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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: Net sales and long-lived assets in the United States and internationally were as follows (in billions): (1) Long-lived assets consists of property, plant and equipment. No country, other than the United States, exceeds 10% of the Company's consolidated net sales or long-lived assets. Our largest customer, Walmart Inc. and its affiliates, accounted for consolidated net sales of approximately 15% in 2022, 2021 and 2020. No other customer represents more than 10% of our consolidated net sales. (11) \% of Net sales by operatng segment excludes sales recorded in Corporate. NOTE 3 SUPPLEMENTAL FINANCIAL INFORMATION The components of property, plant and equipment were as follows: Selected components of current and noncurrent liabilities were as follows: OTHER NONCURRENT LIABILITIES \begin{tabular}{lrrr} \hline Pension benefits & 3,139 & $ & 5,452 \\ \hline U.S. Tax Act transitional tax payable & 1,661 & 1,891 \\ \hline Other retiree benefits & 672 & 922 \\ \hline Uncertain tax positions & 752 & 794 \\ \hline \end{tabular} RESTRUCTURING PROGRAM The Company has historically incurred an ongoing annual level of restructuring-type activities to maintain a competitive cost structure, including manufacturing and workforce optimization. Before tax costs incurred under ongoing programs have generally ranged from $250 to $500 annually. Restructuring costs incurred consist primarily of costs to separate employees, asset-related costs to exit facilities and other costs. Employee separation costs relate to severance packages that are primarily voluntary and the amounts calculated are based on salary levels and past service periods. Severance costs related to voluntary separations are generally charged to earnings when the employee accepts the offer. Asset-related costs consist of both asset write-downs and accelerated depreciation. Asset write-downs relate to the establishment of a new fair value basis for assets held-forsale or for disposal. These assets are written down to the lower of their current carrying basis or amounts expected to be realized upon disposal, less minor disposal costs. Charges for accelerated depreciation relate to long-lived assets that will be taken out of service prior to the end of their normal service period. These assets relate primarily to manufacturing consolidations and technology standardizations. The asset-related charges will not have a significant impact on future depreciation charges. Other restructuring-type charges primarily include asset removal and termination of contracts related to supply chain and overhead optimization. The Company incurred total restructuring charges of $253 and $330 for the years ended June 30, 2022 and 2021. Of the charges incurred for fiscal year 2022, \$67 were recorded in SG\&A, \$182 in Costs of products sold and $4 in Other non-operating income, net. Of the charges incurred in fiscal year 2021,\$176 were recorded in SG\&A, \$134 in Costs of products sold and \$20 in Other non-operating income, net. The following table presents restructuring activity for the years ended June 30,2022 and 2021: Goodwill increased during fiscal 2021 driven by a minor brand acquisition in the Health Care reportable segment and currency translation across all reportable segments. Identifiable intangible assets were comprised of: Amortization expense of intangible assets was as follows: Estimated amortization expense over the next five fiscal years is as follows: NOTE 5 INCOME TAXES Income taxes are recognized for the amount of taxes payable for the current year and for the impact of deferred tax assets and liabilities, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using the enacted statutory tax rates and are adjusted for any changes in such rates in the period of change. We have elected to account for the tax effects of Global Intangible Low-Taxed Income (GILTI) as a current period expense when incurred. Earnings before income taxes consisted of the following: Income taxes consisted of the following: A reconciliation of the U.S. federal statutory income tax rate Country mix impacts of toreign operations includes the effects of foreign subsidiaries' earnings taxed at rates other than the U.S. statutory rate, the U.S. tax impacts of non-U.S. earnings repatriation and any net impacts of intercompany transactions. Changes in uncertain tax positions represent changes in our net liability related to prior year tax positions. Excess tax benefits from the exercise of stock options reflect the excess of actual tax benefits received on employee exercises of stock options and other share-based payments (which generally equals the income taxable to the employee) over the amount of tax benefits that were calculated and recognized based on the grant date fair values of such instruments. Tax costs charged to shareholders' equity totaled $1,538 for the year ended June 30, 2022. This primarily relates