Microsoft Excel LibreOffice Calc

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

Microsoft Excel LibreOffice Calc
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

Microsoft Excel LibreOffice Calc
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

Microsoft Excel LibreOffice Calc
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

Microsoft Excel LibreOffice Calc
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  — 
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

Microsoft Excel LibreOffice Calc
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  — 
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).

1 Net deferred tax assets (liabilities). See Details »


Adjustments to Capitalization Table

Estée Lauder Cos. Inc., adjusted capitalization table

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
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  — 
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

Microsoft Excel LibreOffice Calc
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

Microsoft Excel LibreOffice Calc
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 (1) (3)
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
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).

1 Deferred income tax expense (benefit). See Details »