The Estée Lauder Companies Inc. (EL) 10-Q 2 Nov 21 2022 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	3 Months Ended
	Sep. 30, 2021	Oct. 26, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	1-14064
Entity Registrant Name	Estée Lauder Companies Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-2408943
Entity Address, Address Line One	767 Fifth Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10153
City Area Code	212
Local Phone Number	572-4200
Title of 12(b) Security	Class A Common Stock, $.01 par value
Trading Symbol	EL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001001250
Amendment Flag	false
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		231,705,365
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		128,242,029

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net sales	$ 4,392	$ 3,562
Cost of sales	1,057	825
Gross profit	3,335	2,737
Operating expenses
Selling, general and administrative	2,394	2,026
Restructuring and other charges	6	6
Total operating expenses	2,400	2,032
Operating income	935	705
Interest expense	42	45
Interest income and investment income, net	4	14
Other components of net periodic benefit cost	1	3
Other income	1	0
Earnings before income taxes	897	671
Provision for income taxes	202	146
Net earnings	695	525
Net earnings attributable to noncontrolling interests	(1)	(2)
Net earnings attributable to redeemable noncontrolling interest	(2)	0
Net earnings attributable to The Estée Lauder Companies Inc.	$ 692	$ 523
Net earnings attributable to The Estée Lauder Companies Inc. per common share
Basic (in dollars per share)	$ 1.91	$ 1.44
Diluted (in dollars per share)	$ 1.88	$ 1.42
Weighted-average common shares outstanding
Basic (in shares)	362.2	362.1
Diluted (in shares)	367.9	367.2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 695	$ 525
Other comprehensive income (loss):
Net cash flow hedge gain (loss)	21	(31)
Retirement plan and other retiree benefit adjustments	4	6
Translation adjustments	(186)	78
Benefit (provision) for income taxes on components of other comprehensive income	(12)	18
Total other comprehensive income (loss), net of tax	(173)	71
Comprehensive income	522	596
Comprehensive income attributable to noncontrolling interests:
Net earnings	(1)	(2)
Translation adjustments	1	0
Total comprehensive income attributable to noncontrolling interests	0	(2)
Comprehensive income attributable to redeemable noncontrolling interest:
Net earnings	(2)	0
Translation adjustments	17	0
Total comprehensive income attributable to redeemable noncontrolling interest	15	0
Comprehensive income attributable to The Estée Lauder Companies Inc.	$ 537	$ 594

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Current assets
Cash and cash equivalents	$ 3,995	$ 4,958
Accounts receivable, net	2,265	1,702
Inventory and promotional merchandise	2,633	2,505
Prepaid expenses and other current assets	593	603
Total current assets	9,486	9,768
Property, plant and equipment, net	2,358	2,280
Other assets
Operating lease right-of-use assets	2,113	2,190
Goodwill	2,575	2,616
Other intangible assets, net	3,923	4,095
Other assets	1,125	1,022
Total other assets	9,736	9,923
Total assets	21,580	21,971
Current liabilities
Current debt	281	32
Accounts payable	1,485	1,692
Operating lease liabilities	371	379
Other accrued liabilities	3,182	3,195
Total current liabilities	5,319	5,298
Noncurrent liabilities
Long-term debt	5,267	5,537
Long-term operating lease liabilities	2,073	2,151
Other noncurrent liabilities	1,964	2,037
Total noncurrent liabilities	9,304	9,725
Contingencies
Redeemable Noncontrolling Interest	842	857
Equity
Common stock, $.01 par value; Class A shares authorized: 1,300,000,000 at September 30, 2021 and June 30, 2021; shares issued: 463,201,084 at September 30, 2021 and 462,633,034 at June 30, 2021; Class B shares authorized: 304,000,000 at September 30, 2021 and June 30, 2021; shares issued and outstanding: 128,242,029 at September 30, 2021 and 128,242,029 at June 30, 2021	6	6
Paid-in capital	5,450	5,335
Retained earnings	12,864	12,244
Accumulated other comprehensive loss	(625)	(470)
Stockholders' equity before treasury stock	17,695	17,115
Less: Treasury stock, at cost; 230,791,699 Class A shares at September 30, 2021 and 229,115,665 Class A shares at June 30, 2021	(11,614)	(11,058)
Total stockholders’ equity – The Estée Lauder Companies Inc.	6,081	6,057
Noncontrolling interests	34	34
Total equity	6,115	6,091
Total liabilities, redeemable noncontrolling interest and equity	$ 21,580	$ 21,971

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Jun. 30, 2021
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Treasury stock, shares	230,791,699	229,115,665
Common Class A
Common stock, shares authorized	1,300,000,000	1,300,000,000
Common stock, shares issued	463,201,084	462,633,034
Common Class B
Common stock, shares authorized	304,000,000	304,000,000
Common stock, shares issued	128,242,029	128,242,029
Common stock, shares outstanding	128,242,029	128,242,029

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net earnings	$ 695	$ 525
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	183	156
Deferred income taxes	(57)	(39)
Non-cash stock-based compensation	79	64
Net loss on disposal of property, plant and equipment	1	2
Non-cash restructuring and other charges	2	0
Pension and post-retirement benefit expense	21	23
Pension and post-retirement benefit contributions	(11)	(7)
Gain on previously held equity method investment	(1)	0
Other non-cash items	3	(10)
Changes in operating assets and liabilities:
Increase in accounts receivable, net	(583)	(607)
Increase in inventory and promotional merchandise	(178)	(94)
Decrease (increase) in other assets, net	(19)	39
Decrease in accounts payable	(191)	(21)
Increase (decrease) in other accrued and noncurrent liabilities	(15)	316
Increase (decrease) in operating lease assets and liabilities, net	(10)	11
Net cash flows provided by (used for) operating activities	(81)	358
Cash flows from investing activities
Capital expenditures	(205)	(116)
Proceeds from purchase price refund	0	32
Payment for acquired business	0	(6)
Purchases of investments	(6)	(40)
Settlement of net investment hedges	58	(112)
Net cash flows used for investing activities	(153)	(242)
Cash flows from financing activities
Proceeds (repayments) of current debt, net	3	(747)
Repayments and redemptions of long-term debt	(4)	(2)
Net proceeds from stock-based compensation transactions	36	58
Payments to acquire treasury stock	(557)	(25)
Dividends paid to stockholders	(192)	(174)
Net cash flows used for financing activities	(714)	(890)
Effect of exchange rate changes on Cash and cash equivalents	(15)	19
Net decrease in Cash and cash equivalents	(963)	(755)
Cash and cash equivalents at beginning of period	4,958	5,022
Cash and cash equivalents at end of period	$ 3,995	$ 4,267

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements include the accounts of The Estée Lauder Companies Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated. The unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim consolidated financial statements furnished reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. Certain prior year amounts in the notes to the consolidated financial statements have been reclassified to conform to current year presentation. Management Estimates The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses reported in those financial statements. Descriptions of the Company’s significant accounting policies are discussed in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. Management evaluates the related estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates and assumptions resulting from continuing changes in the economic environment, including those related to the impacts of the COVID-19 pandemic, will be reflected in the consolidated financial statements in future periods. Currency Translation and Transactions All assets and liabilities of foreign subsidiaries and affiliates are translated at period-end rates of exchange, while revenue and expenses are translated at monthly average rates of exchange for the period. Unrealized translation gains (losses), net of tax, reported as translation adjustments through other comprehensive income (loss) (“OCI”) attributable to The Estée Lauder Companies Inc. were $(175) million and $91 million, net of tax, during the three months ended September 30, 2021 and 2020, respectively. For the Company’s subsidiaries operating in highly inflationary economies, the U.S. dollar is the functional currency. Remeasurement adjustments in financial statements in a highly inflationary economy and other transactional gains and losses are reflected in earnings. These subsidiaries are not material to the Company’s consolidated financial statements or liquidity. The Company enters into foreign currency forward contracts and may enter into option contracts to hedge foreign currency transactions for periods consistent with its identified exposures. The Company also enters into foreign currency forward contracts to hedge a portion of its net investment in certain foreign operations, which are designated as net investment hedges. See Note 5 – Derivative Financial Instruments for further discussion . The Company categorizes these instruments as entered into for purposes other than trading. The accompanying consolidated statements of earnings include net exchange losses on foreign currency transactions of $12 million and $1 million during the three months ended September 30, 2021 and 2020, respectively. Concentration of Credit Risk The Company is a worldwide manufacturer, marketer and seller of skin care, makeup, fragrance and hair care products. The Company’s sales subject to credit risk are made primarily to department stores, perfumeries, specialty multi-brand retailers and retailers in its travel retail business. The Company grants credit to qualified customers. As a result of the COVID-19 pandemic, the Company has enhanced its assessment of its customers' abilities to pay with a greater focus on factors affecting their liquidity and less on historical payment performance. While the Company does not believe it is exposed significantly to any undue concentration of credit risk at this time, it continues to monitor the extent of the impact of the COVID-19 pandemic on its customers' abilities, individually and collectively, to make timely payments. The Company’s largest customer during the quarter sells products primarily in China travel retail and accounted for $456 million, or 10%, and $554 million, or 16%, of the Company's consolidated net sales for the three months ended September 30, 2021 and 2020, respectively. This customer accounted for $301 million , or 13% , and $179 million, or 10%, of the Company's accounts receivable at September 30, 2021 and June 30, 2021, respectively. Another major customer of the Company during the quarter sells products primarily within the United States and accounted for $239 million, or 10%, and $133 million, or 8%, of the Company’s accounts receivable at September 30, 2021 and June 30, 2021, respectively. This customer accounted for $253 million, or 6%, and $181 million, or 5%, of the Company’s consolidated net sales for the three months ended September 30, 2021 and 2020, respectively. Inventory and Promotional Merchandise Inventory and promotional merchandise consists of the following: (In millions) September 30 June 30 Raw materials $ 697 $ 674 Work in process 290 330 Finished goods 1,354 1,213 Promotional merchandise 292 288 $ 2,633 $ 2,505 Property, Plant and Equipment Property, plant and equipment consists of the following: (In millions) September 30 June 30 Assets (Useful Life) Land $ 53 $ 55 Buildings and improvements (10 to 40 years) 257 256 Machinery and equipment (3 to 10 years) 916 920 Computer hardware and software (4 to 10 years) 1,375 1,303 Furniture and fixtures (5 to 10 years) 125 125 Leasehold improvements 2,300 2,312 Construction in progress 744 647 5,770 5,618 Less accumulated depreciation and amortization (3,412) (3,338) $ 2,358 $ 2,280 Depreciation and amortization of property, plant and equipment was $130 million and $125 million during the three months ended September 30, 2021 and 2020, respectively. Depreciation and amortization related to the Company’s manufacturing process is included in Cost of sales, and all other depreciation and amortization is included in Selling, general and administrative expenses in the accompanying consolidated statements of earnings. Income Taxes The effective rate for income taxes was 22.5% and 21.8% for the three months ended September 30, 2021 and 2020, respectively. The increase in the effective tax rate of 70 basis points was primarily attributable to a decrease in excess tax benefits associated with stock-based compensation arrangements and an increase in income tax reserve adjustments, partially offset by a lower effective tax rate on the Company's foreign operations. As of September 30, 2021 and June 30, 2021, the gross amount of unrecognized tax benefits, exclusive of interest and penalties, totaled $71 million and $62 million, respectively. The total amount of unrecognized tax benefits at September 30, 2021 that, if recognized, would affect the effective tax rate was $62 million. The total gross interest and penalties accrued related to unrecognized tax benefits during the three months ended September 30, 2021 in the accompanying consolidated statements of earnings was $3 million. The total gross accrued interest and penalties in the accompanying consolidated balance sheets at September 30, 2021 and June 30, 2021, was $16 million and $14 million, respectively. On the basis of the information available as of September 30, 2021, it is reasonably possible that the total amount of unrecognized tax benefits could decrease in a range of $5 million to $10 million within the next twelve months as a result of projected resolutions of global tax examinations and controversies and a potential lapse of the applicable statutes of limitations. During the fiscal 2022 first quarter, the Company formally concluded the compliance process with respect to its fiscal 2020 income tax return under the U.S. Internal Revenue Service (“IRS”) Compliance Assurance Program (“CAP”), which had no impact on the Company’s consolidated financial statements for the three months ended September 30, 2021. Other Accrued and Noncurrent Liabilities Other accrued liabilities consist of the following: (In millions) September 30 June 30 Advertising, merchandising and sampling $ 348 $ 294 Employee compensation 456 670 Deferred revenue 379 322 Payroll and other non-income taxes 311 359 Accrued income taxes 336 237 Sales return accrual 378 369 Other 974 944 $ 3,182 $ 3,195 At September 30, 2021 and June 30, 2021, total Other noncurrent liabilities of $1,964 million and $2,037 million included $805 million and $849 million of deferred tax liabilities, respectively. Recently Adopted Accounting Standards Income Taxes (ASU 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes) In December 2019, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that simplifies the accounting for income taxes by removing certain exceptions and making simplifications in other areas. Effective for the Company – Fiscal 2022 first quarter. Impact on consolidated financial statements – On July 1, 2021, the Company adopted this standard and recorded a cumulative adjustment of $121 million as an increase to its fiscal 2022 opening retained earnings balance to derecognize a deferred tax liability related to a previously held equity method investment that became a foreign subsidiary. Recently Issued Accounting Standards Reference Rate Reform (ASC Topic 848) In March 2020, the FASB issued authoritative guidance to provide optional relief for companies preparing for the discontinuation of interest rates such as the London Interbank Offered Rate (“LIBOR”) and applies to lease contracts, hedging instruments, held-to-maturity debt securities and debt arrangements that have LIBOR as the benchmark rate. In January 2021, the FASB issued authoritative guidance that makes amendments to the new rules on accounting for reference rate reform. The amendments clarify that for all derivative instruments affected by the changes to interest rates used for discounting, margining or contract price alignment, regardless of whether they reference LIBOR or another rate expected to be discontinued as a result of reference rate reform, an entity may apply certain practical expedients in ASC Topic 848. Effective for the Company – This guidance can be applied for a limited time through December 31, 2022. The guidance will no longer be available to apply after December 31, 2022. Impact on consolidated financial statements – The Company currently has an implementation team in place that is performing a comprehensive evaluation and assessing the impact of applying this guidance on its existing derivative contracts, leases and other arrangements, as well as when to adopt this guidance. No other recently issued accounting pronouncements are expected to have a material impact on the Company’s consolidated financial statements.

