2016 2017 $ 65,058 32,535 18,568 $ 65,299 32,909 18,949 13,441 579 182 Amounts in millions except per share amounts; Years ended June 30 NET SALES Cost of products sold Selling, general and administrative expense Venezuela deconsolidation charge OPERATING INCOME Interest expense Interest income Other non-operating income/(expense), net EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES Income taxes on continuing operations NET EARNINGS FROM CONTINUING OPERATIONS NET EARNINGS/(LOSS) FROM DISCONTINUED OPERATIONS NET EARNINGS Less: Net earnings attributable to noncontrolling interests NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE BASIC NET EARNINGS PER COMMON SHARE:(1) Earnings from continuing operations Earnings/(loss) from discontinued operations BASIC NET EARNINGS PER COMMON SHARE DILUTED NET EARNINGS PER COMMON SHARE:1 () Earnings from continuing operations Earnings/(loss) from discontinued operations DILUTED NET EARNINGS PER COMMON SHARE DIVIDENDS PER COMMON SHARE 13,955 465 171 (404) 13,257 3,063 10,194 5,217 15,411 2015 $ 70,749 37,056 20,616 2,028 11,049 626 149 440 11,012 2,725 8,287 (1,143) 7,144 108 $ 7,036 325 13,369 3,342 10,027 577 10,604 96 $ 10,508 85 $ 15,326 $ $ $ 3.79 2.01 5.80 3:59 0.21 3.80 2.92 (0.42) 2.50 $ $ $ $ 3.69 $ $ 3.49 0.20 1.90 2.84 (0.40) 2.44 2.59 $ $ 3.69 $ 5:59 2.70 $ $ 2.66 $ (1) Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble. Consolidated Statements of Comprehensive Income Amounts in millions; Years ended June 30 2017 2016 2015 2017 $ 15,411 2016 $ 10,604 2015 $ 7,144 (1,679) 1 Amounts in millions; Years ended June 30 NET EARNINGS OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX Financial statement translation Unrealized gains/(losses) on hedges (net of $(186), $5 and $739 tax, respectively) Unrealized gains/(losses) on investment securities (net of $(6), $7 and $o tax, respectively) Unrealized gains/(losses) on defined benefit retirement plans (net of $551, $(621) and $328 tax, respectively) TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX TOTAL COMPREHENSIVE INCOME Less: Total comprehensive income attributable to noncontrolling interests TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE 239 (306) (59) 1,401 1,275 16,686 85 $ 16,601 28 (1,477) (3,127) 7,477 96 7,381 (7,220) 1,234 24 844 (5,118) 2,026 108 $ 1,918 $ Consolidated Balance Sheets 2017 2016 $ $ 5,569 9,568 4,594 7,102 6,246 4,373 Amounts in millions; As of June 30 Assets CURRENT ASSETS Cash and cash equivalents Available-for-sale investment securities Accounts receivable INVENTORIES Materials and supplies Work in process Finished goods Total inventoreis Deferred income taxes Prepaid expenses and other current assets Current assets held for sale TOTAL CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT, NET 1,308 529 2,787 4,624 1,188 563 2,965 4,716 1,507 2,653 7,185 33,782 19,385 2,139 26,494 19,893 $ $ 9,632 7,024 13,554 30,210 18,038 8,126 8,254 64,628 9,325 7,449 2,343 11,653 30,770 18,945 9,113 10,325 69,153 Liabilities and Shareholders' Equity CURRENT LIABILITIES Accounts payable Accrued and other liabilities Current liabilities held for sale Debt due within one year TOTAL CURRENT LIABILITIES LONG-TERM DEBT DEFERRED INCOME TAXES OTHER NONCURRENT LIABILITIES TOTAL LIABILITIES SHAREHOLDERS' EQUITY Convertible Class A preferred stock, stated value $1 per share (600 shares authorized) Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized) Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2017 - 4,009.2, 2016 - 4,009.2) Additional paid-in capital Reserve for ESOP debt retirement Accumulated other comprehensive income/(loss) Treasury stock, at cost (shares held: 2017 - 1,455.9, 2016 - 1,341.2) Retained earnings Noncontrolling interest TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY See accompanying Notes to Consolidated Financial Statements. 