Company Quick10K Filing
Estee Lauder
Price196.33 EPS5
Shares369 P/E38
MCap72,367 P/FCF67
Net Debt636 EBIT2,577
TEV73,003 TEV/EBIT28
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-02-05
10-Q 2020-09-30 Filed 2020-11-02
10-K 2020-06-30 Filed 2020-08-28
10-Q 2020-03-31 Filed 2020-05-01
10-Q 2019-12-31 Filed 2020-02-06
10-Q 2019-09-30 Filed 2019-10-31
10-K 2019-06-30 Filed 2019-08-23
10-Q 2019-03-31 Filed 2019-05-01
10-Q 2018-12-31 Filed 2019-02-05
10-Q 2018-09-30 Filed 2018-10-31
10-K 2018-06-30 Filed 2018-08-24
10-Q 2018-03-31 Filed 2018-05-02
10-Q 2017-12-31 Filed 2018-02-02
10-Q 2017-09-30 Filed 2017-11-01
10-K 2017-06-30 Filed 2017-08-25
10-Q 2017-03-31 Filed 2017-05-03
10-Q 2016-12-31 Filed 2017-02-02
10-Q 2016-09-30 Filed 2016-11-02
10-K 2016-06-30 Filed 2016-08-24
10-Q 2016-03-31 Filed 2016-05-03
10-Q 2015-12-31 Filed 2016-02-05
10-Q 2015-09-30 Filed 2015-11-02
10-K 2015-06-30 Filed 2015-08-20
10-Q 2015-03-31 Filed 2015-05-05
10-Q 2014-12-31 Filed 2015-02-05
10-Q 2014-09-30 Filed 2014-11-04
10-K 2014-06-30 Filed 2014-08-20
10-Q 2014-03-31 Filed 2014-05-02
10-Q 2013-12-31 Filed 2014-02-05
10-Q 2013-09-30 Filed 2013-11-01
10-K 2013-06-30 Filed 2013-08-23
10-Q 2013-03-31 Filed 2013-05-03
10-Q 2012-12-31 Filed 2013-02-06
10-Q 2012-09-30 Filed 2012-11-02
10-K 2012-06-30 Filed 2012-08-17
10-Q 2012-03-31 Filed 2012-05-07
10-Q 2011-12-31 Filed 2012-02-06
10-Q 2011-09-30 Filed 2011-11-04
10-K 2011-06-30 Filed 2011-08-22
10-Q 2011-03-31 Filed 2011-05-06
10-Q 2010-12-31 Filed 2011-02-04
10-Q 2010-09-30 Filed 2010-11-01
10-K 2010-06-30 Filed 2010-08-20
10-Q 2010-03-31 Filed 2010-04-27
10-Q 2009-12-31 Filed 2010-01-28
8-K 2021-02-23 Other Events, Exhibits
8-K 2021-02-04 Earnings, Other Events, Exhibits
8-K 2020-11-10
8-K 2020-10-30
8-K 2020-08-18
8-K 2020-05-01
8-K 2020-04-13
8-K 2020-04-07
8-K 2020-04-07
8-K 2020-03-18
8-K 2020-02-21
8-K 2020-02-05
8-K 2019-11-19
8-K 2019-11-18
8-K 2019-11-15
8-K 2019-10-30
8-K 2019-08-16
8-K 2019-04-30
8-K 2019-03-06
8-K 2019-02-14
8-K 2019-02-04
8-K 2018-11-13
8-K 2018-10-30
8-K 2018-10-26
8-K 2018-08-17
8-K 2018-07-19
8-K 2018-05-01
8-K 2018-04-16
8-K 2018-02-14
8-K 2018-02-01

EL 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Note 1 - Summary of Significant Accounting Policies
Note 2 - Acquisition of Business
Note 3 - Goodwill and Other Intangible Assets
Note 4 - Charges Associated with Restructuring and Other Activities
Note 5 - Derivative Financial Instruments
Note 6 - Fair Value Measurements
Note 7 - Revenue Recognition
Note 8 - Pension and Post - Retirement Benefit Plans
Note 9 - Contingencies
Note 10 - Stock Programs
Note 11 - Net Earnings Attributable To The EstÉE Lauder Companies Inc. per Common Share
Note 12 - Equity
Note 13 - Statement of Cash Flows
Note 14 - Segment Data and Related Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 el-q2fy2021xex311.htm
EX-31.2 el-q2fy2021xex312.htm
EX-32.1 el-q2fy2021xex321.htm
EX-32.2 el-q2fy2021xex322.htm

Estee Lauder Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
4.23.42.51.70.80.02012201420172020
Rev, G Profit, Net Income
1.40.80.2-0.5-1.1-1.72012201420172020
Ops, Inv, Fin

