10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)

x True QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2022

OR

o False TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                     to                     

THE PROCTER & GAMBLE COMPANY

(Exact name of registrant as specified in its charter)

Ohio	OH	1-434		31-0411980
(State of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)
One Procter & Gamble Plaza		Cincinnati	OH
One Procter & Gamble Plaza, Cincinnati, Ohio			45202
(Address of principal executive offices)			(Zip Code)

(513) 983-1100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, without Par Value	PG	NYSE
2.000% Notes due 2022	PG22B	NYSE
1.125% Notes due 2023	PG23A	NYSE
0.500% Notes due 2024	PG24A	NYSE
0.625% Notes due 2024	PG24B	NYSE
1.375% Notes due 2025	PG25	NYSE
0.110% Notes due 2026	PG26D	NYSE
4.875% EUR notes due May 2027	PG27A	NYSE
1.200% Notes due 2028	PG28	NYSE
1.250% Notes due 2029	PG29B	NYSE
1.800% Notes due 2029	PG29A	NYSE
6.250% GBP notes due January 2030	PG30	NYSE
0.350% Notes due 2030	PG30C	NYSE
0.230% Notes due 2031	PG31A	NYSE
5.250% GBP notes due January 2033	PG33	NYSE
1.875% Notes due 2038	PG38	NYSE
0.900% Notes due 2041	PG41	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ     No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes þ     No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	þ	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨	False
		Emerging growth company	¨	False

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o     No þ False

There were 2,399,296,841 shares of Common Stock outstanding as of March 31, 2022.

PART I. FINANCIAL INFORMATION 

Item 1. Financial Statements

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

	Three Months Ended March 31				Nine Months Ended March 31
Amounts in millions except per share amounts	2022		2021		2022		2021
NET SALES	$	19,381	$	18,109	$	60,672	$	57,172
Cost of products sold	10,326		8,922		31,355		27,317
Selling, general and administrative expense	5,031		5,402		15,102		15,409
OPERATING INCOME	4,024		3,785		14,215		14,446
Interest expense	(109)		(106)		(324)		(385)
Interest income	9		11		30		30
Other non-operating income/(expense), net	147		187		424		(40)
EARNINGS BEFORE INCOME TAXES	4,071		3,877		14,345		14,051
Income taxes	704		628		2,610		2,607
NET EARNINGS	3,367		3,249		11,735		11,444
Less: Net earnings/(loss) attributable to noncontrolling interests	12		(20)		45		44
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE	$	3,355	$	3,269	$	11,690	$	11,400
NET EARNINGS PER SHARE (1)
Basic	$	1.37	$	1.30	$	4.76	$	4.53
Diluted	$	1.33	$	1.26	$	4.59	$	4.37
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	2,530.2		2,590.3		2,544.4		2,610.4

(1)Basic net earnings per share and Diluted net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

See accompanying Notes to Consolidated Financial Statements.

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended March 31				Nine Months Ended March 31
Amounts in millions	2022		2021		2022		2021
NET EARNINGS	$	3,367	$	3,249	$	11,735	$	11,444
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX
Foreign currency translation	23		(598)		(683)		639
Unrealized gains on investment securities	—		5		7		19
Unrealized gains on defined benefit retirement plans	89		194		968		24
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX	112		(399)		292		682
TOTAL COMPREHENSIVE INCOME	3,479		2,850		12,027		12,126
Less: Total comprehensive income/(loss) attributable to noncontrolling interests	8		(21)		41		50
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE	$	3,471	$	2,871	$	11,986	$	12,076

See accompanying Notes to Consolidated Financial Statements.

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

Amounts in millions			March 31, 2022		June 30, 2021
Assets
CURRENT ASSETS
Cash and cash equivalents			$	8,526	$	10,288
Accounts receivable			5,513		4,725
INVENTORIES
Materials and supplies			2,146		1,645
Work in process			837		719
Finished goods			4,118		3,619
Total inventories			7,101		5,983
Prepaid expenses and other current assets			2,276		2,095
TOTAL CURRENT ASSETS			23,416		23,091
PROPERTY, PLANT AND EQUIPMENT, NET			21,323		21,686
GOODWILL			40,710		40,924
TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET			23,913		23,642
OTHER NONCURRENT ASSETS			10,855		9,964
TOTAL ASSETS			$	120,217	$	119,307
Liabilities and Shareholders' Equity
CURRENT LIABILITIES
Accounts payable			$	14,175	$	13,720
Accrued and other liabilities			10,324		10,523
Debt due within one year			9,902		8,889
TOTAL CURRENT LIABILITIES			34,401		33,132
LONG-TERM DEBT			23,767		23,099
DEFERRED INCOME TAXES			6,543		6,153
OTHER NONCURRENT LIABILITIES			9,760		10,269
TOTAL LIABILITIES			74,471		72,653
SHAREHOLDERS’ EQUITY
Preferred stock			846		870
Common stock – shares issued –	March 2022	4,009.2
	June 2021	4,009.2	4,009		4,009
Additional paid-in capital			65,614		64,848
Reserve for ESOP debt retirement			(916)		(1,006)
Accumulated other comprehensive loss			(13,448)		(13,744)
Treasury stock			(122,272)		(114,973)
Retained earnings			111,645		106,374
Noncontrolling interest			268		276
TOTAL SHAREHOLDERS’ EQUITY			45,746		46,654
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			$	120,217	$	119,307

See accompanying Notes to Consolidated Financial Statements.

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

	Three Months Ended March 31, 2022
Dollars in millions; shares in thousands	Common Stock		Preferred Stock	Add-itional Paid-In Capital	Reserve for ESOP Debt Retirement	Accumulated Other Comp-rehensive Income/(Loss)	Treasury Stock	Retained Earnings	Non-controlling Interest	Total Share-holders' Equity
	Shares	Amount
BALANCE DECEMBER 31, 2021	2,397,066	$4,009	$856	$65,432	($965)	($13,564)	($121,543)	$110,393	$275	$44,893
Net earnings								3,355	12	3,367
Other comprehensive income/(loss)						116			(4)	112
Dividends and dividend equivalents ($0.8698 per share):
Common								(2,092)		(2,092)
Preferred								(68)		(68)
Treasury stock purchases	(7,909)						(1,249)			(1,249)
Employee stock plans	9,108			180			512			692
Preferred stock conversions	1,032		(10)	2			8			—
ESOP debt impacts					49			57		106
Noncontrolling interest, net				—					(15)	(15)
BALANCE MARCH 31, 2022	2,399,297	$4,009	$846	$65,614	($916)	($13,448)	($122,272)	$111,645	$268	$45,746

	Nine Months Ended March 31, 2022
Dollars in millions; shares in thousands	Common Stock		Preferred Stock	Add-itional Paid-In Capital	Reserve for ESOP Debt Retirement	Accumulated Other Comp-rehensive Income/(Loss)	Treasury Stock	Retained Earnings	Non-controlling Interest	Total Share-holders' Equity
	Shares	Amount
BALANCE JUNE 30, 2021	2,429,706	$4,009	$870	$64,848	($1,006)	($13,744)	($114,973)	$106,374	$276	$46,654
Net earnings								11,690	45	11,735
Other comprehensive income/(loss)						296			(4)	292
Dividends and dividend equivalents ($2.6094 per share):
Common								(6,318)		(6,318)
Preferred								(208)		(208)
Treasury stock purchases	(58,695)						(8,753)			(8,753)
Employee stock plans	25,531			764			1,434			2,198
Preferred stock conversions	2,755		(24)	4			20			—
ESOP debt impacts					90			107		197
Noncontrolling interest, net				(2)					(49)	(51)
BALANCE MARCH 31, 2022	2,399,297	$4,009	$846	$65,614	($916)	($13,448)	($122,272)	$111,645	$268	$45,746

See accompanying Notes to Consolidated Financial Statements.

	Three Months Ended March 31, 2021
Dollars in millions; shares in thousands	Common Stock		Preferred Stock	Add-itional Paid-In Capital	Reserve for ESOP Debt Retirement	Accumulated Other Comp-rehensive Income/(Loss)	Treasury Stock	Retained Earnings	Non-controlling Interest	Total Share-holders' Equity
	Shares	Amount
BALANCE DECEMBER 31, 2020	2,462,476	$4,009	$885	$64,672	($1,072)	($15,091)	($109,583)	$104,361	$359	$48,540
Net earnings								3,269	(20)	3,249
Other comprehensive income/(loss)						(398)			(1)	(399)
Dividends and dividend equivalents ($0.7907 per share):
Common								(1,952)		(1,952)
Preferred								(65)		(65)
Treasury stock purchases	(23,085)						(3,001)			(3,001)
Employee stock plans	7,605			8			427			435
Preferred stock conversions	1,237		(12)	2			10			—
ESOP debt impacts					66			61		127
Noncontrolling interest, net									(15)	(15)
BALANCE MARCH 31, 2021	2,448,233	$4,009	$873	$64,682	($1,006)	($15,489)	($112,147)	$105,674	$323	$46,919

	Nine Months Ended March 31, 2021
Dollars in millions; shares in thousands	Common Stock		Preferred Stock	Add-itional Paid-In Capital	Reserve for ESOP Debt Retirement	Accumulated Other Comp-rehensive Income/(Loss)	Treasury Stock	Retained Earnings	Non-controlling Interest	Total Share-holders' Equity
	Shares	Amount
BALANCE JUNE 30, 2020	2,479,746	$4,009	$897	$64,194	($1,080)	($16,165)	($105,573)	$100,239	$357	$46,878
Net earnings								11,400	44	11,444
Other comprehensive income/(loss)						676			6	682
Dividends and dividend equivalents ( $2.3721 per share):
Common								(5,887)		(5,887)
Preferred								(197)		(197)
Treasury stock purchases	(59,212)						(8,009)			(8,009)
Employee stock plans	24,945			484			1,415			1,899
Preferred stock conversions	2,754		(24)	4			20			—
ESOP debt impacts					74			119		193
Noncontrolling interest, net									(84)	(84)
BALANCE MARCH 31, 2021	2,448,233	$4,009	$873	$64,682	($1,006)	($15,489)	($112,147)	$105,674	$323	$46,919

See accompanying Notes to Consolidated Financial Statements.

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months Ended March 31
Amounts in millions	2022		2021
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	$	10,288	$	16,181
OPERATING ACTIVITIES
Net earnings	11,735		11,444
Depreciation and amortization	2,085		2,025
Loss on early extinguishment of debt	—		512
Share-based compensation expense	398		398
Deferred income taxes	(259)		(167)
Gain on sale of assets	(84)		(15)
Changes in:
Accounts receivable	(916)		(604)
Inventories	(1,252)		(399)
Accounts payable, accrued and other liabilities	1,347		1,049
Other operating assets and liabilities	(131)		(92)
Other	87		99
TOTAL OPERATING ACTIVITIES	13,010		14,250
INVESTING ACTIVITIES
Capital expenditures	(2,464)		(2,073)
Proceeds from asset sales	99		40
Acquisitions, net of cash acquired	(1,381)		—
Change in other investments	4		(10)
TOTAL INVESTING ACTIVITIES	(3,742)		(2,043)
FINANCING ACTIVITIES
Dividends to shareholders	(6,508)		(6,066)
Additions to short-term debt with original maturities of more than three months	10,146		6,238
Reductions in short-term debt with original maturities of more than three months	(8,163)		(3,805)
Reductions in other short-term debt	(849)		(5,814)
Additions to long-term debt	4,385		2,429
Reductions to long-term debt (1)	(2,776)		(4,889)
Treasury stock purchases	(8,753)		(8,009)
Impact of stock options and other	1,800		1,470
TOTAL FINANCING ACTIVITIES	(10,718)		(18,446)
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(312)		65
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(1,762)		(6,174)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	8,526	$	10,007

(1)     Includes early extinguishment of debt costs of $512 during the nine months ended March 31, 2021.

See accompanying Notes to Consolidated Financial Statements.

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. 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, 2021. 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.

Beginning in fiscal year 2022, the Company began to present increases and reductions in short-term debt with maturities of more than three months separately within the Consolidated Statements of Cash Flows. The presentation for the nine months ended March 31, 2021 has been revised to align with the current period presentation. This change had no impact on total financing activities, and we have concluded the change is not material.

2. New Accounting Pronouncements and Policies

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". The amendments provide optional expedients and exceptions for applying generally accepted accounting principles ("GAAP") to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. In January 2021, the FASB issued ASU No. 2021-01, "Reference Rate Reform (Topic 848): Scope", which clarified that certain optional expedients and exceptions in Topic 848 apply to derivative instruments that are affected by the discounting transition due to reference rate reform. These ASUs were effective upon issuance and may be applied prospectively to contract modifications and hedging relationships entered into or evaluated through December 31, 2022. We have completed our evaluation of significant contracts. Most contracts reviewed will mature prior to the termination of LIBOR or will be modified to apply a new reference rate, primarily the Secured Overnight Financing Rate ("SOFR") where applicable. As a result, the guidance has not had, and is not expected to have, a material impact on the Company's Consolidated Financial Statements.

In November 2021, the FASB issued ASU 2021-10, "Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance". This guidance requires annual disclosures for transactions with a government authority that are accounted for by applying a grant or contribution model. These amendments are effective for annual periods beginning after December 15, 2021, with early adoption permitted. We plan to adopt the standard for the fiscal year ending June 30, 2023. We are currently assessing the impact of this guidance on our Consolidated Financial Statements and disclosures.

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.

3. Segment Information

Under U.S. GAAP, our operating segments are aggregated into five reportable segments: 1) Beauty, 2) Grooming, 3) Health Care, 4) Fabric & Home Care and 5) Baby, Feminine & Family Care. Our five reportable segments are comprised of:

•Beauty: Hair Care (Conditioners, Shampoos, Styling Aids, Treatments); Skin and Personal Care (Antiperspirants and Deodorants, Personal Cleansing, Skin Care);

•Grooming: 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).

Amounts in millions of dollars unless otherwise specified.

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 March 31		Nine Months Ended March 31
	2022	2021	2022	2021
Fabric Care	23%	23%	23%	22%
Home Care	12%	12%	11%	12%
Baby Care	11%	11%	10%	10%
Skin and Personal Care	9%	9%	10%	10%
Family Care	9%	9%	9%	9%
Hair Care	8%	9%	9%	9%
Oral Care	8%	8%	8%	8%
Shave Care	7%	7%	6%	7%
Feminine Care	6%	6%	6%	6%
Personal Health Care	6%	5%	6%	5%
Other	1%	1%	2%	2%
Total	100%	100%	100%	100%

(1)% of Net sales by operating segment excludes sales held in Corporate.

The following is a summary of reportable segment results:

		Three Months Ended March 31						Nine Months Ended March 31
		Net Sales		Earnings/(Loss) Before Income Taxes		Net Earnings		Net Sales		Earnings/(Loss) Before Income Taxes		Net Earnings
Beauty	2022	$	3,389	$	792	$	644	$	11,279	$	3,213	$	2,582
	2021	3,316		721		577		10,907		3,145		2,508
Grooming	2022	1,481		353		290		4,979		1,447		1,183
	2021	1,438		314		256		4,774		1,277		1,063
Health Care	2022	2,662		625		485		8,314		2,225		1,715
	2021	2,356		484		377		7,573		1,993		1,557
Fabric & Home Care	2022	6,699		1,275		969		20,680		4,284		3,297
	2021	6,275		1,348		1,027		19,417		4,689		3,626
Baby, Feminine & Family Care	2022	4,935		1,091		836		14,915		3,353		2,576
	2021	4,604		1,133		871		14,185		3,803		2,924
Corporate	2022	215		(65)		143		505		(177)		382
	2021	120		(123)		141		316		(856)		(234)
Total Company	2022	$	19,381	$	4,071	$	3,367	$	60,672	$	14,345	$	11,735
	2021	18,109		3,877		3,249		57,172		14,051		11,444

Amounts in millions of dollars unless otherwise specified.

4. 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, 2021	$	13,257	$	13,095	$	8,046	$	1,873	$	4,653	$	40,924
Acquisitions and divestitures	770		—		1		—		—		771
Translation and other	(368)		(257)		(216)		(32)		(112)		(985)
Goodwill at March 31, 2022	$	13,659	$	12,838	$	7,831	$	1,841	$	4,541	$	40,710

Goodwill decreased from June 30, 2021 due to currency translation, partially offset by three acquisitions (Farmacy Beauty, Ouai and TULA) in the Beauty reportable segment.

Identifiable intangible assets at March 31, 2022 were comprised of:

	Gross Carrying Amount		Accumulated Amortization
Intangible assets with determinable lives	$	9,147	$	(6,262)
Intangible assets with indefinite lives	21,028		—
Total identifiable intangible assets	$	30,175	$	(6,262)

Intangible assets with determinable lives consist of brands, patents, technology and customer relationships. The intangible assets with indefinite lives primarily consist of brands. The amortization expense of determinable-lived intangible assets for the three months ended March 31, 2022 and 2021 was $79 and $78, respectively. For the nine months ended March 31, 2022 and 2021, the amortization expense was $230 and $241, respectively.

Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment by comparing the estimated fair values of our reporting units and underlying indefinite-lived intangible assets to their respective carrying values. We typically use an income method to estimate the fair value of these assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. If the resulting fair value is less than the asset's carrying value, that difference represents an impairment. Our annual impairment testing for goodwill and indefinite-lived intangible assets occurs during the three months ended December 31.

The business unit valuations used to test goodwill and intangible assets for impairment depend 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 rates, tax rates or future cash flow projections, could result in significantly different estimates of the fair values. To the extent changes in such factors result in a failure to achieve the level of projected cash flows initially used to estimate fair value for purposes of establishing or subsequently impairing the carrying amount of goodwill and related intangible assets, we may need to record non-cash impairment charges in the future.

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 three times their underlying carrying values. Certain of our reporting units, in particular Shave Care and Appliances, are comprised entirely of acquired businesses and as a result, have historically had fair value cushions that are not as high. The Appliances reporting unit has a fair value that significantly exceeds the underlying carrying value. As previously disclosed, the carrying values of the Shave Care reporting unit and the related Gillette indefinite-lived intangible asset were impaired during the quarter ended June 30, 2019. Based on our impairment testing during the three months ended December 31, 2021, the Shave Care reporting unit fair value exceeded its carrying value by more than 30% and the Gillette indefinite-lived intangible asset fair value exceeded its carrying value by approximately 5%.

The most significant assumptions utilized in the determination of the estimated fair values of the Shave Care reporting unit and the Gillette indefinite-lived intangible asset are the net sales and earnings growth rates (including residual growth rates), the discount rate and the royalty rate. The residual growth rates represent the expected rate at which the Shave Care 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 depends on overall market growth rates, the competitive environment, inflation, relative currency exchange rates and business activities that impact market share. As a result, the residual growth rate could be adversely impacted by a sustained deceleration in category growth, grooming habit changes, devaluation of currencies against the U.S. dollar or an increased competitive environment. The discount rate, which is consistent with a weighted average

Amounts in millions of dollars unless otherwise specified.

cost of capital that is likely to be expected by a market participant, is based upon industry required rates of return, including consideration of both debt and equity components of the capital structure. Our discount rate may be impacted by adverse changes in the macroeconomic environment, volatility in the equity and debt markets or other country specific factors, such as further devaluation of currencies against the U.S. dollar. Spot rates as of the fair value measurement date are utilized in our fair value estimates for cash flows outside the U.S. The royalty rate used to determine the estimated fair value for the Gillette indefinite-lived intangible asset is driven by historical and estimated future profitability of the underlying Gillette business. The royalty rate may be impacted by significant adverse changes in long-term operating margins.

While management 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 Shave Care reporting unit's goodwill and Gillette indefinite-lived intangible asset. The duration and severity of the pandemic could also result in future impairment charges for the Shave Care reporting unit goodwill and the Gillette indefinite-lived intangible asset. While we have concluded that no triggering event has occurred during the quarter ended March 31, 2022, the Gillette indefinite-lived intangible asset is most susceptible to future impairment risk. Our assessment of the Gillette indefinite-lived intangible asset assumes the net sales growth rates will continue to recover from the impact of the COVID-19 pandemic during the current fiscal year. There continues to be a high level of uncertainty relating to how the pandemic will evolve, how governments and consumers will react, progress on the distribution of vaccines and whether the pandemic will have a longer-term effect on consumer habits. Accordingly, there continues to be risk related to this key assumption. A more prolonged pandemic recovery period could impact the assumptions utilized in the determination of the estimated fair values of the Shave Care reporting unit and the Gillette indefinite-lived intangible asset that are significant enough to trigger an impairment. Net sales and earnings growth rates could be negatively impacted by reductions or changes in demand for our Shave Care products, which may be caused by, among other things: the Russia-Ukraine War, the temporary inability of consumers to purchase our products due to illness, quarantine or other travel restrictions, or financial hardship, changes in the use and frequency of grooming products, by shifts in demand away from one or more of our higher priced products to lower priced products or by impacts of potential supply chain constraints. In addition, relative global and country/regional macroeconomic factors, including the Russia-Ukraine War, could result in additional and prolonged devaluation of other countries’ currencies relative to the U.S. dollar. Finally, the discount rate utilized in our valuation model could be impacted by changes in the underlying interest rates and risk premiums included in the determination of the cost of capital. As of March 31, 2022, the carrying values of the Shave Care goodwill and the Gillette indefinite-lived intangible asset were $12.5 billion and $14.1 billion, respectively.

