Washington | 91-1325671 | |
(State of Incorporation) | (IRS Employer ID) |
Title of Each Class | Name of Each Exchange on Which Registered | |
Common Stock, $0.001 par value per share | Nasdaq Global Select Market |
Large accelerated filer | x | Accelerated filer | ¨ |
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
PART I | ||
Item 1 | ||
Item 1A | ||
Item 1B | ||
Item 2 | ||
Item 3 | ||
Item 4 | ||
PART II | ||
Item 5 | ||
Item 6 | ||
Item 7 | ||
Item 7A | ||
Item 8 | ||
Item 9 | ||
Item 9A | ||
Item 9B | ||
PART III | ||
Item 10 | ||
Item 11 | ||
Item 12 | ||
Item 13 | ||
Item 14 | ||
PART IV | ||
Item 15 | ||
Americas | As a% of Total Americas Stores | CAP | As a% of Total CAP Stores | EMEA | As a% of Total EMEA Stores | All Other Segments | As a% of Total All Other Segments Stores | Total | As a% of Total Stores | Americas | As a% of Total Americas Stores | CAP | As a% of Total CAP Stores | EMEA | As a% of Total EMEA Stores | All Other Segments | As a% of Total All Other Segments Stores | Total | As a% of Total Stores | |||||||||||||||||||||||||||||||||||||||
Company-operated stores | 8,671 | 59 | % | 2,452 | 45 | % | 737 | 31 | % | 375 | 90 | % | 12,235 | 53 | % | 9,019 | 58 | % | 2,811 | 44 | % | 523 | 20 | % | 358 | 91 | % | 12,711 | 51 | % | ||||||||||||||||||||||||||||
Licensed stores | 6,132 | 41 | % | 3,010 | 55 | % | 1,625 | 69 | % | 41 | 10 | % | 10,808 | 47 | % | 6,588 | 42 | % | 3,632 | 56 | % | 2,119 | 80 | % | 35 | 9 | % | 12,374 | 49 | % | ||||||||||||||||||||||||||||
Total | 14,803 | 100 | % | 5,462 | 100 | % | 2,362 | 100 | % | 416 | 100 | % | 23,043 | 100 | % | 15,607 | 100 | % | 6,443 | 100 | % | 2,642 | 100 | % | 393 | 100 | % | 25,085 | 100 | % |
Stores Open as of | Stores Open as of | Stores Open as of | Stores Open as of | |||||||||||||||||||||||||||||||
Sep 28, 2014 | Opened | Closed | Transfers | Net | Sep 27, 2015 | Sep 27, 2015 | Opened | Closed | Transfers | Net | Oct 2, 2016 | |||||||||||||||||||||||
Americas: | ||||||||||||||||||||||||||||||||||
U.S. | 7,303 | 312 | (56 | ) | — | 256 | 7,559 | 7,559 | 358 | (37 | ) | — | 321 | 7,880 | ||||||||||||||||||||
Canada | 983 | 41 | (15 | ) | — | 26 | 1,009 | 1,009 | 45 | (19 | ) | — | 26 | 1,035 | ||||||||||||||||||||
Brazil | 89 | 18 | (4 | ) | — | 14 | 103 | 103 | 3 | (2 | ) | — | 1 | 104 | ||||||||||||||||||||
Puerto Rico | 20 | — | (1 | ) | (19 | ) | (20 | ) | — | |||||||||||||||||||||||||
Total Americas | 8,395 | 371 | (76 | ) | (19 | ) | 276 | 8,671 | 8,671 | 406 | (58 | ) | — | 348 | 9,019 | |||||||||||||||||||
China/Asia Pacific(1): | ||||||||||||||||||||||||||||||||||
China/Asia Pacific: | ||||||||||||||||||||||||||||||||||
China | 1,026 | 253 | (7 | ) | — | 246 | 1,272 | |||||||||||||||||||||||||||
Japan | — | 77 | (13 | ) | 1,009 | 1,073 | 1,073 | 1,073 | 85 | (18 | ) | — | 67 | 1,140 | ||||||||||||||||||||
China | 823 | 212 | (9 | ) | — | 203 | 1,026 | |||||||||||||||||||||||||||
Thailand | 203 | 36 | (2 | ) | — | 34 | 237 | 237 | 38 | (2 | ) | — | 36 | 273 | ||||||||||||||||||||
Singapore | 106 | 14 | (4 | ) | — | 10 | 116 | 116 | 13 | (3 | ) | — | 10 | 126 | ||||||||||||||||||||
Total China/Asia Pacific | 1,132 | 339 | (28 | ) | 1,009 | 1,320 | 2,452 | 2,452 | 389 | (30 | ) | — | 359 | 2,811 | ||||||||||||||||||||
EMEA: | ||||||||||||||||||||||||||||||||||
EMEA(1): | ||||||||||||||||||||||||||||||||||
U.K. | 506 | 4 | (18 | ) | (64 | ) | (78 | ) | 428 | 428 | 3 | (12 | ) | (53 | ) | (62 | ) | 366 | ||||||||||||||||
Germany | 152 | 2 | (5 | ) | — | (3 | ) | 149 | ||||||||||||||||||||||||||
France | 78 | — | (2 | ) | — | (2 | ) | 76 | 76 | — | (2 | ) | — | (2 | ) | 74 | ||||||||||||||||||
Switzerland | 55 | 1 | — | — | 1 | 56 | 56 | 1 | (1 | ) | — | — | 56 | |||||||||||||||||||||
Austria | 17 | 1 | — | — | 1 | 18 | 18 | — | (1 | ) | — | (1 | ) | 17 | ||||||||||||||||||||
Netherlands | 9 | 1 | — | — | 1 | 10 | 10 | — | — | — | — | 10 | ||||||||||||||||||||||
Germany | 149 | 1 | (3 | ) | (147 | ) | (149 | ) | — | |||||||||||||||||||||||||
Total EMEA | 817 | 9 | (25 | ) | (64 | ) | (80 | ) | 737 | 737 | 5 | (19 | ) | (200 | ) | (214 | ) | 523 | ||||||||||||||||
All Other Segments: | ||||||||||||||||||||||||||||||||||
Teavana | 365 | 11 | (5 | ) | — | 6 | 371 | 371 | 3 | (19 | ) | — | (16 | ) | 355 | |||||||||||||||||||
Evolution Fresh | 4 | — | (1 | ) | — | (1 | ) | 3 | 3 | — | (1 | ) | — | (1 | ) | 2 | ||||||||||||||||||
Starbucks Reserve® Roastery & Tasting Room | — | 1 | — | — | 1 | 1 | ||||||||||||||||||||||||||||
Starbucks Reserve® Roastery & Tasting Rooms | 1 | — | — | — | — | 1 | ||||||||||||||||||||||||||||
Total All Other Segments | 369 | 12 | (6 | ) | — | 6 | 375 | 375 | 3 | (20 | ) | — | (17 | ) | 358 | |||||||||||||||||||
Total company-operated | 10,713 | 731 | (135 | ) | 926 | 1,522 | 12,235 | 12,235 | 803 | (127 | ) | (200 | ) | 476 | 12,711 |
(1) |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||
Beverages | 73 | % | 73 | % | 74 | % | 74 | % | 73 | % | 73 | % | ||||
Food | 19 | % | 18 | % | 18 | % | 19 | % | 19 | % | 18 | % | ||||
Packaged and single-serve coffees and teas | 3 | % | 4 | % | 4 | % | 3 | % | 3 | % | 4 | % | ||||
Other(1) | 5 | % | 5 | % | 4 | % | 4 | % | 5 | % | 5 | % | ||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
(1) | "Other" primarily consists of sales of ready-to-drink beverages, serveware and coffee-making equipment, among other items. |
Stores Open as of | Stores Open as of | Stores Open as of | Stores Open as of | |||||||||||||||||||||||||||||||
Sep 28, 2014 | Opened | Closed | Transfers | Net | Sep 27, 2015 | Sep 27, 2015 | Opened | Closed | Transfers | Net | Oct 2, 2016 | |||||||||||||||||||||||
Americas(1): | ||||||||||||||||||||||||||||||||||
Americas: | ||||||||||||||||||||||||||||||||||
U.S. | 4,659 | 357 | (54 | ) | — | 303 | 4,962 | 4,962 | 430 | (100 | ) | — | 330 | 5,292 | ||||||||||||||||||||
Mexico | 434 | 73 | (1 | ) | — | 72 | 506 | 506 | 58 | (1 | ) | — | 57 | 563 | ||||||||||||||||||||
Canada | 462 | 23 | (136 | ) | — | (113 | ) | 349 | 349 | 23 | (8 | ) | — | 15 | 364 | |||||||||||||||||||
Other | 241 | 55 | — | 19 | 74 | 315 | 315 | 55 | (1 | ) | — | 54 | 369 | |||||||||||||||||||||
Total Americas | 5,796 | 508 | (191 | ) | 19 | 336 | 6,132 | 6,132 | 566 | (110 | ) | — | 456 | 6,588 | ||||||||||||||||||||
China/Asia Pacific(2): | ||||||||||||||||||||||||||||||||||
China/Asia Pacific: | ||||||||||||||||||||||||||||||||||
China | 785 | 330 | (5 | ) | — | 325 | 1,110 | |||||||||||||||||||||||||||
South Korea | 700 | 149 | (18 | ) | — | 131 | 831 | 831 | 129 | (8 | ) | — | 121 | 952 | ||||||||||||||||||||
China | 544 | 244 | (3 | ) | — | 241 | 785 | |||||||||||||||||||||||||||
Taiwan | 323 | 41 | (8 | ) | — | 33 | 356 | 356 | 45 | (9 | ) | — | 36 | 392 | ||||||||||||||||||||
Philippines | 240 | 24 | — | — | 24 | 264 | 264 | 29 | — | — | 29 | 293 | ||||||||||||||||||||||
Japan | 1,060 | 22 | (15 | ) | (1,009 | ) | (1,002 | ) | 58 | |||||||||||||||||||||||||
Indonesia | 214 | 48 | (2 | ) | — | 46 | 260 | |||||||||||||||||||||||||||
Malaysia | 199 | 28 | (1 | ) | — | 27 | 226 | |||||||||||||||||||||||||||
Other | 625 | 101 | (10 | ) | — | 91 | 716 | 361 | 51 | (13 | ) | — | 38 | 399 | ||||||||||||||||||||
Total China/Asia Pacific | 3,492 | 581 | (54 | ) | (1,009 | ) | (482 | ) | 3,010 | 3,010 | 660 | (38 | ) | — | 622 | 3,632 | ||||||||||||||||||
EMEA: | ||||||||||||||||||||||||||||||||||
EMEA(1): | ||||||||||||||||||||||||||||||||||
U.K. | 285 | 65 | (1 | ) | 65 | 129 | 414 | 414 | 71 | (6 | ) | 53 | 118 | 532 | ||||||||||||||||||||
Turkey | 220 | 44 | (4 | ) | — | 40 | 260 | 260 | 63 | (9 | ) | — | 54 | 314 | ||||||||||||||||||||
United Arab Emirates | 115 | 18 | (2 | ) | — | 16 | 131 | 131 | 18 | (1 | ) | — | 17 | 148 | ||||||||||||||||||||
Germany | 10 | 6 | (2 | ) | 147 | 151 | 161 | |||||||||||||||||||||||||||
Russia | 87 | 21 | (4 | ) | — | 17 | 104 | 104 | 6 | (3 | ) | — | 3 | 107 | ||||||||||||||||||||
Spain | 86 | 4 | (1 | ) | — | 3 | 89 | 89 | 8 | (1 | ) | — | 7 | 96 | ||||||||||||||||||||
Kuwait | 72 | 5 | — | — | 5 | 77 | 77 | 19 | (1 | ) | — | 18 | 95 | |||||||||||||||||||||
Saudi Arabia | 67 | 8 | (4 | ) | — | 4 | 71 | 71 | 24 | (3 | ) | — | 21 | 92 | ||||||||||||||||||||
Other | 391 | 92 | (3 | ) | (1 | ) | 88 | 479 | 469 | 118 | (13 | ) | — | 105 | 574 | |||||||||||||||||||
Total EMEA | 1,323 | 257 | (19 | ) | 64 | 302 | 1,625 | 1,625 | 333 | (39 | ) | 200 | 494 | 2,119 | ||||||||||||||||||||
All Other Segments: | ||||||||||||||||||||||||||||||||||
Teavana | 29 | 8 | (2 | ) | — | 6 | 35 | 35 | — | (1 | ) | — | (1 | ) | 34 | |||||||||||||||||||
Seattle's Best Coffee | 13 | — | (7 | ) | — | (7 | ) | 6 | 6 | — | (5 | ) | — | (5 | ) | 1 | ||||||||||||||||||
Total All Other Segments | 42 | 8 | (9 | ) | — | (1 | ) | 41 | 41 | — | (6 | ) | — | (6 | ) | 35 | ||||||||||||||||||
Total licensed | 10,653 | 1,354 | (273 | ) | (926 | ) | 155 | 10,808 | 10,808 | 1,559 | (193 | ) | 200 | 1,566 | 12,374 |
(1) |
Name | Age | Position | ||
Howard Schultz | chairman and chief executive officer | |||
Kevin R. Johnson | president and chief operating officer | |||
Cliff Burrows | group president, | |||
John Culver | group president, | |||
Scott Maw | executive vice president, chief financial officer | |||
Lucy Lee Helm | executive vice president, general counsel and secretary |
• | building our leadership position around coffee, including through the development of Starbucks Reserve® Roasteries and Starbucks Reserve® stores; |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Location | Approximate Size in Square Feet | Purpose | ||
Rancho Cucamonga, CA | 265,000 | Manufacturing | ||
Stratford, CT | Warehouse and distribution | |||
Augusta, GA | 131,000 | Manufacturing | ||
Minden, NV (Carson Valley) | 360,000 | Roasting and distribution | ||
York, PA | Roasting, distribution and warehouse | |||
Gaston, SC (Sandy Run) | 117,000 | Roasting and distribution | ||
Lebanon, TN | 680,000 | |||
Auburn, WA | 491,000 | Warehouse and distribution | ||
Kent, WA | 510,000 | Roasting and distribution | ||
Seattle, WA | Corporate administrative | |||
Shanghai, China | 116,000 | Corporate administrative | ||
Amsterdam, Netherlands | 97,000 | Roasting and distribution | ||
Samutprakarn, Thailand | 81,000 | Warehouse and distribution |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
High | Low | Cash Dividends Declared | High | Low | Cash Dividends Declared | |||||||||||||||||
Fiscal 2016: | ||||||||||||||||||||||
Fourth Quarter | $ | 58.84 | $ | 52.90 | $ | 0.25 | ||||||||||||||||
Third Quarter | 61.64 | 54.01 | 0.20 | |||||||||||||||||||
Second Quarter | 61.79 | 52.63 | 0.20 | |||||||||||||||||||
First Quarter | 64.00 | 54.81 | 0.20 | |||||||||||||||||||
Fiscal 2015: | ||||||||||||||||||||||
Fourth Quarter | $ | 59.32 | $ | 42.05 | $ | 0.20 | $ | 59.32 | $ | 42.05 | $ | 0.20 | ||||||||||
Third Quarter | 54.75 | 46.28 | 0.16 | 54.75 | 46.28 | 0.16 | ||||||||||||||||
Second Quarter | 49.60 | 39.28 | 0.16 | 49.60 | 39.28 | 0.16 | ||||||||||||||||
First Quarter | 42.10 | 35.39 | 0.16 | 42.10 | 35.39 | 0.16 | ||||||||||||||||
Fiscal 2014: | ||||||||||||||||||||||
Fourth Quarter | $ | 40.32 | $ | 36.89 | $ | 0.16 | ||||||||||||||||
Third Quarter | 39.18 | 33.97 | 0.13 | |||||||||||||||||||
Second Quarter | 39.42 | 34.34 | 0.13 | |||||||||||||||||||
First Quarter | 41.25 | 37.23 | 0.13 |
Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||
Period(1) | |||||||||||||
June 29, 2015 — July 26, 2015 | 7,503,869 | $ | 55.14 | 7,503,869 | 53,497,642 | ||||||||
July 27, 2015 — August 23, 2015 | 200,780 | 52.03 | 200,780 | 53,296,862 | |||||||||
August 24, 2015 — September 27, 2015 | 592,087 | 56.63 | 592,087 | 52,704,775 | |||||||||
Total | 8,296,736 | $ | 55.17 | 8,296,736 |
Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(3) | ||||||||||
Period(1) | |||||||||||||
June 27, 2016 — July 24, 2016 | — | $ | — | — | 125,119,308 | ||||||||
July 25, 2016 — August 21, 2016 | 4,660,655 | 55.92 | 4,660,655 | 120,458,653 | |||||||||
August 22, 2016 — October 2, 2016 | 2,609,092 | 55.43 | 2,609,092 | 117,849,561 | |||||||||
Total | 7,269,747 | $ | 55.74 | 7,269,747 |
(1) | Monthly information is presented by reference to our fiscal months during the fourth quarter of fiscal |
(2) |
(3) | This column includes the total number of shares authorized for repurchase under the Company's ongoing share repurchase program and includes the additional 100 million shares authorized for repurchase as announced on April 21, 2016. Shares under our ongoing share repurchase program may be repurchased in open market transactions, including |
Oct 3, 2010 | Oct 2, 2011 | Sep 30, 2012 | Sep 29, 2013 | Sep 28, 2014 | Sep 27, 2015 | Oct 2, 2011 | Sep 30, 2012 | Sep 29, 2013 | Sep 28, 2014 | Sep 27, 2015 | Oct 2, 2016 | |||||||||||||||||||||||||||||||||||
Starbucks Corporation | $ | 100.00 | $ | 146.04 | $ | 201.46 | $ | 311.59 | $ | 307.16 | $ | 480.45 | $ | 100.00 | $ | 137.95 | $ | 213.36 | $ | 210.33 | $ | 328.99 | $ | 311.36 | ||||||||||||||||||||||
S&P 500 | 100.00 | 101.14 | 131.69 | 157.17 | 188.18 | 187.02 | 100.00 | 130.20 | 155.39 | 186.05 | 184.91 | 213.44 | ||||||||||||||||||||||||||||||||||
NASDAQ Composite | 100.00 | 103.65 | 136.22 | 168.91 | 202.57 | 208.69 | 100.00 | 131.89 | 163.47 | 195.96 | 202.60 | 234.66 | ||||||||||||||||||||||||||||||||||
S&P Consumer Discretionary | 100.00 | 106.17 | 145.07 | 191.26 | 213.77 | 241.95 | 100.00 | 136.64 | 180.14 | 201.34 | 227.88 | 249.84 |
Item 6. | Selected Financial Data |
As of and for the Fiscal Year Ended (1) | Sep 27, 2015 (52 Wks) | Sep 28, 2014 (52 Wks) | Sep 29, 2013 (52 Wks) | Sep 30, 2012 (52 Wks) | Oct 2, 2011 (52 Wks) | |||||||||||||||
Results of Operations | ||||||||||||||||||||
Net revenues: | ||||||||||||||||||||
Company-operated stores | $ | 15,197.3 | $ | 12,977.9 | $ | 11,793.2 | $ | 10,534.5 | $ | 9,632.4 | ||||||||||
Licensed stores | 1,861.9 | 1,588.6 | 1,360.5 | 1,210.3 | 1,007.5 | |||||||||||||||
CPG, foodservice and other | 2,103.5 | 1,881.3 | 1,713.1 | 1,532.0 | 1,060.5 | |||||||||||||||
Total net revenues | $ | 19,162.7 | $ | 16,447.8 | $ | 14,866.8 | $ | 13,276.8 | $ | 11,700.4 | ||||||||||
Operating income/(loss)(2) | $ | 3,601.0 | $ | 3,081.1 | $ | (325.4 | ) | $ | 1,997.4 | $ | 1,728.5 | |||||||||
Net earnings including noncontrolling interests(2) | 2,759.3 | 2,067.7 | 8.8 | 1,384.7 | 1,248.0 | |||||||||||||||
Net earnings attributable to noncontrolling interests | 1.9 | (0.4 | ) | 0.5 | 0.9 | 2.3 | ||||||||||||||
Net earnings attributable to Starbucks(2) | 2,757.4 | 2,068.1 | 8.3 | 1,383.8 | 1,245.7 | |||||||||||||||
EPS — diluted(2) | 1.82 | 1.35 | 0.01 | 0.90 | 0.81 | |||||||||||||||
Cash dividends declared per share | 0.680 | 0.550 | 0.445 | 0.360 | 0.280 | |||||||||||||||
Net cash provided by operating activities | 3,749.1 | 607.8 | 2,908.3 | 1,750.3 | 1,612.4 | |||||||||||||||
Capital expenditures (additions to property, plant and equipment) | 1,303.7 | 1,160.9 | 1,151.2 | 856.2 | 531.9 | |||||||||||||||
Balance Sheet | ||||||||||||||||||||
Total assets | $ | 12,446.1 | $ | 10,752.9 | $ | 11,516.7 | $ | 8,219.2 | $ | 7,360.4 | ||||||||||
