What is P&G's revenue recognition policy? When is revenue generally recognized?

Revenue is primarily generated from the sale of finished product to customers. Those sales predominantly contain a single performance obligation and revenue is recognized at a single point in time when ownership, risks and rewards transfer.

General merchandise sales represent the vast majority of our revenues.

Most of the Company's revenues are recognized primarily under various types of long-term construction contracts.

The Company recognizes revenue from product sales when obligations under the terms of a contract with the customer are satisfied.