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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 January 2, 2022
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: 000-20322
Starbucks Corporation
(Exact Name of Registrant as Specified in its Charter)
sbux-20220102_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 26, 2022
1,150.3 million



Table of Contents
STARBUCKS CORPORATION
FORM 10-Q
For the Quarterly Period Ended January 2, 2022
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 3
Item 4
Item 5
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
Jan 2,
2022
Dec 27,
2020
Net revenues:
Company-operated stores$6,722.4 $5,726.5 
Licensed stores850.8 613.8 
Other477.2 409.1 
Total net revenues8,050.4 6,749.4 
Product and distribution costs2,526.9 2,049.1 
Store operating expenses3,400.0 2,867.3 
Other operating expenses101.7 91.8 
Depreciation and amortization expenses366.0 366.1 
General and administrative expenses525.8 472.1 
Restructuring and impairments(7.5)72.2 
Total operating expenses6,912.9 5,918.6 
Income from equity investees40.3 82.7 
Operating income1,177.8 913.5 
Interest income and other, net(0.1)15.5 
Interest expense(115.3)(120.7)
Earnings before income taxes1,062.4 808.3 
Income tax expense246.3 186.1 
Net earnings including noncontrolling interests816.1 622.2 
Net earnings attributable to noncontrolling interests0.2  
Net earnings attributable to Starbucks$815.9 $622.2 
Earnings per share - basic$0.70 $0.53 
Earnings per share - diluted$0.69 $0.53 
Weighted average shares outstanding:
Basic1,169.6 1,175.0 
Diluted1,176.6 1,183.0 

See Notes to Consolidated Financial Statements.
3

Table of Contents
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions, unaudited)
Quarter Ended
Jan 2,
2022
Dec 27,
2020
Net earnings including noncontrolling interests$816.1 $622.2 
Other comprehensive income/(loss), net of tax:
Unrealized holding gains/(losses) on available-for-sale debt securities(3.4)(0.5)
Tax (expense)/benefit0.8 0.1 
Unrealized gains/(losses) on cash flow hedging instruments88.7 7.7 
Tax (expense)/benefit(11.8)(2.9)
Unrealized gains/(losses) on net investment hedging instruments41.5 (30.2)
Tax (expense)/benefit(10.5)7.6 
Translation adjustment and other14.2 238.7 
Tax (expense)/benefit  
Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale debt securities, hedging instruments, and translation adjustment(16.1)(3.6)
Tax expense/(benefit)2.9 1.8 
Other comprehensive income106.3 218.7 
Comprehensive income including noncontrolling interests922.4 840.9 
Comprehensive income attributable to noncontrolling interests0.2  
Comprehensive income attributable to Starbucks$922.2 $840.9 

See Notes to Consolidated Financial Statements.
4

Table of Contents
STARBUCKS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
(unaudited)
Jan 2,
2022
Oct 3,
2021
ASSETS
Current assets:
Cash and cash equivalents$3,969.4 $6,455.7 
Short-term investments87.4 162.2 
Accounts receivable, net1,031.1 940.0 
Inventories1,637.1 1,603.9 
Prepaid expenses and other current assets530.1 594.6 
Total current assets7,255.1 9,756.4 
Long-term investments299.6 281.7 
Equity investments251.9 268.5 
Property, plant and equipment, net6,398.0 6,369.5 
Operating lease, right-of-use asset 8,203.4 8,236.0 
Deferred income taxes, net1,859.7 1,874.8 
Other long-term assets588.0 578.5 
Other intangible assets302.5 349.9 
Goodwill3,675.7 3,677.3 
TOTAL ASSETS$28,833.9 $31,392.6 
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)
Current liabilities:
Accounts payable$1,289.4 $1,211.6 
Accrued liabilities2,444.3 2,321.2 
Accrued payroll and benefits 664.1 772.3 
Current portion of operating lease liability1,253.3 1,251.3 
Stored value card liability and current portion of deferred revenue2,070.7 1,596.1 
Short-term debt200.0  
Current portion of long-term debt999.3 998.9 
Total current liabilities8,921.1 8,151.4 
Long-term debt13,586.3 13,616.9 
Operating lease liability7,708.0 7,738.0 
Deferred revenue 6,447.7 6,463.0 
Other long-term liabilities 621.1 737.8 
Total liabilities37,284.2 36,707.1 
Shareholders' deficit:
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,151.6 and 1,180.0 shares, respectively
1.2 1.2 
Additional paid-in capital41.1 846.1 
Retained deficit(8,753.0)(6,315.7)
Accumulated other comprehensive income253.5 147.2 
Total shareholders’ deficit(8,457.2)(5,321.2)
Noncontrolling interests6.9 6.7 
Total deficit(8,450.3)(5,314.5)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)$28,833.9 $31,392.6 


