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EQUITY AND REDEEMABLE NONCONTROLLING INTEREST | 9 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
EQUITY AND REDEEMABLE NONCONTROLLING INTEREST | EQUITY AND REDEEMABLE NONCONTROLLING INTEREST Total Stockholders’ Equity – The Estée Lauder Companies Inc.
|  | Three Months Ended March 31 |  |  |  | Nine Months Ended March 31
(In millions, except per share data) |  | 2024 |  | 2023 |  |  |  |  |  | 2024 |  | 2023
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 |  | 6,367 |  |  | 6,000 |  |  |  |  |  |  | 6,153 |  |  | 5,796 |
Common stock dividends |  | 2 |  |  | 1 |  |  |  |  |  |  | 5 |  |  | 3 |
Stock-based compensation |  | 96 |  |  | 102 |  |  |  |  |  |  | 307 |  |  | 304 |
Paid-in capital, end of the period |  | 6,465 |  |  | 6,103 |  |  |  |  |  |  | 6,465 |  |  | 6,103 |
Retained earnings, beginning of the period |  | 13,858 |  |  | 14,342 |  |  |  |  |  |  | 13,991 |  |  | 13,912 |
Common stock dividends |  | (238) |  |  | (237) |  |  |  |  |  |  | (715) |  |  | (690) |
Net earnings attributable to The Estée Lauder Companies Inc. |  | 330 |  |  | 156 |  |  |  |  |  |  | 674 |  |  | 1,039 |
Retained earnings, end of the period |  | 13,950 |  |  | 14,261 |  |  |  |  |  |  | 13,950 |  |  | 14,261 |
Accumulated other comprehensive loss, beginning of the period |  | (856) |  |  | (829) |  |  |  |  |  |  | (934) |  |  | (762) |
Other comprehensive loss attributable to The Estée Lauder Companies Inc. |  | (158) |  |  | (46) |  |  |  |  |  |  | (80) |  |  | (113) |
Accumulated other comprehensive loss, end of the period |  | (1,014) |  |  | (875) |  |  |  |  |  |  | (1,014) |  |  | (875) |
Treasury stock, beginning of the period |  | (13,663) |  |  | (13,617) |  |  |  |  |  |  | (13,631) |  |  | (13,362) |
Acquisition of treasury stock |  | — |  |  | — |  |  |  |  |  |  | — |  |  | (184) |
Stock-based compensation |  | — |  |  | (1) |  |  |  |  |  |  | (32) |  |  | (72) |
Treasury stock, end of the period |  | (13,663) |  |  | (13,618) |  |  |  |  |  |  | (13,663) |  |  | (13,618) |
Total equity |  | $ | 5,744 |  |  | $ | 5,877 |  |  |  |  |  |  | $ | 5,744 |  |  | $ | 5,877 |
Redeemable noncontrolling interest, beginning of the period |  | $ | 850 |  |  | $ | 819 |  |  |  |  |  |  | $ | 832 |  |  | $ | 842 |
Net earnings (loss) attributable to redeemable noncontrolling interest |  | 5 |  |  | (1) |  |  |  |  |  |  | 21 |  |  | 3 |
Translation adjustments |  | (15) |  |  | 1 |  |  |  |  |  |  | (13) |  |  | (26) |
Redeemable noncontrolling interest, end of the period |  | $ | 840 |  |  | $ | 819 |  |  |  |  |  |  | $ | 840 |  |  | $ | 819 |
Cash dividends declared per common share |  | $ | .66 |  |  | $ | .66 |  |  |  |  |  |  | $ | 1.98 |  |  | $ | 1.92 |
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 nine months ended March 31, 2024:
Date Declared |  | Record Date |  | Payable Date |  | Amount per Share
August 17, 2023 |  | August 31, 2023 |  | September 15, 2023 |  | $ | .66 |
October 31, 2023 |  | November 30, 2023 |  | December 15, 2023 |  | $ | .66 |
February 2, 2024 |  | February 29, 2024 |  | March 15, 2024 |  | $ | .66 |
On April 30, 2024, 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 June 17, 2024 to stockholders of record at the close of business on May 31, 2024. Common Stock Beginning in December 2022, we temporarily suspended the repurchase of shares of our Class A Common Stock. We may resume repurchases in the future. Accumulated Other Comprehensive Loss The following table represents changes in accumulated other comprehensive loss, net of tax, by component for the nine months ended March 31, 2024:
(In millions) |  | Net Cash Flow Hedge Gain (Loss) |  | Cross-Currency Swap Contracts (2) |  | Amounts Included in Net Periodic Benefit Cost |  | Translation Adjustments |  | Total
Balance at June 30, 2023 |  | $ | 59 |  |  | $ | (15) |  |  | $ | (177) |  |  | $ | (801) |  |  | $ | (934) |
OCI before reclassifications (3) |  | 21 |  |  | 19 |  |  | 23 |  |  | (103) |  | (1) | (40) |
Amounts reclassified to Net earnings |  | (26) |  |  | (11) |  |  | (3) |  |  | — |  |  | (40) |
Net current-period OCI |  | (5) |  |  | 8 |  |  | 20 |  |  | (103) |  |  | (80) |
Balance at March 31, 2024 |  | $ | 54 |  |  | $ | (7) |  |  | $ | (157) |  |  | $ | (904) |  |  | $ | (1,014) |
(1)See Note 5 – Derivative Financial Instruments for gains (losses) relating to net investment hedges. (2)The gain recognized in AOCI, net of tax from cross-currency swap contracts represents the amount excluded from effectiveness testing. (3)The tax provision included in Net Cash Flow Hedge Gain (Loss), Cross-Currency Swap Contracts, Amounts Included in Net Periodic Benefit Cost and Translation Adjustments are $7 million, $5 million, $5 million, and $26 million, respectively. The following table represents the effects of reclassification adjustments from AOCI into net earnings for the three and nine months ended March 31, 2024 and 2023:
|  | Amount Reclassified from AOCI |  |  |  |  |  | Affected Line Item in Consolidated Statements of Earnings
|  | Three Months Ended March 31 |  | Nine Months Ended March 31 |  |  |
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |
Gain (Loss) on Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 15 |  |  | $ | 22 |  |  | $ | 36 |  |  | $ | 59 |  |  |  |  |  |  | Net sales
Interest rate-related derivatives |  | — |  |  | (1) |  |  | (1) |  |  | (1) |  |  |  |  |  |  | Interest expense
|  | 15 |  |  | 21 |  |  | 35 |  |  | 58 |  |  |  |  |  |  |
Provision for income taxes |  | (5) |  |  | (5) |  |  | (9) |  |  | (14) |  |  |  |  |  |  | Provision for income taxes
|  | 10 |  |  | 16 |  |  | 26 |  |  | 44 |  |  |  |  |  |  | Net earnings
Cross-Currency Swap Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on cross-currency swap contracts |  | 5 |  |  | 4 |  |  | 14 |  |  | 4 |  |  |  |  |  |  | Selling, general and administrative
Provision for income taxes |  | (1) |  |  | (1) |  |  | (3) |  |  | (1) |  |  |  |  |  |  | Provision for income taxes
|  | 4 |  |  | 3 |  |  | 11 |  |  | 3 |  |  |  |  |  |  | Net earnings
Retirement Plan and Other Retiree Benefit Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of prior service cost |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  |  |  |  |  | Other components of net periodic benefit cost (1)
Amortization of actuarial gain |  | 1 |  |  | — |  |  | 3 |  |  | — |  |  |  |  |  |  | Other components of net periodic benefit cost (1)
|  | 3 |  |  | — |  |  | 5 |  |  | — |  |  |  |  |  |  |
Provision for income taxes |  | (1) |  |  | — |  |  | (2) |  |  | — |  |  |  |  |  |  | Provision for income taxes
|  | 2 |  |  | — |  |  | 3 |  |  | — |  |  |  |  |  |  | Net earnings
Total reclassification adjustments, net |  | $ | 16 |  |  | $ | 19 |  |  | $ | 40 |  |  | $ | 47 |  |  |  |  |  |  | Net earnings
(1)See Note 8 – Pension and Post-Retirement Benefit Plans for additional information.

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