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DILUTED NET EARNINGS PER COMMON SHARE:(1) Earnings from continuing operations 3.69 $ 3.49 Earnings/(loss) from discontinued operations 1.90 0.20 DILUTED NET EARNINGS PER COMMON SHARE $ 5.59 $ 3.6 DIVIDENDS PER COMMON SHARE $ 2.70 $ 2.66 () Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Proct Consolidated Statements of Comprehensive Income Amounts in millions; Years ended June 30 2017 2016 NET EARNINGS $ 15,411 $ 10,6 OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX Financial statement translation 239 (1,6 Unrealized gains/(losses) on hedges (net of $(186), $5 and $739 tax, respectively) (306) Unrealized gains/(losses) on investment securities (net of $(6), $7 and $0 tax, respectively) (59) Unrealized gains/(losses) on defined benefit retirement plans (net of $551, $(621) and $328 tax, 1,401 (1,4 respectively) TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX 1,275 (3,12 TOTAL COMPREHENSIVE INCOME 16,686 7,4 Less: Total comprehensive income attributable to noncontrolling interests 85 TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE $ 16,601 $ 7,3 Consolidated Balance Sheets Amounts in millions; As of June 30 I.com Assets CURRENT ASSETS Cash and cash equivalents S 5,569 Available-for-sale investment securities NOT CO." 9,568 Accounts receivable 4,594 INVENTORIES Materials and supplies eilakcormier@gmail. 1,308 Work in process 529 Finished goods Total inventoreis 4,624 Deferred income taxes O 2,787 Prepaid expenses and other current assets 2,139 Current assets held for sale TOTAL CURRENT ASSETS 26,494 PROPERTY, PLANT AND EQUIPMENT, NET 19,893 GOODWILL 44,699 TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET 24,187 OTHER NONCURRENT ASSETS 5,133 TOTAL ASSETS $ 120,406Appendix B Specimen Financial Statements: The Procter & Gamble Company Once each year, a corporation communicates to its stockholders and other interested parties by issuing a complete set of au financial statements. The annual report, as this communication is called, summarizes the financial results of the company for the year and its plans for the future. Many annual reports are attractive, multicolored, glossy public relations pieces, co pictures of corporate officers and directors as well as photos and descriptions of new products and new buildings. Yet the b of every annual report is to report financial information, almost all of which is a product of the corporation's accounting sy The content and organization of corporate annual reports have become fairly standardized. Excluding the public relations report (pictures, products, etc.), the following are the traditional financial portions of the annual report: Financial Highlights Letter to the Stockholders Management's Discussion and Analysis . Financial Statements . Notes to the Financial Statements OPY Management's Responsibility for Financial Reporting . Management's Report on Internal Control over Financial Reporting . Report of Independent Registered Public Accounting Firm m . Selected Financial Data C co The official SEC filing of the annual report is called a Form 10-K, which often omits the public relations pieces found in standard annual reports. On the following pages, we present The Procter & Gamble Company (P&G)'s financial stateme from the company's 2017 Form 10-K. Consolidated Statements of Earnings Amounts in millions except per share amounts; Years ended June 30 2017 2016 NET SALES $ 65,058 $ 65,299 Cost of products sold 32,535 32,909 Selling, general and administrative expense Venezuela deconsolidation charge Jakcormier@gn 18,568 18,949 OPERATING INCOME 13,955 13,441 Interest expense 465 579 Interest income 171 182 Other non-operating income/(expense), net 404) 325 EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 13,257 13,369 Income taxes on continuing operations 3,063 3,34 NET EARNINGS FROM CONTINUING OPERATIONS 10,194 10,027 NET EARNINGS/(LOSS) FROM DISCONTINUED OPERATIONS 5,217 577 NET EARNINGS 15,411 10,604 Less: Net earnings attributable to noncontrolling interests 85 NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE $ 15,326 $ 10,508 BASIC NET EARNINGS PER COMMON SHARE:(1) Earnings from continuing operations S 3.79 $ 3.59 Earnings/(loss) from discontinued operations 2.01 0.21 BASIC NET EARNINGS PER COMMON SHARE 5.80 $ 3.80Liabilities and Shareholders' Equity CURRENT LIABILITIES Accounts payable S 9,632 Accrued and other liabilities 7,024 Current liabilities held for sale Debt due within one year 13,554 TOTAL CURRENT LIABILITIES 30,210 LONG-TERM DEBT 18,038 DEFERRED INCOME TAXES 8,126 OTHER NONCURRENT LIABILITIES B,254 Amounts in millions; As of June 30 2017 TOTAL LIABILITIES 64,628 SHAREHOLDERS' EQUITY Convertible Class A preferred stock, stated value $1 per share (600 shares authorized) 1,006 Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized) 4,009.2) Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2017 - 4,009.2, 2016 - 4,009 Additional paid-in capital 63,641 Reserve