Long-term debt (including current portion) | 2,347.5 | 2,048.3 | 1,299.4 | 549.6 | 549.5 | |||||||||||||||
Shareholders’ equity | 5,818.0 | 5,272.0 | 4,480.2 | 5,109.0 | 4,384.9 |
As of and for the Fiscal Year Ended (1) | Oct 2, 2016 (53 Wks) | Sep 27, 2015 (52 Wks) | Sep 28, 2014 (52 Wks) | Sep 29, 2013 (52 Wks) | Sep 30, 2012 (52 Wks) | |||||||||||||||
Results of Operations | ||||||||||||||||||||
Net revenues: | ||||||||||||||||||||
Company-operated stores | $ | 16,844.1 | $ | 15,197.3 | $ | 12,977.9 | $ | 11,793.2 | $ | 10,534.5 | ||||||||||
Licensed stores | 2,154.2 | 1,861.9 | 1,588.6 | 1,360.5 | 1,210.3 | |||||||||||||||
CPG, foodservice and other | 2,317.6 | 2,103.5 | 1,881.3 | 1,713.1 | 1,532.0 | |||||||||||||||
Total net revenues | $ | 21,315.9 | $ | 19,162.7 | $ | 16,447.8 | $ | 14,866.8 | $ | 13,276.8 | ||||||||||
Operating income/(loss)(2) | $ | 4,171.9 | $ | 3,601.0 | $ | 3,081.1 | $ | (325.4 | ) | $ | 1,997.4 | |||||||||
Net earnings including noncontrolling interests(2) | 2,818.9 | 2,759.3 | 2,067.7 | 8.8 | 1,384.7 | |||||||||||||||
Net earnings/(loss) attributable to noncontrolling interests | 1.2 | 1.9 | (0.4 | ) | 0.5 | 0.9 | ||||||||||||||
Net earnings attributable to Starbucks(2) | 2,817.7 | 2,757.4 | 2,068.1 | 8.3 | 1,383.8 | |||||||||||||||
EPS — diluted(2) | 1.90 | 1.82 | 1.35 | 0.01 | 0.90 | |||||||||||||||
Cash dividends declared per share | 0.850 | 0.680 | 0.550 | 0.445 | 0.360 | |||||||||||||||
Net cash provided by operating activities | 4,575.1 | 3,749.1 | 607.8 | 2,908.3 | 1,750.3 | |||||||||||||||
Capital expenditures (additions to property, plant and equipment) | 1,440.3 | 1,303.7 | 1,160.9 | 1,151.2 | 856.2 | |||||||||||||||
Balance Sheet | ||||||||||||||||||||
Total assets(3) | $ | 14,329.5 | $ | 12,416.3 | $ | 10,752.0 | $ | 11,516.0 | $ | 8,217.6 | ||||||||||
Long-term debt (including current portion) | 3,602.2 | 2,347.5 | 2,048.3 | 1,299.4 | 549.6 | |||||||||||||||
Shareholders’ equity | 5,884.0 | 5,818.0 | 5,272.0 | 4,480.2 | 5,109.0 |
(1) | Our fiscal year ends on the Sunday closest to September 30. The fiscal year ended on October 2, 2016 included 53 weeks, with the 53rd week falling in our fourth fiscal quarter. |
(2) | Fiscal 2013 results include a pretax charge of $2,784.1 million resulting from the conclusion of our arbitration with Kraft Foods Global, Inc. The impact of this charge to net earnings attributable to Starbucks and diluted EPS, net of the related tax benefit, was $1,713.1 million and $1.12 per share, respectively. |
(3) | Total assets for fiscal 2012 through fiscal 2015 have been adjusted for the adoption of new accounting guidance related to the reclassification of deferred income taxes as discussed in Note 1, Summary of Significant Accounting Policies. |
Fiscal Year Ended | Sep 27, 2015 (52 Wks) | Sep 28, 2014 (52 Wks) | Sep 29, 2013 (52 Wks) | Sep 30, 2012 (52 Wks) | Oct 2, 2011 (52 Wks) | ||||||||||
Percentage change in comparable store sales(3) | |||||||||||||||
Americas | |||||||||||||||
Sales growth | 7 | % | 6 | % | 7 | % | 8 | % | 8 | % | |||||
Change in transactions | 3 | % | 2 | % | 5 | % | 6 | % | 5 | % | |||||
Change in ticket | 4 | % | 3 | % | 2 | % | 2 | % | 2 | % | |||||
China/Asia Pacific | |||||||||||||||
Sales growth | 9 | % | 7 | % | 9 | % | 15 | % | 22 | % | |||||
Change in transactions | 8 | % | 6 | % | 7 | % | 11 | % | 20 | % | |||||
Change in ticket | 1 | % | — | % | 2 | % | 3 | % | 2 | % | |||||
EMEA | |||||||||||||||
Sales growth | 4 | % | 5 | % | — | % | — | % | 3 | % | |||||
Change in transactions | 2 | % | 3 | % | 2 | % | — | % | 3 | % | |||||
Change in ticket | 1 | % | 2 | % | (2 | )% | — | % | — | % | |||||
Consolidated | |||||||||||||||
Sales growth | 7 | % | 6 | % | 7 | % | 7 | % | 8 | % | |||||
Change in transactions | 3 | % | 3 | % | 5 | % | 6 | % | 6 | % | |||||
Change in ticket | 4 | % | 3 | % | 2 | % | 1 | % | 2 | % |
Fiscal Year Ended | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Sep 30, 2012 | ||||||||||
Percentage change in comparable store sales(1) | |||||||||||||||
Americas | |||||||||||||||
Sales growth | 6 | % | 7 | % | 6 | % | 7 | % | 8 | % | |||||
Change in transactions | 1 | % | 3 | % | 2 | % | 5 | % | 6 | % | |||||
Change in ticket | 5 | % | 4 | % | 3 | % | 2 | % | 2 | % | |||||
China/Asia Pacific(2) | |||||||||||||||
Sales growth | 3 | % | 9 | % | 7 | % | 9 | % | 15 | % | |||||
Change in transactions | 1 | % | 8 | % | 6 | % | 7 | % | 11 | % | |||||
Change in ticket | 2 | % | 1 | % | — | % | 2 | % | 3 | % | |||||
EMEA | |||||||||||||||
Sales growth | — | % | 4 | % | 5 | % | — | % | — | % | |||||
Change in transactions | 1 | % | 2 | % | 3 | % | 2 | % | — | % | |||||
Change in ticket | — | % | 1 | % | 2 | % | (2 | )% | — | % | |||||
Consolidated | |||||||||||||||
Sales growth | 5 | % | 7 | % | 6 | % | 7 | % | 7 | % | |||||
Change in transactions | 1 | % | 3 | % | 3 | % | 5 | % | 6 | % | |||||
Change in ticket | 4 | % | 4 | % | 3 | % | 2 | % | 1 | % |
Includes only Starbucks® company-operated stores open 13 months or longer. Comparable store sales exclude the effect of fluctuations in foreign currency exchange rates. For fiscal year 2016, comparable store sales percentages were calculated excluding the 53rd week. |
(2) | Beginning in December of fiscal 2016, comparable store sales include the results of the 1,009 company-operated stores acquired as part of the acquistion of Starbucks Japan in the first quarter of fiscal 2015. |
As of and for the Fiscal Year Ended | Sep 27, 2015 (52 Wks) | Sep 28, 2014 (52 Wks) | Sep 29, 2013 (52 Wks) | Sep 30, 2012 (52 Wks) | Oct 2, 2011 (52 Wks) | ||||||||||
Net stores opened/(closed) and transferred during the year: | |||||||||||||||
Americas(4,5) | |||||||||||||||
Company-operated stores | 276 | 317 | 276 | 228 | 32 | ||||||||||
Licensed stores | 336 | 381 | 404 | 280 | 215 | ||||||||||
China/Asia Pacific (6,7) | |||||||||||||||
Company-operated stores | 1,320 | 250 | 239 | 152 | 74 | ||||||||||
Licensed stores | (482 | ) | 492 | 349 | 296 | 192 | |||||||||
EMEA(8) | |||||||||||||||
Company-operated stores | (80 | ) | (9 | ) | (29 | ) | 10 | 25 | |||||||
Licensed stores | 302 | 180 | 129 | 101 | 79 | ||||||||||
All Other Segments (9) | |||||||||||||||
Company-operated stores | 6 | 12 | 343 | — | 6 | ||||||||||
Licensed stores(10) | (1 | ) | (24 | ) | (10 | ) | (4 | ) | (478 | ) | |||||
Total | 1,677 | 1,599 | 1,701 | 1,063 | 145 | ||||||||||
Stores open at year end: | |||||||||||||||
Americas (4,5) | |||||||||||||||
Company-operated stores | 8,671 | 8,395 | 8,078 | 7,802 | 7,574 | ||||||||||
Licensed stores | 6,132 | 5,796 | 5,415 | 5,011 | 4,731 | ||||||||||
China/Asia Pacific(6,7) | |||||||||||||||
Company-operated stores | 2,452 | 1,132 | 882 | 643 | 491 | ||||||||||
Licensed stores | 3,010 | 3,492 | 3,000 | 2,651 | 2,355 | ||||||||||
EMEA(8) | |||||||||||||||
Company-operated stores | 737 | 817 | 826 | 855 | 845 | ||||||||||
Licensed stores | 1,625 | 1,323 | 1,143 | 1,014 | 913 | ||||||||||
All Other Segments (9) | |||||||||||||||
Company-operated stores | 375 | 369 | 357 | 14 | 14 | ||||||||||
Licensed stores (10) | 41 | 42 | 66 | 76 | 80 | ||||||||||
Total | 23,043 | 21,366 | 19,767 | 18,066 | 17,003 |
As of and for the Fiscal Year Ended | Oct 2, 2016 (53 Wks) | Sep 27, 2015 (52 Wks) | Sep 28, 2014 (52 Wks) | Sep 29, 2013 (52 Wks) | Sep 30, 2012 (52 Wks) | ||||||||||
Net stores opened/(closed) and transferred during the year: | |||||||||||||||
Americas(1) | |||||||||||||||
Company-operated stores | 348 | 276 | 317 | 276 | 228 | ||||||||||
Licensed stores | 456 | 336 | 381 | 404 | 280 | ||||||||||
China/Asia Pacific (2) | |||||||||||||||
Company-operated stores | 359 | 1,320 | 250 | 239 | 152 | ||||||||||
Licensed stores | 622 | (482 | ) | 492 | 349 | 296 | |||||||||
EMEA(3) | |||||||||||||||
Company-operated stores | (214 | ) | (80 | ) | (9 | ) | (29 | ) | 10 | ||||||
Licensed stores | 494 | 302 | 180 | 129 | 101 | ||||||||||
All Other Segments (4) | |||||||||||||||
Company-operated stores | (17 | ) | 6 | 12 | 343 | — | |||||||||
Licensed stores | (6 | ) | (1 | ) | (24 | ) | (10 | ) | (4 | ) | |||||
Total | 2,042 | 1,677 | 1,599 | 1,701 | 1,063 | ||||||||||
Stores open at year end: | |||||||||||||||
Americas (1) | |||||||||||||||
Company-operated stores | 9,019 | 8,671 | 8,395 | 8,078 | 7,802 | ||||||||||
Licensed stores | 6,588 | 6,132 | 5,796 | 5,415 | 5,011 | ||||||||||
China/Asia Pacific(2) | |||||||||||||||
Company-operated stores | 2,811 | 2,452 | 1,132 | 882 | 643 | ||||||||||
Licensed stores | 3,632 | 3,010 | 3,492 | 3,000 | 2,651 | ||||||||||
EMEA(3) | |||||||||||||||
Company-operated stores | 523 | 737 | 817 | 826 | 855 | ||||||||||
Licensed stores | 2,119 | 1,625 | 1,323 | 1,143 | 1,014 | ||||||||||
All Other Segments (4) | |||||||||||||||
Company-operated stores | 358 | 375 | 369 | 357 | 14 | ||||||||||
Licensed stores | 35 | 41 | 42 | 66 | 76 | ||||||||||
Total | 25,085 | 23,043 | 21,366 | 19,767 | 18,066 |
Americas store data has been adjusted for the sale of store locations in Chile to a joint venture partner in the fourth quarter of fiscal 2013 by reclassifying historical information from company-operated stores to licensed stores, and to exclude Seattle's Best Coffee and Evolution Fresh, which are reported within All Other Segments. |
Americas store data also includes the closure of 132 Target Canada licensed stores in the second quarter of fiscal 2015. |
China/Asia Pacific store data has been adjusted for the transfer of certain company-operated stores to licensed stores in the fourth quarter of fiscal 2014. |
China/Asia Pacific store data also includes the transfer of 1,009 Japan stores from licensed stores to company-operated as a result of the acquisition of Starbucks Japan in the first quarter of fiscal 2015. |
EMEA store data has been adjusted for |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Fiscal Year Ended | Oct 2, 2016 | Sep 27, 2015 | % Change | |||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 16,844.1 | $ | 15,197.3 | 10.8 | % | ||||
Licensed stores | 2,154.2 | 1,861.9 | 15.7 | |||||||
CPG, foodservice and other | 2,317.6 | 2,103.5 | 10.2 | |||||||
Total net revenues | $ | 21,315.9 | $ | 19,162.7 | 11.2 | % |
Fiscal Year Ended | Oct 2, 2016 | Sep 27, 2015 | Oct 2, 2016 | Sep 27, 2015 | |||||||||
As a % of Total Net Revenues | |||||||||||||
Cost of sales including occupancy costs | $ | 8,511.1 | $ | 7,787.5 | 39.9 | % | 40.6 | % | |||||
Store operating expenses | 6,064.3 | 5,411.1 | 28.4 | 28.2 | |||||||||
Other operating expenses | 545.4 | 522.4 | 2.6 | 2.7 | |||||||||
Depreciation and amortization expenses | 980.8 | 893.9 | 4.6 | 4.7 | |||||||||
General and administrative expenses | 1,360.6 | 1,196.7 | 6.4 | 6.2 | |||||||||
Total operating expenses | 17,462.2 | 15,811.6 | 81.9 | 82.5 | |||||||||
Income from equity investees | 318.2 | 249.9 | 1.5 | 1.3 | |||||||||
Operating income | $ | 4,171.9 | $ | 3,601.0 | 19.6 | % | 18.8 | % | |||||
Store operating expenses as a % of related revenues | 36.0 | % | 35.6 | % |
Fiscal Year Ended | Oct 2, 2016 | Sep 27, 2015 | Oct 2, 2016 | Sep 27, 2015 | |||||||||
As a % of Total Net Revenues | |||||||||||||
Operating income | $ | 4,171.9 | $ | 3,601.0 | 19.6 | % | 18.8 | % | |||||
Gain resulting from acquisition of joint venture | — | 390.6 | — | 2.0 | |||||||||
Loss on extinguishment of debt | — | (61.1 | ) | — | (0.3 | ) | |||||||
Interest income and other, net | 108.0 | 43.0 | 0.5 | 0.2 | |||||||||
Interest expense | (81.3 | ) | (70.5 | ) | (0.4 | ) | (0.4 | ) | |||||
Earnings before income taxes | 4,198.6 | 3,903.0 | 19.7 | 20.4 | |||||||||
Income tax expense | 1,379.7 | 1,143.7 | 6.5 | 6.0 | |||||||||
Net earnings including noncontrolling interests | 2,818.9 | 2,759.3 | 13.2 | 14.4 | |||||||||
Net earnings attributable to noncontrolling interests | 1.2 | 1.9 | — | — | |||||||||
Net earnings attributable to Starbucks | $ | 2,817.7 | $ | 2,757.4 | 13.2 | % | 14.4 | % | |||||
Effective tax rate including noncontrolling interests | 32.9 | % | 29.3 | % |
Fiscal Year Ended | Oct 2, 2016 | Sep 27, 2015 | Oct 2, 2016 | Sep 27, 2015 | |||||||||
As a % of Americas Total Net Revenues | |||||||||||||
Net revenues: | |||||||||||||
Company-operated stores | $ | 13,247.4 | $ | 11,925.6 | 89.5 | % | 89.7 | % | |||||
Licensed stores | 1,518.5 | 1,334.4 | 10.3 | 10.0 | |||||||||
Foodservice and other | 29.5 | 33.4 | 0.2 | 0.3 | |||||||||
Total net revenues | 14,795.4 | 13,293.4 | 100.0 | 100.0 | |||||||||
Cost of sales including occupancy costs | 5,271.9 | 4,845.0 | 35.6 | 36.4 | |||||||||
Store operating expenses | 4,909.3 | 4,387.9 | 33.2 | 33.0 | |||||||||
Other operating expenses | 96.0 | 122.8 | 0.6 | 0.9 | |||||||||
Depreciation and amortization expenses | 590.1 | 522.3 | 4.0 | 3.9 | |||||||||
General and administrative expenses | 186.1 | 192.1 | 1.3 | 1.4 | |||||||||
Total operating expenses | 11,053.4 | 10,070.1 | 74.7 | 75.8 | |||||||||
Operating income | $ | 3,742.0 | $ | 3,223.3 | 25.3 | % | 24.2 | % | |||||
Store operating expenses as a % of related revenues | 37.1 | % | 36.8 | % |
Fiscal Year Ended | Oct 2, 2016 | Sep 27, 2015 | Oct 2, 2016 | Sep 27, 2015 | |||||||||
As a % of China/Asia Pacific Total Net Revenues | |||||||||||||
Net revenues: | |||||||||||||
Company-operated stores | $ | 2,640.4 | $ | 2,127.3 | 89.8 | % | 88.8 | % | |||||
Licensed stores | 292.3 | 264.4 | 9.9 | 11.0 | |||||||||
Foodservice and other | 6.1 | 4.2 | 0.2 | 0.2 | |||||||||
Total net revenues | 2,938.8 | 2,395.9 | 100.0 | 100.0 | |||||||||
Cost of sales including occupancy costs | 1,296.7 | 1,071.5 | 44.1 | 44.7 | |||||||||
Store operating expenses | 779.4 | 609.8 | 26.5 | 25.5 | |||||||||
Other operating expenses | 70.3 | 62.2 | 2.4 | 2.6 | |||||||||
Depreciation and amortization expenses | 180.6 | 150.7 | 6.1 | 6.3 | |||||||||
General and administrative expenses | 130.3 | 120.8 | 4.4 | 5.0 | |||||||||
Total operating expenses | 2,457.3 | 2,015.0 | 83.6 | 84.1 | |||||||||
Income from equity investees | 150.1 | 119.6 | 5.1 | 5.0 | |||||||||
Operating income | $ | 631.6 | $ | 500.5 | 21.5 | % | 20.9 | % | |||||
Store operating expenses as a % of related revenues | 29.5 | % | 28.7 | % |
Fiscal Year Ended | Oct 2, 2016 | Sep 27, 2015 | Oct 2, 2016 | Sep 27, 2015 | |||||||||
As a % of EMEA Total Net Revenues | |||||||||||||
Net revenues: | |||||||||||||
Company-operated stores | $ | 732.0 | $ | 911.2 | 65.1 | % | 74.9 | % | |||||
Licensed stores | 339.5 | 257.2 | 30.2 | 21.1 | |||||||||
Foodservice | 53.4 | 48.3 | 4.7 | 4.0 | |||||||||
Total net revenues | 1,124.9 | 1,216.7 | 100.0 | 100.0 | |||||||||
Cost of sales including occupancy costs | 565.0 | 582.5 | 50.2 | 47.9 | |||||||||
Store operating expenses | 260.6 | 308.7 | 23.2 | 25.4 | |||||||||
Other operating expenses | 57.0 | 51.8 | 5.1 | 4.3 | |||||||||
Depreciation and amortization expenses | 40.8 | 52.0 | 3.6 | 4.3 | |||||||||
General and administrative expenses | 51.4 | 56.6 | 4.6 | 4.7 | |||||||||
Total operating expenses | 974.8 | 1,051.6 | 86.7 | 86.4 | |||||||||
Income from equity investees | 1.5 | 3.1 | 0.1 | 0.3 | |||||||||
