x | True | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | False | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Ohio | OH | 1-434 | 31-0411980 | ||||||||||||||||||||
(State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | |||||||||||||||||||||
One Procter & Gamble Plaza | Cincinnati | OH | |||||||||||||||||||||
One Procter & Gamble Plaza, Cincinnati, Ohio | 45202 | ||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, without Par Value | PG | NYSE | ||||||
4.125% EUR notes due December 2020 | PG20A | NYSE | ||||||
0.275% Notes due 2020 | PG20 | NYSE | ||||||
2.000% Notes due 2021 | PG21 | NYSE | ||||||
2.000% Notes due 2022 | PG22B | NYSE | ||||||
1.125% Notes due 2023 | PG23A | NYSE | ||||||
0.500% Notes due 2024 | PG24A | NYSE | ||||||
0.625% Notes due 2024 | PG24B | NYSE | ||||||
1.375% Notes due 2025 | PG25 | NYSE | ||||||
4.875% EUR notes due May 2027 | PG27A | NYSE | ||||||
1.200% Notes due 2028 | PG28 | NYSE | ||||||
1.250% Notes due 2029 | PG29B | NYSE | ||||||
1.800% Notes due 2029 | PG29A | NYSE | ||||||
6.250% GBP notes due January 2030 | PG30 | NYSE | ||||||
5.250% GBP notes due January 2033 | PG33 | NYSE | ||||||
1.875% Notes due 2038 | PG38 | NYSE |
Large accelerated filer
|
þ
|
Accelerated filer |
¨
|
||||||||||||||||||||
Non-accelerated filer |
¨
|
Smaller reporting company |
¨
|
False | |||||||||||||||||||
Emerging growth company |
¨
|
False |
Item 1. | Financial Statements |
Three Months Ended December 31 | Six Months Ended December 31 | ||||||||||||||||||||||||||||||||||
Amounts in millions except per share amounts | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
NET SALES | $ | 18,240 | $ | 17,438 | $ | 36,038 | $ | 34,128 | |||||||||||||||||||||||||||
Cost of products sold | 8,869 | 8,919 | 17,592 | 17,403 | |||||||||||||||||||||||||||||||
Selling, general and administrative expense | 4,889 | 4,623 | 9,674 | 9,275 | |||||||||||||||||||||||||||||||
OPERATING INCOME | 4,482 | 3,896 | 8,772 | 7,450 | |||||||||||||||||||||||||||||||
Interest expense | (100) | (138) | (208) | (267) | |||||||||||||||||||||||||||||||
Interest income | 36 | 63 | 94 | 116 | |||||||||||||||||||||||||||||||
Other non-operating income, net | 114 | 95 | 217 | 557 | |||||||||||||||||||||||||||||||
EARNINGS BEFORE INCOME TAXES | 4,532 | 3,916 | 8,875 | 7,856 | |||||||||||||||||||||||||||||||
Income taxes | 789 | 700 | 1,515 | 1,429 | |||||||||||||||||||||||||||||||
NET EARNINGS | 3,743 | 3,216 | 7,360 | 6,427 | |||||||||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | 26 | 22 | 50 | 34 | |||||||||||||||||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE | $ | 3,717 | $ | 3,194 | $ | 7,310 | $ | 6,393 | |||||||||||||||||||||||||||
NET EARNINGS PER SHARE (1)
|
|||||||||||||||||||||||||||||||||||
Basic | $ | 1.47 | $ | 1.25 | $ | 2.88 | $ | 2.51 | |||||||||||||||||||||||||||
Diluted | $ | 1.41 | $ | 1.22 | $ | 2.77 | $ | 2.44 | |||||||||||||||||||||||||||
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 2,630.1 | 2,623.0 | 2,638.8 | 2,617.6 |
Three Months Ended December 31 | Six Months Ended December 31 | ||||||||||||||||||||||||||||||||||
Amounts in millions | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
NET EARNINGS | $ | 3,743 | $ | 3,216 | $ | 7,360 | $ | 6,427 | |||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX | |||||||||||||||||||||||||||||||||||
Foreign currency translation | 392 | (178) | (148) | (387) | |||||||||||||||||||||||||||||||
Unrealized gains/(losses) on investment securities | (1) | 58 | (6) | 53 | |||||||||||||||||||||||||||||||
Unrealized gains/(losses) on defined benefit retirement plans | (37) | 98 | 142 | 250 | |||||||||||||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX | 354 | (22) | (12) | (84) | |||||||||||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | 4,097 | 3,194 | 7,348 | 6,343 | |||||||||||||||||||||||||||||||
Less: Total comprehensive income attributable to noncontrolling interests | 24 | 23 | 44 | 31 | |||||||||||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE | $ | 4,073 | $ | 3,171 | $ | 7,304 | $ | 6,312 |
Amounts in millions | December 31, 2019 | June 30, 2019 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 6,279 | $ | 4,239 | ||||||||||||||||||||||
Available-for-sale investment securities | — | 6,048 | ||||||||||||||||||||||||
Accounts receivable | 5,196 | 4,951 | ||||||||||||||||||||||||
INVENTORIES | ||||||||||||||||||||||||||
Materials and supplies | 1,458 | 1,289 | ||||||||||||||||||||||||
Work in process | 632 | 612 | ||||||||||||||||||||||||
Finished goods | 3,431 | 3,116 | ||||||||||||||||||||||||
Total inventories | 5,521 | 5,017 | ||||||||||||||||||||||||
Prepaid expenses and other current assets | 1,921 | 2,218 | ||||||||||||||||||||||||
TOTAL CURRENT ASSETS | 18,917 | 22,473 | ||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 21,250 | 21,271 | ||||||||||||||||||||||||
GOODWILL | 39,998 | 40,273 | ||||||||||||||||||||||||
TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET | 23,980 | 24,215 | ||||||||||||||||||||||||
OTHER NONCURRENT ASSETS | 7,578 | 6,863 | ||||||||||||||||||||||||
TOTAL ASSETS | $ | 111,723 | $ | 115,095 | ||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||||
Accounts payable | $ | 10,781 | $ | 11,260 | ||||||||||||||||||||||
Accrued and other liabilities | 10,230 | 9,054 | ||||||||||||||||||||||||
Debt due within one year | 9,153 | 9,697 | ||||||||||||||||||||||||
TOTAL CURRENT LIABILITIES | 30,164 | 30,011 | ||||||||||||||||||||||||
LONG-TERM DEBT | 18,985 | 20,395 | ||||||||||||||||||||||||
DEFERRED INCOME TAXES | 6,242 | 6,899 | ||||||||||||||||||||||||
OTHER NONCURRENT LIABILITIES | 10,424 | 10,211 | ||||||||||||||||||||||||
TOTAL LIABILITIES | 65,815 | 67,516 | ||||||||||||||||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||
Preferred stock | 911 | 928 | ||||||||||||||||||||||||
Common stock – shares issued – | December 2019 | 4,009.2 | ||||||||||||||||||||||||
June 2019 | 4,009.2 | 4,009 | 4,009 | |||||||||||||||||||||||
Additional paid-in capital | 64,019 | 63,827 | ||||||||||||||||||||||||
Reserve for ESOP debt retirement | (1,112) | (1,146) | ||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) | (14,942) | (14,936) | ||||||||||||||||||||||||
Treasury stock | (105,761) | (100,406) | ||||||||||||||||||||||||
Retained earnings | 98,414 | 94,918 | ||||||||||||||||||||||||
Noncontrolling interest | 370 | 385 | ||||||||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 45,908 | 47,579 | ||||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 111,723 | $ | 115,095 |
Three Months Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions;
shares in thousands |
Common Stock | Preferred Stock | Add-itional Paid-In Capital | Reserve for ESOP Debt Retirement |
Accumu-lated
Other Comp-rehensive Income/(Loss) |
Treasury Stock | Retained Earnings | Non-controlling Interest | Total Share-holders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE
SEPTEMBER 30, 2019 |
2,493,812 | $4,009 | $915 | $63,949 | ($1,112) | ($15,298) | ($102,510) | $96,625 | $406 | $46,984 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | 3,717 | 26 | 3,743 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | 356 | (2) | 354 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents ($0.7459 per share): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common | (1,863) | (1,863) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred, net of tax benefits | (64) | (64) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchases | (28,628) | (3,504) | (3,504) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock plans | 3,681 | 69 | 250 | 319 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock conversions | 588 | (4) | 1 | 3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP debt impacts | — | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest, net | — | (60) | (60) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE
DECEMBER 31, 2019 |
2,469,453 | $4,009 | $911 | $64,019 | ($1,112) | ($14,942) | ($105,761) | $98,414 | $370 | $45,908 |
Six Months Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions;
shares in thousands |
Common Stock | Preferred Stock | Add-itional Paid-In Capital | Reserve for ESOP Debt Retirement |
Accumu-lated
Other Comp-rehensive Income/(Loss) |
Treasury Stock | Retained Earnings | Non-controlling Interest | Total Share-holders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE
JUNE 30, 2019 |
2,504,751 | $4,009 | $928 | $63,827 | ($1,146) | ($14,936) | ($100,406) | $94,918 | $385 | $47,579 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | 7,310 | 50 | 7,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | (6) | (6) | (12) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents
($1.4918 per share) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common | (3,737) | (3,737) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred, net of tax benefits | (129) | (129) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchases | (54,033) | (6,504) | (6,504) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock plans | 16,731 | 189 | 1,135 | 1,324 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock conversions | 2,004 | (17) | 3 | 14 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP debt impacts | 34 | 52 | 86 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest, net | — | (59) | (59) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE
DECEMBER 31, 2019 |
2,469,453 | $4,009 | $911 | $64,019 | ($1,112) | ($14,942) | ($105,761) | $98,414 | $370 | $45,908 |
Three Months Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions;
shares in thousands |
Common Stock | Preferred Stock | Add-itional Paid-In Capital | Reserve for ESOP Debt Retirement |
Accumu-lated
Other Comp-rehensive Income/(Loss) |
Treasury Stock | Retained Earnings | Non-controlling Interest | Total Share-holders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE
SEPTEMBER 30, 2018 |
