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 37: 
The Procter & Gamble Company 37



Consolidated Balance Sheets
|    |                                                                                                                   |           |         |      |           |    |         |
|---:|:------------------------------------------------------------------------------------------------------------------|:----------|:--------|:-----|:----------|:---|:--------|
|  1 | Amounts in millions except stated values; as of June 30                                                           | 2024      |         | 2023 |           |    |         |
|  2 | Assets                                                                                                            |           |         |      |           |    |         |
|  3 | CURRENT ASSETS                                                                                                    |           |         |      |           |    |         |
|  4 | Cash and cash equivalents                                                                                         | $         | 9,482   |      |           | $  | 8,246   |
|  5 | Accounts receivable                                                                                               | 6,118     |         |      | 5,471     |    |         |
|  6 | INVENTORIES                                                                                                       |           |         |      |           |    |         |
|  7 | Materials and supplies                                                                                            | 1,617     |         |      | 1,863     |    |         |
|  8 | Work in process                                                                                                   | 929       |         |      | 956       |    |         |
|  9 | Finished goods                                                                                                    | 4,470     |         |      | 4,254     |    |         |
| 10 | Total inventories                                                                                                 | 7,016     |         |      | 7,073     |    |         |
| 11 | Prepaid expenses and other current assets                                                                         | 2,095     |         |      | 1,858     |    |         |
| 12 | TOTAL CURRENT ASSETS                                                                                              | 24,709    |         |      | 22,648    |    |         |
| 13 | PROPERTY, PLANT AND EQUIPMENT, NET                                                                                | 22,152    |         |      | 21,909    |    |         |
| 14 | GOODWILL                                                                                                          | 40,303    |         |      | 40,659    |    |         |
| 15 | TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET                                                                       | 22,047    |         |      | 23,783    |    |         |
| 16 | OTHER NONCURRENT ASSETS                                                                                           | 13,158    |         |      | 11,830    |    |         |
| 17 | TOTAL ASSETS                                                                                                      | $         | 122,370 |      |           | $  | 120,829 |
| 19 | Liabilities and Shareholders' Equity                                                                              |           |         |      |           |    |         |
| 20 | CURRENT LIABILITIES                                                                                               |           |         |      |           |    |         |
| 21 | Accounts payable                                                                                                  | $         | 15,364  |      |           | $  | 14,598  |
| 22 | Accrued and other liabilities                                                                                     | 11,073    |         |      | 10,929    |    |         |
| 23 | Debt due within one year                                                                                          | 7,191     |         |      | 10,229    |    |         |
| 24 | TOTAL CURRENT LIABILITIES                                                                                         | 33,627    |         |      | 35,756    |    |         |
| 25 | LONG-TERM DEBT                                                                                                    | 25,269    |         |      | 24,378    |    |         |
| 26 | DEFERRED INCOME TAXES                                                                                             | 6,516     |         |      | 6,478     |    |         |
| 27 | OTHER NONCURRENT LIABILITIES                                                                                      | 6,398     |         |      | 7,152     |    |         |
| 28 | TOTAL LIABILITIES                                                                                                 | 71,811    |         |      | 73,764    |    |         |
| 29 | SHAREHOLDERS' EQUITY                                                                                              |           |         |      |           |    |         |
| 30 | Convertible Class A preferred stock, stated value $1 per share (600 shares authorized)                            | 798       |         |      | 819       |    |         |
| 31 | Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized)                             | -         |         |      | -         |    |         |
| 32 | Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2024 - 4,009.2, 2023 - 4,009.2) | 4,009     |         |      | 4,009     |    |         |
| 33 | Additional paid-in capital                                                                                        | 67,684    |         |      | 66,556    |    |         |
| 34 | Reserve for ESOP debt retirement                                                                                  | (737)     |         |      | (821)     |    |         |
| 35 | Accumulated other comprehensive loss                                                                              | (11,900)  |         |      | (12,220)  |    |         |
| 36 | Treasury stock (shares held: 2024 - 1,652.2; 2023 - 1,647.1)                                                      | (133,379) |         |      | (129,736) |    |         |
| 37 | Retained earnings                                                                                                 | 123,811   |         |      | 118,170   |    |         |
| 38 | Noncontrolling interest                                                                                           | 272       |         |      | 288       |    |         |
| 39 | TOTAL SHAREHOLDERS' EQUITY                                                                                        | 50,559    |         |      | 47,065    |    |         |
| 40 | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                                                        | $         | 122,370 |      |           | $  | 120,829 |

See accompanying Notes to Consolidated Financial Statements. 







Question: What is Procter & Gamble's Return on Assets for 2024, and how does it compare to 2023?
Answer: ROA is Net Earnings divided by Average Total Assets. 
For 2024:
Average Total Assets = ($120,829 million (2023) + $122,370 million (2024)) / 2 = $121,599.5 million
ROA = $14,974 million / $121,599.5 million = 12.3%
For 2023:
ROA = $14,738 million / $120,829 million = 12.2%