The Procter & Gamble Company (PG) 10-Q19 Oct 222023 Q1 Quarterly reportFinancial data

Company Profile

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION	3 Months Ended
DOCUMENT AND ENTITY INFORMATION	Sep. 30, 2022 shares
Entity Information [Line Items]
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Central Index Key	0000080424
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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
Local Phone Number	983-1100
Document Transition Report	false
Document Quarterly Report	true
Document Type	10-Q
Document Period End Date	Sep. 30, 2022
Entity Registrant Name	PROCTER & GAMBLE CO
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	2,369,696,862
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, without Par Value
Trading Symbol	PG
1.125% due 2023 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.125% Notes due 2023
Trading Symbol	PG23A
Security Exchange Name	NYSE
0.500% due 2024 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.500% Notes due 2024
Trading Symbol	PG24A
Security Exchange Name	NYSE
0.625% due 2024 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.625% Notes due 2024
Trading Symbol	PG24B
Security Exchange Name	NYSE
1.375% due 2025 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.375% Notes due 2025
Trading Symbol	PG25
Security Exchange Name	NYSE
0.110 due 2026 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.110% Notes due 2026
Trading Symbol	PG26D
Security Exchange Name	NYSE
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
Security Exchange Name	NYSE
1.200% due 2028 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.200% Notes due 2028
Trading Symbol	PG28
Security Exchange Name	NYSE
1.250% due 2029 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2029
Trading Symbol	PG29B
Security Exchange Name	NYSE
1.800% due 2029 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.800% Notes due 2029
Trading Symbol	PG29A
Security Exchange Name	NYSE
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
Security Exchange Name	NYSE
0.350% due 2030 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.350% Notes due 2030
Trading Symbol	PG30C
Security Exchange Name	NYSE
0.230% due 2031 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.230% Notes due 2031
Trading Symbol	PG31A
Security Exchange Name	NYSE
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
Security Exchange Name	NYSE
1.875% due 2038 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2038
Trading Symbol	PG38
Security Exchange Name	NYSE
0.900% due 2041 [Domain]
Entity Information [Line Items]
Title of 12(b) Security	0.900% Notes due 2041
Trading Symbol	PG41
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
		Sep. 30, 2022	Sep. 30, 2021
Net Sales		$ 20,612	$ 20,338
Cost of Products Sold		10,846	10,365
Selling, General and Administrative Expense		4,827	4,950
Operating Income		4,939	5,023
Interest Expense		(123)	(109)
Interest Income		42	11
Other Non-operating Income/(Loss), Net		139	110
Earnings/(Loss) from Continuing Operations Before Income Taxes		4,997	5,035
Income Taxes on Continuing Operations		1,034	909
Net Earnings		3,963	4,126
Net Income (Loss) Attributable to Noncontrolling Interest		24	14
Net Income (Loss) Attributable to Parent		$ 3,939	$ 4,112
Basic Net Earnings Per Common Share
Basic Net Earnings/(Loss) Per Common Share	[1],[2]	$ 1.62	$ 1.66
Diluted Net Earnings Per Common Share
Diluted Net Earnings/(Loss) Per Common Share	[1],[2]	$ 1.57	$ 1.61
Diluted Weighted Average Common Shares Outstanding		2,503.6	2,558.9

[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
	Sep. 30, 2022	Sep. 30, 2021
Net Earnings	$ 3,963	$ 4,126
Foreign Currency Translation	(712)	(465)
Unrealized Gains/(Losses) on Investment Securities	(2)	5
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	87	142
Total Other Comprehensive Income (Loss), Net of Tax	(627)	(318)
Total Comprehensive Income/(Loss)	3,336	3,808
Less: Total Comprehensive Income Attributable to Noncontrolling Interest	19	14
Total Comprehensive Income/(Loss) Attributable to Procter & Gamble	$ 3,317	$ 3,794

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Sep. 30, 2022	Jun. 30, 2022
Current Assets
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 6,710	$ 7,214
Accounts Receivable	5,720	5,143
Inventories
Materials and Supplies	2,235	2,168
Work in Process	898	856
Finished Goods	4,457	3,900
Total Inventories	7,590	6,924
Prepaid Expenses and Other Current Assets	2,501	2,372
Total Current Assets	22,521	21,653
Property, Plant and Equipment, Net	20,593	21,195
Goodwill	38,761	39,700
Trademarks and Other Intangible Assets, Net	23,465	23,679
Other Noncurrent Assets	10,942	10,981
Total Assets	116,282	117,208
Current Liabilities
Accounts Payable	14,845	14,882
Accrued and Other Liabilities	10,056	9,554
Debt Due Within One Year	11,717	8,645
Total Current Liabilities	36,618	33,081
Long-Term Debt	21,286	22,848
Deferred Income Tax Liabilities, Net	6,986	6,809
Other Noncurrent Liabilities	7,058	7,616
Total Liabilities	71,948	70,354
Shareholders' Equity
Preferred Stock	$ 834	$ 843
Common Stock, Shares, Issued	4,009.2	4,009.2
Common Stock, Value, Issued	$ 4,009	$ 4,009
Additional Paid in Capital	65,955	65,795
Reserve For ESOP Debt Retirement	(870)	(916)
Accumulated Other Comprehensive Income/(Loss)	(12,811)	(12,189)
Treasury Stock	(127,205)	(123,382)
Retained Earnings	114,163	112,429
Noncontrolling Interest	259	265
Total Shareholders' Equity	44,334	46,854
Total Liabilities and Shareholders' Equity	$ 116,282	$ 117,208

