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Document and Entity Information Document
6 Months Ended
Dec. 31, 2013
Document and Entity Information [Abstract] '
Entity Registrant Name 'PROCTER & GAMBLE CO
Entity Central Index Key '0000080424
Current Fiscal Year End Date '--06-30
Entity Filer Category 'Large Accelerated Filer
Document Type '10-Q
Document Period End Date Dec 31, 2013
Document Fiscal Year Focus '2014
Document Fiscal Period Focus 'Q2
Amendment Flag 'false
Trading Symbol 'PG
Entity Well Known Seasoned Issuer 'Yes
Entity Current Reporting Status 'Yes
Entity Voluntary Files 'No
Entity Common Stock, Shares Outstanding 2,711,408,161
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CONSOLIDATED STATEMENTS OF EARNINGS (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Income Statement [Abstract] ' ' ' '
NET SALES $ 22,280 $ 22,175 $ 43,485 $ 42,914
Cost of products sold 11,130 10,880 21,940 21,230
Selling, general and administrative expense 6,598 6,803 12,842 13,241
OPERATING INCOME 4,552 4,492 8,703 8,443
Interest expense 187 169 352 341
Interest income 23 19 44 38
Other non-operating income 43 876 48 904
EARNINGS BEFORE INCOME TAXES 4,431 5,218 8,443 9,044
Income taxes 959 1,142 1,914 2,115
NET EARNINGS 3,472 4,076 6,529 6,929
Less: Net earnings attributable to noncontrolling interests 44 19 74 58
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE $ 3,428 $ 4,057 $ 6,455 $ 6,871
Basic Net Earnings per Common Share ' ' ' '
Basic net earnings per common share (in dollars per share) $ 1.24 [1] $ 1.46 [1] $ 2.32 [1] $ 2.46 [1]
Diluted Net Earnings per Common Share ' ' ' '
Diluted net earnings per common share (in dollars per share) $ 1.18 [1] $ 1.39 [1] $ 2.21 [1] $ 2.35 [1]
Dividends per common share (in dollars per share) $ 0.602 $ 0.562 $ 1.203 $ 1.124
Diluted Weighted Average Common Shares Outstanding (in shares) 2,908.5 2,919.1 2,916.4 2,926.1
[1] Basic net earnings per share and diluted net earnings per share are calculated on net earnings attributable to Procter & Gamble
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Statement of Comprehensive Income [Abstract] ' ' ' '
NET EARNINGS $ 3,472 $ 4,076 $ 6,529 $ 6,929
Financial statement translation 431 336 1,480 1,747
Hedges (71) 84 (310) (146)
Investment securities net of tax (15) 1 (1) 1
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax 20 64 (36) 37
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 365 485 1,133 1,639
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest 3,837 4,561 7,662 8,568
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 50 21 85 69
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE $ 3,787 $ 4,540 $ 7,577 $ 8,499
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CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Jun. 30, 2013
CURRENT ASSETS ' '
Cash and cash equivalents $ 6,929 $ 5,947
Available-for-sale investment securities 1,574 0
Accounts receivable 6,911 6,508
Inventories ' '
Materials and supplies 1,974 1,704
Work in process 686 722
Finished goods 4,719 4,483
Total inventories 7,379 6,909
Deferred income taxes 1,173 948
Prepaid expenses and other current assets 3,501 3,678
TOTAL CURRENT ASSETS 27,467 23,990
PROPERTY, PLANT AND EQUIPMENT ' '
Total property, plant and equipment 22,152 21,666
GOODWILL AND OTHER INTANGIBLE ASSETS ' '
Goodwill 56,293 55,188
Trademarks and other intangible assets, net 31,595 31,572
OTHER NON-CURRENT ASSETS 5,420 6,847
TOTAL ASSETS 142,927 139,263
CURRENT LIABILITIES ' '
Accounts payable 7,156 8,777
Accrued and other liabilities 9,480 8,828
Debt due within one year 14,091 12,432
TOTAL CURRENT LIABILITIES 30,727 30,037
LONG-TERM DEBT 21,517 19,111
DEFERRED INCOME TAXES 10,809 10,827
OTHER NON-CURRENT LIABILITIES 9,736 10,579
TOTAL LIABILITIES 72,789 70,554
SHAREHOLDERS' EQUITY ' '
Preferred stock 1,125 1,137
Common stock - shares issued (in shares) 4,009.2 4,009.2
Common stock - shares issued - December 2013, 4,009.2; June 2013, 4,009.2 4,009 4,009
Additional paid-in capital 63,726 63,538
Reserve for ESOP debt retirement (1,348) (1,352)
Accumulated other comprehensive income (loss) (6,366) (7,499)
Treasury stock (75,048) (71,966)
Retained earnings 83,280 80,197
Noncontrolling interest 760 645
TOTAL SHAREHOLDERS' EQUITY 70,138 68,709
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 142,927 $ 139,263
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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Statement of Cash Flows [Abstract] ' '
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD $ 5,947 $ 4,436
OPERATING ACTIVITIES ' '
NET EARNINGS 6,529 6,929
Depreciation and amortization 1,526 1,448
Share-based compensation expense 153 154
Deferred income taxes (126) 18
(Gain)/loss on sale of businesses (5) (902)
Changes in: ' '
Accounts receivable (376) (914)
Inventories (446) (324)
Accounts payable, accrued and other liabilities (1,191) (288)
Other operating assets and liabilities (859) 556
Other 138 (58)
TOTAL OPERATING ACTIVITIES 5,343 6,619
INVESTING ACTIVITIES ' '
Capital expenditures (1,663) (1,529)
Proceeds from asset sales 15 474
Acquisitions, net of cash acquired 1 (1,123)
Change in investments (149) (179)
TOTAL INVESTING ACTIVITIES (1,796) (2,357)
FINANCING ACTIVITIES ' '
Dividends to shareholders (3,409) (3,206)
Change in short-term debt (429) 4,972
Additions to long-term debt 4,271 2,239
Reductions of long-term debt (3) (3,749)
Treasury stock purchases (4,004) (3,984)
Impact of stock options and other 937 1,662
TOTAL FINANCING ACTIVITIES (2,637) (2,066)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 72 11
CHANGE IN CASH AND CASH EQUIVALENTS 982 2,207
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 6,929 $ 6,643
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Organization, Consolidation and Presentation of Financial Statements Disclosure
6 Months Ended
Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract] '
Organization, Consolidation and Presentation of Financial Statements Disclosure '
1. Basis of Presentation

These statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013 and the Form 8-K filed October 28, 2013 to update the Form 10-K for a change to our reportable segments that was effective July 1, 2013. In the opinion of management, the accompanying unaudited Consolidated Financial Statements of The Procter & Gamble Company and subsidiaries (the "Company," "Procter & Gamble," "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.
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New Accounting Pronouncements and Policies
6 Months Ended
Dec. 31, 2013
Accounting Changes and Error Corrections [Abstract] '
New Accounting Pronouncements and Policies '
2. New Accounting Pronouncements and Policies

No new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material impact on the Consolidated Financial Statements.
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Segment Information
6 Months Ended
Dec. 31, 2013
Segment Reporting [Abstract] '
Segment Information '
3. Segment Information

Effective July 1, 2013, the Company implemented a number of changes to our GBU structure, which resulted in changes to our reportable segments.  We organized our Global Business Units (GBUs) into four industry-based sectors comprised of 1) Global Beauty, 2) Global Health and Grooming, 3) Global Fabric and Home Care, and 4) Global Baby, Feminine and Family Care. Under U.S. GAAP, the GBUs underlying these sectors will be aggregated into five reportable segments: 1) Beauty, 2) Grooming, 3) Health Care, 4) Fabric Care and Home Care, and 5) Baby, Feminine and Family Care. As a result of the organizational changes, Feminine Care transitioned from Health Care to Baby, Feminine and Family Care, and Pet Care transitioned from Fabric Care and Home Care to Health Care. Prior periods have been recast to reflect the change.

Following is a summary of segment results.
 
 
 
Three Months Ended December 31
 
Six Months Ended December 31
 
 
 
Net Sales
 
Earnings Before Income Taxes
 
Net Earnings
 
Net Sales
 
Earnings Before Income Taxes
 
Net Earnings
Beauty
2013
  
$
5,284

 
$
1,160

 
$
927

 
$
10,187

 
$
2,069

 
$
1,617

 
2012
  
5,403

 
1,138

 
877

 
10,343

 
1,990

 
1,535

Grooming
2013
  
2,118

 
730

 
553

 
4,074

 
1,331

 
1,006

 
2012
  
2,119

 
695

 
518

 
4,126

 
1,329

 
984

Health Care
2013
  
2,574

 
536

 
377

 
4,880

 
934

 
644

 
2012
  
2,470

 
501

 
350

 
4,792

 
987

 
671

Fabric Care and Home Care
2013
  
6,851

 
1,344

 
877

 
13,551

 
2,642

 
1,734

 
2012
  
6,785

 
1,338

 
879

 
13,288

 
2,665

 
1,756

Baby, Feminine and Family Care
2013
  
5,603

 
1,142

 
765

 
11,106

 
2,263

 
1,490

 
2012
  
5,557

 
1,219

 
800

 
10,805

 
2,342

 
1,524

Corporate
2013
  
(150
)
 
(481
)
 
(27
)
 
(313
)
 
(796
)
 
38

 
2012
  
(159
)
 
327

 
652

 
(440
)
 
(269
)
 
459

Total
2013
  
$
22,280

 
$
4,431

 
$
3,472

 
$
43,485

 
$
8,443

 
$
6,529

 
2012
  
22,175

 
5,218

 
4,076

 
42,914

 
9,044

 
6,929

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Goodwill and Other Intangible Assets
6 Months Ended
Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract] '
Goodwill and Other Intangible Assets '
4. Goodwill and Other Intangible Assets

Goodwill is allocated by reportable segment as follows.
 
