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As Of Filer Filing For·On·As Docs:Size 4/27/21 Starbucks Corp. 10-Q 3/28/21 89:13M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.37M 2: EX-10.1 Material Contract HTML 27K 3: EX-31.1 Certification -- §302 - SOA'02 HTML 30K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 30K 5: EX-32 Certification -- §906 - SOA'02 HTML 27K 12: R1 Document And Entity Information HTML 82K 13: R2 Condensed Consolidated Statements of Earnings HTML 110K 14: R3 Condensed Consolidated Statements of Comprehensive HTML 86K Income 15: R4 Condensed Consolidated Balance Sheets HTML 145K 16: R5 Condensed Consolidated Balance Sheets HTML 31K (Parenthetical) 17: R6 Condensed Consolidated Statements of Cash Flows HTML 132K 18: R7 Condensed Consolidated Statements of Equity HTML 101K 19: R8 Derivative Financial Instruments HTML 170K 20: R9 Fair Value Measurements HTML 136K 21: R10 Inventories HTML 36K 22: R11 Supplemental Balance Sheet and Income Statement HTML 66K 23: R12 Other Intangible Assets and Goodwill HTML 73K 24: R13 Debt HTML 108K 25: R14 Leases HTML 55K 26: R15 Deferred Revenue HTML 49K 27: R16 Equity HTML 125K 28: R17 Employee Stock Plans HTML 46K 29: R18 Income Taxes HTML 30K 30: R19 Earnings Per Share HTML 45K 31: R20 Commitments and Contingencies HTML 33K 32: R21 Segment Reporting HTML 104K 33: R22 Summary of Significant Accounting Policies HTML 38K (Policies) 34: R23 Derivative Financial Instruments (Tables) HTML 177K 35: R24 Fair Value Measurements (Tables) HTML 131K 36: R25 Inventories (Tables) HTML 35K 37: R26 Supplemental Balance Sheet and Statement of HTML 73K Earnings Information (Tables) 38: R27 Other Intangible Assets and Goodwill (Tables) HTML 77K 39: R28 Debt (Tables) HTML 109K 40: R29 Leases (Tables) HTML 58K 41: R30 Deferred Revenue (Tables) HTML 47K 42: R31 Equity (Tables) HTML 125K 43: R32 Employee Stock Plans (Tables) HTML 50K 44: R33 Earnings Per Share (Tables) HTML 44K 45: R34 Segment Reporting (Tables) HTML 104K 46: R35 Summary of Significant Accounting Policies HTML 69K (Details) 47: R36 Derivative Financial Instruments (Derivative Gains HTML 59K and Losses Included in AOCI and Expected to be Reclassified into Earnings in 12 Months, Net of Tax) (Details) 48: R37 Derivative Financial Instruments (Pretax Gains and HTML 83K Losses on Derivative Contracts Designated as Hedging Instruments Recognized in OCI and Reclassifications from AOCI to Earnings) (Details) 49: R38 Derivative Financial Instruments (Pretax Gains and HTML 41K Losses on Derivative Contracts Not Designated as Hedging Instruments Recognized in Earnings) (Details) 50: R39 Derivative and Financial Instruments (Notional HTML 39K Amounts of Outstanding Derivative Contracts) (Details) 51: R40 Derivative Financial Instruments Derivative HTML 65K Financial Instruments (Fair Value of Outstanding Derivative Contracts) (Details) 52: R41 Derivative Financial Instruments Interest Rate HTML 33K Swaps (Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position) (Details) 53: R42 Fair Value Measurements (Assets And Liabilities HTML 158K Measured At Fair Value On A Recurring Basis) (Details) 54: R43 Inventories (Narrative) (Details) HTML 33K 55: R44 Inventories (Components of Inventory) (Details) HTML 35K 56: R45 Supplemental Balance Sheet Information (Prepaid HTML 35K Expenses and Other Current Assets) (Details) 57: R46 Supplemental Balance Sheet Information (Property, HTML 48K Plant And Equipment, net) (Details) 58: R47 Supplemental Balance Sheet Information (Accrued HTML 40K Liabilities) (Details) 59: R48 Supplemental Income Statement Information (Store HTML 33K Operating Expenses) (Details) 60: R49 Intangible Assets, Goodwill and Other (Narrative) HTML 28K (Details) 61: R50 Other Intangible Assets and Goodwill HTML 29K (Indefinite-Lived Intangible Assets) (Details) 62: R51 Other Intangible Assets and Goodwill (Finite-Lived HTML 47K Intangible Assets) (Details) 63: R52 Other Intangible Assets and Goodwill (Estimated HTML 41K Future Amortization Expense) (Details) 64: R53 Intangible Assets, Goodwill and Other (Changes in HTML 40K Carrying Amount of Goodwill by Reportable Operating Segment) (Details) 65: R54 Debt (Narrative) (Details) HTML 60K 66: R55 (Components of Long-Term Debt Including Associated HTML 136K Interest Rates and Related Fair Values) (Details) 67: R56 Debt (Summary of long-term debt maturities) HTML 44K (Details) 68: R57 Leases - Narrative (Details) HTML 40K 69: R58 Leases - Schedule of Lease Cost (Details) HTML 35K 70: R59 Leases - Schedule Supplemental Disclosures HTML 35K (Details) 71: R60 Leases - Schedule of Maturity of Operating Lease HTML 44K Payments (Details) 72: R61 Revenue from Contract with Customer (Details) HTML 39K 73: R62 Revenue Recognition (Narrative) (Details) HTML 32K 74: R63 Equity (Narrative) (Details) HTML 38K 75: R64 Equity (Components Of Accumulated Other HTML 84K Comprehensive Income, Net Of Tax) (Details) 76: R65 Equity (Impact of Reclassifications from HTML 58K Accumulated Other Comprehensive Income on Earnings) (Details) 77: R66 Employee Stock Plans (Narrative) (Details) HTML 31K 78: R67 Employee Stock Plans (Stock-Based Compensation HTML 33K Expense Recognized in Consolidated Statement of Earnings) (Details) 79: R68 Employee Stock Plans (Stock Option and RSU HTML 53K Transactions) (Details) 80: R69 Income Taxes (Narrative) (Details) HTML 28K 81: R70 Earnings Per Share (Narrative) (Details) HTML 29K 82: R71 Earnings Per Share (Calculation of Net Earnings HTML 53K Per Common Share (EPS) - Basic and Diluted) (Details) 83: R72 Segment Reporting (Narrative) (Details) HTML 27K 84: R73 Segment Reporting (Revenue from External Customers HTML 47K by Products and Services) (Details) 85: R74 Segment Reporting (Reconciliation Of Total Segment HTML 57K Operating Income To Consolidated Earnings Before Income Taxes) (Details) 87: XML IDEA XML File -- Filing Summary XML 167K 11: XML XBRL Instance -- sbux-20210328_htm XML 4.08M 86: EXCEL IDEA Workbook of Financial Reports XLSX 110K 7: EX-101.CAL XBRL Calculations -- sbux-20210328_cal XML 260K 8: EX-101.DEF XBRL Definitions -- sbux-20210328_def XML 942K 9: EX-101.LAB XBRL Labels -- sbux-20210328_lab XML 2.00M 10: EX-101.PRE XBRL Presentations -- sbux-20210328_pre XML 1.24M 6: EX-101.SCH XBRL Schema -- sbux-20210328 XSD 198K 88: JSON XBRL Instance as JSON Data -- MetaLinks 471± 704K 89: ZIP XBRL Zipped Folder -- 0000829224-21-000053-xbrl Zip 873K
sbux-20210328 |
i Washington | i 91-1325671 | ||||
(State
or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) |
Title | Trading Symbol | Name of each exchange on which registered | ||||||
i Common Stock, par value $0.001 per share | i SBUX | i NASDAQ Global Select Market |
i Large accelerated filer | x | Accelerated filer | ¨ | Non-accelerated filer | ¨ | Smaller reporting company | i ☐ | ||||||||||||||||
Emerging growth company | i ☐ |
Shares Outstanding as of April 21, 2021 | ||
i 1,178.3 million |
PART I. FINANCIAL INFORMATION | ||||||||
Item 1 | ||||||||
Item 2 | ||||||||
Item 3 | ||||||||
Item 4 | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 1 | ||||||||
Item 1A | ||||||||
Item 2 | ||||||||
Item 6 | ||||||||
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | ||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||
Company-operated stores | $ | i 5,653.1 | $ | i 4,766.0 | $ | i 11,379.6 | $ | i 10,546.6 | |||||||||||||||
Licensed stores | i 595.0 | i 689.8 | i 1,208.8 | i 1,481.9 | |||||||||||||||||||
Other | i 419.9 | i 539.9 | i 829.1 | i 1,064.3 | |||||||||||||||||||
Total net revenues | i 6,668.0 | i 5,995.7 | i 13,417.5 | i 13,092.8 | |||||||||||||||||||
Product and distribution costs | i 1,992.4 | i 1,997.7 | i 4,041.5 | i 4,234.2 | |||||||||||||||||||
Store operating expenses | i 2,823.3 | i 2,721.4 | i 5,690.7 | i 5,542.9 | |||||||||||||||||||
Other operating expenses | i 87.7 | i 95.0 | i 179.5 | i 196.7 | |||||||||||||||||||
Depreciation and amortization expenses | i 366.7 | i 356.3 | i 732.6 | i 707.4 | |||||||||||||||||||
General and administrative expenses | i 464.4 | i 406.5 | i 936.5 | i 840.7 | |||||||||||||||||||
Restructuring and impairments | i 23.0 | ( i 0.7) | i 95.2 | i 5.6 | |||||||||||||||||||
Total operating expenses | i 5,757.5 | i 5,576.2 | i 11,676.0 | i 11,527.5 | |||||||||||||||||||
Income from equity investees | i 77.1 | i 67.9 | i 159.7 | i 141.9 | |||||||||||||||||||
Operating income | i 987.6 | i 487.4 | i 1,901.2 | i 1,707.2 | |||||||||||||||||||