We performed a sensitivity analysis for the Shave Care reporting unit and the Gillette indefinite-lived intangible asset as part of our annual impairment testing, utilizing reasonably possible changes in the assumptions for the shorter-term and residual growth rates, discount rate and royalty rate to demonstrate the potential impacts to estimated fair values. The table below provides, in isolation, the estimated fair value impacts related to a 25 basis-point increase in the discount rate, a 25 basis-point decrease in our shorter-term and residual revenue growth rates or a 50 basis-point decrease in our royalty rate, some of which would result in an impairment of the Gillette indefinite-lived intangible asset.

	Approximate Percent Change in Estimated Fair Value
	+25 bps Discount Rate	-25 bps Growth Rates	-50 bps Royalty Rate
Shave Care goodwill reporting unit	(6)%	(6)%	N/A
Gillette indefinite-lived intangible asset	(6)%	(6)%	(3)%

In light of the Russia-Ukraine War, we performed an additional sensitivity analysis for the Shave Care reporting unit and the Gillette indefinite-lived intangible asset for a range of outcomes, including reduced future cash flows and no future cash flows in Ukraine and Russia. Under these scenarios, the Shave Care reporting unit fair value continued to exceed its carrying value by approximately 30% and the Gillette indefinite-lived intangible asset’s fair value exceeded or approximated its carrying value. However, if the impact of the war were to extend beyond its current scope, there could be a triggering event for the Gillette indefinite-lived intangible asset that may cause us to perform an additional impairment assessment for that asset in a future period that may result in an impairment charge.

Amounts in millions of dollars unless otherwise specified.

5. Earnings Per Share

Basic net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble less preferred dividends by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble by the diluted weighted average number of common shares outstanding during the period. The diluted shares include the dilutive effect of stock options and other stock-based awards based on the treasury stock method and the assumed conversion of preferred stock.

Net earnings per share were calculated as follows:

CONSOLIDATED AMOUNTS	Three Months Ended March 31				Nine Months Ended March 31
	2022		2021		2022		2021
Net earnings	$	3,367	$	3,249	$	11,735	$	11,444
Less: Net earnings/(loss) attributable to noncontrolling interests	12		(20)		45		44
Net earnings attributable to P&G (Diluted)	3,355		3,269		11,690		11,400
Less: Preferred dividends	68		65		208		197
Net earnings attributable to P&G available to common shareholders (Basic)	$	3,287	$	3,204	$	11,482	$	11,203
SHARES IN MILLIONS
Basic weighted average common shares outstanding	2,400.5		2,459.1		2,414.0		2,473.7
Add: Effect of dilutive securities
Convertible preferred shares (1)	78.9		82.3		79.7		83.1
Stock options and other unvested equity awards (2)	50.8		48.9		50.7		53.6
Diluted weighted average common shares outstanding	2,530.2		2,590.3		2,544.4		2,610.4
NET EARNINGS PER SHARE (3)
Basic	$	1.37	$	1.30	$	4.76	$	4.53
Diluted	$	1.33	$	1.26	$	4.59	$	4.37

(1)An overview of preferred shares can be found in our Annual Report on Form 10-K for the year ended June 30, 2021.

(2)Excludes 5 million and 12 million for the three months ended March 31, 2022 and 2021, respectively, and 11 million and 8 million for the nine months ended March 31, 2022 and 2021, respectively, of weighted average stock options outstanding because the exercise price of these options was greater than their average market value or their effect was antidilutive.

(3)Net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

6. 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 March 31				Nine Months Ended March 31
	2022		2021		2022		2021
Share-based compensation expense	$	130	$	144	$	398	$	398
Net periodic benefit cost for pension benefits	47		48		143		141
Net periodic benefit credit for other retiree benefits	(126)		(80)		(348)		(240)

Amounts in millions of dollars unless otherwise specified.

7. 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 nine months ended March 31, 2022.

The Company has not changed its valuation techniques used in measuring the fair value of any financial assets and liabilities during the period. The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each quarter. There were no transfers between levels during the periods presented. Also, there was no significant activity within the Level 3 assets and liabilities during the periods presented. There were no significant assets or liabilities that were remeasured at fair value on a non-recurring basis for the nine months ended March 31, 2022.

Cash equivalents were $7.0 billion and $9.1 billion as of March 31, 2022 and June 30, 2021, respectively, and are classified as Level 1 within the fair value hierarchy. Other investments had a fair value of $153 and $192 as of March 31, 2022 and June 30, 2021, respectively, including equity securities of $126 and $163 as of March 31, 2022 and June 30, 2021, respectively, and are presented in Other noncurrent assets. Investments are measured at fair value and primarily classified as Level 1 and Level 2 within the fair value hierarchy. Level 1 are based on quoted market prices in active markets for identical assets, and Level 2 are based on quoted market prices for similar instruments. There are no material investment balances classified as Level 3 within the fair value hierarchy or using net asset value as a practical expedient. Unrealized losses on equity securities were $(4) during the three months ended March 31, 2022. Unrealized gains on equity securities were $58 during the three months ended March 31, 2021. Unrealized losses on equity securities were $(36) during the nine months ended March 31, 2022. Unrealized gains on equity securities were $58 during the nine months ended March 31, 2021. These unrealized gains/(losses) are recognized in the Consolidated Statements of Earnings in Other non-operating income/(expense), net.

The fair value of long-term debt was $27.8 billion and $28.8 billion as of March 31, 2022 and June 30, 2021, respectively. This includes the current portion of long-term debt instruments ($3.6 billion as of March 31, 2022 and June 30, 2021). 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 March 31, 2022 and June 30, 2021 are as follows:

	Notional Amount				Fair Value Asset				Fair Value (Liability)
	March 31, 2022		June 30, 2021		March 31, 2022		June 30, 2021		March 31, 2022		June 30, 2021
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts	$	5,241	$	7,415	$	15	$	146	$	(182)	$	—
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Foreign currency interest rate contracts	$	8,428	$	8,484	$	359	$	89	$	(10)	$	(94)
TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS	$	13,669	$	15,899	$	374	$	235	$	(192)	$	(94)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts	$	6,916	$	5,060	$	31	$	20	$	(26)	$	(22)
TOTAL DERIVATIVES AT FAIR VALUE	$	20,585	$	20,959	$	405	$	255	$	(218)	$	(116)

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 $5.1 billion and $7.5 billion as of March 31, 2022 and June 30, 2021, 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 $12.2 billion and $12.0 billion as of March 31, 2022 and June 30, 2021, respectively. The decrease in the notional balance of interest rate contracts was primarily due to the maturity of interest rate swaps that were associated with multiple bonds maturing in the period. The increase in the notional balance of foreign currency contracts not designated as hedging instruments primarily reflects changes in the level of intercompany financing activity during the period.

Amounts in millions of dollars unless otherwise specified.

All derivative assets are presented in Prepaid expenses and other current assets or Other noncurrent assets. All derivative liabilities are presented in Accrued and other liabilities or Other noncurrent liabilities. Changes in the fair value of net investment hedges are recognized in the Foreign currency translation component of Other comprehensive income (OCI). All of the Company's derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy.

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 March 31				Nine Months Ended March 31
	2022		2021		2022		2021
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2)
Foreign exchange contracts	$	104	$	393	$	530	$	(145)

(1)For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $18 and $15 for the three months ended March 31, 2022 and 2021, respectively. The amount of gain excluded from effectiveness testing was $50 and $45 for the nine months ended March 31, 2022 and 2021, respectively.

(2)In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The amount of gain recognized in Accumulated other comprehensive income (AOCI) for such instruments was $237 and $509 for the three months ended March 31, 2022 and 2021, respectively. The amount of gain/(loss) recognized in AOCI for such instruments was $804 and $(732) for the nine months ended March 31, 2022 and 2021, respectively.

	Amount of Gain/(Loss) Recognized in Earnings
	Three Months Ended March 31				Nine Months Ended March 31
	2022		2021		2022		2021
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts	$	(216)	$	(100)	$	(313)	$	(95)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts	$	(2)	$	(87)	$	28	$	221

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).

Amounts in millions of dollars unless otherwise specified.

8. Accumulated Other Comprehensive Income/(Loss)

The table below presents the changes in Accumulated other comprehensive income/(loss) attributable to Procter & Gamble (AOCI), including the reclassifications out of AOCI by component:

	Investment Securities		Post-retirement Benefits		Foreign Currency Translation		Total AOCI
Balance at June 30, 2021	$	15	$	(2,963)	$	(10,796)	$	(13,744)
OCI before reclassifications (1)	6		812		(683)		135
Amounts reclassified from AOCI into the Consolidated Statements of Earnings (2)	1		156				157
Net current period OCI	7		968		(683)		292
Less: Other comprehensive income/(loss) attributable to non-controlling interests	—		—		(4)		(4)
Balance at March 31, 2022	$	22	$	(1,995)	$	(11,475)	$	(13,448)

(1)Net of tax expense of $1, $257 and $314 for gains/losses on investment securities, postretirement benefit items and foreign currency translation, respectively. Income tax effects within foreign currency translation include impacts from items such as net investment hedge transactions. Foreign cumulative translation is not adjusted for income taxes related to permanent investments in international subsidiaries.

(2)Net of tax expense of $0, $55 and $0 for gains/losses on investment securities, postretirement 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.

•Postretirement benefits: amounts reclassified from AOCI into Other non-operating income, net and included in the computation of net periodic postretirement costs.

9. Commitments and Contingencies

Litigation

We are subject, from time to time, to certain legal proceedings and claims arising out of our business, which cover a wide range of matters, including antitrust and trade regulation, product liability, advertising, contracts, environmental, patent and trademark matters, labor and employment matters and tax. While considerable uncertainty exists, in the opinion of management and our counsel, the ultimate resolution of the various lawsuits and claims will not materially affect our financial position, results of operations or cash flows.

We are also subject to contingencies pursuant to environmental laws and regulations that in the future may require us to take action to correct the effects on the environment of prior manufacturing and waste disposal practices. Based on currently available information, we do not believe the ultimate resolution of environmental remediation will materially affect our financial position, results of operations or cash flows.

Income Tax Uncertainties

The Company is present in approximately 70 countries and over 150 taxable jurisdictions and, at any point in time, has 40–50 jurisdictional audits underway at various stages of completion. We evaluate our tax positions and establish liabilities for uncertain tax positions that may be challenged by local authorities and may not be fully sustained, despite our belief that the underlying tax positions are fully supportable. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances, including progress of tax audits, developments in case law and closing of statutes of limitations. Such adjustments are reflected in the tax provision as appropriate. We have tax years open ranging from 2010 and forward. We are generally not able to reliably estimate the ultimate settlement amounts until the close of an audit. Based on information currently available, we anticipate that over the next 12 month period, audit activity could be completed related to uncertain tax positions in multiple jurisdictions for which we have accrued existing liabilities of less than $10, 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, 2021.

Amounts in millions of dollars unless otherwise specified.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may appear throughout this report, including without limitation, the following sections: “Management's Discussion and Analysis,” “Risk Factors” and "Notes 4 and 9 to the Consolidated Financial Statements." These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, except to the extent required by law.

Risks and uncertainties to which our forward-looking statements are subject include, without limitation: (1) the ability to successfully manage global financial risks, including foreign currency fluctuations, currency exchange or pricing controls and localized volatility; (2) the ability to successfully manage local, regional or global economic volatility, including reduced market growth rates, and to generate sufficient income and cash flow to allow the Company to affect the expected share repurchases and dividend payments; (3) the ability to manage disruptions in credit markets or to our banking partners or changes to our credit rating; (4) the ability to maintain key manufacturing and supply arrangements (including execution of supply chain optimizations and sole supplier and sole manufacturing plant arrangements) and to manage disruption of business due to various factors, including ones outside of our control, such as natural disasters, acts of war (including the Russia-Ukraine War), terrorism or disease outbreaks; (5) the ability to successfully manage cost fluctuations and pressures, including prices of commodities and raw materials, and costs of labor, transportation, energy, pension and healthcare; (6) the ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and successfully respond to changing consumer habits, evolving digital marketing and selling platform requirements and technological advances attained by, and patents granted to, competitors; (7) the ability to compete with our local and global competitors in new and existing sales channels, including by successfully responding to competitive factors such as prices, promotional incentives and trade terms for products; (8) the ability to manage and maintain key customer relationships; (9) the ability to protect our reputation and brand equity by successfully managing real or perceived issues, including concerns about safety, quality, ingredients, efficacy, packaging content, supply chain practices or similar matters that may arise; (10) the ability to successfully manage the financial, legal, reputational and operational risks associated with third-party relationships, such as our suppliers, contract manufacturers, distributors, contractors and external business partners; (11) the ability to rely on and maintain key company and third party information and operational technology systems, networks and services, and maintain the security and functionality of such systems, networks and services and the data contained therein; (12) the ability to successfully manage uncertainties related to changing political conditions and potential implications such as exchange rate fluctuations and market contractions; (13) the ability to successfully manage current and expanding regulatory and legal requirements and matters (including, without limitation, those laws and regulations involving product liability, product and packaging composition, intellectual property, labor and employment, antitrust, privacy and data protection, tax, environmental, due diligence, risk oversight and accounting and financial reporting) and to resolve new and pending matters within current estimates; (14) the ability to manage changes in applicable tax laws and regulations including maintaining our intended tax treatment of divestiture transactions; (15) the ability to successfully manage our ongoing acquisition, divestiture and joint venture activities, in each case to achieve the Company’s overall business strategy and financial objectives, without impacting the delivery of base business objectives; (16) the ability to successfully achieve productivity improvements and cost savings and manage ongoing organizational changes, while successfully identifying, developing and retaining key employees, including in key growth markets where the availability of skilled or experienced employees may be limited; and (17) the ability to successfully manage the demand, supply and operational challenges associated with a disease outbreak, including epidemics, pandemics or similar widespread public health concerns (including COVID-19). A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from those projected herein, is included in the section titled "Economic Conditions and Uncertainties" and the section titled "Risk Factors" (Part II, Item 1A) of this Form 10-Q.

The purpose of Management's Discussion and Analysis (MD&A) is to provide an understanding of Procter & Gamble's financial condition, results of operations and cash flows by focusing on changes in certain key measures from year to year. The MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and accompanying Notes.

The MD&A is organized into the following sections:

•Overview

•Summary of Results – Nine months ended March 31, 2022

•Economic Conditions and Uncertainties

•Results of Operations – Three and Nine Months ended March 31, 2022

•Business Segment Discussion – Three and Nine Months ended March 31, 2022

•Liquidity and Capital Resources

•Reconciliation of Measures Not Defined by U.S. GAAP

Throughout the MD&A, we refer to measures used by management to evaluate performance, including unit volume growth, net sales and net earnings. We also refer to a number of financial measures that are not defined under accounting principles generally accepted in the United States of America (U.S. GAAP), that include organic sales growth, core net earnings per share (Core EPS), adjusted free cash flow and adjusted free cash flow productivity. The explanation at the end of the MD&A provides the definition of these non-GAAP measures, details on the use and the derivation of these measures, as well as reconciliations to the most directly comparable U.S. GAAP measure.

Management also uses certain market share and market consumption estimates to evaluate performance relative to competition, despite some limitations on the availability and comparability of share and consumption information. References to market share and market consumption in the MD&A are based on a combination of vendor purchased traditional brick-and-mortar and online data in key markets as well as internal estimates. All market share references represent the percentage of sales of our products in dollar terms on a constant currency basis relative to all product sales in the category. The Company measures fiscal year to date market shares through the most recent period for which market share data is available, which typically reflects a lag time of one or two months as compared to the end of the reporting period. Management also uses unit volume growth to evaluate and explain drivers of changes in net sales. Organic volume growth reflects year-over-year changes in unit volume excluding the impacts of acquisitions and divestitures and certain one-time items, if applicable, and is used to explain changes in organic sales.

OVERVIEW

P&G is a global leader in the fast-moving consumer goods industry, focused on providing branded consumer packaged goods of superior quality and value to our consumers around the world. Our products are sold in more than 180 countries and territories, primarily through mass merchandisers, e-commerce, social commerce, grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, baby stores, specialty beauty stores (including airport duty-free stores), high-frequency stores, pharmacies, electronics stores and professional channels. We also sell direct to consumers. We have on-the-ground operations in approximately 70 countries.

Our market environment is highly competitive with global, regional and local competitors. In many of the markets and industry segments in which we sell our products, we compete against other branded products as well as retailers' private-label brands. Additionally, many of the product segments in which we compete are differentiated by price tiers (referred to as super-premium, premium, mid-tier and value-tier products). We believe we are well positioned in the industry segments and markets in which we operate, often holding a leadership or significant market share position.

The table below lists our reportable segments, including the product categories and brand composition within each segment.

Reportable Segments	Product Categories (Sub-Categories)	Major Brands
Beauty	Hair Care (Conditioners, Shampoos, Styling Aids, Treatments)	Head & Shoulders, Herbal Essences, Pantene, Rejoice
	Skin and Personal Care (Antiperspirants and Deodorants, Personal Cleansing, Skin Care)	Olay, Old Spice, Safeguard, Secret, SK-II
Grooming	Grooming (1) (Shave Care - Female Blades & Razors, Male Blades & Razors, Pre- and Post-Shave Products, Other Shave Care; Appliances)	Braun, Gillette, Venus
Health Care	Oral Care (Toothbrushes, Toothpastes, Other Oral Care)	Crest, Oral-B
	Personal Health Care (Gastrointestinal, Rapid Diagnostics, Respiratory, Vitamins/Minerals/Supplements, Pain Relief, Other Personal Health Care)	Metamucil, Neurobion, Pepto-Bismol, Vicks
Fabric & Home Care	Fabric Care (Fabric Enhancers, Laundry Additives, Laundry Detergents)	Ariel, Downy, Gain, Tide
	Home Care (Air Care, Dish Care, P&G Professional, Surface Care)	Cascade, Dawn, Fairy, Febreze, Mr. Clean, Swiffer
Baby, Feminine & Family Care	Baby Care (Baby Wipes, Taped Diapers and Pants)	Luvs, Pampers
	Feminine Care (Adult Incontinence, Feminine Care)	Always, Always Discreet, Tampax
	Family Care (Paper Towels, Tissues, Toilet Paper)	Bounty, Charmin, Puffs

(1)The Grooming product category is comprised of the Shave Care and Appliances operating segments.

The following table provides the percentage of net sales and net earnings by reportable business segment for the three and nine months ended March 31, 2022 (excluding net sales and net earnings in Corporate):

	Three Months Ended March 31, 2022		Nine Months Ended March 31, 2022
	Net Sales	Net Earnings	Net Sales	Net Earnings
Beauty	17%	20%	19%	23%
Grooming	8%	9%	8%	10%
Health Care	14%	15%	14%	15%
Fabric & Home Care	35%	30%	34%	29%
Baby, Feminine & Family Care	26%	26%	25%	23%
Total Company	100%	100%	100%	100%

SUMMARY OF RESULTS

The following are highlights of results for the nine months ended March 31, 2022 versus the nine months ended March 31, 2021:

•Net sales increased 6% to $60.7 billion, due to a double digit increase in Health Care, a high single digit increase in Fabric & Home Care, mid-single digit increases in Grooming and Baby, Feminine & Family Care and a low single digit increase in Beauty. Organic sales, which exclude the impacts of acquisitions and divestitures and foreign exchange, increased 7%. Overall, organic sales increased double digits in Health Care, increased high single digits in Fabric & Home Care, increased mid-single digits in Grooming and Baby, Feminine & Family Care and increased low single digits in Beauty.

•Net earnings were $11.7 billion, an increase of $0.3 billion, or 3%, versus the prior year period due to the increase in net sales and a prior year period loss on early debt extinguishment, partially offset by a decrease in operating margin.

•Net earnings attributable to Procter & Gamble were $11.7 billion, an increase of $0.3 billion, or 3%, versus the prior year.

•Diluted net earnings per share (EPS) increased 5% to $4.59 due primarily to the increase in net earnings and a reduction in the weighted average shares outstanding. Net earnings per share increased 1% versus the prior year period core net earnings per share due to the prior period loss on early debt extinguishment.

•Operating cash flow was $13.0 billion. Adjusted free cash flow, which is operating cash flow less capital expenditures and certain other impacts, was $10.8 billion. Adjusted free cash flow productivity was 92%.

