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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended December 27, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            .
Commission File Number: 0-20322
Starbucks Corporation
(Exact Name of Registrant as Specified in its Charter)
sbux-20201227_g1.jpg
Washington91-1325671
(State or Other Jurisdiction of
Incorporation or Organization)
(IRS Employer
Identification No.)
2401 Utah Avenue South, Seattle, Washington 98134
(Address of principal executive offices)
(206) 447-1575
(Registrant’s Telephone Number, including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
TitleTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareSBUXNASDAQ Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer¨Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes      No  x 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Shares Outstanding as of January 20, 2021
1,177.3 million



Table of Contents
STARBUCKS CORPORATION
FORM 10-Q
For the Quarterly Period Ended December 27, 2020
Table of Contents
 
  
PART I. FINANCIAL INFORMATION
Item 1
Item 2
Item 3
Item 4
PART II. OTHER INFORMATION
Item 1
Item 1A
Item 2
Item 6

 


Table of Contents
PART I — FINANCIAL INFORMATION
Item 1.Financial Statements
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(in millions, except per share data)
(unaudited)
 Quarter Ended
Dec 27,
2020
Dec 29,
2019
Net revenues:
Company-operated stores$5,726.5 $5,780.7 
Licensed stores613.8 792.0 
Other409.1 524.4 
Total net revenues6,749.4 7,097.1 
Product and distribution costs2,049.1 2,236.4 
Store operating expenses2,867.3 2,821.5 
Other operating expenses91.8 101.8 
Depreciation and amortization expenses366.1 351.0 
General and administrative expenses472.1 434.2 
Restructuring and impairments72.2 6.3 
Total operating expenses5,918.6 5,951.2 
Income from equity investees82.7 73.9 
Operating income913.5 1,219.8 
Interest income and other, net15.5 15.9 
Interest expense(120.7)(91.9)
Earnings before income taxes808.3 1,143.8 
Income tax expense186.1 258.5 
Net earnings including noncontrolling interests622.2 885.3 
Net loss attributable to noncontrolling interests (0.4)
Net earnings attributable to Starbucks$622.2 $885.7 
Earnings per share - basic$0.53 $0.75 
Earnings per share - diluted$0.53 $0.74 
Weighted average shares outstanding:
Basic1,175.0 1,180.4 
Diluted1,183.0 1,191.0 

See Notes to Consolidated Financial Statements.
3

Table of Contents
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions, unaudited)
Quarter Ended
Dec 27,
2020
Dec 29,
2019
Net earnings including noncontrolling interests$622.2 $885.3 
Other comprehensive income/(loss), net of tax:
Unrealized holding gains/(losses) on available-for-sale debt securities(0.5)(0.1)
Tax (expense)/benefit0.1  
Unrealized gains/(losses) on cash flow hedging instruments7.7 32.4 
Tax (expense)/benefit(2.9)(6.6)
Unrealized gains/(losses) on net investment hedging instruments(30.2)23.7 
Tax (expense)/benefit7.6 (6.0)
Translation adjustment and other238.7 76.1 
Tax (expense)/benefit  
Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale debt securities, hedging instruments, and translation adjustment(3.6)(10.7)
Tax expense/(benefit)1.8 2.3 
Other comprehensive income/(loss)218.7 111.1 
Comprehensive income including noncontrolling interests840.9 996.4 
Comprehensive income/(loss) attributable to noncontrolling interests (0.4)
Comprehensive income attributable to Starbucks$840.9 $996.8 

