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 2020-03-31 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 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 - Leases
Note 5 - Charges Associated with Restructuring and Other Activities
Note 6 - Debt
Note 7 - Derivative Financial Instruments
Note 8 - Fair Value Measurements
Note 9 - Revenue Recognition
Note 10 - Pension and Post - Retirement Benefit Plans
Note 11 - Contingencies
Note 12 - Stock Programs
Note 13 - Net Earnings (Loss) Attributable To The EstÉE Lauder Companies Inc. per Common Share
Note 14 - Equity
Note 15 - Statement of Cash Flows
Note 16 - Segment Data and Related Information
Note 17 - Subsequent Events
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-10.1 el-q3fy2020xex101.htm
EX-10.2 el-q3fy2020xex102.htm
EX-31.1 el-q3fy2020xex311.htm
EX-31.2 el-q3fy2020xex312.htm
EX-32.1 el-q3fy2020xex321.htm
EX-32.2 el-q3fy2020xex322.htm

Estee Lauder Earnings 2020-03-31

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

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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 March 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 or former address, 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
Securities registered pursuant to Section 12(g) of the Act:
None
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 April 24, 2020, 224,763,197 shares of the registrant’s Class A Common Stock, $.01 par value, and 135,235,429 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 (Loss) Three and Nine Months Ended March 31, 2020 and 2019
Consolidated Statements of Comprehensive Income (Loss) — Three and Nine Months Ended March 31, 2020 and 2019
Consolidated Statements of Cash Flows — Nine Months Ended March 31, 2020 and 2019



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

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)
Three Months Ended
March 31
Nine Months Ended
March 31
(In millions, except per share data)
2020201920202019
Net sales
$3,345  $3,744  $11,864  $11,273  
Cost of sales
836  819  2,785  2,552  
Gross profit
2,509  2,925  9,079  8,721  
Operating expenses
Selling, general and administrative
2,030  2,170  6,753  6,435  
Restructuring and other charges
24  29  54  99  
Goodwill impairment
275  48  786  68  
Impairments of other intangible and long-lived assets71  4  337  22  
Total operating expenses
2,400  2,251  7,930  6,624  
Operating income
109  674  1,149  2,097  
Interest expense
42  32  112  101  
Interest income and investment income, net
14  15  41  42  
Other components of net periodic benefit cost
1  1  3  1  
Other income, net  71  576  71  
Earnings before income taxes
80  727  1,651  2,108  
Provision for income taxes
84  170  496  472  
Net earnings (loss)(4) 557  1,155  1,636  
Net earnings attributable to noncontrolling interests
(2) (2) (9) (8) 
Net earnings (loss) attributable to The Estée Lauder Companies Inc.$(6) $555  $1,146  $1,628  
Net earnings (loss) attributable to The Estée Lauder Companies Inc. per common share
Basic
$(.02) $1.53  $3.18  $4.47  
Diluted
$(.02) $1.51  $3.12  $4.39  
Weighted-average common shares outstanding
Basic
360.2  361.9  360.6  364.0  
Diluted
360.2  368.3  367.1  370.9  
See notes to consolidated financial statements.
2

Table of Contents
THE ESTÉE LAUDER COMPANIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended
March 31
Nine Months Ended
March 31
(In millions)
2020201920202019
Net earnings (loss)$(4) $557  $1,155  $1,636  
Other comprehensive income (loss):
Net unrealized investment gain  9    14  
Net cash flow hedge gain (loss)34  (7) 10  2  
Amounts included in net periodic benefit cost6  3  16  10  
Translation adjustments(185) (72) (191) (87) 
Benefit (provision) for deferred income taxes on components of other comprehensive income2  (1) 15  (4) 
Total other comprehensive loss(143) (68) (150) (65) 
Comprehensive income (loss)(147) 489  1,005  1,571  
Comprehensive income attributable to noncontrolling interests:
Net earnings
(2) (2) (9) (8) 
Translation adjustments
    1  1  
(2) (2) (8) (7) 
Comprehensive income (loss) attributable to The Estée Lauder Companies Inc.$(149) $487  $997  $1,564  
See notes to consolidated financial statements.
3

Table of Contents
THE ESTÉE LAUDER COMPANIES INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
March 31
2020
June 30
2019
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
$4,876  $2,987  
Accounts receivable, net
1,846  1,831  
Inventory and promotional merchandise
2,087  2,006  
Prepaid expenses and other current assets
424  388  
Total current assets
9,233  7,212  
Property, plant and equipment, net
2,092  2,068  
Other assets
Operating lease right-of-use assets
2,446  —  
Goodwill
1,633  1,868  
Other intangible assets, net
2,190  1,203  
Other assets
769  805  
Total other assets
7,038  3,876  
Total assets
$18,363  $13,156  
LIABILITIES AND EQUITY
Current liabilities
Current debt
$1,527  $516  
Accounts payable
1,162  1,490  
Operating lease liabilities
371  —  
Other accrued liabilities
2,621  2,599  
Total current liabilities
5,681  4,605  
Noncurrent liabilities
Long-term debt
4,674  2,896  
Long-term operating lease liabilities
2,288  —  
Other noncurrent liabilities
1,362  1,244  
Total noncurrent liabilities
8,324  4,140  
Contingencies