to the tax effects of certain adjustments to pension obligations recorded in shareholders' equity and the tax effects of net investment hedges. Tax costs charged to shareholders' The Procter \& Gamble Company 39 Consolidated Balance Sheets Amounts in millions excent stated values: As of June 30 Assets CURRENT ASSETS Cash and cash equivalents Accounts receivable INVENTORIES Materials and supplies Work in process Finished goods Total inventories Prepaid expenses and other current assets TOTAL CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT, NET GOODWILL TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET OTHER NONCURRENT ASSETS TOTAL ASSETS 20222021 Liabilities and Shareholders' Equity CURRENT LIABILITIES Accounts payable S 14,882$13,720 Accrued and other liabilities 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) 9,55410,523 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: 2022 - 4,009.2, 20214,009.2 ) Additional paid-in capital 33,0818,64522,8488,88923,09933,132 Reserve for ESOP debt retirement Accumulated other comprehensive loss \begin{tabular}{rr} 6,809 & 6,153 \\ 7,616 & 10,269 \\ \hline 70,354 \\ \hline \end{tabular} Treasury stock, at cost (shares held: 2022 - 1,615.4, 20211,579.5 ) 843 870 Retained earnings Noncontrolling interest TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Consistent with our historical policies for ongoing restructuring-type activities, the restructuring charges are funded by and included within Corporate for both management and segment reporting. Accordingly, all of the charges are included within the Corporate reportable segment. However, for information purposes, the following table summarizes the total restructuring costs related to our reportable segments: (1) Corporate includes costs related to allocated overheads, including charges related to our Enterprise Markets, Global Business Services and Corporate Functions activities. (2) Fiscal 2020 includes incremental restructuring charges above ongoing programs and tied to a multi-year productivity and cost savings plan (announced in 2017) to further reduce costs in the areas of supply chain, certain marketing activities and overhead expense. NOTE 4 GOODWILL AND INTANGIBLE ASSETS The change in the net carrying amount of goodwill by reportable segment was as follows: Aales: (1) Grooming goodwill balance is net of $7.9 billion accumulated impairment losses. 38 The Procter \& Gamble Company Consolidated Statements of Comprehensive Income Amounts in millions: Years ended June 30 NET EARNINGS OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX Foreign currency translation (net of tax of $515,$(266) and $59, respectively) (1,450)1,023 (1,083) Unrealized gains/(losses) on investment securities (net of tax of $1,$5 and $(1), respectively) 5 16 Unrealized gains/(losses) on defined benefit postretirement plans (net of tax of $1,022, $445 and $(42), respectively) TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX TOTAL COMPREHENSIVE INCOME Less: Comprehensive income attributable to noncontrolling interests TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER \& GAMBLE 8.) For the year ending June 30,2022 there are 11 million of weighted average stock options that are options not included in the diluted earnings per share calculation? Why? This information can be found in the current financial statement footnotes. PROVIDE A BRIEF EXPLANATION AS TO WHY THEY ARE NOT INCLUDED IN THE COMPUTATION HERE: PROVIDE A REFERENCE HERE AS TO WHERE YOU FOUND THE INFORMATION: The Procter \& Gamble Company 37 9.) Recompute basic earnings per share using the information contained in the footnotes. Be sure to reference the footnote and 8.) We know from chapter 16 that total income tax expense consists of the total current year taxes payable plus the change in the deferred tax asset or liability (tax expense or benefit). What is the makeup of P\&G's total tax expense for the year ending June 30,2022 ? This information can be found in the financial statement footnotes. You will need the financial statement footnotes to answer this question. HINT: Use the outline below to fill in the amounts. Be sure to tie to the total income tax expense as reported in the financial statement footnotes. Use only ONE of these columns, whichever is applicable. 