ECONOMIC CONDITIONS AND UNCERTAINTIES

Global Economic Conditions. Our products are sold in numerous countries across North America, Europe, Latin America, Asia and Africa, with more than half our sales generated outside the United States. As such, we are exposed to and impacted by global macroeconomic factors, U.S. and foreign government policies and foreign exchange fluctuations. Global economic conditions continue to be highly volatile due to the COVID-19 pandemic, resulting in market size contractions in certain countries due to economic slowdowns and government restrictions on movement. Other macroeconomic factors also remain dynamic, and any causes of market size contraction, such as greater political unrest or instability in the Middle East, Central & Eastern Europe (including the ongoing Russia-Ukraine War), certain Latin American markets, the Hong Kong market in Greater China and the Korean peninsula could reduce our sales or erode our operating margin, and consequently reduce our net earnings and cash flows.

Changes in Costs. Our costs are subject to fluctuations, particularly due to changes in commodity prices, transportation costs and our own productivity efforts. We have significant exposures to certain commodities, in particular certain oil-derived materials like resins and paper-based materials like pulp. Volatility in the market price of these commodity input materials has a direct impact on our costs. Disruptions in our manufacturing, supply and distribution operations, including energy shortages, port congestions, labor constraints and freight container and truck shortages have impacted our costs and could do so in the future. If we are unable to manage these impacts through pricing actions, cost savings projects and sourcing decisions, as well as through consistent productivity improvements, it may adversely impact our gross margin, operating margin, net earnings and cash flows. Net sales could also be adversely impacted following pricing actions if there is a negative impact on the consumption of our products. We strive to implement, achieve and sustain cost improvement plans, including outsourcing projects, supply chain optimization and general overhead and workforce optimization. If we are not successful in executing and sustaining these changes, there could be a negative impact on our gross margin, operating margin, net earnings and cash flows.

Foreign Exchange. We have both translation and transaction exposure to the fluctuation of exchange rates. Translation exposures relate to exchange rate impacts of measuring income statements of foreign subsidiaries that do not use the U.S. dollar as their functional currency. Transaction exposures relate to 1) the impact from input costs that are denominated in a currency other than the local reporting currency and 2) the revaluation of transaction-related working capital balances denominated in currencies other than the functional currency. In three out of the past four years, a number of foreign currencies have weakened versus the U.S. dollar, leading to lower sales and earnings from these foreign exchange impacts. Certain countries that recently had and are currently experiencing significant exchange rate fluctuations include Argentina, Turkey, Brazil and Russia. These fluctuations have significantly impacted our historical net sales, costs and net earnings and could do so in the future. Increased pricing in response to certain fluctuations in foreign currency exchange rates may offset portions of the currency impacts but could also have a negative impact on the consumption of our products, which would negatively affect our net sales, gross margin, operating margin, net earnings and cash flows.

Government Policies. Our net earnings and cash flows could be affected by changes in U.S. or foreign government legislative, regulatory or enforcement policies. For example, our net earnings and cash flows could be affected by any future legislative or

regulatory changes in U.S. or non-U.S. tax policy, or any significant change in global tax policy adopted under the current work being led by the Organisation for Economic Co-operation and Development ("OECD") for the G20 focused on "Addressing the Challenges of the Digitalization of the Economy." The breadth of the OECD project extends beyond pure digital businesses, and if agreed and enacted by most countries, is likely to impact most large multinational businesses by both redefining jurisdictional taxation rights and broadly establishing a 15% minimum tax on their foreign operations. Our net sales, gross margin, operating margin, net earnings and cash flows may also be impacted by changes in U.S. and foreign government policies related to environmental and climate change matters. Additionally, we attempt to carefully manage our debt, currency and other exposures in certain countries with currency exchange, import authorization and pricing controls, such as Nigeria, Algeria, Egypt, Argentina and Turkey. Further, our net sales, gross margin, operating margin, net earnings and cash flows could be affected by changes to international trade agreements in North America and elsewhere. Changes in government policies in these areas might cause an increase or decrease in our net sales, gross margin, operating margin, net earnings and cash flows.

COVID-19 Disclosures. Because we sell products that are essential to the daily lives of consumers, the pandemic has not had a materially negative impact to our consolidated net sales, as positive and negative impacts continue to largely offset each other. We further describe these impacts for the period covered by this report in the Business Segment Discussion of the MD&A.

The continued evolution of the pandemic and emergence of new variants may result in economic recessions or a slowdown of economic growth in certain countries or globally. This may result in reduced demand for our products that would have a negative impact on our net sales, net earnings and cash flows. It could also lead to volatility in consumer access to our products (due to government actions or key material, transportation and labor shortages impacting our ability to produce and ship products) or could impact consumers’ movements and access to our products. The resumption towards normalcy in economic activity as governmental restrictions are relaxed and economies gradually, partially or fully reopen in certain regions and markets, could also result in reduced demand due to consumption decreases and consumer pantry destocking (particularly, in home cleaning and hygiene products). Our retail customers are also impacted by the pandemic, and their success in addressing issues and maintaining their operations could impact consumer access to and, as a result, sales of our products.

We believe that in the long term, there will continue to be strong demand for categories in which we operate, particularly our products that deliver essential health, hygiene and cleaning benefits. However, the uncertainty in the timing and extent of demand volatility, the relaxation and reimplementation of movement restrictions, the timing and impact of potential consumer pantry destocking, the future economic trends due to a resurgence of positive cases, the emergence of new variants of the virus, the speed at which treatments and vaccines are administered and governmental actions in response to the pandemic may result in heightened volatility of net sales, net earnings and cash flows during and subsequent to the pandemic.

Business Continuity. Our ability to continue to operate without any significant negative impacts will, in part, depend on our ability to protect our employees and our supply chain. The Company has endeavored to follow the recommendations from governments and health authorities, including on vaccine administration, with specific measures in place for those working in our plants and distribution facilities. We have also worked closely with local and national officials to keep our manufacturing facilities open due to the essential nature of the majority of our products.

While we have been able to broadly maintain our operations, we experienced some disruption in our supply chain in certain markets due primarily to the restriction of employee movements, key material and labor shortages and transportation constraints. We intend to continue to work with our suppliers and government authorities to implement employee safety measures to minimize disruption to the manufacturing and distribution of our products. However, uncertainty in the duration and scope of the pandemic, the emergence of new variants of the virus, the likelihood of a resurgence of positive cases, the speed at which treatments and vaccines are administered and governmental actions in response to the pandemic could result in an unforeseen disruption to our supply chain and impact our operations (for example, the closure of a key manufacturing or distribution facility or the inability of a key material or transportation supplier to source and transport materials).

Liquidity. Because the pandemic, thus far, has not had a material negative impact on our operations, on the demand for our products or the resulting net sales and net earnings, it has not negatively impacted the Company’s liquidity position. We continue to generate operating cash flows to meet our short-term liquidity needs and continue to maintain access to capital markets enabled by our strong short- and long-term credit ratings.

Impairments. We have not observed any material impairments or other significant reductions in the fair value of our recorded assets due to the COVID-19 pandemic.

Russia-Ukraine War. The war between Russia and Ukraine has negatively impacted our operations in both countries. Our Ukraine business includes two manufacturing sites. We have approximately 500 employees including both manufacturing and non-manufacturing personnel. In fiscal 2021, our operations in Ukraine accounted for less than 1% of consolidated net sales and net earnings. Additionally, net assets of our Ukraine subsidiary, along with Ukraine related assets held by other subsidiaries, account for less than 1% of net assets as of March 31, 2022.

Our Russia business includes two manufacturing sites with a net book value of approximately $250 million. We have approximately 2,500 employees, including both manufacturing and non-manufacturing personnel. In fiscal 2021, our operations in Russia accounted for less than 2% of consolidated net sales and less than 1% of net earnings. Additionally, net assets of our Russia subsidiaries, along with Russia related assets held by other subsidiaries, account for less than 2% of net assets as of March 31, 2022. In March 2022, the Company announced a reduction of its product portfolio, the discontinuation of new capital investments and the suspension of media, advertising and promotional activity in Russia.

Future impacts to the Company are difficult to predict due to the high level of uncertainty as to how the war will evolve, what its duration will be and its ultimate resolution. Within Ukraine, there is a possibility of physical damage and destruction of our two manufacturing facilities. We may not be able to operate our manufacturing sites and source raw materials from our suppliers or ship finished products to our customers. Ultimately, these could result in impairments of our manufacturing plants and fixed assets or write-downs of other operating assets and working capital.

Within Russia, we may not be able to continue our reduced operations at current levels due to sanctions and counter-sanctions, monetary, currency or payment controls, restrictions on access to financial institutions and supply and transportation challenges. Our suppliers, distributors and retail customers are also impacted by the war and their ability to successfully maintain their operations could also impact our operations or negatively impact the sales of our products.

More broadly, there could be additional negative impacts to our net sales, earnings and cash flows should the situation escalate beyond its current scope, including, among other potential impacts, economic recessions in certain neighboring countries or globally due to inflationary pressures and supply chain cost increases or the geographic proximity of the war relative to the rest of Europe.

For a more complete discussion of the risks we encounter in our business, please refer to Risk Factors in Part I, Item 1A of the Company's Form 10-K for the fiscal year ended June 30, 2021.

RESULTS OF OPERATIONS – Three Months Ended March 31, 2022

The following discussion provides a review of results for the three months ended March 31, 2022 versus the three months ended March 31, 2021.

	Three Months Ended March 31
Amounts in millions, except per share amounts	2022	2021	% Chg
Net sales	$19,381	$18,109	7%
Operating income	4,024	3,785	6%
Net earnings	3,367	3,249	4%
Net earnings attributable to Procter & Gamble	3,355	3,269	3%
Diluted net earnings per common share	1.33	1.26	6%
	Three Months Ended March 31
COMPARISONS AS A PERCENTAGE OF NET SALES	2022	2021	Basis Pt Chg
Gross margin	46.7%	50.7%	(400)
Selling, general & administrative expense	26.0%	29.8%	(380)
Operating income	20.8%	20.9%	(10)
Earnings before income taxes	21.0%	21.4%	(40)
Net earnings	17.4%	17.9%	(50)
Net earnings attributable to Procter & Gamble	17.3%	18.1%	(80)

Net Sales

Net sales for the quarter increased 7% to $19.4 billion. Unit volume increased 3%. Foreign exchange had a 3% negative impact on net sales. Higher pricing increased net sales by 5%. Mix increased net sales by 2% due to positive geographic mix from the disproportionate growth of the North America region and positive category mix from the disproportionate growth of the Personal Health Care business, both of which have higher than Company-average selling prices. Organic sales increased 10% on a 3% increase in organic volume.

Net sales increased double digits in Health Care, increased high single digits in Fabric & Home Care and in Baby, Feminine & Family Care, and increased low single digits in Grooming and in Beauty. On a regional basis, volume increased mid-single digits in North America and Latin America, and increased low single digits in Europe and Asia Pacific. These increases were partially offset by a mid-single digit volume decrease in Greater China.

	Net Sales Change Drivers 2022 vs. 2021 (Three Months Ended March 31, 2022) (1)
	Volume with Acquisitions & Divestitures	Volume Excluding Acquisitions & Divestitures	Foreign Exchange	Price	Mix	Other (2)	Net Sales Growth
Beauty	—%	(1)%	(2)%	4%	—%	—%	2%
Grooming	1%	1%	(5)%	6%	1%	—%	3%
Health Care	8%	8%	(3)%	3%	5%	—%	13%
Fabric & Home Care	4%	5%	(3)%	5%	1%	—%	7%
Baby, Feminine & Family Care	2%	2%	(3)%	5%	2%	1%	7%
Total Company	3%	3%	(3)%	5%	2%	—%	7%

(1)Net sales percentage changes are approximations based on quantitative formulas that are consistently applied.    

(2)Other includes the sales mix impact from acquisitions and divestitures and rounding impacts necessary to reconcile volume to net sales.

Operating Costs

Gross margin decreased 400 basis points to 46.7% of net sales for the quarter. The decrease in gross margin was due to:

•410 basis points of increased commodity costs,

•a 130 basis-point decline from unfavorable mix, primarily due to negative product mix resulting from the launch and growth of premium-priced products that are profit-accretive but have lower than Company-average gross margin,

•70 basis points of net manufacturing cost increases as 80 basis points of increased transportation costs and 30 basis points of product and packaging investments were partially offset by 40 basis points of gross savings and

•a 20 basis-point decline from unfavorable foreign exchange impacts.

These impacts were partially offset by

•a 220 basis-point increase due to higher pricing and

•10 basis points of increased cost leverage due to the growth of net sales.

Total SG&A spending decreased 7% to $5 billion due to decreased marketing spending, overhead costs and other operating costs. SG&A as a percentage of net sales decreased 380 basis points to 26% due primarily to decreases in both marketing and overhead costs as a percentage of sales. Overhead costs as a percentage of net sales decreased 140 basis points primarily due to the positive scale impacts of the net sales increase and productivity savings, partially offset by inflation and other cost increases. Marketing spending as a percentage of net sales decreased 220 basis points due to the positive scale impacts of the net sales increase, savings in production costs and lower spending versus the prior year period with a high level of media spending. Other operating expenses as a percentage of net sales decreased 20 basis points. Productivity-driven cost savings delivered 130 basis points of benefit to SG&A as a percentage of net sales.

Non-Operating Expenses and Income

Interest expense was $109 million for the quarter, a $3 million increase versus the prior year period. Interest income was $9 million for the quarter, a $2 million decrease versus the prior year period. Other non-operating income was $147 million, a decline of $40 million primarily due to an unrealized gain on equity investments in the prior year period, partially offset by a current period increase in net non-operating benefits on defined benefit retirement plans.

Income Taxes

For the three months ended March 31, 2022, the effective tax rate increased 105 basis points to 17.3% due to:

•an 80 basis-point increase from discrete impacts related to uncertain tax positions (15 basis points of unfavorable impact in the current period versus 65 basis points of favorable impact in the prior year period),

•a 55 basis-point increase from lower current period deductions for foreign-derived intangible income versus prior year period, and

•45 basis points of increase due to unfavorable geographic mix of current year earnings.

These increases were partially offset by a 75 basis-point decrease from higher excess tax benefits of share-based compensation (a 255 basis-point benefit in the current period versus a 180 basis-point benefit in the prior year period).

Net Earnings

Operating income increased $0.2 billion, or 6%, to $4.0 billion for the quarter, as the increase in net sales was partially offset by the decrease in operating margin, the components of which are described above. Net earnings increased $0.1 billion, or 4%, to $3.4 billion as the increase in operating income was partially offset by a decrease in other non-operating income and an increase in effective income tax rate. Foreign exchange had a negative impact of approximately $130 million on net earnings for the quarter, including both transactional and translational impacts from converting earnings from foreign subsidiaries to U.S. dollars. Net earnings attributable to Procter & Gamble increased $0.1 billion, or 3%, to $3.4 billion for the quarter. Diluted net earnings per share of $1.33 increased by 6% versus the prior year period due to the increase in net earnings and a reduction in the weighted average number of shares outstanding.

RESULTS OF OPERATIONS – Nine Months Ended March 31, 2022

The following discussion provides a review of results for the nine months ended March 31, 2022 versus the nine months ended March 31, 2021.

	Nine Months Ended March 31
Amounts in millions, except per share amounts	2022	2021	% Chg
Net sales	$60,672	$57,172	6%
Operating income	14,215	14,446	(2)%
Net earnings	11,735	11,444	3%
Net earnings attributable to Procter & Gamble	11,690	11,400	3%
Diluted net earnings per common share	4.59	4.37	5%
Core net earnings per common share	4.59	4.53	1%
	Nine Months Ended March 31
COMPARISONS AS A PERCENTAGE OF NET SALES	2022	2021	Basis Pt Chg
Gross margin	48.3%	52.2%	(390)
Selling, general & administrative expense	24.9%	27.0%	(210)
Operating income	23.4%	25.3%	(190)
Earnings before income taxes	23.6%	24.6%	(100)
Net earnings	19.3%	20.0%	(70)
Net earnings attributable to Procter & Gamble	19.3%	19.9%	(60)

Net Sales

Net sales for the period increased 6% to $60.7 billion on a 3% increase in unit volume. Higher pricing increased net sales by 3%. Positive mix increased net sales by 1% driven by positive geographic and category mix caused by the disproportionate growth of the North America region and the Personal Health Care category, both of which have higher than Company-average selling prices. This was partially offset by the disproportionate growth of the Fabric Care business, which has lower than Company-average selling prices. Unfavorable foreign exchange decreased net sales by 1%. Excluding the impact of acquisitions and divestitures and foreign exchange, organic sales increased 7%.

Net sales increased double digits in Health Care, increased high single digits in Fabric & Home Care, increased mid-single digits in Grooming and Baby, Feminine & Family Care, and increased low single digits in Beauty. On a regional basis, volume

increased mid-single digits in North America and Latin America and low single digits in Europe and Asia Pacific, partially offset by low single digit decreases in Greater China and IMEA.

	Net Sales Change Drivers 2022 vs. 2021 (Nine Months Ended March 31) (1)
	Volume with Acquisitions & Divestitures	Volume Excluding Acquisitions & Divestitures	Foreign Exchange	Price	Mix	Other (2)	Net Sales Growth
Beauty	—%	—%	—%	3%	—%	—%	3%
Grooming	1%	1%	(2)%	4%	1%	—%	4%
Health Care	5%	5%	—%	2%	3%	—%	10%
Fabric & Home Care	4%	4%	(1)%	3%	—%	1%	7%
Baby, Feminine & Family Care	2%	2%	(1)%	3%	1%	—%	5%
Total Company	3%	3%	(1)%	3%	1%	—%	6%

(1)Net sales percentage changes are approximations based on quantitative formulas that are consistently applied.    

(2)Other includes the sales mix impact from acquisitions and divestitures and rounding impacts necessary to reconcile volume to net sales.

Operating Costs

Gross margin decreased 390 basis points to 48.3% of net sales for the period. The decrease in gross margin was due to:

•380 basis points of increased commodity costs,

•a 140 basis-point decline from unfavorable mix, primarily due to negative product mix caused by the launch and disproportionate growth of premium-priced products that are profit-accretive but have lower than Company-average gross margin and

•10 basis points of net manufacturing cost increases as 60 basis points of increased transportation costs and 20 basis points of product and packaging investments were partially offset by 70 basis points of gross savings.

These impacts were offset by:

•a 130 basis-point increase due to higher pricing and

•10 basis points of benefit from favorable foreign exchange impacts.

Total SG&A spending decreased 2% to $15.1 billion due to decreased marketing spending, overhead costs and other operating costs. SG&A as a percentage of net sales decreased 210 basis points to 24.9% primarily due to decreases in both overhead costs and marketing spending as a percentage of net sales. Overhead costs as a percentage of net sales decreased 100 basis points primarily due to the positive scale impacts of the net sales increase and productivity savings, partially offset by inflation and other cost increases. Marketing spending as a percentage of net sales decreased 100 basis points due to the positive scale impacts of the net sales increase and increased savings. Other operating expenses as a percentage of net sales declined 10 basis points, as a gain on the sale of operating real estate was offset by increased foreign exchange transactional charges. Productivity-driven cost savings delivered 80 basis points of benefit to SG&A as a percentage of net sales.

Non-Operating Expenses and Income

Interest expense was $324 million for the period, a $61 million decrease versus the prior year period driven by lower average interest rates. Interest income was $30 million for the period, unchanged versus the prior year period. Net other non-operating income was $424 million, an improvement of $464 million due primarily to a prior period loss on early-debt extinguishment and a current period increase in net non-operating benefits on defined benefit retirement plans, partially offset by unrealized gains on equity investments in the prior period and unrealized losses on equity investments in the current period.

Income Taxes

For the nine months ended March 31, 2022, the effective tax rate decreased 35 basis points versus the prior year period to 18.2% due to:

•a 55 basis-point decrease from higher excess tax benefits of share-based compensation (a 225 basis-point benefit in the current period versus a 170 basis-point benefit in the prior year period) and

•a 10 basis-point decrease from the impact of the early extinguishment of debt in the prior year period.

These decreases were partially offset by:

•a 15 basis-point increase from discrete impacts related to uncertain tax positions (a 10 basis-point favorable impact in the current period versus a 25 basis-point favorable impact in the prior year period) and

•a 15 basis-point increase from unfavorable impacts from the geographic mix of current year to date earnings.

Net Earnings

Operating income decreased $0.2 billion, or 2%, to $14.2 billion for the fiscal year to date period, as the increase in net sales was more than offset by the decrease in operating margin, the components of which are described above. Net earnings increased $0.3 billion, or 3%, to $11.7 billion for the fiscal year to date period as the decrease in operating income was more than offset by the increase in other non-operating income and by the decrease in interest expense. Foreign exchange had a negative impact of approximately $110 million on net earnings for the period, including both transactional and translational impacts from converting earnings from foreign subsidiaries to U.S. dollars. Net earnings attributable to Procter & Gamble increased $0.3 billion, or 3%, to $11.7 billion for the fiscal year to date period. Diluted net earnings per share increased 5% to $4.59 versus the prior year period due to the increase in net earnings and a reduction in the weighted average number of shares outstanding.

