proformahistory.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act Of 1934
 
 
Date of Report (Date of earliest event reported)
May 4, 2012
 
 
 
 
THE PROCTER & GAMBLE COMPANY
(Exact name of registrant as specified in its charter)
 
Ohio
 
1-434
 
31-0411980
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification Number)
 
One Procter & Gamble Plaza, Cincinnati, Ohio
 
45202
(Address of principal executive offices)
 
Zip Code
 
(513) 983-1100
 
45202
(Registrant's telephone number, including area code)
 
Zip Code
 
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
ITEM 7.01    REGULATION FD DISCLOSURE

During the quarter ended March 31, 2012, the Procter & Gamble Company (the “Company”) began presenting its Snacks business as a discontinued operation.  During the quarter ended December 31, 2011, the Company changed its segment reporting structure and presentation of the Consolidated Statement of Earnings.  This Form 8-K provides pro forma historical Consolidated Statements of Earnings and segment results for the three months ended September 30, 2011, December 31, 2011, and June 30, 2011, as well as for the twelve months ended June 30, 2011.  This information in no way revises or restates the Consolidated Statement of Earnings, Consolidated Balance Sheet, Consolidated Statement of Shareholder’s Equity or Consolidated Statements of Cash Flows for the Company and consolidated subsidiaries for any period.
 
Presentation of the Snacks Business as Discontinued Operations
Effective during the quarter ended March 31, 2012, we reported the Snacks business as discontinued operations due to the agreement that was announced in February 2012 to divest the Snacks business to The Kellogg Company.  Therefore, Snacks sales and earnings are no longer included in the results of the continuing operations of the Company.  The transaction is expected to close by the end of the current fiscal year, subject to necessary regulatory approvals.  Additionally, as a result of this change the Pet Care business is now included in the Fabric Care and Home Care segment effective in the January – March 2012 quarter.
 
Fiscal Year 2012 Changes to Global Business Unit (GBU) Structure
Effective during the quarter ended December 31, 2011, we implemented a number of changes to our organization structure within the Beauty & Grooming GBU, which resulted in changes to the components of the Beauty reportable segment and Grooming reportable segment.  These two segments transitioned from consumer-oriented to product-oriented segment breakouts.  As a result, female blades and razors transitioned from the Beauty reporting segment to the Grooming reporting segment, while male personal care products such as Old Spice and Gillette, moved from the Grooming reporting segment to the Beauty reporting segment.
 
Presentation of the Consolidated Statements of Earnings
Effective during the quarter ended December 31, 2011, we elected to revise our Consolidated Statements of Earnings to present separately the expense for net earnings attributable to noncontrolling interests. As previously disclosed, this expense has not historically been presented separately in the Consolidated Statements of Earnings due to immateriality, but has been reflected within other non-operating income/(expense). The historical Consolidated Statements of Earnings have been revised to conform to the new presentation.
 
 
This document provides pro forma historical segment and consolidated earnings information reflecting these changes for the three months ended September 30, 2011, December 31, 2011, and June 30, 2011, as well as for the twelve months ended June 30, 2011.
 
 

 

 
 
 
 



  THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
                                  (Amounts in Millions)        
                         Segment Earnings Information        
               
 
Three Months Ended September 30, 2011
 
Previously reported
 
Pro forma
   Net Sales
 Earnings Before
Income Taxes
 Net Earnings
From
Continuing
Operations
  Net Sales
 Earnings Before
Income Taxes
 Net Earnings
From
Continuing
Operations
               
Beauty
 $    5,315
    $              928
 $                683
 
 $      5,315
 $              928
 $                683
               
Grooming
2,168
639
486
 
2,168
639
486
               
Health Care
3,291
800
542
 
3,291
800
542
               
Snacks and Pet Care
776
90
62
 
N/A
N/A
N/A
               
Fabric Care and Home Care
6,681
1,263
805
 
7,071
1,282
818
               
Baby Care and Family Care
4,079
792
494
 
4,079
792
494
               
Corporate
(393)
(417)
(48)
 
(394)
(397)
(24)
Total Company
 $  21,917
 $          4,095
 $             3,024
 
 $    21,530
 $           4,044
 $             2,999
               
               
               
               
 
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
   
                                  (Amounts in Millions)        
                         Segment Earnings Information        
     
