UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act Of 1934
|
Date of Report (Date of earliest event reported)
|
June 11, 2014
|
|
THE PROCTER & GAMBLE COMPANY
|
|
(Exact name of registrant as specified in its charter)
|
|
Ohio
|
|
1-434
|
|
31-0411980
|
|
(State or other jurisdiction
of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer
Identification Number)
|
|
One Procter & Gamble Plaza, Cincinnati, Ohio
|
|
45202
|
|
(Address of principal executive offices)
|
|
Zip Code
|
|
(513) 983-1100
|
|
45202
|
|
(Registrant's telephone number, including area code)
|
|
Zip Code
|
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
| o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
ITEM 7.01 REGULATION FD DISCLOSURE
|
As discussed in the following paragraph, due to the The Procter & Gamble Company's (the “Company”) planned exit from the pet care business, effective in April 2014 the Company is reporting the results of the pet care business as discontinued operations and, as such, these results have been excluded from both continuing operations and segment results. Additionally, as discussed below, the Company changed its management accounting during the final quarter of fiscal 2014 for unconsolidated investees, which impacted its segment reporting. This Form 8-K provides revised historical segment earnings and Consolidated Statements of Earnings information for the three months ended March 31, 2014, December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, as well as for the twelve months ended June 30, 2013 reflecting the above changes. This information in no way revises or restates the Consolidated Statements of Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Shareholder’s Equity or Consolidated Statements of Cash Flows for the Company and consolidated subsidiaries for any period.
Fiscal Year 2014 Changes
In April 2014, the Company announced its intent to exit the pet care business. As part of the exit plan, the Company announced an agreement to sell its pet care operations in North America, Latin America, and other selected countries to Mars, Incorporated (Mars) for $2.9 billion in an all-cash transaction. Under the terms of the agreement, Mars will acquire our branded pet care products, our manufacturing facilities in the United States and the majority of the employees working in the pet care business. The agreement includes an option for Mars to acquire the pet care business in several additional countries. The Company expects to complete the transaction in the first half of fiscal 2015, pending the receipt of necessary regulatory approvals. The European Union countries are not included in the agreement with Mars. The Company is pursuing alternate plans to sell its pet care business in these markets. The pet care business had historically been part of the Company’s Health Care reportable segment. In accordance with applicable accounting guidance for the disposal of long-lived assets, the results of the pet care business are presented as discontinued operations and, as such, will be excluded from both continuing operations and segment results. Additionally, the pet care balance sheet positions as of June 30, 2014 will be presented as held for sale in the Consolidated Balance Sheet.
During the final quarter of fiscal 2014, we changed our management accounting for unconsolidated investees. Previously, certain unconsolidated investees that are managed as integral parts of our businesses for management reporting purposes were reflected as consolidated subsidiaries in segment results, with full recognition of the individual income statement line items through before-tax earnings. Eliminations to adjust these line items to the equity method of accounting under U.S. GAAP were included in Corporate. Pursuant to this change, segment results will no longer include full recognition of the individual income statement line items of unconsolidated investees, and resulting eliminations of such amounts will no longer be included in the corporate reportable segment. The change will not impact the net earnings of the segments or total Company.
The above changes are being reflected in the consolidated financial statements and segment reporting beginning in fiscal year 2014, starting with the Form 10-K that will be issued for the twelve months ending June 30, 2014. Reporting changes for both of the above items will be reflected for all historical periods presented. In advance of the Form 10-K filing, this document provides revised sales and earnings information for the affected segments and Consolidated Statements of Earnings for the three months ended March 31, 2014, December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, as well as for the twelve months ended June 30, 2013.