ACQUISITION OF BUSINESSES

ACQUISITION OF BUSINESSES	3 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITION OF BUSINESSES	ACQUISITION OF BUSINESS On May 18, 2021, the Company acquired additional shares in Deciem Beauty Group Inc. ( “ DECIEM ”) , a Toronto-based skin care company, for $1,092 million in cash, including proceeds from the issuance of debt. DECIEM is a multi-brand beauty company with a brand portfolio that includes The Ordinary and NIOD. This acquisition is expected to further strengthen the Company’s leadership position in prestige skin care, expand its global consumer reach and complement its business in the online and specialty-multi channels. The Company originally acquired a minority interest in DECIEM in June 2017. The minority interest was accounted for as an equity method investment, which had a carrying value of $65 million at the acquisition date. The acquisition of additional shares increased the Company's fully diluted equity interest from approximately 29% to approximately 76% and was considered a step acquisition. On a fully diluted basis, the DECIEM stock options, discussed below, approximated 4% of the total capital structure. Accordingly, for purposes of determining the consideration transferred, the Company excluded the DECIEM stock options, which resulted in an increase in the Company’s post-acquisition undiluted equity interest from approximately 30% to approximately 78% and the post-acquisition undiluted equity interest of the remaining noncontrolling interest holders of approximately 22%. The Company remeasured the previously held equity method investment to its fair value of $913 million, resulting in the recognition of a gain of $848 million. As part of the increase in the Company's investment, the Company was granted the right to purchase (“Call Option”), and granted the remaining investors a right to sell to the Company (“Put Option”), the remaining interests after a three-year period, with a purchase price based on the future performance of DECIEM (the “net Put (Call) Option”). As a result of this redemption feature, the Company recorded redeemable noncontrolling interest, at its acquisition‑date fair value, that is classified as mezzanine equity in the consolidated balance sheets at June 30, 2021. As of September 30, 2021, the accounting for the DECIEM business combination is provisional pending the finalization of the opening balance sheet, the final valuation report, and allocation of the total consideration transferred. A summary of the total consideration transferred, including immaterial measurement period adjustments as of September 30, 2021, is as follows: (In millions) September 30, 2021 Cash paid/payable $ 1,095 Fair value of DECIEM stock options liability 104 Fair value of net Put (Call) Option 233 Total consideration for the acquired ownership interest (approximately 47.9%) 1,432 Fair value of previously held equity method investment (approximately 30.5%) 913 Fair value of redeemable noncontrolling interest (approximately 21.6%) 648 Total consideration transferred (100%) $ 2,993 As part of the acquisition of additional shares, DECIEM stock options were issued in replacement of and exchange for certain vested and unvested stock options previously issued by DECIEM. The total fair value of the DECIEM stock options of $295 million was recorded as part of the total consideration transferred, comprising of $191 million of Cash paid for vested options settled as of the acquisition date and $104 million reported as a stock options liability on the Company's consolidated balance sheet as it is not an assumed liability of DECIEM and is expected to be settled in cash upon completion of the exercise of the Put (Call). The acquisition-date fair value of the DECIEM stock options liability was calculated by multiplying the acquisition-date fair value by the number of DECIEM stock options replaced the day after the acquisition date. The stock options replaced consist of vested and partially vested stock options. See Note 10 – Stock Programs for information relating to the DECIEM stock options. The acquisition-date fair value of the previously held equity method investment was calculated by multiplying the gross-up of the total consideration for the acquired ownership interest of $2,993 million by the related effective previously held equity interest of approximately 30.5%. The acquisition-date fair value of the redeemable noncontrolling interest includes the acquisition-date fair value of the net Put (Call) Option of $233 million. The remaining acquisition-date fair value of the redeemable noncontrolling interest of $648 million was calculated by multiplying the gross-up of the total consideration for the acquired ownership interest of $2,993 million by the related noncontrolling interest of approximately 21.6%. The acquisition-date fair values of the DECIEM stock options and the net Put (Call) Option were calculated by incorporating significant assumptions including the starting equity value, revenue growth rates and EBITDA and the following key assumptions into the Monte Carlo Method: May 18, 2021 Risk-free rate 0.50% Term to mid of last twelve-month period 2.54 years Operating leverage adjustment 0.45 Net sales discount rate 3.30% EBITDA discount rate 6.80% EBITDA volatility 38.30% Net sales volatility 17.20% The Company recorded a preliminary allocation of the total consideration transferred to the tangible and identifiable intangible assets acquired and liabilities assumed based on their fair value at the acquisition date. The total consideration transferred includes the cash paid at closing, the fair value of its previously held equity method investment, the fair value of the redeemable noncontrolling interest, including the fair value of the net Put (Call) Option, and the fair value of the DECIEM stock options liability. The excess of the total consideration transferred over the fair value of the net tangible and intangible assets acquired was recorded as goodwill. To determine the acquisition date estimated fair value of intangible assets acquired, the Company applied the income approach, specifically the multi-period excess earnings method for customer relationships and the relief-from-royalty method for trademarks. The significant assumptions used in these approaches include revenue growth rates and profit margins, terminal values, weighted-average cost of capital used to discount future cash flows, and a customer attrition rate for customer relationships and royalty rates for trademarks. The preliminary allocation of the total consideration transferred, including immaterial measurement period adjustments as of September 30, 2021, has been recorded as follows: (In millions) September 30, 2021 Cash $ 35 Accounts receivable 64 Inventory 192 Other current assets 33 Property, plant and equipment 40 Operating lease right-of-use assets 40 Intangible assets 1,917 Goodwill 1,297 Total assets acquired 3,618 Accounts payable 21 Operating lease liabilities 8 Other accrued liabilities 67 Deferred income taxes 485 Long-term operating lease liabilities 44 Total liabilities assumed 625 Total consideration transferred $ 2,993 The results of operations for DECIEM and acquisition-related costs were not material to the Company's consolidated statements of earnings for the three months ended September 30, 2021. Pro forma results of operations reflecting the acquisition of DECIEM are not presented, as the impact on the Company’s consolidated financial results would not have been material.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	GOODWILL AND OTHER INTANGIBLE ASSETS As previously discussed in Note 2 – Acquisition of Business , in May 2021 the Company increased its investment in DECIEM, which resulted in the inclusion of additional goodwill of $1,297 million, amortizable intangible assets (customer lists) of $701 million with amortization periods of 7 years to 14 years, and non-amortizable intangible assets (trademarks) of $1,216 million. Goodwill associated with the acquisition is primarily attributable to the future revenue growth opportunities associated with sales growth in the skin care category, as well as the value associated with DECIEM's assembled workforce. As such, the goodwill has been allocated to the Company’s skin care product category. The goodwill recorded in connection with this acquisition will not be deductible for tax purposes. These amounts are provisional pending finalization of the opening balance sheet, the final valuation report, and allocation of the total consideration transferred. Goodwill The following table presents goodwill by product category and the related change in the carrying amount: (In millions) Skin Care Makeup Fragrance Hair Care Total Balance as of June 30, 2021 Goodwill $ 1,786 $ 1,214 $ 262 $ 355 $ 3,617 Accumulated impairments (141) (830) (30) — (1,001) 1,645 384 232 355 2,616 Goodwill measurement period adjustment 14 — — — 14 Translation adjustments and write-offs, goodwill (53) — (3) — (56) Translation adjustments and write-offs, accumulated impairments 1 — — — 1 (38) — (3) — (41) Balance as of September 30, 2021 Goodwill 1,747 1,214 259 355 3,575 Accumulated impairments (140) (830) (30) — (1,000) $ 1,607 $ 384 $ 229 $ 355 $ 2,575 Other Intangible Assets Other intangible assets consist of the following: September 30, 2021 June 30, 2021 (In millions) Gross Accumulated Total Net Gross Accumulated Total Net Amortizable intangible assets: Customer lists and other $ 2,209 $ 583 $ 1,626 $ 2,273 $ 544 $ 1,729 License agreements 43 43 — 43 43 — $ 2,252 $ 626 1,626 $ 2,316 $ 587 1,729 Non-amortizable intangible assets: Trademarks and other 2,297 2,366 Total intangible assets $ 3,923 $ 4,095 The aggregate amortization expense related to amortizable intangible assets was $45 million and $25 million for the three months ended September 30, 2021 and 2020, respectively. The estimated aggregate amortization expense for the remainder of fiscal 2022 and for each of the next four fiscal years is as follows: Fiscal (In millions) 2022 2023 2024 2025 2026 Estimated aggregate amortization expense $ 116 $ 155 $ 154 $ 154 $ 154

CHARGES ASSOCIATED WITH RESTRUC

CHARGES ASSOCIATED WITH RESTRUCTURING AND OTHER ACTIVITIES	3 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
CHARGES ASSOCIATED WITH RESTRUCTURING AND OTHER ACTIVITIES	CHARGES ASSOCIATED WITH RESTRUCTURING AND OTHER ACTIVITIES Charges associated with the Post-COVID Business Acceleration Program for the three months ended September 30, 2021 were as follows: Sales Cost of Sales Operating Expenses Total (In millions) Restructuring Other Total $ 1 $ (1) $ — $ 2 $ 2 Charges associated with restructuring and other activities are not allocated to the Company's product categories or geographic regions because they are centrally directed and controlled, are not included in internal measures of product category or geographic region performance and result from activities that are deemed Company-wide initiatives to redesign, resize and reorganize select areas of the business. Post-COVID Business Acceleration Program On August 20, 2020, the Company announced a two-year restructuring program, Post-COVID Business Acceleration Program (the “PCBA Program”), designed to realign the Company's business to address the dramatic shifts to its distribution landscape and consumer behaviors in the wake of the COVID-19 pandemic. The PCBA Program is designed to help improve efficiency and effectiveness by rebalancing resources to growth areas of prestige beauty. It is expected to further strengthen the Company by building upon the foundational capabilities in which the Company has invested. The PCBA Program’s main areas of focus include accelerating the shift to online with the realignment of the Company’s distribution network reflecting freestanding store and certain department store closures, with a focus on North America and Europe, the Middle East & Africa; the reduction in brick-and-mortar point of sale employees and related support staff; and the redesign of the Company’s regional branded marketing organizations, plus select opportunities in global brands and functions. This program is expected to position the Company to better execute its long-term strategy while strengthening its financial flexibility. As of September 30, 2021, the Company estimates a net reduction over the duration of the PCBA Program in the range of 2,000 to 2,500 positions globally, including temporary and part-time employees. This reduction takes into account the elimination of some positions, retraining and redeployment of certain employees and investment in new positions in key areas. The Company also estimates the closure over the duration of the PCBA Program of approximately 10% to 15% of its freestanding stores globally, primarily in Europe, the Middle East & Africa and in North America. The Company plans to approve specific initiatives under the PCBA Program through fiscal 2022 and expects to complete those initiatives through fiscal 2023. The Company expects that the PCBA Program will result in related restructuring and other charges totaling between $400 million and $500 million, before taxes. PCBA Program Approvals Total PCBA Program cumulative charges (adjustments) approved by the Company through September 30, 2021 were: Sales Cost of Sales Operating Expenses Total (In millions) Restructuring Other Total Charges (Adjustments) Approved Cumulative through June 30, 2021 $ 42 $ (6) $ 257 $ 21 $ 314 Three months ended September 30, 2021 (20) 9 (8) 1 (18) Cumulative through September 30, 2021 $ 22 $ 3 $ 249 $ 22 $ 296 Included in the above table, cumulative PCBA Program restructuring initiatives approved by the Company through September 30, 2021 by major cost type were: (In millions) Employee- Asset- Contract Other Exit Total Restructuring Charges Approved Cumulative through June 30, 2021 $ 132 $ 108 $ 13 $ 4 $ 257 Three months ended September 30, 2021 (8) 2 (2) — (8) Cumulative through September 30, 2021 $ 124 $ 110 $ 11 $ 4 $ 249 Specific actions taken since the PCBA Program inception include: • Optimize Distribution Network – To help restore profitability to pre-COVID-19 pandemic levels in certain areas of its distribution network and, as part of a broader initiative to be completed in phases, the Company has approved initiatives to close a number of underperforming freestanding stores, counters and other retail locations, mainly in certain affiliates across all geographic regions, including the Company's travel retail network. These anticipated closures reflect changing consumer behaviors including higher demand for online and omnichannel capabilities. These activities will result in a net reduction in workforce, inventory and other asset write-offs, product returns, and termination of contracts. • Optimize Digital Organization and Other Go-To-Market Organizations – The Company approved initiatives to enhance its go-to-market capabilities and shift more resources to support online growth. These actions will result in a net reduction of the workforce, which includes position eliminations, the re-leveling of certain positions and an investment in new capabilities. • Optimize Select Marketing, Brand and Global Functions – The Company has started to reduce its corporate office footprint and is moving toward the future of work in a post-COVID environment, by restructuring where and how its employees work and collaborate. These actions will result primarily in lease termination fees. • Exit of the Global Distribution of BECCA Products – In reviewing the Company's brand portfolio to improve efficiency and the sustainability of long-term investments, the decision was made to exit the global distribution of BECCA products due to its limited distribution, the ongoing decline in product demand and the challenging environment caused by the COVID-19 pandemic. These activities resulted in charges for the impairment of goodwill and other intangible assets, product returns, termination of contracts, and employee severance. The Company expects to substantially complete these initiatives during fiscal 2022. • Exit of Certain Designer Fragrance Licenses – In reviewing the Company’s brand portfolio of fragrances and to focus on investing its resources on alternative opportunities for long-term growth and value creation globally, the Company announced that it is not renewing its existing license agreements for Donna Karan New York, DKNY, Michael Kors, Tommy Hilfiger and Ermenegildo Zegna when they expire in June 2023. The Company expects to continue to sell products under these licenses through June 30, 2022. These actions resulted in, or are expected to result in, employee-related costs, asset write-offs, including charges for the impairment of goodwill, and consulting and legal fees. PCBA Program Restructuring and Other Charges Restructuring charges are comprised of the following: Employee-Related Costs – Employee-related costs are primarily comprised of severance and other post-employment benefit costs, calculated based on salary levels, prior service and other statutory minimum benefits, if applicable. Asset-Related Costs – Asset-related costs primarily consist of asset write-offs or accelerated depreciation related to long-lived assets in certain freestanding stores (including rights associated with commercial operating leases and operating lease right-of-use assets) that will be taken out of service prior to their existing useful life as a direct result of a restructuring initiative. These costs also include goodwill and other intangible asset impairment charges relating to the exit of the global distribution of BECCA products. Contract Terminations – Costs related to contract terminations include continuing payments to a third party after the Company has ceased benefiting from the rights conveyed in the contract, or a payment made to terminate a contract prior to its expiration. Other Exit Costs – Other exit costs related to restructuring activities generally include costs to relocate facilities or employees, recruiting to fill positions as a result of relocation of operations, and employee outplacement for separated employees. Other charges associated with restructuring activities are comprised of the following: Sales Returns and Cost of Sales – Product returns (offset by the related cost of sales) and inventory write-offs or write-downs as a direct result of an approved restructuring initiative to exit certain businesses or locations will be recorded as a component of Net sales and/or Cost of sales when estimable and reasonably assured. Other Charges – The Company approved other charges related to the design and implementation of approved initiatives, which are charged to Operating expenses as incurred and primarily include the following: • Consulting and other professional services for organizational design of the future structures and processes as well as the implementation thereof, • Temporary labor backfill, • Costs to establish and maintain a PMO for the duration of the PCBA Program, including internal costs for employees dedicated solely to project management activities, and other PMO-related expenses incremental to the Company’s ongoing operations (e.g., rent and utilities), and • Recruitment and training costs for new and reskilled employees to acquire and apply the capabilities needed to perform responsibilities as a direct result of an approved restructuring initiative. The Company records approved charges associated with restructuring and other activities once the relevant accounting criteria have been met. Total cumulative charges recorded associated with restructuring and other activities for the PCBA Program were: Sales Cost of Sales Operating Expenses Total (In millions) Restructuring Other Total Charges (Adjustments) Cumulative through June 30, 2021 $ 14 $ 2 $ 201 $ 4 $ 221 Three months ended September 30, 2021 1 (1) — 2 2 Cumulative through September 30, 2021 $ 15 $ 1 $ 201 $ 6 $ 223 (In millions) Employee- Asset- Contract Other Exit Total Restructuring Charges (Adjustments) Cumulative through June 30, 2021 $ 119 $ 75 $ 6 $ 1 $ 201 Three months ended September 30, 2021 (6) 4 2 — — Cumulative through September 30, 2021 $ 113 $ 79 $ 8 $ 1 $ 201 Changes in accrued restructuring charges for the three months ended September 30, 2021 relating to the PCBA Program were: (In millions) Employee- Asset- Contract Other Exit Total Balance at June 30, 2021 $ 101 $ — $ — $ — $ 101 Charges (6) 4 2 — — Cash payments (27) — (1) — (28) Noncash asset write-offs — (4) — — (4) Translation adjustment — — — — — Balance at September 30, 2021 $ 68 $ — $ 1 $ — $ 69 Accrued restructuring charges at September 30, 2021 relating to the PCBA Program are expected to result in cash expenditures funded from cash provided by operations of approximately $46 million, $20 million and $3 million for the remainder of fiscal 2022 and for fiscal 2023 and 2024, respectively. Leading Beauty Forward Program The Company substantially completed initiatives approved under the Leading Beauty Program (the “LBF Program”) through fiscal 2021. Additional information about the LBF Program is included in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTSThe Company addresses certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments. The Company enters into foreign currency forward contracts, and may enter into option contracts, to reduce the effects of fluctuating foreign currency exchange rates. In addition, the Company enters into interest rate derivatives to manage the effects of interest rate movements on the Company’s aggregate liability portfolio, including potential future debt issuances. The Company also enters into foreign currency forward contracts to hedge a portion of its net investment in certain foreign operations, which are designated as net investment hedges. The Company enters into the net investment hedges to offset the risk of changes in the U.S. dollar value of the Company’s investment in these foreign operations due to fluctuating foreign exchange rates. Time value is excluded from the effectiveness assessment and is recognized under a systematic and rational method over the life of the hedging instrument in Selling, general and administrative expenses. The net gain or loss on net investment hedges is recorded within translation adjustments, as a component of accumulated OCI (“AOCI”) on the Company’s consolidated balance sheets, until the sale or substantially complete liquidation of the underlying assets of the Company’s investment. The Company also enters into foreign currency forward contracts, and may use option contracts, not designated as hedging instruments, to mitigate the change in fair value of specific assets and liabilities on the consolidated balance sheets. At September 30, 2021, the notional amount of derivatives not designated as hedging instruments was $3,946 million. The Company does not utilize derivative financial instruments for trading or speculative purposes. Costs associated with entering into derivative financial instruments have not been material to the Company’s consolidated financial results. For each derivative contract entered into, where the Company looks to obtain hedge accounting treatment, the Company formally and contemporaneously documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking the hedge transaction, the nature of the risk being hedged, and how the hedging instruments’ effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively. This process includes linking all derivatives to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. At inception, the Company evaluates the effectiveness of hedge relationships quantitatively, and has elected to perform, after initial evaluation, qualitative effectiveness assessments of certain hedge relationships to support an ongoing expectation of high effectiveness, if effectiveness testing is required. If based on the qualitative assessment, it is determined that a derivative has ceased to be a highly effective hedge, the Company will perform a quantitative assessment to determine whether to discontinue hedge accounting with respect to that derivative prospectively. The fair values of the Company’s derivative financial instruments included in the consolidated balance sheets are presented as follows: Asset Derivatives Liability Derivatives Fair Value (1) Fair Value (1) (In millions) Balance Sheet September 30 June 30 Balance Sheet September 30 June 30 Derivatives Designated as Hedging Instruments: Foreign currency cash flow hedges Prepaid expenses and other current assets $ 21 $ 12 Other accrued liabilities $ 12 $ 20 Net investment hedges Prepaid expenses and other current assets 12 34 Other accrued liabilities — — Interest rate-related derivatives Prepaid expenses and other current assets 9 15 Other accrued liabilities 4 — Total Derivatives Designated as Hedging Instruments 42 61 16 20 Derivatives Not Designated as Hedging Instruments: Foreign currency forward contracts Prepaid expenses and other current assets 28 6 Other accrued liabilities 18 36 Total derivatives $ 70 $ 67 $ 34 $ 56 (1) See Note 6 – Fair Value Measurements for further information about how the fair value of derivative assets and liabilities are determined. The amounts of the gains and losses related to the Company’s derivative financial instruments designated as hedging instruments that are included in the assessment of effectiveness are as follows: Amount of Gain (Loss) Location of Gain (Loss) Reclassified Amount of Gain (Loss) Reclassified from AOCI into Earnings (1) Three Months Ended Three Months Ended (In millions) 2021 2020 2021 2020 Derivatives in Cash Flow Hedging Relationships: Foreign currency forward contracts $ 15 $ (31) Net sales $ (6) $ 1 Interest rate-related derivatives — — Interest expense — (1) 15 (31) (6) — Derivatives in Net Investment Hedging Relationships (2) : Foreign currency forward contracts (3) 36 (63) — — Total derivatives $ 51 $ (94) $ (6) $ — (1) The amount reclassified into earnings as a result of the discontinuance of cash flow hedges because probable forecasted transactions will no longer occur by the end of the original time period was not material. (2) During the three months ended September 30, 2021 and 2020, the gain recognized in earnings from net investment hedges related to the amount excluded from effectiveness testing was $2 million and $5 million, respectively. (3) Included within translation adjustments as a component of AOCI on the Company’s consolidated balance sheets. Amount of Gain (Loss) Recognized in Earnings on Derivatives (1) Location of Gain (Loss) Recognized in Earnings on Derivatives Three Months Ended (In millions) 2021 2020 Derivatives in Fair Value Hedging Relationships: Interest rate swap contracts Interest expense $ (10) $ (2) (1) Changes in the fair value of the interest rate swap agreements are exactly offset by the change in the fair value of the underlying long-term debt. Additional information regarding the cumulative amount of fair value hedging gain (loss) recognized in earnings for items designated and qualifying as hedged items in fair value hedges is as follows: (In millions) Line Item in the Consolidated Balance Sheets in Carrying Amount of the Cumulative Amount of Fair September 30, 2021 September 30, 2021 Current debt $ 254 $ 4 Long-term debt 992 — Total debt $ 1,246 $ 4 Additional information regarding the effects of fair value and cash flow hedging relationships for derivatives designated and qualifying as hedging instruments is as follows: Three Months Ended September 30 2021 2020 (In millions) Net Sales Interest Net Sales Interest Total amounts of income and expense line items presented in the consolidated statements of earnings in which the effects of fair value and cash flow hedges are recorded $ 4,392 $ 42 $ 3,562 $ 45 The effects of fair value and cash flow hedging relationships: Gain (loss) on fair value hedge relationships – interest rate contracts: Hedged item Not applicable 10 Not applicable 2 Derivatives designated as hedging instruments Not applicable (10) Not applicable (2) Gain (loss) on cash flow hedge relationships – interest rate contracts: Amount of loss reclassified from AOCI into earnings Not applicable — Not applicable (1) Gain (loss) on cash flow hedge relationships – foreign currency forward contracts: Amount of gain reclassified from AOCI into earnings (6) Not applicable 1 Not applicable The amount of gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments are presented as follows: Amount of Gain (Loss) Location of Gain (Loss) Recognized in Earnings on Three Months Ended (In millions) 2021 2020 Derivatives Not Designated as Hedging Instruments: Foreign currency forward contracts Selling, general and administrative $ (11) $ 21 Cash Flow Hedges The Company enters into foreign currency forward contracts, and may enter into foreign currency option contracts, to hedge anticipated transactions and receivables and payables denominated in foreign currencies, for periods consistent with the Company’s identified exposures. The purpose of the hedging activities is to minimize the effect of foreign exchange rate movements on the cash flows that the Company receives from foreign subsidiaries. The foreign currency forward contracts entered into to hedge anticipated transactions have been designated as cash flow hedges and have varying maturities through the end of June 2023. Hedge effectiveness of the foreign currency forward contracts is based on the forward method, which includes time value in the effectiveness assessment. At September 30, 2021, the Company had cash flow hedges outstanding with a notional amount totaling $1,066 million. The Company may enter into interest rate forward contracts to hedge anticipated issuance of debt for periods consistent with the Company’s identified exposures. The purpose of the hedging activities is to minimize the effect of interest rate movements on the cost of debt issuance. For hedge contracts that are no longer deemed highly effective, hedge accounting is discontinued and gains and losses in AOCI are reclassified to sales when the underlying forecasted transaction occurs. If it is probable that the forecasted transaction will no longer occur, then any gains or losses in AOCI are reclassified to current-period sales. As of September 30, 2021, the Company’s foreign currency cash flow hedges were highly effective. The estimated net gain on the Company’s derivative instruments designated as cash flow hedges as of September 30, 2021 that is expected to be reclassified from AOCI into earnings, net of tax, within the next twelve months is $5 million. The accumulated net gain (loss) on derivative instruments in AOCI was $20 million and $(1) million as of September 30, 2021 and June 30, 2021, respectively. Fair Value Hedges The Company enters into interest rate derivative contracts to manage the exposure to interest rate fluctuations on its funded indebtedness. The Company has interest rate swap agreements, with notional amounts totaling $250 million, $700 million and $300 million to effectively convert the fixed rate interest on its 2022 Senior Notes, 2030 Senior Notes and 2031 Senior Notes, respectively, to variable interest rates based on three-month LIBOR plus a margin. These interest rate swap agreements are designated as fair value hedges of the related long-term debt, and the changes in the fair value of the interest rate swap agreements are exactly offset by the change in the fair value of the underlying long-term debt. Net Investment Hedges The Company enters into foreign currency forward contracts, designated as net investment hedges, to hedge a portion of its net investment in certain foreign operations. The net gain or loss on these contracts is recorded within translation adjustments, as a component of AOCI on the Company’s consolidated balance sheets. The purpose of the hedging activities is to minimize the effect of foreign exchange rate movements on the Company’s net investment in these foreign operations. The net investment hedge contracts have varying maturities through the end of January 2022. Hedge effectiveness of the net investment hedge contracts is based on the spot method. At September 30, 2021, the Company had net investment hedges outstanding with a notional amount totaling $1,419 million. Credit Risk As a matter of policy, the Company enters into derivative contracts only with counterparties that have a long-term credit rating of at least A- or higher by at least two nationally recognized rating agencies. The counterparties to these contracts are major financial institutions. Exposure to credit risk in the event of nonperformance by any of the counterparties is limited to the gross fair value of contracts in asset positions, which totaled $70 million at September 30, 2021. To manage this risk, the Company has strict counterparty credit guidelines that are continually monitored. Accordingly, management believes risk of loss under these hedging contracts is remote.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company records certain of its financial assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. The accounting for fair value measurements must be applied to nonfinancial assets and nonfinancial liabilities that require initial measurement or remeasurement at fair value, which principally consist of assets and liabilities acquired through business combinations and goodwill, indefinite-lived intangible assets and long-lived assets for the purposes of calculating potential impairment. The Company is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: Level 1: Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date. Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation. The following table presents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021: (In millions) Level 1 Level 2 Level 3 Total Assets: Money market funds $ 1,844 $ — $ — $ 1,844 Foreign currency forward contracts — 61 — 61 Interest rate-related derivatives — 9 — 9 Total $ 1,844 $ 70 $ — $ 1,914 Liabilities: Foreign currency forward contracts $ — $ 30 $ — $ 30 Interest rate-related derivatives — 4 — 4 DECIEM stock options — — 137 137 Total $ — $ 34 $ 137 $ 171 The following table presents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021: (In millions) Level 1 Level 2 Level 3 Total Assets: Money market funds $ 2,079 $ — $ — $ 2,079 Foreign currency forward contracts — 52 — 52 Interest rate-related derivatives — 15 — 15 Total $ 2,079 $ 67 $ — $ 2,146 Liabilities: Foreign currency forward contracts $ — $ 56 $ — $ 56 DECIEM stock options — — 141 141 Total $ — $ 56 $ 141 $ 197 The estimated fair values of the Company’s financial instruments are as follows: September 30 June 30 (In millions) Carrying Fair Carrying Fair Nonderivatives Cash and cash equivalents $ 3,995 $ 3,995 $ 4,958 $ 4,958 Current and long-term debt 5,548 6,206 5,569 6,262 DECIEM stock options 137 137 141 141 Derivatives Foreign currency forward contracts – asset (liability), net 31 31 (4) (4) Interest rate-related derivatives – asset (liability), net 5 5 15 15 The following methods and assumptions were used to estimate the fair value of the Company’s financial instruments for which it is practicable to estimate that value: Cash and cash equivalents – Cash and all highly-liquid securities with original maturities of three months or less are classified as cash and cash equivalents, primarily consisting of cash deposits in interest bearing accounts, time deposits and money market funds (classified within Level 1 of the valuation hierarchy). Cash deposits in interest bearing accounts and time deposits are carried at cost, which approximates fair value due to the short maturity of cash equivalent instruments. Foreign currency forward contracts – The fair values of the Company’s foreign currency forward contracts were determined using an industry-standard valuation model, which is based on an income approach. The significant observable inputs to the model, such as swap yield curves and currency spot and forward rates, were obtained from an independent pricing service. To determine the fair value of contracts under the model, the difference between the contract price and the current forward rate was discounted using LIBOR for contracts with maturities up to 12 months, and swap yield curves for contracts with maturities greater than 12 months. Interest rate contracts – The fair values of the Company’s interest rate contracts were determined using an industry-standard valuation model, which is based on the income approach. The significant observable inputs to the model, such as treasury yield curves, swap yield curves and LIBOR forward rates, were obtained from independent pricing services. Current and long-term debt – The fair value of the Company’s debt was estimated based on the current rates offered to the Company for debt with the same remaining maturities. To a lesser extent, debt also includes finance lease obligations for which the carrying amount approximates the fair value. The Company’s debt is classified within Level 2 of the valuation hierarchy. DECIEM stock options – The stock option liability represents the employee stock options issued by DECIEM in replacement and exchange for certain vested and unvested DECIEM employee stock options previously issued by DECIEM, in connection with the Company's acquisition of DECIEM. The DECIEM stock options are subject to the terms and conditions of DECIEM's 2021 Stock Option Plan. The initial fair value of the DECIEM stock option liability was calculated using the acquisition date fair value multiplied by the number of options replaced (consisting of vested and partially vested stock options) on the day following the acquisition date. The acquisition date fair value was calculated using the Monte Carlo Method, which requires certain assumptions. These inputs are categorized as Level 3 of the valuation hierarchy. The DECIEM stock options will be remeasured to fair value at each reporting date through settlement, with the offsetting entry to compensation expense, through the period when the options are exercised or repurchased. See Note 2 – Acquisition of Business and Note 10 – Stock Programs for discussion .

