DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION | 6 Months Ended |
Dec. 31, 2022 shares | |
Entity Information [Line Items] | |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000080424 |
Current Fiscal Year End Date | --06-30 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | OH |
Entity File Number | 1-434 |
Entity Tax Identification Number | 31-0411980 |
Entity Address, Address Line One | One Procter & Gamble Plaza |
Entity Address, City or Town | Cincinnati |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 45202 |
City Area Code | 513 |
Local Phone Number | 983-1100 |
Document Transition Report | false |
Document Quarterly Report | true |
Document Type | 10-Q |
Document Period End Date | Dec. 31, 2022 |
Entity Registrant Name | PROCTER & GAMBLE CO |
Entity Small Business | false |
Entity Interactive Data Current | Yes |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 2,359,144,096 |
Common Stock [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, without Par Value |
Trading Symbol | PG |
1.125% due 2023 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.125% Notes due 2023 |
Trading Symbol | PG23A |
Security Exchange Name | NYSE |
0.500% due 2024 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.500% Notes due 2024 |
Trading Symbol | PG24A |
Security Exchange Name | NYSE |
0.625% due 2024 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.625% Notes due 2024 |
Trading Symbol | PG24B |
Security Exchange Name | NYSE |
1.375% due 2025 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.375% Notes due 2025 |
Trading Symbol | PG25 |
Security Exchange Name | NYSE |
0.110 due 2026 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.110% Notes due 2026 |
Trading Symbol | PG26D |
Security Exchange Name | NYSE |
4.875% EUR due May 2027 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 4.875% EUR notes due May 2027 |
Trading Symbol | PG27A |
Security Exchange Name | NYSE |
1.200% due 2028 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.200% Notes due 2028 |
Trading Symbol | PG28 |
Security Exchange Name | NYSE |
1.250% due 2029 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.250% Notes due 2029 |
Trading Symbol | PG29B |
Security Exchange Name | NYSE |
1.800% due 2029 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.800% Notes due 2029 |
Trading Symbol | PG29A |
Security Exchange Name | NYSE |
6.250% GBP due January 2030 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.250% GBP notes due January 2030 |
Trading Symbol | PG30 |
Security Exchange Name | NYSE |
0.350% due 2030 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.350% Notes due 2030 |
Trading Symbol | PG30C |
Security Exchange Name | NYSE |
0.230% due 2031 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.230% Notes due 2031 |
Trading Symbol | PG31A |
Security Exchange Name | NYSE |
5.250% GBP due January 2033 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.250% GBP notes due January 2033 |
Trading Symbol | PG33 |
Security Exchange Name | NYSE |
1.875% due 2038 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.875% Notes due 2038 |
Trading Symbol | PG38 |
Security Exchange Name | NYSE |
0.900% due 2041 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.900% Notes due 2041 |
Trading Symbol | PG41 |
Security Exchange Name | NYSE |
NEW YORK STOCK EXCHANGE, INC. [Member] | Common Stock [Member] | |
Entity Information [Line Items] | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net Sales | $ 20,773 | $ 20,953 | $ 41,385 | $ 41,291 | |
Cost of Products Sold | 10,897 | 10,664 | 21,743 | 21,029 | |
Selling, General and Administrative Expense | 5,091 | 5,121 | 9,918 | 10,071 | |
Operating Income | 4,785 | 5,168 | 9,724 | 10,191 | |
Interest Expense | (171) | (106) | (294) | (215) | |
Interest Income | 66 | 10 | 108 | 21 | |
Other Non-operating Income/(Loss), Net | 155 | 167 | 294 | 277 | |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 4,835 | 5,239 | 9,832 | 10,274 | |
Income Taxes on Continuing Operations | 876 | 997 | 1,910 | 1,906 | |
Net Earnings | 3,959 | 4,242 | 7,922 | 8,368 | |
Net Income (Loss) Attributable to Noncontrolling Interest | 26 | 19 | 50 | 33 | |
Net Income (Loss) Attributable to Parent | $ 3,933 | $ 4,223 | $ 7,872 | $ 8,335 | |
Basic Net Earnings Per Common Share | |||||
Basic Net Earnings/(Loss) Per Common Share | [1],[2] | $ 1.63 | $ 1.72 | $ 3.25 | $ 3.39 |
Diluted Net Earnings Per Common Share | |||||
Diluted Net Earnings/(Loss) Per Common Share | [1],[2] | $ 1.59 | $ 1.66 | $ 3.16 | $ 3.27 |
Diluted Weighted Average Common Shares Outstanding | 2,481.2 | 2,544.2 | 2,492.4 | 2,551.6 | |
[1]Basic net earnings per share and Diluted net earnings per share are calculated on Net earnings attributable to Procter & Gamble.[2]Net earnings per 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, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Earnings | $ 3,959 | $ 4,242 | $ 7,922 | $ 8,368 |
Foreign Currency Translation | 379 | (241) | (333) | (706) |
Unrealized Gains/(Losses) on Investment Securities | (1) | 2 | (3) | 7 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (76) | 737 | 11 | 879 |
Total Other Comprehensive Income (Loss), Net of Tax | 302 | 498 | (325) | 180 |
Total Comprehensive Income/(Loss) | 4,261 | 4,740 | 7,597 | 8,548 |
Less: Total Comprehensive Income Attributable to Noncontrolling Interest | 23 | 19 | 42 | 33 |
Total Comprehensive Income/(Loss) Attributable to Procter & Gamble | $ 4,238 | $ 4,721 | $ 7,555 | $ 8,515 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions | Dec. 31, 2022 | Jun. 30, 2022 |
Current Assets | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 6,854 | $ 7,214 |
Accounts Receivable | 5,767 | 5,143 |
Inventories | ||
Materials and Supplies | 2,232 | 2,168 |
Work in Process | 946 | 856 |
Finished Goods | 4,363 | 3,900 |
Total Inventories | 7,541 | 6,924 |
Prepaid Expenses and Other Current Assets | 1,704 | 2,372 |
Total Current Assets | 21,866 | 21,653 |
Property, Plant and Equipment, Net | 21,167 | 21,195 |
Goodwill | 39,951 | 39,700 |
Trademarks and Other Intangible Assets, Net | 23,594 | 23,679 |
Other Noncurrent Assets | 11,137 | 10,981 |
Total Assets | 117,715 | 117,208 |
Current Liabilities | ||
Accounts Payable | 14,153 | 14,882 |
Accrued and Other Liabilities | 10,293 | 9,554 |
Debt Due Within One Year | 14,300 | 8,645 |
Total Current Liabilities | 38,746 | 33,081 |
Long-Term Debt | 20,582 | 22,848 |
Deferred Income Tax Liabilities, Net | 6,462 | 6,809 |
Other Noncurrent Liabilities | 7,200 | 7,616 |
Total Liabilities | 72,990 | 70,354 |
Shareholders' Equity | ||
Preferred Stock | $ 831 | $ 843 |
Common Stock, Shares, Issued | 4,009.2 | 4,009.2 |
Common Stock, Value, Issued | $ 4,009 | $ 4,009 |
Additional Paid in Capital | 66,145 | 65,795 |
Reserve For ESOP Debt Retirement | (870) | (916) |
Accumulated Other Comprehensive Income/(Loss) | (12,506) | (12,189) |
Treasury Stock | (129,012) | (123,382) |
Retained Earnings | 115,858 | 112,429 |
Noncontrolling Interest | 270 | 265 |
Total Shareholders' Equity | 44,725 | 46,854 |
Total Liabilities and Shareholders' Equity | $ 117,715 | $ 117,208 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Reserve for ESOP Debt Retirement [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
