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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 July 2, 2023
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)
sbuxlogo9292019.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 July 26, 2023
1,145.4 million

Table of Contents
STARBUCKS CORPORATION
FORM 10-Q
For the Quarterly Period Ended July 2, 2023
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 EndedThree Quarters Ended
Jul 2,
2023		Jul 3,
2022		Jul 2,
2023		Jul 3,
2022
Net revenues:
Company-operated stores$7,556.7 $6,675.5 $21,782.4 $19,674.7 
Licensed stores1,136.2 956.8 3,325.2 2,657.0 
Other475.4 517.8 1,494.4 1,504.4 
Total net revenues9,168.3 8,150.1 26,602.0 23,836.1 
Product and distribution costs2,864.2 2,613.6 8,476.1 7,606.4 
Store operating expenses3,697.6 3,302.5 10,998.9 10,017.1 
Other operating expenses138.7 135.1 394.1 338.4 
Depreciation and amortization expenses342.2 356.8 1,011.2 1,090.5 
General and administrative expenses604.3 486.7 1,805.6 1,494.0 
Restructuring and impairments7.1 14.0 21.8 10.9 
Total operating expenses7,654.1 6,908.7 22,707.7 20,557.3 
Income from equity investees69.7 54.1 179.0 143.5 
Gain from sale of assets— — 91.3 — 
Operating income1,583.9 1,295.5 4,164.6 3,422.3 
Interest income and other, net21.3 19.8 51.1 66.0 
Interest expense(140.9)(123.1)(406.9)(357.6)
Earnings before income taxes1,464.3 1,192.2 3,808.8 3,130.7 
Income tax expense322.4 278.5 903.4 725.9 
Net earnings including noncontrolling interests1,141.9 913.7 2,905.4 2,404.8 
Net earnings attributable to noncontrolling interests0.2 0.8 0.2 1.5 
Net earnings attributable to Starbucks$1,141.7 $912.9 $2,905.2 $2,403.3 
Earnings per share - basic$1.00 $0.80 $2.53 $2.08 
Earnings per share - diluted$0.99 $0.79 $2.52 $2.07 
Weighted average shares outstanding:
Basic1,145.9 1,147.0 1,147.6 1,155.3 
Diluted1,150.5 1,151.0 1,152.0 1,160.5 

See Notes to Consolidated Financial Statements.
3
Table of Contents
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions, unaudited)
Quarter EndedThree Quarters Ended
Jul 2,
2023		Jul 3,
2022		Jul 2,
2023		Jul 3,
2022
Net earnings including noncontrolling interests$1,141.9 $913.7 $2,905.4 $2,404.8 
Other comprehensive income/(loss), net of tax:
Unrealized holding gains/(losses) on available-for-sale debt securities(2.2)(2.1)3.4 (16.0)
Tax (expense)/benefit0.5 0.5 (0.8)3.9 
Unrealized gains/(losses) on cash flow hedging instruments4.6 54.4 (177.3)210.3 
Tax (expense)/benefit(3.8)(13.4)25.8 (39.5)
Unrealized gains/(losses) on net investment hedging instruments101.0 109.2 33.7 188.8 
Tax (expense)/benefit(25.5)(27.6)(8.5)(47.7)
Translation adjustment and other(318.1)(396.9)(34.5)(421.2)
Tax (expense)/benefit— — — — 
Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale debt securities, hedging instruments, and translation adjustment(16.5)(59.2)(181.5)(109.5)
Tax expense/(benefit)4.1 9.8 25.4 18.7 
Other comprehensive income/(loss)(255.9)(325.3)(314.3)(212.2)
Comprehensive income including noncontrolling interests886.0 588.4 2,591.1 2,192.6 
Comprehensive income attributable to noncontrolling interests(0.5)0.8 (0.5)1.5 
Comprehensive income attributable to Starbucks$886.5 $587.6 $2,591.6 $2,191.1 