 
Three Months Ended December 31, 2011
 
Previously reported
 
Pro forma
  Net Sales
 Earnings Before
Income Taxes
 Net Earnings
Attributable
to Procter &
Gamble
   Net Sales
 Earnings Before
Income Taxes
 Net Earnings
From
Continuing
Operations
               
Beauty
 $    5,353
 $          1,014
 $                802
 
 $      5,353
 $         1,014
 $                802
               
Grooming
2,202
692
517
 
2,202
692
517
               
Health Care
3,183
784
537
 
3,183
784
537
               
Snacks and Pet Care
824
95
61
 
N/A
N/A
N/A
               
Fabric Care and Home Care
6,605
1,151
717
 
7,037
1,200
746
               
Baby Care and Family Care
4,162
816
516
 
4,162
816
516
               
Corporate
(194)
(1,844)
(1,460)
 
(193)
(1,857)
(1,446)
Total Company
 $  22,135
 $          2,708
 $             1,690
 
 $    21,744
 $         2,649
 $             1,672
               
 
 
 
 
 
 

 
 
 
 



         
   THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES  
                                   (Amounts in Millions)        
                         Segment Earnings Information        
               
 
Three Months Ended June 30, 2011
 
Previously reported
 
Pro forma
 
Net Sales
Earnings Before
Income Taxes
 Net Earnings
From
Continuing
Operations
 
Net Sales
Earnings Before
Income Taxes
Net Earnings
From
Continuing
Operations
               
Beauty
 $    5,068
 $              623
 $                414
 
 $      4,982
 $              579
 $                381
               
Grooming
2,056
500
372
 
2,142
544
405
               
Health Care
2,949
542
343
 
2,949
542
343
               
Snacks and Pet Care
850
92
59
 
N/A
N/A
N/A
               
Fabric Care and Home Care
6,144
937
560
 
6,585
961
576
               
Baby Care and Family Care
4,056
798
478
 
4,056
798
478
               
Corporate
(263)
(287)
284
 
(263)
(295)
285
Total Company
 $  20,860
 $           3,205
 $             2,510
 
 $    20,451
 $           3,129
 $             2,468
               
         
         
         
   THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES  
                                   (Amounts in Millions)        
                         Segment Earnings Information        
               
 
Twelve Months Ended June 30, 2011
 
Previously reported
 
Pro forma
   
Net Sales
Earnings Before
Income Taxes
Net Earnings
From
Continuing
Operations
 
Net Sales
Earnings Before
Income Taxes
Net Earnings
From
Continuing
Operations
               
Beauty
 $  19,937
 $           3,415
 $             2,542
 
 $    19,937
 $            3,415
 $             2,542
               
Grooming
8,245
2,375
1,775
 
8,245
2,375
1,775
               
Health Care
12,033
2,720
1,796
 
12,033
2,720
1,796
               
Snacks and Pet Care
3,156
356
241
 
N/A
N/A
N/A
               
Fabric Care and Home Care
24,837
4,714
3,009
 
26,536
4,867
3,109
               
Baby Care and Family Care
15,606
3,181
1,978
 
15,606
3,181
1,978
               
Corporate
(1,255)
(1,442)
586
 
(1,253)
(1,561)
498
Total Company
 $  82,559
 $          15,319
 $           11,927
 
 $    81,104
 $           14,997
 $           11,698
               
 
 

 
 
 
 
 



THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
               
   
Three Months Ended September 30, 2011
 
               
   
As reported
   
Pro forma
   
NET SALES
$
  21,917
   $
         21,530
   
     COST OF PRODUCTS SOLD
 
  11,061
   
           10,806
   
     SELLING, GENERAL & ADMINISTRATIVE EXPENSE
 
 6,522
   
             6,474
   
OPERATING INCOME
 
      4,334
   
             4,250
   
     TOTAL INTEREST EXPENSE
 
     207
   
                207
   
     OTHER NON-OPERATING INCOME/(EXPENSE), NET
 
      (32)
   
                    1
   
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
    4,095
   
             4,044
   
     INCOME TAXES ON CONTINUING OPERATIONS
 
    1,071
   
             1,045
   
NET EARNINGS FROM CONTINUING OPERATIONS
 
   3,024
   
             2,999
   
NET EARNINGS FROM DISCONTINUED OPERATIONS
 
                                        -
   
                  58
   
NET EARNINGS
 
    3,024
   
             3,057
   
    LESS:  NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
                                        -
   