Common Stock, Shares, Outstanding, Beginning Balance at Jun. 30, 2021 | 2,429,706 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2021 | $ 46,654 | $ 4,009 | $ 870 | $ 64,848 | $ (1,006) | $ (13,744) | $ (114,973) | $ 106,374 | $ 276 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Earnings | 8,368 | 8,335 | 33 | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ 180 | 180 | 0 | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.7396 | ||||||||
Dividends, Common Stock | $ (4,226) | (4,226) | |||||||
Dividends, Preferred Stock | (140) | (140) | |||||||
Stock Repurchased During Period, Shares | (50,786) | ||||||||
Stock Repurchased During Period, Value | (7,504) | (7,504) | |||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 16,423 | ||||||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised | 1,506 | 584 | 922 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,723 | ||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | (14) | (2) | (12) | |||||
ESOP Debt Impacts | (91) | (41) | (50) | ||||||
Noncontrolling Interest, Period Increase (Decrease) | (36) | (2) | (34) | ||||||
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 2,397,066 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2021 | 44,893 | $ 4,009 | 856 | 65,432 | (965) | (13,564) | (121,543) | 110,393 | 275 |
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2021 | 2,419,948 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Sep. 30, 2021 | 46,408 | $ 4,009 | 859 | 65,148 | (964) | (14,062) | (117,240) | 108,361 | 297 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Earnings | 4,242 | 4,223 | 19 | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ 498 | 498 | 0 | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.8698 | ||||||||
Dividends, Common Stock | $ (2,108) | (2,108) | |||||||
Dividends, Preferred Stock | (70) | (70) | |||||||
Stock Repurchased During Period, Shares | (31,433) | ||||||||
Stock Repurchased During Period, Value | (4,754) | (4,754) | |||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 7,986 | ||||||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised | 732 | 284 | 448 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 565 | ||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | (3) | 0 | (3) | |||||
ESOP Debt Impacts | (14) | (1) | (13) | ||||||
Noncontrolling Interest, Period Increase (Decrease) | (41) | 0 | (41) | ||||||
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 2,397,066 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2021 | 44,893 | $ 4,009 | 856 | 65,432 | (965) | (13,564) | (121,543) | 110,393 | 275 |
Common Stock, Shares, Outstanding, Beginning Balance at Jun. 30, 2022 | 2,393,877 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2022 | 46,854 | $ 4,009 | 843 | 65,795 | (916) | (12,189) | (123,382) | 112,429 | 265 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Earnings | 7,922 | 7,872 | 50 | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ (325) | (317) | (8) | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.8266 | ||||||||
Dividends, Common Stock | $ (4,357) | (4,357) | |||||||
Dividends, Preferred Stock | (141) | (141) | |||||||
Stock Repurchased During Period, Shares | (42,615) | ||||||||
Stock Repurchased During Period, Value | (6,002) | (6,002) | |||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 6,452 | ||||||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised | 710 | 348 | 362 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,430 | ||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | (12) | (2) | (10) | |||||
ESOP Debt Impacts | (101) | (46) | (55) | ||||||
Noncontrolling Interest, Period Increase (Decrease) | (37) | 0 | (37) | ||||||
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2022 | 2,359,144 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2022 | 44,725 | $ 4,009 | 831 | 66,145 | (870) | (12,506) | (129,012) | 115,858 | 270 |
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2022 | 2,369,697 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Sep. 30, 2022 | 44,334 | $ 4,009 | 834 | 65,955 | (870) | (12,811) | (127,205) | 114,163 | 259 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Earnings | 3,959 | 3,933 | 26 | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ 302 | 305 | (3) | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.9133 | ||||||||
Dividends, Common Stock | $ (2,168) | (2,168) | |||||||
Dividends, Preferred Stock | (70) | (70) | |||||||
Stock Repurchased During Period, Shares | (14,426) | ||||||||
Stock Repurchased During Period, Value | (2,002) | (2,002) | |||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 3,441 | ||||||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised | 382 | 189 | 193 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 432 | ||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | (3) | (1) | (2) | |||||
ESOP Debt Impacts | 0 | 0 | 0 | ||||||
Noncontrolling Interest, Period Increase (Decrease) | (12) | 0 | (12) | ||||||
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2022 | 2,359,144 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2022 | $ 44,725 | $ 4,009 | $ 831 | $ 66,145 | $ (870) | $ (12,506) | $ (129,012) | $ 115,858 | $ 270 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Cash Flows [Abstract] | ||
Cash, Cash Equivalent and Restricted Cash Beginning of Period | $ 7,214 | $ 10,288 |
Operating Activities | ||
Net Earnings | 7,922 | 8,368 |
Depreciation and Amortization | 1,316 | 1,395 |
Share-based Compensation Expense | 250 | 268 |
Deferred Income Taxes | (398) | (101) |
Gain (Loss) on Disposition of Assets | (3) | (82) |
Changes In: | ||
Accounts Receivable | (654) | (644) |
Inventories | (655) | (840) |
Accounts Payable, Accrued and Other Liabilities | 177 | 1,431 |
Other Operating Assets and Liabilities | (535) | (84) |
Other Noncash Expense | 224 | 53 |
Total Operating Activities | 7,644 | 9,764 |
Investing Activities | ||
Payments to Acquire Property, Plant, and Equipment | (1,598) | (1,717) |
Proceeds from Asset Sales | 8 | 97 |
Payments for (Proceeds from) Businesses and Interest in Affiliates | (76) | (349) |
Payments for (Proceeds from) Investments | 344 | 3 |
Total Investing Activites | (1,322) | (1,966) |
Financing Activities | ||
Dividends to Shareholders | (4,486) | (4,353) |
Proceeds from Short-term Debt, Maturing in More than Three Months | 10,447 | 6,747 |
Repayments of Short-term Debt, Maturing in More than Three Months | (3,260) | (1,730) |
Change in Short-term Debt | (1,759) | (1,124) |
Proceeds from Issuance of Debt | 0 | 2,136 |
Repayments of Long-term Debt | (1,877) | (1,673) |
Treasury Stock Purchases | (6,002) | (7,504) |
Impact of Stock Options and Other | 437 | 1,215 |
Total Financing Activities | (6,500) | (6,286) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (182) | (256) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (360) | 1,256 |
