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EQUITY AND REDEEMABLE NONCONTROLLING INTEREST | 6 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
EQUITY AND REDEEMABLE NONCONTROLLING INTEREST | EQUITY AND REDEEMABLE NONCONTROLLING INTERESTTotal Stockholders’ Equity – The Estée Lauder Companies Inc.
|  | Three Months Ended December 31 |  |  |  | Six Months Ended December 31
(In millions) |  | 2022 |  | 2021 |  |  |  |  |  | 2022 |  | 2021
Common stock, beginning of the period |  | $ | 6 |  |  | $ | 6 |  |  |  |  |  |  | $ | 6 |  |  | $ | 6 |
Stock-based compensation |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Common stock, end of the period |  | 6 |  |  | 6 |  |  |  |  |  |  | 6 |  |  | 6 |
Paid-in capital, beginning of the period |  | 5,875 |  |  | 5,450 |  |  |  |  |  |  | 5,796 |  |  | 5,335 |
Common stock dividends |  | 1 |  |  | — |  |  |  |  |  |  | 2 |  |  | 1 |
Stock-based compensation |  | 124 |  |  | 155 |  |  |  |  |  |  | 202 |  |  | 269 |
Paid-in capital, end of the period |  | 6,000 |  |  | 5,605 |  |  |  |  |  |  | 6,000 |  |  | 5,605 |
Retained earnings, beginning of the period |  | 14,185 |  |  | 12,864 |  |  |  |  |  |  | 13,912 |  |  | 12,244 |
Common stock dividends |  | (237) |  |  | (217) |  |  |  |  |  |  | (453) |  |  | (410) |
Net earnings attributable to The Estée Lauder Companies Inc. |  | 394 |  |  | 1,088 |  |  |  |  |  |  | 883 |  |  | 1,780 |
Cumulative effect of adoption of new accounting standards |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 121 |
Retained earnings, end of the period |  | 14,342 |  |  | 13,735 |  |  |  |  |  |  | 14,342 |  |  | 13,735 |
Accumulated other comprehensive loss, beginning of the period |  | (1,078) |  |  | (625) |  |  |  |  |  |  | (762) |  |  | (470) |
Other comprehensive income (loss) attributable to The Estée Lauder Companies Inc. |  | 249 |  |  | (21) |  |  |  |  |  |  | (67) |  |  | (176) |
Accumulated other comprehensive loss, end of the period |  | (829) |  |  | (646) |  |  |  |  |  |  | (829) |  |  | (646) |
Treasury stock, beginning of the period |  | (13,471) |  |  | (11,614) |  |  |  |  |  |  | (13,362) |  |  | (11,058) |
Acquisition of treasury stock |  | (92) |  |  | (763) |  |  |  |  |  |  | (184) |  |  | (1,282) |
Stock-based compensation |  | (54) |  |  | (105) |  |  |  |  |  |  | (71) |  |  | (142) |
Treasury stock, end of the period |  | (13,617) |  |  | (12,482) |  |  |  |  |  |  | (13,617) |  |  | (12,482) |
Total stockholders’ equity – The Estée Lauder Companies Inc. |  | 5,902 |  |  | 6,218 |  |  |  |  |  |  | 5,902 |  |  | 6,218 |
Noncontrolling interests, beginning of the period |  | — |  |  | 34 |  |  |  |  |  |  | — |  |  | 34 |
Net earnings attributable to noncontrolling interests |  | — |  |  | 4 |  |  |  |  |  |  | — |  |  | 5 |
Translation adjustments and other, net |  | — |  |  | (4) |  |  |  |  |  |  | — |  |  | (5) |
Noncontrolling interests, end of the period |  | — |  |  | 34 |  |  |  |  |  |  | — |  |  | 34 |
Total equity |  | $ | 5,902 |  |  | $ | 6,252 |  |  |  |  |  |  | $ | 5,902 |  |  | $ | 6,252 |
Redeemable noncontrolling interest, beginning of the period |  | $ | 808 |  |  | $ | 842 |  |  |  |  |  |  | $ | 842 |  |  | $ | 857 |
Net earnings (loss) attributable to redeemable noncontrolling interest |  | 3 |  |  | (2) |  |  |  |  |  |  | 4 |  |  | — |
Translation adjustments |  | 8 |  |  | — |  |  |  |  |  |  | (27) |  |  | (17) |
Redeemable noncontrolling interest, end of the period |  | $ | 819 |  |  | $ | 840 |  |  |  |  |  |  | $ | 819 |  |  | $ | 840 |