Operating income | $ | 151.6 | $ | 168.2 | 13.5 | % | 13.8 | % | |||||
Store operating expenses as a % of related revenues | 35.6 | % | 33.9 | % |
Fiscal Year Ended | Oct 2, 2016 | Sep 27, 2015 | Oct 2, 2016 | Sep 27, 2015 | |||||||||
As a % of Channel Development Total Net Revenues | |||||||||||||
Net revenues: | |||||||||||||
CPG | $ | 1,488.2 | $ | 1,329.0 | 77.0 | % | 76.8 | % | |||||
Foodservice | 444.3 | 401.9 | 23.0 | 23.2 | |||||||||
Total net revenues | 1,932.5 | 1,730.9 | 100.0 | 100.0 | |||||||||
Cost of sales | 1,042.6 | 974.8 | 54.0 | 56.3 | |||||||||
Other operating expenses | 228.5 | 210.5 | 11.8 | 12.2 | |||||||||
Depreciation and amortization expenses | 2.8 | 2.7 | 0.1 | 0.2 | |||||||||
General and administrative expenses | 17.9 | 16.2 | 0.9 | 0.9 | |||||||||
Total operating expenses | 1,291.8 | 1,204.2 | 66.8 | 69.6 | |||||||||
Income from equity investees | 166.6 | 127.2 | 8.6 | 7.3 | |||||||||
Operating income | $ | 807.3 | $ | 653.9 | 41.8 | % | 37.8 | % |
Fiscal Year Ended | Oct 2, 2016 | Sep 27, 2015 | % Change | |||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 224.3 | $ | 233.2 | (3.8 | )% | ||||
Licensed stores | 3.9 | 5.9 | (33.9 | ) | ||||||
CPG, foodservice and other | 296.1 | 286.7 | 3.3 | |||||||
Total net revenues | 524.3 | 525.8 | (0.3 | ) | ||||||
Cost of sales including occupancy costs | 316.5 | 316.5 | — | |||||||
Store operating expenses | 115.0 | 104.7 | 9.8 | |||||||
Other operating expenses | 91.4 | 76.5 | 19.5 | |||||||
Depreciation and amortization expenses | 13.3 | 16.3 | (18.4 | ) | ||||||
General and administrative expenses | 26.5 | 36.6 | (27.6 | ) | ||||||
Total operating expenses | 562.7 | 550.6 | 2.2 | |||||||
Operating loss | $ | (38.4 | ) | $ | (24.8 | ) | 54.8 | % |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | % Change | |||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 15,197.3 | $ | 12,977.9 | 17.1 | % | ||||
Licensed stores | 1,861.9 | 1,588.6 | 17.2 | |||||||
CPG, foodservice and other | 2,103.5 | 1,881.3 | 11.8 | |||||||
Total net revenues | $ | 19,162.7 | $ | 16,447.8 | 16.5 | % |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 27, 2015 | Sep 28, 2014 | Sep 27, 2015 | Sep 28, 2014 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||||||||||
% of Total Net Revenues | As a % of Total Net Revenues | |||||||||||||||||||||||||
Cost of sales including occupancy costs | $ | 7,787.5 | $ | 6,858.8 | 40.6 | % | 41.7 | % | $ | 7,787.5 | $ | 6,858.8 | 40.6 | % | 41.7 | % | ||||||||||
Store operating expenses | 5,411.1 | 4,638.2 | 28.2 | 28.2 | 5,411.1 | 4,638.2 | 28.2 | 28.2 | ||||||||||||||||||
Other operating expenses | 522.4 | 457.3 | 2.7 | 2.8 | 522.4 | 457.3 | 2.7 | 2.8 | ||||||||||||||||||
Depreciation and amortization expenses | 893.9 | 709.6 | 4.7 | 4.3 | 893.9 | 709.6 | 4.7 | 4.3 | ||||||||||||||||||
General and administrative expenses | 1,196.7 | 991.3 | 6.2 | 6.0 | 1,196.7 | 991.3 | 6.2 | 6.0 | ||||||||||||||||||
Litigation credit | — | (20.2 | ) | — | (0.1 | ) | — | (20.2 | ) | — | (0.1 | ) | ||||||||||||||
Total operating expenses | 15,811.6 | 13,635.0 | 82.5 | 82.9 | 15,811.6 | 13,635.0 | 82.5 | 82.9 | ||||||||||||||||||
Income from equity investees | 249.9 | 268.3 | 1.3 | 1.6 | 249.9 | 268.3 | 1.3 | 1.6 | ||||||||||||||||||
Operating income | $ | 3,601.0 | $ | 3,081.1 | 18.8 | % | 18.7 | % | $ | 3,601.0 | $ | 3,081.1 | 18.8 | % | 18.7 | % | ||||||||||
Store operating expenses as a % of related revenues | 35.6 | % | 35.7 | % | 35.6 | % | 35.7 | % |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 27, 2015 | Sep 28, 2014 | Sep 27, 2015 | Sep 28, 2014 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||||||||||
% of Total Net Revenues | As a % of Total Net Revenues | |||||||||||||||||||||||||
Operating income | $ | 3,601.0 | $ | 3,081.1 | 18.8 | % | 18.7 | % | $ | 3,601.0 | $ | 3,081.1 | 18.8 | % | 18.7 | % | ||||||||||
Gain resulting from acquisition of joint venture | 390.6 | — | 2.0 | — | 390.6 | — | 2.0 | — | ||||||||||||||||||
Loss on extinguishment of debt | (61.1 | ) | — | (0.3 | ) | — | (61.1 | ) | — | (0.3 | ) | — | ||||||||||||||
Interest income and other, net | 43.0 | 142.7 | 0.2 | 0.9 | 43.0 | 142.7 | 0.2 | 0.9 | ||||||||||||||||||
Interest expense | (70.5 | ) | (64.1 | ) | (0.4 | ) | (0.4 | ) | (70.5 | ) | (64.1 | ) | (0.4 | ) | (0.4 | ) | ||||||||||
Earnings before income taxes | 3,903.0 | 3,159.7 | 20.4 | 19.2 | 3,903.0 | 3,159.7 | 20.4 | 19.2 | ||||||||||||||||||
Income taxes | 1,143.7 | 1,092.0 | 6.0 | 6.6 | ||||||||||||||||||||||
Income tax expense | 1,143.7 | 1,092.0 | 6.0 | 6.6 | ||||||||||||||||||||||
Net earnings including noncontrolling interests | 2,759.3 | 2,067.7 | 14.4 | 12.6 | 2,759.3 | 2,067.7 | 14.4 | 12.6 | ||||||||||||||||||
Net earnings/(loss) attributable to noncontrolling interests | 1.9 | (0.4 | ) | — | — | 1.9 | (0.4 | ) | — | — | ||||||||||||||||
Net earnings attributable to Starbucks | $ | 2,757.4 | $ | 2,068.1 | 14.4 | % | 12.6 | % | $ | 2,757.4 | $ | 2,068.1 | 14.4 | % | 12.6 | % | ||||||||||
Effective tax rate including noncontrolling interests | 29.3 | % | 34.6 | % | 29.3 | % | 34.6 | % |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 27, 2015 | Sep 28, 2014 | |||||||||
As a % of Americas Total Net Revenues | |||||||||||||
Net revenues: | |||||||||||||
Company-operated stores | $ | 11,925.6 | $ | 10,866.5 | 89.7 | % | 90.7 | % | |||||
Licensed stores | 1,334.4 | 1,074.9 | 10.0 | 9.0 | |||||||||
Foodservice and other | 33.4 | 39.1 | 0.3 | 0.3 | |||||||||
Total net revenues | 13,293.4 | 11,980.5 | 100.0 | 100.0 | |||||||||
Cost of sales including occupancy costs | 4,845.0 | 4,487.0 | 36.4 | 37.5 | |||||||||
Store operating expenses | 4,387.9 | 3,946.8 | 33.0 | 32.9 | |||||||||
Other operating expenses | 122.8 | 100.4 | 0.9 | 0.8 | |||||||||
Depreciation and amortization expenses | 522.3 | 469.5 | 3.9 | 3.9 | |||||||||
General and administrative expenses | 192.1 | 167.8 | 1.4 | 1.4 | |||||||||
Total operating expenses | 10,070.1 | 9,171.5 | 75.8 | 76.6 | |||||||||
Operating income | $ | 3,223.3 | $ | 2,809.0 | 24.2 | % | 23.4 | % | |||||
Store operating expenses as a % of related revenues | 36.8 | % | 36.3 | % |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 27, 2015 | Sep 28, 2014 | |||||||||
As a % of China/Asia Pacific Total Net Revenues | |||||||||||||
Net revenues: | |||||||||||||
Company-operated stores | $ | 2,127.3 | $ | 859.4 | 88.8 | % | 76.1 | % | |||||
Licensed stores | 264.4 | 270.2 | 11.0 | 23.9 | |||||||||
Foodservice and other | 4.2 | — | 0.2 | — | |||||||||
Total net revenues | 2,395.9 | 1,129.6 | 100.0 | 100.0 | |||||||||
Cost of sales including occupancy costs | 1,071.5 | 547.4 | 44.7 | 48.5 | |||||||||
Store operating expenses | 609.8 | 221.1 | 25.5 | 19.6 | |||||||||
Other operating expenses | 62.2 | 48.0 | 2.6 | 4.2 | |||||||||
Depreciation and amortization expenses | 150.7 | 46.1 | 6.3 | 4.1 | |||||||||
General and administrative expenses | 120.8 | 58.5 | 5.0 | 5.2 | |||||||||
Total operating expenses | 2,015.0 | 921.1 | 84.1 | 81.5 | |||||||||
Income from equity investees | 119.6 | 164.0 | 5.0 | 14.5 | |||||||||
Operating income | $ | 500.5 | $ | 372.5 | 20.9 | % | 33.0 | % | |||||
Store operating expenses as a % of related revenues | 28.7 | % | 25.7 | % |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 27, 2015 | Sep 28, 2014 | |||||||||
As a % of EMEA Total Net Revenues | |||||||||||||
Net revenues: | |||||||||||||
Company-operated stores | $ | 911.2 | $ | 1,013.8 | 74.9 | % | 78.3 | % | |||||
Licensed stores | 257.2 | 238.4 | 21.1 | 18.4 | |||||||||
Foodservice | 48.3 | 42.6 | 4.0 | 3.3 | |||||||||
Total net revenues | 1,216.7 | 1,294.8 | 100.0 | 100.0 | |||||||||
Cost of sales including occupancy costs | 582.5 | 646.8 | 47.9 | 50.0 | |||||||||
Store operating expenses | 308.7 | 365.8 | 25.4 | 28.3 | |||||||||
Other operating expenses | 51.8 | 48.2 | 4.3 | 3.7 | |||||||||
Depreciation and amortization expenses | 52.0 | 59.4 | 4.3 | 4.6 | |||||||||
General and administrative expenses | 56.6 | 59.1 | 4.7 | 4.6 | |||||||||
Total operating expenses | 1,051.6 | 1,179.3 | 86.4 | 91.1 | |||||||||
Income from equity investees | 3.1 | 3.7 | 0.3 | 0.3 | |||||||||
Operating income | $ | 168.2 | $ | 119.2 | 13.8 | % | 9.2 | % | |||||
Store operating expenses as a % of related revenues | 33.9 | % | 36.1 | % |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 27, 2015 | Sep 28, 2014 | |||||||||
As a % of Channel Development Total Net Revenues | |||||||||||||
Net revenues: | |||||||||||||
CPG | $ | 1,329.0 | $ | 1,178.8 | 76.8 | % | 76.2 | % | |||||
Foodservice | 401.9 | 367.2 | 23.2 | 23.8 | |||||||||
Total net revenues | 1,730.9 | 1,546.0 | 100.0 | 100.0 | |||||||||
Cost of sales | 974.8 | 882.4 | 56.3 | 57.1 | |||||||||
Other operating expenses | 210.5 | 187.0 | 12.2 | 12.1 | |||||||||
Depreciation and amortization expenses | 2.7 | 1.8 | 0.2 | 0.1 | |||||||||
General and administrative expenses | 16.2 | 18.2 | 0.9 | 1.2 | |||||||||
Total operating expenses | 1,204.2 | 1,089.4 | 69.6 | 70.5 | |||||||||
Income from equity investees | 127.2 | 100.6 | 7.3 | 6.5 | |||||||||
Operating income | $ | 653.9 | $ | 557.2 | 37.8 | % | 36.0 | % |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | % Change | Sep 27, 2015 | Sep 28, 2014 | % Change | ||||||||||||||
Net revenues: | ||||||||||||||||||||
Company-operated stores | $ | 233.2 | $ | 238.2 | (2.1 | )% | $ | 233.2 | $ | 238.2 | (2.1 | )% | ||||||||
Licensed stores | 5.9 | 5.1 | 15.7 | 5.9 | 5.1 | 15.7 | % | |||||||||||||
CPG, foodservice and other | 286.7 | 253.6 | 13.1 | 286.7 | 253.6 | 13.1 | ||||||||||||||
Total net revenues | 525.8 | 496.9 | 5.8 | 525.8 | 496.9 | 5.8 | ||||||||||||||
Cost of sales including occupancy costs | 316.5 | 287.2 | 10.2 | 316.5 | 287.2 | 10.2 | ||||||||||||||
Store operating expenses | 104.7 | 104.5 | 0.2 | 104.7 | 104.5 | 0.2 | ||||||||||||||
Other operating expenses | 76.5 | 74.6 | 2.5 | 76.5 | 74.6 | 2.5 | ||||||||||||||
Depreciation and amortization expenses | 16.3 | 15.2 | 7.2 | 16.3 | 15.2 | 7.2 | ||||||||||||||
General and administrative expenses | 36.6 | 42.2 | (13.3 | ) | 36.6 | 42.2 | (13.3 | ) | ||||||||||||
Total operating expenses | 550.6 | 523.7 | 5.1 | 550.6 | 523.7 | 5.1 | ||||||||||||||
Operating loss | $ | (24.8 | ) | $ | (26.8 | ) | (7.5 | )% | $ | (24.8 | ) | $ | (26.8 | ) | (7.5 | )% |
Fiscal Year Ended | Sep 28, 2014 | Sep 29, 2013 | % Change | |||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 12,977.9 | $ | 11,793.2 | 10.0 | % | ||||
Licensed stores | 1,588.6 | 1,360.5 | 16.8 | |||||||
CPG, foodservice and other | 1,881.3 | 1,713.1 | 9.8 | |||||||
Total net revenues | $ | 16,447.8 | $ | 14,866.8 | 10.6 | % |
Fiscal Year Ended | Sep 28, 2014 | Sep 29, 2013 | Sep 28, 2014 | Sep 29, 2013 | |||||||||
% of Total Net Revenues | |||||||||||||
Cost of sales including occupancy costs | $ | 6,858.8 | $ | 6,382.3 | 41.7 | % | 42.9 | % | |||||
Store operating expenses | 4,638.2 | 4,286.1 | 28.2 | 28.8 | |||||||||
Other operating expenses | 457.3 | 431.8 | 2.8 | 2.9 | |||||||||
Depreciation and amortization expenses | 709.6 | 621.4 | 4.3 | 4.2 | |||||||||
General and administrative expenses | 991.3 | 937.9 | 6.0 | 6.3 | |||||||||
Litigation charge/(credit) | (20.2 | ) | 2,784.1 | (0.1 | ) | 18.7 | |||||||
Total operating expenses | 13,635.0 | 15,443.6 | 82.9 | 103.9 | |||||||||
Income from equity investees | 268.3 | 251.4 | 1.6 | 1.7 | |||||||||
Operating income/(loss) | $ | 3,081.1 | $ | (325.4 | ) | 18.7 | % | (2.2 | )% | ||||
Store operating expenses as a percentage of company-operated store revenues | 35.7 | % | 36.3 | % |
Fiscal Year Ended | Sep 28, 2014 | Sep 29, 2013 | Sep 28, 2014 | Sep 29, 2013 | |||||||||
% of Total Net Revenues | |||||||||||||
Operating income/(loss) | $ | 3,081.1 | $ | (325.4 | ) | 18.7 | % | (2.2 | )% | ||||
Interest income and other, net | 142.7 | 123.6 | 0.9 | 0.8 | |||||||||
Interest expense | (64.1 | ) | (28.1 | ) | (0.4 | ) | (0.2 | ) | |||||
Earnings/(loss) before income taxes | 3,159.7 | (229.9 | ) | 19.2 | (1.5 | ) | |||||||
Income taxes | 1,092.0 | (238.7 | ) | 6.6 | (1.6 | ) | |||||||
Net earnings including noncontrolling interests | 2,067.7 | 8.8 | 12.6 | 0.1 | |||||||||
Net earnings/(loss) attributable to noncontrolling interests | (0.4 | ) | 0.5 | — | — | ||||||||
Net earnings attributable to Starbucks | $ | 2,068.1 | $ | 8.3 | 12.6 | % | 0.1 | % | |||||
Effective tax rate including noncontrolling interests | 34.6 | % | 103.8 | % |
Fiscal Year Ended | Sep 28, 2014 | Sep 29, 2013 | Sep 28, 2014 | Sep 29, 2013 | |||||||||
As a % of Americas Total Net Revenues | |||||||||||||
Net revenues: | |||||||||||||
Company-operated stores | $ | 10,866.5 | $ | 10,038.3 | 90.7 | % | 91.3 | % | |||||
Licensed stores | 1,074.9 | 915.4 | 9.0 | 8.3 | |||||||||
Foodservice and other | 39.1 | 47.1 | 0.3 | 0.4 | |||||||||
Total net revenues | 11,980.5 | 11,000.8 | 100.0 | 100.0 | |||||||||
Cost of sales including occupancy costs | 4,487.0 | 4,214.9 | 37.5 | 38.3 | |||||||||
Store operating expenses | 3,946.8 | 3,710.2 | 32.9 | 33.7 | |||||||||
Other operating expenses | 100.4 | 96.9 | 0.8 | 0.9 | |||||||||
Depreciation and amortization expenses | 469.5 | 429.3 | 3.9 | 3.9 | |||||||||
General and administrative expenses | 167.8 | 186.7 | 1.4 | 1.7 | |||||||||
Total operating expenses | 9,171.5 | 8,638.0 | 76.6 | 78.5 | |||||||||
Income from equity investees | — | 2.4 | — | — | |||||||||
Operating income | $ | 2,809.0 | $ | 2,365.2 | 23.4 | % | 21.5 | % | |||||
Store operating expenses as a percentage of company-operated store revenues | 36.3 | % | 37.0 | % |
Fiscal Year Ended | Sep 28, 2014 | Sep 29, 2013 | Sep 28, 2014 | Sep 29, 2013 | |||||||||
As a % of CAP Total Net Revenues | |||||||||||||
Net revenues: | |||||||||||||
Company-operated stores | $ | 859.4 | $ | 671.7 | 76.1 | % | 73.2 | % | |||||
Licensed stores | 270.2 | 245.3 | 23.9 | 26.8 | |||||||||
Total net revenues | 1,129.6 | 917.0 | 100.0 | 100.0 | |||||||||
Cost of sales including occupancy costs | 547.4 | 449.5 | 48.5 | 49.0 | |||||||||
Store operating expenses | 221.1 | 170.0 | 19.6 | 18.5 | |||||||||
Other operating expenses | 48.0 | 46.1 | 4.2 | 5.0 | |||||||||
Depreciation and amortization expenses | 46.1 | 33.8 | 4.1 | 3.7 | |||||||||
General and administrative expenses | 58.5 | 48.4 | 5.2 | 5.3 | |||||||||
Total operating expenses | 921.1 | 747.8 | 81.5 | 81.5 | |||||||||
Income from equity investees | 164.0 | 152.0 | 14.5 | 16.6 | |||||||||
Operating income | $ | 372.5 | $ | 321.2 | 33.0 | % | 35.0 | % | |||||
Store operating expenses as a percentage of company-operated store revenues | 25.7 | % | 25.3 | % |
Fiscal Year Ended | Sep 28, 2014 | Sep 29, 2013 | Sep 28, 2014 | Sep 29, 2013 | |||||||||
As a % of EMEA Total Net Revenues | |||||||||||||
Net revenues: | |||||||||||||
Company-operated stores | $ | 1,013.8 | $ | 932.8 | 78.3 | % | 80.4 | % | |||||
Licensed stores | 238.4 | 190.3 | 18.4 | 16.4 | |||||||||
Foodservice | 42.6 | 36.9 | 3.3 | 3.2 | |||||||||
Total net revenues | 1,294.8 | 1,160.0 | 100.0 | 100.0 | |||||||||
Cost of sales including occupancy costs | 646.8 | 590.9 | 50.0 | 50.9 | |||||||||