Cash, Cash Equivalents and Restricted Cash, End of Period | $ 6,854 | $ 11,544 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of PresentationThese statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022. 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, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | New Accounting Pronouncements and Policies In November 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2021-10, "Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance". This guidance requires annual disclosures for transactions with a government authority that are accounted for by applying a grant or contribution model. These amendments are effective for annual periods beginning after December 15, 2021, with early adoption permitted. We have completed our evaluation of significant transactions. The guidance has not had, and is not expected to have, a material impact on the Company's Consolidated Financial Statements. In September 2022, the FASB issued ASU No. 2022-04, "Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations". This guidance requires annual and interim disclosures for entities that use supplier finance programs in connection with the purchase of goods and services. These amendments are effective for fiscal years beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. We are currently assessing the impact of this guidance 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, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information Under U.S. GAAP, our operating segments are aggregated into five reportable segments: 1) Beauty, 2) Grooming, 3) Health Care, 4) Fabric & Home Care and 5) Baby, Feminine & Family Care. Our five reportable segments are comprised of: • Beauty : Hair Care (Conditioners, Shampoos, Styling Aids, Treatments); Skin and Personal Care (Antiperspirants and Deodorants, Personal Cleansing, Skin Care); • Grooming : Grooming (Appliances, Female Blades & Razors, Male Blades & Razors, Pre-and Post-Shave Products, Other Grooming); • Health Care : Oral Care (Toothbrushes, Toothpaste, Other Oral Care); Personal Health Care (Gastrointestinal, Rapid Diagnostics, Respiratory, Vitamins/Minerals/Supplements, Pain Relief, Other Personal Health Care); • Fabric & Home Care : Fabric Care (Fabric Enhancers, Laundry Additives, Laundry Detergents); Home Care (Air Care, Dish Care, P&G Professional, Surface Care); and • Baby, Feminine & Family Care : Baby Care (Baby Wipes, Taped Diapers and Pants); Feminine Care (Adult Incontinence, Feminine Care); Family Care (Paper Towels, Tissues, Toilet Paper). Our operating segments are comprised of similar product categories. Operating segments that individually accounted for 5% or more of consolidated net sales are as follows: % of Net sales by operating segment (1) Three Months Ended December 31 Six Months Ended December 31 2022 2021 2022 2021 Fabric Care 23% 22% 23% 23% Home Care 11% 11% 11% 11% Skin and Personal Care 10% 10% 10% 10% Baby Care 10% 11% 10% 10% Hair Care 8% 9% 9% 9% Family Care 8% 8% 8% 8% Grooming (2) 8% 7% 8% 7% Oral Care 8% 8% 8% 8% Feminine Care 7% 6% 7% 6% Personal Health Care 7% 6% 6% 6% Other —% 2% —% 2% Total 100% 100% 100% 100% (1) % of Net sales by operating segment excludes sales held in Corporate. (2) Effective July 1, 2022, the Grooming Sector Business Unit completed the full integration of its Shave Care and Appliances categories to cohesively serve consumers' grooming needs. This transition included the integration of the management team, strategic decision-making, innovation plans, financial targets, budgets and internal management reporting. For the three and six months ended December 31, 2021, Appliances was presented in Other. The following is a summary of reportable segment results: Three Months Ended December 31 Six Months Ended December 31 Net Sales Earnings/(Loss) Before Income Taxes Net Earnings/(Loss) Net Sales Earnings/(Loss) Before Income Taxes Net Earnings/(Loss) Beauty 2022 $ 3,807 $ 1,145 $ 911 $ 7,768 $ 2,416 $ 1,922 2021 3,926 1,179 947 7,890 2,421 1,938 Grooming 2022 1,643 496 404 3,268 999 808 2021 1,811 576 476 3,498 1,094 893 Health Care 2022 3,051 887 686 5,808 1,687 1,303 2021 2,976 905 701 5,652 1,600 1,230 Fabric & Home Care 2022 7,032 1,538 1,171 14,114 3,081 2,343 2021 6,972 1,463 1,137 13,981 3,009 2,328 Baby, Feminine & Family Care 2022 5,065 1,112 848 9,999 2,167 1,653 2021 5,116 1,187 914 9,980 2,262 1,740 Corporate 2022 175 (343) (61) 428 (518) (107) 2021 152 (71) 67 290 (112) 239 Total Company 2022 $ 20,773 $ 4,835 $ 3,959 $ 41,385 $ 9,832 $ 7,922 2021 20,953 5,239 4,242 41,291 10,274 8,368 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Dec. 31, 2022 | |
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, 2022 $ 13,296 $ 12,571 $ 7,589 $ 1,808 $ 4,436 $ 39,700 Acquisitions and divestitures — — — — 34 34 Translation and other 88 53 44 4 28 217 Goodwill at December 31, 2022 $ 13,384 $ 12,624 $ 7,633 $ 1,812 $ 4,498 $ 39,951 Goodwill increased from June 30, 2022 primarily due to minor brand acquisitions in the Baby, Feminine & Family Care segment and currency translation. Identifiable intangible assets at December 31, 2022 were comprised of: Gross Carrying Amount Accumulated Amortization Intangible assets with determinable lives $ 8,897 $ (6,268) Intangible assets with indefinite lives 20,965 — Total identifiable intangible assets $ 29,862 $ (6,268) Intangible assets with determinable lives consist of brands, patents, technology and customer relationships. The intangible assets with indefinite lives primarily consist of brands. The amortization expense of determinable-lived intangible assets for the three months ended December 31, 2022 and 2021 was $79 and $74, respectively. For the six-months ended December 31, 2022 and 2021, amortization expense was $159 and $151, respectively. Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment. We use the income method to estimate the fair value of these assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. If the resulting fair value is less than the asset's carrying value, that difference represents an impairment. Most of our goodwill reporting units have fair value cushions that significantly exceed their underlying carrying values. In connection with the Grooming operating segment integration as described further in Note 3, we concluded that the Shave Care and Appliances categories are one reporting unit (Grooming) for goodwill impairment testing. Based on our impairment testing performed during the three months ended December 31, 2022, our Grooming goodwill reporting unit, which is comprised entirely of acquired businesses, has a fair value cushion of over 30% and the Gillette indefinite-lived intangible asset's fair value exceeded its carrying value by approximately 5%. The Gillette indefinite-lived intangible asset is most susceptible to future impairment risk. Adverse changes in the business or in the macroeconomic environment, including foreign currency devaluation, increasing global inflation, market contraction from an economic recession and the Russia-Ukraine War, could reduce the underlying cash flows used to estimate the fair value of the Gillette indefinite-lived intangible asset and trigger a future impairment charge. Further reduction of the Gillette business activities in Russia could reduce the estimated fair value by up to 5%. The most significant assumptions utilized in the determination of the estimated fair value of the Gillette indefinite-lived intangible asset are the net sales growth rates (including residual growth rates), discount rate and royalty rates. Net sales growth rates could be negatively impacted by reductions or changes in demand for our Gillette products, which may be caused by, among other things: changes in the use and