See Notes to Consolidated Financial Statements.
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STARBUCKS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
(unaudited)
Jul 2,
2023		Oct 2,
2022
ASSETS
Current assets:
Cash and cash equivalents$3,357.0 $2,818.4 
Short-term investments263.0 364.5 
Accounts receivable, net1,140.2 1,175.5 
Inventories1,987.0 2,176.6 
Prepaid expenses and other current assets423.5 483.7 
Total current assets7,170.7 7,018.7 
Long-term investments238.6 279.1 
Equity investments384.4 311.2 
Property, plant and equipment, net7,053.5 6,560.5 
Operating lease, right-of-use asset 8,178.5 8,015.6 
Deferred income taxes, net1,790.3 1,799.7 
Other long-term assets541.7 554.2 
Other intangible assets124.4 155.9 
Goodwill3,250.9 3,283.5 
TOTAL ASSETS$28,733.0 $27,978.4 
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)
Current liabilities:
Accounts payable$1,503.5 $1,441.4 
Accrued liabilities2,060.5 2,137.1 
Accrued payroll and benefits 755.4 761.7 
Current portion of operating lease liability1,265.2 1,245.7 
Stored value card liability and current portion of deferred revenue1,759.6 1,641.9 
Short-term debt34.5 175.0 
Current portion of long-term debt1,835.9 1,749.0 
Total current liabilities9,214.6 9,151.8 
Long-term debt13,544.4 13,119.9 
Operating lease liability7,691.2 7,515.2 
Deferred revenue 6,152.5 6,279.7 
Other long-term liabilities 471.9 610.5 
Total liabilities37,074.6 36,677.1 
Shareholders' deficit:
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,145.4 and 1,147.9 shares, respectively
1.1 1.1 
Additional paid-in capital38.3 205.3 
Retained deficit(7,610.5)(8,449.8)
Accumulated other comprehensive income/(loss)(777.5)(463.2)
Total shareholders’ deficit(8,348.6)(8,706.6)
Noncontrolling interests7.0 7.9 
Total deficit(8,341.6)(8,698.7)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)$28,733.0 $27,978.4 