Interest income and other, net | i 17.3 | i 2.0 | i 32.7 | i 18.0 | |||||||||||||||||||
Interest expense | ( i 115.0) | ( i 99.2) | ( i 235.8) | ( i 191.1) | |||||||||||||||||||
Earnings before income taxes | i 889.9 | i 390.2 | i i 1,698.1 / | i 1,534.1 | |||||||||||||||||||
Income tax expense | i 230.5 | i 65.4 | i 416.5 | i 324.0 | |||||||||||||||||||
Net earnings including noncontrolling interests | i 659.4 | i 324.8 | i 1,281.6 | i 1,210.1 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | i — | ( i 3.6) | i — | ( i 4.0) | |||||||||||||||||||
Net earnings attributable to Starbucks | $ | i 659.4 | $ | i 328.4 | $ | i 1,281.6 | $ | i 1,214.1 | |||||||||||||||
Earnings per share - basic | $ | i 0.56 | $ | i 0.28 | $ | i 1.09 | $ | i 1.03 | |||||||||||||||
Earnings per share - diluted | $ | i 0.56 | $ | i 0.28 | $ | i 1.08 | $ | i 1.02 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | i 1,177.5 | i 1,171.8 | i 1,176.3 | i 1,176.1 | |||||||||||||||||||
Diluted | i 1,184.8 | i 1,180.7 | i 1,183.9 | i 1,185.8 |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | ||||||||||||||||||||
Net earnings including noncontrolling interests | $ | i 659.4 | $ | i 324.8 | $ | i 1,281.6 | $ | i 1,210.1 | |||||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||||||||
Unrealized holding gains/(losses) on available-for-sale debt securities | ( i 2.5) | i 3.2 | ( i 3.0) | i 3.1 | |||||||||||||||||||
Tax (expense)/benefit | i 0.5 | ( i 0.7) | i 0.6 | ( i 0.7) | |||||||||||||||||||
Unrealized gains/(losses) on cash flow hedging instruments | i 97.2 | ( i 127.9) | i 104.9 | ( i 95.5) | |||||||||||||||||||
Tax (expense)/benefit | ( i 23.9) | i 31.2 | ( i 26.8) | i 24.6 | |||||||||||||||||||
Unrealized gains/(losses) on net investment hedging instruments | i 47.7 | i 57.6 | i 17.5 | i 81.3 | |||||||||||||||||||
Tax (expense)/benefit | ( i 12.1) | ( i 14.6) | ( i 4.5) | ( i 20.6) | |||||||||||||||||||
Translation adjustment and other | ( i 83.4) | ( i 79.9) | i 155.3 | ( i 3.8) | |||||||||||||||||||
Tax (expense)/benefit | i 2.2 | i 1.5 | i 2.2 | i 1.5 | |||||||||||||||||||
Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale debt securities, hedging instruments, and translation adjustment | ( i 7.9) | ( i 6.4) | ( i 11.5) | ( i 17.1) | |||||||||||||||||||
Tax expense/(benefit) | i 1.8 | i 1.6 | i 3.6 | i 3.9 | |||||||||||||||||||
Other comprehensive income/(loss) | i 19.6 | ( i 134.4) | i 238.3 | ( i 23.3) | |||||||||||||||||||
Comprehensive income including noncontrolling interests | i 679.0 | i 190.4 | i 1,519.9 | i 1,186.8 | |||||||||||||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | i — | ( i 3.6) | i — | ( i 4.0) | |||||||||||||||||||
Comprehensive income attributable to Starbucks | $ | i 679.0 | $ | i 194.0 | $ | i 1,519.9 | $ | i 1,190.8 | |||||||||||||||
Mar
28, 2021 | Sep 27, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | i 3,880.7 | $ | i 4,350.9 | |||||||
Short-term investments | i 123.0 | i 281.2 | |||||||||
Accounts receivable, net | i 880.2 | i 883.4 | |||||||||
Inventories | i 1,503.6 | i 1,551.4 | |||||||||
Prepaid expenses and other current assets | i 592.0 | i 739.5 | |||||||||
Total current assets | i 6,979.5 | i 7,806.4 | |||||||||
Long-term investments | i 284.8 | i 206.1 | |||||||||
Equity investments | i 499.4 | i 478.7 | |||||||||
Property, plant and equipment, net | i 6,123.1 | i 6,241.4 | |||||||||
Operating lease, right-of-use asset | i 8,036.8 | i 8,134.1 | |||||||||
Deferred income taxes, net | i 1,770.0 | i 1,789.9 | |||||||||
Other long-term assets | i 574.9 | i 568.6 | |||||||||
Other intangible assets | i 444.3 | i 552.1 | |||||||||
Goodwill | i 3,658.9 | i 3,597.2 | |||||||||
TOTAL ASSETS | $ | i 28,371.7 | $ | i 29,374.5 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | i 1,033.6 | $ | i 997.9 | |||||||
Accrued liabilities | i 1,771.6 | i 1,160.7 | |||||||||
Accrued payroll and benefits | i 646.1 | i 696.0 | |||||||||
Income taxes payable | i 117.0 | i 98.2 | |||||||||
Current portion of operating lease liability | i 1,296.4 | i 1,248.8 | |||||||||
Stored value card liability and current portion of deferred revenue | i 1,622.1 | i 1,456.5 | |||||||||
Short-term debt | i 18.3 | i 438.8 | |||||||||
Current portion of long-term debt | i — | i 1,249.9 | |||||||||
Total current liabilities | i 6,505.1 | i 7,346.8 | |||||||||
Long-term debt | i 14,630.3 | i 14,659.6 | |||||||||
Operating lease liability | i 7,577.7 | i 7,661.7 | |||||||||
Deferred revenue | i 6,532.1 | i 6,598.5 | |||||||||
Other long-term liabilities | i 774.8 | i 907.3 | |||||||||
Total liabilities | i 36,020.0 | i 37,173.9 | |||||||||
Shareholders' deficit: | |||||||||||
Common stock ($ i i 0.001 /
par value) — authorized, i i 2,400.0 /
shares; issued and outstanding, i 1,177.9 and i 1,173.3 shares, respectively | i 1.2 | i 1.2 | |||||||||
Additional paid-in capital | i 595.4 | i 373.9 | |||||||||
Retained deficit | ( i 8,124.3) | ( i 7,815.6) | |||||||||
Accumulated other comprehensive loss | ( i 126.3) | ( i 364.6) | |||||||||
Total shareholders’ deficit | ( i 7,654.0) | ( i 7,805.1) | |||||||||
Noncontrolling interests | i 5.7 | i 5.7 | |||||||||
Total deficit | ( i 7,648.3) | ( i 7,799.4) | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) | $ | i 28,371.7 | $ | i 29,374.5 |
Two Quarters Ended | |||||||||||
Mar 28, 2021 | Mar 29, 2020 | ||||||||||
OPERATING ACTIVITIES: | |||||||||||
Net earnings including noncontrolling interests | $ | i 1,281.6 | $ | i 1,210.1 | |||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | i 772.9 | i 746.9 | |||||||||
Deferred income taxes, net | ( i 25.2) | i 47.7 | |||||||||
Income earned from equity method investees | ( i 131.3) | ( i 116.3) | |||||||||
Distributions received from equity method investees | i 130.2 | i 98.1 | |||||||||
Stock-based compensation | i 175.3 | i 146.6 | |||||||||
Non-cash lease costs | i 617.9 | i 596.3 | |||||||||
Loss on retirement and impairment of assets | i 175.4 | i 30.9 | |||||||||
Other | ( i 15.4) | i 36.8 | |||||||||
Cash provided by/(used in) changes in operating assets and liabilities: | |||||||||||
Accounts receivable | i 12.8 | ( i 60.7) | |||||||||
Inventories | i 51.3 | i 36.9 | |||||||||
Prepaid expenses and other current assets | i 139.7 | ( i 247.7) | |||||||||
Income taxes payable | i 40.0 | ( i 1,227.4) | |||||||||
Accounts payable | i 21.3 | ( i 186.4) | |||||||||
Deferred revenue | i 89.8 | i 112.1 | |||||||||
Operating lease liability | ( i 676.3) | ( i 608.6) | |||||||||
Other operating assets and liabilities | i 59.5 | ( i 140.5) | |||||||||
Net cash provided by operating activities | i 2,719.5 | i 474.8 | |||||||||
INVESTING ACTIVITIES: | |||||||||||
Purchases of investments | ( i 321.7) | ( i 65.1) | |||||||||
Sales of investments | i 121.7 | i 93.7 | |||||||||
Maturities and calls of investments | i 289.0 | i 4.3 | |||||||||
Additions to property, plant and equipment | ( i 647.9) | ( i 758.3) | |||||||||
Other | ( i 20.1) | ( i 22.5) | |||||||||
Net cash used in investing activities | ( i 579.0) | ( i 747.9) | |||||||||
FINANCING ACTIVITIES: | |||||||||||
Net proceeds/(payments) from issuance of commercial paper | ( i 296.5) | i 613.0 | |||||||||
Net proceeds from issuance of short-term debt | i 203.3 | i 494.1 | |||||||||
Repayments of short-term debt | ( i 320.5) | i — | |||||||||
Proceeds from issuance of long-term debt | i — | i 1,739.7 | |||||||||
Repayments of long-term debt | ( i 1,250.0) | i — | |||||||||
Proceeds from issuance of common stock | i 134.4 | i 65.4 | |||||||||
Cash dividends paid | ( i 1,058.0) | ( i 965.2) | |||||||||
Repurchase of common stock | i — | ( i 1,698.9) | |||||||||
Minimum tax withholdings on share-based awards | ( i 90.1) | ( i 87.6) | |||||||||
Other | i — | ( i 10.4) | |||||||||
Net cash provided by/(used in) financing activities | ( i 2,677.4) | i 150.1 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | i 66.7 | i 8.7 | |||||||||
Net decrease in cash and cash equivalents | ( i 470.2) | ( i 114.3) | |||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||
Beginning of period | i 4,350.9 | i 2,686.6 | |||||||||
End of period | $ | i 3,880.7 | $ | i 2,572.3 | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest, net of capitalized interest | $ | i 250.8 | $ | i 186.3 | |||||||
Income taxes | $ | i 236.2 | $ | i 1,726.2 | |||||||
Common Stock | Additional Paid-in Capital | Retained Earnings/(Deficit) | Accumulated Other Comprehensive Income/(Loss) | Shareholders’ Equity/(Deficit) | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance,
