−Removed: The Procter & Gamble Company (the Company) is focused on providing branded products of superior quality and value to improve the lives of the world's consumers, now and for generations to come.
+Added: The Procter & Gamble Company (the Company) is a world-leading multinational consumer goods company focused on providing trusted, branded products of superior quality, performance and value to improve the lives of consumers around the world - now and for generations to come.
+Added: Our products are sold in about 180 countries and territories throughout the world.
The Company was incorporated in Ohio in 1905, having first been established as a New Jersey corporation in 1890, and was built from a business founded in Cincinnati in 1837 by William Procter and James Gamble.
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The SEC maintains an internet site that contains these reports at:
−Removed: Reports can also be accessed through links from our website at:
+Added: Reports can also be accessed and downloaded through links from our website at:
www.pginvestor.com.
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Business Model .
−Removed: Our business model is built to deliver balanced top- and bottom-line growth and value creation.
−Removed: We rely on the continued growth and success of existing brands and products, as well as the creation of new innovative products and brands.
−Removed: We offer products in markets and industry segments that are highly competitive.
−Removed: Our products are sold in approximately 180 countries and territories through numerous channels as well as direct-to-consumer.
−Removed: Our growth strategy is to deliver meaningful and noticeable superiority across five key vectors of our consumer proposition - product performance, packaging, brand communication, retail execution and consumer and customer value.
−Removed: We use our research and development (R&D) and consumer insights to provide superior products and packaging.
−Removed: We utilize our marketing and online presence to deliver superior brand messaging to our consumers.
−Removed: We partner with our customers to deliver superior retail execution, both in-store and online.
−Removed: In conjunction with the above vectors, we provide superior value to consumers and our retail customers in each price tier in which we compete.
−Removed: Productivity improvement is also critical to delivering our objectives of balanced top- and bottom-line growth and value creation.
+Added: Our business model is focused on delivering sustainable value creation by driving balanced top- and bottom-line growth.
+Added: We create, manufacture, market and distribute a diversified portfolio of daily-use products to delight consumers with irresistible superiority across five key vectors - product performance, packaging, brand communication, retail execution and value.
+Added: We invest in research and development and consumer insights to invent new categories or products and innovate our existing products, ensuring they meet evolving consumer needs and preferences.
+Added: We leverage marketing strategies including advertising, promotions and endorsements to drive brand awareness and loyalty among consumers.
+Added: The Company utilizes various distribution channels, including retail stores, e-commerce platforms and direct-to-consumer platforms to deliver our products.
+Added: Our business model relies on continued productivity improvements to fuel investments in R&D and marketing and deliver value creation.
+Added: Our objective is to deliver sustainable and balanced top- and bottom-line growth while serving the needs of all stakeholders — consumers, customers, employees, society and shareowners.
Key Product Categories .
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Sales to Walmart Inc.
−Removed: and its affiliates represent approximately 15% of our total sales in 2023, 2022 and 2021.
+Added: and its affiliates represent approximately 16% of our total sales in 2024 and 15% in 2023 and 2022.
No other customer represents more than 10% of our total sales.
−Removed: Our top ten customers accounted for 40% of our total net sales in 2023 and 39% in 2022 and 2021.
+Added: Our top ten customers accounted for 42% of our total net sales in 2024, 40% in 2023 and 39% in 2022.
Sources and Availability of Materials .
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Trademarks and Patents .
−Removed: We own or have licenses under patents and registered trademarks, which are used in connection with our activity in all businesses.
−Removed: Some of these patents or licenses cover significant product formulation and processes used to manufacture our products.
+Added: We own or have rights to patents and trademarks, which are used in connection with our activity in all businesses.
+Added: Our patents cover a range of product features, including significant product formulation and processes used to manufacture our products.
The trademarks are important to the overall marketing and branding of our products.
−Removed: All major trademarks in each business are registered.
−Removed: In part, our success can be attributed to the existence and continued protection of these trademarks, patents and licenses.
+Added: In part, our success can be attributed to the existence and continued protection of these trademarks and patents.
Competitive Condition .
The markets in which our products are sold are highly competitive.
−Removed: Our products compete against similar products from many large and small companies, including well-known global competitors.
−Removed: In many of the markets and industry segments in which we sell our products, we compete against other branded products as well as retailers' private-label brands.
−Removed: We are well positioned in the industry segments and markets in which we operate, often holding a leadership or significant market share position.
−Removed: We support our products with advertising, promotions and other marketing vehicles to build awareness and trial of our brands and products in conjunction with our sales force.
−Removed: We believe this combination provides the
+Added: Our products compete against similar products from a broad range of companies, both large and small, both established and new, including well-known global competitors.
+Added: In many of the markets and industry segments, we compete against other branded products as well as retailers' private-label brands.
+Added: In this highly competitive setting, we are well positioned in the industry segments and markets in which we operate, often holding a leadership or significant market share position.
+Added: Our integrated strategy and our focus on driving superiority across product, packaging, brand communication, retail execution and value are key differentiators in the marketplace.
2 The Procter & Gamble Company
−Removed: most efficient method of marketing for these types of products.
−Removed: Product quality, performance, value and packaging are also important differentiating factors.
