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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 3, 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-20220703_g1.jpg
Washington 91-1325671
(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:
Title Trading Symbol Name of each exchange on which registered
Common Stock, par value $0.001 per share SBUX Nasdaq 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 filer x Accelerated 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 27, 2022
1,147.4 million


STARBUCKS CORPORATION
FORM 10-Q
For the Quarterly Period Ended July 3, 2022
Table of Contents
 
   
PART I. FINANCIAL INFORMATION
Item 1
3
3
4
5
6
7
9
Item 2
Item 3
Item 4
PART II. OTHER INFORMATION
Item 1
Item 1A
Item 2
Item 3
Item 4
Item 5
Item 6

 


PART I — FINANCIAL INFORMATION
Item 1.Financial Statements
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(in millions, except per share data)
(unaudited)
  Quarter Ended Three Quarters Ended
Jul 3,
2022
Jun 27,
2021
Jul 3,
2022
Jun 27,
2021
Net revenues:
Company-operated stores $ 6,675.5  $ 6,363.1  $ 19,674.7  $ 17,742.8 
Licensed stores 956.8  680.2  2,657.0  1,889.0 
Other 517.8  453.2  1,504.4  1,282.1 
Total net revenues 8,150.1  7,496.5  23,836.1  20,913.9 
Product and distribution costs 2,613.6  2,206.0  7,606.4  6,247.5 
Store operating expenses 3,302.5  2,966.9  10,017.1  8,657.6 
Other operating expenses 135.1  71.4  338.4  250.8 
Depreciation and amortization expenses 356.8  354.3  1,090.5  1,087.0 
General and administrative expenses 486.7  494.9  1,494.0  1,431.4 
Restructuring and impairments 14.0  19.8  10.9  115.0 
Total operating expenses 6,908.7  6,113.3  20,557.3  17,789.3 
Income from equity investees 54.1  105.5  143.5  265.3 
Operating income 1,295.5  1,488.7  3,422.3  3,389.9 
Interest income and other, net 19.8  36.0  66.0  68.6 
Interest expense (123.1) (113.4) (357.6) (349.2)
Earnings before income taxes 1,192.2  1,411.3  3,130.7  3,109.3 
Income tax expense 278.5  257.1  725.9  673.6 
Net earnings including noncontrolling interests 913.7  1,154.2  2,404.8  2,435.7 
Net earnings attributable to noncontrolling interests 0.8  0.8  1.5  0.8 
Net earnings attributable to Starbucks $ 912.9  $ 1,153.4  $ 2,403.3  $ 2,434.9 
Earnings per share - basic $ 0.80  $ 0.98  $ 2.08  $ 2.07 
Earnings per share - diluted $ 0.79  $ 0.97  $ 2.07  $ 2.06 
Weighted average shares outstanding:
Basic 1,147.0  1,178.5  1,155.3  1,177.0 
Diluted 1,151.0  1,186.2  1,160.5  1,184.7 

See Notes to Consolidated Financial Statements.
3

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions, unaudited)
Quarter Ended Three Quarters Ended
Jul 3,
2022
Jun 27,
2021
Jul 3,
2022
Jun 27,
2021
Net earnings including noncontrolling interests $ 913.7  $ 1,154.2  $ 2,404.8  $ 2,435.7 
Other comprehensive income/(loss), net of tax:
Unrealized holding gains/(losses) on available-for-sale debt securities (2.1) (0.1) (16.0) (3.1)
Tax (expense)/benefit 0.5  —  3.9  0.6 
Unrealized gains/(losses) on cash flow hedging instruments 54.4  34.0  210.3  138.9 
Tax (expense)/benefit (13.4) (1.1) (39.5) (27.9)
Unrealized gains/(losses) on net investment hedging instruments 109.2  32.4  188.8  49.9 
Tax (expense)/benefit (27.6) (8.2) (47.7) (12.7)
Translation adjustment and other (396.9) 40.2  (421.2) 195.5 
Tax (expense)/benefit —  —  —  2.2 
Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale debt securities, hedging instruments, and translation adjustment (59.2) (1.6) (109.5) (13.1)
Tax expense/(benefit) 9.8  1.0  18.7  4.6 
Other comprehensive income/(loss) (325.3) 96.6  (212.2) 334.9 
Comprehensive income including noncontrolling interests 588.4  1,250.8  2,192.6  2,770.6 
Comprehensive income attributable to noncontrolling interests 0.8  0.8  1.5  0.8 
Comprehensive income attributable to Starbucks $ 587.6  $ 1,250.0  $ 2,191.1  $ 2,769.8 