Store operating expenses | 365.8 | 339.4 | 28.3 | 29.3 | |||||||||
Other operating expenses | 48.2 | 38.5 | 3.7 | 3.3 | |||||||||
Depreciation and amortization expenses | 59.4 | 55.5 | 4.6 | 4.8 | |||||||||
General and administrative expenses | 59.1 | 71.9 | 4.6 | 6.2 | |||||||||
Total operating expenses | 1,179.3 | 1,096.2 | 91.1 | 94.5 | |||||||||
Income from equity investees | 3.7 | 0.4 | 0.3 | — | |||||||||
Operating income | $ | 119.2 | $ | 64.2 | 9.2 | % | 5.5 | % | |||||
Store operating expenses as a percentage of company-operated store revenues | 36.1 | % | 36.4 | % |
Fiscal Year Ended | Sep 28, 2014 | Sep 29, 2013 | Sep 28, 2014 | Sep 29, 2013 | |||||||||
As a % of Channel Development Total Net Revenues | |||||||||||||
Net revenues: | |||||||||||||
CPG | $ | 1,178.8 | $ | 1,056.0 | 76.2 | % | 75.5 | % | |||||
Foodservice | 367.2 | 342.9 | 23.8 | 24.5 | |||||||||
Total net revenues | 1,546.0 | 1,398.9 | 100.0 | 100.0 | |||||||||
Cost of sales | 882.4 | 878.4 | 57.1 | 62.8 | |||||||||
Other operating expenses | 187.0 | 179.4 | 12.1 | 12.8 | |||||||||
Depreciation and amortization expenses | 1.8 | 1.1 | 0.1 | 0.1 | |||||||||
General and administrative expenses | 18.2 | 21.1 | 1.2 | 1.5 | |||||||||
Total operating expenses | 1,089.4 | 1,080.0 | 70.5 | 77.2 | |||||||||
Income from equity investees | 100.6 | 96.6 | 6.5 | 6.9 | |||||||||
Operating income | $ | 557.2 | $ | 415.5 | 36.0 | % | 29.7 | % |
Fiscal Year Ended | Sep 28, 2014 | Sep 29, 2013 | % Change | |||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 238.2 | $ | 150.4 | 58.4 | % | ||||
Licensed stores | 5.1 | 9.5 | (46.3 | )% | ||||||
CPG, foodservice and other | 253.6 | 230.2 | 10.2 | |||||||
Total net revenues | 496.9 | 390.1 | 27.4 | |||||||
Cost of sales | 287.2 | 239.8 | 19.8 | |||||||
Store operating expenses | 104.5 | 66.5 | 57.1 | |||||||
Other operating expenses | 74.6 | 71.7 | 4.0 | |||||||
Depreciation and amortization expenses | 15.2 | 11.7 | 29.9 | |||||||
General and administrative expenses | 42.2 | 34.9 | 20.9 | |||||||
Total operating expenses | 523.7 | 424.6 | 23.3 | |||||||
Operating loss | $ | (26.8 | ) | $ | (34.5 | ) | (22.3 | )% |
Payments Due by Period | Payments Due by Period | |||||||||||||||||||||||||||||||||||||
Contractual Obligations (1) | Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | ||||||||||||||||||||||||||||
Operating lease obligations(2) | $ | 5,669.5 | $ | 1,032.4 | $ | 1,632.3 | $ | 1,172.9 | $ | 1,831.9 | $ | 7,285.0 | $ | 1,125.1 | $ | 1,902.6 | $ | 1,561.8 | $ | 2,695.5 | ||||||||||||||||||
Financing lease obligations | 47.1 | 3.2 | 6.4 | 6.4 | 31.1 | 62.0 | 4.3 | 8.6 | 8.4 | 40.7 | ||||||||||||||||||||||||||||
Debt obligations | ||||||||||||||||||||||||||||||||||||||
Principal payments | 2,350.0 | — | 400.0 | 350.0 | 1,600.0 | 3,600.0 | 400.0 | 350.0 | 750.0 | 2,100.0 | ||||||||||||||||||||||||||||
Interest payments | 821.2 | 67.9 | 130.6 | 118.4 | 504.3 | 932.2 | 94.2 | 181.3 | 163.0 | 493.7 | ||||||||||||||||||||||||||||
Purchase obligations | 1,257.1 | 884.0 | 284.7 | 76.0 | 12.4 | 1,223.1 | 786.4 | 371.5 | 57.5 | 7.7 | ||||||||||||||||||||||||||||
Other obligations | 122.7 | 19.2 | 28.3 | 13.0 | 62.2 | 182.7 | 18.2 | 35.7 | 16.5 | 112.3 | ||||||||||||||||||||||||||||
Total | $ | 10,267.6 | $ | 2,006.7 | $ | 2,482.3 | $ | 1,736.7 | $ | 4,041.9 | $ | 13,285.0 | $ | 2,428.2 | $ | 2,849.7 | $ | 2,557.2 | $ | 5,449.9 |
(1) | Income tax liabilities for uncertain tax positions were excluded as we are not able to make a reasonably reliable estimate of the amount and period of related future payments. As of |
(2) | Amounts include direct lease obligations, excluding any taxes, insurance and other related expenses. |
(3) |
Purchase obligations include agreements to purchase goods or services that are enforceable and legally binding on Starbucks and that specify all significant terms. Green coffee purchase commitments comprise |
Other obligations include other long-term liabilities primarily consisting of asset retirement obligations and hedging instruments. |
Increase/(Decrease) to Net Earnings | Increase/(Decrease) to OCI | ||||||||||||||
10% Increase in Underlying Rate | 10% Decrease in Underlying Rate | 10% Increase in Underlying Rate | 10% Decrease in Underlying Rate | ||||||||||||
Commodity hedges | $ | 6 | $ | (6 | ) | $ | 4 | $ | (4 | ) |
Increase/(Decrease) to Net Earnings | Increase/(Decrease) to OCI | ||||||||||||||
10% Increase in Underlying Rate | 10% Decrease in Underlying Rate | 10% Increase in Underlying Rate | 10% Decrease in Underlying Rate | ||||||||||||
Commodity hedges | $ | 12 | $ | (12 | ) | $ | 1 | $ | (1 | ) |
Increase/(Decrease) to Net Earnings | Increase/(Decrease) to OCI | ||||||||||||||
10% Increase in Underlying Rate | 10% Decrease in Underlying Rate | 10% Increase in Underlying Rate | 10% Decrease in Underlying Rate | ||||||||||||
Foreign currency hedges | $ | 10 | $ | (10 | ) | $ | 120 | $ | (120 | ) |
Increase/(Decrease) to Net Earnings | Increase/(Decrease) to OCI | ||||||||||||||
10% Increase in Underlying Rate | 10% Decrease in Underlying Rate | 10% Increase in Underlying Rate | 10% Decrease in Underlying Rate | ||||||||||||
Foreign currency hedges | $ | 9 | $ | (9 | ) | $ | 126 | $ | (126 | ) |
Change in Fair Value | Change in Fair Value | |||||||||||||||||||||||||||
Stated Interest Rate | Fair Value | 100 Basis Point Increase in Underlying Rate | 100 Basis Point Decrease in Underlying Rate | Stated Interest Rate | Fair Value | 100 Basis Point Increase in Underlying Rate | 100 Basis Point Decrease in Underlying Rate | |||||||||||||||||||||
2016 notes | 0.875 | % | $ | 400 | $ | (5 | ) | $ | 5 | 0.875 | % | $ | 400 | $ | — | $ | — | |||||||||||
2018 notes | 2.000 | % | $ | 354 | $ | (11 | ) | $ | 11 | 2.000 | % | $ | 357 | $ | (7 | ) | $ | 7 | ||||||||||
2021 notes | 2.100 | % | $ | 766 | $ | (31 | ) | $ | 31 | |||||||||||||||||||
2022 notes | 2.700 | % | $ | 503 | $ | (31 | ) | $ | 31 | 2.700 | % | $ | 526 | $ | (27 | ) | $ | 27 | ||||||||||
2023 notes | 3.850 | % | $ | 790 | $ | (54 | ) | $ | 54 | 3.850 | % | $ | 839 | $ | (51 | ) | $ | 51 | ||||||||||
2026 notes | 2.450 | % | $ | 509 | $ | (43 | ) | $ | 43 | |||||||||||||||||||
2045 notes | 4.300 | % | $ | 355 | $ | (61 | ) | $ | 61 | 4.300 | % | $ | 417 | $ | (70 | ) | $ | 70 |
Item 8. | Financial Statements and Supplementary Data |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||||||||
Net revenues: | ||||||||||||||||||||||
Company-operated stores | $ | 15,197.3 | $ | 12,977.9 | $ | 11,793.2 | $ | 16,844.1 | $ | 15,197.3 | $ | 12,977.9 | ||||||||||
Licensed stores | 1,861.9 | 1,588.6 | 1,360.5 | 2,154.2 | 1,861.9 | 1,588.6 | ||||||||||||||||
CPG, foodservice and other | 2,103.5 | 1,881.3 | 1,713.1 | 2,317.6 | 2,103.5 | 1,881.3 | ||||||||||||||||
Total net revenues | 19,162.7 | 16,447.8 | 14,866.8 | 21,315.9 | 19,162.7 | 16,447.8 | ||||||||||||||||
Cost of sales including occupancy costs | 7,787.5 | 6,858.8 | 6,382.3 | 8,511.1 | 7,787.5 | 6,858.8 | ||||||||||||||||
Store operating expenses | 5,411.1 | 4,638.2 | 4,286.1 | 6,064.3 | 5,411.1 | 4,638.2 | ||||||||||||||||
Other operating expenses | 522.4 | 457.3 | 431.8 | 545.4 | 522.4 | 457.3 | ||||||||||||||||
Depreciation and amortization expenses | 893.9 | 709.6 | 621.4 | 980.8 | 893.9 | 709.6 | ||||||||||||||||
General and administrative expenses | 1,196.7 | 991.3 | 937.9 | 1,360.6 | 1,196.7 | 991.3 | ||||||||||||||||
Litigation charge/(credit) | — | (20.2 | ) | 2,784.1 | ||||||||||||||||||
Litigation credit | — | — | (20.2 | ) | ||||||||||||||||||
Total operating expenses | 15,811.6 | 13,635.0 | 15,443.6 | 17,462.2 | 15,811.6 | 13,635.0 | ||||||||||||||||
Income from equity investees | 249.9 | 268.3 | 251.4 | 318.2 | 249.9 | 268.3 | ||||||||||||||||
Operating income/(loss) | 3,601.0 | 3,081.1 | (325.4 | ) | ||||||||||||||||||
Operating income | 4,171.9 | 3,601.0 | 3,081.1 | |||||||||||||||||||
Gain resulting from acquisition of joint venture | 390.6 | — | — | — | 390.6 | — | ||||||||||||||||
Loss on extinguishment of debt | (61.1 | ) | — | — | — | (61.1 | ) | — | ||||||||||||||
Interest income and other, net | 43.0 | 142.7 | 123.6 | 108.0 | 43.0 | 142.7 | ||||||||||||||||
Interest expense | (70.5 | ) | (64.1 | ) | (28.1 | ) | (81.3 | ) | (70.5 | ) | (64.1 | ) | ||||||||||
Earnings/(loss) before income taxes | 3,903.0 | 3,159.7 | (229.9 | ) | ||||||||||||||||||
Income tax expense/(benefit) | 1,143.7 | 1,092.0 | (238.7 | ) | ||||||||||||||||||
Earnings before income taxes | 4,198.6 | 3,903.0 | 3,159.7 | |||||||||||||||||||
Income tax expense | 1,379.7 | 1,143.7 | 1,092.0 | |||||||||||||||||||
Net earnings including noncontrolling interests | 2,759.3 | 2,067.7 | 8.8 | 2,818.9 | 2,759.3 | 2,067.7 | ||||||||||||||||
Net earnings/(loss) attributable to noncontrolling interests | 1.9 | (0.4 | ) | 0.5 | 1.2 | 1.9 | (0.4 | ) | ||||||||||||||
Net earnings attributable to Starbucks | $ | 2,757.4 | $ | 2,068.1 | $ | 8.3 | $ | 2,817.7 | $ | 2,757.4 | $ | 2,068.1 | ||||||||||
Earnings per share — basic | $ | 1.84 | $ | 1.37 | $ | 0.01 | $ | 1.91 | $ | 1.84 | $ | 1.37 | ||||||||||
Earnings per share — diluted | $ | 1.82 | $ | 1.35 | $ | 0.01 | $ | 1.90 | $ | 1.82 | $ | 1.35 | ||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||
Basic | 1,495.9 | 1,506.3 | 1,498.5 | 1,471.6 | 1,495.9 | 1,506.3 | ||||||||||||||||
Diluted | 1,513.4 | 1,526.3 | 1,524.5 | 1,486.7 | 1,513.4 | 1,526.3 |
Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | |||||||||||||||||
Net earnings including noncontrolling interests | $ | 2,759.3 | $ | 2,067.7 | $ | 8.8 | $ | 2,818.9 | $ | 2,759.3 | $ | 2,067.7 | ||||||||||
Other comprehensive income/(loss), net of tax: | ||||||||||||||||||||||
Unrealized holding gains/(losses) on available-for-sale securities | 1.4 | 1.6 | (0.6 | ) | 3.5 | 1.4 | 1.6 | |||||||||||||||
Tax (expense)/benefit | (0.5 | ) | (0.6 | ) | 0.2 | (1.3 | ) | (0.5 | ) | (0.6 | ) | |||||||||||
Unrealized gains/(losses) on cash flow hedging instruments | 47.6 | 24.1 | 47.1 | (109.6 | ) | 47.6 | 24.1 | |||||||||||||||
Tax (expense)/benefit | (16.8 | ) | (7.8 | ) | (24.6 | ) | 27.5 | (16.8 | ) | (7.8 | ) | |||||||||||
Unrealized gains/(losses) on net investment hedging instruments | 4.3 | 25.5 | 32.8 | — | 4.3 | 25.5 | ||||||||||||||||
Tax (expense)/benefit | (1.6 | ) | (9.4 | ) | (12.1 | ) | — | (1.6 | ) | (9.4 | ) | |||||||||||
Translation adjustment | (222.7 | ) | (75.8 | ) | (41.6 | ) | ||||||||||||||||
Translation adjustment and other | 85.5 | (222.7 | ) | (75.8 | ) | |||||||||||||||||
Tax (expense)/benefit | 6.0 | (1.6 | ) | 0.3 | 19.0 | 6.0 | (1.6 | ) | ||||||||||||||
Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale securities, hedging instruments, and translation adjustment | (65.9 | ) | (1.5 | ) | 46.3 | 78.2 | (65.9 | ) | (1.5 | ) | ||||||||||||
Tax expense/(benefit) | 23.5 | 3.8 | (3.5 | ) | (11.8 | ) | 23.5 | 3.8 | ||||||||||||||
Other comprehensive income/(loss) | (224.7 | ) | (41.7 | ) | 44.3 | 91.0 | (224.7 | ) | (41.7 | ) | ||||||||||||
Comprehensive income including noncontrolling interests | 2,534.6 | 2,026.0 | 53.1 | 2,909.9 | 2,534.6 | 2,026.0 | ||||||||||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | (29.2 | ) | (0.4 | ) | 0.5 | 1.2 | (29.2 | ) | (0.4 | ) | ||||||||||||
Comprehensive income attributable to Starbucks | $ | 2,563.8 | $ | 2,026.4 | $ | 52.6 | $ | 2,908.7 | $ | 2,563.8 | $ | 2,026.4 |
Sep 27, 2015 | Sep 28, 2014 | Oct 2, 2016 | Sep 27, 2015 | |||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 1,530.1 | $ | 1,708.4 | $ | 2,128.8 | $ | 1,530.1 | ||||||
Short-term investments | 81.3 | 135.4 | 134.4 | 81.3 | ||||||||||
Accounts receivable, net | 719.0 | 631.0 | 768.8 | 719.0 | ||||||||||
Inventories | 1,306.4 | 1,090.9 | 1,378.5 | 1,306.4 | ||||||||||
Prepaid expenses and other current assets | 334.2 | 285.6 | 350.0 | 334.2 | ||||||||||
Deferred income taxes, net | 381.7 | 317.4 | ||||||||||||
Total current assets | 4,352.7 | 4,168.7 | 4,760.5 | 3,971.0 | ||||||||||
Long-term investments | 312.5 | 318.4 | 1,141.7 | 312.5 | ||||||||||
Equity and cost investments | 352.0 | 514.9 | 354.5 | 352.0 | ||||||||||
Property, plant and equipment, net | 4,088.3 | 3,519.0 | 4,533.8 | 4,088.3 | ||||||||||
Deferred income taxes, net | 828.9 | 903.3 | 885.4 | 1,180.8 | ||||||||||
Other long-term assets | 415.9 | 198.9 | 417.7 | 415.9 | ||||||||||
Other intangible assets | 520.4 | 273.5 | 516.3 | 520.4 | ||||||||||
Goodwill | 1,575.4 | 856.2 | 1,719.6 | 1,575.4 | ||||||||||
TOTAL ASSETS | $ | 12,446.1 | $ | 10,752.9 | $ | 14,329.5 | $ | 12,416.3 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 684.2 | $ | 533.7 | $ | 730.6 | $ | 684.2 | ||||||
Accrued liabilities | 1,760.7 | 1,514.4 | 1,999.1 | 1,755.3 | ||||||||||
Insurance reserves | 224.8 | 196.1 | 246.0 | 224.8 | ||||||||||
Stored value card liability | 983.8 | 794.5 | 1,171.2 | 983.8 | ||||||||||
Current portion of long-term debt | 400.0 | — | ||||||||||||
Total current liabilities | 3,653.5 | 3,038.7 | 4,546.9 | 3,648.1 | ||||||||||
Long-term debt | 2,347.5 | 2,048.3 | 3,202.2 | 2,347.5 | ||||||||||
Other long-term liabilities | 625.3 | 392.2 | 689.7 | 600.9 | ||||||||||
Total liabilities | 6,626.3 | 5,479.2 | 8,438.8 | 6,596.5 | ||||||||||
Shareholders’ equity: | ||||||||||||||
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,485.1 and 1,499.1 shares, respectively | 1.5 | 0.7 | ||||||||||||
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,460.5 and 1,485.1 shares, respectively | 1.5 | 1.5 | ||||||||||||
Additional paid-in capital | 41.1 | 39.4 | 41.1 | 41.1 | ||||||||||
Retained earnings | 5,974.8 | 5,206.6 | 5,949.8 | 5,974.8 | ||||||||||
Accumulated other comprehensive income/(loss) | (199.4 | ) | 25.3 | |||||||||||
Accumulated other comprehensive loss | (108.4 | ) | (199.4 | ) | ||||||||||
Total shareholders’ equity | 5,818.0 | 5,272.0 | 5,884.0 | 5,818.0 | ||||||||||
Noncontrolling interest | 1.8 | 1.7 | ||||||||||||
Noncontrolling interests | 6.7 | 1.8 | ||||||||||||
Total equity | 5,819.8 | 5,273.7 | 5,890.7 | 5,819.8 | ||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 12,446.1 | $ | 10,752.9 | $ | 14,329.5 | $ | 12,416.3 |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||
Net earnings including noncontrolling interests | $ | 2,759.3 | $ | 2,067.7 | $ | 8.8 | $ | 2,818.9 | $ | 2,759.3 | $ | 2,067.7 | ||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||||||||||||
Depreciation and amortization | 933.8 | 748.4 | 655.6 | 1,030.1 | 933.8 | 748.4 | ||||||||||||||||
Litigation charge | — | — | 2,784.1 | |||||||||||||||||||
Deferred income taxes, net | 21.2 | 10.2 | (1,045.9 | ) | 265.7 | 21.2 | 10.2 | |||||||||||||||
Income earned from equity method investees | (190.2 | ) | (182.7 | ) | (171.8 | ) | (250.2 | ) | (190.2 | ) | (182.7 | ) | ||||||||||
Distributions received from equity method investees | 148.2 | 139.2 | 115.6 | 223.3 | 148.2 | 139.2 | ||||||||||||||||
Gain resulting from acquisition/sale of equity in joint ventures and certain retail operations | (394.3 | ) | (70.2 | ) | (80.1 | ) | (6.1 | ) | (394.3 | ) | (70.2 | ) | ||||||||||
Loss on extinguishment of debt | 61.1 | — | — | — | 61.1 | — | ||||||||||||||||