2,491,408 | $4,009 | $951 | $63,711 | ($1,177) | ($15,133) | ($99,956) | $99,831 | $268 | $52,504 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | 3,194 | 22 | 3,216 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | (23) | 1 | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents
($0.7172 per share): |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common | (1,790) | (1,790) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred, net of tax benefits | (65) | (65) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchases | (8,647) | (751) | (751) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock plans | 18,021 | (73) | 1,222 | 1,149 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock conversions | 798 | (5) | — | 5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP debt impacts | (1) | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest, net | 41 | 162 | 203 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE
DECEMBER 31, 2018 |
2,501,580 | $4,009 | $946 | $63,679 | ($1,178) | ($15,156) | ($99,480) | $101,170 | $453 | $54,443 |
Six Months Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions;
shares in thousands |
Common Stock | Preferred Stock | Add-itional Paid-In Capital | Reserve for ESOP Debt Retirement |
Accumu-lated
Other Comp-rehensive Income/(Loss) |
Treasury Stock | Retained Earnings | Non-controlling Interest | Total Share-holders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE
JUNE 30, 2018 |
2,498,093 | $4,009 | $967 | $63,846 | ($1,204) | ($14,749) | ($99,217) | $98,641 | $590 | $52,883 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impact of adoption of new accounting standards | (326) | (200) | (27) | (553) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | 6,393 | 34 | 6,427 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | (81) | (3) | (84) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents ($1.4344 per share): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common | (3,581) | (3,581) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred, net of tax benefits | (131) | (131) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchases | (24,337) | (2,003) | (2,003) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock plans | 25,389 | (53) | 1,722 | 1,669 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock conversions | 2,435 | (21) | 3 | 18 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP debt impacts | 26 | 48 | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest, net | (117) | (141) | (258) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE
DECEMBER 31, 2018 |
2,501,580 | $4,009 | $946 | $63,679 | ($1,178) | ($15,156) | ($99,480) | $101,170 | $453 | $54,443 |
Six Months Ended December 31 | |||||||||||||||||
Amounts in millions | 2019 | 2018 | |||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | $ | 4,239 | $ | 2,569 | |||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net earnings | 7,360 | 6,427 | |||||||||||||||
Depreciation and amortization | 1,400 | 1,293 | |||||||||||||||
Share-based compensation expense | 202 | 181 | |||||||||||||||
Deferred income taxes | (549) | 37 | |||||||||||||||
Gain on sale of assets | (13) | (370) | |||||||||||||||
Changes in: | |||||||||||||||||
Accounts receivable | (257) | (398) | |||||||||||||||
Inventories | (533) | (531) | |||||||||||||||
Accounts payable, accrued and other liabilities | 958 | 1,141 | |||||||||||||||
Other operating assets and liabilities | (55) | (370) | |||||||||||||||
Other | 20 | 164 | |||||||||||||||
TOTAL OPERATING ACTIVITIES | 8,533 | 7,574 | |||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Capital expenditures | (1,684) | (1,781) | |||||||||||||||
Proceeds from asset sales | 15 | 18 | |||||||||||||||
Acquisitions, net of cash acquired | (54) | (3,848) | |||||||||||||||
Purchases of short-term investments | — | (158) | |||||||||||||||
Proceeds from sales and maturities of investment securities | 6,151 | 1,117 | |||||||||||||||
Change in other investments | 1 | (58) | |||||||||||||||
TOTAL INVESTING ACTIVITIES | 4,429 | (4,710) | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Dividends to shareholders | (3,855) | (3,703) | |||||||||||||||
(Reductions)/increases in short-term debt | (68) | 1,206 | |||||||||||||||
Additions to long-term debt | — | 2,368 | |||||||||||||||
Reductions to long-term debt | (1,546) | (978) | |||||||||||||||
Treasury stock purchases | (6,504) | (2,003) | |||||||||||||||
Impact of stock options and other | 1,060 | 1,486 | |||||||||||||||
TOTAL FINANCING ACTIVITIES | (10,913) | (1,624) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (9) | (113) | |||||||||||||||
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 2,040 | 1,127 | |||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ | 6,279 | $ | 3,696 |
% of Net sales by operating segment (1)
|
|||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31 | Six Months Ended December 31 | ||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||
Fabric Care | 22% | 22% | 22% | 22% | |||||||||||||||||||||||||||||||||||||
Baby Care | 11% | 12% | 11% | 12% | |||||||||||||||||||||||||||||||||||||
Home Care | 10% | 10% | 10% | 10% | |||||||||||||||||||||||||||||||||||||
Hair Care | 10% | 9% | 10% | 10% | |||||||||||||||||||||||||||||||||||||
Skin and Personal Care | 10% | 10% | 10% | 10% | |||||||||||||||||||||||||||||||||||||
Family Care | 8% | 9% | 9% | 9% | |||||||||||||||||||||||||||||||||||||
Oral Care | 9% | 9% | 8% | 8% | |||||||||||||||||||||||||||||||||||||
Shave Care | 7% | 7% | 7% | 8% | |||||||||||||||||||||||||||||||||||||
Feminine Care | 6% | 6% | 6% | 6% | |||||||||||||||||||||||||||||||||||||
Personal Health Care | 5% | 4% | 5% | 4% | |||||||||||||||||||||||||||||||||||||
Other | 2% | 2% | 2% | 1% | |||||||||||||||||||||||||||||||||||||
Total | 100% | 100% | 100% | 100% |
Three Months Ended December 31 | Six Months Ended December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Earnings/(Loss) Before Income Taxes | Net Earnings | Net Sales | Earnings/(Loss) Before Income Taxes | Net Earnings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beauty | 2019 | $ | 3,598 | $ | 1,072 | $ | 858 | $ | 7,150 | $ | 2,164 | $ | 1,732 | |||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 3,357 | 964 | 772 | 6,646 | 1,911 | 1,531 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grooming | 2019 | 1,648 | 494 | 411 | 3,179 | 920 | 764 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 1,617 | 448 | 378 | 3,179 | 865 | 718 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care | 2019 | 2,530 | 732 | 571 | 4,751 | 1,272 | 972 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2,220 | 669 | 520 | 4,065 | 1,109 | 852 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fabric & Home Care | 2019 | 5,787 | 1,278 | 975 | 11,619 | 2,616 | 2,003 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 5,557 | 1,134 | 860 | 11,045 | 2,278 | 1,737 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baby, Feminine & Family Care | 2019 | 4,582 | 1,076 | 822 | 9,149 | 2,210 | 1,693 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 4,558 | 930 | 707 | 8,948 | 1,832 | 1,399 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | 2019 | 95 | (120) | 106 | 190 | (307) | 196 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 129 | (229) | (21) | 245 | (139) | 190 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Company | 2019 | $ | 18,240 | $ | 4,532 | $ | 3,743 | $ | 36,038 | $ | 8,875 | $ | 7,360 | |||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 17,438 | 3,916 | 3,216 | 34,128 | 7,856 | 6,427 |
Beauty | Grooming | Health Care | Fabric & Home Care | Baby, Feminine & Family Care | Total Company | ||||||||||||||||||||||||||||||
Goodwill at June 30, 2019 | $ | 12,985 | $ | 12,881 | $ | 7,972 | $ | 1,855 | $ | 4,580 | $ | 40,273 | |||||||||||||||||||||||
Acquisitions and divestitures | (1) | — | (55) | — | — | (56) | |||||||||||||||||||||||||||||
Translation and other | (82) | (48) | (56) | (8) | (25) | (219) | |||||||||||||||||||||||||||||
Goodwill at December 31, 2019 | $ | 12,902 | $ | 12,833 | $ | 7,861 | $ | 1,847 | $ | 4,555 | $ | 39,998 |
Gross Carrying Amount | Accumulated Amortization | ||||||||||
Intangible assets with determinable lives | $ | 8,509 | $ | (5,556) | |||||||
Intangible assets with indefinite lives | 21,027 | — | |||||||||
Total identifiable intangible assets | $ | 29,536 | $ | (5,556) |
Approximate Percent Change in Estimated Fair Value | |||||||||||||||||
+25 bps Discount Rate | -25 bps Growth Rates | ||||||||||||||||
Shave Care goodwill reporting unit | (6) | % | (6) | % | |||||||||||||
Gillette indefinite-lived intangible asset | (6) | % | (6) | % |
CONSOLIDATED AMOUNTS | Three Months Ended December 31 | Six Months Ended December 31 | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Net earnings | $ | 3,743 | $ | 3,216 | $ | 7,360 | $ | 6,427 | |||||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | 26 | 22 | 50 | 34 | |||||||||||||||||||||||||||||||
Net earnings attributable to P&G (Diluted) | 3,717 | 3,194 | 7,310 | 6,393 | |||||||||||||||||||||||||||||||
Preferred dividends | (64) | (65) | (129) | (131) | |||||||||||||||||||||||||||||||
Net earnings attributable to P&G available to common shareholders (Basic) | $ | 3,653 | $ | 3,129 | $ | 7,181 | $ | 6,262 | |||||||||||||||||||||||||||
SHARES IN MILLIONS | |||||||||||||||||||||||||||||||||||
Basic weighted average common shares outstanding | 2,487.0 | 2,499.7 | 2,495.5 | 2,497.8 | |||||||||||||||||||||||||||||||
Add: Effect of dilutive securities | |||||||||||||||||||||||||||||||||||
Conversion of preferred shares (1)
|
86.4 | 90.7 | 86.9 | 91.3 | |||||||||||||||||||||||||||||||
Impact of stock options and other unvested equity awards (2)
|
56.7 | 32.6 | 56.4 | 28.5 | |||||||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | 2,630.1 | 2,623.0 | 2,638.8 | 2,617.6 | |||||||||||||||||||||||||||||||
NET EARNINGS PER SHARE (3)
|
|||||||||||||||||||||||||||||||||||
Basic | $ | 1.47 | $ | 1.25 | $ | 2.88 | $ | 2.51 | |||||||||||||||||||||||||||
Diluted | $ | 1.41 | $ | 1.22 | $ | 2.77 | $ | 2.44 |