Equity
Common stock, $.01 par value; Class A shares authorized: 1,300,000,000 at March 31, 2020 and June 30, 2019; shares issued: 451,339,096 at March 31, 2020 and 443,685,124 at June 30, 2019; Class B shares authorized: 304,000,000 at March 31, 2020 and June 30, 2019; shares issued and outstanding: 135,235,429 at March 31, 2020 and 139,537,814 at June 30, 2019
6  6  
Paid-in capital
4,760  4,403  
Retained earnings
10,595  9,984  
Accumulated other comprehensive loss
(712) (563) 
14,649  13,830  
Less: Treasury stock, at cost; 226,588,577 Class A shares at March 31, 2020 and 222,120,630 Class A shares at June 30, 2019
(10,320) (9,444) 
Total stockholders’ equity – The Estée Lauder Companies Inc.
4,329  4,386  
Noncontrolling interests
29  25  
Total equity
4,358  4,411  
Total liabilities and equity
$18,363  $13,156  
See notes to consolidated financial statements.
4

Table of Contents
THE ESTÉE LAUDER COMPANIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
March 31
(In millions)
20202019
Cash flows from operating activities
Net earnings$1,155  $1,636  
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization447  404  
Deferred income taxes(65) (46) 
Non-cash stock-based compensation210  201  
Net loss on disposal of property, plant and equipment6  6  
Non-cash restructuring and other charges19    
Pension and post-retirement benefit expense62  53  
Pension and post-retirement benefit contributions(54) (23) 
Goodwill, other intangible and long-lived asset impairments1,123  90  
Changes in fair value of contingent consideration(9) (18) 
Gain on liquidation of an investment in a foreign subsidiary, net  (71) 
Gain on previously held equity method investment(553)   
Other non-cash items(11) (17) 
Changes in operating assets and liabilities:
Increase in accounts receivable, net(48) (377) 
Increase in inventory and promotional merchandise(41) (184) 
Increase in other assets, net(63) (73) 
Decrease in accounts payable(317) (105) 
Increase in other accrued and noncurrent liabilities62  280  
Increase in operating lease assets and liabilities, net22  —  
Net cash flows provided by operating activities1,945  1,756  
Cash flows from investing activities
Capital expenditures(468) (441) 
Payments for acquired businesses, net of cash acquired(1,047)   
Proceeds from the disposition of investments  1,229  
Purchases of investments(5) (14) 
Settlement of net investment hedges(37)   
Net cash flows provided by (used for) investing activities(1,557) 774  
Cash flows from financing activities
Proceeds (repayments) of current debt, net1,514  (167) 
Proceeds from issuance of long-term debt, net1,783    
Debt issuance costs(14)   
Repayments and redemptions of long-term debt(511) (1) 
Net proceeds from stock-based compensation transactions148  154  
Payments to acquire treasury stock(883) (1,344) 
Payments of contingent consideration(3)   
Dividends paid to stockholders(502) (453) 
Payments to noncontrolling interest holders for dividends(7) (3) 
Net cash flows provided by (used for) financing activities1,525  (1,814) 
Effect of exchange rate changes on Cash and cash equivalents(24) 5  
Net increase in Cash and cash equivalents1,889  721  
Cash and cash equivalents at beginning of period2,987  2,181  
Cash and cash equivalents at end of period$4,876  $2,902  
See notes to consolidated financial statements.
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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. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. 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, 2019.
Certain amounts in the consolidated financial statements of prior years have been reclassified to conform to current year presentation.

COVID-19 Business Update

During the third quarter of fiscal 2020, the outbreak and global spread of COVID-19 caused a significant disruption in the Company’s operating environment. Accordingly, the Company modified a number of its business practices, in part due to legislation, executive orders and guidance from government entities and healthcare authorities. These include the temporary closing of businesses deemed “non-essential,” travel bans and restrictions, social distancing and quarantines. The Company will continue to monitor the impact of COVID-19 on its consolidated financial statements.

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, 2019. 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 weighted-average rates of exchange for the period. Unrealized translation gains (losses), net of tax, reported as cumulative translation adjustments through other comprehensive income (loss) (“OCI”) attributable to The Estée Lauder Companies Inc. were $(173) million and $2 million, net of tax, during the three months ended March 31, 2020 and 2019, respectively, and $(170) million and $(11) million, net of tax, during the nine months ended March 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.

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THE ESTÉE LAUDER COMPANIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In fiscal 2019, the Company had an investment in a foreign subsidiary that owned the Company’s available-for-sale securities.
During the three months ended March 31, 2019, the Company sold its available-for-sale securities, which liquidated this investment in the foreign subsidiary. As a result, the Company recorded a realized foreign currency gain on liquidation of $77 million and a gross loss on the sale of available-for-sale securities of $6 million, both of which were reclassified from accumulated OCI (“AOCI”) to Other income, net in the accompanying consolidated statements of earnings (loss).
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. Beginning in the first quarter of fiscal 2020, the Company entered 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 7 – 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 (loss) include net exchange gains on foreign currency transactions of $15 million and $73 million during the three months ended March 31, 2020 and 2019, respectively, and $40 million and $52 million during the nine months ended March 31, 2020 and 2019, respectively.
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 COVID-19, 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 COVID-19 on its customers' abilities, individually and collectively, to make timely payments.
Inventory and Promotional Merchandise
Inventory and promotional merchandise consists of:
(In millions)
March 31
2020
June 30
2019
Raw materials
$540  $541  
Work in process
261  268  
Finished goods
1,106  981  
Promotional merchandise
180  216  
$2,087  $2,006  
Property, Plant and Equipment
(In millions)
March 31
2020
June 30
2019
Assets (Useful Life)
Land
$33  $29  
Buildings and improvements (10 to 40 years)
385  337  
Machinery and equipment (3 to 10 years)
840  811  
Computer hardware and software (4 to 10 years)
1,297  1,264  
Furniture and fixtures (5 to 10 years)
117  116  
Leasehold improvements
2,370