The Procter & Gamble Company (PG) 10-Q 23 Jan 18 2018 Q2 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION	6 Months Ended
	Dec. 31, 2017shares
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, 2017
Document Fiscal Year Focus	2,018
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	2,521,003,706

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Net Sales		$ 17,395	$ 16,856	$ 34,048	$ 33,374
Cost of Products Sold		8,667	8,298	16,896	16,400
Selling, General and Administrative Expense		4,725	4,683	9,414	9,328
Operating Income		4,003	3,875	7,738	7,646
Interest Expense		122	122	237	253
Interest Income		66	42	115	77
Other Non-operating Income/(Loss), Net		86	(539)	168	(476)
Earnings/(Loss) from Continuing Operations Before Income Taxes		4,033	3,256	7,784	6,994
Income Taxes on Continuing Operations		1,472	695	2,353	1,558
Net Earnings/(Loss) from Continuing Operations		2,561	2,561	5,431	5,436
Net Earnings/(Loss) from Discontinued Operations		0	5,335	0	5,217
Net Earnings		2,561	7,896	5,431	10,653
Less: Net Earnings Attributable to Noncontrolling Interest		66	21	83	64
Net Earnings Attributable to Procter & Gamble		$ 2,495	$ 7,875	$ 5,348	$ 10,589
Basic Net Earnings Per Common Share
Earnings from Continuing Operations	[1]	$ 0.96	$ 0.96	$ 2.05	$ 1.99
Earnings/(Loss) from Discontinued Operations	[1]	0	2.05	0	1.98
Basic Net Earnings Per Common Share	[1],[2]	0.96	3.01	2.05	3.97
Diluted Net Earnings Per Common Share
Earnings from Continuing Operations	[1]	0.93	0.93	2	1.93
Earnings/(Loss) from Discontinued Operations	[1]	0	1.95	0	1.88
Diluted Net Earnings Per Common Share	[1],[2]	0.93	2.88	2	3.81
Dividends Per Common Share		$ 0.6896	$ 0.6695	$ 1.3790	$ 1.3390
Diluted Weighted Average Common Shares Outstanding		2,669.6	2,737.6	2,680.1	2,780.2
[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, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Net Earnings	$ 2,561	$ 7,896	$ 5,431	$ 10,653
Financial Statement Translation	188	(1,988)	1,028	(1,989)
Unrealized Gains/(Losses) on Hedges	(167)	864	(630)	749
Unrealized Gains/(Losses) on Investment Securities	(61)	(55)	(65)	(68)
Unrealized Gains/(Losses) on Defined Benefit Retirement Plans	161	600	128	693
Total Other Comprehensive Income (Loss), Net of Tax	121	(579)	461	(615)
Total Comprehensive Income/(Loss)	2,682	7,317	5,892	10,038
Less: Total Comprehensive Income Attributable to Noncontrolling Interest	66	21	83	64
Total Comprehensive Income/(Loss) Attributable to Procter & Gamble	$ 2,616	$ 7,296	$ 5,809	$ 9,974

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Dec. 31, 2017	Jun. 30, 2017
Current Assets
Cash and Cash Equivalents	$ 7,432	$ 5,569
Available-for-Sale Investment Securities	11,326	9,568
Accounts Receivable	5,182	4,594
Inventories
Materials and Supplies	1,471	1,308
Work in Process	575	529
Finished Goods	3,085	2,787
Total Inventories	5,131	4,624
Prepaid Expenses and Other Current Assets	2,143	2,139
Total Current Assets	31,214	26,494
Property, Plant and Equipment, Net	20,420	19,893
Goodwill	45,624	44,699
Trademarks and Other Intangible Assets, Net	24,224	24,187
Other Noncurrent Assets	5,162	5,133
Total Assets	126,644	120,406
Current Liabilities
Accounts Payable	9,740	9,632
Accrued and Other Liabilities	7,820	7,024
Debt Due Within One Year	15,547	13,554
Total Current Liabilities	33,107	30,210
Long-Term Debt	22,186	18,038
Deferred Income Taxes	6,145	8,126
Other Noncurrent Liabilities	10,485	8,254
Total Liabilities	71,923	64,628
Shareholders' Equity
Preferred Stock	$ 986	$ 1,006
Common Stock, Shares, Issued	4,009.2	4,009.2
Common Stock, Value, Issued	$ 4,009	$ 4,009
Additional Paid in Capital	63,757	63,641
Reserve For ESOP Debt Retirement	(1,229)	(1,249)
Accumulated Other Comprehensive Income/(Loss)	(14,171)	(14,632)
Treasury Stock	(97,121)	(93,715)
Retained Earnings	97,881	96,124
Noncontrolling Interest	609	594
Total Shareholders' Equity	54,721	55,778
Total Liabilities and Shareholders' Equity	$ 126,644	$ 120,406

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Statement of Cash Flows [Abstract]
Cash and Cash Equivalents, Beginning of Period	$ 5,569	$ 7,102
Operating Activities
Net Earnings	5,431	10,653
Depreciation and Amortization	1,368	1,435
Gain (Loss) on Extinguishment of Debt	0	543
Share-based Compensation Expense	157	104
Deferred Income Taxes	(2,008)	(448)
Gain (Loss) on Disposition of Assets	(158)	(5,343)
Changes In:
Accounts Receivable	(547)	(595)
Inventories	(457)	(247)
Accounts Payable, Accrued and Other Liabilities	857	(296)
Other Operating Assets and Liabilities	2,524	152
Other Noncash Expense	148	67
Total Operating Activities	7,315	6,025
Investing Activities
Capital Expenditures	(1,900)	(1,429)
Proceeds from Asset Sales	201	280
Acquisitions, Net of Cash Acquired	(101)	(16)
Purchases of Short-term Investments	(3,598)	(1,739)
Proceeds from Sales of Short-term Investments	1,643	354
Increase (Decrease) in Restricted Cash	0	(874)
Cash Transferred to Discontinued Beauty Business	0	(475)
Decrease in Restricted Cash	0	1,870
Change in Other Investments	50	8
Total Investing Activites	(3,705)	(2,021)
Financing Activities
Dividends to Shareholders	(3,636)	(3,637)
Change in Short-term Debt	1,524	2,715
Additions to Long-term Debt	5,072	2,641
Reductions of Long-term Debt	(1,281)	(5,029)	[1]
Treasury Stock Purchases	(4,253)	(2,503)
Impact of Stock Options and Other	698	1,074
Total Financing Activities	(1,876)	(4,739)
Effect of Exchange Rate on Cash and Cash Equivalents	129	(316)
Change in Cash and Cash Equivalents	1,863	(1,051)
Cash and Cash Equivalents, End of Period	$ 7,432	$ 6,051
[1]	$543

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Dec. 31, 2017
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, 2017

