Revenue Recognition Our 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, which can be on the date of shipment or the date of receipt by the customer. […]
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SUPPLEMENTAL DISCLOSURE Cash payments for interest $ 531 $ 434 $ 497 Cash payments for income taxes 3,822 3,550 3,064 Includes early extinguishment of debt costs of $512 in 2021. (1) (1) See accompanying Notes to Consolidated Financial Statements. The Procter & Gamble Company 43 Notes to Consolidated Financial Statements NOTE 1 SUMMARY OF SIGNIFICANT
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Consolidated Statements of Earnings Amounts in millions except per share amounts; Years ended June 30 2021 2020 2019 NET SALES $ 76,118 $ 70,950 $ 67,684 Cost of products sold 37,108 35,250 34,768 Selling, general and administrative expense 21,024 19,994 19,084 Goodwill and indefinite-lived intangible impairment charges — — 8,345 OPERATING INCOME 17,986 15,706 5,487
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Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of The Procter & Gamble Company and subsidiaries (the “Company”) as of June 30, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In
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How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to forecasts of future net sales and earnings and the selection of the royalty rates and discount rates 36 The Procter & Gamble Company for the Shave Care reporting unit and the Gillette brand included the following, among others: • We
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Critical Audit Matter Description The Company’s evaluation of goodwill and indefinite lived intangible assets for impairment involves the comparison of the fair value of each reporting unit or indefinite lived intangible asset to its carrying value. The Company estimates fair value using the income method, which is based on the present value of estimated future
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Acquisition & Divestiture As a multinational company with diverse product offerings, we are exposed to market risks, such as changes in interest rates, currency exchange rates and commodity prices. We evaluate exposures on a centralized basis to take advantage of natural exposure correlation and netting. We leverage the Company’s diversified portfolio of exposures as a
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of The Procter & Gamble Company Opinion on the Financial Statements We have audited the accompanying Consolidated Balance Sheets of The Procter & Gamble Company and subsidiaries (the “Company”) as of June 30, 2021 and 2020, the related Consolidated Statements
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Financial Statements and Supplementary Data. MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING Management is responsible for establishing and maintaining adequate internal control over financial reporting of The Procter & Gamble Company (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended). Our internal control over financial reporting is designed to
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Operating Cash Flow Capital Spending Adjustments to Operating Cash Flow Adjusted Free Cash Flow 2021 $ 18,371 $ (2,787) $ 225 $ 15,809 2020 $ 17,403 $ (3,073) $ 543 $ 14,873 Adjustments to Operating Cash Flow include transitional tax payments resulting from the U.S. Tax Act of $225 and $215 in 2021 and 2020,
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