BUSINESS SEGMENT DISCUSSION – Three and Nine Months ended March 31, 2022

The following discussion provides a review of results by reportable business segment. Analysis of the results for the three and nine month periods ended March 31, 2022 is provided based on a comparison to the three and nine month periods ended March 31, 2021. The primary financial measures used to evaluate segment performance are net sales and net earnings. The table below provides supplemental information on net sales, earnings before income taxes and net earnings by reportable business segment for the three and nine months ended March 31, 2022 versus the comparable prior year period (dollar amounts in millions):

	Three Months Ended March 31, 2022
	Net Sales		% Change Versus Year Ago		Earnings/(Loss) Before Income Taxes		% Change Versus Year Ago		Net Earnings		% Change Versus Year Ago
Beauty	$	3,389	2	%	$	792	10	%	$	644	12	%
Grooming	1,481		3	%	353		12	%	290		13	%
Health Care	2,662		13	%	625		29	%	485		29	%
Fabric & Home Care	6,699		7	%	1,275		(5)	%	969		(6)	%
Baby, Feminine & Family Care	4,935		7	%	1,091		(4)	%	836		(4)	%
Corporate	215		N/A		(65)		N/A		143		N/A
Total Company	$	19,381	7	%	$	4,071	5	%	$	3,367	4	%

	Nine Months Ended March 31, 2022
	Net Sales		% Change Versus Year Ago		Earnings/(Loss) Before Income Taxes		% Change Versus Year Ago		Net Earnings		% Change Versus Year Ago
Beauty	$	11,279	3	%	$	3,213	2	%	$	2,582	3	%
Grooming	4,979		4	%	1,447		13	%	1,183		11	%
Health Care	8,314		10	%	2,225		12	%	1,715		10	%
Fabric & Home Care	20,680		7	%	4,284		(9)	%	3,297		(9)	%
Baby, Feminine & Family Care	14,915		5	%	3,353		(12)	%	2,576		(12)	%
Corporate	505		N/A		(177)		N/A		382		N/A
Total Company	$	60,672	6	%	$	14,345	2	%	$	11,735	3	%

Beauty

Three months ended March 31, 2022 compared with three months ended March 31, 2021

Beauty net sales increased 2% to $3.4 billion on unit volume that was unchanged. Higher pricing increased net sales by 4%. Foreign exchange impacts decreased net sales by 2%. Excluding the impacts of the Farmacy Beauty, Ouai and TULA acquisitions, organic sales increased 3% on a 1% decrease in organic volume. Global market share of the Beauty segment increased 0.1 points.

•Hair Care net sales increased low single digits. Negative impacts of a low single digit volume decrease and unfavorable foreign exchange were more than fully offset by increased pricing and favorable mix, due to the growth of premium products and the acquisitions. Organic sales also increased low single digits. Volume decreased high single digits in IMEA (due to competitive activity and lower shipments following increased pricing), decreased mid-single digits in North America (due to supply shortages in stylers following a product recall in the prior period) and Greater China (due to pandemic-related lockdowns and market slowdown in traditional retailers where our shares are disproportionally higher, versus social commerce retailers) and decreased low single digits in Latin America (due to competitive activity). Global market share of the Hair Care category decreased more than a point.

•Skin and Personal Care net sales increased mid-single digits. Positive impacts of a mid-single digit volume increase and increased pricing were partially offset by unfavorable foreign exchange and unfavorable mix (due to a lower proportion of SK-II brand and Greater China, both of which have higher than category-average selling prices). Excluding the impacts of the acquisitions, organic sales increased low single digits. Volume increased high teens in Latin America (due to market growth) and increased double digits in North America (due to market growth versus the prior year period that was negatively impacted by the pandemic). This volume increase was partially offset by a mid-single digit decrease in Greater China (due to pandemic-related lockdowns and market slowdown in traditional retailers where our shares are disproportionally higher, versus social commerce retailers). Excluding the impacts of the acquisitions, volume in North America increased high single digits. Global market share of the Skin and Personal Care category increased more than half a point.

Net earnings increased 12% to $644 million due to the increase in net sales and a 160 basis-point increase in net earnings margin. Net earnings margin increased due to a reduction in SG&A as a percentage of net sales, partially offset by a decrease in gross margin. The gross margin reduction was driven by increased commodity and transportation costs, negative product mix caused by a lower proportion of sales of SK-II brand (which has higher than segment-average gross margins), partially offset by increased pricing and manufacturing cost savings. SG&A as a percentage of net sales decreased as the positive scale benefits of the net sales increase and a decrease in media spending were partially offset by an increase in overhead costs.

Nine months ended March 31, 2022 compared with nine months ended March 31, 2021

Beauty net sales increased 3% to $11.3 billion on unit volume that was unchanged. Higher pricing increased net sales by 3%. Foreign exchange had a neutral impact to net sales. Excluding the impacts of the Farmacy Beauty, Ouai and TULA acquisitions, organic sales increased 3%. Global market share of the Beauty segment increased 0.1 points.

•Hair Care net sales increased low single digits. Negative impact of a low single digit decrease in volume was more than offset by increased pricing and favorable mix (due to a higher proportion of premium products, which have higher than category-average selling prices). Organic sales increased low single digits. Volume decreased mid-single digits in IMEA (due to competitive activity) and decreased low single digits in Greater China (due to retailer inventory reductions and market slowdown in traditional retailers where our shares are disproportionately higher, versus social commerce retailers) and in Latin America (following increased pricing and due to competitive activity). This was partially offset by a low single digit volume increase in Europe, due to market growth versus the prior year period negatively impacted by the pandemic. Excluding the impacts of the acquisitions, volume in North America decreased low single digits. Global market share of the Hair Care category decreased less than a point.

•Skin and Personal Care net sales increased mid-single digits. Positive impacts of a low single digit increase in volume, increased pricing and favorable foreign exchange were partially offset by negative category mix due to a lower proportion of SK-II brand (which has higher than category-average selling prices). Organic sales increased low single digits. Volume increased mid-teens in Latin America (due to market growth), increased mid-single digits in North America (due to innovation and market growth) and increased low single digits in Greater China (due to market growth). Excluding the impacts of the acquisitions, volume in North America increased low single digits. Global market share of the Skin and Personal Care category increased nearly half a point.

Net earnings increased 3% to $2.6 billion due to the increase in net sales, partially offset by a 10 basis-point decrease in net earnings margin. Net earnings margin decreased due primarily to a reduction in gross margin, partially offset by a reduction in SG&A as a percentage of sales. The gross margin reduction was driven by increased commodity and transportation costs and negative product mix caused by a lower proportion of sales of SK-II products (which have higher than segment-average gross

margins), partially offset by increased pricing and manufacturing cost savings. SG&A as a percentage of net sales decreased as the positive scale benefits of the net sales increase and a decrease in media spending were partially offset by an increase in overhead costs.

Grooming

Three months ended March 31, 2022 compared with three months ended March 31, 2021

Grooming net sales increased 3% to $1.5 billion on a 1% increase in unit volume. Higher pricing increased net sales by 6%. Favorable mix increased net sales by 1% due to disproportionate growth in developed markets, which have higher than segment-average selling prices. Unfavorable foreign exchange decreased net sales by 5%. Organic sales increased 8%. Global market share of the Grooming segment increased 1 point.

•Shave Care net sales increased mid-single digits. Positive impacts of a low single digit volume increase, increased pricing and favorable mix (due to growth in developed markets and the disproportionate growth of premium shave products, both of which have higher than category-average selling prices) were partially offset by unfavorable foreign exchange. Organic sales increased double digits. Volume increased mid-single digits in Europe (due to innovation and market growth versus the prior year period that was negatively impacted by the pandemic) and in Asia Pacific (due to market growth versus the prior year period that was negatively impacted by the pandemic) and increased low single digits in North America (due to innovation and retailer inventory increases to support new product launches) and IMEA (due to market growth). This was partially offset by a high single digit decrease in Greater China (due primarily to market slowdown in traditional retailers where our shares are disproportionally higher, versus social commerce retailers) and a low single digit decrease in Latin America (due to distribution coverage losses in certain markets). Global market share of the Shave Care category increased nearly half a point.

•Appliances net sales decreased high single digits as a high single digit decrease in volume and unfavorable foreign exchange impacts were partially offset by favorable mix (due to a higher proportion of premium shavers and stylers, which have higher than category-average selling prices). Organic sales decreased low single digits. Volume decreased approximately 20% in Europe (due to market contraction versus the prior year period that benefited from a pandemic-related consumption increase). This was partially offset by a high teens increase in Asia Pacific (due to innovation) and a mid-teens increase in North America (due to innovation and retailer inventory increases to support new product launches). Global market share of the Appliances category increased more than half a point.

Net earnings increased 13% to $290 million due to the increase in net sales and a 170 basis-point increase in net earnings margin. Net earnings margin increased due to an increase in gross margin and a reduction in SG&A as a percentage of net sales, partially offset by a higher effective tax rate. The gross margin increase was driven by increased pricing and manufacturing cost savings, partially offset by negative mix caused by the launch and growth of premium-priced, profit-accretive products that have lower than segment-average gross margins. SG&A as a percentage of net sales decreased due to the positive scale impacts of the net sales increase. The higher effective tax rate was driven by disproportionate growth in North America, which has higher than Company-average tax rates.

Nine months ended March 31, 2022 compared with nine months ended March 31, 2021

Grooming net sales increased 4% to $5.0 billion on a 1% increase in unit volume. Higher pricing increased net sales by 4%. Favorable mix increased net sales by 1% due to growth in North America and the disproportionate growth of premium products, both of which have higher than segment-average selling prices. Unfavorable foreign exchange decreased net sales by 2%. Organic sales increased 6%. Global market share of the Grooming segment increased 1 point.

•Shave Care net sales increased mid-single digits. Positive impacts of a low single digit volume increase, increased pricing and positive mix (due primarily to the growth in North America and the disproportionate growth of premium shave products, both of which have higher than category-average selling prices) were partially offset by unfavorable foreign exchange. Organic sales increased high single digits. Volume increased high single digits in North America (due to innovation) and low single digits in Europe (due to innovation and market growth versus the prior year period that was negatively impacted by the pandemic). This was partially offset by a double-digit decline in Greater China (due to market slowdown in traditional retailers where our shares are disproportionally higher, versus social commerce retailers). Global market share of the Shave Care category increased nearly half a point.

•Appliances net sales decreased low single digits. Negative impacts of a mid-single digit decline in volume and unfavorable foreign exchange were partially offset by increased pricing and positive mix (due to a higher proportion of premium shavers and epilators, which have higher than category-average selling prices). Organic sales were unchanged. Volume declined high single digits in Europe, mid-single digits in North America and low single digits in Asia Pacific, all due to market contraction versus the prior year period that benefited from pandemic-related consumption increases. Global market share of the Appliances category increased more than half a point.

Net earnings increased 11% to $1.2 billion due to the increase in net sales and a 140 basis-point increase in net earnings margin. The net earnings margin increased due to an increase in gross margin and a reduction in SG&A as a percentage of net sales, partially offset by a higher effective tax rate. The gross margin increase was driven by increased pricing and manufacturing cost savings, partially offset by negative mix caused by the launch and growth of premium-priced, profit-accretive products that have lower than segment-average gross margins. SG&A as a percentage of net sales decreased primarily due to the positive scale impacts of the net sales increase. The higher effective tax rate was driven by disproportionate growth in North America, which has higher than Company-average tax rates.

Health Care

Three months ended March 31, 2022 compared with three months ended March 31, 2021

Health Care net sales increased 13% to $2.7 billion on an 8% increase in unit volume. Favorable mix increased net sales by 5% due to the disproportionate growth in North America and the Personal Health Care category, both of which have higher than segment-average selling prices. Higher pricing increased net sales by 3%. Unfavorable foreign exchange decreased net sales by 3%. Organic sales increased 16%. Global market share of the Health Care segment decreased 0.5 points.

•Oral Care net sales increased low single digits. Positive impacts of a low single digit increase in volume, increased pricing and positive mix (due to a higher proportion of sales in developed markets and the disproportionate growth of premium paste and power brush products, all of which have higher than category-average selling prices) were partially offset by unfavorable foreign exchange. Organic sales increased high single digits. Volume increased more than 20% in Asia Pacific (due to distribution gains and market growth) and increased mid-single digits in North America (due to premium innovation) and Latin America (due to market growth). This volume increase was partially offset by a mid-teens decrease in Greater China (due to slowdown of the power brush market and pandemic-related lockdowns), a high single digit decrease in IMEA (due to competitive activity) and a low single digit decrease in Europe (following increased pricing in certain markets). Global market share of the Oral Care category increased nearly half a point.

•Personal Health Care net sales increased more than 20%. This was due primarily to a more than 20% increase in volume, increased pricing and positive mix (due to the disproportionate growth in North America and respiratory products, both of which have higher than category-average selling prices), partially offset by unfavorable foreign exchange impacts. Organic sales increased more than 30%. Volume increased in all regions led by a more than 30% increase in North America (due primarily to a stronger cough, cold and flu season in the current period, and innovation), a more than 20% increase in IMEA, a double digit increase in Latin America (both due to increased marketing and innovation) and a high single digit increase in Europe (due to a stronger cough, cold and flu season in the current period). Global market share of the Personal Health Care category increased slightly.

Net earnings increased 29% to $485 million due to the increase in net sales and a 220 basis-point increase in net earnings margin. Net earnings margin increased due primarily to a decrease in SG&A as a percentage of net sales, partially offset by a decrease in gross margin and a higher effective tax rate. The decrease in gross margin was driven by increased commodity and transportation costs and other cost increases associated with the global chip shortage, partially offset by increased pricing and positive mix caused by the disproportionate growth of respiratory products that have higher than segment-average gross margins. SG&A as a percentage of net sales decreased due primarily to the positive scale impacts of the net sales increase. The higher effective tax rate was driven by disproportionate growth in North America, which has higher than Company-average tax rates.

Nine months ended March 31, 2022 compared with nine months ended March 31, 2021

Health Care net sales increased 10% to $8.3 billion on a 5% increase in unit volume. Favorable mix increased net sales by 3% due to the disproportionate growth in North America and the Personal Health Care category, both of which have higher than segment-average selling prices. Pricing increased net sales by 2%. Foreign exchange had neutral impacts to net sales. Organic sales also increased 10%. Global market share of the Health Care segment decreased 0.1 points.

•Oral Care net sales increased low single digits on unit volume that was unchanged. Positive impacts from favorable mix (due to growth in North America and a higher proportion of premium tier products, both of which have higher than category-average selling prices) and increased pricing were partially offset by unfavorable foreign exchange. Organic sales increased mid-single digits. Volume increased double digits in Asia Pacific (due to distribution gains and market growth), increased mid-single digits in North America and increased low single digits in IMEA (both due to market growth and innovation). This volume increase was fully offset by a double digit decrease in Greater China (due to slowdown of the power brush market and pandemic-related lockdowns) and a mid-single digit decline in Europe (due primarily to supply constraints as a result of the global chip shortage). Global market share of the Oral Care category increased more than half a point.

•Personal Health Care net sales increased more than 20%. This was due primarily to a high-teens increase in volume, increased pricing and positive mix (due to the disproportionate growth in North America and respiratory products, both of

which have higher than category-average selling prices), partially offset by unfavorable foreign exchange impacts. Organic sales increased more than 20% on a mid-teens increase in organic volume. Volume increased more than 20% in North America and increased double digits in Europe (both due primarily to a stronger cough, cold and flu season in the current period) and in IMEA (due to innovation, increased marketing and distribution gains). Global market share of the Personal Health Care category increased nearly half a point.

Net earnings increased 10% to $1.7 billion due primarily to the increase in net sales. Net earnings margin was unchanged as a decrease in gross margin and a higher effective tax rate were offset by a decrease in SG&A as a percentage of net sales. The decrease in gross margin was driven primarily by increased commodity and transportation costs and other cost increases associated with the global chip shortage, partially offset by increased pricing. SG&A as a percentage of net sales decreased primarily due to the positive scale impacts of the net sales increase. The higher effective tax rate was driven by disproportionate growth in North America, which has higher than Company-average tax rates.

Fabric & Home Care

Three months ended March 31, 2022 compared with three months ended March 31, 2021

Fabric & Home Care net sales increased 7% to $6.7 billion on a 4% increase in unit volume. Higher pricing increased net sales by 5%. Favorable mix increased net sales by 1% due to a higher proportion of sales in North America and the disproportionate growth of premium products, both of which have higher than segment-average selling prices. Unfavorable foreign exchange decreased net sales by 3%. Organic sales increased 10%. Global market share of the Fabric & Home Care segment increased 1.8 points.

•Fabric Care net sales increased double digits due primarily to a mid-single digit increase in volume, increased pricing and positive mix (due to a higher proportion of sales in North America and the disproportionate growth of fabric enhancers and premium forms, all of which have higher than category-average selling prices) partially offset by unfavorable foreign exchange impacts. Organic sales increased double digits. Volume increased double digits in Latin America (due to market growth), increased high single digits in North America (due to innovation) and increased low single digits in Europe (due to innovation and market growth versus the prior year period that was negatively impacted by the pandemic) and in Asia Pacific (due to innovation). Global market share of the Fabric Care category increased more than a point.

•Home Care net sales increased low single digits on unit volume that was unchanged due to increased pricing and positive mix (due to a higher proportion of sales in North America and premium products, all of which have higher than category-average selling prices), partially offset by unfavorable foreign exchange impacts. Organic sales increased mid-single digits. Volume increased high single digits in Latin America and increased low single digits in North America, both due to innovation. This increase was fully offset by a more than 20% decline in IMEA (due to lower shipments following increased pricing) and a low single digit decline in Europe (due to market contraction versus the prior year period that benefited from a pandemic-related consumption increase). Global market share of the Home Care category increased by nearly two points.

Net earnings decreased 6% to $1.0 billion as the increase in net sales was more than offset by a 190 basis-point reduction in net earnings margin. Net earnings margin decreased due primarily to a reduction in gross margin, partially offset by a reduction in SG&A as a percentage of net sales. The gross margin decrease was driven by an increase in commodity and transportation costs, and unfavorable mix caused by the growth of premium-priced, profit-accretive products that have lower than segment-average gross margins, partially offset by increased pricing. SG&A as a percentage of net sales decreased due to the positive scale benefits of the net sales increase and a reduction in marketing spend.

Nine months ended March 31, 2022 compared with nine months ended March 31, 2021

Fabric & Home Care net sales increased 7% to $20.7 billion on a 4% increase in unit volume. Higher pricing increased net sales by 3%. Unfavorable foreign exchange decreased net sales by 1%. Organic sales increased 8%. Global market share of the Fabric & Home Care segment increased 1.7 points.

•Fabric Care net sales increased high single digits. The positive impacts of a mid-single digit increase in volume, increased pricing and positive mix (due to the disproportionate growth in North America and growth of fabric enhancers and premium forms, all of which have higher than category-average selling prices) were partially offset by unfavorable foreign exchange. Organic sales increased double digits. Volume increased in all regions led by double digit increases in North America and Latin America, and low single digit increases in Europe and in Asia Pacific, all due to market growth and innovation. Global market share of the Fabric Care category increased more than a point.

•Home Care net sales increased low single digits on unit volume that was unchanged. Positive impact of increased pricing was partially offset by unfavorable foreign exchange impacts. Organic sales also increased low single digits. Volume increased low single digits in Europe due to innovation. This was fully offset by a more than 20% decline in IMEA (due to market contraction and competitive activity). Global market share of the Home Care category increased more than a point.

Net earnings decreased 9% to $3.3 billion as the increase in net sales was more than offset by a 280 basis-point reduction in net earnings margin. Net earnings margin decreased due primarily to a reduction in gross margin, partially offset by a reduction in SG&A as a percentage of net sales. The gross margin decrease was primarily driven by an increase in commodity and transportation costs, and unfavorable mix caused by the growth of premium-priced, profit-accretive products that have lower than segment-average gross margins, partially offset by increased pricing. SG&A as a percentage of net sales declined due primarily to the positive scale benefits of the net sales increase.

Baby, Feminine & Family Care

Three months ended March 31, 2022 compared with three months ended March 31, 2021

Baby, Feminine & Family Care net sales increased 7% to $4.9 billion on a 2% increase in unit volume. Higher pricing increased net sales by 5%. Favorable mix increased net sales by 2% due to the growth of premium products and the North America region, both of which have higher than segment-average selling prices. Unfavorable foreign exchange decreased net sales by 3%. Organic sales increased 10%. Global market share of the Baby, Feminine & Family Care segment increased 1 point.

•Baby Care net sales increased high single digits. Positive impacts of a low single digit increase in volume, increased pricing and positive mix (due to a higher proportion of sales in North America and the growth of premium pants and taped diaper products, all of which have higher than category-average selling prices) were partially offset by unfavorable foreign exchange. Organic sales increased double digits. Volume increased high single digits in Europe (due to market growth) and increased mid-single digits in North America (due to market growth and better on-shelf availability versus competitors). This was partially offset by a high teens decline in Greater China (due to competitive activity) and a low single digit decline in IMEA (due to market contraction). Global market share of the Baby Care category increased nearly a point.