Three Months Ended December 31 | Six Months Ended December 31 | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Share-based compensation expense | $ | 92 | $ | 79 | $ | 202 | $ | 181 | |||||||||||||||||||||||||||
Net periodic benefit cost for pension benefits (1)
|
44 | 36 | 84 | 64 | |||||||||||||||||||||||||||||||
Net periodic benefit cost/(credit) for other retiree benefits (1)
|
(52) | (42) | (104) | (83) |
Amount of Gain/(Loss) Recognized in OCI on Derivatives | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31 | Six Months Ended December 31 | ||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2)
|
|||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | (82) | $ | 23 | $ | 31 | $ | 19 |
Amount of Gain/(Loss) Recognized in Earnings | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31 | Six Months Ended December 31 | ||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS | |||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (143) | $ | 42 | $ | (53) | $ | 18 | |||||||||||||||||||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | |||||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | 85 | $ | (5) | $ | (12) | $ | (7) |
Investment Securities | Pension and Other Retiree Benefits | Foreign Currency Translation | Total AOCI | ||||||||||||||||||||
Balance at June 30, 2019 | $ | 11 | $ | (4,198) | $ | (10,749) | $ | (14,936) | |||||||||||||||
OCI before reclassifications (1)
|
(4) | (6) | (148) | (158) | |||||||||||||||||||
Amounts reclassified from AOCI into the Consolidated Statements of Earnings (2)
|
(2) | 148 | — | 146 | |||||||||||||||||||
Net current period OCI | (6) | 142 | (148) | (12) | |||||||||||||||||||
Less: Other comprehensive income/(loss) attributable to non-controlling interests | — | — | (6) | (6) | |||||||||||||||||||
Balance at December 31, 2019 | $ | 5 | $ | (4,056) | $ | (10,891) | $ | (14,942) |
Reserve Balance | Charges Previously Reported (Three Months Ended September 30, 2019) | Charges for the Three Months Ended December 31, 2019 | Six Months Ended December 31, 2019 | Reserve Balance | |||||||||||||||||||||||||||||||||||||
June 30, 2019 | Cash Spent | Charges Against Assets | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Separations | $ | 280 | $ | 34 | $ | 47 | $ | (80) | $ | — | $ | 281 | |||||||||||||||||||||||||||||
Asset-related costs | — | 45 | 28 | — | (73) | — | |||||||||||||||||||||||||||||||||||
Other costs | 188 | 14 | 30 | (49) | — | 183 | |||||||||||||||||||||||||||||||||||
Total | $ | 468 | $ | 93 | $ | 105 | $ | (129) | $ | (73) | $ | 464 |
Three Months Ended December 31, 2019 | Six Months Ended December 31, 2019 | ||||||||||
Beauty | $ | 5 | $ | 13 | |||||||
Grooming | 14 | 32 | |||||||||
Health Care | 12 | 24 | |||||||||
Fabric & Home Care | 7 | 11 | |||||||||
Baby, Feminine & Family Care | 9 | 29 | |||||||||
Corporate (1)
|
58 | 89 | |||||||||
Total Company | $ | 105 | $ | 198 |
December 31, 2019 | |||||
Operating leases: | |||||
Other noncurrent assets | $ | 903 | |||
Accrued and other liabilities | 251 | ||||
Other noncurrent liabilities | 676 | ||||
Total operating lease liabilities | $ | 927 | |||
Weighted average remaining lease term: | |||||
Operating leases | 6.5 years | ||||
Weighted average discount rate: | |||||
Operating leases | 4.6 | % |
Operating Leases | |||||
December 31, 2019 | |||||
1 year | $ | 251 | |||
2 years | 200 | ||||
3 years | 163 | ||||
4 years | 139 | ||||
5 years | 105 | ||||
Over 5 years | 215 | ||||
Total lease payments | 1,073 | ||||
Less: Interest | (146) | ||||
Present value of lease liabilities | $ | 927 |
Operating Leases | |||||
June 30, 2019 | |||||
2020 | $ | 263 | |||
2021 | 209 | ||||
2022 | 165 | ||||
2023 | 141 | ||||
2024 | 121 | ||||
After 2024 | 244 | ||||
Total lease payments | $ | 1,143 |
Amounts in millions | November 30, 2018 | ||||
Current assets | $ | 421 | |||
Property, plant and equipment | 119 | ||||
Intangible assets | 2,134 | ||||
Goodwill | 2,083 | ||||
Other non-current assets | 209 | ||||
Total assets acquired | $ | 4,966 | |||
Current liabilities | $ | 232 | |||
Deferred income taxes | 763 | ||||
Non-current liabilities | 94 | ||||
Total liabilities acquired | $ | 1,089 | |||
Noncontrolling interest (1)
|
$ | 169 | |||
Net assets acquired | $ | 3,708 |
Amounts in millions | Estimated Fair Value |
Avg Remaining
Useful Life |
|||||||||
Intangible assets with determinable lives | |||||||||||
Brands | $ | 701 | 14 | ||||||||
Patents and technology | 162 | 10 | |||||||||
Customer relationships | 325 | 20 | |||||||||
Total | $ | 1,188 | 15 | ||||||||
Intangible assets with indefinite lives | |||||||||||
Brands | 946 | ||||||||||
Total intangible assets | $ | 2,134 |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
Reportable Segments | Product Categories (Sub-Categories) | Major Brands | ||||||
Beauty |
Hair Care (Conditioner, Shampoo, Styling Aids, Treatments)
|
Head & Shoulders, Herbal Essences, Pantene, Rejoice | ||||||
Skin and Personal Care (Antiperspirant and Deodorant, Personal Cleansing, Skin Care)
|
Olay, Old Spice, Safeguard, SK-II, Secret | |||||||
Grooming |
Grooming (1) (Shave Care - Female Blades & Razors, Male Blades & Razors, Pre- and Post-Shave Products, Other Shave Care; Appliances)
|
Braun, Gillette, Venus | ||||||
Health Care |
Oral Care (Toothbrushes, Toothpaste, Other Oral Care)
|
Crest, Oral-B | ||||||
Personal Health Care (Gastrointestinal, Rapid Diagnostics, Respiratory, Vitamins/Minerals/Supplements, Pain Relief, Other Personal Health Care)
|
Metamucil, Neurobion, Pepto Bismol, Vicks | |||||||
Fabric & Home Care |
Fabric Care (Fabric Enhancers, Laundry Additives, Laundry Detergents)
|
Ariel, Downy, Gain, Tide | ||||||
Home Care (Air Care, Dish Care, P&G Professional, Surface Care)
|
Cascade, Dawn, Fairy, Febreze, Mr. Clean, Swiffer | |||||||
Baby, Feminine & Family Care |
Baby Care (Baby Wipes, Taped Diapers and Pants)
|
Luvs, Pampers | ||||||
Feminine Care (Adult Incontinence, Feminine Care)
|
Always, Always Discreet, Tampax | |||||||
Family Care (Paper Towels, Tissues, Toilet Paper)
|
Bounty, Charmin, Puffs |
Three Months Ended December 31, 2019 | Six Months Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||
Net Sales | Net Earnings | Net Sales | Net Earnings | ||||||||||||||||||||||||||||||||
Beauty | 20% | 23% | 20% | 24% | |||||||||||||||||||||||||||||||
Grooming | 9% | 11% | 9% | 11% | |||||||||||||||||||||||||||||||
Health Care | 14% | 16% | 13% | 13% | |||||||||||||||||||||||||||||||
Fabric & Home Care | 32% | 27% | 32% | 28% | |||||||||||||||||||||||||||||||
Baby, Feminine & Family Care | 25% | 23% | 26% | 24% | |||||||||||||||||||||||||||||||
Total Company | 100% | 100% | 100% | 100% |
Three Months Ended December 31 | ||||||||||||||||||||||||||||||||
Amounts in millions, except per share amounts | 2019 | 2018 | % Chg | |||||||||||||||||||||||||||||
Net sales | $18,240 | $17,438 | 5% | |||||||||||||||||||||||||||||
Operating income | 4,482 | 3,896 | 15% | |||||||||||||||||||||||||||||
Net earnings | 3,743 | 3,216 | 16% | |||||||||||||||||||||||||||||
Net earnings attributable to Procter & Gamble | 3,717 | 3,194 | 16% | |||||||||||||||||||||||||||||
Diluted net earnings per common share | 1.41 | 1.22 | 16% | |||||||||||||||||||||||||||||
Core net earnings per common share | 1.42 | 1.25 | 14% | |||||||||||||||||||||||||||||
Three Months Ended December 31 | ||||||||||||||||||||||||||||||||
COMPARISONS AS A PERCENTAGE OF NET SALES | 2019 | 2018 | Basis Pt Chg | |||||||||||||||||||||||||||||
Gross margin | 51.4% | 48.9% | 250 | |||||||||||||||||||||||||||||
Selling, general & administrative expense | 26.8% | 26.5% | 30 | |||||||||||||||||||||||||||||
Operating income | 24.6% | 22.3% | 230 | |||||||||||||||||||||||||||||
Earnings before income taxes | 24.8% | 22.5% | 230 | |||||||||||||||||||||||||||||
Net earnings | 20.5% | 18.4% | 210 | |||||||||||||||||||||||||||||
Net earnings attributable to Procter & Gamble | 20.4% | 18.3% | 210 |
Net Sales Change Drivers 2019 vs. 2018 (Three Months Ended December 31) (1)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume with Acquisitions & Divestitures | Volume Excluding Acquisitions & Divestitures | Foreign Exchange | Price | Mix |
Other (2)
|
Net Sales Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beauty | 5% | 5% | (1)% | 2% | 1% | —% | 7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grooming | 2% | 2% | (2)% | 2% | —% | —% | 2% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care | 11% | 5% | (1)% | 1% | 1% | 2% | 14% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fabric & Home Care | 3% | 3% | (1)% | 1% | 1% | —% | 4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baby, Feminine & Family Care | —% | —% | (1)% | —% | 1% | 1% | 1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Company | 3% | 3% | (1)% | 1% | 1% | 1% | 5% |
Six Months Ended December 31 | ||||||||||||||||||||||||||||||||
Amounts in millions, except per share amounts | 2019 | 2018 | % Chg | |||||||||||||||||||||||||||||
Net sales | $36,038 | $34,128 | 6% | |||||||||||||||||||||||||||||
Operating income | 8,772 | 7,450 | 18% | |||||||||||||||||||||||||||||
Net earnings | 7,360 | 6,427 | 15% | |||||||||||||||||||||||||||||
Net earnings attributable to Procter & Gamble | 7,310 | 6,393 | 14% | |||||||||||||||||||||||||||||
Diluted net earnings per common share | 2.77 | 2.44 | 14% | |||||||||||||||||||||||||||||
Core net earnings per common share | 2.79 | 2.36 | 18% | |||||||||||||||||||||||||||||
Six Months Ended December 31 | ||||||||||||||||||||||||||||||||
COMPARISONS AS A PERCENTAGE OF NET SALES | 2019 | 2018 | Basis Pt Chg | |||||||||||||||||||||||||||||
Gross margin | 51.2% | 49.0% | 220 | |||||||||||||||||||||||||||||
Selling, general & administrative expense | 26.8% | 27.2% | (40) | |||||||||||||||||||||||||||||
Operating income | 24.3% | 21.8% | 250 | |||||||||||||||||||||||||||||
Earnings before income taxes | 24.6% | 23.0% | 160 | |||||||||||||||||||||||||||||
Net earnings | 20.4% | 18.8% | 160 | |||||||||||||||||||||||||||||
Net earnings attributable to Procter & Gamble | 20.3% | 18.7% | 160 |
