The Procter & Gamble Company

Consolidated Statements of Earnings

Amounts in millions except per share amounts; Years ended June 30 2021   2020   2019
NET SALES $ 76,118 $ 70,950 $ 67,684
Cost of products sold 37,108 35,250 34,768
Selling, general and administrative expense 21,024 19,994 19,084
Goodwill and indefinite-lived intangibles impairment charges - - 8,345
OPERATING INCOME 17,986 15,706 5,487
Interest expense (502) (465) (509)
Interest income 45 155 220
Other non-operating income, net 86 438 871
EARNINGS BEFORE INCOME TAXES 17,615 15,834 6,069
Income taxes 3,263 2,731 2,103
NET EARNINGS 14,352 13,103 3,966
Less: Net earnings attributable to noncontrolling interests 46 76 69
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE $ 14,306 $ 13,027 $ 3,897

NET EARNINGS PER COMMON SHARE: (1)

Basic $ 5.69 $ 5.13 $ 1.45
Diluted $ 5.50 $ 4.96 $ 1.43

(1)      
Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
The Procter & Gamble Company
Consolidated Statements of Comprehensive Income

Amounts in millions; Years ended June 30 2021 2020 2019

NET EARNINGS $ 14,352 $ 13,103 $ 3,966
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX
Foreign currency translation (net of tax of $(266), $59 and $78, respectively) 1,023 (1,083) (213)
Unrealized gains/(losses) on investment securities (net of tax of $5, $(1) and $0, respectively) 16 (12) 184
Unrealized gains/(losses) on defined benefit retirement plans (net of tax of $445, $(42) and $22, respectively) 1,386 (150) 169
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX 2,425 (1,245) 140
TOTAL COMPREHENSIVE INCOME 16,777 11,858 4,106
Less: Total comprehensive income attributable to noncontrolling interests 50 60 70
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE $ 16,727 $ 11,798 $ 4,036
The Procter & Gamble Company
Consolidated Balance Sheets

Amounts in millions except stated values; As of June 30 2021   2020

ASSETS  
CURRENT ASSETS  
Cash and cash equivalents $ 10,288   $ 16,181
Accounts receivable 4,725   4,178
Inventories  
Materials and supplies 1,645   1,414
Work in process 719   674
Finished goods 3,619   3,410
Total inventories 5,983   5,498
Prepaid expenses and other current assets 2,095   2,130
TOTAL CURRENT ASSETS 23,091   27,987
PROPERTY, PLANT AND EQUIPMENT, NET 21,686   20,692
GOODWILL 40,924   39,901
TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET 23,642   23,792
OTHER NONCURRENT ASSETS 9,964   8,328
TOTAL ASSETS $ 119,307   $ 120,700

LIABILITIES AND SHAREHOLDERS' EQUITY  

CURRENT LIABILITIES  
Accounts payable $ 13,720   $ 12,071
Accrued and other liabilities 10,523   9,722
Debt due within one year 8,889   11,183
TOTAL CURRENT LIABILITIES 33,132   32,976
LONG-TERM DEBT 23,099   23,537
DEFERRED INCOME TAXES 6,153   6,199
OTHER NONCURRENT LIABILITIES 10,269   11,110
TOTAL LIABILITIES 72,653   73,822
SHAREHOLDERS' EQUITY  
Convertible Class A preferred stock, stated value $1 per share (600 shares authorized) 870   897
Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized) —   —
Common stock, stated value $1 per share (10,000 shares authorized; shares issued:
2021 - 4,009.2, 2020 - 4,009.2) 4,009   4,009
Additional paid-in capital 64,848   64,194
Reserve for ESOP debt retirement (1,006)   (1,080)
Accumulated other comprehensive loss (13,744)   (16,165)
Treasury stock, at cost (shares held: 2021 - 1,579.5, 2020 -1,529.5) (114,973)   (105,573)
Retained earnings 106,374   100,239
Noncontrolling interest 276   357
TOTAL SHAREHOLDERS' EQUITY 46,654   46,878
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 119,307   $ 120,700
The Procter & Gamble Company
Consolidated Statements of Shareholders' Equity

