Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Estée Lauder Cos. Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
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Estée Lauder Cos. Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
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).
- Current Debt
- The share of current debt within total liabilities, redeemable noncontrolling interest, and equity fluctuated over the analyzed period, increasing from 1.46% in 2018 to a peak of 6.87% in 2020, followed by a decline to 0.15% in 2021. In the most recent years, it rose again to 4.26% by 2023, indicating variability in short-term borrowing or obligations.
- Accounts Payable
- Accounts payable as a percentage of total sources showed a moderate decline overall, starting at 9.41% in 2018 and peaking at 11.33% in 2019, before dropping to a low of 6.62% in 2020. Post-2020, the ratio stabilized around 7-9%, ending at 7.13% in 2023, suggesting some improvement in payable management or supplier terms.
- Operating Lease Liabilities
- Current operating lease liabilities appeared starting in 2020 at 2.11% and showed a gradual decrease over subsequent years to 1.52% by 2023. Similarly, long-term operating lease liabilities, introduced in 2020, decreased from 12.81% to 7.25% in 2023. This declining trend reflects ongoing reductions or expirations of lease obligations.
- Employee Compensation and Accrued Sales Incentives
- Employee compensation liabilities decreased overall from 4.61% in 2018 to 2.33% in 2023, with some fluctuations in the intervening years. Accrued sales incentives were only reported from 2021 onward, representing a consistent but small proportion (around 1.3%). This suggests relatively stable personnel-related obligations and incentive accruals in recent years.
- Deferred Revenue
- Deferred revenue showed an increase from 0.26% in 2018 to around 2.39% in 2019, then declined slightly and steadied near 1.3-1.5% through 2023, indicating a transient rise in unearned revenue but overall stability thereafter.
- Other Accrued Liabilities and Other
- Other accrued liabilities consistently composed a significant portion of current liabilities, peaking at 19.76% in 2019 and fluctuating around 13-16% in later years. The category labeled "Other" decreased from 13.01% in 2019 to 8.65% in 2023, indicating a reduction in miscellaneous liabilities or adjustments in classification.
- Current Liabilities
- Current liabilities as a whole reached a high in 2019 at 35%, then declined to approximately 26.65% by 2023. This decline after 2019 may reflect improved short-term liability management or changes in working capital structure.
- Long-Term Debt
- Long-term debt excluding current maturities decreased from 26.74% in 2018 to about 22% in 2019, then rose continuously to 30.4% by 2023. This upward trend indicates an increasing reliance on long-term borrowing in recent years.
- Other Noncurrent Liabilities
- Other noncurrent liabilities remained relatively stable, fluctuating modestly between 7.9% and 9.5%, showing limited variation in these liability components.
- Noncurrent Liabilities and Total Liabilities
- Noncurrent liabilities exhibited significant variability: an increase from 31.47% in 2019 to a peak of 48.59% in 2020 followed by a decline and a new rise to 45.94% by 2023. Correspondingly, total liabilities peaked at 77.72% in 2020 and stabilized near 70-73% afterward. This reflects a strong increase in longer-term obligations during the pandemic year, with some retention of higher levels subsequently.
- Redeemable Noncontrolling Interest
- Redeemable noncontrolling interest appeared only from 2020, maintaining a proportion near 3.5-4.0%, suggesting a steady minority interest component during recent years.
- Stockholders' Equity Components
- Equity components demonstrate notable trends: paid-in capital declined from 33.47% in 2019 to 26.28% in 2023, and retained earnings showed a sharp drop from 75.89% in 2019 to 56.99% in 2020, partially recovering to 59.75% in 2023. Accumulated other comprehensive loss fluctuated negatively around -3% to -4%, while treasury stock at cost remained substantially negative but showed some recovery from -71.78% in 2019 to -58.21% in 2023.
- Total Equity and Overall Capital Structure
- Total equity declined sharply from 37.48% in 2018 to a low of 22.28% in 2020, with a partial rebound to 27.72% in 2021 before stabilizing near 24% by 2023. The decrease in equity as a portion of total capital reflects increased leverage or changes in retained earnings and equity transactions during the period.