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The Company’s revenue recognition accounting policies are described in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. Accounts Receivable Accounts receivable, net is stated net of the allowance for doubtful accounts and customer deductions totaling $40 million as of September 30, 2021 and June 30, 2021. Payment terms are short-term in nature and are generally less than one year. Changes in the allowance for credit losses are as follows: (In millions) September 30 Balance at June 30, 2021 $ 20 Provision for expected credit losses 1 Balance at September 30, 2021 $ 21 The remaining balance of the allowance for doubtful accounts of $19 million , as of September 30, 2021, relates to non-credit losses, which are primarily due to customer deductions. Deferred Revenue Changes in deferred revenue during the period are as follows: Three Months Ended (In millions) 2021 2020 Deferred revenue, beginning of period $ 371 $ 279 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (170) (90) Revenue deferred during the period 223 216 Other 2 4 Deferred revenue, end of period $ 426 $ 409 Transaction Price Allocated to the Remaining Performance Obligations At September 30, 2021, the combined estimated revenue expected to be recognized in the next twelve months related to performance obligations for customer loyalty programs, gift with purchase promotions, purchase with purchase promotions and gift card liabilities that are unsatisfied (or partially unsatisfied) is $379 million. The remaining balance of deferred revenue at September 30, 2021 will be recognized beyond the next twelve months.

PENSION AND POST-RETIREMENT BEN

PENSION AND POST-RETIREMENT BENEFIT PLANS	3 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
PENSION AND POST-RETIREMENT BENEFIT PLANS	PENSION AND POST-RETIREMENT BENEFIT PLANS The Company maintains pension plans covering substantially all of its full-time employees for its U.S. operations and a majority of its international operations. The Company also maintains post-retirement benefit plans that provide certain medical and dental benefits to eligible employees. Descriptions of these plans are included in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. The components of net periodic benefit cost for the three months ended September 30, 2021 and 2020 consisted of the following: Pension Plans Other than U.S. International Post-retirement (In millions) 2021 2020 2021 2020 2021 2020 Service cost $ 12 $ 11 $ 8 $ 9 $ 1 $ — Interest cost 8 8 3 2 1 1 Expected return on plan assets (14) (13) (4) (3) — — Amortization of: Actuarial loss 4 5 — 1 — — Special termination benefits — — 2 2 — — Net periodic benefit cost $ 10 $ 11 $ 9 $ 11 $ 2 $ 1 During the three months ended September 30, 2021, the Company made contributions to its international pension plans totaling $6 million. The amounts recognized in the consolidated balance sheets related to the Company’s pension and post-retirement benefit plans consist of the following: (In millions) September 30 June 30 Other assets $ 152 $ 162 Other accrued liabilities (28) (28) Other noncurrent liabilities (424) (432) Funded status (300) (298) Accumulated other comprehensive loss 237 242 Net amount recognized $ (63) $ (56)

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES Legal Proceedings The Company is involved, from time to time, in litigation and other legal proceedings incidental to its business, including employment, intellectual property, real estate, environmental, regulatory, advertising, trade relations, tax, privacy, and product liability matters (including asbestos-related claims). Management believes that the outcome of current litigation and legal proceedings will not have a material adverse effect upon the Company’s business, results of operations, financial condition or cash flows. However, management’s assessment of the Company’s current litigation and other legal proceedings could change in light of the discovery of facts with respect to legal actions or other proceedings pending against the Company not presently known to the Company or determinations by judges, juries or other finders of fact which are not in accord with management’s evaluation of the possible liability or outcome of such litigation or proceedings. Reasonably possible losses in addition to the amounts accrued for such litigation and legal proceedings are not material to the Company’s consolidated financial statements.

STOCK PROGRAMS

STOCK PROGRAMS	3 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
STOCK PROGRAMS	STOCK PROGRAMS Additional information relating to the Company's stock programs and the DECIEM stock options are included in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. The Company's Stock Programs Total net stock-based compensation expense is attributable to the granting of, and the remaining requisite service periods of stock options, restricted stock units (“RSUs”), performance share units (“PSUs”), long-term PSUs, including long-term price-vested units and share units. Compensation expense attributable to net stock-based compensation was $79 million and $64 million for the three months ended September 30, 2021 and 2020, respectively. Stock Options During the three months ended September 30, 2021, the Company granted stock options in respect of approximately 1.1 million shares of Class A Common Stock with an exercise price per share of $344.06 and a weighted-average grant date fair value per share of $85.49. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model. The aggregate intrinsic value of stock options exercised during the three months ended September 30, 2021 was $89 million. Restricted Stock Units The Company granted RSUs in respect of approximately 0.7 million shares of Class A Common Stock during the three months ended September 30, 2021 with a weighted-average grant date fair value per share of $343.90 that, at the time of grant, are scheduled to vest at 0.3 million, 0.2 million, and 0.2 million shares per year, in fiscal 2023, fiscal 2024 and fiscal 2025, respectively. Vesting of RSUs is generally subject to the continued employment or the retirement of the grantees. The RSUs are accompanied by dividend equivalent rights, payable upon settlement of the RSUs either in cash or shares (based on the terms of the particular award) and, as such, were valued at the closing market price of the Company’s Class A Common Stock on the date of grant. Performance Share Units During the three months ended September 30, 2021, the Company granted PSUs with a target payout of approximately 0.1 million shares of Class A Common Stock with a grant date fair value per share of $344.06, which will be settled in stock subject to the achievement of the Company’s net sales and diluted net earnings per common share for the three fiscal years ending June 30, 2024, all subject to continued employment or the retirement of the grantees. For PSUs granted, no settlement will occur for results below the applicable minimum threshold. PSUs are accompanied by dividend equivalent rights that will be payable in cash upon settlement of the PSUs and, as such, were valued at the closing market value of the Company’s Class A Common Stock on the date of grant. In September 2021, approximately 0.2 million shares of the Company’s Class A Common Stock were issued, and related accrued dividends were paid, relative to the target goals set at the time of the issuance, in settlement of 0.2 million PSUs with a performance period ended June 30, 2021. DECIEM Stock Options The DECIEM stock options are liability-classified awards as they are expected to be settled in cash and will be remeasured to fair value at each reporting date through date of settlement. Total stock-based compensation expense is attributable to the exchange or replacement of and the remaining requisite service period of stock options. The total stock option expense for the three months ended September 30, 2021 was not material. There were no stock options exercised during the three months ended September 30, 2021. The initial fair value of the DECIEM stock option liability was calculated using the acquisition date fair value multiplied by the number of options replaced (consisting of vested and partially vested stock options) on the day following the acquisition date. As discussed in Note 2 – Acquisition of Business, DECIEM stock options, with total fair value of $295 million, were reported as part of the total consideration transferred. The DECIEM stock options are reported as a stock option liability of $137 million and $141 million in Other noncurrent liabilities in the accompanying consolidated balance sheets at September 30, 2021 and June 30, 2021, respectively. The fair value of the stock options were calculated using the following key assumptions into the Monte Carlo Method: September 30, 2021 June 30, 2021 May 18, 2021 Risk-free rate 0.40% 0.50% 0.50% Term to mid of last twelve-month period 2.17 years 2.42 years 2.54 years Operating leverage adjustment 0.45 0.45 0.45 Net sales discount rate 3.30% 3.40% 3.30% EBITDA discount rate 6.90% 6.90% 6.80% EBITDA volatility 39.10% 37.70% 38.30% Net sales volatility 17.60% 17.00% 17.20%