Beauty
 
Grooming
 
Health Care
 
Fabric Care and Home Care
 
Baby, Feminine and Family Care
 
Corporate
 
Total Company
GOODWILL at June 30, 2013
$
16,663

 
$
20,617

 
$
8,318

 
$
4,453

 
$
4,828

 
$
309

 
$
55,188

Translation and Other
425

 
392

 
121

 
67

 
100

 

 
1,105

GOODWILL at December 31, 2013
$
17,088

 
$
21,009

 
$
8,439

 
$
4,520

 
$
4,928

 
$
309

 
$
56,293



Goodwill increased from June 30, 2013, due to currency translation across all reportable segments.

Identifiable intangible assets at December 31, 2013 are comprised of:
 
Gross Carrying Amount
 
Accumulated Amortization
Intangible assets with determinable lives
$
9,853

  
$
5,244

Intangible assets with indefinite lives
26,986

  

Total identifiable intangible assets
$
36,839

  
$
5,244



Intangible assets with determinable lives consist of brands, patents, technology and customer relationships. The intangible assets with indefinite lives consist primarily of brands. The amortization of intangible assets for the three months ended December 31, 2013 and 2012 was $129 million and $125 million, respectively. For the six months ended December 31, 2013 and 2012, the amortization of intangibles was $263 million and $253 million, respectively.

The results of our annual goodwill impairment testing, which took place during the quarter ended December 31, 2013, indicated a decline in the fair value of the Batteries reporting unit due to lower long-term market growth assumptions in certain key geographies.  The estimated fair value of Batteries continues to exceed its underlying carrying value, but the excess has been reduced to approximately 6%.  The business unit valuations used to test goodwill for impairment are dependent on a number of significant estimates and assumptions, including macroeconomic conditions, overall category growth rates, competitive activities, cost containment and margin expansion and Company business plans.  We believe these estimates and assumptions are reasonable.  However, actual events and results of the Batteries reporting unit could differ substantially from those used in our valuations.  To the extent such factors result in a further reduction of the level of projected cash flows used to estimate the Batteries reporting unit fair value, we may need to record non-cash impairment charges in the future.
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Share-Based Compensation
6 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] '
Share-Based Compensation '
5. Share-Based Compensation

Total share-based compensation expense was as follows:
 
Three Months Ended December 31
 
Six Months Ended December 31
 
2013
 
2012
 
2013
 
2012
Stock options
$
47

  
$
62

 
$
106

 
$
116

Other share-based awards
22

  
13

 
47

 
38

Total share-based compensation
$
69

  
$
75

 
$
153

 
$
154


Assumptions utilized in the model that estimates the fair value of share-based awards for purposes of calculating compensation expense are evaluated and revised, as necessary, to reflect market conditions and experience.
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Postretirement Benefits
6 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract] '
Postretirement Benefits '
6. Postretirement Benefits

The Company offers various postretirement benefits to its employees.

The components of net periodic benefit cost for defined benefit plans are as follows:
 
 
Pension Benefits
 
Other Retiree Benefits
 
Three Months Ended December 31
 
Three Months Ended December 31
 
2013
 
2012
 
2013
 
2012
Service cost
$
74

 
$
76

 
$
38

 
$
48

Interest cost
148

 
141

 
64

 
66

Expected return on plan assets
(176
)
 
(148
)
 
(97
)
 
(96
)
Prior service cost / (credit) amortization
7

 
6

 
(5
)
 
(5
)
Net actuarial loss amortization
54

 
53

 
30

 
50

Curtailment loss

 
2

 

 

Gross benefit cost
107

 
130

 
30

 
63

Dividends on ESOP preferred stock

 

 
(16
)
 
(18
)
Net periodic benefit cost
$
107

 
$
130

 
$
14

 
$
45


  
 
Pension Benefits
 
Other Retiree Benefits
 
Six Months Ended December 31
 
Six Months Ended December 31
 
2013
 
2012
 
2013
 
2012
Service cost
$
147

 
$
150

 
$
75

 
$
95

Interest cost
291

 
281

 
128

 
130

Expected return on plan assets
(346
)
 
(296
)
 
(193
)
(191
)
Prior service cost / (credit) amortization
13

 
9

 
(10
)
 
(10
)
Net actuarial loss amortization
106

 
106

 
59

100

Curtailment loss

 
2

 

 

Gross benefit cost
211

 
252

 
59

 
124

Dividends on ESOP preferred stock

 

 
(32
)
 
(35
)
Net periodic benefit cost
$
211

 
$
252

 
$
27

 
$
89



For the year ending June 30, 2014, the expected return on plan assets is 7.2% and 8.3% for pensions and other retiree benefit plans, respectively.
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Risk Management Activities and Fair Value Measurements
6 Months Ended
Dec. 31, 2013
Risk Management Activities and Fair Value Measurements [Abstract] '
Risk Management And Fair Value Measurements '
7. 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.

Fair Value Hierarchy
The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period. The following table sets forth the Company’s financial assets and liabilities as of December 31, 2013 and June 30, 2013 that are measured at fair value on a recurring basis during the period, segregated by level within the fair value hierarchy:
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
December 31, 2013
 
June 30, 2013
 
December 31, 2013
 
June 30, 2013
 
December 31, 2013
 
June 30, 2013
 
December 31, 2013
 
June 30, 2013
Assets recorded at fair value:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government securities
$

 
$

 
$
1,574

 
$
1,571

 
$

 
$

 
$
1,574

 
$
1,571

Other investments
8

  
23

  

  

 
25

  
24

  
33

  
47

Derivatives relating to:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency hedges

 

 
219

 
168

 

 

 
219

 
168

Other foreign currency instruments (1)

  

  
31

  
19

  

  

  
31

  
19

Interest rates

  

  
136

  
191

  

  

  
136

  
191

Net investment hedges

  

  
133

  
233

  

  

  
133

  
233

Total assets recorded at fair value (2)
8

  
23

  
2,093

  
2,182

  
25

  
24

  
2,126

  
2,229

Liabilities recorded at fair value:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives relating to:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency hedges

  

  

  

  

  

  

  

Other foreign currency instruments (1)

  

  
76

  
90

  

  

  
76

  
90

Interest rates

 

 
117

 
59

 

 

 
117

 
59

Net investment hedges

  

  

  

  

  

  

  

Liabilities recorded at fair value (3)

  

  
193

  
149

  

  

  
193

  
149

Liabilities not recorded at fair value:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt (4)
26,275

 
22,671

 
3,626

 
3,022

 

 

 
29,901

 
25,693

Total liabilities recorded and not recorded at fair value
$
26,275

 
$
22,671

 
$
3,819

 
$
3,171

 
$

 
$

 
$
30,094

 
$
25,842


(1) 
Other foreign currency instruments are comprised of foreign currency financial instruments that do not qualify as hedges.
(2) 
All derivative assets are presented in prepaid expenses and other current assets and other noncurrent assets. Investment securities are presented in available-for-sale investment securities and other noncurrent assets. The U.S government securities are included in other noncurrent assets in our Consolidated Balance Sheet at June 30, 2013. The amortized cost of the U.S. government securities was $1,604 as of December 31, 2013 and June 30, 2013. All U.S. government securities have contractual maturities between one and five years. Fair values are generally estimated based upon quoted market prices for similar instruments.
(3) 
All liabilities are presented in accrued and other liabilities or other noncurrent liabilities.
(4) 
Long-term debt includes the current portion ($6,521 and $4,540 as of December 31, 2013 and June 30, 2013, respectively) of debt instruments. Long-term debt is not recorded at fair value on a recurring basis, but is measured at fair value for disclosure purposes. Fair values are generally estimated based on quoted market prices for identical or similar instruments.

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 and there were no assets or liabilities that were remeasured at fair value on a non-recurring basis for the period ended December 31, 2013.
 
Substantially all of the Company’s financial instruments used in hedging transactions are governed by industry standard netting agreements with counterparties. If the Company’s credit rating were to fall below the levels stipulated in the agreements, the counterparties could demand either collateralization or termination of the arrangement. The aggregate fair value of the instruments covered by these contractual features that are in a net liability position as of December 31, 2013, was not material. The Company has not been required to post any collateral as a result of these contractual features.

