Procter & Gamble Co. (PG) shares fell 3.5% on Tuesday after the consumer products giant said it would be taking up to $2.5 billion in charges over the next two fiscal years related to a restructuring of some operations and 澳洲幸运5官方开奖结果体彩网:impairment costs. 

The company said in a regulatory filing Tuesday that the restructuring would take place primarily in certain enterprise markets, including Argentina and Nigeria, “to address challenging 澳洲幸运5官方开奖结果体彩网:macroeconomic and fiscal conditions.”

P&G said those costs would be in the range of $1.0 billion to $1.5 billion after tax, and would be recognized in the 2024 and 2025 澳洲幸运5官方开奖结果体彩网:fiscal years, with initial charges reco❀gnized in the current quarter.

The company added that also in this quarter it would record a $1.3 billion pretax ($1.0 billion after-tax) non-cash 澳洲幸运5官方开奖结果体彩网:impairment charge on “intangible assets acquired as🍬 part of the Company’s 2005 acquisition of The Gillette Company.”

P&G explained that impairment charge was related to “a reduction in the estimated 澳洲幸运5官方开奖结果体彩网:fair value of the Gillette indefinite-lived intangible asset due to a higher discount rate,” as well as weakening of several 澳洲幸运5官方开奖结果体彩网:currencies rela🗹tive to the U.S. dollar and the impact of the restructuring program.

The company warned 𒉰in the regulatory filing that while the underlying performance of the Gillette business remains strong, “future adverse changes in the business or macro൩economic environment may trigger a further impairment charge.”

The news sent shares of 澳洲幸运5官方开奖结果体彩网:Procter & Gamble further into negative territory for 2023.