PROCTER & GAMBLE CO, 10-K filed on 8/5/2024
Annual Report
v3.24.2.u1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Jun. 30, 2024
Jul. 31, 2024
Dec. 31, 2023
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Jun. 30, 2024    
Document Transition Report false    
Entity File Number 1-434    
Entity Registrant Name PROCTER & GAMBLE CO    
Entity Address, Address Line One One Procter & Gamble Plaza    
Entity Address, State or Province Cincinnati    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 45202    
City Area Code 513    
Local Phone Number 983-1100    
Entity Tax Identification Number 31-0411980    
Entity Incorporation, State or Country Code OH    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Emerging Growth Company false    
Entity Small Business false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 345
Entity Common Stock, Shares Outstanding   2,354,050,987  
Documents Incorporated by Reference
Portions of the Proxy Statement for the 2024 Annual Meeting of Shareholders, which will be filed within one hundred and twenty days of the fiscal year ended June 30, 2024 (2024 Proxy Statement), are incorporated by reference into Part III of this report to the extent described herein.
    
Entity Central Index Key 0000080424    
Current Fiscal Year End Date --06-30    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Stock      
Entity Information [Line Items]      
Title of 12(b) Security Common Stock, without Par Value    
Trading Symbol PG    
Security Exchange Name NYSE    
0.500% Notes due 2024      
Entity Information [Line Items]      
Title of 12(b) Security 0.500% Notes due 2024    
Trading Symbol PG24A    
Security Exchange Name NYSE    
0.625% Notes due 2024      
Entity Information [Line Items]      
Title of 12(b) Security 0.625% Notes due 2024    
Trading Symbol PG24B    
Security Exchange Name NYSE    
1.375% Notes due 2025      
Entity Information [Line Items]      
Title of 12(b) Security 1.375% Notes due 2025    
Trading Symbol PG25    
Security Exchange Name NYSE    
0.110% Notes due 2026      
Entity Information [Line Items]      
Title of 12(b) Security 0.110% Notes due 2026    
Trading Symbol PG26D    
Security Exchange Name NYSE    
3.250% EUR Notes due 2026      
Entity Information [Line Items]      
Title of 12(b) Security 3.250% EUR Notes due 2026    
Trading Symbol PG26F    
Security Exchange Name NYSE    
4.875% EUR Notes due May 2027      
Entity Information [Line Items]      
Title of 12(b) Security 4.875% EUR Notes due May 2027    
Trading Symbol PG27A    
Security Exchange Name NYSE    
1.200% Notes due 2028      
Entity Information [Line Items]      
Title of 12(b) Security 1.200% Notes due 2028    
Trading Symbol PG28    
Security Exchange Name NYSE    
3.150% EUR Notes due 2028      
Entity Information [Line Items]      
Title of 12(b) Security 3.150% EUR Notes due 2028    
Trading Symbol PG28B    
Security Exchange Name NYSE    
1.250% Notes due 2029      
Entity Information [Line Items]      
Title of 12(b) Security 1.250% Notes due 2029    
Trading Symbol PG29B    
Security Exchange Name NYSE    
1.800% Notes due 2029      
Entity Information [Line Items]      
Title of 12(b) Security 1.800% Notes due 2029    
Trading Symbol PG29A    
Security Exchange Name NYSE    
6.250% GBP Notes due January 2030      
Entity Information [Line Items]      
Title of 12(b) Security 6.250% GBP Notes due January 2030    
Trading Symbol PG30    
Security Exchange Name NYSE    
0.350% Notes due 2030      
Entity Information [Line Items]      
Title of 12(b) Security 0.350% Notes due 2030    
Trading Symbol PG30C    
Security Exchange Name NYSE    
0.230% Notes due 2031      
Entity Information [Line Items]      
Title of 12(b) Security 0.230% Notes due 2031    
Trading Symbol PG31A    
Security Exchange Name NYSE    
3.250% EUR Notes due 2031      
Entity Information [Line Items]      
Title of 12(b) Security 3.250% EUR Notes due 2031    
Trading Symbol PG31B    
Security Exchange Name NYSE    
5.250% GBP Notes due January 2033      
Entity Information [Line Items]      
Title of 12(b) Security 5.250% GBP Notes due January 2033    
Trading Symbol PG33    
Security Exchange Name NYSE    
3.200% EUR Notes due 2034      
Entity Information [Line Items]      
Title of 12(b) Security 3.200% EUR Notes due 2034    
Trading Symbol PG34C    
Security Exchange Name NYSE    
1.875% Notes due 2038      
Entity Information [Line Items]      
Title of 12(b) Security 1.875% Notes due 2038    
Trading Symbol PG38    
Security Exchange Name NYSE    
0.900% Notes due 2041      
Entity Information [Line Items]      
Title of 12(b) Security 0.900% Notes due 2041    
Trading Symbol PG41    
Security Exchange Name NYSE    
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Audit Information
 12 Months Ended
Jun. 30, 2024
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Cincinnati, Ohio
Auditor Firm ID 34
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Consolidated Statements of Earnings - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]      
NET SALES $ 84,039 $ 82,006 $ 80,187
Cost of products sold 40,848 42,760 42,157
Selling, general and administrative expense 23,305 21,112 20,217
Indefinite-lived intangible asset impairment charge 1,341 0 0
OPERATING INCOME 18,545 18,134 17,813
Interest expense (925) (756) (439)
Interest income 473 307 51
Other non-operating income, net 668 668 570
EARNINGS BEFORE INCOME TAXES 18,761 18,353 17,995
Income taxes 3,787 3,615 3,202
NET EARNINGS 14,974 14,738 14,793
Less: Net earnings attributable to noncontrolling interests 95 85 51
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE $ 14,879 $ 14,653 $ 14,742
NET EARNINGS PER COMMON SHARE      
Basic (in dollars per share) [1] $ 6.18 $ 6.07 $ 6.00
Diluted (in dollars per share) [1] $ 6.02 $ 5.90 $ 5.81
[1] Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]      
NET EARNINGS $ 14,974 $ 14,738 $ 14,793
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX      
Foreign currency translation (net of tax (benefit)/expense of $66, $(197) and $515, respectively) (226) (71) (1,450)
Unrealized gains/(losses) on investment securities (net of tax (benefit)/expense of $(1), $(2) and $1, respectively) (3) (7) 5
Unrealized gains on defined benefit postretirement plans (net of tax expense of $230, $9 and $1,022, respectively) 546 40 2,992
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX 317 (38) 1,547
TOTAL COMPREHENSIVE INCOME 15,291 14,700 16,340
Less: Comprehensive income attributable to noncontrolling interests 92 78 43
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE $ 15,199 $ 14,622 $ 16,297
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Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]      
Foreign currency translation, tax (benefit)/expense $ 66 $ (197) $ 515
Unrealized gains/(losses) on investment securities, tax (benefit)/expense (1) (2) 1
Unrealized gains/(losses) on defined benefit postretirement plans, tax expense $ 230 $ 9 $ 1,022
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Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 9,482 $ 8,246
Accounts receivable 6,118 5,471
INVENTORIES    
Materials and supplies 1,617 1,863
Work in process 929 956
Finished goods 4,470 4,254
Total inventories 7,016 7,073
Prepaid expenses and other current assets 2,095 1,858
TOTAL CURRENT ASSETS 24,709 22,648
PROPERTY, PLANT AND EQUIPMENT, NET 22,152 21,909
GOODWILL 40,303 40,659
TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET 22,047 23,783
OTHER NONCURRENT ASSETS 13,158 11,830
TOTAL ASSETS 122,370 120,829
CURRENT LIABILITIES    
Accounts payable 15,364 14,598
Accrued and other liabilities 11,073 10,929
Debt due within one year 7,191 10,229
TOTAL CURRENT LIABILITIES 33,627 35,756
LONG-TERM DEBT 25,269 24,378
DEFERRED INCOME TAXES 6,516 6,478
OTHER NONCURRENT LIABILITIES 6,398 7,152
TOTAL LIABILITIES 71,811 73,764
SHAREHOLDERS' EQUITY    
Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2024 - 4,009.2, 2023 - 4,009.2) 4,009 4,009
Additional paid-in capital 67,684 66,556
Reserve for ESOP debt retirement (737) (821)
Accumulated other comprehensive loss (11,900) (12,220)
Treasury stock (shares held: 2024 - 1,652.2; 2023 - 1,647.1) (133,379) (129,736)
Retained earnings 123,811 118,170
Noncontrolling interest 272 288
TOTAL SHAREHOLDERS' EQUITY 50,559 47,065
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 122,370 120,829
Preferred Class A    
SHAREHOLDERS' EQUITY    
Preferred stock 798 819
Preferred Class B    
SHAREHOLDERS' EQUITY    
Preferred stock $ 0 $ 0
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2024
Jun. 30, 2023
Common stock, stated value (in dollars per share) $ 1 $ 1
Common stock, authorized (in shares) 10,000,000,000 10,000,000,000
Common stock, issued (in shares) 4,009,200,000 4,009,200,000
Treasury stock (in shares) 1,652,200,000 1,647,100,000
Preferred Class A    
Preferred stock, stated value (in dollars per share) $ 1 $ 1
Preferred stock, authorized (in shares) 600,000,000 600,000,000
Preferred Class B    
Preferred stock, stated value (in dollars per share) $ 1 $ 1
Preferred stock, authorized (in shares) 200,000,000 200,000,000
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Consolidated Statements of Shareholders' Equity - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock
Preferred Stock
Additional Paid-In Capital
Reserve for ESOP Debt Retirement
Accumulated Other Comprehensive Income/(Loss)
Treasury Stock
Retained Earnings
Noncontrolling Interest
Beginning balance (in shares) at Jun. 30, 2021   2,429,706              
Beginning balance at Jun. 30, 2021 $ 46,654 $ 4,009 $ 870 $ 64,848 $ (1,006) $ (13,744) $ (114,973) $ 106,374 $ 276
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net Earnings/(Loss) 14,793             14,742 51
Other comprehensive income/(loss) 1,547         1,555     (8)
Dividends and dividend equivalents ($3.5227 per share):                  
Common (8,514)             (8,514)  
Preferred (281)             (281)  
Treasury stock purchases (in shares)   (67,088)              
Treasury stock purchases (10,003)           (10,003)    
Employee stock plans (in shares)   28,042              
Employee stock plans 2,516     945     1,571    
Preferred stock conversions (in shares)   3,217              
Preferred stock conversions 0   (27) 4     23    
ESOP debt impacts 198       90     108  
Noncontrolling interest, net (56)     (2)         (54)
Ending balance (in shares) at Jun. 30, 2022   2,393,877              
Ending balance at Jun. 30, 2022 46,854 $ 4,009 843 65,795 (916) (12,189) (123,382) 112,429 265
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net Earnings/(Loss) 14,738             14,653 85
Other comprehensive income/(loss) (38)         (31)     (7)
Dividends and dividend equivalents ($3.5227 per share):                  
Common (8,742)             (8,742)  
Preferred (282)             (282)  
Treasury stock purchases (in shares)   (52,021)              
Treasury stock purchases (7,353)           (7,353)    
Employee stock plans (in shares)   17,424              
Employee stock plans 1,736     758     978    
Preferred stock conversions (in shares)   2,840              
Preferred stock conversions 0   (24) 3     21    
ESOP debt impacts 207       95     112  
Noncontrolling interest, net (55)               (55)
Ending balance (in shares) at Jun. 30, 2023   2,362,120              
Ending balance at Jun. 30, 2023 47,065 $ 4,009 819 66,556 (821) (12,220) (129,736) 118,170 288
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net Earnings/(Loss) 14,974             14,879 95
Other comprehensive income/(loss) 317         320     (3)
Dividends and dividend equivalents ($3.5227 per share):                  
Common (9,053)             (9,053)  
Preferred (284)             (284)  
Treasury stock purchases (in shares)   (31,877)              
Treasury stock purchases (5,014)           (5,014)    
Employee stock plans (in shares)   24,095              
Employee stock plans 2,478     1,125     1,353    
Preferred stock conversions (in shares)   2,713              
Preferred stock conversions 0   (21) 3     18    
ESOP debt impacts 184       85     99  
Noncontrolling interest, net (108)               (108)
Ending balance (in shares) at Jun. 30, 2024   2,357,051              
Ending balance at Jun. 30, 2024 $ 50,559 $ 4,009 $ 798 $ 67,684 $ (737) $ (11,900) $ (133,379) $ 123,811 $ 272
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Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]      
Dividends and dividend equivalents (in dollars per share) $ 3.8286 $ 3.6806 $ 3.5227
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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Statement of Cash Flows [Abstract]      
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR $ 8,246 $ 7,214 $ 10,288
OPERATING ACTIVITIES      
NET EARNINGS 14,974 14,738 14,793
Depreciation and amortization 2,896 2,714 2,807
Share-based compensation expense 562 545 528
Deferred income taxes (244) (453) (402)
Loss/(gain) on sale of assets (215) (40) (85)
Indefinite-lived intangible asset impairment charge 1,341 0 0
Change in accounts receivable (766) (307) (694)
Change in inventories (70) (119) (1,247)
Change in accounts payable and accrued and other liabilities 1,814 313 1,429
Change in other operating assets and liabilities (1,414) (1,107) (635)
Other 969 564 229
TOTAL OPERATING ACTIVITIES 19,846 16,848 16,723
INVESTING ACTIVITIES      
Capital expenditures (3,322) (3,062) (3,156)
Proceeds from asset sales 346 46 110
Acquisitions, net of cash acquired (21) (765) (1,381)
Other investing activity (507) 281 3
TOTAL INVESTING ACTIVITIES (3,504) (3,500) (4,424)
FINANCING ACTIVITIES      
Dividends to shareholders (9,312) (8,999) (8,770)
Additions to short-term debt with original maturities of more than three months 3,528 17,168 10,411
Reductions in short-term debt with original maturities of more than three months (7,689) (13,031) (11,478)
Net additions/(reductions) to other short-term debt 857 (3,319) 917
Additions to long-term debt 3,197 3,997 4,385
Reductions in long-term debt (2,335) (1,878) (2,343)
Treasury stock purchases (5,006) (7,353) (10,003)
Impact of stock options and other 1,905 1,269 2,005
TOTAL FINANCING ACTIVITIES (14,855) (12,146) (14,876)
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH (251) (170) (497)
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,235 1,032 (3,074)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR 9,482 8,246 7,214
SUPPLEMENTAL DISCLOSURE      
Cash payments for interest 878 721 451
Cash payments for income taxes $ 4,363 $ 4,278 $ 3,818
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
The Procter & Gamble Company's (the "Company," "Procter & Gamble," "we" or "us") business is focused on providing branded consumer packaged goods of superior quality and value. Our products are sold in about 180 countries and territories primarily through mass merchandisers, e-commerce (including social commerce) channels, grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, specialty beauty stores (including airport duty-free stores), high-frequency stores, pharmacies, electronics stores and professional channels. We also sell direct to consumers. We have on-the-ground operations in about 70 countries.
Basis of Presentation
The Consolidated Financial Statements include the Company and its controlled subsidiaries. Intercompany transactions are eliminated.
Use of Estimates
Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates are based on management's best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, consumer and trade promotion accruals, restructuring reserves, pensions, postretirement benefits, stock options, valuation of acquired intangible assets, useful lives for depreciation and amortization of long-lived assets, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets and liabilities, uncertain income tax positions and contingencies. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the financial statements in any individual year. However, regarding ongoing impairment testing of goodwill and indefinite-lived intangible assets, significant deterioration in future cash flow projections or other assumptions used in estimating fair values versus those anticipated at the time of the initial valuations, could result in impairment charges that materially affect the financial statements in a given year.
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. A provision for payment discounts and product return allowances is recorded as a reduction of sales in the same period the revenue is recognized. The revenue recorded is presented net of sales and other taxes we collect on behalf of governmental authorities. The revenue includes shipping and handling costs, which generally are included in the list price to the customer.
Trade promotions, consisting primarily of customer pricing allowances, merchandising funds and consumer coupons, are offered through various programs to customers and consumers. Sales are recorded net of trade promotion spending, which is recognized as incurred at the time of the sale. Most of these arrangements have terms of approximately one year. Accruals for expected payouts under these programs are included as accrued marketing and promotion in the Accrued and other liabilities line item in the Consolidated Balance Sheets.
Cost of Products Sold
Cost of products sold is primarily comprised of direct materials and supplies consumed in the manufacturing of product, as well as manufacturing labor, depreciation expense and direct overhead expenses necessary to acquire and convert the purchased materials and supplies into finished products. Cost of products sold also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity.
Selling, General and Administrative Expense
Selling, general and administrative expense (SG&A) is primarily comprised of marketing expenses, selling expenses, research and development costs, administrative and other indirect overhead costs, depreciation and amortization expense on non-manufacturing assets and other miscellaneous operating items. Research and development costs are charged to expense as incurred and were $2.0 billion in 2024, 2023 and 2022. Advertising costs, charged to expense as incurred, include television, print, radio, digital and in-store advertising expenses and were $9.6 billion in 2024, $8.0 billion in 2023 and $7.9 billion in 2022. Non-advertising related components of the Company's total marketing spending reported in SG&A include costs associated with consumer promotions, product sampling and sales aids.
Other Non-Operating Income, Net
Other non-operating income, net primarily includes divestiture gains, net non-service impacts related to postretirement benefit plans, investment income, accumulated foreign currency translation losses and other non-operating items.
Currency Translation
Financial statements of operating subsidiaries outside the U.S. generally are measured using the local currency as the functional currency. Adjustments to translate those statements into U.S. dollars are recorded in Other comprehensive income (OCI). For subsidiaries operating in highly inflationary economies, the U.S. dollar is the functional currency. Re-measurement adjustments for financial statements in highly inflationary economies and other transactional exchange gains and losses are reflected in earnings.
Cash Flow Presentation
The Consolidated Statements of Cash Flows are prepared using the indirect method, which reconciles net earnings to cash flows from operating activities. Cash flows from foreign currency transactions and operations are translated at monthly exchange rates for each period. Cash flows from hedging activities are included in the same category as the items being hedged. Cash flows from derivative instruments designated as net investment hedges are classified as investing activities. Realized gains and losses from non-qualifying derivative instruments used to hedge currency exposures resulting from intercompany financing transactions are classified as financing activities. Cash flows from other derivative instruments used to manage interest rates, commodity or other currency exposures are classified as operating activities. Cash payments related to income taxes are classified as operating activities.
Investments
The Company holds minor equity investments in certain companies over which we exert significant influence, but do not control the financial and operating decisions. These are accounted for as equity method investments. Other equity investments that are not controlled, and over which we do not have the ability to exercise significant influence, and for which there is a readily determinable market value, are recorded at fair value, with gains and losses recorded through net earnings. Equity investments without readily determinable fair values are measured at cost, less impairments, plus or minus observable price changes. Equity investments are included as Other noncurrent assets in the Consolidated Balance Sheets.
The Company also holds highly liquid investments, primarily money market funds and time deposits. Such investments are considered cash equivalents and are included within Cash and cash equivalents in the Consolidated Balance Sheets.
Inventory Valuation
Inventories are valued at the lower of cost or net realizable value. Product-related inventories are maintained on the first-in, first-out method. The cost of spare part inventories is maintained using the average-cost method.
Property, Plant and Equipment
Property, plant and equipment is recorded at cost reduced by accumulated depreciation. Depreciation expense is recognized over the assets' estimated useful lives using the straight-line method. Machinery and equipment includes office furniture and fixtures (15-year life), computer equipment and capitalized software (3- to 5-year lives) and manufacturing equipment (3- to 20-year lives). Buildings are depreciated over an estimated useful life of 40 years. Estimated useful lives are periodically reviewed and, when appropriate, changes are made prospectively. When certain events or changes in operating conditions occur, asset lives may be adjusted and an impairment assessment may be performed on the recoverability of the carrying amounts.
Goodwill and Other Intangible Assets
Goodwill and indefinite-lived intangible assets are not amortized but are evaluated for impairment annually or more often if indicators of a potential impairment are present. Our annual impairment testing of goodwill is performed separately from our impairment testing of indefinite-lived intangible assets.
We have acquired brands that have been determined to have indefinite lives. We evaluate several factors to determine whether an indefinite life is appropriate, including the competitive environment, market share, brand history, underlying product life cycles, operating plans and the macroeconomic environment of the countries in which the brands are sold. In addition, when certain events or changes in operating conditions occur, an additional impairment assessment is performed and indefinite-lived assets may be adjusted to a determinable life.
The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, either on a straight-line or accelerated basis over the estimated periods benefited. Patents, technology and other intangible assets with contractual terms are generally amortized over their respective legal or contractual lives. Customer relationships, brands and other non-contractual intangible assets with determinable lives are amortized over periods generally ranging from 5 to 30 years. When certain events or changes in operating conditions occur, an impairment assessment is performed and remaining lives of intangible assets with determinable lives may be adjusted.