December 27, 2020 | i 1,177.2 | $ | i 1.2 | $ | i 488.6 | $ | ( i 8,253.6) | $ | ( i 145.9) | $ | ( i 7,909.7) | $ | i 5.7 | $ | ( i 7,904.0) | ||||||||||||||||||||||||||||||||
Net earnings | — | i — | i — | i 659.4 | i — | i 659.4 | i — | i 659.4 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | i — | i — | i — | i 19.6 | i 19.6 | i — | i 19.6 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | i — | i 76.7 | i — | i — | i 76.7 | i — | i 76.7 | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options/vesting of RSUs | i 0.6 | i — | i 20.0 | i — | i — | i 20.0 | i — | i 20.0 | |||||||||||||||||||||||||||||||||||||||
Sale of common stock | i 0.1 | i — | i 10.1 | i — | i — | i 10.1 | i — | i 10.1 | |||||||||||||||||||||||||||||||||||||||
Cash
dividends declared, $ i 0.45 per share | — | i — | i — | ( i 530.1) | i — | ( i 530.1) | i — | ( i 530.1) | |||||||||||||||||||||||||||||||||||||||
Balance,
March 28, 2021 | i 1,177.9 | $ | i 1.2 | $ | i 595.4 | $ | ( i 8,124.3) | $ | ( i 126.3) | $ | ( i 7,654.0) | $ | i 5.7 | $ | ( i 7,648.3) | ||||||||||||||||||||||||||||||||
Balance,
December 29, 2019 | i 1,174.5 | $ | i 1.2 | $ | i 41.1 | $ | ( i 6,414.8) | $ | ( i 387.4) | $ | ( i 6,759.9) | $ | i 0.8 | $ | ( i 6,759.1) | ||||||||||||||||||||||||||||||||
Net earnings/(loss) | — | i — | i — | i 328.4 | i — | i 328.4 | ( i 3.6) | i 324.8 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | i — | i — | i — | ( i 134.4) | ( i 134.4) | i — | ( i 134.4) | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | i — | i 57.1 | i — | i — | i 57.1 | i — | i 57.1 | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options/vesting of RSUs | i 0.8 | i — | i 13.6 | i — | i — | i 13.6 | i — | i 13.6 | |||||||||||||||||||||||||||||||||||||||
Sale of common stock | i 0.1 | i — | i 9.6 | i — | i — | i 9.6 | i — | i 9.6 | |||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( i 7.3) | i — | ( i 80.3) | ( i 486.8) | i — | ( i 567.1) | i — | ( i 567.1) | |||||||||||||||||||||||||||||||||||||||
Cash
dividends declared, $ i 0.41 per share | — | i — | i — | ( i 477.4) | i — | ( i 477.4) | i — | ( i 477.4) | |||||||||||||||||||||||||||||||||||||||
Balance,
March 29, 2020 | i 1,168.1 | $ | i 1.2 | $ | i 41.1 | $ | ( i 7,050.6) | $ | ( i 521.8) | $ | ( i 7,530.1) | $ | ( i 2.8) | $ | ( i 7,532.9) |
Common Stock | Additional Paid-in Capital | Retained Earnings/(Deficit) | Accumulated Other Comprehensive Income/(Loss) | Shareholders’ Equity/(Deficit) | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance,
September 27, 2020 | i 1,173.3 | $ | i 1.2 | $ | i 373.9 | $ | ( i 7,815.6) | $ | ( i 364.6) | $ | ( i 7,805.1) | $ | i 5.7 | $ | ( i 7,799.4) | ||||||||||||||||||||||||||||||||
Cumulative effect of adoption of new accounting guidance | — | i — | i — | ( i 2.2) | i — | ( i 2.2) | i — | ( i 2.2) | |||||||||||||||||||||||||||||||||||||||
Net earnings | — | i — | i — | i 1,281.6 | i — | i 1,281.6 | i — | i 1,281.6 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | i — | i — | i — | i 238.3 | i 238.3 | i — | i 238.3 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | i — | i 177.2 | i — | i — | i 177.2 | i — | i 177.2 | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options/vesting of RSUs | i 4.4 | i — | i 24.0 | i — | i — | i 24.0 | i — | i 24.0 | |||||||||||||||||||||||||||||||||||||||
Sale of common stock | i 0.2 | i — | i 20.3 | i — | i — | i 20.3 | i — | i 20.3 | |||||||||||||||||||||||||||||||||||||||
Cash
dividends declared, $ i 1.35 per share | — | i — | i — | ( i 1,588.1) | i — | ( i 1,588.1) | i — | ( i 1,588.1) | |||||||||||||||||||||||||||||||||||||||
Balance,
March 28, 2021 | i 1,177.9 | $ | i 1.2 | $ | i 595.4 | $ | ( i 8,124.3) | $ | ( i 126.3) | $ | ( i 7,654.0) | $ | i 5.7 | $ | ( i 7,648.3) | ||||||||||||||||||||||||||||||||
Balance,
September 29, 2019 | i 1,184.6 | $ | i 1.2 | $ | i 41.1 | $ | ( i 5,771.2) | $ | ( i 503.3) | $ | ( i 6,232.2) | $ | i 1.2 | $ | ( i 6,231.0) | ||||||||||||||||||||||||||||||||
Cumulative effect of adoption of new accounting guidance | — | i — | i — | i 12.5 | i 4.8 | i 17.3 | i — | i 17.3 | |||||||||||||||||||||||||||||||||||||||
Net earnings/(loss) | — | i — | i — | i 1,214.1 | i — | i 1,214.1 | ( i 4.0) | i 1,210.1 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | i — | i — | i — | ( i 23.3) | ( i 23.3) | i — | ( i 23.3) | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | i — | i 148.4 | i — | i — | i 148.4 | i — | i 148.4 | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options/vesting of RSUs | i 3.6 | i — | ( i 40.5) | i — | i — | ( i 40.5) | i — | ( i 40.5) | |||||||||||||||||||||||||||||||||||||||
Sale of common stock | i 0.2 | i — | i 18.5 | i — | i — | i 18.5 | i — | i 18.5 | |||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( i 20.3) | i — | ( i 126.4) | ( i 1,548.6) | i — | ( i 1,675.0) | i — | ( i 1,675.0) | |||||||||||||||||||||||||||||||||||||||
Cash
dividends declared, $ i 0.82 per share | — | i — | i — | ( i 957.4) | i — | ( i 957.4) | i — | ( i 957.4) | |||||||||||||||||||||||||||||||||||||||
Balance,
March 29, 2020 | i 1,168.1 | $ | i 1.2 | $ | i 41.1 | $ | ( i 7,050.6) | $ | ( i 521.8) | $ | ( i 7,530.1) | $ | ( i 2.8) | $ | ( i 7,532.9) |
Note 1 | ||||||||
Note 2 | ||||||||
Note 3 | ||||||||
Note 4 | ||||||||
Note 5 | ||||||||
Note 6 | ||||||||
Note 7 | ||||||||
Note 8 | ||||||||
Note 9 | ||||||||
Note 10 | ||||||||
Note 11 | ||||||||
Note 12 | ||||||||
Note 13 | ||||||||
Note 14 | ||||||||
Note 15 | ||||||||
Net Gains/(Losses)
Included in AOCI | Net Gains/(Losses) Expected to be Reclassified from AOCI into Earnings within 12 Months | Outstanding Contract/Debt Remaining Maturity (Months) | |||||||||||||||||||||
Mar 28, 2021 | Sep 27, 2020 | ||||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||
Coffee | $ | i 15.3 | $ | ( i 2.5) | $ | i 9.5 | i 12 | ||||||||||||||||
Cross-currency swaps | i 5.3 | i 5.2 | i — | i 44 | |||||||||||||||||||
Dairy | i 0.2 | i 0.5 | i 0.2 | i 5 | |||||||||||||||||||
Foreign currency - other | ( i 9.5) | i 5.3 | ( i 4.9) | i 34 | |||||||||||||||||||
Interest rates | ( i 17.0) | ( i 90.6) | ( i 0.7) | i 139 | |||||||||||||||||||
Net Investment Hedges: | |||||||||||||||||||||||
Cross-currency swaps | i 19.9 | i 32.6 | i — | i 102 | |||||||||||||||||||
Foreign currency | i 16.0 | i 16.0 | i — | i 0 | |||||||||||||||||||
Foreign currency debt | ( i 16.3) | ( i 37.1) | i — | i 36 |
Quarter Ended | ||||||||||||||||||||||||||||||||||||||
Gains/(Losses) Recognized in OCI Before Reclassifications | Gains/(Losses) Reclassified from AOCI to Earnings | Location of gain/(loss) | ||||||||||||||||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | |||||||||||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||
Coffee | $ | i 5.7 | $ | ( i 12.1) | $ | ( i 3.4) | $ | i — | Product and distribution costs | |||||||||||||||||||||||||||||
Cross-currency swaps | i 13.8 | i 2.9 | i 0.6 | ( i 0.4) | Interest expense | |||||||||||||||||||||||||||||||||
i 13.5 | i 0.2 | Interest income and other, net | ||||||||||||||||||||||||||||||||||||
Dairy | ( i 0.9) | ( i 4.9) | ( i 0.6) | i 0.7 | Product and distribution costs | |||||||||||||||||||||||||||||||||
i — | ( i 0.6) | Interest
income and other, net(1) | ||||||||||||||||||||||||||||||||||||
Foreign currency - other | i 7.1 | i 26.8 | i 0.2 | i 0.9 | Licensed stores revenues | |||||||||||||||||||||||||||||||||
( i 1.9) | ( i 1.0) | Product and distribution costs | ||||||||||||||||||||||||||||||||||||
i — | i 2.0 | Interest
income and other, net(1) | ||||||||||||||||||||||||||||||||||||
Interest rates | i 71.5 | ( i 140.6) | ( i 0.5) | i 0.5 | Interest expense | |||||||||||||||||||||||||||||||||
( i 3.6) | i — | Interest income and other, net | ||||||||||||||||||||||||||||||||||||
Net Investment Hedges: | ||||||||||||||||||||||||||||||||||||||
Cross-currency swaps | i 6.1 | i 58.0 | i 3.4 | i 3.9 | Interest expense | |||||||||||||||||||||||||||||||||
Foreign currency debt | i 41.6 | ( i 0.4) | i — | i — | ||||||||||||||||||||||||||||||||||
(1)As
a result of the global COVID-19 impacts, Starbucks discontinued cash flow hedges during the quarter ended March 29, 2020. | ||||||||||||||||||||||||||||||||||||||
Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||
Gains/(Losses)
Recognized in OCI Before Reclassifications | Gains/(Losses) Reclassified from AOCI to Earnings | Location of gain/(loss) | ||||||||||||||||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | |||||||||||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||