NET EARNINGS ATTRIBUTABLE TO TH

NET EARNINGS ATTRIBUTABLE TO THE ESTEE LAUDER COMPANIES INC. PER COMMON SHARE	3 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
NET EARNINGS ATTRIBUTABLE TO THE ESTEE LAUDER COMPANIES INC. PER COMMON SHARE	NET EARNINGS ATTRIBUTABLE TO THE ESTÉE LAUDER COMPANIES INC. PER COMMON SHARE Net earnings attributable to The Estée Lauder Companies Inc. per common share (“basic EPS”) is computed by dividing Net earnings attributable to The Estée Lauder Companies Inc. by the weighted-average number of common shares outstanding and shares underlying PSUs and RSUs where the vesting conditions have been met. Net earnings attributable to The Estée Lauder Companies Inc. per common share assuming dilution (“diluted EPS”) is computed by reflecting potential dilution from stock-based awards. A reconciliation between the numerator and denominator of the basic and diluted EPS computations is as follows: Three Months Ended (In millions, except per share data) 2021 2020 Numerator: Net earnings attributable to The Estée Lauder Companies Inc. $ 692 $ 523 Denominator: Weighted-average common shares outstanding – Basic 362.2 362.1 Effect of dilutive stock options 4.2 3.8 Effect of PSUs 0.2 0.2 Effect of RSUs 1.3 1.1 Weighted-average common shares outstanding – Diluted 367.9 367.2 Net earnings attributable to The Estée Lauder Companies Inc. per common share: Basic $ 1.91 $ 1.44 Diluted $ 1.88 $ 1.42 The shares of Class A Common Stock underlying stock options, RSUs and PSUs that were excluded in the computation of diluted EPS because their inclusion would be anti-dilutive were as follows: Three Months Ended (In millions) 2021 2020 Stock options 0.3 1.3 RSUs and PSUs 0.2 0.2 As of September 30, 2021 and 2020, 0.7 million and 0.8 million shares, respectively, of Class A Common Stock underlying PSUs have been excluded from the calculation of diluted EPS because the number of shares ultimately issued is contingent on the achievement of certain performance targets of the Company, as discussed in Note 10 – Stock Programs .

EQUITY AND REDEEMABLE NONCONTRO

EQUITY AND REDEEMABLE NONCONTROLLING INTEREST	3 Months Ended
	Sep. 30, 2021
Equity [Abstract]
EQUITY AND REDEEMABLE NONCONTROLLING INTEREST	EQUITY AND REDEEMABLE NONCONTROLLING INTEREST Total Stockholders’ Equity – The Estée Lauder Companies Inc. Three Months Ended (In millions) 2021 2020 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 5,335 4,790 Common stock dividends 1 1 Stock-based compensation 114 122 Paid-in capital, end of the period 5,450 4,913 Retained earnings, beginning of the period 12,244 10,134 Common stock dividends (193) (174) Net earnings attributable to The Estée Lauder Companies Inc. 692 523 Cumulative effect of adoption of new accounting standards 121 (3) Retained earnings, end of the period 12,864 10,480 Accumulated other comprehensive loss, beginning of the period (470) (665) Other comprehensive income (loss) (155) 71 Accumulated other comprehensive loss, end of the period (625) (594) Treasury stock, beginning of the period (11,058) (10,330) Acquisition of treasury stock (519) — Stock-based compensation (37) (23) Treasury stock, end of the period (11,614) (10,353) Total stockholders’ equity – The Estée Lauder Companies Inc. 6,081 4,452 Noncontrolling interests, beginning of the period 34 27 Net earnings attributable to noncontrolling interests 1 2 Translation adjustments, net (1) — Noncontrolling interests, end of the period 34 29 Total equity $ 6,115 $ 4,481 Redeemable noncontrolling interest, beginning of the period $ 857 $ — Net earnings attributable to redeemable noncontrolling interest 2 — Translation adjustments (17) — Redeemable noncontrolling interest, end of the period $ 842 $ — Cash dividends declared per common share $ .53 $ .48 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, 2021: Date Declared Record Date Payable Date Amount per Share August 18, 2021 August 31, 2021 September 15, 2021 $ .53 On November 1, 2021, a dividend was declared in the amount of $.60 per share on the Company’s Class A and Class B Common Stock. The dividend is payable in cash on December 15, 2021 to stockholders of record at the close of business on November 30, 2021. Common Stock During the three months ended September 30, 2021, the Company purchased approximately 1.7 million shares of its Class A Common Stock for $557 million. Accumulated Other Comprehensive Income The following table represents changes in AOCI, net of tax, by component for the three months ended September 30, 2021: (In millions) Net Cash Amounts Translation Total Balance at June 30, 2021 $ (2) $ (179) $ (289) $ (470) OCI before reclassifications 12 1 (1) (175) (2) (162) Amounts reclassified to Net earnings 4 3 — 7 Net current-period OCI 16 4 (175) (155) Balance at September 30, 2021 $ 14 $ (175) $ (464) $ (625) (1) Consists of foreign currency translation losses. (2) See Note 5 – 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 months ended September 30, 2021 and 2020: Amount Reclassified from AOCI Affected Line Item in Three Months Ended (In millions) 2021 2020 Gain (Loss) on Cash Flow Hedges Foreign currency forward contracts $ (6) $ 1 Net sales Interest rate-related derivatives — (1) Interest expense (6) — Benefit for deferred taxes 2 — Provision for income taxes (4) — Net earnings Amounts Included in Net Periodic Benefit Cost Amortization of actuarial loss (4) (6) Earnings before income taxes (1) Benefit for deferred taxes 1 1 Provision for income taxes (3) (5) Net earnings Total reclassification adjustments, net $ (7) $ (5) Net earnings (1) See Note 8 – Pension and Post-Retirement Benefit Plans for additional information.

STATEMENT OF CASH FLOWS

STATEMENT OF CASH FLOWS	3 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
STATEMENT OF CASH FLOWS	STATEMENT OF CASH FLOWS Supplemental cash flow information for the three months ended September 30, 2021 and 2020 is as follows: (In millions) 2021 2020 Cash: Cash paid during the period for interest $ 30 $ 26 Cash paid during the period for income taxes $ 125 $ 119 Non-cash investing and financing activities: Property, plant and equipment accrued but unpaid $ 126 $ 42 Financing lease modifications $ (17) $ — Right-of-use assets obtained in exchange for new/modified operating lease liabilities $ 44 $ 101

SEGMENT DATA AND RELATED INFORM

SEGMENT DATA AND RELATED INFORMATION	3 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
SEGMENT DATA AND RELATED INFORMATION	SEGMENT DATA AND RELATED INFORMATION Reportable operating segments include components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (the “Chief Executive”) in deciding how to allocate resources and in assessing performance. Although the Company operates in one business segment, beauty products, management also evaluates performance on a product category basis. Product category performance is measured based upon net sales before returns associated with restructuring and other activities, and earnings before income taxes, other components of net periodic benefit cost, interest expense, interest income and investment income, net, other income, and charges associated with restructuring and other activities. Returns and charges associated with restructuring and other activities are not allocated to the Company's product categories or geographic regions because they are centrally directed and controlled, are not included in internal measures of product category or geographic region performance and result from activities that are deemed Company-wide initiatives to redesign, resize and reorganize select areas of the business. The accounting policies for the Company’s reportable segments are substantially the same as those for the consolidated financial statements, as described in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. The assets and liabilities of the Company are managed centrally and are reported internally in the same manner as the consolidated financial statements; thus, no additional information is produced for the Chief Executive or included herein. There has been no significant variance in the total or long-lived asset values associated with the Company’s segment data since June 30, 2021. Three Months Ended (In millions) 2021 2020 PRODUCT CATEGORY DATA Net sales: Skin Care $ 2,449 $ 2,035 Makeup 1,174 978 Fragrance 609 406 Hair Care 148 136 Other 13 7 4,393 3,562 Returns associated with restructuring and other activities (1) — Net sales $ 4,392 $ 3,562 Operating income (loss) before charges associated with restructuring and other activities: Skin Care $ 717 $ 721 Makeup 91 (71) Fragrance 131 60 Hair Care 2 3 Other — 1 941 714 Reconciliation: Charges associated with restructuring and other activities (6) (9) Interest expense (42) (45) Interest income and investment income, net 4 14 Other components of net periodic benefit cost (1) (3) Other income 1 — Earnings before income taxes $ 897 $ 671 GEOGRAPHIC DATA (1) Net sales: The Americas $ 1,194 $ 873 Europe, the Middle East & Africa 1,873 1,540 Asia/Pacific 1,326 1,149 4,393 3,562 Returns associated with restructuring and other activities (1) — Net sales $ 4,392 $ 3,562 Operating income: The Americas $ 254 $ 65 Europe, the Middle East & Africa 465 411 Asia/Pacific 222 238 941 714 Charges associated with restructuring and other activities (6) (9) Operating income $ 935 $ 705

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENTOn October 22, 2021, the Company replaced its $1.5 billion senior unsecured revolving credit facility that was set to expire on October 26, 2023 (the “Prior Facility”) with a new $2.5 billion senior unsecured revolving credit facility that expires on October 22, 2026 (the “New Facility”) unless extended for up to two

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of The Estée Lauder Companies Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated. The unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim consolidated financial statements furnished reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. Certain prior year amounts in the notes to the consolidated financial statements have been reclassified to conform to current year presentation.
Management Estimates	Management Estimates The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses reported in those financial statements. Descriptions of the Company’s significant accounting policies are discussed in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. Management evaluates the related estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates and assumptions resulting from continuing changes in the economic environment, including those related to the impacts of the COVID-19 pandemic, will be reflected in the consolidated financial statements in future periods.
Currency Translation and Transactions	Currency Translation and Transactions All assets and liabilities of foreign subsidiaries and affiliates are translated at period-end rates of exchange, while revenue and expenses are translated at monthly average rates of exchange for the period. Unrealized translation gains (losses), net of tax, reported as translation adjustments through other comprehensive income (loss) (“OCI”) attributable to The Estée Lauder Companies Inc. were $(175) million and $91 million, net of tax, during the three months ended September 30, 2021 and 2020, respectively. For the Company’s subsidiaries operating in highly inflationary economies, the U.S. dollar is the functional currency. Remeasurement adjustments in financial statements in a highly inflationary economy and other transactional gains and losses are reflected in earnings. These subsidiaries are not material to the Company’s consolidated financial statements or liquidity. The Company enters into foreign currency forward contracts and may enter into option contracts to hedge foreign currency transactions for periods consistent with its identified exposures. The Company also enters into foreign currency forward contracts to hedge a portion of its net investment in certain foreign operations, which are designated as net investment hedges. See Note 5 – Derivative Financial Instruments for further discussion . The Company categorizes these instruments as entered into for purposes other than trading. The accompanying consolidated statements of earnings include net exchange losses on foreign currency transactions of $12 million and $1 million during the three months ended September 30, 2021 and 2020, respectively.
Concentration of Credit Risk	Concentration of Credit RiskThe Company is a worldwide manufacturer, marketer and seller of skin care, makeup, fragrance and hair care products. The Company’s sales subject to credit risk are made primarily to department stores, perfumeries, specialty multi-brand retailers and retailers in its travel retail business. The Company grants credit to qualified customers. As a result of the COVID-19 pandemic, the Company has enhanced its assessment of its customers' abilities to pay with a greater focus on factors affecting their liquidity and less on historical payment performance. While the Company does not believe it is exposed significantly to any undue concentration of credit risk at this time, it continues to monitor the extent of the impact of the COVID-19 pandemic on its customers' abilities, individually and collectively, to make timely payments.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consists of the following: (In millions) September 30 June 30 Assets (Useful Life) Land $ 53 $ 55 Buildings and improvements (10 to 40 years) 257 256 Machinery and equipment (3 to 10 years) 916 920 Computer hardware and software (4 to 10 years) 1,375 1,303 Furniture and fixtures (5 to 10 years) 125 125 Leasehold improvements 2,300 2,312 Construction in progress 744 647 5,770 5,618 Less accumulated depreciation and amortization (3,412) (3,338) $ 2,358 $ 2,280 Depreciation and amortization of property, plant and equipment was $130 million and $125 million during the three months ended September 30, 2021 and 2020, respectively. Depreciation and amortization related to the Company’s manufacturing process is included in Cost of sales, and all other depreciation and amortization is included in Selling, general and administrative expenses in the accompanying consolidated statements of earnings.
Income Taxes	Income Taxes The effective rate for income taxes was 22.5% and 21.8% for the three months ended September 30, 2021 and 2020, respectively. The increase in the effective tax rate of 70 basis points was primarily attributable to a decrease in excess tax benefits associated with stock-based compensation arrangements and an increase in income tax reserve adjustments, partially offset by a lower effective tax rate on the Company's foreign operations. As of September 30, 2021 and June 30, 2021, the gross amount of unrecognized tax benefits, exclusive of interest and penalties, totaled $71 million and $62 million, respectively. The total amount of unrecognized tax benefits at September 30, 2021 that, if recognized, would affect the effective tax rate was $62 million. The total gross interest and penalties accrued related to unrecognized tax benefits during the three months ended September 30, 2021 in the accompanying consolidated statements of earnings was $3 million. The total gross accrued interest and penalties in the accompanying consolidated balance sheets at September 30, 2021 and June 30, 2021, was $16 million and $14 million, respectively. On the basis of the information available as of September 30, 2021, it is reasonably possible that the total amount of unrecognized tax benefits could decrease in a range of $5 million to $10 million within the next twelve months as a result of projected resolutions of global tax examinations and controversies and a potential lapse of the applicable statutes of limitations. During the fiscal 2022 first quarter, the Company formally concluded the compliance process with respect to its fiscal 2020 income tax return under the U.S. Internal Revenue Service (“IRS”) Compliance Assurance Program (“CAP”), which had no impact on the Company’s consolidated financial statements for the three months ended September 30, 2021.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards Income Taxes (ASU 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes) In December 2019, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that simplifies the accounting for income taxes by removing certain exceptions and making simplifications in other areas. Effective for the Company – Fiscal 2022 first quarter. Impact on consolidated financial statements – On July 1, 2021, the Company adopted this standard and recorded a cumulative adjustment of $121 million as an increase to its fiscal 2022 opening retained earnings balance to derecognize a deferred tax liability related to a previously held equity method investment that became a foreign subsidiary. Recently Issued Accounting Standards Reference Rate Reform (ASC Topic 848) In March 2020, the FASB issued authoritative guidance to provide optional relief for companies preparing for the discontinuation of interest rates such as the London Interbank Offered Rate (“LIBOR”) and applies to lease contracts, hedging instruments, held-to-maturity debt securities and debt arrangements that have LIBOR as the benchmark rate. In January 2021, the FASB issued authoritative guidance that makes amendments to the new rules on accounting for reference rate reform. The amendments clarify that for all derivative instruments affected by the changes to interest rates used for discounting, margining or contract price alignment, regardless of whether they reference LIBOR or another rate expected to be discontinued as a result of reference rate reform, an entity may apply certain practical expedients in ASC Topic 848. Effective for the Company – This guidance can be applied for a limited time through December 31, 2022. The guidance will no longer be available to apply after December 31, 2022. Impact on consolidated financial statements – The Company currently has an implementation team in place that is performing a comprehensive evaluation and assessing the impact of applying this guidance on its existing derivative contracts, leases and other arrangements, as well as when to adopt this guidance. No other recently issued accounting pronouncements are expected to have a material impact on the Company’s consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of inventory and promotional merchandise	Inventory and promotional merchandise consists of the following: (In millions) September 30 June 30 Raw materials $ 697 $ 674 Work in process 290 330 Finished goods 1,354 1,213 Promotional merchandise 292 288 $ 2,633 $ 2,505
Schedule of property, plant and equipment	Property, plant and equipment consists of the following: (In millions) September 30 June 30 Assets (Useful Life) Land $ 53 $ 55 Buildings and improvements (10 to 40 years) 257 256 Machinery and equipment (3 to 10 years) 916 920 Computer hardware and software (4 to 10 years) 1,375 1,303 Furniture and fixtures (5 to 10 years) 125 125 Leasehold improvements 2,300 2,312 Construction in progress 744 647 5,770 5,618 Less accumulated depreciation and amortization (3,412) (3,338) $ 2,358 $ 2,280
Schedule of other accrued liabilities	Other accrued liabilities consist of the following: (In millions) September 30 June 30 Advertising, merchandising and sampling $ 348 $ 294 Employee compensation 456 670 Deferred revenue 379 322 Payroll and other non-income taxes 311 359 Accrued income taxes 336 237 Sales return accrual 378 369 Other 974 944 $ 3,182 $ 3,195