See Notes to Consolidated Financial Statements.
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STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions, unaudited)
 Three Quarters Ended
Jul 2,
2023		Jul 3,
2022
OPERATING ACTIVITIES:
Net earnings including noncontrolling interests$2,905.4 $2,404.8 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization1,073.8 1,169.0 
Deferred income taxes, net(30.2)35.0 
Income earned from equity method investees(182.7)(175.0)
Distributions received from equity method investees146.6 145.9 
Gain on sale of assets(91.3)— 
Stock-based compensation228.5 206.6 
Non-cash lease costs998.4 1,090.4 
Loss on retirement and impairment of assets79.1 89.6 
Other22.8 (44.7)
Cash provided by/(used in) changes in operating assets and liabilities:
Accounts receivable44.3 (245.5)
Inventories194.5 (557.3)
Accounts payable47.3 341.7 
Deferred revenue(8.2)32.7 
Operating lease liability(1,056.1)(1,201.4)
Other operating assets and liabilities(308.5)5.8 
Net cash provided by operating activities4,063.7 3,297.6 
INVESTING ACTIVITIES:
Purchases of investments(357.1)(117.3)
Sales of investments2.0 72.6 
Maturities and calls of investments515.0 59.5 
Additions to property, plant and equipment(1,634.1)(1,295.4)
Proceeds from sale of assets110.0 — 
Other(42.0)(95.7)
Net cash used in investing activities(1,406.2)(1,376.3)
FINANCING ACTIVITIES:
Net (payments)/proceeds from issuance of commercial paper(175.0)200.0 
Net proceeds from issuance of short-term debt83.7 38.9 
Repayments of short-term debt(46.7)(38.9)
Net proceeds from issuance of long-term debt1,497.8 1,498.1 
Repayments of long-term debt(1,000.0)(1,000.0)
Proceeds from issuance of common stock149.4 75.5 
Cash dividends paid(1,824.8)(1,701.1)
Repurchase of common stock(699.3)(4,013.0)
Minimum tax withholdings on share-based awards(87.0)(123.5)
Other(11.0)(9.2)
Net cash used in financing activities(2,112.9)(5,073.2)
Effect of exchange rate changes on cash and cash equivalents(6.0)(126.3)
Net increase/(decrease) in cash and cash equivalents538.6 (3,278.2)
CASH AND CASH EQUIVALENTS:
Beginning of period2,818.4 6,455.7 
End of period$3,357.0 $3,177.5 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest$369.6 $344.9 
Income taxes$939.8 $911.2 
See Notes to Consolidated Financial Statements.
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STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
For the Quarter Ended July 2, 2023 and July 3, 2022
(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, April 2, 2023
1,147.0$1.1 $38.2 $(8,024.6)$(521.6)$(8,506.9)$7.5 $(8,499.4)
Net earnings—— — 1,141.7 — 1,141.7 0.2 1,141.9 
Other comprehensive loss—— — — (255.2)(255.2)(0.7)(255.9)
Stock-based compensation expense—— 69.9 — — 69.9 — 69.9 
Exercise of stock options/vesting of RSUs0.3— 1.6 — — 1.6 — 1.6 
Sale of common stock0.1— 12.4 — — 12.4 — 12.4 
Repurchase of common stock(2.0)— (83.8)(121.1)— (204.9)— (204.9)
Cash dividends declared, $0.53 per share
—— — (606.5)— (606.5)— (606.5)
Purchase of non-controlling interests and other
—— — — (0.7)(0.7)— (0.7)
Balance, July 2, 2023
1,145.4$1.1 $38.3 $(7,610.5)$(777.5)$(8,348.6)$7.0 $(8,341.6)
Balance, April 3, 2022
1,146.9$1.1 $41.1 $(9,070.5)$260.3 $(8,768.0)$6.8 $(8,761.2)
Net earnings—— — 912.9 — 912.9 0.8 913.7 
Other comprehensive loss—— — — (325.3)(325.3)— (325.3)
Stock-based compensation expense—— 58.2 — — 58.2 — 58.2 
Exercise of stock options/vesting of RSUs0.2— 5.8 — — 5.8 — 5.8 
Sale of common stock0.2— 12.0 — — 12.0 — 12.0 
Cash dividends declared, $0.49 per share
—— — (562.1)— (562.1)— (562.1)
Balance, July 3, 2022
1,147.3$1.1 $117.1 $(8,719.7)$(65.0)$(8,666.5)$7.6 $(8,658.9)

See Notes to Consolidated Financial Statements.





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STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
For the Three Quarters Ended July 2, 2023 and July 3, 2022
(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 2, 2022
1,147.9$1.1 $205.3 $(8,449.8)$(463.2)$(8,706.6)$7.9 $(8,698.7)
Net earnings—— — 2,905.2 — 2,905.2 0.2 2,905.4 
Other comprehensive loss—— — — (313.6)(313.6)(0.7)(314.3)
Stock-based compensation expense—— 231.3 — — 231.3 — 231.3 
Exercise of stock options/vesting of RSUs4.0— 25.1 — — 25.1 — 25.1 
Sale of common stock0.4— 37.3 — — 37.3 — 37.3 
Repurchase of common stock(6.9)— (457.7)(242.5)— (700.2)— (700.2)
Cash dividends declared, $1.59 per share
—— — (1,823.4)— (1,823.4)— (1,823.4)
Purchase of noncontrolling interests and other—— (3.0)— (0.7)(3.7)(0.4)(4.1)
Balance, July 2, 2023
1,145.4$1.1 $38.3 $(7,610.5)$(777.5)$(8,348.6)$7.0 $(8,341.6)
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—— — 2,403.3 — 2,403.3 1.5 2,404.8 
Other comprehensive loss——— — (212.2)(212.2)— (212.2)
Stock-based compensation expense—— 209.7 — — 209.7 — 209.7 
Exercise of stock options/vesting of RSUs3.2(0.1)(82.7)— — (82.8)— (82.8)
Sale of common stock0.4— 34.8 — — 34.8 — 34.8 
Repurchase of common stock(36.3)— (890.8)(3,122.2)— (4,013.0)— (4,013.0)
Cash dividends declared, $1.47 per share
—— — (1,685.1)— (1,685.1)— (1,685.1)
Net distributions to noncontrolling interests —— — — — — (0.6)(0.6)
Balance, July 3, 2022
1,147.3$1.1 $117.1 $(8,719.7)$(65.0)$(8,666.5)$7.6 $(8,658.9)

