenses and Other Current Assets, Discontinued Operations	126
Property, Plant and Equipment, Net, Current, Discontinued Operations	629
Goodwill and Intangible Assets, Net, Current, Discontinued Operations	4,411
Other Noncurrent Assets, Current, Discontinued Operations	105
Total Assets Held for Sale, Current, Discontinued Operations	7,185
Accounts Payable, Discontinued Operations	148
Accrued and Other Liabilities, Discontinued Operations	384
Noncurrent Deferred Tax Liabilities, Current, Discontinued Operations	370
Long-term Debt, Discontinued Operations	996
Other Noncurrent Liabilities, Current, Discontinued Operations	445
Total Liabilities Held for Sale, Discontinued Operations	$ 2,343

DISCONTINUED OPERATIONS - NET50

DISCONTINUED OPERATIONS - NET EARNINGS FROM DISCONTINUED OPERATIONS FOR BATTERIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Net Earnings/(Loss) from Discontinued Operations	$ 5,335	$ 323	$ 5,217	$ 181
Batteries
Net Sales, Discontinued Operations		691		1,197
Earnings Before Impairment Charges and Income Taxes, Discontinued Operations		138		231
Disposal Group, Including Discontinued Operation, Other Expense		0		(402)
Income Tax (Expense)/Benefit on Discontinued Operations		(53)		(36)
Net Earnings/(Loss) from Discontinued Operations	$ 0	$ 85	$ 0	$ (207)