Disclosures about Derivative Instruments
The notional amounts and fair values of qualifying and non-qualifying financial instruments used in hedging transactions as of December 31, 2013 and June 30, 2013 are as follows:
 
 
Notional Amount
 
Fair Value Asset/(Liability)
 
December 31, 2013
 
June 30, 2013
 
December 31, 2013
 
June 30, 2013
Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
Foreign currency contracts
$
951

 
$
951

  
$
219

 
$
168

Derivatives in Fair Value Hedging Relationships
 
 
 
 
 
 
 
Interest rate contracts
$
11,833

 
$
9,117

 
$
19

 
$
132

Derivatives in Net Investment Hedging Relationships
 
 
 
 
 
 
 
Net investment hedges
$
1,125

 
$
1,303

 
$
133

 
$
233

Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
 
Foreign currency contracts
$
6,824

 
$
7,080

 
$
(45
)
 
$
(71
)

  
 
Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion)
 
December 31, 2013
 
June 30, 2013
Derivatives in Cash Flow Hedging Relationships
 
 
 
Interest rate contracts
$
5

 
$
7

Foreign currency contracts
18

 
14

Total
$
23

 
$
21

Derivatives in Net Investment Hedging Relationships
 
 
 
Net investment hedges
$
82

 
$
145



The effective portion of gains and losses on derivative instruments that was recognized in other comprehensive income (OCI) during the six months ended December 31, 2013 and 2012, was not material. During the next 12 months, the amount of the December 31, 2013 accumulated OCI (AOCI) balance that will be reclassified to earnings is expected to be immaterial.

The amounts of gains and losses on qualifying and non-qualifying financial instruments used in hedging transactions for the three and six months ended December 31, 2013 and 2012 are as follows:
 
 
Amount of Gain/(Loss) Reclassified from Accumulated OCI into  Income (1)
 
Three Months Ended December 31
 
Six Months Ended December 31
 
2013
 
2012
 
2013
 
2012
Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
Interest rate contracts
$
1

 
$
1

 
$
3

 
$
3

Foreign currency contracts
58

 
106

 
56

 
88

Total
$
59

 
$
107

 
$
59

 
$
91

 
 
 
 
 
 
 
 
 
Amount of Gain/(Loss) Recognized in Income
 
Three Months Ended December 31
 
Six Months Ended December 31
 
2013
 
2012
 
2013
 
2012
Derivatives in Fair Value Hedging Relationships (2)

 
 
 
 
 
 
 
Interest rate contracts
$
(84
)
 
$
(15
)
 
(113
)
 
25

Debt
84

 
17

 
113

 
(21
)
Total

 
2

 

 
4

Derivatives in Net Investment Hedging Relationships (2)
 
 
 
 
 
 
 
Net investment hedges
$

 
$
(1
)
 
$

 
$
(1
)
Derivatives Not Designated as Hedging Instruments (3)
 
 
 
 
 
 
 
Foreign currency contracts (4)
$
(26
)
 
$
(53
)
 
$
83

 
$
226

Commodity contracts

 
(2
)
 

 

Total
$
(26
)
 
$
(55
)
 
$
83

 
$
226

(1) 
The gain or loss on the effective portion of cash flow hedging relationships is reclassified from AOCI into net income in the same period during which the related item affects earnings. Such amounts are included in the Consolidated Statements of Earnings as follows: interest rate contracts in interest expense, foreign currency contracts in selling, general and administrative expense (SG&A) and interest expense and commodity contracts in cost of products sold.
(2) 
The gain or loss on the ineffective portion of interest rate contracts and net investment hedges, if any, is included in the Consolidated Statements of Earnings in interest expense.
(3) 
The gain or loss on contracts not designated as hedging instruments is included in the Consolidated Statements of Earnings as follows: foreign currency contracts in SG&A and commodity contracts in cost of products sold.
(4)
The gain or loss on non-qualifying foreign currency contracts substantially offsets the foreign currency mark-to-market impact of the related exposure.
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Accumulated Other Comprehensive Income (Notes)
6 Months Ended
Dec. 31, 2013
Statement of Financial Position [Abstract] '
Accumulated Other Comprehensive Income [Text Block] '
8. Accumulated Other Comprehensive Income / (Loss)

The tables below present the changes in accumulated other comprehensive income / (loss) by component and the reclassifications out of accumulated other comprehensive income / (loss).
 
Changes in Accumulated Other Comprehensive Income / (Loss) by Component
 
 
 
Hedges
 
Investment Securities
 
Pension and Other Retiree Benefits
 
Financial Statement Translation
 
Total
 
Balance at June 30, 2013
$
(3,529
)
 
$
(27
)
 
$
(4,296
)
 
$
353

 
$
(7,499
)
 
OCI before reclassifications (1)
(252
)
 
9

 
(158
)
 
1,480

 
1,079

 
Amounts reclassified out of AOCI
(58
)
 
(10
)
 
122

 

 
54

 
Net current period OCI
(310
)
 
(1
)
 
(36
)
 
1,480

 
1,133

 
Balance at December 31, 2013
$
(3,839
)
 
$
(28
)
 
$
(4,332
)
 
$
1,833

 
$
(6,366
)

(1) Net of tax (benefit) / expense of $(187), $3 and $(43) for hedges, investment securities, and defined benefit retirement plans, respectively.

Reclassifications out of Accumulated Other Comprehensive Income
 
Three Months Ended December 31
 
Six Months Ended December 31
 
2013
 
2013
Hedges (1)
 
 
 
Interest rate contracts
$
1

 
$
3

Foreign exchange contracts
58

 
56

Total before-tax
59

 
59

Tax (expense) / benefit
(1
)
 
(1
)
Net of tax
58

 
58

 
 
 
 
Gains and (losses) on Investment Securities (2)
16

 
16

Tax (expense) / benefit
(6
)
 
(6
)
Net of tax
10

 
10

 
 
 
 
Pension and Other Retiree Benefits (3)
 
 
 
Amortization of deferred amounts
(2
)
 
(3
)
Recognized net actuarial gains/(losses)
(84
)
 
(165
)
Total before-tax
(86
)
 
(168
)
Tax (expense) / benefit
22

 
46

Net of tax
(64
)
 
(122
)
Total reclassifications, net of tax
$
4

 
$
(54
)

(1) See Note 7 for classification of these items in the Consolidated Statement of Earnings.
(2) Reclassified from AOCI into Other non-operating income, net.
(3) Reclassified from AOCI into costs of products sold and SG&A. These components are included in the computation of net periodic pension cost (see Note 6 for additional details).
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Restructuring Program
6 Months Ended
Dec. 31, 2013
Restructuring and Related Activities [Abstract] '
Restructuring Program '
9. 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 million annually. In February and November 2012, the Company made announcements regarding an incremental restructuring program as part of a productivity and cost savings plan to reduce costs in the areas of supply chain, research and development, marketing and overheads. The productivity and cost savings plan was designed to accelerate cost reductions by streamlining management decision making, manufacturing and other work processes in order to help fund the Company's growth strategy. The restructuring program is being executed across the Company's centralized organization as well as across virtually all of its Market Development Organization (MDO) and GBUs.

The Company expects to incur in excess of $3.5 billion in before-tax restructuring costs over a five year period (from fiscal 2012 through fiscal 2016), including costs incurred as part of the ongoing and incremental restructuring program. The restructuring program included an initial net reduction in non-manufacturing overhead personnel of approximately 5,700 by the end of fiscal 2013. In addition to the initial reduction of 5,700 employees, the restructuring program includes plans for a further non-manufacturing overhead personnel reduction of approximately 2% - 4% annually from fiscal 2014 through fiscal 2016, roughly doubling the size of the initial enrollment reduction target. This is being done via the elimination of duplicate work, simplification through the use of technology and the optimization of various functional and business organizations and the Company's global footprint. In addition, the plan includes integration of newly acquired companies and the optimization of the supply chain and other manufacturing processes.

Restructuring costs incurred consist primarily of costs to separate employees and asset-related costs to exit facilities. The Company is also incurring other types of costs as outlined below. Through fiscal 2013, the Company incurred charges of approximately $2.0 billion. Approximately $1.1 billion of these charges were related to separations, $487 million were asset-related and $431 million were related to other restructuring-type costs. Through fiscal 2013, the Company reduced non-manufacturing enrollment by approximately 7,000, which was 1,300 positions above initial target.

For the three- and six-month periods ended December 31, 2013, the Company incurred total restructuring charges of approximately $173 million and $302 million, respectively. For the three- and six-month periods ended December 31, 2013 approximately $101 million and $149 million of these charges were recorded in SG&A, respectively. The remainder is included in cost of products sold. The following table presents restructuring activity for the six months ended December 31, 2013:
 
 
 
 
 
 
 
For the Six Months Ended December 31, 2013
 
 
 
Accrual Balance June 30, 2013
 
Charges Previously Reported (Three Months Ended September 30, 2013)
 
Charges for the Three Months Ended December 31, 2013
 
Cash Spent
 
Charges Against Assets
 
Accrual Balance December 31, 2013
Separations
$
296

 
$
53

 
$
74

 
$
(79
)
 
$

 
$
344

Asset-Related Costs

 
53

 
13

 

 
(66
)
 

Other Costs
27

 
23

 
86

 
(116
)
 

 
20

Total
$
323

 
$
129

 
$
173

 
$
(195
)
 
$
(66
)
 
$
364



Separation Costs
Employee separation charges for the three- and six-month periods ended December 31, 2013 relate to severance packages for approximately 440 and 670 employees, respectively. Separations related to non-manufacturing employees were approximately 310 and 480 for the three- and six-month periods ended December 31, 2013, respectively. These separations are primarily in North America and Western Europe. The packages are predominately voluntary and the amounts are 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. Since its inception, the restructuring program has incurred separation charges related to approximately 7,420 employees, of which approximately 5,120 are non-manufacturing overhead personnel.
 
Asset-Related Costs
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 standardization. The asset-related charges will not have a significant impact on future depreciation charges.

