Estée Lauder Cos. Inc. (EL)
Adjustments to Financial Statements
High level of difficulty
Adjustments to Current Assets
Estée Lauder Cos. Inc., adjusted current assets
US$ in millions
|
|
Jun 30, 2019 |
Jun 30, 2018 |
Jun 30, 2017 |
Jun 30, 2016 |
Jun 30, 2015 |
Jun 30, 2014 |
|
As Reported |
|
|
Current assets |
7,212 |
6,168 |
4,964 |
4,225 |
4,469 |
4,825 |
|
Adjustments |
|
|
Add: Allowance for doubtful accounts and customer deductions |
32 |
29 |
30 |
24 |
21 |
24 |
|
|
Less: Current net deferred tax assets (included in Prepaid expenses and other current assets)1 |
— |
— |
— |
— |
279 |
295 |
|
After Adjustment |
|
|
Adjusted current assets |
7,244 |
6,197 |
4,994 |
4,249 |
4,210 |
4,554 |
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 Current net deferred tax assets (included in Prepaid expenses and other current assets). See Details »
Adjustments to Total Assets
Estée Lauder Cos. Inc., adjusted total assets
US$ in millions
|
|
Jun 30, 2019 |
Jun 30, 2018 |
Jun 30, 2017 |
Jun 30, 2016 |
Jun 30, 2015 |
Jun 30, 2014 |
|
As Reported |
|
|
Total assets |
13,156 |
12,567 |
11,568 |
9,223 |
8,239 |
7,869 |
|
Adjustments |
|
|
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 |
2,826 |
2,777 |
2,090 |
1,780 |
1,577 |
1,631 |
|
|
Add: Allowance for doubtful accounts and customer deductions |
32 |
29 |
30 |
24 |
21 |
24 |
|
|
Less: Current net deferred tax assets (included in Prepaid expenses and other current assets)2 |
— |
— |
— |
— |
279 |
295 |
|
|
Less: Noncurrent net deferred tax assets (included in Other assets)3 |
295 |
120 |
322 |
422 |
72 |
86 |
|
After Adjustment |
|
|
Adjusted total assets |
15,719 |
15,253 |
13,366 |
10,605 |
9,486 |
9,143 |
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 Operating lease right-of-use asset (before adoption of FASB Topic 842). See Details »
2 Current net deferred tax assets (included in Prepaid expenses and other current assets). See Details »
3 Noncurrent net deferred tax assets (included in Other assets). See Details »
Adjustments to Current Liabilities
Estée Lauder Cos. Inc., adjusted current liabilities
US$ in millions
|
|
Jun 30, 2019 |
Jun 30, 2018 |
Jun 30, 2017 |
Jun 30, 2016 |
Jun 30, 2015 |
Jun 30, 2014 |
|
As Reported |
|
|
Current liabilities |
4,605 |
3,310 |
2,823 |
2,681 |
2,136 |
2,057 |
|
Adjustments |
|
|
Less: Current deferred revenue |
314 |
— |
— |
— |
— |
— |
|
After Adjustment |
|
|
Adjusted current liabilities |
4,291 |
3,310 |
2,823 |
2,681 |
2,136 |
2,057 |
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).
Adjustments to Total Liabilities
Estée Lauder Cos. Inc., adjusted total liabilities
US$ in millions
|
|
Jun 30, 2019 |
Jun 30, 2018 |
Jun 30, 2017 |
Jun 30, 2016 |
Jun 30, 2015 |
Jun 30, 2014 |
|
As Reported |
|
|
Total liabilities |
8,745 |
7,857 |
7,166 |
5,636 |
4,585 |
3,999 |
|
Adjustments |
|
|
Add: Operating lease liability (before adoption of FASB Topic 842)1 |
2,826 |
2,777 |
2,090 |
1,780 |
1,577 |
1,631 |
|
|
Less: Deferred revenue |
361 |
— |
— |
— |
— |
— |
|
|
Less: Accrued restructuring initiatives |
204 |
182 |
151 |
77 |
— |
8 |
|
After Adjustment |
|
|
Adjusted total liabilities |
11,006 |
10,452 |
9,105 |
7,340 |
6,162 |
5,623 |
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 Operating lease liability (before adoption of FASB Topic 842). See Details »
Adjustments to Stockholders’ Equity
Estée Lauder Cos. Inc., adjusted stockholders’ equity, The Estée Lauder Companies Inc.
US$ in millions
|
|
Jun 30, 2019 |
Jun 30, 2018 |
Jun 30, 2017 |
Jun 30, 2016 |
Jun 30, 2015 |
Jun 30, 2014 |
|
As Reported |
|
|
Stockholders’ equity, The Estée Lauder Companies Inc. |
4,386 |
4,688 |
4,384 |
3,572 |
3,643 |
3,855 |
|
Adjustments |
|
|
Less: Net deferred tax assets (liabilities)1 |
295 |
120 |
322 |
422 |
351 |
381 |
|
|
Add: Allowance for doubtful accounts and customer deductions |
32 |
29 |
30 |
24 |
21 |
24 |
|
|
Add: Deferred revenue |
361 |
— |
— |
— |
— |
— |
|
|
Add: Accrued restructuring initiatives |
204 |
182 |
151 |
77 |
— |
8 |
|
|
Add: Noncontrolling interests |
25 |
22 |
18 |
15 |
11 |
15 |
|
After Adjustment |
|
|
Adjusted stockholders’ equity, The Estée Lauder Companies Inc. |
4,713 |
4,801 |
4,261 |
3,266 |
3,324 |
3,521 |
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).
