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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark one)
xTrueQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2022
OR
oFalseTRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                     

pg-20220331_g1.jpg
THE PROCTER & GAMBLE COMPANY
(Exact name of registrant as specified in its charter)
 
OhioOH1-43431-0411980
(State of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)
One Procter & Gamble PlazaCincinnatiOH
One Procter & Gamble Plaza, Cincinnati, Ohio45202
(Address of principal executive offices)(Zip Code)
(513) 983-1100
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, without Par ValuePGNYSE
2.000% Notes due 2022PG22BNYSE
1.125% Notes due 2023PG23ANYSE
0.500% Notes due 2024PG24ANYSE
0.625% Notes due 2024PG24BNYSE
1.375% Notes due 2025PG25NYSE
0.110% Notes due 2026PG26DNYSE
4.875% EUR notes due May 2027PG27ANYSE
1.200% Notes due 2028PG28NYSE
1.250% Notes due 2029PG29BNYSE
1.800% Notes due 2029PG29ANYSE
6.250% GBP notes due January 2030PG30NYSE
0.350% Notes due 2030PG30CNYSE
0.230% Notes due 2031PG31ANYSE
5.250% GBP notes due January 2033PG33NYSE
1.875% Notes due 2038PG38NYSE
0.900% Notes due 2041PG41NYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ     No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þ     No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 þ
Accelerated filer
 ¨
Non-accelerated filer
 ¨
Smaller reporting company
 ¨
False
Emerging growth company
 ¨
False
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o     No þ False
There were 2,399,296,841 shares of Common Stock outstanding as of March 31, 2022.



PART I. FINANCIAL INFORMATION 
Item 1.Financial Statements
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
Three Months Ended March 31Nine Months Ended March 31
Amounts in millions except per share amounts2022 20212022 2021
NET SALES$19,381 $18,109 $60,672 $57,172 
Cost of products sold10,326 8,922 31,355 27,317 
Selling, general and administrative expense5,031 5,402 15,102 15,409 
OPERATING INCOME4,024 3,785 14,215 14,446 
Interest expense(109)(106)(324)(385)
Interest income9 11 30 30 
Other non-operating income/(expense), net 147 187 424 (40)
EARNINGS BEFORE INCOME TAXES4,071 3,877 14,345 14,051 
Income taxes704 628 2,610 2,607 
NET EARNINGS3,367 3,249 11,735 11,444 
Less: Net earnings/(loss) attributable to noncontrolling interests12 (20)45 44 
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE$3,355 $3,269 $11,690 $11,400 
NET EARNINGS PER SHARE (1)
Basic$1.37 $1.30 $4.76 $4.53 
Diluted$1.33 $1.26 $4.59 $4.37 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING2,530.2 2,590.3 2,544.4 2,610.4 
(1)Basic net earnings per share and Diluted net earnings per share are calculated on Net earnings attributable to Procter & Gamble.

See accompanying Notes to Consolidated Financial Statements.



THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended March 31Nine Months Ended March 31
Amounts in millions2022202120222021
NET EARNINGS$3,367 $3,249 $11,735 $11,444 
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX
Foreign currency translation23 (598)(683)639 
Unrealized gains on investment securities 5 7 19 
Unrealized gains on defined benefit retirement plans89 194 968 24 
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX112 (399)292 682 
TOTAL COMPREHENSIVE INCOME3,479 2,850 12,027 12,126 
Less: Total comprehensive income/(loss) attributable to noncontrolling interests8 (21)41 50 
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE$3,471 $2,871 $11,986 $12,076 

See accompanying Notes to Consolidated Financial Statements.



THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Amounts in millionsMarch 31, 2022June 30, 2021
Assets
CURRENT ASSETS
Cash and cash equivalents$8,526 $10,288 
Accounts receivable5,513 4,725 
INVENTORIES
Materials and supplies2,146 1,645 
Work in process837 719 
Finished goods4,118 3,619 
Total inventories7,101 5,983 
Prepaid expenses and other current assets2,276 2,095 
TOTAL CURRENT ASSETS23,416 23,091 
PROPERTY, PLANT AND EQUIPMENT, NET21,323 21,686 
GOODWILL40,710 40,924 
TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET23,913 23,642 
OTHER NONCURRENT ASSETS10,855 9,964 
TOTAL ASSETS$120,217 $119,307 
Liabilities and Shareholders' Equity
CURRENT LIABILITIES
Accounts payable$14,175 $13,720 
Accrued and other liabilities10,324 10,523 
Debt due within one year9,902 8,889 
TOTAL CURRENT LIABILITIES34,401 33,132 
LONG-TERM DEBT23,767 23,099 
DEFERRED INCOME TAXES6,543 6,153 
OTHER NONCURRENT LIABILITIES9,760 10,269 
TOTAL LIABILITIES74,471 72,653 
SHAREHOLDERS’ EQUITY
Preferred stock846 870 
Common stock – shares issued –March 20224,009.2 
June 20214,009.2 4,009 4,009 
Additional paid-in capital65,614 64,848 
Reserve for ESOP debt retirement(916)(1,006)
Accumulated other comprehensive loss(13,448)(13,744)
Treasury stock(122,272)(114,973)
Retained earnings111,645 106,374 
Noncontrolling interest268 276 
TOTAL SHAREHOLDERS’ EQUITY45,746 46,654 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$120,217 $119,307 

See accompanying Notes to Consolidated Financial Statements.



THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Three Months Ended March 31, 2022
Dollars in millions;
shares in thousands
Common StockPreferred StockAdd-itional Paid-In CapitalReserve for ESOP Debt RetirementAccumulated
Other
Comp-rehensive
Income/(Loss)
Treasury StockRetained EarningsNon-controlling InterestTotal Share-holders' Equity
SharesAmount
BALANCE DECEMBER 31, 20212,397,066 $4,009 $856 $65,432 ($965)($13,564)($121,543)$110,393 $275 $44,893 
Net earnings3,355 12 3,367 
Other comprehensive income/(loss)116 (4)112 
Dividends and dividend equivalents
($0.8698 per share):
Common(2,092)(2,092)
Preferred(68)(68)
Treasury stock purchases(7,909)(1,249)(1,249)
Employee stock plans9,108 180 512 692 
Preferred stock conversions1,032 (10)2 8  
ESOP debt impacts49 57 106 
Noncontrolling interest, net (15)(15)
BALANCE MARCH 31, 20222,399,297 $4,009 $846 $65,614 ($916)($13,448)($122,272)$111,645 $268 $45,746 
Nine Months Ended March 31, 2022
Dollars in millions;
shares in thousands
Common StockPreferred StockAdd-itional Paid-In CapitalReserve for ESOP Debt RetirementAccumulated
Other
Comp-rehensive
Income/(Loss)
Treasury StockRetained EarningsNon-controlling InterestTotal Share-holders' Equity
SharesAmount
BALANCE
JUNE 30, 2021
2,429,706 $4,009 $870 $64,848 ($1,006)($13,744)($114,973)$106,374 $276 $46,654 
Net earnings11,690 45 11,735 
Other comprehensive income/(loss)296 (4)292 
Dividends and dividend equivalents
($2.6094 per share):
Common(6,318)(6,318)
Preferred(208)(208)
Treasury stock purchases(58,695)(8,753)(8,753)
Employee stock plans25,531 764 1,434 2,198 
Preferred stock conversions2,755 (24)4 20  
ESOP debt impacts90 107 197 
Noncontrolling interest, net(2)(49)(51)
BALANCE MARCH 31, 20222,399,297 $4,009 $846 $65,614 ($916)($13,448)($122,272)$111,645 $268 $45,746 
See accompanying Notes to Consolidated Financial Statements.