ACQUISITION OF BUSINESSES (Tabl

ACQUISITION OF BUSINESSES (Tables)	3 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Summary of total consideration transferred	A summary of the total consideration transferred, including immaterial measurement period adjustments as of September 30, 2021, is as follows: (In millions) September 30, 2021 Cash paid/payable $ 1,095 Fair value of DECIEM stock options liability 104 Fair value of net Put (Call) Option 233 Total consideration for the acquired ownership interest (approximately 47.9%) 1,432 Fair value of previously held equity method investment (approximately 30.5%) 913 Fair value of redeemable noncontrolling interest (approximately 21.6%) 648 Total consideration transferred (100%) $ 2,993
Schedule of key assumptions used for acquisition date fair value	The acquisition-date fair values of the DECIEM stock options and the net Put (Call) Option were calculated by incorporating significant assumptions including the starting equity value, revenue growth rates and EBITDA and the following key assumptions into the Monte Carlo Method: May 18, 2021 Risk-free rate 0.50% Term to mid of last twelve-month period 2.54 years Operating leverage adjustment 0.45 Net sales discount rate 3.30% EBITDA discount rate 6.80% EBITDA volatility 38.30% Net sales volatility 17.20% September 30, 2021 June 30, 2021 May 18, 2021 Risk-free rate 0.40% 0.50% 0.50% Term to mid of last twelve-month period 2.17 years 2.42 years 2.54 years Operating leverage adjustment 0.45 0.45 0.45 Net sales discount rate 3.30% 3.40% 3.30% EBITDA discount rate 6.90% 6.90% 6.80% EBITDA volatility 39.10% 37.70% 38.30% Net sales volatility 17.60% 17.00% 17.20%
Rollforward of final allocation of total consideration	The preliminary allocation of the total consideration transferred, including immaterial measurement period adjustments as of September 30, 2021, has been recorded as follows: (In millions) September 30, 2021 Cash $ 35 Accounts receivable 64 Inventory 192 Other current assets 33 Property, plant and equipment 40 Operating lease right-of-use assets 40 Intangible assets 1,917 Goodwill 1,297 Total assets acquired 3,618 Accounts payable 21 Operating lease liabilities 8 Other accrued liabilities 67 Deferred income taxes 485 Long-term operating lease liabilities 44 Total liabilities assumed 625 Total consideration transferred $ 2,993

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill by product category and related change in the carrying amount	The following table presents goodwill by product category and the related change in the carrying amount: (In millions) Skin Care Makeup Fragrance Hair Care Total Balance as of June 30, 2021 Goodwill $ 1,786 $ 1,214 $ 262 $ 355 $ 3,617 Accumulated impairments (141) (830) (30) — (1,001) 1,645 384 232 355 2,616 Goodwill measurement period adjustment 14 — — — 14 Translation adjustments and write-offs, goodwill (53) — (3) — (56) Translation adjustments and write-offs, accumulated impairments 1 — — — 1 (38) — (3) — (41) Balance as of September 30, 2021 Goodwill 1,747 1,214 259 355 3,575 Accumulated impairments (140) (830) (30) — (1,000) $ 1,607 $ 384 $ 229 $ 355 $ 2,575
Schedule of other intangible assets, by type	Other intangible assets consist of the following: September 30, 2021 June 30, 2021 (In millions) Gross Accumulated Total Net Gross Accumulated Total Net Amortizable intangible assets: Customer lists and other $ 2,209 $ 583 $ 1,626 $ 2,273 $ 544 $ 1,729 License agreements 43 43 — 43 43 — $ 2,252 $ 626 1,626 $ 2,316 $ 587 1,729 Non-amortizable intangible assets: Trademarks and other 2,297 2,366 Total intangible assets $ 3,923 $ 4,095
Estimated aggregate amortization expense for the remainder of the current fiscal year and the next four years	The estimated aggregate amortization expense for the remainder of fiscal 2022 and for each of the next four fiscal years is as follows: Fiscal (In millions) 2022 2023 2024 2025 2026 Estimated aggregate amortization expense $ 116 $ 155 $ 154 $ 154 $ 154

CHARGES ASSOCIATED WITH RESTR_2

CHARGES ASSOCIATED WITH RESTRUCTURING AND OTHER ACTIVITIES (Tables)	3 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Schedule of aggregate restructuring and other activities	Charges associated with the Post-COVID Business Acceleration Program for the three months ended September 30, 2021 were as follows: Sales Cost of Sales Operating Expenses Total (In millions) Restructuring Other Total $ 1 $ (1) $ — $ 2 $ 2
Schedule of total cumulative charges expected to be incurred associated with restructuring and other activities	Total PCBA Program cumulative charges (adjustments) approved by the Company through September 30, 2021 were: Sales Cost of Sales Operating Expenses Total (In millions) Restructuring Other Total Charges (Adjustments) Approved Cumulative through June 30, 2021 $ 42 $ (6) $ 257 $ 21 $ 314 Three months ended September 30, 2021 (20) 9 (8) 1 (18) Cumulative through September 30, 2021 $ 22 $ 3 $ 249 $ 22 $ 296
Schedule of total cumulative charges by type approved associated with restructuring initiatives	Included in the above table, cumulative PCBA Program restructuring initiatives approved by the Company through September 30, 2021 by major cost type were: (In millions) Employee- Asset- Contract Other Exit Total Restructuring Charges Approved Cumulative through June 30, 2021 $ 132 $ 108 $ 13 $ 4 $ 257 Three months ended September 30, 2021 (8) 2 (2) — (8) Cumulative through September 30, 2021 $ 124 $ 110 $ 11 $ 4 $ 249
Schedule of total cumulative charges recorded associated with restructuring and other activities	Total cumulative charges recorded associated with restructuring and other activities for the PCBA Program were: Sales Cost of Sales Operating Expenses Total (In millions) Restructuring Other Total Charges (Adjustments) Cumulative through June 30, 2021 $ 14 $ 2 $ 201 $ 4 $ 221 Three months ended September 30, 2021 1 (1) — 2 2 Cumulative through September 30, 2021 $ 15 $ 1 $ 201 $ 6 $ 223
Schedule of total cumulative charges by type recorded associated with restructuring and other activities	(In millions) Employee- Asset- Contract Other Exit Total Restructuring Charges (Adjustments) Cumulative through June 30, 2021 $ 119 $ 75 $ 6 $ 1 $ 201 Three months ended September 30, 2021 (6) 4 2 — — Cumulative through September 30, 2021 $ 113 $ 79 $ 8 $ 1 $ 201
Schedule of changes in accrued restructuring charges	Changes in accrued restructuring charges for the three months ended September 30, 2021 relating to the PCBA Program were: (In millions) Employee- Asset- Contract Other Exit Total Balance at June 30, 2021 $ 101 $ — $ — $ — $ 101 Charges (6) 4 2 — — Cash payments (27) — (1) — (28) Noncash asset write-offs — (4) — — (4) Translation adjustment — — — — — Balance at September 30, 2021 $ 68 $ — $ 1 $ — $ 69

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair values of the derivative financial instruments included in the consolidated balance sheets	The fair values of the Company’s derivative financial instruments included in the consolidated balance sheets are presented as follows: Asset Derivatives Liability Derivatives Fair Value (1) Fair Value (1) (In millions) Balance Sheet September 30 June 30 Balance Sheet September 30 June 30 Derivatives Designated as Hedging Instruments: Foreign currency cash flow hedges Prepaid expenses and other current assets $ 21 $ 12 Other accrued liabilities $ 12 $ 20 Net investment hedges Prepaid expenses and other current assets 12 34 Other accrued liabilities — — Interest rate-related derivatives Prepaid expenses and other current assets 9 15 Other accrued liabilities 4 — Total Derivatives Designated as Hedging Instruments 42 61 16 20 Derivatives Not Designated as Hedging Instruments: Foreign currency forward contracts Prepaid expenses and other current assets 28 6 Other accrued liabilities 18 36 Total derivatives $ 70 $ 67 $ 34 $ 56 (1) See Note 6 – Fair Value Measurements for further information about how the fair value of derivative assets and liabilities are determined.
Schedule of gains and losses related to derivative financial instruments designated as hedging instruments that are included in the assessment of effectiveness	The amounts of the gains and losses related to the Company’s derivative financial instruments designated as hedging instruments that are included in the assessment of effectiveness are as follows: Amount of Gain (Loss) Location of Gain (Loss) Reclassified Amount of Gain (Loss) Reclassified from AOCI into Earnings (1) Three Months Ended Three Months Ended (In millions) 2021 2020 2021 2020 Derivatives in Cash Flow Hedging Relationships: Foreign currency forward contracts $ 15 $ (31) Net sales $ (6) $ 1 Interest rate-related derivatives — — Interest expense — (1) 15 (31) (6) — Derivatives in Net Investment Hedging Relationships (2) : Foreign currency forward contracts (3) 36 (63) — — Total derivatives $ 51 $ (94) $ (6) $ — (1) The amount reclassified into earnings as a result of the discontinuance of cash flow hedges because probable forecasted transactions will no longer occur by the end of the original time period was not material. (2) During the three months ended September 30, 2021 and 2020, the gain recognized in earnings from net investment hedges related to the amount excluded from effectiveness testing was $2 million and $5 million, respectively. (3) Included within translation adjustments as a component of AOCI on the Company’s consolidated balance sheets. Amount of Gain (Loss) Recognized in Earnings on Derivatives (1) Location of Gain (Loss) Recognized in Earnings on Derivatives Three Months Ended (In millions) 2021 2020 Derivatives in Fair Value Hedging Relationships: Interest rate swap contracts Interest expense $ (10) $ (2) (1) Changes in the fair value of the interest rate swap agreements are exactly offset by the change in the fair value of the underlying long-term debt.
Schedule of cumulative amount of fair value hedging adjustments for designated and qualifying hedged items	Additional information regarding the cumulative amount of fair value hedging gain (loss) recognized in earnings for items designated and qualifying as hedged items in fair value hedges is as follows: (In millions) Line Item in the Consolidated Balance Sheets in Carrying Amount of the Cumulative Amount of Fair September 30, 2021 September 30, 2021 Current debt $ 254 $ 4 Long-term debt 992 — Total debt $ 1,246 $ 4
Schedule of effects of fair value and cash flow hedging relationships for designated and qualified hedging instruments	Additional information regarding the effects of fair value and cash flow hedging relationships for derivatives designated and qualifying as hedging instruments is as follows: Three Months Ended September 30 2021 2020 (In millions) Net Sales Interest Net Sales Interest Total amounts of income and expense line items presented in the consolidated statements of earnings in which the effects of fair value and cash flow hedges are recorded $ 4,392 $ 42 $ 3,562 $ 45 The effects of fair value and cash flow hedging relationships: Gain (loss) on fair value hedge relationships – interest rate contracts: Hedged item Not applicable 10 Not applicable 2 Derivatives designated as hedging instruments Not applicable (10) Not applicable (2) Gain (loss) on cash flow hedge relationships – interest rate contracts: Amount of loss reclassified from AOCI into earnings Not applicable — Not applicable (1) Gain (loss) on cash flow hedge relationships – foreign currency forward contracts: Amount of gain reclassified from AOCI into earnings (6) Not applicable 1 Not applicable
Schedule of gains and losses related to derivative financial instruments not designated as hedging instruments	The amount of gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments are presented as follows: Amount of Gain (Loss) Location of Gain (Loss) Recognized in Earnings on Three Months Ended (In millions) 2021 2020 Derivatives Not Designated as Hedging Instruments: Foreign currency forward contracts Selling, general and administrative $ (11) $ 21

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities measured at fair value on a recurring basis	The following table presents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021: (In millions) Level 1 Level 2 Level 3 Total Assets: Money market funds $ 1,844 $ — $ — $ 1,844 Foreign currency forward contracts — 61 — 61 Interest rate-related derivatives — 9 — 9 Total $ 1,844 $ 70 $ — $ 1,914 Liabilities: Foreign currency forward contracts $ — $ 30 $ — $ 30 Interest rate-related derivatives — 4 — 4 DECIEM stock options — — 137 137 Total $ — $ 34 $ 137 $ 171 The following table presents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021: (In millions) Level 1 Level 2 Level 3 Total Assets: Money market funds $ 2,079 $ — $ — $ 2,079 Foreign currency forward contracts — 52 — 52 Interest rate-related derivatives — 15 — 15 Total $ 2,079 $ 67 $ — $ 2,146 Liabilities: Foreign currency forward contracts $ — $ 56 $ — $ 56 DECIEM stock options — — 141 141 Total $ — $ 56 $ 141 $ 197
Schedule of estimated fair values of financial instruments	The estimated fair values of the Company’s financial instruments are as follows: September 30 June 30 (In millions) Carrying Fair Carrying Fair Nonderivatives Cash and cash equivalents $ 3,995 $ 3,995 $ 4,958 $ 4,958 Current and long-term debt 5,548 6,206 5,569 6,262 DECIEM stock options 137 137 141 141 Derivatives Foreign currency forward contracts – asset (liability), net 31 31 (4) (4) Interest rate-related derivatives – asset (liability), net 5 5 15 15

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of changes in allowance for credit losses	Changes in the allowance for credit losses are as follows: (In millions) September 30 Balance at June 30, 2021 $ 20 Provision for expected credit losses 1 Balance at September 30, 2021 $ 21
Schedule of significant changes in deferred revenue	Changes in deferred revenue during the period are as follows: Three Months Ended (In millions) 2021 2020 Deferred revenue, beginning of period $ 371 $ 279 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (170) (90) Revenue deferred during the period 223 216 Other 2 4 Deferred revenue, end of period $ 426 $ 409

PENSION AND POST-RETIREMENT B_2

PENSION AND POST-RETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Schedule of components of net periodic benefit cost for pension and other post-retirement benefit plans	The components of net periodic benefit cost for the three months ended September 30, 2021 and 2020 consisted of the following: Pension Plans Other than U.S. International Post-retirement (In millions) 2021 2020 2021 2020 2021 2020 Service cost $ 12 $ 11 $ 8 $ 9 $ 1 $ — Interest cost 8 8 3 2 1 1 Expected return on plan assets (14) (13) (4) (3) — — Amortization of: Actuarial loss 4 5 — 1 — — Special termination benefits — — 2 2 — — Net periodic benefit cost $ 10 $ 11 $ 9 $ 11 $ 2 $ 1
Schedule of amounts recognized in the consolidated balance sheets related to the Company's pension and post-retirement benefit plans	The amounts recognized in the consolidated balance sheets related to the Company’s pension and post-retirement benefit plans consist of the following: (In millions) September 30 June 30 Other assets $ 152 $ 162 Other accrued liabilities (28) (28) Other noncurrent liabilities (424) (432) Funded status (300) (298) Accumulated other comprehensive loss 237 242 Net amount recognized $ (63) $ (56)

STOCK PROGRAMS (Tables)

STOCK PROGRAMS (Tables)	3 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of key assumptions used for acquisition date fair value	The acquisition-date fair values of the DECIEM stock options and the net Put (Call) Option were calculated by incorporating significant assumptions including the starting equity value, revenue growth rates and EBITDA and the following key assumptions into the Monte Carlo Method: May 18, 2021 Risk-free rate 0.50% Term to mid of last twelve-month period 2.54 years Operating leverage adjustment 0.45 Net sales discount rate 3.30% EBITDA discount rate 6.80% EBITDA volatility 38.30% Net sales volatility 17.20% September 30, 2021 June 30, 2021 May 18, 2021 Risk-free rate 0.40% 0.50% 0.50% Term to mid of last twelve-month period 2.17 years 2.42 years 2.54 years Operating leverage adjustment 0.45 0.45 0.45 Net sales discount rate 3.30% 3.40% 3.30% EBITDA discount rate 6.90% 6.90% 6.80% EBITDA volatility 39.10% 37.70% 38.30% Net sales volatility 17.60% 17.00% 17.20%

NET EARNINGS ATTRIBUTABLE TO _2

NET EARNINGS ATTRIBUTABLE TO THE ESTEE LAUDER COMPANIES INC. PER COMMON SHARE (Tables)	3 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of reconciliation between the numerator and denominator of the basic and diluted EPS computations	A reconciliation between the numerator and denominator of the basic and diluted EPS computations is as follows: Three Months Ended (In millions, except per share data) 2021 2020 Numerator: Net earnings attributable to The Estée Lauder Companies Inc. $ 692 $ 523 Denominator: Weighted-average common shares outstanding – Basic 362.2 362.1 Effect of dilutive stock options 4.2 3.8 Effect of PSUs 0.2 0.2 Effect of RSUs 1.3 1.1 Weighted-average common shares outstanding – Diluted 367.9 367.2 Net earnings attributable to The Estée Lauder Companies Inc. per common share: Basic $ 1.91 $ 1.44 Diluted $ 1.88 $ 1.42
Schedule of antidilutive securities excluded from computation of earnings per share	The shares of Class A Common Stock underlying stock options, RSUs and PSUs that were excluded in the computation of diluted EPS because their inclusion would be anti-dilutive were as follows: Three Months Ended (In millions) 2021 2020 Stock options 0.3 1.3 RSUs and PSUs 0.2 0.2