This 8-K is furnished pursuant to Item 7.01 “Regulation FD Disclosure”.
| THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES | |||||||
| (Amounts in Millions) | |||||||
| Segment Earnings Information | |||||||
|
Three Months Ended March 31, 2014
|
|||||||
|
Previously reported
|
Revised
|
||||||
| Net Sales |
Earnings From Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
Net Sales |
Earnings From Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
||
|
Beauty
|
$ 4,691
|
$ 800
|
$ 624
|
$ 4,691
|
$ 800
|
$ 624
|
|
|
Grooming
|
1,863
|
613
|
463
|
1,863
|
613
|
463
|
|
|
Health Care
|
2,361
|
438
|
294
|
1,938
|
398
|
270
|
|
|
Fabric Care and Home Care
|
6,340
|
1,030
|
658
|
6,312
|
1,029
|
658
|
|
|
Baby, Feminine, and Family Care
|
5,453
|
1,103
|
725
|
5,177
|
1,065
|
725
|
|
|
Corporate
|
(149)
|
(656)
|
(128)
|
197
|
(630)
|
(137)
|
|
|
Total Company
|
$ 20,559
|
$ 3,328
|
$ 2,636
|
$ 20,178
|
$ 3,275
|
$ 2,603
|
|
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||
| (Amounts in Millions) | |||||||
| Segment Earnings Information | |||||||
|
Three Months Ended December 31, 2013
|
|||||||
|
Previously reported
|
Revised
|
||||||
| Net Sales |
Earnings From Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
Net Sales |
Earnings From Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
||
|
Beauty
|
$ 5,284
|
$ 1,160
|
$ 927
|
$ 5,284
|
$ 1,160
|
$ 927
|
|
|
Grooming
|
2,118
|
730
|
553
|
2,118
|
730
|
553
|
|
|
Health Care
|
2,574
|
536
|
377
|
2,153
|
525
|
374
|
|
|
Fabric Care and Home Care
|
6,851
|
1,344
|
877
|
6,820
|
1,334
|
877
|
|
|
Baby, Feminine, and Family Care
|
5,603
|
1,142
|
765
|
5,323
|
1,099
|
765
|
|
|
Corporate
|
(150)
|
(481)
|
(27)
|
199
|
(446)
|
(42)
|
|
|
Total Company
|
$ 22,280
|
$ 4,431
|
$ 3,472
|
$ 21,897
|
$ 4,402
|
$ 3,454
|
|
| THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES | |||||||
| (Amounts in Millions) | |||||||
| Segment Earnings Information | |||||||
|
Three Months Ended September 30, 2013
|
|||||||
|
Previously reported
|
Revised
|
||||||
| Net Sales |
Earnings From Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
Net Sales |
Earnings From Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
||
|
Beauty
|
$ 4,903
|
$ 909
|
$ 690
|
$ 4,903
|
$ 909
|
$ 690
|
|
|
Grooming
|
1,956
|
601
|
453
|
1,956
|
601
|
453
|
|
|
Health Care
|
2,306
|
398
|
267
|
1,894
|
384
|
265
|
|
|
Fabric Care and Home Care
|
6,700
|
1,298
|
857
|
6,666
|
1,296
|
857
|
|
|
Baby, Feminine, and Family Care
|
5,503
|
1,121
|
725
|
5,247
|
1,082
|
725
|
|
|
Corporate
|
(163)
|
(315)
|
65
|
164
|
(291)
|
49
|
|
|
Total Company
|
$ 21,205
|
$ 4,012
|
$ 3,057
|
$ 20,830
|
$ 3,981
|
$ 3,039
|
|
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||
| (Amounts in Millions) | |||||||
| Segment Earnings Information | |||||||
|
Three Months Ended June 30, 2013
|
|||||||
|
Previously reported
|
Revised
|
||||||
| Net Sales |
Earnings From Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
Net Sales |
Earnings From Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