Stock-based compensation | 209.8 | 183.2 | 142.3 | 218.1 | 209.8 | 183.2 | ||||||||||||||||
Excess tax benefit on share-based awards | (132.4 | ) | (114.4 | ) | (258.1 | ) | (122.8 | ) | (132.4 | ) | (114.4 | ) | ||||||||||
Other | 53.8 | 36.2 | 23.0 | 45.1 | 53.8 | 36.2 | ||||||||||||||||
Cash provided/(used) by changes in operating assets and liabilities: | ||||||||||||||||||||||
Cash provided by changes in operating assets and liabilities: | ||||||||||||||||||||||
Accounts receivable | (82.8 | ) | (79.7 | ) | (68.3 | ) | (55.6 | ) | (82.8 | ) | (79.7 | ) | ||||||||||
Inventories | (207.9 | ) | 14.3 | 152.5 | (67.5 | ) | (207.9 | ) | 14.3 | |||||||||||||
Accounts payable | 137.7 | 60.4 | 88.7 | 46.9 | 137.7 | 60.4 | ||||||||||||||||
Accrued litigation charge | — | (2,763.9 | ) | — | — | — | (2,763.9 | ) | ||||||||||||||
Income taxes payable, net | 87.6 | 309.8 | 298.4 | |||||||||||||||||||
Accrued liabilities and insurance reserves | 124.4 | 103.9 | 47.3 | |||||||||||||||||||
Stored value card liability | 170.3 | 140.8 | 139.9 | 180.4 | 170.3 | 140.8 | ||||||||||||||||
Prepaid expenses, other current assets and other long-term assets | 49.5 | 4.6 | 76.3 | |||||||||||||||||||
Other operating assets and liabilities | 248.8 | 261.5 | 418.3 | |||||||||||||||||||
Net cash provided by operating activities | 3,749.1 | 607.8 | 2,908.3 | 4,575.1 | 3,749.1 | 607.8 | ||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||
Purchases of investments | (567.4 | ) | (1,652.5 | ) | (785.9 | ) | (1,585.7 | ) | (567.4 | ) | (1,652.5 | ) | ||||||||||
Sales of investments | 600.6 | 1,454.8 | 60.2 | 680.7 | 600.6 | 1,454.8 | ||||||||||||||||
Maturities and calls of investments | 18.8 | 456.1 | 980.0 | 27.9 | 18.8 | 456.1 | ||||||||||||||||
Acquisitions, net of cash acquired | (284.3 | ) | — | (610.4 | ) | — | (284.3 | ) | — | |||||||||||||
Additions to property, plant and equipment | (1,303.7 | ) | (1,160.9 | ) | (1,151.2 | ) | (1,440.3 | ) | (1,303.7 | ) | (1,160.9 | ) | ||||||||||
Proceeds from sale of equity in joint ventures and certain retail operations | 8.9 | 103.9 | 108.0 | |||||||||||||||||||
Net proceeds from sale of equity in joint ventures and certain retail operations | 69.6 | 8.9 | 103.9 | |||||||||||||||||||
Other | 6.8 | (19.1 | ) | (11.9 | ) | 24.9 | 6.8 | (19.1 | ) | |||||||||||||
Net cash used by investing activities | (1,520.3 | ) | (817.7 | ) | (1,411.2 | ) | (2,222.9 | ) | (1,520.3 | ) | (817.7 | ) | ||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||
Proceeds from issuance of long-term debt | 848.5 | 748.5 | 749.7 | 1,254.5 | 848.5 | 748.5 | ||||||||||||||||
Repayments of long-term debt | (610.1 | ) | — | (35.2 | ) | — | (610.1 | ) | — | |||||||||||||
Cash used for purchase of non-controlling interest | (360.8 | ) | — | — | — | (360.8 | ) | — | ||||||||||||||
Proceeds from issuance of common stock | 191.8 | 139.7 | 247.2 | 160.7 | 191.8 | 139.7 | ||||||||||||||||
Excess tax benefit on share-based awards | 132.4 | 114.4 | 258.1 | 122.8 | 132.4 | 114.4 | ||||||||||||||||
Cash dividends paid | (928.6 | ) | (783.1 | ) | (628.9 | ) | (1,178.0 | ) | (928.6 | ) | (783.1 | ) | ||||||||||
Repurchase of common stock | (1,436.1 | ) | (758.6 | ) | (588.1 | ) | (1,995.6 | ) | (1,436.1 | ) | (758.6 | ) | ||||||||||
Minimum tax withholdings on share-based awards | (75.5 | ) | (77.3 | ) | (121.4 | ) | (106.0 | ) | (75.5 | ) | (77.3 | ) | ||||||||||
Other | (18.1 | ) | (6.9 | ) | 10.4 | (8.4 | ) | (18.1 | ) | (6.9 | ) | |||||||||||
Net cash used by financing activities | (2,256.5 | ) | (623.3 | ) | (108.2 | ) | (1,750.0 | ) | (2,256.5 | ) | (623.3 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | (150.6 | ) | (34.1 | ) | (1.8 | ) | (3.5 | ) | (150.6 | ) | (34.1 | ) | ||||||||||
Net (decrease)/increase in cash and cash equivalents | (178.3 | ) | (867.3 | ) | 1,387.1 | |||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | 598.7 | (178.3 | ) | (867.3 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS: | ||||||||||||||||||||||
Beginning of period | 1,708.4 | 2,575.7 | 1,188.6 | 1,530.1 | 1,708.4 | 2,575.7 | ||||||||||||||||
End of period | $ | 1,530.1 | $ | 1,708.4 | $ | 2,575.7 | $ | 2,128.8 | $ | 1,530.1 | $ | 1,708.4 | ||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||||||||||||
Cash paid during the period for: | ||||||||||||||||||||||
Interest, net of capitalized interest | $ | 69.5 | $ | 56.2 | $ | 34.4 | $ | 74.7 | $ | 69.5 | $ | 56.2 | ||||||||||
Income taxes, net of refunds | $ | 1,072.2 | $ | 766.3 | $ | 539.1 | $ | 878.7 | $ | 1,072.2 | $ | 766.3 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Shareholders’ Equity | Noncontrolling Interest | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Shareholders’ Equity | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2012 | 749.3 | $ | 0.7 | $ | 39.4 | $ | 5,046.2 | $ | 22.7 | $ | 5,109.0 | $ | 5.5 | $ | 5,114.5 | |||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | 8.3 | — | 8.3 | 0.5 | 8.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | 44.3 | 44.3 | — | 44.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 144.1 | — | — | 144.1 | — | 144.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options/vesting of RSUs, including tax benefit of $259.9 | 14.4 | 0.1 | 366.7 | — | — | 366.8 | — | 366.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, including tax benefit of $0.2 | 0.3 | — | 20.4 | — | — | 20.4 | — | 20.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (10.8 | ) | — | (288.5 | ) | (255.6 | ) | — | (544.1 | ) | — | (544.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.445 per share | — | — | — | (668.6 | ) | — | (668.6 | ) | — | (668.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest resulting from divestiture | — | — | — | — | — | — | (3.9 | ) | (3.9 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 29, 2013 | 753.2 | $ | 0.8 | $ | 282.1 | $ | 4,130.3 | $ | 67.0 | $ | 4,480.2 | $ | 2.1 | $ | 4,482.3 | 753.2 | $ | 0.8 | $ | 282.1 | $ | 4,130.3 | $ | 67.0 | $ | 4,480.2 | $ | 2.1 | $ | 4,482.3 | ||||||||||||||||||||||||||||||
Net earnings | — | — | — | 2,068.1 | — | 2,068.1 | (0.4 | ) | 2,067.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings/(loss) | — | — | — | 2,068.1 | — | 2,068.1 | (0.4 | ) | 2,067.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | (41.7 | ) | (41.7 | ) | — | (41.7 | ) | (41.7 | ) | (41.7 | ) | — | (41.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 185.1 | — | — | 185.1 | — | 185.1 | — | — | 185.1 | — | — | 185.1 | — | 185.1 | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options/vesting of RSUs, including tax benefit of $114.8 | 6.5 | — | 154.8 | — | — | 154.8 | — | 154.8 | 6.5 | — | 154.8 | — | — | 154.8 | — | 154.8 | ||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, including tax benefit of $0.2 | 0.3 | — | 22.3 | — | — | 22.3 | — | 22.3 | 0.3 | — | 22.3 | — | — | 22.3 | — | 22.3 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (10.5 | ) | (0.1 | ) | (604.9 | ) | (164.8 | ) | — | (769.8 | ) | — | (769.8 | ) | (10.5 | ) | (0.1 | ) | (604.9 | ) | (164.8 | ) | — | (769.8 | ) | — | (769.8 | ) | ||||||||||||||||||||||||||||||||
Cash dividends declared, $0.550 per share | — | — | — | (827.0 | ) | — | (827.0 | ) | — | (827.0 | ) | — | — | — | (827.0 | ) | — | (827.0 | ) | — | (827.0 | ) | ||||||||||||||||||||||||||||||||||||||
Balance, September 28, 2014 | 749.5 | $ | 0.7 | $ | 39.4 | $ | 5,206.6 | $ | 25.3 | $ | 5,272.0 | $ | 1.7 | $ | 5,273.7 | 749.5 | $ | 0.7 | $ | 39.4 | $ | 5,206.6 | $ | 25.3 | $ | 5,272.0 | $ | 1.7 | $ | 5,273.7 | ||||||||||||||||||||||||||||||
Net earnings | — | — | — | 2,757.4 | — | 2,757.4 | 1.9 | 2,759.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings/(loss) | — | — | — | 2,757.4 | — | 2,757.4 | 1.9 | 2,759.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | (193.6 | ) | (193.6 | ) | (31.1 | ) | (224.7 | ) | (193.6 | ) | (193.6 | ) | (31.1 | ) | (224.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 211.7 | — | — | 211.7 | — | 211.7 | — | — | 211.7 | — | — | 211.7 | — | 211.7 | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options/vesting of RSUs, including tax benefit of $131.3 | 14.6 | — | 224.4 | — | — | 224.4 | — | 224.4 | 14.6 | — | 224.4 | — | — | 224.4 | — | 224.4 | ||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, including tax benefit of $0.2 | 0.6 | — | 23.5 | — | — | 23.5 | — | 23.5 | 0.6 | — | 23.5 | — | — | 23.5 | — | 23.5 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (29.0 | ) | — | (459.6 | ) | (972.2 | ) | — | (1,431.8 | ) | — | (1,431.8 | ) | (29.0 | ) | — | (459.6 | ) | (972.2 | ) | — | (1,431.8 | ) | — | (1,431.8 | ) | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.680 per share | — | — | — | (1,016.2 | ) | — | (1,016.2 | ) | — | (1,016.2 | ) | — | — | — | (1,016.2 | ) | — | (1,016.2 | ) | — | (1,016.2 | ) | ||||||||||||||||||||||||||||||||||||||
Two-for-one stock split | 749.4 | 0.8 | — | (0.8 | ) | — | — | — | — | 749.4 | 0.8 | — | (0.8 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest resulting from acquisition | — | — | — | — | — | — | 411.1 | 411.1 | — | — | — | — | — | — | 411.1 | 411.1 | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interest | — | — | 1.7 | — | (31.1 | ) | (29.4 | ) | (381.7 | ) | (411.1 | ) | — | — | 1.7 | — | (31.1 | ) | (29.4 | ) | (381.7 | ) | (411.1 | ) | ||||||||||||||||||||||||||||||||||||
Balance, September 27, 2015 | 1,485.1 | $ | 1.5 | $ | 41.1 | $ | 5,974.8 | $ | (199.4 | ) | $ | 5,818.0 | $ | 1.8 | $ | 5,819.8 | 1,485.1 | $ | 1.5 | $ | 41.1 | $ | 5,974.8 | $ | (199.4 | ) | $ | 5,818.0 | $ | 1.8 | $ | 5,819.8 | ||||||||||||||||||||||||||||
Net earnings/(loss) | — | — | — | 2,817.7 | — | 2,817.7 | 1.2 | 2,818.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | 91.0 | 91.0 | — | 91.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 219.6 | — | — | 219.6 | — | 219.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options/vesting of RSUs, including tax benefit of $124.3 | 9.8 | — | 153.0 | — | — | 153.0 | — | 153.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, including tax benefit of $0.2 | 0.5 | — | 26.5 | — | — | 26.5 | — | 26.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (34.9 | ) | — | (399.1 | ) | (1,596.5 | ) | — | (1,995.6 | ) | — | (1,995.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.850 per share | — | — | — | (1,246.2 | ) | — | (1,246.2 | ) | — | (1,246.2 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest resulting from acquisition | — | — | — | — | — | — | 3.7 | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, October 2, 2016 | 1,460.5 | $ | 1.5 | $ | 41.1 | $ | 5,949.8 | $ | (108.4 | ) | $ | 5,884.0 | $ | 6.7 | $ | 5,890.7 |
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September 27, 2015 | |||||||||||
As Filed | Reclass | As Adjusted | |||||||||
Current deferred income tax assets | $ | 381.7 | $ | (381.7 | ) | $ | — | ||||
Long-term deferred income tax assets | 828.9 | 351.9 | 1,180.8 | ||||||||
Current deferred income tax liabilities (included in Accrued liabilities) | 5.4 | (5.4 | ) | — | |||||||
Long-term deferred income tax liabilities (included in Other long-term liabilities) | 67.8 | (24.4 | ) | 43.4 | |||||||
Net deferred tax asset | $ | 1,137.4 | $ | — | $ | 1,137.4 |
Consideration: | ||||
Cash paid for Sazaby's 39.5% equity interest | $ | 508.7 | ||
Fair value of our preexisting 39.5% equity interest | 577.0 | |||
Total consideration | $ | 1,085.7 | ||
Fair value of assets acquired and liabilities assumed: | ||||
Cash and cash equivalents | $ | 224.4 | ||
Accounts receivable, net | 37.4 | |||
Inventories | 26.4 | |||
Prepaid expenses and other current assets | 35.7 | |||
Deferred income taxes, net (current) | 23.4 | |||
Property, plant and equipment | 282.9 | |||
Other long-term assets | 141.4 | |||
Other intangible assets | 323.0 | |||
Goodwill | 815.6 | |||
Total assets acquired | 1,910.2 | |||
Accounts payable | (54.5 | ) | ||
Accrued liabilities | (115.9 | ) | ||
Stored value card liability | (36.5 | ) | ||
Deferred income taxes (noncurrent) | (90.7 | ) | ||
Other long-term liabilities | (115.8 | ) | ||
Total liabilities assumed | (413.4 | ) | ||
Noncontrolling interest | (411.1 | ) | ||
Total consideration | $ | 1,085.7 |
Consideration: | ||||
Cash paid for Sazaby's 39.5% equity interest | $ | 508.7 | ||
Fair value of our preexisting 39.5% equity interest | 577.0 | |||
Total consideration | $ | 1,085.7 | ||
Fair value of assets acquired and liabilities assumed: | ||||
Cash and cash equivalents | $ | 224.4 | ||
Accounts receivable, net | 37.4 | |||
Inventories | 26.4 | |||
Prepaid expenses and other current assets | 35.7 | |||
Property, plant and equipment | 282.9 | |||
Other long-term assets | 141.4 | |||
Other intangible assets | 323.0 | |||
Goodwill | 815.6 | |||
Total assets acquired | 1,886.8 | |||
Accounts payable | (54.5 | ) | ||
Accrued liabilities | (115.9 | ) | ||
Stored value card liability | (36.5 | ) | ||
Deferred income taxes | (67.3 | ) | ||
Other long-term liabilities | (115.8 | ) | ||
Total liabilities assumed | (390.0 | ) | ||
Noncontrolling interest | (411.1 | ) | ||
Total consideration | $ | 1,085.7 |
Sep 27, 2015 | |||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||
Reacquired rights | $ | 273.2 | $ | (39.0 | ) | $ | 234.2 | ||||
Licensing agreements | 13.4 | (1.1 | ) | 12.3 | |||||||
Customer loyalty program | 2.7 | (0.6 | ) | 2.1 | |||||||
Total acquired finite-lived intangible assets | $ | 289.3 | $ | (40.7 | ) | $ | 248.6 |
Operating Leases | Lease Financing Arrangements | ||||||
Year 1 | $ | 83.7 | $ | 2.8 | |||
Year 2 | 66.5 | 2.8 | |||||
Year 3 | 49.0 | 2.8 | |||||
Year 4 | 37.5 | 2.8 | |||||
Year 5 | 30.3 | 2.7 | |||||
Thereafter | 129.4 | 24.8 | |||||
Total minimum lease payments | $ | 396.4 | $ | 38.7 |
Pro Forma (unaudited) | ||||||||
Year Ended | ||||||||
Sep 27, 2015 | Sep 28, 2014 | |||||||
Revenue | $ | 19,254.5 | $ | 17,646.4 | ||||
Net earnings attributable to Starbucks(1) | 2,380.9 | 2,449.9 |
(1) | The pro forma net earnings attributable to Starbucks for fiscal 2014 includes the acquisition-related gain of $390.6 million and transaction and integration costs of $13.6 million for the year ended September 28, 2014. |
Year Ended | |||||||
Sep 27, 2015 | Sep 28, 2014 | ||||||
Net earnings attributable to Starbucks | $ | 2,757.4 | $ | 2,068.1 | |||
Transfers (to)/from the noncontrolling interest: | |||||||
Increase/(decrease) in additional paid-in capital for purchase of interest in subsidiary | 1.7 | — | |||||
Change from net earnings attributable to Starbucks and transfers (to)/from noncontrolling interest | $ | 2,759.1 | $ | 2,068.1 |
Fair Value at Dec 31, 2012 | ||||
Cash and cash equivalents | $ | 47.0 | ||
Inventories | 21.3 | |||
Property, plant and equipment | 59.7 | |||
Other intangible assets | 120.8 | |||
Goodwill | 467.5 | |||
Other current and noncurrent assets | 19.8 | |||
Current liabilities | (36.0 | ) | ||
Deferred income taxes (noncurrent) | (54.3 | ) | ||
Long-term debt | (35.2 | ) | ||
Other long-term liabilities | (7.0 | ) | ||
Total consideration | $ | 603.6 |