See Notes to Consolidated Financial Statements.
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STARBUCKS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
(unaudited)
Dec 27,
2020
Sep 27,
2020
ASSETS
Current assets:
Cash and cash equivalents$5,028.1 $4,350.9 
Short-term investments235.5 281.2 
Accounts receivable, net888.0 883.4 
Inventories1,471.5 1,551.4 
Prepaid expenses and other current assets734.4 739.5 
Total current assets8,357.5 7,806.4 
Long-term investments190.9 206.1 
Equity investments496.0 478.7 
Property, plant and equipment, net6,177.9 6,241.4 
Operating lease, right-of-use asset 8,199.4 8,134.1 
Deferred income taxes, net1,792.4 1,789.9 
Other long-term assets541.1 568.6 
Other intangible assets506.4 552.1 
Goodwill3,706.8 3,597.2 
TOTAL ASSETS$29,968.4 $29,374.5 
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)
Current liabilities:
Accounts payable$1,050.6 $997.9 
Accrued liabilities1,616.9 1,160.7 
Accrued payroll and benefits 685.3 696.0 
Income taxes payable 149.7 98.2 
Current portion of operating lease liability1,267.6 1,248.8 
Stored value card liability and current portion of deferred revenue1,871.2 1,456.5 
Short-term debt492.6 438.8 
Current portion of long-term debt750.0 1,249.9 
Total current liabilities7,883.9 7,346.8 
Long-term debt14,673.5 14,659.6 
Operating lease liability7,754.5 7,661.7 
Deferred revenue 6,597.7 6,598.5 
Other long-term liabilities 962.8 907.3 
Total liabilities37,872.4 37,173.9 
Shareholders' deficit:
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,177.2 and 1,173.3 shares, respectively
1.2 1.2 
Additional paid-in capital488.6 373.9 
Retained deficit(8,253.6)(7,815.6)
Accumulated other comprehensive loss(145.9)(364.6)
Total shareholders’ deficit(7,909.7)(7,805.1)
Noncontrolling interests5.7 5.7 
Total deficit(7,904.0)(7,799.4)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)$29,968.4 $29,374.5 

See Notes to Consolidated Financial Statements.
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STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions, unaudited)
 Quarter Ended
Dec 27,
2020
Dec 29,
2019
OPERATING ACTIVITIES:
Net earnings including noncontrolling interests$622.2 $885.3 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization388.4 369.2 
Deferred income taxes, net(6.1)10.4 
Income earned from equity method investees(69.0)(62.9)
Distributions received from equity method investees77.2 64.3 
Stock-based compensation99.3 90.3 
Non-cash lease costs308.3 294.9 
Loss on retirement and impairment of assets132.6 12.7 
Other(10.2)(7.6)
Cash provided by changes in operating assets and liabilities:
Accounts receivable19.6 (22.9)
Inventories90.1 122.8 
Prepaid expenses and other current assets5.2 (28.5)
Income taxes payable56.9 125.1 
Accounts payable24.8 (110.3)
Deferred revenue398.9 426.7 