el-20201231
--06-302021Q20001001250false00010012502020-07-012020-12-31xbrli:shares0001001250us-gaap:CommonClassAMember2021-01-290001001250us-gaap:CommonClassBMember2021-01-29iso4217:USD00010012502020-10-012020-12-3100010012502019-10-012019-12-3100010012502019-07-012019-12-31iso4217:USDxbrli:shares00010012502020-12-3100010012502020-06-300001001250us-gaap:CommonClassAMember2020-06-300001001250us-gaap:CommonClassAMember2020-12-310001001250us-gaap:CommonClassBMember2020-12-310001001250us-gaap:CommonClassBMember2020-06-3000010012502019-06-3000010012502019-12-310001001250us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMemberel:LargestCustomerMember2020-10-012020-12-31xbrli:pure0001001250us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMemberel:LargestCustomerMember2019-10-012019-12-310001001250us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMemberel:LargestCustomerMember2020-07-012020-12-310001001250us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMemberel:LargestCustomerMember2019-07-012019-12-310001001250us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMemberel:LargestCustomerMember2020-12-310001001250us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMemberel:LargestCustomerMember2020-07-012020-12-310001001250us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMemberel:LargestCustomerMember2020-06-300001001250us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMemberel:LargestCustomerMember2019-07-012020-06-300001001250us-gaap:LandMember2020-12-310001001250us-gaap:LandMember2020-06-300001001250us-gaap:BuildingAndBuildingImprovementsMembersrt:MinimumMember2020-07-012020-12-310001001250us-gaap:BuildingAndBuildingImprovementsMembersrt:MaximumMember2020-07-012020-12-310001001250us-gaap:BuildingAndBuildingImprovementsMember2020-12-310001001250us-gaap:BuildingAndBuildingImprovementsMember2020-06-300001001250us-gaap:MachineryAndEquipmentMembersrt:MinimumMember2020-07-012020-12-310001001250srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2020-07-012020-12-310001001250us-gaap:MachineryAndEquipmentMember2020-12-310001001250us-gaap:MachineryAndEquipmentMember2020-06-300001001250el:ComputerHardwareAndSoftwareMembersrt:MinimumMember2020-07-012020-12-310001001250el:ComputerHardwareAndSoftwareMembersrt:MaximumMember2020-07-012020-12-310001001250el:ComputerHardwareAndSoftwareMember2020-12-310001001250el:ComputerHardwareAndSoftwareMember2020-06-300001001250us-gaap:FurnitureAndFixturesMembersrt:MinimumMember2020-07-012020-12-310001001250us-gaap:FurnitureAndFixturesMembersrt:MaximumMember2020-07-012020-12-310001001250us-gaap:FurnitureAndFixturesMember2020-12-310001001250us-gaap:FurnitureAndFixturesMember2020-06-300001001250us-gaap:LeaseholdImprovementsMember2020-12-310001001250us-gaap:LeaseholdImprovementsMember2020-06-300001001250us-gaap:InternalRevenueServiceIRSMemberel:FiscalYear2021Member2020-10-012020-12-310001001250us-gaap:InternalRevenueServiceIRSMemberel:FiscalYear2021Member2020-07-012020-12-310001001250el:FiscalYear2020And2019Memberus-gaap:InternalRevenueServiceIRSMember2020-10-012020-12-310001001250el:FiscalYear2020And2019Memberus-gaap:InternalRevenueServiceIRSMember2020-07-012020-12-310001001250us-gaap:RevolvingCreditFacilityMember2020-08-012020-08-310001001250us-gaap:RevolvingCreditFacilityMember2020-06-300001001250el:HaveBeCo.LtdMember2019-12-180001001250el:HaveBeCo.LtdMember2019-12-182019-12-1800010012502019-07-012020-06-300001001250el:HaveBeCo.LtdMemberus-gaap:OtherIncomeMember2019-07-012019-12-310001001250el:HaveBeCo.LtdMemberus-gaap:OtherIncomeMember2019-10-012019-12-310001001250el:SkinCareMember2020-06-300001001250el:MakeupMember2020-06-300001001250el:FragranceMember2020-06-300001001250el:HairCareMember2020-06-300001001250el:SkinCareMember2020-07-012020-12-310001001250el:MakeupMember2020-07-012020-12-310001001250el:FragranceMember2020-07-012020-12-310001001250el:HairCareMember2020-07-012020-12-310001001250el:SkinCareMember2020-12-310001001250el:MakeupMember2020-12-310001001250el:FragranceMember2020-12-310001001250el:HairCareMember2020-12-310001001250el:CustomerListsAndOtherMember2020-12-310001001250el:CustomerListsAndOtherMember2020-06-300001001250us-gaap:LicensingAgreementsMember2020-12-310001001250us-gaap:LicensingAgreementsMember2020-06-300001001250us-gaap:TrademarksMember2020-12-310001001250us-gaap:TrademarksMember2020-06-300001001250el:GLAMGLOWMemberus-gaap:TrademarksMember2020-11-012020-11-300001001250el:GLAMGLOWMemberus-gaap:CustomerListsMember2020-11-012020-11-300001001250el:GLAMGLOWMember2020-11-012020-11-300001001250el:GLAMGLOWMemberus-gaap:TrademarksMember2020-12-310001001250el:TooFacedMember2019-07-012019-12-310001001250el:TooFacedMember2019-10-012019-12-310001001250el:TooFacedMember2019-12-310001001250el:BECCAMember2019-10-012019-12-310001001250el:BECCAMember2019-07-012019-12-310001001250el:BECCAMember2019-12-310001001250el:SmashboxMember2019-10-012019-12-310001001250el:SmashboxMember2019-07-012019-12-310001001250el:SmashboxMember2019-12-310001001250el:TooFacedBECCAAndSmashboxMember2019-10-012019-12-310001001250el:TooFacedBECCAAndSmashboxMember2019-07-012019-12-310001001250el:TooFacedBECCAAndSmashboxMember2019-12-310001001250el:LeadingBeautyForwardMultiYearProjectMemberus-gaap:SalesReturnsAndAllowancesMember2020-10-012020-12-310001001250el:LeadingBeautyForwardMultiYearProjectMemberus-gaap:CostOfSalesMember2020-10-012020-12-310001001250us-gaap:RestructuringChargesMemberel:LeadingBeautyForwardMultiYearProjectMember2020-10-012020-12-310001001250us-gaap:OtherOperatingIncomeExpenseMemberel:LeadingBeautyForwardMultiYearProjectMember2020-10-012020-12-310001001250el:LeadingBeautyForwardMultiYearProjectMember2020-10-012020-12-310001001250el:PCBAProgramMemberus-gaap:SalesReturnsAndAllowancesMember2020-10-012020-12-310001001250el:PCBAProgramMemberus-gaap:CostOfSalesMember2020-10-012020-12-310001001250us-gaap:RestructuringChargesMemberel:PCBAProgramMember2020-10-012020-12-310001001250el:PCBAProgramMemberus-gaap:OtherOperatingIncomeExpenseMember2020-10-012020-12-310001001250el:PCBAProgramMember2020-10-012020-12-310001001250us-gaap:SalesReturnsAndAllowancesMember2020-10-012020-12-310001001250us-gaap:CostOfSalesMember2020-10-012020-12-310001001250us-gaap:RestructuringChargesMember2020-10-012020-12-310001001250us-gaap:OtherOperatingIncomeExpenseMember2020-10-012020-12-310001001250el:LeadingBeautyForwardMultiYearProjectMemberus-gaap:SalesReturnsAndAllowancesMember2020-07-012020-12-310001001250el:LeadingBeautyForwardMultiYearProjectMemberus-gaap:CostOfSalesMember2020-07-012020-12-310001001250us-gaap:RestructuringChargesMemberel:LeadingBeautyForwardMultiYearProjectMember2020-07-012020-12-310001001250us-gaap:OtherOperatingIncomeExpenseMemberel:LeadingBeautyForwardMultiYearProjectMember2020-07-012020-12-310001001250el:LeadingBeautyForwardMultiYearProjectMember2020-07-012020-12-310001001250el:PCBAProgramMemberus-gaap:SalesReturnsAndAllowancesMember2020-07-012020-12-310001001250el:PCBAProgramMemberus-gaap:CostOfSalesMember2020-07-012020-12-310001001250us-gaap:RestructuringChargesMemberel:PCBAProgramMember2020-07-012020-12-310001001250el:PCBAProgramMemberus-gaap:OtherOperatingIncomeExpenseMember2020-07-012020-12-310001001250el:PCBAProgramMember2020-07-012020-12-310001001250us-gaap:SalesReturnsAndAllowancesMember2020-07-012020-12-310001001250us-gaap:CostOfSalesMember2020-07-012020-12-310001001250us-gaap:RestructuringChargesMember2020-07-012020-12-310001001250us-gaap:OtherOperatingIncomeExpenseMember2020-07-012020-12-310001001250el:LeadingBeautyForwardMultiYearProjectMemberus-gaap:SalesReturnsAndAllowancesMember2020-06-300001001250el:LeadingBeautyForwardMultiYearProjectMemberus-gaap:CostOfSalesMember2020-06-300001001250us-gaap:RestructuringChargesMemberel:LeadingBeautyForwardMultiYearProjectMember2020-06-300001001250us-gaap:OtherOperatingIncomeExpenseMemberel:LeadingBeautyForwardMultiYearProjectMember2020-06-300001001250el:LeadingBeautyForwardMultiYearProjectMember2020-06-300001001250el:LeadingBeautyForwardMultiYearProjectMemberus-gaap:SalesReturnsAndAllowancesMember2020-12-310001001250el:LeadingBeautyForwardMultiYearProjectMemberus-gaap:CostOfSalesMember2020-12-310001001250us-gaap:RestructuringChargesMemberel:LeadingBeautyForwardMultiYearProjectMember2020-12-310001001250us-gaap:OtherOperatingIncomeExpenseMemberel:LeadingBeautyForwardMultiYearProjectMember2020-12-310001001250el:LeadingBeautyForwardMultiYearProjectMember2020-12-310001001250us-gaap:RestructuringChargesMemberus-gaap:EmployeeSeveranceMemberel:LeadingBeautyForwardMultiYearProjectMember2020-06-300001001250us-gaap:RestructuringChargesMemberel:ImpairmentInValueOfAssetsMemberel:LeadingBeautyForwardMultiYearProjectMember2020-06-300001001250us-gaap:RestructuringChargesMemberus-gaap:ContractTerminationMemberel:LeadingBeautyForwardMultiYearProjectMember2020-06-300001001250us-gaap:RestructuringChargesMemberel:LeadingBeautyForwardMultiYearProjectMemberus-gaap:OtherRestructuringMember2020-06-300001001250us-gaap:RestructuringChargesMemberus-gaap:EmployeeSeveranceMemberel:LeadingBeautyForwardMultiYearProjectMember2020-07-012020-12-310001001250us-gaap:RestructuringChargesMemberel:ImpairmentInValueOfAssetsMemberel:LeadingBeautyForwardMultiYearProjectMember2020-07-012020-12-310001001250us-gaap:RestructuringChargesMemberus-gaap:ContractTerminationMemberel:LeadingBeautyForwardMultiYearProjectMember2020-07-012020-12-310001001250us-gaap:RestructuringChargesMemberel:LeadingBeautyForwardMultiYearProjectMemberus-gaap:OtherRestructuringMember2020-07-012020-12-310001001250us-gaap:RestructuringChargesMemberus-gaap:EmployeeSeveranceMemberel:LeadingBeautyForwardMultiYearProjectMember2020-12-310001001250us-gaap:RestructuringChargesMemberel:ImpairmentInValueOfAssetsMemberel:LeadingBeautyForwardMultiYearProjectMember2020-12-310001001250us-gaap:RestructuringChargesMemberus-gaap:ContractTerminationMemberel:LeadingBeautyForwardMultiYearProjectMember2020-12-310001001250us-gaap:RestructuringChargesMemberel:LeadingBeautyForwardMultiYearProjectMemberus-gaap:OtherRestructuringMember2020-12-310001001250el:LeadingBeautyForwardMultiYearProjectMembersrt:ScenarioForecastMember2020-07-012021-06-300001001250el:LeadingBeautyForwardMultiYearProjectMembersrt:ScenarioForecastMember2021-07-012022-06-300001001250el:LeadingBeautyForwardMultiYearProjectMembersrt:ScenarioForecastMember2022-07-012023-06-300001001250el:PCBAProgramMember2020-08-202020-08-20el:position0001001250el:PCBAProgramMembersrt:MinimumMember2020-08-202020-08-200001001250el:PCBAProgramMembersrt:MaximumMember2020-08-202020-08-200001001250el:PCBAProgramMembersrt:MinimumMember2020-08-200001001250el:PCBAProgramMembersrt:MaximumMember2020-08-200001001250us-gaap:RestructuringChargesMemberel:PCBAProgramMemberus-gaap:EmployeeSeveranceMember2020-07-012020-12-310001001250us-gaap:RestructuringChargesMemberel:PCBAProgramMemberel:ImpairmentInValueOfAssetsMember2020-07-012020-12-310001001250us-gaap:RestructuringChargesMemberel:PCBAProgramMemberus-gaap:ContractTerminationMember2020-07-012020-12-310001001250us-gaap:RestructuringChargesMemberel:PCBAProgramMemberus-gaap:OtherRestructuringMember2020-07-012020-12-310001001250el:PCBAProgramMemberus-gaap:SalesReturnsAndAllowancesMember2020-12-310001001250el:PCBAProgramMemberus-gaap:CostOfSalesMember2020-12-310001001250us-gaap:RestructuringChargesMemberel:PCBAProgramMember2020-12-310001001250el:PCBAProgramMemberus-gaap:OtherOperatingIncomeExpenseMember2020-12-310001001250el:PCBAProgramMember2020-12-310001001250us-gaap:RestructuringChargesMemberel:PCBAProgramMemberus-gaap:EmployeeSeveranceMember2020-12-310001001250us-gaap:RestructuringChargesMemberel:PCBAProgramMemberel:ImpairmentInValueOfAssetsMember2020-12-310001001250us-gaap:RestructuringChargesMemberel:PCBAProgramMemberus-gaap:ContractTerminationMember2020-12-310001001250us-gaap:RestructuringChargesMemberel:PCBAProgramMemberus-gaap:OtherRestructuringMember2020-12-310001001250el:PCBAProgramMembersrt:ScenarioForecastMember2020-07-012021-06-300001001250el:PCBAProgramMembersrt:ScenarioForecastMember2021-07-012022-06-300001001250el:PCBAProgramMembersrt:ScenarioForecastMember2022-07-012023-06-300001001250us-gaap:NondesignatedMember2020-12-310001001250el:ForeignCurrencyCashFlowHedgesMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001001250el:ForeignCurrencyCashFlowHedgesMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-300001001250el:ForeignCurrencyCashFlowHedgesMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001001250el:ForeignCurrencyCashFlowHedgesMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-300001001250us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001001250us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-300001001250us-gaap:AccruedLiabilitiesMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001001250us-gaap:AccruedLiabilitiesMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-300001001250us-gaap:InterestRateContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001001250us-gaap:InterestRateContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-300001001250us-gaap:InterestRateContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001001250us-gaap:InterestRateContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-300001001250us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001001250us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-300001001250us-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001001250us-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-300001001250us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2020-12-310001001250us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2020-06-300001001250us-gaap:AccruedLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2020-12-310001001250us-gaap:AccruedLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2020-06-300001001250us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2020-10-012020-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2019-10-012019-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:SalesMember2020-10-012020-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:SalesMember2019-10-012019-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2020-10-012020-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2019-10-012019-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2020-10-012020-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2019-10-012019-12-310001001250us-gaap:CashFlowHedgingMember2020-10-012020-12-310001001250us-gaap:CashFlowHedgingMember2019-10-012019-12-310001001250us-gaap:ForeignExchangeForwardMemberus-gaap:NetInvestmentHedgingMember2020-10-012020-12-310001001250us-gaap:ForeignExchangeForwardMemberus-gaap:NetInvestmentHedgingMember2019-10-012019-12-310001001250us-gaap:NetInvestmentHedgingMember2020-10-012020-12-310001001250us-gaap:NetInvestmentHedgingMember2019-10-012019-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2020-07-012020-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2019-07-012019-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:SalesMember2020-07-012020-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:SalesMember2019-07-012019-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2020-07-012020-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2019-07-012019-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2020-07-012020-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2019-07-012019-12-310001001250us-gaap:CashFlowHedgingMember2020-07-012020-12-310001001250us-gaap:CashFlowHedgingMember2019-07-012019-12-310001001250us-gaap:ForeignExchangeForwardMemberus-gaap:NetInvestmentHedgingMember2020-07-012020-12-310001001250us-gaap:ForeignExchangeForwardMemberus-gaap:NetInvestmentHedgingMember2019-07-012019-12-310001001250us-gaap:NetInvestmentHedgingMember2020-07-012020-12-310001001250us-gaap:NetInvestmentHedgingMember2019-07-012019-12-310001001250us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-012020-12-310001001250us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-10-012019-12-310001001250us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-07-012020-12-310001001250us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-07-012019-12-310001001250us-gaap:ShortTermDebtMemberus-gaap:FairValueHedgingMember2020-12-310001001250us-gaap:ShortTermDebtMember2020-07-012020-12-310001001250us-gaap:LongTermDebtMemberus-gaap:FairValueHedgingMember2020-12-310001001250us-gaap:LongTermDebtMember2020-07-012020-12-310001001250us-gaap:DebtMemberus-gaap:FairValueHedgingMember2020-12-310001001250us-gaap:DebtMember2020-07-012020-12-310001001250us-gaap:SalesMember2020-10-012020-12-310001001250us-gaap:InterestExpenseMember2020-10-012020-12-310001001250us-gaap:SalesMember2019-10-012019-12-310001001250us-gaap:InterestExpenseMember2019-10-012019-12-310001001250us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2020-10-012020-12-310001001250us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2019-10-012019-12-310001001250us-gaap:SalesMember2020-07-012020-12-310001001250us-gaap:InterestExpenseMember2020-07-012020-12-310001001250us-gaap:SalesMember2019-07-012019-12-310001001250us-gaap:InterestExpenseMember2019-07-012019-12-310001001250us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2020-07-012020-12-310001001250us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2019-07-012019-12-310001001250us-gaap:ForeignExchangeForwardMemberus-gaap:OperatingExpenseMemberus-gaap:NondesignatedMember2020-10-012020-12-310001001250us-gaap:ForeignExchangeForwardMemberus-gaap:OperatingExpenseMemberus-gaap:NondesignatedMember2019-10-012019-12-310001001250us-gaap:ForeignExchangeForwardMemberus-gaap:OperatingExpenseMemberus-gaap:NondesignatedMember2020-07-012020-12-310001001250us-gaap:ForeignExchangeForwardMemberus-gaap:OperatingExpenseMemberus-gaap:NondesignatedMember2019-07-012019-12-310001001250us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2020-12-310001001250us-gaap:CashFlowHedgingMember2020-12-310001001250us-gaap:CashFlowHedgingMember2020-06-300001001250el:SeniorNotesOneSeventyPercentDue2021Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2020-12-310001001250us-gaap:InterestRateSwapMemberel:SeniorNotesTwoThirtyFivePercentDue2022Memberus-gaap:FairValueHedgingMember2020-12-310001001250us-gaap:ForeignExchangeForwardMemberus-gaap:NetInvestmentHedgingMember2020-12-31el:item0001001250us-gaap:DerivativeMember2020-12-310001001250us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001001250us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001001250us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001001250us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001001250us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001001250us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001001250us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001001250us-gaap:FairValueMeasurementsRecurringMember2020-12-310001001250us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001001250us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-06-300001001250us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-06-300001001250us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001001250us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001001250us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-06-300001001250us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-06-300001001250us-gaap:FairValueMeasurementsRecurringMember2020-06-300001001250us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001001250us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001001250us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300001001250us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001001250us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ForeignExchangeForwardMember2020-12-310001001250us-gaap:ForeignExchangeForwardMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001001250us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ForeignExchangeForwardMember2020-06-300001001250us-gaap:ForeignExchangeForwardMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001001250us-gaap:InterestRateContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001001250us-gaap:InterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001001250us-gaap:InterestRateContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300001001250us-gaap:InterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001001250us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-07-012020-12-310001001250us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-10-012020-12-310001001250us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001001250us-gaap:TrademarksMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-10-012020-12-310001001250us-gaap:TrademarksMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-07-012020-12-310001001250us-gaap:TrademarksMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001001250us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2019-10-012019-12-310001001250us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2019-07-012019-12-310001001250us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001001250us-gaap:TrademarksMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2019-10-012019-12-310001001250us-gaap:TrademarksMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2019-07-012019-12-310001001250us-gaap:TrademarksMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001001250us-gaap:ForeignExchangeForwardMembersrt:MaximumMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-07-012020-12-310001001250el:SwapYieldCurveMemberus-gaap:ForeignExchangeForwardMembersrt:MinimumMember2020-07-012020-12-310001001250us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-06-300001001250us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-07-012020-12-310001001250us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-12-310001001250el:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-06-300001001250us-gaap:RetainedEarningsMemberel:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2020-06-3000010012502020-09-3000010012502019-09-3000010012502021-01-012020-12-310001001250us-gaap:PensionPlansDefinedBenefitMembercountry:US2020-10-012020-12-310001001250us-gaap:PensionPlansDefinedBenefitMembercountry:US2019-10-012019-12-310001001250us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-10-012020-12-310001001250us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2019-10-012019-12-310001001250us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-10-012020-12-310001001250us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-10-012019-12-310001001250us-gaap:PensionPlansDefinedBenefitMembercountry:US2020-07-012020-12-310001001250us-gaap:PensionPlansDefinedBenefitMembercountry:US2019-07-012019-12-310001001250us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-07-012020-12-310001001250us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2019-07-012019-12-310001001250us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-07-012020-12-310001001250us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-07-012019-12-310001001250us-gaap:CommonClassAMemberus-gaap:EmployeeStockOptionMember2020-07-012020-12-310001001250us-gaap:CommonClassAMemberus-gaap:ShareBasedPaymentArrangementEmployeeMemberus-gaap:RestrictedStockUnitsRSUMember2020-07-012020-12-310001001250us-gaap:CommonClassAMemberel:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVesting2024Memberus-gaap:ShareBasedPaymentArrangementEmployeeMemberus-gaap:RestrictedStockUnitsRSUMember2020-07-012020-12-310001001250el:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVesting2022Memberus-gaap:CommonClassAMemberus-gaap:ShareBasedPaymentArrangementEmployeeMemberus-gaap:RestrictedStockUnitsRSUMember2020-07-012020-12-310001001250us-gaap:CommonClassAMemberus-gaap:ShareBasedPaymentArrangementEmployeeMemberel:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVesting2023Memberus-gaap:RestrictedStockUnitsRSUMember2020-07-012020-12-310001001250us-gaap:PerformanceSharesMemberus-gaap:CommonClassAMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2020-07-012020-12-310001001250us-gaap:PerformanceSharesMemberus-gaap:CommonClassAMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2020-09-012020-09-300001001250us-gaap:PerformanceSharesMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2019-07-012020-06-300001001250us-gaap:EmployeeStockOptionMember2020-10-012020-12-310001001250us-gaap:EmployeeStockOptionMember2019-10-012019-12-310001001250us-gaap:EmployeeStockOptionMember2020-07-012020-12-310001001250us-gaap:EmployeeStockOptionMember2019-07-012019-12-310001001250us-gaap:PerformanceSharesMember2020-10-012020-12-310001001250us-gaap:PerformanceSharesMember2019-10-012019-12-310001001250us-gaap:PerformanceSharesMember2020-07-012020-12-310001001250us-gaap:PerformanceSharesMember2019-07-012019-12-310001001250us-gaap:RestrictedStockUnitsRSUMember2020-10-012020-12-310001001250us-gaap:RestrictedStockUnitsRSUMember2019-10-012019-12-310001001250us-gaap:RestrictedStockUnitsRSUMember2020-07-012020-12-310001001250us-gaap:RestrictedStockUnitsRSUMember2019-07-012019-12-310001001250us-gaap:EmployeeStockOptionMember2020-07-012020-12-310001001250us-gaap:EmployeeStockOptionMember2019-07-012019-12-310001001250el:ContingentlyIssuableShareMember2020-07-012020-12-310001001250el:ContingentlyIssuableShareMember2019-07-012019-12-310001001250us-gaap:CommonStockMember2020-09-300001001250us-gaap:CommonStockMember2019-09-300001001250us-gaap:CommonStockMember2020-06-300001001250us-gaap:CommonStockMember2019-06-300001001250us-gaap:CommonStockMember2020-10-012020-12-310001001250us-gaap:CommonStockMember2019-10-012019-12-310001001250us-gaap:CommonStockMember2020-07-012020-12-310001001250us-gaap:CommonStockMember2019-07-012019-12-310001001250us-gaap:CommonStockMember2020-12-310001001250us-gaap:CommonStockMember2019-12-310001001250us-gaap:AdditionalPaidInCapitalMember2020-09-300001001250us-gaap:AdditionalPaidInCapitalMember2019-09-300001001250us-gaap:AdditionalPaidInCapitalMember2020-06-300001001250us-gaap:AdditionalPaidInCapitalMember2019-06-300001001250us-gaap:AdditionalPaidInCapitalMember2020-10-012020-12-310001001250us-gaap:AdditionalPaidInCapitalMember2019-10-012019-12-310001001250us-gaap:AdditionalPaidInCapitalMember2020-07-012020-12-310001001250us-gaap:AdditionalPaidInCapitalMember2019-07-012019-12-310001001250us-gaap:AdditionalPaidInCapitalMember2020-12-310001001250us-gaap:AdditionalPaidInCapitalMember2019-12-310001001250us-gaap:RetainedEarningsMember2020-09-300001001250us-gaap:RetainedEarningsMember2019-09-300001001250us-gaap:RetainedEarningsMember2020-06-300001001250us-gaap:RetainedEarningsMember2019-06-300001001250us-gaap:RetainedEarningsMember2020-10-012020-12-310001001250us-gaap:RetainedEarningsMember2019-10-012019-12-310001001250us-gaap:RetainedEarningsMember2020-07-012020-12-310001001250us-gaap:RetainedEarningsMember2019-07-012019-12-310001001250us-gaap:RetainedEarningsMemberel:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-09-300001001250us-gaap:RetainedEarningsMemberel:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-09-300001001250us-gaap:RetainedEarningsMemberel:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-06-300001001250us-gaap:RetainedEarningsMemberel:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-06-300001001250us-gaap:RetainedEarningsMember2020-12-310001001250us-gaap:RetainedEarningsMember2019-12-310001001250us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001001250us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-300001001250us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001001250us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001001250us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-012020-12-310001001250us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-10-012019-12-310001001250us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-12-310001001250us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-12-310001001250us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001001250us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001001250us-gaap:TreasuryStockMember2020-09-300001001250us-gaap:TreasuryStockMember2019-09-300001001250us-gaap:TreasuryStockMember2020-06-300001001250us-gaap:TreasuryStockMember2019-06-300001001250us-gaap:TreasuryStockMember2020-10-012020-12-310001001250us-gaap:TreasuryStockMember2019-10-012019-12-310001001250us-gaap:TreasuryStockMember2020-07-012020-12-310001001250us-gaap:TreasuryStockMember2019-07-012019-12-310001001250us-gaap:TreasuryStockMember2020-12-310001001250us-gaap:TreasuryStockMember2019-12-310001001250us-gaap:ParentMember2020-12-310001001250us-gaap:ParentMember2019-12-310001001250us-gaap:NoncontrollingInterestMember2020-09-300001001250us-gaap:NoncontrollingInterestMember2019-09-300001001250us-gaap:NoncontrollingInterestMember2020-06-300001001250us-gaap:NoncontrollingInterestMember2019-06-300001001250us-gaap:NoncontrollingInterestMember2020-10-012020-12-310001001250us-gaap:NoncontrollingInterestMember2019-10-012019-12-310001001250us-gaap:NoncontrollingInterestMember2020-07-012020-12-310001001250us-gaap:NoncontrollingInterestMember2019-07-012019-12-310001001250us-gaap:NoncontrollingInterestMember2020-12-310001001250us-gaap:NoncontrollingInterestMember2019-12-310001001250us-gaap:CommonClassBMember2020-09-152020-09-150001001250us-gaap:CommonClassAMember2020-08-192020-08-190001001250us-gaap:CommonClassBMember2020-08-192020-08-190001001250us-gaap:CommonClassAMember2020-09-152020-09-150001001250us-gaap:CommonClassAMember2020-12-152020-12-150001001250us-gaap:CommonClassBMember2020-10-302020-10-300001001250us-gaap:CommonClassBMember2020-12-152020-12-150001001250us-gaap:CommonClassAMember2020-10-302020-10-300001001250us-gaap:SubsequentEventMemberus-gaap:CommonClassBMember2021-02-042021-02-040001001250us-gaap:SubsequentEventMemberus-gaap:CommonClassAMember2021-02-042021-02-040001001250us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-06-300001001250us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300001001250us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300001001250us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-07-012020-12-310001001250us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-07-012020-12-310001001250us-gaap:AccumulatedTranslationAdjustmentMember2020-07-012020-12-310001001250us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001001250us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001001250us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-10-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-10-012019-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-07-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-07-012019-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-10-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-10-012019-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-07-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-07-012019-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-10-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-10-012019-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-07-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-07-012019-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-10-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-10-012019-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-07-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-07-012019-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberel:CumulativeTranslationAdjustmentsMember2020-10-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberel:CumulativeTranslationAdjustmentsMember2019-10-012019-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberel:CumulativeTranslationAdjustmentsMember2020-07-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberel:CumulativeTranslationAdjustmentsMember2019-07-012019-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberel:RestructuringAndOtherChargesMemberel:CumulativeTranslationAdjustmentsMember2020-10-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberel:RestructuringAndOtherChargesMemberel:CumulativeTranslationAdjustmentsMember2019-10-012019-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberel:RestructuringAndOtherChargesMemberel:CumulativeTranslationAdjustmentsMember2020-07-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberel:RestructuringAndOtherChargesMemberel:CumulativeTranslationAdjustmentsMember2019-07-012019-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-10-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-10-012019-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012020-12-310001001250us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-07-012019-12-31el:segment0001001250el:SkinCareMember2020-10-012020-12-310001001250el:SkinCareMember2019-10-012019-12-310001001250el:SkinCareMember2019-07-012019-12-310001001250el:MakeupMember2020-10-012020-12-310001001250el:MakeupMember2019-10-012019-12-310001001250el:MakeupMember2019-07-012019-12-310001001250el:FragranceMember2020-10-012020-12-310001001250el:FragranceMember2019-10-012019-12-310001001250el:FragranceMember2019-07-012019-12-310001001250el:HairCareMember2020-10-012020-12-310001001250el:HairCareMember2019-10-012019-12-310001001250el:HairCareMember2019-07-012019-12-310001001250us-gaap:ProductAndServiceOtherMember2020-10-012020-12-310001001250us-gaap:ProductAndServiceOtherMember2019-10-012019-12-310001001250us-gaap:ProductAndServiceOtherMember2020-07-012020-12-310001001250us-gaap:ProductAndServiceOtherMember2019-07-012019-12-310001001250srt:AmericasMember2020-10-012020-12-310001001250srt:AmericasMember2019-10-012019-12-310001001250srt:AmericasMember2020-07-012020-12-310001001250srt:AmericasMember2019-07-012019-12-310001001250us-gaap:EMEAMember2020-10-012020-12-310001001250us-gaap:EMEAMember2019-10-012019-12-310001001250us-gaap:EMEAMember2020-07-012020-12-310001001250us-gaap:EMEAMember2019-07-012019-12-310001001250srt:AsiaPacificMember2020-10-012020-12-310001001250srt:AsiaPacificMember2019-10-012019-12-310001001250srt:AsiaPacificMember2020-07-012020-12-310001001250srt:AsiaPacificMember2019-07-012019-12-31
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to
Commission file number 1-14064
The Estée Lauder Companies Inc.
(Exact name of registrant as specified in its charter)
Delaware
11-2408943
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
767 Fifth Avenue, New York, New York
10153
(Address of principal executive offices)
(Zip Code)
212-572-4200
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, $.01 par value
EL
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No 
At January 29, 2021, 229,736,467 shares of the registrant’s Class A Common Stock, $.01 par value, and 133,023,029 shares of the registrant’s Class B Common Stock, $.01 par value, were outstanding.