See Notes to Consolidated Financial Statements.
4

STARBUCKS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
(unaudited)
Jul 3,
2022
Oct 3,
2021
ASSETS
Current assets:
Cash and cash equivalents $ 3,177.5  $ 6,455.7 
Short-term investments 76.9  162.2 
Accounts receivable, net 1,146.1  940.0 
Inventories 2,132.9  1,603.9 
Prepaid expenses and other current assets 534.1  594.6 
Total current assets 7,067.5  9,756.4 
Long-term investments 292.5  281.7 
Equity investments 302.7  268.5 
Property, plant and equipment, net 6,408.2  6,369.5 
Operating lease, right-of-use asset 8,037.1  8,236.0 
Deferred income taxes, net 1,752.9  1,874.8 
Other long-term assets 640.7  578.5 
Other intangible assets 203.4  349.9 
Goodwill 3,451.2  3,677.3 
TOTAL ASSETS $ 28,156.2  $ 31,392.6 
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)
Current liabilities:
Accounts payable $ 1,489.8  $ 1,211.6 
Accrued liabilities 2,068.9  2,321.2 
Accrued payroll and benefits 706.8  772.3 
Current portion of operating lease liability 1,214.8  1,251.3 
Stored value card liability and current portion of deferred revenue 1,723.0  1,596.1 
Short-term debt 200.0  — 
Current portion of long-term debt 999.1  998.9 
Total current liabilities 8,402.4  8,151.4 
Long-term debt 13,930.8  13,616.9 
Operating lease liability 7,554.4  7,738.0 
Deferred revenue 6,333.1  6,463.0 
Other long-term liabilities 594.4  737.8 
Total liabilities 36,815.1  36,707.1 
Shareholders' deficit:
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,146.9 and 1,180.0 shares, respectively
1.1  1.2 
Additional paid-in capital 117.1  846.1 
Retained deficit (8,719.7) (6,315.7)
Accumulated other comprehensive income/(loss) (65.0) 147.2 
Total shareholders’ deficit (8,666.5) (5,321.2)
Noncontrolling interests 7.6  6.7 
Total deficit (8,658.9) (5,314.5)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) $ 28,156.2  $ 31,392.6 


See Notes to Consolidated Financial Statements.
5

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions, unaudited)
  Three Quarters Ended
Jul 3,
2022
Jun 27,
2021
OPERATING ACTIVITIES:
Net earnings including noncontrolling interests $ 2,404.8  $ 2,435.7 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 1,169.0  1,146.2 
Deferred income taxes, net 35.0  (113.2)
Income earned from equity method investees (175.0) (238.3)
Distributions received from equity method investees 145.9  226.7 
Stock-based compensation 206.6  255.3 
Non-cash lease costs 1,090.4  931.7 
Loss on retirement and impairment of assets 89.6  204.7 
Other (44.7) (6.8)
Cash provided by/(used in) changes in operating assets and liabilities:
Accounts receivable (245.5) (13.1)
Inventories (557.3) 8.4 
Accounts payable 341.7  108.2 
Deferred revenue 32.7  52.4 
Operating lease liability (1,201.4) (1,029.8)
Other operating assets and liabilities 5.8  500.3 
Net cash provided by operating activities 3,297.6  4,468.4 
INVESTING ACTIVITIES:
Purchases of investments (117.3) (367.3)
Sales of investments 72.6  130.4 
Maturities and calls of investments 59.5  298.7 
Additions to property, plant and equipment (1,295.4) (985.7)
Other (95.7) (62.3)
Net cash used in investing activities (1,376.3) (986.2)
FINANCING ACTIVITIES:
Net proceeds/(payments) from issuance of commercial paper 200.0  (296.5)
Net proceeds from issuance of short-term debt 38.9  215.6 
Repayments of short-term debt (38.9) (346.2)
Proceeds from issuance of long-term debt 1,498.1  — 
Repayments of long-term debt (1,000.0) (1,250.0)
Proceeds from issuance of common stock 75.5  191.6 
Cash dividends paid (1,701.1) (1,588.2)
Repurchase of common stock (4,013.0) — 
Minimum tax withholdings on share-based awards (123.5) (94.2)
Other (9.2) — 
Net cash used in financing activities (5,073.2) (3,167.9)
Effect of exchange rate changes on cash and cash equivalents (126.3) 87.9 
Net increase/(decrease) in cash and cash equivalents (3,278.2) 402.2 
CASH AND CASH EQUIVALENTS:
Beginning of period 6,455.7  4,350.9 
End of period $ 3,177.5  $ 4,753.1 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest $ 344.9  $ 373.6 
Income taxes $ 911.2  $ 407.9 
See Notes to Consolidated Financial Statements.
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STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
For the Quarters Ended July 3, 2022 and June 27, 2021
(in millions, except per share data, unaudited)
Common Stock Additional Paid-in Capital Retained
Earnings/(Deficit)
Accumulated
Other
Comprehensive
Income/(Loss)
Shareholders’
Equity/(Deficit)
Noncontrolling
Interests
Total
  Shares Amount
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 RSUs 0.2 —  5.8  —  —  5.8  —  5.8 
Sale of common stock 0.2 —  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)
Balance, March 28, 2021
1,177.9 $ 1.2  $ 595.4  $ (8,124.3) $ (126.3) $ (7,654.0) $ 5.7  $ (7,648.3)
Net earnings —  —  1,153.4  —  1,153.4  0.8  1,154.2 
Other comprehensive income —  —  —  96.6  96.6  —  96.6 
Stock-based compensation expense —  80.9  —  —  80.9  —  80.9 
Exercise of stock options/vesting of RSUs 1.0 —  41.7  —  —  41.7  —  41.7 
Sale of common stock 0.1 —  11.3  —  —  11.3  —  11.3 
Cash dividends declared, $0.45 per share
—  —  (530.7) —  (530.7) —  (530.7)
Balance, June 27, 2021
1,179.0 $ 1.2  $ 729.3  $ (7,501.6) $ (29.7) $ (6,800.8) $ 6.5  $ (6,794.3)