NEW ACCOUNTING PRONOUNCEMENTS A

NEW ACCOUNTING PRONOUNCEMENTS AND POLICIES	6 Months Ended
	Dec. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]	New Accounting Pronouncements and Policies and U.S. Tax Reform 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 plan to adopt the standard on July 1, 2018, using the modified retrospective transition method. 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. The timing of revenue recognition is not materially impacted by the new standard. The provisions of the new standard may impact the classification of certain payments to customers, moving an immaterial amount of such payments from expense to a deduction from net sales. The impact would reduce net sales by less than 1%. We are still assessing the impact on financial disclosures related to the new standard. We do not expect this new guidance to have any other material impacts on our Consolidated Financial Statements. 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 plan to adopt the standard on 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 to show equal and offsetting lease assets and lease liabilities. In January 2017, the FASB issued ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The standard simplifies the accounting for goodwill impairment by requiring a goodwill impairment to be measured using a single step impairment model, whereby the impairment equals the difference between the carrying amount and the fair value of the specified reporting units in their entirety. This eliminates the second step of the current impairment model that requires companies to first estimate the fair value of all assets in a reporting unit and measure impairments based on those fair values and a residual measurement approach. It also specifies that any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. We will adopt the standard no later than July 1, 2020. The impact of the new standard will be dependent on the specific facts and circumstances of future individual impairments, if any. In March 2017, the FASB issued ASU 2017-07, "Compensation-Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715).” This guidance requires an entity to disaggregate the current service cost component from the other components of net benefit costs in the face of the income statement. It requires the service cost component to be presented with other current compensation costs for the related employees in the operating section of the income statement, with other components of net benefit cost presented outside of income from operations. We currently classify all net periodic pension costs within operating costs (as part of Cost of products sold and Selling, general and administrative expense). We will adopt the standard retrospectively no later than July 1, 2018. The adoption of ASU 2017-07 is not expected to have a material impact on our Consolidated Financial Statements. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” This standard enables entities to better portray the economics of their risk management activities in the financial statements and enhances the transparency and understandability of hedge results through improved disclosures. The new standard is effective for us beginning July 1, 2019, with early adoption permitted. We elected to early adopt the new guidance in the first quarter of fiscal year 2018. The amended presentation and disclosure guidance was applied on a prospective basis. The primary impact of adoption is the required disclosure changes. The adoption of the new standard did not have a material impact on our Consolidated Financial Statements, including the cumulative-effect adjustment required upon adoption. 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. U.S. Tax Reform On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing U.S. corporate income tax by, among other things, lowering U. S. corporate income tax rates and implementing a territorial tax system. As the Company has a June 30 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory federal rate of approximately 28% for our fiscal year ending June 30, 2018, and 21% for subsequent fiscal years. However, the Tax Act eliminates the domestic manufacturing deduction and moves to a territorial system, which also eliminates the ability to credit certain foreign taxes that existed prior to enactment of the Tax Act. For the quarter ended December 31, 2017 , these impacts resulted in a net tax benefit of approximately $135 million , as the impact of the lower blended U. S. federal rate was largely offset by the inability to fully credit foreign taxes that were previously included in our estimated annual effective tax rate. This impact, along with the transitional taxes discussed in the paragraph below, are being reflected in the Corporate Segment for both management and segment reporting for fiscal 2018. There are also certain transitional impacts of the Tax Act. As part of the transition to the new territorial tax system, the Tax Act imposes a one-time repatriation tax on deemed repatriation of historical earnings of foreign subsidiaries. In addition, the reduction of the U.S. corporate tax rate will cause us to adjust our U.S. deferred tax assets and liabilities to the lower federal base rate of 21% . These transitional impacts resulted in a provisional net charge of $628 million for the quarter ended December 31, 2017 , comprised of an estimated repatriation tax charge of $3.8 billion (comprised of the U.S. repatriation taxes and foreign withholding taxes) and an estimated net deferred tax benefit of $3.2 billion . The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the above estimate, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the company has utilized to calculate the transition impacts, including impacts from changes to current year earnings estimates and foreign exchange rates of foreign subsidiaries. The Securities Exchange Commission has issued rules that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. We currently anticipate finalizing and recording any resulting adjustments by the end of our current fiscal year ending June 30, 2018

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Segment Information As discussed in Note 11, the Company completed the divestiture of the Beauty Brands business on October 1, 2016. The Beauty Brands business is presented as discontinued operations and is excluded from segment results for the three and six months ended December 31, 2016 . 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 2017 $ 3,233 $ 853 $ 655 $ 6,371 $ 1,689 $ 1,287 2016 2,942 714 540 5,938 1,497 1,132 Grooming 2017 1,776 531 423 3,353 945 752 2016 1,789 614 469 3,447 1,143 884 Health Care 2017 2,212 668 455 4,114 1,123 760 2016 2,072 608 422 3,933 1,104 742 Fabric & Home Care 2017 5,434 1,101 714 10,817 2,280 1,483 2016 5,270 1,125 725 10,572 2,254 1,453 Baby, Feminine & Family Care 2017 4,613 933 597 9,158 1,897 1,227 2016 4,645 1,038 680 9,240 2,083 1,377 Corporate 2017 127 (53 ) (283 ) 235 (150 ) (78 ) 2016 138 (843 ) (275 ) 244 (1,087 ) (152 ) Total Company 2017 $ 17,395 $ 4,033 $ 2,561 $ 34,048 $ 7,784 $ 5,431 2016 16,856 3,256 2,561 33,374 6,994 5,436

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Dec. 31, 2017
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, 2017 $ 12,791 $ 19,627 $ 5,878 $ 1,857 $ 4,546 $ 44,699 Acquisitions and divestitures 73 — — — — 73 Translation and other 277 371 103 26 75 852 Goodwill at December 31, 2017 $ 13,141 $ 19,998 $ 5,981 $ 1,883 $ 4,621 $ 45,624 Goodwill increased from June 30, 2017 due to currency translation and acquisitions. Identifiable intangible assets at December 31, 2017 are comprised of: Gross Carrying Amount Accumulated Amortization Intangible assets with determinable lives $ 7,431 $ 5,038 Intangible assets with indefinite lives 21,831 — Total identifiable intangible assets $ 29,262 $ 5,038 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, 2017 and 2016 was $75 and $80 , respectively. For the six months ended December 31, 2017 and 2016 , the amortization expense of intangible assets was $152 and $169 , respectively. 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 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. Both of these wholly acquired reporting units have fair value cushions (the fair values currently exceed the underlying carrying values). However, the Shave Care cushion has been reduced to below 10% and the related Gillette indefinite-lived intangible asset cushion has been reduced to about 10% , both due in large part to an increased competitive market environment in the U.S., a deceleration of category growth caused by changing grooming habits and significant currency devaluations in a number of countries relative to the U.S. dollar that have occurred in recent years and resulted in reduced cash flow projections. As a result, this reporting unit and indefinite-lived intangible asset are more susceptible to impairment risk. The most significant assumptions utilized in the determination of the estimated fair values of Shave Care reporting unit and the Gillette indefinite-lived intangible asset are the residual net sales growth rate and discount rate. The residual growth rate represents the expected rate at which the reporting unit and Gillette brand are expected to grow beyond the shorter term business planning period. The residual growth rate utilized in our fair value estimates is consistent with the reporting unit and brand operating plans, and approximates expected long term category market growth rates. The residual growth rate is dependent on overall market growth rates, the competitive environment, inflation, relative currency exchange rates and business activities that impact market share. As a result, the residual growth rate could be adversely impacted by a sustained deceleration in category growth, grooming habit changes, devaluation of currencies against the U.S. dollar or an increased competitive environment. The discount rate, which is consistent with a weighted average cost of capital that is likely to be expected by a market participant, is based upon industry required rates of return, including consideration of both debt and equity components of the capital structure. Our discount rate may be impacted by adverse changes in the macroeconomic environment, volatility in the equity and debt markets or other country specific factors, such as further devaluation of currencies against the U.S. dollar. While management can and has implemented strategies to address these events, significant changes in operating plans or 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. As of December 31, 2017 , the carrying values of Shave Care goodwill and the Gillette indefinite-lived intangible asset are $19.7 billion and $15.7 billion , respectively. The table below provides a sensitivity analysis for the Shave Care reporting unit and the Gillette indefinite lived intangible asset, utilizing reasonably possible changes in the assumptions for the residual growth rate and the discount rate, to demonstrate the potential impacts to the estimated fair values. The table below provides, in isolation, the estimated fair value impacts related to a 50 basis point decrease to our residual growth rate or a 50 basis point increase to our discount rate. Approximate Percent Change in Estimated Fair Value +50 bps Discount Rate -50 bps Long-term Growth Shave Care goodwill reporting unit (10 )% (7 )% Gillette indefinite-lived intangible asset (10 )% (7 )%