EQUITY AND REDEEMABLE NONCONT_2

EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Tables)	3 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of equity	Total Stockholders’ Equity – The Estée Lauder Companies Inc. Three Months Ended (In millions) 2021 2020 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 5,335 4,790 Common stock dividends 1 1 Stock-based compensation 114 122 Paid-in capital, end of the period 5,450 4,913 Retained earnings, beginning of the period 12,244 10,134 Common stock dividends (193) (174) Net earnings attributable to The Estée Lauder Companies Inc. 692 523 Cumulative effect of adoption of new accounting standards 121 (3) Retained earnings, end of the period 12,864 10,480 Accumulated other comprehensive loss, beginning of the period (470) (665) Other comprehensive income (loss) (155) 71 Accumulated other comprehensive loss, end of the period (625) (594) Treasury stock, beginning of the period (11,058) (10,330) Acquisition of treasury stock (519) — Stock-based compensation (37) (23) Treasury stock, end of the period (11,614) (10,353) Total stockholders’ equity – The Estée Lauder Companies Inc. 6,081 4,452 Noncontrolling interests, beginning of the period 34 27 Net earnings attributable to noncontrolling interests 1 2 Translation adjustments, net (1) — Noncontrolling interests, end of the period 34 29 Total equity $ 6,115 $ 4,481 Redeemable noncontrolling interest, beginning of the period $ 857 $ — Net earnings attributable to redeemable noncontrolling interest 2 — Translation adjustments (17) — Redeemable noncontrolling interest, end of the period $ 842 $ — Cash dividends declared per common share $ .53 $ .48
Summary of cash dividends declared per share on the Company's Class A and Class B Common Stock	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, 2021: Date Declared Record Date Payable Date Amount per Share August 18, 2021 August 31, 2021 September 15, 2021 $ .53
Schedule of components of AOCI, net of tax	The following table represents changes in AOCI, net of tax, by component for the three months ended September 30, 2021: (In millions) Net Cash Amounts Translation Total Balance at June 30, 2021 $ (2) $ (179) $ (289) $ (470) OCI before reclassifications 12 1 (1) (175) (2) (162) Amounts reclassified to Net earnings 4 3 — 7 Net current-period OCI 16 4 (175) (155) Balance at September 30, 2021 $ 14 $ (175) $ (464) $ (625) (1) Consists of foreign currency translation losses. (2) See Note 5 – Derivative Financial Instruments for gains (losses) relating to net investment hedges.
Schedule of effects of reclassification adjustments from AOCI into net earnings	The following table represents the effects of reclassification adjustments from AOCI into net earnings for the three months ended September 30, 2021 and 2020: Amount Reclassified from AOCI Affected Line Item in Three Months Ended (In millions) 2021 2020 Gain (Loss) on Cash Flow Hedges Foreign currency forward contracts $ (6) $ 1 Net sales Interest rate-related derivatives — (1) Interest expense (6) — Benefit for deferred taxes 2 — Provision for income taxes (4) — Net earnings Amounts Included in Net Periodic Benefit Cost Amortization of actuarial loss (4) (6) Earnings before income taxes (1) Benefit for deferred taxes 1 1 Provision for income taxes (3) (5) Net earnings Total reclassification adjustments, net $ (7) $ (5) Net earnings (1) See Note 8 – Pension and Post-Retirement Benefit Plans for additional information.

STATEMENT OF CASH FLOWS (Tables

STATEMENT OF CASH FLOWS (Tables)	3 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow information	Supplemental cash flow information for the three months ended September 30, 2021 and 2020 is as follows: (In millions) 2021 2020 Cash: Cash paid during the period for interest $ 30 $ 26 Cash paid during the period for income taxes $ 125 $ 119 Non-cash investing and financing activities: Property, plant and equipment accrued but unpaid $ 126 $ 42 Financing lease modifications $ (17) $ — Right-of-use assets obtained in exchange for new/modified operating lease liabilities $ 44 $ 101

SEGMENT DATA AND RELATED INFO_2

SEGMENT DATA AND RELATED INFORMATION (Tables)	3 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of segment data and related information	Three Months Ended (In millions) 2021 2020 PRODUCT CATEGORY DATA Net sales: Skin Care $ 2,449 $ 2,035 Makeup 1,174 978 Fragrance 609 406 Hair Care 148 136 Other 13 7 4,393 3,562 Returns associated with restructuring and other activities (1) — Net sales $ 4,392 $ 3,562 Operating income (loss) before charges associated with restructuring and other activities: Skin Care $ 717 $ 721 Makeup 91 (71) Fragrance 131 60 Hair Care 2 3 Other — 1 941 714 Reconciliation: Charges associated with restructuring and other activities (6) (9) Interest expense (42) (45) Interest income and investment income, net 4 14 Other components of net periodic benefit cost (1) (3) Other income 1 — Earnings before income taxes $ 897 $ 671 GEOGRAPHIC DATA (1) Net sales: The Americas $ 1,194 $ 873 Europe, the Middle East & Africa 1,873 1,540 Asia/Pacific 1,326 1,149 4,393 3,562 Returns associated with restructuring and other activities (1) — Net sales $ 4,392 $ 3,562 Operating income: The Americas $ 254 $ 65 Europe, the Middle East & Africa 465 411 Asia/Pacific 222 238 941 714 Charges associated with restructuring and other activities (6) (9) Operating income $ 935 $ 705

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Currency Translation and Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Currency Translation and Transactions
Unrealized translation gains (losses), net of tax	$ (175)	$ 91
Net exchange losses on foreign currency transactions	$ 12	$ 1

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Concentration Risk [Line Items]
Net sales	$ 4,392	$ 3,562
Accounts receivable, net	2,265		$ 1,702
Largest Customer | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Net sales	$ 456	$ 554
Concentration risk (as a percent)	10.00%	16.00%
Largest Customer | Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)	13.00%		10.00%
Accounts receivable, net	$ 301		$ 179
Major Customer | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Net sales	$ 253	$ 181
Concentration risk (as a percent)	6.00%	5.00%
Major Customer | Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)	10.00%		8.00%
Accounts receivable, net	$ 239		$ 133

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventory and Promotional Merchandise (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Accounting Policies [Abstract]
Raw materials	$ 697	$ 674
Work in process	290	330
Finished goods	1,354	1,213
Promotional merchandise	292	288
Inventory and promotional merchandise	$ 2,633	$ 2,505

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Property, Plant and Equipment
Property, plant and equipment, gross	$ 5,770		$ 5,618
Less accumulated depreciation and amortization	(3,412)		(3,338)
Property, plant and equipment, net	2,358		2,280
Depreciation and amortization of property, plant and equipment	130	$ 125
Land
Property, Plant and Equipment
Property, plant and equipment, gross	53		55
Buildings and improvements
Property, Plant and Equipment
Property, plant and equipment, gross	$ 257		256
Buildings and improvements | Minimum
Property, Plant and Equipment
Property, plant and equipment, useful life (in years)	10 years
Buildings and improvements | Maximum
Property, Plant and Equipment
Property, plant and equipment, useful life (in years)	40 years
Machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	$ 916		920
Machinery and equipment | Minimum
Property, Plant and Equipment
Property, plant and equipment, useful life (in years)	3 years
Machinery and equipment | Maximum
Property, Plant and Equipment
Property, plant and equipment, useful life (in years)	10 years
Computer hardware and software
Property, Plant and Equipment
Property, plant and equipment, gross	$ 1,375		1,303
Computer hardware and software | Minimum
Property, Plant and Equipment
Property, plant and equipment, useful life (in years)	4 years
Computer hardware and software | Maximum
Property, Plant and Equipment
Property, plant and equipment, useful life (in years)	10 years
Furniture and fixtures
Property, Plant and Equipment
Property, plant and equipment, gross	$ 125		125
Furniture and fixtures | Minimum
Property, Plant and Equipment
Property, plant and equipment, useful life (in years)	5 years
Furniture and fixtures | Maximum
Property, Plant and Equipment
Property, plant and equipment, useful life (in years)	10 years
Leasehold improvements
Property, Plant and Equipment
Property, plant and equipment, gross	$ 2,300		2,312
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, gross	$ 744		$ 647

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Income Tax Contingency [Line Items]
Effective tax rate (as a percent)	22.50%	21.80%
Increase (decrease) in effective tax rate (as a percent)	0.70%
Gross unrecognized tax benefits	$ 71		$ 62
Total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate	62
Gross interest and penalty accrued	3
Total gross accrued interest and penalties related to unrecognized tax benefits	16		$ 14
Minimum
Income Tax Contingency [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	5
Maximum
Income Tax Contingency [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 10

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Accounting Policies [Abstract]
Advertising, merchandising and sampling	$ 348	$ 294
Employee compensation	456	670
Deferred revenue	379	322
Payroll and other non-income taxes	311	359
Accrued income taxes	336	237
Sales return accrual	378	369
Other	974	944
Other accrued liabilities	$ 3,182	$ 3,195

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Accrued Liabilities Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Income Tax Contingency [Line Items]
Other noncurrent liabilities	$ 1,964	$ 2,037
Other Noncurrent Liabilities
Income Tax Contingency [Line Items]
Deferred tax liabilities	$ 805	$ 849

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Changes in Accounting Policies (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative adjustment, increase to opening balance of retained earnings	$ 6,115	$ 6,091	$ 4,481
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative adjustment, increase to opening balance of retained earnings	$ 12,864	12,244	$ 10,480	$ 10,134
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative adjustment, increase to opening balance of retained earnings		121		$ (3)
Accounting Standards Update 2019-12 | Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative adjustment, increase to opening balance of retained earnings		$ 121

ACQUISITION OF BUSINESSES - Nar

ACQUISITION OF BUSINESSES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	May 18, 2021	Jun. 30, 2021	May 17, 2021
Stock Options | DECIEM 2021 Stock Option Plan
Business Acquisition [Line Items]
Stock option liability	$ 137		$ 141
DECIEM
Business Acquisition [Line Items]
Equity method investments		$ 65
DECIEM
Business Acquisition [Line Items]
Cash consideration	1,095	$ 1,092
Fully diluted equity interest before acquisition (as a percent)				29.00%
Fully diluted equity interest following acquisition (as a percent)		76.00%
Undiluted equity interest before acquisition (as a percent)		30.50%
Undiluted equity interest after acquisition (as a percent)		78.00%
Fair value of previously held equity method investment	913
Gain on remeasurement of previously held equity method investment	848
Consideration transferred	$ 2,993
Fair value of previously held equity method investment (as a percent)	30.50%
Fair value of net Put (Call) Option	$ 233
DECIEM | Stock Options | DECIEM 2021 Stock Option Plan
Business Acquisition [Line Items]
Stock options, percent of total capital structure		4.00%
Fair value of stock options	295
Payments for vested share-based payment award	191
Stock option liability	$ 104
DECIEM | DECIEM
Business Acquisition [Line Items]
Noncontrolling interest ownership (as a percent)	21.60%	21.60%
Right to sell, period	3 years

ACQUISITION OF BUSINESSES - Sum

ACQUISITION OF BUSINESSES - Summary of Total Consideration Transferred (Details) - DECIEM - USD ($) $ in Millions	Sep. 30, 2021	May 18, 2021
Business Combination, Consideration Transferred [Abstract]
Cash paid/payable	$ 1,095	$ 1,092
Fair value of DECIEM stock options liability	104
Fair value of net Put (Call) Option	233
Total consideration for the acquired ownership interest (approximately 47.9%)	1,432
Fair value of previously held equity method investment (approximately 30.5%)	913
Fair value of redeemable noncontrolling interest (approximately 21.6%)	648
Total consideration transferred (100%)	$ 2,993
Business Combination, Consideration Transferred, Percent [Abstract]
Total consideration for the acquired ownership interest (as a percent)		47.90%
Fair value of previously held equity method investment (as a percent)		30.50%
Total consideration transferred (as a percent)		100.00%
DECIEM
Business Combination, Consideration Transferred, Percent [Abstract]
Fair value of redeemable noncontrolling interest (as a percent)	21.60%	21.60%

ACQUISITION OF BUSINESSES - Sch

ACQUISITION OF BUSINESSES - Schedule of Fair Value Option-Pricing Assumptions (Details) - DECIEM - DECIEM 2021 Stock Option Plan - Stock Options	Sep. 30, 2021	Jun. 30, 2021	May 18, 2021
Business Acquisition [Line Items]
Risk-free rate (as a percent)	0.40%	0.50%	0.50%
Term to mid of last twelve-month period	2 years 2 months 1 day	2 years 5 months 1 day	2 years 6 months 14 days
Operating leverage adjustment	0.45	0.45	0.45
Net sales discount rate (as a percent)	3.30%	3.40%	3.30%
EBITDA discount rate (as a percent)	6.90%	6.90%	6.80%
EBITDA volatility (as a percent)	39.10%	37.70%	38.30%
Net sales volatility (as a percent)	17.60%	17.00%	17.20%

ACQUISITION OF BUSINESSES - Pre

ACQUISITION OF BUSINESSES - Preliminary Allocation of Total Consideration Transferred (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,575	$ 2,616
DECIEM
Business Acquisition [Line Items]
Cash	35
Accounts receivable	64
Inventory	192
Other current assets	33
Property, plant and equipment	40
Operating lease right-of-use assets	40
Intangible assets	1,917
Goodwill	1,297
Total assets acquired	3,618
Accounts payable	21
Operating lease liabilities	8
Other accrued liabilities	67
Deferred income taxes	485
Long-term operating lease liabilities	44
Total liabilities assumed	625
Total consideration transferred	$ 2,993

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - DECIEM $ in Millions	1 Months Ended
	May 31, 2021USD ($)
Intangible assets
Goodwill measurement period adjustment	$ 1,297
Trademarks and other
Intangible assets
Indefinite-lived intangible assets acquired	1,216
Customer lists
Intangible assets
Finite-lived intangible assets acquired	$ 701
Customer lists | Minimum
Intangible assets
Useful life (in years)	7 years
Customer lists | Maximum
Intangible assets
Useful life (in years)	14 years

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Changes in goodwill
Goodwill, gross, beginning balance	$ 3,617
Accumulated impairments	(1,000)	$ (1,001)
Goodwill, beginning balance	2,616
Goodwill measurement period adjustment	14
Translation adjustments and write-offs, goodwill	(56)
Translation adjustments and write-offs, accumulated impairments	1
Goodwill, period increase (decrease)	(41)
Goodwill, gross, ending balance	3,575
Goodwill, ending balance	2,575
Skin Care
Changes in goodwill
Goodwill, gross, beginning balance	1,786
Accumulated impairments	(140)	(141)
Goodwill, beginning balance	1,645
Goodwill measurement period adjustment	14
Translation adjustments and write-offs, goodwill	(53)
Translation adjustments and write-offs, accumulated impairments	1
Goodwill, period increase (decrease)	(38)
Goodwill, gross, ending balance	1,747
Goodwill, ending balance	1,607
Makeup
Changes in goodwill
Goodwill, gross, beginning balance	1,214
Accumulated impairments	(830)	(830)
Goodwill, beginning balance	384
Goodwill measurement period adjustment	0
Translation adjustments and write-offs, goodwill	0
Translation adjustments and write-offs, accumulated impairments	0
Goodwill, period increase (decrease)	0
Goodwill, gross, ending balance	1,214
Goodwill, ending balance	384
Fragrance
Changes in goodwill
Goodwill, gross, beginning balance	262
Accumulated impairments	(30)	(30)
Goodwill, beginning balance	232
Goodwill measurement period adjustment	0
Translation adjustments and write-offs, goodwill	(3)
Translation adjustments and write-offs, accumulated impairments	0
Goodwill, period increase (decrease)	(3)
Goodwill, gross, ending balance	259
Goodwill, ending balance	229
Hair Care
Changes in goodwill
Goodwill, gross, beginning balance	355
Accumulated impairments	0	$ 0
Goodwill, beginning balance	355
Goodwill measurement period adjustment	0
Translation adjustments and write-offs, goodwill	0
Translation adjustments and write-offs, accumulated impairments	0
Goodwill, period increase (decrease)	0
Goodwill, gross, ending balance	355
Goodwill, ending balance	$ 355

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Amortizable intangible assets:
Gross Carrying Value	$ 2,252		$ 2,316
Accumulated Amortization	626		587
Total Net Book Value	1,626		1,729
Non-amortizable intangible assets:
Total intangible assets	3,923		4,095
Aggregate amortization expense for amortizable intangible assets	45	$ 25
Estimated aggregate amortization expense
Estimated aggregate amortization expense for remainder of fiscal year 2022	116
Estimated aggregate amortization expense for remainder of fiscal year 2023	155
Estimated aggregate amortization expense for fiscal year 2024	154
Estimated aggregate amortization expense for fiscal year 2025	154
Estimated aggregate amortization expense for fiscal year 2026	154
Trademarks and other
Non-amortizable intangible assets:
Trademarks and other	2,297		2,366
Customer lists and other
Amortizable intangible assets:
Gross Carrying Value	2,209		2,273
Accumulated Amortization	583		544
Total Net Book Value	1,626		1,729
License agreements
Amortizable intangible assets:
Gross Carrying Value	43		43
Accumulated Amortization	43		43
Total Net Book Value	$ 0		$ 0

CHARGES ASSOCIATED WITH RESTR_3

CHARGES ASSOCIATED WITH RESTRUCTURING AND OTHER ACTIVITIES - Charges Associated With Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Restructuring and Other Costs
Restructuring charges	$ 6	$ 9
PCBA Program
Restructuring and Other Costs
Restructuring charges	2
Sales Returns (included in Net Sales)
Restructuring and Other Costs
Restructuring charges	1	$ 0
Sales Returns (included in Net Sales) | PCBA Program
Restructuring and Other Costs
Restructuring charges	1
Cost of Sales | PCBA Program
Restructuring and Other Costs
Restructuring charges	(1)
Restructuring Charges | PCBA Program
Restructuring and Other Costs
Restructuring charges	0
Other Charges | PCBA Program
Restructuring and Other Costs
Restructuring charges	$ 2

CHARGES ASSOCIATED WITH RESTR_4

CHARGES ASSOCIATED WITH RESTRUCTURING AND OTHER ACTIVITIES - Narrative (Details) - PCBA Program $ in Millions	Aug. 20, 2020USD ($)	Sep. 30, 2021position	Jun. 30, 2024USD ($)	Jun. 30, 2023USD ($)	Jun. 30, 2022USD ($)
Restructuring and Other Costs
Restructuring program, period	2 years
Forecast
Restructuring and Other Costs
Accrued restructuring charges expected to result in cash expenditures funded from cash provided by operations			$ 3	$ 20	$ 46
Minimum
Restructuring and Other Costs
Net reduction in global positions | position		2,000
Closure of freestanding stores (as a percent)	10.00%
Restructuring and related costs, expected costs	$ 400
Maximum
Restructuring and Other Costs
Net reduction in global positions | position		2,500
Closure of freestanding stores (as a percent)	15.00%
Restructuring and related costs, expected costs	$ 500

CHARGES ASSOCIATED WITH RESTR_5

CHARGES ASSOCIATED WITH RESTRUCTURING AND OTHER ACTIVITIES - Cumulative Charges Expected To Be Incurred (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Restructuring And Other Charges Expected To Be Incurred [Roll Forward]
Restructuring and other charges	$ 6	$ 6
PCBA Program
Restructuring And Other Charges Expected To Be Incurred [Roll Forward]
Cumulative through June 30, 2021	314
Restructuring and other charges	(18)
Cumulative through September 30, 2021	296
PCBA Program | Sales Returns (included in Net Sales)
Restructuring And Other Charges Expected To Be Incurred [Roll Forward]
Cumulative through June 30, 2021	42
Restructuring and other charges	(20)
Cumulative through September 30, 2021	22
PCBA Program | Cost of Sales
Restructuring And Other Charges Expected To Be Incurred [Roll Forward]
Cumulative through June 30, 2021	(6)
Restructuring and other charges	9
Cumulative through September 30, 2021	3
PCBA Program | Restructuring Charges
Restructuring And Other Charges Expected To Be Incurred [Roll Forward]
Cumulative through June 30, 2021	257
Restructuring and other charges	(8)
Cumulative through September 30, 2021	249
PCBA Program | Restructuring Charges | Employee- Related Costs
Restructuring And Other Charges Expected To Be Incurred [Roll Forward]
Restructuring and other charges	(8)
PCBA Program | Restructuring Charges | Asset- Related Costs
Restructuring And Other Charges Expected To Be Incurred [Roll Forward]
Restructuring and other charges	2
PCBA Program | Restructuring Charges | Contract Terminations
Restructuring And Other Charges Expected To Be Incurred [Roll Forward]
Restructuring and other charges	(2)
PCBA Program | Restructuring Charges | Other Exit Costs
Restructuring And Other Charges Expected To Be Incurred [Roll Forward]
Restructuring and other charges	0
PCBA Program | Other Charges
Restructuring And Other Charges Expected To Be Incurred [Roll Forward]
Cumulative through June 30, 2021	21
Restructuring and other charges	1
Cumulative through September 30, 2021	$ 22

CHARGES ASSOCIATED WITH RESTR_6

CHARGES ASSOCIATED WITH RESTRUCTURING AND OTHER ACTIVITIES - Approved Restructuring Activities by Major Cost Type (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Restructuring and related costs
Restructuring and other charges	$ 6	$ 6
PCBA Program
Restructuring and related costs
Restructuring and other charges	(18)
PCBA Program | Sales Returns (included in Net Sales)
Restructuring and related costs
Restructuring and other charges	(20)
PCBA Program | Cost of Sales
Restructuring and related costs
Restructuring and other charges	9
PCBA Program | Restructuring Charges
Restructuring and related costs
Cumulative through June 30, 2021	257
Restructuring and other charges	(8)
Cumulative through September 30, 2021	249
PCBA Program | Restructuring Charges | Employee- Related Costs
Restructuring and related costs
Cumulative through June 30, 2021	132
Restructuring and other charges	(8)
Cumulative through September 30, 2021	124
PCBA Program | Restructuring Charges | Asset- Related Costs
Restructuring and related costs
Cumulative through June 30, 2021	108
Restructuring and other charges	2
Cumulative through September 30, 2021	110
PCBA Program | Restructuring Charges | Contract Terminations
Restructuring and related costs
Cumulative through June 30, 2021	13
Restructuring and other charges	(2)
Cumulative through September 30, 2021	11
PCBA Program | Restructuring Charges | Other Exit Costs
Restructuring and related costs
Cumulative through June 30, 2021	4
Restructuring and other charges	0
Cumulative through September 30, 2021	4
PCBA Program | Other Charges
Restructuring and related costs
Restructuring and other charges	$ 1

CHARGES ASSOCIATED WITH RESTR_7

CHARGES ASSOCIATED WITH RESTRUCTURING AND OTHER ACTIVITIES - Cumulative Restructuring Charges by Major Cost Type (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Restructuring and related costs
Charges	$ 6	$ 9
Sales Returns (included in Net Sales)
Restructuring and related costs
Charges	1	$ 0
PCBA Program
Restructuring and related costs
Cumulative through June 30, 2021	221
Charges	2
Cumulative through September 30, 2021	223
PCBA Program | Sales Returns (included in Net Sales)
Restructuring and related costs
Cumulative through June 30, 2021	14
Charges	1
Cumulative through September 30, 2021	15
PCBA Program | Cost of Sales
Restructuring and related costs
Cumulative through June 30, 2021	2
Charges	(1)
Cumulative through September 30, 2021	1
PCBA Program | Restructuring Charges
Restructuring and related costs
Cumulative through June 30, 2021	201
Charges	0
Cumulative through September 30, 2021	201
PCBA Program | Restructuring Charges | Employee- Related Costs
Restructuring and related costs
Cumulative through June 30, 2021	119
Charges	(6)
Cumulative through September 30, 2021	113
PCBA Program | Restructuring Charges | Asset- Related Costs
Restructuring and related costs
Cumulative through June 30, 2021	75
Charges	4
Cumulative through September 30, 2021	79
PCBA Program | Restructuring Charges | Contract Terminations
Restructuring and related costs
Cumulative through June 30, 2021	6
Charges	2
Cumulative through September 30, 2021	8
PCBA Program | Restructuring Charges | Other Exit Costs
Restructuring and related costs
Cumulative through June 30, 2021	1
Charges	0
Cumulative through September 30, 2021	1
PCBA Program | Other Charges
Restructuring and related costs
Cumulative through June 30, 2021	4
Charges	2
Cumulative through September 30, 2021	$ 6

CHARGES ASSOCIATED WITH RESTR_8

CHARGES ASSOCIATED WITH RESTRUCTURING AND OTHER ACTIVITIES - Accrued Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Restructuring and Other Costs
Charges	$ 6	$ 9
PCBA Program
Restructuring and Other Costs
Charges	2
PCBA Program | Restructuring And Other Charges
Restructuring and Other Costs
Beginning balance	101
Charges	0
Cash payments	(28)
Non-cash asset write-offs	(4)
Translation adjustment	0
Ending balance	69
Employee- Related Costs | PCBA Program | Restructuring And Other Charges
Restructuring and Other Costs
Beginning balance	101
Charges	(6)
Cash payments	(27)
Non-cash asset write-offs	0
Translation adjustment	0
Ending balance	68
Asset- Related Costs | PCBA Program | Restructuring And Other Charges
Restructuring and Other Costs
Beginning balance	0
Charges	4
Cash payments	0
Non-cash asset write-offs	(4)
Translation adjustment	0
Ending balance	0
Contract Terminations | PCBA Program | Restructuring And Other Charges
Restructuring and Other Costs
Beginning balance	0
Charges	2
Cash payments	(1)
Non-cash asset write-offs	0
Translation adjustment	0
Ending balance	1
Other Exit Costs | PCBA Program | Restructuring And Other Charges
Restructuring and Other Costs
Beginning balance	0
Charges	0
Cash payments	0
Non-cash asset write-offs	0
Translation adjustment	0
Ending balance	$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Derivative Instruments Included in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Derivatives, Fair Value
Derivative asset, total	$ 70	$ 67
Derivative liability, total	34	56
Derivatives Designated as Hedging Instruments: | Prepaid expenses and other current assets
Derivatives, Fair Value
Derivative asset, fair value	42	61
Derivatives Designated as Hedging Instruments: | Other accrued liabilities
Derivatives, Fair Value
Derivative liability, fair value	16	20
Derivatives Designated as Hedging Instruments: | Foreign currency cash flow hedges | Prepaid expenses and other current assets
Derivatives, Fair Value
Derivative asset, fair value	21	12
Derivatives Designated as Hedging Instruments: | Foreign currency cash flow hedges | Other accrued liabilities
Derivatives, Fair Value
Derivative liability, fair value	12	20
Derivatives Designated as Hedging Instruments: | Net investment hedges | Prepaid expenses and other current assets
Derivatives, Fair Value
Derivative asset, fair value	12	34
Derivatives Designated as Hedging Instruments: | Net investment hedges | Other accrued liabilities
Derivatives, Fair Value
Derivative liability, fair value	0	0
Derivatives Designated as Hedging Instruments: | Interest rate-related derivatives | Prepaid expenses and other current assets
Derivatives, Fair Value
Derivative asset, fair value	9	15
Derivatives Designated as Hedging Instruments: | Interest rate-related derivatives | Other accrued liabilities
Derivatives, Fair Value
Derivative liability, fair value	4	0
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward contracts | Prepaid expenses and other current assets
Derivatives, Fair Value
Derivative asset, fair value	28	6
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward contracts | Other accrued liabilities
Derivatives, Fair Value
Derivative liability, fair value	$ 18	$ 36

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) on Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Gain (loss) on derivative financial instruments
Amount of Gain or (Loss) Recognized in OCI on Derivatives, Cash Flow Hedging	$ 51	$ (94)
Amounts reclassified to earnings during the year	(6)	0
Cash flow hedges
Gain (loss) on derivative financial instruments
Amount of Gain or (Loss) Recognized in OCI on Derivatives, Cash Flow Hedging	15	(31)
Amounts reclassified to earnings during the year	(6)	0
Current debt
Gain (loss) on derivative financial instruments
Cumulative Amount of Fair Value Hedging Gain (Loss) Included in the Carrying Amount of the Hedged Liability	4
Current debt | Derivatives in fair value hedging relationships
Gain (loss) on derivative financial instruments
Carrying Amount of the Hedged Liabilities	254
Long-term debt
Gain (loss) on derivative financial instruments
Cumulative Amount of Fair Value Hedging Gain (Loss) Included in the Carrying Amount of the Hedged Liability	0
Long-term debt | Derivatives in fair value hedging relationships
Gain (loss) on derivative financial instruments
Carrying Amount of the Hedged Liabilities	992
Total debt
Gain (loss) on derivative financial instruments
Cumulative Amount of Fair Value Hedging Gain (Loss) Included in the Carrying Amount of the Hedged Liability	4
Total debt | Derivatives in fair value hedging relationships
Gain (loss) on derivative financial instruments
Carrying Amount of the Hedged Liabilities	1,246
Net sales
Gain (loss) on derivative financial instruments
Total amounts of income and expense line items presented in the consolidated statements of earnings in which the effects of fair value and cash flow hedges are recorded	4,392	3,562
Interest expense
Gain (loss) on derivative financial instruments
Total amounts of income and expense line items presented in the consolidated statements of earnings in which the effects of fair value and cash flow hedges are recorded	42	45
Foreign currency forward contracts | Cash flow hedges
Gain (loss) on derivative financial instruments
Amount of Gain or (Loss) Recognized in OCI on Derivatives, Cash Flow Hedging	15	(31)
Foreign currency forward contracts | Net investment hedges
Gain (loss) on derivative financial instruments
Amount of Gain or (Loss) Recognized in OCI on Derivatives, Cash Flow Hedging	36	(63)
Amounts reclassified to earnings during the year	0	0
Foreign currency forward contracts | Net sales | Cash flow hedges
Gain (loss) on derivative financial instruments
Amounts reclassified to earnings during the year	(6)	1
Interest rate-related derivatives | Cash flow hedges
Gain (loss) on derivative financial instruments
Amount of Gain or (Loss) Recognized in OCI on Derivatives, Cash Flow Hedging	0	0
Interest rate-related derivatives | Interest expense | Cash flow hedges
Gain (loss) on derivative financial instruments
Amounts reclassified to earnings during the year	0	(1)
Interest rate-related derivatives | Interest expense | Derivatives in fair value hedging relationships
Gain (loss) on derivative financial instruments
Amount of gain (loss) reclassified from AOCI to earnings	10	2
Net investment hedges
Gain (loss) on derivative financial instruments
Gain recognized in earnings related to the amount excluded from effectiveness testing	2	5
Derivatives Designated as Hedging Instruments: | Interest rate-related derivatives | Interest expense | Derivatives in fair value hedging relationships
Gain (loss) on derivative financial instruments
Amount of gain (loss) reclassified from AOCI to earnings	(10)	(2)
Amount of gain (loss) reclassified from AOCI to earnings	(10)	(2)
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward contracts | Selling, general and administrative
Gain (loss) on derivative financial instruments
Amount of gain (loss) reclassified from AOCI to earnings	$ (11)	$ 21

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges, Fair Value Hedges, Credit Risk (Details)	3 Months Ended
	Sep. 30, 2021USD ($)agency	Jun. 30, 2021USD ($)
Derivatives Not Designated as Hedging Instruments:
Derivative instruments
Notional amount	$ 3,946,000,000
Foreign Currency Cash-Flow Hedges
Notional amount	$ 3,946,000,000
Derivative
Credit Risk
Minimum number of nationally recognized rating agencies | agency	2
Maximum exposure to credit risk in the event of non performance by counterparties, gross fair value of contracts in asset positions	$ 70,000,000
Cash flow hedges
Foreign Currency Cash-Flow Hedges
Amount expected to be reclassified from AOCI into earnings, net of tax, within the next twelve months	5,000,000
Accumulated net gain (loss) on derivative instruments in AOCI, before tax	20,000,000	$ (1,000,000)
Cash flow hedges | Foreign currency forward contracts
Derivative instruments
Notional amount	1,066,000,000
Foreign Currency Cash-Flow Hedges
Notional amount	1,066,000,000
Derivatives in fair value hedging relationships | Interest rate swap contracts | 2.35% Senior Notes due August 15, 2022 ("2022 Senior Notes")
Fair Value Hedges
Notional amount	$ 250,000,000
Derivatives in fair value hedging relationships | Interest rate swap contracts | 2.35% Senior Notes due August 15, 2022 ("2022 Senior Notes") | LIBOR
Fair Value Hedges
Number of months for LIBOR calculation	3 months
Derivatives in fair value hedging relationships | Interest rate swap contracts | Senior Notes Due April 2030
Fair Value Hedges
Notional amount	$ 700,000,000
Derivatives in fair value hedging relationships | Interest rate swap contracts | Senior Notes Due April 2030 | LIBOR
Fair Value Hedges
Number of months for LIBOR calculation	3 months
Derivatives in fair value hedging relationships | Interest rate swap contracts | Senior Notes One Ninety Five Percent Due 2031
Fair Value Hedges
Notional amount	$ 300,000,000
Derivatives in fair value hedging relationships | Interest rate swap contracts | Senior Notes One Ninety Five Percent Due 2031 | LIBOR
Fair Value Hedges
Number of months for LIBOR calculation	3 months
Net investment hedges | Foreign currency forward contracts
Fair Value Hedges
Notional amount	$ 1,419,000,000

FAIR VALUE MEASUREMENTS - Hiera

FAIR VALUE MEASUREMENTS - Hierarchy For Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring basis - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Assets:
Money market funds	$ 1,844	$ 2,079
Foreign currency forward contracts	61	52
Interest rate-related derivatives	9	15
Total	1,914	2,146
Liabilities:
Foreign currency forward contracts	30	56
Interest rate-related derivatives	4
DECIEM stock options	137	141
Total	171	197
Level 1
Assets:
Money market funds	1,844	2,079
Foreign currency forward contracts	0	0
Interest rate-related derivatives	0	0
Total	1,844	2,079
Liabilities:
Foreign currency forward contracts	0	0
Interest rate-related derivatives	0
DECIEM stock options	0	0
Total	0	0
Level 2
Assets:
Money market funds	0	0
Foreign currency forward contracts	61	52
Interest rate-related derivatives	9	15
Total	70	67
Liabilities:
Foreign currency forward contracts	30	56
Interest rate-related derivatives	4
DECIEM stock options	0	0
Total	34	56
Level 3
Assets:
Money market funds	0	0
Foreign currency forward contracts	0	0
Interest rate-related derivatives	0	0
Total	0	0
Liabilities:
Foreign currency forward contracts	0	0
Interest rate-related derivatives	0
DECIEM stock options	137	141
Total	$ 137	$ 141