||
|
Beauty
|
$ 4,850
|
$ 533
|
$ 404
|
$ 4,850
|
$ 533
|
$ 404
|
|
|
Grooming
|
1,981
|
536
|
409
|
1,981
|
536
|
409
|
|
|
Health Care
|
2,221
|
210
|
154
|
1,825
|
252
|
184
|
|
|
Fabric Care and Home Care
|
6,379
|
1,033
|
654
|
6,379
|
1,027
|
654
|
|
|
Baby, Feminine, and Family Care
|
5,445
|
1,109
|
713
|
5,163
|
1,074
|
713
|
|
|
Corporate
|
(221)
|
(910)
|
(452)
|
99
|
(893)
|
(471)
|
|
|
Total Company
|
$ 20,655
|
$ 2,511
|
$ 1,882
|
$ 20,297
|
$ 2,529
|
$ 1,893
|
|
| THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES | |||||||
| (Amounts in Millions) | |||||||
| Segment Earnings Information | |||||||
|
Three Months Ended March 31, 2013
|
|||||||
|
Previously reported
|
Revised
|
||||||
| Net Sales |
Earnings From Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
Net Sales |
Earnings From Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
||
|
Beauty
|
$ 4,763
|
$ 692
|
$ 535
|
$ 4,763
|
$ 692
|
$ 535
|
|
|
Grooming
|
1,931
|
593
|
444
|
1,931
|
593
|
444
|
|
|
Health Care
|
2,406
|
459
|
305
|
1,973
|
427
|
291
|
|
|
Fabric Care and Home Care
|
6,195
|
1,065
|
679
|
6,195
|
1,065
|
679
|
|
|
Baby, Feminine, and Family Care
|
5,537
|
1,233
|
810
|
5,265
|
1,199
|
810
|
|
|
Corporate
|
(234)
|
(754)
|
(182)
|
78
|
(732)
|
(197)
|
|
|
Total Company
|
$ 20,598
|
$ 3,288
|
$ 2,591
|
$ 20,205
|
$ 3,244
|
$ 2,562
|
|
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||
| (Amounts in Millions) | |||||||
| Segment Earnings Information | |||||||
|
Three Months Ended December 31, 2012
|
|||||||
|
Previously reported
|
Revised
|
||||||
| Net Sales |
Earnings From Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
Net Sales |
Earnings From Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
||
|
Beauty
|
$ 5,403
|
$ 1,138
|
$ 877
|
$ 5,403
|
$ 1,138
|
$ 877
|
|
|
Grooming
|
2,119
|
695
|
518
|
2,119
|
695
|
518
|
|
|
Health Care
|
2,470
|
501
|
350
|
1,997
|
458
|
324
|
|
|
Fabric Care and Home Care
|
6,785
|
1,338
|
879
|
6,785
|
1,338
|
879
|
|
|
Baby, Feminine, and Family Care
|
5,557
|
1,219
|
800
|
5,227
|
1,177
|
800
|
|
|
Corporate
|
(159)
|
327
|
652
|
206
|
349
|
636
|
|
|
Total Company
|
$ 22,175
|
$ 5,218
|
$ 4,076
|
$ 21,737
|
$ 5,155
|
$ 4,034
|
|
| THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES | |||||||
| (Amounts in Millions) | |||||||
| Segment Earnings Information | |||||||
|
Three Months Ended September 30, 2012
|
|||||||
|
Previously Reported
|
Revised
|
||||||
| Net Sales | Earnings From
Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
Net Sales |
Earnings From
Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
||
|
Beauty
|
$ 4,940
|
$ 852
|
$ 658
|
$ 4,940
|
$ 852
|
$ 658
|
|
|
Grooming
|
2,007
|
634
|
466
|
2,007
|
634
|
466
|
|
|
Health Care
|
2,322
|
486
|
321
|
1,889
|
445
|
294
|
|
|
Fabric Care and Home Care
|
6,503
|
1,327
|
877
|
6,503
|
1,327
|
877
|
|
|
Baby, Feminine, and Family Care
|
5,248
|
1,123
|
724
|
4,824
|
1,057
|
724
|
|
|
Corporate
|
(281)
|
(596)
|
(193)
|
179
|
(551)
|
(207)
|
|
|
Total Company
|
$ 20,739
|
$ 3,826
|
$ 2,853