Net Gains/(Losses) Included in AOCI | Net Gains/(Losses) Expected to be Reclassified from AOCI into Earnings within 12 Months | Contract Remaining Maturity (Months) | Net Gains/(Losses) Included in AOCI | Net Gains/(Losses) Expected to be Reclassified from AOCI into Earnings within 12 Months | Contract Remaining Maturity (Months) | |||||||||||||||||||||
Sep 27, 2015 | Sep 28, 2014 | Oct 2, 2016 | Sep 27, 2015 | |||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||
Interest rates | $ | 30.1 | $ | 36.4 | $ | 3.5 | 4 | $ | 20.5 | $ | 30.1 | $ | 2.9 | 0 | ||||||||||||
Cross-currency swaps | (27.8 | ) | — | — | 111 | (7.7 | ) | (27.8 | ) | — | 98 | |||||||||||||||
Foreign currency - other | 29.0 | 10.6 | 19.2 | 35 | (0.4 | ) | 29.0 | 3.3 | 35 | |||||||||||||||||
Coffee | (5.7 | ) | (0.7 | ) | (2.5 | ) | 12 | (1.6 | ) | (5.7 | ) | (1.4 | ) | 6 | ||||||||||||
Net Investment Hedges: | ||||||||||||||||||||||||||
Foreign currency | 1.3 | 3.2 | — | 0 | 1.3 | 1.3 | — | 0 |
Year Ended | Year Ended | |||||||||||||||||||||||||||||
Gains/(Losses) Recognized in OCI Before Reclassifications | Gains/(Losses) Reclassified from AOCI to Earnings | Gains/(Losses) Recognized in OCI Before Reclassifications | Gains/(Losses) Reclassified from AOCI to Earnings | |||||||||||||||||||||||||||
Sep 27, 2015 | Sep 28, 2014 | Sep 27, 2015 | Sep 28, 2014 | Oct 2, 2016 | Sep 27, 2015 | Oct 2, 2016 | Sep 27, 2015 | |||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||
Interest rates | $ | (6.8 | ) | $ | 0.5 | $ | 3.2 | $ | 5.0 | $ | (10.3 | ) | $ | (6.8 | ) | $ | 5.0 | $ | 3.2 | |||||||||||
Cross-currency swaps | 11.4 | — | 46.2 | — | (75.7 | ) | 11.4 | (101.1 | ) | 46.2 | ||||||||||||||||||||
Foreign currency - other | 52.0 | 24.0 | 26.1 | 8.0 | (25.4 | ) | 52.0 | 19.1 | 26.1 | |||||||||||||||||||||
Coffee | (9.0 | ) | (0.4 | ) | (3.5 | ) | (13.1 | ) | 1.7 | (9.0 | ) | (2.8 | ) | (3.5 | ) | |||||||||||||||
Net Investment Hedges: | ||||||||||||||||||||||||||||||
Foreign currency | 4.3 | 25.5 | 7.2 | — | — | 4.3 | — | 7.2 |
Gains/(Losses) Recognized in Earnings | |||||||
Sep 27, 2015 | Sep 28, 2014 | ||||||
Foreign currency | $ | 27.1 | $ | 1.7 | |||
Coffee | (0.2 | ) | — | ||||
Dairy | (3.8 | ) | 12.6 | ||||
Diesel fuel | (9.0 | ) | (1.0 | ) |
Gains/(Losses) Recognized in Earnings | |||||||
Oct 2, 2016 | Sep 27, 2015 | ||||||
Foreign currency - other | $ | (5.7 | ) | $ | 27.1 | ||
Dairy | (5.5 | ) | (3.8 | ) | |||
Diesel fuel and other commodities | (0.2 | ) | (9.0 | ) |
Sep 27, 2015 | Sep 28, 2014 | Oct 2, 2016 | Sep 27, 2015 | |||||||||||
Interest rates | $ | 125 | $ | — | $ | — | $ | 125 | ||||||
Cross-currency swaps | 717 | — | 660 | 717 | ||||||||||
Foreign currency - other | 577 | 542 | 688 | 577 | ||||||||||
Coffee | 38 | 45 | 7 | 38 | ||||||||||
Dairy | 43 | 24 | 76 | 43 | ||||||||||
Diesel fuel | 14 | 17 | ||||||||||||
Diesel fuel and other commodities | 46 | 14 |
Derivative Assets | Derivative Liabilities | ||||||||||||||
Oct 2, 2016 | Sep 27, 2015 | Oct 2, 2016 | Sep 27, 2015 | ||||||||||||
Designated Derivative Hedging Instruments: | |||||||||||||||
Interest rates | $ | — | $ | 0.2 | $ | — | $ | — | |||||||
Cross-currency swaps | — | 26.9 | 57.0 | 16.3 | |||||||||||
Foreign currency - other | 20.8 | 45.4 | 24.0 | 2.2 | |||||||||||
Coffee | 1.8 | — | — | 2.7 | |||||||||||
Non-designated Derivative Hedging Instruments: | |||||||||||||||
Foreign currency - other | 6.2 | 32.7 | 6.5 | 10.1 | |||||||||||
Dairy | 1.5 | 0.1 | 1.6 | 1.1 | |||||||||||
Diesel fuel and other commodities | 3.8 | 0.2 | 0.5 | 1.3 |
Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||
Balance at Sep 27, 2015 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at Oct 2, 2016 | 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 | $ | 1,530.1 | $ | 1,530.1 | $ | — | $ | — | $ | 2,128.8 | $ | 2,128.8 | $ | — | $ | — | ||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||
Agency obligations | 1.3 | — | 1.3 | — | ||||||||||||||||||||||||||
Commercial paper | 2.6 | — | 2.6 | — | ||||||||||||||||||||||||||
Corporate debt securities | 10.2 | — | 10.2 | — | 34.2 | — | 34.2 | — | ||||||||||||||||||||||
Foreign government obligations | 2.0 | — | 2.0 | — | 5.5 | — | 5.5 | |||||||||||||||||||||||
U.S. government treasury securities | 15.8 | 15.8 | — | — | ||||||||||||||||||||||||||
State and local government obligations | 3.3 | — | 3.3 | — | 0.5 | — | 0.5 | — | ||||||||||||||||||||||
Certificates of deposit | 5.8 | — | 5.8 | — | ||||||||||||||||||||||||||
Total available-for-sale securities | 15.5 | — | 15.5 | — | 65.7 | 15.8 | 49.9 | — | ||||||||||||||||||||||
Trading securities | 65.8 | 65.8 | — | — | 68.7 | 68.7 | — | — | ||||||||||||||||||||||
Total short-term investments | 81.3 | 65.8 | 15.5 | — | 134.4 | 84.5 | 49.9 | — | ||||||||||||||||||||||
Prepaid expenses and other current assets: | ||||||||||||||||||||||||||||||
Derivative assets | 50.8 | — | 50.8 | — | 27.7 | 3.1 | 24.6 | — | ||||||||||||||||||||||
Long-term investments: | ||||||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||
Agency obligations | 8.6 | — | 8.6 | — | 44.4 | — | 44.4 | — | ||||||||||||||||||||||
Corporate debt securities | 121.8 | — | 121.8 | — | 459.3 | — | 459.3 | — | ||||||||||||||||||||||
Auction rate securities | 5.9 | — | — | 5.9 | 5.7 | — | — | 5.7 | ||||||||||||||||||||||
Foreign government obligations | 18.5 | — | 18.5 | — | 46.7 | — | 46.7 | — | ||||||||||||||||||||||
U.S. government treasury securities | 104.8 | 104.8 | — | — | 358.2 | 358.2 | — | — | ||||||||||||||||||||||
State and local government obligations | 9.7 | — | 9.7 | — | 57.5 | — | 57.5 | — | ||||||||||||||||||||||
Mortgage and other asset-backed securities | 43.2 | — | 43.2 | — | 169.9 | — | 169.9 | — | ||||||||||||||||||||||
Total long-term investments | 312.5 | 104.8 | 201.8 | 5.9 | 1,141.7 | 358.2 | 777.8 | 5.7 | ||||||||||||||||||||||
Other long-term assets: | ||||||||||||||||||||||||||||||
Derivative assets | 54.7 | — | 54.7 | — | 6.4 | — | 6.4 | — | ||||||||||||||||||||||
Total assets | $ | 2,029.4 | $ | 1,700.7 | $ | 322.8 | $ | 5.9 | $ | 3,439.0 | $ | 2,574.6 | $ | 858.7 | $ | 5.7 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||
Accrued liabilities: | ||||||||||||||||||||||||||||||
Derivative liabilities | $ | 19.2 | $ | 3.6 | $ | 15.6 | $ | — | $ | 18.0 | $ | 1.7 | $ | 16.3 | $ | — | ||||||||||||||
Other long-term liabilities: | ||||||||||||||||||||||||||||||
Derivative liabilities | 14.5 | — | 14.5 | — | 71.6 | — | 71.6 | — | ||||||||||||||||||||||
Total liabilities | $ | 33.7 | $ | 3.6 | $ | 30.1 | $ | — | $ | 89.6 | $ | 1.7 | $ | 87.9 | $ | — |
Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||
Balance at Sep 28, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at Sep 27, 2015 | 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 | $ | 1,708.4 | $ | 1,708.4 | $ | — | $ | — | $ | 1,530.1 | $ | 1,530.1 | $ | — | $ | — | ||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||
Corporate debt securities | 4.9 | — | 4.9 | — | 10.2 | — | 10.2 | — | ||||||||||||||||||||||
Foreign government obligations | 33.7 | — | 33.7 | — | 2.0 | — | 2.0 | — | ||||||||||||||||||||||
U.S. government treasury securities | 10.9 | 10.9 | — | — | ||||||||||||||||||||||||||
State and local government obligations | 12.7 | — | 12.7 | — | 3.3 | — | 3.3 | — | ||||||||||||||||||||||
Certificates of deposit | 1.0 | — | 1.0 | — | ||||||||||||||||||||||||||
Total available-for-sale securities | 63.2 | 10.9 | 52.3 | — | 15.5 | — | 15.5 | — | ||||||||||||||||||||||
Trading securities | 72.2 | 72.2 | — | — | 65.8 | 65.8 | — | — | ||||||||||||||||||||||
Total short-term investments | 135.4 | 83.1 | 52.3 | — | 81.3 | 65.8 | 15.5 | — | ||||||||||||||||||||||
Prepaid expenses and other current assets: | ||||||||||||||||||||||||||||||
Derivative assets | 28.7 | 0.9 | 27.8 | — | 50.8 | — | 50.8 | — | ||||||||||||||||||||||
Long-term investments: | ||||||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||
Agency obligations | 8.9 | — | 8.9 | — | 8.6 | — | 8.6 | — | ||||||||||||||||||||||
Corporate debt securities | 130.9 | — | 130.9 | — | 121.8 | — | 121.8 | — | ||||||||||||||||||||||
Auction rate securities | 13.8 | — | — | 13.8 | 5.9 | — | — | 5.9 | ||||||||||||||||||||||
Foreign government obligations | 17.4 | — | 17.4 | — | 18.5 | — | 18.5 | — | ||||||||||||||||||||||
U.S. government treasury securities | 94.8 | 94.8 | — | — | 104.8 | 104.8 | — | — | ||||||||||||||||||||||
State and local government obligations | 6.7 | — | 6.7 | — | 9.7 | — | 9.7 | — | ||||||||||||||||||||||
Mortgage and other asset-backed securities | 45.9 | — | 45.9 | — | 43.2 | — | 43.2 | — | ||||||||||||||||||||||
Total long-term investments | 318.4 | 94.8 | 209.8 | 13.8 | 312.5 | 104.8 | 201.8 | 5.9 | ||||||||||||||||||||||
Other long-term assets: | ||||||||||||||||||||||||||||||
Derivative assets | 18.0 | — | 18.0 | — | 54.7 | — | 54.7 | — | ||||||||||||||||||||||
Total assets | $ | 2,208.9 | $ | 1,887.2 | $ | 307.9 | $ | 13.8 | $ | 2,029.4 | $ | 1,700.7 | $ | 322.8 | $ | 5.9 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||
Accrued liabilities: | ||||||||||||||||||||||||||||||
Derivative liabilities | $ | 2.4 | $ | 0.4 | $ | 2.0 | $ | — | $ | 19.2 | $ | 3.6 | $ | 15.6 | $ | — | ||||||||||||||
Other long-term liabilities: | ||||||||||||||||||||||||||||||
Derivative liabilities | 14.5 | — | 14.5 | — | ||||||||||||||||||||||||||
Total | $ | 33.7 | $ | 3.6 | $ | 30.1 | $ | — |
Sep 27, 2015 | Sep 28, 2014 | Oct 2, 2016 | Sep 27, 2015 | |||||||||||
Coffee: | ||||||||||||||
Unroasted | $ | 529.4 | $ | 432.3 | $ | 561.6 | $ | 529.4 | ||||||
Roasted | 279.7 | 238.9 | 300.4 | 279.7 | ||||||||||
Other merchandise held for sale | 318.3 | 265.7 | 308.6 | 318.3 | ||||||||||
Packaging and other supplies | 179.0 | 154.0 | 207.9 | 179.0 | ||||||||||
Total | $ | 1,306.4 | $ | 1,090.9 | $ | 1,378.5 | $ | 1,306.4 |
Sep 27, 2015 | Sep 28, 2014 | Oct 2, 2016 | Sep 27, 2015 | |||||||||||
Equity method investments | $ | 306.4 | $ | 469.3 | $ | 305.7 | $ | 306.4 | ||||||
Cost method investments | 45.6 | 45.6 | 48.8 | 45.6 | ||||||||||
Total | $ | 352.0 | $ | 514.9 | $ | 354.5 | $ | 352.0 |
Financial Position as of | Sep 27, 2015 | Sep 28, 2014 | |||||
Current assets | $ | 402.8 | $ | 701.3 | |||
Noncurrent assets | 578.8 | 873.9 | |||||
Current liabilities | 490.0 | 615.6 | |||||
Noncurrent liabilities | 38.7 | 79.1 |
Results of Operations for Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | ||||||||
Net revenues | $ | 2,688.0 | $ | 3,461.3 | $ | 3,018.7 | |||||
Operating income | 426.4 | 467.7 | 434.8 | ||||||||
Net earnings | 392.1 | 382.6 | 358.0 |
Sep 27, 2015 | Sep 28, 2014 | Oct 2, 2016 | Sep 27, 2015 | |||||||||||
Land | $ | 46.6 | $ | 46.7 | $ | 46.6 | $ | 46.6 | ||||||
Buildings | 411.5 | 278.1 | 458.4 | 411.5 | ||||||||||
Leasehold improvements | 5,409.6 | 4,858.4 | 5,892.9 | 5,409.6 | ||||||||||
Store equipment | 1,707.5 | 1,493.3 | 1,931.7 | 1,707.5 | ||||||||||
Roasting equipment | 542.4 | 410.9 | 605.4 | 542.4 | ||||||||||
Furniture, fixtures and other | 1,281.7 | 1,078.1 | 1,366.9 | 1,281.7 | ||||||||||
Work in progress | 242.5 | 415.6 | 271.4 | 242.5 | ||||||||||
Property, plant and equipment, gross | 9,641.8 | 8,581.1 | 10,573.3 | 9,641.8 | ||||||||||
Accumulated depreciation | (5,553.5 | ) | (5,062.1 | ) | (6,039.5 | ) | (5,553.5 | ) | ||||||
Property, plant and equipment, net | $ | 4,088.3 | $ | 3,519.0 | $ | 4,533.8 | $ | 4,088.3 |
Sep 27, 2015 | Sep 28, 2014 | Oct 2, 2016 | Sep 27, 2015 | |||||||||||
Accrued compensation and related costs | $ | 522.3 | $ | 437.9 | $ | 510.8 | $ | 522.3 | ||||||
Accrued occupancy costs | 137.2 | 119.8 | 137.5 | 137.2 | ||||||||||
Accrued taxes | 259.0 | 272.0 | 368.4 | 259.0 | ||||||||||
Accrued dividends payable | 297.0 | 239.8 | 365.1 | 297.0 | ||||||||||
Other | 545.2 | 444.9 | ||||||||||||
Accrued capital and other operating expenditures | 617.3 | 539.8 | ||||||||||||
Total accrued liabilities | $ | 1,760.7 | $ | 1,514.4 | $ | 1,999.1 | $ | 1,755.3 |
(in millions) | Sep 27, 2015 | Sep 28, 2014 | Oct 2, 2016 | Sep 27, 2015 | ||||||||||
Trade names, trademarks and patents | $ | 202.8 | $ | 197.5 | $ | 207.8 | $ | 202.8 | ||||||
Other indefinite-lived intangible assets | 15.1 | 15.1 | 15.1 | 15.1 | ||||||||||
Total indefinite-lived intangible assets | $ | 217.9 | $ | 212.6 | $ | 222.9 | $ | 217.9 |
Americas | China/Asia Pacific | EMEA | Channel Development | All Other Segments | Total | ||||||||||||||||||
Balance at September 29, 2013 | |||||||||||||||||||||||
Goodwill prior to impairment | $ | 230.2 | $ | 75.1 | $ | 62.2 | $ | 23.8 | $ | 480.2 | $ | 871.5 | |||||||||||
Accumulated impairment charges | (8.6 | ) | — | — | — | — | (8.6 | ) | |||||||||||||||
Goodwill | $ | 221.6 | $ | 75.1 | $ | 62.2 | $ | 23.8 | $ | 480.2 | $ | 862.9 | |||||||||||
Impairment | — | — | — | — | (0.8 | ) | (0.8 | ) | |||||||||||||||
Other(1) | (2.6 | ) | (0.2 | ) | (3.1 | ) | — | — | (5.9 | ) | |||||||||||||
Balance at September 28, 2014 | |||||||||||||||||||||||
Goodwill prior to impairment | $ | 227.6 | $ | 74.9 | $ | 59.1 | $ | 23.8 | $ | 480.2 | $ | 865.6 | |||||||||||
Accumulated impairment charges | (8.6 | ) | — | — | — | (0.8 | ) | (9.4 | ) | ||||||||||||||
Goodwill | $ | 219.0 | $ | 74.9 | $ | 59.1 | $ | 23.8 | $ | 479.4 | $ | 856.2 | |||||||||||
Acquisition/(divestiture) | (2.5 | ) | 815.6 | — | — | — | 813.1 | ||||||||||||||||
Impairment | — | — | — | — | (0.5 | ) | (0.5 | ) | |||||||||||||||
Other(1) | (5.3 | ) | (86.4 | ) | (1.7 | ) | — | — | (93.4 | ) | |||||||||||||
Balance at September 27, 2015 | |||||||||||||||||||||||
Goodwill prior to impairment | $ | 219.8 | $ | 804.1 | $ | 57.4 | $ | 23.8 | $ | 480.2 | $ | 1,585.3 | |||||||||||
Accumulated impairment charges | (8.6 | ) | — | — | — | (1.3 | ) | (9.9 | ) | ||||||||||||||
Goodwill | $ | 211.2 | $ | 804.1 | $ | 57.4 | $ | 23.8 | $ | 478.9 | $ | 1,575.4 |
Americas | China/Asia Pacific | EMEA | Channel Development | All Other Segments | Total | ||||||||||||||||||
Goodwill balance at September 28, 2014 | $ | 219.0 | $ | 74.9 | $ | 59.1 | $ | 23.8 | $ | 479.4 | $ | 856.2 | |||||||||||
Acquisition/(divestiture) | (2.5 | ) | 815.6 | — | — | — | 813.1 | ||||||||||||||||
Impairment | — | — | — | — | (0.5 | ) | (0.5 | ) | |||||||||||||||
Other | (5.3 | ) | (86.4 | ) | (1.7 | ) | — | — | (93.4 | ) | |||||||||||||
Goodwill balance at September 27, 2015 | $ | 211.2 | $ | 804.1 | $ | 57.4 | $ | 23.8 | $ | 478.9 | $ | 1,575.4 | |||||||||||
Acquisition/(divestiture) | — | — | (2.6 | ) | — | 5.3 | 2.7 | ||||||||||||||||
Other | 0.4 | 140.8 | 0.3 | — | 141.5 | ||||||||||||||||||
Goodwill balance at October 2, 2016 | $ | 211.6 | $ | 944.9 | $ | 55.1 | $ | 23.8 | $ | 484.2 | $ | 1,719.6 |
"Other" primarily consists of changes in the goodwill balance as a result of foreign currency translation. |
Sep 27, 2015 | Sep 28, 2014 | Oct 2, 2016 | Sep 27, 2015 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||||
Acquired and reacquired rights | $ | 308.6 | $ | (52.5 | ) | $ | 256.1 | $ | 36.8 | $ | (10.1 | ) | $ | 26.7 | $ | 361.3 | $ | (114.5 | ) | $ | 246.8 | $ | 308.6 | $ | (52.5 | ) | $ | 256.1 | ||||||||||||||||||
