DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION | 3 Months Ended |
Sep. 30, 2019shares | |
Entity Information [Line Items] | |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 2,493,812,048 |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000080424 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --06-30 |
Document Fiscal Year Focus | 2020 |
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 |
Document Transition Report | false |
Document Quarterly Report | true |
Document Type | 10-Q |
Trading Symbol | PG |
Local Phone Number | 983-1100 |
Entity Current Reporting Status | Yes |
Document Period End Date | Sep. 30, 2019 |
Entity Registrant Name | PROCTER & GAMBLE CO |
Entity Small Business | false |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
1.875% due 2038 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.875% Notes due 2038 |
Trading Symbol | PG38 |
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 |
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 |
1.800% due 2029 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.800% Notes due 2029 |
Trading Symbol | PG29A |
1.250% due 2029 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.250% Notes due 2029 |
Trading Symbol | PG29B |
1.200% due 2028 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.200% Notes due 2028 |
Trading Symbol | PG28 |
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 |
1.375% due 2025 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.375% Notes due 2025 |
Trading Symbol | PG25 |
0.625% due 2024 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.625% Notes due 2024 |
Trading Symbol | PG24B |
0.500% due 2024 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.500% Notes due 2024 |
Trading Symbol | PG24A |
1.125% due 2023 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.125% Notes due 2023 |
Trading Symbol | PG23A |
2.000% due 2022 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 2.000% Notes due 2022 |
Trading Symbol | PG22B |
2.000% due 2021 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 2.000% Notes due 2021 |
Trading Symbol | PG21 |
0.275% due 2020 [Domain] [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.275% Notes due 2020 |
Trading Symbol | PG20 |
Common Stock [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, without Par Value |
Trading Symbol | PG |
4.125% EUR due December 2020 [Domain] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 4.125% EUR notes due December 2020 |
Trading Symbol | PG20A |
NEW YORK STOCK EXCHANGE, INC. [Member] | |
Entity Information [Line Items] | |
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 | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Net Sales | $ 17,798 | $ 16,690 | |
Cost of Products Sold | 8,723 | 8,484 | |
Selling, General and Administrative Expense | 4,785 | 4,652 | |
Operating Income | 4,290 | 3,554 | |
Interest Expense | (108) | (129) | |
Interest Income | 58 | 53 | |
Other Non-operating Income/(Loss), Net | 103 | 462 | |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 4,343 | 3,940 | |
Income Taxes on Continuing Operations | 726 | 729 | |
Net Earnings | 3,617 | 3,211 | |
Net Income (Loss) Attributable to Noncontrolling Interest | $ 24 | 12 | |
Net Earnings Attributable to Procter & Gamble | $ 3,199 | ||
Basic Net Earnings Per Common Share | |||
Basic Net Earnings Per Common Share | [1],[2] | $ 1.41 | $ 1.26 |
Diluted Net Earnings Per Common Share | |||
Diluted Net Earnings Per Common Share | [1],[2] | $ 1.36 | $ 1.22 |
Diluted Weighted Average Common Shares Outstanding | 2,647.5 | 2,612.1 | |
[1] | Net earnings per share are calculated on Net earnings attributable to Procter & Gamble. | ||
[2] | Basic net earnings per share and Diluted 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 | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Net Earnings | $ 3,617 | $ 3,211 |
Financial Statement Translation | (540) | (209) |
Unrealized Gains/(Losses) on Investment Securities | (5) | (5) |
Unrealized Gains/(Losses) on Defined Benefit Retirement Plans | 179 | 152 |
Total Other Comprehensive Income (Loss), Net of Tax | (366) | (62) |
Total Comprehensive Income/(Loss) | 3,251 | 3,149 |
Less: Total Comprehensive Income Attributable to Noncontrolling Interest | 20 | 8 |
Total Comprehensive Income/(Loss) Attributable to Procter & Gamble | $ 3,231 | $ 3,141 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 |
Current Assets | ||
Cash and Cash Equivalents | $ 9,304 | $ 4,239 |
Available-for-Sale Investment Securities | 0 | 6,048 |
Accounts Receivable | 5,143 | 4,951 |
Inventories | ||
Materials and Supplies | 1,394 | 1,289 |
Work in Process | 656 | 612 |
Finished Goods | 3,415 | 3,116 |
Total Inventories | 5,465 | 5,017 |
Prepaid Expenses and Other Current Assets | 2,013 | 2,218 |
Total Current Assets | 21,925 | 22,473 |
Property, Plant and Equipment, Net | 20,901 | 21,271 |
Goodwill | 39,605 | 40,273 |
Trademarks and Other Intangible Assets, Net | 24,002 | 24,215 |
Other Noncurrent Assets | 7,625 | 6,863 |
Total Assets | 114,058 | 115,095 |
Current Liabilities | ||
Accounts Payable | 10,951 | 11,260 |
Accrued and Other Liabilities | 9,950 | 9,054 |
Debt Due Within One Year | 9,352 | 9,697 |
Total Current Liabilities | 30,253 | 30,011 |
Long-Term Debt | 20,161 | 20,395 |
Deferred Income Taxes | 6,325 | 6,899 |
Other Noncurrent Liabilities | 10,335 | 10,211 |
Total Liabilities | 67,074 | 67,516 |
Shareholders' Equity | ||
Preferred Stock | $ 915 | $ 928 |
Common Stock, Shares, Issued | 4,009.2 | 4,009.2 |
Common Stock, Value, Issued | $ 4,009 | $ 4,009 |
Additional Paid in Capital | 63,949 | 63,827 |
Reserve For ESOP Debt Retirement | (1,112) | (1,146) |
Accumulated Other Comprehensive Income/(Loss) | (15,298) | (14,936) |
Treasury Stock | (102,510) | (100,406) |
Retained Earnings | 96,625 | 94,918 |
Noncontrolling Interest | 406 | 385 |
Total Shareholders' Equity | 46,984 | 47,579 |
Total Liabilities and Shareholders' Equity | $ 114,058 | $ 115,095 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Cash Flows [Abstract] | ||
Cash and Cash Equivalents, Beginning of Period | $ 4,239 | $ 2,569 |
Operating Activities | ||
Net Earnings | 3,617 | 3,211 |
Depreciation and Amortization | 723 | 643 |
Share-based Compensation Expense | 110 | 102 |
Deferred Income Taxes | (586) | 34 |
Gain (Loss) on Disposition of Assets | (2) | (361) |
Changes In: | ||
Accounts Receivable | (261) | (475) |
Inventories | (549) | (494) |
Accounts Payable, Accrued and Other Liabilities | 1,151 | 933 |
Other Operating Assets and Liabilities | (35) | (84) |
Other Noncash Expense | 1 | 58 |
Total Operating Activities | 4,169 | 3,567 |
Investing Activities | ||
Capital Expenditures | (1,079) | (1,080) |
Proceeds from Asset Sales | 6 | 9 |
Acquisitions, Net of Cash Acquired | 0 | (237) |
Purchases of Short-term Investments | 0 | (158) |
Proceeds from Sales of Short-term Investments | 6,151 | 649 |
Change in Other Investments | 1 | (48) |
Total Investing Activites | 5,079 | (865) |
Financing Activities | ||
Dividends to Shareholders | (1,932) | (1,853) |
Change in Short-term Debt | (61) | 24 |
Treasury Stock Purchases | (3,000) | (1,252) |
Impact of Stock Options and Other | 875 | 425 |
Total Financing Activities | (4,118) | (2,656) |
Effect of Exchange Rate on Cash and Cash Equivalents | (65) | (70) |
Change in Cash and Cash Equivalents | 5,065 | (24) |
Cash and Cash Equivalents, End of Period | $ 9,304 | $ 2,545 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Consolidated Statements of Shareholders' Equity QTD - 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 | 2,498,093 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 52,883 | $ 4,009 | $ 967 | $ 63,846 | $ (1,204) | $ (14,749) | $ (99,217) | $ 98,641 | $ 590 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.7172 | ||||||||
Net Income (Loss) Attributable to Parent | $ 3,199 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 12 | ||||||||
Net Earnings | 3,211 | 3,199 | 12 | ||||||
Other Comprehensive Income (Loss), Net of Tax | (62) | (58) | (4) | ||||||
Dividends, Common Stock | (1,791) | 1,791 | |||||||
Dividends, Preferred Stock | (66) | (66) | |||||||
Treasury Stock, Shares, Acquired | (15,690) | ||||||||
Stock Repurchased During Period, Value | (1,252) | 1,252 | |||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 7,368 | ||||||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised | 520 | 20 | 500 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,637 | ||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | (16) | (3) | (13) | |||||
ESOP Debt Impacts | 75 | 27 | 48 | ||||||
Noncontrolling Interest, Period Increase (Decrease) | (461) | (158) | (303) | ||||||
Common Stock, Shares, Outstanding | 2,491,408 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 52,504 | $ 4,009 | 951 | 63,711 | (1,177) | (15,133) | (99,956) | 99,831 | 268 |
Common Stock, Shares, Outstanding | 2,504,751 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 47,579 | $ 4,009 | 928 | 63,827 | (1,146) | (14,936) | (100,406) | 94,918 | 385 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.7459 | ||||||||
Net Income (Loss) Attributable to Parent | 3,593 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 24 | 24 | |||||||
Net Earnings | 3,617 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (366) | (362) | (4) | ||||||
Dividends, Common Stock | (1,874) | 1,874 | |||||||
Dividends, Preferred Stock | (65) | 65 | |||||||