For additional details on goodwill and intangible assets see Note 4.
Fair Values of Financial Instruments
Certain financial instruments are required to be recorded at fair value. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations or cash flows. Other financial instruments, including cash equivalents, certain investments and certain short-term debt, are recorded at cost, which approximates fair value. The fair values of long-term debt and financial instruments are disclosed in Note 9.
New Accounting Pronouncements and Policies
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures.” This guidance requires disclosure of incremental segment information on an annual and interim basis. This amendment is effective for our fiscal year ending June 30, 2025, and our interim periods within the fiscal year ending June 30, 2026. We are currently assessing the impact of this guidance on our disclosures.
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes: Improvements to Income Tax Disclosures.” This guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and disclosures of income taxes paid by jurisdiction. This amendment is effective for our fiscal year ending June 30, 2026. We are currently assessing the impact of this guidance on our disclosures.
No other new accounting pronouncement issued or effective during the fiscal year had, or is expected to have, a material impact on our Consolidated Financial Statements.
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SEGMENT INFORMATION
 12 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
SEGMENT INFORMATION
Under U.S. GAAP, our operating segments are aggregated into five reportable segments: 1) Beauty, 2) Grooming, 3) Health Care, 4) Fabric & Home Care and 5) Baby, Feminine & Family Care. Our five reportable segments are comprised of:
•Beauty: Hair Care (Conditioners, Shampoos, Styling Aids, Treatments); Skin and Personal Care (Antiperspirants and Deodorants, Personal Cleansing, Skin Care);
•Grooming: Grooming (Appliances, Female Blades & Razors, Male Blades & Razors, Pre- and Post-Shave Products, Other Grooming);
•Health Care: Oral Care (Toothbrushes, Toothpaste, Other Oral Care); Personal Health Care (Gastrointestinal, Pain Relief, Rapid Diagnostics, Respiratory, Vitamins/Minerals/Supplements, Other Personal Health Care);
•Fabric & Home Care: Fabric Care (Fabric Enhancers, Laundry Additives, Laundry Detergents); Home Care (Air Care, Dish Care, P&G Professional, Surface Care); and
•Baby, Feminine & Family Care: Baby Care (Baby Wipes, Taped Diapers and Pants); Feminine Care (Adult Incontinence, Menstrual Care); Family Care (Paper Towels, Tissues, Toilet Paper).
While none of our reportable segments are highly seasonal, components within certain reportable segments, such as Appliances (Grooming) and Personal Health Care (Health), are seasonal.
The accounting policies of the segments are generally the same as those described in Note 1. Differences between these policies and U.S. GAAP primarily reflect income taxes, which are reflected in the segments using applicable blended statutory rates. Adjustments to arrive at our effective tax rate are included in Corporate. In addition, capital expenditures in the segments are on an accrual basis consistent with the balance sheet. Adjustments to move from an accrual to cash basis, for purposes of the cash flow statement, are reflected in Corporate.
Corporate includes certain operating and non-operating activities that are not reflected in the operating results used internally to measure and evaluate the businesses, as well as items to adjust management reporting principles to U.S. GAAP. Operating activities in Corporate include the results of incidental businesses managed at the corporate level. Operating elements also include certain employee benefit costs, the costs of certain restructuring-type activities to maintain a competitive cost structure, including manufacturing and workforce optimization, asset impairment charges and other general Corporate items. The non-operating elements in Corporate primarily include interest expense, certain pension and other postretirement benefit costs, certain acquisition and divestiture gains, interest and investing income and other financing costs.
Total assets for the reportable segments include those assets managed by the reportable segment, primarily inventory, fixed assets and intangible assets. Other assets, primarily cash, accounts receivable, investment securities and goodwill, are included in Corporate.
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:
% of Net sales by operating segment (1)
Fiscal years ended June 30202420232022
Fabric Care24%23%23%
Home Care12%12%12%
Baby Care9%10%10%
Family Care9%8%9%
Hair Care9%9%9%
Skin and Personal Care9%9%9%
Grooming (2)
8%8%6%
Oral Care8%8%8%
Feminine Care6%7%6%
Personal Health Care6%6%6%
Other (2)
—%—%2%
TOTAL100%100%100%
(1)% of Net sales by operating segment excludes sales recorded in Corporate.
(2)Effective July 1, 2022, the Grooming Sector Business Unit completed the full integration of its Shave Care and Appliances categories to cohesively serve consumers' grooming needs. This transition included the integration of the management team, strategic decision-making, innovation plans, financial targets, budgets and internal management reporting. For the fiscal year ended June 30, 2022, Appliances was presented in Other.
Net sales and long-lived assets in the United States and internationally were as follows (in billions):
Fiscal years ended June 30202420232022
NET SALES
United States$40.5 $38.7 $36.5 
International$43.5 $43.3 $43.7 
LONG-LIVED ASSETS (1)
United States$12.0 $11.4 $10.7 
International$10.2 $10.5 $10.5 
(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 16% in 2024 and 15% in 2023 and 2022. No other customer represents more than 10% of our consolidated net sales.
Global Segment ResultsNet SalesEarnings/(Loss)
Before
Income Taxes		Net Earnings/(Loss)Depreciation
and
Amortization		Total
Assets		Capital
Expenditures
BEAUTY2024$15,220 $3,805 $2,963 $399 $6,103 $280 
202315,008 4,009 3,178 376 6,196 287 
202214,740 3,946 3,160 348 6,055 331 
GROOMING20246,654 1,845 1,477 335 19,082 337 
20236,419 1,806 1,461 335 20,601 300 
20226,587 1,835 1,490 361 20,482 260 
HEALTH CARE202411,793 2,941 2,258 381 8,416 524 
202311,226 2,759 2,125 352 8,480 466 
202210,824 2,618 2,006 376 7,888 410 
FABRIC & HOME CARE202429,495 7,339 5,687 710 8,907 1,076 
202328,371 6,303 4,828 675 8,669 979 
202227,556 5,729 4,386 672 8,567 988 
BABY, FEMININE & FAMILY CARE202420,277 5,253 4,020 824 8,497 979 
202320,217 4,623 3,545 804 8,517 994 
202219,736 4,267 3,266 826 8,443 932 
CORPORATE 2024601 (2,422)(1,430)247 71,365 126 
2023765 (1,147)(399)172 68,366 36 
2022744 (400)485 224 65,773 235 
TOTAL COMPANY2024$84,039 $18,761 $14,974 $2,896 $122,370 $3,322 
202382,006 18,353 14,738 2,714 120,829 3,062 
202280,187 17,995 14,793 2,807 117,208 3,156 
v3.24.2.u1
SUPPLEMENTAL FINANCIAL INFORMATION
 12 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL FINANCIAL INFORMATION
SUPPLEMENTAL FINANCIAL INFORMATION
The components of property, plant and equipment were as follows:
As of June 3020242023
PROPERTY, PLANT AND EQUIPMENT
Machinery and equipment$37,507 $36,521 
Buildings8,534 8,277 
Construction in progress3,126 2,980 
Land895 867 
TOTAL PROPERTY, PLANT AND EQUIPMENT50,063 48,645 
Accumulated depreciation(27,911)(26,736)
PROPERTY, PLANT AND EQUIPMENT, NET$22,152 $21,909 
Selected components of current and noncurrent liabilities were as follows:
As of June 3020242023
ACCRUED AND OTHER LIABILITIES - CURRENT
Accrued marketing and promotion$4,172 $3,894 
Accrued compensation2,161 2,030 
Taxes payable1,042 828 
Accrued interest282 235 
Lease liabilities243 222 
Restructuring reserves166 174 
Derivative liabilities54 631 
Other2,953 2,915 
TOTAL$11,073 $10,929 
OTHER NONCURRENT LIABILITIES
Pension benefit obligations$2,884 $3,116 
Uncertain tax positions723 622 
Lease liabilities666 595 
Other retiree benefit obligations653 690 
U.S. Tax Act transitional tax payable592 1,154 
Derivative liabilities325 445 
Other555 530 
TOTAL$6,398 $7,152 
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.
In December 2023, the Company announced a limited market portfolio restructuring of its business operations, primarily in certain Enterprise Markets, including Argentina and Nigeria, to address challenging macroeconomic and fiscal conditions. In connection with this announcement, the Company expects to record incremental restructuring charges of $1.0 to $1.5 billion after tax, consisting primarily of foreign currency translation losses to be recognized as non-cash charges upon the substantial liquidation of operations in the affected markets.
The Company incurred total restructuring charges of $659 and $329 for the fiscal years ended June 30, 2024 and 2023. Of the charges incurred for fiscal year 2024, $248 were recorded in Costs of products sold, $155 in SG&A and $255 in Other non-operating income, net. Of the charges incurred in fiscal year 2023, $160 were recorded in Costs of products sold, $160 in SG&A and $9 in Other non-operating income, net.
The following table presents restructuring activity for the fiscal years ended June 30, 2024 and 2023:
Separation CostsAsset-Related CostsOther CostsTotal
RESERVE JUNE 30, 2022$121 $— $26 $147 
Cost incurred175 43 111 329 
Cost paid/settled(141)(43)(118)(302)
RESERVE JUNE 30, 2023155 — 19 174 
Cost incurred202 101 355 659 
Cost paid/settled(224)(101)(342)(667)
RESERVE JUNE 30, 2024$133 $— $32 $166 
Separation 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.
Asset-Related Costs
Asset-related costs consist of both asset write-downs and accelerated depreciation for manufacturing and facilities consolidations. Asset write-downs relate to the establishment of a new fair value basis for assets held-for-sale 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.
Other Costs
Other restructuring-type charges are incurred as a direct result of the restructuring plan. Such charges include accumulated foreign currency translation losses, asset removal and termination of contracts related to Enterprise Market portfolio restructuring. As of June 30, 2024, the Company has substantially liquidated its operations in certain Enterprise Markets, including Nigeria, and recorded a non-cash charge of $216 for accumulated foreign currency translation losses previously included in Accumulated other comprehensive income/(loss).
Consistent with our historical policies for ongoing restructuring-type activities, the restructuring charges are funded by and included within Corporate for management and segment reporting. However, for information purposes, the following table summarizes the total restructuring costs related to our reportable segments:
Fiscal years ended June 30202420232022
Beauty$43 $15 $11 
Grooming76 17 14 
Health Care33 28 32 
Fabric & Home Care84 87 42 
Baby, Feminine & Family Care50 21 83 
Corporate (1)
371 161 71 
TOTAL$659 $329 $253 
(1)Corporate includes costs related to allocated overheads, including charges related to our Enterprise Markets, Global Business Services and Corporate Functions activities.
v3.24.2.u1
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS
The change in the net carrying amount of goodwill by reportable segment was as follows:
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareTOTAL
BALANCE AT JUNE 30, 2022 - NET (1)
$13,296 $12,571 $7,589 $1,808 $4,436 $39,700 
Acquisitions and divestitures405 — — — 33 438 
Translation and other187 132 129 13 60 521 
BALANCE AT JUNE 30, 2023 - NET (1)
13,888 12,703 7,718 1,821 4,529 40,659 
Acquisitions and divestitures(61)— — — — (61)
Translation and other(104)(71)(80)(10)(30)(295)
BALANCE AT JUNE 30, 2024 - NET (1)
$13,723 $12,633 $7,638 $1,810 $4,499 $40,303 
(1)Grooming goodwill balance is net of $7.9 billion accumulated impairment losses.

Goodwill decreased during fiscal 2024 primarily due to currency translation across all reportable segments and a brand divestiture in the Beauty reportable segment. Goodwill increased during fiscal 2023 primarily due to an acquisition in the Beauty segment, other minor brand acquisitions in the Baby, Feminine & Family Care segment and currency translation across all reportable segments.
Goodwill and indefinite-lived intangibles are tested for impairment at least annually by comparing the estimated fair values of our reporting units and indefinite-lived intangible assets to their respective carrying values. We use the income method to estimate the fair value of these assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. When appropriate, the market approach, which leverages comparable company revenue and earnings multiples, is weighted with the income approach to estimate fair value. Significant estimates and assumptions inherent in the valuations reflect a consideration of other marketplace participants and include the amount and timing of future cash flows (including expected growth rates and profitability). Significant judgment by management is required to estimate the impact of macroeconomic and other factors on future cash flows. Estimates utilized in the projected cash flows include consideration of macroeconomic conditions, overall category growth rates, competitive activities, cost containment and margin expansion, Company business plans, the underlying product or technology life cycles, economic barriers to entry, a brand's relative market position and the discount rate applied to the cash flows. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions.
We believe the estimates and assumptions utilized in our impairment testing are reasonable and are comparable to those that would be used by other marketplace participants. However, actual events and results could differ substantially from those used in our valuations. To the extent such factors result in a failure to achieve the level of projected cash flows initially used to estimate fair value for purposes of establishing or subsequently impairing the carrying amount of goodwill and related intangible assets, we may need to record additional non-cash impairment charges in the future.
During the fiscal year ended June 30, 2024, we determined that the fair value of the Gillette indefinite-lived intangible asset was less than its carrying amount. As a result, we recorded a non-cash impairment charge of $1.3 billion ($1.0 billion after tax) to reduce the carrying amount to be equivalent to the estimated fair value as of December 31, 2023. Following the impairment charge, the carrying value of the Gillette indefinite-lived intangible asset is $12.8 billion. The impairment charge arose due to a higher discount rate, weakening of several currencies relative to the U.S. dollar and the impact of a new restructuring program focused primarily in certain Enterprise Markets, including Argentina and Nigeria.
Identifiable intangible assets were comprised of:
20242023
As of June 30Gross Carrying AmountAccumulated
Amortization		Gross Carrying AmountAccumulated
Amortization
INTANGIBLE ASSETS WITH DETERMINABLE LIVES
Brands$4,318 $(2,725)$4,352 $(2,540)
Patents and technology2,794 (2,683)2,775 (2,649)
Customer relationships1,834 (1,121)1,847 (1,039)
Other72 (29)73 (28)
TOTAL$9,019 $(6,558)$9,047 $(6,256)
INTANGIBLE ASSETS WITH INDEFINITE LIVES
Brands19,587 — 20,992 — 
TOTAL INTANGIBLE ASSETS$28,605 $(6,558)$30,039 $(6,256)
Amortization expense of intangible assets was as follows:
Fiscal years ended June 30202420232022
Intangible asset amortization$338 $327 $312 

Estimated amortization expense over the next five fiscal years is as follows:
Fiscal years ending June 3020252026202720282029
Estimated amortization expense$318 $297 $287 $248 $200 
v3.24.2.u1
INCOME TAXES
 12 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
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:
Fiscal years ended June 30202420232022
United States$12,246 $12,107 $11,698 
International6,515 6,246 6,297 
TOTAL$18,761 $18,353 $17,995 
Income taxes consisted of the following:
Fiscal years ended June 30202420232022
CURRENT TAX EXPENSE
U.S. federal$1,954 $2,303 $1,916 
International1,708 1,412 1,333 
U.S. state and local368 353 355 
TOTAL4,031 4,068 3,604 
DEFERRED TAX EXPENSE/(BENEFIT)
U.S. federal(133)(224)(320)
International and other(111)(229)(82)
TOTAL(244)(453)(402)
TOTAL TAX EXPENSE$3,787 $3,615 $3,202 
A reconciliation of the U.S. federal statutory income tax rate to our actual effective income tax rate is provided below:
Fiscal years ended June 30202420232022
U.S. federal statutory income tax rate21.0 %21.0 %21.0 %
Country mix impacts of foreign operations0.1 %(0.5)%(0.3)%
State income taxes, net of federal benefit1.8 %1.6 %1.5 %
Excess tax benefits from the exercise of stock options(1.5)%(1.0)%(2.0)%
Foreign derived intangible income deduction (FDII)(1.1)%(0.8)%(1.1)%
Changes in uncertain tax positions0.1 %0.1 %(0.4)%
Other(0.2)%(0.7)%(0.9)%
EFFECTIVE INCOME TAX RATE20.2 %19.7 %17.8 %
Country mix impacts of foreign 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. 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. Changes in uncertain tax positions represent changes in our net liability related to prior year tax positions.
Prior to the passage of the U.S. Tax Act, the Company asserted that substantially all of the undistributed earnings of its foreign subsidiaries were considered indefinitely invested and, accordingly, no deferred taxes were provided. Pursuant to the provisions of the U.S. Tax Act, these earnings were subjected to a one-time transition tax. This charge included taxes for all U.S. income taxes and for the related foreign withholding taxes for the portion of those earnings which are no longer considered indefinitely invested. We have not provided deferred taxes on approximately $22 billion of earnings that are considered indefinitely invested.
A reconciliation of the beginning and ending liability for uncertain tax positions is as follows:
Fiscal years ended June 30202420232022
BEGINNING OF YEAR$515 $583 $627 
Increases in tax positions for prior years157 113 102 
Decreases in tax positions for prior years(133)(119)(118)
Increases in tax positions for current year160 60 53 
Settlements with taxing authorities(100)(108)(42)
Lapse in statute of limitations(9)(7)(17)
Currency translation(8)(7)(22)
END OF YEAR$582 $515 $583 
Included in the total liability for uncertain tax positions at June 30, 2024, is $488 that, depending on the ultimate resolution, could impact the effective tax rate in future periods.
The Company is present in about 70 countries and over 150 taxable jurisdictions and, at any point in time, has 30-40 jurisdictional audits underway at various stages of completion. We evaluate our tax positions and establish liabilities for
uncertain tax positions that may be challenged by local authorities and may not be fully sustained, despite our belief that the underlying tax positions are fully supportable. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances, including progress of tax audits, developments in case law and the closing of statutes of limitation. Such adjustments are reflected in the tax provision as appropriate. We have tax years open ranging from 2010 and forward. We are generally not able to reliably estimate the timing and ultimate settlement amounts until the close of an audit. Based on information currently available, we do not anticipate over the next 12-month period any significant audit activity concluding related to uncertain tax positions for which we have existing accrued liabilities.
We recognize the additional accrual of any possible related interest and penalties relating to the underlying uncertain tax position in income tax expense. As of June 30, 2024 and 2023, we had accrued interest of $111 and $143 and accrued penalties of $15 and $12, respectively, which are not included in the above table. During the fiscal years ended June 30, 2024, 2023 and 2022, we recognized $18, $23 and $21 in interest expense and $4, $1 and $2 in penalties expense, respectively.
Deferred income tax assets and liabilities were comprised of the following:
As of June 3020242023
DEFERRED TAX ASSETS
Capitalized research & development$1,140 $930 
Loss and other carryforwards892 1,014 
Pension and other retiree benefits592 737 
Accrued marketing and promotion460 421 
Stock-based compensation433 412 
Fixed assets206 223 
Lease liabilities199 197 
Unrealized loss on financial and foreign exchange transactions107 282 
Other843 874 
Valuation allowances(290)(403)
TOTAL$4,582 $4,687 
DEFERRED TAX LIABILITIES
Goodwill and other intangible assets$5,459 $5,811 
Fixed assets1,573 1,556 
Other retiree benefits1,319 1,101 
Unrealized gain on financial and foreign exchange transactions263 198 
Lease right-of-use assets196 191 
Foreign withholding tax on earnings to be repatriated104 96 
Other441 381 
TOTAL$9,355 $9,334 
Net operating loss carryforwards were $2.3 billion at June 30, 2024, and $2.9 billion at June 30, 2023. If unused, approximately $100 will expire between 2024 and 2043. The remainder, totaling $2.2 billion at June 30, 2024, may be carried forward indefinitely.
v3.24.2.u1
EARNINGS PER SHARE
 12 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
Basic net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble less preferred dividends by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble by the diluted weighted average number of common shares outstanding during the period. The diluted shares include the dilutive effect of stock options and other share-based awards based on the treasury stock method (see Note 7) and the assumed conversion of preferred stock (see Note 8).
Net earnings per common share were calculated as follows:
Fiscal years ended June 30202420232022
CONSOLIDATED AMOUNTS
Net earnings$14,974 $14,738 $14,793 
Less: Net earnings attributable to noncontrolling interests95 85 51 
Net earnings attributable to P&G14,879 14,653 14,742 
Less: Preferred dividends284 282 281 
Net earnings attributable to P&G available to common shareholders (Basic)$14,595 $14,371 $14,461 
Net earnings attributable to P&G available to common shareholders (Diluted)$14,879 $14,653 $14,742 
SHARES IN MILLIONS
Basic weighted average common shares outstanding2,360.12,368.22,410.3
Add effect of dilutive securities:
Stock options and other unvested equity awards (1)
38.339.449.5
Convertible preferred shares (2)
73.676.379.3
Diluted weighted average common shares outstanding2,471.92,483.92,539.1
NET EARNINGS PER COMMON SHARE
Basic$6.18 $6.07 $6.00 
Diluted$6.02 $5.90 $5.81 
(1)Excludes 4 million, 19 million and 11 million in 2024, 2023 and 2022, respectively, of weighted average stock options outstanding because the exercise price of these options was greater than the average market value of the Company's stock or their effect was antidilutive.