|
$ 20,342
|
$ 3,764
|
$ 2,812
|
|
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||
|
(Amounts in Millions)
|
|||||||
| Segment Earnings Information | |||||||
|
Twelve Months Ended June 30, 2013
|
|||||||
|
Previously Reported
|
Revised
|
||||||
|
Net Sales
|
Earnings From
Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
Net Sales
|
Earnings From
Continuing
Operations Before
Income Taxes
|
Net Earnings
from
Continuing
Operations
|
||
|
Beauty
|
$ 19,956
|
$ 3,215
|
$ 2,474
|
$ 19,956
|
$ 3,215
|
$ 2,474
|
|
|
Grooming
|
8,038
|
2,458
|
1,837
|
8,038
|
2,458
|
1,837
|
|
|
Health Care
|
9,419
|
1,656
|
1,130
|
7,684
|
1,582
|
1,093
|
|
|
Fabric Care and Home Care
|
25,862
|
4,763
|
3,089
|
25,862
|
4,757
|
3,089
|
|
|
Baby, Feminine, and Family Care
|
21,787
|
4,684
|
3,047
|
20,479
|
4,507
|
3,047
|
|
|
Corporate
|
(895)
|
(1,933)
|
(175)
|
562
|
(1,827)
|
(239)
|
|
|
Total Company
|
$ 84,167
|
$ 14,843
|
$ 11,402
|
$ 82,581
|
$ 14,692
|
$ 11,301
|
|
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||
|
(Amounts in Millions Except Per Share Amounts)
|
|||||||
|
Consolidated Earnings Information
|
|||||||
| Three Months Ended March 31, 2014 | |||||||
|
As Reported
|
Revised
|
||||||
|
NET SALES
|
$ |
20,559
|
$ |
20,178
|
|||
|
COST OF PRODUCTS SOLD
|
10,601
|
10,366
|
|||||
|
GROSS PROFIT
|
9,958
|
9,812
|
|||||
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE
|
6,500
|
6,407
|
|||||
|
GOODWILL AND INTANGIBLES IMPAIRMENT CHARGES
|
0
|
0
|
|||||
|
OPERATING INCOME
|
3,458
|
3,405
|
|||||
|
INTEREST EXPENSE
|
179
|
179
|
|||||
|
INTEREST INCOME
|
29
|
29
|
|||||
|
OTHER NON-OPERATING INCOME, NET
|
20
|
20
|
|||||
|
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
3,328
|
3,275
|
|||||
|
INCOME TAXES
|
692
|
672
|
|||||
|
NET EARNINGS FROM CONTINUING OPERATIONS
|
2,636
|
2,603
|
|||||
|
NET EARNINGS FROM DISCONTINUED OPERATIONS
|
-
|
33
|
|||||
|
NET EARNINGS
|
2,636
|
2,636
|
|||||
|
LESS: NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
27
|
27
|
|||||
|
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
|
$ |
2,609
|
$ |
2,609
|
|||
|
EFFECTIVE TAX RATE
|
20.8
|
% |
20.5
|
% | |||
|
NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
0.94
|
$ |
0.93
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
$ |
-
|
$ |
0.01
|
|||
|
BASIC NET EARNINGS PER COMMON SHARE
|
$ |
0.94
|
$ |
0.94
|
|||
|
DILUTED NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
0.90
|
$ |
0.89
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
- | $ |
0.01
|
||||
|
DILUTED NET EARNINGS PER COMMON SHARE
|
$ |
0.90
|
$ |
0.90
|
|||
|
DIVIDENDS PER COMMON SHARE
|
$ |
0.602
|
$ |
0.602
|
|||
|
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
2,894.1
|
2,894.1
|
|||||
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||
|
(Amounts in Millions Except Per Share Amounts)
|
|||||||
|
Consolidated Earnings Information
|
|||||||
| Three Months Ended December 31, 2013 | |||||||
|
As Reported
|
Revised
|
||||||
|
NET SALES
|
$ |
22,280
|
$ |
21,897
|
|||
|
COST OF PRODUCTS SOLD
|
11,130
|