Treasury Stock, Shares, Acquired | (25,405) | ||||||||
Stock Repurchased During Period, Value | (3,000) | 3,000 | |||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 13,050 | ||||||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised | 1,005 | 120 | 885 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,416 | ||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | (13) | (2) | (11) | |||||
ESOP Debt Impacts | (87) | 34 | 53 | ||||||
Noncontrolling Interest, Period Increase (Decrease) | 1 | 1 | |||||||
Common Stock, Shares, Outstanding | 2,493,812 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 46,984 | $ 4,009 | $ 915 | $ 63,949 | $ (1,112) | $ (15,298) | $ (102,510) | $ 96,625 | $ 406 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Consolidated Statements of Shareholders' Equity PY QTD - 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 | 2,498,093 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 52,883 | $ 4,009 | $ 967 | $ 63,846 | $ (1,204) | $ (14,749) | $ (99,217) | $ 98,641 | $ 590 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.7172 | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (553) | (326) | (200) | (27) | |||||
Net Earnings | 3,211 | 3,199 | 12 | ||||||
Other Comprehensive Income (Loss), Net of Tax | (62) | (58) | (4) | ||||||
Dividends, Common Stock | (1,791) | 1,791 | |||||||
Dividends, Preferred Stock | (66) | (66) | |||||||
Treasury Stock, Shares, Acquired | (15,690) | ||||||||
Stock Repurchased During Period, Value | (1,252) | 1,252 | |||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 7,368 | ||||||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised | 520 | 20 | 500 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,637 | ||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | (16) | (3) | (13) | |||||
ESOP Debt Impacts | 75 | 27 | 48 | ||||||
Noncontrolling Interest, Period Increase (Decrease) | (461) | (158) | (303) | ||||||
Common Stock, Shares, Outstanding | 2,491,408 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 52,504 | $ 4,009 | 951 | 63,711 | (1,177) | (15,133) | (99,956) | 99,831 | 268 |
Common Stock, Shares, Outstanding | 2,504,751 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 47,579 | $ 4,009 | 928 | 63,827 | (1,146) | (14,936) | (100,406) | 94,918 | 385 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.7459 | ||||||||
Net Earnings | $ 3,617 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (366) | (362) | (4) | ||||||
Dividends, Common Stock | (1,874) | 1,874 | |||||||
Dividends, Preferred Stock | (65) | 65 | |||||||
Treasury Stock, Shares, Acquired | (25,405) | ||||||||
Stock Repurchased During Period, Value | (3,000) | 3,000 | |||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 13,050 | ||||||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised | 1,005 | 120 | 885 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,416 | ||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | (13) | (2) | (11) | |||||
ESOP Debt Impacts | (87) | 34 | 53 | ||||||
Noncontrolling Interest, Period Increase (Decrease) | 1 | 1 | |||||||
Common Stock, Shares, Outstanding | 2,493,812 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 46,984 | $ 4,009 | $ 915 | $ 63,949 | $ (1,112) | $ (15,298) | $ (102,510) | $ 96,625 | $ 406 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation These statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019 . 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 | 3 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | New Accounting Pronouncements and Policies On July 1, 2019, we adopted ASU 2016-02, "Leases (Topic 842)." The new accounting standard required the recognition of right-of-use assets and lease liabilities for all long-term leases, including operating leases, on the balance sheet. We elected the optional transition method and adopted the new guidance on a modified retrospective basis with no restatement of prior period amounts. As allowed under the new accounting standard, we elected to apply practical expedients to carry forward the original lease determinations, lease classifications and accounting of initial direct costs for all asset classes at the time of adoption. The adoption did not have a material impact on our financial statements, resulting in an increase of approximately 1% to each of our total assets and total liabilities on our balance sheet as of July 1, 2019. See Note 10 for further information. In January 2017, the FASB issued ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The standard simplifies the accounting for goodwill impairment by requiring a goodwill impairment to be measured using a single step impairment model, whereby the impairment equals the difference between the carrying amount and the fair value of the specified reporting units in their entirety. This eliminates the second step of the current impairment model that requires companies to first estimate the fair value of all assets in a reporting unit and measure impairments based on those fair values and a residual measurement approach. It also specifies that any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. We will adopt the standard no later than July 1, 2020. The impact of the new standard will be dependent on the specific facts and circumstances of future individual impairments, if any. 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 | 3 Months Ended |
Sep. 30, 2019 | |
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 (Conditioner, Shampoo, Styling Aids, Treatments); Skin and Personal Care (Antiperspirant and Deodorant, Personal Cleansing, Skin Care); • Grooming : Shave Care (Female Blades & Razors, Male Blades & Razors, Pre- and Post-Shave Products, Other Shave Care); Appliances • 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 September 30 2019 2018 Fabric Care 23% 23% Baby Care 11% 12% Home Care 10% 10% Hair Care 10% 10% Skin and Personal Care 10% 9% Family Care 9% 9% Oral Care 7% 8% Shave Care 7% 8% Feminine Care 6% 6% Personal Health Care 5% 3% Other 2% 2% Total 100% 100% (1) % of Net sales by operating segment excludes sales held in Corporate. Following is a summary of reportable segment results: Three Months Ended September 30 Net Sales Earnings/(Loss) Before Income Taxes Net Earnings Beauty 2019 $ 3,552 $ 1,092 $ 874 2018 3,289 947 759 Grooming 2019 1,531 426 353 2018 1,562 417 340 Health Care 2019 2,221 540 401 2018 1,845 440 332 Fabric & Home Care 2019 5,832 1,338 1,028 2018 5,488 1,144 877 Baby, Feminine & Family Care 2019 4,567 1,134 871 2018 4,390 902 692 Corporate 2019 95 (187 ) 90 2018 116 90 211 Total Company 2019 $ 17,798 $ 4,343 $ 3,617 2018 16,690 3,940 3,211 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Sep. 30, 2019 | |
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, 2019 $ 12,985 $ 12,881 $ 7,972 $ 1,855 $ 4,580 $ 40,273 Acquisitions and divestitures (1 ) — (53 ) — — (54 ) Translation and other (222 ) (159 ) (153 ) (18 ) (62 ) (614 ) Goodwill at September 30, 2019 $ 12,762 $ 12,722 $ 7,766 $ 1,837 $ 4,518 $ 39,605 Goodwill from current year acquisitions and divestitures primarily reflects opening balance sheet adjustments from the prior year acquisition of the over-the-counter (OTC) healthcare business of Merck KGaA (Merck OTC) in the Health Care reportable segment (see Note 12), along with adjustments from a prior year Beauty acquisition. Identifiable intangible assets at September 30, 2019 were comprised of: Gross Carrying Amount Accumulated Amortization Intangible assets with determinable lives $ 8,452 $ (5,443 ) Intangible assets with indefinite lives 20,993 — Total identifiable intangible assets $ 29,445 $ (5,443 ) Intangible assets with determinable lives consist of brands, patents, technology and customer relationships. The intangible assets with indefinite lives consist of brands. The amortization expense of determinable lived intangible assets for the three months ended September 30, 2019 and 2018 was $96 and $73 , respectively. Goodwill and indefinite lived intangible assets are not amortized, but are tested annually for impairment. The test to evaluate goodwill for impairment is a two-step process. In the first step, we compare the fair value of the reporting unit to its carrying value. If the fair value of the reporting unit is less than its carrying value, we perform a second step (the step two testing) to determine the implied fair value of the reporting unit's goodwill. The step two testing of the impairment analysis requires a valuation of a reporting unit's tangible and intangible assets and liabilities in a manner similar to the allocation of purchase price in a business combination. If the resulting implied fair value of the reporting unit's goodwill is less than its carrying value, that difference represents an impairment. The business unit valuations used to test goodwill and intangible assets for impairment are dependent on a number of significant estimates and assumptions, including macroeconomic conditions, overall category growth rates, competitive activities, cost containment, margin expansion and Company business plans. We believe these estimates and assumptions are reasonable. However, future changes in the judgments, assumptions and estimates that are used in our impairment testing for goodwill and indefinite-lived intangible assets, including discount and tax rates or future cash flow projections, could result