See Notes to Consolidated Financial Statements.





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STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
For the Three Quarters Ended July 3, 2022 and June 27, 2021
(in millions, except per share data, unaudited)
Common Stock Additional Paid-in Capital Retained
Earnings/(Deficit)
Accumulated
Other
Comprehensive
Income/(Loss)
Shareholders’
Equity/(Deficit)
Noncontrolling
Interests
Total
  Shares Amount
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 RSUs 3.2 (0.1) (82.7) —  —  (82.8) —  (82.8)
Sale of common stock 0.4 —  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)
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 —  —  2,434.9  —  2,434.9  0.8  2,435.7 
Other comprehensive income —  —  334.9  334.9  —  334.9 
Stock-based compensation expense —  258.1  —  —  258.1  —  258.1 
Exercise of stock options/vesting of RSUs 5.4 —  65.7  —  —  65.7  —  65.7 
Sale of common stock 0.3 —  31.6  —  —  31.6  —  31.6 
Cash dividends declared, $1.80 per share
—  —  (2,118.7) —  (2,118.7) —  (2,118.7)
Balance, June 27, 2021
1,179.0 $ 1.2  $ 729.3  $ (7,501.6) $ (29.7) $ (6,800.8) $ 6.5  $ (6,794.3)

See Notes to Consolidated Financial Statements.


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STARBUCKS CORPORATION
INDEX FOR NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9

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 3, 2022, and for the quarter and three quarters ended July 3, 2022 and June 27, 2021, 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 quarter and three quarters ended July 3, 2022 and June 27, 2021 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 and three quarters ended July 3, 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. Certain markets, primarily China, continue to experience pandemic-related restrictions impacting sales as they battle COVID-19 resurgences and navigate through prolonged lockdowns. 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 (“CEWS”), which were no longer applicable in late fiscal 2021. During the quarter and three quarters ended June 27, 2021, qualified payroll and other credits reduced our store operating expenses by $56.4 million and $173.7 million, respectively, on our consolidated statements of earnings. After netting the qualified credits against our payable, a receivable of $81.2 million and $172.4 million was included in prepaid expenses and other current assets as of July 3, 2022 and October 3, 2021, respectively. As of July 3, 2022, deferred payroll tax payments of $116.4 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 the third quarter of fiscal 2022, we announced a plan to reinvent Starbucks to increase efficiency, enabling us to seamlessly handle increasing demand in our U.S. stores, and to elevate the partner and customer experiences. As of July 3, 2022, we identified an immaterial amount of stores for closure due to safety concerns under our U.S. reinvention restructuring plan; the resulting restructuring and impairments costs are immaterial to our consolidated statement of earnings. We estimate future
10