Other Costs
Other restructuring-type charges are incurred as a direct result of the restructuring program. Such charges primarily include employee relocation related to separations and office consolidations, termination of contracts related to supply chain redesign and the cost to change internal systems and processes to support the underlying organizational changes.

Consistent with our historical policies for ongoing restructuring-type activities, the restructuring program charges are funded by and included within Corporate for both management and segment reporting. Accordingly, all of the charges under the program are included within the Corporate reportable segment. However, for informative purposes, the following table summarizes the total restructuring costs related to our reportable segments.

 
Three Months Ended December 31
 
Six Months Ended December 31
 
2013
 
2013
Beauty
$
8

 
$
13

Grooming
8

 
13

Health Care
4

 
6

Fabric Care & Home Care
29

 
47

Baby, Feminine and Family Care
32

 
88

Corporate (1)
92

 
135

Total Company
$
173

 
$
302


(1) Corporate includes costs related to allocated overheads, including charges related to our MDO, GBS and Corporate Functions activities
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Commitments and Contingencies
6 Months Ended
Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract] '
Commitments and Contingencies '
10. Commitments and Contingencies

Litigation

The Company is subject to various legal proceedings and claims arising out of our business which cover a wide range of matters such as antitrust, trade and other governmental regulations, product liability, patent and trademark matters, advertising, contracts, environmental issues, labor and employment matters and income taxes.

As previously disclosed, the Company has had a number of antitrust matters in Europe. These matters involve a number of other consumer products companies and/or retail customers. Several regulatory authorities in Europe have issued separate decisions pursuant to their investigations alleging that the Company, along with several other companies, engaged in violations of competition laws in those countries. The Company has accrued the assessed fines for each of the decisions, of which all but $17 million has been paid as of December 31, 2013. Some of those are on appeal. As a result of our initial and on-going analyses of other formal complaints, the Company has accrued liabilities for competition law violations totaling $155 million as of December 31, 2013. While the ultimate resolution of these matters for which we have accrued liabilities may result in fines or costs in excess of the amounts reserved, it is difficult to estimate such amounts at this time. Currently, however, we do not expect any such incremental losses to materially impact our financial statements in the period in which they are accrued and paid, respectively.

With respect to other litigation and claims, 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 have a material effect on our financial position, results of operations or cash flows.

Income Tax Uncertainties

The Company is present in approximately 150 taxable jurisdictions and, at any point in time, has 4050 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 2002 and forward. We are generally not able to reliably estimate the ultimate settlement amounts or timing until the close of the audit. While we do not expect material changes, it is possible that the amount of unrecognized benefit with respect to our uncertain tax positions will significantly increase or decrease within the next 12 months related to audits described above. At this time, we are not able to make a reasonable estimate of the range of impact on the balance of uncertain tax positions or the impact on the effective tax rate related to these items.

Additional information on the Commitments and Contingencies of the Company can be found in Note 11, Commitments and Contingencies, which appears in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013.
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Segment Information (Tables)
6 Months Ended
Dec. 31, 2013
Segment Reporting [Abstract] '
Global Segment Results '
Following is a summary of segment results.
 
 
 
Three Months Ended December 31
 
Six Months Ended December 31
 
 
 
Net Sales
 
Earnings Before Income Taxes
 
Net Earnings
 
Net Sales
 
Earnings Before Income Taxes
 
Net Earnings
Beauty
2013
  
$
5,284

 
$
1,160

 
$
927

 
$
10,187

 
$
2,069

 
$
1,617

 
2012
  
5,403

 
1,138

 
877

 
10,343

 
1,990

 
1,535

Grooming
2013
  
2,118

 
730

 
553

 
4,074

 
1,331

 
1,006

 
2012
  
2,119

 
695

 
518

 
4,126

 
1,329

 
984

Health Care
2013
  
2,574

 
536

 
377

 
4,880

 
934

 
644

 
2012
  
2,470

 
501

 
350

 
4,792

 
987

 
671

Fabric Care and Home Care
2013
  
6,851

 
1,344

 
877

 
13,551

 
2,642

 
1,734

 
2012
  
6,785

 
1,338

 
879

 
13,288

 
2,665

 
1,756

Baby, Feminine and Family Care
2013
  
5,603

 
1,142

 
765

 
11,106

 
2,263

 
1,490

 
2012
  
5,557

 
1,219

 
800

 
10,805

 
2,342

 
1,524

Corporate
2013
  
(150
)
 
(481
)
 
(27
)
 
(313
)
 
(796
)
 
38

 
2012
  
(159
)
 
327

 
652

 
(440
)
 
(269
)
 
459

Total
2013
  
$
22,280

 
$
4,431

 
$
3,472

 
$
43,485

 
$
8,443

 
$
6,529

 
2012
  
22,175

 
5,218

 
4,076

 
42,914

 
9,044

 
6,929

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Goodwill and Other Intangible Assets (Tables)
6 Months Ended
Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract] '
Change in the Net Carrying Amount of Goodwill by Global Business Unit '
Goodwill is allocated by reportable segment as follows.
 
Beauty
 
Grooming
 
Health Care
 
Fabric Care and Home Care
 
Baby, Feminine and Family Care
 
Corporate
 
Total Company
GOODWILL at June 30, 2013
$
16,663

 
$
20,617

 
$
8,318

 
$
4,453

 
$
4,828

 
$
309

 
$
55,188

Translation and Other
425

 
392

 
121

 
67

 
100

 

 
1,105

GOODWILL at December 31, 2013
$
17,088

 
$
21,009

 
$
8,439

 
$
4,520

 
$
4,928

 
$
309

 
$
56,293

Identifiable Intangible Assets '
Identifiable intangible assets at December 31, 2013 are comprised of:
 
Gross Carrying Amount
 
Accumulated Amortization
Intangible assets with determinable lives
$
9,853

  
$
5,244

Intangible assets with indefinite lives
26,986

  

Total identifiable intangible assets
$
36,839

  
$
5,244

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Share-Based Compensation (Tables)
6 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] '
Share-Based Compensation '
Total share-based compensation expense was as follows:
 
Three Months Ended December 31
 
Six Months Ended December 31
 
2013
 
2012
 
2013
 
2012
Stock options
$
47

  
$
62

 
$
106

 
$
116

Other share-based awards
22

  
13

 
47

 
38

Total share-based compensation
$
69

  
$
75

 
$
153

 
$
154


Assumptions utilized in the model that estimates the fair value of share-based awards for purposes of calculating compensation expense are evaluated and revised, as necessary, to reflect market conditions and experience.

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Postretirement Benefits (Tables)
3 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract] '
Components of the Net Periodic Benefit Cost '
The components of net periodic benefit cost for defined benefit plans are as follows:
 
 
Pension Benefits
 
Other Retiree Benefits
 
Three Months Ended December 31
 
Three Months Ended December 31
 
2013
 
2012
 
2013
 
2012
Service cost
$
74

 
$
76

 
$
38

 
$
48

Interest cost
148

 
141

 
64

 
66

Expected return on plan assets
(176
)
 
(148
)
 
(97
)
 
(96
)
Prior service cost / (credit) amortization
7

 
6

 
(5
)
 
(5
)
Net actuarial loss amortization
54

 
53

 
30

 
50

Curtailment loss

 
2

 

 

Gross benefit cost
107

 
130

 
30

 
63

Dividends on ESOP preferred stock

 

 
(16
)
 
(18
)
Net periodic benefit cost
$
107

 
$
130

 
$
14

 
$
45


  
 
Pension Benefits
 
Other Retiree Benefits
 
Six Months Ended December 31
 
Six Months Ended December 31
 
2013
 
2012
 
2013
 
2012
Service cost
$
147

 
$
150

 
$
75

 
$
95

Interest cost
291

 
281

 
128

 
130

Expected return on plan assets
(346
)
 
(296
)
 
(193
)
(191
)
Prior service cost / (credit) amortization
13

 
9

 
(10
)
 
(10
)
Net actuarial loss amortization
106

 
106

 
59

100

Curtailment loss

 
2

 

 

Gross benefit cost
211

 
252

 
59

 
124

Dividends on ESOP preferred stock

 

 
(32
)
 
(35
)
Net periodic benefit cost
$
211

 
$
252

 
$
27

 
$
89

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Risk Management Activities and Fair Value Measurements (Tables)
6 Months Ended
Dec. 31, 2013
Risk Management Activities and Fair Value Measurements [Abstract] '
Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis Table '
The following table sets forth the Company’s financial assets and liabilities as of December 31, 2013 and June 30, 2013 that are measured at fair value on a recurring basis during the period, segregated by level within the fair value hierarchy:
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
December 31, 2013
 
June 30, 2013
 
December 31, 2013
 
June 30, 2013
 
December 31, 2013
 
June 30, 2013
 
December 31, 2013
 
June 30, 2013
Assets recorded at fair value:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government securities
$

 
$

 
$
1,574

 
$
1,571

 
$

 
$

 
$
1,574

 
$
1,571

Other investments
8

  
23

  

  

 
25

  
24

  
33

  
47

Derivatives relating to:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency hedges

 

 
219

 
168

 

 

 
219

 
168

Other foreign currency instruments (1)

  

  
31

  
19

  

  

  
31

  
19

Interest rates

  

  
136

  
191

  

  

  
136

  
191

Net investment hedges

  