•Feminine Care net sales increased high single digits. Positive impacts of a mid-single digit increase in volume, increased pricing and positive mix (due to a higher proportion of sales in North America and the growth of premium products including adult incontinence, both of which have higher than category-average selling prices) were partially offset by unfavorable foreign exchange. Organic sales increased double digits. Volume increased high single digits in Europe (due to market growth versus the prior year period that was negatively impacted by the pandemic), increased mid-single digits in North America (due to innovation and distribution gains) and increased low single digits in IMEA (due to market growth). Global market share of the Feminine Care category increased more than a point.

•Net sales in Family Care, which is predominantly a North American business, increased mid-single digits on a low single digit increase in volume (due to restocking of retailer inventories) and increased pricing (net of higher promotional spending versus the prior year period with low promotional activity due to the pandemic). Organic sales also increased mid-single digits. North America share of the Family Care category increased more than half a point.

Net earnings decreased 4% to $836 million as the increase in net sales was more than offset by a 200 basis-point decrease in net earnings margin. Net earnings margin decreased primarily due to a decrease in gross margin, partially offset by lower SG&A as a percentage of net sales. Gross margin decreased primarily due to an increase in commodity and transportation costs, and unfavorable mix caused by the growth of Family Care large count packs and club volume that have lower than segment-average gross margins, partially offset by increased pricing. SG&A as a percentage of net sales decreased due to the positive scale benefits of the net sales increase and reductions in both marketing and overhead costs.

Nine months ended March 31, 2022 compared with nine months ended March 31, 2021

Baby, Feminine & Family Care net sales increased 5% to $14.9 billion on a 2% increase in unit volume. Higher pricing increased net sales by 3%. Favorable mix increased net sales by 1% due to the disproportionate growth in North America and growth of premium tier products, both of which have higher than segment-average selling prices. Unfavorable foreign exchange decreased net sales by 1%. Organic sales increased 6%. Global market share of the Baby, Feminine & Family Care segment increased 0.9 points.

•Baby Care net sales increased high single digits. Positive impacts of a low single digit increase in volume, positive mix (due to the growth of premium pants and taped diaper products, both of which have higher than category-average selling prices) and increased pricing were partially offset by unfavorable foreign exchange. Organic sales increased high single digits. Volume increased high single digits in Latin America (due to innovation), increased mid-single digits in Europe (due to market growth) and increased low single digits in North America (due to market growth and better on-shelf availability versus competitors). This increase was partially offset by a mid-teens decline in Greater China, due to competitive activity. Global market share of the Baby Care category increased half a point.

•Feminine Care net sales increased high single digits due to a low single digit increase in volume, increased pricing, and favorable mix (due to the disproportionate growth in North America and the growth of premium adult incontinence, pads and tampons, all of which have higher than category-average selling prices). Organic sales increased double digits. Volume increased high single digits in North America (due to innovation, distribution gains and market growth) and low single digits in Europe (due to market growth versus the prior year period negatively impacted by the pandemic). This increase

was partially offset by a low single digit decrease in IMEA (due to market contraction). Global market share of the Feminine Care category increased more than a point.

•Net sales in Family Care, which is predominantly a North American business, were unchanged. Positive impacts of a low single digit increase in volume and increased pricing were fully offset by unfavorable mix (caused by disproportionate growth of large count packs, which have lower than category-average selling prices). Organic sales also were unchanged. North America share of the Family Care category increased more than a point.

Net earnings decreased 12% to $2.6 billion as the increase in net sales was more than offset by a 330 basis-point decrease in net earnings margin. Net earnings margin decreased primarily due to a decrease in gross margin, partially offset by lower SG&A as a percentage of net sales. Gross margin decreased primarily due to an increase in commodity and transportation costs, and unfavorable mix caused by the growth of Family Care large count packs and club volume, both of which have lower than segment-average gross margins, partially offset by increased pricing. SG&A as a percentage of net sales decreased due to the positive scale benefits of the net sales increase and reductions in both marketing and overhead costs.

Corporate

Corporate includes certain operating and non-operating activities not allocated to specific business segments. These include: the incidental businesses managed at the corporate level; financing and investing activities; certain employee benefit costs; other general corporate items; the gains and losses related to certain divested brands and categories; and certain restructuring-type activities to maintain a competitive cost structure, including manufacturing and workforce optimization. Corporate also includes reconciling items to adjust the accounting policies used in the reportable segments to U.S. GAAP. The most significant reconciling item relates to income taxes, to adjust from blended statutory rates that are reflected in the reportable segments to the overall Company effective tax rate.

Corporate net sales improved by $95 million to $215 million for the quarter and improved by $189 million to $505 million for the fiscal year to date, both due to an increase in sales of incidental businesses managed at the corporate level. Corporate net earnings improved by $2 million to $143 million for the quarter. For the fiscal year to date period, Corporate net earnings improved by $616 million to $382 million, due primarily to the prior year period loss on the early debt extinguishment, net sales growth, current period tax benefits (primarily higher excess tax benefits of share-based compensation) and lower interest expense, partially offset by increased commodity costs tied to the aforementioned incidental businesses and higher foreign exchange transactional charges.

LIQUIDITY & CAPITAL RESOURCES

Operating Activities

We generated $13.0 billion of cash from operating activities fiscal year to date, a decrease of $1.2 billion versus the prior year period. Net earnings, adjusted for non-cash items (depreciation and amortization, share-based compensation expense, deferred income taxes and gain on sale of assets), generated $13.9 billion of operating cash flow. Working capital and other impacts used $865 million of cash in the period. Accounts receivable increased, using $916 million of cash, driven by sales growth across regions. Days sales outstanding increased by two days. Inventory increased, consuming $1.3 billion of cash driven by increased commodity costs and increased safety stock levels to strengthen supply chain sufficiency amidst business growth. Days on hand increased by three days. Accounts payable, accrued and other net operating assets and liabilities increased, generating $1.3 billion of cash, driven by an increase in trade payables in line with the increase in inventory and commodity costs and, to a lesser extent, the impact of extended payment terms with suppliers. This was partially offset by the payment of prior fiscal year-end incentive compensation and other salary-related accruals. Days payable outstanding decreased by two days.

Investing Activities

Investing activities used $3.7 billion of cash fiscal year to date driven by capital expenditures and acquisitions.

Financing Activities

Financing activities used $10.7 billion of net cash fiscal year to date. We used $8.8 billion for treasury stock purchases and $6.5 billion for dividends. We generated $2.7 billion from net debt increases and $1.8 billion from the exercise of stock options and other impacts.

As of March 31, 2022, our current liabilities exceeded current assets by $11.0 billion. We have short- and long-term debt to meet our financing needs. We anticipate being able to support our short-term liquidity and operating needs largely through cash generated from operations. We have strong short- and long-term debt ratings that have enabled and should continue to enable us to refinance our debt as it becomes due at favorable rates in commercial paper and bond markets. In addition, we have agreements with a diverse group of financial institutions that, if needed, should provide sufficient credit funding to meet short-term financing requirements.

RECONCILIATION OF MEASURES NOT DEFINED BY U.S. GAAP

In accordance with the SEC's Regulation S-K Item 10(e), the following provides definitions of the non-GAAP measures and the reconciliation to the most closely related GAAP measure. Management believes that these non-GAAP measures provide useful perspective on underlying business trends and provide a supplemental measure of period-to-period financial results. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance. Management uses these non-GAAP measures in making operating decisions, allocating financial resources and for business strategy purposes. Certain of these measures are also used to evaluate senior management and are a factor in determining their at-risk compensation. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies.

Organic sales growth: Organic sales growth is a non-GAAP measure of sales growth excluding the impacts of acquisitions and divestitures and foreign exchange from year-over-year comparisons. We believe this measure provides investors with a supplemental understanding of underlying sales trends by providing sales growth on a consistent basis. This measure is used in assessing achievement of management goals for at-risk compensation.

Adjusted free cash flow: Adjusted free cash flow is defined as operating cash flow less capital spending and excluding payments for the transitional tax resulting from the U.S. Tax Act (the Company incurred a transitional tax liability of approximately $3.8 billion in fiscal 2018 from the U.S. Tax Act of 2017, which is payable over a period of 8 years). Adjusted free cash flow represents the cash that the Company is able to generate after taking into account planned maintenance and asset expansion. Management views adjusted free cash flow as an important measure because it is one factor used in determining the amount of cash available for dividends, share repurchases, acquisitions and other discretionary investments.

Adjusted free cash flow productivity: Adjusted free cash flow productivity is defined as the ratio of adjusted free cash flow to net earnings. Management views adjusted free cash flow productivity as a useful measure to help investors understand P&G’s ability to generate cash. Adjusted free cash flow productivity is used by management in making operating decisions, allocating financial resources and for budget planning purposes. This measure is also used in assessing the achievement of management goals for at-risk compensation. The Company's long-term target is to generate annual adjusted free cash flow productivity at or above 90 percent.

Core EPS: Core earnings per share, or Core EPS, is a measure of the Company's diluted net earnings per share excluding items that are not judged to be part of the Company's sustainable results or trends. Management views this non-GAAP measure as a useful supplemental measure of Company performance over time. This measure is also used when evaluating senior management in determining their at-risk compensation.

The Core earnings measures included in the following reconciliation tables refer to the equivalent GAAP measures adjusted as applicable for the following item:

Early debt extinguishment charges: In the three months ended December 31, 2020, the Company recorded after tax charges of $427 million ($512 million before tax), due to early extinguishment of certain long-term debt. These charges represent the difference between the reacquisition price and the par value of the debt extinguished.

We do not view the above item to be part of our sustainable results and its exclusion from Core earnings measures provides a more comparable measure of year-on-year results. This item is also excluded when evaluating senior management in determining their at-risk compensation.

Organic sales growth:

Three Months Ended March 31, 2022	Net Sales Growth	Foreign Exchange Impact	Acquisition & Divestiture Impact/Other (1)	Organic Sales Growth
Beauty	2%	2%	(1)%	3%
Grooming	3%	5%	—%	8%
Health Care	13%	3%	—%	16%
Fabric & Home Care	7%	3%	—%	10%
Baby, Feminine & Family Care	7%	3%	—%	10%
Total Company	7%	3%	—%	10%

(1)Acquisitions & Divestiture Impact/Other includes the volume and mix impact of acquisitions and divestitures and rounding impacts necessary to reconcile net sales to organic sales.

Nine Months Ended March 31, 2022	Net Sales Growth	Foreign Exchange Impact	Acquisition & Divestiture Impact/Other (1)	Organic Sales Growth
Beauty	3%	—%	—%	3%
Grooming	4%	2%	—%	6%
Health Care	10%	—%	—%	10%
Fabric & Home Care	7%	1%	—%	8%
Baby, Feminine & Family Care	5%	1%	—%	6%
Total Company	6%	1%	—%	7%

(1)Acquisitions & Divestiture Impact/Other includes the volume and mix impact of acquisitions and divestitures and rounding impacts necessary to reconcile net sales to organic sales.

Adjusted free cash flow (dollar amounts in millions):

Nine Months Ended March 31, 2022
Operating Cash Flow	Capital Spending	U.S. Tax Act Payments	Adjusted Free Cash Flow
$13,010	$(2,464)	$225	$10,771

Adjusted free cash flow productivity (dollar amounts in millions):

Nine Months Ended March 31, 2022
Adjusted Free Cash Flow	Net Earnings	Adjusted Free Cash Flow Productivity
$10,771	$11,735	92%

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES (Amounts in Millions Except Per Share Amounts) Reconciliation of Non-GAAP Measures
	Nine Months Ended March 31, 2022		Nine Months Ended March 31, 2021
	AS REPORTED (GAAP)		AS REPORTED (GAAP)		EARLY DEBT EXTINGUISHMENT		NON-GAAP (CORE)
NET EARNINGS ATTRIBUTABLE TO P&G	11,690		11,400		427		11,827
DILUTED NET EARNINGS PER COMMON SHARE (1)	$	4.59	$	4.37	$	0.16	$	4.53

(1) Diluted net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

CHANGE IN CURRENT YEAR REPORTED (GAAP) MEASURES VERSUS PRIOR YEAR NON-GAAP (CORE) MEASURES
CORE NET EARNINGS ATTRIBUTABLE TO P&G	(1)	%
CORE EPS	1	%

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in the Company’s exposure to market risk since June 30, 2021. Additional information can be found in Note 7 - Risk Management Activities and Fair Value Measurements of the Consolidated Financial Statements.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s President and Chief Executive Officer, Jon R. Moeller, and the Company’s Chief Financial Officer, Andre Schulten, performed an evaluation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (“Exchange Act”)) as of the end of the period covered by this report. Messrs. Moeller and Schulten have concluded that the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed in reports we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and (2) accumulated and communicated to our management, including Messrs. Moeller and Schulten, to allow their timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the Company’s fiscal quarter ended March 31, 2022 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company is 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 issues, patent and trademark matters, labor and employment matters and tax. In addition, SEC regulations require that we disclose certain environmental proceedings arising under Federal, State or local law when a governmental authority is a party and such proceeding involves potential monetary sanctions that the Company reasonably believes will exceed a certain threshold ($1 million or more).

There are no relevant matters to disclose under this Item for this period.

Item 1A. Risk Factors

For information on risk factors, please refer to "Risk Factors" in Part I, Item 1A of the Company's Form 10-K for the year ended June 30, 2021.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

ISSUER PURCHASES OF EQUITY SECURITIES

Period	Total Number of Shares Purchased (1)	Average Price Paid per Share (2)	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3)	Approximate Dollar Value of Shares That May Yet Be Purchased Under Our Share Repurchase Program
1/01/2022 - 1/31/2022	5,597,022	$160.80	5,597,022	(3)
2/01/2022 - 2/28/2022	—	—	—	(3)
3/01/2022 - 3/31/2022	2,323,360	$150.64	2,323,360	(3)
Total	7,920,382	$157.82	7,920,382

(1)All transactions are reported on a trade date basis and were made in the open market with large financial institutions. This table excludes shares withheld from employees to satisfy minimum tax withholding requirements on option exercises and other equity-based transactions. The Company administers cashless exercises through an independent third party and does not repurchase stock in connection with cashless exercises.

(2)Average price paid per share for open market transactions excludes commission.

(3)On April 20, 2022, the Company stated that in fiscal year 2022 the Company expects to reduce outstanding shares through direct share repurchases at a value of approximately $10 billion, notwithstanding any purchases under the Company's compensation and benefit plans. Purchases may be made in the open market and/or private transactions and purchases may be increased, decreased or discontinued at any time without prior notice. The share repurchases are authorized pursuant to a resolution issued by the Company's Board of Directors and are expected to be financed by a combination of operating cash flows and issuance of long-term and short-term debt.    

Item 6. Exhibits

3-1	Amended Articles of Incorporation (as amended by shareholders at the annual meeting on October 11, 2011 and consolidated by the Board of Directors on April 8, 2016) (Incorporated by reference to Exhibit (3-1) of the Company's Form 10-K for the year ended June 30, 2016).
3-2	Regulations (as approved by the Board of Directors on April 8, 2016, pursuant to authority granted by shareholders at the annual meeting on October 13, 2009) (Incorporated by reference to Exhibit (3-2) of the Company's Form 10-K for the year ended June 30, 2016).
4-1	Indenture, dated as of September 3, 2009, between the Company and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit (4-1) of the Company's Annual Report on Form 10-K for the year ended June 30, 2015).
10-1	Summary of the Company’s Short Term Achievement Reward Program* +
31.1	Rule 13a-14(a)/15d-14(a) Certification – Chief Executive Officer +
31.2	Rule 13a-14(a)/15d-14(a) Certification – Chief Financial Officer +
32.1	Section 1350 Certifications – Chief Executive Officer +
32.2	Section 1350 Certifications – Chief Financial Officer +
101.SCH (1)	Inline XBRL Taxonomy Extension Schema Document
101.CAL (1)	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF (1)	Inline XBRL Taxonomy Definition Linkbase Document
101.LAB (1)	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE (1)	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

*	Compensatory plan or arrangement
+	Filed herewith
(1)	Pursuant to Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 or 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

	THE PROCTER & GAMBLE COMPANY
April 20, 2022	/s/ MATTHEW W. JANZARUK
Date	(Matthew W. Janzaruk)
	Senior Vice President - Chief Accounting Officer (Principal Accounting Officer)

EXHIBIT INDEX

Exhibit
3-1	Amended Articles of Incorporation (as amended by shareholders at the annual meeting on October 11, 2011 and consolidated by the Board of Directors on April 8, 2016) (Incorporated by reference to Exhibit (3-1) of the Company's Form 10-K for the year ended June 30, 2016)
3-2	Regulations (as approved by the Board of Directors on April 8, 2016, pursuant to authority granted by shareholders at the annual meeting on October 13, 2009) (Incorporated by reference to Exhibit (3-2) of the Company's Form 10-K for the year ended June 30, 2016)
4-1	Indenture, dated as of September 3, 2009, between the Company and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit (4-1) of the Company's Annual Report on Form 10-K for the year ended June 30, 2015)
10-1	Summary of the Company’s Short Term Achievement Reward Program +
31.1	Rule 13a-14(a)/Rule 13a-14(a)/15d-14(a) Certification – Chief Executive Officer +
31.2	Rule 13a-14(a)/15d-14(a) Certification – Chief Financial Officer +
32.1	Section 1350 Certifications – Chief Executive Officer +
32.2	Section 1350 Certifications – Chief Financial Officer +
101.SCH (1)	Inline XBRL Taxonomy Extension Schema Document
101.CAL (1)	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF (1)	Inline XBRL Taxonomy Definition Linkbase Document
101.LAB (1)	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE (1)	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

+	Filed herewith
(1)	Pursuant to Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 or 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

EX-10.1

EXHIBIT (10-1)

Summary of the Company’s Short Term Achievement Reward Program

SHORT TERM ACHIEVEMENT REWARD PROGRAM

(Effective July 1, 2021)

The Short-Term Achievement Reward (“STAR”) Program is The Procter & Gamble Company’s (the “Company”) annual bonus program designed to motivate and reward employees for achieving outstanding short-term business results for the Company and its subsidiaries. STAR awards are made pursuant to authority delegated to the Compensation & Leadership Development Committee (the “C&LD Committee”) by the Board of Directors for awarding compensation to the Company’s principal officers and for making awards under the Procter & Gamble 2019 Stock and Incentive Compensation Plan (the “2019 Plan”) or any successor stock plan approved in accordance with applicable listing standards.

I. ELIGIBILITY

Employees at Band 2 or above and who worked at least 28 days (four calendar weeks) during the applicable fiscal year are eligible to participate. Eligible employees who do not work a full schedule (e.g., leaves of absence, disability, and less-than-full time schedules) in the fiscal year in which the award is payable may have awards pro-rated.

II. CALCULATION

The individual STAR Award is calculated as follows:

(STAR Target) x [ (Business Unit Performance Factor x 70% weighting) + (Total Company Performance Factor X 30% weighting) ]

•The STAR Target for each participant is calculated as:

(Base Salary) x (STAR Target percent) where Base Salary at the end of the applicable fiscal year is used to calculate the STAR award; except in cases where an employee has a reduction in salary during the fiscal year, in which case the salary would be prorated, or in cases where an employee becomes ineligible for the program during the fiscal year, in which case base salary as of the end of the STAR eligible level will be used. Generally, the STAR Target Percent is dependent on the individual’s position and level (Band) in the organization. The STAR Target percent for participants at Band 7 or above is set by the C&LD Committee. The STAR Target percent for all other participants is set by the Chief Executive Officer, with the concurrence of the Chief Human Resources Officer, pursuant to authority delegated to them by the C&LD Committee. If an individual’s position and/or level changes during a fiscal year, and that change results in a new STAR Target Percent, the STAR Target Percent is pro-rated according to the amount of time in each position/level during the fiscal year.

•The Business Unit Performance Factor is weighted at 70% and is based on the fiscal year success for the appropriate STAR business unit. The STAR business units are defined by the Chief Human Resources Officer and may consist of business categories, segments, geographies, functions, organizations or a combination of one or more of these items. The STAR business units will be defined within ninety (90) days of the beginning of the fiscal

year but may be adjusted as necessary to reflect business and/or organizational changes (e.g., reorganization, acquisition, merger, divestiture, etc.). The Business Unit Performance Factors can range from 0% to 200% with a target of 100%. In general, a committee consisting of at least two of the Chief Executive Officer, Chief Financial Officer, Chief Human Resources Officer and/or the Chief Operating Officer (the “STAR Committee”), conducts a comprehensive retrospective assessment of the fiscal year performance of each STAR business unit against previously established goals and relative to competition for one or more of the following measures: Operating Total Shareholder Return, After Tax Profit, Free Cash Flow Productivity, Value Share, Organic Sales, Internal controls, Accounts receivable, Inventory, Organization Head Self-Assessment, and Cross Organization Assessment. The STAR Committee makes a recommendation of an appropriate Business Unit Performance Factor to the C&LD Committee. There may also be other factors significantly affecting STAR business unit results positively or negatively which can be considered by the STAR Committee when making its recommendation. No member of the STAR Committee makes any recommendation or determination as to their own STAR award. As a result, there are certain instances in which a Business Unit Performance Factor recommendation to the C&LD Committee must be made exclusively by the Chief Executive Officer.

