Cash Flow Statement

The cash flow statement provides information about a company 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 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

US$ in millions

12 months ended:	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
Net earnings	1,010)	2,408)	2,875)	696)	1,794)	1,117)
Depreciation and amortization	744)	727)	651)	611)	557)	531)
Deferred income taxes	(186)	(149)	(230)	(143)	(66)	175)
Non-cash stock-based compensation	267)	331)	327)	213)	243)	236)
Net loss on disposal of property, plant and equipment	13)	8)	23)	20)	17)	15)
Non-cash restructuring and other charges	36)	14)	76)	20)	—)	1)
Pension and post-retirement benefit expense	53)	78)	95)	82)	72)	73)
Pension and post-retirement benefit contributions	(49)	(56)	(59)	(73)	(53)	(85)
Goodwill, other intangible and long-lived asset impairments	207)	241)	188)	1,426)	90)	—)
Changes in fair value of contingent consideration	—)	—)	(2)	(17)	(37)	(43)
Gain on liquidation of an investment in a foreign subsidiary, net	—)	—)	—)	—)	(71)	—)
Gain on previously held equity method investment	—)	(1)	(847)	(534)	—)	—)
Other non-cash items	(8)	(7)	(20)	(10)	(27)	(22)
(Increase) decrease in accounts receivable, net	185)	(10)	(398)	625)	(169)	(105)
(Increase) decrease in inventory and promotional merchandise	(64)	(602)	(140)	(3)	(375)	(147)
(Increase) decrease in other assets, net	26)	(101)	13)	(212)	(62)	12)
Increase (decrease) in accounts payable	(333)	210)	440)	(308)	319)	349)
Increase (decrease) in other accrued and noncurrent liabilities	(129)	1)	695)	(169)	285)	466)
Increase (decrease) in operating lease assets and liabilities, net	(41)	(52)	(56)	56)	—)	—)
Changes in operating assets and liabilities	(356)	(554)	554)	(11)	(2)	575)
Adjustments to reconcile net earnings to net cash flows from operating activities	721)	632)	756)	1,584)	723)	1,456)
Net cash flows provided by operating activities	1,731)	3,040)	3,631)	2,280)	2,517)	2,573)
Capital expenditures	(1,003)	(1,040)	(637)	(623)	(744)	(629)
Proceeds from purchase price refund	—)	—)	32)	—)	—)	—)
Payments for acquired businesses, net of cash acquired	—)	(3)	(1,065)	(1,047)	—)	(11)
Purchases of other intangible assets	(2,286)	—)	—)	—)	—)	—)
Proceeds from the disposition of investments	—)	—)	—)	—)	1,229)	749)
Purchases of investments	(8)	(10)	(42)	(5)	(14)	(478)
Proceeds from sale of property, plant and equipment	—)	—)	—)	—)	2)	—)
Settlement of net investment hedges	80)	108)	(152)	(23)	—)	—)
Net cash flows (used for) provided by investing activities	(3,217)	(945)	(1,864)	(1,698)	473)	(369)
Proceeds (repayments) of current debt, net	983)	(4)	(744)	755)	(171)	(8)
Proceeds from issuance of long-term debt, net	1,995)	—)	596)	2,481)	—)	—)
Debt issuance costs	(15)	(1)	(4)	(18)	—)	—)
Repayments and redemptions of long-term debt	(265)	(18)	(459)	(513)	(1)	(2)
Net proceeds from stock-based compensation transactions	88)	151)	215)	180)	192)	182)
Payment for acquisition of noncontrolling interest	—)	(15)	—)	—)	—)	—)
Payments to acquire treasury stock	(271)	(2,309)	(733)	(893)	(1,555)	(759)
Dividends paid to stockholders	(925)	(840)	(753)	(503)	(609)	(546)
Payments to noncontrolling interest holders for dividends	—)	—)	(8)	(10)	(6)	(4)
Payments of contingent consideration	—)	—)	(2)	(18)	(23)	(35)
Net cash flows provided by (used for) financing activities	1,590)	(3,036)	(1,892)	1,461)	(2,173)	(1,172)
Effect of exchange rate changes on Cash and cash equivalents	(32)	(60)	61)	(8)	(11)	13)
Net increase (decrease) in Cash and cash equivalents	72)	(1,001)	(64)	2,035)	806)	1,045)
Cash and cash equivalents at beginning of year	3,957)	4,958)	5,022)	2,987)	2,181)	1,136)
Cash and cash equivalents at end of year	4,029)	3,957)	4,958)	5,022)	2,987)	2,181)

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

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Cash flow statement item	Description	The company
Net cash flows provided by 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. net cash flows provided by operating activities decreased from 2021 to 2022 and from 2022 to 2023.
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. net cash flows (used for) provided by investing activities increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
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. net cash flows provided by (used for) financing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Estée Lauder Cos. Inc. (NYSE:EL)

Cash Flow Statement