Three Months Ended March 31, 2021
Dollars in millions;
shares in thousands
Common StockPreferred StockAdd-itional Paid-In CapitalReserve for ESOP Debt RetirementAccumulated
Other
Comp-rehensive
Income/(Loss)
Treasury StockRetained EarningsNon-controlling InterestTotal Share-holders' Equity
SharesAmount
BALANCE DECEMBER 31, 20202,462,476 $4,009 $885 $64,672 ($1,072)($15,091)($109,583)$104,361 $359 $48,540 
Net earnings3,269 (20)3,249 
Other comprehensive income/(loss)(398)(1)(399)
Dividends and dividend equivalents
($0.7907 per share):
Common(1,952)(1,952)
Preferred(65)(65)
Treasury stock purchases(23,085)(3,001)(3,001)
Employee stock plans7,605 8 427 435 
Preferred stock conversions1,237 (12)2 10  
ESOP debt impacts66 61 127 
Noncontrolling interest, net(15)(15)
BALANCE MARCH 31, 20212,448,233 $4,009 $873 $64,682 ($1,006)($15,489)($112,147)$105,674 $323 $46,919 
Nine Months Ended March 31, 2021
Dollars in millions;
shares in thousands
Common StockPreferred StockAdd-itional Paid-In CapitalReserve for ESOP Debt RetirementAccumulated
Other
Comp-rehensive
Income/(Loss)
Treasury StockRetained EarningsNon-controlling InterestTotal Share-holders' Equity
SharesAmount
BALANCE
JUNE 30, 2020
2,479,746 $4,009 $897 $64,194 ($1,080)($16,165)($105,573)$100,239 $357 $46,878 
Net earnings11,400 44 11,444 
Other comprehensive income/(loss)676 6 682 
Dividends and dividend equivalents
( $2.3721 per share):
Common(5,887)(5,887)
Preferred(197)(197)
Treasury stock purchases(59,212)(8,009)(8,009)
Employee stock plans24,945 484 1,415 1,899 
Preferred stock conversions2,754 (24)4 20  
ESOP debt impacts74 119 193 
Noncontrolling interest, net(84)(84)
BALANCE MARCH 31, 20212,448,233 $4,009 $873 $64,682 ($1,006)($15,489)($112,147)$105,674 $323 $46,919 

See accompanying Notes to Consolidated Financial Statements.




THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended March 31
Amounts in millions20222021
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD$10,288 $16,181 
OPERATING ACTIVITIES
Net earnings11,735 11,444 
Depreciation and amortization2,085 2,025 
Loss on early extinguishment of debt 512 
Share-based compensation expense398 398 
Deferred income taxes(259)(167)
Gain on sale of assets(84)(15)
Changes in:
Accounts receivable(916)(604)
Inventories(1,252)(399)
Accounts payable, accrued and other liabilities1,347 1,049 
Other operating assets and liabilities(131)(92)
Other87 99 
TOTAL OPERATING ACTIVITIES13,010 14,250 
INVESTING ACTIVITIES
Capital expenditures(2,464)(2,073)
Proceeds from asset sales99 40 
Acquisitions, net of cash acquired(1,381) 
Change in other investments4 (10)
TOTAL INVESTING ACTIVITIES(3,742)(2,043)
FINANCING ACTIVITIES
Dividends to shareholders(6,508)(6,066)
Additions to short-term debt with original maturities of more than three months10,146 6,238 
Reductions in short-term debt with original maturities of more than three months(8,163)(3,805)
Reductions in other short-term debt(849)(5,814)
Additions to long-term debt4,385 2,429 
Reductions to long-term debt (1)
(2,776)(4,889)
Treasury stock purchases(8,753)(8,009)
Impact of stock options and other1,800 1,470 
TOTAL FINANCING ACTIVITIES(10,718)(18,446)
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH(312)65 
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(1,762)(6,174)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD$8,526 $10,007 
(1)     Includes early extinguishment of debt costs of $512 during the nine months ended March 31, 2021.
See accompanying Notes to Consolidated Financial Statements.



THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
These statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. In the opinion of management, the accompanying unaudited Consolidated Financial Statements of The Procter & Gamble Company and subsidiaries (the "Company," "Procter & Gamble," "P&G," "we" or "our") contain all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods reported. However, the results of operations included in such financial statements may not necessarily be indicative of annual results.
Beginning in fiscal year 2022, the Company began to present increases and reductions in short-term debt with maturities of more than three months separately within the Consolidated Statements of Cash Flows. The presentation for the nine months ended March 31, 2021 has been revised to align with the current period presentation. This change had no impact on total financing activities, and we have concluded the change is not material.
2. New Accounting Pronouncements and Policies
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". The amendments provide optional expedients and exceptions for applying generally accepted accounting principles ("GAAP") to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. In January 2021, the FASB issued ASU No. 2021-01, "Reference Rate Reform (Topic 848): Scope", which clarified that certain optional expedients and exceptions in Topic 848 apply to derivative instruments that are affected by the discounting transition due to reference rate reform. These ASUs were effective upon issuance and may be applied prospectively to contract modifications and hedging relationships entered into or evaluated through December 31, 2022. We have completed our evaluation of significant contracts. Most contracts reviewed will mature prior to the termination of LIBOR or will be modified to apply a new reference rate, primarily the Secured Overnight Financing Rate ("SOFR") where applicable. As a result, the guidance has not had, and is not expected to have, a material impact on the Company's Consolidated Financial Statements.
In November 2021, the FASB issued ASU 2021-10, "Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance". This guidance requires annual disclosures for transactions with a government authority that are accounted for by applying a grant or contribution model. These amendments are effective for annual periods beginning after December 15, 2021, with early adoption permitted. We plan to adopt the standard for the fiscal year ending June 30, 2023. We are currently assessing the impact of this guidance on our Consolidated Financial Statements and disclosures.
No other new accounting pronouncement issued or effective during the fiscal year had, or is expected to have, a material impact on our Consolidated Financial Statements.
3. Segment Information
Under U.S. GAAP, our operating segments are aggregated into five reportable segments: 1) Beauty, 2) Grooming, 3) Health Care, 4) Fabric & Home Care and 5) Baby, Feminine & Family Care. Our five reportable segments are comprised of:
Beauty: Hair Care (Conditioners, Shampoos, Styling Aids, Treatments); Skin and Personal Care (Antiperspirants and Deodorants, Personal Cleansing, Skin Care);
Grooming: Shave Care (Female Blades & Razors, Male Blades & Razors, Pre- and Post-Shave Products, Other Shave Care); Appliances;
Health Care: Oral Care (Toothbrushes, Toothpaste, Other Oral Care); Personal Health Care (Gastrointestinal, Rapid Diagnostics, Respiratory, Vitamins/Minerals/Supplements, Pain Relief, Other Personal Health Care);
Fabric & Home Care: Fabric Care (Fabric Enhancers, Laundry Additives, Laundry Detergents); Home Care (Air Care, Dish Care, P&G Professional, Surface Care); and
Baby, Feminine & Family Care: Baby Care (Baby Wipes, Taped Diapers and Pants); Feminine Care (Adult Incontinence, Feminine Care); Family Care (Paper Towels, Tissues, Toilet Paper).





Amounts in millions of dollars unless otherwise specified.


Our operating segments are comprised of similar product categories. Operating segments that individually accounted for 5% or more of consolidated net sales are as follows:
% of Net sales by operating segment (1)
Three Months Ended March 31Nine Months Ended March 31
2022202120222021
Fabric Care23%23%23%22%
Home Care12%12%11%12%
Baby Care11%11%10%10%
Skin and Personal Care9%9%10%10%
Family Care9%9%9%9%
Hair Care8%9%9%9%
Oral Care8%8%8%8%
Shave Care7%7%6%7%
Feminine Care6%6%6%6%
Personal Health Care6%5%6%5%
Other1%1%2%2%
Total100%100%100%100%
(1)% of Net sales by operating segment excludes sales held in Corporate.

The following is a summary of reportable segment results:
Three Months Ended March 31Nine Months Ended March 31
Net SalesEarnings/(Loss) Before Income TaxesNet EarningsNet SalesEarnings/(Loss) Before Income TaxesNet Earnings
Beauty2022$3,389 $792 $644 $11,279 $3,213 $2,582 
20213,316 721 577 10,907 3,145 2,508 
Grooming20221,481 353 290 4,979 1,447 1,183 
20211,438 314 256 4,774 1,277 1,063 
Health Care20222,662 625 485 8,314 2,225 1,715 
20212,356 484 377 7,573 1,993 1,557 
Fabric & Home Care20226,699 1,275 969 20,680 4,284 3,297 
20216,275 1,348 1,027 19,417 4,689 3,626 
Baby, Feminine & Family Care20224,935 1,091 836 14,915 3,353 2,576 
20214,604 1,133 871 14,185 3,803 2,924 
Corporate2022215 (65)143 505 (177)382 
2021120 (123)141 316 (856)(234)
Total Company2022$19,381 $4,071 $3,367 $60,672 $14,345 $11,735 
202118,109 3,877 3,249 57,172 14,051 11,444 

Amounts in millions of dollars unless otherwise specified.