Common Stock

Accumulated Other
Reserve for ESOP Debt Comprehensive
Dollars in millions except per share amounts; shares in thousands Shares Amount Preferred Stock Additional Paid-In Capital Retirement Income/(Loss) Treasury Stock Retained Earnings Non-controlling Interest Total Shareholders' Equity
BALANCE JUNE 30, 2018 2,498,093 $ 4,009 $ 967 $ 63,846 $ (1,204) $ (14,749) $ (99,217) $ 98,641 $ 590 $ 52,883
Impact of adoption of new accounting standards $ (326) $ (200) $ (27) (553)
Net earnings 3,897 69 3,966
Other comprehensive income/(loss) 139 1 140
Dividends and dividend equivalents ($2.8975 per share):
Common (7,256) (7,256)
Preferred (263) (263)
Treasury stock purchases (53,714) (5,003) (5,003)
Employee stock plans 55,734 93 3,781 3,874
Preferred stock conversions 4,638 (39) 6 33 -
ESOP debt impacts 58 99 157
Noncontrolling interest, net (118) (248) (366)
BALANCE JUNE 30, 2019 2,504,751 $ 4,009 $ 928 $ 63,827 $ (1,146) $ (14,936) $ (100,406) $ 94,918 $ 385 $ 47,579
Net earnings 13,027 76 13,103
Other comprehensive income/(loss) (1,229) (16) (1,245)
Dividends and dividend equivalents ($3.0284 per share):
Common (7,551) (7,551)
Preferred (263) (263)
Treasury stock purchases (61,346) (7,405) (7,405)
Employee stock plans 32,603 362 2,212 2,574
Preferred stock conversions 3,738 (31) 5 26 -
ESOP debt impacts 66 108 174
Noncontrolling interest, net (88) (88)
BALANCE JUNE 30, 2020 2,479,746 $ 4,009 $ 897 $ 64,194 $ (1,080) $ (16,165) $ (105,573) $ 100,239 $ 357 $ 46,878
Net earnings 14,306 46 14,352
Other comprehensive income/(loss) 2,421 4 2,425
Dividends and dividend equivalents ($3.2419 per share): -
Common (8,020) (8,020)
Preferred (271) (271)
Treasury stock purchases (81,343) (11,009) (11,009)
Employee stock plans 28,001 650 1,586 2,236
Preferred stock conversions 3,302 (27) 4 23 -
ESOP debt impacts 74 120 194
Noncontrolling interest, net (131) (131)
BALANCE JUNE 30, 2021 2,429,706 $ 4,009 $ 870 $ 64,848 $ (1,006) $ (13,744) $ (114,973) $ 106,374 $ 276 $ 46,654
The Procter & Gamble Company
Consolidated Statements of Cash Flows

Amounts in millions; Years ended June 30 2021   2020   2019

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR $ 16,181 $ 4,239 $ 2,569
OPERATING ACTIVITIES    
Net earnings 14,352   13,103   3,966
Depreciation and amortization 2,735 3,013 2,824
Loss on early extinguishment of debt 512   -   -
Share-based compensation expense 540 558 515
Deferred income taxes (258)    (596)    (411)
Loss/(gain) on sale of assets (16) 7 (678)
Goodwill and indefinite-lived intangible impairment charges -   -   8,345
Change in accounts receivable (342) 634 (276)
Change in inventories (309)    (637)    (239)
Change in accounts payable, accrued and other liabilities 1,391 1,923 1,856
Change in other operating assets and liabilities (369)    (710)    (973)
Other 135 108 313
TOTAL OPERATING ACTIVITIES 18,371   17,403   15,242
INVESTING ACTIVITIES    
Capital expenditures (2,787)    (3,073)    (3,347)
Proceeds from asset sales 42 30 394
Acquisitions, net of cash acquired (34)   (58)   (3,945)
Purchases of investment securities (55) - (158)
Proceeds from sales and maturities of investment securities -   6,151   3,628
Change in other investments - (5) (62)
TOTAL INVESTING ACTIVITIES (2,834)    3,045    (3,490)
FINANCING ACTIVITIES
Dividends to shareholders (8,263)    (7,789)    (7,498)
Increases/(reductions) in short-term debt (3,333) 2,345 (2,215)
Additions to long-term debt 4,417   4,951   2,367
Reductions of long-term debt (1) (4,987)   (2,447)   (969)
Treasury stock purchases (11,009)   (7,405)   (5,003)
Impact of stock options and other 1,644    1,978    3,324
TOTAL FINANCING ACTIVITIES (21,531) (8,367) (9,994)
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND
RESTRICTED CASH 101    (139)    (88)
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (5,893) 11,942 1,670
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR $ 10,288   $ 16,181   $ 4,239

SUPPLEMENTAL DISCLOSURE    
Cash payments for interest $ 531 $ 434 $ 497
Cash payments for income taxes 3,822   3,550   3,064
(1)
Includes early extinguishment of debt costs of $512 in 2021.
FINANCIAL RATIO
ANALYSIS (Dec 2022)

Growth Rates %
Sales (Qtr