for ESOP debt retirement (1,249) Accumulated other comprehensive income/(loss) (14,632) Treasury stock, at cost (shares held: 2017 - 1,455.9, 2016 - 1,341.2) (93,715) Retained earnings 96,124 Noncontrolling interest 594 TOTAL SHAREHOLDERS' EQUITY 55,778 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 120,406 See accompanying Notes to Consolidated Financial Statements. Consolidated Statements of Shareholders' Equity DO NOT COPY kcormier@gmail.cshell Reserve Accumulated Dollars in for Other millions; Common Additional ESOP Comprehensive Shares in Shares Common Preferred Paid-In Debt Income/ Treasury Retained cont thousands Outstanding Stock Stock Capital Retirement Loss Stock Earnings In BALANCE 2,710,806 $4,009 $1,111 $63,911 ($1,340) ($7,662) ($75,805) $84,990 JUNE 30, 2014 Net earnings 7,036 Other (5,118) comprehensive loss Dividends to shareholders: Common (7,028) Preferred, (259) net of tax benefits Treasury (54,670) (4,604) purchases Employee plan 54,100 156 COPY 3,153 issuances Preferred stock 4,335 (34) 4 ail.com conversions ESOP debt 20 68 impacts Noncontrolling (219) interest, net BALANCE 2,714,571 $4,009 $1,077 $63,852 ($1,320) ($12,780) ($77,226) $84.807 NE 30JUNE 30, 2015 Net earnings 10,508 Other DO N (3,127) comprehensive loss Dividends to shareholders: sheilakcormie Common (7,181) Preferred, (255) net of tax benefits Treasury (103,449) (8,217) purchases(1) Employee plan 52,089 (144) 3,234 issuances Preferred stock 4,863 (39) 6 33 conversions ESOP debt 30 74 impacts Noncontrolling interest, net BALANCE 2,668,074 $4,009 $1,038 $63,714 ($1,290) ($15,907) ($82,176) $87,953 JUNE 30, 2016 Net earnings 15,326 Reserve Accumulated Dollars in for Other millions; Common Additional ESOP Comprehensive Shares in Shares Common Preferred Paid-In Debt Income/ Treasury Retained cont thousands Outstanding Stock Stock Capital Retirement (Loss) Stock Earnings In Other 1,275 comprehensive loss Dividends to shareholders: Common (6,989) Preferred, (247) net of tax benefits Treasury (164,866) (14,625) purchases(2) Employee plan 45,848 (77) 3,058 issuances Preferred stock 4,241 (32) 28 conversions OP ESOP debt 41 impactsNoncontrolling interest, net BALANCE 2,553,297 $4,009 $1,006 $63,641 ($1,249) ($14,632) ($93,715) $96,124 JUNE 30, 2017 (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 D sheilakcormier Amounts in millions; Years ended June 30 2017 2016 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR $ 7,102 $ 6,836 OPERATING ACTIVITIES Net earnings 15,411 10,604 Depreciation and amortization 2,820 3,078 Loss on early extinguishment of debt 543 Share-based compensation expense 351 335 Deferred income taxes (601) (815) Gain on sale of assets (5,490) (41) Venezuela deconsolidation charge Goodwill and intangible asset impairment charges 450 Change in accounts receivable (322) 35 Change in inventories 71 116VEDEZIIEIE UECDDSOIIIIBUDII charge Goodwill and intangible asset impairment charges 455I Change in accounts receivable [322) 35 Change in inventories 115 Change in accounts payable, accrued and other liabilities [a 1,255 Change in other operating assets and liabilities . [43) 204 Clther N 152 TOTAL OPERATING ACTIVITIES v 12,75315,8_NVESTING ACTIVITIES Capital expenditures - [3, 354) J3? 314) Proceeds from asset sales \\ J 521' J Cash related to deconsolidated Venezuela operations Acquisitions, net of cash acquired .. _ $4.215) [155) Purchases of shortterm investments 3 391,543) (2,515) Proceeds from sales and maturities of short-term investme ,- Q 1,435 1,354 Prerdivestiture addition of restricted cash related to .~ . Brands divestiture {I} [524) [995) Cash transferred at closing related to the Beauty. ' ds divestiorre 3 [425) Release of restricted cash upon closing of 515,555 rands divestiture _ an} 1,510 Cash transferred in Batteries divestiture ' 33$ [143) Change in other investtnents - 5 '4 [25! 93 TOTAL rnvusrmo sermons g j J [5,5591 [5.575) _ FINANCING acrrvrtt'ms _ :1 Dividends to shareholders-._ J} (7,235) (7,435) Change in short~term debt . $5 2,727 [415) Additions to longterm debt 3.} 3,503 3,915 Reductions of long~term debt _ \"55% [4,931){1l (2,213) Treasury stock purchases ) (5,204) (4,004) Treasury stock from cash infused in Batteries divestiture (1,130) Impact of stock options and other 2,423 2,5?2 TDTAL FINANCING ACTIVITIES (0,553) (9,213) _ EFFECT OF EXCHANGE RATE CHANGES [IN CASH AND CASH EQUIVALENTS [29! 381 CHANGE IN CASH ANT} CASH EQUIVALENTS (1,533! 255 CASH AND CASH EQUIVALENTS, END OF YEAR 5 5,559 $ 2,152 SUPPLEMENTAL DISCLOSURE Cash payments for interest $ 515 $ 553 Cash payment for income taxes 3,214 3,230 Divestitore of Batteries business in exchange for shares of Part} sto-ck'lZ-iJ 4,213 Divestiture of Beauty business in exchange for shares of EMS stock and assumption of debt 11,350 Assets acquired through non~cash capital leases are immaterial for all periods. Amounts in millions; Years ended June 30 201'? 2015 (1] Includes $543 of costs related to early extinguishment of debt