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ 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, 2021		2,429,706
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, 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	4,126							4,112	14
Other Comprehensive Income (Loss), Net of Tax	$ (318)					(318)			0
Common Stock, Dividends, Per Share, Cash Paid	$ 0.8698
Dividends, Common Stock	$ (2,118)							(2,118)
Dividends, Preferred Stock	(70)							(70)
Stock Repurchased During Period, Shares		(19,353)
Stock Repurchased During Period, Value	(2,750)						(2,750)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		8,437
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised	774			300			474
Stock Issued During Period, Shares, Conversion of Convertible Securities		1,158
Stock Issued During Period, Value, Conversion of Convertible Securities	0		11	2			9
ESOP Debt Impacts	105				42			63
Noncontrolling Interest, Period Increase (Decrease)	5			(2)					7
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2021		2,419,948
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2021	46,408	$ 4,009	859	65,148	(964)	(14,062)	(117,240)	108,361	297
Common Stock, Shares, Outstanding, Beginning Balance at Jun. 30, 2022		2,393,877
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning 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	3,963							3,939	24
Other Comprehensive Income (Loss), Net of Tax	$ (627)					(622)			(5)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.9133
Dividends, Common Stock	$ (2,189)							(2,189)
Dividends, Preferred Stock	(71)							(71)
Stock Repurchased During Period, Shares		(28,189)
Stock Repurchased During Period, Value	(4,000)						(4,000)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		3,011
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised	328			159			169
Stock Issued During Period, Shares, Conversion of Convertible Securities		998
Stock Issued During Period, Value, Conversion of Convertible Securities	0		9	1			8
ESOP Debt Impacts	101				46			55
Noncontrolling Interest, Period Increase (Decrease)	(25)			0					(25)
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2022		2,369,697
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2022	$ 44,334	$ 4,009	$ 834	$ 65,955	$ (870)	$ (12,811)	$ (127,205)	$ 114,163	$ 259

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Cash, Cash Equivalent and Restricted Cash Beginning of Period	$ 7,214	$ 10,288
Operating Activities
Net Earnings	3,963	4,126
Depreciation and Amortization	663	711
Share-based Compensation Expense	105	116
Deferred Income Taxes	(130)	57
Gain (Loss) on Disposition of Assets	(1)	(73)
Changes In:
Accounts Receivable	(740)	(1,012)
Inventories	(893)	(409)
Accounts Payable, Accrued and Other Liabilities	1,495	1,261
Other Operating Assets and Liabilities	(454)	(178)
Other Noncash Expense	62	44
Total Operating Activities	4,070	4,643
Investing Activities
Payments to Acquire Property, Plant, and Equipment	(890)	(1,091)
Proceeds from Asset Sales	5	85
Payments for (Proceeds from) Businesses and Interest in Affiliates	(2)	0
Proceeds from Sales of Short-term Investments	55	0
Total Investing Activites	(832)	(1,006)
Financing Activities
Dividends to Shareholders	(2,255)	(2,182)
Proceeds from Short-term Debt, Maturing in More than Three Months	2,975	1,792
Repayments of Short-term Debt, Maturing in More than Three Months	(265)	(1,422)
Change in Short-term Debt	1,727	512
Repayments of Long-term Debt	(1,877)	(26)
Treasury Stock Purchases	(4,000)	(2,750)
Impact of Stock Options and Other	188	648
Total Financing Activities	(3,507)	(3,428)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(235)	(127)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(504)	82
Cash, Cash Equivalents and Restricted Cash, End of Period	$ 6,710	$ 10,370

