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Procter & Gamble Co. (PG) | Analysis of Income Taxes

Income Tax Expense (Benefit)

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Procter & Gamble Co., income tax expense (benefit), continuing operations

USD $ in millions

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  12 months ended Jun 30, 2011 Jun 30, 2010 Jun 30, 2009 Jun 30, 2008 Jun 30, 2007 Jun 30, 2006
U.S. federal
International
U.S. state and local
Current tax expense
U.S. federal
International and other
Deferred tax expense
Tax expense

Source: Based on data from Procter & Gamble Co. Annual Reports

Item Description The company
Current tax expense The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable income (loss) from continuing operations. Procter & Gamble Co.'s current tax expense increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
Deferred tax expense The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Procter & Gamble Co.'s deferred tax expense declined from 2009 to 2010 but then slightly increased from 2010 to 2011.
Tax expense The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to pretax income (loss) from continuing operations; income tax expense (benefit) may include interest and penalties on tax uncertainties based on the entity's accounting policy. Procter & Gamble Co.'s tax expense increased from 2009 to 2010 but then declined significantly from 2010 to 2011.

Effective Income Tax Rate (EITR)

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Procter & Gamble Co., effective income tax rate (EITR) reconciliation

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    Jun 30, 2011 Jun 30, 2010 Jun 30, 2009 Jun 30, 2008 Jun 30, 2007 Jun 30, 2006
U.S. federal statutory income tax rate % % % % % %
Country mix impacts of foreign operations % % % % % %
Changes in uncertain tax positions % % % % % %
Patient Protection and Affordable Care Act % % % % % %
Other % % % % % %
Effective income tax rate % % % % % %

Source: Based on data from Procter & Gamble Co. Annual Reports

Item Description The company
Effective income tax rate A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations. Procter & Gamble Co.'s effective income tax rate increased from 2009 to 2010 but then declined significantly from 2010 to 2011.

Deferred Tax Assets (Liabilities), Net

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Procter & Gamble Co., deferred tax assets (liabilities), net

USD $ in millions

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    Jun 30, 2011 Jun 30, 2010 Jun 30, 2009 Jun 30, 2008 Jun 30, 2007 Jun 30, 2006
Pension and postretirement benefits
Stock-based compensation
Loss and other carryforwards
Goodwill and other intangible assets
Accrued marketing and promotion
Accrued Gillette exit costs
Fixed assets
Unrealized loss on financial and foreign exchange transactions
Accrued interest and taxes
Inventory
Other
Deferred tax assets, gross
Valuation allowances
Deferred tax assets, net
Goodwill and other intangible assets
Fixed assets
Other
Deferred tax liabilities
Deferred tax assets (liabilities), net

Source: Based on data from Procter & Gamble Co. Annual Reports

Item Description The company
Deferred tax assets, gross The sum of the tax effects as of the balance sheet date of the amounts of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws (before the valuation allowance, if any, to reduce such sum amount to net realizable value). Includes any tax benefit realized in deferred tax assets for significant impacts of tax planning strategies. Procter & Gamble Co.'s deferred tax assets, gross declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
Deferred tax assets, net The aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; net of deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Procter & Gamble Co.'s deferred tax assets, net declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
Deferred tax assets (liabilities), net For entities that net deferred tax assets and tax liabilities, represents the unclassified net amount of deferred tax assets and liabilities as of the balance sheet date, which result from applying the applicable enacted tax rate to net temporary differences and carryforwards pertaining to assets or liabilities. A temporary difference is a difference between the tax basis of an asset or liability and its carrying amount in the financial statements prepared in accordance with generally accepted accounting principles that will reverse in ensuing periods. Procter & Gamble Co.'s deferred tax assets (liabilities), net declined from 2009 to 2010 but then slightly increased from 2010 to 2011.

February 8, 2012

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