in significantly different estimates of the fair values. Our annual impairment testing for goodwill and indefinite lived intangible assets occurs during the three months ended December 31. Most of our goodwill reporting units are comprised of a combination of legacy and acquired businesses and as a result have fair value cushions that, at a minimum, exceed two times their underlying carrying values. Certain of our goodwill reporting units, in particular Shave Care and Appliances, are comprised entirely of acquired businesses and as a result, have fair value cushions that are not as high. The Appliances wholly-acquired reporting unit has a fair value that significantly exceeds the underlying carrying value. As previously disclosed, the carrying value of the Shave Care reporting unit and the related Gillette indefinite-lived intangible asset were impaired during the year ended June 30, 2019. The underlying reductions in fair values were due in large part to significant currency devaluations in a number of countries relative to the U.S. dollar, a deceleration of category growth caused by changing grooming habits, primarily in the developed markets, and an increased competitive market environment in the U.S. and certain other markets. As a result of the impairment determined by the step two testing, the Shave Care fair value exceeded the carrying value by approximately 20% as of June 30, 2019. Because the impairment testing for intangible assets is a one step process, the Gillette indefinite-lived intangible asset fair value approximated its carrying value at that date. As a result, the Gillette indefinite-lived intangible asset is more susceptible to future impairment risk. The most significant assumptions utilized in the determination of the estimated fair values of Shave Care reporting unit and the Gillette indefinite-lived intangible asset are the net sales and earnings growth rates (including residual growth rates) and discount rate. The residual growth rate represents the expected rate at which the reporting unit and Gillette brand are expected to grow beyond the shorter-term business planning period. The residual growth rate utilized in our fair value estimates is consistent with the reporting unit and brand operating plans, and approximates expected long term category market growth rates. The residual growth rate is dependent on overall market growth rates, the competitive environment, inflation, relative currency exchange rates and business activities that impact market share. As a result, the residual growth rate could be adversely impacted by a sustained deceleration in category growth, grooming habit changes, devaluation of currencies against the U.S. dollar or an increased competitive environment. The discount rate, which is consistent with a weighted average cost of capital that is likely to be expected by a market participant, is based upon industry required rates of return, including consideration of both debt and equity components of the capital structure. Our discount rate may be impacted by adverse changes in the macroeconomic environment, volatility in the equity and debt markets or other country specific factors, such as further devaluation of currencies against the U.S. dollar. Based on developments in the macroeconomic environment during the quarter ended September 30, 2019, the discount rate utilized in our annual impairment testing for goodwill and indefinite lived intangible assets during the three months ended December 31 will likely decline, resulting in an increase in the implied fair value estimates. Spot rates as of the fair value measurement date are utilized in our fair value estimates for cash flows outside the U.S. While management can and has implemented strategies to address these events, changes in operating plans or adverse changes in the business or in the macroeconomic environment in the future could reduce the underlying cash flows used to estimate fair values and could result in a decline in fair value that would trigger future impairment charges of the reporting unit's goodwill and indefinite-lived intangibles. As of September 30, 2019 , the carrying values of the Shave Care goodwill and the Gillette indefinite-lived intangible asset were $12.4 billion and $14.1 billion , respectively. The table below provides a sensitivity analysis for the Shave Care reporting unit and the Gillette indefinite lived intangible asset, utilizing reasonably possible changes in the assumptions for the shorter term and residual growth rates and the discount rate, to demonstrate the potential impacts to the estimated fair values. The table below provides, in isolation, the estimated fair value impacts related to a 25 basis point increase to discount rate or a 25 basis point decrease to our shorter-term and residual growth rates. Approximate Percent Change in Estimated Fair Value +25 bps Discount Rate -25 bps Growth Rate Shave Care goodwill reporting unit (5 )% (6 )% Gillette indefinite-lived intangible asset (5 )% (5 )% |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Sep. 30, 2019 | |
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 using the treasury stock method, on the basis of the weighted average number of common shares outstanding plus the dilutive effect of stock options and other stock-based awards and the assumed conversion of preferred stock. Net earnings per share were as follows: CONSOLIDATED AMOUNTS Three Months Ended September 30 2019 2018 Net earnings $ 3,617 $ 3,211 Less: Net earnings attributable to noncontrolling interests 24 12 Net earnings attributable to P&G (Diluted) 3,593 3,199 Preferred dividends (65 ) (66 ) Net earnings attributable to P&G available to common shareholders (Basic) $ 3,528 $ 3,133 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,504.0 2,495.8 Add: Effect of dilutive securities Conversion of preferred shares (1) 87.4 91.9 Impact of stock options and other unvested equity awards (2) 56.1 24.4 Diluted weighted average common shares outstanding 2,647.5 2,612.1 NET EARNINGS PER SHARE (3) Basic $ 1.41 $ 1.26 Diluted $ 1.36 $ 1.22 (1) Despite being included currently in Diluted net earnings per common share, the actual conversion to common stock occurs when the preferred shares are sold. Shares may only be sold after being allocated to the ESOP participants pursuant to the repayment of the ESOP's obligations through 2035. (2) Weighted average outstanding stock options of approximately 1 million and 69 million for the three months ended September 30, 2019 and 2018 were not included in the Diluted net earnings per share calculation because the options were out of the money or to do so would have been antidilutive (i.e., the total proceeds upon exercise would have exceeded the market value of the underlying common shares). (3) Net earnings per share are calculated on Net earnings attributable to Procter & Gamble. |
SHARE-BASED COMPENSATION AND PO
SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS | 3 Months Ended |
Sep. 30, 2019 | |
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 costs: Three Months Ended September 30 2019 2018 Share-based compensation expense $ 110 $ 102 Net periodic benefit cost for pension benefits (1) 40 28 Net periodic benefit cost/(credit) for other retiree benefits (1) (52 ) (41 ) (1) The components of the total net periodic benefit cost for both pension benefits and other retiree benefits for these interim periods, on an annualized basis, do not differ materially from the amounts disclosed in the Annual Report on Form 10-K for the fiscal year ended June 30, 2019 . |
RISK MANAGEMENT ACTIVITIES AND
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS | 3 Months Ended |
Sep. 30, 2019 | |
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 three months ended September 30, 2019 . 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 three months ended September 30, 2019 . Other investments had a fair value of $62 and $169 as of September 30, 2019 and June 30, 2019 , respectively, and are presented in Other noncurrent assets. During the three months ended September 30, 2019 , the Company sold all of its existing U.S. government securities and corporate bond securities. Such securities were presented in Available-for-sale investment securities at June 30, 2019 , and had fair values of $3,648 and $2,400 , respectively. The Company's investments measured at fair value are generally classified as Level 2 within the fair value hierarchy. Cash equivalents were $7,955 and $2,956 as of September 30, 2019 and June 30, 2019 , respectively, and are classified as Level 1 within the fair value hierarchy. There are no other material investment balances classified as Level 1 or Level 3 within the fair value hierarchy, or using net asset value as a practical expedient. Fair values are generally estimated based upon quoted market prices for similar instruments. The fair value of long-term debt was $25,196 and $25,378 as of September 30, 2019 and June 30, 2019 , respectively. This includes the current portion of debt instruments ( $3,291 and $3,390 as of September 30, 2019 and June 30, 2019 , respectively). 