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Earnings Per Share Basic net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble, less preferred dividends (net of related tax benefits), by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share are calculated on the basis of the weighted average number of common shares outstanding plus the dilutive effect of stock options and other stock-based awards and the assumed conversion of preferred stock. Net earnings per share were as follows: Three Months Ended December 31, 2017 Three Months Ended December 31, 2016 CONSOLIDATED AMOUNTS Total Continuing Operations Discontinued Operations Total Net earnings $ 2,561 $ 2,561 $ 5,335 $ 7,896 Net earnings attributable to noncontrolling interests (66 ) (21 ) — (21 ) Net earnings attributable to P&G (Diluted) 2,495 2,540 5,335 7,875 Preferred dividends, net of tax benefit (62 ) (61 ) — (61 ) Net earnings attributable to P&G available to common shareholders (Basic) $ 2,433 $ 2,479 $ 5,335 $ 7,814 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,533.9 2,596.6 2,596.6 2,596.6 Effect of dilutive securities Conversion of preferred shares (1) 95.5 100.1 100.1 100.1 Exercise of stock options and other unvested equity awards (2) 40.2 40.9 40.9 40.9 Diluted weighted average common shares outstanding 2,669.6 2,737.6 2,737.6 2,737.6 PER SHARE AMOUNTS (3) Basic net earnings per common share $ 0.96 $ 0.96 $ 2.05 $ 3.01 Diluted net earnings per common share $ 0.93 $ 0.93 $ 1.95 $ 2.88 Six Months Ended December 31, 2017 Six Months Ended December 31, 2016 CONSOLIDATED AMOUNTS Total Continuing Operations Discontinued Operations Total Net earnings $ 5,431 $ 5,436 $ 5,217 $ 10,653 Net earnings attributable to noncontrolling interests (83 ) (64 ) — (64 ) Net earnings attributable to P&G (Diluted) 5,348 5,372 5,217 10,589 Preferred dividends, net of tax benefit (124 ) (124 ) — (124 ) Net earnings attributable to P&G available to common shareholders (Basic) $ 5,224 $ 5,248 $ 5,217 $ 10,465 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,542.2 2,635.6 2,635.6 2,635.6 Effect of dilutive securities Conversion of preferred shares (1) 96.0 100.5 100.5 100.5 Exercise of stock options and other unvested equity awards (2) 41.9 44.1 44.1 44.1 Diluted weighted average common shares outstanding 2,680.1 2,780.2 2,780.2 2,780.2 PER SHARE AMOUNTS (3) Basic net earnings per common share $ 2.05 $ 1.99 $ 1.98 $ 3.97 Diluted net earnings per common share $ 2.00 $ 1.93 $ 1.88 $ 3.81 (1) Despite being included currently in Diluted net earnings per common share, the actual conversion to common stock occurs when the preferred shares are sold. Shares may only be sold after being allocated to the ESOP participants pursuant to the repayment of the ESOP's obligations through 2035. (2) Weighted average outstanding stock options of approximately 24 million and 27 million for the three months ended December 31, 2017 and 2016 , and approximately 22 million and 27 million for the six months ended December 31, 2017 and 2016 , 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)

SHARE-BASED COMPENSATION AND PO

SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS	6 Months Ended
	Dec. 31, 2017
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 2017 2016 2017 2016 Share-based compensation expense $ 73 $ 74 $ 157 $ 118 Net periodic benefit cost for pension benefits (1) 52 257 103 353 Net periodic benefit cost/(credit) for other retiree benefits (1) (38 ) 58 (76 ) 39 (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, 2017 , excluding the settlement, curtailment, and special termination costs related to the divestiture of the Beauty Brands business reported in Net earnings from discontinued operations. The disclosures above for both share-based compensation and postretirement benefits include amounts related to discontinued operations for the three and six months ended December 31, 2016 . For both periods, this includes $186 of pension benefit costs and $34

RISK MANAGEMENT ACTIVITIES AND

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 2017
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, 2017 . 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, 2017 . The following table sets forth the Company’s financial assets as of December 31, 2017 and June 30, 2017 that are measured at fair value on a recurring basis during the period: Fair Value Asset December 31, 2017 June 30, 2017 Investments U.S. government securities $ 7,045 $ 6,297 Corporate bond securities 4,281 3,271 Other investments 115 132 Total $ 11,441 $ 9,700 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 $1,847 as of December 31, 2017 and $2,494 as of June 30, 2017 . The amortized cost of U.S. government securities with maturities between one and five years was $5,267 as of December 31, 2017 and $3,824 as of June 30, 2017 . The amortized cost of Corporate bond securities with maturities of less than a year was $874 as of December 31, 2017 and $730 as of June 30, 2017 . The amortized cost of Corporate bond securities with maturities between one and five years was $3,433 as of December 31, 2017 and $2,547 as of June 30, 2017 . 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 Level 1 or Level 3 within the fair value hierarchy, or using net asset value as a practical expedient. Fair values are generally estimated based upon quoted market prices for similar instruments. The fair value of long-term debt was $25,579 and $21,396 as of December 31, 2017 and June 30, 2017 , respectively. This includes the current portion ( $1,756 and $1,694 as of December 31, 2017 and June 30, 2017 , 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 $1,847 and $1,716 as of December 31, 2017 and June 30, 2017 , 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, 2017 and June 30, 2017 : Notional Amount Derivative Fair Value Asset/(Liability) December 31, 2017 June 30, 2017 December 31, 2017 June 30, 2017 Derivatives in Fair Value Hedging Relationships Interest rate contracts (1) $ 4,640 $ 4,552 $ 137 $ 178 Derivatives in Net Investment Hedging Relationships Foreign exchange contracts $ 6,504 $ 6,102 $ (250 ) $ (163 ) Derivatives Not Designated as Hedging Instruments Foreign currency contracts $ 5,374 $ 4,969 $ (29 ) $ 18 (1) The fair value of the derivative asset/liability directly offsets the cumulative amount of the fair value hedging adjustment included in the carrying amount of the underlying debt obligation. The carrying amount of the underlying debt obligation, net of the fair value adjustment, was $4,755 as of December 31, 2017 and $4,705 as of June 30, 2017 , respectively. 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. 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 December 31, 2017 June 30, 2017 Derivatives in Net Investment Hedging Relationships Foreign exchange contracts $ (156 ) $ (104 ) 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, 2017 and 2016 are as follows: Amount of Gain/(Loss) Reclassified from AOCI into Earnings Three Months Ended December 31 Six Months Ended December 31 2017 2016 2017 2016 Derivatives in Cash Flow Hedging Relationships (1) Foreign currency contracts $ — $ 107 $ — $ 99 Amount of Gain/(Loss) Recognized in Earnings Three Months Ended December 31 Six Months Ended December 31 2017 2016 2017 2016 Derivatives in Fair Value Hedging Relationships (2) Interest rate contracts $ (38 ) $ (152 ) $ (41 ) $ (180 ) Debt 38 152 41 180 Total $ — $ — $ — $ — Derivatives Not Designated as Hedging Instruments (3) Foreign currency contracts $ (1 ) $ (176 ) $ (2 ) $ (184 ) (1) The gain or loss on cash flow hedging relationships is reclassified from AOCI into net income in the same period during which the related item affects earnings. Such amounts related to foreign currency contracts are included in the Consolidated Statements of Earnings in Selling, general and administrative expense (SG&A). (2) The gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are both recognized in the Consolidated Statements of Earnings in Interest expense. (3)