Acquired trade secrets and processes | 27.6 | (8.2 | ) | 19.4 | 27.6 | (5.4 | ) | 22.2 | 27.6 | (11.0 | ) | 16.6 | 27.6 | (8.2 | ) | 19.4 | ||||||||||||||||||||||||||||||
Trade names, trademarks and patents | 29.4 | (15.2 | ) | 14.2 | 24.5 | (13.0 | ) | 11.5 | ||||||||||||||||||||||||||||||||||||||
Licensing agreements | 13.4 | (1.1 | ) | 12.3 | — | — | — | 16.0 | (2.8 | ) | 13.2 | 13.4 | (1.1 | ) | 12.3 | |||||||||||||||||||||||||||||||
Trade names, trademarks and patents | 24.5 | (13.0 | ) | 11.5 | 21.6 | (11.6 | ) | 10.0 | ||||||||||||||||||||||||||||||||||||||
Other finite-lived intangible assets | 6.5 | (3.3 | ) | 3.2 | 3.8 | (1.8 | ) | 2.0 | 7.2 | (4.6 | ) | 2.6 | 6.5 | (3.3 | ) | 3.2 | ||||||||||||||||||||||||||||||
Total finite-lived intangible assets | $ | 380.6 | $ | (78.1 | ) | $ | 302.5 | $ | 89.8 | $ | (28.9 | ) | $ | 60.9 | $ | 441.5 | $ | (148.1 | ) | $ | 293.4 | $ | 380.6 | $ | (78.1 | ) | $ | 302.5 |
Fiscal Year Ending | ||||||
2016 | $ | 53.2 | ||||
2017 | 52.9 | $ | 62.0 | |||
2018 | 51.5 | 60.6 | ||||
2019 | 51.2 | 59.5 | ||||
2020 | 51.1 | 59.4 | ||||
2021 | 33.9 | |||||
Thereafter | 42.6 | 18.0 | ||||
Total estimated future amortization expense | $ | 302.5 | $ | 293.4 |
Sep 27, 2015 | Sep 28, 2014 | Stated Interest Rate | Effective Interest Rate (1) | Oct 2, 2016 | Sep 27, 2015 | Stated Interest Rate | Effective Interest Rate (1) | |||||||||||||||||||||||||||||
Issuance | Face Value | Estimated Fair Value | Face Value | Estimated Fair Value | Face Value | Estimated Fair Value | Face Value | Estimated Fair Value | ||||||||||||||||||||||||||||
2016 notes | $ | 400.0 | $ | 400 | $ | 400.0 | $ | 400 | 0.875 | % | 0.941 | % | $ | 400.0 | $ | 400 | $ | 400.0 | $ | 400 | 0.875 | % | 0.941 | % | ||||||||||||
2017 notes | — | — | 550.0 | 625 | 6.250 | % | — | % | ||||||||||||||||||||||||||||
2018 notes | 350.0 | 354 | 350.0 | 353 | 2.000 | % | 2.012 | % | 350.0 | 357 | 350.0 | 354 | 2.000 | % | 2.012 | % | ||||||||||||||||||||
2021 notes | 500.0 | 511 | — | — | 2.100 | % | 2.293 | % | ||||||||||||||||||||||||||||
2021 notes | 250.0 | 255 | — | — | 2.100 | % | 1.600 | % | ||||||||||||||||||||||||||||
2022 notes | 500.0 | 503 | — | — | 2.700 | % | 2.819 | % | 500.0 | 526 | 500.0 | 503 | 2.700 | % | 2.819 | % | ||||||||||||||||||||
2023 notes | 750.0 | 790 | 750.0 | 786 | 3.850 | % | 2.860 | % | 750.0 | 839 | 750.0 | 790 | 3.850 | % | 2.860 | % | ||||||||||||||||||||
2026 notes | 500.0 | 509 | — | — | 2.450 | % | 2.511 | % | ||||||||||||||||||||||||||||
2045 notes | 350.0 | 355 | — | — | 4.300 | % | 4.348 | % | 350.0 | 417 | 350.0 | 355 | 4.300 | % | 4.348 | % | ||||||||||||||||||||
Total | 2,350.0 | 2,402 | 2,050.0 | 2,164 | 3,600.0 | 3,814 | 2,350.0 | 2,402 | ||||||||||||||||||||||||||||
Aggregate unamortized discount | 2.5 | 1.7 | ||||||||||||||||||||||||||||||||||
Aggregate unamortized premium/(discount) | 2.2 | (2.5 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 2,347.5 | $ | 2,048.3 | $ | 3,602.2 | $ | 2,347.5 |
(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 the interest rate risk prior to the debt issuance. |
Fiscal Year | Total | Total | ||||
2016 | $ | — | ||||
2017 | 400.0 | $ | 400.0 | |||
2018 | — | — | ||||
2019 | 350.0 | 350.0 | ||||
2020 | — | — | ||||
2021 | 750.0 | |||||
Thereafter | 1,600.0 | 2,100.0 | ||||
Total | $ | 2,350.0 | $ | 3,600.0 |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||||||||
Minimum rent | $ | 1,026.3 | $ | 907.4 | $ | 838.3 | $ | 1,092.5 | $ | 1,026.3 | $ | 907.4 | ||||||||||
Contingent rent | 111.5 | 66.8 | 56.4 | 130.7 | 111.5 | 66.8 | ||||||||||||||||
Total | $ | 1,137.8 | $ | 974.2 | $ | 894.7 | $ | 1,223.2 | $ | 1,137.8 | $ | 974.2 |
Fiscal Year Ending | Operating Leases | Lease Financing Arrangements | Operating Leases | Lease Financing Arrangements | ||||||||||
2016 | $ | 1,032.4 | $ | 3.2 | ||||||||||
2017 | 892.5 | 3.2 | $ | 1,125.1 | $ | 4.3 | ||||||||
2018 | 739.8 | 3.2 | 1,006.2 | 4.3 | ||||||||||
2019 | 624.0 | 3.2 | 896.4 | 4.3 | ||||||||||
2020 | 548.9 | 3.2 | 821.3 | 4.3 | ||||||||||
2021 | 740.5 | 4.1 | ||||||||||||
Thereafter | 1,831.9 | 31.1 | 2,695.5 | 40.7 | ||||||||||
Total minimum lease payments | $ | 5,669.5 | $ | 47.1 | $ | 7,285.0 | $ | 62.0 |
Dividend Per Share | Record date | Total Amount | Payment Date | Dividend Per Share | Record date | Total Amount | Payment Date | |||||||||||
Fiscal Year 2015 | ||||||||||||||||||
Fiscal Year 2016: | ||||||||||||||||||
First quarter | $0.16 | February 5, 2015 | $240.1 | February 20, 2015 | $ | 0.20 | February 4, 2016 | $ | 294.9 | February 19, 2016 | ||||||||
Second quarter | $0.16 | May 7, 2015 | $240.1 | May 22, 2015 | $ | 0.20 | May 5, 2016 | $ | 293.0 | May 20, 2016 | ||||||||
Third quarter | $0.16 | August 6, 2015 | $239.0 | August 21, 2015 | $ | 0.20 | August 4, 2016 | $ | 293.2 | August 19, 2016 | ||||||||
Fourth quarter | $0.20 | November 12, 2015 | $297.0 | November 27, 2015 | $ | 0.25 | November 17, 2016 | $ | 365.1 | December 2, 2016 | ||||||||
Fiscal Year 2014: | ||||||||||||||||||
Fiscal Year 2015: | ||||||||||||||||||
First quarter | $0.13 | February 6, 2014 | $196.4 | February 21, 2014 | $ | 0.16 | February 5, 2015 | $ | 240.1 | February 20, 2015 | ||||||||
Second quarter | $0.13 | May 8, 2014 | $195.5 | May 23, 2014 | $ | 0.16 | May 7, 2015 | $ | 240.1 | May 22, 2015 | ||||||||
Third quarter | $0.13 | August 7, 2014 | $195.3 | August 22, 2014 | $ | 0.16 | August 6, 2015 | $ | 239.0 | August 21, 2015 | ||||||||
Fourth quarter | $0.16 | November 13, 2014 | $239.8 | November 28, 2014 | $ | 0.20 | November 12, 2015 | $ | 297.0 | November 27, 2015 |
(in millions) | Available-for-Sale Securities | Cash Flow Hedges | Net Investment Hedges | Translation Adjustment | Total | Available-for-Sale Securities | Cash Flow Hedges | Net Investment Hedges | Translation Adjustment and Other | Total | ||||||||||||||||||||||||||||
September 27, 2015 | ||||||||||||||||||||||||||||||||||||||
October 2, 2016 | ||||||||||||||||||||||||||||||||||||||
Net gains/(losses) in AOCI, beginning of period | $ | (0.4 | ) | $ | 46.3 | $ | 3.2 | $ | (23.8 | ) | $ | 25.3 | $ | (0.1 | ) | $ | 25.6 | $ | 1.3 | $ | (226.2 | ) | $ | (199.4 | ) | |||||||||||||
Net gains/(losses) recognized in OCI before reclassifications | 0.9 | 30.8 | 2.7 | (185.6 | ) | (151.2 | ) | 2.2 | (82.1 | ) | — | 104.5 | 24.6 | |||||||||||||||||||||||||
Net (gains)/losses reclassified from AOCI to earnings | (0.6 | ) | (51.5 | ) | (4.6 | ) | 14.3 | (42.4 | ) | (1.0 | ) | 67.4 | — | — | 66.4 | |||||||||||||||||||||||
Other comprehensive income/(loss) attributable to Starbucks | 0.3 | (20.7 | ) | (1.9 | ) | (171.3 | ) | (193.6 | ) | 1.2 | (14.7 | ) | — | 104.5 | 91.0 | |||||||||||||||||||||||
Purchase of noncontrolling interest | — | — | — | (31.1 | ) | (31.1 | ) | |||||||||||||||||||||||||||||||
Net gains/(losses) in AOCI, end of period | $ | (0.1 | ) | $ | 25.6 | $ | 1.3 | $ | (226.2 | ) | $ | (199.4 | ) | $ | 1.1 | $ | 10.9 | $ | 1.3 | $ | (121.7 | ) | $ | (108.4 | ) |
(in millions) | Available-for-Sale Securities | Cash Flow Hedges | Net Investment Hedges | Translation Adjustment | Total | Available-for-Sale Securities | Cash Flow Hedges | Net Investment Hedges | Translation Adjustment and Other | Total | ||||||||||||||||||||||||||||
September 28, 2014 | ||||||||||||||||||||||||||||||||||||||
September 27, 2015 | ||||||||||||||||||||||||||||||||||||||
Net gains/(losses) in AOCI, beginning of period | $ | (0.5 | ) | $ | 26.8 | $ | (12.9 | ) | $ | 53.6 | $ | 67.0 | $ | (0.4 | ) | $ | 46.3 | $ | 3.2 | $ | (23.8 | ) | $ | 25.3 | ||||||||||||||
Net gains/(losses) recognized in OCI before reclassifications | 1.0 | 16.3 | 16.1 | (77.4 | ) | (44.0 | ) | 0.9 | 30.8 | 2.7 | (185.6 | ) | (151.2 | ) | ||||||||||||||||||||||||
Net (gains)/losses reclassified from AOCI to earnings | (0.9 | ) | 3.2 | — | — | 2.3 | (0.6 | ) | (51.5 | ) | (4.6 | ) | 14.3 | (42.4 | ) | |||||||||||||||||||||||
Other comprehensive income/(loss) attributable to Starbucks | 0.1 | 19.5 | 16.1 | (77.4 | ) | (41.7 | ) | 0.3 | (20.7 | ) | (1.9 | ) | (171.3 | ) | (193.6 | ) | ||||||||||||||||||||||
Purchase of noncontrolling interest | — | — | — | (31.1 | ) | (31.1 | ) | |||||||||||||||||||||||||||||||
Net gains/(losses) in AOCI, end of period | $ | (0.4 | ) | $ | 46.3 | $ | 3.2 | $ | (23.8 | ) | $ | 25.3 | $ | (0.1 | ) | $ | 25.6 | $ | 1.3 | $ | (226.2 | ) | $ | (199.4 | ) |
AOCI Components | Amounts Reclassified from AOCI | Affected Line Item in the Statements of Earnings | Amounts Reclassified from AOCI | Affected Line Item in the Statements of Earnings | ||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||||||||||||||
Sep 27, 2015 | Sep 28, 2014 | Oct 2, 2016 | Sep 27, 2015 | |||||||||||||||||
Gains on available-for-sale securities | $ | 1.6 | $ | 1.0 | Interest income and other, net | |||||||||||||||
Gains/(losses) on cash flow hedges | ||||||||||||||||||||
Interest rate hedges | $ | 3.2 | $ | 5.0 | Interest expense | 5.0 | 3.2 | Interest expense | ||||||||||||
Cross-currency swaps | 46.2 | — | Interest income and other, net | (101.1 | ) | 46.2 | Interest income and other, net | |||||||||||||
Foreign currency hedges | 14.0 | 5.1 | Revenue | 4.9 | 14.0 | Revenue | ||||||||||||||
Foreign currency/coffee hedges | 8.6 | (10.0 | ) | Cost of sales including occupancy costs | 11.4 | 8.6 | Cost of sales including occupancy costs | |||||||||||||
Gains/(losses) on net investment hedges(1) | 7.2 | — | Gain resulting from acquisition of joint venture | — | 7.2 | Gain resulting from acquisition of joint venture | ||||||||||||||
Translation adjustment(2) | ||||||||||||||||||||
Starbucks Japan | (7.2 | ) | — | Gain resulting from acquisition of joint venture | — | (7.2 | ) | Gain resulting from acquisition of joint venture | ||||||||||||
Other | (7.1 | ) | — | Interest income and other, net | — | (7.1 | ) | Interest income and other, net | ||||||||||||
64.9 | 0.1 | Total before tax | (78.2 | ) | 65.9 | Total before tax | ||||||||||||||
(23.1 | ) | (3.3 | ) | Tax (expense)/benefit | 11.8 | (23.5 | ) | Tax (expense)/benefit | ||||||||||||
$ | 41.8 | $ | (3.2 | ) | Net of tax | $ | (66.4 | ) | $ | 42.4 | Net of tax |
(1) | Release of pretax cumulative net gains in AOCI related to our net investment derivative instruments used to hedge our preexisting 39.5% equity method investment in Starbucks Japan. |
(2) | Release of cumulative translation adjustments to earnings upon sale or liquidation of foreign business. |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||||||||
Options | $ | 37.8 | $ | 41.8 | $ | 37.1 | $ | 42.7 | $ | 37.8 | $ | 41.8 | ||||||||||
RSUs | 172.0 | 141.4 | 105.2 | 175.4 | 172.0 | 141.4 | ||||||||||||||||
Total stock-based compensation expense recognized in the consolidated statements of earnings | $ | 209.8 | $ | 183.2 | $ | 142.3 | $ | 218.1 | $ | 209.8 | $ | 183.2 | ||||||||||
Total related tax benefit | $ | 72.3 | $ | 63.4 | $ | 49.8 | $ | 73.0 | $ | 72.3 | $ | 63.4 | ||||||||||
Total capitalized stock-based compensation included in net property, plant and equipment and inventories on the consolidated balance sheets | $ | 1.9 | $ | 1.9 | $ | 1.8 | $ | 1.5 | $ | 1.9 | $ | 1.9 |
Employee Stock Options Granted During the Period | Employee Stock Options Granted During the Period | |||||||||||||||||||||
Fiscal Year Ended | 2015 | 2014 | 2013 | 2016 | 2015 | 2014 | ||||||||||||||||
Expected term (in years) | 4.2 | 4.5 | 4.8 | 3.9 | 4.2 | 4.5 | ||||||||||||||||
Expected stock price volatility | 22.3 | % | 26.8 | % | 34.0 | % | 23.9 | % | 22.3 | % | 26.8 | % | ||||||||||
Risk-free interest rate | 1.1 | % | 1.1 | % | 0.7 | % | 1.2 | % | 1.1 | % | 1.1 | % | ||||||||||
Expected dividend yield | 1.6 | % | 1.3 | % | 1.6 | % | 1.3 | % | 1.6 | % | 1.3 | % | ||||||||||
Weighted average grant price | $ | 39.89 | $ | 40.12 | $ | 25.62 | $ | 60.20 | $ | 39.89 | $ | 40.12 | ||||||||||
Estimated fair value per option granted | $ | 6.58 | $ | 8.36 | $ | 6.44 | $ | 10.54 | $ | 6.58 | $ | 8.36 |
Shares Subject to Options | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | Shares Subject to Options | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||||||
Outstanding, September 28, 2014 | 39.6 | $ | 18.93 | 5.8 | $ | 754 | ||||||||||||||||||
Outstanding, September 27, 2015 | 33.6 | $ | 23.81 | 6.0 | $ | 1,150 | ||||||||||||||||||
Granted | 6.4 | 39.89 | 6.1 | 60.20 | ||||||||||||||||||||
Exercised | (11.3 | ) | 14.99 | (6.7 | ) | 20.61 | ||||||||||||||||||
Expired/forfeited | (1.1 | ) | 32.38 | (1.7 | ) | 40.94 | ||||||||||||||||||
Outstanding, September 27, 2015 | 33.6 | 23.81 | 6.0 | 1,150 | ||||||||||||||||||||
Exercisable, September 27, 2015 | 21.1 | 16.75 | 4.7 | 872 | ||||||||||||||||||||
Vested and expected to vest, September 27, 2015 | 32.4 | 23.29 | 5.9 | 1,125 | ||||||||||||||||||||
Outstanding, October 2, 2016 | 31.3 | 30.59 | 5.8 | 771 | ||||||||||||||||||||
Exercisable, October 2, 2016 | 20.1 | 21.01 | 4.4 | 670 | ||||||||||||||||||||
Vested and expected to vest, October 2, 2016 | 30.1 | 29.78 | 5.7 | 765 |
Number of Shares | Weighted Average Grant Date Fair Value per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | Number of Shares | Weighted Average Grant Date Fair Value per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||||||
Nonvested, September 28, 2014 | 10.8 | $ | 31.17 | 1.0 | $ | 407 | ||||||||||||||||||
Nonvested, September 27, 2015 | 10.7 | $ | 36.35 | 1.0 | $ | 620 | ||||||||||||||||||
Granted | 6.7 | 38.56 | 4.1 | 58.81 | ||||||||||||||||||||
Vested | (5.1 | ) | 26.73 | (4.9 | ) | 34.44 | ||||||||||||||||||
Forfeited/canceled | (1.7 | ) | 36.10 | (1.6 | ) | 45.82 | ||||||||||||||||||
Nonvested, September 27, 2015 | 10.7 | 36.35 | 1.0 | 620 | ||||||||||||||||||||
Nonvested, October 2, 2016 | 8.3 | 46.15 | 0.9 | 448 |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||||||||||||||
Total | Litigation charge | All Other | ||||||||||||||||||||||||||
United States | $ | 2,837.2 | $ | 2,572.4 | $ | (674.0 | ) | $ | (2,784.1 | ) | $ | 2,110.1 | $ | 3,415.7 | $ | 2,837.2 | $ | 2,572.4 | ||||||||||
Foreign | 1,065.8 | 587.3 | 444.1 | — | 444.1 | 782.9 | 1,065.8 | 587.3 | ||||||||||||||||||||
Total earnings/(loss) before income taxes | $ | 3,903.0 | $ | 3,159.7 | $ | (229.9 | ) | $ | (2,784.1 | ) | $ | 2,554.2 | ||||||||||||||||
Total earnings before income taxes | $ | 4,198.6 | $ | 3,903.0 | $ | 3,159.7 |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||||||||||||||
Total | Litigation charge | All Other | ||||||||||||||||||||||||||
Current taxes: | ||||||||||||||||||||||||||||
U.S. federal | $ | 801.0 | $ | 822.7 | $ | 616.6 | $ | — | $ | 616.6 | $ | 704.1 | $ | 801.0 | $ | 822.7 | ||||||||||||
U.S. state and local | 150.1 | 132.9 | 93.8 | — | 93.8 | 166.5 | 150.1 | 132.9 | ||||||||||||||||||||
Foreign | 172.2 | 128.8 | 95.9 | — | 95.9 | 218.5 | 172.2 | 128.8 | ||||||||||||||||||||
Total current taxes | 1,123.3 | 1,084.4 | 806.3 | — | 806.3 | 1,089.1 | 1,123.3 | 1,084.4 | ||||||||||||||||||||
Deferred taxes: | ||||||||||||||||||||||||||||
U.S. federal | 56.5 | 12.0 | (898.8 | ) | (922.3 | ) | 23.5 | 351.3 | 56.5 | 12.0 | ||||||||||||||||||