Coffee | i 17.7 | ( i 1.1) | ( i 2.7) | i — | Product and distribution costs | |||||||||||||||||||||||||||||||||
Cross-currency swaps | i 10.4 | i 9.1 | i 1.6 | ( i 0.6) | Interest expense | |||||||||||||||||||||||||||||||||
i 8.7 | i 5.8 | Interest income and other, net | ||||||||||||||||||||||||||||||||||||
Dairy | i 1.6 | ( i 5.0) | i 2.0 | i 0.7 | Product and distribution costs | |||||||||||||||||||||||||||||||||
i — | ( i 0.6) | Interest
income and other, net(1) | ||||||||||||||||||||||||||||||||||||
Foreign currency - other | ( i 18.8) | i 22.1 | i 0.2 | i 2.6 | Licensed stores revenues | |||||||||||||||||||||||||||||||||
( i 1.9) | ( i 1.3) | Product and distribution costs | ||||||||||||||||||||||||||||||||||||
i — | i 2.0 | Interest
income and other, net(1) | ||||||||||||||||||||||||||||||||||||
Interest rates | i 94.0 | ( i 120.6) | ( i 1.1) | i 1.3 | Interest expense | |||||||||||||||||||||||||||||||||
( i 3.6) | i — | Interest income and other, net | ||||||||||||||||||||||||||||||||||||
Net Investment Hedges: | ||||||||||||||||||||||||||||||||||||||
Cross-currency swaps | ( i 10.4) | i 68.7 | i 6.6 | i 7.2 | Interest expense | |||||||||||||||||||||||||||||||||
Foreign currency debt | i 27.9 | i 12.6 | i — | i — | ||||||||||||||||||||||||||||||||||
(1)As
a result of the global COVID-19 impacts, Starbucks discontinued cash flow hedges during the two quarters ended March 29, 2020. |
Gains/(Losses) Recognized in Earnings | |||||||||||||||||||||||||||||
Location of gain/(loss) recognized in earnings | Quarter Ended | Two Quarters Ended | |||||||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | ||||||||||||||||||||||||||
Non-Designated Derivatives: | |||||||||||||||||||||||||||||
Diesel fuel and other commodities | Interest income and other, net | $ | i 0.8 | $ | ( i 8.9) | $ | i 2.0 | $ | ( i 8.0) | ||||||||||||||||||||
Foreign currency - other | Interest income and other, net | ( i 0.8) | i 4.9 | ( i 1.7) | i 8.3 | ||||||||||||||||||||||||
Fair Value Hedges: | |||||||||||||||||||||||||||||
Interest rate swap | Interest expense | ( i 1.5) | i 35.2 | ( i 1.1) | i 24.3 | ||||||||||||||||||||||||
Long-term debt (hedged item) | Interest expense | i 4.8 | ( i 27.5) | i 7.7 | ( i 23.3) |
Mar 28, 2021 | Sep 27, 2020 | ||||||||||
Coffee | $ | i 210 | $ | i 63 | |||||||
Cross-currency swaps | i 838 | i 870 | |||||||||
Dairy | i 18 | i 61 | |||||||||
Diesel fuel and other commodities | i 12 | i 5 | |||||||||
Foreign currency - other | i 1,183 | i 1,140 | |||||||||
Interest rate swap | i 1,750 | i 1,750 |
Derivative Assets | |||||||||||||||||
Balance Sheet Location | Mar 28, 2021 | Sep 27, 2020 | |||||||||||||||
Designated Derivative Instruments: | |||||||||||||||||
Coffee | Prepaid expenses and other current assets | $ | i 12.9 | $ | i 2.6 | ||||||||||||
Cross-currency swaps | Other long-term assets | i 28.6 | i 37.7 | ||||||||||||||
Dairy | Prepaid expenses and other current assets | i 0.6 | i 2.1 | ||||||||||||||
Foreign currency - other | Prepaid expenses and other current assets | i 6.4 | i 8.6 | ||||||||||||||
Other long-term assets | i 4.3 | i 3.8 | |||||||||||||||
Interest rates | Other long-term assets | i 24.7 | i — | ||||||||||||||
Interest rate swap | Other long-term assets | i 38.5 | i 45.8 | ||||||||||||||
Non-designated Derivative Instruments: | |||||||||||||||||
Diesel fuel and other commodities | Prepaid expenses and other current assets | i 1.4 | i — | ||||||||||||||
Foreign currency | Prepaid expenses and other current assets | i 0.7 | i 2.3 | ||||||||||||||
Derivative Liabilities | |||||||||||||||||
Balance Sheet Location | Mar 28, 2021 | Sep 27, 2020 | |||||||||||||||
Designated Derivative Instruments: | |||||||||||||||||
Coffee | Accrued liabilities | $ | i — | $ | i 1.4 | ||||||||||||
Other long-term liabilities | i — | i 0.1 | |||||||||||||||
Cross-currency swaps | Other long-term liabilities | i 4.7 | i 7.3 | ||||||||||||||
Dairy | Accrued liabilities | i 0.4 | i 1.4 | ||||||||||||||
Foreign currency - other | Accrued liabilities | i 11.2 | i 1.6 | ||||||||||||||
Other long-term liabilities | i 8.9 | i 2.6 | |||||||||||||||
Interest rates | Other long-term liabilities | i — | i 69.3 | ||||||||||||||
Non-designated Derivative Instruments: | |||||||||||||||||
Diesel fuel and other commodities | Accrued liabilities | i 0.1 | i 1.7 | ||||||||||||||
Foreign currency | Accrued liabilities | i 1.6 | i 1.2 | ||||||||||||||
Carrying amount of hedged item | Cumulative amount of fair value hedging adjustment included in the carrying amount | ||||||||||||||||||||||
Mar 28, 2021 | Sep 27, 2020 | Mar 28, 2021 | Sep 27, 2020 | ||||||||||||||||||||
Location on the balance sheet | |||||||||||||||||||||||
Long-term debt | $ | i 777.9 | $ | i 785.6 | $ | i 27.9 | $ | i 35.6 |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
Balance
at March 28, 2021 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | i 3,880.7 | $ | i 3,880.7 | $ | i — | $ | i — | |||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Available-for-sale debt securities | |||||||||||||||||||||||
Commercial paper | i 38.5 | i — | i 38.5 | i — | |||||||||||||||||||
Corporate debt securities | i 14.0 | i — | i 14.0 | i — | |||||||||||||||||||
State and local government obligations | i 1.0 | i — | i 1.0 | i — | |||||||||||||||||||
Total available-for-sale debt securities | i 53.5 | i — | i 53.5 | i — | |||||||||||||||||||
Marketable equity securities | i 69.5 | i 69.5 | i — | i — | |||||||||||||||||||
Total short-term investments | i 123.0 | i 69.5 | i 53.5 | i — | |||||||||||||||||||
Prepaid expenses and other current assets: | |||||||||||||||||||||||
Derivative assets | i 22.0 | i 13.2 | i 8.8 | i — | |||||||||||||||||||
Long-term investments: | |||||||||||||||||||||||
Available-for-sale debt securities | |||||||||||||||||||||||
Auction rate securities | i 5.7 | i — | i — | i 5.7 | |||||||||||||||||||
Corporate debt securities | i 167.4 | i — | i 167.4 | i — | |||||||||||||||||||
Foreign government obligations | i 4.0 | i — | i 4.0 | i — | |||||||||||||||||||
Mortgage and other asset-backed securities | i 18.0 | i — | i 18.0 | i — | |||||||||||||||||||
State and local government obligations | i 4.1 | i — | i 4.1 | i — | |||||||||||||||||||
U.S. government treasury securities | i 85.6 | i 85.6 | i — | i — | |||||||||||||||||||
Total long-term investments | i 284.8 | i 85.6 | i 193.5 | i 5.7 | |||||||||||||||||||
Other long-term assets: | |||||||||||||||||||||||
Derivative assets | i 96.1 | i — | i 96.1 | i — | |||||||||||||||||||
Total assets | $ | i 4,406.6 | $ | i 4,049.0 | $ | i 351.9 | $ | i 5.7 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Accrued liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | i 13.3 | $ | i 0.2 | $ | i 13.1 | $ | i — | |||||||||||||||
Other long-term liabilities: | |||||||||||||||||||||||
Derivative liabilities | i 13.6 | i — | i 13.6 | i — | |||||||||||||||||||
Total liabilities | $ | i 26.9 | $ | i 0.2 | $ | i 26.7 | $ | i — |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
Balance at September 27, 2020 | Quoted Prices
in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | i 4,350.9 | $ | i 4,350.9 | $ | i — | $ | i — | |||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Available-for-sale debt securities | |||||||||||||||||||||||
Certificates of deposit | i 1.6 | i — | i 1.6 | i — | |||||||||||||||||||
Commercial paper | i 66.8 | i — | i 66.8 | i — | |||||||||||||||||||
Corporate debt securities | i 123.6 | i — | i 123.6 | i — | |||||||||||||||||||
Foreign government obligations | i 8.5 | i — | i 8.5 | i — | |||||||||||||||||||
Mortgage and other asset-backed securities | i 15.8 | i — | i 15.8 | i — | |||||||||||||||||||
Total available-for-sale debt securities | i 216.3 | i — | i 216.3 | i — | |||||||||||||||||||
Marketable equity securities | i 64.9 | i 64.9 | i — | i — | |||||||||||||||||||
Total short-term investments | i 281.2 | i 64.9 | i 216.3 | i — | |||||||||||||||||||
Prepaid expenses and other current assets: | |||||||||||||||||||||||
Derivative assets | i 15.6 | i 3.6 | i 12.0 | i — | |||||||||||||||||||
Long-term investments: | |||||||||||||||||||||||
Available-for-sale debt securities | |||||||||||||||||||||||
Auction rate securities | i 5.7 | i — | i — | i 5.7 | |||||||||||||||||||
Corporate debt securities | i 82.6 | i — | i 82.6 | i — | |||||||||||||||||||
Mortgage and other asset-backed securities | i 19.3 | i — | i 19.3 | i — | |||||||||||||||||||
State and local government obligations | i 3.6 | i — | i 3.6 | i — | |||||||||||||||||||