FAIR VALUE MEASUREMENTS - Estim

FAIR VALUE MEASUREMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Derivatives
Derivative asset	$ 70	$ 67
Derivative liability	(34)	(56)
Carrying Amount
Nonderivatives
Cash and cash equivalents	3,995	4,958
Current and long-term debt	5,548	5,569
DECIEM stock options	137	141
Carrying Amount | Foreign currency forward contracts
Derivatives
Derivative asset	31
Derivative liability		(4)
Carrying Amount | Interest rate-related derivatives
Derivatives
Derivative asset	5	15
Fair Value
Nonderivatives
Cash and cash equivalents	3,995	4,958
Current and long-term debt	6,206	6,262
DECIEM stock options	137	141
Fair Value | Foreign currency forward contracts
Derivatives
Derivative asset	31
Derivative liability		(4)
Fair Value | Interest rate-related derivatives
Derivatives
Derivative asset	$ 5	$ 15

FAIR VALUE MEASUREMENTS - Forei

FAIR VALUE MEASUREMENTS - Foreign Currency Forward Contracts Maturity and Additional Purchase Price Payable - Narrative (Details) - Foreign currency forward contracts	3 Months Ended
	Sep. 30, 2021
Maximum | LIBOR
Foreign currency forward contracts
Contract maturities	12 months
Minimum | Swap yield curve
Foreign currency forward contracts
Contract maturities	12 months

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Allowance for doubtful accounts and customer deductions	$ 40	$ 40
Allowance for non-credit losses	$ 19

REVENUE RECOGNITION - Changes i

REVENUE RECOGNITION - Changes in Allowance for Credit Losses (Details) $ in Millions	3 Months Ended
	Sep. 30, 2021USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at June 30, 2021	$ 20
Provision for expected credit losses	1
Balance at September 30, 2021	$ 21

REVENUE RECOGNITION - Changes_2

REVENUE RECOGNITION - Changes in Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Change in Contract with Customer, Liability [Abstract]
Balance at the beginning of the period	$ 371	$ 279
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	(170)	(90)
Revenue deferred during the period	223	216
Other	2	4
Balance at the end of the period	$ 426	$ 409

REVENUE RECOGNITION - Transacti

REVENUE RECOGNITION - Transaction Price Allocated to the Remaining Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 $ in Millions	Sep. 30, 2021USD ($)
REVENUE RECOGNITION
Expected timing of revenue recognition	12 months
Estimated recognition of deferred revenue	$ 379

PENSION AND POST-RETIREMENT B_3

PENSION AND POST-RETIREMENT BENEFIT PLANS - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Pension Plans | U.S.
Components of net periodic benefit cost:
Service cost	$ 12	$ 11
Interest cost	8	8
Expected return on plan assets	(14)	(13)
Amortization of:
Actuarial loss	4	5
Special termination benefits	0	0
Net periodic benefit cost	10	11
Pension Plans | International
Components of net periodic benefit cost:
Service cost	8	9
Interest cost	3	2
Expected return on plan assets	(4)	(3)
Amortization of:
Actuarial loss	0	1
Special termination benefits	2	2
Net periodic benefit cost	9	11
Employer contributions	6
Other than Pension Plans Post-retirement
Components of net periodic benefit cost:
Service cost	1	0
Interest cost	1	1
Expected return on plan assets	0	0
Amortization of:
Actuarial loss	0	0
Special termination benefits	0	0
Net periodic benefit cost	$ 2	$ 1

PENSION AND POST-RETIREMENT B_4

PENSION AND POST-RETIREMENT BENEFIT PLANS - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Amounts recognized in the consolidated balance sheets consist of:
Other assets	$ 152	$ 162
Other accrued liabilities	(28)	(28)
Other noncurrent liabilities	(424)	(432)
Funded status	(300)	(298)
Accumulated other comprehensive loss	237	242
Net amount recognized	$ (63)	$ (56)

STOCK PROGRAMS - Compensation E

STOCK PROGRAMS - Compensation Expense and Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Non-cash stock-based compensation	$ 79	$ 64
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Grant at fair value (in shares)	1.1
Exercise price (in dollars per share)	$ 344.06
Weighted-average grant date fair value (in dollars per share)	$ 85.49
Additional General Disclosures
Intrinsic value of stock options exercised (in dollars)	$ 89

STOCK PROGRAMS - Restricted Sto

STOCK PROGRAMS - Restricted Stock Units (Details) - Restricted Stock Units - Employee - Common Class A shares in Millions	3 Months Ended
	Sep. 30, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	0.7
Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 343.90
RSU grants scheduled to vest in fiscal 2023
Share-based Compensation Arrangement by Share-based Payment Award
RSU grants scheduled to vest (in shares)	0.3
RSU grants scheduled to vest in fiscal 2024
Share-based Compensation Arrangement by Share-based Payment Award
RSU grants scheduled to vest (in shares)	0.2
RSU grants scheduled to vest in fiscal 2025
Share-based Compensation Arrangement by Share-based Payment Award
RSU grants scheduled to vest (in shares)	0.2

STOCK PROGRAMS - Performance Sh

STOCK PROGRAMS - Performance Share Units (Details) - Performance Share Units - Employee - $ / shares shares in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Vested (in shares)			0.2
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)		0.1
Weighted-average grant date fair value (in dollars per share)		$ 344.06
Common Stock issued (in shares)	0.2

STOCK PROGRAMS - DECIEM Stock O

STOCK PROGRAMS - DECIEM Stock Options (Details) - DECIEM 2021 Stock Option Plan - Stock Options - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Stock option liability	$ 137	$ 141
DECIEM
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of stock options	295
Stock option liability	$ 104

STOCK PROGRAMS - Schedule of Ke

STOCK PROGRAMS - Schedule of Key Assumptions Used For Award (Details) - Stock Options - DECIEM - DECIEM 2021 Stock Option Plan	Sep. 30, 2021	Jun. 30, 2021	May 18, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free rate (as a percent)	0.40%	0.50%	0.50%
Expected term	2 years 2 months 1 day	2 years 5 months 1 day	2 years 6 months 14 days
Operating leverage adjustment	0.45	0.45	0.45
Net sales discount rate (as a percent)	3.30%	3.40%	3.30%
EBITDA discount rate (as a percent)	6.90%	6.90%	6.80%
EBITDA volatility (as a percent)	39.10%	37.70%	38.30%
Net sales volatility (as a percent)	17.60%	17.00%	17.20%

NET EARNINGS ATTRIBUTABLE TO _3

NET EARNINGS ATTRIBUTABLE TO THE ESTEE LAUDER COMPANIES INC. PER COMMON SHARE - Reconciliation Between Numerator and Denominator of Basic and Diluted EPS Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net earnings attributable to The Estée Lauder Companies Inc.	$ 692	$ 523
Denominator:
Weighted-average common shares outstanding - Basic (in shares)	362.2	362.1
Weighted-average common shares outstanding - Diluted (in shares)	367.9	367.2
Net earnings attributable to The Estée Lauder Companies Inc. per common share:
Basic (in dollars per share)	$ 1.91	$ 1.44
Diluted (in dollars per share)	$ 1.88	$ 1.42
Stock Options
Denominator:
Incremental common shares attributable to share-based payment arrangements (in shares)	4.2	3.8
Performance Share Units
Denominator:
Incremental common shares attributable to share-based payment arrangements (in shares)	0.2	0.2
Restricted Stock Units
Denominator:
Incremental common shares attributable to share-based payment arrangements (in shares)	1.3	1.1

NET EARNINGS ATTRIBUTABLE TO _4

NET EARNINGS ATTRIBUTABLE TO THE ESTEE LAUDER COMPANIES INC. PER COMMON SHARE - Antidilutive Securities Excluded from Computation of Earnings, Per Share (Details) - shares shares in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Stock Options
Antidilutive Securities Excluded from Computation of Earnings, Per Share
Antidilutive shares excluded from the calculation of diluted earnings per share	0.3	1.3
Restricted Stock Units and Performance Shares
Antidilutive Securities Excluded from Computation of Earnings, Per Share
Antidilutive shares excluded from the calculation of diluted earnings per share	0.2	0.2
Contingently Issuable Shares
Antidilutive Securities Excluded from Computation of Earnings, Per Share
Antidilutive shares excluded from the calculation of diluted earnings per share	0.7	0.8

EQUITY AND REDEEMABLE NONCONT_3

EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - Equity Roll forward (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Stockholders' Equity
Beginning of the period	$ 6,091
Net earnings attributable to The Estée Lauder Companies Inc.	692	$ 523
Other comprehensive income (loss)	(173)	71
Net earnings attributable to noncontrolling interests	(1)	(2)
End of the period	6,115	4,481
Increase (Decrease) in Redeemable Noncontrolling Interest
Beginning of the period	857
Net earnings attributable to redeemable noncontrolling interest	2	0
Translation adjustments	17	$ 0
End of the period	$ 842
Cash dividends declared per common share (in dollars per share)	$ 0.53	$ 0.48
Total Stockholders' equity - The Estee Lauder Companies Inc.
Increase (Decrease) in Stockholders' Equity
End of the period	$ 6,081	$ 4,452
Common Stock
Increase (Decrease) in Stockholders' Equity
Beginning of the period	6	6
Stock-based compensation	0	0
End of the period	6	6
Paid-in Capital
Increase (Decrease) in Stockholders' Equity
Beginning of the period	5,335	4,790
Stock-based compensation	114	122
Common stock dividends	1	1
End of the period	5,450	4,913
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Beginning of the period	12,244	10,134
Common stock dividends	(193)	(174)
Net earnings attributable to The Estée Lauder Companies Inc.	692	523
End of the period	12,864	10,480
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity
Beginning of the period	121	(3)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity
Beginning of the period	(470)	(665)
Other comprehensive income (loss)	(155)	71
End of the period	(625)	(594)
Treasury Stock
Increase (Decrease) in Stockholders' Equity
Beginning of the period	(11,058)	(10,330)
Stock-based compensation	(37)	(23)
Acquisition of treasury stock	(519)	0
End of the period	(11,614)	(10,353)
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity
Beginning of the period	34	27
Net earnings attributable to noncontrolling interests	1	2
Translation adjustments, net	(1)	0
End of the period	34	29
Redeemable Noncontrolling Interest
Increase (Decrease) in Redeemable Noncontrolling Interest
Beginning of the period	857	0
Net earnings attributable to redeemable noncontrolling interest	2	0
Translation adjustments	(17)	0
End of the period	$ 842	$ 0

EQUITY AND REDEEMABLE NONCONT_4

EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - Class of Stock and Dividend Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Nov. 01, 2021	Sep. 15, 2021	Aug. 18, 2021	Sep. 30, 2021	Sep. 30, 2020
Class of Stock
Cash dividends declared per common share (in dollars per share)				$ 0.53	$ 0.48
Common Class A
Class of Stock
Cash dividends declared per common share (in dollars per share)			$ 0.53
Cash dividends paid per common share (in dollars per share)		$ 0.53
Stock repurchased during period (in shares)				1.7
Stock repurchased during period				$ 557
Common Class A | Subsequent Event
Class of Stock
Cash dividends declared per common share (in dollars per share)	$ 0.60
Common Class B
Class of Stock
Cash dividends declared per common share (in dollars per share)			$ 0.53
Cash dividends paid per common share (in dollars per share)		$ 0.53
Common Class B | Subsequent Event
Class of Stock
Cash dividends declared per common share (in dollars per share)	$ 0.60

EQUITY AND REDEEMABLE NONCONT_5

EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - Changes in Accumulated Other Comprehensive Income (Loss) (Details) $ in Millions	3 Months Ended
	Sep. 30, 2021USD ($)
Changes in AOCI, net of tax, by component
Balance, beginning of the period	$ 6,057
Balance, end of the period	6,081
Accumulated Other Comprehensive Loss
Changes in AOCI, net of tax, by component
Balance, beginning of the period	(470)
OCI before reclassifications	(162)
Amounts reclassified to Net earnings	7
Net current-period OCI	(155)
Balance, end of the period	(625)
Net Cash Flow Hedge Gain (Loss)
Changes in AOCI, net of tax, by component
Balance, beginning of the period	(2)
OCI before reclassifications	12
Amounts reclassified to Net earnings	4
Net current-period OCI	16
Balance, end of the period	14
Amounts Included in Net Periodic Benefit Cost
Changes in AOCI, net of tax, by component
Balance, beginning of the period	(179)
OCI before reclassifications	1
Amounts reclassified to Net earnings	3
Net current-period OCI	4
Balance, end of the period	(175)
Translation Adjustments
Changes in AOCI, net of tax, by component
Balance, beginning of the period	(289)
OCI before reclassifications	(175)
Amounts reclassified to Net earnings	0
Net current-period OCI	(175)
Balance, end of the period	$ (464)

EQUITY AND REDEEMABLE NONCONT_6

EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - Reclassification Adjustments From Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Reclassification adjustments from accumulated other comprehensive income (loss)
Net sales	$ 4,392	$ 3,562
Interest expense	42	45
Earnings before income taxes	897	671
Provision for income taxes	(202)	(146)
Net earnings	695	525
Amount Reclassified from AOCI
Reclassification adjustments from accumulated other comprehensive income (loss)
Net earnings	(7)	(5)
Gain (Loss) on Cash Flow Hedges | Amount Reclassified from AOCI
Reclassification adjustments from accumulated other comprehensive income (loss)
Earnings before income taxes	(6)	0
Provision for income taxes	2	0
Net earnings	(4)	0
Gain (Loss) on Cash Flow Hedges | Foreign currency forward contracts | Amount Reclassified from AOCI
Reclassification adjustments from accumulated other comprehensive income (loss)
Net sales	(6)	1
Gain (Loss) on Cash Flow Hedges | Interest rate-related derivatives | Amount Reclassified from AOCI
Reclassification adjustments from accumulated other comprehensive income (loss)
Interest expense	0	(1)
Amounts Included in Net Periodic Benefit Cost | Amount Reclassified from AOCI
Reclassification adjustments from accumulated other comprehensive income (loss)
Earnings before income taxes	(4)	(6)
Provision for income taxes	1	1
Net earnings	$ (3)	$ (5)

STATEMENT OF CASH FLOWS (Detail

STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash:
Cash paid during the period for interest	$ 30	$ 26
Cash paid during the period for income taxes	125	119
Non-cash investing and financing activities:
Property, plant and equipment accrued but unpaid	126	42
Finance lease obligations	(17)	0
Right-of-use assets obtained in exchange for new/modified operating lease liabilities	$ 44	$ 101

SEGMENT DATA AND RELATED INFO_3

SEGMENT DATA AND RELATED INFORMATION - Narrative (Details)	3 Months Ended
	Sep. 30, 2021segment
Segment Reporting [Abstract]
Number of operating segments	1

SEGMENT DATA AND RELATED INFO_4

SEGMENT DATA AND RELATED INFORMATION - Schedule of Segment Data and Related Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Net sales:
Net sales before returns associated with restructuring and other activities	$ 4,393	$ 3,562
Charges associated with restructuring and other activities	(6)	(9)
Net sales	4,392	3,562
Operating income (loss) before charges associated with restructuring and other activities:
Operating income (loss) before charges associated with restructuring activities	941	714
Operating income	935	705
Reconciliation:
Interest expense	(42)	(45)
Interest income and investment income, net	4	14
Other components of net periodic benefit cost	(1)	(3)
Other income	1	0
Earnings before income taxes	897	671
Sales Returns (included in Net Sales)
Net sales:
Charges associated with restructuring and other activities	(1)	0
The Americas
Net sales:
Net sales before returns associated with restructuring and other activities	1,194	873
Operating income (loss) before charges associated with restructuring and other activities:
Operating income (loss) before charges associated with restructuring activities	254	65
Europe, the Middle East & Africa
Net sales:
Net sales before returns associated with restructuring and other activities	1,873	1,540
Operating income (loss) before charges associated with restructuring and other activities:
Operating income (loss) before charges associated with restructuring activities	465	411
Asia/Pacific
Net sales:
Net sales before returns associated with restructuring and other activities	1,326	1,149
Operating income (loss) before charges associated with restructuring and other activities:
Operating income (loss) before charges associated with restructuring activities	222	238
Skin Care
Net sales:
Net sales before returns associated with restructuring and other activities	2,449	2,035
Operating income (loss) before charges associated with restructuring and other activities:
Operating income (loss) before charges associated with restructuring activities	717	721
Makeup
Net sales:
Net sales before returns associated with restructuring and other activities	1,174	978
Operating income (loss) before charges associated with restructuring and other activities:
Operating income (loss) before charges associated with restructuring activities	91	(71)
Fragrance
Net sales:
Net sales before returns associated with restructuring and other activities	609	406
Operating income (loss) before charges associated with restructuring and other activities:
Operating income (loss) before charges associated with restructuring activities	131	60
Hair Care
Net sales:
Net sales before returns associated with restructuring and other activities	148	136
Operating income (loss) before charges associated with restructuring and other activities:
Operating income (loss) before charges associated with restructuring activities	2	3
Other
Net sales:
Net sales before returns associated with restructuring and other activities	13	7
Operating income (loss) before charges associated with restructuring and other activities:
Operating income (loss) before charges associated with restructuring activities	$ 0	$ 1

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Revolving Credit Facility - USD ($)	Oct. 22, 2021	Oct. 31, 2018
Revolving Credit Facility Expiring October 2023
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,500,000,000
Revolving Credit Facility Expiring October 2023 | Subsequent Event
Subsequent Event [Line Items]
Line of credit	$ 0
Revolving Credit Facility Expiring October 2026 | Subsequent Event
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 2,500,000,000
Extension term, period	2 years
Maximum borrowing capacity for multi-currency loans	$ 750,000,000
Annual fee	1,000,000
Amount of cross-default provision	$ 175,000,000