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Dec. 31, 2017
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, 2017 $ (2,947 ) $ (25 ) $ (4,397 ) $ (7,263 ) $ (14,632 ) OCI before reclassifications (1) (630 ) (61 ) 1 1,028 338 Amounts reclassified from AOCI (2) — (4 ) 127 — 123 Net current period OCI (630 ) (65 ) 128 1,028 461 Balance at December 31, 2017 $ (3,577 ) $ (90 ) $ (4,269 ) $ (6,235 ) $ (14,171 ) (1) Net of tax expense/(benefit) of $(378) , $0 and $23 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 $49 for gains/losses on hedges, investment securities and pension and other retiree benefit items, respectively. The below provides additional details on the amounts reclassified from AOCI into the Consolidated Statement of Earnings: • Hedges: see Note 7 for classification of gains and losses from hedges in the Consolidated Statements of Earnings. • Investment securities: amounts reclassified from AOCI into Other non-operating income, net. •

RESTRUCTURING PROGRAM

RESTRUCTURING PROGRAM	6 Months Ended
	Dec. 31, 2017
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 2017, the Company announced specific elements of a multi-year productivity and cost savings plan to further reduce costs in the areas of supply chain, certain marketing activities and overhead expenses. During fiscal years 2018 and 2019, the Company expects to incur approximately $1.2 billion in before-tax restructuring costs under the plan. This program is expected to result in meaningful incremental non-manufacturing enrollment reductions, along with further 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. For the three and six month periods ended December 31, 2017 , the Company incurred total restructuring charges of approximately $154 and $311 , respectively. For the three and six month periods ended December 31, 2017 , $48 and $87 of these charges were recorded in SG&A, respectively. For the three and six month periods ended December 31, 2017 , $106 and $224 of these charges were recorded in Cost of products sold, respectively. The following table presents restructuring activity for the six months ended December 31, 2017 : Six Months Ended December 31, 2017 Accrual Balance June 30, 2017 Charges Previously Reported (Three Months Ended September 30, 2017) Charges for the Three Months Ended December 31, 2017 Cash Spent Charges Against Assets Accrual Balance December 31, 2017 Separations $ 228 $ 46 $ 67 $ (74 ) $ — $ 267 Asset-related costs — 86 58 — (144 ) — Other costs 49 25 29 (64 ) — 39 Total $ 277 $ 157 $ 154 $ (138 ) $ (144 ) $ 306 Separation Costs Employee separation charges for the three and six month periods ended December 31, 2017 relate to severance packages for approximately 500 and 980 employees, respectively. Separations related to non-manufacturing employees were approximately 250 and 390 for the three and six month periods ended December 31, 2017 , respectively. The packages were predominantly voluntary and the amounts were 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. 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 asset removal and termination of contracts related to supply chain optimization. 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, 2017 Six Months Ended December 31, 2017 Beauty $ 13 $ 33 Grooming 5 11 Health Care 3 7 Fabric & Home Care 25 55 Baby, Feminine & Family Care 50 101 Corporate (1) 58 104 Total Company $ 154 $ 311 (1)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Dec. 31, 2017
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. While we do not expect material changes, it is possible that the amount of unrecognized benefit with respect to our uncertain tax positions could increase or decrease within the next 12 months. At this time, we are not able to make a reasonable estimate of the range of impact on the balance of uncertain tax positions or the impact on the effective tax rate related to these items. 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, 2017

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Dec. 31, 2017
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 was 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. In accordance with applicable accounting guidance for the disposal of long-lived assets, the results of the Beauty Brands business are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for the three and six months ended December 31, 2016 Three Months Ended December 31, 2016 Six Months Ended December 31, 2016 Net sales $ — $ 1,159 Cost of products sold — 450 Selling, general and administrative expense — 783 Interest expense — 14 Other non-operating income/(expense), net — 16 Earnings/(loss) from discontinued operations before income taxes — (72 ) Income taxes on discontinued operations — 46 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 from discontinued operations $ 5,335 $ 5,217 (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: Six Months Ended December 31, 2016 NON-CASH OPERATING ITEMS Depreciation and amortization $ 24 Deferred income tax benefit (649 ) Before tax gain on sale of businesses 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

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Dec. 31, 2017
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 2017 $ 3,233 $ 853 $ 655 $ 6,371 $ 1,689 $ 1,287 2016 2,942 714 540 5,938 1,497 1,132 Grooming 2017 1,776 531 423 3,353 945 752 2016 1,789 614 469 3,447 1,143 884 Health Care 2017 2,212 668 455 4,114 1,123 760 2016 2,072 608 422 3,933 1,104 742 Fabric & Home Care 2017 5,434 1,101 714 10,817 2,280 1,483 2016 5,270 1,125 725 10,572 2,254 1,453 Baby, Feminine & Family Care 2017 4,613 933 597 9,158 1,897 1,227 2016 4,645 1,038 680 9,240 2,083 1,377 Corporate 2017 127 (53 ) (283 ) 235 (150 ) (78 ) 2016 138 (843 ) (275 ) 244 (1,087 ) (152 ) Total Company 2017 $ 17,395 $ 4,033 $ 2,561 $ 34,048 $ 7,784 $ 5,431 2016 16,856 3,256 2,561 33,374 6,994 5,436

GOODWILL AND OTHER INTANGIBLE18

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Dec. 31, 2017
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, 2017 $ 12,791 $ 19,627 $ 5,878 $ 1,857 $ 4,546 $ 44,699 Acquisitions and divestitures 73 — — — — 73 Translation and other 277 371 103 26 75 852 Goodwill at December 31, 2017 $ 13,141 $ 19,998 $ 5,981 $ 1,883 $ 4,621 $ 45,624
Schedule of Intangible Assets and Goodwill [Table Text Block]	Identifiable intangible assets at December 31, 2017 are comprised of: Gross Carrying Amount Accumulated Amortization Intangible assets with determinable lives $ 7,431 $ 5,038 Intangible assets with indefinite lives 21,831 — Total identifiable intangible assets $ 29,262 $ 5,038
Schedule of Potential Impacts to Estimated Fair Values [Table Text Block]	The table below provides, in isolation, the estimated fair value impacts related to a 50 basis point decrease to our residual growth rate or a 50 basis point increase to our discount rate. Approximate Percent Change in Estimated Fair Value +50 bps Discount Rate -50 bps Long-term Growth Shave Care goodwill reporting unit (10 )% (7 )% Gillette indefinite-lived intangible asset (10 )% (7 )%