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 September 30, 2019 and June 30, 2019 are as follows: Notional Amount Fair Value Asset Fair Value (Liability) September 30, 2019 June 30, 2019 September 30, 2019 June 30, 2019 September 30, 2019 June 30, 2019 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ 7,524 $ 7,721 $ 266 $ 177 $ — $ (1 ) DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS Foreign currency interest rate contracts $ 3,309 $ 3,157 $ 104 $ 35 $ (16 ) $ (24 ) TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS $ 10,833 $ 10,878 $ 370 $ 212 $ (16 ) $ (25 ) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ 6,196 $ 6,431 $ 19 $ 27 $ (49 ) $ (20 ) TOTAL DERIVATIVES AT FAIR VALUE $ 17,029 $ 17,309 $ 389 $ 239 $ (65 ) $ (45 ) All derivative assets are presented in Prepaid expenses and other current assets or Other noncurrent assets. All derivative liabilities are presented in Accrued and other liabilities or Other noncurrent liabilities. The 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 $7,756 and $7,860 as of September 30, 2019 and June 30, 2019 , 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 $16,995 and $17,154 as of September 30, 2019 and June 30, 2019 , respectively. 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. Before tax gains/(losses) on our financial instruments in hedging relationships are categorized as follows: Amount of Gain/(Loss) Recognized in OCI on Derivatives Three Months Ended September 30 2019 2018 DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2) Foreign exchange contracts $ 113 $ (43 ) (1) For the derivatives in net investment hedging relationships, the amount of gain/(loss) excluded from effectiveness testing, which was recognized in earnings, was $19 and $14 for the three months ended September 30, 2019 and 2018 , 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/(loss) (AOCI) for such instruments was $609 and $207 , for the three months ended September 30, 2019 and 2018 , respectively. Amount of Gain/(Loss) Recognized in Earnings Three Months Ended September 30 2019 2018 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ 90 $ (24 ) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ (97 ) $ (2 ) The gain/(loss) on the derivatives in fair value hedging relationships is fully offset by the mark-to-market impact of the related exposure. These are both recognized in the Consolidated Statements of Earnings in Interest expense. The gain/(loss) on derivatives not designated as hedging instruments is substantially offset by the currency mark-to-market of the related exposure. These are both recognized in the Consolidated Statements of Earnings in Selling, general and administrative expense (SG&A). |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income/(Loss) The table below presents the changes in AOCI, including the reclassifications out of AOCI by component: Investment Securities Pension and Other Retiree Benefits Foreign Currency Translation Total AOCI Balance at June 30, 2019 $ 11 $ (4,198 ) $ (10,749 ) $ (14,936 ) OCI before reclassifications (1) (3 ) 104 (540 ) (439 ) Amounts reclassified from AOCI into the Consolidated Statements of Earnings (2) (2 ) 75 — 73 Net current period OCI (5 ) 179 (540 ) (366 ) Less: Other comprehensive income/(loss) attributable to non-controlling interests — — (4 ) (4 ) Balance at September 30, 2019 $ 6 $ (4,019 ) $ (11,285 ) $ (15,298 ) (1) Net of tax expense/(benefit) of $0 , $51 and $170 for gains/losses on investment securities, pension and other retiree benefit items and foreign currency translation, respectively. (2) Net of tax expense/(benefit) of $0 , $20 and $0 for gains/losses on investment securities, pension and other retiree benefit items and foreign currency translation, respectively. The below provides additional details on amounts reclassified from AOCI into the Consolidated Statements of Earnings: • Investment securities: amounts reclassified from AOCI into Other non-operating income, net. • Pension and other retiree benefits: amounts reclassified from AOCI into Other non-operating income, net and included in the computation of net periodic postretirement costs. |
RESTRUCTURING PROGRAM
RESTRUCTURING PROGRAM | 3 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring Program The Company has historically incurred an ongoing annual level of restructuring-type activities to maintain a competitive cost structure, including manufacturing and workforce optimization. Before-tax costs incurred under the ongoing program have generally ranged from $250 to $500 annually. In fiscal 2017 the Company announced specific elements of a multi-year productivity and cost savings plan to further reduce costs in the areas of supply chain, certain marketing activities and overhead expenses. This program is expected to result in incremental enrollment reductions, along with further optimization of the supply chain and other manufacturing processes. Restructuring costs incurred consist primarily of costs to separate employees, asset-related costs to exit facilities and other costs. For the three month period ended September 30, 2019 , the Company incurred total restructuring charges of $93 . Approximately $70 of these charges were recorded in Cost of products sold and approximately $22 of these charges were recorded in SG&A. The remainder of these charges were recorded in Other non-operating income, net. The following table presents restructuring activity for the three months ended September 30, 2019 : Reserve Balance Three Months Ended September 30, 2019 Reserve Balance June 30, 2019 Charges Cash Spent Charges Against Assets September 30, 2019 Separations $ 280 $ 34 $ (60 ) $ — $ 254 Asset-related costs — 45 — (45 ) — Other costs 188 14 (25 ) — 177 Total $ 468 $ 93 $ (85 ) $ (45 ) $ 431 Separation Costs Employee separation charges for the three month period ended September 30, 2019 relate to severance packages for approximately 180 employees. The packages were primarily voluntary and the amounts were calculated based on salary levels and past service periods. Severance costs related to voluntary separations are generally charged to earnings when the employee accepts the offer. Asset-Related Costs Asset-related costs consist of both asset write-downs and accelerated depreciation. Asset write-downs relate to the establishment of a new fair value basis for assets held-for-sale or disposal. These assets were written down to the lower of their current carrying basis or amounts expected to be realized upon disposal, less minor disposal costs. Charges for accelerated depreciation relate to long-lived assets that will be taken out of service prior to the end of their normal service period. These assets relate primarily to manufacturing consolidations and technology standardizations. The asset-related charges will not have a significant impact on future depreciation charges. Other Costs Other restructuring-type charges are incurred as a direct result of the restructuring program. Such charges primarily include asset removal and termination of contracts related to supply chain optimization. Consistent with our historical policies for ongoing restructuring-type activities, the restructuring program charges are funded by and included within Corporate for both management and segment reporting. Accordingly, all of the charges under the program are included within the Corporate reportable segment. However, for informative purposes, the following table summarizes the total restructuring costs related to our reportable segments: Three Months Ended September 30, 2019 Beauty $ 8 Grooming 18 Health Care 12 Fabric & Home Care 4 Baby, Feminine & Family Care 20 Corporate (1) 31 Total Company $ 93 (1) Corporate includes costs related to allocated overheads, including charges related to our Market Operations, Global Business Services and Corporate Functions activities. |
LEASES
LEASES | 3 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | The Company determines whether a contract contains a lease at the inception of a contract by determining if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. We lease certain real estate, machinery, equipment, vehicles and office equipment for varying periods. Many of these leases include an option to either renew or terminate the lease. For purposes of calculating lease liabilities, these options are included within the lease term when it has become reasonably certain that the Company will exercise such options. The incremental borrowing rate utilized to calculate our lease liabilities is based on the information available at commencement date, as most of the leases do not provide an implicit borrowing rate. The Company does not have any material financing lease or sublease activities. The Company incurred lease expense for operating leases of $85 for the three months ended September 30, 2019 . Total cash paid related to leases during the three months ended September 30, 2019 was $71 , including amounts expensed and amounts capitalized. Commitments related to finance leases are not material. Short-term leases, defined as leases with initial terms of 12 months or less, are not reflected on the Consolidated Balance Sheets. Lease expense for such short-term leases is not material. The most significant assets in our leasing portfolio relate to real estate and vehicles. For purposes of calculating lease liabilities for such leases, we have combined lease and non-lease components. The right-of-use assets obtained in exchange for new lease liabilities was $ 9 for the three months ended September 30, 2019 . Supplemental balance sheet and other information related to leases is as follows: September 30, 2019 Operating leases: Other noncurrent assets $ 887 Accrued and other liabilities 263 Other noncurrent liabilities 630 Total operating lease liabilities $ 893 Weighted average remaining lease term: Operating leases 7 years Weighted average discount rate: Operating leases 4.3 % At September 30, 2019 , future payments of operating lease liabilities were as follows: Operating Leases September 30, 2019 1 year $ 263 2 years 177 3 years 158 4 years 134 5 years 114 Over 5 years 218 Total lease payments 1,064 Less: Interest (171 ) Present value of lease liabilities $ 893 As of June 30, 2019 , minimum lease payments under non-cancelable operating leases by fiscal year were expected to be: Operating Leases June 30, 2019 2020 $ 263 2021 209 2022 165 2023 141 2024 121 After 2024 244 Total lease payments $ 1,143 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Sep. 30, 2019 | |