frequency of grooming products, shifts in demand away from one or more of our higher priced products to lower priced products or potential supply chain constraints. In addition, relative global and country/regional macroeconomic factors, including the Russia-Ukraine War, could result in additional and prolonged devaluation of other countries' currencies relative to the U.S. dollar. The residual growth rates represent the expected rate at which the Gillette brand is expected to grow beyond the shorter-term business planning period. The residual growth rates utilized in our fair value estimates are consistent with the brand operating plans and approximate expected long-term category market growth rates. The residual growth rate depends 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. Spot rates as of the fair value measurement date are utilized in our fair value estimates for cash flows outside the U.S. The royalty rate used to determine the estimated fair value for the Gillette indefinite-lived intangible asset is driven by historical and estimated future profitability of the underlying Gillette business. The royalty rate may be impacted by significant adverse changes in long-term operating margins. We performed a sensitivity analysis for the Gillette indefinite-lived intangible asset during our annual impairment testing, utilizing reasonably possible changes in the assumptions for the discount rate, the short-term and residual growth rates and the royalty rates to demonstrate the potential impacts to estimated fair values. The table below provides, in isolation, the estimated fair value impacts related to a 25 basis-point increase in the discount rate, a 25 basis-point decrease in our short-term and residual growth rates or a 50 basis-point decrease in our royalty rates, which may result in an impairment of the Gillette indefinite-lived intangible asset. Approximate Percent Change in Estimated Fair Value +25 bps Discount Rate -25 bps Growth Rates -50 bps Royalty Rate Gillette indefinite-lived intangible asset (6)% (6)% (4)% |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Dec. 31, 2022 | |
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 by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble by the diluted weighted average number of common shares outstanding during the period. The diluted shares include the dilutive effect of stock options and other stock-based awards based on the treasury stock method and the assumed conversion of preferred stock. Net earnings per share were calculated as follows: CONSOLIDATED AMOUNTS Three Months Ended December 31 Six Months Ended December 31 2022 2021 2022 2021 Net earnings $ 3,959 $ 4,242 $ 7,922 $ 8,368 Less: Net earnings attributable to noncontrolling interests 26 19 50 33 Net earnings attributable to P&G (Diluted) 3,933 4,223 7,872 8,335 Less: Preferred dividends 70 70 141 140 Net earnings attributable to P&G available to common shareholders (Basic) $ 3,863 $ 4,153 $ 7,731 $ 8,195 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,365.9 2,413.4 2,375.7 2,420.7 Add: Effect of dilutive securities Convertible preferred shares (1) 76.7 79.6 77.0 80.1 Stock options and other unvested equity awards (2) 38.6 51.2 39.7 50.8 Diluted weighted average common shares outstanding 2,481.2 2,544.2 2,492.4 2,551.6 NET EARNINGS PER SHARE (3) Basic $ 1.63 $ 1.72 $ 3.25 $ 3.39 Diluted $ 1.59 $ 1.66 $ 3.16 $ 3.27 (1) An overview of preferred shares can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022. (2) Excludes 22 million and 14 million for the three months ended December 31, 2022 and 2021, respectively, and 19 million and 13 million for the six months ended December 31, 2022 and 2021, respectively, of weighted average stock options outstanding because the exercise price of these options was greater than their average market value or their effect was antidilutive. (3) Net earnings per 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, 2022 | |
Share-Based Payment Arrangement [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 impacts: Three Months Ended December 31 Six Months Ended December 31 2022 2021 2022 2021 Share-based compensation expense $ 145 $ 152 $ 250 $ 268 Net periodic benefit cost for pension benefits 44 47 87 95 Net periodic benefit credit for other retiree benefits (132) (119) (264) (222) |
RISK MANAGEMENT ACTIVITIES AND
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS | 6 Months Ended |
Dec. 31, 2022 | |
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, 2022. 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, 2022. Cash equivalents were $5.1 billion and $6.0 billion as of December 31, 2022 and June 30, 2022, respectively, and are classified as Level 1 within the fair value hierarchy. Other investments had a fair value of $86 and $140 as of December 31, 2022 and June 30, 2022, respectively, including equity securities of $60 and $113 as of December 31, 2022 and June 30, 2022, respectively, and are presented in Other noncurrent assets. Investments measured at fair value are primarily classified as Level 1 and Level 2 within the fair value hierarchy. Level 1 are based on quoted market prices in active markets for identical assets. Level 2 are based on quoted market prices for similar instruments. There are no material investment balances classified as Level 3 within the fair value hierarchy or using net asset value as a practical expedient. Unrealized losses on equity securities were $1 and $2 during the three months ended December 31, 2022 and 2021, respectively. Unrealized gains/(losses) on equity securities were $8 and $(31) during the six months ended December 31, 2022 and 2021, respectively. These unrealized gains/(losses) are recognized in Other non-operating income, net. The fair value of long-term debt was $22.7 billion and $25.7 billion as of December 31, 2022 and June 30, 2022, respectively. This includes the current portion of long-term debt instruments ($3.6 billion as of December 31, 2022 and June 30, 2022). Certain long-term debt (debt designated as a fair value hedge) is recorded at fair value. All other long-term debt is recorded at amortized cost but is measured at fair value for disclosure purposes. We consider our debt to be Level 2 in the fair value hierarchy. Fair values are generally estimated based on quoted market prices for identical or similar instruments. Disclosures about Financial Instruments The notional amounts and fair values of financial instruments used in hedging transactions as of December 31, 2022 and June 30, 2022 are as follows: Notional Amount Fair Value Asset Fair Value (Liability) December 31, 2022 June 30, 2022 December 31, 2022 June 30, 2022 December 31, 2022 June 30, 2022 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ 3,983 $ 4,972 $ — $ 3 $ (484) $ (307) DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS Foreign currency interest rate contracts $ 11,381 $ 7,943 $ 47 $ 561 $ (474) $ (1) TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS $ 15,364 $ 12,915 $ 47 $ 564 $ (958) $ (308) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ 5,203 $ 5,625 $ 47 $ 6 $ (4) $ (61) TOTAL DERIVATIVES AT FAIR VALUE $ 20,567 $ 18,540 $ 94 $ 570 $ (962) $ (369) The fair value of the interest rate 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, which includes the unamortized discount or premium and the fair value adjustment, was $3.5 billion and $4.7 billion as of December 31, 2022 and June 30, 2022, respectively. In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The carrying value of those debt instruments designated as net investment hedges, which includes the adjustment for the foreign currency transaction gain or loss on those instruments, was $10.2 billion and $11.2 billion as of December 31, 2022 and June 30, 2022, respectively. The increase in the notional balance of derivative instruments designated as net investment hedges is partially offset by the decrease in debt designated as a net investment hedge due to maturities. The net increase in the total amount of instruments designated as net investment hedges is primarily driven by the Company's decision to leverage favorable interest rate spreads in the foreign currency swap market. 