                  33
   
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
 
   3,024
   
             3,024
   
               
EFFECTIVE TAX RATE
 
 26.2 %
   
           25.8 %
   
               
BASIC NET EARNINGS PER COMMON SHARE (1):
             
     EARNINGS FROM CONTINUING OPERATIONS
$
 1.08
   $
            1.06
   
     EARNINGS FROM DISCONTINUED OPERATIONS
 $
         -
   $
             0.02
   
BASIC NET EARNINGS PER COMMON SHARE
 $
1.08
   $
             1.08
   
               
DILUTED NET EARNINGS PER COMMON SHARE (1):
             
     EARNINGS FROM CONTINUING OPERATIONS
$
 1.03
   $
             1.01
   
     EARNINGS FROM DISCONTINUED OPERATIONS
 $
      -
   $
           0.02
   
DILUTED NET EARNINGS PER COMMON SHARE
$
1.03
   $
             1.03
   
               
DIVIDENDS PER COMMON SHARE
$
      0.5250
   $
         0.5250
   
    AVERAGE DILUTED SHARES OUTSTANDING
 
                             2,945.8
   
          2,945.8
   
               
(1) Basic net earnings per share and diluted net earnings per share are calculated on net earnings attributable to Procter & Gamble
   
 
 
 
 
 

 
 
 
 
 

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
               
   
Three Months Ended December 31, 2011
 
               
   
As reported
   
Pro forma
   
NET SALES
$
22,135
    $
21,744
   
     COST OF PRODUCTS SOLD
 
11,125
   
10,851
   
     SELLING, GENERAL & ADMINISTRATIVE EXPENSE
 
                                6,717
   
             6,659
   
     GOODWILL & INDEFINITE LIVED INTANGIBLE IMPAIRMENT CHARGES
 
                                1,554
   
             1,554
   
OPERATING INCOME
 
                                2,739
   
             2,680
   
     TOTAL INTEREST EXPENSE
 
                                   201
   
                201
   
     OTHER NON-OPERATING INCOME/(EXPENSE), NET
 
                                   170
   
                170
   
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
                                2,708
   
             2,649
   
     INCOME TAXES ON CONTINUING OPERATIONS
 
                                   995
   
                977
   
NET EARNINGS FROM CONTINUING OPERATIONS
 
                                1,713
   
             1,672
   
NET EARNINGS FROM DISCONTINUED OPERATIONS
 
                                        -
   
                  41
   
NET EARNINGS
 
                                1,713
   
             1,713
   
    LESS:  NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
                                     23
   
                  23
   
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
 
                                1,690
   
             1,690
   
               
EFFECTIVE TAX RATE
 
  36.7 %
   
           36.9 %
   
               
BASIC NET EARNINGS PER COMMON SHARE (1):
             
     EARNINGS FROM CONTINUING OPERATIONS
$
  0.59
  $
0.58
   
     EARNINGS FROM DISCONTINUED OPERATIONS
$
-
  $
0.01
   
BASIC NET EARNINGS PER COMMON SHARE
$
0.59
  $
 0.59
   
               
DILUTED NET EARNINGS PER COMMON SHARE (1):
             
     EARNINGS FROM CONTINUING OPERATIONS
$
  0.57
   $
0.56
   
     EARNINGS FROM DISCONTINUED OPERATIONS
 
     -
  $
0.01
   
DILUTED NET EARNINGS PER COMMON SHARE
$
 0.57
  $
0.57
   
               
DIVIDENDS PER COMMON SHARE
$
 0.5250
   $
0.5250
   
AVERAGE DILUTED SHARES OUTSTANDING
 
 2,949.7
   
2,949.7
   
               
(1) Basic net earnings per share and diluted net earnings per share are calculated on net earnings attributable to Procter & Gamble

 

 
 
 
 

 
 
 
 



THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
               
   
Three Months Ended June 30, 2011
   
               
   
As reported
   
Pro forma
   
NET SALES
$
20,860
   
20,451
   
     COST OF PRODUCTS SOLD
 
 10,787
   
10,532
   
     SELLING, GENERAL & ADMINISTRATIVE EXPENSE
 
                                6,788
   
             6,740
   
OPERATING INCOME
 
                                3,285
   
             3,179
   
     TOTAL INTEREST EXPENSE
 
                                   212
   
                212
   
     OTHER NON-OPERATING INCOME/(EXPENSE), NET
 
                                   132
   
                162
   
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
                                3,205
   