40 The Procter \& Gamble Company 6.) P\&G leases certain property and equipment for varying periods. For the fiscal year June 30,2022 what is the amount of the Right of use Assets capitalized as part of other non-current assets? You will need the financial statement footnotes to answer this question. PROVIDE A REFERENCE HERE AS TO WHERE YOU FOUND THE INFORMATION: 7.) At June 30,2022 , what is the present value of lease liabilities for future payments of operating lease liabilities? This can be found in the current financial statement footnotes. You will need the financial statement footnotes to answer this question. Present value of lease liabilities PROVIDE A REFERENCE HERE AS TO WHERE YOU FOUND THE INFORMATION: 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: Net sales and long-lived assets in the United States and internationally were as follows (in billions): (1) Long-lived assets consists of property, plant and equipment. No country, other than the United States, exceeds 10% of the Company's consolidated net sales or long-lived assets. Our largest customer, Walmart Inc. and its affiliates, accounted for consolidated net sales of approximately 15% in 2022, 2021 and 2020. No other customer represents more than 10% of our consolidated net sales. (11) \% of Net sales by operatng segment excludes sales recorded in Corporate. NOTE 3 SUPPLEMENTAL FINANCIAL INFORMATION The components of property, plant and equipment were as follows: Selected components of current and noncurrent liabilities were as follows: OTHER NONCURRENT LIABILITIES \begin{tabular}{lrrr} \hline Pension benefits & 3,139 & $ & 5,452 \\ \hline U.S. Tax Act transitional tax payable & 1,661 & 1,891 \\ \hline Other retiree benefits & 672 & 922 \\ \hline Uncertain tax positions & 752 & 794 \\ \hline \end{tabular} RESTRUCTURING PROGRAM The Company has historically incurred an ongoing annual level of restructuring-type activities to maintain a competitive cost structure, including manufacturing and workforce optimization. Before tax costs incurred under ongoing programs have generally ranged from $250 to $500 annually. Restructuring costs incurred consist primarily of costs to separate employees, asset-related costs to exit facilities and other costs. Employee separation costs relate to severance packages that are primarily voluntary and the amounts calculated are based on salary levels and past service periods. Severance costs related to voluntary separations are generally charged to earnings when the employee accepts the offer. Asset-related costs consist of both asset write-downs and accelerated depreciation. Asset write-downs relate to the establishment of a new fair value basis for assets held-forsale or for disposal. These assets are written down to the lower of their current carrying basis or amounts expected to be realized upon disposal, less minor disposal costs. Charges for accelerated depreciation relate to long-lived assets that will be taken out of service prior to the end of their normal service period. These assets relate primarily to manufacturing consolidations and technology standardizations. The asset-related charges will not have a significant impact on future depreciation charges. Other restructuring-type charges primarily include asset removal and termination of contracts related to supply chain and overhead optimization. The Company incurred total restructuring charges of $253 and $330 for the years ended June 30, 2022 and 2021. Of the charges incurred for fiscal year 2022, \$67 were recorded in SG\&A, \$182 in Costs of products sold and $4 in Other non-operating income, net. Of the charges incurred in fiscal year 2021,\$176 were recorded in SG\&A, \$134 in Costs of products sold and \$20 in Other non-operating income, net. The following table presents restructuring activity for the years ended June 30,2022 and 2021: Goodwill increased during fiscal 2021 driven by a minor brand acquisition in the Health Care reportable segment and currency translation across all reportable segments. Identifiable intangible assets were comprised of: Amortization expense of intangible assets was as follows: Estimated amortization expense over the next five fiscal years is as follows: NOTE 5 INCOME TAXES Income taxes are recognized for the amount of taxes payable for the current year and for the impact of deferred tax assets and liabilities, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using the enacted statutory tax rates and are adjusted for any changes in such rates in the period of change. We have elected to account for the tax effects of Global Intangible Low-Taxed Income (GILTI) as a current period expense when incurred. Earnings before income taxes consisted of the following: Income taxes consisted of the following: A reconciliation of the U.S. federal statutory income tax rate Country mix impacts of toreign operations includes the effects of foreign subsidiaries' earnings taxed at rates other than the U.S. statutory rate, the U.S. tax impacts of non-U.S. earnings repatriation and any net impacts of intercompany transactions. Changes in uncertain tax positions represent changes in our net liability related to prior year tax positions. Excess tax benefits from the exercise of stock options reflect the excess of actual tax benefits received on employee exercises of stock options and other share-based payments (which generally equals the income taxable to the employee) over the amount of tax benefits that were calculated and recognized based on the grant date fair values of such instruments. Tax costs charged to shareholders' equity totaled $1,538 for the year ended June 30, 2022. This primarily relates to the tax effects of