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. Changes in the fair value of net investment hedges are recognized in the Foreign currency translation component of Other comprehensive income (OCI). All of the Company's derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. Substantially all of the Company's financial instruments used in hedging transactions are governed by industry standard netting and collateral agreements with counterparties. If the Company's credit rating were to fall below the levels stipulated in the agreements, the counterparties could demand either collateralization or termination of the arrangements. The aggregate fair value of the instruments covered by these contractual features that are in a net liability position was $911 and $219 as of December 31, 2022 and June 30, 2022, respectively. The Company has not been required to post collateral as a result of these contractual features. Before tax gains on our financial instruments in hedging relationships are categorized as follows: Amount of Gain/(Loss) Recognized in OCI on Derivatives Three Months Ended December 31 Six Months Ended December 31 2022 2021 2022 2021 DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2) Foreign exchange contracts $ (1,013) $ 218 $ (305) $ 426 (1) For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $69 and $17 for the three months ended December 31, 2022 and 2021, respectively. The amount of gain excluded from effectiveness testing was $115 and $32 for the six months ended December 31, 2022 and 2021, respectively. (2) In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The amount of gain/(loss) recognized in Accumulated other comprehensive income (AOCI) for such instruments was $(862) and $264 for the three months ended December 31, 2022 and 2021, respectively. The amount of gain/(loss) recognized in Accumulated other comprehensive income (AOCI) for such instruments was $(164) and $567 for the six months ended December 31, 2022 and 2021, respectively. Amount of Gain/(Loss) Recognized in Earnings Three Months Ended December 31 Six Months Ended December 31 2022 2021 2022 2021 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ (49) $ (61) $ (180) $ (97) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ 95 $ 54 $ (51) $ 30 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Dec. 31, 2022 | |
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) attributable to Procter & Gamble (AOCI), including the reclassifications out of AOCI by component: Investment Securities Post-retirement Benefit Plans Foreign Currency Translation Total AOCI Balance at June 30, 2022 $ 20 $ 27 $ (12,236) $ (12,189) OCI before reclassifications (1) (3) 2 (333) (334) Amounts reclassified to the Consolidated Statement of Earnings (2) — 9 — 9 Net current period OCI (3) 11 (333) (325) Less: OCI attributable to non-controlling interests — — (8) (8) Balance at December 31, 2022 $ 17 $ 38 $ (12,561) $ (12,506) (1) Net of tax (benefit)/expense of $(1), $(4) and $(110) for gains/losses on investment securities, postretirement benefit plans and foreign currency translation, respectively. Income tax effects within foreign currency translation include impacts from items such as net investment hedge transactions. (2) Net of tax (benefit)/expense of $0, $4 and $0 for gains/losses on investment securities, postretirement benefit plans and foreign currency translation, respectively. Postretirement benefit plan amounts are reclassified from AOCI into Other non-operating income, net and included in the computation of net periodic postretirement costs. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Litigation We are subject, from time to time, to certain legal proceedings and claims arising out of our business, which cover a wide range of matters, including antitrust and trade regulation, product liability, advertising, contracts, environmental, patent and trademark matters, labor and employment matters and tax. 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 70 countries and over 150 taxable jurisdictions and, at any point in time, has 40–50 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 2010 and forward. We are generally not able to reliably estimate the ultimate settlement amounts until the close of an 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 existing liabilities of approximately $140, 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 fiscal year ended June 30, 2022. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Our operating segments are comprised of similar product categories. Operating segments that individually accounted for 5% or more of consolidated net sales are as follows: % of Net sales by operating segment (1) Three Months Ended December 31 Six Months Ended December 31 2022 2021 2022 2021 Fabric Care 23% 22% 23% 23% Home Care 11% 11% 11% 11% Skin and Personal Care 10% 10% 10% 10% Baby Care 10% 11% 10% 10% Hair Care 8% 9% 9% 9% Family Care 8% 8% 8% 8% Grooming (2) 8% 7% 8% 7% Oral Care 8% 8% 8% 8% Feminine Care 7% 6% 7% 6% Personal Health Care 7% 6% 6% 6% Other —% 2% —% 2% Total 100% 100% 100% 100% (1) % of Net sales by operating segment excludes sales held in Corporate. (2) Effective July 1, 2022, the Grooming Sector Business Unit completed the full integration of its Shave Care and Appliances categories to cohesively serve consumers' grooming needs. This transition included the integration of the management team, strategic decision-making, innovation plans, financial targets, budgets and internal management reporting. For the three and six months ended December 31, 2021, Appliances was presented in Other. The following is a summary of reportable segment results: Three Months Ended December 31 Six Months Ended December 31 Net Sales Earnings/(Loss) Before Income Taxes Net Earnings/(Loss) Net Sales Earnings/(Loss) Before Income Taxes Net Earnings/(Loss) Beauty 2022 $ 3,807 $ 1,145 $ 911 $ 7,768 $ 2,416 $ 1,922 2021 3,926 1,179 947 7,890 2,421 1,938 Grooming 2022 1,643 496 404 3,268 999 808 2021 1,811 576 476 3,498 1,094 893 Health Care 2022 3,051 887 686 5,808 1,687 1,303 2021 2,976 905 701 5,652 1,600 1,230 Fabric & Home Care 2022 7,032 1,538 1,171 14,114 3,081 2,343 2021 6,972 1,463 1,137 13,981 3,009 2,328 Baby, Feminine & Family Care 2022 5,065 1,112 848 9,999 2,167 1,653 2021 5,116 1,187 914 9,980 2,262 1,740 Corporate 2022 175 (343) (61) 428 (518) (107) 2021 152 (71) 67 290 (112) 239 Total Company 2022 $ 20,773 $ 4,835 $ 3,959 $ 41,385 $ 9,832 $ 7,922 2021 20,953 5,239 4,242 41,291 10,274 8,368 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