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
Note 15

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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 July 2, 2023, and for the quarters and three quarters ended July 2, 2023 and July 3, 2022, 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 and three quarters ended July 2, 2023 and July 3, 2022 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.
The financial information as of October 2, 2022 is derived from our audited consolidated financial statements and notes for the fiscal year ended October 2, 2022 (“fiscal 2022”) included in Item 8 in the Fiscal 2022 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 and three quarters ended July 2, 2023 are not necessarily indicative of the results of operations that may be achieved for the entire fiscal year ending October 1, 2023 (“fiscal 2023”).
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 in many of our markets, our businesses demonstrated powerful momentum beyond recovery from the COVID-19 pandemic. During the quarter ended July 2, 2023, our China market continued its recovery from pandemic-related business interruptions in previous quarters that had suppressed customer mobility. 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.
Restructuring
In fiscal 2022, we announced our plan in the U.S. market to increase efficiency while elevating the partner and customer experience (the “Reinvention Plan”). We believe the company-operated market investments in partner wages and trainings have increased retention and productivity while the acceleration of purpose-built store concepts and innovations in technologies will provide additional convenience and connection with our customers. As a result of the restructuring efforts in connection with the Reinvention Plan, we recorded an immaterial charge on our consolidated statements of earnings during the quarter and three quarters ended July 2, 2023. Future restructuring and impairment costs attributable to our Reinvention Plan are not expected to be material.
As of July 2, 2023 and October 2, 2022, 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, 2024. The adoption of the new guidance did not have a material impact on our financial statements.
Note 2: Acquisitions, Divestitures and Strategic Alliance
Fiscal 2023
On January 13, 2023, we sold the assets, primarily consisting of intellectual properties associated with the Seattle's Best Coffee brand, to Nestlé for $110.0 million. The transaction resulted in a pre-tax gain of $91.3 million, which was included in gain from sale of assets on our consolidated statements of earnings. Results from Seattle's Best Coffee operations prior to the sale are reported in our Channel Development operating segment.