See Notes to Consolidated Financial Statements.
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STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions, unaudited)
 Quarter Ended
Jan 2,
2022
Dec 27,
2020
OPERATING ACTIVITIES:
Net earnings including noncontrolling interests$816.1 $622.2 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization386.4 388.4 
Deferred income taxes, net(0.3)(6.1)
Income earned from equity method investees(46.6)(69.0)
Distributions received from equity method investees44.9 77.2 
Stock-based compensation95.8 99.3 
Non-cash lease costs330.4 308.3 
Loss on retirement and impairment of assets50.7 132.6 
Other(4.9)(10.2)
Cash provided by/(used in) changes in operating assets and liabilities:
Accounts receivable(91.6)19.6 
Inventories(36.0)90.1 
Prepaid expenses and other current assets64.6 5.2 
Accounts payable84.0 24.8 
Deferred revenue461.3 398.9 
Operating lease liability(363.3)(314.8)
Other operating assets and liabilities79.4 69.2 
Net cash provided by operating activities1,870.9 1,835.7 
INVESTING ACTIVITIES:
Purchases of investments(61.0)(135.5)
Sales of investments72.6 91.2 
Maturities and calls of investments45.6 113.7 
Additions to property, plant and equipment(416.8)(324.2)
Other(41.4)(17.7)
Net cash used in investing activities(401.0)(272.5)
FINANCING ACTIVITIES:
Proceeds from issuance of commercial paper200.0  
Net proceeds from issuance of short-term debt 192.9 
Repayments of short-term debt (144.7)
Repayments of long-term debt (500.0)
Proceeds from issuance of common stock41.3 102.8 
Cash dividends paid(576.0)(528.2)
Repurchase of common stock(3,520.9) 
Minimum tax withholdings on share-based awards(113.6)(88.6)
Net cash used in financing activities(3,969.2)(965.8)
Effect of exchange rate changes on cash and cash equivalents13.0 79.8 
Net increase/(decrease) in cash and cash equivalents(2,486.3)677.2 
CASH AND CASH EQUIVALENTS:
Beginning of period6,455.7 4,350.9 
End of period$3,969.4 $5,028.1 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest$108.3 $130.0 
Income taxes$161.4 $109.4 
See Notes to Consolidated Financial Statements.
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STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
For the Quarters Ended January 2, 2022 and December 27, 2020
(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, October 3, 2021
1,180.0$1.2 $846.1 $(6,315.7)$147.2 $(5,321.2)$6.7 $(5,314.5)
Net earnings  815.9  815.9 0.2 816.1 
Other comprehensive income   106.3 106.3  106.3 
Stock-based compensation expense 97.1   97.1  97.1 
Exercise of stock options/vesting of RSUs2.6 (84.1)  (84.1) (84.1)
Sale of common stock0.1 11.8   11.8  11.8 
Repurchase of common stock(31.1) (829.8)(2,691.1) (3,520.9) (3,520.9)
Cash dividends declared, $0.49 per share
  (562.1) (562.1) (562.1)
Balance, January 2, 2022
1,151.6$1.2 $41.1 $(8,753.0)$253.5 $(8,457.2)$6.9 $(8,450.3)
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   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)