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, 2022 $ 13,296 $ 12,571 $ 7,589 $ 1,808 $ 4,436 $ 39,700 Acquisitions and divestitures — — — — 34 34 Translation and other 88 53 44 4 28 217 Goodwill at December 31, 2022 $ 13,384 $ 12,624 $ 7,633 $ 1,812 $ 4,498 $ 39,951 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Identifiable intangible assets at December 31, 2022 were comprised of: Gross Carrying Amount Accumulated Amortization Intangible assets with determinable lives $ 8,897 $ (6,268) Intangible assets with indefinite lives 20,965 — Total identifiable intangible assets $ 29,862 $ (6,268) |
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 25 basis-point increase in the discount rate, a 25 basis-point decrease in our short-term and residual growth rates or a 50 basis-point decrease in our royalty rates, which may result in an impairment of the Gillette indefinite-lived intangible asset. Approximate Percent Change in Estimated Fair Value +25 bps Discount Rate -25 bps Growth Rates -50 bps Royalty Rate Gillette indefinite-lived intangible asset (6)% (6)% (4)% |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net earnings per share were calculated as follows: CONSOLIDATED AMOUNTS Three Months Ended December 31 Six Months Ended December 31 2022 2021 2022 2021 Net earnings $ 3,959 $ 4,242 $ 7,922 $ 8,368 Less: Net earnings attributable to noncontrolling interests 26 19 50 33 Net earnings attributable to P&G (Diluted) 3,933 4,223 7,872 8,335 Less: Preferred dividends 70 70 141 140 Net earnings attributable to P&G available to common shareholders (Basic) $ 3,863 $ 4,153 $ 7,731 $ 8,195 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,365.9 2,413.4 2,375.7 2,420.7 Add: Effect of dilutive securities Convertible preferred shares (1) 76.7 79.6 77.0 80.1 Stock options and other unvested equity awards (2) 38.6 51.2 39.7 50.8 Diluted weighted average common shares outstanding 2,481.2 2,544.2 2,492.4 2,551.6 NET EARNINGS PER SHARE (3) Basic $ 1.63 $ 1.72 $ 3.25 $ 3.39 Diluted $ 1.59 $ 1.66 $ 3.16 $ 3.27 (1) An overview of preferred shares can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022. (2) Excludes 22 million and 14 million for the three months ended December 31, 2022 and 2021, respectively, and 19 million and 13 million for the six months ended December 31, 2022 and 2021, respectively, of weighted average stock options outstanding because the exercise price of these options was greater than their average market value or their effect was antidilutive. (3) Net earnings per share are calculated on Net earnings attributable to Procter & Gamble. |
SHARE-BASED COMPENSATION AND _2
SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Compensation and Employee Benefit Plans [Table Text Block] | The following table provides a summary of our share-based compensation expense and postretirement benefit impacts: Three Months Ended December 31 Six Months Ended December 31 2022 2021 2022 2021 Share-based compensation expense $ 145 $ 152 $ 250 $ 268 Net periodic benefit cost for pension benefits 44 47 87 95 Net periodic benefit credit for other retiree benefits (132) (119) (264) (222) |
RISK MANAGEMENT ACTIVITIES AN_2
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Risk Management Activities and Fair Value Measurements [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | The notional amounts and fair values of financial instruments used in hedging transactions as of December 31, 2022 and June 30, 2022 are as follows: Notional Amount Fair Value Asset Fair Value (Liability) December 31, 2022 June 30, 2022 December 31, 2022 June 30, 2022 December 31, 2022 June 30, 2022 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ 3,983 $ 4,972 $ — $ 3 $ (484) $ (307) DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS Foreign currency interest rate contracts $ 11,381 $ 7,943 $ 47 $ 561 $ (474) $ (1) TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS $ 15,364 $ 12,915 $ 47 $ 564 $ (958) $ (308) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ 5,203 $ 5,625 $ 47 $ 6 $ (4) $ (61) TOTAL DERIVATIVES AT FAIR VALUE $ 20,567 $ 18,540 $ 94 $ 570 $ (962) $ (369) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Before tax gains on our financial instruments in hedging relationships are categorized as follows: Amount of Gain/(Loss) Recognized in OCI on Derivatives Three Months Ended December 31 Six Months Ended December 31 2022 2021 2022 2021 DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2) Foreign exchange contracts $ (1,013) $ 218 $ (305) $ 426 (1) For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $69 and $17 for the three months ended December 31, 2022 and 2021, respectively. The amount of gain excluded from effectiveness testing was $115 and $32 for the six months ended December 31, 2022 and 2021, respectively. (2) In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The amount of gain/(loss) recognized in Accumulated other comprehensive income (AOCI) for such instruments was $(862) and $264 for the three months ended December 31, 2022 and 2021, respectively. The amount of gain/(loss) recognized in Accumulated other comprehensive income (AOCI) for such instruments was $(164) and $567 for the six months ended December 31, 2022 and 2021, respectively. |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of Gain/(Loss) Recognized in Earnings Three Months Ended December 31 Six Months Ended December 31 2022 2021 2022 2021 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ (49) $ (61) $ (180) $ (97) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ 95 $ 54 $ (51) $ 30 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
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) attributable to Procter & Gamble (AOCI), including the reclassifications out of AOCI by component: Investment Securities Post-retirement Benefit Plans Foreign Currency Translation Total AOCI Balance at June 30, 2022 $ 20 $ 27 $ (12,236) $ (12,189) OCI before reclassifications (1) (3) 2 (333) (334) Amounts reclassified to the Consolidated Statement of Earnings (2) — 9 — 9 Net current period OCI (3) 11 (333) (325) Less: OCI attributable to non-controlling interests — — (8) (8) Balance at December 31, 2022 $ 17 $ 38 $ (12,561) $ (12,506) (1) Net of tax (benefit)/expense of $(1), $(4) and $(110) for gains/losses on investment securities, postretirement benefit plans and foreign currency translation, respectively. Income tax effects within foreign currency translation include impacts from items such as net investment hedge transactions. (2) Net of tax (benefit)/expense of $0, $4 and $0 for gains/losses on investment securities, postretirement benefit plans and foreign currency translation, respectively. |
SEGMENT INFORMATION - SALES (De
SEGMENT INFORMATION - SALES (Details) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 100% | 100% | 100% | 100% |
Fabric Care [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 23% | 22% | 23% | 23% |
Home Care [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 11% | 11% | 11% | 11% |
Skin and Personal Care [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 10% | 10% | 10% | 10% |