  
133

  
233

  

  

  
133

  
233

Total assets recorded at fair value (2)
8

  
23

  
2,093

  
2,182

  
25

  
24

  
2,126

  
2,229

Liabilities recorded at fair value:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives relating to:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency hedges

  

  

  

  

  

  

  

Other foreign currency instruments (1)

  

  
76

  
90

  

  

  
76

  
90

Interest rates

 

 
117

 
59

 

 

 
117

 
59

Net investment hedges

  

  

  

  

  

  

  

Liabilities recorded at fair value (3)

  

  
193

  
149

  

  

  
193

  
149

Liabilities not recorded at fair value:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt (4)
26,275

 
22,671

 
3,626

 
3,022

 

 

 
29,901

 
25,693

Total liabilities recorded and not recorded at fair value
$
26,275

 
$
22,671

 
$
3,819

 
$
3,171

 
$

 
$

 
$
30,094

 
$
25,842


(1) 
Other foreign currency instruments are comprised of foreign currency financial instruments that do not qualify as hedges.
(2) 
All derivative assets are presented in prepaid expenses and other current assets and other noncurrent assets. Investment securities are presented in available-for-sale investment securities and other noncurrent assets. The U.S government securities are included in other noncurrent assets in our Consolidated Balance Sheet at June 30, 2013. The amortized cost of the U.S. government securities was $1,604 as of December 31, 2013 and June 30, 2013. All U.S. government securities have contractual maturities between one and five years. Fair values are generally estimated based upon quoted market prices for similar instruments.
(3) 
All liabilities are presented in accrued and other liabilities or other noncurrent liabilities.
(4) 
Long-term debt includes the current portion ($6,521 and $4,540 as of December 31, 2013 and June 30, 2013, respectively) of debt instruments. Long-term debt is not recorded at fair value on a recurring basis, but is measured at fair value for disclosure purposes. Fair values are generally estimated based on quoted market prices for identical or similar instruments.

Schedule of Derivative Instruments '
The notional amounts and fair values of qualifying and non-qualifying financial instruments used in hedging transactions as of December 31, 2013 and June 30, 2013 are as follows:
 
 
Notional Amount
 
Fair Value Asset/(Liability)
 
December 31, 2013
 
June 30, 2013
 
December 31, 2013
 
June 30, 2013
Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
Foreign currency contracts
$
951

 
$
951

  
$
219

 
$
168

Derivatives in Fair Value Hedging Relationships
 
 
 
 
 
 
 
Interest rate contracts
$
11,833

 
$
9,117

 
$
19

 
$
132

Derivatives in Net Investment Hedging Relationships
 
 
 
 
 
 
 
Net investment hedges
$
1,125

 
$
1,303

 
$
133

 
$
233

Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
 
Foreign currency contracts
$
6,824

 
$
7,080

 
$
(45
)
 
$
(71
)
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) '
 
Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion)
 
December 31, 2013
 
June 30, 2013
Derivatives in Cash Flow Hedging Relationships
 
 
 
Interest rate contracts
$
5

 
$
7

Foreign currency contracts
18

 
14

Total
$
23

 
$
21

Derivatives in Net Investment Hedging Relationships
 
 
 
Net investment hedges
$
82

 
$
145

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance '
The amounts of gains and losses on qualifying and non-qualifying financial instruments used in hedging transactions for the three and six months ended December 31, 2013 and 2012 are as follows:
 
 
Amount of Gain/(Loss) Reclassified from Accumulated OCI into  Income (1)
 
Three Months Ended December 31
 
Six Months Ended December 31
 
2013
 
2012
 
2013
 
2012
Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
Interest rate contracts
$
1

 
$
1

 
$
3

 
$
3

Foreign currency contracts
58

 
106

 
56

 
88

Total
$
59

 
$
107

 
$
59

 
$
91

 
 
 
 
 
 
 
 
 
Amount of Gain/(Loss) Recognized in Income
 
Three Months Ended December 31
 
Six Months Ended December 31
 
2013
 
2012
 
2013
 
2012
Derivatives in Fair Value Hedging Relationships (2)

 
 
 
 
 
 
 
Interest rate contracts
$
(84
)
 
$
(15
)
 
(113
)
 
25

Debt
84

 
17

 
113

 
(21
)
Total

 
2

 

 
4

Derivatives in Net Investment Hedging Relationships (2)
 
 
 
 
 
 
 
Net investment hedges
$

 
$
(1
)
 
$

 
$
(1
)
Derivatives Not Designated as Hedging Instruments (3)
 
 
 
 
 
 
 
Foreign currency contracts (4)
$
(26
)
 
$
(53
)
 
$
83

 
$
226

Commodity contracts

 
(2
)
 

 

Total
$
(26
)
 
$
(55
)
 
$
83

 
$
226

(1) 
The gain or loss on the effective portion of cash flow hedging relationships is reclassified from AOCI into net income in the same period during which the related item affects earnings. Such amounts are included in the Consolidated Statements of Earnings as follows: interest rate contracts in interest expense, foreign currency contracts in selling, general and administrative expense (SG&A) and interest expense and commodity contracts in cost of products sold.
(2) 
The gain or loss on the ineffective portion of interest rate contracts and net investment hedges, if any, is included in the Consolidated Statements of Earnings in interest expense.
(3) 
The gain or loss on contracts not designated as hedging instruments is included in the Consolidated Statements of Earnings as follows: foreign currency contracts in SG&A and commodity contracts in cost of products sold.
(4)
The gain or loss on non-qualifying foreign currency contracts substantially offsets the foreign currency mark-to-market impact of the related exposure.
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Accumulated Other Comprehensive Income (Tables)
6 Months Ended
Dec. 31, 2013
Statement of Financial Position [Abstract] '
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] '
The tables below present the changes in accumulated other comprehensive income / (loss) by component and the reclassifications out of accumulated other comprehensive income / (loss).
 
Changes in Accumulated Other Comprehensive Income / (Loss) by Component
 
 
 
Hedges
 
Investment Securities
 
Pension and Other Retiree Benefits
 
Financial Statement Translation
 
Total
 
Balance at June 30, 2013
$
(3,529
)
 
$
(27
)
 
$
(4,296
)
 
$
353

 
$
(7,499
)
 
OCI before reclassifications (1)
(252
)
 
9

 
(158
)
 
1,480

 
1,079

 
Amounts reclassified out of AOCI
(58
)
 
(10
)
 
122

 

 
54

 
Net current period OCI
(310
)
 
(1
)
 
(36
)
 
1,480

 
1,133

 
Balance at December 31, 2013
$
(3,839
)
 
$
(28
)
 
$
(4,332
)
 
$
1,833

 
$
(6,366
)

(1) Net of tax (benefit) / expense of $(187), $3 and $(43) for hedges, investment securities, and defined benefit retirement plans, respectively.

Reclassifications out of Accumulated Other Comprehensive Income [Table Text Block] '
Reclassifications out of Accumulated Other Comprehensive Income
 
Three Months Ended December 31
 
Six Months Ended December 31
 
2013
 
2013
Hedges (1)
 
 
 
Interest rate contracts
$
1

 
$
3

Foreign exchange contracts
58

 
56

Total before-tax
59

 
59

Tax (expense) / benefit
(1
)
 
(1
)
Net of tax
58

 
58

 
 
 
 
Gains and (losses) on Investment Securities (2)
16

 
16

Tax (expense) / benefit
(6
)
 
(6
)
Net of tax
10

 
10

 
 
 
 
Pension and Other Retiree Benefits (3)
 
 
 
Amortization of deferred amounts
(2
)
 
(3
)
Recognized net actuarial gains/(losses)
(84
)
 
(165
)
Total before-tax
(86
)
 
(168
)
Tax (expense) / benefit
22

 
46

Net of tax
(64
)
 
(122
)
Total reclassifications, net of tax
$
4

 
$
(54
)

(1) See Note 7 for classification of these items in the Consolidated Statement of Earnings.
(2) Reclassified from AOCI into Other non-operating income, net.
(3) Reclassified from AOCI into costs of products sold and SG&A. These components are included in the computation of net periodic pension cost (see Note 6 for additional details).
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Restructuring Program (Tables)
6 Months Ended
Dec. 31, 2013
Restructuring and Related Activities [Abstract] '
Schedule of Restructuring Reserve '
The following table presents restructuring activity for the six months ended December 31, 2013:
 
 
 
 
 
 
 
For the Six Months Ended December 31, 2013
 
 
 
Accrual Balance June 30, 2013
 
Charges Previously Reported (Three Months Ended September 30, 2013)
 
Charges for the Three Months Ended December 31, 2013
 
Cash Spent
 
Charges Against Assets
 
Accrual Balance December 31, 2013
Separations
$
296

 
$
53

 
$
74

 
$
(79
)
 
$

 
$
344

Asset-Related Costs

 
53

 
13

 

 
(66
)
 

Other Costs
27

 
23

 
86

 
(116
)
 

 
20

Total
$
323

 
$
129

 
$
173

 
$
(195
)
 
$
(66
)
 
$
364



Schedule of Restructuring Costs '