             3,129
   
     INCOME TAXES ON CONTINUING OPERATIONS
 
                                   695
   
                661
   
NET EARNINGS FROM CONTINUING OPERATIONS
 
                                2,510
   
             2,468
   
NET EARNINGS FROM DISCONTINUED OPERATIONS
 
                                        -
   
                  71
   
NET EARNINGS
 
                                2,510
   
             2,539
   
    LESS:  NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
                                        -
   
                  29
   
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
 
                                2,510
   
             2,510
   
               
EFFECTIVE TAX RATE
 
21.7 %
   
           21.1 %
   
               
               
BASIC NET EARNINGS PER COMMON SHARE (1):
             
     EARNINGS FROM CONTINUING OPERATIONS
$
 0.88
   $
             0.85
   
     EARNINGS FROM DISCONTINUED OPERATIONS
 $
     -
   $
             0.03
   
BASIC NET EARNINGS PER COMMON SHARE
 $
0.88
   $
             0.88
   
               
DILUTED NET EARNINGS PER COMMON SHARE (1):
             
     EARNINGS FROM CONTINUING OPERATIONS
 $
 0.84
   $
             0.82
   
     EARNINGS FROM DISCONTINUED OPERATIONS
 $
    -
   $
             0.02
   
DILUTED NET EARNINGS PER COMMON SHARE
$
0.84
   $
             0.84
   
               
DIVIDENDS PER COMMON SHARE
$
 0.5250
   $
         0.5250
   
AVERAGE DILUTED SHARES OUTSTANDING
 
 2,983.6
   
          2,983.6
   
               
(1) Basic net earnings per share and diluted net earnings per share are calculated on net earnings attributable to Procter & Gamble
               
 
 
 
 

 
 
 
 



THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
               
    Twelve Months Ended June 30, 2011    
               
   
As reported
   
Pro forma
   
NET SALES
$
82,559
   $
         81,104
   
     COST OF PRODUCTS SOLD
 
                              40,768
   
           39,859
   
     SELLING, GENERAL & ADMINISTRATIVE EXPENSE
 
                              25,973
   
           25,750
   
OPERATING INCOME
 
                              15,818
   
           15,495
   
     TOTAL INTEREST EXPENSE
 
                                   831
   
                831
   
     OTHER NON-OPERATING INCOME/(EXPENSE), NET
 
                                   332
   
                333
   
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
                              15,319
   
           14,997
   
     INCOME TAXES ON CONTINUING OPERATIONS
 
                                3,392
   
             3,299
   
NET EARNINGS FROM CONTINUING OPERATIONS
 
                              11,927
   
           11,698
   
NET EARNINGS FROM DISCONTINUED OPERATIONS
 
                                        -
   
                229
   
NET EARNINGS
 
                              11,927
   
           11,927
   
    LESS:  NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
                                   130
   
                130
   
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
 
                              11,797
   
           11,797
   
               
EFFECTIVE TAX RATE
             
               
               
BASIC NET EARNINGS PER COMMON SHARE (1):
             
     EARNINGS FROM CONTINUING OPERATIONS
$
4.12
  $
4.04
   
     EARNINGS FROM DISCONTINUED OPERATIONS
$
 -
  $
 0.08
   
BASIC NET EARNINGS PER COMMON SHARE
$
4.12
  $
 4.12
   
               
DILUTED NET EARNINGS PER COMMON SHARE (1):
             
     EARNINGS FROM CONTINUING OPERATIONS
$
 3.93
  $
3.85
   
     EARNINGS FROM DISCONTINUED OPERATIONS
$
   -
  $
0.08
   
DILUTED NET EARNINGS PER COMMON SHARE
$
 3.93
  $
3.93
   
               
DIVIDENDS PER COMMON SHARE
$
1.9704
  $
1.9704
   
AVERAGE DILUTED SHARES OUTSTANDING
 
3,001.9
   
3,001.9
   
               
(1) Basic net earnings per share and diluted net earnings per share are calculated on net earnings attributable to Procter & Gamble
 
 
 
 
 
 
This 8-K is furnished pursuant to Item 7.01 “Regulation FD Disclosure”.
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 THE PROCTER & GAMBLE COMPANY
 
  BY:  /s/ Susan S. Whaley
              Susan S. Whaley
              Assistant Secretary
              May 4, 2012