4. Goodwill and Other Intangible Assets
Goodwill is allocated by reportable segment as follows:
BeautyGroomingHealth CareFabric & Home CareBaby, Feminine & Family CareTotal Company
Goodwill at June 30, 2021$13,257 $13,095 $8,046 $1,873 $4,653 $40,924 
Acquisitions and divestitures770  1   771 
Translation and other(368)(257)(216)(32)(112)(985)
Goodwill at March 31, 2022$13,659 $12,838 $7,831 $1,841 $4,541 $40,710 
Goodwill decreased from June 30, 2021 due to currency translation, partially offset by three acquisitions (Farmacy Beauty, Ouai and TULA) in the Beauty reportable segment.
Identifiable intangible assets at March 31, 2022 were comprised of:
Gross Carrying AmountAccumulated Amortization
Intangible assets with determinable lives$9,147 $(6,262)
Intangible assets with indefinite lives21,028  
Total identifiable intangible assets$30,175 $(6,262)
Intangible assets with determinable lives consist of brands, patents, technology and customer relationships. The intangible assets with indefinite lives primarily consist of brands. The amortization expense of determinable-lived intangible assets for the three months ended March 31, 2022 and 2021 was $79 and $78, respectively. For the nine months ended March 31, 2022 and 2021, the amortization expense was $230 and $241, respectively.
Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment by comparing the estimated fair values of our reporting units and underlying indefinite-lived intangible assets to their respective carrying values. We typically use an income method to estimate the fair value of these assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. If the resulting fair value is less than the asset's carrying value, that difference represents an impairment. Our annual impairment testing for goodwill and indefinite-lived intangible assets occurs during the three months ended December 31.
The business unit valuations used to test goodwill and intangible assets for impairment depend on a number of significant estimates and assumptions, including macroeconomic conditions, overall category growth rates, competitive activities, cost containment, margin expansion and Company business plans. We believe these estimates and assumptions are reasonable. However, future changes in the judgments, assumptions and estimates that are used in our impairment testing for goodwill and indefinite-lived intangible assets, including discount rates, tax rates or future cash flow projections, could result in significantly different estimates of the fair values. To the extent changes in such factors result in a failure to achieve the level of projected cash flows initially used to estimate fair value for purposes of establishing or subsequently impairing the carrying amount of goodwill and related intangible assets, we may need to record non-cash impairment charges in the future.
Most of our goodwill reporting units are comprised of a combination of legacy and acquired businesses and as a result have fair value cushions that, at a minimum, exceed three times their underlying carrying values. Certain of our reporting units, in particular Shave Care and Appliances, are comprised entirely of acquired businesses and as a result, have historically had fair value cushions that are not as high. The Appliances reporting unit has a fair value that significantly exceeds the underlying carrying value. As previously disclosed, the carrying values of the Shave Care reporting unit and the related Gillette indefinite-lived intangible asset were impaired during the quarter ended June 30, 2019. Based on our impairment testing during the three months ended December 31, 2021, the Shave Care reporting unit fair value exceeded its carrying value by more than 30% and the Gillette indefinite-lived intangible asset fair value exceeded its carrying value by approximately 5%.
The most significant assumptions utilized in the determination of the estimated fair values of the Shave Care reporting unit and the Gillette indefinite-lived intangible asset are the net sales and earnings growth rates (including residual growth rates), the discount rate and the royalty rate. The residual growth rates represent the expected rate at which the Shave Care reporting unit and Gillette brand are expected to grow beyond the shorter-term business planning period. The residual growth rate utilized in our fair value estimates is consistent with the reporting unit and brand operating plans and approximates expected long-term category market growth rates. The residual growth rate depends on overall market growth rates, the competitive environment, inflation, relative currency exchange rates and business activities that impact market share. As a result, the residual growth rate could be adversely impacted by a sustained deceleration in category growth, grooming habit changes, devaluation of currencies against the U.S. dollar or an increased competitive environment. The discount rate, which is consistent with a weighted average
Amounts in millions of dollars unless otherwise specified.


cost of capital that is likely to be expected by a market participant, is based upon industry required rates of return, including consideration of both debt and equity components of the capital structure. Our discount rate may be impacted by adverse changes in the macroeconomic environment, volatility in the equity and debt markets or other country specific factors, such as further devaluation of currencies against the U.S. dollar. Spot rates as of the fair value measurement date are utilized in our fair value estimates for cash flows outside the U.S. The royalty rate used to determine the estimated fair value for the Gillette indefinite-lived intangible asset is driven by historical and estimated future profitability of the underlying Gillette business. The royalty rate may be impacted by significant adverse changes in long-term operating margins.
While management has implemented strategies to address these events, changes in operating plans or adverse changes in the business or in the macroeconomic environment in the future could reduce the underlying cash flows used to estimate fair values and could result in a decline in fair value that would trigger future impairment charges of the Shave Care reporting unit's goodwill and Gillette indefinite-lived intangible asset. The duration and severity of the pandemic could also result in future impairment charges for the Shave Care reporting unit goodwill and the Gillette indefinite-lived intangible asset. While we have concluded that no triggering event has occurred during the quarter ended March 31, 2022, the Gillette indefinite-lived intangible asset is most susceptible to future impairment risk. Our assessment of the Gillette indefinite-lived intangible asset assumes the net sales growth rates will continue to recover from the impact of the COVID-19 pandemic during the current fiscal year. There continues to be a high level of uncertainty relating to how the pandemic will evolve, how governments and consumers will react, progress on the distribution of vaccines and whether the pandemic will have a longer-term effect on consumer habits. Accordingly, there continues to be risk related to this key assumption. A more prolonged pandemic recovery period could impact the assumptions utilized in the determination of the estimated fair values of the Shave Care reporting unit and the Gillette indefinite-lived intangible asset that are significant enough to trigger an impairment. Net sales and earnings growth rates could be negatively impacted by reductions or changes in demand for our Shave Care products, which may be caused by, among other things: the Russia-Ukraine War, the temporary inability of consumers to purchase our products due to illness, quarantine or other travel restrictions, or financial hardship, changes in the use and frequency of grooming products, by shifts in demand away from one or more of our higher priced products to lower priced products or by impacts of potential supply chain constraints. In addition, relative global and country/regional macroeconomic factors, including the Russia-Ukraine War, could result in additional and prolonged devaluation of other countries’ currencies relative to the U.S. dollar. Finally, the discount rate utilized in our valuation model could be impacted by changes in the underlying interest rates and risk premiums included in the determination of the cost of capital. As of March 31, 2022, the carrying values of the Shave Care goodwill and the Gillette indefinite-lived intangible asset were $12.5 billion and $14.1 billion, respectively.
We performed a sensitivity analysis for the Shave Care reporting unit and the Gillette indefinite-lived intangible asset as part of our annual impairment testing, utilizing reasonably possible changes in the assumptions for the shorter-term and residual growth rates, discount rate and royalty rate to demonstrate the potential impacts to estimated fair values. The table below provides, in isolation, the estimated fair value impacts related to a 25 basis-point increase in the discount rate, a 25 basis-point decrease in our shorter-term and residual revenue growth rates or a 50 basis-point decrease in our royalty rate, some of which would result in an impairment of the Gillette indefinite-lived intangible asset.
Approximate Percent Change in Estimated Fair Value
+25 bps Discount Rate-25 bps Growth Rates-50 bps Royalty Rate
Shave Care goodwill reporting unit(6)%(6)%N/A
Gillette indefinite-lived intangible asset(6)%(6)%(3)%

In light of the Russia-Ukraine War, we performed an additional sensitivity analysis for the Shave Care reporting unit and the Gillette indefinite-lived intangible asset for a range of outcomes, including reduced future cash flows and no future cash flows in Ukraine and Russia. Under these scenarios, the Shave Care reporting unit fair value continued to exceed its carrying value by approximately 30% and the Gillette indefinite-lived intangible asset’s fair value exceeded or approximated its carrying value. However, if the impact of the war were to extend beyond its current scope, there could be a triggering event for the Gillette indefinite-lived intangible asset that may cause us to perform an additional impairment assessment for that asset in a future period that may result in an impairment charge.


Amounts in millions of dollars unless otherwise specified.


5. Earnings Per Share
Basic net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble less preferred dividends by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble by the diluted weighted average number of common shares outstanding during the period. The diluted shares include the dilutive effect of stock options and other stock-based awards based on the treasury stock method and the assumed conversion of preferred stock.
Net earnings per share were calculated as follows:
CONSOLIDATED AMOUNTSThree Months Ended March 31Nine Months Ended March 31
2022202120222021
Net earnings$3,367 $3,249 $11,735 $11,444 
Less: Net earnings/(loss) attributable to noncontrolling interests12 (20)45 44 
Net earnings attributable to P&G (Diluted)3,355 3,269 11,690 11,400 
Less: Preferred dividends68 65 208 197 
Net earnings attributable to P&G available to common shareholders (Basic)$3,287 $3,204 $11,482 $11,203 
SHARES IN MILLIONS
Basic weighted average common shares outstanding2,400.5 2,459.1 2,414.0 2,473.7 
Add: Effect of dilutive securities
Convertible preferred shares (1)
78.9 82.3 79.7 83.1 
Stock options and other unvested equity awards (2)
50.8 48.9 50.7 53.6 
Diluted weighted average common shares outstanding2,530.2 2,590.3 2,544.4 2,610.4 
NET EARNINGS PER SHARE (3)
Basic$1.37 $1.30 $4.76 $4.53 
Diluted$1.33 $