Stock Analysis on Net
Stock Analysis on Net

Estée Lauder Cos. Inc. (NYSE:EL)

Cash Flow Statement
Quarterly Data

Beginner level

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company’s balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Estée Lauder Cos. Inc., consolidated cash flow statement (quarterly data)

US$ in millions

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3 months ended: Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014
Net earnings (loss) 458  877  525  (459) (4) 561  598  158  557  577  502  188  374  125  430  230  300  430  296  95  267  448  311  154  273  438  229 
Depreciation and amortization 159  160  156  164  160  144  143  153  135  137  132  142  133  129  127  127  119  112  106  110  103  104  98  111  100  98  101 
Deferred income taxes (54) (10) (39) (78) (72) (4) 11  (20) —  (37) (9) 91  (22) 109  (3) (34) (29) (23) (32) (43) (19) (11) (21) (23) (15) (18)
Non-cash stock-based compensation 86  105  64  71  83  56  42  70  73  58  40  64  75  57  44  41  46  88  36  36  43  69  31  33  39  62 
Excess tax benefits from stock-based compensation arrangements —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (8) (23) (4) (10) (5) (5) (9) (4) (7) (27) (7) (7)
Net (gain) loss on disposal of property, plant and equipment 11  14  11  —  (7) — 
Non-cash restructuring and other charges 96  —  19  —  —  —  —  —  —  —  —  —  —  —  13  —  —  —  —  — 
Pension and post-retirement benefit expense 23  29  23  20  21  20  21  19  18  17  18  19  19  17  18  21  20  19  20  19  17  18  18  16  15  17  17 
Pension and post-retirement benefit contributions (10) (18) (7) (19) (21) (24) (9) (30) (11) (6) (6) (20) (51) (6) (8) (19) (9) (6) (4) (48) (7) (6) (6) (41) (7) (7) (5)
Goodwill, other intangible and long-lived asset impairments 33  81  —  303  346  777  —  —  52  38  —  —  —  —  —  31  —  —  —  —  —  —  —  —  —  — 
Changes in fair value of contingent consideration —  (2) —  (8) (2) (7) —  (19) (9) (11) (37) (9) (58) (3) —  (8) —  — 
Gain on liquidation of an investment in a foreign subsidiary, net —  —  —  —  —  —  —  —  (71) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Gain on previously held equity method investment —  —  —  19  —  (553) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Other non-cash items (13) (10) (1) (8) (2) (10) (4) (9) (4) (9) (4) (6) (3) (4) (9) (4) (4) (5) (2) —  —  (1) (2) (3)
(Increase) decrease in accounts receivable, net 214  (113) (607) 673  299  140  (487) 208  (34) 203  (546) 220  (44) 109  (390) 150  122  (365) 150  26  112  (389) 197  16  58  (168)
(Increase) decrease in inventory and promotional merchandise (54) 161  (94) 38  (72) 114  (83) (191) (163) 15  (36) (147) (66) 82  (16) (144) (19) 109  (31) (122) (49) 85  17  (131) (2) 117  (10)
(Increase) decrease in other assets, net (12) (149) 39  (149) 57  (72) (48) 11  (20) (35) (18) 11  (11) (1) 13  (50) (36) 10  (49) (11) (22) 22  (17) 40  (37)
Increase (decrease) in accounts payable (8) 84  (21) 58  25  (400) 424  69  88  (262) 329  131  55  (166) 222  (25) 27  (170) 147  35  20  (101) 132  16  (13) 12 
Increase (decrease) in other accrued and noncurrent liabilities (121) 434  316  (231) (190) 221  31  (107) 327  60  (188) (38) 662  30  31  59  180  (46) 126  (13) 142  32  61  100  (50)
Increase (decrease) in operating lease assets and liabilities, net (23) (18) 11  34  20  (3) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Changes in operating assets and liabilities (4) 399  (356) 374  172  433  (990) 457  (255) 598  (802) 225  (28) 907  (529) 209  18  402  (608) 311  (50) 348  (463) 281  18  302  (253)
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities 341  743  (167) 794  694  864  (768) 603  (74) 815  (621) 454  107  1,232  (337) 318  128  544  (446) 378  87  506  (303) 405  119  428  (102)
Net cash flows provided by (used for) operating activities 799  1,620  358  335  690  1,425  (170) 761  483  1,392  (119) 642  481  1,357  93  548  428  974  (150) 473  354  954  558  391  866  128 
Capital expenditures (136) (134) (116) (155) (177) (166) (125) (303) (149) (164) (128) (261) (105) (147) (116) (188) (108) (123) (85) (191) (111) (134) (90) (193) (92) (109) (79)
Proceeds from purchase price refund —  —  32  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Payments for acquired businesses, net of cash acquired (2) —  (6) —  (7) (1,040) —  —  —  —  —  —  —  —  (11) —  (1,680) (10) —  (82) —  (19) (138) (94) (10)
Proceeds from the disposition of investments —  —  —  —  —  —  —  —  958  98  173  33  107  298  311  271  318  272  365  448  367  326  233  124  120  53 
Purchases of investments —  —  (40) —  —  —  (5) —  —  —  (14) 14  (13) (331) (148) (200) (589) (130) (348) (430) (627) (272) (688) (516) (131) (561) — 
Settlement of net investment hedges (42) (21) (112) 14  (23) (16) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Proceeds from sale of property, plant and equipment —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  12  —  —  —  —  —  —  —  — 
Net cash flows (used for) provided by investing activities (180) (155) (242) (141) (207) (1,222) (128) (301) 809  (66) 31  (214) (11) (180) 36  (108) (379) (1,661) (66) (172) (453) (80) (565) (584) (241) (711) (80)
Proceeds (repayments) of current debt, net —  (747) (759) 1,506  (4) (166) (3) (114) (116) (140) 362  (29) (1,623) 1,554  263  (286) (61) (79) 426  (105) 68  53  (3)
Proceeds from issuance of long-term debt, net 596  —  —  698  —  1,783  —  —  —  —  —  —  —  —  —  —  1,498  —  —  616  —  —  —  294  —  —  — 
Debt issuance costs (4) —  —  (4) —  (14) —  —  —  —  —  —  —  —  —  (1) (10) —  —  (4) —  —  —  (3) —  —  (1)
Repayments and redemptions of long-term debt (2) (2) (2) (2) (503) (3) (5) —  (1) —  —  (1) —  (1) —  (302) (1) (1) (2) (2) (2) (2) (2) (2) (1) (1) (4)
Proceeds from stock-based compensation transactions 76  46  58  32  77  16  55  38  95  26  33  25  74  35  48  47  53  15  26  30  33  16  18  60  11  13 
Excess tax benefits from stock-based compensation arrangements —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  23  10  27 
Payments to acquire treasury stock (214) (77) (25) (10) (70) (500) (313) (211) (218) (596) (530) (83) (278) (287) (111) (50) —  (141) (222) (187) (75) (241) (387) (357) (148) (272) (207)
Payments of contingent consideration —  —  —  (15) —  (3) —  (23) —  —  —  (35) —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Dividends paid to stockholders (193) (194) (174) (1) (172) (174) (156) (156) (156) (156) (141) (139) (140) (141) (126) (125) (125) (125) (111) (111) (111) (112) (90) (90) (91) (91) (78)
Payments to noncontrolling interest holders for dividends (3) (2) —  (3) —  (5) (2) (3) —  (2) (1) (3) —  (1) —  (1) (2) —  —  (1) (1) (1) (1) (2) (1) (3) (1)
Net cash flows provided by (used for) financing activities 257  (229) (890) (64) 838  1,103  (416) (359) (278) (894) (642) (350) (460) (535) 173  (453) (187) 1,306  (36) 60  (212) (409) (44) (240) (86) (296) (273)
Effect of exchange rate changes on Cash and cash equivalents (22) 42  19  16  (41) 31  (14) (16) 12  (8) (37) 25  19  10  15  (21) (3) (1) (6) (13) (1) (17) (14) (9)
Net increase (decrease) in Cash and cash equivalents 854  1,278  (755) 146  1,280  1,337  (728) 85  1,026  433  (738) 41  35  661  308  (3) (123) 598  (250) 358  (312) 460  (613) (267) 47  (154) (234)