Net Sales Change Drivers 2019 vs. 2018 (Six Months Ended December 31) (1)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume with Acquisitions & Divestitures | Volume Excluding Acquisitions & Divestitures | Foreign Exchange | Price | Mix |
Other (2)
|
Net Sales Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beauty | 4% | 4% | (1)% | 2% | 3% | —% | 8% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grooming | 1% | 1% | (2)% | 2% | (1)% | —% | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care | 14% | 5% | (2)% | 1% | 2% | 2% | 17% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fabric & Home Care | 5% | 5% | (1)% | —% | 1% | —% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baby, Feminine & Family Care | 1% | 1% | (1)% | 1% | 1% | —% | 2% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Company | 4% | 3% | (1)% | 1% | 2% | —% | 6% |
Three Months Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | % Change Versus Year Ago | Earnings/(Loss) Before Income Taxes | % Change Versus Year Ago | Net Earnings | % Change Versus Year Ago | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beauty | $ | 3,598 | 7 | % | $ | 1,072 | 11 | % | $ | 858 | 11 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Grooming | 1,648 | 2 | % | 494 | 10 | % | 411 | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care | 2,530 | 14 | % | 732 | 9 | % | 571 | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fabric & Home Care | 5,787 | 4 | % | 1,278 | 13 | % | 975 | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baby, Feminine & Family Care | 4,582 | 1 | % | 1,076 | 16 | % | 822 | 16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | 95 | N/A | (120) | N/A | 106 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Company | $ | 18,240 | 5 | % | $ | 4,532 | 16 | % | $ | 3,743 | 16 | % |
Six Months Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | % Change Versus Year Ago | Earnings/(Loss) Before Income Taxes | % Change Versus Year Ago | Net Earnings | % Change Versus Year Ago | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beauty | $ | 7,150 | 8 | % | $ | 2,164 | 13 | % | $ | 1,732 | 13 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Grooming | 3,179 | — | % | 920 | 6 | % | 764 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care | 4,751 | 17 | % | 1,272 | 15 | % | 972 | 14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fabric & Home Care | 11,619 | 5 | % | 2,616 | 15 | % | 2,003 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baby, Feminine & Family Care | 9,149 | 2 | % | 2,210 | 21 | % | 1,693 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | 190 | N/A | (307) | N/A | 196 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Company | $ | 36,038 | 6 | % | $ | 8,875 | 13 | % | $ | 7,360 | 15 | % |
Three Months Ended December 31, 2019 | Net Sales Growth | Foreign Exchange Impact |
Acquisition & Divestiture Impact/Other (1)
|
Organic Sales Growth | |||||||||||||||||||
Beauty | 7% | 1% | —% | 8% | |||||||||||||||||||
Grooming | 2% | 2% | —% | 4% | |||||||||||||||||||
Health Care | 14% | 1% | (8)% | 7% | |||||||||||||||||||
Fabric & Home Care | 4% | 1% | —% | 5% | |||||||||||||||||||
Baby, Feminine & Family Care | 1% | 1% | (1)% | 1% | |||||||||||||||||||
Total Company | 5% | 1% | (1)% | 5% |
Six Months Ended December 31, 2019 | Net Sales Growth | Foreign Exchange Impact |
Acquisition & Divestiture Impact/Other (1)
|
Organic Sales Growth | |||||||||||||||||||
Beauty | 8% | 1% | —% | 9% | |||||||||||||||||||
Grooming | —% | 2% | —% | 2% | |||||||||||||||||||
Health Care | 17% | 2% | (11)% | 8% | |||||||||||||||||||
Fabric & Home Care | 5% | 1% | —% | 6% | |||||||||||||||||||
Baby, Feminine & Family Care | 2% | 1% | —% | 3% | |||||||||||||||||||
Total Company | 6% | 1% | (1)% | 6% |
Six Months Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Operating Cash Flow | Capital Spending | U.S. Tax Act Payments | Adjusted Free Cash Flow | |||||||||||||||||||||||||||||
$8,533 | $(1,684) | $215 | $7,064 |
Six Months Ended December 31, 2019 | ||||||||||||||||||||||||||
Adjusted Free Cash Flow | Net Earnings | Adjusted Free Cash Flow Productivity | ||||||||||||||||||||||||
$7,064 | $7,360 | 96% |
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts) Reconciliation of Non-GAAP Measures |
||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
AS REPORTED (GAAP) | INCREMENTAL RESTRUCTURING | ROUNDING | NON-GAAP (CORE) | |||||||||||||||||||||||||||||||||||||||||
COST OF PRODUCTS SOLD | $ | 8,869 | $ | (42) | $ | — | $ | 8,827 | ||||||||||||||||||||||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE | 4,889 | 25 | — | 4,914 | ||||||||||||||||||||||||||||||||||||||||
OPERATING INCOME | 4,482 | 17 | — | 4,499 | ||||||||||||||||||||||||||||||||||||||||
INCOME TAX | 789 | 5 | — | 794 | ||||||||||||||||||||||||||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO P&G | 3,717 | 17 | 1 | 3,735 | ||||||||||||||||||||||||||||||||||||||||
Core EPS | ||||||||||||||||||||||||||||||||||||||||||||
DILUTED NET EARNINGS PER COMMON SHARE (1)
|
$ | 1.41 | $ | 0.01 | $ | — | $ | 1.42 |
CHANGE VERSUS YEAR AGO | ||||||||||||||||||||
CORE NET EARNINGS ATTRIBUTABLE TO P&G | 14 | % | ||||||||||||||||||
CORE EPS | 14 | % |
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts) Reconciliation of Non-GAAP Measures |
||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AS REPORTED (GAAP) | INCREMENTAL RESTRUCTURING | ROUNDING | NON-GAAP (CORE) | |||||||||||||||||||||||||||||||||||||||||||||||
COST OF PRODUCTS SOLD | $ | 8,919 | $ | (123) | $ | — | $ | 8,796 | ||||||||||||||||||||||||||||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE | 4,623 | 38 | (1) | 4,660 | ||||||||||||||||||||||||||||||||||||||||||||||
OPERATING INCOME | 3,896 | 85 | 1 | 3,982 | ||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAX | 700 | 17 | (2) | 715 | ||||||||||||||||||||||||||||||||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO P&G | 3,194 | 77 | 1 | 3,272 | ||||||||||||||||||||||||||||||||||||||||||||||
Core EPS | ||||||||||||||||||||||||||||||||||||||||||||||||||
DILUTED NET EARNINGS PER COMMON SHARE (1)
|
$ | 1.22 | $ | 0.03 | $ | — | $ | 1.25 |
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts) Reconciliation of Non-GAAP Measures |
||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
AS REPORTED (GAAP) | INCREMENTAL RESTRUCTURING | ROUNDING | NON-GAAP (CORE) | |||||||||||||||||||||||||||||||||||||||||
COST OF PRODUCTS SOLD | 17,592 | $ | (94) | $ | — | $ | 17,498 | |||||||||||||||||||||||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE | 9,674 | 47 | — | 9,721 | ||||||||||||||||||||||||||||||||||||||||
OPERATING INCOME | 8,772 | 47 | — | 8,819 | ||||||||||||||||||||||||||||||||||||||||
INCOME TAX | 1,515 | 6 | — | 1,521 | ||||||||||||||||||||||||||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO P&G | 7,310 | 48 | — | 7,358 | ||||||||||||||||||||||||||||||||||||||||
Core EPS | ||||||||||||||||||||||||||||||||||||||||||||
DILUTED NET EARNINGS PER COMMON SHARE (1)
|
$ | 2.77 | $ | 0.02 | $ | — | $ | 2.79 |
CHANGE VERSUS YEAR AGO | ||||||||||||||||||||
CORE NET EARNINGS ATTRIBUTABLE TO P&G | 19 | % | ||||||||||||||||||
CORE EPS | 18 | % |
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts) Reconciliation of Non-GAAP Measures |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AS REPORTED (GAAP) | INCREMENTAL RESTRUCTURING | GAIN ON DISSOLUTION OF PGT PARTNERSHIP | ROUNDING | NON-GAAP (CORE) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
COST OF PRODUCTS SOLD | $ | 17,403 | $ | (169) | $ | — | $ | — | $ | 17,234 | ||||||||||||||||||||||||||||||||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE | 9,275 | 10 | — | — | 9,285 | |||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING INCOME | 7,450 | 159 | — | — | 7,609 | |||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAX | 1,429 | 23 | (2) | (1) | 1,449 | |||||||||||||||||||||||||||||||||||||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO P&G | 6,393 | 146 | (353) | 1 | 6,187 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Core EPS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DILUTED NET EARNINGS PER COMMON SHARE (1)
|
$ | 2.44 | $ | 0.06 | $ | (0.14) | $ | — | $ | 2.36 |
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Period |
Total Number of Shares Purchased (1)
|
Average Price Paid per Share (2)
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3)
|
Approximate Dollar Value of Shares That May Yet Be Purchased Under Our Share Repurchase Program | |||||||||||||||||||
10/01/2019 - 10/31/2019 | 5,763,316 | $121.46 | 5,763,316 |
(3)
|
|||||||||||||||||||
11/01/2019 - 11/30/2019 | 11,605,102 | $120.64 | 11,605,102 |
(3)
|
|||||||||||||||||||
12/01/2019 - 12/31/2019 | 11,230,232 | $124.66 | 11,230,232 |
(3)
|
|||||||||||||||||||
Total | 28,598,650 | $122.38 | 28,598,650 |
Item 6. | Exhibits |
3-1 | Amended Articles of Incorporation (as amended by shareholders at the annual meeting on October 11, 2011 and consolidated by the Board of Directors on April 8, 2016) (Incorporated by reference to Exhibit (3-1) of the Company's Form 10-K for the year ended June 30, 2016) | |||||||
3-2 | Regulations (as approved by the Board of Directors on April 8, 2016, pursuant to authority granted by shareholders at the annual meeting on October 13, 2009) (Incorporated by reference to Exhibit (3-2) of the Company's Form 10-K for the year ended June 30, 2016) | |||||||
10-1 | Regulations of the Compensation and Leadership Development Committee for The Procter & Gamble 2019 Stock and Incentive Compensation Plan and The Procter & Gamble 2014 Stock and Incentive Compensation Plan * + | |||||||
10-2 | The Procter & Gamble Performance Stock Program Summary* + | |||||||
10-3 | Summary of the Company's Long-Term Incentive Program * + | |||||||
10-4 | Summary of the Company's Short Term Achievement Reward Program * + | |||||||
10-5 | Summary of the Company's Retirement Plan Restoration Program * + | |||||||
10-6 | Company's Form of Separation Letter & Release * + | |||||||