U.S. government treasury securities | i 94.9 | i 94.9 | i — | i — | |||||||||||||||||||
Total long-term investments | i 206.1 | i 94.9 | i 105.5 | i 5.7 | |||||||||||||||||||
Other long-term assets: | |||||||||||||||||||||||
Derivative assets | i 87.3 | i — | i 87.3 | i — | |||||||||||||||||||
Total assets | $ | i 4,941.1 | $ | i 4,514.3 | $ | i 421.1 | $ | i 5.7 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Accrued liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | i 7.3 | $ | i 1.9 | $ | i 5.4 | $ | i — | |||||||||||||||
Other long-term liabilities: | |||||||||||||||||||||||
Derivative liabilities | i 79.3 | i 0.1 | i 79.2 | i — | |||||||||||||||||||
Total liabilities | $ | i 86.6 | $ | i 2.0 | $ | i 84.6 | $ | i — |
Mar 28, 2021 | Sep 27, 2020 | ||||||||||
Coffee: | |||||||||||
Unroasted | $ | i 690.0 | $ | i 664.7 | |||||||
Roasted | i 221.7 | i 223.5 | |||||||||
Other merchandise held for sale | i 266.6 | i 293.9 | |||||||||
Packaging and other supplies | i 325.3 | i 369.3 | |||||||||
Total | $ | i 1,503.6 | $ | i 1,551.4 |
Mar 28, 2021 | Sep 27, 2020 | ||||||||||
Income tax receivable | $ | i 180.6 | $ | i 356.9 | |||||||
Government subsidies receivable | i 158.6 | i 155.1 | |||||||||
Other prepaid expenses and current assets | i 252.8 | i 227.5 | |||||||||
Total prepaid expenses and current assets | $ | i 592.0 | $ | i 739.5 |
Mar 28, 2021 | Sep 27, 2020 | ||||||||||
Land | $ | i 46.2 | $ | i 46.0 | |||||||
Buildings | i 592.3 | i 586.8 | |||||||||
Leasehold improvements | i 8,246.4 | i 8,262.6 | |||||||||
Store equipment | i 2,817.1 | i 2,800.3 | |||||||||
Roasting equipment | i 807.0 | i 796.6 | |||||||||
Furniture, fixtures and other | i 1,288.6 | i 1,285.7 | |||||||||
Work in progress | i 389.9 | i 377.3 | |||||||||
Property, plant and equipment, gross | i 14,187.5 | i 14,155.3 | |||||||||
Accumulated depreciation | ( i 8,064.4) | ( i 7,913.9) | |||||||||
Property, plant and equipment, net | $ | i 6,123.1 | $ | i 6,241.4 |
Mar 28, 2021 | Sep 27, 2020 | ||||||||||
Accrued occupancy costs | $ | i 76.1 | $ | i 76.9 | |||||||
Accrued dividends payable | i 530.1 | i — | |||||||||
Accrued capital and other operating expenditures | i 757.7 | i 677.2 | |||||||||
Self-insurance reserves | i 236.4 | i 243.9 | |||||||||
Accrued business taxes | i 171.3 | i 162.7 | |||||||||
Total accrued liabilities | $ | i 1,771.6 | $ | i 1,160.7 |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | ||||||||||||||||||||
Wages and benefits | $ | i 1,664.9 | $ | i 1,608.0 | $ | i 3,271.1 | $ | i 3,206.0 | |||||||||||||||
Occupancy costs | i 626.2 | i 593.9 | i 1,254.3 | i 1,212.6 | |||||||||||||||||||
Other expenses | i 532.2 | i 519.5 | i 1,165.3 | i 1,124.3 | |||||||||||||||||||
Total store operating expenses | $ | i 2,823.3 | $ | i 2,721.4 | $ | i 5,690.7 | $ | i 5,542.9 |
(in millions) | Mar 28, 2021 | Sep 27, 2020 | |||||||||
Trade names, trademarks and patents | $ | i 95.7 | $ | i 95.0 |
Mar 28, 2021 | Sep 27, 2020 | ||||||||||||||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||
Acquired and reacquired rights | $ | i 1,137.8 | $ | ( i 880.8) | $ | i 257.0 | $ | i 1,116.1 | $ | ( i 765.0) | $ | i 351.1 | |||||||||||||||||||||||
Acquired trade secrets and processes | i 27.6 | ( i 23.4) | i 4.2 | i 27.6 | ( i 22.0) | i 5.6 | |||||||||||||||||||||||||||||
Trade names, trademarks and patents | i 125.4 | ( i 42.1) | i 83.3 | i 124.8 | ( i 32.1) | i 92.7 | |||||||||||||||||||||||||||||
Licensing agreements | i 16.0 | ( i 15.7) | i 0.3 | i 16.6 | ( i 15.0) | i 1.6 | |||||||||||||||||||||||||||||
Other finite-lived intangible assets | i 23.7 | ( i 19.9) | i 3.8 | i 22.8 | ( i i 16.7 / ) | i 6.1 | |||||||||||||||||||||||||||||
Total finite-lived intangible assets | $ | i 1,330.5 | $ | ( i 981.9) | $ | i 348.6 | $ | i 1,307.9 | $ | ( i 850.8) | $ | i 457.1 |
Fiscal Year | Total | ||||
2021
(excluding the two quarters ended March 28, 2021) | $ | i 103.6 | |||
2022 | i 190.3 | ||||
2023 | i 19.6 | ||||
2024 | i 19.0 | ||||
2025 | i 13.1 | ||||
Thereafter | i 3.0 | ||||
Total estimated future amortization expense | $ | i 348.6 |
Americas | International | Channel Development | Corporate and Other | Total | |||||||||||||||||||||||||
Goodwill balance at September 27, 2020 | $ | i 496.5 | $ | i 3,065.0 | $ | i 34.7 | $ | i 1.0 | $ | i 3,597.2 | |||||||||||||||||||
Other(1) | i 1.6 | i 60.1 | i — | i — | i 61.7 | ||||||||||||||||||||||||
Goodwill
balance at March 28, 2021 | $ | i 498.1 | $ | i 3,125.1 | $ | i 34.7 | $ | i 1.0 | $ | i 3,658.9 |
Mar 28, 2021 | Sep 27, 2020 | Stated Interest Rate | Effective Interest Rate(1) | |||||||||||||||||||||||
Issuance | Amount | Estimated Fair Value | Amount | Estimated Fair Value | ||||||||||||||||||||||
November 2020 notes(2) | $ | i — | $ | i — | $ | i 500.0 | $ | i 501.5 | i 2.200 | % | i 2.228 | % | ||||||||||||||
February
2021 notes(2) | i — | i — | i 500.0 | i 502.3 | i 2.100 | % | i 2.293 | % | ||||||||||||||||||
February
2021 notes(2) | i — | i — | i 250.0 | i 251.1 | i 2.100 | % | i 1.600 | % | ||||||||||||||||||
May 2022 notes | i 500.0 | i 505.3 | i 500.0 | i 506.5 | i 1.300 | % | i 1.334 | % | ||||||||||||||||||
June 2022 notes | i 500.0 | i 512.3 | i 500.0 | i 517.5 | i 2.700 | % | i 2.819 | % | ||||||||||||||||||
March 2023 notes | i 1,000.0 | i 1,049.1 | i 1,000.0 | i 1,058.8 | i 3.100 | % | i 3.107 | % | ||||||||||||||||||
October
2023 notes(3) | i 750.0 | i 807.9 | i 750.0 | i 817.5 | i 3.850 | % | i 2.859 | % | ||||||||||||||||||
March
2024 notes(4) | i 778.5 | i 766.8 | i 806.4 | i 794.4 | i 0.372 | % | i 0.462 | % | ||||||||||||||||||
August 2025 notes | i 1,250.0 | i 1,382.3 | i 1,250.0 | i 1,414.5 | i 3.800 | % | i 3.721 | % | ||||||||||||||||||
June 2026 notes | i 500.0 | i 525.0 | i 500.0 | i 542.6 | i 2.450 | % | i 2.511 | % | ||||||||||||||||||
March 2027 notes | i 500.0 | i 509.3 | i 500.0 | i 528.9 | i 2.000 | % | i 2.058 | % | ||||||||||||||||||
March 2028 notes | i 600.0 | i 650.6 | i 600.0 | i 679.5 | i 3.500 | % | i 3.529 | % | ||||||||||||||||||
November 2028 notes | i 750.0 | i 841.5 | i 750.0 | i 886.0 | i 4.000 | % | i 3.958 | % | ||||||||||||||||||
August 2029 notes | i 1,000.0 | i 1,088.7 | i 1,000.0 | i 1,147.1 | i 3.550 | % | i 3.840 | % | ||||||||||||||||||
March 2030 notes | i 750.0 | i 736.5 | i 750.0 | i 778.0 | i 2.250 | % | i 3.084 | % | ||||||||||||||||||
November 2030 notes | i 1,250.0 | i 1,252.5 | i 1,250.0 | i 1,325.9 | i 2.550 | % | i 2.582 | % | ||||||||||||||||||
June 2045 notes | i 350.0 | i 385.8 | i 350.0 | i 412.4 | i 4.300 | % | i 4.348 | % | ||||||||||||||||||
December 2047 notes | i 500.0 | i 515.0 | i 500.0 | i 546.6 | i 3.750 | % | i 3.765 | % | ||||||||||||||||||
November 2048 notes | i 1,000.0 | i 1,150.2 | i 1,000.0 | i 1,222.8 | i 4.500 | % | i 4.504 | % | ||||||||||||||||||
August 2049 notes | i 1,000.0 | i 1,137.4 | i 1,000.0 | i 1,215.5 | i 4.450 | % | i 4.447 | % | ||||||||||||||||||
March 2050 notes | i 500.0 | i 482.9 | i 500.0 | i 517.1 | i 3.350 | % | i 3.362 | % | ||||||||||||||||||
November 2050 notes | i 1,250.0 | i 1,247.7 | i 1,250.0 | i 1,332.2 | i 3.500 | % | i 3.528 | % | ||||||||||||||||||
Total | i 14,728.5 | i 15,546.8 | i 16,006.4 | i 17,498.7 | ||||||||||||||||||||||
Aggregate debt issuance costs and unamortized premium/(discount), net | ( i 126.1) | ( i 132.5) | ||||||||||||||||||||||||
Hedge
accounting fair value adjustment(3) | i 27.9 | i 35.6 | ||||||||||||||||||||||||
Total | $ | i 14,630.3 | $ | i 15,909.5 |
Fiscal Year | Total | ||||
2021 | $ | i — | |||
2022 | i 1,000.0 | ||||
2023 | i 1,000.0 | ||||
2024 | i 1,528.5 | ||||
2025 | i 1,250.0 | ||||
Thereafter | i 9,950.0 | ||||
Total | $ | i 14,728.5 |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | ||||||||||||||||||||
Operating lease costs(1) | $ | i 389.3 | $ | i 377.4 | $ | i 798.7 | $ | i 750.5 | |||||||||||||||
Variable lease costs | i 224.3 | i 197.2 | i 446.7 | i 426.0 | |||||||||||||||||||
Short-term lease costs | i 7.6 | i 8.3 | i 16.3 | i 16.6 | |||||||||||||||||||
Total lease costs | $ | i 621.2 | $ | i 582.9 | $ | i 1,261.7 | $ | i 1,193.1 |
Two Quarters Ended | |||||||||||
Mar 28, 2021 | Mar 29, 2020 | ||||||||||
Cash paid related to operating lease liabilities | $ | i 792.4 | $ | i 726.0 | |||||||
Operating lease liabilities arising from obtaining ROU assets | i 659.6 | i 506.6 | |||||||||
Mar 28, 2021 | Mar 29, 2020 | ||||||||||
Weighted-average remaining operating lease term | i 8.7 years | i 8.9 years | |||||||||
Weighted-average operating lease discount rate | i 2.4 | % | i 2.5 | % |
