Stock Analysis on Net
Stock Analysis on Net
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Estée Lauder Cos. Inc. (NYSE:EL)

Adjustments to Financial Statements

Advanced level


Adjustments to Current Assets

Estée Lauder Cos. Inc., adjusted current assets

US$ in millions

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Current assets 8,892  7,212  6,168  4,964  4,225  4,469 
Adjustments
Add: Allowance for doubtful accounts and customer deductions 63  32  29  30  24  21 
Less: Current net deferred tax assets (included in Prepaid expenses and other current assets)1 —  —  —  —  —  279 
After Adjustment
Adjusted current assets 8,955  7,244  6,197  4,994  4,249  4,210 

Based on: 10-K (filing date: 2020-08-28), 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).

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, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Total assets 17,781  13,156  12,567  11,568  9,223  8,239 
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 
Add: Allowance for doubtful accounts and customer deductions 63  32  29  30  24  21 
Less: Current net deferred tax assets (included in Prepaid expenses and other current assets)2 —  —  —  —  —  279 
Less: Noncurrent net deferred tax assets (included in Other assets)3 44  295  120  322  422  72 
After Adjustment
Adjusted total assets 17,800  15,719  15,253  13,366  10,605  9,486 

Based on: 10-K (filing date: 2020-08-28), 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).

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, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Current liabilities 5,179  4,605  3,310  2,823  2,681  2,136 
Adjustments
Less: Current deferred revenue 222  314  —  —  —  — 
After Adjustment
Adjusted current liabilities 4,957  4,291  3,310  2,823  2,681  2,136 

Based on: 10-K (filing date: 2020-08-28), 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).


Adjustments to Total Liabilities

Estée Lauder Cos. Inc., adjusted total liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Total liabilities 13,819  8,745  7,857  7,166  5,636  4,585 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  2,826  2,777  2,090  1,780  1,577 
Less: Deferred revenue 279  361  —  —  —  — 
Less: Accrued restructuring charges 112  204  182  151  77  — 
After Adjustment
Adjusted total liabilities 13,428  11,006  10,452  9,105  7,340  6,162 

Based on: 10-K (filing date: 2020-08-28), 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).

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, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Stockholders’ equity, The Estée Lauder Companies Inc. 3,935  4,386  4,688  4,384  3,572  3,643 
Adjustments
Less: Net deferred tax assets (liabilities)1 44  295  120  322  422  351 
Add: Allowance for doubtful accounts and customer deductions 63  32  29  30  24  21 
Add: Deferred revenue 279  361  —  —  —  — 
Add: Accrued restructuring charges 112  204  182  151  77  — 
Add: Noncontrolling interests 27  25  22  18  15  11 
After Adjustment
Adjusted total equity 4,372  4,713  4,801  4,261  3,266  3,324 

Based on: 10-K (filing date: 2020-08-28), 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).

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, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Current debt 1,222  516  183  189  332  30 
Long-term debt, excluding current maturities 4,914  2,896  3,361  3,383  1,910  1,608 
Total reported debt 6,136  3,412  3,544  3,572  2,242  1,637 
Stockholders’ equity, The Estée Lauder Companies Inc. 3,935  4,386  4,688  4,384  3,572  3,643 
Total reported capital 10,071  7,798  8,232  7,956  5,813  5,281 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  2,826  2,777  2,090  1,780  1,577 
Add: Current operating lease liabilities2 375  —  —  —  —  — 
Add: Long-term operating lease liabilities3 2,278  —  —  —  —  — 
Adjusted total debt 8,789  6,238  6,321  5,662  4,022  3,215 
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 44  295  120  322  422  351 
Add: Allowance for doubtful accounts and customer deductions 63  32  29  30  24  21 
Add: Deferred revenue 279  361  —  —  —  — 
Add: Accrued restructuring charges 112  204  182  151  77  — 
Add: Noncontrolling interests 27  25  22  18  15  11 
Adjusted total equity 4,372  4,713  4,801  4,261  3,266  3,324 
After Adjustment
Adjusted total capital 13,161  10,951  11,122  9,923  7,288  6,539 

Based on: 10-K (filing date: 2020-08-28), 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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities. See details »

3 Long-term operating lease liabilities. See details »

4 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, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Net sales 14,294  14,863  13,683  11,824  11,262  10,780 
Adjustment
Add: Increase (decrease) in deferred revenue (82) (19) —  —  —  — 
After Adjustment
Adjusted net sales 14,212  14,844  13,683  11,824  11,262  10,780 

Based on: 10-K (filing date: 2020-08-28), 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).


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, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Net earnings attributable to The Estée Lauder Companies Inc. 684  1,785  1,108  1,249  1,115  1,089 
Adjustments
Add: Deferred income tax expense (benefit)1 (143) (66) 175  (118) (94) (53)
Add: Increase (decrease) in allowance for doubtful accounts and customer deductions 31  (1) (3)
Add: Increase (decrease) in deferred revenue (82) (19) —  —  —  — 
Add: Increase (decrease) in accrued restructuring charges (91) 22  31  74  77  (8)
Add: Other comprehensive income (loss) (102) (129) 82  61  (164) (283)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest 12 
After Adjustment
Adjusted net earnings 309  1,605  1,404  1,279  943  744 

Based on: 10-K (filing date: 2020-08-28), 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).

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