Please review the 2015 Annual Report of Proctor and Gamble and thoroughly answer each of the questions below in the order provided.

1.0 DEBT

What is the total debt to asset ratio for 2014 and 2015? What Is the company primarily debt or equity financed? What is the trend in their use of debt financing What is their weighted cost of short-term and long-term debt? What is the trend in their cost of borrowing?

2.0 RATE OF RETURN AND CREDIT RATING

What is their rate of return on assets in 2014 and 2015? Is the companys financing strategy sound? What is their short-term and long-term credit rating? Does P&G have investment grade or junk grade rating?

3.0 TOTAL DEBT

What is the composition (i.e., short-term and long term) of P&Gs total debt in 2015? What so their likely motivation for borrowing in the UK, European Japan? 2014 and 2015? Do they have any debt covenants? If so, what are the terms?

4.OPERATING LEASES

What are the future minimum operating lease payments each year through 2024? Assuming an annual interest rate of 4%, what is the present value of the operating lease payments through 2024? In computing Present values, in addition to the data provided, assume operating lease payments of 177 (2021), 177 (2022), 177 (2023), and 31 (2024)., Do you believe these operating leases are material?