10-7 | Company's Form of Separation Agreement & Release * + | |||||||
10-8 | The Procter & Gamble 2019 Stock & Incentive Compensation Plan, which was originally adopted by shareholders at the annual meeting on October 8, 2019 (Incorporated by reference to Exhibit (10-1) of the Company’s Current Report on Form 8-K filed October 11, 2019).* | |||||||
31.1 | Rule 13a-14(a)/15d-14(a) Certification – Chief Executive Officer + | |||||||
31.2 | Rule 13a-14(a)/15d-14(a) Certification – Chief Financial Officer + | |||||||
32.1 | Section 1350 Certifications – Chief Executive Officer + | |||||||
32.2 | Section 1350 Certifications – Chief Financial Officer + | |||||||
101.SCH (1)
|
Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL (1)
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF (1)
|
Inline XBRL Taxonomy Definition Linkbase Document | |||||||
101.LAB (1)
|
Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE (1)
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
* | Compensatory plan or arrangement | ||||
+ | Filed herewith | ||||
(1)
|
Pursuant to Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 or 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections. |
THE PROCTER & GAMBLE COMPANY | ||||||||||||||
January 23, 2020 | /s/ VALARIE L. SHEPPARD | |||||||||||||
Date | (Valarie L. Sheppard) | |||||||||||||
Controller and Treasurer and Executive Vice President - | ||||||||||||||
Company Transition Leader | ||||||||||||||
(Principal Accounting Officer) |
Exhibit | ||||||||
101.SCH (1)
|
Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL (1)
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF (1)
|
Inline XBRL Taxonomy Definition Linkbase Document | |||||||
101.LAB (1)
|
Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE (1)
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
+ | Filed herewith | ||||
(1)
|
Pursuant to Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 or 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections. |
Acquiring Company | a company which obtains Control of the Company in the circumstances referred to in rule 25; | ||||
Associated Company |
the meaning given to that expression by paragraph 35(1) of Schedule 4;
|
||||
Close Company |
the meaning given to that expression by section 989 of the Income Tax Act 2007, and paragraph 9(4) of Schedule 4;
|
Committee |
the Compensation & Leadership Development Committee of the Board or such other committee as may be designated by the Board to administer the Plan;
|
||||
Consortium |
the meaning given to that word by paragraph 36(2) of Schedule 4;
|
||||
Constituent Company |
means the Company or a company which is:
(a)a Subsidiary or
(b)a Jointly Owned Company where neither it nor any company Controlled by it is a constituent company under the provisions of paragraph 34(4) of Schedule 4 in any other CSOP scheme as that term is defined in paragraph 2 of Schedule 4;
|
||||
Control |
the meaning given to that word by section 719 of ITEPA 2003 and “Controlled” shall be construed accordingly;
|
||||
Date of Grant |
the date on which an Option is granted to an Eligible Employee in accordance with the Articles of the Plan;
|
||||
Eligible Employee |
an individual who falls within the provisions of Article 5 of the Plan and who is:
(a)an employee (other than a director) of a Constituent Company; or
(b)a director of a Constituent Company who is contracted to work at least 25 hours per week for the Company and its subsidiaries or any of them (exclusive of meal breaks)
and who, in either case,:
(i)is not eligible solely by reason that he is a non-executive director of a Constituent Company;
(ii)has earnings in respect of his office or employment which are (or would be if there were any) general earnings to which sections 15, 22 or 26 of ITEPA 2003 applies; and
(iii)does not have at the Date of Grant, and has not had during the preceding twelve months, a Material Interest in a Close Company which is the Company or a company which has Control of the Company or a member of a Consortium which owns the Company;
|
||||
ITEPA 2003 |
means the Income Tax (Earnings and
Pensions) Act 2003;
|
||||
Market Value |
notwithstanding Section 7.2 of the Plan,
(a) in the case of an Option granted under the Sub-Plan:
(i) if at the relevant time the Shares are listed on the New York Stock Exchange, the average of the highest and lowest sale prices of a Share on the Date of Grant (as quoted in the Wall Street Journal) or, if there were no trades on that day, on the dealing day immediately preceding the Date of Grant;
(ii) if paragraph (i) above does not apply, the market value of a Share as determined in accordance with Part VIII of the Taxation of Chargeable Gains Act 1992 and agreed in advance with HM Revenue & Customs Shares and Assets Valuation on the Date of Grant or such earlier date or dates (not being more than thirty days before the Date of Grant) as may be agreed with HM Revenue & Customs;
provided that the Market Value of Shares subject to a Relevant Restriction shall be determined as if they were not subject to a Relevant Restriction;
(b) in the case of an option granted under any other share option scheme, the market value of a Share shall be determined under the rules of such scheme for the purpose of the grant of the option;
|
||||
Material Interest |
the meaning given to that expression by paragraphs 9 to 14 of Schedule 4;
|
||||
New Option |
an option granted by way of exchange under rule 25.1;
|
||||
New Shares |
the shares subject to a New Option as set out in rule 25;
|
||||
Option |
a right to acquire Shares granted under the Sub-Plan;
|
||||
Option Holder |
an individual who holds an Option or, where the context permits, his legal personal representatives;
|
||||
Relevant Restriction |
any provision in any contract, agreement, arrangement or condition to which any of sub-sections (2) to (4) of section 423 of ITEPA 2003 would apply if references in those sub-sections to employment-related securities were references to the Shares;
|
Schedule 4 |
means Schedule 4 to ITEPA 2003;
|
||||
Schedule 4 CSOP |
a share plan that meets the requirements of Schedule 4;
|
||||
Shares |
common stock of the Company; and
|
||||
Subsidiary | means a company which is a subsidiary of the Company within the meaning of section 1159 of the Companies Act 2006 over which the Company has Control. |
You must scroll and read to the bottom of the grant letter below so you can accept/reject your grant.
|
||||||||||||||||||||||||||||||||
AWARD AGREEMENT | [●] 20[●] | |||||||||||||||||||||||||||||||
NAME | GLOBAL ID | |||||||||||||||||||||||||||||||
Option Price per Share: | $_______ | ||||
Number of Shares: | |||||
Grant Date: | [●] 20[●] | ||||
Expiration Date: | [●] 20[●] | ||||
Vest Date: | [●]% on [●] 20[●] | ||||
Acceptance Deadline: | [●] 20[●] |
THE PROCTER & GAMBLE COMPANY | ||
Tracey Grabowski | ||
Chief Human Resources Officer |
Attachment(s): |
To Accept Your Award | To Reject Your Award | |||||||||||||||||||||||||||||||||||||||||||
Read and check the boxes below: | Read and check the box(es) below: | |||||||||||||||||||||||||||||||||||||||||||
I have read, understand and agree to be | I have read and understand the terms | |||||||||||||||||||||||||||||||||||||||||||
bound by each of: | noted above and do not agree to be bound | |||||||||||||||||||||||||||||||||||||||||||
•The Procter & Gamble 2019 Stock and Incentive Compensation Plan
|
by these terms. I hereby reject the stock option award detailed above. | |||||||||||||||||||||||||||||||||||||||||||
•The Schedule 4 CSOP Sub-Plan for the United Kingdom (applies to series 20-LTIP-F only)
|
||||||||||||||||||||||||||||||||||||||||||||
•Regulations of the Committee
|
||||||||||||||||||||||||||||||||||||||||||||
•This Award Agreement, including Attachment A
|
||||||||||||||||||||||||||||||||||||||||||||
I accept the stock option award detailed | ||||||||||||||||||||||||||||||||||||||||||||
above (including attachments) |
Employment Separation Date:
|
Your last day of employment with P&G will be [DATE], which will be your “Employment Separation Date” for purposes of this letter. You understand and agree that if P&G determines that you engaged in misconduct during your employment, or if you fail to perform your work and responsibilities in a satisfactory manner up to and including your Employment Separation Date, P&G may terminate your employment immediately and will not provide, nor be obligated to provide, the payment(s) and other benefits described in this letter.
|
||||
Vacation:
|
You will receive payment for your accrued but unused vacation as of your Employment Separation Date, which sum will be paid to you in accordance with P&G policy and applicable laws. You will not accrue any additional vacation following your Employment Separation Date.
|
||||
STAR Award
[Optional] |
As of your Employment Separation Date, if you were otherwise eligible for a STAR award and you worked at least 28 days (4 calendar weeks) during the fiscal year, you will receive a pro-rated STAR award for the fiscal year. Your STAR award will be pro-rated by dividing the number of calendar days during the fiscal year from July 1 through your Employment Separation Date by 365. Your STAR award will be paid in cash in the September (but no later than September 15th) immediately following the end of the fiscal year in which your employment terminates with P&
|
Separation Payment [Optional]:
|
P&G will, within thirty (30) calendar days after your Employment Separation Date, provide you with a separation payment in the amount of $[AMOUNT] (“Separation Payment”) (representing [#] weeks of pay at your current salary), less applicable state and federal withholdings and deductions, which sum will be paid in one lump sum payment. The Separation Payment will be the only assistance P&G provides upon your separation. Other resources may be available to you as a participant in general compensation and benefit plans, which it will be your responsibility to identify and make any necessary arrangements upon separation.