10,884
|
|||||
|
GROSS PROFIT
|
11,150
|
11,013
|
|||||
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE
|
6,598
|
6,490
|
|||||
|
GOODWILL AND INTANGIBLES IMPAIRMENT CHARGES
|
0
|
0
|
|||||
|
OPERATING INCOME
|
4,552
|
4,523
|
|||||
|
INTEREST EXPENSE
|
187
|
187
|
|||||
|
INTEREST INCOME
|
23
|
23
|
|||||
|
OTHER NON-OPERATING INCOME, NET
|
43
|
43
|
|||||
|
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
4,431
|
4,402
|
|||||
|
INCOME TAXES
|
959
|
948
|
|||||
|
NET EARNINGS FROM CONTINUING OPERATIONS
|
3,472
|
3,454
|
|||||
|
NET EARNINGS FROM DISCONTINUED OPERATIONS
|
-
|
18
|
|||||
|
NET EARNINGS
|
3,472
|
3,472
|
|||||
|
LESS: NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
44
|
44
|
|||||
|
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
|
$ |
3,428
|
$ |
3,428
|
|||
|
EFFECTIVE TAX RATE
|
21.6
|
% |
21.5
|
% | |||
|
NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
1.24
|
$ |
1.23
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
$ |
-
|
$ |
0.01
|
|||
|
BASIC NET EARNINGS PER COMMON SHARE
|
$ |
1.24
|
$ |
1.24
|
|||
|
DILUTED NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
1.18
|
$ |
1.17
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
$ |
-
|
$ |
0.01
|
|||
|
DILUTED NET EARNINGS PER COMMON SHARE
|
$ |
1.18
|
$ |
1.18
|
|||
|
DIVIDENDS PER COMMON SHARE
|
$ |
0.602
|
$ |
0.602
|
|||
|
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
2,908.5
|
2,908.5
|
|||||
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||
|
(Amounts in Millions Except Per Share Amounts)
|
|||||||
|
Consolidated Earnings Information
|
|||||||
| Three Months Ended September 30, 2013 | |||||||
|
As Reported
|
Revised
|
||||||
|
NET SALES
|
$ |
21,205
|
$ |
20,830
|
|||
|
COST OF PRODUCTS SOLD
|
10,810
|
10,574
|
|||||
|
GROSS PROFIT
|
10,395
|
10,256
|
|||||
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE
|
6,244
|
6,136
|
|||||
|
GOODWILL AND INTANGIBLES IMPAIRMENT CHARGES
|
0
|
0
|
|||||
|
OPERATING INCOME
|
4,151
|
4,120
|
|||||
|
INTEREST EXPENSE
|
165
|
165
|
|||||
|
INTEREST INCOME
|
21
|
21
|
|||||
|
OTHER NON-OPERATING INCOME, NET
|
5
|
5
|
|||||
|
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
4,012
|
3,981
|
|||||
|
INCOME TAXES
|
955
|
942
|
|||||
|
NET EARNINGS FROM CONTINUING OPERATIONS
|
3,057
|
3,039
|
|||||
|
NET EARNINGS FROM DISCONTINUED OPERATIONS
|
-
|
18
|
|||||
|
NET EARNINGS
|
3,057
|
3,057
|
|||||
|
LESS: NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
30
|
30
|
|||||
|
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
|
$ |
3,027
|
$ |
3,027
|
|||
|
EFFECTIVE TAX RATE
|
23.8
|
% |
23.7
|
% | |||
|
NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
1.09
|
$ |
1.08
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
$ |
-
|
$ |
0.01
|
|||
|
BASIC NET EARNINGS PER COMMON SHARE
|
$ |
1.09
|
$ |
1.09
|
|||
|
DILUTED NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
1.04
|
$ |
1.03
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
$ |
-
|
$ |
0.01
|
|||
|
DILUTED NET EARNINGS PER COMMON SHARE
|
$ |
1.04
|
$ |
1.04
|