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 and Estimates
Financial Statement Preparation
The unaudited consolidated financial statements as of January 2, 2022, and for the quarters ended January 2, 2022 and December 27, 2020, 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 January 2, 2022 and December 27, 2020 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.”
Segment information is prepared on the same basis that our management reviews financial information for operational decision-making purposes. In the fourth quarter of fiscal 2021, certain changes were made to our management team, and our operating segment reporting structure was realigned as a result. We realigned our fully licensed Latin America and Caribbean markets from our Americas operating segment to our International operating segment. We renamed the Americas operating segment to the North America operating segment, since it is comprised of our company-operated and licensed stores in the U.S. and Canada. We also made certain other immaterial changes between our International operating segment and Corporate and Other. Certain prior period information for our North America and International operating segments and our Corporate and Other reportable segment has been reclassified to conform to the current year presentation. There was no impact on consolidated net revenues, total operating expenses, operating income or net earnings per share as a result of these changes.
Certain prior period information on the consolidated balance sheets and consolidated statements of cash flows have been reclassified to conform to the current presentation.
The financial information as of October 3, 2021 is derived from our audited consolidated financial statements and notes for the fiscal year ended October 3, 2021 (“fiscal 2021”) included in Item 8 in the Fiscal 2021 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 January 2, 2022 are not necessarily indicative of the results of operations that may be achieved for the entire fiscal year ending October 2, 2022 (“fiscal 2022”). Our fiscal year ends on the Sunday closest to September 30. Our fiscal 2022 year includes 52 weeks while our fiscal 2021 year included 53 weeks, with the 53rd week falling in the fourth quarter of fiscal 2021.
The novel coronavirus, known as the global COVID-19 pandemic, 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 demonstrated powerful momentum beyond recovery from the COVID-19 pandemic. However, the Omicron variant quickly spread during the quarter, and our operations continued to experience pandemic-related restrictions, impacting sales in both our North America and International segments, primarily China. Impacts also included higher than anticipated costs in North America due to staffing shortages in our supply chain and retail stores. We continue to monitor the COVID-19 pandemic and its effect on our business and results of operations; however, we cannot predict the duration, scope or severity of the COVID-19 pandemic or its future impact on our business, results of operations, cash flows and financial condition.
Government Subsidies
In response to the COVID-19 pandemic, certain governments have provided subsidies and assistance to companies. The most substantial of these were the U.S. Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the Canada Emergency Wage Subsidy, which were no longer applicable in late fiscal 2021. However, during the quarter ended January 2, 2022, an international government subsidy reduced our store operating expenses by $11.5 million on our consolidated statements of earnings. During the quarter ended December 27, 2020, qualified payroll and other credits reduced our store operating expenses by $19.8 million on our consolidated statements of earnings. After netting the qualified credits against our payable, a receivable of $98.8 million and $172.4 million was included in prepaid expenses and other current assets as of January 2, 2022 and October 3, 2021, respectively. As of January 2, 2022, deferred payroll tax payments of $116.5 million were included in accrued liabilities on our consolidated balance sheets. As of October 3, 2021, deferred payroll tax payments of $116.4 million were included in both accrued liabilities and other long-term liabilities on our consolidated balance sheets.
Restructuring
In fiscal 2021, we substantially completed our plan to optimize our North America store portfolio, primarily in dense metropolitan markets by developing new store formats to better cater to changing customer tastes and preferences. As a result,
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we recorded approximately $72.2 million to restructuring and impairments on our consolidated statements of earnings during the quarter ended December 27, 2020. 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. During the quarter ended December 27, 2020, an additional $29.6 million was associated with accelerated amortization of right-of-use (“ROU”) lease assets and other lease costs due to planned store closures prior to the end of contractual lease terms. As the restructuring plan was substantially completed in fiscal 2021, we did not recognize any material restructuring and impairment amounts during the quarter ended January 2, 2022. As of January 2, 2022 and October 3, 2021, there were no material restructuring-related accrued liabilities on our consolidated balance sheets.
Recently Adopted Accounting Pronouncements
In the first quarter of fiscal 2022, we adopted the Financial Accounting Standards Board (“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. The adoption of the new guidance did not have a material impact to our financial statements.
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 and resulted in a $2.2 million transition adjustment to opening shareholders' retained deficit on our consolidated statements of equity.

