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