|||
|
DIVIDENDS PER COMMON SHARE
|
$ |
0.602
|
$ |
0.602
|
|||
|
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
2,924.3
|
2,924.3
|
|||||
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||
|
(Amounts in Millions Except Per Share Amounts)
|
|||||||
|
Consolidated Earnings Information
|
|||||||
| Three Months Ended June 30, 2013 | |||||||
|
As Reported
|
Revised
|
||||||
|
NET SALES
|
$ |
20,655
|
$ |
20,297
|
|||
|
COST OF PRODUCTS SOLD
|
10,854
|
10,577
|
|||||
|
GROSS PROFIT
|
9,801
|
9,720
|
|||||
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE
|
6,860
|
6,761
|
|||||
|
GOODWILL AND INTANGIBLES IMPAIRMENT CHARGES
|
308
|
308
|
|||||
|
OPERATING INCOME
|
2,633
|
2,651
|
|||||
|
INTEREST EXPENSE
|
163
|
163
|
|||||
|
INTEREST INCOME
|
28
|
28
|
|||||
|
OTHER NON-OPERATING INCOME, NET
|
13
|
13
|
|||||
|
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
2,511
|
2,529
|
|||||
|
INCOME TAXES
|
629
|
636
|
|||||
|
NET EARNINGS FROM CONTINUING OPERATIONS
|
1,882
|
1,893
|
|||||
|
NET EARNINGS/(LOSS) FROM DISCONTINUED OPERATIONS
|
-
|
(11)
|
|||||
|
NET EARNINGS
|
1,882
|
1,882
|
|||||
|
LESS: NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
7
|
7
|
|||||
|
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
|
$ |
1,875
|
$ |
1,875
|
|||
|
EFFECTIVE TAX RATE
|
25.0
|
% |
25.1
|
% | |||
|
NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
0.66
|
$ |
0.66
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
$ |
-
|
$ |
-
|
|||
|
BASIC NET EARNINGS PER COMMON SHARE
|
$ |
0.66
|
$ |
0.66
|
|||
|
DILUTED NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
0.64
|
$ |
0.64
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
$ |
-
|
$ |
-
|
|||
|
DILUTED NET EARNINGS PER COMMON SHARE
|
$ |
0.64
|
$ |
0.64
|
|||
|
DIVIDENDS PER COMMON SHARE
|
$ |
0.602
|
$ |
0.602
|
|||
|
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
2,937.1
|
2,937.1
|
|||||
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||
|
(Amounts in Millions Except Per Share Amounts)
|
|||||||
|
Consolidated Earnings Information
|
|||||||
| Three Months Ended March 31, 2013 | |||||||
|
As Reported
|
Revised
|
||||||
|
NET SALES
|
$ |
20,598
|
$ |
20,205
|
|||
|
COST OF PRODUCTS SOLD
|
10,344
|
10,093
|
|||||
|
GROSS PROFIT
|
10,254
|
10,112
|
|||||
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE
|
6,849
|
6,751
|
|||||
|
GOODWILL AND INTANGIBLES IMPAIRMENT CHARGES
|
0
|
0
|
|||||
|
OPERATING INCOME
|
3,405
|
3,361
|
|||||
|
INTEREST EXPENSE
|
163
|
163
|
|||||
|
INTEREST INCOME
|
21
|
21
|
|||||
|
OTHER NON-OPERATING INCOME, NET
|
25
|
25
|
|||||
|
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
3,288
|
3,244
|
|||||
|
INCOME TAXES
|
697
|
682
|
|||||
|
NET EARNINGS FROM CONTINUING OPERATIONS
|
2,591
|
2,562
|
|||||
|
NET EARNINGS FROM DISCONTINUED OPERATIONS
|
-
|
29
|
|||||
|
NET EARNINGS
|
2,591
|
2,591
|
|||||
|
LESS: NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
25
|
25
|
|||||
|
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
|
$ |
2,566
|
$ |
2,566
|
|||
|
EFFECTIVE TAX RATE
|