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Net earnings per share were as follows: Three Months Ended December 31, 2017 Three Months Ended December 31, 2016 CONSOLIDATED AMOUNTS Total Continuing Operations Discontinued Operations Total Net earnings $ 2,561 $ 2,561 $ 5,335 $ 7,896 Net earnings attributable to noncontrolling interests (66 ) (21 ) — (21 ) Net earnings attributable to P&G (Diluted) 2,495 2,540 5,335 7,875 Preferred dividends, net of tax benefit (62 ) (61 ) — (61 ) Net earnings attributable to P&G available to common shareholders (Basic) $ 2,433 $ 2,479 $ 5,335 $ 7,814 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,533.9 2,596.6 2,596.6 2,596.6 Effect of dilutive securities Conversion of preferred shares (1) 95.5 100.1 100.1 100.1 Exercise of stock options and other unvested equity awards (2) 40.2 40.9 40.9 40.9 Diluted weighted average common shares outstanding 2,669.6 2,737.6 2,737.6 2,737.6 PER SHARE AMOUNTS (3) Basic net earnings per common share $ 0.96 $ 0.96 $ 2.05 $ 3.01 Diluted net earnings per common share $ 0.93 $ 0.93 $ 1.95 $ 2.88 Six Months Ended December 31, 2017 Six Months Ended December 31, 2016 CONSOLIDATED AMOUNTS Total Continuing Operations Discontinued Operations Total Net earnings $ 5,431 $ 5,436 $ 5,217 $ 10,653 Net earnings attributable to noncontrolling interests (83 ) (64 ) — (64 ) Net earnings attributable to P&G (Diluted) 5,348 5,372 5,217 10,589 Preferred dividends, net of tax benefit (124 ) (124 ) — (124 ) Net earnings attributable to P&G available to common shareholders (Basic) $ 5,224 $ 5,248 $ 5,217 $ 10,465 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,542.2 2,635.6 2,635.6 2,635.6 Effect of dilutive securities Conversion of preferred shares (1) 96.0 100.5 100.5 100.5 Exercise of stock options and other unvested equity awards (2) 41.9 44.1 44.1 44.1 Diluted weighted average common shares outstanding 2,680.1 2,780.2 2,780.2 2,780.2 PER SHARE AMOUNTS (3) Basic net earnings per common share $ 2.05 $ 1.99 $ 1.98 $ 3.97 Diluted net earnings per common share $ 2.00 $ 1.93 $ 1.88 $ 3.81 (1) Despite being included currently in Diluted net earnings per common share, the actual conversion to common stock occurs when the preferred shares are sold. Shares may only be sold after being allocated to the ESOP participants pursuant to the repayment of the ESOP's obligations through 2035. (2) Weighted average outstanding stock options of approximately 24 million and 27 million for the three months ended December 31, 2017 and 2016 , and approximately 22 million and 27 million for the six months ended December 31, 2017 and 2016 , 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)

SHARE-BASED COMPENSATION AND 20

SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS (Tables)	6 Months Ended
	Dec. 31, 2017
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 2017 2016 2017 2016 Share-based compensation expense $ 73 $ 74 $ 157 $ 118 Net periodic benefit cost for pension benefits (1) 52 257 103 353 Net periodic benefit cost/(credit) for other retiree benefits (1) (38 ) 58 (76 ) 39 (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, 2017

RISK MANAGEMENT ACTIVITIES AN21

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2017
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, 2017 and June 30, 2017 that are measured at fair value on a recurring basis during the period: Fair Value Asset December 31, 2017 June 30, 2017 Investments U.S. government securities $ 7,045 $ 6,297 Corporate bond securities 4,281 3,271 Other investments 115 132 Total $ 11,441 $ 9,700
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, 2017 and June 30, 2017 : Notional Amount Derivative Fair Value Asset/(Liability) December 31, 2017 June 30, 2017 December 31, 2017 June 30, 2017 Derivatives in Fair Value Hedging Relationships Interest rate contracts (1) $ 4,640 $ 4,552 $ 137 $ 178 Derivatives in Net Investment Hedging Relationships Foreign exchange contracts $ 6,504 $ 6,102 $ (250 ) $ (163 ) Derivatives Not Designated as Hedging Instruments Foreign currency contracts $ 5,374 $ 4,969 $ (29 ) $ 18 (1) The fair value of the derivative asset/liability directly offsets the cumulative amount of the fair value hedging adjustment included in the carrying amount of the underlying debt obligation. The carrying amount of the underlying debt obligation, net of the fair value adjustment, was $4,755 as of December 31, 2017 and $4,705 as of June 30, 2017
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Amount of Gain/(Loss) Recognized in AOCI on Derivatives December 31, 2017 June 30, 2017 Derivatives in Net Investment Hedging Relationships Foreign exchange contracts $ (156 ) $ (104 )
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, 2017 and 2016 are as follows: Amount of Gain/(Loss) Reclassified from AOCI into Earnings Three Months Ended December 31 Six Months Ended December 31 2017 2016 2017 2016 Derivatives in Cash Flow Hedging Relationships (1) Foreign currency contracts $ — $ 107 $ — $ 99 Amount of Gain/(Loss) Recognized in Earnings Three Months Ended December 31 Six Months Ended December 31 2017 2016 2017 2016 Derivatives in Fair Value Hedging Relationships (2) Interest rate contracts $ (38 ) $ (152 ) $ (41 ) $ (180 ) Debt 38 152 41 180 Total $ — $ — $ — $ — Derivatives Not Designated as Hedging Instruments (3) Foreign currency contracts $ (1 ) $ (176 ) $ (2 ) $ (184 ) (1) The gain or loss on cash flow hedging relationships is reclassified from AOCI into net income in the same period during which the related item affects earnings. Such amounts related to foreign currency contracts are included in the Consolidated Statements of Earnings in Selling, general and administrative expense (SG&A). (2) The gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are both recognized in the Consolidated Statements of Earnings in Interest expense. (3)

ACCUMULATED OTHER COMPREHENSI22

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Dec. 31, 2017
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, 2017 $ (2,947 ) $ (25 ) $ (4,397 ) $ (7,263 ) $ (14,632 ) OCI before reclassifications (1) (630 ) (61 ) 1 1,028 338 Amounts reclassified from AOCI (2) — (4 ) 127 — 123 Net current period OCI (630 ) (65 ) 128 1,028 461 Balance at December 31, 2017 $ (3,577 ) $ (90 ) $ (4,269 ) $ (6,235 ) $ (14,171 ) (1) Net of tax expense/(benefit) of $(378) , $0 and $23 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 $49 for gains/losses on hedges, investment securities and pension and other retiree benefit items, respectively.

