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EQUITY
3 Months Ended
Sep. 30, 2013
EQUITY  
EQUITY

NOTE 10 — EQUITY

 

 

 

Total Stockholders’ Equity — The Estée Lauder Companies Inc.

 

Non-

 

 

 

(In millions)

 

Common
Stock

 

Paid-in
Capital

 

Retained
Earnings

 

AOCI

 

Treasury
Stock

 

Total

 

controlling
Interests

 

Total
Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2013

 

$

5.6

 

$

2,289.9

 

$

5,364.1

 

$

(157.5

)

$

(4,215.2

)

$

3,286.9

 

$

15.0

 

$

3,301.9

 

Net earnings

 

 

 

300.7

 

 

 

300.7

 

1.1

 

301.8

 

Common stock dividends - cash

 

 

 

(70.1

)

 

 

(70.1

)

 

(70.1

)

Other comprehensive income

 

 

 

 

61.2

 

 

61.2

 

0.6

 

61.8

 

Acquisition of treasury stock

 

 

 

 

 

(41.8

)

(41.8

)

 

(41.8

)

Stock-based compensation

 

 

76.0

 

 

 

(17.1

)

58.9

 

 

58.9

 

Balance at September 30, 2013

 

$

5.6

 

$

2,365.9

 

$

5,594.7

 

$

(96.3

)

$

(4,274.1

)

$

3,595.8

 

$

16.7

 

$

3,612.5

 

 

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, 2013:

 

Date Declared

 

Record Date

 

Payable Date

 

Amount per Share

 

 

 

 

 

 

 

 

 

August 14, 2013

 

August 30, 2013

 

September 16, 2013

 

$

.18

 

 

On October 30, 2013, a quarterly dividend was declared in the amount of $.20 per share on the Company’s Class A and Class B Common Stock.  The dividend is payable in cash on December 16, 2013 to stockholders of record at the close of business on November 29, 2013.

 

Common Stock

 

During the three months ended September 30, 2013, the Company purchased approximately 0.9 million shares of its Class A Common Stock for $59.5 million.

 

During the three months ended September 30, 2013, approximately 0.3 million shares of the Company’s Class B Common Stock were converted into the Company’s Class A Common Stock.

 

Accumulated Other Comprehensive Income (Loss)

 

The following table represents changes in AOCI, net of tax, by component for the three months ended September 30, 2013:

 

(In millions)

 

Net
Unrealized
Investment
Gain (Loss)

 

Net
Derivative
Instrument
Gain (Loss)

 

Amounts
Included in
Net Periodic
Benefit Cost

 

Translation
Adjustments

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2013

 

$

0.8

 

$

18.3

 

$

(213.7

)

$

37.1

 

$

(157.5

)

OCI before reclassifications

 

0.2

 

(8.7

)

(4.1

)(1)

72.5

 

59.9

 

Amounts reclassified from AOCI

 

 

(2.5

)

3.8

 

 

1.3

 

Net current-period OCI

 

0.2

 

(11.2

)

(0.3

)

72.5

 

61.2

 

Balance at September 30, 2013

 

$

1.0

 

$

7.1

 

$

(214.0

)

$

109.6

 

$

(96.3

)

 

(1) Includes foreign currency translation losses of $5.4 million.

 

The following table represents the effects of reclassification adjustments from AOCI into net earnings for the three months ended September 30, 2013:

 

 

 

Amount Reclassified
from AOCI

 

 

 

(In millions)

 

Three Months Ended
September 30, 2013

 

Affected Line Item in Consolidated
Statement of Earnings

 

 

 

 

 

 

 

Gain (Loss) on Cash-Flow Hedges

 

 

 

 

 

Foreign currency forward contracts

 

$

1.4

 

Cost of sales

 

Foreign currency forward contracts

 

2.4

 

Selling, general and administrative

 

 

 

3.8

 

Earnings before income taxes

 

Benefit (provision) for deferred taxes

 

(1.4

)

Provision for income taxes

 

 

 

$

2.4

 

Net earnings

 

 

 

 

 

 

 

Gain (Loss) on Fair-Value Hedges

 

 

 

 

 

Settled interest rate-related derivatives

 

$

0.1

 

Interest expense, net

 

Benefit (provision) for deferred taxes

 

 

Provision for income taxes

 

 

 

$

0.1

 

Net earnings

 

 

 

 

 

 

 

Amounts Included in Net Periodic Benefit Cost

 

 

 

 

 

Amortization of prior service cost

 

$

(1.1

)

(1)

 

Amortization of actuarial loss

 

(4.3

)

(1)

 

 

 

(5.4

)

Earnings before income taxes

 

Benefit (provision) for deferred taxes

 

1.6

 

Provision for income taxes

 

 

 

$

(3.8

)

Net earnings

 

Total reclassification adjustments, net

 

$

(1.3

)

Net earnings

 

 

(1) See Note 6 — Pension and Post-Retirement Benefit Plans for additional information.