 
Three Months Ended December 31
 
Six Months Ended December 31
 
2013
 
2013
Beauty
$
8

 
$
13

Grooming
8

 
13

Health Care
4

 
6

Fabric Care & Home Care
29

 
47

Baby, Feminine and Family Care
32

 
88

Corporate (1)
92

 
135

Total Company
$
173

 
$
302


(1) Corporate includes costs related to allocated overheads, including charges related to our MDO, GBS and Corporate Functions activities
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Segment Information (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Segment Reporting Information [Line Items] ' ' ' '
Net Sales $ 22,280 $ 22,175 $ 43,485 $ 42,914
Earnings from continuing operations before income taxes 4,431 5,218 8,443 9,044
Net earnings from continuing operations 3,472 4,076 6,529 6,929
Beauty ' ' ' '
Segment Reporting Information [Line Items] ' ' ' '
Net Sales 5,284 5,403 10,187 10,343
Earnings from continuing operations before income taxes 1,160 1,138 2,069 1,990
Net earnings from continuing operations 927 877 1,617 1,535
Grooming ' ' ' '
Segment Reporting Information [Line Items] ' ' ' '
Net Sales 2,118 2,119 4,074 4,126
Earnings from continuing operations before income taxes 730 695 1,331 1,329
Net earnings from continuing operations 553 518 1,006 984
Health Care ' ' ' '
Segment Reporting Information [Line Items] ' ' ' '
Net Sales 2,574 2,470 4,880 4,792
Earnings from continuing operations before income taxes 536 501 934 987
Net earnings from continuing operations 377 350 644 671
Fabric Care and Home Care ' ' ' '
Segment Reporting Information [Line Items] ' ' ' '
Net Sales 6,851 6,785 13,551 13,288
Earnings from continuing operations before income taxes 1,344 1,338 2,642 2,665
Net earnings from continuing operations 877 879 1,734 1,756
Baby, Feminine and Family Care ' ' ' '
Segment Reporting Information [Line Items] ' ' ' '
Net Sales 5,603 5,557 11,106 10,805
Earnings from continuing operations before income taxes 1,142 1,219 2,263 2,342
Net earnings from continuing operations 765 800 1,490 1,524
Corporate ' ' ' '
Segment Reporting Information [Line Items] ' ' ' '
Net Sales (150) (159) (313) (440)
Earnings from continuing operations before income taxes (481) 327 (796) (269)
Net earnings from continuing operations $ (27) $ 652 $ 38 $ 459
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Goodwill and Other Intangible Assets - Change in the Net Carrying Amount of Goodwill by Global Business Unit (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Dec. 31, 2013
Goodwill [Roll Forward] '
GOODWILL, beginning of period $ 55,188
Translation and other 1,105
GOODWILL, end of period 56,293
Beauty '
Goodwill [Roll Forward] '
GOODWILL, beginning of period 16,663
Translation and other 425
GOODWILL, end of period 17,088
Grooming '
Goodwill [Roll Forward] '
GOODWILL, beginning of period 20,617
Translation and other 392
GOODWILL, end of period 21,009
Health Care '
Goodwill [Roll Forward] '
GOODWILL, beginning of period 8,318
Translation and other 121
GOODWILL, end of period 8,439
Fabric Care and Home Care '
Goodwill [Roll Forward] '
GOODWILL, beginning of period 4,453
Translation and other 67
GOODWILL, end of period 4,520
Baby, Feminine and Family Care '
Goodwill [Roll Forward] '
GOODWILL, beginning of period 4,828
Translation and other 100
GOODWILL, end of period 4,928
Corporate '
Goodwill [Roll Forward] '
GOODWILL, beginning of period 309
Translation and other 0
GOODWILL, end of period $ 309
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Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] '
Gross Carrying Amount $ 36,839
Finite-Lived Intangible Assets, Accumulated Amortization 5,244
INTANGIBLE ASSETS WITH DETERMINABLE LIVES '
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] '
Gross Carrying Amount 9,853
Finite-Lived Intangible Assets, Accumulated Amortization 5,244
INTANGIBLE ASSETS WITH INDEFINITE LIVES '
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] '
Gross Carrying Amount 26,986
Finite-Lived Intangible Assets, Accumulated Amortization $ 0
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Goodwill and Other Intangible Assets - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Jun. 30, 2013
Goodwill [Line Items] ' ' ' ' '
Amortization of intangible assets $ 129 $ 125 $ 263 $ 253 '
Allocated to goodwill $ 56,293 ' $ 56,293 ' $ 55,188
Batteries [Member] ' ' ' ' '
Goodwill [Line Items] ' ' ' ' '
Percent reduction of market value of goodwill due to impairment 6.00% ' ' ' '
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Share-Based Compensation (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Share-Based Compensation ' ' ' '
Allocated Share-based Compensation Expense $ 69 $ 75 $ 153 $ 154
Stock Options [Member] ' ' ' '
Share-Based Compensation ' ' ' '
Allocated Share-based Compensation Expense 47 62 106 116
Other Share-based Awards [Member] ' ' ' '
Share-Based Compensation ' ' ' '
Allocated Share-based Compensation Expense $ 22 $ 13 $ 47 $ 38
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Postretirement Benefits (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Jun. 30, 2014
Pension Benefits ' ' ' ' '
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] ' ' ' ' '
Service Cost $ 74 $ 76 $ 147 $ 150 '
Interest Cost 148 141 291 281 '
Expected Return on Plan Assets (176) (148) (346) (296) '
Amortization of Deferred Amounts 7 6 13 9 '
Recognized Net Actuarial Loss 54 53 106 106 '
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments 0 2 0 2 '
Gross Benefit Cost (Credit) 107 130 211 252 '
Dividends on ESOP Preferred Stock 0 0 0 0 '
Net Periodic Benefit Cost (Credit) 107 130 211 252 '
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] ' ' ' ' '
Expected Long-term Return on Assets ' ' ' ' 7.20%
Other Retiree Benefits ' ' ' ' '
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] ' ' ' ' '
Service Cost 38 48 75 95 '
Interest Cost 64 66 128 130 '
Expected Return on Plan Assets (97) (96) (193) (191) '
Amortization of Deferred Amounts (5) (5) (10) (10) '
Recognized Net Actuarial Loss 30 50 59 100 '
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments 0 0 0 0 '
Gross Benefit Cost (Credit) 30 63 59 124 '
Dividends on ESOP Preferred Stock (16) (18) (32) (35) '
Net Periodic Benefit Cost (Credit) $ 14 $ 45 $ 27 $ 89 '
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] ' ' ' ' '
Expected Long-term Return on Assets ' ' ' ' 8.30%
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Risk Management Activities and Fair Value Measurements - Fair Value (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Jun. 30, 2013
Fair Value, Inputs, Level 1 [Member] ' '
Liabilities, Fair Value Disclosure [Abstract] ' '
Liabilities recorded & not recorded at fair value $ 26,275 $ 22,671
Fair Value, Inputs, Level 1 [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Total assets recorded at fair value 8 [1] 23 [1]
Liabilities, Fair Value Disclosure [Abstract] ' '
Liabilities recorded at fair value 0 [2] 0 [2]
Fair Value, Inputs, Level 1 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] ' '
Liabilities, Fair Value Disclosure [Abstract] ' '
Long-term Debt, Fair Value 26,275 [3] 22,671 [3]
Fair Value, Inputs, Level 1 [Member] | US Treasury and Government [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Investment securities 0 0
Fair Value, Inputs, Level 1 [Member] | Other Investments [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Investment securities 8 23
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 0 0
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 0 0
Fair Value, Inputs, Level 1 [Member] | Other Foreign Currency Instruments [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 0 [4] 0 [4]
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 0 [4] 0 [4]
Fair Value, Inputs, Level 1 [Member] | Interest Rate Contract [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 0 0
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 0 [4] 0 [4]
Fair Value, Inputs, Level 1 [Member] | Net Investment Hedging [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 0 0
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 0 0
Fair Value, Inputs, Level 2 [Member] ' '
Liabilities, Fair Value Disclosure [Abstract] ' '
Liabilities recorded & not recorded at fair value 3,819 3,171
Fair Value, Inputs, Level 2 [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Total assets recorded at fair value 2,093 [1] 2,182 [1]
Liabilities, Fair Value Disclosure [Abstract] ' '
Liabilities recorded at fair value 193 [2] 149 [2]
Fair Value, Inputs, Level 2 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] ' '
Liabilities, Fair Value Disclosure [Abstract] ' '
Long-term Debt, Fair Value 3,626 [3] 3,022 [3]
Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Investment securities 1,574 1,571
Fair Value, Inputs, Level 2 [Member] | Other Investments [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Investment securities 0 0
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 219 168
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 0 0
Fair Value, Inputs, Level 2 [Member] | Other Foreign Currency Instruments [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 31 [4] 19 [4]
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 76 [4] 90 [4]
Fair Value, Inputs, Level 2 [Member] | Interest Rate Contract [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 136 191
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 117 [4] 59 [4]
Fair Value, Inputs, Level 2 [Member] | Net Investment Hedging [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 133 233
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 0 0
Fair Value, Inputs, Level 3 [Member] ' '
Liabilities, Fair Value Disclosure [Abstract] ' '
Liabilities recorded & not recorded at fair value 0 0
Fair Value, Inputs, Level 3 [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Total assets recorded at fair value 25 [1] 24 [1]
Liabilities, Fair Value Disclosure [Abstract] ' '
Liabilities recorded at fair value 0 [2] 0 [2]
Fair Value, Inputs, Level 3 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] ' '
Liabilities, Fair Value Disclosure [Abstract] ' '
Long-term Debt, Fair Value 0 [3] 0 [3]
Fair Value, Inputs, Level 3 [Member] | US Treasury and Government [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Investment securities 0 0
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Investment securities 25 24
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 0 0
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 0 0
Fair Value, Inputs, Level 3 [Member] | Other Foreign Currency Instruments [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 0 [4] 0 [4]
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 0 [4] 0 [4]
Fair Value, Inputs, Level 3 [Member] | Interest Rate Contract [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 0 0
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 0 [4] 0 [4]
Fair Value, Inputs, Level 3 [Member] | Net Investment Hedging [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 0 0
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 0 0
Estimate of Fair Value, Fair Value Disclosure [Member] ' '
Liabilities, Fair Value Disclosure [Abstract] ' '
Liabilities recorded & not recorded at fair value 30,094 25,842
Estimate of Fair Value, Fair Value Disclosure [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Total assets recorded at fair value 2,126 [1] 2,229 [1]
Liabilities, Fair Value Disclosure [Abstract] ' '
Liabilities recorded at fair value 193 [2] 149 [2]
Estimate of Fair Value, Fair Value Disclosure [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] ' '
Liabilities, Fair Value Disclosure [Abstract] ' '
Long-term Debt, Fair Value 29,901 [3] 25,693 [3]
Estimate of Fair Value, Fair Value Disclosure [Member] | US Treasury and Government [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Investment securities 1,574 1,571
Estimate of Fair Value, Fair Value Disclosure [Member] | Other Investments [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Investment securities 33 47
Estimate of Fair Value, Fair Value Disclosure [Member] | Foreign Exchange Contract [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 219 168
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 0 0
Estimate of Fair Value, Fair Value Disclosure [Member] | Other Foreign Currency Instruments [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 31 [4] 19 [4]
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 76 [4] 90 [4]
Estimate of Fair Value, Fair Value Disclosure [Member] | Interest Rate Contract [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 136 191
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities 117 [4] 59 [4]
Estimate of Fair Value, Fair Value Disclosure [Member] | Net Investment Hedging [Member] | Portion at Fair Value, Fair Value Disclosure [Member] ' '
Assets, Fair Value Disclosure [Abstract] ' '
Derivative assets 133 233
Liabilities, Fair Value Disclosure [Abstract] ' '
Derivative liabilities $ 0 $ 0
[1] All derivative assets are presented in prepaid expenses and other current assets and other noncurrent assets. Investment securities are presented in available-for-sale investment securities and other noncurrent assets. The U.S government securities are included in other noncurrent assets in our Consolidated Balance Sheet at June 30, 2013. The amortized cost of the U.S. government securities was $1,604 as of December 31, 2013 and June 30, 2013. All U.S. government securities have contractual maturities between one and five years. Fair values are generally estimated based upon quoted market prices for similar instruments.
[2] All liabilities are presented in accrued and other liabilities or other noncurrent liabilities.
[3] Long-term debt includes the current portion ($6,521 and $4,540 as of December 31, 2013 and June 30, 2013, respectively) of debt instruments. Long-term debt is not recorded at fair value on a recurring basis, but is measured at fair value for disclosure purposes. Fair values are generally estimated based on quoted market prices for identical or similar instruments.
[4] Other foreign currency instruments are comprised of foreign currency financial instruments that do not qualify as hedges.
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Risk Management Activities and Fair Value Measurements - Derivative Notional Amounts and Fair Value (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Jun. 30, 2013
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] ' '
Derivative [Line Items] ' '
Notional amount $ 951 $ 951
Fair Value Asset (Liability) 219 168
Fair Value Hedging [Member] | Interest Rate Contract [Member] ' '
Derivative [Line Items] ' '
Notional amount 11,833 9,117
Fair Value Asset (Liability) 19 132
Net Investment Hedging [Member] ' '
Derivative [Line Items] ' '
Notional amount 1,125 1,303
Fair Value Asset (Liability) 133 233
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] ' '
Derivative [Line Items] ' '
Notional amount 6,824 7,080
Fair Value Asset (Liability) $ (45) $ (71)
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Risk Management Activities and Fair Value Measurements - Gains (Losses) on Derivative Instruments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Jun. 30, 2013
Cash Flow Hedging [Member] ' ' ' ' '
Derivative Instruments, Gain (Loss) [Line Items] ' ' ' ' '
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) ' ' $ 23 ' $ 21
Amount of Gain (Loss) Reclassified from AOCI into Income 59 [1] 107 [1] 59 [1] 91 [1] '
Cash Flow Hedging [Member] | Interest Rate Contract [Member] ' ' ' ' '
Derivative Instruments, Gain (Loss) [Line Items] ' ' ' ' '
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) ' ' 5 ' 7
Amount of Gain (Loss) Reclassified from AOCI into Income 1 [1] 1 [1] 3 [1] 3 [1] '
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] ' ' ' ' '
Derivative Instruments, Gain (Loss) [Line Items] ' ' ' ' '
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) ' ' 18 ' 14
Amount of Gain (Loss) Reclassified from AOCI into Income 58 [1] 106 [1] 56 [1] 88 [1] '
Fair Value Hedging [Member] ' ' ' ' '
Derivative Instruments, Gain (Loss) [Line Items] ' ' ' ' '
Amount of Gain (Loss) Recognized in Income 0 [2] 2 [2] 0 [2] 4 [2] '
Fair Value Hedging [Member] | Interest Rate Contract [Member] ' ' ' ' '
Derivative Instruments, Gain (Loss) [Line Items] ' ' ' ' '
Amount of Gain (Loss) Recognized in Income (84) [2] (15) [2] (113) [2] 25 [2] '
Fair Value Hedging [Member] | Debt [Member] ' ' ' ' '
Derivative Instruments, Gain (Loss) [Line Items] ' ' ' ' '
Amount of Gain (Loss) Recognized in Income 84 [2] 17 [2] 113 [2] (21) [2] '
Net Investment Hedging [Member] ' ' ' ' '
Derivative Instruments, Gain (Loss) [Line Items] ' ' ' ' '
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) ' ' 82 ' 145
Amount of Gain (Loss) Recognized in Income 0 [2] (1) [2] 0 [2] (1) [2] '
Not Designated as Hedging Instrument [Member] ' ' ' ' '
Derivative Instruments, Gain (Loss) [Line Items] ' ' ' ' '
Amount of Gain (Loss) Recognized in Income (26) [3] (55) [3] 83 [3] 226 [3] '
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] ' ' ' ' '
Derivative Instruments, Gain (Loss) [Line Items] ' ' ' ' '
Amount of Gain (Loss) Recognized in Income (26) [3],[4] (53) [3],[4] 83 [3],[4] 226 [3],[4] '
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] ' ' ' ' '
Derivative Instruments, Gain (Loss) [Line Items] ' ' ' ' '
Amount of Gain (Loss) Recognized in Income $ 0 [3] $ (2) [3] $ 0 [3] $ 0 [3] '
[1] The gain or loss on the effective portion of cash flow hedging relationships is reclassified from AOCI into net income in the same period during which the related item affects earnings. Such amounts are included in the Consolidated Statements of Earnings as follows: interest rate contracts in interest expense, foreign currency contracts in selling, general and administrative expense (SG&A) and interest expense and commodity contracts in cost of products sold.
[2] The gain or loss on the ineffective portion of interest rate contracts and net investment hedges, if any, is included in the Consolidated Statements of Earnings in interest expense.
[3] The gain or loss on contracts not designated as hedging instruments is included in the Consolidated Statements of Earnings as follows: foreign currency contracts in SG&A and commodity contracts in cost of products sold.
[4] The gain or loss on non-qualifying foreign currency contracts substantially offsets the foreign currency mark-to-market impact of the related exposure.
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Risk Management Activities and Fair Value Measurements Risk Management Activities and Fair Value Measurements - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Jun. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] ' '
Available-for-sale Securities, Amortized Cost Basis $ 1,604 $ 1,604
Long Term Debt, Current Maturities measured at Fair Value $ 6,521 $ 4,540
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Accumulated Other Comprehensive Income Changes in Accumulated Other Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Accumulated Other Comprehensive Income [Line Items] ' ' ' '
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance ' ' $ (7,499) '
Other Comprehensive Income Before Reclassification ' ' 1,079 [1] '
Reclassifications out of Accumulated Other Comprehensive Income (4) ' 54 '
Other Comprehensive Income (Loss), Net of Tax 365 485 1,133 1,639
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance (6,366) ' (6,366) '
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges ' ' ' '
Accumulated Other Comprehensive Income [Line Items] ' ' ' '
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance ' ' (3,529) '
Other Comprehensive Income Before Reclassification ' ' (252) [1] '
Reclassifications out of Accumulated Other Comprehensive Income ' ' (58) '
Other Comprehensive Income (Loss), Net of Tax ' ' (310) '
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance (3,839) ' (3,839) '