Fiscal Year | Total | ||||
2021 (excluding the two quarters ended March 28, 2021) | $ | i 780.6 | |||
2022 | i 1,486.5 | ||||
2023 | i 1,343.6 | ||||
2024 | i 1,202.9 | ||||
2025 | i 1,056.6 | ||||
Thereafter | i 4,137.9 | ||||
Total lease payments | i 10,008.1 | ||||
Less imputed interest | ( i 1,134.0) | ||||
Total | $ | i 8,874.1 |
Quarter
Ended March 28, 2021 | Total | ||||
Stored value cards and loyalty program at December 27, 2020 | $ | i 1,750.0 | |||
Revenue deferred - card activations, card reloads and Stars earned | i 2,709.7 | ||||
Revenue recognized - card and Stars redemptions and breakage | ( i 2,977.8) | ||||
Other(1) | ( i 6.7) | ||||
Stored
value cards and loyalty program at March 28, 2021(2) | $ | i 1,475.2 | |||
Quarter Ended March 29, 2020 | Total | ||||
Stored
value cards and loyalty program at December 29, 2019 | $ | i 1,561.0 | |||
Revenue deferred - card activations, card reloads and Stars earned | i 2,453.6 | ||||
Revenue recognized - card and Stars redemptions and breakage | ( i 2,736.4) | ||||
Other(1) | ( i 5.1) | ||||
Stored
value cards and loyalty program at March 29, 2020(2) | $ | i 1,273.1 |
Two Quarters Ended March 28, 2021 | Total | ||||
Stored value cards and loyalty program at September 27, 2020 | $ | i 1,280.5 | |||
Revenue deferred - card activations, card reloads and Stars earned | i 6,147.1 | ||||
Revenue recognized - card and Stars redemptions and breakage | ( i 5,958.0) | ||||
Other(1) | i 5.6 | ||||
Stored
value cards and loyalty program at March 28, 2021(2) | $ | i 1,475.2 | |||
Two Quarters Ended March 29, 2020 | Total | ||||
Stored
value cards and loyalty program at September 29, 2019 | $ | i 1,113.7 | |||
Revenue deferred - card activations, card reloads and Stars earned | i 5,961.1 | ||||
Revenue recognized - card and Stars redemptions and breakage | ( i 5,798.3) | ||||
Other(1) | ( i 3.4) | ||||
Stored
value cards and loyalty program at March 29, 2020(2) | $ | i 1,273.1 |
Quarter Ended | Available-for-Sale Debt Securities | Cash Flow Hedges | Net Investment Hedges | Translation Adjustment and Other | Total | ||||||||||||||||||||||||
March 28, 2021 | |||||||||||||||||||||||||||||
Net gains/(losses) in AOCI, beginning of period | $ | i 4.1 | $ | ( i 75.5) | $ | ( i 13.5) | $ | ( i 61.0) | $ | ( i 145.9) | |||||||||||||||||||
Net gains/(losses) recognized in OCI before reclassifications | ( i 2.0) | i 73.3 | i 35.6 | ( i 81.2) | i 25.7 | ||||||||||||||||||||||||
Net (gains)/losses reclassified from AOCI to earnings | ( i 0.1) | ( i 3.5) | ( i 2.5) | i — | ( i 6.1) | ||||||||||||||||||||||||
Other comprehensive income/(loss) attributable to Starbucks | ( i 2.1) | i 69.8 | i 33.1 | ( i 81.2) | i 19.6 | ||||||||||||||||||||||||
Net gains/(losses) in AOCI, end of period | $ | i 2.0 | $ | ( i 5.7) | $ | i 19.6 | $ | ( i 142.2) | $ | ( i 126.3) | |||||||||||||||||||
March 29, 2020 | |||||||||||||||||||||||||||||
Net gains/(losses) in AOCI, beginning of period | $ | i 3.2 | $ | i 33.7 | $ | i 7.7 | $ | ( i 432.0) | $ | ( i 387.4) | |||||||||||||||||||
Net gains/(losses) recognized in OCI before reclassifications | i 2.5 | ( i 96.7) | i 43.0 | ( i 78.4) | ( i 129.6) | ||||||||||||||||||||||||
Net (gains)/losses reclassified from AOCI to earnings | ( i 0.1) | ( i 1.8) | ( i 2.9) | i — | ( i 4.8) | ||||||||||||||||||||||||
Other comprehensive income/(loss) attributable to Starbucks | i 2.4 | ( i 98.5) | i 40.1 | ( i 78.4) | ( i 134.4) | ||||||||||||||||||||||||
Net gains/(losses) in AOCI, end of period | $ | i 5.6 | $ | ( i 64.8) | $ | i 47.8 | $ | ( i 510.4) | $ | ( i 521.8) | |||||||||||||||||||
Two Quarters Ended | Available-for-Sale Debt Securities | Cash Flow Hedges | Net Investment Hedges | Translation Adjustment and Other | Total | ||||||||||||||||||||||||
March 28, 2021 | |||||||||||||||||||||||||||||
Net gains/(losses) in AOCI, beginning of period | $ | i 5.7 | $ | ( i 82.1) | $ | i 11.5 | $ | ( i 299.7) | $ | ( i 364.6) | |||||||||||||||||||
Net gains/(losses) recognized in OCI before reclassifications | ( i 2.4) | i 78.1 | i 13.0 | i 157.5 | i 246.2 | ||||||||||||||||||||||||
Net (gains)/losses reclassified from AOCI to earnings | ( i 1.3) | ( i 1.7) | ( i 4.9) | i — | ( i 7.9) | ||||||||||||||||||||||||
Other comprehensive income/(loss) attributable to Starbucks | ( i 3.7) | i 76.4 | i 8.1 | i 157.5 | i 238.3 | ||||||||||||||||||||||||
Net gains/(losses) in AOCI, end of period | $ | i 2.0 | $ | ( i 5.7) | $ | i 19.6 | $ | ( i 142.2) | $ | ( i 126.3) | |||||||||||||||||||
March 29, 2020 | |||||||||||||||||||||||||||||
Net gains/(losses) in AOCI, beginning of period | $ | i 3.9 | $ | i 11.0 | $ | ( i 10.1) | $ | ( i 508.1) | $ | ( i 503.3) | |||||||||||||||||||
Net gains/(losses) recognized in OCI before reclassifications | i 2.4 | ( i 70.9) | i 60.7 | ( i 2.3) | ( i 10.1) | ||||||||||||||||||||||||
Net (gains)/losses reclassified from AOCI to earnings | i — | ( i 7.9) | ( i 5.3) | i — | ( i 13.2) | ||||||||||||||||||||||||
Other comprehensive income/(loss) attributable to Starbucks | i 2.4 | ( i 78.8) | i 55.4 | ( i 2.3) | ( i 23.3) | ||||||||||||||||||||||||
Cumulative effect of accounting adoption | ( i 0.7) | i 3.0 | i 2.5 | i — | i 4.8 | ||||||||||||||||||||||||
Net gains/(losses) in AOCI, end of period | $ | i 5.6 | $ | ( i 64.8) | $ | i 47.8 | $ | ( i 510.4) | $ | ( i 521.8) | |||||||||||||||||||
Quarter Ended | ||||||||||||||||||||
AOCI Components | Amounts Reclassified from AOCI | Affected Line Item in the Statements of Earnings | ||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | |||||||||||||||||||
Gains/(losses) on available-for-sale debt securities | $ | i 0.2 | $ | i 0.2 | Interest income and other, net | |||||||||||||||
Gains/(losses) on cash flow hedges | i 4.3 | i 2.3 | ||||||||||||||||||
Gains/(losses) on net investment hedges | i 3.4 | i 3.9 | Interest expense | |||||||||||||||||
i 7.9 | i 6.4 | Total before tax | ||||||||||||||||||
( i 1.8) | ( i 1.6) | Tax (expense)/benefit | ||||||||||||||||||
$ | i 6.1 | $ | i 4.8 | Net of tax | ||||||||||||||||
Two Quarters Ended | ||||||||||||||||||||
AOCI Components | Amounts Reclassified from AOCI | Affected
Line Item in the Statements of Earnings | ||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | |||||||||||||||||||
Gains/(losses) on available-for-sale debt securities | $ | i 1.7 | $ | i — | Interest income and other, net | |||||||||||||||
Gains/(losses) on cash flow hedges | i 3.2 | i i 9.9 / | ||||||||||||||||||
Gains/(losses) on net investment hedges | i 6.6 | i 7.2 | Interest expense | |||||||||||||||||
i 11.5 | i 17.1 | Total before tax | ||||||||||||||||||
( i 3.6) | ( i 3.9) | Tax (expense)/benefit | ||||||||||||||||||
$ | i 7.9 | $ | i 13.2 | Net of tax | ||||||||||||||||
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | ||||||||||||||||||||
Options | $ | i 0.9 | $ | i 0.7 | $ | i 1.8 | $ | i 2.4 | |||||||||||||||
Restricted Stock Units (“RSUs”) | i 75.1 | i 55.6 | i 173.5 | i 144.2 | |||||||||||||||||||
Total stock-based compensation expense | $ | i 76.0 | $ | i 56.3 | $ | i 175.3 | $ | i 146.6 |
Stock Options | RSUs | ||||||||||
Options
outstanding/Nonvested RSUs, September 27, 2020 | i 9.2 | i 8.3 | |||||||||
Granted | i — | i 3.9 | |||||||||
Options exercised/RSUs vested | ( i 2.2) | ( i 3.0) | |||||||||
Forfeited/expired | ( i 0.1) | ( i 0.8) | |||||||||
Options
outstanding/Nonvested RSUs, March 28, 2021 | i 6.9 | i 8.4 | |||||||||
Total
unrecognized stock-based compensation expense, net of estimated forfeitures, as of March 28, 2021 | $ | i 0.3 | $ | i 253.8 |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | ||||||||||||||||||||
Net earnings attributable to Starbucks | $ | i 659.4 | $ | i 328.4 | $ | i 1,281.6 | $ | i 1,214.1 | |||||||||||||||
Weighted average common shares outstanding (for basic calculation) | i 1,177.5 | i 1,171.8 | i 1,176.3 | i 1,176.1 | |||||||||||||||||||
Dilutive effect of outstanding common stock options and RSUs | i 7.3 | i 8.9 | i 7.6 | i 9.7 | |||||||||||||||||||
Weighted average common and common equivalent shares outstanding (for diluted calculation) | i 1,184.8 | i 1,180.7 | i 1,183.9 | i 1,185.8 | |||||||||||||||||||
EPS — basic | $ | i 0.56 | $ | i 0.28 | $ | i 1.09 | $ | i 1.03 | |||||||||||||||
EPS — diluted | $ | i 0.56 | $ | i 0.28 | $ | i 1.08 | $ | i 1.02 |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Beverage(2) | $ | i 4,212.8 | i 63 | % | $ | i 3,530.9 | i 59 | % | $ | i 8,464.5 | i 63 | % | $ | i 7,789.4 | i 59 | % | |||||||||||||||||||||||||||||||