Operating lease liability(314.8)(301.6)
Other operating assets and liabilities12.3 (31.8)
Net cash provided by operating activities1,835.7 1,836.1 
INVESTING ACTIVITIES:
Purchases of investments(135.5)(38.0)
Sales of investments91.2 64.6 
Maturities and calls of investments113.7 1.3 
Additions to property, plant and equipment(324.2)(394.3)
Other(17.7)(19.9)
Net cash used in investing activities(272.5)(386.3)
FINANCING ACTIVITIES:
Net proceeds from issuance of commercial paper 398.9 
Net proceeds from issuance of short-term debt192.9 99.0 
Repayments of short-term debt(144.7) 
Repayments of long-term debt(500.0) 
Proceeds from issuance of common stock102.8 33.1 
Cash dividends paid(528.2)(484.2)
Repurchase of common stock (1,091.4)
Minimum tax withholdings on share-based awards(88.6)(78.4)
Net cash used in financing activities(965.8)(1,123.0)
Effect of exchange rate changes on cash and cash equivalents79.8 27.1 
Net increase in cash and cash equivalents677.2 353.9 
CASH AND CASH EQUIVALENTS:
Beginning of period4,350.9 2,686.6 
End of period$5,028.1 $3,040.5 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest$130.0 $87.2 
Income taxes$109.4 $92.1 
See Notes to Consolidated Financial Statements.
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STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
For the Quarters Ended December 27, 2020 and December 29, 2019
(in millions, except per share data, unaudited)
Common StockAdditional Paid-in CapitalRetained
Earnings/(Deficit)
Accumulated
Other
Comprehensive
Income/(Loss)
Shareholders’
Equity/(Deficit)
Noncontrolling
Interests
Total
 SharesAmount
Balance, September 27, 2020
1,173.3$1.2 $373.9 $(7,815.6)$(364.6)$(7,805.1)$5.7 $(7,799.4)
Cumulative effect of adoption of new accounting guidance  (2.2) (2.2) (2.2)
Net earnings  622.2  622.2  622.2 
Other comprehensive income/(loss)   218.7 218.7  218.7 
Stock-based compensation expense 100.5   100.5  100.5 
Exercise of stock options/vesting of RSUs3.8 4.0   4.0  4.0 
Sale of common stock0.1 10.2   10.2  10.2 
Cash dividends declared, $0.90 per share
  (1,058.0) (1,058.0) (1,058.0)
Balance, December 27, 2020
1,177.2$1.2 $488.6 $(8,253.6)$(145.9)$(7,909.7)$5.7 $(7,904.0)
Balance, September 29, 2019
1,184.6$1.2 $41.1 $(5,771.2)$(503.3)$(6,232.2)$1.2 $(6,231.0)
Cumulative effect of adoption of new accounting guidance  12.5 4.8 17.3  17.3 
Net earnings/(loss)  885.7  885.7 (0.4)885.3 
Other comprehensive income/(loss)   111.1 111.1  111.1 
Stock-based compensation expense 91.3   91.3  91.3 
Exercise of stock options/vesting of RSUs2.8 (54.1)  (54.1) (54.1)
Sale of common stock0.1 8.9   8.9  8.9 
Repurchase of common stock(13.0) (46.1)(1,061.8) (1,107.9) (1,107.9)
Cash dividends declared, $0.41 per share
  (480.0) (480.0) (480.0)
Balance, December 29, 2019
1,174.5$1.2 $41.1 $(6,414.8)$(387.4)$(6,759.9)$0.8 $(6,759.1)