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2022
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 for the fiscal year ended June 30, 2022. 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	3 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS AND POLICIES	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Accounting Standards Update and Change in Accounting Principle	New Accounting Pronouncements and Policies In November 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2021-10, "Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance". This guidance requires annual disclosures for transactions with a government authority that are accounted for by applying a grant or contribution model. These amendments are effective for annual periods beginning after December 15, 2021, with early adoption permitted. We have completed our evaluation of significant transactions. The guidance has not had, and is not expected to have, a material impact on the Company's Consolidated Financial Statements. In September 2022, the FASB issued ASU No. 2022-04, "Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations". This guidance requires annual and interim disclosures for entities that use supplier finance programs in connection with the purchase of goods and services. These amendments are effective for fiscal years beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. We are currently assessing the impact of this guidance on our Consolidated Financial Statements. 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	3 Months Ended
SEGMENT INFORMATION	Sep. 30, 2022
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 : 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, 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 September 30 2022 2021 Fabric Care 23% 23% Home Care 12% 11% Skin and Personal Care 10% 10% Baby Care 10% 10% Hair Care 9% 10% Family Care 8% 8% Grooming (2) 8% 7% Oral Care 8% 8% Feminine Care 6% 6% Personal Health Care 6% 5% Other —% 2% Total 100% 100% (1) % of Net sales by operating segment excludes sales held 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 three months ended September 30, 2021, Appliances was presented in Other. The following is a summary of reportable segment results: Three Months Ended September 30 Net Sales Earnings/(Loss) Before Income Taxes Net Earnings/(Loss) Beauty 2022 $ 3,961 $ 1,271 $ 1,011 2021 3,964 1,242 991 Grooming 2022 1,625 503 404 2021 1,687 518 417 Health Care 2022 2,757 800 617 2021 2,676 695 529 Fabric & Home Care 2022 7,082 1,543 1,172 2021 7,009 1,546 1,191 Baby, Feminine & Family Care 2022 4,934 1,055 805 2021 4,864 1,075 826 Corporate 2022 253 (175) (46) 2021 138 (41) 172 Total Company 2022 $ 20,612 $ 4,997 $ 3,963 2021 20,338 5,035 4,126

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Sep. 30, 2022
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, 2022 $ 13,296 $ 12,571 $ 7,589 $ 1,808 $ 4,436 $ 39,700 Acquisitions and divestitures — — — — — — Translation and other (344) (254) (217) (29) (95) (939) Goodwill at September 30, 2022 $ 12,952 $ 12,317 $ 7,372 $ 1,779 $ 4,341 $ 38,761 Goodwill decreased from June 30, 2022 primarily due to currency translation. Identifiable intangible assets at September 30, 2022 were comprised of: Gross Carrying Amount Accumulated Amortization Intangible assets with determinable lives $ 8,890 $ (6,284) Intangible assets with indefinite lives 20,859 — Total identifiable intangible assets $ 29,749 $ (6,284) Intangible assets with determinable lives consist of brands, patents, technology and customer relationships. The intangible assets with indefinite lives primarily consist of brands. The amortization expense of determinable-lived intangible assets for the three months ended September 30, 2022 and 2021 was $80 and $77, respectively. Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment. 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. If the resulting fair value is less than the asset's carrying value, that difference represents an impairment. Most of our goodwill reporting units have fair value cushions that significantly exceed their underlying carrying values. In connection with the Grooming operating segment integration as described further in Note 3, we concluded that the Shave Care and Appliances categories are one reporting unit (Grooming) for goodwill impairment testing. Based on our impairment testing performed in the prior fiscal year, goodwill for the Grooming reporting unit has a fair value cushion of over 40%. Based on our impairment testing performed in the prior fiscal year, the Gillette indefinite-lived intangible asset's fair value exceeded its carrying value by approximately 5% and is most susceptible to future impairment risk. Adverse changes in the business or in the macroeconomic environment, including foreign currency devaluation, increasing global inflation, market contraction from an economic recession and the Russia-Ukraine War, could reduce the underlying cash flows used to estimate the fair value of the Gillette indefinite-lived intangible asset and trigger a future impairment charge. The most significant assumptions utilized in the determination of the estimated fair value of the Gillette indefinite-lived intangible asset are the net sales growth rates (including residual growth rates), discount rate and royalty rates. Net sales growth rates could be negatively impacted by reductions or changes in demand for our Grooming products, which may be caused by, among other things: changes in the use and frequency of grooming products, by shifts in demand away from one or more of our higher priced products to lower priced products or potential supply chain constraints. In addition, relative global and country/regional macroeconomic factors, including the Russia-Ukraine War, could result in additional and prolonged devaluation of other countries' currencies relative to the U.S. dollar. The residual growth rates represent the expected rate at which the Gillette brand is expected to grow beyond the shorter-term business planning period. The residual growth rates utilized in our fair value estimates are consistent with the brand operating plans and approximate 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. The royalty rate used to determine the estimated fair value for the Gillette indefinite-lived intangible asset is driven by historical and estimated future profitability of the underlying Gillette business. The royalty rate may be impacted by significant adverse changes in long-term operating margins. We performed a sensitivity analysis for the Gillette indefinite-lived intangible asset during our annual impairment testing from the prior year, utilizing reasonably possible changes in the assumptions for the discount rate, the short-term and residual growth rates and the royalty rates to demonstrate the potential impacts to 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, a 25 basis-point decrease in our short-term and residual growth rates or a 50 basis-point decrease in our royalty rates, some of which would result in an impairment of the Gillette indefinite-lived intangible asset. Approximate Percent Change in Estimated Fair Value +25 bps Discount Rate -25 bps Growth Rates -50 bps Royalty Rate Gillette indefinite-lived intangible asset (6)% (6)% (3)% Gillette's business results in the fiscal year ended June 30, 2022 exceeded the assumptions in our impairment testing from the prior year. However, during the three months ended September 30, 2022, the relative currency exchange rates devalued against the U.S. dollar and the inputs to the cost of capital determination increased. These macroeconomic changes place increased pressure on the fair value of the Gillette indefinite-lived intangible asset. Based on our assessment, we determined it is more likely than not that the fair value of the Gillette indefinite-lived intangible asset continues to exceed its carrying value of $14.1 billion as of September 30, 2022. Therefore, we have concluded that no triggering event has occurred in the current quarter. We will perform our annual impairment testing for goodwill and indefinite-lived intangible assets during the three months ended December 31, 2022.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Sep. 30, 2022
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 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 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 September 30 2022 2021 Net earnings $ 3,963 $ 4,126 Less: Net earnings attributable to noncontrolling interests 24 14 Net earnings attributable to P&G (Diluted) 3,939 4,112 Less: Preferred dividends 71 70 Net earnings attributable to P&G available to common shareholders (Basic) $ 3,868 $ 4,042 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,385.5 2,428.1 Add: Effect of dilutive securities Convertible preferred shares (1) 77.4 80.5 Stock options and other unvested equity awards (2) 40.7 50.3 Diluted weighted average common shares outstanding 2,503.6 2,558.9 NET EARNINGS PER SHARE (3) Basic $ 1.62 $ 1.66 Diluted $ 1.57 $ 1.61 (1) An overview of preferred shares can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022. (2) Excludes 18 million and 9 million for the three months ended September 30, 2022 and 2021, respectively, of weighted average stock options outstanding because the exercise price of these options was greater than their average market value or their effect was antidilutive. (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	3 Months Ended
SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS	Sep. 30, 2022
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 impacts: Three Months Ended September 30 2022 2021 Share-based compensation expense $ 105 $ 116 Net periodic benefit cost for pension benefits 43 48 Net periodic benefit credit for other retiree benefits (132) (103)

