The Procter & Gamble Company (PG) 10-Q20 Jan 212021 Q2 Quarterly reportFinancial data

Company Profile

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION	6 Months Ended
DOCUMENT AND ENTITY INFORMATION	Dec. 31, 2020shares
Entity Information [Line Items]
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	2,462,476,044
Entity Emerging Growth Company	false
Entity Central Index Key	0000080424
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Amendment Flag	false
Entity Incorporation, State or Country Code	OH
Entity File Number	1-434
Entity Tax Identification Number	31-0411980
Entity Address, Address Line One	One Procter & Gamble Plaza
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Document Transition Report	false
Document Quarterly Report	true
Document Type	10-Q
Local Phone Number	983-1100
Document Period End Date	Dec. 31, 2020
Entity Registrant Name	PROCTER & GAMBLE CO
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Shell Company	false
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, without Par Value
Trading Symbol	PG
2.000% due 2021 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	2.000% Notes due 2021
Trading Symbol	PG21
2.000% due 2022 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	2.000% Notes due 2022
Trading Symbol	PG22B
1.125% due 2023 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.125% Notes due 2023
Trading Symbol	PG23A
0.500% due 2024 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.500% Notes due 2024
Trading Symbol	PG24A
0.625% due 2024 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.625% Notes due 2024
Trading Symbol	PG24B
1.375% due 2025 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.375% Notes due 2025
Trading Symbol	PG25
4.875% EUR due May 2027 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	4.875% EUR notes due May 2027
Trading Symbol	PG27A
1.200% due 2028 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.200% Notes due 2028
Trading Symbol	PG28
1.250% due 2029 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2029
Trading Symbol	PG29B
1.800% due 2029 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.800% Notes due 2029
Trading Symbol	PG29A
6.250% GBP due January 2030 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	6.250% GBP notes due January 2030
Trading Symbol	PG30
5.250% GBP due January 2033 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	5.250% GBP notes due January 2033
Trading Symbol	PG33
1.875% due 2038 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2038
Trading Symbol	PG38
NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Information [Line Items]
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. [Member] \| Common Stock [Member]
Entity Information [Line Items]
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net Sales		$ 19,745	$ 18,240	$ 39,063	$ 36,038
Cost of Products Sold		9,253	8,869	18,395	17,592
Selling, General and Administrative Expense		5,112	4,889	10,007	9,674
Operating Income		5,380	4,482	10,661	8,772
Interest Expense		(143)	(100)	(279)	(208)
Interest Income		9	36	19	94
Other Non-operating Income/(Loss), Net		(369)	114	(227)	217
Earnings/(Loss) from Continuing Operations Before Income Taxes		4,877	4,532	10,174	8,875
Income Taxes on Continuing Operations		990	789	1,979	1,515
Net Earnings		3,887	3,743	8,195	7,360
Net Income (Loss) Attributable to Noncontrolling Interest		33	26	64	50
Net Income (Loss) Attributable to Parent		$ 3,854	$ 3,717	$ 8,131	$ 7,310
Basic Net Earnings Per Common Share
Basic Net Earnings/(Loss) Per Common Share	[1],[2]	$ 1.53	$ 1.47	$ 3.22	$ 2.88
Diluted Net Earnings Per Common Share
Diluted Net Earnings/(Loss) Per Common Share	[1],[2]	$ 1.47	$ 1.41	$ 3.10	$ 2.77
Diluted Weighted Average Common Shares Outstanding		2,615.4	2,630.1	2,620.4	2,638.8
Noncontrolling Interest [Member]
Net Earnings		$ 33	$ 26	$ 64	$ 50

[1]	Basic net earnings per share and Diluted net earnings per share are calculated on Net earnings attributable to Procter & Gamble.
[2]	Net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

CONDOLIDATED STATEMENTS OF COMP

CONDOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net Earnings	$ 3,887	$ 3,743	$ 8,195	$ 7,360
Foreign Currency Translation	885	392	1,237	(148)
Unrealized Gains/(Losses) on Investment Securities	8	(1)	14	(6)
Unrealized Gains/(Losses) on Defined Benefit Retirement Plans	(101)	(37)	(170)	142
Total Other Comprehensive Income (Loss), Net of Tax	792	354	1,081	(12)
Total Comprehensive Income/(Loss)	4,679	4,097	9,276	7,348
Less: Total Comprehensive Income Attributable to Noncontrolling Interest	35	24	71	44
Total Comprehensive Income/(Loss) Attributable to Procter & Gamble	$ 4,644	$ 4,073	$ 9,205	$ 7,304

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Dec. 31, 2020	Jun. 30, 2020
Current Assets
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 11,941	$ 16,181
Accounts Receivable	4,819	4,178
Inventories
Materials and Supplies	1,556	1,414
Work in Process	699	674
Finished Goods	3,702	3,410
Total Inventories	5,957	5,498
Prepaid Expenses and Other Current Assets	1,938	2,130
Total Current Assets	24,655	27,987
Property, Plant and Equipment, Net	21,416	20,692
Goodwill	41,381	39,901
Trademarks and Other Intangible Assets, Net	23,864	23,792
Other Noncurrent Assets	8,796	8,328
Total Assets	120,112	120,700
Current Liabilities
Accounts Payable	12,027	12,071
Accrued and Other Liabilities	11,131	9,722
Debt Due Within One Year	8,586	11,183
Total Current Liabilities	31,744	32,976
Long-Term Debt	22,514	23,537
Deferred Income Tax Liabilities, Net	6,073	6,199
Other Noncurrent Liabilities	11,241	11,110
Total Liabilities	71,572	73,822
Shareholders' Equity
Preferred Stock	$ 885	$ 897
Common Stock, Shares, Issued	4,009.2	4,009.2
Common Stock, Value, Issued	$ 4,009	$ 4,009
Additional Paid in Capital	64,672	64,194
Reserve For ESOP Debt Retirement	(1,072)	(1,080)
Accumulated Other Comprehensive Income/(Loss)	(15,091)	(16,165)
Treasury Stock	(109,583)	(105,573)
Retained Earnings	104,361	100,239
Noncontrolling Interest	359	357
Total Shareholders' Equity	48,540	46,878
Total Liabilities and Shareholders' Equity	$ 120,112	$ 120,700

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Reserve for ESOP Debt Retirement [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]
Common Stock, Shares, Outstanding, Beginning Balance at Jun. 30, 2019		2,504,751,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2019	$ 47,579	$ 4,009	$ 928	$ 63,827	$ (1,146)	$ (14,936)	$ (100,406)	$ 94,918	$ 385
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Earnings	7,360							7,310	50
Other Comprehensive Income (Loss), Net of Tax	$ (12)					(6)			(6)
Common Stock, Dividends, Per Share, Cash Paid	$ 1.4918
Dividends, Common Stock	$ (3,737)							(3,737)
Dividends, Preferred Stock	(129)							(129)
Stock Repurchased During Period, Shares		54,033,000
Stock Repurchased During Period, Value	(6,504)						(6,504)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		16,731,000
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised	1,324			189			1,135
Stock Issued During Period, Shares, Conversion of Convertible Securities		2,004,000
Stock Issued During Period, Value, Conversion of Convertible Securities	0		(17)	3			14
ESOP Debt Impacts	86				34			52
Noncontrolling Interest, Period Increase (Decrease)	(59)								(59)
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2019		2,469,453,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2019	45,908	$ 4,009	911	64,019	(1,112)	(14,942)	(105,761)	98,414	370
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2019		2,493,812,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Sep. 30, 2019	46,984	$ 4,009	915	63,949	(1,112)	(15,298)	(102,510)	96,625	406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Earnings	3,743							3,717	26
Other Comprehensive Income (Loss), Net of Tax	$ 354					356			(2)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.7459
Dividends, Common Stock	$ (1,863)							(1,863)
Dividends, Preferred Stock	(64)							(64)
Stock Repurchased During Period, Shares		28,628,000
Stock Repurchased During Period, Value	(3,504)						(3,504)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		3,681,000
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised	319			69			250
Stock Issued During Period, Shares, Conversion of Convertible Securities		588,000
Stock Issued During Period, Value, Conversion of Convertible Securities	0		(4)	1			3
ESOP Debt Impacts	(1)				0			(1)
Noncontrolling Interest, Period Increase (Decrease)	(60)								(60)
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2019		2,469,453,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2019	45,908	$ 4,009	911	64,019	(1,112)	(14,942)	(105,761)	98,414	370
Common Stock, Shares, Outstanding, Beginning Balance at Jun. 30, 2020		2,479,746,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2020	46,878	$ 4,009	897	64,194	(1,080)	(16,165)	(105,573)	100,239	357
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Earnings	8,195							8,131	64
Other Comprehensive Income (Loss), Net of Tax	$ 1,081					1,074			7
Common Stock, Dividends, Per Share, Cash Paid	$ 1.5814
Dividends, Common Stock	$ (3,935)							(3,935)
Dividends, Preferred Stock	(132)							(132)
Stock Repurchased During Period, Shares		36,127,000
Stock Repurchased During Period, Value	(5,008)						(5,008)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		17,340,000
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised	1,464			476			988
Stock Issued During Period, Shares, Conversion of Convertible Securities		1,517,000
Stock Issued During Period, Value, Conversion of Convertible Securities	0		(12)	2			10
ESOP Debt Impacts	66				8			58
Noncontrolling Interest, Period Increase (Decrease)	(69)								(69)
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2020		2,462,476,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2020	48,540	$ 4,009	885	64,672	(1,072)	(15,091)	(109,583)	104,361	359
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2020		2,479,606,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Sep. 30, 2020	48,576	$ 4,009	888	64,467	(1,046)	(15,881)	(106,794)	102,539	394
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Earnings	3,887							3,854	33
Other Comprehensive Income (Loss), Net of Tax	$ 792					790			2
Common Stock, Dividends, Per Share, Cash Paid	$ 0.7907
Dividends, Common Stock	$ (1,966)							(1,966)
Dividends, Preferred Stock	(66)							(66)
Stock Repurchased During Period, Shares		21,485,000
Stock Repurchased During Period, Value	(3,008)						(3,008)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		3,836,000
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised	421			205			216
Stock Issued During Period, Shares, Conversion of Convertible Securities		519,000
Stock Issued During Period, Value, Conversion of Convertible Securities	0		(3)	0			3
ESOP Debt Impacts	(26)				(26)			0
Noncontrolling Interest, Period Increase (Decrease)	(70)								(70)
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2020		2,462,476,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2020	$ 48,540	$ 4,009	$ 885	$ 64,672	$ (1,072)	$ (15,091)	$ (109,583)	$ 104,361	$ 359

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		6 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Statement of Cash Flows [Abstract]
Cash, Cash Equivalent and Restricted Cash Beginning of Period		$ 16,181	$ 4,239
Operating Activities
Net Earnings		8,195	7,360
Depreciation and Amortization		1,342	1,400
Gain (Loss) on Extinguishment of Debt		512	0
Share-based Compensation Expense		254	202
Deferred Income Taxes		145	(549)
Gain (Loss) on Disposition of Assets		(14)	(13)
Changes In:
Accounts Receivable		(462)	(257)
Inventories		(217)	(533)
Accounts Payable, Accrued and Other Liabilities		312	958
Other Operating Assets and Liabilities		(14)	(55)
Other Noncash Expense		110	20
Total Operating Activities		10,163	8,533
Investing Activities
Capital Expenditures		(1,417)	(1,684)
Proceeds from Asset Sales		39	15
Acquisitions, Net of Cash Acquired		0	(54)
Proceeds from Sales of Short-term Investments		0	6,151
Change in Other Investments		0	1
Total Investing Activites		(1,378)	4,429
Financing Activities
Dividends to Shareholders		(4,055)	(3,855)
Change in Short-term Debt		(3,418)	(68)
Proceeds from Issuance of Debt		2,429	0
Repayments of Long-term Debt	[1]	(4,220)	(1,546)
Treasury Stock Purchases		(5,008)	(6,504)
Impact of Stock Options and Other		1,101	1,060
Total Financing Activities		(13,171)	(10,913)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		146	(9)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total		(4,240)	2,040
Cash, Cash Equivalents and Restricted Cash, End of Period		$ 11,941	$ 6,279

[1]	Includes early extinguishment of debt costs of $512 during the six months ended December 31, 2020.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Basis of PresentationThese statements should be read in conjunction with the Company’s Annual Report on Form 10-K/A for the fiscal year ended June 30, 2020. In the opinion of management, the accompanying unaudited Consolidated Financial Statements of The Procter & Gamble Company and subsidiaries (the "Company," "Procter & Gamble," "P&G," "we" or "our") contain all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods reported. However, the results of operations included in such financial statements may not necessarily be indicative of annual results.