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Fiscal 2022
In the fourth quarter of fiscal 2022, we sold our Evolution Fresh brand and business to Bolthouse Farms. This transaction did not have a material impact on our consolidated financial statements.
Note 3: 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 8, 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 5, 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. These derivatives may be accounted for prospectively as non-designated derivatives until maturity, re-designated to new hedging relationships or terminated early. We continue to believe transactions related to our other designated cash flow hedges are probable to occur.
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)
Jul 2, 2023Oct 2, 2022
Cash Flow Hedges:
Coffee$(107.6)$153.9 $(95.6)6
Cross-currency swaps(1.1)(1.9)— 17
Dairy (5.2)(2.6)(5.2)9
Foreign currency - other25.7 55.3 18.2 33
Interest rates(5.9)(5.8)(1.7)0
Net Investment Hedges:
Cross-currency swaps76.5 67.3 — 105
Foreign currency16.0 16.1 — 0
Foreign currency debt126.8 125.7 — 9
Pre-tax gains and losses on derivative contracts and foreign currency-denominated long-term debt designated as hedging instruments recognized in other comprehensive income (“OCI”) and reclassifications from AOCI to earnings (in millions):
Quarter Ended
Gains/(Losses) Recognized in
OCI Before Reclassifications
Gains/(Losses) Reclassified from
AOCI to Earnings
Location of gain/(loss)
Jul 2, 2023Jul 3, 2022Jul 2, 2023Jul 3, 2022
Cash Flow Hedges:
Coffee$(20.0)$(19.3)$0.3 $32.2 Product and distribution costs
Cross-currency swaps4.2 12.9 (3.5)(2.1)Interest expense
7.5 16.0 Interest income and other, net
Dairy(6.1)(1.4)(3.8)4.4 Product and distribution costs
Foreign currency - other26.5 43.4 6.1 6.6 Licensed stores revenue
1.4 (0.9)Product and distribution costs
Interest rates— 18.8 0.8 (0.6)Interest expense
Net Investment Hedges:
Cross-currency swaps 47.6 37.0 7.8 3.8 Interest expense
Foreign currency debt53.4 72.2 — — 
Three Quarters Ended
Gains/(Losses) Recognized in
OCI Before Reclassifications		Gains/(Losses) Reclassified from
AOCI to Earnings		Location of gain/(loss)
Jul 2, 2023Jul 3, 2022Jul 2, 2023Jul 3, 2022
Cash Flow Hedges:
Coffee$(139.9)$76.1 $156.9 $56.6 Product and distribution costs
Cross-currency swaps(10.0)22.3 (9.2)(3.7)Interest expense
(1.7)32.3 Interest income and other, net
Dairy(12.0)6.6 (8.6)6.8 Product and distribution costs
Foreign currency - other(15.7)51.1 18.0 11.0 Licensed stores revenue
5.8 (2.5)Product and distribution costs
0.2 — Interest income and other, net
Interest rates0.3 54.2 0.5 (1.5)Interest expense
Net Investment Hedges:
Cross-currency swaps 32.5 51.2 20.1 10.7 Interest expense
Foreign currency debt1.2 137.6 — — 
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Pre-tax gains and losses on non-designated derivatives and designated fair value hedging instruments and the related fair value hedged item recognized in earnings (in millions):
Gains/(Losses) Recognized in Earnings
Location of gain/(loss) recognized in earnings Quarter EndedThree Quarters Ended
 Jul 2, 2023Jul 3, 2022Jul 2, 2023Jul 3, 2022
Non-Designated Derivatives:
DairyInterest income and other, net$(0.1)$0.1 $(0.1)$0.2 
Foreign currency - otherInterest income and other, net— 6.4 (10.0)28.2 
CoffeeInterest income and other, net— (0.2)(5.5)9.1 
Diesel fuel and other commoditiesInterest income and other, net(1.0)3.3 (2.9)4.0 
Fair Value Hedges:
Interest rate swapInterest expense(12.2)(11.6)(9.1)(37.7)
Long-term debt (hedged item)Interest expense3.4 14.5 (12.0)47.5 
Notional amounts of outstanding derivative contracts (in millions):
Jul 2, 2023Oct 2, 2022
Coffee$373 $649 
Cross-currency swaps1,092 741 
Dairy67 94 
Diesel fuel and other commodities24 33 
Foreign currency - other 1,190 1,269 
Interest rate swaps1,100 1,100 
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 LocationJul 2, 2023Oct 2, 2022
Designated Derivative Instruments:
Cross-currency swapsOther long-term assets$117.3 $115.4 
DairyPrepaid expenses and other current assets 0.1 0.5 
Foreign currency - otherPrepaid expenses and other current assets27.3 39.9 
Other long-term assets17.4 33.5 
Non-designated Derivative Instruments:
Diesel fuel and other commoditiesPrepaid expenses and other current assets0.2 0.4 
Foreign currencyPrepaid expenses and other current assets6.7 34.3 
Other long-term assets— 7.3 
Derivative Liabilities
Balance Sheet LocationJul 2, 2023Oct 2, 2022
Designated Derivative Instruments:
DairyAccrued liabilities$3.0 $2.9 
Foreign currency - otherAccrued liabilities5.5 0.3 
Other long-term liabilities5.5 — 
Interest rate swapsAccrued liabilities12.9 12.0 
Other long-term liabilities37.1 34.0 
Non-designated Derivative Instruments: