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Procter & Gamble Co. (PG)


Cash Flow Statement

Beginner level

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flaws link the ending cash balance to the beginning balance shown on the company’s balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Procter & Gamble Co., consolidated cash flow statement

US$ in millions

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12 months ended Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014
Net earnings 3,966  9,861  15,411  10,604  7,144  11,785 
Depreciation and amortization 2,824  2,834  2,820  3,078  3,134  3,141 
Loss on early extinguishment of debt —  346  543  —  —  — 
Share-based compensation expense 515  395  351  335  337  360 
Deferred income taxes (411) (1,844) (601) (815) (803) (44)
Gain on sale of assets (678) (176) (5,490) (41) (766) (154)
Venezuela deconsolidation charge —  —  —  —  2,028  — 
Goodwill and indefinite-lived intangible impairment charges 8,345  —  —  450  2,174  — 
Change in accounts receivable (276) (177) (322) 35  349  87 
Change in inventories (239) (188) 71  116  313 
Change in accounts payable, accrued and other liabilities 1,856  1,385  (149) 1,285  928 
Change in other operating assets and liabilities (973) 2,000  (43) 204  (976) (1,557)
Change in operating assets and liabilities 368  3,020  (443) 1,640  614  (1,461)
Other 313  431  162  184  746  331 
Operating activities 15,242  14,867  12,753  15,435  14,608  13,958 
Capital expenditures (3,347) (3,717) (3,384) (3,314) (3,736) (3,848)
Proceeds from asset sales 394  269  571  432  4,497  570 
Cash related to deconsolidated Venezuela operations —  —  —  —  (908) — 
Acquisitions, net of cash acquired (3,945) (109) (16) (186) (137) (24)
Purchases of short-term investments (158) (3,909) (4,843) (2,815) (3,647) (568)
Proceeds from sales and maturities of short-term investments 3,628  3,928  1,488  1,354  1,203  24 
Pre-divestiture addition of restricted cash related to the Beauty Brands divestiture —  —  (874) (996) —  — 
Cash transferred at closing related to the Beauty Brands divestiture —  —  (475) —  —  — 
Release of restricted cash upon closing of the Beauty Brands divestiture —  —  1,870  —  —  — 
Cash transferred in Batteries divestiture —  —  —  (143) —  — 
Change in other investments (62) 27  (26) 93  (163) (261)
Investing activities (3,490) (3,511) (5,689) (5,575) (2,891) (4,107)
Dividends to shareholders (7,498) (7,310) (7,236) (7,436) (7,287) (6,911)
Change in short-term debt (2,215) (3,437) 2,727  (418) (2,580) 3,304 
Additions to long-term debt 2,367  5,072  3,603  3,916  2,138  4,334 
Reductions of long-term debt (969) (2,873) (4,931) (2,213) (3,512) (4,095)
Treasury stock purchases (5,003) (7,004) (5,204) (4,004) (4,604) (6,005)
Treasury stock from cash infused in Batteries divestiture —  —  —  (1,730) —  — 
Impact of stock options and other 3,324  1,177  2,473  2,672  2,826  2,094 
Financing activities (9,994) (14,375) (8,568) (9,213) (13,019) (7,279)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (88) 19  (29) (381) (411) 39 
Change in cash, cash equivalents and restricted cash 1,670  (3,000) (1,533) 266  (1,713) 2,611 
Cash, cash equivalents and restricted cash, beginning of year 2,569  5,569  7,102  6,836  8,558  5,947 
Cash, cash equivalents and restricted cash, end of year 4,239  2,569  5,569  7,102  6,845  8,558 

Based on: 10-K (filing date: 2019-08-06), 10-K (filing date: 2018-08-07), 10-K (filing date: 2017-08-07), 10-K (filing date: 2016-08-09), 10-K (filing date: 2015-08-07), 10-K (filing date: 2014-08-08).

Cash flow statement item Description The company
Operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Procter & Gamble Co.’s operating activities increased from 2017 to 2018 and from 2018 to 2019.
Investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Procter & Gamble Co.’s investing activities increased from 2017 to 2018 and from 2018 to 2019.
Financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Procter & Gamble Co.’s financing activities decreased from 2017 to 2018 but then increased from 2018 to 2019 not reaching 2017 level.