Government Regulation .
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In addition, many foreign jurisdictions in which we do business have regulations and regulatory bodies that govern similar aspects of our operations and products, in some cases to an even more significant degree.
−Removed: We are also subject to expanding laws and regulations related to environmental protection and other sustainability-related matters, non-financial reporting and diligence, labor and employment, trade, taxation and data privacy and protection, including the European Union’s General Data Protection Regulation (GDPR) and similar regulations in states within the United States and in countries around the world.
+Added: We are also subject to expanding laws and regulations related to environmental protection and other sustainability-related matters, non-financial reporting and diligence, labor and employment, trade, taxation and privacy and data protection, including the European Union’s General Data Protection Regulation and similar regulations in states within the United States and in countries around the world.
The Company has in place compliance programs and internal and external experts to help guide our business in complying with these and other existing laws and regulations that apply to us around the globe;
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We aim to retain our talented employees by offering competitive compensation and benefits, strong career development and a respectful and inclusive culture that provides equal opportunity for all.
−Removed: Our Board of Directors, through the Compensation and Leadership Development Committee (C&LD Committee), provides oversight of the Company’s policies and strategy relating to talent including diversity, equality and inclusion as well as the Company’s compensation principles and practices.
+Added: Our Board of Directors, through the Compensation and Leadership Development Committee (C&LD Committee), provides oversight of the Company’s policies and strategy relating to talent, including equality and inclusion, as well as the Company’s compensation principles and practices.
The C&LD Committee also evaluates and approves the Company’s compensation plans, policies and programs applicable to our senior executives.
−Removed: As of June 30, 2023, the Company had approximately 107,000 employees, an increase of 1% versus the prior year due primarily to business growth.
+Added: As of June 30, 2024, the Company had approximately 108,000 employees, unchanged versus the prior year.
The total number of employees is an estimate of total Company employees excluding interns, co-ops, contractors and employees of joint ventures.
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Training and Development
−Removed: We focus on attracting, developing and retaining skilled and diverse talent, both from universities and the broader market.
−Removed: We recruit from among the best universities across markets in which we compete and are generally able to select from the top talent.
+Added: We focus on attracting, developing and retaining the widest pool of talent available, both from universities and the broader market.
+Added: We recruit from universities across markets in which we compete and are generally able to select from the top talent.
We focus on developing our employees by providing a variety of job experiences, training programs and skill development opportunities.
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Sustainability .
−Removed: Environmental sustainability is integrated into our business strategy to offer consumers irresistibly superior products that are more sustainable.
−Removed: Our aim is to deliver balanced top- and bottom-line growth, value creation and key sustainability objectives.
−Removed: In 2021, the Company announced a 2040 net zero ambition and published a Climate Transition Action
+Added: Environmental sustainability is integrated into our business strategy.
+Added: We are focused on designing and manufacturing irresistibly superior products that are more sustainable.
+Added: We aim to reduce our own environmental footprint and enable our consumers to reduce their footprint without compromising on the performance of the products they use.
+Added: We develop and license technologies that can be used across industries to improve environmental sustainability at a broader scale.
The Procter & Gamble Company 3
−Removed: Plan, which describes the Company’s ongoing efforts toward reducing greenhouse gas emissions across scopes 1 and 2 and elements of scope 3.
−Removed: This includes a long-term objective of net zero emissions for scopes 1 and 2, elements of scope 3 and interim goals to help us pace our progress.
−Removed: The Company has also declared goals towards using renewable electricity for our operations, reducing use of virgin petroleum-based plastic in packaging, increasing the recyclability or reusability of packaging, responsible sourcing of key forest-based commodities, improving efficiency of water usage in our operations and driving a global portfolio of water restoration projects to address water scarcity.
−Removed: We use the standards and guidelines of the Global Reporting Initiative, Sustainability Accounting Standards Board (SASB) industry specific standards and the Task Force on Climate-related Financial Disclosures (TCFD) to inform our sustainability and related disclosures included in this Annual Report, our Proxy Statement and our sustainability reports.
+Added: Combined, this approach intends to positively impact the total environmental impact of the Company while driving market growth and value creation.
+Added: In 2021, the Company announced a 2040 net zero ambition.
+Added: Our Climate Transition Action Plan outlines the Company’s ongoing efforts toward reducing greenhouse gas emissions across scopes 1 and 2 and elements of scope 3.
+Added: The Company has also declared objectives towards purchasing renewable electricity for our operations, reducing use of virgin petroleum-based plastic in packaging, increasing the recyclability or reusability of packaging, responsible sourcing of key forest-based commodities, improving efficiency of water usage in our operations and driving a global portfolio of water restoration projects that help address water scarcity in key water basins.
+Added: Our progress towards these objectives may be influenced and impacted by various stakeholders and developments beyond our control.
+Added: Sustainability related disclosures included in this Annual Report, our Proxy Statement and our sustainability reports are informed by standards and guidelines such as the Global Reporting Initiative (GRI) and the Task Force on Climate-related Financial Disclosures (TCFD).
The “materiality” thresholds in those standards and guidelines may differ from the concept of “materiality” for purposes of the federal securities laws and disclosures required by the Commission’s rules in this Annual Report.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.