Stock Analysis on Net
Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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Procter & Gamble Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Jun 30, 2024 Jun 30, 2023 Jun 30, 2022 Jun 30, 2021 Jun 30, 2020 Jun 30, 2019
Accounts payable
Accrued marketing and promotion
Accrued compensation
Taxes payable
Accrued interest
Current operating lease liabilities
Restructuring reserves
Derivative liabilities
Other
Accrued and other liabilities
Debt due within one year
Current liabilities
Long-term debt, excluding due within one year
Deferred income taxes
Pension benefit obligations
Uncertain tax positions
Noncurrent operating lease liabilities
Other retiree benefit obligations
U.S. Tax Act transitional tax payable
Derivative liabilities
Other
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Convertible Class A preferred stock, stated value $1 per share
Non-Voting Class B preferred stock, stated value $1 per share
Common stock, stated value $1 per share
Additional paid-in capital
Reserve for ESOP debt retirement
Accumulated other comprehensive loss
Treasury stock
Retained earnings
Shareholders’ equity attributable to Procter & Gamble
Noncontrolling interest
Total shareholders’ equity
Total liabilities and shareholders’ equity

Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).

Current liabilities trends
Current liabilities as a percentage of total liabilities and shareholders’ equity showed a gradual increase from 26.07% in 2019 to a peak of 29.59% in 2023, followed by a decline to 27.48% in 2024. Accounts payable grew steadily from 9.78% in 2019 to 12.56% in 2024, indicating increased short-term obligations. Accrued marketing and promotion expenses displayed some volatility but generally remained around 3%, ending slightly higher at 3.41%. Accrued compensation increased from 1.41% to 1.77%, and taxes payable more than doubled from 0.3% to 0.85% over the period. Debt due within one year fluctuated, peaking at 9.27% in 2020 before declining to 5.88% in 2024.
Noncurrent liabilities dynamics
Noncurrent liabilities as a proportion of total liabilities and equity decreased gradually from 32.59% in 2019 to 31.20% in 2024. Long-term debt (excluding current portion) steadily increased from 17.72% to 20.65%, reflecting a greater reliance on longer-term borrowing. Pension benefit obligations fell significantly from 4.88% to 2.36%, indicating a reduction in these liabilities. Other noncurrent liabilities notably declined from 8.87% to 5.23%. Deferred income taxes showed minor fluctuations but remained around 5%. The declining trend in pension and other retiree benefits points to improving funded status or changes in actuarial assumptions.
Overall liabilities and shareholders’ equity composition
Total liabilities hovered around 60% of the total structure, peaking at 61.16% in 2020 and moving down to 58.68% in 2024. Meanwhile, total shareholders’ equity fluctuated inversely, decreasing from 41.34% in 2019 to below 39% in 2023 before recovering to 41.32% in 2024. Retained earnings steadily increased from 82.47% (relative to total equity and liabilities) in 2019 to 101.18% in 2024, signaling consistent accumulation of profits. Treasury stock increased in negative magnitude from -87.24% to -109%, indicating continued repurchases or holdings of treasury shares. Accumulated other comprehensive loss improved (became less negative), suggesting less unfavorable adjustments to equity, moving from -12.98% to -9.72%.
Equity capital structure changes
Common stock and additional paid-in capital remained relatively stable as percentages of the total structure, with common stock around 3.3% and additional paid-in capital approximately 55%. Convertible preferred stock decreased slightly from 0.81% to 0.65%. The reserve for ESOP debt retirement showed a gradual reduction in negative percentage, from -1.0% to -0.6%, indicating less associated debt or improved reservations. Noncontrolling interests stayed very low and stable.
Other liabilities and specific items
Accrued and other liabilities grew modestly from 7.87% to 9.05%, pointing to increasing miscellaneous accruals. Restructuring reserves declined from 0.41% to 0.14%, suggesting reduced restructuring activities or completed efforts. The presence of derivative liabilities fluctuated unevenly, with a noticeable spike in 2023 (0.52%) before falling back to near-zero levels in 2024. Current and noncurrent operating lease liabilities remained stable at around 0.2% and 0.5%, respectively. The U.S. Tax Act transitional tax payable consistently decreased from 2.04% to 0.48%, reflecting settlement or reclassification of this liability.
Summary insights
The data illustrates a stable capital structure with a slight shift toward lower current liabilities in the most recent year after several years of increase. The consistent growth in retained earnings supports improving equity strength despite increased treasury stock levels. The decline in pension and other retiree benefit obligations reduces long-term liability risk. Increased long-term debt suggests cautious leveraging, balancing funding needs with credit stability. These trends depict a company managing liabilities carefully while maintaining equity growth and shareholder value.