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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 accumulated other comprehensive income (“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, and these gains and losses are recorded in interest income and other, net.
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.
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.
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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)
Jan 2, 2022Oct 3, 2021
Cash Flow Hedges:
Coffee$255.2 $197.8 $202.2 5
Cross-currency swaps3.0 4.4  35
Dairy 3.4 (0.4)3.4 8
Foreign currency - other6.6 1.3 2.9 36
Interest rates(43.6)(44.8)(1.4)130
Net Investment Hedges:
Cross-currency swaps47.6 37.9  93
Foreign currency16.0 16.0  0
Foreign currency debt13.5 (5.3) 27
Pre-tax gains and losses on derivative contracts and foreign currency-denominated long-term debt designated as hedging instruments recognized in other comprehensive income (“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)
Jan 2, 2022Dec 27, 2020Jan 2, 2022Dec 27, 2020
Cash Flow Hedges:
Coffee$71.5 $12.0 $6.5 $0.7 Product and distribution costs
Cross-currency swaps4.5 (3.4)(0.8)1.0 Interest expense
6.9 (4.8)Interest income and other, net
Dairy4.6 2.5 (0.4)2.6 Product and distribution costs
Foreign currency - other6.9 (25.9)2.2  Licensed stores revenue
(1.5) Product and distribution costs
Interest rates1.2 22.5 (0.4)(0.6)Interest expense
Net Investment Hedges:
Cross-currency swaps 16.3 (16.5)3.4 3.2 Interest expense
Foreign currency debt25.2 (13.7)  
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
 Jan 2, 2022Dec 27, 2020
Non-Designated Derivatives:
Foreign currency - otherInterest income and other, net$10.2 $(0.8)
CoffeeInterest income and other, net3.1  
Diesel fuel and other commoditiesInterest income and other, net 1.2 
Fair Value Hedges:
Interest rate swapInterest expense(4.8)0.4 
Long-term debt (hedged item)Interest expense8.2 2.9 
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Notional amounts of outstanding derivative contracts (in millions):
Jan 2, 2022Oct 3, 2021
Coffee$686 $481 
Cross-currency swaps789 806 
Dairy39 53 
Diesel fuel and other commodities96 10 
Foreign currency - other 1,261 1,009 
Interest rate swaps1,250 1,250 
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 LocationJan 2, 2022Oct 3, 2021
Designated Derivative Instruments:
CoffeePrepaid expenses and other current assets$90.8 $130.5 
Cross-currency swapsOther long-term assets70.8 54.7 
DairyPrepaid expenses and other current assets 5.5 0.8 
Foreign currency - otherPrepaid expenses and other current assets9.5 8.9 
Other long-term assets8.7 6.9 
Interest rate swapsOther long-term assets18.5 22.7 
Non-designated Derivative Instruments:
CoffeePrepaid expenses and other current assets29.8  
DairyPrepaid expenses and other current assets0.6  
Diesel fuel and other commoditiesPrepaid expenses and other current assets0.1 0.1 
Foreign currencyPrepaid expenses and other current assets18.1 7.3 
Derivative Liabilities
Balance Sheet LocationJan 2, 2022Oct 3, 2021
Designated Derivative Instruments:
CoffeeAccrued liabilities$3.1 $ 
Cross-currency swapsOther long-term liabilities2.1 3.3 
DairyAccrued liabilities1.3 0.9 
Foreign currency - otherAccrued liabilities5.5 7.4 
Other long-term liabilities3.2 3.6 
Interest ratesOther long-term liabilities0.6 1.3 
Non-designated Derivative Instruments:
DairyAccrued liabilities0.2 0.2 
Diesel fuel and other commoditiesAccrued liabilities0.1  
Foreign currencyAccrued liabilities1.3 0.1 
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
Jan 2, 2022Oct 3, 2021Jan 2, 2022Oct 3, 2021
Location on the balance sheet
Long-term debt$763.5 $771.7 $13.5 $21.7 
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):
  Fair Value Measurements at Reporting Date Using
 Balance at
January 2, 2022
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$3,969.4 $3,969.4 $ $ 
Short-term investments:
Available-for-sale debt securities
Commercial paper