21.2
|
% |
21.0
|
% | |||
|
NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
0.92
|
$ |
0.91
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
$ |
-
|
$ |
0.01
|
|||
|
BASIC NET EARNINGS PER COMMON SHARE
|
$ |
0.92
|
$ |
0.92
|
|||
|
DILUTED NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
0.88
|
$ |
0.87
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
- | $ |
0.01
|
||||
|
DILUTED NET EARNINGS PER COMMON SHARE
|
$ |
0.88
|
$ |
0.88
|
|||
|
DIVIDENDS PER COMMON SHARE
|
$ |
0.562
|
$ |
0.562
|
|||
|
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
2,930.7
|
2,930.7
|
|||||
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||
|
(Amounts in Millions Except Per Share Amounts)
|
|||||||
|
Consolidated Earnings Information
|
|||||||
| Three Months Ended December 31, 2012 | |||||||
|
As Reported
|
Revised
|
||||||
|
NET SALES
|
$ |
22,175
|
$ |
21,737
|
|||
|
COST OF PRODUCTS SOLD
|
10,880
|
10,609
|
|||||
|
GROSS PROFIT
|
11,295
|
11,128
|
|||||
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE
|
6,803
|
6,699
|
|||||
|
GOODWILL AND INTANGIBLES IMPAIRMENT CHARGES
|
0
|
0
|
|||||
|
OPERATING INCOME
|
4,492
|
4,429
|
|||||
|
INTEREST EXPENSE
|
169
|
169
|
|||||
|
INTEREST INCOME
|
19
|
19
|
|||||
|
OTHER NON-OPERATING INCOME, NET
|
876
|
876
|
|||||
|
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
5,218
|
5,155
|
|||||
|
INCOME TAXES
|
1,142
|
1,121
|
|||||
|
NET EARNINGS FROM CONTINUING OPERATIONS
|
4,076
|
4,034
|
|||||
|
NET EARNINGS FROM DISCONTINUED OPERATIONS
|
-
|
42
|
|||||
|
NET EARNINGS
|
4,076
|
4,076
|
|||||
|
LESS: NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
19
|
19
|
|||||
|
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
|
$ |
4,057
|
$ |
4,057
|
|||
|
EFFECTIVE TAX RATE
|
21.9
|
% |
21.7
|
% | |||
|
NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
1.46
|
$ |
1.44
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
- | $ |
0.02
|
||||
|
BASIC NET EARNINGS PER COMMON SHARE
|
$ |
1.46
|
$ |
1.46
|
|||
|
DILUTED NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
1.39
|
$ |
1.38
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
- | $ |
0.01
|
||||
|
DILUTED NET EARNINGS PER COMMON SHARE
|
$ |
1.39
|
$ |
1.39
|
|||
|
DIVIDENDS PER COMMON SHARE
|
$ |
0.562
|
$ |
0.562
|
|||
|
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
2,919.1
|
2,919.1
|
|||||
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||
|
(Amounts in Millions Except Per Share Amounts)
|
|||||||
|
Consolidated Earnings Information
|
|||||||
| Three Months Ended September 30, 2012 | |||||||
|
As Reported
|
Revised
|
||||||
|
NET SALES
|
$ |
20,739
|
$ |
20,342
|
|||
|
COST OF PRODUCTS SOLD
|
10,350
|
10,112
|
|||||
|
GROSS PROFIT
|
10,389
|
10,230
|
|||||
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE
|
6,438
|
6,341
|
|||||
|
GOODWILL AND INTANGIBLES IMPAIRMENT CHARGES
|
0
|
0
|
|||||
|
OPERATING INCOME
|
3,951
|
3,889
|
|||||
|
INTEREST EXPENSE
|
172
|
172
|
|||||
|
INTEREST INCOME
|
19
|
19
|
|||||
|
OTHER NON-OPERATING INCOME, NET
|
28
|
28
|
|||||