Baby Care [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 10% | 11% | 10% | 10% |
Hair Care [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 8% | 9% | 9% | 9% |
Family Care [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 8% | 8% | 8% | 8% |
Grooming | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1],[2] | 8% | 7% | 8% | 7% |
Oral Care [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 8% | 8% | 8% | 8% |
Feminine Care [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 7% | 6% | 7% | 6% |
Personal Health Care [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 7% | 6% | 6% | 6% |
All Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 0% | 2% | 0% | 2% |
[1]% of Net sales by operating segment excludes sales held in Corporate.[2]Effective July 1, 2022, the Grooming Sector Business Unit completed the full integration of its Shave Care and Appliances categories to cohesively serve consumers' grooming needs. This transition included the integration of the management team, strategic decision-making, innovation plans, financial targets, budgets and internal management reporting. For the three and six months ended December 31, 2021, Appliances was presented in Other. |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 20,773 | $ 20,953 | $ 41,385 | $ 41,291 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 4,835 | 5,239 | 9,832 | 10,274 |
Net Earnings/(Loss) from Continuing Operations | 3,959 | 4,242 | 7,922 | 8,368 |
Beauty | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 3,807 | 3,926 | 7,768 | 7,890 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 1,145 | 1,179 | 2,416 | 2,421 |
Net Earnings/(Loss) from Continuing Operations | 911 | 947 | 1,922 | 1,938 |
Grooming | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 1,643 | 1,811 | 3,268 | 3,498 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 496 | 576 | 999 | 1,094 |
Net Earnings/(Loss) from Continuing Operations | 404 | 476 | 808 | 893 |
Health Care | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 3,051 | 2,976 | 5,808 | 5,652 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 887 | 905 | 1,687 | 1,600 |
Net Earnings/(Loss) from Continuing Operations | 686 | 701 | 1,303 | 1,230 |
Fabric and Home Care | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 7,032 | 6,972 | 14,114 | 13,981 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 1,538 | 1,463 | 3,081 | 3,009 |
Net Earnings/(Loss) from Continuing Operations | 1,171 | 1,137 | 2,343 | 2,328 |
Baby, Feminine & Family Care | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 5,065 | 5,116 | 9,999 | 9,980 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 1,112 | 1,187 | 2,167 | 2,262 |
Net Earnings/(Loss) from Continuing Operations | 848 | 914 | 1,653 | 1,740 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 175 | 152 | 428 | 290 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | (343) | (71) | (518) | (112) |
Net Earnings/(Loss) from Continuing Operations | $ (61) | $ 67 | $ (107) | $ 239 |
GOODWILL AND OTHER INTANGIBLE_3
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, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill at June 30, 2022 | $ 39,700 |
Goodwill, Acquisitions and Divestitures | 34 |
Goodwill, Translation and Other | 217 |
Goodwill at December 31, 2022 | 39,951 |
Beauty | |
Goodwill [Roll Forward] | |
Goodwill at June 30, 2022 | 13,296 |
Goodwill, Acquisitions and Divestitures | 0 |
Goodwill, Translation and Other | 88 |
Goodwill at December 31, 2022 | 13,384 |
Grooming | |
Goodwill [Roll Forward] | |
Goodwill at June 30, 2022 | 12,571 |
Goodwill, Acquisitions and Divestitures | 0 |
Goodwill, Translation and Other | 53 |
Goodwill at December 31, 2022 | 12,624 |
Health Care | |
Goodwill [Roll Forward] | |
Goodwill at June 30, 2022 | 7,589 |
Goodwill, Acquisitions and Divestitures | 0 |
Goodwill, Translation and Other | 44 |
Goodwill at December 31, 2022 | 7,633 |
Fabric & Home Care | |
Goodwill [Roll Forward] | |
Goodwill at June 30, 2022 | 1,808 |
Goodwill, Acquisitions and Divestitures | 0 |
Goodwill, Translation and Other | 4 |
Goodwill at December 31, 2022 | 1,812 |
Baby, Feminine & Family Care | |
Goodwill [Roll Forward] | |
Goodwill at June 30, 2022 | 4,436 |
Goodwill, Acquisitions and Divestitures | 34 |
Goodwill, Translation and Other | 28 |
Goodwill at December 31, 2022 | $ 4,498 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - IDENTIFIABLE INTANGIBLE ASSETS (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | $ 29,862 |
Accumulated Amortization | (6,268) |
Intangible Assets with Indefinite Lives | |
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 20,965 |
Accumulated Amortization | 0 |
Intangible Assets with Determinable Lives | |
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 8,897 |
Accumulated Amortization | $ (6,268) |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - FAIR VALUE SENSITIVITY (Details) - Intangible Assets with Indefinite Lives - Gillette | Dec. 31, 2022 |
25 bps Increase Discount Rate [Member] | |
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items] | |
Percent Change in Estimated Fair Value | (6.00%) |
25 bps Decrease Long-Term Growth [Member] | |
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items] | |
Percent Change in Estimated Fair Value | (6.00%) |
50 bps Decrease Long-Term Royalty [Member] | |
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items] | |
Percent Change in Estimated Fair Value | (4.00%) |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Significant Noncash Transactions [Line Items] | ||||
Amortization of Intangible Assets | $ 79 | $ 74 | $ 159 | $ 151 |
Gillette | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 5% | 5% | ||
Grooming | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 30% | 30% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Earnings Per Share Reconciliation [Abstract] | |||||
Net Earnings | $ 3,959 | $ 4,242 | $ 7,922 | $ 8,368 | |
Net Income (Loss) Attributable to Noncontrolling Interest | 26 | 19 | 50 | 33 | |
Net Earnings/(Loss) Attributable to P&G (Diluted) | 3,933 | 4,223 | 7,872 | 8,335 | |
Dividends, Preferred Stock | 70 | 70 | 141 | 140 | |
Net Earnings/(Loss) Attributable to P&G Available to Common Shareholders (Basic) | $ 3,863 | $ 4,153 | $ 7,731 | $ 8,195 | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||
Basic Weighted Average Common Shares Outstanding | 2,365.9 | 2,413.4 | 2,375.7 | 2,420.7 | |
Effect of Dilutive Securities | |||||
Conversion of Preferred Shares | [1] | 76.7 | 79.6 | 77 | 80.1 |
Exercise of Stock Options and Other Unvested Equity Awards | [2] | 38.6 | 51.2 | 39.7 | 50.8 |
Diluted Weighted Average Common Shares Outstanding | 2,481.2 | 2,544.2 | 2,492.4 | 2,551.6 | |
Basic Net Earnings/(Loss) Per Common Share | [3],[4] | $ 1.63 | $ 1.72 | $ 3.25 | $ 3.39 |
Diluted Net Earnings/(Loss) Per Common Share | [3],[4] | $ 1.59 | $ 1.66 | $ 3.16 | $ 3.27 |
[1]An overview of preferred shares can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022.[2]Excludes 22 million and 14 million for the three months ended December 31, 2022 and 2021, respectively, and 19 million and 13 million for the six months ended December 31, 2022 and 2021, respectively, of weighted average stock options outstanding because the exercise price of these options was greater than their average market value or their effect was antidilutive.[3]Basic net earnings per share and Diluted net earnings per share are calculated on Net earnings attributable to Procter & Gamble.[4]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, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 22 | 14 | 19 | 13 |