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 2008 and forward. We are generally not able to reliably estimate the ultimate settlement amounts until the close of the 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 year ended June 30, 2019 . |
ACQUISITION
ACQUISITION | 3 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Merck Acquisition On November 30, 2018, we completed our acquisition of the over the counter (OTC) healthcare business of Merck KGaA (Merck OTC) for $3.7 billion (based on exchange rates at the time of closing) in an all-cash transaction. This business primarily sells OTC consumer healthcare products, mainly in Europe, Latin America and Asia markets. The results of Merck OTC, which are not material to the Company, are reported in our consolidated financial statements beginning December 1, 2018. The following table presents the preliminary allocation of purchase price related to the Merck OTC business as of the date of acquisition. The preliminary allocation of the purchase price is based on the best estimates of management and is subject to revision based on final determination of fair values of the assets and liabilities acquired, which will be finalized during the quarter ended December 31, 2019, as we complete our analysis of the underlying assets and acquired liabilities, such as pensions, litigation cases, environmental issues and tax positions. Amounts in millions November 30, 2018 Current assets $ 420 Property, plant and equipment 121 Intangible assets 2,134 Goodwill 2,085 Other non-current assets 209 Total assets acquired $ 4,969 Current liabilities $ 233 Deferred income taxes 764 Non-current liabilities 95 Total liabilities acquired $ 1,092 Noncontrolling interest (1) $ 169 Net assets acquired $ 3,708 (1) Represents a 48% minority ownership interest in the Merck India company. The acquisition resulted in $2.1 billion in goodwill, of which approximately $180 million is expected to be deductible for tax purposes. All of this goodwill was allocated to the Health Care Segment. We have preliminarily estimated the fair value of Merck OTC’s identifiable intangible assets as $2.1 billion . The preliminary allocation of identifiable intangible assets and their average useful lives is as follows: Amounts in millions Estimated Fair Value Avg Remaining Intangible assets with determinable lives Brands $ 701 14 Patents and technology 162 10 Customer relationships 325 20 Total $ 1,188 15 Intangible assets with indefinite lives Brands 946 Total intangible assets $ 2,134 The majority of the intangible valuation relates to brand intangibles. Our preliminary assessment as to brand intangibles that have an indefinite life and those that have a definite life was based on a number of factors, including competitive environment, market share, brand history, product life cycles, operating plan and the macroeconomic environment of the countries in which the brands are sold. The indefinite-lived brand intangibles include Neurobion and Dolo Neurobion. The definite-lived brand intangibles primarily include regional or local brands. The definite-lived brand intangibles have estimated lives ranging from 10 to 20 years. The technology intangibles are related to R&D and manufacturing know-how; these intangibles have a 10 year estimated life. The customer relationships intangibles have a 20 year estimated life and reflect the |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of reportable segment results: Three Months Ended September 30 Net Sales Earnings/(Loss) Before Income Taxes Net Earnings Beauty 2019 $ 3,552 $ 1,092 $ 874 2018 3,289 947 759 Grooming 2019 1,531 426 353 2018 1,562 417 340 Health Care 2019 2,221 540 401 2018 1,845 440 332 Fabric & Home Care 2019 5,832 1,338 1,028 2018 5,488 1,144 877 Baby, Feminine & Family Care 2019 4,567 1,134 871 2018 4,390 902 692 Corporate 2019 95 (187 ) 90 2018 116 90 211 Total Company 2019 $ 17,798 $ 4,343 $ 3,617 2018 16,690 3,940 3,211 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 September 30 2019 2018 Fabric Care 23% 23% Baby Care 11% 12% Home Care 10% 10% Hair Care 10% 10% Skin and Personal Care 10% 9% Family Care 9% 9% Oral Care 7% 8% Shave Care 7% 8% Feminine Care 6% 6% Personal Health Care 5% 3% Other 2% 2% Total 100% 100% (1) % of Net sales by operating segment excludes sales held in Corporate. |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
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, 2019 $ 12,985 $ 12,881 $ 7,972 $ 1,855 $ 4,580 $ 40,273 Acquisitions and divestitures (1 ) — (53 ) — — (54 ) Translation and other (222 ) (159 ) (153 ) (18 ) (62 ) (614 ) Goodwill at September 30, 2019 $ 12,762 $ 12,722 $ 7,766 $ 1,837 $ 4,518 $ 39,605 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Identifiable intangible assets at September 30, 2019 were comprised of: Gross Carrying Amount Accumulated Amortization Intangible assets with determinable lives $ 8,452 $ (5,443 ) Intangible assets with indefinite lives 20,993 — Total identifiable intangible assets $ 29,445 $ (5,443 ) |
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 to discount rate or a 25 basis point decrease to our shorter-term and residual growth rates. Approximate Percent Change in Estimated Fair Value +25 bps Discount Rate -25 bps Growth Rate Shave Care goodwill reporting unit (5 )% (6 )% Gillette indefinite-lived intangible asset (5 )% (5 )% |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net earnings per share were as follows: CONSOLIDATED AMOUNTS Three Months Ended September 30 2019 2018 Net earnings $ 3,617 $ 3,211 Less: Net earnings attributable to noncontrolling interests 24 12 Net earnings attributable to P&G (Diluted) 3,593 3,199 Preferred dividends (65 ) (66 ) Net earnings attributable to P&G available to common shareholders (Basic) $ 3,528 $ 3,133 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,504.0 2,495.8 Add: Effect of dilutive securities Conversion of preferred shares (1) 87.4 91.9 Impact of stock options and other unvested equity awards (2) 56.1 24.4 Diluted weighted average common shares outstanding 2,647.5 2,612.1 NET EARNINGS PER SHARE (3) Basic $ 1.41 $ 1.26 Diluted $ 1.36 $ 1.22 (1) Despite being included currently in Diluted net earnings per common share, the actual conversion to common stock occurs when the preferred shares are sold. Shares may only be sold after being allocated to the ESOP participants pursuant to the repayment of the ESOP's obligations through 2035. (2) Weighted average outstanding stock options of approximately 1 million and 69 million for the three months ended September 30, 2019 and 2018 were not included in the Diluted net earnings per share calculation because the options were out of the money or to do so would have been antidilutive (i.e., the total proceeds upon exercise would have exceeded the market value of the underlying common shares). (3) 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) | 3 Months Ended |
Sep. 30, 2019 | |
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 costs: Three Months Ended September 30 2019 2018 Share-based compensation expense $ 110 $ 102 Net periodic benefit cost for pension benefits (1) 40 28 Net periodic benefit cost/(credit) for other retiree benefits (1) (52 ) (41 ) (1) The components of the total net periodic benefit cost for both pension benefits and other retiree benefits for these interim periods, on an annualized basis, do not differ materially from the amounts disclosed in the Annual Report on Form 10-K for the fiscal year ended June 30, 2019 . |
RISK MANAGEMENT ACTIVITIES AN_2
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Risk Management Activities and Fair Value Measurements [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | |
Schedule of Derivative Instruments [Table Text Block] | The notional amounts and fair values of financial instruments used in hedging transactions as of September 30, 2019 and June 30, 2019 are as follows: Notional Amount Fair Value Asset Fair Value (Liability) September 30, 2019 June 30, 2019 September 30, 2019 June 30, 2019 September 30, 2019 June 30, 2019 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ 7,524 $ 7,721 $ 266 $ 177 $ — $ (1 ) DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS Foreign currency interest rate contracts $ 3,309 $ 3,157 $ 104 $ 35 $ (16 ) $ (24 ) TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS $ 10,833 $ 10,878 $ 370 $ 212 $ (16 ) $ (25 ) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ 6,196 $ 6,431 $ 19 $ 27 $ (49 ) $ (20 ) TOTAL DERIVATIVES AT FAIR VALUE $ 17,029 $ 17,309 $ 389 $ 239 $ (65 ) $ (45 ) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Before tax gains/(losses) on our financial instruments in hedging relationships are categorized as follows: Amount of Gain/(Loss) Recognized in OCI on Derivatives Three Months Ended September 30 2019 2018 DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2) Foreign exchange contracts $ 113 $ (43 ) (1) For the derivatives in net investment hedging relationships, the amount of gain/(loss) excluded from effectiveness testing, which was recognized in earnings, was $19 and $14 for the three months ended September 30, 2019 and 2018 , 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/(loss) (AOCI) for such instruments was $609 and $207 , for the three months ended September 30, 2019 and 2018 , respectively. |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of Gain/(Loss) Recognized in Earnings Three Months Ended September 30 2019 2018 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ 90 $ (24 ) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ (97 ) $ (2 ) |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The table below presents the changes in AOCI, including the reclassifications out of AOCI by component: Investment Securities Pension and Other Retiree Benefits Foreign Currency Translation Total AOCI Balance at June 30, 2019 $ 11 $ (4,198 ) $ (10,749 ) $ (14,936 ) OCI before reclassifications (1) (3 ) 104 (540 ) (439 ) Amounts reclassified from AOCI into the Consolidated Statements of Earnings (2) (2 ) 75 — 73 Net current period OCI (5 ) 179 (540 ) (366 ) Less: Other comprehensive income/(loss) attributable to non-controlling interests — — (4 ) (4 ) Balance at September 30, 2019 $ 6 $ (4,019 ) $ (11,285 ) $ (15,298 ) (1) Net of tax expense/(benefit) of $0 , $51 and $170 for gains/losses on investment securities, pension and other retiree benefit items and foreign currency translation, respectively. (2) Net of tax expense/(benefit) of $0 , $20 and $0 for gains/losses on investment securities, pension and other retiree benefit items and foreign currency translation, respectively. |
RESTRUCTURING PROGRAM (Tables)
RESTRUCTURING PROGRAM (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table presents restructuring activity for the three months ended September 30, 2019 : Reserve Balance Three Months Ended September 30, 2019 Reserve Balance June 30, 2019 Charges Cash Spent Charges Against Assets September 30, 2019 Separations $ 280 $ 34 $ (60 ) $ — $ 254 Asset-related costs — 45 — (45 ) — Other costs 188 14 (25 ) — 177 Total $ 468 $ 93 $ (85 ) $ (45 ) $ 431 |
Restructuring and Related Costs [Table Text Block] | However, for informative purposes, the following table summarizes the total restructuring costs related to our reportable segments: Three Months Ended September 30, 2019 Beauty $ 8 Grooming 18 Health Care 12 Fabric & Home Care 4 Baby, Feminine & Family Care 20 Corporate (1) 31 Total Company $ 93 (1) Corporate includes costs related to allocated overheads, including charges related to our Market Operations, Global Business Services and Corporate Functions activities. |
LEASES - SUPPLEMENTAL BALANCE S
LEASES - SUPPLEMENTAL BALANCE SHEET (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Supplemental balance sheet and other information related to leases is as follows: September 30, 2019 Operating leases: Other noncurrent assets $ 887 Accrued and other liabilities 263 Other noncurrent liabilities 630 Total operating lease liabilities $ 893 Weighted average remaining lease term: Operating leases 7 years Weighted average discount rate: Operating leases 4.3 % |
LEASES - FUTURE MATURITIES (Tab
LEASES - FUTURE MATURITIES (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | At September 30, 2019 , future payments of operating lease liabilities were as follows: Operating Leases September 30, 2019 1 year $ 263 2 years 177 3 years 158 4 years 134 5 years 114 Over 5 years 218 Total lease payments 1,064 Less: Interest (171 ) Present value of lease liabilities $ 893 As of June 30, 2019 , minimum lease payments under non-cancelable operating leases by fiscal year were expected to be: Operating Leases June 30, 2019 2020 $ 263 2021 209 2022 165 2023 141 2024 121 After 2024 244 Total lease payments $ 1,143 |
ACQUISITION - ALLOCATION OF PUR
ACQUISITION - ALLOCATION OF PURCHASE PRICE (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The preliminary allocation of the purchase price is based on the best estimates of management and is subject to revision based on final determination of fair values of the assets and liabilities acquired, which will be finalized during the quarter ended December 31, 2019, as we complete our analysis of the underlying assets and acquired liabilities, such as pensions, litigation cases, environmental issues and tax positions. Amounts in millions November 30, 2018 Current assets $ 420 Property, plant and equipment 121 Intangible assets 2,134 Goodwill 2,085 Other non-current assets 209 Total assets acquired $ 4,969 Current liabilities $ 233 Deferred income taxes 764 Non-current liabilities 95 Total liabilities acquired $ 1,092 Noncontrolling interest (1) $ 169 Net assets acquired $ 3,708 (1) Represents a 48% minority ownership interest in the Merck India company. |
ACQUISITION - FAIR VALUE OF INT
ACQUISITION - FAIR VALUE OF INTANGIBLES (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The preliminary allocation of identifiable intangible assets and their average useful lives is as follows: Amounts in millions Estimated Fair Value Avg Remaining Intangible assets with determinable lives Brands $ 701 14 Patents and technology 162 10 Customer relationships 325 20 Total $ 1,188 15 Intangible assets with indefinite lives Brands 946 Total intangible assets $ 2,134 |
NEW ACCOUNTING PRONOUNCEMENTS_2
NEW ACCOUNTING PRONOUNCEMENTS AND POLICIES NEW ACCOUNTING PRONOUNCEMENTS AND POLICIES - EFFECT OF ADOPTION (Details) | Jun. 30, 2019 |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 1.00% |
SEGMENT INFORMATION SEGMENT INF
SEGMENT INFORMATION SEGMENT INFORMATION - SALES (Details) | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Segment Reporting Information [Line Items] | |||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 100.00% | 100.00% |
Fabric Care [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 23.00% | 23.00% |
Baby Care [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 11.00% | 12.00% |
Hair Care [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 10.00% | 10.00% |
Home Care [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 10.00% | 10.00% |
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] | 10.00% | 9.00% |
Family Care [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 9.00% | 9.00% |
Shave Care | |||
Segment Reporting Information [Line Items] | |||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 7.00% | 8.00% |
Oral Care [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 7.00% | 8.00% |
Feminine Care [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 6.00% | 6.00% |
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] | 5.00% | 3.00% |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit | [1] | 2.00% | 2.00% |
[1] | % of Net sales by operating segment excludes sales held in Corporate. |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||
Net Sales | $ 17,798 | $ 16,690 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 4,343 | 3,940 |
Net Earnings/(Loss) from Continuing Operations | 3,617 | 3,211 |
Beauty | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 3,552 | 3,289 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 1,092 | 947 |
Net Earnings/(Loss) from Continuing Operations | 874 | 759 |
Grooming | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 1,531 | 1,562 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 426 | 417 |
Net Earnings/(Loss) from Continuing Operations | 353 | 340 |
Health Care | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 2,221 | 1,845 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 540 | 440 |
Net Earnings/(Loss) from Continuing Operations | 401 | 332 |
Fabric and Home Care | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 5,832 | 5,488 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 1,338 | 1,144 |
Net Earnings/(Loss) from Continuing Operations | 1,028 | 877 |
Baby, Feminine & Family Care | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 4,567 | 4,390 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | 1,134 | 902 |
Net Earnings/(Loss) from Continuing Operations | 871 | 692 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 95 | 116 |
Earnings/(Loss) from Continuing Operations Before Income Taxes | (187) | 90 |
Net Earnings/(Loss) from Continuing Operations | $ 90 | $ 211 |
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 | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Goodwill [Roll Forward] | |
Goodwill at June 30, 2019 | $ 40,273 |
Goodwill, Acquisitions and Divestitures | (54) |
Goodwill, Translation and Other | (614) |
Goodwill at September 30, 2019 | 39,605 |
Beauty | |
Goodwill [Roll Forward] | |
Goodwill at June 30, 2019 | 12,985 |
Goodwill, Acquisitions and Divestitures | (1) |
Goodwill, Translation and Other | (222) |
Goodwill at September 30, 2019 | 12,762 |
Grooming | |
Goodwill [Roll Forward] | |
Goodwill at June 30, 2019 | 12,881 |
Goodwill, Acquisitions and Divestitures | 0 |