1,006 1,038 4,009 63,641 (1,249) (14,632) (93,715) 96,124 594 55,778 $ 120,406 4,009 63,714 (1,290) (15,907) (82,176) 87,953 642 57,983 $ 127,136 Consolidated Statements of Shareholders' Equity Accumulated Other Total Common Additional Reserve for Comprehensive Non Share- Dollars in millions; Shares Common Preferred Paid-In ESOP Debt Income Treasury Retained controlling holders' Shares in thousands Outstanding Stock Stock Capital Retirement (Loss) Stock Earnings Interest Equity_ BALANCE JUNF 20 2014 2710 806 2000 $1111 $62 011 ($1200 (7 669) (7 gor 8000 $762 $60076 Paid-In Capital $63,911 ESOP Debt Retirement ($1,340) Income Treasury Retained controlling holders' (Loss) Stock Earnings Interest Equity ($7,662) ($75,805) $84,990 $762 $69,976 7,036 108 7,144 (5,118) (5,118) (7,028) (259) (7,028) (259) (4,604) 3,309 156 4 (4,604) 3,153 30 20 68 88 (219) $63,852 ($1,320) Dollars in millions; Shares Common Preferred Shares in thousands Outstanding Stock Stock BALANCE JUNE 30, 2014 2,710,806 $4,009 $1,111 Net earnings Other comprehensive loss Dividends to shareholders: Common Preferred, net of tax benefits Treasury purchases (54,670) Employee plan issuances 54,100 Preferred stock conversions 4,335 (34) ESOP debt impacts Noncontrolling interest, net BALANCE JUNE 30, 2015 2,714,571 $4,009 $1,077 Net earnings Other comprehensive loss Dividends to shareholders: Common Preferred, net of tax benefits Treasury purchases (1) (103,449) Employee plan issuances 52,089 Preferred stock conversions 4,863 (39) ESOP debt impacts Noncontrolling interest, net BALANCE JUNE 30, 2016 2,668,074 $4,009 $1,038 Net earnings Other comprehensive loss Dividends to shareholders: Common Preferred, net of tax benefits ($12,780) ($77,226) $84,807 10,508 (3,127) (239) (458) $631 $63,050 96 10,604 (3,127) (7,181) (255) (7,181) (255) (8,217) 3,090 (144) 6 (8,217) 3,234 33 30 74 $63,714 ($1,290) ($15,907) ($82,176) $87,953 15,326 1,275 104 (85) (85) $642 $57,983 85 15,411 1,275 (6,989) (247) (6,989) (247) (2) (6,989) (247) (6,989) (247) (14,625) 2,981 Common Preferred, net of tax benefits Treasury purchases (2) Employee plan issuances Preferred stock conversions ESOP debt impacts Noncontrolling interest, net BALANCE JUNE 30, 2017 (164,866) 45,848 4,241 (77) 4 (14,625) 3,058 28 (32) 41 81 122 (133) (133) $594 $55,778 2,553,297 $4,009 $1,006 $63,641 ($1,249) ($14,632) ($93,715) $96,124 (1) Includes $4,213 of treasury shares acquired in the divestiture of the Batteries business (see Note 13). (2) Includes $9,421 of treasury shares received as part of the share exchange in the Beauty Brands transaction (see Note 13). See accompanying Notes to Consolidated Financial Statements. Consolidated Statements of Cash Flows 2017 2016 2015 $ 6,836 $ 8,548 $ 7,102 10,604 3,078 7,144 3,134 Amounts in millions; Years ended June 30 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR OPERATING ACTIVITIES Net earnings Depreciation and amortization Loss on early extinguishment of debt Share-based compensation expense Deferred income taxes Gain on sale of assets Venezuela deconsolidation charge Goodwill and intangible asset impairment charges Change in accounts receivable Change in inventories Change in accounts payable, accrued and other liabilities Change in other operating assets and liabilities Other 15,411 2,820 543 351 (601) (5,490) 335 (815) 337 (803) (766) 2,028 (41) 2,174 450 35 116 (322) 71 (149) (43) 162 1,285 204 184. 349 313 928 (976) 746 (149) (43) 162 1,285 204 184 15,435 928 (976) 746 14,608 12,753 (3,384) 571 (3,314) 432 (3,736) 4,498 (908) (137) (3,647) 1,203 (16) (4,843) 1,488 (874) (475) 1,870 (186) (2,815) 1,354 (996) Change in accounts payable, accrued and other liabilities Change in other operating assets and liabilities Other TOTAL OPERATING ACTIVITIES INVESTING ACTIVITIES Capital expenditures Proceeds from asset sales Cash related to deconsolidated Venezuela operations Acquisitions, net of cash acquired Purchases of short-term investments Proceeds from sales and maturities of short-term investments Pre-divestiture addition of restricted cash related to the Beauty Brands divestiture Cash transferred at closing related to the Beauty Brands divestiture Release of restricted cash upon closing of the Beauty Brands divestiture Cash transferred in Batteries divestiture Change in other investments TOTAL INVESTING ACTIVITIES FINANCING ACTIVITIES Dividends to shareholders Change in short-term debt