RESTRUCTURING PROGRAM (Tables)

RESTRUCTURING PROGRAM (Tables)	6 Months Ended
	Dec. 31, 2017
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, 2017 : Six Months Ended December 31, 2017 Accrual Balance June 30, 2017 Charges Previously Reported (Three Months Ended September 30, 2017) Charges for the Three Months Ended December 31, 2017 Cash Spent Charges Against Assets Accrual Balance December 31, 2017 Separations $ 228 $ 46 $ 67 $ (74 ) $ — $ 267 Asset-related costs — 86 58 — (144 ) — Other costs 49 25 29 (64 ) — 39 Total $ 277 $ 157 $ 154 $ (138 ) $ (144 ) $ 306
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, 2017 Six Months Ended December 31, 2017 Beauty $ 13 $ 33 Grooming 5 11 Health Care 3 7 Fabric & Home Care 25 55 Baby, Feminine & Family Care 50 101 Corporate (1) 58 104 Total Company $ 154 $ 311 (1)

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
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: Six Months Ended December 31, 2016 NON-CASH OPERATING ITEMS Depreciation and amortization $ 24 Deferred income tax benefit (649 ) Before tax gain on sale of businesses 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 Three Months Ended December 31, 2016 Six Months Ended December 31, 2016 Net sales $ — $ 1,159 Cost of products sold — 450 Selling, general and administrative expense — 783 Interest expense — 14 Other non-operating income/(expense), net — 16 Earnings/(loss) from discontinued operations before income taxes — (72 ) Income taxes on discontinued operations — 46 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 from discontinued operations $ 5,335 $ 5,217 (1)

NEW ACCOUNTING PRONOUNCEMENTS25

NEW ACCOUNTING PRONOUNCEMENTS AND POLICIES - U.S. TAX REFORM (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2018
Income Tax Expense (Benefit)	$ 1,472	$ 695	$ 2,353	$ 1,558
U.S. Tax Cuts and Jobs Act, Effective 2018
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	135
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Base Rate, Percent							21.00%
Income Tax Expense (Benefit)	628
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount	3,800
Deferred Federal Income Tax Expense (Benefit)	$ 3,200
U.S. Tax Cuts and Jobs Act, Effective 2018 | Scenario, Forecast
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					21.00%	28.00%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Net Sales	$ 17,395	$ 16,856	$ 34,048	$ 33,374
Earnings/(Loss) from Continuing Operations Before Income Taxes	4,033	3,256	7,784	6,994
Net Earnings/(Loss) from Continuing Operations	2,561	2,561	5,431	5,436
Beauty
Segment Reporting Information [Line Items]
Net Sales	3,233	2,942	6,371	5,938
Earnings/(Loss) from Continuing Operations Before Income Taxes	853	714	1,689	1,497
Net Earnings/(Loss) from Continuing Operations	655	540	1,287	1,132
Grooming
Segment Reporting Information [Line Items]
Net Sales	1,776	1,789	3,353	3,447
Earnings/(Loss) from Continuing Operations Before Income Taxes	531	614	945	1,143
Net Earnings/(Loss) from Continuing Operations	423	469	752	884
Health Care
Segment Reporting Information [Line Items]
Net Sales	2,212	2,072	4,114	3,933
Earnings/(Loss) from Continuing Operations Before Income Taxes	668	608	1,123	1,104
Net Earnings/(Loss) from Continuing Operations	455	422	760	742
Fabric & Home Care
Segment Reporting Information [Line Items]
Net Sales	5,434	5,270	10,817	10,572
Earnings/(Loss) from Continuing Operations Before Income Taxes	1,101	1,125	2,280	2,254
Net Earnings/(Loss) from Continuing Operations	714	725	1,483	1,453
Baby, Feminine & Family Care
Segment Reporting Information [Line Items]
Net Sales	4,613	4,645	9,158	9,240
Earnings/(Loss) from Continuing Operations Before Income Taxes	933	1,038	1,897	2,083
Net Earnings/(Loss) from Continuing Operations	597	680	1,227	1,377
Corporate
Segment Reporting Information [Line Items]
Net Sales	127	138	235	244
Earnings/(Loss) from Continuing Operations Before Income Taxes	(53)	(843)	(150)	(1,087)
Net Earnings/(Loss) from Continuing Operations	$ (283)	$ (275)	$ (78)	$ (152)

GOODWILL AND OTHER INTANGIBLE27

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, 2017USD ($)
Goodwill [Roll Forward]
Goodwill at June 30, 2017	$ 44,699
Goodwill, Acquisitions and Divestitures	73
Goodwill, Translation and Other	852
Goodwill at December 31, 2017	45,624
Beauty
Goodwill [Roll Forward]
Goodwill at June 30, 2017	12,791
Goodwill, Acquisitions and Divestitures	73
Goodwill, Translation and Other	277
Goodwill at December 31, 2017	13,141
Grooming
Goodwill [Roll Forward]
Goodwill at June 30, 2017	19,627
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	371
Goodwill at December 31, 2017	19,998
Health Care
Goodwill [Roll Forward]
Goodwill at June 30, 2017	5,878
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	103
Goodwill at December 31, 2017	5,981
Fabric & Home Care
Goodwill [Roll Forward]
Goodwill at June 30, 2017	1,857
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	26
Goodwill at December 31, 2017	1,883
Baby, Feminine & Family Care
Goodwill [Roll Forward]
Goodwill at June 30, 2017	4,546
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	75
Goodwill at December 31, 2017	$ 4,621

GOODWILL AND OTHER INTANGIBLE28

GOODWILL AND OTHER INTANGIBLE ASSETS - IDENTIFIABLE INTANGIBLE ASSETS (Details) $ in Millions	Dec. 31, 2017USD ($)
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 29,262
Accumulated Amortization	5,038
Intangible Assets with Indefinite Lives
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,831
Accumulated Amortization	0
Intangible Assets with Determinable Lives
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,431
Accumulated Amortization	$ 5,038

GOODWILL AND OTHER INTANGIBLE29

GOODWILL AND OTHER INTANGIBLE ASSETS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Other Significant Noncash Transactions [Line Items]
Amortization of Intangible Assets	$ 75	$ 80	$ 152	$ 169
Goodwill	$ 45,624		$ 45,624		$ 44,699
Shave Care
Other Significant Noncash Transactions [Line Items]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	10.00%		10.00%
Goodwill	$ 19,700		$ 19,700
Gillette
Other Significant Noncash Transactions [Line Items]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	10.00%		10.00%
Intangible Assets with Indefinite Lives | Gillette
Other Significant Noncash Transactions [Line Items]
Intangible Assets, Net (Including Goodwill)	$ 15,700		$ 15,700

GOODWILL AND OTHER INTANGIBLE30

GOODWILL AND OTHER INTANGIBLE ASSETS - FAIR VALUE SENSITIVITY (Details)	Dec. 31, 2017
50 bps Increase Discount Rate | Intangible Assets with Indefinite Lives | Gillette
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(10.00%)
50 bps Decrease Long-Term Growth | Intangible Assets with Indefinite Lives | Gillette
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(7.00%)
Goodwill | 50 bps Increase Discount Rate | Shave Care
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(10.00%)
Goodwill | 50 bps Decrease Long-Term Growth | Shave Care
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(7.00%)