Goodwill, Translation and Other | (159) |
Goodwill at September 30, 2019 | 12,722 |
Health Care | |
Goodwill [Roll Forward] | |
Goodwill at June 30, 2019 | 7,972 |
Goodwill, Acquisitions and Divestitures | (53) |
Goodwill, Translation and Other | (153) |
Goodwill at September 30, 2019 | 7,766 |
Fabric & Home Care | |
Goodwill [Roll Forward] | |
Goodwill at June 30, 2019 | 1,855 |
Goodwill, Acquisitions and Divestitures | 0 |
Goodwill, Translation and Other | (18) |
Goodwill at September 30, 2019 | 1,837 |
Baby, Feminine & Family Care | |
Goodwill [Roll Forward] | |
Goodwill at June 30, 2019 | 4,580 |
Goodwill, Acquisitions and Divestitures | 0 |
Goodwill, Translation and Other | (62) |
Goodwill at September 30, 2019 | $ 4,518 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - IDENTIFIABLE INTANGIBLE ASSETS (Details) $ in Millions | Sep. 30, 2019USD ($) |
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | $ 29,445 |
Accumulated Amortization | (5,443) |
Intangible Assets with Indefinite Lives | |
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 20,993 |
Accumulated Amortization | 0 |
Intangible Assets with Determinable Lives | |
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 8,452 |
Accumulated Amortization | $ (5,443) |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | |
Other Significant Noncash Transactions [Line Items] | |||
Amortization of Intangible Assets | $ 96 | $ 73 | |
Goodwill | 39,605 | $ 40,273 | |
Shave Care | |||
Other Significant Noncash Transactions [Line Items] | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 20.00% | ||
Goodwill | 12,400 | ||
Intangible Assets with Indefinite Lives | Gillette | |||
Other Significant Noncash Transactions [Line Items] | |||
Intangible Assets, Net (Including Goodwill) | $ 14,100 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - FAIR VALUE SENSITIVITY (Details) | Sep. 30, 2019 |
25 bps Increase Discount Rate [Member] | Intangible Assets with Indefinite Lives | Gillette | |
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items] | |
Percent Change in Estimated Fair Value | (5.00%) |
25 bps Decrease Long-Term Growth [Member] | Intangible Assets with Indefinite Lives | Gillette | |
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items] | |
Percent Change in Estimated Fair Value | (5.00%) |
Goodwill | 25 bps Increase Discount Rate [Member] | Shave Care | |
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items] | |
Percent Change in Estimated Fair Value | (5.00%) |
Goodwill | 25 bps Decrease Long-Term Growth [Member] | Shave Care | |
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items] | |
Percent Change in Estimated Fair Value | (6.00%) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Earnings Per Share Reconciliation [Abstract] | |||
Net Earnings | $ 3,617 | $ 3,211 | |
Net Income (Loss) Attributable to Noncontrolling Interest | 24 | 12 | |
Net Earnings/(Loss) Attributable to P&G (Diluted) | 3,593 | 3,199 | |
Dividends, Preferred Stock | (65) | (66) | |
Net Earnings/(Loss) Attributable to P&G Available to Common Shareholders (Basic) | $ 3,528 | $ 3,133 | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||
Basic Weighted Average Common Shares Outstanding | 2,504 | 2,495.8 | |
Effect of Dilutive Securities | |||
Conversion of Preferred Shares | [1] | 87.4 | 91.9 |
Exercise of Stock Options and Other Unvested Equity Awards | [2] | 56.1 | 24.4 |
Diluted Weighted Average Common Shares Outstanding | 2,647.5 | 2,612.1 | |
Basic Net Earnings/(Loss) Per Common Share | [3],[4] | $ 1.41 | $ 1.26 |
Diluted Net Earnings/(Loss) Per Common Share | [3],[4] | $ 1.36 | $ 1.22 |
[1] | Despite being included currently in Diluted net earnings per common share, the actual conversion to common stock occurs when the preferred shares are sold. Shares may only be sold after being allocated to the ESOP participants pursuant to the repayment of the ESOP's obligations through 2035. | ||
[2] | Weighted average outstanding stock options of approximately 1 million and 69 million for the three months ended September 30, 2019 and 2018 were not included in the Diluted net earnings per share calculation because the options were out of the money or to do so would have been antidilutive (i.e., the total proceeds upon exercise would have exceeded the market value of the underlying common shares). | ||
[3] | Net earnings per share are calculated on Net earnings attributable to Procter & Gamble. | ||
[4] | Basic net earnings per share and Diluted net earnings per share are calculated on Net earnings attributable to Procter & Gamble. |
EARNINGS PER SHARE - ANTIDILUTI
EARNINGS PER SHARE - ANTIDILUTIVE SECURITIES (Details) - shares shares in Millions | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Employee Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | [1] | 1 | 69 |
[1] | Weighted average outstanding stock options of approximately 1 million and 69 million for the three months ended September 30, 2019 and 2018 were not included in the Diluted net earnings per share calculation because the options were out of the money or to do so would have been antidilutive (i.e., the total proceeds upon exercise would have exceeded the market value of the underlying common shares). |
SHARE-BASED COMPENSATION AND _3
SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||
Share-based Payment Arrangement, Expense | $ 110 | $ 102 | |
Pension Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | [1] | 40 | 28 |
Other Postretirement Benefit Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | [1] | $ (52) | $ (41) |
[1] | The components of the total net periodic benefit cost for both pension benefits and other retiree benefits for these interim periods, on an annualized basis, do not differ materially from the amounts disclosed in the Annual Report on Form 10-K for the fiscal year ended June 30, 2019 . |
RISK MANAGEMENT ACTIVITIES AN_3
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - SCHEDULE OF DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 |
Derivative [Line Items] | ||
Notional Amount | $ 17,029 | $ 17,309 |
Derivative Asset | 389 | 239 |
Derivative Liability | (65) | (45) |
Derivatives in Fair Value Hedging Relationships | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 7,524 | 7,721 |
Derivative Asset | 266 | 177 |
Derivative Liability | 0 | (1) |
Derivatives in Net Investment Hedging Relationships | Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Notional Amount | 3,309 | 3,157 |
Derivative Asset | 104 | 35 |
Derivative Liability | (16) | (24) |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 10,833 | 10,878 |
Derivative Asset | 370 | 212 |
Derivative Liability | (16) | (25) |
Not Designated as Hedging Instrument | Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Notional Amount | 6,196 | 6,431 |
Derivative Asset | 19 | 27 |
Derivative Liability | $ (49) | $ (20) |
RISK MANAGEMENT ACTIVITIES AN_4
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENTS, EFFECT ON OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Derivatives in Net Investment Hedging Relationships | Foreign Exchange Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | [1],[2] | $ 113 | $ (43) |
[1] | For the derivatives in net investment hedging relationships, the amount of gain/(loss) excluded from effectiveness testing, which was recognized in earnings, was $19 and $14 for the three months ended September 30, 2019 and 2018 , 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/(loss) (AOCI) for such instruments was $609 and $207 , for the three months ended September 30, 2019 and 2018 , respectively. |
RISK MANAGEMENT ACTIVITIES AN_5
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENTS, EFFECT ON OTHER COMPREHENSIVE INCOME (LOSS) - ADDITIONAL INFORMATION (Details) - Derivatives in Net Investment Hedging Relationships - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 19 | $ 14 |
Accumulated Other Comprehensive Income, Gain (Loss) | $ 609 | $ 207 |
RISK MANAGEMENT ACTIVITIES AN_6
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENTS GAIN (LOSS) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | |
Not Designated as Hedging Instrument | Foreign Currency Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain/(Loss) Recognized in Earnings | $ (97) | $ (2) | |
Derivatives in Fair Value Hedging Relationships | Interest Rate Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain/(Loss) Recognized in Earnings | $ 90 | $ (24) | |
US Government Agencies Debt Securities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Investments, Fair Value Disclosure | $ 3,648 |
RISK MANAGEMENT ACTIVITIES AN_7
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Jun. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | $ 7,955 | $ 2,956 |
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 Amount | 7,756 | 7,860 |
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 | 16,995 | 17,154 |
US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 3,648 | |
Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 2,400 | |
Long-term Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 25,196 | 25,378 |
Long Term Debt, Current Maturities Measured at Fair Value | 3,291 | 3,390 |
Other Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 62 | $ 169 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - CHANGES IN AOCI AND RECLASSIFICATION OUT OF AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | ||