Adjustments to Capitalization Table
Estée Lauder Cos. Inc., adjusted capitalization table
US$ in millions
|
|
Jun 30, 2019 |
Jun 30, 2018 |
Jun 30, 2017 |
Jun 30, 2016 |
Jun 30, 2015 |
Jun 30, 2014 |
|
As Reported |
|
|
Current debt |
516 |
183 |
189 |
332 |
30 |
18 |
|
|
Long-term debt |
2,896 |
3,361 |
3,383 |
1,910 |
1,608 |
1,325 |
|
|
Total reported debt |
3,412 |
3,544 |
3,572 |
2,242 |
1,637 |
1,343 |
|
|
Stockholders’ equity, The Estée Lauder Companies Inc. |
4,386 |
4,688 |
4,384 |
3,572 |
3,643 |
3,855 |
|
|
Total reported capital |
7,798 |
8,232 |
7,956 |
5,813 |
5,281 |
5,198 |
|
Adjustments to Debt |
|
|
Add: Operating lease liability (before adoption of FASB Topic 842)1 |
2,826 |
2,777 |
2,090 |
1,780 |
1,577 |
1,631 |
|
|
Adjusted total debt |
6,238 |
6,321 |
5,662 |
4,022 |
3,215 |
2,974 |
|
Adjustments to Equity |
|
|
Less: Net deferred tax assets (liabilities)2 |
295 |
120 |
322 |
422 |
351 |
381 |
|
|
Add: Allowance for doubtful accounts and customer deductions |
32 |
29 |
30 |
24 |
21 |
24 |
|
|
Add: Deferred revenue |
361 |
— |
— |
— |
— |
— |
|
|
Add: Accrued restructuring initiatives |
204 |
182 |
151 |
77 |
— |
8 |
|
|
Add: Noncontrolling interests |
25 |
22 |
18 |
15 |
11 |
15 |
|
|
Adjusted stockholders’ equity, The Estée Lauder Companies Inc. |
4,713 |
4,801 |
4,261 |
3,266 |
3,324 |
3,521 |
|
After Adjustment |
|
|
Adjusted total capital |
10,951 |
11,122 |
9,923 |
7,288 |
6,539 |
6,495 |
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 Operating lease liability (before adoption of FASB Topic 842). See Details »
2 Net deferred tax assets (liabilities). See Details »
Adjustments to Revenues
Estée Lauder Cos. Inc., adjusted net sales
US$ in millions
|
12 months ended |
Jun 30, 2019 |
Jun 30, 2018 |
Jun 30, 2017 |
Jun 30, 2016 |
Jun 30, 2015 |
Jun 30, 2014 |
|
As Reported |
|
|
Net sales |
14,863 |
13,683 |
11,824 |
11,262 |
10,780 |
10,969 |
|
Adjustments |
|
|
Add: Increase (decrease) in deferred revenue |
(19) |
— |
— |
— |
— |
— |
|
After Adjustment |
|
|
Adjusted net sales |
14,844 |
13,683 |
11,824 |
11,262 |
10,780 |
10,969 |
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).
Adjustments to Reported Income
Estée Lauder Cos. Inc., adjusted net earnings attributable to The Estée Lauder Companies Inc.
US$ in millions
|
12 months ended |
Jun 30, 2019 |
Jun 30, 2018 |
Jun 30, 2017 |
Jun 30, 2016 |
Jun 30, 2015 |
Jun 30, 2014 |
|
As Reported |
|
|
Net earnings attributable to The Estée Lauder Companies Inc. |
1,785 |
1,108 |
1,249 |
1,115 |
1,089 |
1,204 |
|
Adjustments |
|
|
Add: Deferred income tax expense (benefit)1 |
(66) |
175 |
(118) |
(94) |
(53) |
(56) |
|
|
Add: Increase (decrease) in allowance for doubtful accounts and customer deductions |
3 |
(1) |
6 |
4 |
(3) |
1 |
|
|
Add: Increase (decrease) in deferred revenue |
(19) |
— |
— |
— |
— |
— |
|
|
Add: Increase (decrease) in accrued restructuring initiatives |
22 |
31 |
74 |
77 |
(8) |
(21) |
|
|
Add: Other comprehensive income (loss) |
(129) |
82 |
61 |
(164) |
(283) |
58 |
|
|
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest |
9 |
9 |
7 |
6 |
2 |
6 |
|
After Adjustment |
|
|
Adjusted net earnings attributable to The Estée Lauder Companies Inc. |
1,605 |
1,404 |
1,279 |
943 |
744 |
1,192 |
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).