SHARE-BASED COMPENSATION AND _3
SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | $ 145 | $ 152 | $ 250 | $ 268 |
Pension Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 44 | 47 | 87 | 95 |
Other Postretirement Benefit Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (132) | $ (119) | $ (264) | $ (222) |
RISK MANAGEMENT ACTIVITIES AN_3
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - SCHEDULE OF DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Jun. 30, 2022 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 20,567 | $ 18,540 |
Derivative Asset | 94 | 570 |
Derivative Liability | (962) | (369) |
Derivatives in Fair Value Hedging Relationships | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 3,983 | 4,972 |
Derivative Asset | 0 | 3 |
Derivative Liability | (484) | (307) |
Derivatives in Net Investment Hedging Relationships | Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 11,381 | 7,943 |
Derivative Asset | 47 | 561 |
Derivative Liability | (474) | (1) |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 15,364 | 12,915 |
Derivative Asset | 47 | 564 |
Derivative Liability | (958) | (308) |
Not Designated as Hedging Instrument | Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 5,203 | 5,625 |
Derivative Asset | 47 | 6 |
Derivative Liability | $ (4) | $ (61) |
RISK MANAGEMENT ACTIVITIES AN_4
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENTS, EFFECT ON OTHER COMPREHENSIVE INCOME (LOSS) (Details) - Derivatives in Net Investment Hedging Relationships - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 69 | $ 17 | $ 115 | $ 32 | |
Accumulated Other Comprehensive Income, Gain (Loss) | $ (862) | $ 264 | $ (164) | $ 567 | |
Foreign Exchange Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Description of Location of Gain (Loss) on Net Investment Hedges in Financial Statements | [1],[2] | (1,013) | 218 | (305) | 426 |
[1]For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $69 and $17 for the three months ended December 31, 2022 and 2021, respectively. The amount of gain excluded from effectiveness testing was $115 and $32 for the six months ended December 31, 2022 and 2021, respectively.[2]In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The amount of gain/(loss) recognized in Accumulated other comprehensive income (AOCI) for such instruments was $(862) and $264 for the three months ended December 31, 2022 and 2021, respectively. The amount of gain/(loss) recognized in Accumulated other comprehensive income (AOCI) for such instruments was $(164) and $567 for the six months ended December 31, 2022 and 2021, respectively. |
RISK MANAGEMENT ACTIVITIES AN_5
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENTS GAIN (LOSS) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Not Designated as Hedging Instrument | Foreign Currency Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 95 | $ 54 | $ (51) | $ 30 |
Derivatives in Fair Value Hedging Relationships | Interest Rate Contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (49) | $ (61) | $ (180) | $ (97) |
RISK MANAGEMENT ACTIVITIES AN_6
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents, at Carrying Value | $ 5,100 | $ 5,100 | $ 6,000 | ||
Equity Securities, FV-NI | 60 | 60 | 113 | ||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 1 | $ 2 | (8) | $ 31 | |
Collateral Already Posted, Aggregate Fair Value | 911 | 911 | 219 | ||
Derivatives in Fair Value Hedging Relationships | Underlying, Other | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Underlying Debt Obligation, Carrying Amt | 3,500 | 3,500 | 4,700 | ||
Derivatives in Net Investment Hedging Relationships | Underlying, Other | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Underlying Debt Obligation, Carrying Amt | 10,200 | 10,200 | 11,200 | ||
Long-term Debt [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term Debt, Fair Value | 22,700 | 22,700 | 25,700 | ||
Long Term Debt, Current Maturities Measured at Fair Value | 3,600 | 3,600 | 3,600 | ||
Other Investments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | $ 86 | $ 86 | $ 140 |
ACCUMULATED OTHER COMPREHENSI_3
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, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | ||
Accumulated Other Comprehensive Income/(Loss) | $ (12,506) | $ (12,506) | $ (12,189) | |||
OCI before Reclassifications | [1] | (334) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | 9 | ||||
Other Comprehensive Income (Loss), Net of Tax | 302 | $ 498 | (325) | $ 180 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (8) | |||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member] | ||||||
Accumulated Other Comprehensive Income/(Loss) | 17 | 17 | 20 | |||
OCI before Reclassifications | [1] | (3) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | (3) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | |||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | [1] | (1) | ||||
Reclassification from AOCI, Current Period, Tax | [2] | 0 | ||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest | ||||||
Accumulated Other Comprehensive Income/(Loss) | 38 | 38 | 27 | |||
OCI before Reclassifications | [1] | 2 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | 9 | ||||
Other Comprehensive Income (Loss), Net of Tax | 11 | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | |||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | [1] | (4) | ||||
Reclassification from AOCI, Current Period, Tax | [2] | 4 | ||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Accumulated Other Comprehensive Income/(Loss) | $ (12,561) | (12,561) | $ (12,236) | |||
OCI before Reclassifications | [1] | (333) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | (333) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (8) | |||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | [1] | (110) | ||||
Reclassification from AOCI, Current Period, Tax | [2] | $ 0 | ||||
[1]Net of tax (benefit)/expense of $(1), $(4) and $(110) for gains/losses on investment securities, postretirement benefit plans and foreign currency translation, respectively. Income tax effects within foreign currency translation include impacts from items such as net investment hedge transactions.[2]Net of tax (benefit)/expense of $0, $4 and $0 for gains/losses on investment securities, postretirement benefit plans and foreign currency translation, respectively. |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - ADDITIONAL INFORMATION (Details) $ in Millions | 6 Months Ended |
Dec. 31, 2022 USD ($) audit taxable_jurisdiction countries | |
Loss Contingencies [Line Items] | |
Number of Countries With On The Ground Operations | countries | 70 |
Number of Taxable Jurisdictions | taxable_jurisdiction | 150 |
Tax Adjustments, Settlements, and Unusual Provisions | $ | $ 140 |
Minimum | |
Loss Contingencies [Line Items] | |
Number of Audits Typically Underway | 40 |
Maximum | |
Loss Contingencies [Line Items] | |
Number of Audits Typically Underway | 50 |