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EQUITY AND REDEEMABLE NONCONTROLLING INTEREST | 3 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
EQUITY AND REDEEMABLE NONCONTROLLING INTEREST | EQUITY AND REDEEMABLE NONCONTROLLING INTEREST Total Stockholders’ Equity – The Estée Lauder Companies Inc.
|  |  |  |  |  | Three Months Ended September 30
(In millions, except per share data) |  |  |  |  |  |  |  |  |  | 2024 |  | 2023
Common stock, beginning of the period |  |  |  |  |  |  |  |  |  | $ | 6 |  |  | $ | 6 |
Stock-based compensation |  |  |  |  |  |  |  |  |  | — |  |  | — |
Common stock, end of the period |  |  |  |  |  |  |  |  |  | 6 |  |  | 6 |
Paid-in capital, beginning of the period |  |  |  |  |  |  |  |  |  | 6,685 |  |  | 6,153 |
Common stock dividends |  |  |  |  |  |  |  |  |  | 3 |  |  | 2 |
Stock-based compensation |  |  |  |  |  |  |  |  |  | 90 |  |  | 94 |
Paid-in capital, end of the period |  |  |  |  |  |  |  |  |  | 6,778 |  |  | 6,249 |
Retained earnings, beginning of the period |  |  |  |  |  |  |  |  |  | 13,427 |  |  | 13,991 |
Common stock dividends |  |  |  |  |  |  |  |  |  | (240) |  |  | (238) |
Net earnings (loss) attributable to The Estée Lauder Companies Inc. |  |  |  |  |  |  |  |  |  | (156) |  |  | 31 |
Retained earnings, end of the period |  |  |  |  |  |  |  |  |  | 13,031 |  |  | 13,784 |
Accumulated other comprehensive loss, beginning of the period |  |  |  |  |  |  |  |  |  | (1,140) |  |  | (934) |
Other comprehensive earnings (loss) attributable to The Estée Lauder Companies Inc. |  |  |  |  |  |  |  |  |  | 83 |  |  | (129) |
Accumulated other comprehensive loss, end of the period |  |  |  |  |  |  |  |  |  | (1,057) |  |  | (1,063) |
Treasury stock, beginning of the period |  |  |  |  |  |  |  |  |  | (13,664) |  |  | (13,631) |
Stock-based compensation |  |  |  |  |  |  |  |  |  | (10) |  |  | (3) |
Treasury stock, end of the period |  |  |  |  |  |  |  |  |  | (13,674) |  |  | (13,634) |
Total equity |  |  |  |  |  |  |  |  |  | $ | 5,084 |  |  | $ | 5,342 |
Redeemable noncontrolling interest, beginning of the period |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 832 |
Net earnings attributable to redeemable noncontrolling interest |  |  |  |  |  |  |  |  |  | — |  |  | 5 |
Translation adjustments |  |  |  |  |  |  |  |  |  | — |  |  | (11) |
Redeemable noncontrolling interest, end of the period |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 826 |
Cash dividends declared per common share |  |  |  |  |  |  |  |  |  | $ | .66 |  |  | $ | .66 |
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 three months ended September 30, 2024:
Date Declared |  | Record Date |  | Payable Date |  | Amount per Share
August 16, 2024 |  | August 30, 2024 |  | September 16, 2024 |  | $ | .66 |
On October 30, 2024, a dividend was declared in the amount of $.35 per share on the Company’s Class A and Class B Common Stock. The dividend is payable in cash on December 16, 2024 to stockholders of record at the close of business on November 29, 2024. Common Stock Beginning in December 2022, we suspended the repurchase of shares of our Class A Common Stock under our publicly announced program. 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 three months ended September 30, 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, 2024 |  | $ | 57 |  |  | $ | (5) |  |  | $ | (183) |  |  | $ | (1,009) |  |  | $ | (1,140) |
OCI before reclassifications (3) |  | (36) |  |  | 12 |  |  | — |  |  | 115 |  | (1) | 91 |
Amounts reclassified to Net loss |  | (7) |  |  | (3) |  |  | 2 |  |  | — |  |  | (8) |
Net current-period OCI |  | (43) |  |  | 9 |  |  | 2 |  |  | 115 |  |  | 83 |
Balance at September 30, 2024 |  | $ | 14 |  |  | $ | 4 |  |  | $ | (181) |  |  | $ | (894) |  |  | $ | (1,057) |
(1)See Note 4 – 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 (benefit) included in Net Cash Flow Hedge Gain (Loss), Cross-Currency Swap Contracts and Translation Adjustments are $(11) million, $4 million, and $(7) million, respectively. The following table represents the effects of reclassification adjustments from AOCI into net earnings for the three months ended September 30, 2024 and 2023:
|  |  |  |  |  | Amount Reclassified from AOCI |  |  |  |  |  | Affected Line Item in Consolidated Statements of Earnings (Loss)
|  |  |  | Three Months Ended September 30 |  |  |
(In millions) |  |  |  |  |  | 2024 |  | 2023 |  |  |  |  |
Gain (Loss) on Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  | $ | 10 |  |  | $ | 9 |  |  |  |  |  |  | Net sales
Provision for income taxes |  |  |  |  |  | (3) |  |  | (2) |  |  |  |  |  |  | Provision (benefit) for income taxes
|  |  |  |  |  | 7 |  |  | 7 |  |  |  |  |  |  | Net earnings (loss)
Cross-Currency Swap Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on cross-currency swap contracts |  |  |  |  |  | 4 |  |  | 5 |  |  |  |  |  |  | Selling, general and administrative
Provision for income taxes |  |  |  |  |  | (1) |  |  | (1) |  |  |  |  |  |  | Provision (benefit) for income taxes
|  |  |  |  |  | 3 |  |  | 4 |  |  |  |  |  |  | Net earnings (loss)
Retirement Plan and Other Retiree Benefit Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of prior service cost |  |  |  |  |  | 2 |  |  | — |  |  |  |  |  |  | Other components of net periodic benefit cost
Amortization of actuarial gain |  |  |  |  |  | (4) |  |  | 1 |  |  |  |  |  |  | Other components of net periodic benefit cost
|  |  |  |  |  | (2) |  |  | 1 |  |  |  |  |  |  | Other components of net periodic benefit cost
Provision for income taxes |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | Provision (benefit) for income taxes
|  |  |  |  |  | (2) |  |  | 1 |  |  |  |  |  |  | Net earnings (loss)
Total reclassification adjustments, net |  |  |  |  |  | $ | 8 |  |  | $ | 12 |  |  |  |  |  |  | Net earnings (loss)

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