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Microsoft Excel LibreOffice Calc

Estée Lauder Cos. Inc. (EL)


Financial Reporting Quality: Aggregate Accruals

High level of difficulty

Earnings can be decomposed into cash and accrual components. The accrual component (aggregate accruals) has been found to have less persistence than the cash component, and therefore (1) earnings with higher accrual component are less persistent than earnings with smaller accrual component, all else equal; and (2) the cash component of earnings should receive a higher weighting evaluating company performance.


Balance-Sheet-Based Accruals Ratio

Estée Lauder Cos. Inc., balance sheet computation of aggregate accruals

US$ in millions

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014
Operating Assets
Total assets hidden hidden hidden hidden hidden hidden
Less: Cash and cash equivalents hidden hidden hidden hidden hidden hidden
Less: Short-term investments hidden hidden hidden hidden hidden hidden
Operating assets hidden hidden hidden hidden hidden hidden
Operating Liabilities
Total liabilities hidden hidden hidden hidden hidden hidden
Less: Current debt hidden hidden hidden hidden hidden hidden
Less: Long-term debt hidden hidden hidden hidden hidden hidden
Operating liabilities hidden hidden hidden hidden hidden hidden
Net operating assets1 hidden hidden hidden hidden hidden hidden
Balance-sheet-based aggregate accruals2 hidden hidden hidden hidden hidden hidden
Ratio
Balance-sheet-based accruals ratio3 hidden hidden hidden hidden hidden hidden
Benchmarks
Balance-Sheet-Based Accruals Ratio, Competitors4
Colgate-Palmolive Co. hidden hidden hidden hidden hidden hidden
Kimberly-Clark Corp. hidden hidden hidden hidden hidden hidden
Nike Inc. hidden hidden hidden hidden hidden hidden
Balance-Sheet-Based Accruals Ratio, Sector
Personal Goods hidden hidden hidden hidden hidden hidden
Balance-Sheet-Based Accruals Ratio, Industry
Consumer Goods hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-08-23), 10-K (filing date: 2018-08-24), 10-K (filing date: 2017-08-25), 10-K (filing date: 2016-08-24), 10-K (filing date: 2015-08-20), 10-K (filing date: 2014-08-20).

1 2019 Calculation
Net operating assets = Operating assets – Operating liabilities
= hiddenhidden = hidden

2 2019 Calculation
Balance-sheet-based aggregate accruals = Net operating assets 2019 – Net operating assets 2018
= hiddenhidden = hidden

3 2019 Calculation
Balance-sheet-based accruals ratio = 100 × Balance-sheet-based aggregate accruals ÷ Avg. net operating assets
= 100 × hidden ÷ [(hidden + hidden) ÷ 2] = hidden

4 Click competitor name to see calculations.

Ratio Description The company
Balance-sheet-based accruals ratio Ratio is found by dividing balance-sheet-based aggregate accruals by average net operating assets. Using the balance-sheet-based accruals ratio, Estée Lauder Cos. Inc. deteriorated earnings quality from 2018 to 2019.

Cash-Flow-Statement-Based Accruals Ratio

Estée Lauder Cos. Inc., cash flow statement computation of aggregate accruals

US$ in millions

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014
Net earnings attributable to The Estée Lauder Companies Inc. hidden hidden hidden hidden hidden hidden
Less: Net cash flows provided by operating activities hidden hidden hidden hidden hidden hidden
Less: Net cash flows (used for) provided by investing activities hidden hidden hidden hidden hidden hidden
Cash-flow-statement-based aggregate accruals hidden hidden hidden hidden hidden hidden
Ratio
Cash-flow-statement-based accruals ratio1 hidden hidden hidden hidden hidden hidden
Benchmarks
Cash-Flow-Statement-Based Accruals Ratio, Competitors2
Colgate-Palmolive Co. hidden hidden hidden hidden hidden hidden
Kimberly-Clark Corp. hidden hidden hidden hidden hidden hidden
Nike Inc. hidden hidden hidden hidden hidden hidden
Cash-Flow-Statement-Based Accruals Ratio, Sector
Personal Goods hidden hidden hidden hidden hidden hidden
Cash-Flow-Statement-Based Accruals Ratio, Industry
Consumer Goods hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-08-23), 10-K (filing date: 2018-08-24), 10-K (filing date: 2017-08-25), 10-K (filing date: 2016-08-24), 10-K (filing date: 2015-08-20), 10-K (filing date: 2014-08-20).

1 2019 Calculation
Cash-flow-statement-based accruals ratio = 100 × Cash-flow-statement-based aggregate accruals ÷ Avg. net operating assets
= 100 × hidden ÷ [(hidden + hidden) ÷ 2] = hidden

2 Click competitor name to see calculations.

Ratio Description The company
Cash-flow-statement-based accruals ratio Ratio is found by dividing cash-flow-statement-based aggregate accruals by average net operating assets. Using the cash-flow-statement-based accruals ratio, Estée Lauder Cos. Inc. deteriorated earnings quality from 2018 to 2019.