NEW ACCOUNTING PRONOUNCEMENTS A

NEW ACCOUNTING PRONOUNCEMENTS AND POLICIES	6 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS AND POLICIES	Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]	New Accounting Pronouncements and Policies On July 1, 2020, we adopted ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The standard simplifies the accounting for goodwill impairment by requiring a goodwill impairment to be measured using a single step impairment model, whereby the impairment equals the difference between the carrying amount and the estimated fair value of the specified reporting units in their entirety. This eliminated the second step of the previous impairment model that required companies to first estimate the fair value of all assets in a reporting unit and measure impairments based on those estimated fair values and a residual measurement approach. It also specifies that any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The impact of the new standard will depend on the specific facts and circumstances of future individual impairments, if any. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying accounting principles generally accepted in the United States of America (U.S. GAAP) to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met and to other derivative instruments if there is a change to the interest rates used for discounting, margining or contract price alignment. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard. 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.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	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 : Shave Care (Female Blades & Razors, Male Blades & Razors, Pre- and Post-Shave Products, Other Shave Care); Appliances • Health Care : Oral Care (Toothbrushes, Toothpaste, Other Oral Care); Personal Health Care (Gastrointestinal, Rapid Diagnostics, Respiratory, Vitamins/Minerals/Supplements, Pain Relief, 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, Feminine Care); Family Care (Paper Towels, Tissues, Toilet Paper). 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) Three Months Ended December 31 Six Months Ended December 31 2020 2019 2020 2019 Fabric Care 22% 22% 22% 22% Home Care 11% 10% 12% 10% Baby Care 10% 11% 10% 11% Skin and Personal Care 10% 10% 10% 10% Hair Care 9% 10% 9% 10% Family Care 9% 8% 9% 9% Oral Care 9% 9% 8% 8% Shave Care 7% 7% 7% 7% Feminine Care 6% 6% 6% 6% Personal Health Care 5% 5% 5% 5% Other 2% 2% 2% 2% Total 100% 100% 100% 100% (1) % of Net sales by operating segment excludes sales held in Corporate. Following is a summary of reportable segment results: Three Months Ended December 31 Six Months Ended December 31 Net Sales Earnings/(Loss) Before Income Taxes Net Earnings Net Sales Earnings/(Loss) Before Income Taxes Net Earnings Beauty 2020 $ 3,806 $ 1,196 $ 955 $ 7,591 $ 2,424 $ 1,931 2019 3,598 1,072 858 7,150 2,164 1,732 Grooming 2020 1,735 537 452 3,336 963 807 2019 1,648 494 411 3,179 920 764 Health Care 2020 2,746 830 655 5,217 1,509 1,180 2019 2,530 732 571 4,751 1,272 972 Fabric & Home Care 2020 6,498 1,599 1,250 13,142 3,341 2,599 2019 5,787 1,278 975 11,619 2,616 2,003 Baby, Feminine & Family Care 2020 4,858 1,352 1,044 9,581 2,670 2,053 2019 4,582 1,076 822 9,149 2,210 1,693 Corporate 2020 102 (637) (469) 196 (733) (375) 2019 95 (120) 106 190 (307) 196 Total Company 2020 $ 19,745 $ 4,877 $ 3,887 $ 39,063 $ 10,174 $ 8,195 2019 18,240 4,532 3,743 36,038 8,875 7,360

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	Goodwill and Other Intangible Assets Goodwill is allocated by reportable segment as follows: Beauty Grooming Health Care Fabric & Home Care Baby, Feminine & Family Care Total Company Goodwill at June 30, 2020 $ 12,902 $ 12,815 $ 7,786 $ 1,841 $ 4,557 $ 39,901 Translation and other 542 398 344 45 151 1,480 Goodwill at December 31, 2020 $ 13,444 $ 13,213 $ 8,130 $ 1,886 $ 4,708 $ 41,381 Goodwill increased from June 30, 2020 due to currency translation. Identifiable intangible assets at December 31, 2020 were comprised of: Gross Carrying Amount Accumulated Amortization Intangible assets with determinable lives $ 8,679 $ (5,977) Intangible assets with indefinite lives 21,162 — Total identifiable intangible assets $ 29,841 $ (5,977) Intangible assets with determinable lives consist of brands, patents, technology and customer relationships. The intangible assets with indefinite lives consist of brands. The amortization expense of determinable-lived intangible assets for the three months ended December 31, 2020 and 2019 was $79 and $91, respectively. For the six months ended December 31, 2020 and 2019, the amortization expense was $163 and $187, respectively. Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment by comparing the estimated fair values of our reporting units and underlying indefinite-lived intangible assets to their respective carrying values. We typically use an income method to estimate fair value of these assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. If the resulting fair value is less than its carrying value, that difference represents an impairment. Our annual impairment testing for goodwill and indefinite-lived intangible assets occurs during the three months ended December 31. The business unit valuations used to test goodwill and intangible assets for impairment depend on a number of significant estimates and assumptions, including macroeconomic conditions, overall category growth rates, competitive activities, cost containment, margin expansion and Company business plans. We believe these estimates and assumptions are reasonable. However, future changes in the judgments, assumptions and estimates that are used in our impairment testing for goodwill and indefinite-lived intangible assets, including discount rates, tax rates or future cash flow projections, could result in significantly different estimates of the fair values. To the extent changes in 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 non-cash impairment charges in the future. Most of our goodwill reporting units are comprised of a combination of legacy and acquired businesses and as a result have fair value cushions that, at a minimum, exceed two times their underlying carrying values. Certain of our goodwill reporting units, in particular Shave Care and Appliances, are comprised entirely of acquired businesses and as a result, have fair value cushions that are not as high. The Appliances reporting unit has a fair value that significantly exceeds the underlying carrying value. As previously disclosed, the carrying value of the Shave Care reporting unit and the related Gillette indefinite-lived intangible asset were impaired during the quarter ended June 30, 2019. Also as previously disclosed, the Shave Care reporting unit fair value exceeded its carrying value by more than 20% and the Gillette indefinite-lived intangible asset fair value approximated its carrying value as of our fiscal 2020 impairment testing dates. Accordingly, no impairment charge was recorded during the year ended June 30, 2020. Based on our impairment testing during the three months ended December 31, 2020, the Shave Care reporting unit fair value continued to exceed its carrying value by more than 20% and the Gillette indefinite-lived intangible asset fair value continued to approximate its carrying value. The most significant assumptions utilized in the determination of the estimated fair values of the Shave Care reporting unit and the Gillette indefinite-lived intangible asset are the net sales and earnings growth rates (including residual growth rates) and the discount rate. The residual growth rate represents the expected rate at which the Shave Care reporting unit and Gillette brand are expected to grow beyond the shorter-term business planning period. The residual growth rate utilized in our fair value estimates is consistent with the reporting unit and brand operating plans and approximates expected long term category market growth rates. The residual growth rate depends on overall market growth rates, the competitive environment, inflation, relative currency exchange rates and business activities that impact market share. As a result, the residual growth rate could be adversely impacted by a sustained deceleration in category growth, grooming habit changes, devaluation of currencies against the U.S. dollar or an increased competitive environment. The discount rate, which is consistent with a weighted average cost of capital that is likely to be expected by a market participant, is based upon industry required rates of return, including consideration of both debt and equity components of the capital structure. Our discount rate may be impacted by adverse changes in the macroeconomic environment, volatility in the equity and debt markets or other country specific factors, such as further devaluation of currencies against the U.S. dollar. Spot rates as of the fair value measurement date are utilized in our fair value estimates for cash flows outside the U.S. While management can and has implemented strategies to address these events, changes in operating plans or adverse changes in the business or in the macroeconomic environment in the future could reduce the underlying cash flows used to estimate fair values and could result in a decline in fair value that would trigger future impairment charges of the Shave Care reporting unit's goodwill and indefinite-lived intangibles. The duration and severity of the COVID-19 pandemic could also result in additional future impairment charges for the Shave Care reporting unit goodwill and the Gillette indefinite-lived intangible asset. While we have concluded that no impairment exists based on our testing during the quarter ended December 31, 2020, the Gillette indefinite-lived intangible asset is most susceptible to future impairment risk. Our assessment of the Gillette intangible asset assumes the pandemic’s impact on net sales will begin to abate during the second half of the fiscal year. There continues to be a high level of uncertainty relating to how the pandemic will evolve, how governments and consumers will react and progress on the approval and distribution of vaccines. Accordingly, there is a significant amount of risk related to this key assumption. A more prolonged pandemic could impact the assumptions utilized in the determination of the estimated fair values of the Shave Care reporting unit and the Gillette indefinite-lived intangible asset that are significant enough to trigger an impairment. Net sales and earnings growth rates could be negatively impacted by reductions or changes in demand for our shave care products, which may be caused by, among other things: the temporary inability of consumers to purchase our products due to illness, quarantine or other travel restrictions, or financial hardship, or by shifts in demand away from one or more of our higher priced products to lower priced products. In addition, relative global and country/regional macroeconomic factors could result in additional and prolonged devaluation of other countries’ currencies relative to the U.S. dollar. Finally, the discount rate utilized in our valuation model could be impacted by changes in the underlying interest rates and risk premiums included in the determination of the cost of capital. As of December 31, 2020, the carrying values of the Shave Care goodwill and the Gillette indefinite-lived intangible asset were $12.9 billion and $14.1 billion, respectively. The table below provides a sensitivity analysis for the Shave Care reporting unit and the Gillette indefinite-lived intangible asset, utilizing reasonably possible changes in the assumptions for the shorter-term and residual growth rates and the discount rate, to demonstrate the potential impacts to the estimated fair values. The table below provides, in isolation, the estimated fair value impacts related to a 25 basis-point increase in the discount rate or a 25 basis-point decrease in our shorter-term and residual growth rates, either of which, in isolation, would result in an additional impairment of the Gillette indefinite-lived intangible asset. Approximate Percent Change in Estimated Fair Value +25 bps Discount Rate -25 bps Growth Rates Shave Care goodwill reporting unit (6) % (6) % Gillette indefinite-lived intangible asset (6) % (6) %