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, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share Reconciliation [Abstract]
Net Earnings/(Loss)		$ 2,561	$ 7,896	$ 5,431	$ 10,653
Net Earnings Attributable to Noncontrolling Interest		(66)	(21)	(83)	(64)
Net Earnings/(Loss) Attributable to P&G (Diluted)		2,495	7,875	5,348	10,589
Preferred Dividends, Net of Tax Benefit		(62)	(61)	(124)	(124)
Net Earnings/(Loss) Attributable to P&G Available to Common Shareholders (Basic)		$ 2,433	$ 7,814	$ 5,224	$ 10,465
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic Weighted Average Common Shares Outstanding		2,533.9	2,596.6	2,542.2	2,635.6
Effect of Dilutive Securities
Conversion of Preferred Shares	[1]	95.5	100.1	96	100.5
Exercise of Stock Options and Other Unvested Equity Awards	[2]	40.2	40.9	41.9	44.1
Diluted Weighted Average Common Shares Outstanding		2,669.6	2,737.6	2,680.1	2,780.2
Basic Net Earnings/(Loss) Per Common Share	[3],[4]	$ 0.96	$ 3.01	$ 2.05	$ 3.97
Diluted Net Earnings/(Loss) Per Common Share	[3],[4]	$ 0.93	$ 2.88	$ 2	$ 3.81
Continuing Operations
Earnings Per Share Reconciliation [Abstract]
Net Earnings/(Loss)			$ 2,561		$ 5,436
Net Earnings Attributable to Noncontrolling Interest			(21)		(64)
Net Earnings/(Loss) Attributable to P&G (Diluted)			2,540		5,372
Preferred Dividends, Net of Tax Benefit			(61)		(124)
Net Earnings/(Loss) Attributable to P&G Available to Common Shareholders (Basic)			$ 2,479		$ 5,248
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic Weighted Average Common Shares Outstanding			2,596.6		2,635.6
Effect of Dilutive Securities
Conversion of Preferred Shares	[1]		100.1		100.5
Exercise of Stock Options and Other Unvested Equity Awards	[2]		40.9		44.1
Diluted Weighted Average Common Shares Outstanding			2,737.6		2,780.2
Basic Net Earnings/(Loss) Per Common Share	[3]		$ 0.96		$ 1.99
Diluted Net Earnings/(Loss) Per Common Share	[3]		$ 0.93		$ 1.93
Discontinued Operations
Earnings Per Share Reconciliation [Abstract]
Net Earnings/(Loss)			$ 5,335		$ 5,217
Net Earnings Attributable to Noncontrolling Interest			0		0
Net Earnings/(Loss) Attributable to P&G (Diluted)			5,335		5,217
Preferred Dividends, Net of Tax Benefit			0		0
Net Earnings/(Loss) Attributable to P&G Available to Common Shareholders (Basic)			$ 5,335		$ 5,217
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic Weighted Average Common Shares Outstanding			2,596.6		2,635.6
Effect of Dilutive Securities
Conversion of Preferred Shares	[1]		100.1		100.5
Exercise of Stock Options and Other Unvested Equity Awards	[2]		40.9		44.1
Diluted Weighted Average Common Shares Outstanding			2,737.6		2,780.2
Basic Net Earnings/(Loss) Per Common Share	[3]		$ 2.05		$ 1.98
Diluted Net Earnings/(Loss) Per Common Share	[3]		$ 1.95		$ 1.88
[1]	Despite being included currently in Diluted net earnings per common share, the actual conversion to common stock occurs when the preferred shares are sold. Shares may only be sold after being allocated to the ESOP participants pursuant to the repayment of the ESOP's obligations through 2035.
[2]	Weighted average outstanding stock options of approximately 24 million and 27 million for the three months ended December 31, 2017 and 2016 , and approximately 22 million and 27 million for the six months ended December 31, 2017 and 2016
[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, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
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]	24	27	22	27
[1]	Weighted average outstanding stock options of approximately 24 million and 27 million for the three months ended December 31, 2017 and 2016 , and approximately 22 million and 27 million for the six months ended December 31, 2017 and 2016

SHARE-BASED COMPENSATION AND 33

SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Allocated Share-based Compensation Expense		$ 73	$ 74	$ 157	$ 118
Pension Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	[1]	52	257	103	353
Other Postretirement Benefit Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	[1]	$ (38)	$ 58	$ (76)	$ 39
[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, 2017

SHARE-BASED COMPENSATION AND 34

SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS - ADDITIONAL INFORMATION (Details) - Discontinued Operations	6 Months Ended
	Dec. 31, 2017USD ($)
Pension Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	$ 186
Other Postretirement Benefit Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	$ 34

RISK MANAGEMENT ACTIVITIES AN35

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Millions	Dec. 31, 2017	Jun. 30, 2017
Fair Value Asset	$ 11,441	$ 9,700
U.S. Government Securities
Fair Value Asset	7,045	6,297
Corporate Bond Securities
Fair Value Asset	4,281	3,271
Other Investments
Fair Value Asset	$ 115	$ 132

RISK MANAGEMENT ACTIVITIES AN36

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	Dec. 31, 2017	Jun. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 25,579	$ 21,396
Long Term Debt, Current Maturities Measured at Fair Value	1,756	1,694
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	1,847	1,716
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	1,847	2,494
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis	5,267	3,824
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	874	730
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis	$ 3,433	$ 2,547

RISK MANAGEMENT ACTIVITIES AN37

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - DERIVATIVE NOTIONAL AMOUNTS AND FAIR VALUE (Details) - USD ($) $ in Millions		Dec. 31, 2017	Jun. 30, 2017
Derivatives Not Designated as Hedging Instruments | Foreign Currency Contract
Derivative [Line Items]
Notional Amount		$ 5,374	$ 4,969
Fair Value Asset/(Liability)		(29)	18
Derivatives in Fair Value Hedging Relationships | Interest Rate Contracts
Derivative [Line Items]
Notional Amount	[1]	4,640	4,552
Fair Value Asset/(Liability)	[1]	137	178
Derivatives in Net Investment Hedging Relationships | Foreign Exchange Contract
Derivative [Line Items]
Notional Amount		6,504	6,102
Fair Value Asset/(Liability)		$ (250)	$ (163)
[1]	The fair value of the derivative asset/liability directly offsets the cumulative amount of the fair value hedging adjustment included in the carrying amount of the underlying debt obligation. The carrying amount of the underlying debt obligation, net of the fair value adjustment, was $4,755 as of December 31, 2017 and $4,705 as of June 30, 2017

RISK MANAGEMENT ACTIVITIES AN38

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - DERIVATIVE NOTIONAL AMOUNTS AND FAIR VALUE - ADDITIONAL INFORMATION (Details) (Details) - USD ($) $ in Millions		Dec. 31, 2017	Jun. 30, 2017
Underlying, Other | Derivatives in Fair Value Hedging Relationships
Derivative [Line Items]
Notional Amount	[1]	$ 4,755	$ 4,705
[1]	The fair value of the derivative asset/liability directly offsets the cumulative amount of the fair value hedging adjustment included in the carrying amount of the underlying debt obligation. The carrying amount of the underlying debt obligation, net of the fair value adjustment, was $4,755 as of December 31, 2017 and $4,705 as of June 30, 2017

RISK MANAGEMENT ACTIVITIES AN39

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - GAIN (LOSS) ON DERIVATIVE INSTRUMENTS (EFFECTIVE PORTION) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Jun. 30, 2017
Foreign Exchange Contract | Derivatives in Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated Other Comprehensive Income, Amount of Gain (Loss) Recognized on Derivatives	$ (156)	$ (104)

RISK MANAGEMENT ACTIVITIES AN40

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - GAIN (LOSS) ON DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Derivatives Not Designated as Hedging Instruments | Foreign Currency Contract
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Earnings	[1]	$ (1)	$ (176)	$ (2)	$ (184)
Derivatives in Cash Flow Hedging Relationships | Foreign Currency Contract
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Earnings	[2]	0	107	0	99
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]	(38)	(152)	(41)	(180)
Derivatives in Fair Value Hedging Relationships | Debt
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Earnings	[3]	$ 38	$ 152	$ 41	$ 180
[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 cash flow hedging relationships is reclassified from AOCI into net income in the same period during which the related item affects earnings. Such amounts related to foreign currency contracts are included in the Consolidated Statements of Earnings in Selling, general and administrative expense (SG&A).
[3]	The gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are both recognized in the Consolidated Statements of Earnings in Interest expense.

