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You can access the financial statements for Procter & Gamble Company for the year ended June 30, 2015, in many ways, including by visiting the company website. To access the 10-K, go to the website for the Securities and Exchange Commission (sec.gov). Then select Filings and Company Filings Search. Enter "Procter & Gamble" in the search box that appears. You will arrive on a page detailing all the filings; type "10-K" in the Filing Type box at the top of the page, and the filings will be re-sorted so that the 10-K filings are at the head of the listing.

Review the consolidated balance sheets and the related disclosures and respond to the following questions.

Debt:

As of June 30, 2015, what is the dollar amount of the current portion of the long-term debt that is due within a year following the June 30, 2015, issue date of the financial statement?

What is a debenture?

Has the company issued any debentures? If so, what is the dollar amount of debentures owed on the issue date of the financial statement?

The disclosures indicate that some of the long-term debt is denominated in the euro rather than the U.S. dollar. Explain how the practice of issuing debt in a currency other than your domestic currency (assume the U.S. dollar is the domestic currency for Procter & Gamble) creates an exposure to gains and losses related to exchange fluctuations.

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