Table of Contents
THE ESTÉE LAUDER COMPANIES INC.
INDEX
Page
Consolidated Statements of Earnings Three and Six Months Ended December 31, 2020 and 2019
Consolidated Statements of Comprehensive IncomeThree and Six Months Ended December 31, 2020 and 2019
Consolidated Balance Sheets — December 31, 2020 and June 30, 2020 (Audited)
Consolidated Statements of Cash Flows — Six Months Ended December 31, 2020 and 2019



Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
THE ESTÉE LAUDER COMPANIES INC.

CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended
December 31
Six Months Ended
December 31
(In millions, except per share data)2020201920202019
Net sales
$4,853 $4,624 $8,415 $8,519 
Cost of sales
1,084 1,041 1,909 1,949 
Gross profit
3,769 3,583 6,506 6,570 
Operating expenses
Selling, general and administrative
2,590 2,538 4,616 4,723 
Restructuring and other charges
35 7 41 30 
Goodwill impairment54 511 54 511 
Impairment of other intangible assets27 266 27 266 
Total operating expenses2,706 3,322 4,738 5,530 
Operating income1,063 261 1,768 1,040 
Interest expense
43 38 88 70 
Interest income and investment income, net
17 13 31 27 
Other components of net periodic benefit cost
7 1 10 2 
Other income 576  576 
Earnings before income taxes1,030 811 1,701 1,571 
Provision for income taxes153 250 299 412 
Net earnings877 561 1,402 1,159 
Net earnings attributable to noncontrolling interests(4)(4)(6)(7)
Net earnings attributable to The Estée Lauder Companies Inc.$873 $557 $1,396 $1,152 
Net earnings attributable to The Estée Lauder Companies Inc. per common share
Basic$2.40 $1.55 $3.84 $3.19 
Diluted$2.37 $1.52 $3.79 $3.13 
Weighted-average common shares outstanding
Basic363.0 360.2 363.4 360.8 
Diluted368.0 366.7 368.5 367.7 
See notes to consolidated financial statements.
2