RISK MANAGEMENT ACTIVITIES AND

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS	3 Months Ended
RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS	Sep. 30, 2022
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 three months ended September 30, 2022. 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 three months ended September 30, 2022. Cash equivalents were $5.1 billion and $6.0 billion as of September 30, 2022 and June 30, 2022, respectively, and are classified as Level 1 within the fair value hierarchy. Other investments had a fair value of $93 and $140 as of September 30, 2022 and June 30, 2022, respectively, including equity securities of $66 and $113 as of September 30, 2022 and June 30, 2022, respectively, and are presented in Other noncurrent assets. Investments are measured at fair value and primarily classified as Level 1 and Level 2 within the fair value hierarchy. Level 1 are based on quoted market prices in active markets for identical assets, and Level 2 are based on quoted market prices for similar instruments. There are no material investment balances classified as Level 3 within the fair value hierarchy or using net asset value as a practical expedient. Unrealized gains on equity securities were $9 during the three months ended September 30, 2022. Unrealized losses on equity securities were $(29) during the three months ended September 30, 2021. These unrealized gains/(losses) are recognized in Other non-operating income, net. The fair value of long-term debt was $21.8 billion and $25.7 billion as of September 30, 2022 and June 30, 2022, respectively. This includes the current portion of long-term debt instruments ($2.2 billion and $3.6 billion as of September 30, 2022 and June 30, 2022, 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 September 30, 2022 and June 30, 2022 are as follows: Notional Amount Fair Value Asset Fair Value (Liability) September 30, 2022 June 30, 2022 September 30, 2022 June 30, 2022 September 30, 2022 June 30, 2022 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ 3,743 $ 4,972 $ — $ 3 $ (435) $ (307) DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS Foreign currency interest rate contracts $ 11,877 $ 7,943 $ 877 $ 561 $ (9) $ (1) TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS $ 15,620 $ 12,915 $ 877 $ 564 $ (444) $ (308) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ 4,108 $ 5,625 $ 4 $ 6 $ (96) $ (61) TOTAL DERIVATIVES AT FAIR VALUE $ 19,728 $ 18,540 $ 881 $ 570 $ (540) $ (369) 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 $3.3 billion and $4.7 billion as of September 30, 2022 and June 30, 2022, 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 $9.4 billion and $11.2 billion as of September 30, 2022 and June 30, 2022, respectively. The increase in the notional balance of derivative instruments designated as net investment hedges is partially offset by the decrease in debt designated as a net investment hedge due to maturities. The net increase in the total amount of instruments designated as net investment hedges is primarily driven by the Company's decision to leverage favorable interest rate spreads in the foreign currency swap market. 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 on our financial instruments in hedging relationships are categorized as follows: Amount of Gain Recognized in OCI on Derivatives Three Months Ended September 30 2022 2021 DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2) Foreign exchange contracts $ 708 $ 208 (1) For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $46 and $15 for the three months ended September 30, 2022 and 2021, 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 recognized in Accumulated other comprehensive income (AOCI) for such instruments was $698 and $303 for the three months ended September 30, 2022 and 2021, respectively. Amount of Loss Recognized in Earnings Three Months Ended September 30 2022 2021 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ (131) $ (36) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ (146) $ (24)

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Comprehensive Income (Loss) Note [Text Block]	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: Investment Securities Post-retirement Benefit Plans Foreign Currency Translation Total AOCI Balance at June 30, 2022 $ 20 $ 27 $ (12,236) $ (12,189) OCI before reclassifications (1) (2) 82 (712) (632) Amounts reclassified to the Consolidated Statement of Earnings (2) — 5 — 5 Net current period OCI (2) 87 (712) (627) Less: OCI attributable to non-controlling interests — — (5) (5) Balance at September 30, 2022 $ 18 $ 114 $ (12,943) $ (12,811) (1) Net of tax (benefit)/expense of $(1), $9 and $330 for gains/losses on investment securities, postretirement benefit plans and foreign currency translation, respectively. Income tax effects within foreign currency translation include impacts from items such as net investment hedge transactions. (2) Net of tax expense of $0, $2 and $0 for gains/losses on investment securities, postretirement benefit plans and foreign currency translation, respectively. The below provides additional details on amounts reclassified from AOCI into the Consolidated Statements of Earnings: • Investment securities: amounts reclassified from AOCI into Other non-operating income, net. • Postretirement benefits: amounts reclassified from AOCI into Other non-operating income, net and included in the computation of net periodic postretirement costs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
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 2010 and forward. We are generally not able to reliably estimate the ultimate settlement amounts until the close of an 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 $12, 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 for the fiscal year ended June 30, 2022.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
Segment Reporting (Tables)	Sep. 30, 2022
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 September 30 2022 2021 Fabric Care 23% 23% Home Care 12% 11% Skin and Personal Care 10% 10% Baby Care 10% 10% Hair Care 9% 10% Family Care 8% 8% Grooming (2) 8% 7% Oral Care 8% 8% Feminine Care 6% 6% Personal Health Care 6% 5% Other —% 2% Total 100% 100% (1) % of Net sales by operating segment excludes sales held 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 three months ended September 30, 2021, Appliances was presented in Other. The following is a summary of reportable segment results: Three Months Ended September 30 Net Sales Earnings/(Loss) Before Income Taxes Net Earnings/(Loss) Beauty 2022 $ 3,961 $ 1,271 $ 1,011 2021 3,964 1,242 991 Grooming 2022 1,625 503 404 2021 1,687 518 417 Health Care 2022 2,757 800 617 2021 2,676 695 529 Fabric & Home Care 2022 7,082 1,543 1,172 2021 7,009 1,546 1,191 Baby, Feminine & Family Care 2022 4,934 1,055 805 2021 4,864 1,075 826 Corporate 2022 253 (175) (46) 2021 138 (41) 172 Total Company 2022 $ 20,612 $ 4,997 $ 3,963 2021 20,338 5,035 4,126

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Sep. 30, 2022
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, 2022 $ 13,296 $ 12,571 $ 7,589 $ 1,808 $ 4,436 $ 39,700 Acquisitions and divestitures — — — — — — Translation and other (344) (254) (217) (29) (95) (939) Goodwill at September 30, 2022 $ 12,952 $ 12,317 $ 7,372 $ 1,779 $ 4,341 $ 38,761
Schedule of Intangible Assets and Goodwill [Table Text Block]	Identifiable intangible assets at September 30, 2022 were comprised of: Gross Carrying Amount Accumulated Amortization Intangible assets with determinable lives $ 8,890 $ (6,284) Intangible assets with indefinite lives 20,859 — Total identifiable intangible assets $ 29,749 $ (6,284)
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, a 25 basis-point decrease in our short-term and residual growth rates or a 50 basis-point decrease in our royalty rates, some of which would result in an impairment of the Gillette indefinite-lived intangible asset. Approximate Percent Change in Estimated Fair Value +25 bps Discount Rate -25 bps Growth Rates -50 bps Royalty Rate Gillette indefinite-lived intangible asset (6)% (6)% (3)%

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2022
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 September 30 2022 2021 Net earnings $ 3,963 $ 4,126 Less: Net earnings attributable to noncontrolling interests 24 14 Net earnings attributable to P&G (Diluted) 3,939 4,112 Less: Preferred dividends 71 70 Net earnings attributable to P&G available to common shareholders (Basic) $ 3,868 $ 4,042 SHARES IN MILLIONS Basic weighted average common shares outstanding 2,385.5 2,428.1 Add: Effect of dilutive securities Convertible preferred shares (1) 77.4 80.5 Stock options and other unvested equity awards (2) 40.7 50.3 Diluted weighted average common shares outstanding 2,503.6 2,558.9 NET EARNINGS PER SHARE (3) Basic $ 1.62 $ 1.66 Diluted $ 1.57 $ 1.61 (1) An overview of preferred shares can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022. (2) Excludes 18 million and 9 million for the three months ended September 30, 2022 and 2021, respectively, of weighted average stock options outstanding because the exercise price of these options was greater than their average market value or their effect was antidilutive. (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)	3 Months Ended
	Sep. 30, 2022
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 impacts: Three Months Ended September 30 2022 2021 Share-based compensation expense $ 105 $ 116 Net periodic benefit cost for pension benefits 43 48 Net periodic benefit credit for other retiree benefits (132) (103)

RISK MANAGEMENT ACTIVITIES AN_2

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and June 30, 2022 are as follows: Notional Amount Fair Value Asset Fair Value (Liability) September 30, 2022 June 30, 2022 September 30, 2022 June 30, 2022 September 30, 2022 June 30, 2022 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ 3,743 $ 4,972 $ — $ 3 $ (435) $ (307) DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS Foreign currency interest rate contracts $ 11,877 $ 7,943 $ 877 $ 561 $ (9) $ (1) TOTAL DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS $ 15,620 $ 12,915 $ 877 $ 564 $ (444) $ (308) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ 4,108 $ 5,625 $ 4 $ 6 $ (96) $ (61) TOTAL DERIVATIVES AT FAIR VALUE $ 19,728 $ 18,540 $ 881 $ 570 $ (540) $ (369)
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Before tax gains on our financial instruments in hedging relationships are categorized as follows: Amount of Gain Recognized in OCI on Derivatives Three Months Ended September 30 2022 2021 DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2) Foreign exchange contracts $ 708 $ 208 (1) For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $46 and $15 for the three months ended September 30, 2022 and 2021, 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 recognized in Accumulated other comprehensive income (AOCI) for such instruments was $698 and $303 for the three months ended September 30, 2022 and 2021, respectively.
Derivative Instruments, Gain (Loss) [Table Text Block]	Amount of Loss Recognized in Earnings Three Months Ended September 30 2022 2021 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ (131) $ (36) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ (146) $ (24)

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	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: Investment Securities Post-retirement Benefit Plans Foreign Currency Translation Total AOCI Balance at June 30, 2022 $ 20 $ 27 $ (12,236) $ (12,189) OCI before reclassifications (1) (2) 82 (712) (632) Amounts reclassified to the Consolidated Statement of Earnings (2) — 5 — 5 Net current period OCI (2) 87 (712) (627) Less: OCI attributable to non-controlling interests — — (5) (5) Balance at September 30, 2022 $ 18 $ 114 $ (12,943) $ (12,811) (1) Net of tax (benefit)/expense of $(1), $9 and $330 for gains/losses on investment securities, postretirement benefit plans and foreign currency translation, respectively. Income tax effects within foreign currency translation include impacts from items such as net investment hedge transactions. (2) Net of tax expense of $0, $2 and $0 for gains/losses on investment securities, postretirement benefit plans and foreign currency translation, respectively.

SEGMENT INFORMATION - SALES (De

SEGMENT INFORMATION - SALES (Details)		3 Months Ended
SEGMENT INFORMATION - SALES (Details)		Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	100%	100%
Fabric Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	23%	23%
Home Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	12%	11%
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%	10%
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%	10%
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%	10%
Family Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	8%	8%
Grooming
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1],[2]	8%	7%
Oral Care [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	8%	8%
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%	6%
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]	6%	5%
All Other [Member]
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments - Percent of Sales by Business Unit	[1]	0%	2%

[1]% of Net sales by operating segment excludes sales held 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 three months ended September 30, 2021, Appliances was presented in Other.

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net Sales	$ 20,612	$ 20,338
Earnings/(Loss) from Continuing Operations Before Income Taxes	4,997	5,035
Net Earnings/(Loss) from Continuing Operations	3,963	4,126
Beauty
Segment Reporting Information [Line Items]
Net Sales	3,961	3,964
Earnings/(Loss) from Continuing Operations Before Income Taxes	1,271	1,242
Net Earnings/(Loss) from Continuing Operations	1,011	991
Grooming
Segment Reporting Information [Line Items]
Net Sales	1,625	1,687
Earnings/(Loss) from Continuing Operations Before Income Taxes	503	518
Net Earnings/(Loss) from Continuing Operations	404	417
Health Care
Segment Reporting Information [Line Items]
Net Sales	2,757	2,676
Earnings/(Loss) from Continuing Operations Before Income Taxes	800	695
Net Earnings/(Loss) from Continuing Operations	617	529
Fabric and Home Care
Segment Reporting Information [Line Items]
Net Sales	7,082	7,009
Earnings/(Loss) from Continuing Operations Before Income Taxes	1,543	1,546
Net Earnings/(Loss) from Continuing Operations	1,172	1,191
Baby, Feminine & Family Care
Segment Reporting Information [Line Items]
Net Sales	4,934	4,864
Earnings/(Loss) from Continuing Operations Before Income Taxes	1,055	1,075
Net Earnings/(Loss) from Continuing Operations	805	826
Corporate
Segment Reporting Information [Line Items]
Net Sales	253	138
Earnings/(Loss) from Continuing Operations Before Income Taxes	(175)	(41)
Net Earnings/(Loss) from Continuing Operations	$ (46)	$ 172

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	3 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill at June 30, 2022	$ 39,700
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	(939)
Goodwill at September 30, 2022	38,761
Beauty
Goodwill [Roll Forward]
Goodwill at June 30, 2022	13,296
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	(344)
Goodwill at September 30, 2022	12,952
Grooming
Goodwill [Roll Forward]
Goodwill at June 30, 2022	12,571
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	(254)
Goodwill at September 30, 2022	12,317
Health Care
Goodwill [Roll Forward]
Goodwill at June 30, 2022	7,589
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	(217)
Goodwill at September 30, 2022	7,372
Fabric & Home Care
Goodwill [Roll Forward]
Goodwill at June 30, 2022	1,808
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	(29)
Goodwill at September 30, 2022	1,779
Baby, Feminine & Family Care
Goodwill [Roll Forward]
Goodwill at June 30, 2022	4,436
Goodwill, Acquisitions and Divestitures	0
Goodwill, Translation and Other	(95)
Goodwill at September 30, 2022	$ 4,341

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - IDENTIFIABLE INTANGIBLE ASSETS (Details) $ in Millions	Sep. 30, 2022 USD ($)
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 29,749
Accumulated Amortization	(6,284)
Intangible Assets with Indefinite Lives
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	20,859
Accumulated Amortization	0
Intangible Assets with Determinable Lives
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,890
Accumulated Amortization	$ (6,284)

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - FAIR VALUE SENSITIVITY (Details) - Intangible Assets with Indefinite Lives - Gillette	Sep. 30, 2022
25 bps Decrease Long-Term Growth [Member]
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(6.00%)
25 bps Increase Discount Rate [Member]
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(6.00%)
50 bps Decrease Long-Term Royalty [Member]
SCHEDULE OF POTENTIAL IMPACTS TO ESTIMATED FAIR VALUES [Line Items]
Percent Change in Estimated Fair Value	(3.00%)

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Other Significant Noncash Transactions [Line Items]
Amortization of Intangible Assets	$ 80	$ 77
Gillette
Other Significant Noncash Transactions [Line Items]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount			5%
Grooming
Other Significant Noncash Transactions [Line Items]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount			40%
Intangible Assets with Indefinite Lives \| Gillette
Other Significant Noncash Transactions [Line Items]
Intangible Assets, Net (Including Goodwill)	$ 14,100

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share Reconciliation [Abstract]
Net Earnings		$ 3,963	$ 4,126
Net Income (Loss) Attributable to Noncontrolling Interest		24	14
Net Earnings/(Loss) Attributable to P&G (Diluted)		3,939	4,112
Dividends, Preferred Stock		71	70
Net Earnings/(Loss) Attributable to P&G Available to Common Shareholders (Basic)		$ 3,868	$ 4,042
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic Weighted Average Common Shares Outstanding		2,385.5	2,428.1
Effect of Dilutive Securities
Conversion of Preferred Shares	[1]	77.4	80.5
Exercise of Stock Options and Other Unvested Equity Awards	[2]	40.7	50.3
Diluted Weighted Average Common Shares Outstanding		2,503.6	2,558.9
Basic Net Earnings/(Loss) Per Common Share	[3],[4]	$ 1.62	$ 1.66
Diluted Net Earnings/(Loss) Per Common Share	[3],[4]	$ 1.57	$ 1.61

[1]An overview of preferred shares can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022.[2]Excludes 18 million and 9 million for the three months ended September 30, 2022 and 2021, respectively, of weighted average stock options outstanding because the exercise price of these options was greater than their average market value or their effect was antidilutive.[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
	Sep. 30, 2022	Sep. 30, 2021
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	18	9

SHARE-BASED COMPENSATION AND _3

SHARE-BASED COMPENSATION AND POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Share-based Payment Arrangement, Expense	$ 105	$ 116
Pension Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	43	48
Other Postretirement Benefit Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (132)	$ (103)

RISK MANAGEMENT ACTIVITIES AN_3

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - SCHEDULE OF DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022
Derivative [Line Items]
Derivative, Notional Amount	$ 19,728	$ 18,540
Derivative Asset	881	570
Derivative Liability	(540)	(369)
Derivatives in Fair Value Hedging Relationships \| Interest Rate Contracts
Derivative [Line Items]
Derivative, Notional Amount	3,743	4,972
Derivative Asset	0	3
Derivative Liability	(435)	(307)
Derivatives in Net Investment Hedging Relationships \| Foreign Exchange Contract
Derivative [Line Items]
Derivative, Notional Amount	11,877	7,943
Derivative Asset	877	561
Derivative Liability	(9)	(1)
Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount	15,620	12,915
Derivative Asset	877	564
Derivative Liability	(444)	(308)
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative [Line Items]
Derivative, Notional Amount	4,108	5,625
Derivative Asset	4	6
Derivative Liability	$ (96)	$ (61)

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
		Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		$ 46	$ 15
Accumulated Other Comprehensive Income, Gain (Loss)		$ 698	$ 303
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Description of Location of Gain (Loss) on Net Investment Hedges in Financial Statements	[1],[2]	708	208

[1]For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $46 and $15 for the three months ended September 30, 2022 and 2021, 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 recognized in Accumulated other comprehensive income (AOCI) for such instruments was $698 and $303 for the three months ended September 30, 2022 and 2021, respectively.

RISK MANAGEMENT ACTIVITIES AN_5

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENTS GAIN (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Not Designated as Hedging Instrument \| Foreign Currency Contract
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (146)	$ (24)
Derivatives in Fair Value Hedging Relationships \| Interest Rate Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (131)	$ (36)

RISK MANAGEMENT ACTIVITIES AN_6

RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, at Carrying Value	$ 5,100		$ 6,000
Equity Securities, FV-NI	66		113
Equity Securities, FV-NI, Unrealized Gain (Loss)	9	$ (29)
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	3,300		4,700
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	9,400		11,200
Long-term Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	21,800		25,700
Long Term Debt, Current Maturities Measured at Fair Value	2,200		3,600
Other Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	$ 93		$ 140

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - CHANGES IN AOCI AND RECLASSIFICATION OUT OF AOCI (Details) - USD ($) $ in Millions		3 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Accumulated Other Comprehensive Income/(Loss)		$ (12,811)		$ (12,189)
OCI before Reclassifications	[1]	(632)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]	5
Other Comprehensive Income (Loss), Net of Tax		(627)	$ (318)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest		(5)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income/(Loss)		18		20
OCI before Reclassifications	[1]	(2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]	0
Other Comprehensive Income (Loss), Net of Tax		(2)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest		0
Other Comprehensive Income (Loss) before Reclassifications, Tax	[1]	(1)
Reclassification from AOCI, Current Period, Tax	[2]	0
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income/(Loss)		114		27
OCI before Reclassifications	[1]	82
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]	5
Other Comprehensive Income (Loss), Net of Tax		87
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest		0
Other Comprehensive Income (Loss) before Reclassifications, Tax	[1]	9
Reclassification from AOCI, Current Period, Tax	[2]	2
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income/(Loss)		(12,943)		$ (12,236)
OCI before Reclassifications	[1]	(712)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]	0
Other Comprehensive Income (Loss), Net of Tax		(712)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest		(5)
Other Comprehensive Income (Loss) before Reclassifications, Tax	[1]	330
Reclassification from AOCI, Current Period, Tax	[2]	$ 0

[1]Net of tax (benefit)/expense of $(1), $9 and $330 for gains/losses on investment securities, postretirement benefit plans and foreign currency translation, respectively. Income tax effects within foreign currency translation include impacts from items such as net investment hedge transactions.[2]Net of tax expense of $0, $2 and $0 for gains/losses on investment securities, postretirement benefit plans and foreign currency translation, respectively.

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - ADDITIONAL INFORMATION (Details) $ in Millions	3 Months Ended
	Sep. 30, 2022 USD ($) countries audit taxable_jurisdiction
Loss Contingencies [Line Items]
Number of Countries With On The Ground Operations \| countries	70
Number of Taxable Jurisdictions \| taxable_jurisdiction	150
Tax Adjustments, Settlements, and Unusual Provisions \| $	$ 12
Minimum
Loss Contingencies [Line Items]
Number of Audits Typically Underway	40
Maximum
Loss Contingencies [Line Items]
Number of Audits Typically Underway	50