Amounts you owe to P&G as of your Employment Separation Date, including, but not limited to, wage and/or benefit overpayments and unpaid loans, will also be deducted from the Separation Payment. |
||||
Unemployment Compensation Benefits [Optional]:
|
Your Separation Payment will be allocated to the [#] week period following your Employment Separation Date. |
Special Retirement (“Rule of 70”) [Optional] |
P&G will agree to allow the “Rule of 70” to apply to you, but only for purposes of eligibility for retiree health care benefits under the Procter & Gamble Retiree Welfare Benefits Plan. The Rule of 70 is a special eligibility rule for retiree health care coverage (including medical, dental, and prescription drug benefits) under the Procter & Gamble Retiree Welfare Benefits Plan that only applies in specific circumstances. The Rule of 70 will apply to you with respect to health care coverage under the Procter & Gamble Retiree Welfare Benefits Plan as long as that Plan continues to exist and as long as the Rule of 70 continues as an eligibility rule for coverage under that Plan.
For purposes of this paragraph only, the parties agree that your employment with P&G ended on [EMPLOYMENT SEPARATION DATE], and that you were not terminated for cause. The parties also agree that at the time your employment with the Company ended, you were [##] years old and had [##] years of service with the Company, making your full years of age plus full years of service [TOTAL], which is greater than 70.
To avoid confusion, other than establishing that the Rule of 70 applies to you for purposes of retiree health care coverage under the Procter & Gamble Welfare Benefits Plan, you are subject to the same terms and conditions of the Procter & Gamble Welfare Benefits Plan, including but not limited to (1) coverage does not begin until you enrolls in the Plan, and once enrolled coverage is only prospective, (2) the monthly premiums required for coverage under the Plan must be paid on time to avoid coverage from terminating, (3) you will become ineligible for coverage under the Plan while you are employed by a direct competitor of P&G (as determined by P&G’s Chief Human Resources Officer) in an officer and/or director capacity (if you were at Band 5 or below at the time your employment with the Company ended) or in any capacity (if you were at Band 6 or above at the time your employment with the Company ended), and (4) the Company’s reservation of amendment and termination rights with respect to the Plan.
|
Retention of Vested & Unvested Equity Awards [Optional] |
Your separation will be treated as a Special Separation for purposes of any outstanding equity awards granted under the Procter & Gamble 2009 Stock and Incentive Compensation Plan, the Procter & Gamble 2001 Stock and Incentive Compensation Plan, the Procter & Gamble 1992 Stock Plan, or the Gillette Company 2004 Long-Term Incentive Plan and, as a result, you will retain the awards subject to the original terms and conditions of the awards. You will also retain awards granted under the Procter & Gamble 2014 Stock & Incentive Compensation Plan and the Procter & Gamble 2019 Stock & Incentive Compensation Plan subject to the terms and conditions of those Awards.
This Separation Letter & Release does not alter the rights and obligations that you may have under the Procter & Gamble 2019 Stock & Incentive Compensation Plan, the Procter & Gamble 2014 Stock & Incentive Compensation Plan, the Procter & Gamble 2009 Stock and Incentive Compensation Plan, the Procter & Gamble 2001 Stock and Incentive Plan, the Procter & Gamble 1992 Stock Plan, and the Gillette Company 2004 Long-Term Incentive Plan. |
Release of Claims - Including Employment Claims: |
You hereby release P&G from any and all claims or rights you may have against P&G. The term “P&G” includes The Procter & Gamble Company and any of its present, former and future owners, parents, affiliates and subsidiaries, and its and their directors, officers, shareholders, employees, agents, benefit plans, trustees, fiduciaries, servants, representatives, predecessors, successors and assigns. This release applies to claims about which you now know or may later discover, and includes but is not limited to: (1) claims arising under the Age Discrimination in Employment Act ("ADEA"), 29 U.S.C. § 621, et seq.; (2) claims arising under any other federal, state or local law, regulation or ordinance or other order that regulates the employment relationship and/or employee benefits; and (3) claims arising out of or relating in any way to your employment with P&G or the conclusion of that employment. This release does not apply to claims that may arise after the date you sign this letter or that may not be released under applicable law.
Governmental Agencies: Nothing in this Separation Letter & Release prohibits or prevents you from filing a charge with or participating, testifying, or assisting in any investigation, hearing, or other proceeding before the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board or a similar agency enforcing federal, state or local anti-discrimination laws. However, to the maximum extent permitted by law, you agree that if such an administrative claim is made to such an anti-discrimination agency, you shall not be entitled to recover any individual monetary relief or other individual remedies. Nothing in this Separation Letter & Release prohibits you from: (1) reporting possible violations of federal law or regulations, including any possible securities laws violations, to any governmental agency or entity, including but not limited to the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the U.S. Congress, or any agency Inspector General; (2) making any other disclosures that are protected under the whistleblower provisions of federal law or regulations; or (3) otherwise fully participating in any federal whistleblower programs, including but not limited to any such programs managed by the U.S. Securities and Exchange Commission and/or the Occupational Safety and Health Administration. You understand you do not need the prior authorization from the Company to make any such reports or disclosures, and you are not required to notify the Company that you have made such reports or disclosures. Moreover, nothing in this Separation Letter & Release prohibits or prevents you from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programs.
|
||||
Return of P&G Property: |
You agree that by your Employment Separation Date, you will return to P&G in good condition all of its equipment, materials and information that were in your possession, custody or control (including, but not limited to, computers, phones, iPads, tablets files, documents, credit cards, keys and identification badges). You further agree that you will provide your manager with all passwords to P&G electronic communication and data systems before your Employment Separation Date.
|
Confidential Business Information: |
Consistent with the “Information for the Departing Employee” document reviewed with you prior to your Employment Separation Date, you agree to protect P&G business information. Subject to the “Government Agencies” paragraph in the above Release of Claims, you agree not to disclose or transfer to yourself or others any P&G business information, even information you may have created yourself or to which you may have contributed as a P&G employee. Please refer to the “Information for the Departing Employee” document for more information.
|
||||
Continuing Cooperation [Optional] |
Regardless of whether you sign this Agreement and in the event it becomes necessary, following your Employment Separation Date, you are required to cooperate in executing any and all papers required for filing and prosecuting any patent applications and establishing P&G’s ownership of all inventions relating to its business which are made by employees hired to invent or create. You understand that you will not receive any additional compensation for such cooperation.
|
||||
No Other Agreements: |
Except as specifically set forth in this Paragraph (“No Other Agreements”), this letter supersedes any prior written or oral agreements between P&G and you concerning the termination of your employment and any benefits you might receive following that event. This letter is neither a Negotiated Separation Agreement under the Procter & Gamble Basic Separation Program nor an agreement under any other separation program or plan sponsored by The Procter & Gamble Company or any of its subsidiaries. This letter does not alter your rights and obligations under the terms of the P&G Profit Sharing and Employee Stock Ownership Plan, other retirement plans, the P&G Stock and Incentive Compensation Plan, and other compensation plans.
|
Last Day of Employment: |
Your last day of employment will be «Exit_Date», referred to as your “Last Day of Employment.” You understand and agree that if P&G determines that you engaged in misconduct during your employment, or if you fail to perform your work and responsibilities in a satisfactory manner up to and including your Last Day of Employment, P&G may terminate your employment immediately and will not provide, nor be obligated to provide, the payment(s) and other benefits described in this Agreement. Otherwise, unless noted below, your pay and benefits will cease as of your Last Day of Employment.
|
||||
Separation Payment: |
As soon as administratively practical after your Last Day of Employment, P&G will provide you with a Separation Payment of «Total_Amount», less legally required withholdings and deductions. In no event will payment be made before expiration of the seven-day revocation period discussed below or later than the March 15th of the year following the year which includes your last day of employment.
Amounts you owe to P&G as of your Last Day of Employment, including, but not limited to, wage and/or benefit overpayments and unpaid loans, will also be deducted from the Separation Payment.
|
||||
Payment for Unvested PST: |
If you are not fully-vested in the Procter & Gamble Profit Sharing Trust and Employee Stock Ownership Plan (“PST”) as of your Last Day of Employment, as soon as administratively practical after your Last Day of Employment, but no later than the March 15th of the year following the year which includes your Last Day of Employment, you will receive a lump sum payment in an amount substantially equivalent to the non-vested credits in your account in the PST.
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STAR Awards: |
As of your Last Day of Employment, if you were otherwise eligible for a STAR award and you worked at least 28 days (4 calendar weeks) during that fiscal year, you will receive a pro-rated STAR award for that fiscal year. Your STAR award will be pro-rated by dividing the number of calendar days during the fiscal year from July 1 through your Last Day of Employment by 365. Your STAR award will be paid in cash in the September (but no later than September 15th) immediately following the end of the fiscal year in which you terminate.
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Equity Awards
(including Recognition Shares): |
Your separation will be treated as a Special Separation for purposes of any outstanding equity awards granted under the Procter & Gamble 2009 Stock and Incentive Compensation Plan, the Procter & Gamble 2001 Stock and Incentive Compensation Plan, the Procter & Gamble 1992 Stock Plan, or the Gillette Company 2004 Long-Term Incentive Plan and, as a result, you will retain the awards subject to the original terms and conditions of the awards. You will also retain awards granted under the Procter & Gamble 2014 Stock & Incentive Compensation Plan and the Procter & Gamble 2019 Stock & Incentive Compensation Plan subject to the terms and conditions of those Awards.
This agreement does not alter the rights and obligations that you may have under the Procter & Gamble 2019 Stock & Incentive Compensation Plan, the Procter & Gamble 2014 Stock & Incentive Compensation Plan, the Procter & Gamble 2009 Stock and Incentive Compensation Plan, the Procter & Gamble 2001 Stock and Incentive Plan, the Procter & Gamble 1992 Stock Plan, and the Gillette Company 2004 Long-Term Incentive Plan.
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Current Health, Dental, and Life Insurance Benefits: |
If you are enrolled in P&G’s active health (including medical, prescription drug, and EAP coverage), active dental, and company-paid life insurance coverage, that coverage will continue under the same terms until «Benefits_End_Date». Note: Any life insurance coverage other than company-paid life insurance coverage will not continue during this time.
When your extended coverage ends, you may be entitled to continue your health and dental coverage under COBRA. If you are entitled to COBRA continuation coverage, you will receive a notice of your right to elect COBRA.