Cash dividends declared per common share |  | $ | .66 |  |  | $ | .60 |  |  |  |  |  |  | $ | 1.26 |  |  | $ | 1.13 |
The following is a summary of quarterly cash dividends declared per share on the Company’s Class A and Class B Common Stock during the six months ended December 31, 2022:
Date Declared |  | Record Date |  | Payable Date |  | Amount per Share
August 17, 2022 |  | August 31, 2022 |  | September 15, 2022 |  | $ | .60 |
November 1, 2022 |  | November 30, 2022 |  | December 15, 2022 |  | $ | .66 |
On February 1, 2023, a dividend was declared in the amount of $.66 per share on the Company’s Class A and Class B Common Stock. The dividend is payable in cash on March 15, 2023 to stockholders of record at the close of business on February 28, 2023. Common Stock During the six months ended December 31, 2022, the Company purchased approximately 1.1 million shares of its Class A Common Stock for $257 million. Accumulated Other Comprehensive Income The following table represents changes in AOCI, net of tax, by component for the six months ended December 31, 2022:
(In millions) |  | Net Cash Flow Hedge Gain (Loss) |  | Amounts Included in Net Periodic Benefit Cost |  | Translation Adjustments |  | Total
Balance at June 30, 2022 |  | $ | 68 |  |  | $ | (114) |  |  | $ | (716) |  |  | $ | (762) |
OCI before reclassifications |  | 23 |  |  | (1) |  | (1) | (61) |  | (2) | (39) |
Amounts reclassified to Net earnings |  | (28) |  |  | — |  |  | — |  |  | (28) |
Net current-period OCI |  | (5) |  |  | (1) |  |  | (61) |  |  | (67) |
Balance at December 31, 2022 |  | $ | 63 |  |  | $ | (115) |  |  | $ | (777) |  |  | $ | (829) |
(1)Consists of foreign currency translation losses. (2)See Note 4 – Derivative Financial Instruments for gains (losses) relating to net investment hedges. The following table represents the effects of reclassification adjustments from AOCI into net earnings for the three and six months ended December 31, 2022 and 2021:
|  | Amount Reclassified from AOCI |  |  |  |  |  | Affected Line Item in Consolidated Statements of Earnings
|  | Three Months Ended December 31 |  | Six Months Ended December 31 |  |  |
(In millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |  |
Gain (Loss) on Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 22 |  |  | $ | (2) |  |  | $ | 37 |  |  | $ | (8) |  |  |  |  |  |  | Net sales
Interest rate-related derivatives |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  |  |  |  |  | Interest expense
|  | 22 |  |  | (3) |  |  | 37 |  |  | (9) |  |  |  |  |  |  |
Benefit (provision) for deferred taxes |  | (5) |  |  | — |  |  | (9) |  |  | 2 |  |  |  |  |  |  | Provision for income taxes
|  | 17 |  |  | (3) |  |  | 28 |  |  | (7) |  |  |  |  |  |  | Net earnings
Retirement Plan and Other Retiree Benefit Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of prior service cost |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  |  |  |  |  | Other components of net periodic benefit cost (1)
Amortization of actuarial loss |  | — |  |  | (5) |  |  | — |  |  | (9) |  |  |  |  |  |  | Other components of net periodic benefit cost (1)
|  | — |  |  | (4) |  |  | — |  |  | (8) |  |  |  |  |  |  |
Benefit for deferred taxes |  | — |  |  | 1 |  |  | — |  |  | 2 |  |  |  |  |  |  | Provision for income taxes
|  | — |  |  | (3) |  |  | — |  |  | (6) |  |  |  |  |  |  | Net earnings
Total reclassification adjustments, net |  | $ | 17 |  |  | $ | (6) |  |  | $ | 28 |  |  | $ | (13) |  |  |  |  |  |  | Net earnings
(1)See Note 7 – Pension and Post-Retirement Benefit Plans for additional information.

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