ACCUMULATED OTHER COMPREHENSI41

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, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Accumulated Other Comprehensive Income/(Loss)		$ (14,171)		$ (14,171)		$ (14,632)
OCI before Reclassifications				338
Other Comprehensive Income (Loss), Net of Tax		121	$ (579)	461	$ (615)
Hedges
Accumulated Other Comprehensive Income/(Loss)		(3,577)		(3,577)		(2,947)
OCI before Reclassifications	[1]			(630)
Other Comprehensive Income (Loss), Net of Tax				(630)
Investment Securities
Accumulated Other Comprehensive Income/(Loss)		(90)		(90)		(25)
OCI before Reclassifications	[1]			(61)
Other Comprehensive Income (Loss), Net of Tax				(65)
Amounts Reclassified from AOCI
Other Comprehensive Income (Loss), Net of Tax				123
Amounts Reclassified from AOCI | Hedges
Other Comprehensive Income (Loss), Net of Tax	[2]			0
Amounts Reclassified from AOCI | Investment Securities
Other Comprehensive Income (Loss), Net of Tax	[2]			(4)
Pension and Other Retiree Benefits
Accumulated Other Comprehensive Income/(Loss)		(4,269)		(4,269)		(4,397)
OCI before Reclassifications	[1]			1
Other Comprehensive Income (Loss), Net of Tax				128
Pension and Other Retiree Benefits | Amounts Reclassified from AOCI
Other Comprehensive Income (Loss), Net of Tax	[2]			127
Financial Statement Translation
Accumulated Other Comprehensive Income/(Loss)		$ (6,235)		(6,235)		$ (7,263)
OCI before Reclassifications				1,028
Other Comprehensive Income (Loss), Net of Tax				1,028
Financial Statement Translation | Amounts Reclassified from AOCI
Other Comprehensive Income (Loss), Net of Tax				$ 0
[1]	Net of tax expense/(benefit) of $(378) , $0 and $23
[2]	Net of tax expense/(benefit) of $0 , $0 and $49

ACCUMULATED OTHER COMPREHENSI42

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - NET OF TAX EXPENSE (BENEFIT) (Details) $ in Millions	6 Months Ended
	Dec. 31, 2017USD ($)
Hedges
Other Comprehensive Income (Loss) before Reclassifications, Tax	$ (378)	[1]
Investment Securities
Other Comprehensive Income (Loss) before Reclassifications, Tax	0	[1]
Pension and Other Retiree Benefits
Other Comprehensive Income (Loss) before Reclassifications, Tax	23	[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	$ 49	[2]
[1]	Net of tax expense/(benefit) of $(378) , $0 and $23
[2]	Net of tax expense/(benefit) of $0 , $0 and $49

RESTRUCTURING PROGRAM - ADDITIO

RESTRUCTURING PROGRAM - ADDITIONAL INFORMATION (Details) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017USD ($)employee	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)employee	Jun. 30, 2019USD ($)
Restructuring Charges	$ 154	$ 157	$ 311
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	48		87
Cost of Products Sold
Restructuring Charges	106		$ 224
Separations
Restructuring Charges	$ 67	$ 46
Restructuring and Related Cost, Number of Severance Packages Executed | employee	500		980
Non-Manufacturing Overhead Personnel
Restructuring and Related Cost, Number of Severance Packages Executed | employee	250		390
Scenario, Forecast
Restructuring and Related Cost, Expected Cost				$ 1,200

RESTRUCTURING PROGRAM - RESTRUC

RESTRUCTURING PROGRAM - RESTRUCTURING RESERVE BY TYPE OF COSTS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2017
Restructuring Reserve [Roll Forward]
Accrual Balance June 30, 2017		$ 277	$ 277
Restructuring Charges	$ 154	157	311
Cash Spent			(138)
Charges Against Assets			(144)
Accrual Balance December 31, 2017	306		306
Separations
Restructuring Reserve [Roll Forward]
Accrual Balance June 30, 2017		228	228
Restructuring Charges	67	46
Cash Spent			(74)
Charges Against Assets			0
Accrual Balance December 31, 2017	267		267
Asset-related Costs
Restructuring Reserve [Roll Forward]
Accrual Balance June 30, 2017		0	0
Restructuring Charges	58	86
Cash Spent			0
Charges Against Assets			(144)
Accrual Balance December 31, 2017	0		0
Other Costs
Restructuring Reserve [Roll Forward]
Accrual Balance June 30, 2017		49	49
Restructuring Charges	29	$ 25
Cash Spent			(64)
Charges Against Assets			0
Accrual Balance December 31, 2017	$ 39		$ 39

RESTRUCTURING PROGRAM - RESTR45

RESTRUCTURING PROGRAM - RESTRUCTURING COSTS PER SEGMENT (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		$ 154	$ 157	$ 311
Beauty
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		13		33
Grooming
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		5		11
Health Care
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		3		7
Fabric & Home Care
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		25		55
Baby, Feminine & Family Care
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		50		101
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	[1]	$ 58		$ 104
[1]	Corporate includes costs related to allocated overheads, including charges related to our Sales and Market Operations, Global Business Services and Corporate Functions activities.

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - ADDITIONAL INFORMATION (Details)	6 Months Ended
	Dec. 31, 2017audittaxable_jurisdiction
Loss Contingencies [Line Items]
Number of Taxable Jurisdictions | taxable_jurisdiction	140
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
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Oct. 01, 2016USD ($)shares
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 0	$ 5,335	$ 0	$ 5,217
Beauty Brands
Disposal Groups - Number of Product Categories					4
Disposal Groups - Number of Brands					41
Disposal Group, Including Discontinued Operation, Consideration					$ 11,400
Disposal Groups - Consideration Received (Shares) | shares					105
Disposal Groups - Equity of New Company					$ 9,400
Disposal Groups - Value of Debt Assumed					$ 1,900
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest		$ 5,335		$ 5,217

DISCONTINUED OPERATIONS - ADD48

DISCONTINUED OPERATIONS - ADDITIONAL INFORMATION ON TABLES (Details) $ in Millions	3 Months Ended
	Sep. 30, 2016USD ($)
Beauty Brands
Disposal Groups - Transition Cost	$ 167

DISCONTINUED OPERATIONS - NET E

DISCONTINUED OPERATIONS - NET EARNINGS FROM DISCONTINUED OPERATIONS FOR BEAUTY BRANDS (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Net Earnings/(Loss) from Discontinued Operations		$ 0	$ 5,335	$ 0	$ 5,217
Beauty Brands
Net Sales, Discontinued Operations			0		1,159
Cost of Products Sold, Discontinued Operations			0		450
Selling, General and Administrative Expense, Discontinued Operations			0		783
Interest Expense, Discontinued Operations			0		14
Disposal Group, Including Discontinued Operation, Other Income			0		16
Earnings/(Loss) from Discontinued Operations before Income Taxes			0		(72)
Income Taxes on Discontinued Operations			0		46
Gain on Disposition of Business, Before Income Taxes			5,197		5,197
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal	[1]		(138)		(138)
Net Earnings/(Loss) from Discontinued Operations			$ 5,335		$ 5,217
[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, 2017	Dec. 31, 2016
Deferred Income Taxes	$ (2,008)	$ (448)
Beauty Brands
Depreciation and Amortization, Discontinued Operations		24
Deferred Income Taxes		(649)
Gain (Loss) on Disposition of Business		5,210
Increase (Decrease) in Accrued Taxes Payable		382
Income Taxes Paid		129
Capital Expenditure, Discontinued Operations		$ 38