Food(3) | i 1,131.4 | i 17 | % | i 968.7 | i 16 | % | i 2,272.0 | i 17 | % | i 2,128.4 | i 16 | % | |||||||||||||||||||||||||||||||||||
Other(4) | i 1,323.8 | i 20 | % | i 1,496.1 | i 25 | % | i 2,681.0 | i 20 | % | i 3,175.0 | i 25 | % | |||||||||||||||||||||||||||||||||||
Total | $ | i 6,668.0 | i 100 | % | $ | i 5,995.7 | i 100 | % | $ | i 13,417.5 | i 100 | % | $ | i 13,092.8 | i 100 | % |
Americas | International | Channel Development | Corporate and Other | Total | |||||||||||||||||||||||||
March 28, 2021 | |||||||||||||||||||||||||||||
Total net revenues | $ | i 4,664.6 | $ | i 1,610.9 | $ | i 369.9 | $ | i 22.6 | $ | i 6,668.0 | |||||||||||||||||||
Depreciation and amortization expenses | i 186.0 | i 143.4 | i 0.3 | i 37.0 | i 366.7 | ||||||||||||||||||||||||
Income from equity investees | i — | i 26.8 | i 50.3 | i — | i 77.1 | ||||||||||||||||||||||||
Operating income/(loss) | i 905.3 | i 251.5 | i 172.6 | ( i 341.8) | i 987.6 | ||||||||||||||||||||||||
March 29, 2020 | |||||||||||||||||||||||||||||
Total net revenues | $ | i 4,330.0 | $ | i 1,134.6 | $ | i 519.1 | $ | i 12.0 | $ | i 5,995.7 | |||||||||||||||||||
Depreciation and amortization expenses | i 191.5 | i 130.0 | i 0.3 | i 34.5 | i 356.3 | ||||||||||||||||||||||||
Income from equity investees | i — | i 24.8 | i 43.1 | i — | i 67.9 | ||||||||||||||||||||||||
Operating income/(loss) | i 621.2 | ( i 15.4) | i 189.6 | ( i 308.0) | i 487.4 | ||||||||||||||||||||||||
Two Quarters Ended | |||||||||||||||||||||||||||||
Americas | International | Channel Development | Corporate and Other | Total | |||||||||||||||||||||||||
March 28, 2021 | |||||||||||||||||||||||||||||
Total net revenues | $ | i 9,367.9 | $ | i 3,265.3 | $ | i 741.2 | $ | i 43.1 | $ | i 13,417.5 | |||||||||||||||||||
Depreciation and amortization expenses | i 374.9 | i 283.4 | i 0.6 | i 73.7 | i 732.6 | ||||||||||||||||||||||||
Income from equity investees | i — | i 53.0 | i 106.7 | i — | i 159.7 | ||||||||||||||||||||||||
Operating income/(loss) | i 1,718.7 | i 526.3 | i 353.3 | ( i 697.1) | i 1,901.2 | ||||||||||||||||||||||||
March 29, 2020 | |||||||||||||||||||||||||||||
Total net revenues | $ | i 9,340.9 | $ | i 2,705.7 | $ | i 1,013.7 | $ | i 32.5 | $ | i 13,092.8 | |||||||||||||||||||
Depreciation and amortization expenses | i 380.7 | i 256.7 | i 0.6 | i 69.4 | i 707.4 | ||||||||||||||||||||||||
Income from equity investees | i — | i 55.8 | i 86.1 | i — | i 141.9 | ||||||||||||||||||||||||
Operating income/(loss) | i 1,720.0 | i 260.5 | i 365.1 | ( i 638.4) | i 1,707.2 |
Quarter Ended Mar 28, 2021 | Two Quarters Ended Mar 28, 2021 | ||||||||||||||||||||||||||||||||||
Change in Comparable Store Sales | Change in Transactions | Change in Ticket | Change in Comparable Store Sales | Change in Transactions | Change in Ticket | ||||||||||||||||||||||||||||||
Consolidated | 15% | (4)% | 19% | 4% | (12)% | 18% | |||||||||||||||||||||||||||||
Americas | 9% | (10)% | 22% | 1% | (16)% | 21% | |||||||||||||||||||||||||||||
International | 35% | 26% | 7% | 13% | 4% | 8% |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | $ Change | % Change | Mar 28, 2021 | Mar 29, 2020 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Company-operated stores | $ | 5,653.1 | $ | 4,766.0 | $ | 887.1 | 18.6 | % | $ | 11,379.6 | $ | 10,546.6 | $ | 833.0 | 7.9 | % | |||||||||||||||||||||||||||||||
Licensed stores | 595.0 | 689.8 | (94.8) | (13.7) | 1,208.8 | 1,481.9 | (273.1) | (18.4) | |||||||||||||||||||||||||||||||||||||||
Other | 419.9 | 539.9 | (120.0) | (22.2) | 829.1 | 1,064.3 | (235.2) | (22.1) | |||||||||||||||||||||||||||||||||||||||
Total net revenues | $ | 6,668.0 | $ | 5,995.7 | $ | 672.3 | 11.2 | % | $ | 13,417.5 | $ | 13,092.8 | $ | 324.7 | 2.5 | % |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | $ Change | Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | $ Change | Mar
28, 2021 | Mar 29, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of Total Net Revenues | As a % of Total Net Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product and distribution costs | $ | 1,992.4 | $ | 1,997.7 | $ | (5.3) | 29.9 | % | 33.3 | % | $ | 4,041.5 | $ | 4,234.2 | $ | (192.7) | 30.1 | % | 32.3 | % | |||||||||||||||||||||||||||||||||||||||
Store operating expenses | 2,823.3 | 2,721.4 | 101.9 | 42.3 | 45.4 | 5,690.7 | 5,542.9 | 147.8 | 42.4 | 42.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 87.7 | 95.0 | (7.3) | 1.3 | 1.6 | 179.5 | 196.7 | (17.2) | 1.3 | 1.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses | 366.7 | 356.3 | 10.4 | 5.5 | 5.9 | 732.6 | 707.4 | 25.2 | 5.5 | 5.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 464.4 | 406.5 | 57.9 | 7.0 | 6.8 | 936.5 | 840.7 | 95.8 | 7.0 | 6.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairments | 23.0 | (0.7) | 23.7 | 0.3 | — | 95.2 | 5.6 | 89.6 | 0.7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 5,757.5 | 5,576.2 | 181.3 | 86.3 | 93.0 | 11,676.0 | 11,527.5 | 148.5 | 87.0 | 88.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income from equity investees | 77.1 | 67.9 | 9.2 | 1.2 | 1.1 | 159.7 | 141.9 | 17.8 | 1.2 | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 987.6 | $ | 487.4 | $ | 500.2 | 14.8 | % | 8.1 | % | $ | 1,901.2 | $ | 1,707.2 | $ | 194.0 | 14.2 | % | 13.0 | % | |||||||||||||||||||||||||||||||||||||||
Store operating expenses as a % of company-operated store revenues | 49.9 | % | 57.1 | % | 50.0 | % | 52.6 | % |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | $ Change | Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | $ Change | Mar
28, 2021 | Mar 29, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of Total Net Revenues | As a % of Total Net Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 987.6 | $ | 487.4 | $ | 500.2 | 14.8 | % | 8.1 | % | $ | 1,901.2 | $ | 1,707.2 | $ | 194.0 | 14.2 | % | 13.0 | % | |||||||||||||||||||||||||||||||||||||||
Interest income and other, net | 17.3 | 2.0 | 15.3 | 0.3 | — | 32.7 | 18.0 | 14.7 | 0.2 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (115.0) | (99.2) | (15.8) | (1.7) | (1.7) | (235.8) | (191.1) | (44.7) | (1.8) | (1.5) | |||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | 889.9 | 390.2 | 499.7 | 13.3 | 6.5 | 1,698.1 | 1,534.1 | 164.0 | 12.7 | 11.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 230.5 | 65.4 | 165.1 | 3.5 | 1.1 | 416.5 | 324.0 | 92.5 | 3.1 | 2.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings including noncontrolling interests | 659.4 | 324.8 | 334.6 | 9.9 | 5.4 | 1,281.6 | 1,210.1 | 71.5 | 9.6 | 9.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | — | (3.6) | 3.6 | — | (0.1) | — | (4.0) | 4.0 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings attributable to Starbucks | $ | 659.4 | $ | 328.4 | $ | 331.0 | 9.9 | % | 5.5 | % | $ | 1,281.6 | $ | 1,214.1 | $ | 67.5 | 9.6 | % | 9.3 | % | |||||||||||||||||||||||||||||||||||||||
Effective tax rate including noncontrolling interests | 25.9 | % | 16.8 | % | 24.5 | % | 21.1 | % |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | $ Change | Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | $ Change | Mar
28, 2021 | Mar 29, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of Americas Total Net Revenues | As a % of Americas Total Net Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company-operated stores | $ | 4,268.4 | $ | 3,863.6 | $ | 404.8 | 91.5 | % | 89.2 | % | $ | 8,553.2 | $ | 8,334.6 | $ | 218.6 | 91.3 | % | 89.2 | % | |||||||||||||||||||||||||||||||||||||||
Licensed stores | 394.2 | 464.2 | (70.0) | 8.5 | 10.7 | 810.3 | 1,001.5 | (191.2) | 8.6 | 10.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 2.0 | 2.2 | (0.2) | — | 0.1 | 4.4 | 4.8 | (0.4) | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total net revenues | 4,664.6 | 4,330.0 | 334.6 | 100.0 | 100.0 | 9,367.9 | 9,340.9 | 27.0 | 100.0 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Product and distribution costs | 1,227.6 | 1,248.2 | (20.6) | 26.3 | 28.8 | 2,503.8 | 2,636.6 | (132.8) | 26.7 | 28.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Store operating expenses | 2,203.1 | 2,158.6 | 44.5 | 47.2 | 49.9 | 4,442.1 | 4,373.0 | 69.1 | 47.4 | 46.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 41.9 | 41.8 | 0.1 | 0.9 | 1.0 | 84.7 | 84.3 | 0.4 | 0.9 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses | 186.0 | 191.5 | (5.5) | 4.0 | 4.4 | 374.9 | 380.7 | (5.8) | 4.0 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 77.7 | 68.2 | 9.5 | 1.7 | 1.6 | 148.5 | 140.6 | 7.9 | 1.6 | 1.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairments | 23.0 | 0.5 | 22.5 | 0.5 | — | 95.2 | 5.7 | 89.5 | 1.0 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 3,759.3 | 3,708.8 | 50.5 | 80.6 | 85.7 | 7,649.2 | 7,620.9 | 28.3 | 81.7 | 81.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 905.3 | $ | 621.2 | $ | 284.1 | 19.4 | % | 14.3 | % | $ | 1,718.7 | $ | 1,720.0 | $ | (1.3) | 18.3 | % | 18.4 | % | |||||||||||||||||||||||||||||||||||||||