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Earnings Per Share Basic net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble less preferred dividends (net of related tax benefits) 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 during the period. The diluted shares include the dilutive effect of stock options and other stock-based awards based on the treasury stock method and the assumed conversion of preferred stock. Net earnings per share were calculated as follows: CONSOLIDATED AMOUNTS Three Months Ended December 31 Six Months Ended December 31 2020 2019 2020 2019 Net earnings $ 3,887 $ 3,743 $ 8,195 $ 7,360 Less: Net earnings attributable to noncontrolling interests 33 26 64 50 Net earnings attributable to P&G (Diluted) 3,854 3,717 8,131 7,310 Less: Preferred dividends, net of tax 66 64 132 129 Net earnings attributable to P&G available to common shareholders (Basic) $ 3,788 $ 3,653 $ 7,999 $ 7,181 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,475.8 2,487.0 2,481.0 2,495.5 Add: Effect of dilutive securities Conversion of preferred shares (1) 83.1 86.4 83.5 86.9 Impact of stock options and other unvested equity awards (2) 56.5 56.7 55.9 56.4 Diluted weighted average common shares outstanding 2,615.4 2,630.1 2,620.4 2,638.8 NET EARNINGS PER SHARE (3) Basic $ 1.53 $ 1.47 $ 3.22 $ 2.88 Diluted $ 1.47 $ 1.41 $ 3.10 $ 2.77 (1) Despite being included currently in Diluted net earnings per common share, the actual conversion to common stock occurs when the preferred shares are sold. Shares may only be sold after being allocated to the ESOP participants pursuant to the repayment of the ESOP's obligations through 2035. (2) Weighted average outstanding stock options of approximately 8 million for the three months ended December 31, 2020, and approximately 6 million and 2 million for the six months ended December 31, 2020 and 2019, respectively, were not included in the Diluted net earnings per share calculation because the options were out of the money or to do so would have been antidilutive (i.e., the total proceeds upon exercise would have exceeded the market value of the underlying common shares). There were no antidilutive shares for the three months ended December 31, 2019. (3) Net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

SHARE-BASED COMPENSATION AND PO

SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS	6 Months Ended
SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Compensation and Employee Benefit Plans [Text Block]	Share-Based Compensation and Postretirement Benefits The following table provides a summary of our share-based compensation expense and postretirement benefit costs: Three Months Ended December 31 Six Months Ended December 31 2020 2019 2020 2019 Share-based compensation expense $ 165 $ 92 $ 254 $ 202 Net periodic benefit cost for pension benefits (1) 46 44 93 84 Net periodic benefit credit for other retiree benefits (1) (80) (52) (160) (104) (1) The components of the total net periodic benefit cost/(credit) for both pension benefits and other retiree benefits for these interim periods, on an annualized basis, do not differ materially from the amounts disclosed in the Annual Report on Form 10-K/A for the fiscal year ended June 30, 2020.

RISK MANAGEMENT ACTIVITIES AND

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS	6 Months Ended
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS	Dec. 31, 2020
Risk Management Activities and Fair Value Measurements [Abstract]
Risk Management And Fair Value [Text Block]	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. There have been no significant changes in our risk management policies or activities during the six months ended December 31, 2020. The Company has not changed its valuation techniques used in measuring the fair value of any financial assets and liabilities during the period. The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each quarter. There were no transfers between levels during the periods presented. Also, there was no significant activity within the Level 3 assets and liabilities during the periods presented. There were no significant assets or liabilities that were remeasured at fair value on a non-recurring basis for the six months ended December 31, 2020. Cash equivalents were $10.4 billion and $14.6 billion as of December 31, 2020 and June 30, 2020, respectively, and are classified as Level 1 within the fair value hierarchy. Other investments had a fair value of $70 and $67 as of December 31, 2020 and June 30, 2020, respectively, and are presented in Other noncurrent assets. These investments measured at fair value are generally classified as Level 2 within the fair value hierarchy. There are no material investment balances classified as Level 1 or Level 3 within the fair value hierarchy or using net asset value as a practical expedient. Fair values are generally estimated based upon quoted market prices for similar instruments. The fair value of long-term debt was $28.5 billion and $29.0 billion as of December 31, 2020 and June 30, 2020, respectively. This includes the current portion of long-term debt instruments ($3.3 billion and $2.5 billion as of December 31, 2020 and June 30, 2020, respectively). 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 December 31, 2020 and June 30, 2020 are as follows: Notional Amount Fair Value Asset Fair Value (Liability) December 31, 2020 June 30, 2020 December 31, 2020 June 30, 2020 December 31, 2020 June 30, 2020 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ 7,591 $ 7,114 $ 274 $ 269 $ — $ — DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS Foreign currency interest rate contracts $ 7,393 $ 3,856 $ — $ 26 $ (459) $ (41) TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS $ 14,984 $ 10,970 $ 274 $ 295 $ (459) $ (41) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ 8,120 $ 5,986 $ 100 $ 23 $ (29) $ (25) TOTAL DERIVATIVES AT FAIR VALUE $ 23,104 $ 16,956 $ 374 $ 318 $ (488) $ (66) 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 $7.8 billion and $7.4 billion as of December 31, 2020 and June 30, 2020, 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 $12.4 billion and $16.0 billion as of December 31, 2020 and June 30, 2020, respectively. The increase in the notional balance of derivative instruments designated as net investment hedges is largely offset by the decrease in the principal balance of debt instruments designated as net investment hedges, reflecting the Company’s decision to leverage favorable interest rates in the foreign currency swap market versus the short-term debt market. The increase in the notional balance of foreign currency contracts not designated as hedging instruments reflects changes in the level of intercompany financing activity during the period. All derivative assets are presented in Prepaid expenses and other current assets or Other noncurrent assets. All 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 Three Months Ended December 31 Six Months Ended December 31 2020 2019 2020 2019 DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2) Foreign exchange contracts $ (352) $ (82) $ (538) $ 31 (1) For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $16 and $21 for the three months ended December 31, 2020 and 2019, respectively. The amount of gain excluded from effectiveness testing was $30 and $40 for the six months ended December 31, 2020 and 2019, 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 loss recognized in Accumulated other comprehensive income/(loss) (AOCI) for such instruments was $(595) and $(428) for the three months ended December 31, 2020 and 2019, respectively. The amount of gain/(loss) recognized in AOCI for such instruments was $(1,241) and $181 for the six months ended December 31, 2020 and 2019, respectively. Amount of Gain/(Loss) Recognized in Earnings Three Months Ended December 31 Six Months Ended December 31 2020 2019 2020 2019 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ (2) $ (143) $ 5 $ (53) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ 202 $ 85 $ 308 $ (12) The gain/(loss) on the derivatives in fair value hedging relationships is fully offset by the mark-to-market impact of the related exposure. These are both recognized in the Consolidated Statements of Earnings in Interest expense. The gain/(loss) on derivatives not designated as hedging instruments is substantially offset by the currency mark-to-market of the related exposure. These are both recognized in the Consolidated Statements of Earnings in Selling, general and administrative expense (SG&A).