Based on: 10-Q (filing date: 2021-05-03), 10-Q (filing date: 2021-02-05), 10-Q (filing date: 2020-11-02), 10-K (filing date: 2020-08-28), 10-Q (filing date: 2020-05-01), 10-Q (filing date: 2020-02-06), 10-Q (filing date: 2019-10-31), 10-K (filing date: 2019-08-23), 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-02-05), 10-Q (filing date: 2018-10-31), 10-K (filing date: 2018-08-24), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-Q (filing date: 2017-11-01), 10-K (filing date: 2017-08-25), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-02), 10-Q (filing date: 2016-11-02), 10-K (filing date: 2016-08-24), 10-Q (filing date: 2016-05-03), 10-Q (filing date: 2016-02-05), 10-Q (filing date: 2015-11-02), 10-K (filing date: 2015-08-20), 10-Q (filing date: 2015-05-05), 10-Q (filing date: 2015-02-05), 10-Q (filing date: 2014-11-04).

Cash flow statement item Description The company
Net cash flows provided by (used for) operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Estée Lauder Cos. Inc.’s net cash flows provided by (used for) operating activities increased from Q1 2021 to Q2 2021 but then slightly decreased from Q2 2021 to Q3 2021 not reaching Q1 2021 level.
Net cash flows (used for) provided by investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Estée Lauder Cos. Inc.’s net cash flows (used for) provided by investing activities increased from Q1 2021 to Q2 2021 but then slightly decreased from Q2 2021 to Q3 2021.
Net cash flows provided by (used for) financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Estée Lauder Cos. Inc.’s net cash flows provided by (used for) financing activities increased from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.