Business Unit leaders may then allocate the approved STAR Business Unit Factors among the divisions of the Business Unit to more closely align the STAR award with performance, so long as the total expenditure does not exceed that approved by the STAR Committee and no individual STAR award exceeds 200% of target.

•The Total Company Performance Factor is weighted at 30% and is based on the total Company’s success during the fiscal year and ranges from 0% to 200%, with a target of 100%. The same Total Company Performance Factor is applied to all STAR award calculations, regardless of STAR business unit. It is determined using a matrix which compares results against pre-established goals for fiscal year organic sales growth and core earnings per share (“EPS”) growth for the fiscal year. For participants who are members of the Global Leadership Council (GLC) at any time during the fiscal year, an ESG Factor will be applied to the Total Company Performance Factor. The ESG Factor will be based on an ESG scorecard approved by the C&LD Committee in the August meeting at the start of the fiscal year. Based on a retrospective assessment of final fiscal year results, a factor in the range of 80% - 120% will be assigned and multiplied by the Total Company Performance Factor to determine final awards. Application of the ESG Factor may not cause the final award to exceed the 200% of target maximum.

While the STAR Committee makes recommendations to the C&LD Committee regarding the Business Unit and Total Company performance factors to be applied to all STAR awards (except those for the STAR Committee members), only the final award amounts for principal officers are approved specifically by the C&LD Committee. The C&LD Committee has delegated the approval of STAR awards for other participants to the Chief Executive Officer. The C&LD Committee has discretion to use, increase or decrease the performance factors recommended by the STAR Committee and/or to choose not to pay STAR awards during a given year.

III. TIMING AND FORM

STAR awards are determined after the close of the fiscal year and are paid on or about September 15. The award form choices and relevant considerations are explained to participants annually. Participants receive written notice of their award detailing the calculation and grant letters for those employees who elect to receive awards in stock options

Generally, STAR awards are paid in cash. However, before the end of the calendar year preceding the award date, eligible participants can elect to receive their STAR award in forms other than cash. Alternatives to cash include stock options, stock appreciation rights (“SARs”), local deferral programs (depending on local regulations in some countries) and/or deferred compensation (for employees eligible to participate in the Executive Deferred Compensation Program). The number of stock options or SARs awarded to each employee will be determined on grant date by determining the USD value of the award chosen by the employee to be paid in stock options and dividing that value by the grant date GAAP expense of one stock option. The result will be rounded up to the nearest whole share. Any STAR award paid in stock options or other form of equity shall be awarded pursuant to this program and the terms and conditions of the 2019 Plan or any successor stock plan approved in accordance with applicable listing standards, as they may be revised from time to time. STAR awards paid in stock options or SARs will have the following terms unless otherwise approved by the C&LD Committee at grant:

Grant date will be the last business day on or before September 15. If the New York Stock Exchange is closed on the day of the grant, then the C&LD Committee will establish a grant date as soon as practical following the date previously specified. Provided participants remain in compliance with the terms and conditions set forth in the currently active Stock Plan and the Regulations, STAR stock options and SARs are not forfeitable, will become exercisable three years after the grant date, and will expire ten years after the grant date. In the event of death of the participant, the award becomes exercisable as of the date of death and the award remains exercisable until the Expiration Date. For awards granted in France or the United Kingdom, the consequences of death are determined by the local plan supplement, if applicable.

The option price used for any STAR Award will be the closing price for a share of Common Stock on the New York Stock Exchange on the grant date, or such higher price as may be specified in the French Addendum of the Regulations (the “Grant Price”).

IV. SEPARATION FROM THE COMPANY

•Retirement, Death or Special Separation Agreement: If a participant worked at least 28 days (4 calendar weeks) during the fiscal year, the STAR award is pro-rated by dividing the number of calendar days the participant was an “active employee” during the fiscal year by 365.

•Voluntary Resignation or Termination for cause: Separating employees must have been active employees as of June 30 or the last business day in June (the close of the fiscal year for which the award is payable) to receive an award.

•Separation due to a Company authorized divestiture: In the case of divestitures the CHRO is authorized to determine the appropriate STAR payout based on Business Unit factors either at Target or at projected or actual business results. The CHRO is also authorized to pay awards for the current or following partial fiscal year at time of divestiture close for administrative convenience.

Eligible participants who have left the Company will receive a cash payment (stock options can only be issued to active employees)on the same timing as STAR awards or as soon thereafter as possible.

V. CHANGE IN CONTROL

Notwithstanding the foregoing, if there is a Change in Control in any fiscal year, STAR awards will be calculated in accordance with Section II above, but each factor will be calculated for the period from the beginning of the fiscal year in which a Change in Control occurred up to and including the date of such Change in Control (“CIC Period”). “Change in Control” shall have the same meaning as defined in the 2019 Plan or any successor stock plan.

VI. GENERAL TERMS AND CONDITIONS

While any STAR award amount received by one individual for any year shall be considered as earned remuneration in addition to salary paid, it shall be understood that this plan does not give to any officer or employee any contract rights, express or implied, against any Company for any STAR award or for compensation in addition to the salary paid to him or her, or any right to question the action of the Board of Directors or the C&LD or STAR Committees.

The Chief Human Resources Officer or the Chief Legal Officer may withhold a STAR award for a separated employee who is discovered to have engaged in serious misconduct or actions detrimental to the Company’s interests. Each award to an individual at Band 7 and above, made pursuant to this plan, is subject to the Senior Executive Recoupment Policy as amended by the C&LD Committee in April 2018.

To the extent applicable, it is intended that STAR comply with the provisions of Section 409A. STAR will be administered and interpreted in a manner consistent with this intent. Neither a Participant nor any of a Participant’s creditors or beneficiaries will have the right to subject any deferred compensation (within the meaning of Section 409A) payable under STAR to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A, any deferred compensation (within the meaning of Section 409A) payable to a Participant under STAR may not be reduced by, or offset against, any amount owing by a Participant to the Company.

This program document may be amended at any time by the C&LD Committee.

EX-31.1

EXHIBIT 31.1

Rule 13a-14(a)/15d-14(a) Certifications

I, Jon R. Moeller, certify that:

(1)I have reviewed this quarterly report on Form 10-Q of The Procter & Gamble Company;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ JON R. MOELLER

(Jon R. Moeller)

President and Chief Executive Officer

April 20, 2022

Date

EX-31.2

EXHIBIT 31.2

Rule 13a-14(a)/15d-14(a) Certifications

I, Andre Schulten, certify that:

(1)I have reviewed this quarterly report on Form 10-Q of The Procter & Gamble Company;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ ANDRE SCHULTEN

(Andre Schulten)

Chief Financial Officer

April 20, 2022

Date

EX-32.1

EXHIBIT 32.1

Section 1350 Certifications

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of The Procter & Gamble Company (the “Company”) certifies to his knowledge that:

(1)The Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in that Form 10-Q fairly presents, in all material respects, the financial conditions and results of operations of the Company.

/s/ JON R. MOELLER

(Jon R. Moeller)

President and Chief Executive Officer

April 20, 2022

Date

A signed original of this written statement required by Section 906 has been provided to The Procter & Gamble Company and will be retained by The Procter & Gamble Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

EXHIBIT 32.2

Section 1350 Certifications

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of The Procter & Gamble Company (the “Company”) certifies to his knowledge that:

(1)The Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in that Form 10-Q fairly presents, in all material respects, the financial conditions and results of operations of the Company.

/s/ ANDRE SCHULTEN

(Andre Schulten)

Chief Financial Officer

April 20, 2022

Date

A signed original of this written statement required by Section 906 has been provided to The Procter & Gamble Company and will be retained by The Procter & Gamble Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

DOCUMENT AND ENTITY INFORMATION	9 Months Ended
	Mar. 31, 2022 shares
Entity Information [Line Items]
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	2,399,296,841
Entity Emerging Growth Company	false
Entity Central Index Key	0000080424
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	OH
Entity File Number	1-434
Entity Tax Identification Number	31-0411980
Entity Address, Address Line One	One Procter & Gamble Plaza
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Local Phone Number	983-1100
Document Transition Report	false
Document Quarterly Report	true
Document Type	10-Q
Document Period End Date	Mar. 31, 2022
Entity Registrant Name	PROCTER & GAMBLE CO
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Shell Company	false
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, without Par Value
Trading Symbol	PG
2.000% due 2022 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	2.000% Notes due 2022
Trading Symbol	PG22B
1.125% due 2023 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.125% Notes due 2023
Trading Symbol	PG23A
0.500% due 2024 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.500% Notes due 2024
Trading Symbol	PG24A
0.625% due 2024 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.625% Notes due 2024
Trading Symbol	PG24B
1.375% due 2025 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.375% Notes due 2025
Trading Symbol	PG25
0.110 due 2026 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.110% Notes due 2026
Trading Symbol	PG26D
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
1.200% due 2028 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.200% Notes due 2028
Trading Symbol	PG28
1.250% due 2029 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2029
Trading Symbol	PG29B
1.800% due 2029 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.800% Notes due 2029
Trading Symbol	PG29A
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
0.350% due 2030 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.350% Notes due 2030
Trading Symbol	PG30C
0.230% due 2031 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.230% Notes due 2031
Trading Symbol	PG31A
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
1.875% due 2038 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2038
Trading Symbol	PG38
0.900% due 2041 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.900% Notes due 2041
Trading Symbol	PG41
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

XML

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Net Sales		$ 19,381	$ 18,109	$ 60,672	$ 57,172
Cost of Products Sold		10,326	8,922	31,355	27,317
Selling, General and Administrative Expense		5,031	5,402	15,102	15,409
Operating Income		4,024	3,785	14,215	14,446
Interest Expense		(109)	(106)	(324)	(385)
Interest Income		9	11	30	30
Other Non-operating Income/(Loss), Net		147	187	424	(40)
Earnings/(Loss) from Continuing Operations Before Income Taxes		4,071	3,877	14,345	14,051
Income Taxes on Continuing Operations		704	628	2,610	2,607
Net Earnings		3,367	3,249	11,735	11,444
Net Income (Loss) Attributable to Noncontrolling Interest		12	(20)	45	44
Net Income (Loss) Attributable to Parent		$ 3,355	$ 3,269	$ 11,690	$ 11,400
Basic Net Earnings Per Common Share
Basic Net Earnings/(Loss) Per Common Share	[1],[2]	$ 1.37	$ 1.30	$ 4.76	$ 4.53
Diluted Net Earnings Per Common Share
Diluted Net Earnings/(Loss) Per Common Share	[1],[2]	$ 1.33	$ 1.26	$ 4.59	$ 4.37
Diluted Weighted Average Common Shares Outstanding		2,530.2	2,590.3	2,544.4	2,610.4

[1] Basic net earnings per share and Diluted net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

[2] Net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

XML

CONDOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Net Earnings	$ 3,367	$ 3,249	$ 11,735	$ 11,444
Foreign Currency Translation	23	(598)	(683)	639
Unrealized Gains/(Losses) on Investment Securities	0	5	7	19
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	89	194	968	24
Total Other Comprehensive Income (Loss), Net of Tax	112	(399)	292	682
Total Comprehensive Income/(Loss)	3,479	2,850	12,027	12,126
Less: Total Comprehensive Income Attributable to Noncontrolling Interest	8	(21)	41	50
Total Comprehensive Income/(Loss) Attributable to Procter & Gamble	$ 3,471	$ 2,871	$ 11,986	$ 12,076

XML

CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Mar. 31, 2022	Jun. 30, 2021
Current Assets
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 8,526	$ 10,288
Accounts Receivable	5,513	4,725
Inventories
Materials and Supplies	2,146	1,645
Work in Process	837	719
Finished Goods	4,118	3,619
Total Inventories	7,101	5,983
Prepaid Expenses and Other Current Assets	2,276	2,095
Total Current Assets	23,416	23,091
Property, Plant and Equipment, Net	21,323	21,686
Goodwill	40,710	40,924
Trademarks and Other Intangible Assets, Net	23,913	23,642
Other Noncurrent Assets	10,855	9,964
Total Assets	120,217	119,307
Current Liabilities
Accounts Payable	14,175	13,720
Accrued and Other Liabilities	10,324	10,523
Debt Due Within One Year	9,902	8,889
Total Current Liabilities	34,401	33,132
Long-Term Debt	23,767	23,099
Deferred Income Tax Liabilities, Net	6,543	6,153
Other Noncurrent Liabilities	9,760	10,269
Total Liabilities	74,471	72,653
Shareholders' Equity
Preferred Stock	$ 846	$ 870
Common Stock, Shares, Issued	4,009.2	4,009.2
Common Stock, Value, Issued	$ 4,009	$ 4,009
Additional Paid in Capital	65,614	64,848
Reserve For ESOP Debt Retirement	(916)	(1,006)
Accumulated Other Comprehensive Income/(Loss)	(13,448)	(13,744)
Treasury Stock	(122,272)	(114,973)
Retained Earnings	111,645	106,374
Noncontrolling Interest	268	276
Total Shareholders' Equity	45,746	46,654
Total Liabilities and Shareholders' Equity	$ 120,217	$ 119,307

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Reserve for ESOP Debt Retirement [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]
Common Stock, Shares, Outstanding, Beginning Balance at Jun. 30, 2020		2,479,746
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2020	$ 46,878	$ 4,009	$ 897	$ 64,194	$ (1,080)	$ (16,165)	$ (105,573)	$ 100,239	$ 357
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Earnings	11,444							11,400	44
Other Comprehensive Income (Loss), Net of Tax	$ 682					676			6
Common Stock, Dividends, Per Share, Cash Paid	$ 2.3721
Dividends, Common Stock	$ (5,887)							(5,887)
Dividends, Preferred Stock	(197)							(197)
Stock Repurchased During Period, Shares		(59,212)
Stock Repurchased During Period, Value	(8,009)						(8,009)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		24,945
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised	1,899			484			1,415
Stock Issued During Period, Shares, Conversion of Convertible Securities		2,754
Stock Issued During Period, Value, Conversion of Convertible Securities	0		(24)	(4)			(20)
ESOP Debt Impacts	193				74			119
Noncontrolling Interest, Period Increase (Decrease)	(84)								(84)
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2021		2,448,233
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2021	46,919	$ 4,009	873	64,682	(1,006)	(15,489)	(112,147)	105,674	323
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2020		2,462,476
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2020	48,540	$ 4,009	885	64,672	(1,072)	(15,091)	(109,583)	104,361	359
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Earnings	3,249							3,269	(20)
Other Comprehensive Income (Loss), Net of Tax	$ (399)					(398)			(1)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.7907
Dividends, Common Stock	$ (1,952)							(1,952)
Dividends, Preferred Stock	(65)							(65)
Stock Repurchased During Period, Shares		(23,085)
Stock Repurchased During Period, Value	(3,001)						(3,001)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		7,605
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised	435			8			427
Stock Issued During Period, Shares, Conversion of Convertible Securities		1,237
Stock Issued During Period, Value, Conversion of Convertible Securities	0		(12)	(2)			(10)
ESOP Debt Impacts	127				66			61
Noncontrolling Interest, Period Increase (Decrease)	(15)								(15)
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2021		2,448,233
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2021	46,919	$ 4,009	873	64,682	(1,006)	(15,489)	(112,147)	105,674	323
Common Stock, Shares, Outstanding, Beginning Balance at Jun. 30, 2021		2,429,706
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2021	46,654	$ 4,009	870	64,848	(1,006)	(13,744)	(114,973)	106,374	276
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Earnings	11,735							11,690	45
Other Comprehensive Income (Loss), Net of Tax	$ 292					296			(4)
Common Stock, Dividends, Per Share, Cash Paid	$ 2.6094
Dividends, Common Stock	$ (6,318)							(6,318)
Dividends, Preferred Stock	(208)							(208)
Stock Repurchased During Period, Shares		(58,695)
Stock Repurchased During Period, Value	(8,753)						(8,753)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		25,531
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised	2,198			764			1,434
Stock Issued During Period, Shares, Conversion of Convertible Securities		2,755
Stock Issued During Period, Value, Conversion of Convertible Securities	0		(24)	(4)			(20)
ESOP Debt Impacts	197				90			107
Noncontrolling Interest, Period Increase (Decrease)	(51)			(2)					(49)
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2022		2,399,297
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2022	45,746	$ 4,009	846	65,614	(916)	(13,448)	(122,272)	111,645	268
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2021		2,397,066
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2021	44,893	$ 4,009	856	65,432	(965)	(13,564)	(121,543)	110,393	275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Earnings	3,367							3,355	12
Other Comprehensive Income (Loss), Net of Tax	$ 112					116			(4)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.8698
Dividends, Common Stock	$ (2,092)							(2,092)
Dividends, Preferred Stock	(68)							(68)
Stock Repurchased During Period, Shares		(7,909)
Stock Repurchased During Period, Value	(1,249)						(1,249)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		9,108
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised	692			180			512
Stock Issued During Period, Shares, Conversion of Convertible Securities		1,032
Stock Issued During Period, Value, Conversion of Convertible Securities	0		(10)	(2)			(8)
ESOP Debt Impacts	106				49			57
Noncontrolling Interest, Period Increase (Decrease)	(15)			0					(15)
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2022		2,399,297
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2022	$ 45,746	$ 4,009	$ 846	$ 65,614	$ (916)	$ (13,448)	$ (122,272)	$ 111,645	$ 268

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		9 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Statement of Cash Flows [Abstract]
Cash, Cash Equivalent and Restricted Cash Beginning of Period		$ 10,288	$ 16,181
Operating Activities
Net Earnings		11,735	11,444
Depreciation and Amortization		2,085	2,025
Gain (Loss) on Extinguishment of Debt		0	512
Share-based Compensation Expense		398	398
Deferred Income Taxes		(259)	(167)
Gain (Loss) on Disposition of Assets		(84)	(15)
Changes In:
Accounts Receivable		(916)	(604)
Inventories		(1,252)	(399)
Accounts Payable, Accrued and Other Liabilities		1,347	1,049
Other Operating Assets and Liabilities		(131)	(92)
Other Noncash Expense		87	99
Total Operating Activities		13,010	14,250
Investing Activities
Payments to Acquire Property, Plant, and Equipment		(2,464)	(2,073)
Proceeds from Asset Sales		99	40
Payments for (Proceeds from) Businesses and Interest in Affiliates		(1,381)	0
Payments for (Proceeds from) Investments		4	(10)
Total Investing Activites		(3,742)	(2,043)
Financing Activities
Dividends to Shareholders		(6,508)	(6,066)
Proceeds from Short-term Debt, Maturing in More than Three Months		10,146	6,238
Repayments of Short-term Debt, Maturing in More than Three Months		(8,163)	(3,805)
Change in Short-term Debt		(849)	(5,814)
Proceeds from Issuance of Debt		4,385	2,429
Repayments of Long-term Debt	[1]	(2,776)	(4,889)
Treasury Stock Purchases		(8,753)	(8,009)
Impact of Stock Options and Other		1,800	1,470
Total Financing Activities		(10,718)	(18,446)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		(312)	65
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total		(1,762)	(6,174)
Cash, Cash Equivalents and Restricted Cash, End of Period		$ 8,526	$ 10,007

[1] Includes early extinguishment of debt costs of $512 during the nine months ended March 31, 2021.

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BASIS OF PRESENTATION	9 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Basis of PresentationThese statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. 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. Beginning in fiscal year 2022, the Company began to present increases and reductions in short-term debt with maturities of more than three months separately within the Consolidated Statements of Cash Flows. The presentation for the nine months ended March 31, 2021 has been revised to align with the current period presentation. This change had no impact on total financing activities, and we have concluded the change is not material.

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NEW ACCOUNTING PRONOUNCEMENTS AND POLICIES

9 Months Ended

Mar. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Accounting Standards Update and Change in Accounting Principle

New Accounting Pronouncements and Policies

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". The amendments provide optional expedients and exceptions for applying generally accepted accounting principles ("GAAP") to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. In January 2021, the FASB issued ASU No. 2021-01, "Reference Rate Reform (Topic 848): Scope", which clarified that certain optional expedients and exceptions in Topic 848 apply to derivative instruments that are affected by the discounting transition due to reference rate reform. These ASUs were effective upon issuance and may be applied prospectively to contract modifications and hedging relationships entered into or evaluated through December 31, 2022. We have completed our evaluation of significant contracts. Most contracts reviewed will mature prior to the termination of LIBOR or will be modified to apply a new reference rate, primarily the Secured Overnight Financing Rate ("SOFR") where applicable. As a result, the guidance has not had, and is not expected to have, a material impact on the Company's Consolidated Financial Statements.