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Comprehensive Income (Loss) Note [Text Block]	Accumulated Other Comprehensive Income/(Loss) The table below presents the changes in AOCI, including the reclassifications out of AOCI by component: Investment Securities Post-retirement Benefits Foreign Currency Translation Total AOCI Balance at June 30, 2020 $ (1) $ (4,350) $ (11,814) $ (16,165) OCI before reclassifications (1) 14 (334) 1,237 917 Amounts reclassified from AOCI into the Consolidated Statements of Earnings (2) — 164 — 164 Net current period OCI 14 (170) 1,237 1,081 Less: Other comprehensive income attributable to non-controlling interests — — 7 7 Balance at December 31, 2020 $ 13 $ (4,520) $ (10,584) $ (15,091) (1) Net of tax expense/(benefit) of $0, $(107) and $(418) for gains/losses on investment securities, postretirement benefit items and foreign currency translation, respectively. (2) Net of tax expense/(benefit) of $0, $50 and $0 for gains/losses on investment securities, postretirement benefit items and foreign currency translation, respectively. The below provides additional details on amounts reclassified from AOCI into the Consolidated Statements of Earnings: • Postretirement benefits: amounts reclassified from AOCI into Other non-operating income, net and included in the computation of net periodic postretirement costs.

RESTRUCTURING PROGRAM

RESTRUCTURING PROGRAM	6 Months Ended
RESTRUCTURING PROGRAM	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	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 the ongoing program have generally ranged from $250 to $500 annually. In fiscal 2017, the Company announced specific elements of an additional multi-year productivity and cost savings plan to further reduce costs in the areas of supply chain, certain marketing activities and overhead expenses, which resulted in incremental restructuring charges through fiscal 2020. We expect fiscal 2021 restructuring charges to be more in line with our ongoing level of spending noted above. Restructuring costs incurred consist primarily of costs to separate employees, asset-related costs to exit facilities and other costs. Employee separation costs relate to severance packages that were primarily voluntary and the amounts were calculated based on salary levels and past service periods. Severance costs related to voluntary separations are generally charged to earnings when the employee accepts the offer. Asset-related costs consist of both asset write-downs and accelerated depreciation. Asset write-downs relate to the establishment of a new fair value basis for assets held-for-sale or disposal. These assets were written down to the lower of their current carrying basis or amounts expected to be realized upon disposal, less minor disposal costs. Charges for accelerated depreciation relate to long-lived assets that will be taken out of service prior to the end of their normal service period. These assets relate primarily to manufacturing consolidations and technology standardizations. The asset-related charges will not have a significant impact on future depreciation charges. Other restructuring-type charges are incurred as a direct result of the restructuring program. Such charges primarily include asset removal and termination of contracts related to supply chain optimization. The following table presents restructuring activity for the three and six months ended December 31, 2020. The majority of the remaining reserve balance as of December 31, 2020 related to employee separations. Reserve Balance Previously Reported (Three Months Ended September 30, 2020) Three Months Ended December 31, 2020 Six Months Ended December 31, 2020 Reserve Balance June 30, 2020 Cost Incurred and Charged to Expense Cost Incurred and Charged to Expense Cost Paid/Settled December 31, 2020 Total $ 472 $ 22 $ 65 $ (277) $ 282

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Commitments and Contingencies 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. Income Tax Uncertainties The Company is present in approximately 70 countries and over 150 taxable jurisdictions and, at any point in time, has 40–50 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 closing of statutes of limitations. Such adjustments are reflected in the tax provision as appropriate. We have tax years open ranging from 2008 and forward. We are generally not able to reliably estimate the ultimate settlement amounts until the close of the audit. Based on information currently available, we anticipate that over the next 12 month period, audit activity could be completed related to uncertain tax positions in multiple jurisdictions for which we have accrued existing liabilities of approximately $60, including interest and penalties. Additional information on the Commitments and Contingencies of the Company can be found in our Annual Report on Form 10-K/A for the year ended June 30, 2020.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
Segment Reporting (Tables)	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	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) Three Months Ended December 31 Six Months Ended December 31 2020 2019 2020 2019 Fabric Care 22% 22% 22% 22% Home Care 11% 10% 12% 10% Baby Care 10% 11% 10% 11% Skin and Personal Care 10% 10% 10% 10% Hair Care 9% 10% 9% 10% Family Care 9% 8% 9% 9% Oral Care 9% 9% 8% 8% Shave Care 7% 7% 7% 7% Feminine Care 6% 6% 6% 6% Personal Health Care 5% 5% 5% 5% Other 2% 2% 2% 2% Total 100% 100% 100% 100% (1) % of Net sales by operating segment excludes sales held in Corporate. Following is a summary of reportable segment results: Three Months Ended December 31 Six Months Ended December 31 Net Sales Earnings/(Loss) Before Income Taxes Net Earnings Net Sales Earnings/(Loss) Before Income Taxes Net Earnings Beauty 2020 $ 3,806 $ 1,196 $ 955 $ 7,591 $ 2,424 $ 1,931 2019 3,598 1,072 858 7,150 2,164 1,732 Grooming 2020 1,735 537 452 3,336 963 807 2019 1,648 494 411 3,179 920 764 Health Care 2020 2,746 830 655 5,217 1,509 1,180 2019 2,530 732 571 4,751 1,272 972 Fabric & Home Care 2020 6,498 1,599 1,250 13,142 3,341 2,599 2019 5,787 1,278 975 11,619 2,616 2,003 Baby, Feminine & Family Care 2020 4,858 1,352 1,044 9,581 2,670 2,053 2019 4,582 1,076 822 9,149 2,210 1,693 Corporate 2020 102 (637) (469) 196 (733) (375) 2019 95 (120) 106 190 (307) 196 Total Company 2020 $ 19,745 $ 4,877 $ 3,887 $ 39,063 $ 10,174 $ 8,195 2019 18,240 4,532 3,743 36,038 8,875 7,360

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	Goodwill is allocated by reportable segment as follows: Beauty Grooming Health Care Fabric & Home Care Baby, Feminine & Family Care Total Company Goodwill at June 30, 2020 $ 12,902 $ 12,815 $ 7,786 $ 1,841 $ 4,557 $ 39,901 Translation and other 542 398 344 45 151 1,480 Goodwill at December 31, 2020 $ 13,444 $ 13,213 $ 8,130 $ 1,886 $ 4,708 $ 41,381
Schedule of Intangible Assets and Goodwill [Table Text Block]	Identifiable intangible assets at December 31, 2020 were comprised of: Gross Carrying Amount Accumulated Amortization Intangible assets with determinable lives $ 8,679 $ (5,977) Intangible assets with indefinite lives 21,162 — Total identifiable intangible assets $ 29,841 $ (5,977)
Schedule of Potential Impacts to Estimated Fair Values [Table Text Block]	The table below provides, in isolation, the estimated fair value impacts related to a 25 basis-point increase in the discount rate or a 25 basis-point decrease in our shorter-term and residual growth rates, either of which, in isolation, would result in an additional impairment of the Gillette indefinite-lived intangible asset. Approximate Percent Change in Estimated Fair Value +25 bps Discount Rate -25 bps Growth Rates Shave Care goodwill reporting unit (6) % (6) % Gillette indefinite-lived intangible asset (6) % (6) %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Net earnings per share were calculated as follows: CONSOLIDATED AMOUNTS Three Months Ended December 31 Six Months Ended December 31 2020 2019 2020 2019 Net earnings $ 3,887 $ 3,743 $ 8,195 $ 7,360 Less: Net earnings attributable to noncontrolling interests 33 26 64 50 Net earnings attributable to P&G (Diluted) 3,854 3,717 8,131 7,310 Less: Preferred dividends, net of tax 66 64 132 129 Net earnings attributable to P&G available to common shareholders (Basic) $ 3,788 $ 3,653 $ 7,999 $ 7,181 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,475.8 2,487.0 2,481.0 2,495.5 Add: Effect of dilutive securities Conversion of preferred shares (1) 83.1 86.4 83.5 86.9 Impact of stock options and other unvested equity awards (2) 56.5 56.7 55.9 56.4 Diluted weighted average common shares outstanding 2,615.4 2,630.1 2,620.4 2,638.8 NET EARNINGS PER SHARE (3) Basic $ 1.53 $ 1.47 $ 3.22 $ 2.88 Diluted $ 1.47 $ 1.41 $ 3.10 $ 2.77 (1) Despite being included currently in Diluted net earnings per common share, the actual conversion to common stock occurs when the preferred shares are sold. Shares may only be sold after being allocated to the ESOP participants pursuant to the repayment of the ESOP's obligations through 2035. (2) Weighted average outstanding stock options of approximately 8 million for the three months ended December 31, 2020, and approximately 6 million and 2 million for the six months ended December 31, 2020 and 2019, respectively, were not included in the Diluted net earnings per share calculation because the options were out of the money or to do so would have been antidilutive (i.e., the total proceeds upon exercise would have exceeded the market value of the underlying common shares). There were no antidilutive shares for the three months ended December 31, 2019. (3) Net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

SHARE-BASED COMPENSATION AND _2

SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS (Tables)	6 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Compensation and Employee Benefit Plans [Table Text Block]	The following table provides a summary of our share-based compensation expense and postretirement benefit costs: Three Months Ended December 31 Six Months Ended December 31 2020 2019 2020 2019 Share-based compensation expense $ 165 $ 92 $ 254 $ 202 Net periodic benefit cost for pension benefits (1) 46 44 93 84 Net periodic benefit credit for other retiree benefits (1) (80) (52) (160) (104) (1) The components of the total net periodic benefit cost/(credit) for both pension benefits and other retiree benefits for these interim periods, on an annualized basis, do not differ materially from the amounts disclosed in the Annual Report on Form 10-K/A for the fiscal year ended June 30, 2020.

RISK MANAGEMENT ACTIVITIES AN_2

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2020
Risk Management Activities and Fair Value Measurements [Abstract]
Schedule of Derivative Instruments [Table Text Block]	The notional amounts and fair values of financial instruments used in hedging transactions as of December 31, 2020 and June 30, 2020 are as follows: Notional Amount Fair Value Asset Fair Value (Liability) December 31, 2020 June 30, 2020 December 31, 2020 June 30, 2020 December 31, 2020 June 30, 2020 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ 7,591 $ 7,114 $ 274 $ 269 $ — $ — DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS Foreign currency interest rate contracts $ 7,393 $ 3,856 $ — $ 26 $ (459) $ (41) TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS $ 14,984 $ 10,970 $ 274 $ 295 $ (459) $ (41) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ 8,120 $ 5,986 $ 100 $ 23 $ (29) $ (25) TOTAL DERIVATIVES AT FAIR VALUE $ 23,104 $ 16,956 $ 374 $ 318 $ (488) $ (66)
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Before tax gains/(losses) on our financial instruments in hedging relationships are categorized as follows: Amount of Gain/(Loss) Recognized in OCI on Derivatives Three Months Ended December 31 Six Months Ended December 31 2020 2019 2020 2019 DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2) Foreign exchange contracts $ (352) $ (82) $ (538) $ 31 (1) For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $16 and $21 for the three months ended December 31, 2020 and 2019, respectively. The amount of gain excluded from effectiveness testing was $30 and $40 for the six months ended December 31, 2020 and 2019, respectively.
Derivative Instruments, Gain (Loss) [Table Text Block]	Amount of Gain/(Loss) Recognized in Earnings Three Months Ended December 31 Six Months Ended December 31 2020 2019 2020 2019 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ (2) $ (143) $ 5 $ (53) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ 202 $ 85 $ 308 $ (12)

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The table below presents the changes in AOCI, including the reclassifications out of AOCI by component: Investment Securities Post-retirement Benefits Foreign Currency Translation Total AOCI Balance at June 30, 2020 $ (1) $ (4,350) $ (11,814) $ (16,165) OCI before reclassifications (1) 14 (334) 1,237 917 Amounts reclassified from AOCI into the Consolidated Statements of Earnings (2) — 164 — 164 Net current period OCI 14 (170) 1,237 1,081 Less: Other comprehensive income attributable to non-controlling interests — — 7 7 Balance at December 31, 2020 $ 13 $ (4,520) $ (10,584) $ (15,091) (1) Net of tax expense/(benefit) of $0, $(107) and $(418) for gains/losses on investment securities, postretirement benefit items and foreign currency translation, respectively. (2) Net of tax expense/(benefit) of $0, $50 and $0 for gains/losses on investment securities, postretirement benefit items and foreign currency translation, respectively.

RESTRUCTURING PROGRAM (Tables)

RESTRUCTURING PROGRAM (Tables)	6 Months Ended
RESTRUCTURING PROGRAM (Tables)	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The following table presents restructuring activity for the three and six months ended December 31, 2020. The majority of the remaining reserve balance as of December 31, 2020 related to employee separations. Reserve Balance Previously Reported (Three Months Ended September 30, 2020) Three Months Ended December 31, 2020 Six Months Ended December 31, 2020 Reserve Balance June 30, 2020 Cost Incurred and Charged to Expense Cost Incurred and Charged to Expense Cost Paid/Settled December 31, 2020 Total $ 472 $ 22 $ 65 $ (277) $ 282

SEGMENT INFORMATION - SALES (De

SEGMENT INFORMATION - SALES (Details)		3 Months Ended		6 Months Ended
SEGMENT INFORMATION - SALES (Details)		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	100.00%	100.00%	100.00%	100.00%
Fabric Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	22.00%	22.00%	22.00%	22.00%
Home Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	11.00%	10.00%	12.00%	10.00%
Baby Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	10.00%	11.00%	10.00%	11.00%
Skin and Personal Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	10.00%	10.00%	10.00%	10.00%
Hair Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	9.00%	10.00%	9.00%	10.00%
Family Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	9.00%	8.00%	9.00%	9.00%
Oral Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	9.00%	9.00%	8.00%	8.00%
Shave Care
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	7.00%	7.00%	7.00%	7.00%
Feminine Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	6.00%	6.00%	6.00%	6.00%
Personal Health Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	5.00%	5.00%	5.00%	5.00%
All Other [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	2.00%	2.00%	2.00%	2.00%

[1]	% of Net sales by operating segment excludes sales held in Corporate.

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net Sales	$ 19,745	$ 18,240	$ 39,063	$ 36,038
Earnings/(Loss) from Continuing Operations Before Income Taxes	4,877	4,532	10,174	8,875
Net Earnings/(Loss) from Continuing Operations	3,887	3,743	8,195	7,360
Beauty
Segment Reporting Information [Line Items]
Net Sales	3,806	3,598	7,591	7,150
Earnings/(Loss) from Continuing Operations Before Income Taxes	1,196	1,072	2,424	2,164
Net Earnings/(Loss) from Continuing Operations	955	858	1,931	1,732
Grooming
Segment Reporting Information [Line Items]
Net Sales	1,735	1,648	3,336	3,179
Earnings/(Loss) from Continuing Operations Before Income Taxes	537	494	963	920
Net Earnings/(Loss) from Continuing Operations	452	411	807	764
Health Care
Segment Reporting Information [Line Items]
Net Sales	2,746	2,530	5,217	4,751
Earnings/(Loss) from Continuing Operations Before Income Taxes	830	732	1,509	1,272
Net Earnings/(Loss) from Continuing Operations	655	571	1,180	972
Fabric and Home Care
Segment Reporting Information [Line Items]
Net Sales	6,498	5,787	13,142	11,619
Earnings/(Loss) from Continuing Operations Before Income Taxes	1,599	1,278	3,341	2,616
Net Earnings/(Loss) from Continuing Operations	1,250	975	2,599	2,003
Baby, Feminine & Family Care
Segment Reporting Information [Line Items]
Net Sales	4,858	4,582	9,581	9,149
Earnings/(Loss) from Continuing Operations Before Income Taxes	1,352	1,076	2,670	2,210
Net Earnings/(Loss) from Continuing Operations	1,044	822	2,053	1,693
Corporate
Segment Reporting Information [Line Items]
Net Sales	102	95	196	190
Earnings/(Loss) from Continuing Operations Before Income Taxes	(637)	(120)	(733)	(307)
Net Earnings/(Loss) from Continuing Operations	$ (469)	$ 106	$ (375)	$ 196

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - CHANGE IN THE NET CARRYING AMOUNT OF GOODWILL BY GLOBAL BUSINESS UNIT (Details) $ in Millions	6 Months Ended
	Dec. 31, 2020USD ($)
Goodwill [Roll Forward]
Goodwill at June 30, 2020	$ 39,901
Goodwill, Translation and Other	1,480
Goodwill at December 31, 2020	41,381
Beauty
Goodwill [Roll Forward]
Goodwill at June 30, 2020	12,902
Goodwill, Translation and Other	542
Goodwill at December 31, 2020	13,444
Grooming
Goodwill [Roll Forward]
Goodwill at June 30, 2020	12,815
Goodwill, Translation and Other	398
Goodwill at December 31, 2020	13,213
Health Care
Goodwill [Roll Forward]
Goodwill at June 30, 2020	7,786
Goodwill, Translation and Other	344
Goodwill at December 31, 2020	8,130
Fabric & Home Care
Goodwill [Roll Forward]
Goodwill at June 30, 2020	1,841
Goodwill, Translation and Other	45
Goodwill at December 31, 2020	1,886
Baby, Feminine & Family Care
Goodwill [Roll Forward]
Goodwill at June 30, 2020	4,557
Goodwill, Translation and Other	151
Goodwill at December 31, 2020	$ 4,708

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - IDENTIFIABLE INTANGIBLE ASSETS (Details) $ in Millions	Dec. 31, 2020USD ($)
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 29,841
Accumulated Amortization	(5,977)
Intangible Assets with Indefinite Lives
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,162
Accumulated Amortization	0
Intangible Assets with Determinable Lives
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,679
Accumulated Amortization	$ (5,977)

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - FAIR VALUE SENSITIVITY (Details)	Dec. 31, 2020
25 bps Increase Discount Rate [Member] \| Intangible Assets with Indefinite Lives \| Gillette
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(6.00%)
25 bps Decrease Long-Term Growth [Member] \| Intangible Assets with Indefinite Lives \| Gillette
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(6.00%)
Goodwill \| 25 bps Increase Discount Rate [Member] \| Shave Care
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(6.00%)
Goodwill \| 25 bps Decrease Long-Term Growth [Member] \| Shave Care
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(6.00%)

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Other Significant Noncash Transactions [Line Items]
Amortization of Intangible Assets	$ 79	$ 91	$ 163	$ 187
Goodwill	41,381		41,381		$ 39,901
Shave Care
Other Significant Noncash Transactions [Line Items]
Goodwill	12,900		12,900
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount		20.00%		20.00%
Intangible Assets with Indefinite Lives \| Gillette
Other Significant Noncash Transactions [Line Items]
Intangible Assets, Net (Including Goodwill)	$ 14,100		$ 14,100

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share Reconciliation [Abstract]
Net Earnings		$ 3,887	$ 3,743	$ 8,195	$ 7,360
Net Income (Loss) Attributable to Noncontrolling Interest		33	26	64	50
Net Earnings/(Loss) Attributable to P&G (Diluted)		3,854	3,717	8,131	7,310
Dividends, Preferred Stock		66	64	132	129
Net Earnings/(Loss) Attributable to P&G Available to Common Shareholders (Basic)		$ 3,788	$ 3,653	$ 7,999	$ 7,181
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic Weighted Average Common Shares Outstanding		2,475.8	2,487	2,481	2,495.5
Effect of Dilutive Securities
Conversion of Preferred Shares	[1]	83.1	86.4	83.5	86.9
Exercise of Stock Options and Other Unvested Equity Awards	[2]	56.5	56.7	55.9	56.4
Diluted Weighted Average Common Shares Outstanding		2,615.4	2,630.1	2,620.4	2,638.8
Basic Net Earnings/(Loss) Per Common Share	[3],[4]	$ 1.53	$ 1.47	$ 3.22	$ 2.88
Diluted Net Earnings/(Loss) Per Common Share	[3],[4]	$ 1.47	$ 1.41	$ 3.10	$ 2.77

