PROCTER & GAMBLE Co 10-K form for the fiscal year ended 2024-06-30, page 36: 
36 The Procter & Gamble Company



Consolidated Statements of Earnings
|    |                                                                          |        |        |      |        |      |        |        |    |        |
|---:|:-------------------------------------------------------------------------|:-------|:-------|:-----|:-------|:-----|:-------|:-------|:---|:-------|
|  1 | Amounts in millions except per share amounts; fiscal years ended June 30 | 2024   |        | 2023 |        | 2022 |        |        |    |        |
|  2 | NET SALES                                                                | $      | 84,039 |      |        | $    | 82,006 |        | $  | 80,187 |
|  3 | Cost of products sold                                                    | 40,848 |        |      | 42,760 |      |        | 42,157 |    |        |
|  4 | Selling, general and administrative expense                              | 23,305 |        |      | 21,112 |      |        | 20,217 |    |        |
|  5 | Indefinite-lived intangible asset impairment charge                      | 1,341  |        |      | -      |      |        | -      |    |        |
|  6 | OPERATING INCOME                                                         | 18,545 |        |      | 18,134 |      |        | 17,813 |    |        |
|  7 | Interest expense                                                         | (925)  |        |      | (756)  |      |        | (439)  |    |        |
|  8 | Interest income                                                          | 473    |        |      | 307    |      |        | 51     |    |        |
|  9 | Other non-operating income, net                                          | 668    |        |      | 668    |      |        | 570    |    |        |
| 10 | EARNINGS BEFORE INCOME TAXES                                             | 18,761 |        |      | 18,353 |      |        | 17,995 |    |        |
| 11 | Income taxes                                                             | 3,787  |        |      | 3,615  |      |        | 3,202  |    |        |
| 14 | NET EARNINGS                                                             | 14,974 |        |      | 14,738 |      |        | 14,793 |    |        |
| 15 | Less: Net earnings attributable to noncontrolling interests              | 95     |        |      | 85     |      |        | 51     |    |        |
| 16 | NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE                            | $      | 14,879 |      |        | $    | 14,653 |        | $  | 14,742 |
| 18 | NET EARNINGS PER COMMON SHARE (1)                                        |        |        |      |        |      |        |        |    |        |
| 19 | Basic                                                                    | $      | 6.18   |      |        | $    | 6.07   |        | $  | 6.00   |
| 23 | Diluted                                                                  | $      | 6.02   |      |        | $    | 5.90   |        | $  | 5.81   |
(1)Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.

Consolidated Statements of Comprehensive Income
|    |                                                                                                                     |        |        |      |        |      |        |         |    |        |
|---:|:--------------------------------------------------------------------------------------------------------------------|:-------|:-------|:-----|:-------|:-----|:-------|:--------|:---|:-------|
|  1 | Amounts in millions; fiscal years ended June 30                                                                     | 2024   |        | 2023 |        | 2022 |        |         |    |        |
|  2 | NET EARNINGS                                                                                                        | $      | 14,974 |      |        | $    | 14,738 |         | $  | 14,793 |
|  3 | OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX                                                                       |        |        |      |        |      |        |         |    |        |
|  4 | Foreign currency translation (net of tax (benefit)/expense of $66, $(197) and $515, respectively)                   | (226)  |        |      | (71)   |      |        | (1,450) |    |        |
|  5 | Unrealized gains/(losses) on investment securities(net of tax (benefit)/expense of $(1), $(2) and $1, respectively) | (3)    |        |      | (7)    |      |        | 5       |    |        |
|  6 | Unrealized gains on defined benefit postretirement plans(net of tax expense of $230, $9 and $1,022, respectively)   | 546    |        |      | 40     |      |        | 2,992   |    |        |
|  7 | TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX                                                                 | 317    |        |      | (38)   |      |        | 1,547   |    |        |
|  8 | TOTAL COMPREHENSIVE INCOME                                                                                          | 15,291 |        |      | 14,700 |      |        | 16,340  |    |        |
|  9 | Less: Comprehensive income attributable to noncontrolling interests                                                 | 92     |        |      | 78     |      |        | 43      |    |        |
| 10 | TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE                                                         | $      | 15,199 |      |        | $    | 14,622 |         | $  | 16,297 |

See accompanying Notes to Consolidated Financial Statements. 