In November 2021, the FASB issued ASU 2021-10, "Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance". This guidance requires annual disclosures for transactions with a government authority that are accounted for by applying a grant or contribution model. These amendments are effective for annual periods beginning after December 15, 2021, with early adoption permitted. We plan to adopt the standard for the fiscal year ending June 30, 2023. We are currently assessing the impact of this guidance on our Consolidated Financial Statements and disclosures.

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.

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SEGMENT INFORMATION

9 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Segment Information

Under U.S. GAAP, our operating segments are aggregated into five reportable segments: 1) Beauty, 2) Grooming, 3) Health Care, 4) Fabric & Home Care and 5) Baby, Feminine & Family Care. Our five reportable segments are comprised of:

•Beauty: Hair Care (Conditioners, Shampoos, Styling Aids, Treatments); Skin and Personal Care (Antiperspirants and Deodorants, Personal Cleansing, Skin Care);

•Grooming: 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 March 31		Nine Months Ended March 31
	2022	2021	2022	2021
Fabric Care	23%	23%	23%	22%
Home Care	12%	12%	11%	12%
Baby Care	11%	11%	10%	10%
Skin and Personal Care	9%	9%	10%	10%
Family Care	9%	9%	9%	9%
Hair Care	8%	9%	9%	9%
Oral Care	8%	8%	8%	8%
Shave Care	7%	7%	6%	7%
Feminine Care	6%	6%	6%	6%
Personal Health Care	6%	5%	6%	5%
Other	1%	1%	2%	2%
Total	100%	100%	100%	100%

(1)% of Net sales by operating segment excludes sales held in Corporate.

The following is a summary of reportable segment results:

		Three Months Ended March 31						Nine Months Ended March 31
		Net Sales		Earnings/(Loss) Before Income Taxes		Net Earnings		Net Sales		Earnings/(Loss) Before Income Taxes		Net Earnings
Beauty	2022	$	3,389	$	792	$	644	$	11,279	$	3,213	$	2,582
	2021	3,316		721		577		10,907		3,145		2,508
Grooming	2022	1,481		353		290		4,979		1,447		1,183
	2021	1,438		314		256		4,774		1,277		1,063
Health Care	2022	2,662		625		485		8,314		2,225		1,715
	2021	2,356		484		377		7,573		1,993		1,557
Fabric & Home Care	2022	6,699		1,275		969		20,680		4,284		3,297
	2021	6,275		1,348		1,027		19,417		4,689		3,626
Baby, Feminine & Family Care	2022	4,935		1,091		836		14,915		3,353		2,576
	2021	4,604		1,133		871		14,185		3,803		2,924
Corporate	2022	215		(65)		143		505		(177)		382
	2021	120		(123)		141		316		(856)		(234)
Total Company	2022	$	19,381	$	4,071	$	3,367	$	60,672	$	14,345	$	11,735
	2021	18,109		3,877		3,249		57,172		14,051		11,444

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GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Other Intangible Assets

Goodwill is allocated by reportable segment as follows:

	Beauty		Grooming		Health Care		Fabric & Home Care		Baby, Feminine & Family Care		Total Company
Goodwill at June 30, 2021	$	13,257	$	13,095	$	8,046	$	1,873	$	4,653	$	40,924
Acquisitions and divestitures	770		—		1		—		—		771
Translation and other	(368)		(257)		(216)		(32)		(112)		(985)
Goodwill at March 31, 2022	$	13,659	$	12,838	$	7,831	$	1,841	$	4,541	$	40,710

Goodwill decreased from June 30, 2021 due to currency translation, partially offset by three acquisitions (Farmacy Beauty, Ouai and TULA) in the Beauty reportable segment.

Identifiable intangible assets at March 31, 2022 were comprised of:

	Gross Carrying Amount		Accumulated Amortization
Intangible assets with determinable lives	$	9,147	$	(6,262)
Intangible assets with indefinite lives	21,028		—
Total identifiable intangible assets	$	30,175	$	(6,262)

Intangible assets with determinable lives consist of brands, patents, technology and customer relationships. The intangible assets with indefinite lives primarily consist of brands. The amortization expense of determinable-lived intangible assets for the three months ended March 31, 2022 and 2021 was $79 and $78, respectively. For the nine months ended March 31, 2022 and 2021, the amortization expense was $230 and $241, respectively.

Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment by comparing the estimated fair values of our reporting units and underlying indefinite-lived intangible assets to their respective carrying values. We typically use an income method to estimate the fair value of these assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. If the resulting fair value is less than the asset's carrying value, that difference represents an impairment. Our annual impairment testing for goodwill and indefinite-lived intangible assets occurs during the three months ended December 31.

The business unit valuations used to test goodwill and intangible assets for impairment depend 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 rates, tax rates or future cash flow projections, could result in significantly different estimates of the fair values. To the extent changes in such factors result in a failure to achieve the level of projected cash flows initially used to estimate fair value for purposes of establishing or subsequently impairing the carrying amount of goodwill and related intangible assets, we may need to record non-cash impairment charges in the future.

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 three times their underlying carrying values. Certain of our reporting units, in particular Shave Care and Appliances, are comprised entirely of acquired businesses and as a result, have historically had fair value cushions that are not as high. The Appliances reporting unit has a fair value that significantly exceeds the underlying carrying value. As previously disclosed, the carrying values of the Shave Care reporting unit and the related Gillette indefinite-lived intangible asset were impaired during the quarter ended June 30, 2019. Based on our impairment testing during the three months ended December 31, 2021, the Shave Care reporting unit fair value exceeded its carrying value by more than 30% and the Gillette indefinite-lived intangible asset fair value exceeded its carrying value by approximately 5%.

The most significant assumptions utilized in the determination of the estimated fair values of the Shave Care reporting unit and the Gillette indefinite-lived intangible asset are the net sales and earnings growth rates (including residual growth rates), the discount rate and the royalty rate. The residual growth rates represent the expected rate at which the Shave Care 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 depends on overall market growth rates, the competitive environment, inflation, relative currency exchange rates and business activities that impact market share. As a result, the residual growth rate could be adversely impacted by a sustained deceleration in category growth, grooming habit changes, devaluation of currencies against the U.S. dollar or an increased competitive environment. The discount rate, which is consistent with a weighted average

cost of capital that is likely to be expected by a market participant, is based upon industry required rates of return, including consideration of both debt and equity components of the capital structure. Our discount rate may be impacted by adverse changes in the macroeconomic environment, volatility in the equity and debt markets or other country specific factors, such as further devaluation of currencies against the U.S. dollar. Spot rates as of the fair value measurement date are utilized in our fair value estimates for cash flows outside the U.S. The royalty rate used to determine the estimated fair value for the Gillette indefinite-lived intangible asset is driven by historical and estimated future profitability of the underlying Gillette business. The royalty rate may be impacted by significant adverse changes in long-term operating margins.

While management 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 Shave Care reporting unit's goodwill and Gillette indefinite-lived intangible asset. The duration and severity of the pandemic could also result in future impairment charges for the Shave Care reporting unit goodwill and the Gillette indefinite-lived intangible asset. While we have concluded that no triggering event has occurred during the quarter ended March 31, 2022, the Gillette indefinite-lived intangible asset is most susceptible to future impairment risk. Our assessment of the Gillette indefinite-lived intangible asset assumes the net sales growth rates will continue to recover from the impact of the COVID-19 pandemic during the current fiscal year. There continues to be a high level of uncertainty relating to how the pandemic will evolve, how governments and consumers will react, progress on the distribution of vaccines and whether the pandemic will have a longer-term effect on consumer habits. Accordingly, there continues to be risk related to this key assumption. A more prolonged pandemic recovery period could impact the assumptions utilized in the determination of the estimated fair values of the Shave Care reporting unit and the Gillette indefinite-lived intangible asset that are significant enough to trigger an impairment. Net sales and earnings growth rates could be negatively impacted by reductions or changes in demand for our Shave Care products, which may be caused by, among other things: the Russia-Ukraine War, the temporary inability of consumers to purchase our products due to illness, quarantine or other travel restrictions, or financial hardship, changes in the use and frequency of grooming products, by shifts in demand away from one or more of our higher priced products to lower priced products or by impacts of potential supply chain constraints. In addition, relative global and country/regional macroeconomic factors, including the Russia-Ukraine War, could result in additional and prolonged devaluation of other countries’ currencies relative to the U.S. dollar. Finally, the discount rate utilized in our valuation model could be impacted by changes in the underlying interest rates and risk premiums included in the determination of the cost of capital. As of March 31, 2022, the carrying values of the Shave Care goodwill and the Gillette indefinite-lived intangible asset were $12.5 billion and $14.1 billion, respectively.

We performed a sensitivity analysis for the Shave Care reporting unit and the Gillette indefinite-lived intangible asset as part of our annual impairment testing, utilizing reasonably possible changes in the assumptions for the shorter-term and residual growth rates, discount rate and royalty rate to demonstrate the potential impacts to estimated fair values. The table below provides, in isolation, the estimated fair value impacts related to a 25 basis-point increase in the discount rate, a 25 basis-point decrease in our shorter-term and residual revenue growth rates or a 50 basis-point decrease in our royalty rate, some of which would result in an impairment of the Gillette indefinite-lived intangible asset.

	Approximate Percent Change in Estimated Fair Value
	+25 bps Discount Rate	-25 bps Growth Rates	-50 bps Royalty Rate
Shave Care goodwill reporting unit	(6)%	(6)%	N/A
Gillette indefinite-lived intangible asset	(6)%	(6)%	(3)%

In light of the Russia-Ukraine War, we performed an additional sensitivity analysis for the Shave Care reporting unit and the Gillette indefinite-lived intangible asset for a range of outcomes, including reduced future cash flows and no future cash flows in Ukraine and Russia. Under these scenarios, the Shave Care reporting unit fair value continued to exceed its carrying value by approximately 30% and the Gillette indefinite-lived intangible asset’s fair value exceeded or approximated its carrying value. However, if the impact of the war were to extend beyond its current scope, there could be a triggering event for the Gillette indefinite-lived intangible asset that may cause us to perform an additional impairment assessment for that asset in a future period that may result in an impairment charge.

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EARNINGS PER SHARE

9 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings Per Share

Basic net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble less preferred dividends by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble by the diluted weighted average number of common shares outstanding during the period. The diluted shares include the dilutive effect of stock options and other stock-based awards based on the treasury stock method and the assumed conversion of preferred stock.

Net earnings per share were calculated as follows:

CONSOLIDATED AMOUNTS	Three Months Ended March 31				Nine Months Ended March 31
	2022		2021		2022		2021
Net earnings	$	3,367	$	3,249	$	11,735	$	11,444
Less: Net earnings/(loss) attributable to noncontrolling interests	12		(20)		45		44
Net earnings attributable to P&G (Diluted)	3,355		3,269		11,690		11,400
Less: Preferred dividends	68		65		208		197
Net earnings attributable to P&G available to common shareholders (Basic)	$	3,287	$	3,204	$	11,482	$	11,203
SHARES IN MILLIONS
Basic weighted average common shares outstanding	2,400.5		2,459.1		2,414.0		2,473.7
Add: Effect of dilutive securities
Convertible preferred shares (1)	78.9		82.3		79.7		83.1
Stock options and other unvested equity awards (2)	50.8		48.9		50.7		53.6
Diluted weighted average common shares outstanding	2,530.2		2,590.3		2,544.4		2,610.4
NET EARNINGS PER SHARE (3)
Basic	$	1.37	$	1.30	$	4.76	$	4.53
Diluted	$	1.33	$	1.26	$	4.59	$	4.37

(1)An overview of preferred shares can be found in our Annual Report on Form 10-K for the year ended June 30, 2021.

(2)Excludes 5 million and 12 million for the three months ended March 31, 2022 and 2021, respectively, and 11 million and 8 million for the nine months ended March 31, 2022 and 2021, respectively, of weighted average stock options outstanding because the exercise price of these options was greater than their average market value or their effect was antidilutive.

(3)Net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

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SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS

9 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Compensation and Employee Benefit Plans [Text Block]

Share-Based Compensation and Postretirement Benefits

The following table provides a summary of our share-based compensation expense and postretirement benefit costs:

	Three Months Ended March 31				Nine Months Ended March 31
	2022		2021		2022		2021
Share-based compensation expense	$	130	$	144	$	398	$	398
Net periodic benefit cost for pension benefits	47		48		143		141
Net periodic benefit credit for other retiree benefits	(126)		(80)		(348)		(240)

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RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS

9 Months Ended

Mar. 31, 2022

Risk Management Activities and Fair Value Measurements [Abstract]

Risk Management And Fair Value [Text Block]

Risk Management Activities and Fair Value Measurements

As a multinational company with diverse product offerings, we are exposed to market risks, such as changes in interest rates, currency exchange rates and commodity prices. There have been no significant changes in our risk management policies or activities during the nine months ended March 31, 2022.

The Company has not changed its valuation techniques used in measuring the fair value of any financial assets and liabilities during the period. The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each quarter. There were no transfers between levels during the periods presented. Also, there was no significant activity within the Level 3 assets and liabilities during the periods presented. There were no significant assets or liabilities that were remeasured at fair value on a non-recurring basis for the nine months ended March 31, 2022.

Cash equivalents were $7.0 billion and $9.1 billion as of March 31, 2022 and June 30, 2021, respectively, and are classified as Level 1 within the fair value hierarchy. Other investments had a fair value of $153 and $192 as of March 31, 2022 and June 30, 2021, respectively, including equity securities of $126 and $163 as of March 31, 2022 and June 30, 2021, respectively, and are presented in Other noncurrent assets. Investments are measured at fair value and primarily classified as Level 1 and Level 2 within the fair value hierarchy. Level 1 are based on quoted market prices in active markets for identical assets, and Level 2 are based on quoted market prices for similar instruments. There are no material investment balances classified as Level 3 within the fair value hierarchy or using net asset value as a practical expedient. Unrealized losses on equity securities were $(4) during the three months ended March 31, 2022. Unrealized gains on equity securities were $58 during the three months ended March 31, 2021. Unrealized losses on equity securities were $(36) during the nine months ended March 31, 2022. Unrealized gains on equity securities were $58 during the nine months ended March 31, 2021. These unrealized gains/(losses) are recognized in the Consolidated Statements of Earnings in Other non-operating income/(expense), net.

The fair value of long-term debt was $27.8 billion and $28.8 billion as of March 31, 2022 and June 30, 2021, respectively. This includes the current portion of long-term debt instruments ($3.6 billion as of March 31, 2022 and June 30, 2021). 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 March 31, 2022 and June 30, 2021 are as follows:

	Notional Amount				Fair Value Asset				Fair Value (Liability)
	March 31, 2022		June 30, 2021		March 31, 2022		June 30, 2021		March 31, 2022		June 30, 2021
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts	$	5,241	$	7,415	$	15	$	146	$	(182)	$	—
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Foreign currency interest rate contracts	$	8,428	$	8,484	$	359	$	89	$	(10)	$	(94)
TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS	$	13,669	$	15,899	$	374	$	235	$	(192)	$	(94)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts	$	6,916	$	5,060	$	31	$	20	$	(26)	$	(22)
TOTAL DERIVATIVES AT FAIR VALUE	$	20,585	$	20,959	$	405	$	255	$	(218)	$	(116)

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 $5.1 billion and $7.5 billion as of March 31, 2022 and June 30, 2021, 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 $12.2 billion and $12.0 billion as of March 31, 2022 and June 30, 2021, respectively. The decrease in the notional balance of interest rate contracts was primarily due to the maturity of interest rate swaps that were associated with multiple bonds maturing in the period. The increase in the notional balance of foreign currency contracts not designated as hedging instruments primarily reflects changes in the level of intercompany financing activity during the period.

All derivative assets are presented in Prepaid expenses and other current assets or Other noncurrent assets. All derivative liabilities are presented in Accrued and other liabilities or Other noncurrent liabilities. Changes in the fair value of net investment hedges are recognized in the Foreign currency translation component of Other comprehensive income (OCI). All of the Company's derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy.

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 March 31				Nine Months Ended March 31
	2022		2021		2022		2021
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2)
Foreign exchange contracts	$	104	$	393	$	530	$	(145)

(1)For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $18 and $15 for the three months ended March 31, 2022 and 2021, respectively. The amount of gain excluded from effectiveness testing was $50 and $45 for the nine months ended March 31, 2022 and 2021, respectively.

(2)In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The amount of gain recognized in Accumulated other comprehensive income (AOCI) for such instruments was $237 and $509 for the three months ended March 31, 2022 and 2021, respectively. The amount of gain/(loss) recognized in AOCI for such instruments was $804 and $(732) for the nine months ended March 31, 2022 and 2021, respectively.

	Amount of Gain/(Loss) Recognized in Earnings
	Three Months Ended March 31				Nine Months Ended March 31
	2022		2021		2022		2021
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts	$	(216)	$	(100)	$	(313)	$	(95)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts	$	(2)	$	(87)	$	28	$	221

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).

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Mar. 31, 2022

Statement of Comprehensive Income [Abstract]

Comprehensive Income (Loss) Note [Text Block]

Accumulated Other Comprehensive Income/(Loss)

The table below presents the changes in Accumulated other comprehensive income/(loss) attributable to Procter & Gamble (AOCI), including the reclassifications out of AOCI by component:

	Investment Securities		Post-retirement Benefits		Foreign Currency Translation		Total AOCI
Balance at June 30, 2021	$	15	$	(2,963)	$	(10,796)	$	(13,744)
OCI before reclassifications (1)	6		812		(683)		135
Amounts reclassified from AOCI into the Consolidated Statements of Earnings (2)	1		156				157
Net current period OCI	7		968		(683)		292
Less: Other comprehensive income/(loss) attributable to non-controlling interests	—		—		(4)		(4)
Balance at March 31, 2022	$	22	$	(1,995)	$	(11,475)	$	(13,448)

(1)Net of tax expense of $1, $257 and $314 for gains/losses on investment securities, postretirement benefit items and foreign currency translation, respectively. Income tax effects within foreign currency translation include impacts from items such as net investment hedge transactions. Foreign cumulative translation is not adjusted for income taxes related to permanent investments in international subsidiaries.

(2)Net of tax expense of $0, $55 and $0 for gains/losses on investment securities, postretirement 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.

•Postretirement benefits: amounts reclassified from AOCI into Other non-operating income, net and included in the computation of net periodic postretirement costs.

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COMMITMENTS AND CONTINGENCIES

9 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Commitments and Contingencies

Litigation

We are subject, from time to time, to certain legal proceedings and claims arising out of our business, which cover a wide range of matters, including antitrust and trade regulation, product liability, advertising, contracts, environmental, patent and trademark matters, labor and employment matters and tax. While considerable uncertainty exists, in the opinion of management and our counsel, the ultimate resolution of the various lawsuits and claims will not materially affect our financial position, results of operations or cash flows.

We are also subject to contingencies pursuant to environmental laws and regulations that in the future may require us to take action to correct the effects on the environment of prior manufacturing and waste disposal practices. Based on currently available information, we do not believe the ultimate resolution of environmental remediation will materially affect our financial position, results of operations or cash flows.

Income Tax Uncertainties

The Company is present in approximately 70 countries and over 150 taxable jurisdictions and, at any point in time, has 40–50 jurisdictional audits underway at various stages of completion. We evaluate our tax positions and establish liabilities for uncertain tax positions that may be challenged by local authorities and may not be fully sustained, despite our belief that the underlying tax positions are fully supportable. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances, including progress of tax audits, developments in case law and closing of statutes of limitations. Such adjustments are reflected in the tax provision as appropriate. We have tax years open ranging from 2010 and forward. We are generally not able to reliably estimate the ultimate settlement amounts until the close of an audit. Based on information currently available, we anticipate that over the next 12 month period, audit activity could be completed related to uncertain tax positions in multiple jurisdictions for which we have accrued existing liabilities of less than $10, 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, 2021.

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Segment Reporting (Tables)

9 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Our operating segments are comprised of similar product categories. Operating segments that individually accounted for 5% or more of consolidated net sales are as follows:

	% of Net sales by operating segment (1)
	Three Months Ended March 31		Nine Months Ended March 31
	2022	2021	2022	2021
Fabric Care	23%	23%	23%	22%
Home Care	12%	12%	11%	12%
Baby Care	11%	11%	10%	10%
Skin and Personal Care	9%	9%	10%	10%
Family Care	9%	9%	9%	9%
Hair Care	8%	9%	9%	9%
Oral Care	8%	8%	8%	8%
Shave Care	7%	7%	6%	7%
Feminine Care	6%	6%	6%	6%
Personal Health Care	6%	5%	6%	5%
Other	1%	1%	2%	2%
Total	100%	100%	100%	100%

(1)% of Net sales by operating segment excludes sales held in Corporate.