(2)An overview of preferred shares can be found in Note 8.
v3.24.2.u1
SHARE-BASED COMPENSATION
 12 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION
The Company has two primary share-based compensation programs under which we annually grant stock option, restricted stock unit (RSU) and performance stock unit (PSU) awards to certain managers and directors.
In our main long-term incentive program, managers can elect to receive stock options or RSUs. All options vest after three years and have a 10-year life. Exercise prices on options are set equal to the market price of the underlying shares on the date of the grant. RSUs vest and settle in shares of common stock three years from the grant date.
Senior-level executives participate in an additional long-term incentive program that awards PSUs, which are paid in shares after the end of a three-year performance period subject to pre-established performance goals. The program includes a Relative Total Shareholder Return (R-TSR) modifier under which the number of shares ultimately granted is also impacted by the Company's actual shareholder return relative to our consumer products competitive peer set.
In addition to these long-term incentive programs, we award RSUs to the Company's non-employee directors and make other minor stock option and RSU grants to employees for which the terms are not substantially different from our long-term incentive awards.
The Company's share-based compensation plan was approved by shareholders in 2019. Under the 2019 plan, a maximum of 150 million shares of common stock was authorized for issuance and a total of 77 million shares remain available for grant.
The Company recognizes share-based compensation expense based on the fair value of the awards at the date of grant. The expense is recognized on a straight-line basis over the requisite service period. Awards to employees eligible for retirement prior to the award becoming fully vested are recognized as compensation expense ratably from the grant date through the date the employee first becomes eligible to retire and/or is no longer required to provide services to earn the award. Share-based compensation expense is included as part of Cost of products sold and SG&A in the Consolidated Statements of Earnings and includes an estimate of forfeitures, which is based on historical data.
Total expense and related recognized tax benefit were as follows:
Fiscal years ended June 30202420232022
Stock options$270 $303 $271 
RSUs and PSUs292 242 257 
Total share-based expense$562 $545 $528 
Income tax benefit$103 $103 $88 
We utilize an industry standard lattice-based valuation model to calculate the fair value for stock options granted. Assumptions utilized in the model, which are evaluated and revised to reflect market conditions and experience, were as follows:
Fiscal years ended June 30202420232022
Interest rate4.6-5.5 %3.7-4.1 %0.1-1.6 %
Weighted average interest rate4.6 %3.7 %1.5 %
Dividend yield2.5 %2.6 %2.4 %
Expected volatility18 %21 %19 %
Expected life in years8.88.89.1
Lattice-based option valuation models incorporate ranges of assumptions for inputs and those ranges are disclosed in the preceding table. Expected volatilities are based on a combination of historical volatility of our stock and implied volatilities of call options on our stock. We use historical data to estimate option exercise and employee termination patterns within the valuation model. The expected life of options granted is derived from the output of the option valuation model and represents the average period of time that options granted are expected to be outstanding. The interest rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of grant.
We utilize a Monte-Carlo simulation model to estimate the fair value of performance stock units granted. Assumptions utilized in the model are not substantially different from those used for stock options.
A summary of options outstanding under the plans as of June 30, 2024, and activity during the year then ended is presented below:
OptionsOptions
(in thousands)		Weighted Average Exercise PriceWeighted Average Contractual Life in YearsAggregate Intrinsic Value
OUTSTANDING AT JULY 1, 2023121,205 $104.18 
Granted8,737 147.76 
Exercised(22,190)85.08 
Forfeited/expired(391)134.69 
OUTSTANDING AT JUNE 30, 2024107,362 $111.59 5.1$5,732 
Exercisable75,692 $99.51 3.9$4,951 
The following table provides additional information on stock options:
Fiscal years ended June 30202420232022
Weighted average grant-date fair value of options granted$34.25 $29.58 $21.55 
Intrinsic value of options exercised1,621 979 1,886 
Grant-date fair value of options that vested244 219 177 
Cash received from options exercised1,888 1,189 1,930 
Actual tax benefit from options exercised330 207 399 
At June 30, 2024, $171 of compensation cost had not yet been recognized related to stock option grants. That cost is expected to be recognized over a remaining weighted average period of 1.6 years.
A summary of non-vested RSUs and PSUs outstanding under the plans as of June 30, 2024, and activity during the year then ended is presented below:
RSUsPSUs
RSU and PSU awardsUnits (in thousands)Weighted Average Grant Date Fair ValueUnits (in thousands)Weighted Average Grant Date Fair Value
Non-vested at July 1, 20233,172 $134.94 1,011 $142.40 
Granted1,519 147.15 524 155.86 
Vested(1,299)136.73 (506)152.73 
Forfeited(71)143.02 (13)155.36 
Non-vested at June 30, 20243,321 $139.65 1,016 $144.06 
At June 30, 2024, $243 of compensation cost had not yet been recognized related to RSUs and PSUs. That cost is expected to be recognized over a remaining weighted average period of 1.6 years. The total grant date fair value of shares vested was $256, $220 and $248 in 2024, 2023 and 2022, respectively.
The Company settles equity issuances with treasury shares. We have no specific policy to repurchase common shares to mitigate the dilutive impact of options, RSUs and PSUs. However, we have historically made adequate discretionary purchases, based on cash availability, market trends and other factors, to offset the impacts of such activity.
v3.24.2.u1
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN
 12 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN
We offer various postretirement benefits to our employees.
Defined Contribution Retirement Plans
We have defined contribution plans, which cover the majority of our U.S. employees, as well as employees in certain other countries. These plans are fully funded. We generally make contributions to participants' accounts based on individual base salaries and years of service. Total global defined contribution expense was $425, $392 and $366 in 2024, 2023 and 2022, respectively.
The primary U.S. defined contribution plan (the U.S. DC plan) comprises the majority of the expense for the Company's defined contribution plans. For the U.S. DC plan, the contribution rate is set annually. Total contributions for this plan approximated 13% of total participants' annual wages and salaries in 2024 and 2023 and 14% in 2022.
We maintain The Procter & Gamble Profit Sharing Trust (Trust) and Employee Stock Ownership Plan (ESOP) to provide a portion of the funding for the U.S. DC plan and other retiree benefits (described below). Operating details of the ESOP are provided at the end of this Note. The fair value of the ESOP Series A shares allocated to participants reduces our cash contribution required to fund the U.S. DC plan.
Defined Benefit Retirement Plans and Other Retiree Benefits
We offer defined benefit retirement pension plans to certain employees. These benefits relate primarily to plans outside the U.S. and, to a lesser extent, plans assumed in previous acquisitions covering U.S. employees.
We also provide certain other retiree benefits, primarily health care benefits for the majority of our U.S. employees who become eligible for these benefits when they meet minimum age and service requirements. The plans require cost sharing with retirees and the benefits are funded by ESOP Series B shares and certain other assets contributed by the Company.
Obligation and Funded Status. The following provides a reconciliation of benefit obligations, plan assets and funded status of these defined benefit plans:
Pension Benefits (1)
Other Retiree Benefits (2)
Fiscal years ended June 302024202320242023
CHANGE IN BENEFIT OBLIGATION
Benefit obligation at beginning of year (3)
$12,499 $12,608 $2,933 $3,070 
Service cost164 173 68 71 
Interest cost527 430 157 142 
Participants' contributions14 13 56 50 
Amendments21 8 2 — 
Net actuarial loss/(gain)(11)(550)(268)(208)
Special termination benefits4 5 3 4 
Currency translation and other(155)363 (22)31 
Benefit payments(707)(551)(242)(227)
BENEFIT OBLIGATION AT END OF YEAR (3)
$12,355 $12,499 $2,687 $2,933 
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year$10,374 $10,173 $7,324 $6,889 
Actual return on plan assets1,058 37 784 482 
Employer contributions239 392 44 42 
Participants' contributions14 13 56 50 
Currency translation and other(119)310 — 1 
ESOP debt impacts (4)
— — 77 87 
Benefit payments(707)(551)(242)(227)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR$10,857 $10,374 $8,043 $7,324 
FUNDED STATUS$(1,498)$(2,125)$5,356 $4,391 
(1)Primarily non-U.S.-based defined benefit retirement plans.
(2)Primarily U.S.-based other postretirement benefit plans.
(3)For the pension benefit plans, the benefit obligation is the projected benefit obligation. For other retiree benefit plans, the benefit obligation is the accumulated postretirement benefit obligation.
(4)Represents the net impact of ESOP debt service requirements, which is netted against plan assets for other retiree benefits.
The actuarial gain for pension benefits in 2024 was primarily related to updating of various assumptions in the plan, offset by updates in work experience and decreases in discount rates. The actuarial gain for other retiree benefits in 2024 was primarily related to updating various assumptions in the plan based work experience and an increase in discount rates. The actuarial gain for pension plans in 2023 was primarily related to increases in discount rates, offset by inflation-related pension benefit increases. The actuarial gain for other retiree benefits in 2023 was primarily related to increases in discount rates and a decrease in assumptions for medical claims costs.
The underfunding of pension benefits is primarily a function of the different funding incentives that exist outside of the U.S. In certain countries, there are no legal requirements or financial incentives provided to companies to pre-fund pension obligations prior to their due date. In these instances, benefit payments are typically paid directly from the Company's cash as they become due.
Pension BenefitsOther Retiree Benefits
As of June 302024202320242023
CLASSIFICATION OF NET AMOUNT RECOGNIZED
Noncurrent assets$1,458 $1,085 $6,047 $5,119 
Current liabilities(73)(94)(38)(38)
Noncurrent liabilities(2,884)(3,116)(653)(690)
NET AMOUNT RECOGNIZED$(1,498)$(2,125)$5,356 $4,391 
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE (INCOME)/LOSS (AOCI)
Net actuarial loss/(gain)$1,258 $1,818 $(1,493)$(1,160)
Prior service cost/(credit)140 156 (655)(787)
NET AMOUNTS RECOGNIZED IN AOCI$1,398 $1,974 $(2,148)$(1,947)
The accumulated benefit obligation for all defined benefit pension plans, which differs from the projected obligation in that it excludes the assumption of future salary increases, was $11.6 billion and $11.8 billion as of June 30, 2024 and 2023, respectively. Information related to the funded status of selected pension and other retiree benefits at June 30 is as follows:
As of June 3020242023
PENSION PLANS WITH A PROJECTED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Projected benefit obligation$7,613 $7,967 
Fair value of plan assets4,656 4,758 
PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Accumulated benefit obligation$7,103 $7,442 
Fair value of plan assets4,624 4,677 
OTHER RETIREE BENEFIT PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Accumulated benefit obligation$770 $818 
Fair value of plan assets79 89 
Net Periodic Benefit Cost. Components of the net periodic benefit cost were as follows:
Pension BenefitsOther Retiree Benefits
Fiscal years ended June 30202420232022202420232022
AMOUNTS RECOGNIZED IN NET PERIODIC BENEFIT COST/(CREDIT)
Service cost$164 $173 $253 $68 $71 $86 
Interest cost527 430 253 157 142 99 
Expected return on plan assets(610)(591)(684)(687)(611)(564)
Amortization of net actuarial loss/(gain)95 133 337 (38)(7)11 
Amortization of prior service cost/(credit) 37 26 28 (127)(125)(107)
Amortization of net actuarial loss/(gain) due to settlements(13)— (5)— — — 
Special termination benefits4 5 4 3 4 1 
NET PERIODIC BENEFIT COST/(CREDIT)$203 $176 $186 $(623)$(526)$(474)
CHANGE IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN AOCI
Net actuarial loss/(gain) - current year$(458)$4 $(366)$(79)
Prior service cost/(credit) - current year21 8 2 — 
Amortization of net actuarial (loss)/gain(95)(133)38 7 
Amortization of prior service (cost)/credit(37)(26)127 125 
Amortization of net actuarial (loss)/gain due to settlements13 — — — 
Currency translation and other(21)45 (2)— 
TOTAL CHANGE IN AOCI(576)(102)(201)53 
NET AMOUNTS RECOGNIZED IN PERIODIC BENEFIT COST/(CREDIT) AND AOCI$(373)$74 $(824)$(473)
The service cost component of the net periodic benefit cost is included in the Consolidated Statements of Earnings in Cost of products sold and SG&A. All other components are included in the Consolidated Statements of Earnings in Other non-operating income, net, unless otherwise noted.
Assumptions. We determine our actuarial assumptions on an annual basis. These assumptions are weighted to reflect each country that may have an impact on the cost of providing retirement benefits. The weighted average assumptions used to determine benefit obligations recorded on the Consolidated Balance Sheets as of June 30, 2024 and 2023, were as follows: (1)
Pension BenefitsOther Retiree Benefits
As of June 302024202320242023
Discount rate4.2 % 4.2 % 5.8 % 5.6 %
Rate of compensation increase2.8 %2.9 %N/AN/A
Interest crediting rate for cash balance plans4.7 %4.3 %N/AN/A
Health care cost trend rates assumed for next yearN/AN/A6.3 %6.1 %
Rate to which the health care cost trend rate is assumed to decline (ultimate trend rate)N/AN/A4.9 %4.5 %
Year that the rate reaches the ultimate trend rateN/AN/A20292028
(1)Determined as of end of fiscal year.
The weighted average assumptions used to determine net benefit cost recorded on the Consolidated Statements of Earnings for the fiscal years ended June 30 were as follows: (1)
Pension BenefitsOther Retiree Benefits
Fiscal years ended June 30202420232022202420232022
Discount rate4.2 %3.7 %1.7 %5.6 %5.0 %3.2 %
Expected return on plan assets6.0 %5.9 %5.5 %8.5 %8.4 %8.4 %
Rate of compensation increase2.9 %2.8 %2.7 %N/AN/AN/A
Interest crediting rate for cash balance plans4.3 %4.3 %4.4 %N/AN/AN/A
(1)Determined as of beginning of fiscal year.

For plans that make up the majority of our obligation, the Company calculates the benefit obligation and the related impacts on service and interest costs using specific spot rates along the corporate bond yield curve. For the remaining plans, the Company determines these amounts utilizing a single weighted average discount rate derived from the corporate bond yield curve used to measure the plan obligations.
Several factors are considered in developing the estimate for the long-term expected rate of return on plan assets. For the defined benefit retirement plans, these factors include historical rates of return of broad equity and bond indices and projected long-term rates of return obtained from pension investment consultants. The expected long-term rates of return for plan assets are 8 - 9% for equities and 3 - 5% for bonds. For other retiree benefit plans, the expected long-term rate of return reflects that the assets are comprised primarily of Company stock. The expected rate of return on Company stock is based on the long-term projected return of 8.5% and reflects the historical pattern of returns.
Plan Assets. Our investment objective for defined benefit retirement plan assets is to meet the plans' benefit obligations and to improve plan self-sufficiency for future benefit obligations. The investment strategies focus on asset class diversification, liquidity to meet benefit payments and an appropriate balance of long-term investment return and risk. Target ranges for asset allocations are determined by assessing different investment risks and matching the actuarial projections of the plans' future liabilities and benefit payments with current as well as expected long-term rates of return on the assets, taking into account investment return volatility and correlations across asset classes. Plan assets are diversified across several investment managers and are generally invested in liquid funds that are selected to track broad market equity and bond indices. Investment risk is carefully controlled with plan assets rebalanced to target allocations on a periodic basis and with continual monitoring of investment managers' performance relative to the investment guidelines established with each investment manager.
Our target asset allocation for the fiscal year ended June 30, 2024, and actual asset allocation by asset category as of June 30, 2024 and 2023, were as follows:
Target Asset AllocationActual Asset Allocation at June 30
Pension BenefitsOther Retiree
Benefits		Pension BenefitsOther Retiree Benefits
Asset Category2024202320242023
Cash1 %2 %2 %1 %2 %2 %
Debt securities61 %1 %61 %60 %1 %1 %
Equity securities38 %97 %37 %39 %97 %97 %
TOTAL100 %100 %100 %100 %100 %100 %
The following table sets forth the fair value of the Company's plan assets as of June 30, 2024 and 2023, segregated by level within the fair value hierarchy (refer to Note 9 for further discussion on the fair value hierarchy and fair value principles). Investments valued using net asset value as a practical expedient are not valued using the fair value hierarchy, but rather valued using the net asset value reported by the managers of the funds and as supported by the unit prices of actual purchase and sale transactions.
Pension BenefitsOther Retiree Benefits
As of June 30Fair Value Hierarchy Level20242023Fair Value Hierarchy Level20242023
ASSETS AT FAIR VALUE
Cash and cash equivalents1$267 $54 1$135 $148 
Company common stock— — 1451 368 
Company preferred stock (1)
— — 27,380 6,721 
Fixed income securities (2)
21,076 1,190 — — 
Insurance contracts (3)
3165 93 — — 
TOTAL ASSETS IN THE FAIR VALUE HIERARCHY1,508 1,337 7,966 7,237 
Investments valued at net asset value (4)
9,349 9,037 77 87 
TOTAL ASSETS AT FAIR VALUE$10,857 $10,374 $8,043 $7,324 
(1)Company preferred stock is valued based on the value of Company common stock and is presented net of ESOP debt discussed below.
(2)Fixed income securities are estimated by using pricing models or quoted prices of securities with similar characteristics.
(3)Fair values of insurance contracts are valued based on either their cash equivalent value or models that project future cash flows and discount the future amounts to a present value using market-based observable inputs, including credit risk and interest rate curves. The activity for Level 3 assets is not significant for all years presented.
(4)Investments valued using net asset value as a practical expedient are primarily equity and fixed income collective funds.
Cash Flows. Management's best estimate of cash requirements and discretionary contributions for the defined benefit retirement plans and other retiree benefit plans for the fiscal year ending June 30, 2025, is $180 and $53, respectively. Expected contributions are dependent on many variables, including the variability of the market value of the plan assets as compared to the benefit obligation and other market or regulatory conditions. In addition, we take into consideration our business investment opportunities and resulting cash requirements. Accordingly, actual funding may differ significantly from current estimates.
Total benefit payments expected to be paid to participants, which include payments funded from the Company's assets and payments from the plans are as follows:
Fiscal years ending June 30Pension BenefitsOther Retiree Benefits
EXPECTED BENEFIT PAYMENTS
2025$635 $166 
2026595 179 
2027615 176 
2028666 181 
2029684 187 
2030 - 20343,747 1,032 
Employee Stock Ownership Plan
We maintain the ESOP to provide funding for certain employee benefits discussed in the preceding paragraphs.
The ESOP borrowed $1.0 billion in 1989, and the proceeds were used to purchase Series A ESOP Convertible Class A Preferred Stock to fund a portion of the U.S. DC plan. Principal and interest requirements of the borrowing were paid by the Trust from dividends on the preferred shares and from advances provided by the Company. The original borrowing of $1.0 billion has been repaid in full. No advances from the Company remain outstanding at June 30, 2024. Each share is convertible at the option of the holder into one share of the Company's common stock. The dividend for the current year was equal to the common stock dividend of $3.83 per share. The liquidation value is $6.82 per share.
In 1991, the ESOP borrowed an additional $1.0 billion. The proceeds were used to purchase Series B ESOP Convertible Class A Preferred Stock to fund a portion of retiree health care benefits. These shares, net of the ESOP's debt, are considered plan assets of the other retiree benefits plan discussed above. The original borrowings of $1.0 billion were repaid in 2021. Debt service requirements were funded by preferred stock dividends, cash contributions and advances provided by the Company, of
which $737 are outstanding at June 30, 2024. Each share is convertible at the option of the holder into one share of the Company's common stock. The dividend for the current year was equal to the common stock dividend of $3.83 per share. The liquidation value is $12.96 per share.
Our ESOP accounting practices are consistent with current ESOP accounting guidance, including the permissible continuation of certain provisions from prior accounting guidance. ESOP debt, which was guaranteed by the Company, was recorded as debt with an offset to the Reserve for ESOP debt retirement, which is presented within Shareholders' equity. Advances to the ESOP by the Company are recorded as an increase in the Reserve for ESOP debt retirement. Interest incurred on the ESOP debt was recorded as Interest expense. Dividends on all preferred shares are charged to Retained earnings.
The series A and B preferred shares of the ESOP are allocated to employees based on debt service requirements. The number of preferred shares outstanding at June 30 was as follows:
Shares in thousands202420232022
Allocated22,724 24,449 25,901 
Unallocated— 535 1,123 
TOTAL SERIES A22,724 24,984 27,024 
Allocated33,723 32,172 30,719 
Unallocated15,864 17,867 20,120 
TOTAL SERIES B49,587 50,039 50,839 
For purposes of calculating diluted net earnings per common share, the preferred shares held by the ESOP are considered converted from inception.
v3.24.2.u1
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS
 12 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS
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. To the extent we choose to manage volatility associated with the net exposures, we enter into various financial transactions that we account for using the applicable accounting guidance for derivative instruments and hedging activities. These financial transactions are governed by our policies covering acceptable counterparty exposure, instrument types and other hedging practices.
