Common-Size Balance Sheet: Assets
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Estée Lauder Cos. Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets experienced notable fluctuation over the examined period. It rose sharply from 17.35% in mid-2018 to a peak of 28.24% in mid-2020, before declining steadily to 17.21% in mid-2023. This pattern suggests a period of increased liquidity around 2020 followed by a reallocation of assets or utilization of cash reserves in subsequent years.
- Short-term Investments
- Short-term investments were recorded only in mid-2018 at 4.25% of total assets and were not reported in subsequent periods, indicating either a disposal of these investments or a reclassification of these assets.
- Accounts Receivable, Net
- Accounts receivable as a percentage of total assets peaked at 13.92% in mid-2019, then sharply decreased to 6.72% in mid-2020. From that point, it remained relatively stable but on a declining trend, reaching 6.2% in mid-2023. This decline may reflect tighter credit policies or improved collection processes over time.
- Inventory and Promotional Merchandise
- The inventory and promotional merchandise proportion exhibited some volatility, rising from 12.87% in mid-2018 to 15.25% in mid-2019, then declining to 11.6% in mid-2020. This was followed by a gradual increase to 13.96% in mid-2022 and a slight decrease to 12.72% in mid-2023. The variability may indicate adjustments in inventory management responding to demand fluctuations or supply chain factors.
- Prepaid Expenses and Other Current Assets
- This category maintained a relatively stable share, fluctuating modestly between 2.74% and 3.79% over the period, without clear upward or downward trends.
- Current Assets
- Current assets as a percentage of total assets peaked at 54.82% in mid-2019, then progressively declined to 39.03% by mid-2023. This suggests a strategic shift toward a more asset-heavy balance sheet, possibly reflecting increased investments in noncurrent assets or changes in asset structure.
- Property, Plant and Equipment, Net
- The share of property, plant, and equipment showed a decline from 14.51% in mid-2018 to a low of 10.38% in mid-2021, followed by a recovery to 13.58% in mid-2023. This pattern could indicate periods of asset disposals or slower capital expenditures followed by renewed investment in fixed assets.
- Operating Lease Right-of-Use Assets
- Starting in mid-2020, this asset category emerged due to changes in accounting standards related to leases, initially representing 12.83% of total assets and steadily declining to 7.67% by mid-2023. The decline may reflect lease term expirations or renegotiations.
- Goodwill
- Goodwill as a percentage of total assets decreased markedly from 15.33% in mid-2018 to 7.88% in mid-2020. Although there was a partial recovery to 12.06% in mid-2022, it declined again to 10.62% in mid-2023. These fluctuations may result from impairment charges, acquisitions, or divestitures impacting intangible asset balances.
- Other Intangible Assets, Net
- Other intangible assets demonstrated considerable growth over the period, rising from 10.15% in mid-2018 to 23.92% in mid-2023, with a particularly marked increase after mid-2020. This trend suggests accumulating intangible assets, possibly due to acquisitions, capitalized R&D, or brand strengthening efforts.
- Other Assets
- Two rows labeled "Other assets" showed differing values, one decreasing from 10.93% in mid-2018 to around 5.18% in mid-2023, and another increasing from 36.41% in mid-2018 to 47.39% in mid-2023. The combined interpretation of these entries suggests a reclassification or distinct accounting of different categories of other assets, with an overall growth in the broader "other" asset category.
- Noncurrent Assets
- The share of noncurrent assets out of total assets increased steadily from 50.92% in mid-2018 to 60.97% in mid-2023. This upward trend aligns with the decline in current assets and increased investment in intangible and fixed assets, signaling a shift towards longer-term asset holdings.
- Total Assets
- Total assets consistently represented 100% of the measured base in each period, serving as the denominator for ratio calculations.