, PROCTER & GAMBLE Co 10-K form for the fiscal year ended 2024-06-30, page 39: 
The Procter & Gamble Company 39



Consolidated Statements of Cash Flows
|    |                                                                                  |          |       |      |          |      |       |          |    |        |
|---:|:---------------------------------------------------------------------------------|:---------|:------|:-----|:---------|:-----|:------|:---------|:---|:-------|
|  1 | Amounts in millions; fiscal years ended June 30                                  | 2024     |       | 2023 |          | 2022 |       |          |    |        |
|  2 | CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR                    | $        | 8,246 |      |          | $    | 7,214 |          | $  | 10,288 |
|  3 | OPERATING ACTIVITIES                                                             |          |       |      |          |      |       |          |    |        |
|  4 | Net earnings                                                                     | 14,974   |       |      | 14,738   |      |       | 14,793   |    |        |
|  5 | Depreciation and amortization                                                    | 2,896    |       |      | 2,714    |      |       | 2,807    |    |        |
|  7 | Share-based compensation expense                                                 | 562      |       |      | 545      |      |       | 528      |    |        |
|  8 | Deferred income taxes                                                            | (244)    |       |      | (453)    |      |       | (402)    |    |        |
|  9 | Loss/(gain) on sale of assets                                                    | (215)    |       |      | (40)     |      |       | (85)     |    |        |
| 10 | Indefinite-lived intangible asset impairment charge                              | 1,341    |       |      | -        |      |       | -        |    |        |
| 12 | Change in accounts receivable                                                    | (766)    |       |      | (307)    |      |       | (694)    |    |        |
| 13 | Change in inventories                                                            | (70)     |       |      | (119)    |      |       | (1,247)  |    |        |
| 14 | Change in accounts payable and accrued and other liabilities                     | 1,814    |       |      | 313      |      |       | 1,429    |    |        |
| 15 | Change in other operating assets and liabilities                                 | (1,414)  |       |      | (1,107)  |      |       | (635)    |    |        |
| 16 | Other                                                                            | 969      |       |      | 564      |      |       | 229      |    |        |
| 17 | TOTAL OPERATING ACTIVITIES                                                       | 19,846   |       |      | 16,848   |      |       | 16,723   |    |        |
| 18 | INVESTING ACTIVITIES                                                             |          |       |      |          |      |       |          |    |        |
| 19 | Capital expenditures                                                             | (3,322)  |       |      | (3,062)  |      |       | (3,156)  |    |        |
| 20 | Proceeds from asset sales                                                        | 346      |       |      | 46       |      |       | 110      |    |        |
| 21 | Acquisitions, net of cash acquired                                               | (21)     |       |      | (765)    |      |       | (1,381)  |    |        |
| 22 | Other investing activity                                                         | (507)    |       |      | 281      |      |       | 3        |    |        |
| 23 | TOTAL INVESTING ACTIVITIES                                                       | (3,504)  |       |      | (3,500)  |      |       | (4,424)  |    |        |
| 24 | FINANCING ACTIVITIES                                                             |          |       |      |          |      |       |          |    |        |
| 25 | Dividends to shareholders                                                        | (9,312)  |       |      | (8,999)  |      |       | (8,770)  |    |        |
| 26 | Additions to short-term debt with original maturities of more than three months  | 3,528    |       |      | 17,168   |      |       | 10,411   |    |        |
| 27 | Reductions in short-term debt with original maturities of more than three months | (7,689)  |       |      | (13,031) |      |       | (11,478) |    |        |
| 28 | Net additions/(reductions) to other short-term debt                              | 857      |       |      | (3,319)  |      |       | 917      |    |        |
| 29 | Additions to long-term debt                                                      | 3,197    |       |      | 3,997    |      |       | 4,385    |    |        |
| 30 | Reductions in long-term debt                                                     | (2,335)  |       |      | (1,878)  |      |       | (2,343)  |    |        |
| 31 | Treasury stock purchases                                                         | (5,006)  |       |      | (7,353)  |      |       | (10,003) |    |        |
| 32 | Impact of stock options and other                                                | 1,905    |       |      | 1,269    |      |       | 2,005    |    |        |
| 33 | TOTAL FINANCING ACTIVITIES                                                       | (14,855) |       |      | (12,146) |      |       | (14,876) |    |        |
| 34 | EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH    | (251)    |       |      | (170)    |      |       | (497)    |    |        |
| 35 | CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH                             | 1,235    |       |      | 1,032    |      |       | (3,074)  |    |        |
| 36 | CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR                          | $        | 9,482 |      |          | $    | 8,246 |          | $  | 7,214  |
| 38 | SUPPLEMENTAL DISCLOSURE                                                          |          |       |      |          |      |       |          |    |        |
| 39 | Cash payments for interest                                                       | $        | 878   |      |          | $    | 721   |          | $  | 451    |
| 40 | Cash payments for income taxes                                                   | 4,363    |       |      | 4,278    |      |       | 3,818    |    |        |

See accompanying Notes to Consolidated Financial Statements. 







Question: What is the Capital Expenditure Ratio for Procter & Gamble in 2024, and how does it compare to 2023?
Answer: The Capital Expenditure Ratio is Capital Expenditures divided by Net Sales. 
For 2024:
Capital Expenditures = $3,322 million
Net Sales = $84,039 million
Capital Expenditure Ratio = $3,322 million / $84,039 million = 3.95%

For 2023:
Capital Expenditures = $3,062 million
Net Sales = $82,006 million
Capital Expenditure Ratio = $3,062 million / $82,006 million = 3.73%