If the Company elects to do so and if the instrument meets certain specified accounting criteria, management designates derivative instruments as cash flow hedges, fair value hedges or net investment hedges. We record derivative instruments at fair value and the accounting for changes in the fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge. We generally have a high degree of effectiveness between the exposure being hedged and the hedging instrument.
Credit Risk Management
We have counterparty credit guidelines and normally enter into transactions with investment grade financial institutions, to the extent commercially viable. Counterparty exposures are monitored daily and downgrades in counterparty credit ratings are reviewed on a timely basis. We have not incurred, and do not expect to incur, material credit losses on our risk management or other financial instruments.
Substantially all of the Company's financial instruments used in hedging transactions are governed by industry standard netting and collateral agreements with counterparties. If the Company's credit rating were to fall below the levels stipulated in the agreements, the counterparties could demand either collateralization or termination of the arrangements. The aggregate fair value of the instruments covered by these contractual features that are in a net liability position was $307 and $1,088 as of June 30, 2024 and 2023, respectively. The Company has not been required to post collateral as a result of these contractual features.
Interest Rate Risk Management
Our policy is to manage interest cost using a mixture of fixed-rate and variable-rate debt. To manage this risk in a cost-efficient manner, we enter into interest rate swaps whereby we agree to exchange with the counterparty, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to a notional amount.
We designate certain interest rate swaps on fixed rate debt that meet specific accounting criteria as fair value hedges. For fair value hedges, the changes in the fair value of both the hedging instruments and the underlying debt obligations are immediately recognized in earnings.
Foreign Currency Risk Management
We manufacture and sell our products and finance our operations in a number of countries throughout the world. As a result, we are exposed to movements in foreign currency exchange rates. We leverage the Company’s diversified portfolio of exposures as a natural hedge. In certain cases, we enter into non-qualifying foreign currency contracts to hedge certain balance sheet items subject to revaluation. The change in fair value of these instruments and the underlying exposure are both immediately recognized in earnings.
To manage exchange rate risk related to our intercompany financing, we primarily use forward contracts and currency swaps. The change in fair value of these non-qualifying instruments is immediately recognized in earnings, substantially offsetting the foreign currency mark-to-market impact of the related exposure.
Net Investment Hedging
We hedge certain net investment positions in foreign subsidiaries. To accomplish this, we either borrow directly in foreign currencies and designate all or a portion of the foreign currency debt as a hedge of the applicable net investment position or we enter into foreign currency swaps that are designated as hedges of net investments. The time value component of the net investment hedge currency swaps is excluded from the assessment of hedge effectiveness. Changes in the fair value of the swap, including changes in the fair value of the excluded time value component, are recognized in OCI and offset the value of the net investment being hedged. The time value component is subsequently reported in income on a systematic basis.
Commodity Risk Management
Certain raw materials used in our products or production processes are subject to price volatility caused by weather, supply conditions, political and economic variables and other unpredictable factors. As of and during the fiscal years ended June 30, 2024 and 2023, we did not have any financial commodity hedging activity.
Insurance
We self-insure for most insurable risks. However, we purchase insurance for Directors and Officers Liability and certain other coverage where it is required by law or by contract.
Fair Value Hierarchy
Accounting guidance on fair value measurements for certain financial assets and liabilities requires that financial assets and liabilities carried at fair value be classified and disclosed in one of the following categories:
•Level 1: Quoted market prices in active markets for identical assets or liabilities.
•Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
•Level 3: Unobservable inputs reflecting the reporting entity's own assumptions or external inputs from inactive markets.
The Company had no significant activity with Level 3 assets and liabilities during the periods presented. Except for the impairment of the Gillette indefinite-lived intangible asset discussed in Note 4, there were no significant assets or liabilities that were re-measured at fair value on a non-recurring basis for the periods presented. When applying fair value principles in the valuation of assets and liabilities, we are required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The Company has not changed its valuation techniques used in measuring the fair value of any financial assets or liabilities during the year.
When active market quotes are not available for financial assets and liabilities, we use industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including credit risk, interest rate curves and forward and spot prices for currencies. In circumstances where market-based observable inputs are not available, management judgment is used to develop assumptions to estimate fair value.
Assets and Liabilities Measured at Fair Value
Cash equivalents were $8.0 billion and $6.8 billion as of June 30, 2024 and 2023, respectively, and are classified as Level 1 within the fair value hierarchy. The Company had no other material investments in debt or equity securities during the periods presented.
The fair value of long-term debt was $27.7 billion and $26.9 billion as of June 30, 2024 and 2023, respectively. This includes the current portion of long-term debt instruments ($3.8 billion as of June 30, 2024, and $3.9 billion as of June 30, 2023). Certain long-term debt (debt designated as a fair value hedge) is recorded at fair value. All other long-term debt is recorded at amortized cost but is measured at fair value for disclosure purposes. We consider our debt to be Level 2 in the fair value hierarchy. Fair values are generally estimated based on quoted market prices for identical or similar instruments.
Disclosures about Financial Instruments
The notional amounts and fair values of financial instruments used in hedging transactions as of June 30, 2024 and 2023, are as follows:
Notional AmountFair Value AssetFair Value (Liability)
As of June 30202420232024202320242023
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts$2,993 $4,044 $— $— $(325)$(445)
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Foreign currency interest rate contracts$10,140 $11,005 $119 $26 $(31)$(631)
TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS$13,133 $15,049 $119 $26 $(356)$(1,076)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts$3,192 $3,489 $1 $7 $(23)$(42)
TOTAL DERIVATIVES AT FAIR VALUE$16,325 $18,538 $120 $33 $(379)$(1,118)
The fair value of the interest rate derivative asset/(liability) directly offsets the cumulative amount of the fair value hedging adjustment included in the carrying amount of the underlying debt obligation. The carrying amount of the underlying debt obligation, which includes the unamortized discount or premium and the fair value adjustment, was $2.7 billion and $3.6 billion as of June 30, 2024 and 2023, respectively. In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The carrying value of those debt instruments designated as net investment hedges, which includes the adjustment for the foreign currency transaction gain or loss on those instruments, was $11.9 billion and $11.8 billion as of June 30, 2024 and 2023, respectively.
Derivative assets are presented in Prepaid expenses and other current assets or Other noncurrent assets. Derivative liabilities are presented in Accrued and other liabilities or Other noncurrent liabilities. Changes in the fair value of net investment hedges are recognized in the Foreign currency translation component of Other comprehensive income (OCI). All of the Company's derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy.
Before tax gains/(losses) on our financial instruments in hedging relationships are categorized as follows:
Amount of Gain/(Loss) Recognized in OCI on Derivatives
Fiscal years ended June 3020242023
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2)
Foreign currency interest rate contracts$163 $(544)
(1)For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $229 and $238 for the fiscal years ended June 30, 2024 and 2023, respectively.
(2)In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The amount of gain/(loss) recognized in AOCI for such instruments was $255 and $(315), for the fiscal years ended June 30, 2024 and 2023, respectively.
Amount of Gain/(Loss) Recognized in Earnings
Fiscal years ended June 3020242023
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts$120 $(141)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts$(91)$(97)
The gains/(losses) on the derivatives in fair value hedging relationships are fully offset by the mark-to-market impact of the related exposure. These are both recognized in Interest expense. The losses on derivatives not designated as hedging instruments are substantially offset by the currency mark-to-market of the related exposure. These are both recognized in Selling, general and administrative expense (SG&A).
v3.24.2.u1
SHORT-TERM AND LONG-TERM DEBT
 12 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
SHORT-TERM AND LONG-TERM DEBT
SHORT-TERM AND LONG-TERM DEBT
As of June 3020242023
DEBT DUE WITHIN ONE YEAR
Current portion of long-term debt$3,838$3,951
Commercial paper3,3276,236
Other2642
TOTAL$7,191$10,229
Weighted average interest rate of debt due within one year (1)
3.7 %4.2 %
(1)Weighted average interest rate of debt due within one year includes the effects of interest rate swaps discussed in Note 9.
As of June 3020242023
LONG-TERM DEBT
3.10% USD note due August 2023
$—$1,000
1.13% EUR note due November 2023
—1,359
0.50% EUR note due October 2024
534544
0.63% EUR note due October 2024
855870
0.55% USD note due October 2025
1,0001,000
4.10% USD note due January 2026
650650
2.70% USD note due February 2026
600600
1.00% USD note due April 2026
1,0001,000
3.25% EUR note due August 2026
695707
2.45% USD note due November 2026
875875
1.90% USD note due February 2027
1,0001,000
2.80% USD note due March 2027
500500
4.88% EUR note due May 2027
1,0691,087
2.85% USD note due August 2027
750750
3.95% USD note due January 2028
600600
3.15% EUR note due April 2028
695— 
1.20% EUR note due October 2028
855870 
4.35% USD note due January 2029
600— 
1.25% EUR note due October 2029
534544
3.00% USD note due March 2030
1,5001,500
0.35% EUR note due May 2030
534544
1.20% USD note due October 2030
1,2501,250
1.95% USD note due April 2031
1,0001,000
3.25% EUR note due August 2031
695707
2.30% USD note due February 2032
850850
4.05% USD note due January 2033
850850
4.55% USD note due January 2034
750— 
3.20% EUR note due April 2034
909— 
5.55% USD note due March 2037
716716
1.88% EUR note due October 2038
534544
3.55% USD note due March 2040
516516
0.90% EUR note due November 2041
641652
All other long-term debt5,5505,244
Current portion of long-term debt(3,838)(3,951)
TOTAL$25,269$24,378
Weighted average interest rate of long-term debt (1)
3.2%2.9%
(1)Weighted average interest rate of long-term debt includes the effects of interest rate swaps discussed in Note 9.
Long-term debt maturities during the next five fiscal years are as follows:
Fiscal years ending June 3020252026202720282029
Debt maturities$3,838$3,367$4,350$2,074$1,867
Credit Facilities
We maintain bank credit facilities to support our ongoing commercial paper program. The current facility is an $8.0 billion facility split between a $3.2 billion five-year facility and a $4.8 billion 364-day facility, which expire in November 2028 and October 2024, respectively. Both facilities can be extended for certain periods of time as specified in the terms of the credit agreement. These facilities are currently undrawn and we anticipate that they will remain undrawn. These credit facilities do not have cross-default or ratings triggers, nor do they have material adverse event clauses, except at the time of signing.
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
 12 Months Ended
Jun. 30, 2024
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
The table below presents the changes in Accumulated other comprehensive income/(loss) attributable to Procter & Gamble (AOCI), including the reclassifications out of AOCI by component:
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Investment SecuritiesPost-retirement Benefit PlansForeign Currency TranslationTotal AOCI
BALANCE AT JUNE 30, 2022, NET OF TAX$20 $27 $(12,236)$(12,189)
Other comprehensive income/(loss), before tax:
OCI before reclassifications(9)22 (268)(255)
Amounts reclassified to the Consolidated Statement of Earnings— 27 — 27 
Total other comprehensive income/(loss), before tax(9)49 (268)(228)
Tax effect2 (9)197 190 
Total other comprehensive income/(loss), net of tax(7)40 (71)(38)
Less: OCI attributable to non-controlling interests, net of tax— — (7)(7)
BALANCE AT JUNE 30, 2023, NET OF TAX13 67 (12,300)(12,220)
Other comprehensive income/(loss), before tax:
OCI before reclassifications(4)823 (376)443 
Amounts reclassified to the Consolidated Statement of Earnings— (47)216 169 
Total other comprehensive income/(loss), before tax(4)776 (160)612 
Tax effect1 (230)(66)(295)
Total other comprehensive income/(loss), net of tax(3)546 (226)317 
Less: OCI attributable to non-controlling interests, net of tax— — (3)(3)
BALANCE AT JUNE 30, 2024, NET OF TAX$10 $613 $(12,522)$(11,900)
The below provides additional details on amounts reclassified from AOCI into the Consolidated Statement of Earnings:
•Postretirement benefit plan amounts are reclassified from AOCI into Other non-operating income, net and included in the computation of net periodic postretirement costs (see Note 8).
•Foreign currency translation amounts are reclassified from AOCI into Other non-operating income, net. These amounts relate to accumulated foreign currency translation losses recognized due to the substantial liquidation of operations in certain Enterprise Markets, including Nigeria (see Note 3).
v3.24.2.u1
LEASES
 12 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES
LEASES
The Company determines whether a contract contains a lease at the inception of a contract by determining if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. We lease certain real estate, machinery, equipment, vehicles and office equipment for varying periods. Many of these leases include an option to either renew or terminate the lease. For purposes of calculating lease liabilities, these options are included within the lease term when it has become reasonably certain that the Company will exercise such options. The incremental borrowing rate utilized to calculate our lease liabilities is based on the information available at commencement date, as most of the leases do not provide an implicit borrowing rate. Our operating lease agreements do not contain any material guarantees or restrictive covenants. The Company does not have any material finance leases or sublease activities. Short-term leases, defined
as leases with initial terms of 12 months or less, are not reflected on the Consolidated Balance Sheets. Lease expense for such short-term leases is not material. The most significant assets in our leasing portfolio relate to real estate and vehicles. For purposes of calculating lease liabilities for such leases, we have combined lease and non-lease components.
The components of the Company’s total operating lease cost for the fiscal years ended June 30, 2024, 2023 and 2022, were as follows:
Fiscal years ended June 30202420232022
Operating lease cost$252 $229 $220 
Variable lease cost (1)
91 79 89 
Total lease cost$343 $308 $309 
(1)Includes primarily costs for utilities, common area maintenance, property taxes and other operating costs associated with operating leases that are not included in the lease liability and are recognized in the period in which they are incurred.
Supplemental balance sheet and other information related to leases is as follows:
As of June 3020242023
Operating leases:
Right-of-use assets (Other noncurrent assets)$875$781
Current lease liabilities (Accrued and other liabilities)243222
Noncurrent lease liabilities (Other noncurrent liabilities)666595
Total operating lease liabilities$909$817
Weighted average remaining lease term:
Operating leases6.0 years6.2 years
Weighted average discount rate:
Operating leases4.5 %3.5 %
At June 30, 2024, future payments of operating lease liabilities were as follows:
Operating Leases
June 30, 2024
1 year$244 
2 years206 
3 years164 
4 years122 
5 years105 
Over 5 years190 
Total lease payments1,031 
Less: Interest(122)
Present value of lease liabilities $909 
Total cash paid for amounts included in the measurement of lease liabilities was $255 and $233 for the fiscal years ended June 30, 2024 and 2023, respectively.
The right-of-use assets obtained in exchange for lease liabilities were $357 and $213 for the fiscal years ended June 30, 2024 and 2023, respectively.
v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
Guarantees
In conjunction with certain transactions, primarily divestitures, we may provide routine indemnifications (e.g., indemnification for representations and warranties and retention of previously existing environmental, tax and employee liabilities) for which terms range in duration and, in some circumstances, are not explicitly defined. The maximum obligation under some
indemnifications is also not explicitly stated and, as a result, the overall amount of these obligations cannot be reasonably estimated. We have not made significant payments for these indemnifications. We believe that if we were to incur a loss on any of these matters, the loss would not have a material effect on our financial position, results of operations or cash flows.
In certain situations, we guarantee loans for suppliers and customers. The total amount of guarantees issued under such arrangements is not material.
Off-Balance Sheet Arrangements
We do not have off-balance sheet financing arrangements, including variable interest entities, that have a material impact on our financial statements.
Purchase Commitments
We have purchase commitments for materials, supplies, services and property, plant and equipment as part of the normal course of business. Commitments made under take-or-pay obligations are as follows: 
Fiscal years ending June 3020252026202720282029Thereafter
Purchase obligations$1,092 $596 $314 $214 $162 $232 
Such amounts represent minimum commitments under take-or-pay agreements with suppliers and are in line with expected usage. These amounts include purchase commitments related to service contracts for information technology, human resources management and facilities management activities that have been outsourced to third-party suppliers. Due to the proprietary nature of many of our materials and processes, certain supply contracts contain penalty provisions for early termination. We do not expect to incur penalty payments under these provisions that would materially affect our financial position, results of operations or cash flows.
Litigation
We are subject, from time to time, to certain legal proceedings and claims arising out of our business, which cover a wide range of matters, including antitrust and trade regulation, product liability, advertising, contracts, environmental, patent and trademark matters, labor and employment matters and tax. While considerable uncertainty exists, in the opinion of management and our counsel, the ultimate resolution of the various lawsuits and claims will not materially affect our financial position, results of operations or cash flows.
We are also subject to contingencies pursuant to environmental laws and regulations that in the future may require us to take action to correct the effects on the environment of prior manufacturing and waste disposal practices. Based on currently available information, we do not believe the ultimate resolution of environmental remediation will materially affect our financial position, results of operations or cash flows.
v3.24.2.u1
SUPPLIER FINANCE PROGRAMS
 12 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
SUPPLIER FINANCE PROGRAMS
SUPPLIER FINANCE PROGRAMS
The Company has an ongoing program to negotiate extended payment terms with its suppliers consistent with market practices. The Company also supports a Supply Chain Finance program (“SCF”) with several global financial institutions. Under SCF, the Company maintains an accounts payable system to facilitate participating suppliers' ability to sell receivables from the Company to a SCF bank. These participating suppliers negotiate their sales of receivables arrangements directly with the respective SCF bank. The Company is not party to those agreements, but the SCF banks allow the suppliers to utilize the Company’s creditworthiness in establishing credit spreads and associated costs. Under this model, this arrangement generally provides the suppliers with more favorable terms than they would be able to secure on their own. The Company has no economic interest in a supplier’s decision to sell a receivable. Once a qualifying supplier chooses to participate in SCF, the supplier selects which individual Company invoices to sell to the SCF bank. The Company’s obligations to its suppliers, including the amounts due and scheduled payment dates, are not impacted by the supplier’s decisions to finance amounts under these arrangements. The Company does not provide any form of guarantee under these financing arrangements. Our payment terms for suppliers under this program generally range from 60 to 180 days. All outstanding amounts related to suppliers participating in SCF are recorded within Accounts payable in our Consolidated Balance Sheets, and the associated payments are included in operating activities within our Consolidated Statements of Cash Flows. The amount due to suppliers participating in SCF and included in Accounts payable was approximately $5.6 billion as of June 30, 2024 and $5.7 billion as of June 30, 2023.
v3.24.2.u1
SUBSEQUENT EVENT
 12 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENT
SUBSEQUENT EVENT
On July 1, 2024, the Company completed the divestiture of its business in Argentina. The Company expects to record a non-cash charge of approximately $750 for accumulated foreign currency translation losses in the first quarter of the fiscal year ended June 30, 2025.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Pay vs Performance Disclosure      
Net Income (Loss) Attributable to Parent $ 14,879 $ 14,653 $ 14,742
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Insider Trading Policies and Procedures
 12 Months Ended
Jun. 30, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The Consolidated Financial Statements include the Company and its controlled subsidiaries. Intercompany transactions are eliminated.
Use of Estimates
Use of Estimates
Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates are based on management's best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, consumer and trade promotion accruals, restructuring reserves, pensions, postretirement benefits, stock options, valuation of acquired intangible assets, useful lives for depreciation and amortization of long-lived assets, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets and liabilities, uncertain income tax positions and contingencies. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the financial statements in any individual year. However, regarding ongoing impairment testing of goodwill and indefinite-lived intangible assets, significant deterioration in future cash flow projections or other assumptions used in estimating fair values versus those anticipated at the time of the initial valuations, could result in impairment charges that materially affect the financial statements in a given year.
Revenue Recognition
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. A provision for payment discounts and product return allowances is recorded as a reduction of sales in the same period the revenue is recognized. The revenue recorded is presented net of sales and other taxes we collect on behalf of governmental authorities. The revenue includes shipping and handling costs, which generally are included in the list price to the customer.
Trade promotions, consisting primarily of customer pricing allowances, merchandising funds and consumer coupons, are offered through various programs to customers and consumers. Sales are recorded net of trade promotion spending, which is recognized as incurred at the time of the sale. Most of these arrangements have terms of approximately one year. Accruals for expected payouts under these programs are included as accrued marketing and promotion in the Accrued and other liabilities line item in the Consolidated Balance Sheets.
Cost of Products Sold
Cost of Products Sold
Cost of products sold is primarily comprised of direct materials and supplies consumed in the manufacturing of product, as well as manufacturing labor, depreciation expense and direct overhead expenses necessary to acquire and convert the purchased materials and supplies into finished products. Cost of products sold also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity.
Selling, General and Administrative Expense
Selling, General and Administrative Expense
Selling, general and administrative expense (SG&A) is primarily comprised of marketing expenses, selling expenses, research and development costs, administrative and other indirect overhead costs, depreciation and amortization expense on non-manufacturing assets and other miscellaneous operating items. Research and development costs are charged to expense as incurred and were $2.0 billion in 2024, 2023 and 2022. Advertising costs, charged to expense as incurred, include television, print, radio, digital and in-store advertising expenses and were $9.6 billion in 2024, $8.0 billion in 2023 and $7.9 billion in 2022. Non-advertising related components of the Company's total marketing spending reported in SG&A include costs associated with consumer promotions, product sampling and sales aids.
Other Non-Operating Income, Net
Other Non-Operating Income, Net
Other non-operating income, net primarily includes divestiture gains, net non-service impacts related to postretirement benefit plans, investment income, accumulated foreign currency translation losses and other non-operating items.
Currency Translation
Currency Translation
Financial statements of operating subsidiaries outside the U.S. generally are measured using the local currency as the functional currency. Adjustments to translate those statements into U.S. dollars are recorded in Other comprehensive income (OCI). For subsidiaries operating in highly inflationary economies, the U.S. dollar is the functional currency. Re-measurement adjustments for financial statements in highly inflationary economies and other transactional exchange gains and losses are reflected in earnings.
Cash Flow Presentation
Cash Flow Presentation
The Consolidated Statements of Cash Flows are prepared using the indirect method, which reconciles net earnings to cash flows from operating activities. Cash flows from foreign currency transactions and operations are translated at monthly exchange rates for each period. Cash flows from hedging activities are included in the same category as the items being hedged. Cash flows from derivative instruments designated as net investment hedges are classified as investing activities. Realized gains and losses from non-qualifying derivative instruments used to hedge currency exposures resulting from intercompany financing transactions are classified as financing activities. Cash flows from other derivative instruments used to manage interest rates, commodity or other currency exposures are classified as operating activities. Cash payments related to income taxes are classified as operating activities.
Investments
Investments
The Company holds minor equity investments in certain companies over which we exert significant influence, but do not control the financial and operating decisions. These are accounted for as equity method investments. Other equity investments that are not controlled, and over which we do not have the ability to exercise significant influence, and for which there is a readily determinable market value, are recorded at fair value, with gains and losses recorded through net earnings. Equity investments without readily determinable fair values are measured at cost, less impairments, plus or minus observable price changes. Equity investments are included as Other noncurrent assets in the Consolidated Balance Sheets.
The Company also holds highly liquid investments, primarily money market funds and time deposits. Such investments are considered cash equivalents and are included within Cash and cash equivalents in the Consolidated Balance Sheets.
Inventory Valuation
Inventory Valuation
Inventories are valued at the lower of cost or net realizable value. Product-related inventories are maintained on the first-in, first-out method. The cost of spare part inventories is maintained using the average-cost method.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment is recorded at cost reduced by accumulated depreciation. Depreciation expense is recognized over the assets' estimated useful lives using the straight-line method. Machinery and equipment includes office furniture and fixtures (15-year life), computer equipment and capitalized software (3- to 5-year lives) and manufacturing equipment (3- to 20-year lives). Buildings are depreciated over an estimated useful life of 40 years. Estimated useful lives are periodically reviewed and, when appropriate, changes are made prospectively. When certain events or changes in operating conditions occur, asset lives may be adjusted and an impairment assessment may be performed on the recoverability of the carrying amounts.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill and indefinite-lived intangible assets are not amortized but are evaluated for impairment annually or more often if indicators of a potential impairment are present. Our annual impairment testing of goodwill is performed separately from our impairment testing of indefinite-lived intangible assets.
We have acquired brands that have been determined to have indefinite lives. We evaluate several factors to determine whether an indefinite life is appropriate, including the competitive environment, market share, brand history, underlying product life cycles, operating plans and the macroeconomic environment of the countries in which the brands are sold. In addition, when certain events or changes in operating conditions occur, an additional impairment assessment is performed and indefinite-lived assets may be adjusted to a determinable life.
The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, either on a straight-line or accelerated basis over the estimated periods benefited. Patents, technology and other intangible assets with contractual terms are generally amortized over their respective legal or contractual lives. Customer relationships, brands and other non-contractual intangible assets with determinable lives are amortized over periods generally ranging from 5 to 30 years. When certain events or changes in operating conditions occur, an impairment assessment is performed and remaining lives of intangible assets with determinable lives may be adjusted.
For additional details on goodwill and intangible assets see Note 4.
Fair Values of Financial Instruments
Fair Values of Financial Instruments
Certain financial instruments are required to be recorded at fair value. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations or cash flows. Other financial instruments, including cash equivalents, certain investments and certain short-term debt, are recorded at cost, which approximates fair value. The fair values of long-term debt and financial instruments are disclosed in Note 9.
New Accounting Pronouncements and Policies
New Accounting Pronouncements and Policies
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures.” This guidance requires disclosure of incremental segment information on an annual and interim basis. This amendment is effective for our fiscal year ending June 30, 2025, and our interim periods within the fiscal year ending June 30, 2026. We are currently assessing the impact of this guidance on our disclosures.
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes: Improvements to Income Tax Disclosures.” This guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and disclosures of income taxes paid by jurisdiction. This amendment is effective for our fiscal year ending June 30, 2026. We are currently assessing the impact of this guidance on our disclosures.
No other new accounting pronouncement issued or effective during the fiscal year had, or is expected to have, a material impact on our Consolidated Financial Statements.
v3.24.2.u1
SEGMENT INFORMATION (Tables)
 12 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment Operating segments that individually accounted for 5% or more of consolidated net sales are as follows:
% of Net sales by operating segment (1)
Fiscal years ended June 30202420232022
Fabric Care24%23%23%
Home Care12%12%12%
Baby Care9%10%10%
Family Care9%8%9%
Hair Care9%9%9%
Skin and Personal Care9%9%9%
Grooming (2)
8%8%6%
Oral Care8%8%8%
Feminine Care6%7%6%
Personal Health Care6%6%6%
Other (2)
—%—%2%
TOTAL100%100%100%
(1)% of Net sales by operating segment excludes sales recorded in Corporate.
(2)Effective July 1, 2022, the Grooming Sector Business Unit completed the full integration of its Shave Care and Appliances categories to cohesively serve consumers' grooming needs. This transition included the integration of the management team, strategic decision-making, innovation plans, financial targets, budgets and internal management reporting. For the fiscal year ended June 30, 2022, Appliances was presented in Other.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
Net sales and long-lived assets in the United States and internationally were as follows (in billions):
Fiscal years ended June 30202420232022
NET SALES
United States$40.5 $38.7 $36.5 
International$43.5 $43.3 $43.7 
LONG-LIVED ASSETS (1)
United States$12.0 $11.4 $10.7 
International$10.2 $10.5 $10.5 
(1)Long-lived assets consists of property, plant and equipment.
Reconciliation of Revenue from Segments to Consolidated
Global Segment ResultsNet SalesEarnings/(Loss)
Before
Income Taxes		Net Earnings/(Loss)Depreciation
and
Amortization		Total
Assets		Capital
Expenditures
BEAUTY2024$15,220 $3,805 $2,963 $399 $6,103 $280 
202315,008 4,009 3,178 376 6,196 287 
202214,740 3,946 3,160 348 6,055 331 
GROOMING20246,654 1,845 1,477 335 19,082 337 
20236,419 1,806 1,461 335 20,601 300 
20226,587 1,835 1,490 361 20,482 260 
HEALTH CARE202411,793 2,941 2,258 381 8,416 524 
202311,226 2,759 2,125 352 8,480 466 
202210,824 2,618 2,006 376 7,888 410 
FABRIC & HOME CARE202429,495 7,339 5,687 710 8,907 1,076 
202328,371 6,303 4,828 675 8,669 979 
202227,556 5,729 4,386 672 8,567 988 
BABY, FEMININE & FAMILY CARE202420,277 5,253 4,020 824 8,497 979 
202320,217 4,623 3,545 804 8,517 994 
202219,736 4,267 3,266 826 8,443 932 
CORPORATE 2024601 (2,422)(1,430)247 71,365 126 
2023765 (1,147)(399)172 68,366 36 
2022744 (400)485 224 65,773 235 
TOTAL COMPANY2024$84,039 $18,761 $14,974 $2,896 $122,370 $3,322 
202382,006 18,353 14,738 2,714 120,829 3,062 
202280,187 17,995 14,793 2,807 117,208 3,156 
v3.24.2.u1
SUPPLEMENTAL FINANCIAL INFORMATION (Tables)
 12 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Property, Plant and Equipment
The components of property, plant and equipment were as follows:
As of June 3020242023
PROPERTY, PLANT AND EQUIPMENT
Machinery and equipment$37,507 $36,521 
Buildings8,534 8,277 
Construction in progress3,126 2,980 
Land895 867 
TOTAL PROPERTY, PLANT AND EQUIPMENT50,063 48,645 
Accumulated depreciation(27,911)(26,736)
PROPERTY, PLANT AND EQUIPMENT, NET$22,152 $21,909 
Other Liabilities
Selected components of current and noncurrent liabilities were as follows:
As of June 3020242023
ACCRUED AND OTHER LIABILITIES - CURRENT
Accrued marketing and promotion$4,172 $3,894 
Accrued compensation2,161 2,030 
Taxes payable1,042 828 
Accrued interest282 235 
Lease liabilities243 222 
Restructuring reserves166 174 
Derivative liabilities54 631 
Other2,953 2,915 
TOTAL$11,073 $10,929 
OTHER NONCURRENT LIABILITIES
Pension benefit obligations$2,884 $3,116 
Uncertain tax positions723 622 
Lease liabilities666 595 
Other retiree benefit obligations653 690 
U.S. Tax Act transitional tax payable592 1,154 
Derivative liabilities325 445 
Other555 530 
TOTAL$6,398 $7,152 
Schedule of Restructuring Reserve by Type of Cost
The following table presents restructuring activity for the fiscal years ended June 30, 2024 and 2023:
Separation CostsAsset-Related CostsOther CostsTotal
RESERVE JUNE 30, 2022$121 $— $26 $147 
Cost incurred175 43 111 329 
Cost paid/settled(141)(43)(118)(302)
RESERVE JUNE 30, 2023155 — 19 174 
Cost incurred202 101 355 659 
Cost paid/settled(224)(101)(342)(667)
RESERVE JUNE 30, 2024$133 $— $32 $166 
Restructuring and Related Costs However, for information purposes, the following table summarizes the total restructuring costs related to our reportable segments:
Fiscal years ended June 30202420232022
Beauty$43 $15 $11 
Grooming76 17 14 
Health Care33 28 32 
Fabric & Home Care84 87 42 
Baby, Feminine & Family Care50 21 83 
Corporate (1)
371 161 71 
TOTAL$659 $329 $253 
(1)Corporate includes costs related to allocated overheads, including charges related to our Enterprise Markets, Global Business Services and Corporate Functions activities.
v3.24.2.u1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The change in the net carrying amount of goodwill by reportable segment was as follows:
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareTOTAL
BALANCE AT JUNE 30, 2022 - NET (1)
$13,296 $12,571 $7,589 $1,808 $4,436 $39,700 
Acquisitions and divestitures405 — — — 33 438 
Translation and other187 132 129 13 60 521 
BALANCE AT JUNE 30, 2023 - NET (1)
13,888 12,703 7,718 1,821 4,529 40,659 
Acquisitions and divestitures(61)— — — — (61)
Translation and other(104)(71)(80)(10)(30)(295)
BALANCE AT JUNE 30, 2024 - NET (1)
$13,723 $12,633 $7,638 $1,810 $4,499 $40,303 
(1)Grooming goodwill balance is net of $7.9 billion accumulated impairment losses.
Schedule of Finite-Lived Intangible Assets
Identifiable intangible assets were comprised of:
20242023
As of June 30Gross Carrying AmountAccumulated
Amortization		Gross Carrying AmountAccumulated
Amortization
INTANGIBLE ASSETS WITH DETERMINABLE LIVES
Brands$4,318 $(2,725)$4,352 $(2,540)
Patents and technology2,794 (2,683)2,775 (2,649)
Customer relationships1,834 (1,121)1,847 (1,039)
Other72 (29)73 (28)
TOTAL$9,019 $(6,558)$9,047 $(6,256)
INTANGIBLE ASSETS WITH INDEFINITE LIVES
Brands19,587 — 20,992 — 
TOTAL INTANGIBLE ASSETS$28,605 $(6,558)$30,039 $(6,256)
Schedule of Indefinite-Lived Intangible Assets
Identifiable intangible assets were comprised of:
20242023
As of June 30Gross Carrying AmountAccumulated
Amortization		Gross Carrying AmountAccumulated
Amortization
INTANGIBLE ASSETS WITH DETERMINABLE LIVES
Brands$4,318 $(2,725)$4,352 $(2,540)
Patents and technology2,794 (2,683)2,775 (2,649)
Customer relationships1,834 (1,121)1,847 (1,039)
Other72 (29)73 (28)
TOTAL$9,019 $(6,558)$9,047 $(6,256)
INTANGIBLE ASSETS WITH INDEFINITE LIVES
Brands19,587 — 20,992 — 
TOTAL INTANGIBLE ASSETS$28,605 $(6,558)$30,039 $(6,256)
Schedule of Amortization Expense
Amortization expense of intangible assets was as follows:
Fiscal years ended June 30202420232022
Intangible asset amortization$338 $327 $312 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated amortization expense over the next five fiscal years is as follows:
Fiscal years ending June 3020252026202720282029
Estimated amortization expense$318 $297 $287 $248 $200 
v3.24.2.u1
INCOME TAXES (Tables)
 12 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Earnings before income taxes consisted of the following:
Fiscal years ended June 30202420232022
United States$12,246 $12,107 $11,698 
International6,515 6,246 6,297 
TOTAL$18,761 $18,353 $17,995 
Schedule of Components of Income Tax Expense (Benefit)
Income taxes consisted of the following:
Fiscal years ended June 30202420232022
CURRENT TAX EXPENSE
U.S. federal$1,954 $2,303 $1,916 
International1,708 1,412 1,333 
U.S. state and local368 353 355 
TOTAL4,031 4,068 3,604 
DEFERRED TAX EXPENSE/(BENEFIT)
U.S. federal(133)(224)(320)
International and other(111)(229)(82)
TOTAL(244)(453)(402)
TOTAL TAX EXPENSE$3,787 $3,615 $3,202 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the U.S. federal statutory income tax rate to our actual effective income tax rate is provided below:
Fiscal years ended June 30202420232022
U.S. federal statutory income tax rate21.0 %21.0 %21.0 %
Country mix impacts of foreign operations0.1 %(0.5)%(0.3)%
State income taxes, net of federal benefit1.8 %1.6 %1.5 %
Excess tax benefits from the exercise of stock options(1.5)%(1.0)%(2.0)%
Foreign derived intangible income deduction (FDII)(1.1)%(0.8)%(1.1)%
Changes in uncertain tax positions0.1 %0.1 %(0.4)%
Other(0.2)%(0.7)%(0.9)%
EFFECTIVE INCOME TAX RATE20.2 %19.7 %17.8 %
Summary of Income Tax Contingencies
A reconciliation of the beginning and ending liability for uncertain tax positions is as follows:
Fiscal years ended June 30202420232022
BEGINNING OF YEAR$515 $583 $627 
Increases in tax positions for prior years157 113 102 
Decreases in tax positions for prior years(133)(119)(118)
Increases in tax positions for current year160 60 53 
Settlements with taxing authorities(100)(108)(42)
Lapse in statute of limitations(9)(7)(17)
Currency translation(8)(7)(22)
END OF YEAR$582 $515 $583 
Schedule of Deferred Tax Assets and Liabilities
Deferred income tax assets and liabilities were comprised of the following:
As of June 3020242023
DEFERRED TAX ASSETS
Capitalized research & development$1,140 $930 
Loss and other carryforwards892 1,014 
Pension and other retiree benefits592 737 
Accrued marketing and promotion460 421 
Stock-based compensation433 412 
Fixed assets206 223 
Lease liabilities199 197 
Unrealized loss on financial and foreign exchange transactions107 282 
Other843 874 
Valuation allowances(290)(403)
TOTAL$4,582 $4,687 
DEFERRED TAX LIABILITIES
Goodwill and other intangible assets$5,459 $5,811 
Fixed assets1,573 1,556 
Other retiree benefits1,319 1,101 
Unrealized gain on financial and foreign exchange transactions263 198 
Lease right-of-use assets196 191 
Foreign withholding tax on earnings to be repatriated104 96 
Other441 381 
TOTAL$9,355 $9,334 
v3.24.2.u1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Net earnings per common share were calculated as follows:
Fiscal years ended June 30202420232022
CONSOLIDATED AMOUNTS
Net earnings$14,974 $14,738 $14,793 
Less: Net earnings attributable to noncontrolling interests95 85 51 
Net earnings attributable to P&G14,879 14,653 14,742 
Less: Preferred dividends284 282 281 
Net earnings attributable to P&G available to common shareholders (Basic)$14,595 $14,371 $14,461 
Net earnings attributable to P&G available to common shareholders (Diluted)$14,879 $14,653 $14,742 
SHARES IN MILLIONS
Basic weighted average common shares outstanding2,360.12,368.22,410.3
Add effect of dilutive securities:
Stock options and other unvested equity awards (1)
38.339.449.5
Convertible preferred shares (2)
73.676.379.3
Diluted weighted average common shares outstanding2,471.92,483.92,539.1
NET EARNINGS PER COMMON SHARE
Basic$6.18 $6.07 $6.00 
Diluted$6.02 $5.90 $5.81 
(1)Excludes 4 million, 19 million and 11 million in 2024, 2023 and 2022, respectively, of weighted average stock options outstanding because the exercise price of these options was greater than the average market value of the Company's stock or their effect was antidilutive.
(2)An overview of preferred shares can be found in Note 8.
v3.24.2.u1
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Activity
Total expense and related recognized tax benefit were as follows:
Fiscal years ended June 30202420232022
Stock options$270 $303 $271 
RSUs and PSUs292 242 257 
Total share-based expense$562 $545 $528 
Income tax benefit$103 $103 $88 
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions Assumptions utilized in the model, which are evaluated and revised to reflect market conditions and experience, were as follows:
Fiscal years ended June 30202420232022
Interest rate4.6-5.5 %3.7-4.1 %0.1-1.6 %
Weighted average interest rate4.6 %3.7 %1.5 %
Dividend yield2.5 %2.6 %2.4 %
Expected volatility18 %21 %19 %
Expected life in years8.88.89.1
The following table provides additional information on stock options:
Fiscal years ended June 30202420232022
Weighted average grant-date fair value of options granted$34.25 $29.58 $21.55 
Intrinsic value of options exercised1,621 979 1,886 
Grant-date fair value of options that vested244 219 177 
Cash received from options exercised1,888 1,189 1,930 
Actual tax benefit from options exercised330 207 399 
Share-based Payment Arrangement, Option, Activity
A summary of options outstanding under the plans as of June 30, 2024, and activity during the year then ended is presented below:
OptionsOptions
(in thousands)		Weighted Average Exercise PriceWeighted Average Contractual Life in YearsAggregate Intrinsic Value
OUTSTANDING AT JULY 1, 2023121,205 $104.18 
Granted8,737 147.76 
Exercised(22,190)85.08 
Forfeited/expired(391)134.69 
OUTSTANDING AT JUNE 30, 2024107,362 $111.59 5.1$5,732 
Exercisable75,692 $99.51 3.9$4,951 
Schedule of Nonvested Share Activity
A summary of non-vested RSUs and PSUs outstanding under the plans as of June 30, 2024, and activity during the year then ended is presented below:
RSUsPSUs
RSU and PSU awardsUnits (in thousands)Weighted Average Grant Date Fair ValueUnits (in thousands)Weighted Average Grant Date Fair Value
Non-vested at July 1, 20233,172 $134.94 1,011 $142.40 
Granted1,519 147.15 524 155.86 
Vested(1,299)136.73 (506)152.73 
Forfeited(71)143.02 (13)155.36 
Non-vested at June 30, 20243,321 $139.65 1,016 $144.06 
v3.24.2.u1
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN (Tables)
 12 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan The following provides a reconciliation of benefit obligations, plan assets and funded status of these defined benefit plans:
Pension Benefits (1)
Other Retiree Benefits (2)
Fiscal years ended June 302024202320242023
CHANGE IN BENEFIT OBLIGATION
Benefit obligation at beginning of year (3)
$12,499 $12,608 $2,933 $3,070 
Service cost164 173 68 71 
Interest cost527 430 157 142 
Participants' contributions14 13 56 50 
Amendments21 8 2 — 
Net actuarial loss/(gain)(11)(550)(268)(208)
Special termination benefits4 5 3 4 
Currency translation and other(155)363 (22)31 
Benefit payments(707)(551)(242)(227)
BENEFIT OBLIGATION AT END OF YEAR (3)
$12,355 $12,499 $2,687 $2,933 
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year$10,374 $10,173 $7,324 $6,889 
Actual return on plan assets1,058 37 784 482 
Employer contributions239 392 44 42 
Participants' contributions14 13 56 50 
Currency translation and other(119)310 — 1 
ESOP debt impacts (4)
— — 77 87 
Benefit payments(707)(551)(242)(227)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR$10,857 $10,374 $8,043 $7,324 
FUNDED STATUS$(1,498)$(2,125)$5,356 $4,391 
(1)Primarily non-U.S.-based defined benefit retirement plans.
(2)Primarily U.S.-based other postretirement benefit plans.
(3)For the pension benefit plans, the benefit obligation is the projected benefit obligation. For other retiree benefit plans, the benefit obligation is the accumulated postretirement benefit obligation.
(4)Represents the net impact of ESOP debt service requirements, which is netted against plan assets for other retiree benefits.
Schedule of Amounts Recognized in Balance Sheet In these instances, benefit payments are typically paid directly from the Company's cash as they become due.
Pension BenefitsOther Retiree Benefits
As of June 302024202320242023
CLASSIFICATION OF NET AMOUNT RECOGNIZED
Noncurrent assets$1,458 $1,085 $6,047 $5,119 
Current liabilities(73)(94)(38)(38)
Noncurrent liabilities(2,884)(3,116)(653)(690)
NET AMOUNT RECOGNIZED$(1,498)$(2,125)$5,356 $4,391 
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE (INCOME)/LOSS (AOCI)
Net actuarial loss/(gain)$1,258 $1,818 $(1,493)$(1,160)
Prior service cost/(credit)140 156 (655)(787)
NET AMOUNTS RECOGNIZED IN AOCI$1,398 $1,974 $(2,148)$(1,947)
Schedule of Accumulated and Projected Benefit Obligations Information related to the funded status of selected pension and other retiree benefits at June 30 is as follows:
As of June 3020242023
PENSION PLANS WITH A PROJECTED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Projected benefit obligation$7,613 $7,967 
Fair value of plan assets4,656 4,758 
PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Accumulated benefit obligation$7,103 $7,442 
Fair value of plan assets4,624 4,677 
OTHER RETIREE BENEFIT PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Accumulated benefit obligation$770 $818 
Fair value of plan assets79 89 
Schedule of Net Benefit Costs Components of the net periodic benefit cost were as follows:
Pension BenefitsOther Retiree Benefits
Fiscal years ended June 30202420232022202420232022
AMOUNTS RECOGNIZED IN NET PERIODIC BENEFIT COST/(CREDIT)
Service cost$164 $173 $253 $68 $71 $86 
Interest cost527 430 253 157 142 99 
Expected return on plan assets(610)(591)(684)(687)(611)(564)
Amortization of net actuarial loss/(gain)95 133 337 (38)(7)11 
Amortization of prior service cost/(credit) 37 26 28 (127)(125)(107)
Amortization of net actuarial loss/(gain) due to settlements(13)— (5)— — — 
Special termination benefits4 5 4 3 4 1 
NET PERIODIC BENEFIT COST/(CREDIT)$203 $176 $186 $(623)$(526)$(474)
CHANGE IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN AOCI
Net actuarial loss/(gain) - current year$(458)$4 $(366)$(79)
Prior service cost/(credit) - current year21 8 2 — 
Amortization of net actuarial (loss)/gain(95)(133)38 7 
Amortization of prior service (cost)/credit(37)(26)127 125 
Amortization of net actuarial (loss)/gain due to settlements13 — — — 
Currency translation and other(21)45 (2)— 
TOTAL CHANGE IN AOCI(576)(102)(201)53 
NET AMOUNTS RECOGNIZED IN PERIODIC BENEFIT COST/(CREDIT) AND AOCI$(373)$74 $(824)$(473)
Defined Benefit Plan, Assumptions The weighted average assumptions used to determine benefit obligations recorded on the Consolidated Balance Sheets as of June 30, 2024 and 2023, were as follows: (1)
Pension BenefitsOther Retiree Benefits
As of June 302024202320242023
Discount rate4.2 % 4.2 % 5.8 % 5.6 %
Rate of compensation increase2.8 %2.9 %N/AN/A
Interest crediting rate for cash balance plans4.7 %4.3 %N/AN/A
Health care cost trend rates assumed for next yearN/AN/A6.3 %6.1 %
Rate to which the health care cost trend rate is assumed to decline (ultimate trend rate)N/AN/A4.9 %4.5 %
Year that the rate reaches the ultimate trend rateN/AN/A20292028
(1)Determined as of end of fiscal year.
The weighted average assumptions used to determine net benefit cost recorded on the Consolidated Statements of Earnings for the fiscal years ended June 30 were as follows: (1)
Pension BenefitsOther Retiree Benefits
Fiscal years ended June 30202420232022202420232022
Discount rate4.2 %3.7 %1.7 %5.6 %5.0 %3.2 %
Expected return on plan assets6.0 %5.9 %5.5 %8.5 %8.4 %8.4 %
Rate of compensation increase2.9 %2.8 %2.7 %N/AN/AN/A
Interest crediting rate for cash balance plans4.3 %4.3 %4.4 %N/AN/AN/A
(1)Determined as of beginning of fiscal year.
Schedule of Allocation of Plan Assets
Our target asset allocation for the fiscal year ended June 30, 2024, and actual asset allocation by asset category as of June 30, 2024 and 2023, were as follows:
Target Asset AllocationActual Asset Allocation at June 30
Pension BenefitsOther Retiree
Benefits		Pension BenefitsOther Retiree Benefits
Asset Category2024202320242023
Cash1 %2 %2 %1 %2 %2 %
Debt securities61 %1 %61 %60 %1 %1 %
Equity securities38 %97 %37 %39 %97 %97 %
TOTAL100 %100 %100 %100 %100 %100 %
Pension and Postretirement Plan Assets By Fair Value Hierarchy Investments valued using net asset value as a practical expedient are not valued using the fair value hierarchy, but rather valued using the net asset value reported by the managers of the funds and as supported by the unit prices of actual purchase and sale transactions.
Pension BenefitsOther Retiree Benefits
As of June 30Fair Value Hierarchy Level20242023Fair Value Hierarchy Level20242023
ASSETS AT FAIR VALUE
Cash and cash equivalents1$267 $54 1$135 $148 
Company common stock— — 1451 368 
Company preferred stock (1)
— — 27,380 6,721 
Fixed income securities (2)
21,076 1,190 — — 
Insurance contracts (3)
3165 93 — — 
TOTAL ASSETS IN THE FAIR VALUE HIERARCHY1,508 1,337 7,966 7,237 
Investments valued at net asset value (4)
9,349 9,037 77 87 
TOTAL ASSETS AT FAIR VALUE$10,857 $10,374 $8,043 $7,324 
(1)Company preferred stock is valued based on the value of Company common stock and is presented net of ESOP debt discussed below.
(2)Fixed income securities are estimated by using pricing models or quoted prices of securities with similar characteristics.
(3)Fair values of insurance contracts are valued based on either their cash equivalent value or models that project future cash flows and discount the future amounts to a present value using market-based observable inputs, including credit risk and interest rate curves. The activity for Level 3 assets is not significant for all years presented.
(4)Investments valued using net asset value as a practical expedient are primarily equity and fixed income collective funds.
Schedule of Expected Benefit Payments
Total benefit payments expected to be paid to participants, which include payments funded from the Company's assets and payments from the plans are as follows:
Fiscal years ending June 30Pension BenefitsOther Retiree Benefits
EXPECTED BENEFIT PAYMENTS
2025$635 $166 
2026595 179 
2027615 176 
2028666 181 
2029684 187 
2030 - 20343,747 1,032 
Employee Stock Ownership Plan (ESOP) Disclosures The number of preferred shares outstanding at June 30 was as follows:
Shares in thousands202420232022
Allocated22,724 24,449 25,901 
Unallocated— 535 1,123 
TOTAL SERIES A22,724 24,984 27,024 
Allocated33,723 32,172 30,719 
Unallocated15,864 17,867 20,120 
TOTAL SERIES B49,587 50,039 50,839 
v3.24.2.u1
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The notional amounts and fair values of financial instruments used in hedging transactions as of June 30, 2024 and 2023, are as follows:
Notional AmountFair Value AssetFair Value (Liability)
As of June 30202420232024202320242023
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts$2,993 $4,044 $— $— $(325)$(445)
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Foreign currency interest rate contracts$10,140 $11,005 $119 $26 $(31)$(631)
TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS$13,133 $15,049 $119 $26 $(356)$(1,076)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts$3,192 $3,489 $1 $7 $(23)$(42)
TOTAL DERIVATIVES AT FAIR VALUE$16,325 $18,538 $120 $33 $(379)$(1,118)
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
Before tax gains/(losses) on our financial instruments in hedging relationships are categorized as follows:
Amount of Gain/(Loss) Recognized in OCI on Derivatives
Fiscal years ended June 3020242023
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2)
Foreign currency interest rate contracts$163 $(544)
(1)For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $229 and $238 for the fiscal years ended June 30, 2024 and 2023, respectively.
(2)In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The amount of gain/(loss) recognized in AOCI for such instruments was $255 and $(315), for the fiscal years ended June 30, 2024 and 2023, respectively.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
Amount of Gain/(Loss) Recognized in Earnings
Fiscal years ended June 3020242023
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts$120 $(141)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts$(91)$(97)
v3.24.2.u1
SHORT-TERM AND LONG-TERM DEBT (Tables)
 12 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
As of June 3020242023
DEBT DUE WITHIN ONE YEAR
Current portion of long-term debt$3,838$3,951
Commercial paper3,3276,236
Other2642
TOTAL$7,191$10,229
Weighted average interest rate of debt due within one year (1)
3.7 %4.2 %
(1)Weighted average interest rate of debt due within one year includes the effects of interest rate swaps discussed in Note 9.
Schedule of Long-term Debt Instruments
As of June 3020242023
LONG-TERM DEBT
3.10% USD note due August 2023
$—$1,000
1.13% EUR note due November 2023
—1,359
0.50% EUR note due October 2024
534544
0.63% EUR note due October 2024
855870
0.55% USD note due October 2025
1,0001,000
4.10% USD note due January 2026
650650
2.70% USD note due February 2026
600600
1.00% USD note due April 2026
1,0001,000
3.25% EUR note due August 2026
695707
2.45% USD note due November 2026
875875
1.90% USD note due February 2027
1,0001,000
2.80% USD note due March 2027
500500
4.88% EUR note due May 2027
1,0691,087
2.85% USD note due August 2027
750750
3.95% USD note due January 2028
600600
3.15% EUR note due April 2028
695— 
1.20% EUR note due October 2028
855870 
4.35% USD note due January 2029
600— 
1.25% EUR note due October 2029
534544
3.00% USD note due March 2030
1,5001,500
0.35% EUR note due May 2030
534544
1.20% USD note due October 2030
1,2501,250
1.95% USD note due April 2031
1,0001,000
3.25% EUR note due August 2031
695707
2.30% USD note due February 2032
850850
4.05% USD note due January 2033
850850
4.55% USD note due January 2034
750— 
3.20% EUR note due April 2034
909— 
5.55% USD note due March 2037
716716
1.88% EUR note due October 2038
534544
3.55% USD note due March 2040
516516
0.90% EUR note due November 2041
641652
All other long-term debt5,5505,244
Current portion of long-term debt(3,838)(3,951)
TOTAL$25,269$24,378
Weighted average interest rate of long-term debt (1)
3.2%2.9%
(1)Weighted average interest rate of long-term debt includes the effects of interest rate swaps discussed in Note 9.
Maturities of Long-term Debt
Long-term debt maturities during the next five fiscal years are as follows:
Fiscal years ending June 3020252026202720282029
Debt maturities$3,838$3,367$4,350$2,074$1,867
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)
 12 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The table below presents the changes in Accumulated other comprehensive income/(loss) attributable to Procter & Gamble (AOCI), including the reclassifications out of AOCI by component:
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Investment SecuritiesPost-retirement Benefit PlansForeign Currency TranslationTotal AOCI
BALANCE AT JUNE 30, 2022, NET OF TAX$20 $27 $(12,236)$(12,189)
Other comprehensive income/(loss), before tax:
OCI before reclassifications(9)22 (268)(255)
Amounts reclassified to the Consolidated Statement of Earnings— 27 — 27 
Total other comprehensive income/(loss), before tax(9)49 (268)(228)
Tax effect2 (9)197 190 
Total other comprehensive income/(loss), net of tax(7)40 (71)(38)
Less: OCI attributable to non-controlling interests, net of tax— — (7)(7)
BALANCE AT JUNE 30, 2023, NET OF TAX13 67 (12,300)(12,220)
Other comprehensive income/(loss), before tax:
OCI before reclassifications(4)823 (376)443 
Amounts reclassified to the Consolidated Statement of Earnings— (47)216 169 
Total other comprehensive income/(loss), before tax(4)776 (160)612 
Tax effect1 (230)(66)(295)
Total other comprehensive income/(loss), net of tax(3)546 (226)317 
Less: OCI attributable to non-controlling interests, net of tax— — (3)(3)
BALANCE AT JUNE 30, 2024, NET OF TAX$10 $613 $(12,522)$(11,900)
v3.24.2.u1
LEASES (Tables)
 12 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Lease, Cost
The components of the Company’s total operating lease cost for the fiscal years ended June 30, 2024, 2023 and 2022, were as follows:
Fiscal years ended June 30202420232022
Operating lease cost$252 $229 $220 
Variable lease cost (1)
91 79 89 
Total lease cost$343 $308 $309 
(1)Includes primarily costs for utilities, common area maintenance, property taxes and other operating costs associated with operating leases that are not included in the lease liability and are recognized in the period in which they are incurred.
Asset and Liabilities, Lessee
Supplemental balance sheet and other information related to leases is as follows:
As of June 3020242023
Operating leases:
Right-of-use assets (Other noncurrent assets)$875$781
Current lease liabilities (Accrued and other liabilities)243222
Noncurrent lease liabilities (Other noncurrent liabilities)666595
Total operating lease liabilities$909$817
Weighted average remaining lease term:
Operating leases6.0 years6.2 years
Weighted average discount rate:
Operating leases4.5 %3.5 %
Lessee, Operating Lease, Liability, Maturity
At June 30, 2024, future payments of operating lease liabilities were as follows:
Operating Leases
June 30, 2024
1 year$244 
2 years206 
3 years164 
4 years122 
5 years105 
Over 5 years190 
Total lease payments1,031 
Less: Interest(122)
Present value of lease liabilities $909 
v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Unrecorded Unconditional Purchase Obligations Disclosure Commitments made under take-or-pay obligations are as follows: 
Fiscal years ending June 3020252026202720282029Thereafter
Purchase obligations$1,092 $596 $314 $214 $162 $232 
v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)
$ in Billions
 12 Months Ended
Jun. 30, 2024
USD ($)
country
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Accounting Policies [Line Items]      
Number of countries in which entity operates | country 180    
Number of countries with on-the-ground operations | country 70    
Research and development costs | $ $ 2.0 $ 2.0 $ 2.0
Advertising costs | $ $ 9.6 $ 8.0 $ 7.9
Minimum | Customer Relationships, Brands, and Other Non-Contractual Intangible Assets [Member]      
Accounting Policies [Line Items]      
Finite-lived intangible assets, useful life (in years) 5 years    
Maximum | Customer Relationships, Brands, and Other Non-Contractual Intangible Assets [Member]      
Accounting Policies [Line Items]      
Finite-lived intangible assets, useful life (in years) 30 years    
Furniture and Fixtures      
Accounting Policies [Line Items]      
Property, plant, and equipment, useful life (in years) 15 years    
Computer Equipment | Minimum      
Accounting Policies [Line Items]      
Property, plant, and equipment, useful life (in years) 3 years    
Computer Equipment | Maximum      
Accounting Policies [Line Items]      
Property, plant, and equipment, useful life (in years) 5 years    
Machinery and equipment | Minimum      
Accounting Policies [Line Items]      
Property, plant, and equipment, useful life (in years) 3 years    
Machinery and equipment | Maximum      
Accounting Policies [Line Items]      
Property, plant, and equipment, useful life (in years) 20 years    
Buildings      
Accounting Policies [Line Items]      
Property, plant, and equipment, useful life (in years) 40 years    
v3.24.2.u1
SEGMENT INFORMATION - Additional Information (Details) - segment
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]      
Number of reportable segments 5    
Walmart Inc. And Affiliates | Revenue Benchmark | Customer Concentration Risk      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 16.00% 15.00% 15.00%
v3.24.2.u1
SEGMENT INFORMATION - Percent Of Sales By Business Unit (Details) - Revenue Benchmark - Product Concentration Risk
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 100.00% 100.00% 100.00%
FABRIC & HOME CARE | Fabric Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 24.00% 23.00% 23.00%
FABRIC & HOME CARE | Home Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 12.00% 12.00% 12.00%
BABY, FEMININE & FAMILY CARE | Baby Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 9.00% 10.00% 10.00%
BABY, FEMININE & FAMILY CARE | Family Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 9.00% 8.00% 9.00%
BABY, FEMININE & FAMILY CARE | Skin and Personal Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 9.00% 9.00% 9.00%
BABY, FEMININE & FAMILY CARE | Feminine Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 6.00% 7.00% 6.00%
BEAUTY | Hair Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 9.00% 9.00% 9.00%
GROOMING | Grooming      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 8.00% 8.00% 6.00%
GROOMING | Other      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 0.00% 0.00% 2.00%
HEALTH CARE | Oral Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 8.00% 8.00% 8.00%
HEALTH CARE | Personal Health Care      
Segment Reporting Information [Line Items]      
Concentration risk (in percent) 6.00% 6.00% 6.00%
v3.24.2.u1
SEGMENT INFORMATION - US And International Sales And Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]      
NET SALES $ 84,039 $ 82,006 $ 80,187
PROPERTY, PLANT AND EQUIPMENT, NET 22,152 21,909  
United States      
Segment Reporting Information [Line Items]      
NET SALES 40,500 38,700 36,500
PROPERTY, PLANT AND EQUIPMENT, NET 12,000 11,400 10,700
International      
Segment Reporting Information [Line Items]      
NET SALES 43,500 43,300 43,700
PROPERTY, PLANT AND EQUIPMENT, NET $ 10,200 $ 10,500 $ 10,500
v3.24.2.u1
SEGMENT INFORMATION - Global Segment Results (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]      
Net Sales $ 84,039 $ 82,006 $ 80,187
Earnings/(Loss) Before Income Taxes 18,761 18,353 17,995
Net Earnings/(Loss) 14,974 14,738 14,793
Depreciation and Amortization 2,896 2,714 2,807
Total Assets 122,370 120,829 117,208
Capital Expenditures 3,322 3,062 3,156
BEAUTY      
Segment Reporting Information [Line Items]      
Net Sales 15,220 15,008 14,740
Earnings/(Loss) Before Income Taxes 3,805 4,009 3,946
Net Earnings/(Loss) 2,963 3,178 3,160
Depreciation and Amortization 399 376 348
Total Assets 6,103 6,196 6,055
Capital Expenditures 280 287 331
GROOMING      
Segment Reporting Information [Line Items]      
Net Sales 6,654 6,419 6,587
Earnings/(Loss) Before Income Taxes 1,845 1,806 1,835
Net Earnings/(Loss) 1,477 1,461 1,490
Depreciation and Amortization 335 335 361
Total Assets 19,082 20,601 20,482
Capital Expenditures 337 300 260
HEALTH CARE      
Segment Reporting Information [Line Items]      
Net Sales 11,793 11,226 10,824
Earnings/(Loss) Before Income Taxes 2,941 2,759 2,618
Net Earnings/(Loss) 2,258 2,125 2,006
Depreciation and Amortization 381 352 376
Total Assets 8,416 8,480 7,888
Capital Expenditures 524 466 410
FABRIC & HOME CARE      
Segment Reporting Information [Line Items]      
Net Sales 29,495 28,371 27,556
Earnings/(Loss) Before Income Taxes 7,339 6,303 5,729
Net Earnings/(Loss) 5,687 4,828 4,386
Depreciation and Amortization 710 675 672
Total Assets 8,907 8,669 8,567
Capital Expenditures 1,076 979 988
BABY, FEMININE & FAMILY CARE      
Segment Reporting Information [Line Items]      
Net Sales 20,277 20,217 19,736
Earnings/(Loss) Before Income Taxes 5,253 4,623 4,267
Net Earnings/(Loss) 4,020 3,545 3,266
Depreciation and Amortization 824 804 826
Total Assets 8,497 8,517 8,443
Capital Expenditures 979 994 932
CORPORATE      
Segment Reporting Information [Line Items]      
Net Sales 601 765 744
Earnings/(Loss) Before Income Taxes (2,422) (1,147) (400)
Net Earnings/(Loss) (1,430) (399) 485
Depreciation and Amortization 247 172 224
Total Assets 71,365 68,366 65,773
Capital Expenditures $ 126 $ 36 $ 235
v3.24.2.u1
SUPPLEMENTAL FINANCIAL INFORMATION - Property, Plant And Equipment (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
Property, Plant and Equipment [Line Items]    
TOTAL PROPERTY, PLANT AND EQUIPMENT $ 50,063 $ 48,645
Accumulated depreciation (27,911) (26,736)
PROPERTY, PLANT AND EQUIPMENT, NET 22,152 21,909
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
TOTAL PROPERTY, PLANT AND EQUIPMENT 37,507 36,521
Buildings    
Property, Plant and Equipment [Line Items]    
TOTAL PROPERTY, PLANT AND EQUIPMENT 8,534 8,277
Construction in progress    
Property, Plant and Equipment [Line Items]    
TOTAL PROPERTY, PLANT AND EQUIPMENT 3,126 2,980
Land    
Property, Plant and Equipment [Line Items]    
TOTAL PROPERTY, PLANT AND EQUIPMENT $ 895 $ 867
v3.24.2.u1
SUPPLEMENTAL FINANCIAL INFORMATION - Accrued And Other Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
ACCRUED AND OTHER LIABILITIES - CURRENT    
Accrued marketing and promotion $ 4,172 $ 3,894
Accrued compensation 2,161 2,030
Taxes payable 1,042 828
Accrued interest 282 235
Lease liabilities $ 243 $ 222
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] TOTAL TOTAL
Restructuring reserves $ 166 $ 174
Derivative liabilities 54 631
Other 2,953 2,915
TOTAL 11,073 10,929
OTHER NONCURRENT LIABILITIES    
Pension benefit obligations 2,884 3,116
Uncertain tax positions 723 622
Lease liabilities $ 666 $ 595
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] TOTAL TOTAL
Other retiree benefit obligations $ 653 $ 690
U.S. Tax Act transitional tax payable 592 1,154
Derivative liabilities 325 445
Other 555 530
TOTAL $ 6,398 $ 7,152
v3.24.2.u1
SUPPLEMENTAL FINANCIAL INFORMATION - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 659 $ 329 $ 253  
Foreign currency translation gain (loss) (216)      
Selling, General and Administrative Expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 155 $ 160    
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, general and administrative expense Selling, general and administrative expense    
Cost of Sales        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 248 $ 160    
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of products sold Cost of products sold    
Other Nonoperating Income (Expense)        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 255 $ 9    
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Other non-operating income, net Other non-operating income, net    
Minimum        
Restructuring Cost and Reserve [Line Items]        
Historical restructuring costs, before tax $ 250      
Expected restructuring charges       $ 1,000
Maximum        
Restructuring Cost and Reserve [Line Items]        
Historical restructuring costs, before tax $ 500      
Expected restructuring charges       $ 1,500
v3.24.2.u1
SUPPLEMENTAL FINANCIAL INFORMATION - Restructuring Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Restructuring Reserve [Roll Forward]      
Beginning balance $ 174 $ 147  
Cost incurred 659 329 $ 253
Cost paid/settled (667) (302)  
Ending balance 166 174 147
Separation Costs      
Restructuring Reserve [Roll Forward]      
Beginning balance 155 121  
Cost incurred 202 175  
Cost paid/settled (224) (141)  
Ending balance 133 155 121
Asset-Related Costs      
Restructuring Reserve [Roll Forward]      
Beginning balance 0 0  
Cost incurred 101 43  
Cost paid/settled (101) (43)  
Ending balance 0 0 0
Other Costs      
Restructuring Reserve [Roll Forward]      
Beginning balance 19 26  
Cost incurred 355 111  
Cost paid/settled (342) (118)  
Ending balance $ 32 $ 19 $ 26
v3.24.2.u1
SUPPLEMENTAL FINANCIAL INFORMATION - Other Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]      
Cost incurred $ 659 $ 329 $ 253
BEAUTY      
Restructuring Cost and Reserve [Line Items]      
Cost incurred 43 15 11
GROOMING      
Restructuring Cost and Reserve [Line Items]      
Cost incurred 76 17 14
HEALTH CARE      
Restructuring Cost and Reserve [Line Items]      
Cost incurred 33 28 32
FABRIC & HOME CARE      
Restructuring Cost and Reserve [Line Items]      
Cost incurred 84 87 42
BABY, FEMININE & FAMILY CARE      
Restructuring Cost and Reserve [Line Items]      
Cost incurred 50 21 83
CORPORATE      
Restructuring Cost and Reserve [Line Items]      
Cost incurred $ 371 $ 161 $ 71
v3.24.2.u1
GOODWILL AND INTANGIBLE ASSETS - Goodwill By Global Business Unit (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Goodwill [Roll Forward]      
Beginning balance $ 40,659 $ 39,700  
Acquisitions and divestitures (61) 438  
Translation and other (295) 521  
Ending balance 40,303 40,659  
Beauty      
Goodwill [Roll Forward]      
Beginning balance 13,888 13,296  
Acquisitions and divestitures (61) 405  
Translation and other (104) 187  
Ending balance 13,723 13,888  
Grooming      
Goodwill [Roll Forward]      
Beginning balance 12,703 12,571  
Acquisitions and divestitures 0 0  
Translation and other (71) 132  
Ending balance 12,633 12,703  
Accumulated impairment losses 7,900 7,900 $ 7,900
Health Care      
Goodwill [Roll Forward]      
Beginning balance 7,718 7,589  
Acquisitions and divestitures 0 0  
Translation and other (80) 129  
Ending balance 7,638 7,718  
Fabric & Home Care      
Goodwill [Roll Forward]      
Beginning balance 1,821 1,808  
Acquisitions and divestitures 0 0  
Translation and other (10) 13  
Ending balance 1,810 1,821  
Baby, Feminine & Family Care      
Goodwill [Roll Forward]      
Beginning balance 4,529 4,436  
Acquisitions and divestitures 0 33  
Translation and other (30) 60  
Ending balance $ 4,499 $ 4,529  
v3.24.2.u1
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Indefinite-Lived Intangible Assets [Line Items]      
Indefinite-lived intangible asset impairment charge $ 1,341 $ 0 $ 0
Gillette      
Indefinite-Lived Intangible Assets [Line Items]      
Indefinite-lived intangible asset impairment charge 1,300    
Indefinite-lived intangible asset impairment charge, after tax 1,000    
Indefinite-lived intangible asset $ 12,800    
v3.24.2.u1
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 9,019 $ 9,047
Accumulated Amortization (6,558) (6,256)
Indefinite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 28,605 30,039
Accumulated Amortization (6,558) (6,256)
Brands    
Indefinite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 19,587 20,992
Brands    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 4,318 4,352
Accumulated Amortization (2,725) (2,540)
Indefinite-Lived Intangible Assets [Line Items]    
Accumulated Amortization (2,725) (2,540)
Patents and technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,794 2,775
Accumulated Amortization (2,683) (2,649)
Indefinite-Lived Intangible Assets [Line Items]    
Accumulated Amortization (2,683) (2,649)
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,834 1,847
Accumulated Amortization (1,121) (1,039)
Indefinite-Lived Intangible Assets [Line Items]    
Accumulated Amortization (1,121) (1,039)
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 72 73
Accumulated Amortization (29) (28)
Indefinite-Lived Intangible Assets [Line Items]    
Accumulated Amortization $ (29) $ (28)
v3.24.2.u1
GOODWILL AND INTANGIBLE ASSETS - Amortization Of Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Intangible asset amortization $ 338 $ 327 $ 312
v3.24.2.u1
GOODWILL AND INTANGIBLE ASSETS - Estimated Amortization Expense (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
2025 $ 318
2026 297
2027 287
2028 248
2029 $ 200
v3.24.2.u1
INCOME TAXES - Earnings From Continuing Operations Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Income Tax Disclosure [Abstract]      
United States $ 12,246 $ 12,107 $ 11,698
International 6,515 6,246 6,297
TOTAL $ 18,761 $ 18,353 $ 17,995
v3.24.2.u1
INCOME TAXES - Provision For Income Taxes On Continuing Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
CURRENT TAX EXPENSE      
U.S. federal $ 1,954 $ 2,303 $ 1,916
International 1,708 1,412 1,333
U.S. state and local 368 353 355
TOTAL 4,031 4,068 3,604
DEFERRED TAX EXPENSE/(BENEFIT)      
U.S. federal (133) (224) (320)
International and other (111) (229) (82)
TOTAL (244) (453) (402)
TOTAL TAX EXPENSE $ 3,787 $ 3,615 $ 3,202
v3.24.2.u1
INCOME TAXES - Income Tax Rate Reconciliation (Details)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
U.S. federal statutory income tax rate 21.00% 21.00% 21.00%
Country mix impacts of foreign operations 0.10% (0.50%) (0.30%)
State income taxes, net of federal benefit 1.80% 1.60% 1.50%
Excess tax benefits from the exercise of stock options (1.50%) (1.00%) (2.00%)
Foreign derived intangible income deduction (FDII) (1.10%) (0.80%) (1.10%)
Changes in uncertain tax positions 0.10% 0.10% (0.40%)
Other (0.20%) (0.70%) (0.90%)
EFFECTIVE INCOME TAX RATE 20.20% 19.70% 17.80%
v3.24.2.u1
INCOME TAXES - Additional Information (Details)
$ in Millions
 12 Months Ended
Jun. 30, 2024
USD ($)
country
audit
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Income Tax Contingency [Line Items]      
Undistributed earnings of foreign subsidiaries $ 22,000    
Unrecognized tax benefits that could impact the effective tax rate in future periods $ 488    
Number of countries with on-the-ground operations | country 70    
Number of income tax jurisdictions | country 150    
Open tax year 2010    
Uncertain tax positions, accrued interest $ 111 $ 143  
Uncertain tax positions, accrued penalties 15 12  
Uncertain tax positions, interest expense 18 23 $ 21
Uncertain tax positions, penalties expense 4 1 $ 2
Net operating loss carryforwards 2,300 $ 2,900  
Subject To Expiration, Expiring Between 2024 and 2043      
Income Tax Contingency [Line Items]      
Net operating loss carryforwards 100    
Not Subject To Expiration      
Income Tax Contingency [Line Items]      
Net operating loss carryforwards $ 2,200    
Minimum      
Income Tax Contingency [Line Items]      
Number of jurisdictional audits | audit 30    
Maximum      
Income Tax Contingency [Line Items]      
Number of jurisdictional audits | audit 40    
v3.24.2.u1
INCOME TAXES - Unrecognized Tax Benefits Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Unrecognized Tax Benefits [Roll Forward]      
BEGINNING OF YEAR $ 515 $ 583 $ 627
Increases in tax positions for prior years 157 113 102
Decreases in tax positions for prior years (133) (119) (118)
Increases in tax positions for current year 160 60 53
Settlements with taxing authorities (100) (108) (42)
Lapse in statute of limitations (9) (7) (17)
Currency translation (8) (7) (22)
END OF YEAR $ 582 $ 515 $ 583
v3.24.2.u1
INCOME TAXES - Deferred Income Tax Assets And Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
DEFERRED TAX ASSETS    
Capitalized research & development $ 1,140 $ 930
Loss and other carryforwards 892 1,014
Pension and other retiree benefits 592 737
Accrued marketing and promotion 460 421
Stock-based compensation 433 412
Fixed assets 206 223
Lease liabilities 199 197
Unrealized loss on financial and foreign exchange transactions 107 282
Other 843 874
Valuation allowances (290) (403)
TOTAL 4,582 4,687
DEFERRED TAX LIABILITIES    
Goodwill and other intangible assets 5,459 5,811
Fixed assets 1,573 1,556
Other retiree benefits 1,319 1,101
Unrealized gain on financial and foreign exchange transactions 263 198
Lease right-of-use assets 196 191
Foreign withholding tax on earnings to be repatriated 104 96
Other 441 381
TOTAL $ 9,355 $ 9,334
v3.24.2.u1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
CONSOLIDATED AMOUNTS      
NET EARNINGS $ 14,974 $ 14,738 $ 14,793
Less: Net earnings attributable to noncontrolling interests 95 85 51
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE 14,879 14,653 14,742
Less: Preferred dividends 284 282 281
Net earnings attributable to P&G available to common shareholders (Basic) 14,595 14,371 14,461
Net earnings attributable to P&G available to common shareholders (Diluted) $ 14,879 $ 14,653 $ 14,742
SHARES IN MILLIONS      
Basic weighted average common shares outstanding (in shares) 2,360.1 2,368.2 2,410.3
Add effect of dilutive securities:      
Stock options and other unvested equity awards (in shares) 38.3 39.4 49.5
Convertible preferred shares (in shares) 73.6 76.3 79.3
Diluted weighted average common shares outstanding (in shares) 2,471.9 2,483.9 2,539.1
NET EARNINGS PER COMMON SHARE      
Basic (in dollars per share) [1] $ 6.18 $ 6.07 $ 6.00
Diluted (in dollars per share) [1] $ 6.02 $ 5.90 $ 5.81
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 4.0 19.0 11.0
[1] Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
v3.24.2.u1
SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Number of shares authorized (in shares) 150    
Number of shares available for grant (in shares) 77    
Grant date fair value of shares vested $ 256 $ 220 $ 248
Stock options      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Award vesting period (in years) 3 years    
Award expiration period (in years) 10 years    
Compensation cost not yet recognized $ 171    
Compensation cost not yet recognized, period for recognition (in years) 1 year 7 months 6 days    
RSUs and PSUs      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Compensation cost not yet recognized $ 243    
Compensation cost not yet recognized, period for recognition (in years) 1 year 7 months 6 days    
RSUs      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Award vesting period (in years) 3 years    
PSUs      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Award vesting period (in years) 3 years    
v3.24.2.u1
SHARE-BASED COMPENSATION - Share-Based Compensation Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based expense $ 562 $ 545 $ 528
Income tax benefit 103 103 88
Stock options      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based expense 270 303 271
RSUs and PSUs      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based expense $ 292 $ 242 $ 257
v3.24.2.u1
SHARE-BASED COMPENSATION - Assumptions Utilized In The Binomial Lattice-Based Valuation Model (Details)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]      
Interest rate, minimum (in percent) 4.60% 3.70% 0.10%
Interest rate, maximum (in percent) 5.50% 4.10% 1.60%
Weighted average interest rate (in percent) 4.60% 3.70% 1.50%
Dividend yield (in percent) 2.50% 2.60% 2.40%
Expected volatility (in percent) 18.00% 21.00% 19.00%
Expected life in years (in years) 8 years 9 months 18 days 8 years 9 months 18 days 9 years 1 month 6 days
v3.24.2.u1
SHARE-BASED COMPENSATION - Options Outstanding (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Jun. 30, 2024
USD ($)
$ / shares
shares
Options (in thousands)  
Outstanding, beginning balance (in shares) | shares 121,205
Granted (in shares) | shares 8,737
Exercised (in shares) | shares (22,190)
Forfeited/expired (in shares) | shares (391)
Outstanding, ending balance (in shares) | shares 107,362
Exercisable (in shares) | shares 75,692
Weighted Average Exercise Price  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 104.18
Granted (in dollars per share) | $ / shares 147.76
Exercised (in dollars per share) | $ / shares 85.08
Forfeited/expired (in dollars per share) | $ / shares 134.69
Outstanding, ending balance (in dollars per share) | $ / shares 111.59
Exercisable (in dollars per share) | $ / shares $ 99.51
Options Additional Disclosures  
Outstanding, Weighted Average Contractual Life in Years (in years) 5 years 1 month 6 days
Exercisable, Weighted Average Contractual Life in Years (in years) 3 years 10 months 24 days
Outstanding, Aggregate Intrinsic Value | $ $ 5,732
Exercisable, Aggregate Intrinsic Value | $ $ 4,951
v3.24.2.u1
SHARE-BASED COMPENSATION - Additional Information On Stock Options (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]      
Weighted average grant-date fair value of options granted (in dollars per share) $ 34.25 $ 29.58 $ 21.55
Intrinsic value of options exercised $ 1,621 $ 979 $ 1,886
Grant-date fair value of options that vested 244 219 177
Cash received from options exercised 1,888 1,189 1,930
Actual tax benefit from options exercised $ 330 $ 207 $ 399
v3.24.2.u1
SHARE-BASED COMPENSATION - Schedule Of Non-Vested RSUs And PSUs (Details)
 12 Months Ended
Jun. 30, 2024
$ / shares
shares
RSUs  
Units (in thousands)  
Non-vested, beginning balance (in shares) | shares 3,172,000
Granted (in shares) | shares 1,519,000
Vested (in shares) | shares (1,299,000)
Forfeited (in shares) | shares (71,000)
Non-vested, ending balance (in shares) | shares 3,321,000
Weighted Average Grant Date Fair Value  
Non-vested, beginning balance (in dollars per share) | $ / shares $ 134.94
Granted (in dollars per share) | $ / shares 147.15
Vested (in dollars per share) | $ / shares 136.73
Forfeited (in dollars per share) | $ / shares 143.02
Non-vested, ending balance (in dollars per share) | $ / shares $ 139.65
PSUs  
Units (in thousands)  
Non-vested, beginning balance (in shares) | shares 1,011,000
Granted (in shares) | shares 524,000
Vested (in shares) | shares (506,000)
Forfeited (in shares) | shares (13,000)
Non-vested, ending balance (in shares) | shares 1,016,000
Weighted Average Grant Date Fair Value  
Non-vested, beginning balance (in dollars per share) | $ / shares $ 142.40
Granted (in dollars per share) | $ / shares 155.86
Vested (in dollars per share) | $ / shares 152.73
Forfeited (in dollars per share) | $ / shares 155.36
Non-vested, ending balance (in dollars per share) | $ / shares $ 144.06
v3.24.2.u1
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 1991
Jun. 30, 1989
Defined Benefit Plan Disclosure [Line Items]          
Defined contribution expense $ 425 $ 392 $ 366    
Accumulated benefit obligation $ 11,600 $ 11,800      
Pension Benefits          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 6.00% 5.90% 5.50%    
Expected future employer contributions, next fiscal year $ 180        
Pension Benefits | Series A Preferred Stock          
Defined Benefit Plan Disclosure [Line Items]          
ESOP, direct loan amount         $ 1,000
ESOP, debt structure, employer loan guarantee $ 0        
Dividend (in dollars per share) $ 3.83        
Liquidation value (in dollars per share) $ 6.82        
Other Retiree Benefits          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 8.50% 8.40% 8.40%    
Expected future employer contributions, next fiscal year $ 53        
Other Retiree Benefits | Series B Preferred Stock          
Defined Benefit Plan Disclosure [Line Items]          
ESOP, direct loan amount       $ 1,000  
ESOP, debt structure, employer loan guarantee $ 737        
Dividend (in dollars per share) $ 3.83        
Liquidation value (in dollars per share) $ 12.96        
Treasury Stock          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 8.50%        
Minimum | Equity securities          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 8.00%        
Minimum | Debt securities          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 3.00%        
Maximum | Equity securities          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 9.00%        
Maximum | Debt securities          
Defined Benefit Plan Disclosure [Line Items]          
Expected return on plan assets (in percent) 5.00%        
United States          
Defined Benefit Plan Disclosure [Line Items]          
Contribution rate (in percent) 13.00% 13.00% 14.00%    
v3.24.2.u1
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Reconciliation Of Benefit Obligations And Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Pension Benefits      
CHANGE IN BENEFIT OBLIGATION      
Benefit obligation, beginning balance $ 12,499 $ 12,608  
Service cost 164 173 $ 253
Interest cost 527 430 253
Participants' contributions 14 13  
Amendments 21 8  
Net actuarial loss/(gain) (11) (550)  
Special termination benefits 4 5  
Currency translation and other (155) 363  
Benefit payments (707) (551)  
Benefit obligation, ending balance 12,355 12,499 12,608
CHANGE IN PLAN ASSETS      
Fair value of plan assets, beginning balance 10,374 10,173  
Actual return on plan assets 1,058 37  
Employer contributions 239 392  
Participants' contributions 14 13  
Currency translation and other (119) 310  
ESOP debt impacts 0 0  
Benefit payments (707) (551)  
Fair value of plan assets, ending balance 10,857 10,374 10,173
FUNDED STATUS (1,498) (2,125)  
Other Retiree Benefits      
CHANGE IN BENEFIT OBLIGATION      
Benefit obligation, beginning balance 2,933 3,070  
Service cost 68 71 86
Interest cost 157 142 99
Participants' contributions 56 50  
Amendments 2 0  
Net actuarial loss/(gain) (268) (208)  
Special termination benefits 3 4  
Currency translation and other (22) 31  
Benefit payments (242) (227)  
Benefit obligation, ending balance 2,687 2,933 3,070
CHANGE IN PLAN ASSETS      
Fair value of plan assets, beginning balance 7,324 6,889  
Actual return on plan assets 784 482  
Employer contributions 44 42  
Participants' contributions 56 50  
Currency translation and other 0 1  
ESOP debt impacts 77 87  
Benefit payments (242) (227)  
Fair value of plan assets, ending balance 8,043 7,324 $ 6,889
FUNDED STATUS $ 5,356 $ 4,391  
v3.24.2.u1
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Reconciliation Of Benefit Plans Recognized In The Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
Pension Benefits    
CLASSIFICATION OF NET AMOUNT RECOGNIZED    
Noncurrent assets $ 1,458 $ 1,085
Current liabilities (73) (94)
Noncurrent liabilities (2,884) (3,116)
NET AMOUNT RECOGNIZED (1,498) (2,125)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE (INCOME)/LOSS (AOCI)    
Net actuarial loss/(gain) 1,258 1,818
Prior service cost/(credit) 140 156
NET AMOUNTS RECOGNIZED IN AOCI 1,398 1,974
Other Retiree Benefits    
CLASSIFICATION OF NET AMOUNT RECOGNIZED    
Noncurrent assets 6,047 5,119
Current liabilities (38) (38)
Noncurrent liabilities (653) (690)
NET AMOUNT RECOGNIZED 5,356 4,391
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE (INCOME)/LOSS (AOCI)    
Net actuarial loss/(gain) (1,493) (1,160)
Prior service cost/(credit) (655) (787)
NET AMOUNTS RECOGNIZED IN AOCI $ (2,148) $ (1,947)
v3.24.2.u1
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Pension Plans With Accumulated And Projected Benefit Obligations In Excess Of Plan (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation $ 7,613 $ 7,967
Fair value of plan assets 4,656 4,758
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation 7,103 7,442
Fair value of plan assets 4,624 4,677
Other Retiree Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation 770 818
Fair value of plan assets $ 79 $ 89
v3.24.2.u1
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Components Of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Pension Benefits      
AMOUNTS RECOGNIZED IN NET PERIODIC BENEFIT COST/(CREDIT)      
Service cost $ 164 $ 173 $ 253
Interest cost 527 430 253
Expected return on plan assets (610) (591) (684)
Amortization of net actuarial loss/(gain) 95 133 337
Amortization of prior service cost/(credit) 37 26 28
Amortization of net actuarial loss/(gain) due to settlements (13) 0 (5)
Special termination benefits 4 5 4
NET PERIODIC BENEFIT COST/(CREDIT) 203 176 186
CHANGE IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN AOCI      
Net actuarial loss/(gain) - current year (458) 4  
Prior service cost/(credit) - current year 21 8  
Amortization of net actuarial (loss)/gain (95) (133)  
Amortization of prior service (cost)/credit (37) (26)  
Amortization of net actuarial (loss)/gain due to settlements 13 0  
Currency translation and other (21) 45  
TOTAL CHANGE IN AOCI (576) (102)  
NET AMOUNTS RECOGNIZED IN PERIODIC BENEFIT COST/(CREDIT) AND AOCI (373) 74  
Other Retiree Benefits      
AMOUNTS RECOGNIZED IN NET PERIODIC BENEFIT COST/(CREDIT)      
Service cost 68 71 86
Interest cost 157 142 99
Expected return on plan assets (687) (611) (564)
Amortization of net actuarial loss/(gain) (38) (7) 11
Amortization of prior service cost/(credit) (127) (125) (107)
Amortization of net actuarial loss/(gain) due to settlements 0 0 0
Special termination benefits 3 4 1
NET PERIODIC BENEFIT COST/(CREDIT) (623) (526) $ (474)
CHANGE IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN AOCI      
Net actuarial loss/(gain) - current year (366) (79)  
Prior service cost/(credit) - current year 2 0  
Amortization of net actuarial (loss)/gain 38 7  
Amortization of prior service (cost)/credit 127 125  
Amortization of net actuarial (loss)/gain due to settlements 0 0  
Currency translation and other (2) 0  
TOTAL CHANGE IN AOCI (201) 53  
NET AMOUNTS RECOGNIZED IN PERIODIC BENEFIT COST/(CREDIT) AND AOCI $ (824) $ (473)  
v3.24.2.u1
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Weighted Average Assumptions For The Benefit Calculations As Well As Assumed Health Care Trend Rates Balance Sheets (Details)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Pension Benefits    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]    
Discount rate (in percent) 4.20% 4.20%
Rate of compensation increase (in percent) 2.80% 2.90%
Interest crediting rate for cash balance plans (in percent) 4.70% 4.30%
Other Retiree Benefits    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]    
Discount rate (in percent) 5.80% 5.60%
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]    
Health care cost trend rates assumed for next year (in percent) 6.30% 6.10%
Rate to which the health care cost trend rate is assumed to decline (ultimate trend rate) (in percent) 4.90% 4.50%
Year that the rate reaches the ultimate trend rate 2029 2028
v3.24.2.u1
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Weighted Average Assumptions For The Benefit Calculations As Well As Assumed Health Care Trend Rates Statement Of Earnings (Details)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate (in percent) 4.20% 3.70% 1.70%
Expected return on plan assets (in percent) 6.00% 5.90% 5.50%
Rate of compensation increase (in percent) 2.90% 2.80% 2.70%
Interest crediting rate for cash balance plans (in percent) 4.30% 4.30% 4.40%
Other Retiree Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate (in percent) 5.60% 5.00% 3.20%
Expected return on plan assets (in percent) 8.50% 8.40% 8.40%
v3.24.2.u1
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Target And Actual Asset Allocation (Details)
Jun. 30, 2024
Jun. 30, 2023
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Target Asset Allocation (in percent) 100.00%  
Actual Asset Allocation (in percent) 100.00% 100.00%
Other Retiree Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Target Asset Allocation (in percent) 100.00%  
Actual Asset Allocation (in percent) 100.00% 100.00%
Cash | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Target Asset Allocation (in percent) 1.00%  
Actual Asset Allocation (in percent) 2.00% 1.00%
Cash | Other Retiree Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Target Asset Allocation (in percent) 2.00%  
Actual Asset Allocation (in percent) 2.00% 2.00%
Debt securities | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Target Asset Allocation (in percent) 61.00%  
Actual Asset Allocation (in percent) 61.00% 60.00%
Debt securities | Other Retiree Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Target Asset Allocation (in percent) 1.00%  
Actual Asset Allocation (in percent) 1.00% 1.00%
Equity securities | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Target Asset Allocation (in percent) 38.00%  
Actual Asset Allocation (in percent) 37.00% 39.00%
Equity securities | Other Retiree Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Target Asset Allocation (in percent) 97.00%  
Actual Asset Allocation (in percent) 97.00% 97.00%
v3.24.2.u1
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Fair Value Of Plan Asset (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Pension Benefits      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE $ 10,857 $ 10,374 $ 10,173
Pension Benefits | Fair Value, Inputs, Level 1, 2 and 3      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 1,508 1,337  
Pension Benefits | Fair Value Measured at Net Asset Value Per Share      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 9,349 9,037  
Pension Benefits | Cash | Fair Value, Inputs, Level 1      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 267 54  
Pension Benefits | Company common stock | Fair Value, Inputs, Level 1      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 0 0  
Pension Benefits | Company preferred stock | Fair Value, Inputs, Level 2      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 0 0  
Pension Benefits | Fixed income securities | Fair Value, Inputs, Level 2      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 1,076 1,190  
Pension Benefits | Insurance contracts | Fair Value, Inputs, Level 3      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 165 93  
Other Retiree Benefits      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 8,043 7,324 $ 6,889
Other Retiree Benefits | Fair Value, Inputs, Level 1, 2 and 3      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 7,966 7,237  
Other Retiree Benefits | Fair Value Measured at Net Asset Value Per Share      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 77 87  
Other Retiree Benefits | Cash | Fair Value, Inputs, Level 1      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 135 148  
Other Retiree Benefits | Company common stock | Fair Value, Inputs, Level 1      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 451 368  
Other Retiree Benefits | Company preferred stock | Fair Value, Inputs, Level 2      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 7,380 6,721  
Other Retiree Benefits | Fixed income securities | Fair Value, Inputs, Level 2      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE 0 0  
Other Retiree Benefits | Insurance contracts | Fair Value, Inputs, Level 3      
ASSETS AT FAIR VALUE      
TOTAL ASSETS AT FAIR VALUE $ 0 $ 0  
v3.24.2.u1
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - Total Benefit Payments Expected To Be Paid (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Pension Benefits  
EXPECTED BENEFIT PAYMENTS  
2025 $ 635
2026 595
2027 615
2028 666
2029 684
2030 - 2034 3,747
Other Retiree Benefits  
EXPECTED BENEFIT PAYMENTS  
2025 166
2026 179
2027 176
2028 181
2029 187
2030 - 2034 $ 1,032
v3.24.2.u1
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN - ESOP Shares Outstanding (Details) - shares
shares in Thousands
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Series A Preferred Stock      
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]      
Allocated (in shares) 22,724 24,449 25,901
Unallocated (in shares) 0 535 1,123
TOTAL (in shares) 22,724 24,984 27,024
Series B Preferred Stock      
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]      
Allocated (in shares) 33,723 32,172 30,719
Unallocated (in shares) 15,864 17,867 20,120
TOTAL (in shares) 49,587 50,039 50,839
v3.24.2.u1
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Collateral already posted, aggregate fair value $ 307 $ 1,088
Cash equivalents 8,000 6,800
Fair value of long-term debt 27,700 26,900
Current portion of long-term debt instruments $ 3,800 $ 3,900
Derivative Asset, Statement of Financial Position [Extensible Enumeration] OTHER NONCURRENT ASSETS, Prepaid expenses and other current assets OTHER NONCURRENT ASSETS, Prepaid expenses and other current assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued and other liabilities, OTHER NONCURRENT LIABILITIES Accrued and other liabilities, OTHER NONCURRENT LIABILITIES
Fair Value Hedging | Underlying, Other    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amount of the underlying debt obligation $ 2,700 $ 3,600
Net Investment Hedging | Underlying, Other    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amount of the underlying debt obligation $ 11,900 $ 11,800
v3.24.2.u1
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - Notional Amounts And Fair Values Of Qualifying And Non-Qualifying Financial Instruments Used In Hedging Transactions (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount $ 16,325 $ 18,538
Fair Value Asset 120 33
Fair Value (Liability) (379) (1,118)
Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 13,133 15,049
Fair Value Asset 119 26
Fair Value (Liability) (356) (1,076)
Interest rate contracts | Fair Value Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 2,993 4,044
Fair Value Asset 0 0
Fair Value (Liability) (325) (445)
Foreign currency contracts | Not Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 3,192 3,489
Fair Value Asset 1 7
Fair Value (Liability) (23) (42)
Foreign currency contracts | Net Investment Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 10,140 11,005
Fair Value Asset 119 26
Fair Value (Liability) $ (31) $ (631)
v3.24.2.u1
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - Gains And Losses On Derivatives In Net Investment Hedges Recognized in OCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gain (loss) excluded from effectiveness testing, which was recognized in earnings $ 229 $ 238
Gain/(loss) recognized in AOCI 255 (315)
Foreign currency contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain/(Loss) Recognized in OCI on Derivatives $ 163 $ (544)
v3.24.2.u1
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - Gains And Losses On Derivatives In Net Investment Hedges Recognized in Earnings (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Interest rate contracts | Fair Value Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain/(Loss) Recognized in Earnings $ 120 $ (141)
Foreign currency contracts | Not Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain/(Loss) Recognized in Earnings $ (91) $ (97)
v3.24.2.u1
SHORT-TERM AND LONG-TERM DEBT - Short-Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
Debt Disclosure [Abstract]    
Current portion of long-term debt $ 3,838 $ 3,951
Commercial paper 3,327 6,236
Other 26 42
TOTAL $ 7,191 $ 10,229
Weighted average interest rate of debt due within one year (in percent) 3.70% 4.20%
v3.24.2.u1
SHORT-TERM AND LONG-TERM DEBT - Long-Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
Debt Instrument [Line Items]    
All other long-term debt $ 5,550 $ 5,244
Current portion of long-term debt (3,838) (3,951)
TOTAL $ 25,269 $ 24,378
Weighted average interest rate of long-term debt (in percent) 3.20% 2.90%
3.10% USD note due August 2023    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.10%  
Long-term debt $ 0 $ 1,000
1.13% EUR note due November 2023    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.13%  
Long-term debt $ 0 1,359
0.50% EUR note due October 2024    
Debt Instrument [Line Items]    
Interest rate (in percent) 0.50%  
Long-term debt $ 534 544
0.63% EUR note due October 2024    
Debt Instrument [Line Items]    
Interest rate (in percent) 0.63%  
Long-term debt $ 855 870
0.55% USD note due October 2025    
Debt Instrument [Line Items]    
Interest rate (in percent) 0.55%  
Long-term debt $ 1,000 1,000
4.10% USD note due January 2026    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.10%  
Long-term debt $ 650 650
2.70% USD note due February 2026    
Debt Instrument [Line Items]    
Interest rate (in percent) 2.70%  
Long-term debt $ 600 600
1.00% USD note due April 2026    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.00%  
Long-term debt $ 1,000 1,000
3.25% EUR note due August 2026    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.25%  
Long-term debt $ 695 707
2.45% USD note due November 2026    
Debt Instrument [Line Items]    
Interest rate (in percent) 2.45%  
Long-term debt $ 875 875
1.90% USD note due February 2027    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.90%  
Long-term debt $ 1,000 1,000
2.80% USD note due March 2027    
Debt Instrument [Line Items]    
Interest rate (in percent) 2.80%  
Long-term debt $ 500 500
4.88% EUR note due May 2027    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.88%  
Long-term debt $ 1,069 1,087
2.85% USD note due August 2027    
Debt Instrument [Line Items]    
Interest rate (in percent) 2.85%  
Long-term debt $ 750 750
3.95% USD note due January 2028    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.95%  
Long-term debt $ 600 600
3.15% EUR note due April 2028    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.15%  
Long-term debt $ 695 0
1.20% EUR note due October 2028    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.20%  
Long-term debt $ 855 870
4.35% USD note due January 2029    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.35%  
Long-term debt $ 600 0
1.25% EUR note due October 2029    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.25%  
Long-term debt $ 534 544
3.00% USD note due March 2030    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.00%  
Long-term debt $ 1,500 1,500
0.35% EUR note due May 2030    
Debt Instrument [Line Items]    
Interest rate (in percent) 0.35%  
Long-term debt $ 534 544
1.20% USD note due October 2030    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.20%  
Long-term debt $ 1,250 1,250
1.95% USD note due April 2031    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.95%  
Long-term debt $ 1,000 1,000
3.25% EUR note due August 2031    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.25%  
Long-term debt $ 695 707
2.30% USD note due February 2032    
Debt Instrument [Line Items]    
Interest rate (in percent) 2.30%  
Long-term debt $ 850 850
4.05% USD note due January 2033    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.05%  
Long-term debt $ 850 850
4.55% USD note due January 2034    
Debt Instrument [Line Items]    
Interest rate (in percent) 4.55%  
Long-term debt $ 750 0
3.20% EUR note due April 2034    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.20%  
Long-term debt $ 909 0
5.55% USD note due March 2037    
Debt Instrument [Line Items]    
Interest rate (in percent) 5.55%  
Long-term debt $ 716 716
1.88% EUR note due October 2038    
Debt Instrument [Line Items]    
Interest rate (in percent) 1.88%  
Long-term debt $ 534 544
3.55% USD note due March 2040    
Debt Instrument [Line Items]    
Interest rate (in percent) 3.55%  
Long-term debt $ 516 516
0.90% EUR note due November 2041    
Debt Instrument [Line Items]    
Interest rate (in percent) 0.90%  
Long-term debt $ 641 $ 652
v3.24.2.u1
SHORT-TERM AND LONG-TERM DEBT - Long-Term Debt Maturities (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Maturities of Long-term Debt [Abstract]  
2025 $ 3,838
2026 3,367
2027 4,350
2028 2,074
2029 $ 1,867
v3.24.2.u1
SHORT-TERM AND LONG-TERM DEBT - Additional Information (Details) - Line of Credit
$ in Billions
 12 Months Ended
Jun. 30, 2024
USD ($)
Debt Instrument [Line Items]  
Credit facility, maximum borrowing capacity $ 8.0
Five-Year Credit Facility  
Debt Instrument [Line Items]  
Credit facility, maximum borrowing capacity $ 3.2
Facility term 5 years
364-Day Credit Facility  
Debt Instrument [Line Items]  
Credit facility, maximum borrowing capacity $ 4.8
Facility term 364 days
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Statement of AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance $ 47,065 $ 46,854 $ 46,654
Other comprehensive income/(loss), before tax:      
OCI before reclassifications 443 (255)  
Amounts reclassified to the Consolidated Statement of Earnings 169 27  
Total other comprehensive income/(loss), before tax 612 (228)  
Tax effect (295) 190  
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX 317 (38) 1,547
Less: OCI attributable to non-controlling interests, net of tax (3) (7)  
Ending balance 50,559 47,065 46,854
Accumulated Other Comprehensive Income/(Loss)      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (12,220) (12,189) (13,744)
Other comprehensive income/(loss), before tax:      
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX 320 (31) 1,555
Ending balance (11,900) (12,220) (12,189)
Investment Securities      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 13 20  
Other comprehensive income/(loss), before tax:      
OCI before reclassifications (4) (9)  
Amounts reclassified to the Consolidated Statement of Earnings 0 0  
Total other comprehensive income/(loss), before tax (4) (9)  
Tax effect 1 2  
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX (3) (7)  
Less: OCI attributable to non-controlling interests, net of tax 0 0  
Ending balance 10 13 20
Post-retirement Benefit Plans      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 67 27  
Other comprehensive income/(loss), before tax:      
OCI before reclassifications 823 22  
Amounts reclassified to the Consolidated Statement of Earnings (47) 27  
Total other comprehensive income/(loss), before tax 776 49  
Tax effect (230) (9)  
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX 546 40  
Less: OCI attributable to non-controlling interests, net of tax 0 0  
Ending balance 613 67 27
Foreign Currency Translation      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (12,300) (12,236)  
Other comprehensive income/(loss), before tax:      
OCI before reclassifications (376) (268)  
Amounts reclassified to the Consolidated Statement of Earnings 216 0  
Total other comprehensive income/(loss), before tax (160) (268)  
Tax effect (66) 197  
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX (226) (71)  
Less: OCI attributable to non-controlling interests, net of tax (3) (7)  
Ending balance $ (12,522) $ (12,300) $ (12,236)
v3.24.2.u1
LEASES - Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Leases [Abstract]      
Operating lease cost $ 252 $ 229 $ 220
Variable lease cost 91 79 89
Total lease cost $ 343 $ 308 $ 309
v3.24.2.u1
LEASES - Supplemental Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]    
Right-of-use assets $ 875 $ 781
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] OTHER NONCURRENT ASSETS OTHER NONCURRENT ASSETS
Current lease liabilities $ 243 $ 222
Noncurrent lease liabilities 666 595
Total operating lease liabilities $ 909 $ 817
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accrued and other liabilities, OTHER NONCURRENT LIABILITIES  
Weighted average remaining lease term (in years) 6 years 6 years 2 months 12 days
Weighted average discount rate (in percent) 4.50% 3.50%
v3.24.2.u1
LEASES - Future Maturities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]    
1 year $ 244  
2 years 206  
3 years 164  
4 years 122  
5 years 105  
Over 5 years 190  
Total lease payments 1,031  
Less: Interest (122)  
Total operating lease liabilities $ 909 $ 817
v3.24.2.u1
LEASES - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities $ 255 $ 233
Right-of-use assets obtained in exchange for lease liabilities $ 357 $ 213
v3.24.2.u1
COMMITMENTS AND CONTINGENCIES - Purchase Obligations (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract]  
2025 $ 1,092
2026 596
2027 314
2028 214
2029 162
Thereafter $ 232
v3.24.2.u1
SUPPLIER FINANCE PROGRAMS (Details) - USD ($)
$ in Billions
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Supplier Finance Program [Line Items]      
Amount due to suppliers participating in SCF $ 5.6 $ 5.7  
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable Accounts payable
Minimum      
Supplier Finance Program [Line Items]      
Payment terms for suppliers (in days) 60 days    
Maximum      
Supplier Finance Program [Line Items]      
Payment terms for suppliers (in days) 180 days    
v3.24.2.u1
SUBSEQUENT EVENT (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Subsequent Event [Line Items]    
Foreign currency translation gain (loss)   $ (216)
ARGENTINA | Forecast    
Subsequent Event [Line Items]    
Foreign currency translation gain (loss) $ (750)