restructuring costs attributable to our reinvention plan to range from approximately $15 million to $20 million. Future restructuring costs are expected to be incurred over the next three to nine months.
In fiscal 2021, we substantially completed our plan to reposition our North America store portfolio, primarily in dense metropolitan markets by pursuing strategic store closures and focusing on new store formats that better cater to changing customer tastes and preferences. As a result, we recorded approximately $19.8 million and $115.0 million to restructuring and impairments on our consolidated statements of earnings during the quarter ended and three quarters ended June 27, 2021. Of these totals, $7.8 million and $59.0 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, respectively. During the quarter and three quarters ended June 27, 2021, an additional $12.2 million and $56.2 million, respectively, 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 this restructuring plan was substantially completed in fiscal 2021, we did not recognize any material restructuring and impairment amounts related to this plan during the quarter and three quarters ended July 3, 2022.
As of July 3, 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. Due to ongoing global supply chain disruptions, certain coffee cash flow hedges have been de-designated early which resulted in insignificant amounts recognized in earnings during the quarter and three quarters ended July 3, 2022. 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 3, 2022 Oct 3, 2021
Cash Flow Hedges:
Coffee $ 214.6  $ 197.8  $ 214.4  6
Cross-currency swaps (0.7) 4.4  —  29
Dairy (0.6) (0.4) (0.6) 14
Foreign currency - other 35.9  1.3  18.9  33
Interest rates (3.2) (44.8) 0.3  124
Net Investment Hedges:
Cross-currency swaps 68.4  37.9  —  87
Foreign currency 16.0  16.0  —  0
Foreign currency debt 97.4  (5.3) —  21
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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 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 3, 2022 Jun 27, 2021 Jul 3, 2022 Jun 27, 2021
Cash Flow Hedges:
Coffee $ (19.3) $ 62.8  $ 32.2  $ (2.5) Product and distribution costs
Cross-currency swaps 12.9  3.1  (2.1) 0.2  Interest expense
16.0  3.4  Interest income and other, net
Dairy (1.4) (1.7) 4.4  0.5  Product and distribution costs
Foreign currency - other 43.4  (5.1) 6.6  —  Licensed stores revenue
(0.9) (3.1) Product and distribution costs
Interest rates 18.8  (25.1) (0.6) (0.3) Interest expense
Net Investment Hedges:
Cross-currency swaps 37.0  20.6  3.8  3.3  Interest expense
Foreign currency debt 72.2  11.8  —  — 
Three Quarters Ended
Gains/(Losses) Recognized in
OCI Before Reclassifications
Gains/(Losses) Reclassified from
AOCI to Earnings
Location of gain/(loss)
Jul 3, 2022 Jun 27, 2021 Jul 3, 2022 Jun 27, 2021
Cash Flow Hedges:
Coffee $ 76.1  $ 80.5  $ 56.6  $ (5.2) Product and distribution costs
Cross-currency swaps 22.3  13.5  (3.7) 1.8  Interest expense
32.3  12.1  Interest income and other, net
Dairy 6.6  (0.1) 6.8  2.5  Product and distribution costs
Foreign currency - other 51.1  (23.9) 11.0  0.2  Licensed stores revenue
(2.5) (5.0) Product and distribution costs
Interest rates 54.2  68.9  (1.5) (1.4) Interest expense
—  (3.6) Interest income and other, net
Net Investment Hedges:
Cross-currency swaps 51.2  10.2  10.7  9.9  Interest expense
Foreign currency debt 137.6  39.7  —  — 
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 Three Quarters Ended
  Jul 3, 2022 Jun 27, 2021 Jul 3, 2022 Jun 27, 2021
Non-Designated Derivatives:
Dairy Interest income and other, net $ 0.1  $ —  $ 0.2  $ — 
Foreign currency - other Interest income and other, net 6.4  4.5  28.2  2.8 
Coffee Interest income and other, net (0.2) —  9.1  — 
Diesel fuel and other commodities Interest income and other, net 3.3  0.7  4.0  2.7 
Fair Value Hedges:
Interest rate swap Interest expense (11.6) (0.3) (37.7) (1.4)
Long-term debt (hedged item) Interest expense 14.5  3.6  47.5  11.3 
14

Notional amounts of outstanding derivative contracts (in millions):
Jul 3, 2022 Oct 3, 2021
Coffee $ 717  $ 481 
Cross-currency swaps 757  806 
Dairy 59  53 
Diesel fuel and other commodities 12  10 
Foreign currency - other 1,158  1,009 
Interest rate swaps 1,600  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 Location Jul 3, 2022 Oct 3, 2021
Designated Derivative Instruments:
Cross-currency swaps Other long-term assets $ 114.0  $ 54.7 
Coffee Prepaid expenses and other current assets —  130.5 
Dairy Prepaid expenses and other current assets 1.0  0.8 
Foreign currency - other Prepaid expenses and other current assets 26.5  8.9 
Other long-term assets 22.8  6.9 
Interest rate swaps Other long-term assets 54.5  22.7 
Non-designated Derivative Instruments:
Diesel fuel and other commodities Prepaid expenses and other current assets 2.2  0.1 
Foreign currency Prepaid expenses and other current assets 17.4  7.3 
Derivative Liabilities
Balance Sheet Location Jul 3, 2022 Oct 3, 2021
Designated Derivative Instruments:
Cross-currency swaps Other long-term liabilities $ —  $ 3.3 
Dairy Accrued liabilities 1.0  0.9 
Foreign currency - other Accrued liabilities 2.6  7.4 
Other long-term liabilities 0.4  3.6 
Interest rate swaps Other long-term liabilities 17.4  1.3 
Non-designated Derivative Instruments:
Dairy Accrued liabilities —  0.2 
Foreign currency Accrued liabilities 0.5  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 item Cumulative amount of fair value hedging adjustment included in the carrying amount
Jul 3, 2022 Oct 3, 2021 Jul 3, 2022 Oct 3, 2021
Location on the balance sheet
Long-term debt $ 1,074.1  $ 771.7  $ (25.9) $ 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.
15