certain adjustments to pension obligations recorded in shareholders' equity and the tax effects of net investment hedges. Tax costs charged to shareholders' The Procter \& Gamble Company 39 Consolidated Balance Sheets Amounts in millions excent stated values: As of June 30 Assets CURRENT ASSETS Cash and cash equivalents Accounts receivable INVENTORIES Materials and supplies Work in process Finished goods Total inventories Prepaid expenses and other current assets TOTAL CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT, NET GOODWILL TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET OTHER NONCURRENT ASSETS TOTAL ASSETS 20222021 Liabilities and Shareholders' Equity CURRENT LIABILITIES Accounts payable S 14,882$13,720 Accrued and other liabilities 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) 9,55410,523 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: 2022 - 4,009.2, 20214,009.2 ) Additional paid-in capital 33,0818,64522,8488,88923,09933,132 Reserve for ESOP debt retirement Accumulated other comprehensive loss \begin{tabular}{rr} 6,809 & 6,153 \\ 7,616 & 10,269 \\ \hline 70,354 \\ \hline \end{tabular} Treasury stock, at cost (shares held: 2022 - 1,615.4, 20211,579.5 ) 843 870 Retained earnings Noncontrolling interest TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Consistent with our historical policies for ongoing restructuring-type activities, the restructuring charges are funded by and included within Corporate for both management and segment reporting. Accordingly, all of the charges are included within the Corporate reportable segment. However, for information purposes, the following table summarizes the total restructuring costs related to our reportable segments: (1) Corporate includes costs related to allocated overheads, including charges related to our Enterprise Markets, Global Business Services and Corporate Functions activities. (2) Fiscal 2020 includes incremental restructuring charges above ongoing programs and tied to a multi-year productivity and cost savings plan (announced in 2017) to further reduce costs in the areas of supply chain, certain marketing activities and overhead expense. NOTE 4 GOODWILL AND INTANGIBLE ASSETS The change in the net carrying amount of goodwill by reportable segment was as follows: Aales: (1) Grooming goodwill balance is net of $7.9 billion accumulated impairment losses. 38 The Procter \& Gamble Company Consolidated Statements of Comprehensive Income Amounts in millions: Years ended June 30 NET EARNINGS OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX Foreign currency translation (net of tax of $515,$(266) and $59, respectively) (1,450)1,023 (1,083) Unrealized gains/(losses) on investment securities (net of tax of $1,$5 and $(1), respectively) 5 16 Unrealized gains/(losses) on defined benefit postretirement plans (net of tax of $1,022, $445 and $(42), respectively) TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX TOTAL COMPREHENSIVE INCOME Less: Comprehensive income attributable to noncontrolling interests TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER \& GAMBLE 8.) For the year ending June 30,2022 there are 11 million of weighted average stock options that are options not included in the diluted earnings per share calculation? Why? This information can be found in the current financial statement footnotes. PROVIDE A BRIEF EXPLANATION AS TO WHY THEY ARE NOT INCLUDED IN THE COMPUTATION HERE: PROVIDE A REFERENCE HERE AS TO WHERE YOU FOUND THE INFORMATION: The Procter \& Gamble Company 37 9.) Recompute basic earnings per share using the information contained in the footnotes. Be sure to reference the footnote and 8.) We know from chapter 16 that total income tax expense consists of the total current year taxes payable plus the change in the deferred tax asset or liability (tax expense or benefit). What is the makeup of P\&G's total tax expense for the year ending June 30,2022 ? This information can be found in the financial statement footnotes. You will need the financial statement footnotes to answer this question. HINT: Use the outline below to fill in the amounts. Be sure to tie to the total income tax expense as reported in the financial statement footnotes. Use only ONE of these columns, whichever is applicable. 40 The Procter \& Gamble Company 6.) P\&G leases certain property and equipment for varying periods. For the fiscal year June 30,2022 what is the amount of the Right of use Assets capitalized as part of other non-current assets? You will need the financial statement footnotes to answer this question. PROVIDE A REFERENCE HERE AS TO WHERE YOU FOUND THE INFORMATION: 7.) At June 30,2022 , what is the present value of lease liabilities for future payments of operating lease liabilities? This can be found in the current financial statement footnotes. You will need the financial statement footnotes to answer this question. Present value of lease liabilities PROVIDE A REFERENCE HERE AS TO WHERE YOU FOUND THE INFORMATION