Store operating expenses as a % of company-operated store revenues | 51.6 | % | 55.9 | % | 51.9 | % | 52.5 | % |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | $ Change | Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | $ Change | Mar
28, 2021 | Mar 29, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of International Total Net Revenues | As a % of International Total Net Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company-operated stores | $ | 1,384.7 | $ | 902.4 | $ | 482.3 | 86.0 | % | 79.5 | % | $ | 2,826.4 | $ | 2,212.0 | $ | 614.4 | 86.6 | % | 81.8 | % | |||||||||||||||||||||||||||||||||||||||
Licensed stores | 200.8 | 225.6 | (24.8) | 12.5 | 19.9 | 398.5 | 480.4 | (81.9) | 12.2 | 17.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 25.4 | 6.6 | 18.8 | 1.6 | 0.6 | 40.4 | 13.3 | 27.1 | 1.2 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total net revenues | 1,610.9 | 1,134.6 | 476.3 | 100.0 | 100.0 | 3,265.3 | 2,705.7 | 559.6 | 100.0 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Product and distribution costs | 513.5 | 387.7 | 125.8 | 31.9 | 34.2 | 1,033.9 | 876.2 | 157.7 | 31.7 | 32.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Store operating expenses | 620.2 | 562.8 | 57.4 | 38.5 | 49.6 | 1,248.6 | 1,169.9 | 78.7 | 38.2 | 43.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 29.3 | 31.8 | (2.5) | 1.8 | 2.8 | 63.6 | 67.7 | (4.1) | 1.9 | 2.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses | 143.4 | 130.0 | 13.4 | 8.9 | 11.5 | 283.4 | 256.7 | 26.7 | 8.7 | 9.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 79.8 | 63.7 | 16.1 | 5.0 | 5.6 | 162.5 | 130.9 | 31.6 | 5.0 | 4.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairments | — | (1.2) | 1.2 | — | (0.1) | — | (0.4) | 0.4 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 1,386.2 | 1,174.8 | 211.4 | 86.1 | 103.5 | 2,792.0 | 2,501.0 | 291.0 | 85.5 | 92.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income from equity investees | 26.8 | 24.8 | 2.0 | 1.7 | 2.2 | 53.0 | 55.8 | (2.8) | 1.6 | 2.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income/(loss) | $ | 251.5 | $ | (15.4) | $ | 266.9 | 15.6 | % | (1.4) | % | $ | 526.3 | $ | 260.5 | $ | 265.8 | 16.1 | % | 9.6 | % | |||||||||||||||||||||||||||||||||||||||
Store operating expenses as a % of company-operated store revenues | 44.8 | % | 62.4 | % | 44.2 | % | 52.9 | % |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | $ Change | Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | $ Change | Mar
28, 2021 | Mar 29, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of Channel Development Total Net Revenues | As a % of Channel Development Total Net Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 369.9 | $ | 519.1 | $ | (149.2) | $ | 741.2 | $ | 1,013.7 | $ | (272.5) | |||||||||||||||||||||||||||||||||||||||||||||||
Product and distribution costs | 231.9 | 351.6 | (119.7) | 62.7 | % | 67.7 | % | 465.4 | 690.4 | (225.0) | 62.8 | % | 68.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 13.1 | 17.7 | (4.6) | 3.5 | 3.4 | 24.1 | 38.3 | (14.2) | 3.3 | 3.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses | 0.3 | 0.3 | — | 0.1 | 0.1 | 0.6 | 0.6 | — | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 2.3 | 3.0 | (0.7) | 0.6 | 0.6 | 4.5 | 5.4 | (0.9) | 0.6 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 247.6 | 372.6 | (125.0) | 66.9 | 71.8 | 494.6 | 734.7 | (240.1) | 66.7 | 72.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income from equity investees | 50.3 | 43.1 | 7.2 | 13.6 | 8.3 | 106.7 | 86.1 | 20.6 | 14.4 | 8.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 172.6 | $ | 189.6 | $ | (17.0) | 46.7 | % | 36.5 | % | $ | 353.3 | $ | 365.1 | $ | (11.8) | 47.7 | % | 36.0 | % |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | $ Change | % Change | Mar 28, 2021 | Mar 29, 2020 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Other | $ | 22.6 | $ | 12.0 | $ | 10.6 | 88.3 | % | $ | 43.1 | $ | 32.5 | $ | 10.6 | 32.6 | % | |||||||||||||||||||||||||||||||
Total net revenues | 22.6 | 12.0 | 10.6 | 88.3 | 43.1 | 32.5 | 10.6 | 32.6 | |||||||||||||||||||||||||||||||||||||||
Product and distribution costs | 19.4 | 10.2 | 9.2 | 90.2 | 38.4 | 31.0 | 7.4 | 23.9 | |||||||||||||||||||||||||||||||||||||||
Other operating expenses | 3.4 | 3.7 | (0.3) | (8.1) | 7.1 | 6.4 | 0.7 | 10.9 | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses | 37.0 | 34.5 | 2.5 | 7.2 | 73.7 | 69.4 | 4.3 | 6.2 | |||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 304.6 | 271.6 | 33.0 | 12.2 | 621.0 | 563.8 | 57.2 | 10.1 | |||||||||||||||||||||||||||||||||||||||
Restructuring and impairments | — | — | — | nm | — | 0.3 | (0.3) | nm | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | 364.4 | 320.0 | 44.4 | 13.9 | 740.2 | 670.9 | 69.3 | 10.3 | |||||||||||||||||||||||||||||||||||||||
Operating loss | $ | (341.8) | $ | (308.0) | $ | (33.8) | 11.0 | % | $ | (697.1) | $ | (638.4) | $ | (58.7) | 9.2 | % |
Net stores opened/(closed) and transferred during the period | |||||||||||||||||||||||||||||||||||
Quarter Ended | Two Quarters Ended | Stores open as of | |||||||||||||||||||||||||||||||||
Mar 28, 2021 | Mar 29, 2020 | Mar 28, 2021 | Mar 29, 2020 | Mar
28, 2021 | Mar 29, 2020 | ||||||||||||||||||||||||||||||
Americas | |||||||||||||||||||||||||||||||||||
Company-operated stores | (209) | 31 | (289) | 77 | 9,820 | 10,051 | |||||||||||||||||||||||||||||
Licensed stores | 21 | 37 | 55 | 127 | 8,300 | 8,220 | |||||||||||||||||||||||||||||
Total Americas | (188) | 68 | (234) | 204 | 18,120 | 18,271 | |||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||
Company-operated stores | 123 | 78 | 308 | 277 | 6,836 | 6,137 | |||||||||||||||||||||||||||||
Licensed stores | 70 | 109 | 209 | 313 | 7,987 | 7,642 | |||||||||||||||||||||||||||||
Total International | 193 | 187 | 517 | 590 | 14,823 | 13,779 | |||||||||||||||||||||||||||||
Total Company | 5 | 255 | 283 | 794 | 32,943 | 32,050 | |||||||||||||||||||||||||||||
Incorporated by Reference | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exhibit No. | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | |||||||||||||||||||||||||||||||||||||||||||||||
10-Q | 0-20322 | 04/28/2015 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
8-K | 0-20322 | 03/19/2021 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | X | |||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | X | |||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | X | |||||||||||||||||||||||||||||||||||||||||||||||||
32** | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
101 | The following financial statements from the Company's 10-Q for the fiscal quarter ended March 28, 2021, formatted in iXBRL: (i) Consolidated Statements of Earnings, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Equity and (vi) Notes to Consolidated Financial Statements | — | — | — | — | X | |||||||||||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted in iXBRL and contained in Exhibit 101) | — | — | — | — | X | |||||||||||||||||||||||||||||||||||||||||||||||
STARBUCKS CORPORATION | |||||||||||
By: | /s/ Rachel Ruggeri | ||||||||||
Rachel Ruggeri | |||||||||||
executive vice president, chief financial officer | |||||||||||
Signing on behalf of the registrant and as principal financial officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/22 | ||||
10/25/22 | ||||
3/26/22 | ||||
12/30/21 | ||||
10/3/21 | 10-K, 5 | |||
9/22/21 | ||||
5/28/21 | SD | |||
5/13/21 | ||||
Filed on: | 4/27/21 | 8-K | ||
4/21/21 | ||||
For Period end: | 3/28/21 | |||
12/27/20 | 10-Q | |||
11/20/20 | ||||
10/6/20 | ||||
9/27/20 | 10-K, 5 | |||
8/25/20 | ||||
4/8/20 | 8-K | |||
3/29/20 | 10-Q | |||
3/27/20 | ||||
12/29/19 | 10-Q | |||
10/1/19 | 4 | |||
9/29/19 | 10-K | |||
6/24/19 | ||||
6/3/19 | 4 | |||
10/15/18 | ||||
10/12/18 | ||||
6/22/18 | ||||
5/7/18 | 8-K | |||
9/1/15 | ||||
9/8/14 | ||||
5/9/11 | ||||
4/13/10 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/19/21 Starbucks Corp. 8-K:5,9 3/17/21 11:339K Donnelley … Solutions/FA 4/28/15 Starbucks Corp. 10-Q 3/29/15 76:15M |