|
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
3,826
|
3,764
|
|||||
|
INCOME TAXES
|
973
|
952
|
|||||
|
NET EARNINGS FROM CONTINUING OPERATIONS
|
2,853
|
2,812
|
|||||
|
NET EARNINGS FROM DISCONTINUED OPERATIONS
|
-
|
41
|
|||||
|
NET EARNINGS
|
2,853
|
2,853
|
|||||
|
LESS: NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
39
|
39
|
|||||
|
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
|
$ |
2,814
|
$ |
2,814
|
|||
|
EFFECTIVE TAX RATE
|
25.4
|
% |
25.3
|
% | |||
|
NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
1.00
|
$ |
0.99
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
$ |
-
|
$ |
0.01
|
|||
|
BASIC NET EARNINGS PER COMMON SHARE
|
$ |
1.00
|
$ |
1.00
|
|||
|
DILUTED NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
0.96
|
$ |
0.95
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
$ |
-
|
$ |
0.01
|
|||
|
DILUTED NET EARNINGS PER COMMON SHARE
|
$ |
0.96
|
$ |
0.96
|
|||
|
DIVIDENDS PER COMMON SHARE
|
$ |
0.562
|
$ |
0.562
|
|||
|
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
2,931.7
|
2,931.7
|
|||||
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||
|
(Amounts in Millions Except Per Share Amounts)
|
|||||||
|
Consolidated Earnings Information
|
|||||||
| Twelve Months Ended June 30, 2013 | |||||||
|
As Reported
|
Revised
|
||||||
|
NET SALES
|
$ |
84,167
|
$ |
82,581
|
|||
|
COST OF PRODUCTS SOLD
|
42,428
|
41,391
|
|||||
|
GROSS PROFIT
|
41,739
|
41,190
|
|||||
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE
|
26,950
|
26,552
|
|||||
|
GOODWILL AND INTANGIBLES IMPAIRMENT CHARGES
|
308
|
308
|
|||||
|
OPERATING INCOME
|
14,481
|
14,330
|
|||||
|
INTEREST EXPENSE
|
667
|
667
|
|||||
|
INTEREST INCOME
|
87
|
87
|
|||||
|
OTHER NON-OPERATING INCOME, NET
|
942
|
942
|
|||||
|
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
14,843
|
14,692
|
|||||
|
INCOME TAXES
|
3,441
|
3,391
|
|||||
|
NET EARNINGS FROM CONTINUING OPERATIONS
|
11,402
|
11,301
|
|||||
|
NET EARNINGS FROM DISCONTINUED OPERATIONS
|
-
|
101
|
|||||
|
NET EARNINGS
|
11,402
|
11,402
|
|||||
|
LESS: NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
90
|
90
|
|||||
|
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
|
$ |
11,312
|
$ |
11,312
|
|||
|
EFFECTIVE TAX RATE
|
23.2
|
% |
23.1
|
% | |||
|
NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
4.04
|
$ |
4.00
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
$ |
-
|
$ |
0.04
|
|||
|
BASIC NET EARNINGS PER COMMON SHARE
|
$ |
4.04
|
$ |
4.04
|
|||
|
DILUTED NET EARNINGS PER COMMON SHARE:
|
|||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
$ |
3.86
|
$ |
3.83
|
|||
|
EARNINGS FROM DISCONTINUED OPERATIONS
|
$ |
-
|
$ |
0.03
|
|||
|
DILUTED NET EARNINGS PER COMMON SHARE
|
$ |
3.86
|
$ |
3.86
|
|||
|
DIVIDENDS PER COMMON SHARE
|
$ |
2.288
|
$ |
2.288
|
|||
|
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
2,930.6
|
2,930.6
|
|||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE PROCTER & GAMBLE COMPANY |
| BY: /s/ Susan S. Whaley |
| Susan S. Whaley |
| Assistant Secretary |
| June 11, 2014 |