See Notes to Consolidated Financial Statements.





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STARBUCKS CORPORATION
INDEX FOR NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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STARBUCKS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Note 1: Summary of Significant Accounting Policies
Financial Statement Preparation
The unaudited consolidated financial statements as of December 27, 2020, and for the quarters ended December 27, 2020 and December 29, 2019, have been prepared by Starbucks Corporation under the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the financial information for the quarters ended December 27, 2020 and December 29, 2019 reflects all adjustments and accruals, which are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. In this Quarterly Report on Form 10-Q (“10-Q”), Starbucks Corporation is referred to as “Starbucks,” the “Company,” “we,” “us” or “our.”
The financial information as of September 27, 2020 is derived from our audited consolidated financial statements and notes for the fiscal year ended September 27, 2020 (“fiscal 2020”) included in Item 8 in the Fiscal 2020 Annual Report on Form 10-K (“10-K”). The information included in this 10-Q should be read in conjunction with the footnotes and management’s discussion and analysis of the consolidated financial statements in the 10-K.
The results of operations for the quarter ended December 27, 2020 are not necessarily indicative of the results of operations that may be achieved for the entire fiscal year ending October 3, 2021 (“fiscal 2021”). Additionally, our 2021 fiscal year will include 53 weeks, with the 53rd week falling in the fourth fiscal quarter.
The novel coronavirus, known as the global pandemic COVID-19, was first identified in December 2019 before spreading to markets where we have company-operated or licensed stores. We have since established the necessary protocols to operate safely, and our businesses continue to recover. As of the end of the first quarter of fiscal 2021, nearly all our company-operated and licensed stores have re-opened; however, many were operating at less than full capacity.
Government Subsidies
On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which among other things, provides employer payroll tax credits for wages paid to employees who are unable to work during the COVID-19 outbreak and options to defer payroll tax payments for a limited period. Based on our evaluation of the CARES Act, we qualify for certain employer payroll tax credits as well as the deferral of payroll tax payments in the future. Additionally, the Canadian government enacted the Canada Emergency Wage Subsidy (“CEWS”) to help employers offset a portion of their employee wages for a limited period. We elected to treat qualified government subsidies from the U.S., Canada and other governments as offsets to the related operating expenses. During the first quarter of fiscal 2021, qualified payroll credits reduced our store operating expenses by $19.8 million on our consolidated statement of earnings. After netting the qualified U.S. payroll tax credits against our payroll tax payable, a receivable of $149.3 million was included in prepaid expenses and other current assets as of December 27, 2020. During the first fiscal quarter of fiscal 2021, we deferred $76.5 million of qualified payroll tax payments, and as of December 27, 2020, deferred payroll tax payments of $227.5 million were included in other long-term liabilities on our consolidated balance sheets.
Restructuring
In fiscal 2020, we announced a plan to optimize our North America store portfolio, primarily in dense metropolitan markets by blending store formats to better cater to changing customer tastes and preferences. As of December 27, 2020, we expect the total number of closures to be approximately 800 stores in the U.S. and Canada. As of December 27, 2020, we have identified 713 stores for closure under our restructuring plans, and as a result we recorded approximately $72.2 million to restructuring and impairments on our consolidated statement of earnings. Of this total, $42.6 million related to the impairment of store assets for which either a triggering event occurred and the assets were determined not to be recoverable or the store was permanently closed. An additional $29.6 million was associated with accelerated amortization of right-of-use (“ROU”) lease assets due to planned store closures prior to the end of contractual lease terms. For impaired store asset groups, we estimated the fair values using an income approach incorporating internal projections of revenue growth and operating expenses that are considered Level 3 fair value measurements, as well as applicable discount rates and market lease rates. The application of these projections and fair value measurements did not have a significant impact on our final impairment decisions given that we plan to fully exit the majority of these identified stores over the next 9 to 12 months.
We expect total future restructuring costs, which are attributable to our Americas segment, to be approximately $100 million to $120 million. These restructuring costs include accelerated amortization or impairments of ROU assets due to planned store closures prior to the end of contractual lease terms ($90 million to $100 million), store impairment and disposal costs not previously recorded as part of our ongoing store impairment process ($10 million to $15 million), with the remaining amount related to employee termination costs. As we have previously recorded impairment charges for stores that may be identified for
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closure under our plans, and because store closure decisions are still subject to change, the final costs associated with these store closures may vary from these estimates. These costs will depend on the asset carrying value and remaining lease term of the specific stores identified. Future restructuring costs are expected to be incurred primarily over the next 9 to 12 months as stores are specifically identified for closure or, in the case of lease exit costs, either when a store ceases operations or when a reduced lease term is reasonably certain due to expected, early lease termination.