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Retraining: |
You are eligible for reimbursement (up to $5,000) for the cost of tuition, registration and laboratory fees for courses taken at accredited colleges and universities, or at 2-year colleges, trade schools, or vocational schools approved by appropriate accrediting boards. Correspondence courses which result in credit towards diplomas, degrees, etc. may be acceptable if offered by eligible non-profit institutions.You must have courses approved in advance and submit proof of payment of covered fees and proof (such as a transcript) that the courses were completed successfully. Courses that are recreational in nature, such as golf lessons, will not be approved.
All expenses for retraining must be incurred within twenty-four (24) months of your Last Day of Employment. The retraining reimbursement benefit is administered by Right Management Consultants. |
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No Consideration Without Executing this Agreement: | You affirm that you understand and agree that you would not receive the separation payment and/or benefits specified in this Agreement without executing this Agreement and fulfilling the promises contained in it. Except as provided in this Agreement or under the terms and conditions of an applicable benefit plan or policy sponsored by P&G, you shall not be due any payments or benefits from P&G in connection with the termination of your employment. | ||||
Continued Employment Through Your Last Day of Employment: | You agree to perform your work and responsibilities as an employee in a satisfactory manner up to and including your Last Day of Employment, including compliance with all provisions of this “Separation Agreement and Release.” If P&G determines that you have engaged in serious misconduct during your employment, you understand and agree that P&G may terminate your employment immediately and will not provide, nor will it be obligated to provide, you with the Separation payment, medical benefits, outplacement, retraining and other benefits described above. If you have already received any such pay or benefits, you agree to repay them to P&G upon demand. | ||||
Nonadmission of Wrongdoing: | You affirm that you understand and agree that neither this Agreement nor the furnishing of the consideration for this Agreement, including the Separation Payment, shall be deemed or construed at any time for any purpose as an admission by P&G of wrongdoing or evidence of any liability or unlawful conduct of any kind. |
Release of Claims – Including Age Discrimination and Employment Claims: |
In consideration of the Separation Payment and other benefits provided above to which you would not have been entitled under any existing P&G Policy, you release P&G from any and all claims you have against P&G. The term “P&G” includes «Company» and any of its present, former and future owners, parents, affiliates and subsidiaries, and its and their directors, officers, shareholders, employees, agents, servants, representatives, predecessors, successors and assigns and their employee benefit plans and programs and their administrators and fiduciaries.
This release applies to claims about which you now know or may later discover, and includes but is not limited to: (1) claims arising under the Age Discrimination in Employment Act, 29 U.S.C. § 621, et seq.; (2) claims arising out of or relating in any way to your employment with P&G or the conclusion of that employment; (3) claims arising under any federal, state and local employment discrimination laws, regulations or ordinances or other orders that relate to the employment relationship and/or employee benefits; and (4) any other federal, state or local law, rule, regulation or ordinance, public policy, contract, tort or common law. This release does not apply to claims that may arise after the date you accept this Agreement or that may not be released under applicable law. You are not waiving any rights you may have to: (a) your own vested accrued employee benefits under the P&G health, welfare, or retirement benefit plans as of the Last Day of Employment; (b) benefits and/or the right to seek benefits under applicable workers’ compensation and/or unemployment compensation statutes; (c) pursue claims which by law cannot be waived by signing this Agreement; (d) enforce this Agreement; and/or (e) challenge the validity of this Agreement. You agree that the decision that your last day of employment would be on the Last Day of Employment was made prior to your accepting and executing this Agreement, and you agree that you are releasing any claim in connection with the separation of your employment. If any claim is not subject to release, to the extent permitted by law, you agree that you waive any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim in which P&G is a party. Governmental Agencies: Nothing in this Agreement prohibits or prevents you from filing a charge with or participating, testifying, or assisting in any investigation, hearing, or other proceeding before the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board or a similar agency enforcing federal, state or local anti-discrimination laws. However, to the maximum extent |
permitted by law, you agree that if such an administrative claim is made to such an anti-discrimination agency, you shall not be entitled to recover any individual monetary relief or other individual remedies. Nothing in this Agreement, including but not limited to the “Release of Claims – Including Age Discrimination and Employment Claims” and the “Confidential, Proprietary, Trade Secret Information & Period of Non-Competition” sections of this Agreement, prohibits you from: (1) reporting possible violations of federal law or regulations, including any possible securities laws violations, to any governmental agency or entity, including but not limited to the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the U.S. Congress, or any agency Inspector General; (2) making any other disclosures that are protected under the whistleblower provisions of federal law or regulations; or (3) otherwise fully participating in any federal whistleblower programs, including but not limited to any such programs managed by the U.S. Securities and Exchange Commission and/or the Occupational Safety and Health Administration. You
understand you do not need the prior authorization from the Company to make any such reports or disclosures, and
you are not required to notify the Company that you have made such reports or disclosures. Moreover, nothing in this Agreement prohibits or prevents you from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programsMoreover, nothing in this Agreement prohibits or prevents you from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programsMoreover, nothing in this Agreement prohibits or prevents you from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programs.
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Confidential, Proprietary, Trade Secret Information & Period of Non-Competition: |
Subject to the “Governmental Agencies” portion of the “Release of Claims – Including Age Discrimination and Employment Claims” above, you agree that you will not use or share any confidential, proprietary or trade secret information about any aspect of P&G’s business with any non-P&G employee or business entity at any time in the future. You further agree that you will not obtain, transfer or have in your possession any confidential, proprietary or trade secret information on or after your last day of employment, even information you may have created yourself or to which you may have contributed as a P&G employee. Confidential, proprietary or trade secret information includes, but is not limited to, marketing and advertising plans, pricing information, upstream plans, specific areas of research and development, project work, product formulation, processing methods, assignments of individual employees, testing and evaluation procedures, cost figures, construction plans, and special techniques or methods of any kind.
Notwithstanding the requirements of confidentiality contained in this section, the federal Defend Trade Secrets Act of 2016 immunizes you against criminal and civil liability under federal or state trade secret laws for your disclosure of trade secrets that is made i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; or iii) to your attorney for use in a lawsuit alleging retaliation for reporting a suspected violation of law, provided that any document containing the trade secret is filed under seal and you do not otherwise disclose the trade secret, except pursuant to court order.
Additional non-compete obligation for management employees only: You understand and agree that, unless you have prior written consent from P&G, you will not engage in any activity or provide any services for a period of three (3) years following your Last Day of Employment in connection with the manufacture, development, advertising, promotion or sale of any product which is the same as, similar to, or competitive with any products of P&G or its subsidiaries (including both existing products as well as products in development which are known to you, as a consequence of your employment with P&G):
1.With respect to which your work has been directly concerned at any time during the two (2) years preceding your Last Day of Employment; or
2.With respect to which during that period of time you, as a consequence of your job performance and duties, acquired knowledge of trade secrets or other confidential information of P&G.
For the purposes of this section, it shall be conclusively presumed that you have knowledge or information to which you were directly exposed through the actual receipt of memos or documents
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containing such information or through actual attendance at meetings at which such information was discussed or disclosed. The provisions of this section are not in lieu of, but are in addition to, your continuing obligation to not use or disclose P&G’s trade secrets and confidential information known to you until any particular trade secret or confidential information becomes generally known (through no fault of yours). Information regarding products in development, in test market or being marketed or promoted in a discrete geographic region, which information P&G is considering for a broader use, shall not be deemed generally known until such broader use is actually commercially implemented. Also, “generally known” means known throughout the domestic United States industry or, if you have job responsibilities outside of the United States, the appropriate foreign country or countries’ industry.
If any restriction in this section is found by any court of competent jurisdiction or arbitrator to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it will be modified and interpreted to extend only over the maximum period of time, range of activities or geographic area so that it may be enforceable. If you are a participant in the 2009 Stock and Incentive Compensation Plan, the 2001 Stock and Incentive Compensation Plan, or the 1992 Stock Plan, you are also bound by the terms of Article F – Restrictions & Covenants of those plans, which are incorporated herein by reference. If you are a participant in the 2014 Stock & Incentive Compensation Plan, you are also bound by the terms of Article 6 – Restrictions and Covenants of this plan which are incorporated herein by referenceIf you are a participant in the 2014 Stock & Incentive Compensation Plan, you are also bound by the terms of Article 6 – Restrictions and Covenants of this plan which are incorporated herein by referenceIf you are a participant in the 2014 Stock & Incentive Compensation Plan, you are also bound by the terms of Article 6 – Restrictions and Covenants of this plan which are incorporated herein by reference |
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Acknowledgments and Affirmations: |
Subject to the “Governmental Agencies” portion of the “Release of Claims – Including Age Discrimination and Employment Claims” above, you affirm that you have not filed, caused to be filed, or presently are a party to any claim against P&G.
You affirm that you have been paid and/or have received all compensation, wages, bonuses, commissions, and/or benefits which are due and payable as of the date you sign this Agreement. To the extent that you are required to report hours worked, you affirm that you have reported all hours worked as of the date you sign this Agreement.
You affirm that you have been granted any leave to which you were entitled under the Family and Medical Leave Act or related state or local leave or disability accommodation laws.
You further affirm that you have no known workplace injuries or occupational diseases that have not been reported.
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Assignment of Intellectual Property: |
You will promptly and fully disclose, transfer and assign to P&G all inventions and any other intellectual property (collectively “Intellectual Property”) made or conceived by you during your employment with P&G. You agree to fully cooperate in executing any papers required for establishing or protecting the Intellectual Property and for establishing P&G’s ownership, even if such cooperation is necessary after your Last Day of Employment.
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Return of P&G Property: | You agree that on or before your Last Day of Employment, you will return to P&G in good condition all of its equipment, materials and information that were in your possession, custody or control (including, but not limited to, computers, files, documents, credit cards, keys and identification badges). You further agree that you will provide your manager with all passwords to P&G electronic communication and data systems before your Last Day of Employment. You further agree that on or before your Last Day of Employment, you will return or if directed to do so by your immediate manager, delete (i.e., destroy all copies of) any and all P&G confidential, proprietary or trade secret information you have maintained in your possession, custody, or control in paper, electronic and/or digital formats, including but not limited to, any such confidential, proprietary, or trade secret information (e.g., files, documents, etc.) that you may have electronically or digitally processed or stored on P&G-issued or on personally-owned or maintained digital devices and/or service accounts. Such digital devices and/or service accounts may include, but are not limited to desktop and laptop computers, notebooks, tablets, iPads, mobile phones, smartphones, personal digital assistants (PDAs), USB and flash drives, external hard drives, CDs, DVDs, and/or external file processing or storage provided by cloud service providers such as box.net, dropbox, Google docs, etc. | ||||
Ethics Compliance: |
Subject to the “Governmental Agencies” portion of the “Release of Claims – Including Age Discrimination and Employment Claims” above, you agree that you provided P&G all information known to you regarding any violations of the Procter & Gamble Worldwide Business Conduct Manual and/or any other violations of P&G policy or the law.