Table of Contents
THE ESTÉE LAUDER COMPANIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
December 31
Six Months Ended
December 31
(In millions)2020201920202019
Net earnings$877 $561 $1,402 $1,159 
Other comprehensive income (loss):
Net cash flow hedge loss(26)(22)(57)(24)
Retirement plan and other retiree benefit adjustments6 5 12 10 
Translation adjustments213 64 291 (6)
Benefit for deferred income taxes on components of other comprehensive income20 10 38 13 
Total other comprehensive income (loss), net of tax213 57 284 (7)
Comprehensive income1,090 618 1,686 1,152 
Comprehensive income attributable to noncontrolling interests:
Net earnings(4)(4)(6)(7)
Translation adjustments(2)1 (2)1 
(6)(3)(8)(6)
Comprehensive income attributable to The Estée Lauder Companies Inc.$1,084 $615 $1,678 $1,146 
See notes to consolidated financial statements.
3

Table of Contents
THE ESTÉE LAUDER COMPANIES INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)December 31
2020
June 30
2020
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
$5,545 $5,022 
Accounts receivable, net
1,972 1,194 
Inventory and promotional merchandise
2,116 2,062 
Prepaid expenses and other current assets
658 614 
Total current assets
10,291 8,892 
Property, plant and equipment, net
2,142 2,055 
Other assets
Operating lease right-of-use assets
2,325 2,282 
Goodwill
1,401 1,401 
Other intangible assets, net
2,424 2,338 
Other assets
1,012 813 
Total other assets
7,162 6,834 
Total assets
$19,595 $17,781 
LIABILITIES AND EQUITY
Current liabilities
Current debt
$470 $1,222 
Accounts payable
1,299 1,177 
Operating lease liabilities
387 375 
Other accrued liabilities
3,264 2,405 
Total current liabilities
5,420 5,179 
Noncurrent liabilities
Long-term debt
4,913 4,914 
Long-term operating lease liabilities
2,314 2,278 
Other noncurrent liabilities
1,492 1,448 
Total noncurrent liabilities
8,719 8,640 
Contingencies


Equity
Common stock, $.01 par value; Class A shares authorized: 1,300,000,000 at December 31, 2020 and June 30, 2020; shares issued: 456,618,145 at December 31, 2020 and 451,927,441 at June 30, 2020; Class B shares authorized: 304,000,000 at December 31, 2020 and June 30, 2020; shares issued and outstanding: 133,023,029 at December 31, 2020 and 135,235,429 at June 30, 2020
6 6 
Paid-in capital
5,068 4,790 
Retained earnings
11,159 10,134 
Accumulated other comprehensive loss
(383)(665)
15,850 14,265 
Less: Treasury stock, at cost; 227,008,228 Class A shares at December 31, 2020 and 226,637,238 Class A shares at June 30, 2020
(10,429)(10,330)
Total stockholders’ equity – The Estée Lauder Companies Inc.
5,421 3,935 
Noncontrolling interests
35 27 
Total equity
5,456 3,962 
Total liabilities and equity
$19,595 $17,781 
See notes to consolidated financial statements.
4

Table of Contents
THE ESTÉE LAUDER COMPANIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
December 31
(In millions)20202019
Cash flows from operating activities
Net earnings$1,402 $1,159 
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization316 287 
Deferred income taxes(49)7 
Non-cash stock-based compensation169 139 
Net loss on disposal of property, plant and equipment13 5 
Non-cash restructuring and other charges1  
Pension and post-retirement benefit expense52 41 
Pension and post-retirement benefit contributions(25)(33)
Goodwill and other intangible asset impairments81 777 
Changes in fair value of contingent consideration(2)(7)
Gain on previously held equity method investment (553)
Other non-cash items(23)(10)
Changes in operating assets and liabilities:
Increase in accounts receivable, net(720)(347)
Decrease in inventory and promotional merchandise67 31 
Increase in other assets, net(110)(120)
Increase (decrease) in accounts payable63 (375)
Increase in other accrued and noncurrent liabilities750 252 
Increase (decrease) in operating lease assets and liabilities, net(7)2 
Net cash flows provided by operating activities1,978 1,255 
Cash flows from investing activities
Capital expenditures(250)(291)
Proceeds from purchase price refund32  
Payments for acquired businesses, net of cash acquired(6)(1,040)
Purchases of investments(40)(5)
Settlement of net investment hedges(133)(14)
Net cash flows used for investing activities(397)(1,350)
Cash flows from financing activities
Proceeds (repayments) of current debt, net(747)8 
Proceeds from issuance of long-term debt, net 1,783 
Debt issuance costs (14)
Repayments and redemptions of long-term debt(4)(8)
Net proceeds from stock-based compensation transactions104 71 
Payments to acquire treasury stock(102)(813)
Payments of contingent consideration (3)
Dividends paid to stockholders(368)(330)
Payments to noncontrolling interest holders for dividends(2)(7)
Net cash flows provided by (used for) financing activities(1,119)687 
Effect of exchange rate changes on Cash and cash equivalents61 17 
Net increase in Cash and cash equivalents523 609 
Cash and cash equivalents at beginning of period5,022 2,987 
Cash and cash equivalents at end of period$5,545 $3,596 
See notes to consolidated financial statements.
5

Table of Contents
THE ESTÉE LAUDER COMPANIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying consolidated financial statements include the accounts of The Estée Lauder Companies Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated.

The unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim consolidated financial statements furnished reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020.
Certain amounts in the consolidated financial statements of prior years have been reclassified to conform to current year presentation.

Management Estimates

The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses reported in those financial statements. Descriptions of the Company’s significant accounting policies are discussed in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020. Management evaluates the related estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates and assumptions resulting from continuing changes in the economic environment, including those related to the impacts of the COVID-19 pandemic, will be reflected in the consolidated financial statements in future periods.

Currency Translation and Transactions

All assets and liabilities of foreign subsidiaries and affiliates are translated at period-end rates of exchange, while revenue and expenses are translated at monthly average rates of exchange for the period. Unrealized translation gains, net of tax, reported as translation adjustments through other comprehensive income (loss) (“OCI”) attributable to The Estée Lauder Companies Inc. were $227 million and $75 million, net of tax, during the three months ended December 31, 2020 and 2019, respectively, and $318 million and $3 million, net of tax, during the six months ended December 31, 2020 and 2019, respectively. For the Company’s subsidiaries operating in highly inflationary economies, the U.S. dollar is the functional currency. Remeasurement adjustments in financial statements in a highly inflationary economy and other transactional gains and losses are reflected in earnings. These subsidiaries are not material to the Company’s consolidated financial statements or liquidity.
The Company enters into foreign currency forward contracts and may enter into option contracts to hedge foreign currency transactions for periods consistent with its identified exposures. The Company also enters into foreign currency forward contracts to hedge a portion of its net investment in certain foreign operations, which are designated as net investment hedges. See Note 5 – Derivative Financial Instruments for further discussion. The Company categorizes these instruments as entered into for purposes other than trading.
The accompanying consolidated statements of earnings include net exchange gains (losses) on foreign currency transactions of $27 million during the three months ended December 31, 2019, and $(2) million and $24 million during the six months ended December 31, 2020 and 2019, respectively. The net exchange loss on foreign currency transactions during the three months ended December 31, 2020 was not material.

6

Table of Contents
THE ESTÉE LAUDER COMPANIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Concentration of Credit Risk

The Company is a worldwide manufacturer, marketer and distributor of skin care, makeup, fragrance and hair care products. The Company’s sales subject to credit risk are made primarily to department stores, perfumeries, specialty multi-brand retailers and retailers in its travel retail business. The Company grants credit to qualified customers. As a result of the COVID-19 pandemic, the Company has enhanced its assessment of its customers' abilities to pay with a greater focus on factors affecting their liquidity and less on historical payment performance. While the Company does not believe it is exposed significantly to any undue concentration of credit risk at this time, it continues to monitor the extent of the impact of the COVID-19 pandemic on its customers' abilities, individually and collectively, to make timely payments.

The Company’s largest customer during the three and six months ended December 31, 2020 sells products primarily in China travel retail. This customer accounted for $654 million or 13%, and $296 million or 6% for the three months ended December 31, 2020 and 2019, respectively, and $1,208 million or 14% and $465 million or 5% for the six months ended December 31, 2020 and 2019, respectively, of the Company's consolidated net sales. This customer accounted for $404 million, or 20%, and $297 million, or 24%, of the Company's accounts receivable at December 31, 2020 and June 30, 2020, respectively.
Inventory and Promotional Merchandise
Inventory and promotional merchandise consists of the following:
(In millions)December 31
2020
June 30
2020
Raw materials
$550 $542 
Work in process
258 305 
Finished goods
1,072 995 
Promotional merchandise
236 220 
$2,116 $2,062 

Property, Plant and Equipment

Property, plant and equipment consists of the following:
(In millions)December 31
2020
June 30
2020
Assets (Useful Life)
Land
$57 $33 
Buildings and improvements (10 to 40 years)
457 400 
Machinery and equipment (3 to 10 years)
969 865 
Computer hardware and software (4 to 10 years)
1,417 1,335 
Furniture and fixtures (5 to 10 years)
126 120 
Leasehold improvements
2,471 2,381 
5,497 5,134 
Less accumulated depreciation and amortization
(3,355)(3,079)
$2,142 $2,055 

The cost of assets related to projects in progress of $601 million and $501 million as of December 31, 2020 and June 30, 2020, respectively, is included in their respective asset categories above. Depreciation and amortization of property, plant and equipment was $126 million and $127 million during the three months ended December 31, 2020 and 2019, respectively, and $251 million and $252 million during the six months ended December 31, 2020 and 2019, respectively. Depreciation and amortization related to the Company’s manufacturing process is included in Cost of sales, and all other depreciation and amortization is included in Selling, general and administrative expenses in the accompanying consolidated statements of earnings.

7

Table of Contents
THE ESTÉE LAUDER COMPANIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Income Taxes

The effective rate for income taxes for the three and six months ended December 31, 2020 and 2019 are as follows:

Three Months Ended
December 31
Six Months Ended
December 31
2020201920202019
Effective rate for income taxes14.9 %30.8 %17.6 %26.2 %
Basis-point change from the prior-year period(1,590)(860)

For the three and six months ended December 31, 2020, the decrease in the effective tax rate was primarily attributable to a lower effective tax rate on the Company's foreign operations and the impact of nondeductible goodwill charges recognized in the second quarter of fiscal 2020.

The effective tax rate for the three and six months ended December 31, 2020 included the impact of the U.S. government issuance of final global intangible low-taxed income (“GILTI”) tax regulations in July 2020 under the Tax Cuts and Jobs Act that provide for a high-tax exception to the GILTI tax. These regulations are retroactive to the original enactment of the GILTI tax provision, which includes the Company's 2019 and 2020 fiscal years. The Company has elected to apply the GILTI high-tax exception to fiscal 2021, 2020 and 2019. The election for fiscal 2021 resulted in reductions of 160 basis points and 150 basis points to the effective tax rates for the three and six months ended December 31, 2020, respectively. The impact of the elections with respect to fiscal 2020 and 2019 was recognized as a discrete item in the provision for income taxes in the second quarter of fiscal 2021 and resulted in reductions of 470 basis points and 280 basis points to the effective tax rates for the three and six months ended December 31, 2020, respectively.

As of December 31, 2020 and June 30, 2020, the gross amount of unrecognized tax benefits, exclusive of interest and penalties, totaled $70 million. The total amount of unrecognized tax benefits at December 31, 2020 that, if recognized, would affect the effective tax rate was $55 million. The total gross interest and penalties accrued related to unrecognized tax benefits during the three and six months ended December 31, 2020 in the accompanying consolidated statements of earnings were not material. The total gross accrued interest and penalties in the accompanying consolidated balance sheets at December 31, 2020 and June 30, 2020, was $14 million and $13 million, respectively. On the basis of the information available as of December 31, 2020, the Company does not expect significant changes to the total amount of unrecognized tax benefits within the next twelve months.
Other Accrued Liabilities
Other accrued liabilities consist of the following:
(In millions)December 31
2020
June 30
2020
Advertising, merchandising and sampling$353 $256 
Employee compensation494 424 
Deferred revenue365 222 
Payroll and other taxes392 250 
Accrued income taxes319 208 
Sales return accrual285 212 
Accrued general and administrative expenses295 233 
Other761 600 
$3,264 $2,405 
8

Table of Contents
THE ESTÉE LAUDER COMPANIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Debt

In August 2020, the Company repaid the remaining $750 million borrowed under its $1,500 million revolving credit facility that was outstanding as of June 30, 2020.
Recently Adopted Accounting Standards

Measurement of Credit Losses on Financial Instruments (ASC Topic 326 – Financial Instruments – Credit Losses) (“ASC 326”)
In June 2016, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that requires companies to utilize an impairment model for most financial assets measured at amortized cost and certain other financial instruments, which include trade and other receivables, loans and held-to-maturity debt securities, to record an allowance for credit risk based on expected losses rather than incurred losses. In addition, this guidance changes the recognition method for credit losses on available-for-sale debt securities, which can occur as a result of market and credit risk, and requires additional disclosures. In general, modified retrospective adoption will be required for all outstanding instruments that fall under this guidance.

In November 2019, the FASB issued authoritative guidance (ASU 2019-11 – Codification Improvements to Topic 326, Financial Instruments – Credit Losses) that amends ASC Topic 326 to clarify, improve and amend certain aspects of this guidance, such as disclosures related to accrued interest receivables and the estimation of credit losses associated with financial assets secured by collateral.

In February 2020, the FASB issued authoritative guidance (ASU 2020-02 – Financial Instruments – Credit Losses (Topic 326) and Leases (Topic 842)) that amends and clarifies Topic 326 and Topic 842. For Topic 326, the codification was updated to include the Securities and Exchange Commission staff interpretations associated with registrants engaged in lending activities.

Effective for the Company – Fiscal 2021 first quarter.

Impact on consolidated financial statements – On July 1, 2020, the Company adopted ASC 326. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. See Note 7 – Revenue Recognition for further discussion.
Goodwill and Other – Internal-Use Software (ASU 2018-15 – Intangibles Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract)
In August 2018, the FASB issued authoritative guidance that permits companies to capitalize the costs incurred for setting up business systems that operate on cloud technology. The new guidance aligns the requirement for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance does not affect the accounting for the service element of a hosting arrangement that is a service contract. Capitalized costs associated with a hosting arrangement that is a service contract must be amortized over the term of the hosting arrangement to the same line item in the income statement as the expense for fees for the hosting arrangement.
Effective for the Company  Fiscal 2021 first quarter, with early adoption permitted in any interim period. This guidance can be adopted either retrospectively, or prospectively to all implementation costs incurred after the date of adoption.
Impact on consolidated financial statements – On July 1, 2020, the Company adopted this guidance prospectively to all implementation costs incurred after the date of adoption. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Recently Issued Accounting Standards

Reference Rate Reform (ASC Topic 848)
In March 2020, the FASB issued authoritative guidance to provide optional relief for companies preparing for the discontinuation of interest rates such as the London Interbank Offered Rate (“LIBOR”), which is expected to be phased out at the end of calendar 2021, and applies to lease contracts, hedging instruments, held-to-maturity debt securities and debt arrangements that have LIBOR as the benchmark rate.
9

Table of Contents
THE ESTÉE LAUDER COMPANIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In January 2021, the FASB issued authoritative guidance that makes amendments to the new rules on accounting for reference rate reform. The amendments clarify that all derivative instruments affected by the changes to interest rates used for discounting, margining or contract price alignment, regardless of whether they reference LIBOR or another rate expected to be discontinued as a result of reference rate reform, an entity may apply certain practical expedients in ASC Topic 848.

Effective for the Company – This guidance can be applied for a limited time through December 31, 2022. The guidance will no longer be available to apply after December 31, 2022.

Impact on consolidated financial statements – The Company is currently assessing the impact of applying this guidance on its existing derivative contracts, leases and other arrangements, as well as when to adopt this guidance.

Income Taxes (ASU 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes)
In December 2019, the FASB issued authoritative guidance that simplifies the accounting for income taxes by removing certain exceptions and making simplifications in other areas.
Effective for the Company – Fiscal 2022 first quarter, with early adoption permitted in any interim period. If adopted early, the Company must adopt all the amendments in the same period. The amendments have differing adoption methods including retrospectively, prospectively and/or modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption, depending on the specific change.
Impact on consolidated financial statements – The Company is currently evaluating the impact of applying this guidance and believes that it has transactions that may fall under the scope.
No other recently issued accounting pronouncements are expected to have a material impact on the Company’s consolidated financial statements.
NOTE 2 – ACQUISITION OF BUSINESS

On December 18, 2019, the Company acquired the remaining 66.66% equity interest in Have&Be Co. Ltd. (“Have & Be”), the global skin care company behind Dr. Jart+ and men’s grooming brand Do The Right Thing, for $1,268 million in cash. Based on the final purchase price and working capital adjustments, the Company estimated a refund receivable of $32 million that was outstanding as of June 30, 2020 and was received in the first quarter of fiscal 2021. The Company originally acquired a minority interest in Have & Be in December 2015, and that investment structure included a formula-based call option for the remaining equity interest. The original minority interest was accounted for as an equity method investment, which had a carrying value of $133 million at the acquisition date. The acquisition of the remaining equity interest in Have & Be was considered a step acquisition, whereby the Company remeasured the previously held equity method investment to its fair value of $682 million, resulting in the recognition of a gain of $549 million. The acquisition of the remaining equity interest also resulted in the recognition of a previously unrealized foreign currency gain of $4 million, which was reclassified from accumulated OCI. The total gain on the Company’s previously held equity method investment of $553 million is included in Other income in the accompanying consolidated statements of earnings for the three and six months ended December 31, 2019. The fair value of the previously held equity method investment was determined based upon a valuation of the acquired business, as of the date of acquisition, using an equal weighting of the income and market approaches, utilizing estimated cash flows and a terminal value, discounted at a rate of return that reflects the relative risk of the cash flows, as well as valuation multiples derived from comparable publicly traded companies. The accounting for the Have & Be business combination was finalized as of June 30, 2020.

The amount paid at closing was funded by cash on hand including the proceeds from the issuance of debt. In anticipation of the closing, the Company transferred cash to a foreign subsidiary for purposes of making the closing payment. As a result, the Company recognized a foreign currency gain of $23 million, which is also included in Other income in the accompanying consolidated statements of earnings for the three and six months ended December 31, 2019.

Further information is included in the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2020.


10

Table of Contents
THE ESTÉE LAUDER COMPANIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 – GOODWILL AND OTHER INTANGIBLE ASSETS
The following table presents goodwill by product category and the related change in the carrying amount:

(In millions)Skin CareMakeupFragranceHair CareTotal
Balance as of June 30, 2020
Goodwill
$519 $1,210 $254 $389 $2,372 
Accumulated impairments
(95)(817)(26)(33)(971)
424 393 228 356 1,401 
Goodwill acquired during the period
 6  4 10 
Impairment charges
(54)   (54)
Translation adjustments, goodwill
36  9 3 48 
Translation adjustments, accumulated impairments
(2)  (2)(4)
(20)6 9 5  
Balance as of December 31, 2020
Goodwill
555 1,216 263 396 2,430 
Accumulated impairments
(151)(817)(26)(35)(1,029)
$404 $