As of December 27, 2020, restructuring liabilities totaling $24.4 million were included in current and non-current operating lease liability for the remaining outstanding rent liabilities due to landlords. The associated expense was recognized in fiscal 2020 or during the first quarter of fiscal 2021 for stores that were either closed or reasonably certain to close in fiscal 2021. Additionally, $14.9 million of accrued employee termination costs is included in accrued payroll and benefits. Cash payments were immaterial for the first quarter of fiscal 2021.
Recently Adopted Accounting Pronouncements
In June 2016, the FASB issued guidance replacing the incurred loss impairment methodology with a new methodology that reflects current expected credit losses on financial assets, including receivables and available-for-sale securities. The new methodology requires entities to estimate and recognize expected credit losses each reporting period. The guidance was adopted during the first quarter of fiscal 2021 under the modified retrospective approach which included a $2.2 million transition adjustment to opening shareholders' retained deficit on our consolidated statements of equity upon adoption.
Recent Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued guidance related to reference rate reform. The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. We are currently evaluating the impact of the transition from LIBOR to alternative reference rates but do not expect a significant impact to our consolidated financial statements.
Note 2: Derivative Financial Instruments
Interest Rates
From time to time, we enter into designated cash flow hedges to manage the variability in cash flows due to changes in benchmark interest rates. We enter into interest rate swap agreements and treasury locks, which are synthetic forward sales of U.S. treasury securities settled in cash based upon the difference between an agreed-upon treasury rate and the prevailing treasury rate at settlement. These agreements are cash settled at the time of the pricing of the related debt. Each derivative agreement's gain or loss is recorded in AOCI and is subsequently reclassified to interest expense over the life of the related debt.
To hedge the exposure to changes in the fair value of our fixed-rate debt, we enter into interest rate swap agreements, which are designated as fair value hedges. The changes in fair values of these derivative instruments and the offsetting changes in fair values of the underlying hedged debt due to changes in the relevant benchmark interest rates are recorded in interest expense. Refer to Note 7, Debt, for additional information on our long-term debt.
Foreign Currency
To reduce cash flow volatility from foreign currency fluctuations, we enter into forward and swap contracts to hedge portions of cash flows of anticipated intercompany royalty payments, inventory purchases, and intercompany borrowing and lending activities. The resulting gains and losses from these derivatives are recorded in AOCI and subsequently reclassified to revenue, product and distribution costs, or interest income and other, net, respectively, when the hedged exposures affect net earnings.
From time to time, we may enter into financial instruments, including, but not limited to, forward and swap contracts or foreign currency-denominated debt, to hedge the currency exposure of our net investments in certain international operations. The resulting gains and losses from these derivatives are recorded in AOCI and are subsequently reclassified to net earnings when the hedged net investment is either sold or substantially liquidated.
Foreign currency forward and swap contracts not designated as hedging instruments are used to mitigate the foreign exchange risk of certain other balance sheet items. Gains and losses from these derivatives are largely offset by the financial impact of translating foreign currency-denominated payables and receivables; these gains and losses are recorded in interest income and other, net.
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Commodities
Depending on market conditions, we may enter into coffee forward contracts, futures contracts and collars to hedge anticipated cash flows under our price-to-be-fixed green coffee contracts, which are described further in Note 4, Inventories, or our longer-dated forecasted coffee demand where underlying fixed price and price-to-be-fixed contracts are not yet available. The resulting gains and losses are recorded in AOCI and are subsequently reclassified to product and distribution costs when the hedged exposure affects net earnings.
Depending on market conditions, we may also enter into dairy forward contracts and futures contracts to hedge a portion of anticipated cash flows under our dairy purchase contracts and our forecasted dairy demand. The resulting gains or losses are recorded in AOCI and are subsequently reclassified to product and distribution costs when the hedged exposure affects net earnings.
Cash flow hedges related to anticipated transactions are designated and documented at the inception of each hedge. Cash flows from hedging transactions are classified in the same categories as the cash flows from the respective hedged items. For de-designated cash flow hedges in which the underlying transactions are no longer probable of occurring, the related accumulated derivative gains or losses are recognized in interest income and other, net on our consolidated statements of earnings. There was no such significant cash flow hedge dedesignations in the periods presented.
To mitigate the price uncertainty of a portion of our future purchases, including diesel fuel and other commodities, we enter into swap contracts, futures and collars that are not designated as hedging instruments. The resulting gains and losses are recorded in interest income and other, net to help offset price fluctuations on our beverage, food, packaging and transportation costs, which are included in product and distribution costs on our consolidated statements of earnings.
Gains and losses on derivative contracts and foreign currency-denominated debt designated as hedging instruments included in AOCI and expected to be reclassified into earnings within 12 months, net of tax (in millions):
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)
Dec 27, 2020Sep 27, 2020
Cash Flow Hedges:
Coffee$7.4 $(2.5)$1.0 12
Cross-currency swaps5.6 5.2  47
Dairy 0.4 0.5 0.4 8
Foreign currency - other(15.4)5.3 (6.4)33
Interest rates(73.5)(90.6)(1.2)142
Net Investment Hedges:
Cross-currency swaps17.9 32.6  105
Foreign currency16.0 16.0  0
Foreign currency debt(47.4)(37.1) 39