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
July 3, 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 $ 3,177.5  $ 3,177.5  $ —  $ — 
Short-term investments:
Available-for-sale debt securities
Commercial paper 0.2  —  0.2  — 
Corporate debt securities 14.7  —  14.7  — 
U.S. government treasury securities 0.2  0.2  —  — 
Total available-for-sale debt securities 15.1  0.2  14.9  — 
Marketable equity securities 61.8  61.8  —  — 
Total short-term investments 76.9  62.0  14.9  — 
Prepaid expenses and other current assets:
Derivative assets 47.1  —  47.1  — 
Long-term investments:
Available-for-sale debt securities
Corporate debt securities 145.0  —  145.0  — 
Foreign government obligations 3.8  —  3.8  — 
Mortgage and other asset-backed securities 56.8  —  56.8  — 
State and local government obligations 1.4  —  1.4  — 
U.S. government treasury securities 85.5  85.5  —  — 
Total long-term investments 292.5  85.5  207.0  — 
Other long-term assets:
Derivative assets 191.3  —  191.3  — 
Structured Deposit 29.9  —  29.9  — 
Total assets $ 3,815.2  $ 3,325.0  $ 490.2  $ — 
Liabilities:
Accrued liabilities:
Derivative liabilities $ 4.1  $ —  $ 4.1  $ — 
Other long-term liabilities:
Derivative liabilities 17.8  —  17.8  — 
Total liabilities $ 21.9  $ —  $ 21.9  $ — 
16

    Fair Value Measurements at Reporting Date Using
  Balance at
October 3, 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 $ 6,455.7  $ 6,455.7  $ —  $ — 
Short-term investments:
Available-for-sale debt securities
Commercial paper 63.0  —  63.0  — 
Corporate debt securities 24.7  —  24.7  — 
Mortgage and other asset-backed securities 0.1  —  0.1  — 
Total available-for-sale debt securities 87.8  —  87.8  — 
Marketable equity securities 74.4  74.4  —  — 
Total short-term investments 162.2  74.4  87.8  — 
Prepaid expenses and other current assets:
Derivative assets 147.6  131.1  16.5  — 
Long-term investments:
Available-for-sale debt securities
Auction rate securities 6.0  —  —  6.0 
Corporate debt securities 162.0  —  162.0  — 
Foreign government obligations 4.0  —  4.0  — 
Mortgage and other asset-backed securities 31.9  —  31.9  — 
State and local government obligations 1.5  —  1.5  — 
U.S. government treasury securities 76.3  76.3  —  — 
Total long-term investments 281.7  76.3  199.4  6.0 
Other long-term assets:
Derivative assets 84.3  —  84.3  — 
Total assets $ 7,131.5  $ 6,737.5  $ 388.0  $ 6.0 
Liabilities:
Accrued liabilities:
Derivative liabilities $ 8.6  $ 0.3  $ 8.3  $ — 
Other long-term liabilities:
Derivative liabilities 8.2  —  8.2  — 
Total liabilities $ 16.8  $ 0.3  $ 16.5  $ — 
There were no material transfers between levels and there was no significant activity within Level 3 instruments during the periods presented. The fair values of any financial instruments presented above exclude the impact of netting assets and liabilities when a legally enforceable master netting agreement exists.
Gross unrealized holding gains and losses on available-for-sale debt securities and marketable equity securities were not material as of July 3, 2022 and October 3, 2021.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Assets and liabilities recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as property, plant and equipment, ROU assets, goodwill and other intangible assets and other assets. These assets are measured at fair value if determined to be impaired.
17

The estimated fair value of our long-term debt based on the quoted market price (Level 2) is included at Note 7, Debt. There were no material fair value adjustments during the three quarters ended July 3, 2022 and June 27, 2021.
Note 4: Inventories (in millions):
Jul 3, 2022 Oct 3, 2021
Coffee:
Unroasted $ 1,046.7  $ 670.3 
Roasted 295.4  233.5 
Other merchandise held for sale 373.6  329.3 
Packaging and other supplies 417.2  370.8 
Total $ 2,132.9  $ 1,603.9 
Other merchandise held for sale includes, among other items, serveware, food and tea. Inventory levels vary due to seasonality, commodity market supply and price fluctuations.
As of July 3, 2022, we had committed to purchasing green coffee totaling $483 million under fixed-price contracts and an estimated $1.2 billion under price-to-be-fixed contracts. A portion of our price-to-be-fixed contracts are effectively fixed through the use of futures. See Note 2, Derivative Financial Instruments, for further discussion. Price-to-be-fixed contracts are purchase commitments whereby the quality, quantity, delivery period and other negotiated terms are agreed upon, but the date, and therefore the price, at which the base “C” coffee commodity price component will be fixed has not yet been established. For most contracts, either Starbucks or the seller has the option to “fix” the base “C” coffee commodity price prior to the delivery date. For other contracts, Starbucks and the seller may agree upon pricing parameters determined by the base “C” coffee commodity price. Until prices are fixed, we estimate the total cost of these purchase commitments. We believe, based on established relationships with our suppliers and continuous monitoring, the risk of non-delivery on these purchase commitments is remote.

Note 5: Supplemental Balance Sheet and Statement of Earnings Information (in millions):
Prepaid Expenses and Other Current Assets
Jul 3, 2022 Oct 3, 2021
Income tax receivable $ 73.1  $ 20.7 
Government subsidies receivable 81.2  172.4 
Other prepaid expenses and current assets 379.8  401.5 
Total prepaid expenses and current assets $ 534.1  $ 594.6 

18

Property, Plant and Equipment, net
Jul 3, 2022 Oct 3, 2021
Land $ 46.1  $ 46.2 
Buildings 562.8  587.6 
Leasehold improvements 8,882.1  8,637.6 
Store equipment 2,953.6  2,934.1 
Roasting equipment 892.2  857.2 
Furniture, fixtures and other 1,464.3  1,392.0 
Work in progress 578.9  374.1 
Property, plant and equipment, gross 15,380.0  14,828.8 
Accumulated depreciation (8,971.8) (8,459.3)
Property, plant and equipment, net $ 6,408.2  $ 6,369.5 
Accrued Liabilities
Jul 3, 2022 Oct 3, 2021
Accrued occupancy costs $ 86.3  $ 107.1 
Accrued dividends payable 562.1  578.1 
Accrued capital and other operating expenditures 867.1  840.7 
Self-insurance reserves 229.1  229.3 
Income taxes payable 148.2  348.0 
Accrued business taxes 176.1  218.0 
Total accrued liabilities $ 2,068.9  $ 2,321.2 
Store Operating Expenses
Quarter Ended Three Quarters Ended
Jul 3, 2022 Jun 27, 2021 Jul 3, 2022 Jun 27, 2021
Wages and benefits $ 1,983.0  $ 1,750.7  $ 6,012.0  $ 5,021.8 
Occupancy costs 652.9  628.7  1,983.1  1,883.0 
Other expenses 666.6  587.5  2,022.0  1,752.8 
Total store operating expenses $ 3,302.5  $ 2,966.9  $ 10,017.1  $ 8,657.6 

Note 6: Other Intangible Assets and Goodwill
Indefinite-Lived Intangible Assets
(in millions) Jul 3, 2022 Oct 3, 2021
Trade names, trademarks and patents $ 97.1  $ 96.4 

19

Finite-Lived Intangible Assets
Jul 3, 2022 Oct 3, 2021
(in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount
Acquired and reacquired rights $ 1,054.3  $ (1,013.5) $ 40.8  $ 1,141.5  $ (971.9) $ 169.6 
Acquired trade secrets and processes 27.6  (26.8) 0.8  27.6  (24.8) 2.8 
Trade names, trademarks and patents 128.0  (66.8) 61.2  126.3  (51.9) 74.4 
Licensing agreements 18.0  (14.5) 3.5  18.8  (13.5) 5.3 
Other finite-lived intangible assets 23.2  (23.2) —  24.0  (22.6) 1.4 
Total finite-lived intangible assets $ 1,251.1  $ (1,144.8) $ 106.3  $ 1,338.2  $ (1,084.7) $ 253.5 
Amortization expense for finite-lived intangible assets was $47.6 million and $147.0 million for the quarter and three quarters ended July 3, 2022, respectively and $50.0 million and $173.4 million for the quarter and three quarters ended June 27, 2021, respectively.
Estimated future amortization expense as of July 3, 2022 (in millions):
Fiscal Year Total
2022 (excluding the three quarters ended July 3, 2022)
$ 46.5 
2023 20.8 
2024 20.3 
2025 14.4 
2026 1.5 
Thereafter 2.8 
Total estimated future amortization expense $ 106.3 
Goodwill
Changes in the carrying amount of goodwill by reportable operating segment (in millions):
North America International Channel Development Corporate and Other Total
Goodwill balance at October 3, 2021
$ 493.2  $ 3,148.3  $ 34.7  $ 1.1  $ 3,677.3 
Other(1)
(0.4) (225.7) —  —  (226.1)
Goodwill balance at July 3, 2022
$ 492.8  $ 2,922.6  $ 34.7  $ 1.1  $ 3,451.2 
(1)“Other” consists of changes in the goodwill balance resulting from foreign currency translation.
20

Note 7: Debt
Revolving Credit Facility
Our $3 billion unsecured five-year revolving credit facility (the “2021 credit facility”), of which $150 million may be used for issuances of letters of credit, is currently set to mature on September 16, 2026. The 2021 credit facility is available for working capital, capital expenditures and other corporate purposes, including acquisitions and share repurchases. We have the option, subject to negotiation and agreement with the related banks, to increase the maximum commitment amount by an additional $1 billion.
Borrowings under the 2021 credit facility will bear interest at a variable rate based on LIBOR, and, for U.S. dollar-denominated loans under certain circumstances, a Base Rate (as defined in the 2021 credit facility), in each case plus an applicable margin. The applicable margin is based on the Company’s long-term credit ratings assigned by the Moody’s and Standard & Poor’s rating agencies. The 2021 credit facility contains alternative interest rate provisions specifying rate calculations to be used at such time LIBOR ceases to be available as a benchmark due to reference rate reform. The “Base Rate” is the highest of (i) the Federal Funds Rate (as defined in the 2021 credit facility) plus 0.050%, (ii) Bank of America’s prime rate, and (iii) the Eurocurrency Rate (as defined in the 2021 credit facility) plus 1.000%.
The 2021 credit facility contains provisions requiring us to maintain compliance with certain covenants, including a minimum fixed charge coverage ratio, which measures our ability to cover financing expenses. As of July 3, 2022, we were in compliance with all applicable covenants. No amounts were outstanding under our 2021 credit facility as of July 3, 2022 or October 3, 2021.
Short-term Debt
Under our commercial paper program, we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $3 billion, with individual maturities that may vary but not exceed 397 days from the date of issue. Amounts outstanding under the commercial paper program are required to be backstopped by available commitments under our 2021 credit facility. The proceeds from borrowings under our commercial paper program may be used for working capital needs, capital expenditures and other corporate purposes, including, but not limited to, business expansion, payment of cash dividends on our common stock and share repurchases. As of July 3, 2022, we had $200 million in borrowings outstanding under the program. As of October 3, 2021, we had no borrowings outstanding under this program.
Additionally, we hold the following Japanese yen-denominated credit facilities that are available for working capital needs and capital expenditures within our Japanese market:
A ¥5 billion, or $36.8 million, credit facility is currently set to mature on December 31, 2022. Borrowings under such credit facility are subject to terms defined within the facility and will bear interest at a variable rate based on Tokyo Interbank Offered Rate ("TIBOR") plus an applicable margin of 0.400%.
A ¥10 billion, or $73.7 million, credit facility is currently set to mature on March 27, 2023. Borrowings under such credit facility are subject to terms defined within the facility and will bear interest at a variable rate based on TIBOR plus an applicable margin of 0.350%.
As of July 3, 2022 and October 3, 2021, we had no borrowings outstanding under these Japanese yen-denominated credit facilities.
21

Long-term Debt
Components of long-term debt including the associated interest rates and related estimated fair values by calendar maturity (in millions, except interest rates):
Jul 3, 2022 Oct 3, 2021 Stated Interest Rate
Effective Interest Rate(1)
Issuance Amount Estimated Fair Value Amount Estimated Fair Value
May 2022 notes $ —  $ —  $ 500.0  $ 503.1  1.300  % 1.334  %
June 2022 notes —  —  500.0  506.7  2.700  % 2.819  %
March 2023 notes 1,000.0  1,001.7  1,000.0  1,035.9  3.100  % 3.107  %
October 2023 notes(2)
750.0  755.4  750.0  794.8  3.850  % 2.859  %
February 2024 notes(3)
500.0  497.1  —  —  1.504  % 1.735  %
March 2024 notes(4)
626.3  615.9  763.8  761.0  0.372  % 0.462  %
August 2025 notes 1,250.0  1,253.4  1,250.0  1,371.5  3.800  % 3.721  %
June 2026 notes 500.0  477.0  500.0  526.4  2.450  % 2.511  %
March 2027 notes 500.0  457.9  500.0  513.0  2.000  % 2.058  %
March 2028 notes 600.0  580.8  600.0  663.2  3.500  % 3.529  %
November 2028 notes 750.0  738.5  750.0  855.9  4.000  % 3.958  %
August 2029 notes(2)
1,000.0  946.8  1,000.0  1,109.9  3.550  % 3.840  %
March 2030 notes 750.0  640.2  750.0  758.6  2.250  % 3.084  %
November 2030 notes 1,250.0  1,073.7  1,250.0  1,286.9  2.550  % 2.582  %
February 2032 notes 1,000.0  878.0  —  —  3.000  % 3.155  %
June 2045 notes 350.0  310.7  350.0  414.1  4.300  % 4.348  %
December 2047 notes 500.0  408.3  500.0  556.5  3.750  % 3.765  %
November 2048 notes 1,000.0  912.8  1,000.0  1,248.6  4.500  % 4.504  %
August 2049 notes 1,000.0  909.0  1,000.0  1,241.0  4.450  % 4.447  %
March 2050 notes 500.0  379.9  500.0  527.5  3.350  % 3.362  %
November 2050 notes 1,250.0  987.1  1,250.0  1,339.5  3.500  % 3.528  %
Total 15,076.3  13,824.2  14,713.8  16,014.1 
Aggregate debt issuance costs and unamortized premium/(discount), net (120.5) (119.7)
Hedge accounting fair value adjustment(2)
(25.9) 21.7 
Total $ 14,929.9  $ 14,615.8 
(1)Includes the effects of the amortization of any premium or discount and any gain or loss upon settlement of related treasury locks or forward-starting interest rate swaps utilized to hedge interest rate risk prior to the debt issuance.
(2)Amount includes the change in fair value due to changes in benchmark interest rates related to hedging our October 2023 notes and $350 million of our August 2029 notes. Refer to Note 2, Derivative Financial Instruments, for additional information on our interest rate swaps designated as fair value hedges.
(3)Floating rate notes which bear interest at a rate equal to Compounded SOFR (as defined in the February 2024 notes) plus 0.420%, resulting in a stated interest rate of 1.504% at July 3, 2022.
(4)Japanese yen-denominated long-term debt.
22

The following table summarizes our long-term debt maturities as of July 3, 2022 by fiscal year (in millions):
Fiscal Year Total
2023 $ 1,000.0 
2024 1,876.3 
2025 1,250.0 
2026 500.0 
Thereafter 10,450.0 
Total $ 15,076.3 
Note 8: Leases
The components of lease costs (in millions):
Quarter Ended Three Quarters Ended
Jul 3, 2022 Jun 27, 2021 Jul 3, 2022 Jun 27, 2021
Operating lease costs(1)
$ 386.5  $ 386.9  $ 1,166.0  $ 1,185.6 
Variable lease costs 221.5  224.6  687.1  671.3 
Short-term lease costs 6.9  7.4  21.1  23.7 
Total lease costs $ 614.9  $ 618.9  $ 1,874.2  $ 1,880.6 
(1)Includes immaterial amounts of sublease income and rent concessions.
The following table includes supplemental information (in millions):
Three Quarters Ended
Jul 3, 2022 Jun 27, 2021
Cash paid related to operating lease liabilities $ 1,248.7  $ 1,200.6 
Operating lease liabilities arising from obtaining ROU assets 1,121.6  1,030.7 
Jul 3, 2022 Jun 27, 2021
Weighted-average remaining operating lease term 8.5 years 8.6 years
Weighted-average operating lease discount rate 2.5  % 2.5  %
Finance lease assets are recorded in property, plant and equipment, net with the corresponding lease liabilities included in accrued liabilities and other long-term liabilities on the consolidated balance sheet. There were no material finance leases as of July 3, 2022 and October 3, 2021.
Minimum future maturities of operating lease liabilities (in millions):
Fiscal Year Total
2022 (excluding the three quarters ended July 3, 2022)
$ 369.6 
2023 1,467.7 
2024 1,400.5 
2025 1,259.3 
2026 1,109.5 
Thereafter 4,244.9 
Total lease payments 9,851.5 
Less imputed interest (1,082.3)
Total $ 8,769.2 
As of July 3, 2022, we have entered into operating leases that have not yet commenced of $1.1 billion, primarily related to real estate leases. These leases will commence between fiscal year 2022 and fiscal year 2028 with lease terms ranging from ten to twenty years.
23

Note 9: Deferred Revenue
Our deferred revenue primarily consists of the prepaid royalty from Nestlé, for which we have continuing performance obligations to support the Global Coffee Alliance, our unredeemed stored value card liability and unredeemed loyalty points (“Stars”) associated with our loyalty program.
As of July 3, 2022, the current and long-term deferred revenue related to Nestlé was $177.0 million and $6.2 billion, respectively. As of October 3, 2021, the current and long-term deferred revenue related to the Nestlé up-front payment was $177.0 million and $6.4 billion, respectively. During the quarter and three quarters ended July 3, 2022, we recognized $44.1 million and $132.5 million of prepaid royalty revenue related to Nestlé, respectively. During the quarter and three quarters ended June 27, 2021, we recognized $44.2 million and $132.5 million of prepaid royalty revenue related to Nestlé, respectively.
Changes in our deferred revenue balance related to our stored value cards and loyalty program (in millions):
Quarter Ended July 3, 2022
Total
Stored value cards and loyalty program at April 3, 2022
$ 1,645.2 
Revenue deferred - card activations, card reloads and Stars earned 3,282.6 
Revenue recognized - card and Stars redemptions and breakage (3,312.3)