Accumulated Net Unrealized Investment Gain (Loss) [Member] ' ' ' '
Accumulated Other Comprehensive Income [Line Items] ' ' ' '
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance ' ' (27) '
Other Comprehensive Income Before Reclassification ' ' 9 [1] '
Reclassifications out of Accumulated Other Comprehensive Income ' ' (10) '
Other Comprehensive Income (Loss), Net of Tax ' ' (1) '
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance (28) ' (28) '
Pension Plans, Defined Benefit [Member] ' ' ' '
Accumulated Other Comprehensive Income [Line Items] ' ' ' '
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance ' ' (4,296) '
Other Comprehensive Income Before Reclassification ' ' (158) [1] '
Reclassifications out of Accumulated Other Comprehensive Income ' ' 122 '
Other Comprehensive Income (Loss), Net of Tax ' ' (36) '
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance (4,332) ' (4,332) '
Foreign Currency Gain (Loss) [Member] ' ' ' '
Accumulated Other Comprehensive Income [Line Items] ' ' ' '
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance ' ' 353 '
Other Comprehensive Income Before Reclassification ' ' 1,480 [1] '
Reclassifications out of Accumulated Other Comprehensive Income ' ' 0 '
Other Comprehensive Income (Loss), Net of Tax ' ' 1,480 '
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance $ 1,833 ' $ 1,833 '
[1] Net of tax (benefit) / expense of $(187), $3 and $(43) for hedges, investment securities, and defined benefit retirement plans, respectively.
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Accumulated Other Comprehensive Income Reclassifications out of Other Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Reclassifications out of Accumulated Other Comprehensive Income [Line Items] ' ' ' '
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax ' ' $ 187 '
Hedges and investment securities, net of tax (71) 84 (310) (146)
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax ' ' (3) '
Net of tax (15) 1 (1) 1
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax ' ' 43 '
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax 20 64 (36) 37
Reclassifications out of Accumulated Other Comprehensive Income 4 ' (54) '
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges ' ' ' '
Reclassifications out of Accumulated Other Comprehensive Income [Line Items] ' ' ' '
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net 1 [1] ' 3 [1] '
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax 58 [2] ' 56 [2] '
Gains and Losses on Hedges and Investment Securities, before tax 59 ' 59 '
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax (1) ' (1) '
Hedges and investment securities, net of tax 58 ' 58 '
Securities Investment [Member] ' ' ' '
Reclassifications out of Accumulated Other Comprehensive Income [Line Items] ' ' ' '
Gains and losses on investment securities 16 ' 16 '
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax (6) ' (6) '
Net of tax 10 ' 10 '
Pension Plans, Defined Benefit [Member] ' ' ' '
Reclassifications out of Accumulated Other Comprehensive Income [Line Items] ' ' ' '
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) (2) [3] ' (3) [3] '
Defined Benefit Plan, Actuarial Gain (Loss) (84) [3] ' (165) [3] '
Defined Benefit Plan, Amortization of Net Gains (Losses) (86) ' (168) '
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax 22 ' 46 '
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax $ (64) ' $ (122) '
[1] (1) See Note 7 for classification of these items in the Consolidated Statement of Earnings.
[2] (2) Reclassified from AOCI into Other non-operating income, net.
[3] Reclassified from AOCI into costs of products sold and SG&A. These components are included in the computation of net periodic pension cost (see Note 6 for additional details).
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Accumulated Other Comprehensive Income Additional Information - AOCI (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Dec. 31, 2013
Statement of Comprehensive Income [Abstract] '
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax $ (187)
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax 3
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax $ (43)
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Restructuring Reserve by Type of Costs (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 24 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Dec. 31, 2013
Jun. 30, 2013
Restructuring Reserve [Roll Forward] ' ' ' '
Beginning accrual balance ' $ 323 $ 323 '
Charges Previously Reported 173 129 302 2,000
Cash Spent ' ' (195) '
Charges Against Assets ' ' (66) '
Ending accrual balance 364 ' 364 323
Separations ' ' ' '
Restructuring Reserve [Roll Forward] ' ' ' '
Beginning accrual balance ' 296 296 '
Charges Previously Reported 74 53 ' 1,100
Cash Spent ' ' (79) '
Charges Against Assets ' ' 0 '
Ending accrual balance 344 ' 344 296
Asset-Related Costs ' ' ' '
Restructuring Reserve [Roll Forward] ' ' ' '
Beginning accrual balance ' 0 0 '
Charges Previously Reported 13 53 ' 487
Cash Spent ' ' 0 '
Charges Against Assets ' ' (66) '
Ending accrual balance 0 ' 0 0
Other Costs ' ' ' '
Restructuring Reserve [Roll Forward] ' ' ' '
Beginning accrual balance ' 27 27 '
Charges Previously Reported 86 23 ' 431
Cash Spent ' ' (116) '
Charges Against Assets ' ' 0 '
Ending accrual balance $ 20 ' $ 20 $ 27
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Restructuring Program Restructuring Costs per Segment (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 24 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Dec. 31, 2013
Jun. 30, 2013
Restructuring and Related Cost [Abstract] ' ' ' '
Restructuring charges $ 173 $ 129 $ 302 $ 2,000
Beauty ' ' ' '
Restructuring and Related Cost [Abstract] ' ' ' '
Restructuring charges 8 ' 13 '
Grooming ' ' ' '
Restructuring and Related Cost [Abstract] ' ' ' '
Restructuring charges 8 ' 13 '
Health Care ' ' ' '
Restructuring and Related Cost [Abstract] ' ' ' '
Restructuring charges 4 ' 6 '
Fabric Care and Home Care ' ' ' '
Restructuring and Related Cost [Abstract] ' ' ' '
Restructuring charges 29 ' 47 '
BABY CARE AND FAMILY CARE ' ' ' '
Restructuring and Related Cost [Abstract] ' ' ' '
Restructuring charges 32 ' 88 '
Corporate ' ' ' '
Restructuring and Related Cost [Abstract] ' ' ' '
Restructuring charges $ 92 [1] ' $ 135 [1] '
[1] Corporate includes costs related to allocated overheads, including charges related to our MDO, GBS and Corporate Functions activities.
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Restructuring Program Restructuring (Additional Information) (Details) (USD $)
3 Months Ended 6 Months Ended 24 Months Ended 60 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 24 Months Ended 30 Months Ended 3 Months Ended 6 Months Ended 24 Months Ended 30 Months Ended 36 Months Ended 3 Months Ended 24 Months Ended 3 Months Ended 24 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Dec. 31, 2013
Jun. 30, 2013
Jun. 30, 2016
Dec. 31, 2013
Minimum [Member]
Dec. 31, 2013
Maximum [Member]
Dec. 31, 2013
Selling, General and Administrative Expense [Member]
Dec. 31, 2013
Selling, General and Administrative Expense [Member]
Dec. 31, 2013
Separations
employee
Sep. 30, 2013
Separations
Dec. 31, 2013
Separations
employee
Jun. 30, 2013
Separations
Dec. 31, 2013
Separations
employee
Dec. 31, 2013
Non-manufacturing overhead
employee
Dec. 31, 2013
Non-manufacturing overhead
employee
Jun. 30, 2013
Non-manufacturing overhead
employee
Dec. 31, 2013
Non-manufacturing overhead
employee
Jun. 30, 2016
Non-manufacturing overhead
Minimum [Member]
Forecast [Member]
Rate
Jun. 30, 2016
Non-manufacturing overhead
Maximum [Member]
Forecast [Member]
Rate
Dec. 31, 2013
Asset-Related Costs
Sep. 30, 2013
Asset-Related Costs
Jun. 30, 2013
Asset-Related Costs
Dec. 31, 2013
Other Costs
Sep. 30, 2013
Other Costs
Jun. 30, 2013
Other Costs
Restructuring and Related Cost, Amounts Historically Incurred ' ' ' ' ' $ 250,000,000 $ 500,000,000 ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
Restructuring and Related Cost, Expected Cost ' ' ' ' 3,500,000,000 ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
Restructuring and Related Cost, Expected Number of Positions Eliminated ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' 5,700 ' ' ' ' ' ' ' ' '
Annual Manufacturing Overhead Personnel Reduction ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' 2.00% 4.00% ' ' ' ' ' '
Restructuring and Related Cost, Number of Positions Eliminated ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' 7,000 ' ' ' ' ' ' ' ' '
Number of Positions Eliminated, in Excess of Target ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' 1,300 ' ' ' ' ' ' ' ' '
Restructuring charges $ 173,000,000 $ 129,000,000 $ 302,000,000 $ 2,000,000,000 ' ' ' $ 101,000,000 $ 149,000,000 $ 74,000,000 $ 53,000,000 ' $ 1,100,000,000 ' ' ' ' ' ' ' $ 13,000,000 $ 53,000,000 $ 487,000,000 $ 86,000,000 $ 23,000,000 $ 431,000,000
Restructuring and Related Cost, Number of Severance Packages Executed ' ' ' ' ' ' ' ' ' 440 ' 670 ' 7,420 310 480 ' 5,120 ' ' ' ' ' ' ' '
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Commitments and Contingencies (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Regulatory Decision Made [Member] '
Loss Contingencies [Line Items] '
Reserves for potential fines for competition law violations $ 17
Estimated Obligation [Member] '
Loss Contingencies [Line Items] '
Reserves for potential fines for competition law violations $ 155
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Commitments and Contingencies Commitment and contingencies (additional information) (Details)
6 Months Ended
Dec. 31, 2013
taxable_jurisdiction
Loss Contingencies [Line Items] '
Number of Taxable Jurisdictions 150
Minimum [Member] '
Loss Contingencies [Line Items] '
Number of Audits Typically Underway 40
Maximum [Member] '
Loss Contingencies [Line Items] '
Number of Audits Typically Underway 50
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