PROCTER & GAMBLE Co (PG): restructuring charge — P&G to take $2.0-2.5B after-tax charges: restructuring ($1.0-1.5B) plus Gillette impairment ($1.0B)

PROCTER & GAMBLE Co

Restructuring charges of $1.0-1.5B after-tax (mostly noncash) in FY2024/25 from exiting certain Enterprise Markets (Argentina, Nigeria).
Initial restructuring charges expected in the quarter ending December 31, 2023.
Noncash impairment of ~$1.3B pre-tax ($1.0B after-tax) on Gillette indefinite-lived intangible asset in Q2 FY2024.
Impairment due to higher discount rate, currency weakness, and restructuring impact; underlying Gillette business remains strong.
Total after-tax charges estimated at $2.0-2.5B over FY2024 and FY2025.

Key facts

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

PROCTER & GAMBLE Co announced a impairment with charges of approximately $1.3 billion before tax ($1.0 billion after tax) noncash impairment charge affecting Gillette business.

Type: impairment
Charge: approximately $1.3 billion before tax ($1.0 billion after tax) noncash impairment charge
Affected area: Gillette business

Exact text from the filing

on December 1, 2023, the Company concluded it will record an approximately $1.3 billion before tax ($1.0 billion after tax) noncash impairment charge in the quarter ending December 31, 2023, on intangible assets acquired as part of the Company’s 2005 acquisition of The Gillette Company.

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Source: SEC EDGAR

accession 0000080424-23-000107

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