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Agreement to Arbitrate Disputes: |
Resolving any future differences we may have in the courts can take a long time and be expensive. You and P&G therefore agree that the only remedy for all disputes that are not released by this Agreement or that arise out of your employment with or separation from P&G, or any aspect of this Agreement, will be to submit any such disputes (with the exception noted at the end of this section) to final and binding arbitration in accordance with the National Rules for Resolution of Employment Disputes of the American Arbitration Association then in effect.
You and P&G agree that the aggrieved party must send written notice of any claim to the other party by certified mail, return receipt requested. Written notice for P&G will be sent to: Secretary, One Procter & Gamble Plaza, Cincinnati, OH 45202, and to you at the most current address shown for you in P&G’s records. The arbitrator will apply Ohio law. At your written request, P&G will reimburse you for all fees and costs charged by the American Arbitration Association and its arbitrator to the extent they exceed the applicable fees and costs that would have been charged by a court of competent jurisdiction had your claim been filed in court. There is one exception to this section. P&G may seek injunctive relief in any court of competent jurisdiction if it has reason to believe that you have violated or are about to violate (1) the terms of the “Confidential, Proprietary, Trade Secret Information & Period of Non-Competition” section above, or (2) if you are a participant in the 2009 Stock and Incentive Compensation Plan, the 2001 Stock and Incentive Compensation Plan, or the 1992 Stock Plan, the terms of Article F – Restrictions & Covenants of those plans or (3) if you are a participant in the 2014 Stock and Incentive Compensation Plan, the terms of Article 6 – Restrictions & Covenants of that plan. |
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Severability: | If any court of competent jurisdiction or arbitrator should later find that any portion of this Agreement is invalid, that invalidity will not affect the enforceability of any other portion of this Agreement. | ||||
Employment References: | You understand that P&G’s historical policy is to not provide employment references to prospective employers. However, P&G is willing to waive that policy in your case on the following basis: You authorize your manager or human resources representative to provide an employment reference upon written or verbal request. In return, you release any claim against P&G and will not bring a lawsuit in court against P&G based upon that employment reference (or lack thereof). You agree that you will refer all reference inquiries to your manager or human resources representative only. You further understand that all disputes regarding employment references or the lack thereof must be resolved through the arbitration process described above. |
No Reliance: | This Agreement sets forth the entire agreement between you and P&G and fully supersedes any prior agreements or understanding between the parties except that if you are a participant in the 2009 Stock and Incentive Compensation Plan, the 2001 Stock and Incentive Compensation Plan, or the 1992 Stock Plan, the terms of Article F – Restrictions & Covenants of those plans remain in full force and effect and are incorporated herein by reference and if you are a participant in the 2014 Stock Plan, the terms of Article 6 – Restrictions & Covenants of the plan remain in full force and are in effect and are incorporated herein by reference. In deciding to accept this Agreement, you agree that you have not relied upon any statements or promises by P&G, its managers, agents or employees, other than those set forth in this Agreement. No other promises or agreements concerning the matters described in this Agreement shall be binding unless in a subsequent document signed by these parties. | ||||
Your Attorney: | You acknowledge that you have been and hereby are advised to consult with legal counsel before accepting this Agreement and have either done so or have voluntarily declined to do so. | ||||
Timing for Acceptance or Revocation: |
You have forty-five (45) calendar days in which to consider this Agreement in which you waive important rights, including those under the Age Discrimination in Employment Act of 1967. If you choose to sign this Agreement, please do so by indicating your acceptance of this Agreement with your electronic signature in P&G’s electronic system. We advise you to consult with an attorney of your choosing prior to signing this Agreement. Further, you may within seven (7) calendar days following the date you accept this Agreement, cancel and terminate the Agreement by giving written notice of your intention to revoke the Agreement to your immediate manager, and by returning to P&G any remuneration or benefits that have been advanced to you in anticipation of your not revoking your Agreement and to which you are not entitled. If notice of your revocation is mailed, it must be postmarked within seven (7) calendar days after you sign this Agreement.
You agree that any modifications, material or otherwise, made to this Agreement, do not restart or affect in any manner the original up to forty-five (45) calendar day consideration period. |
* If you are an employee who is or was working at either the Kansas City, Kansas or Iowa City, Iowa (Beauty Care) plants during the execution of the North America Supply Chain Redesign (NASCAR) program (i.e., during the period from 2018-2021) and you were determined to be eligible to receive separation package under the NASCAR program as a result of related job reductions at the respective plan, a special Appendix A applies to you. If you did not receive the special Appendix A, please ask your HR manager or NASCAR program HR AD. |
SEPARATION PAYMENT |
If the Company offers you Separation Payment as part of your Negotiated Separation Agreement, the amount of the Separation Payment will be specified in the terms of your Negotiated Separation Agreement, but shall not exceed the percentage of your Annual Base Pay provided below, based on your full Years of Service.
Years of Service % Annual Base Pay
0 years, 0 months – 2 years, 0 months 25.00%
2 years, 1 month – 8 years, 0 months 50.00%
8 years, 1 month – 14 years, 0 months 75.00%
14 years, 1 month – 19 years, 11 months 99.65%
20 years, 0 months or more 100.00%
Separation Payments are payable in one lump sum, less tax withholding, and are issued as soon as administratively practical (typically, four to six weeks) after your Last Day of Employment. Separation Payments are not considered “compensation” for purposes of determining any benefits provided under any pension, savings, or other benefit plan sponsored by the Company.
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PAYMENT FOR UNVESTED PST | If you are not fully-vested in the Procter & Gamble Profit Sharing Trust and Employee Stock Ownership Plan (“PST”) as of your Last Day of Employment, as soon as administratively practical after your Last Day of Employment, but no later than the March 15th of the year following the year which includes your Last Day of Employment, you will receive a lump sum payment in an amount substantially equivalent to the non-vested credits in your account in the PST.If you are not fully-vested in the Procter & Gamble Profit Sharing Trust and Employee Stock Ownership Plan (“PST”) as of your Last Day of Employment, as soon as administratively practical after your Last Day of Employment, but no later than the March 15th of the year following the year which includes your Last Day of Employment, you will receive a lump sum payment in an amount substantially equivalent to the non-vested credits in your account in the PST.If you are not fully-vested in the Procter & Gamble Profit Sharing Trust and Employee Stock Ownership Plan (“PST”) as of your Last Day of Employment, as soon as administratively practical after your Last Day of Employment, but no later than the March 15th of the year following the year which includes your Last Day of Employment, you will receive a lump sum payment in an amount substantially equivalent to the non-vested credits in your account in the PST. | ||||
EXTENSION OF MEDICAL, DENTAL, AND BASIC LIFE COVERAGE |
If you are enrolled in medical, dental, or basic life insurance benefits on your Last Day of Employment, such benefits will be extended through the end of the month in which the Last Day of Employment occurs.
If the Company offers you a further extension of these benefits as part of your Negotiated Separation Agreement, the extension period will begin on the first day of the month following your Last Day of Employment and last for the number of months specified in the terms of your Negotiated Separation Agreement, but such period shall not exceed the number of months provided below, based on your full Years of Service.
Years of Service # Months
0 years, 0 months – 2 years, 0 months 3
2 years, 1 month – 8 years, 0 months 6
8 years, 1 month – 14 years, 0 months 9
14 years, 1 month – 18 years, 0 months 11
18 years, 1 month or more 12
If the Company offers you a further extension of benefits, you are required to continue paying for those benefits at the same rate you paid while you were employed, but on an after-tax basis.
COBRA: When your medical and dental benefits terminate after your Last Day of Employment (either at the end of that month or, if provided, at the end of your extension of benefits period) you may be eligible for continuation coverage under COBRA, which generally requires a greater premium payment for coverage. If you are a Regular Retiree or Special Retiree, in addition to COBRA, you will be eligible to enroll in retiree medical and dental coverage under The Procter & Gamble Retiree Welfare Benefits Plan. For more information, see definitions of Regular Retiree and Special Retiree.
Surviving Spouse/Domestic Partner & Dependents: If you die during an extension of benefits period and your spouse/domestic partner and other dependents were enrolled in P&G medical or dental coverage at the time of your death, they may continue such coverage for 12 months after your death at the same rate on an after-tax basis. This 12-month continuation period begins on the first of the month following the month in which your death occurs. If you are Regular Retiree or Special Retiree, after the 12-month extension of benefits period, your spouse/domestic partner is eligible to enroll in the National Surviving Spouse Program for medical and dental coverage under The Procter & Gamble Retiree Welfare Benefits Plan.
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OUTPLACEMENT SERVICES | If the Company offers you outplacement services as part of you Negotiated Separation Agreement, you must contact the Company’s third-party outplacement services provider, Right Management Consultants (“RMC”), within 45 days of your Last Day of Employment to use those services. RMC provides outplacement assistance through pre-decision counseling, career transition programs, job development services, and reimbursement for tuition and registration/lab fees for courses taken at accredited institutions (up to $5,000). RMC will only reimburse tuition and registration/lab fees for each course if (1) RMC has pre-approved the course, and (2) you complete the course within the 2-year period immediately following your Last Day of Employment. RMC will provide outplacement services for up to two years following your Last Day of Employment. | ||||
/s/ DAVID S. TAYLOR | ||
(David S. Taylor) | ||
Chairman of the Board, President and Chief Executive Officer
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January 23, 2020 | ||
Date |
/s/ JON R. MOELLER | ||
(Jon R. Moeller) | ||
Vice Chairman, Chief Operating Officer and Chief Financial Officer | ||
January 23, 2020 | ||
Date |
/s/ DAVID S. TAYLOR | ||
(David S. Taylor) | ||
Chairman of the Board, President and Chief Executive Officer
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January 23, 2020 | ||
Date |
/s/ JON R. MOELLER | ||
(Jon R. Moeller) | ||
Vice Chairman, Chief Operating Officer and Chief Financial Officer | ||
January 23, 2020 | ||
Date |