Additions to long-term debt Reductions of long-term debt Treasury stock purchases Treasury stock from cash infused in Batteries divestiture Impact of stock options and other TOTAL FINANCING ACTIVITIES EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS CHANGE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, END OF YEAR SUPPLEMENTAL DISCLOSURE (26) (5,689) (143) 93 (5,575) (163) (2,890) (7,236) 2,727 3,603 (7,436) (418) 3,916 (2,213) (4,004) (1,730) 2,672 (9,213) (7,287) (2,580) 2,138 (3,512) (4,604) (4,931)(1) (5,204) 2,473 (8,568) 2,826 (13,019) (29) (1,533) $ 5,569 (381) (411) 266 (1,712) $ 7,102 $ 6,836 TUUUUUU IIVIN NUN WILL TITULLUTTUUN VIIVIL LUI IYUNLIITUIT | III (4,931)(1) 1940 1,34 Pre-divestiture addition of restricted cash related to the Beauty Brands divestiture (874) (996) Cash transferred at closing related to the Beauty Brands divestiture (475) Release of restricted cash upon closing of the Beauty Brands divestiture 1,870 Cash transferred in Batteries divestiture (143) Change in other investments (26) 93 (163) TOTAL INVESTING ACTIVITIES (5,689) (5,575) (2,890) FINANCING ACTIVITIES Dividends to shareholders (7,236) (7,436) (7,287) Change in short-term debt 2,727 (418) (2,580) Additions to long-term debt 3,603 3,916 2,138 Reductions of long-term debt (2,213) (3,512) Treasury stock purchases (5,204) (4,004) (4,604) Treasury stock from cash infused in Batteries divestiture (1,730) Impact of stock options and other 2,473 2,672 2,826 TOTAL FINANCING ACTIVITIES (8,568) (9,213) (13,019) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (29) (381) (411) CHANGE IN CASH AND CASH EQUIVALENTS (1,533) 266 (1,712) CASH AND CASH EQUIVALENTS, END OF YEAR $ 5,569 $ 7,102 $ 6,836 SUPPLEMENTAL DISCLOSURE Cash payments for interest $ 518 $ 569 $ 678 Cash payment for income taxes 3,714 3,730 Divestiture of Batteries business in exchange for shares of P&G stock(2) 4,213 Divestiture of Beauty business in exchange for shares of P&G stock and assumption of debt 11,360 Assets acquired through non-cash capital leases are immaterial for all periods. (1) Includes $543 of costs related to early extinguishment of debt. (2) Includes $1,730 from cash infused into the Batteries business pursuant to the divestiture agreement (see Note 13). 4,558 See accompanying Notes to Consolidated Financial Statements. P&G's net cash provided by operating activities by % from 2016 to 2017. e Textbook and Media Compute P&G's (1) current cash debt coverage, (2) cash debt coverage, and (3) free cash flow for 2017. (Round ratio values to 2 decimal places, e.g. 52.75.) Current Cash Debt Coverage :1 Cash Debt Coverage :1 Free cash flow GA provided by operating activities over the period 2015-2017? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2017 2016 Net cash provided by operating activities $ millions $ millions Net cash used in investing activities $ millions $ millions Net cash used in financing activities $ millions $ millions (Round answers to 1 decimal place, e.g. 52.7.) P&G's net cash provided by operating activities by % from 2015 to 2016. P&G's net cash provided by operating activities by % from 2016 to 2017. Screenshot saved The screenshot was added to your OneDrive. OneDrive e Textbook and Media What were P&G's cash flows from its operating, investing, and financing activities for 2017? What were its trends in net cash provided by operating activities over the period 2015-2017? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2017 2016 Net cash provided by operating activities $ millions millions Net cash used in investing activities $ millions $ millions Net cash used in financing activities $ millions $ millions (Round answers to 1 decimal place, e.g. 52.7.) P&G's net cash provided by operating activities by % from 2015 to 2016. P&G's net cash provided by operating activities by % from 2016 to 2017. Screenshot saved The screenshot was added to your How much working capital did P&G have on June 30, 2017? On June 30, 2016? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Enter your answer in millions.) June 30, 2017 June 30, 2016 Working capital $ million $ million e Textbook and Media