[1]	Despite being included currently in Diluted net earnings per common share, the actual conversion to common stock occurs when the preferred shares are sold. Shares may only be sold after being allocated to the ESOP participants pursuant to the repayment of the ESOP's obligations through 2035.
[2]	Weighted average outstanding stock options of approximately 8 million for the three months ended December 31, 2020, and approximately 6 million and 2 million for the six months ended December 31, 2020 and 2019, respectively, were not included in the Diluted net earnings per share calculation because the options were out of the money or to do so would have been antidilutive (i.e., the total proceeds upon exercise would have exceeded the market value of the underlying common shares). There were no antidilutive shares for the three months ended December 31, 2019.
[3]	Basic net earnings per share and Diluted net earnings per share are calculated on Net earnings attributable to Procter & Gamble.
[4]	Net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

EARNINGS PER SHARE - ANTIDILUTI

EARNINGS PER SHARE - ANTIDILUTIVE SECURITIES (Details) - shares shares in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8	6	2

SHARE-BASED COMPENSATION AND _3

SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Share-based Payment Arrangement, Expense		$ 165	$ 92	$ 254	$ 202
Pension Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	[1]	46	44	93	84
Other Postretirement Benefit Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	[1]	$ (80)	$ (52)	$ (160)	$ (104)

[1]	The components of the total net periodic benefit cost/(credit) for both pension benefits and other retiree benefits for these interim periods, on an annualized basis, do not differ materially from the amounts disclosed in the Annual Report on Form 10-K/A for the fiscal year ended June 30, 2020.

RISK MANAGEMENT ACTIVITIES AN_3

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - SCHEDULE OF DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jun. 30, 2020
Derivative [Line Items]
Derivative, Notional Amount	$ 23,104	$ 16,956
Derivative Asset	374	318
Derivative Liability	(488)	(66)
Derivatives in Fair Value Hedging Relationships \| Interest Rate Contracts
Derivative [Line Items]
Derivative, Notional Amount	7,591	7,114
Derivative Asset	274	269
Derivative Liability	0	0
Derivatives in Net Investment Hedging Relationships \| Foreign Exchange Contract
Derivative [Line Items]
Derivative, Notional Amount	7,393	3,856
Derivative Asset	0	26
Derivative Liability	(459)	(41)
Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount	14,984	10,970
Derivative Asset	274	295
Derivative Liability	(459)	(41)
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative [Line Items]
Derivative, Notional Amount	8,120	5,986
Derivative Asset	100	23
Derivative Liability	$ (29)	$ (25)

RISK MANAGEMENT ACTIVITIES AN_4

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENTS, EFFECT ON OTHER COMPREHENSIVE INCOME (LOSS) (Details) - Derivatives in Net Investment Hedging Relationships - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		$ 16	$ 21	$ 30	$ 40
Accumulated Other Comprehensive Income, Gain (Loss)		(595)	(428)	(1,241)	181
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	[1],[2]	$ (352)	$ (82)	$ (538)	$ 31

[1]	For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $16 and $21 for the three months ended December 31, 2020 and 2019, respectively. The amount of gain excluded from effectiveness testing was $30 and $40 for the six months ended December 31, 2020 and 2019, 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 loss recognized in Accumulated other comprehensive income/(loss) (AOCI) for such instruments was $(595) and $(428) for the three months ended December 31, 2020 and 2019, respectively. The amount of gain/(loss) recognized in AOCI for such instruments was $(1,241) and $181 for the six months ended December 31, 2020 and 2019, respectively.

RISK MANAGEMENT ACTIVITIES AN_5

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENTS GAIN (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Not Designated as Hedging Instrument \| Foreign Currency Contract
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 202	$ 85	$ 308	$ (12)
Derivatives in Fair Value Hedging Relationships \| Interest Rate Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (2)	$ (143)	$ 5	$ (53)

RISK MANAGEMENT ACTIVITIES AN_6

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, at Carrying Value	$ 10,400	$ 14,600
Derivatives in Fair Value Hedging Relationships \| Underlying, Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underlying Debt Obligation, Carrying Amt	7,800	7,400
Derivatives in Net Investment Hedging Relationships \| Underlying, Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underlying Debt Obligation, Carrying Amt	12,400	16,000
Long-term Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	28,500	29,000
Long Term Debt, Current Maturities Measured at Fair Value	3,300	2,500
Other Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	$ 70	$ 67

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - CHANGES IN AOCI AND RECLASSIFICATION OUT OF AOCI (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Accumulated Other Comprehensive Income/(Loss)		$ (15,091)		$ (15,091)		$ (16,165)
OCI before Reclassifications	[1]			917
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]			164
Other Comprehensive Income (Loss), Net of Tax		792	$ 354	1,081	$ (12)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest				7
Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member]
Other Comprehensive Income (Loss) before Reclassifications, Tax	[1]			(418)
Reclassification from AOCI, Current Period, Tax	[2]			0
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member]
Other Comprehensive Income (Loss) before Reclassifications, Tax	[1]			0
Accumulated Other Comprehensive Income/(Loss)		13		13		(1)
OCI before Reclassifications	[1]			14
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]			0
Other Comprehensive Income (Loss), Net of Tax				14
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest				0
Reclassification from AOCI, Current Period, Tax	[2]			0
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Other Comprehensive Income (Loss) before Reclassifications, Tax	[1]			(107)
Accumulated Other Comprehensive Income/(Loss)		(4,520)		(4,520)		(4,350)
OCI before Reclassifications	[1]			(334)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]			164
Other Comprehensive Income (Loss), Net of Tax				(170)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest				0
Reclassification from AOCI, Current Period, Tax	[2]			50
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income/(Loss)		$ (10,584)		(10,584)		$ (11,814)
OCI before Reclassifications	[1]			1,237
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]			0
Other Comprehensive Income (Loss), Net of Tax				1,237
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest				$ 7

[1]	Net of tax expense/(benefit) of $0, $(107) and $(418) for gains/losses on investment securities, postretirement benefit items and foreign currency translation, respectively.
[2]	Net of tax expense/(benefit) of $0, $50 and $0 for gains/losses on investment securities, postretirement benefit items and foreign currency translation, respectively.

RESTRUCTURING PROGRAM - ADDITIO

RESTRUCTURING PROGRAM - ADDITIONAL INFORMATION (Details) $ in Millions	6 Months Ended
	Dec. 31, 2020USD ($)
Minimum
Restructuring and Related Cost, Amounts Historically Incurred	$ 250
Maximum
Restructuring and Related Cost, Amounts Historically Incurred	$ 500

RESTRUCTURING PROGRAM - RESTRUC

RESTRUCTURING PROGRAM - RESTRUCTURING RESERVE BY TYPE OF COSTS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2020	Jun. 30, 2020
Restructuring Reserve [Roll Forward]
Reserve Balance	$ 282		$ 282	$ 472
Restructuring Charges	$ 65	$ 22
Cash Spent			$ (277)

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - ADDITIONAL INFORMATION (Details) $ in Millions	6 Months Ended
	Dec. 31, 2020USD ($)countriesaudittaxable_jurisdiction
Loss Contingencies [Line Items]
Number of Countries With On The Ground Operations \| countries	70
Number of Taxable Jurisdictions \| taxable_jurisdiction	150
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities \| $	$ 60
Minimum
Loss Contingencies [Line Items]
Number of Audits Typically Underway	40
Maximum
Loss Contingencies [Line Items]
Number of Audits Typically Underway	50