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Pre-tax gains and losses on derivative contracts and foreign currency-denominated long-term debt designated as hedging instruments recognized in OCI and reclassifications from AOCI to earnings (in millions):
Quarter Ended
Gains/(Losses)
Recognized in
OCI Before Reclassifications
Gains/(Losses) Reclassified from
AOCI to Earnings
Location of gain/(loss)
Dec 27, 2020Dec 29, 2019Dec 27, 2020Dec 29, 2019
Cash Flow Hedges:
Coffee$12.0 $11.0 $0.7 $ Product and distribution costs
Cross-currency swaps(3.4)6.2 1.0 (0.2)Interest expense
(4.8)5.6 Interest income and other, net
Dairy2.5 (0.1)2.6  Product and distribution costs
Foreign currency - other(25.9)(4.7) 1.7 Licensed stores revenues
 (0.3)Product and distribution costs
Interest rates22.5 20.0 (0.6)0.8 Interest expense
Net Investment Hedges:
Cross-currency swaps (16.5)10.7 3.2 3.3 Interest expense
Foreign currency debt(13.7)13.0   
Pre-tax gains and losses on non-designated derivatives and designated fair value hedging instruments and the related fair value hedged item recognized in earnings (in millions):
Gains/(Losses) Recognized in Earnings
 Location of gain/(loss) recognized in earnings Quarter Ended
 Dec 27, 2020Dec 29, 2019
Non-Designated Derivatives:
Diesel fuel and other commoditiesInterest income and other, net$1.2 $0.9 
Foreign currency - otherInterest income and other, net(0.8)3.4 
Fair Value Hedges:
Interest rate swapInterest expense0.4 (10.9)
Long-term debt (hedged item)Interest expense2.9 4.2 
Notional amounts of outstanding derivative contracts (in millions):
Dec 27, 2020Sep 27, 2020
Coffee$109 $63 
Cross-currency swaps854 870 
Dairy44 61 
Diesel fuel and other commodities11 5 
Foreign currency - other 1,000 1,140 
Interest rate swap1,750 1,750 
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Fair value of outstanding derivative contracts (in millions) including the location of the asset and/or liability on the consolidated balance sheets:
Derivative Assets
Balance Sheet LocationDec 27, 2020Sep 27, 2020
Designated Derivative Instruments:
CoffeePrepaid expenses and other current assets$13.6 $2.6 
Cross-currency swapsOther long-term assets17.3 37.7 
DairyPrepaid expenses and other current assets 1.7 2.1 
Foreign currency - otherPrepaid expenses and other current assets1.8 8.6 
Other long-term assets0.3 3.8 
Interest rate swapOther long-term assets35.9 45.8 
Non-designated Derivative Instruments:
Diesel fuel and other commoditiesPrepaid expenses and other current assets0.9  
Foreign currencyPrepaid expenses and other current assets6.7 2.3 
Derivative Liabilities
Balance Sheet LocationDec 27, 2020Sep 27, 2020
Designated Derivative Instruments:
CoffeeAccrued liabilities$ $1.4 
Other long-term liabilities 0.1 
Cross-currency swapsOther long-term liabilities9.9 7.3 
DairyAccrued liabilities1.3 1.4 
Foreign currency - otherAccrued liabilities10.3 1.6 
Other long-term liabilities10.7 2.6 
Interest ratesOther long-term liabilities46.8 69.3 
Non-designated Derivative Instruments:
Diesel fuel and other commoditiesAccrued liabilities0.2 1.7 
Foreign currencyAccrued liabilities1.4 1.2 
The following amounts were recorded on the consolidated balance sheets related to fixed-to-floating interest rate swaps designated in fair value hedging relationships:
Carrying amount of hedged itemCumulative amount of fair value hedging adjustment included in the carrying amount
Dec 27, 2020Sep 27, 2020Dec 27, 2020Sep 27, 2020
Location on the balance sheet
Long-term debt$782.7 $785.6 $32.7 $35.6 
Additional disclosures related to cash flow gains and losses included in AOCI, as well as subsequent reclassifications to earnings, are included in Note 10, Equity.
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Note 3: Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis (in millions):