Accumulated Other Comprehensive Income/(Loss) | $ (15,298) | $ (14,936) | ||
OCI before Reclassifications | [1] | (439) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | 73 | ||
Other Comprehensive Income (Loss), Net of Tax | (366) | $ (62) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (4) | |||
Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | [1] | 170 | ||
Reclassification from AOCI, Current Period, Tax | [2] | 0 | ||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member] | ||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | [1] | 0 | ||
Accumulated Other Comprehensive Income/(Loss) | 6 | 11 | ||
OCI before Reclassifications | [1] | (3) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | (2) | ||
Other Comprehensive Income (Loss), Net of Tax | (5) | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | |||
Reclassification from AOCI, Current Period, Tax | [2] | 0 | ||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest | ||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | [1] | 51 | ||
Accumulated Other Comprehensive Income/(Loss) | (4,019) | (4,198) | ||
OCI before Reclassifications | [1] | 104 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | 75 | ||
Other Comprehensive Income (Loss), Net of Tax | 179 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | |||
Reclassification from AOCI, Current Period, Tax | [2] | 20 | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income/(Loss) | (11,285) | $ (10,749) | ||
OCI before Reclassifications | [1] | (540) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | (540) | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ (4) | |||
[1] | Net of tax expense/(benefit) of $0 , $51 and $170 | |||
[2] | Net of tax expense/(benefit) of $0 , $20 and $0 for gains/losses on investment securities, pension and other retiree benefit items and foreign currency translation, respectively. |
RESTRUCTURING PROGRAM - ADDITIO
RESTRUCTURING PROGRAM - ADDITIONAL INFORMATION (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2019USD ($)employee | |
Restructuring Charges | $ 93 |
Minimum | |
Restructuring and Related Cost, Amounts Historically Incurred | 250 |
Maximum | |
Restructuring and Related Cost, Amounts Historically Incurred | 500 |
Selling, General and Administrative Expense | |
Restructuring Charges | 22 |
Cost of Products Sold | |
Restructuring Charges | 70 |
Separations | |
Restructuring Charges | $ 34 |
Restructuring and Related Cost, Number of Severance Packages Executed | employee | 180 |
RESTRUCTURING PROGRAM - RESTRUC
RESTRUCTURING PROGRAM - RESTRUCTURING RESERVE BY TYPE OF COSTS (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Restructuring Reserve [Roll Forward] | |
6/30/2019 | $ 468 |
Restructuring Charges | 93 |
Cash Spent | (85) |
Charges Against Assets | (45) |
9/30/2019 | 431 |
Separations | |
Restructuring Reserve [Roll Forward] | |
6/30/2019 | 280 |
Restructuring Charges | 34 |
Cash Spent | (60) |
Charges Against Assets | 0 |
9/30/2019 | 254 |
Asset-related Costs | |
Restructuring Reserve [Roll Forward] | |
6/30/2019 | 0 |
Restructuring Charges | 45 |
Cash Spent | 0 |
Charges Against Assets | (45) |
9/30/2019 | 0 |
Other Costs | |
Restructuring Reserve [Roll Forward] | |
6/30/2019 | 188 |
Restructuring Charges | 14 |
Cash Spent | (25) |
Charges Against Assets | 0 |
9/30/2019 | $ 177 |
RESTRUCTURING PROGRAM - RESTR_2
RESTRUCTURING PROGRAM - RESTRUCTURING COSTS PER SEGMENT (Details) $ in Millions | 3 Months Ended | |
Sep. 30, 2019USD ($) | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 93 | |
Beauty | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 8 | |
Grooming | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 18 | |
Health Care | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 12 | |
Fabric & Home Care | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 4 | |
Baby, Feminine & Family Care | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 20 | |
Corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 31 | [1] |
[1] | Corporate includes costs related to allocated overheads, including charges related to our Market Operations, Global Business Services and Corporate Functions activities. |
LEASES - SUPPLEMENTAL BALANCE_2
LEASES - SUPPLEMENTAL BALANCE SHEET (Details) $ in Millions | Sep. 30, 2019USD ($)Rate |
Operating Leased Assets [Line Items] | |
Operating Lease, Right-of-Use Asset | $ 887 |
Operating Lease, Liability, Current | 263 |
Operating Lease, Liability, Noncurrent | 630 |
Operating Lease, Liability | $ 893 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years |
Operating Lease, Weighted Average Discount Rate, Percent | Rate | 4.30% |
LEASES - FUTURE MATURITIES (Det
LEASES - FUTURE MATURITIES (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 |
Lessee, Lease, Description [Line Items] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 263 | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 263 | |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two | 177 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 158 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 134 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 114 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 218 | |
Lessee, Operating Lease, Liability, Payments, Due | 1,064 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (171) | |
Operating Lease, Liability | $ 893 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 209 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 165 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 141 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 121 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 244 | |
Operating Leases, Future Minimum Payments Due | $ 1,143 |
LEASES ADDITIONAL INFORMATION (
LEASES ADDITIONAL INFORMATION (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Operating Lease, Cost | $ 85 |
Operating Lease, Payments | 71 |
Operating Lease, Right-of-Use Asset | $ 9 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - ADDITIONAL INFORMATION (Details) | 3 Months Ended |
Sep. 30, 2019USD ($)audittaxable_jurisdictioncountries | |
Loss Contingencies [Line Items] | |
Number of Countries With On The Ground Operations | countries | 70 |
Number of Taxable Jurisdictions | taxable_jurisdiction | 150 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ | $ 140 |
Minimum | |
Loss Contingencies [Line Items] | |
Number of Audits Typically Underway | 40 |
Maximum | |
Loss Contingencies [Line Items] | |
Number of Audits Typically Underway | 50 |
ACQUISITION - ALLOCATION OF P_2
ACQUISITION - ALLOCATION OF PURCHASE PRICE (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Nov. 30, 2018 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 39,605 | $ 40,273 | ||
PHC-MERCK ACQUISITION [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 420 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 121 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,134 | |||
Goodwill | 2,085 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 209 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 4,969 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 233 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 764 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 95 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 1,092 | |||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | [1] | 169 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 3,708 | |||
[1] | Represents a 48% minority ownership interest in the Merck India company. |
ACQUISITION ACQUISITION - FAIR
ACQUISITION ACQUISITION - FAIR VALUE OF INTANGIBLES (Details) - PHC-MERCK ACQUISITION [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Nov. 30, 2018 | Sep. 30, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,188 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,134 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |
Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 701 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | |
Patents and Developed Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 162 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | 10 years |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 325 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | 20 years |
Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 946 |
ACQUISITION - ADDITIONAL INFORM
ACQUISITION - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Nov. 30, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 39,605 | $ 40,273 | |
PHC-MERCK ACQUISITION [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||
Payments to Acquire Businesses, Gross | $ 3,700 | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 48.00% | ||
Goodwill | $ 2,085 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 180 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,134 | ||
Trade Names [Member] | PHC-MERCK ACQUISITION [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | ||
Trade Names [Member] | Minimum | PHC-MERCK ACQUISITION [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||
Trade Names [Member] | Maximum | PHC-MERCK ACQUISITION [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||
Patents and Developed Technology [Member] | PHC-MERCK ACQUISITION [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | 10 years | |
Customer Relationships [Member] | PHC-MERCK ACQUISITION [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | 20 years |