The following is a summary of reportable segment results:

		Three Months Ended March 31						Nine Months Ended March 31
		Net Sales		Earnings/(Loss) Before Income Taxes		Net Earnings		Net Sales		Earnings/(Loss) Before Income Taxes		Net Earnings
Beauty	2022	$	3,389	$	792	$	644	$	11,279	$	3,213	$	2,582
	2021	3,316		721		577		10,907		3,145		2,508
Grooming	2022	1,481		353		290		4,979		1,447		1,183
	2021	1,438		314		256		4,774		1,277		1,063
Health Care	2022	2,662		625		485		8,314		2,225		1,715
	2021	2,356		484		377		7,573		1,993		1,557
Fabric & Home Care	2022	6,699		1,275		969		20,680		4,284		3,297
	2021	6,275		1,348		1,027		19,417		4,689		3,626
Baby, Feminine & Family Care	2022	4,935		1,091		836		14,915		3,353		2,576
	2021	4,604		1,133		871		14,185		3,803		2,924
Corporate	2022	215		(65)		143		505		(177)		382
	2021	120		(123)		141		316		(856)		(234)
Total Company	2022	$	19,381	$	4,071	$	3,367	$	60,672	$	14,345	$	11,735
	2021	18,109		3,877		3,249		57,172		14,051		11,444

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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

Goodwill is allocated by reportable segment as follows:

	Beauty		Grooming		Health Care		Fabric & Home Care		Baby, Feminine & Family Care		Total Company
Goodwill at June 30, 2021	$	13,257	$	13,095	$	8,046	$	1,873	$	4,653	$	40,924
Acquisitions and divestitures	770		—		1		—		—		771
Translation and other	(368)		(257)		(216)		(32)		(112)		(985)
Goodwill at March 31, 2022	$	13,659	$	12,838	$	7,831	$	1,841	$	4,541	$	40,710

Schedule of Intangible Assets and Goodwill [Table Text Block]

Identifiable intangible assets at March 31, 2022 were comprised of:

	Gross Carrying Amount		Accumulated Amortization
Intangible assets with determinable lives	$	9,147	$	(6,262)
Intangible assets with indefinite lives	21,028		—
Total identifiable intangible assets	$	30,175	$	(6,262)

Schedule of Potential Impacts to Estimated Fair Values [Table Text Block]

The table below provides, in isolation, the estimated fair value impacts related to a 25 basis-point increase in the discount rate, a 25 basis-point decrease in our shorter-term and residual revenue growth rates or a 50 basis-point decrease in our royalty rate, some of which would result in an impairment of the Gillette indefinite-lived intangible asset.

	Approximate Percent Change in Estimated Fair Value
	+25 bps Discount Rate	-25 bps Growth Rates	-50 bps Royalty Rate
Shave Care goodwill reporting unit	(6)%	(6)%	N/A
Gillette indefinite-lived intangible asset	(6)%	(6)%	(3)%

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EARNINGS PER SHARE (Tables)

9 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Net earnings per share were calculated as follows:

CONSOLIDATED AMOUNTS	Three Months Ended March 31				Nine Months Ended March 31
	2022		2021		2022		2021
Net earnings	$	3,367	$	3,249	$	11,735	$	11,444
Less: Net earnings/(loss) attributable to noncontrolling interests	12		(20)		45		44
Net earnings attributable to P&G (Diluted)	3,355		3,269		11,690		11,400
Less: Preferred dividends	68		65		208		197
Net earnings attributable to P&G available to common shareholders (Basic)	$	3,287	$	3,204	$	11,482	$	11,203
SHARES IN MILLIONS
Basic weighted average common shares outstanding	2,400.5		2,459.1		2,414.0		2,473.7
Add: Effect of dilutive securities
Convertible preferred shares (1)	78.9		82.3		79.7		83.1
Stock options and other unvested equity awards (2)	50.8		48.9		50.7		53.6
Diluted weighted average common shares outstanding	2,530.2		2,590.3		2,544.4		2,610.4
NET EARNINGS PER SHARE (3)
Basic	$	1.37	$	1.30	$	4.76	$	4.53
Diluted	$	1.33	$	1.26	$	4.59	$	4.37

(1)An overview of preferred shares can be found in our Annual Report on Form 10-K for the year ended June 30, 2021.

(2)Excludes 5 million and 12 million for the three months ended March 31, 2022 and 2021, respectively, and 11 million and 8 million for the nine months ended March 31, 2022 and 2021, respectively, of weighted average stock options outstanding because the exercise price of these options was greater than their average market value or their effect was antidilutive.

(3)Net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

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SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS (Tables)

9 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Compensation and Employee Benefit Plans [Table Text Block]

The following table provides a summary of our share-based compensation expense and postretirement benefit costs:

	Three Months Ended March 31				Nine Months Ended March 31
	2022		2021		2022		2021
Share-based compensation expense	$	130	$	144	$	398	$	398
Net periodic benefit cost for pension benefits	47		48		143		141
Net periodic benefit credit for other retiree benefits	(126)		(80)		(348)		(240)

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RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Mar. 31, 2022

Risk Management Activities and Fair Value Measurements [Abstract]

Schedule of Derivative Instruments [Table Text Block]

The notional amounts and fair values of financial instruments used in hedging transactions as of March 31, 2022 and June 30, 2021 are as follows:

	Notional Amount				Fair Value Asset				Fair Value (Liability)
	March 31, 2022		June 30, 2021		March 31, 2022		June 30, 2021		March 31, 2022		June 30, 2021
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts	$	5,241	$	7,415	$	15	$	146	$	(182)	$	—
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Foreign currency interest rate contracts	$	8,428	$	8,484	$	359	$	89	$	(10)	$	(94)
TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS	$	13,669	$	15,899	$	374	$	235	$	(192)	$	(94)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts	$	6,916	$	5,060	$	31	$	20	$	(26)	$	(22)
TOTAL DERIVATIVES AT FAIR VALUE	$	20,585	$	20,959	$	405	$	255	$	(218)	$	(116)

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 March 31				Nine Months Ended March 31
	2022		2021		2022		2021
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2)
Foreign exchange contracts	$	104	$	393	$	530	$	(145)

(1)For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $18 and $15 for the three months ended March 31, 2022 and 2021, respectively. The amount of gain excluded from effectiveness testing was $50 and $45 for the nine months ended March 31, 2022 and 2021, respectively.

(2)In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The amount of gain recognized in Accumulated other comprehensive income (AOCI) for such instruments was $237 and $509 for the three months ended March 31, 2022 and 2021, respectively. The amount of gain/(loss) recognized in AOCI for such instruments was $804 and $(732) for the nine months ended March 31, 2022 and 2021, respectively.

Derivative Instruments, Gain (Loss) [Table Text Block]

	Amount of Gain/(Loss) Recognized in Earnings
	Three Months Ended March 31				Nine Months Ended March 31
	2022		2021		2022		2021
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts	$	(216)	$	(100)	$	(313)	$	(95)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts	$	(2)	$	(87)	$	28	$	221

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Mar. 31, 2022

Statement of Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The table below presents the changes in Accumulated other comprehensive income/(loss) attributable to Procter & Gamble (AOCI), including the reclassifications out of AOCI by component:

	Investment Securities		Post-retirement Benefits		Foreign Currency Translation		Total AOCI
Balance at June 30, 2021	$	15	$	(2,963)	$	(10,796)	$	(13,744)
OCI before reclassifications (1)	6		812		(683)		135
Amounts reclassified from AOCI into the Consolidated Statements of Earnings (2)	1		156				157
Net current period OCI	7		968		(683)		292
Less: Other comprehensive income/(loss) attributable to non-controlling interests	—		—		(4)		(4)
Balance at March 31, 2022	$	22	$	(1,995)	$	(11,475)	$	(13,448)

(1)Net of tax expense of $1, $257 and $314 for gains/losses on investment securities, postretirement benefit items and foreign currency translation, respectively. Income tax effects within foreign currency translation include impacts from items such as net investment hedge transactions. Foreign cumulative translation is not adjusted for income taxes related to permanent investments in international subsidiaries.

(2)Net of tax expense of $0, $55 and $0 for gains/losses on investment securities, postretirement benefit items and foreign currency translation, respectively.

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SEGMENT INFORMATION - SALES (Details)		3 Months Ended		9 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
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%	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%	23.00%	22.00%
Home Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	12.00%	12.00%	11.00%	12.00%
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%	11.00%	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]	9.00%	9.00%	10.00%	10.00%
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%	9.00%	9.00%
Hair Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	8.00%	9.00%	9.00%	9.00%
Oral Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	8.00%	8.00%	8.00%	8.00%
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%	7.00%	6.00%	7.00%
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%	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]	6.00%	5.00%	6.00%	5.00%
All Other [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	1.00%	1.00%	2.00%	2.00%

[1] % of Net sales by operating segment excludes sales held in Corporate.

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SEGMENT INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net Sales	$ 19,381	$ 18,109	$ 60,672	$ 57,172
Earnings/(Loss) from Continuing Operations Before Income Taxes	4,071	3,877	14,345	14,051
Net Earnings/(Loss) from Continuing Operations	3,367	3,249	11,735	11,444
Beauty
Segment Reporting Information [Line Items]
Net Sales	3,389	3,316	11,279	10,907
Earnings/(Loss) from Continuing Operations Before Income Taxes	792	721	3,213	3,145
Net Earnings/(Loss) from Continuing Operations	644	577	2,582	2,508
Grooming
Segment Reporting Information [Line Items]
Net Sales	1,481	1,438	4,979	4,774
Earnings/(Loss) from Continuing Operations Before Income Taxes	353	314	1,447	1,277
Net Earnings/(Loss) from Continuing Operations	290	256	1,183	1,063
Health Care
Segment Reporting Information [Line Items]
Net Sales	2,662	2,356	8,314	7,573
Earnings/(Loss) from Continuing Operations Before Income Taxes	625	484	2,225	1,993
Net Earnings/(Loss) from Continuing Operations	485	377	1,715	1,557
Fabric and Home Care
Segment Reporting Information [Line Items]
Net Sales	6,699	6,275	20,680	19,417
Earnings/(Loss) from Continuing Operations Before Income Taxes	1,275	1,348	4,284	4,689
Net Earnings/(Loss) from Continuing Operations	969	1,027	3,297	3,626
Baby, Feminine & Family Care
Segment Reporting Information [Line Items]
Net Sales	4,935	4,604	14,915	14,185
Earnings/(Loss) from Continuing Operations Before Income Taxes	1,091	1,133	3,353	3,803
Net Earnings/(Loss) from Continuing Operations	836	871	2,576	2,924
Corporate
Segment Reporting Information [Line Items]
Net Sales	215	120	505	316
Earnings/(Loss) from Continuing Operations Before Income Taxes	(65)	(123)	(177)	(856)
Net Earnings/(Loss) from Continuing Operations	$ 143	$ 141	$ 382	$ (234)

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GOODWILL AND OTHER INTANGIBLE ASSETS - CHANGE IN THE NET CARRYING AMOUNT OF GOODWILL BY GLOBAL BUSINESS UNIT (Details) $ in Millions	9 Months Ended
	Mar. 31, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill at June 30, 2021	$ 40,924
Goodwill, Acquisitions and Divestitures	771
Goodwill, Translation and Other	(985)
Goodwill at March 31, 2022	40,710
Beauty
Goodwill [Roll Forward]
Goodwill at June 30, 2021	13,257
Goodwill, Acquisitions and Divestitures	770
Goodwill, Translation and Other	(368)
Goodwill at March 31, 2022	13,659
Grooming
Goodwill [Roll Forward]
Goodwill at June 30, 2021	13,095
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	(257)
Goodwill at March 31, 2022	12,838
Health Care
Goodwill [Roll Forward]
Goodwill at June 30, 2021	8,046
Goodwill, Acquisitions and Divestitures	1
Goodwill, Translation and Other	(216)
Goodwill at March 31, 2022	7,831
Fabric & Home Care
Goodwill [Roll Forward]
Goodwill at June 30, 2021	1,873
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	(32)
Goodwill at March 31, 2022	1,841
Baby, Feminine & Family Care
Goodwill [Roll Forward]
Goodwill at June 30, 2021	4,653
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	(112)
Goodwill at March 31, 2022	$ 4,541

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GOODWILL AND OTHER INTANGIBLE ASSETS - IDENTIFIABLE INTANGIBLE ASSETS (Details) $ in Millions	Mar. 31, 2022 USD ($)
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 30,175
Accumulated Amortization	(6,262)
Intangible Assets with Indefinite Lives
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,028
Accumulated Amortization	0
Intangible Assets with Determinable Lives
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,147
Accumulated Amortization	$ (6,262)

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GOODWILL AND OTHER INTANGIBLE ASSETS - FAIR VALUE SENSITIVITY (Details)	Mar. 31, 2022
Intangible Assets with Indefinite Lives | Gillette | 25 bps Decrease Long-Term Growth [Member]
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(6.00%)
Intangible Assets with Indefinite Lives | Gillette | 25 bps Increase Discount Rate [Member]
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(6.00%)
Intangible Assets with Indefinite Lives | Gillette | 50 bps Decrease Long-Term Royalty [Member]
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(3.00%)
Goodwill | Shave Care | 25 bps Decrease Long-Term Growth [Member]
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(6.00%)
Goodwill | Shave Care | 25 bps Increase Discount Rate [Member]
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(6.00%)

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GOODWILL AND OTHER INTANGIBLE ASSETS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jun. 30, 2021
Other Significant Noncash Transactions [Line Items]
Amortization of Intangible Assets	$ 79	$ 78	$ 230	$ 241
Goodwill	40,710		40,710			$ 40,924
Shave Care
Other Significant Noncash Transactions [Line Items]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount					30.00%
Goodwill	$ 12,500		$ 12,500
Shave Care | Goodwill | Potential Impacts to Carrying Value
Other Significant Noncash Transactions [Line Items]
Carrying Value Sensitivity	30.00%		30.00%
Gillette
Other Significant Noncash Transactions [Line Items]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount					5.00%
Intangible Assets with Indefinite Lives | Gillette
Other Significant Noncash Transactions [Line Items]
Intangible Assets, Net (Including Goodwill)	$ 14,100		$ 14,100

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EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share Reconciliation [Abstract]
Net Earnings		$ 3,367	$ 3,249	$ 11,735	$ 11,444
Net Income (Loss) Attributable to Noncontrolling Interest		12	(20)	45	44
Net Earnings/(Loss) Attributable to P&G (Diluted)		3,355	3,269	11,690	11,400
Dividends, Preferred Stock		68	65	208	197
Net Earnings/(Loss) Attributable to P&G Available to Common Shareholders (Basic)		$ 3,287	$ 3,204	$ 11,482	$ 11,203
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic Weighted Average Common Shares Outstanding		2,400.5	2,459.1	2,414.0	2,473.7
Effect of Dilutive Securities
Conversion of Preferred Shares	[1]	78.9	82.3	79.7	83.1
Exercise of Stock Options and Other Unvested Equity Awards	[2]	50.8	48.9	50.7	53.6
Diluted Weighted Average Common Shares Outstanding		2,530.2	2,590.3	2,544.4	2,610.4
Basic Net Earnings/(Loss) Per Common Share	[3],[4]	$ 1.37	$ 1.30	$ 4.76	$ 4.53
Diluted Net Earnings/(Loss) Per Common Share	[3],[4]	$ 1.33	$ 1.26	$ 4.59	$ 4.37

[1] An overview of preferred shares can be found in our Annual Report on Form 10-K for the year ended June 30, 2021.

[2] Excludes 5 million and 12 million for the three months ended March 31, 2022 and 2021, respectively, and 11 million and 8 million for the nine months ended March 31, 2022 and 2021, respectively, of weighted average stock options outstanding because the exercise price of these options was greater than their average market value or their effect was antidilutive.

[3] Basic net earnings per share and Diluted net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

[4] Net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

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EARNINGS PER SHARE - ANTIDILUTIVE SECURITIES (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5	12	11	8

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SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Share-based Payment Arrangement, Expense	$ 130	$ 144	$ 398	$ 398
Pension Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	47	48	143	141
Other Postretirement Benefit Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (126)	$ (80)	$ (348)	$ (240)

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RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - SCHEDULE OF DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2022	Jun. 30, 2021
Derivative [Line Items]
Derivative, Notional Amount	$ 20,585	$ 20,959
Derivative Asset	405	255
Derivative Liability	(218)	(116)
Derivatives in Fair Value Hedging Relationships | Interest Rate Contracts
Derivative [Line Items]
Derivative, Notional Amount	5,241	7,415
Derivative Asset	15	146
Derivative Liability	(182)	0
Derivatives in Net Investment Hedging Relationships | Foreign Exchange Contract
Derivative [Line Items]
Derivative, Notional Amount	8,428	8,484
Derivative Asset	359	89
Derivative Liability	(10)	(94)
Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount	13,669	15,899
Derivative Asset	374	235
Derivative Liability	(192)	(94)
Not Designated as Hedging Instrument | Foreign Exchange Contract
Derivative [Line Items]
Derivative, Notional Amount	6,916	5,060
Derivative Asset	31	20
Derivative Liability	$ (26)	$ (22)

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RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENTS, EFFECT ON OTHER COMPREHENSIVE INCOME (LOSS) (Details) - Derivatives in Net Investment Hedging Relationships - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		$ 18	$ 15	$ 50	$ 45
Accumulated Other Comprehensive Income, Gain (Loss)		$ 237	$ 509	$ 804	$ (732)
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Description of Location of Gain (Loss) on Net Investment Hedges in Financial Statements	[1],[2]	104	393	530	(145)

[1] For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $18 and $15 for the three months ended March 31, 2022 and 2021, respectively. The amount of gain excluded from effectiveness testing was $50 and $45 for the nine months ended March 31, 2022 and 2021, respectively.

[2] In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The amount of gain recognized in Accumulated other comprehensive income (AOCI) for such instruments was $237 and $509 for the three months ended March 31, 2022 and 2021, respectively. The amount of gain/(loss) recognized in AOCI for such instruments was $804 and $(732) for the nine months ended March 31, 2022 and 2021, respectively.

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RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENTS GAIN (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Not Designated as Hedging Instrument | Foreign Currency Contract
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (2)	$ (87)	$ 28	$ 221
Derivatives in Fair Value Hedging Relationships | Interest Rate Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (216)	$ (100)	$ (313)	$ (95)

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RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, at Carrying Value	$ 7,000		$ 7,000		$ 9,100
Equity Securities, FV-NI	126		126		163
Equity Securities, FV-NI, Unrealized Gain (Loss)	(4)	$ 58	(36)	$ 58
Derivatives in Fair Value Hedging Relationships | Underlying, Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underlying Debt Obligation, Carrying Amt	5,100		5,100		7,500
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	12,200		12,200		12,000
Long-term Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	27,800		27,800		28,800
Long Term Debt, Current Maturities Measured at Fair Value	3,600		3,600		3,600
Other Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	$ 153		$ 153		$ 192

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - CHANGES IN AOCI AND RECLASSIFICATION OUT OF AOCI (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Accumulated Other Comprehensive Income/(Loss)		$ (13,448)		$ (13,448)		$ (13,744)
OCI before Reclassifications	[1]			135
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]			157
Other Comprehensive Income (Loss), Net of Tax		112	$ (399)	292	$ 682
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]			314
Reclassification from AOCI, Current Period, Tax	[2]			0
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income/(Loss)		22		22		15
OCI before Reclassifications	[1]			6
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]			1
Other Comprehensive Income (Loss), Net of Tax				7
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest				0
Other Comprehensive Income (Loss) before Reclassifications, Tax	[1]			1
Reclassification from AOCI, Current Period, Tax	[2]			0
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income/(Loss)		(1,995)		(1,995)		(2,963)
OCI before Reclassifications	[1]			812
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]			156
Other Comprehensive Income (Loss), Net of Tax				968
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest				0
Other Comprehensive Income (Loss) before Reclassifications, Tax	[1]			257
Reclassification from AOCI, Current Period, Tax	[2]			55
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income/(Loss)		$ (11,475)		(11,475)		$ (10,796)
OCI before Reclassifications	[1]			(683)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]
Other Comprehensive Income (Loss), Net of Tax				(683)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest				$ (4)

[1] Net of tax expense of $1, $257 and $314 for gains/losses on investment securities, postretirement benefit items and foreign currency translation, respectively. Income tax effects within foreign currency translation include impacts from items such as net investment hedge transactions. Foreign cumulative translation is not adjusted for income taxes related to permanent investments in international subsidiaries.

[2] Net of tax expense of $0, $55 and $0 for gains/losses on investment securities, postretirement benefit items and foreign currency translation, respectively.

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COMMITMENTS AND CONTINGENCIES - ADDITIONAL INFORMATION (Details) $ in Millions	9 Months Ended
	Mar. 31, 2022 USD ($) audit taxable_jurisdiction countries
Loss Contingencies [Line Items]
Number of Countries With On The Ground Operations | countries	70
Number of Taxable Jurisdictions | taxable_jurisdiction	150
Tax Adjustments, Settlements, and Unusual Provisions | $	$ 10
Minimum
Loss Contingencies [Line Items]
Number of Audits Typically Underway	40
Maximum
Loss Contingencies [Line Items]
Number of Audits Typically Underway	50