U.S. state and local | 4.0 | (4.9 | ) | (144.0 | ) | (148.7 | ) | 4.7 | 25.8 | 4.0 | (4.9 | ) | ||||||||||||||||
Foreign | (40.1 | ) | 0.5 | (2.2 | ) | — | (2.2 | ) | (86.5 | ) | (40.1 | ) | 0.5 | |||||||||||||||
Total deferred taxes | 20.4 | 7.6 | (1,045.0 | ) | (1,071.0 | ) | 26.0 | 290.6 | 20.4 | 7.6 | ||||||||||||||||||
Total income tax expense/(benefit) | $ | 1,143.7 | $ | 1,092.0 | $ | (238.7 | ) | $ | (1,071.0 | ) | $ | 832.3 | ||||||||||||||||
Total income tax expense | $ | 1,379.7 | $ | 1,143.7 | $ | 1,092.0 |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||||||
Total | Litigation charge | All Other | ||||||||||||||||||
Statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | ||||
State income taxes, net of federal tax benefit | 2.8 | 2.6 | 15.8 | 3.5 | 2.4 | 3.0 | 2.8 | 2.6 | ||||||||||||
Benefits and taxes related to foreign operations | (2.1 | ) | (1.9 | ) | 37.5 | — | (3.4 | ) | (2.2 | ) | (2.1 | ) | (1.9 | ) | ||||||
Domestic production activity deduction | (2.2 | ) | (0.7 | ) | 8.1 | — | (0.7 | ) | (1.9 | ) | (2.2 | ) | (0.7 | ) | ||||||
Domestic tax credits | (0.2 | ) | (0.2 | ) | 2.8 | — | (0.3 | ) | ||||||||||||
Charitable contributions | (0.3 | ) | (0.4 | ) | 3.9 | — | (0.3 | ) | ||||||||||||
Gain resulting from acquisition of joint venture | (3.7 | ) | — | — | — | — | — | (3.7 | ) | — | ||||||||||
Other, net | — | 0.2 | 0.7 | — | (0.1 | ) | (1.0 | ) | (0.5 | ) | (0.4 | ) | ||||||||
Effective tax rate | 29.3 | % | 34.6 | % | 103.8 | % | 38.5 | % | 32.6 | % | 32.9 | % | 29.3 | % | 34.6 | % |
Sep 27, 2015 | Sep 28, 2014 | Oct 2, 2016 | Sep 27, 2015 | |||||||||||
Deferred tax assets: | ||||||||||||||
Property, plant and equipment | $ | 121.4 | $ | 78.5 | $ | 56.8 | $ | 54.4 | ||||||
Accrued occupancy costs | 98.4 | 58.8 | 104.5 | 95.6 | ||||||||||
Accrued compensation and related costs | 81.7 | 75.3 | 88.6 | 81.6 | ||||||||||
Other accrued liabilities | 49.0 | 27.6 | ||||||||||||
Asset retirement obligation asset | 29.0 | 18.6 | ||||||||||||
Stored value card liability | 99.1 | 63.4 | 124.2 | 97.2 | ||||||||||
Asset impairments | 26.2 | 49.5 | ||||||||||||
Tax credits | 20.8 | 20.3 | ||||||||||||
Stock-based compensation | 135.5 | 131.5 | 138.3 | 135.5 | ||||||||||
Net operating losses | 93.4 | 104.4 | 79.0 | 93.4 | ||||||||||
Litigation charge | 931.0 | 1,002.0 | 862.3 | 931.0 | ||||||||||
Other | 104.5 | 77.0 | 197.4 | 171.3 | ||||||||||
Total | $ | 1,790.0 | $ | 1,706.9 | $ | 1,651.1 | $ | 1,660.0 | ||||||
Valuation allowance | (143.7 | ) | (166.8 | ) | (70.3 | ) | (143.7 | ) | ||||||
Total deferred tax asset, net of valuation allowance | $ | 1,646.3 | $ | 1,540.1 | $ | 1,580.8 | $ | 1,516.3 | ||||||
Deferred tax liabilities: | ||||||||||||||
Property, plant and equipment | (217.5 | ) | (148.2 | ) | (445.7 | ) | (150.5 | ) | ||||||
Intangible assets and goodwill | (177.3 | ) | (92.9 | ) | (175.9 | ) | (176.7 | ) | ||||||
Other | (114.1 | ) | (89.4 | ) | (88.5 | ) | (51.7 | ) | ||||||
Total | (508.9 | ) | (330.5 | ) | (710.1 | ) | (378.9 | ) | ||||||
Net deferred tax asset | $ | 1,137.4 | $ | 1,209.6 | $ | 870.7 | $ | 1,137.4 | ||||||
Reported as: | ||||||||||||||
Current deferred income tax assets | $ | 381.7 | $ | 317.4 | ||||||||||
Long-term deferred income tax assets | 828.9 | 903.3 | ||||||||||||
Current deferred income tax liabilities (included in Accrued liabilities) | (5.4 | ) | (4.2 | ) | ||||||||||
Long-term deferred income tax liabilities (included in Other long-term liabilities) | (67.8 | ) | (6.9 | ) | ||||||||||
Deferred income tax assets | 885.4 | 1,180.8 | ||||||||||||
Deferred income tax liabilities (included in Other long-term liabilities) | (14.7 | ) | (43.4 | ) | ||||||||||
Net deferred tax asset | $ | 1,137.4 | $ | 1,209.6 | $ | 870.7 | $ | 1,137.4 |
Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | |||||||||||||||||
Beginning balance | $ | 112.7 | $ | 88.8 | $ | 75.3 | $ | 150.4 | $ | 112.7 | $ | 88.8 | ||||||||||
Increase related to prior year tax positions | 7.9 | 1.4 | 8.9 | — | 7.9 | 1.4 | ||||||||||||||||
Decrease related to prior year tax positions | (0.9 | ) | (2.2 | ) | (9.3 | ) | (23.6 | ) | (0.9 | ) | (2.2 | ) | ||||||||||
Increase related to current year tax positions | 32.0 | 26.7 | 19.3 | 33.7 | 32.0 | 26.7 | ||||||||||||||||
Decrease related to current year tax positions | (0.6 | ) | (1.9 | ) | (0.4 | ) | — | (0.6 | ) | (1.9 | ) | |||||||||||
Decreases related to settlements with taxing authorities | (0.7 | ) | (0.1 | ) | — | (3.1 | ) | (0.7 | ) | (0.1 | ) | |||||||||||
Decreases related to lapsing of statute of limitations | — | — | (5.0 | ) | ||||||||||||||||||
Decrease related to lapsing of statute of limitations | (10.9 | ) | — | — | ||||||||||||||||||
Ending balance | $ | 150.4 | $ | 112.7 | $ | 88.8 | $ | 146.5 | $ | 150.4 | $ | 112.7 |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||||||||
Net earnings attributable to Starbucks | $ | 2,757.4 | $ | 2,068.1 | $ | 8.3 | $ | 2,817.7 | $ | 2,757.4 | $ | 2,068.1 | ||||||||||
Weighted average common shares outstanding (for basic calculation) | 1,495.9 | 1,506.3 | 1,498.5 | 1,471.6 | 1,495.9 | 1,506.3 | ||||||||||||||||
Dilutive effect of outstanding common stock options and RSUs | 17.5 | 20.0 | 26.0 | 15.1 | 17.5 | 20.0 | ||||||||||||||||
Weighted average common and common equivalent shares outstanding (for diluted calculation) | 1,513.4 | 1,526.3 | 1,524.5 | 1,486.7 | 1,513.4 | 1,526.3 | ||||||||||||||||
EPS — basic | $ | 1.84 | $ | 1.37 | $ | 0.01 | $ | 1.91 | $ | 1.84 | $ | 1.37 | ||||||||||
EPS — diluted | $ | 1.82 | $ | 1.35 | $ | 0.01 | $ | 1.90 | $ | 1.82 | $ | 1.35 |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||||||||||||||||||||||||||
Beverage | $ | 11,115.4 | 58 | % | $ | 9,458.4 | 58 | % | $ | 8,674.7 | 58 | % | $ | 12,383.4 | 58 | % | $ | 11,115.4 | 58 | % | $ | 9,458.4 | 58 | % | ||||||||||||||||
Food | 3,085.3 | 16 | % | 2,505.2 | 15 | % | 2,189.8 | 15 | % | 3,495.0 | 16 | % | 3,085.3 | 16 | % | 2,505.2 | 15 | % | ||||||||||||||||||||||
Packaged and single-serve coffees and teas | 2,619.9 | 14 | % | 2,370.0 | 14 | % | 2,206.5 | 15 | % | 2,866.0 | 14 | % | 2,619.9 | 14 | % | 2,370.0 | 14 | % | ||||||||||||||||||||||
Other(1) | 2,342.1 | 12 | % | 2,114.2 | 13 | % | 1,795.8 | 12 | % | 2,571.5 | 12 | % | 2,342.1 | 12 | % | 2,114.2 | 13 | % | ||||||||||||||||||||||
Total | $ | 19,162.7 | 100 | % | $ | 16,447.8 | 100 | % | $ | 14,866.8 | 100 | % | $ | 21,315.9 | 100 | % | $ | 19,162.7 | 100 | % | $ | 16,447.8 | 100 | % |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||||||||
Net revenues: | ||||||||||||||||||||||
United States | $ | 14,123.7 | $ | 12,590.6 | $ | 11,389.6 | $ | 15,774.8 | $ | 14,123.7 | $ | 12,590.6 | ||||||||||
Other countries | 5,039.0 | 3,857.2 | 3,477.2 | 5,541.1 | 5,039.0 | 3,857.2 | ||||||||||||||||
Total | $ | 19,162.7 | $ | 16,447.8 | $ | 14,866.8 | $ | 21,315.9 | $ | 19,162.7 | $ | 16,447.8 | ||||||||||
Long-lived assets: | ||||||||||||||||||||||
Long-lived assets(1): | ||||||||||||||||||||||
United States | $ | 5,468.1 | $ | 5,135.8 | $ | 4,641.3 | $ | 6,027.2 | $ | 5,805.4 | $ | 5,450.9 | ||||||||||
Other countries | 2,625.3 | 1,448.4 | 1,404.0 | 3,541.8 | 2,639.9 | 1,449.7 | ||||||||||||||||
Total | $ | 8,093.4 | $ | 6,584.2 | $ | 6,045.3 | $ | 9,569.0 | $ | 8,445.3 | $ | 6,900.6 |
(in millions) | Americas | China / Asia Pacific | EMEA | Channel Development | All Other Segments | Segment Total | Americas | China / Asia Pacific | EMEA | Channel Development | All Other Segments | Segment Total | ||||||||||||||||||||||||||||||||||
Fiscal 2016 | ||||||||||||||||||||||||||||||||||||||||||||||
Total net revenues | $ | 14,795.4 | $ | 2,938.8 | $ | 1,124.9 | $ | 1,932.5 | $ | 524.3 | $ | 21,315.9 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses | 590.1 | 180.6 | 40.8 | 2.8 | 13.3 | 827.6 | ||||||||||||||||||||||||||||||||||||||||
Income from equity investees | — | 150.1 | 1.5 | 166.6 | — | 318.2 | ||||||||||||||||||||||||||||||||||||||||
Operating income/(loss) | 3,742.0 | 631.6 | 151.6 | 807.3 | (38.4 | ) | 5,294.1 | |||||||||||||||||||||||||||||||||||||||
Total assets | 3,424.6 | 2,740.2 | 552.1 | 67.1 | 861.1 | 7,645.1 | ||||||||||||||||||||||||||||||||||||||||
Fiscal 2015 | ||||||||||||||||||||||||||||||||||||||||||||||
Total net revenues | $ | 13,293.4 | $ | 2,395.9 | $ | 1,216.7 | $ | 1,730.9 | $ | 525.8 | $ | 19,162.7 | $ | 13,293.4 | $ | 2,395.9 | $ | 1,216.7 | $ | 1,730.9 | $ | 525.8 | $ | 19,162.7 | ||||||||||||||||||||||
Depreciation and amortization expenses | 522.3 | 150.7 | 52.0 | 2.7 | 16.3 | 744.0 | 522.3 | 150.7 | 52.0 | 2.7 | 16.3 | 744.0 | ||||||||||||||||||||||||||||||||||
Income from equity investees | — | 119.6 | 3.1 | 127.2 | — | 249.9 | — | 119.6 | 3.1 | 127.2 | — | 249.9 | ||||||||||||||||||||||||||||||||||
Operating income/(loss) | 3,223.3 | 500.5 | 168.2 | 653.9 | (24.8 | ) | 4,521.1 | 3,223.3 | 500.5 | 168.2 | 653.9 | (24.8 | ) | 4,521.1 | ||||||||||||||||||||||||||||||||
Total assets | 2,726.7 | 2,230.5 | 749.1 | 87.3 | 1,785.3 | 7,578.9 | 2,726.7 | 2,230.5 | 749.1 | 87.3 | 1,785.3 | 7,578.9 | ||||||||||||||||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Total net revenues | $ | 11,980.5 | $ | 1,129.6 | $ | 1,294.8 | $ | 1,546.0 | $ | 496.9 | $ | 16,447.8 | $ | 11,980.5 | $ | 1,129.6 | $ | 1,294.8 | $ | 1,546.0 | $ | 496.9 | $ | 16,447.8 | ||||||||||||||||||||||
Depreciation and amortization expenses | 469.5 | 46.1 | 59.4 | 1.8 | 15.2 | 592.0 | 469.5 | 46.1 | 59.4 | 1.8 | 15.2 | 592.0 | ||||||||||||||||||||||||||||||||||
Income from equity investees | — | 164.0 | 3.7 | 100.6 | — | 268.3 | — | 164.0 | 3.7 | 100.6 | — | 268.3 | ||||||||||||||||||||||||||||||||||
Operating income/(loss) | 2,809.0 | 372.5 | 119.2 | 557.2 | (26.8 | ) | 3,831.1 | 2,809.0 | 372.5 | 119.2 | 557.2 | (26.8 | ) | 3,831.1 | ||||||||||||||||||||||||||||||||
Total assets | 2,521.4 | 939.8 | 663.0 | 84.6 | 825.2 | 5,034.0 | 2,521.4 | 939.8 | 663.0 | 84.6 | 825.2 | 5,034.0 | ||||||||||||||||||||||||||||||||||
Fiscal 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Total net revenues | $ | 11,000.8 | $ | 917.0 | $ | 1,160.0 | $ | 1,398.9 | $ | 390.1 | $ | 14,866.8 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses | 429.3 | 33.8 | 55.5 | 1.1 | 11.7 | 531.4 | ||||||||||||||||||||||||||||||||||||||||
Income from equity investees | 2.4 | 152.0 | 0.4 | 96.6 | — | 251.4 | ||||||||||||||||||||||||||||||||||||||||
Operating income/(loss) | 2,365.2 | 321.2 | 64.2 | 415.5 | (34.5 | ) | 3,131.6 | |||||||||||||||||||||||||||||||||||||||
Total assets | 2,323.4 | 805.0 | 510.6 | 89.2 | 821.1 | 4,549.3 |
Fiscal Year Ended | Sep 27, 2015 | Sep 28, 2014 | Sep 29, 2013 | Oct 2, 2016 | Sep 27, 2015 | Sep 28, 2014 | ||||||||||||||||
Total segment operating income | $ | 4,521.1 | $ | 3,831.1 | $ | 3,131.6 | $ | 5,294.1 | $ | 4,521.1 | $ | 3,831.1 | ||||||||||
Unallocated corporate operating expenses | (920.1 | ) | (750.0 | ) | (3,457.0 | ) | (1,122.2 | ) | (920.1 | ) | (750.0 | ) | ||||||||||
Consolidated operating income/(loss) | 3,601.0 | 3,081.1 | (325.4 | ) | ||||||||||||||||||
Consolidated operating income | 4,171.9 | 3,601.0 | 3,081.1 | |||||||||||||||||||
Gain resulting from acquisition of joint venture | 390.6 | — | — | — | 390.6 | — | ||||||||||||||||
Loss on extinguishment of debt | (61.1 | ) | — | — | — | (61.1 | ) | — | ||||||||||||||
Interest income and other, net | 43.0 | 142.7 | 123.6 | 108.0 | 43.0 | 142.7 | ||||||||||||||||
Interest expense | (70.5 | ) | (64.1 | ) | (28.1 | ) | (81.3 | ) | (70.5 | ) | (64.1 | ) | ||||||||||
Earnings/(loss) before income taxes | $ | 3,903.0 | $ | 3,159.7 | $ | (229.9 | ) | |||||||||||||||
Earnings before income taxes | $ | 4,198.6 | $ | 3,903.0 | $ | 3,159.7 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||
Fiscal 2015: | |||||||||||||||||||
Net revenues | $ | 4,803.2 | $ | 4,563.5 | $ | 4,881.2 | $ | 4,914.8 | $ | 19,162.7 | |||||||||
Operating income | 915.5 | 777.5 | 938.6 | 969.4 | 3,601.0 | ||||||||||||||
Net earnings attributable to Starbucks | 983.1 | 494.9 | 626.7 | 652.5 | 2,757.4 | ||||||||||||||
EPS — diluted(1) | 0.65 | 0.33 | 0.41 | 0.43 | 1.82 | ||||||||||||||
Fiscal 2014: | |||||||||||||||||||
Net revenues | $ | 4,239.6 | $ | 3,873.8 | $ | 4,153.7 | $ | 4,180.8 | $ | 16,447.8 | |||||||||
Operating income | 813.5 | 644.1 | 768.5 | 854.9 | 3,081.1 | ||||||||||||||
Net earnings attributable to Starbucks | 540.7 | 427.0 | 512.6 | 587.9 | 2,068.1 | ||||||||||||||
EPS — diluted(1) | 0.35 | 0.28 | 0.34 | 0.39 | 1.35 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||
Fiscal 2016(1): | |||||||||||||||||||
Net revenues | $ | 5,373.5 | $ | 4,993.2 | $ | 5,238.0 | $ | 5,711.2 | $ | 21,315.9 | |||||||||
Operating income | 1,058.0 | 864.2 | 1,022.3 | 1,227.5 | 4,171.9 | ||||||||||||||
Net earnings attributable to Starbucks | 687.6 | 575.1 | 754.1 | 801.0 | 2,817.7 | ||||||||||||||
EPS — diluted | 0.46 | 0.39 | 0.51 | 0.54 | 1.90 | ||||||||||||||
Fiscal 2015: | |||||||||||||||||||
Net revenues | $ | 4,803.2 | $ | 4,563.5 | $ | 4,881.2 | $ | 4,914.8 | $ | 19,162.7 | |||||||||
Operating income | 915.5 | 777.5 | 938.6 | 969.4 | 3,601.0 | ||||||||||||||
Net earnings attributable to Starbucks | 983.1 | 494.9 | 626.7 | 652.5 | 2,757.4 | ||||||||||||||
EPS — diluted | 0.65 | 0.33 | 0.41 | 0.43 | 1.82 |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters |
Item 13. | Certain Relationships, |
Item 14. | Principal Accounting Fees and Services |
Item 15. | Exhibits, Financial Statement Schedules |
STARBUCKS CORPORATION | ||
By: | /s/ Howard Schultz | |
Howard Schultz chairman and chief executive officer | ||
Signature | Title | |||
By: | /s/ Howard Schultz | chairman and chief executive officer | ||
Howard Schultz | ||||
By: | /s/ Scott Maw | executive vice president, chief financial officer (principal financial officer and principal accounting officer) | ||
Scott Maw | ||||
By: | /s/ William W. Bradley | director | ||
William W. Bradley | ||||
By: | /s/ Mary N. Dillon | director | ||
Mary N. Dillon | ||||
By: | /s/ Robert M. Gates | director | ||
Robert M. Gates | ||||
By: | /s/ Mellody Hobson | director | ||
Mellody Hobson | ||||
By: | /s/ Kevin R. Johnson | director | ||
Kevin R. Johnson | ||||
Signature | Title | |||
By: | /s/ Joshua Cooper Ramo | director | ||
Joshua Cooper Ramo | ||||
By: | /s/ James G. Shennan, Jr. | director | ||
James G. Shennan, Jr. | ||||
By: | /s/ Clara Shih | director | ||
Clara Shih | ||||
By: | /s/ Javier G. Teruel | director | ||
Javier G. Teruel | ||||
By: | /s/ Myron E. Ullman, III | director | ||
Myron E. Ullman, III | ||||
By: | /s/ Craig E. Weatherup | director | ||
Craig E. Weatherup |
Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
2.1 | Agreement and Plan of Merger, dated as of November 14, 2012, among Starbucks Corporation, Taj Acquisition Corp. and Teavana Holdings, Inc. | 8-K | 0-20322 | 11/15/2012 | 2.1 | |||||||
3.1 | Restated Articles of Incorporation of Starbucks Corporation | 10-Q | 0-20322 | 4/28/2015 | 3.1 | |||||||
3.2 | Amended and Restated Bylaws of Starbucks Corporation (As amended and restated through January 20, 2015) | 8-K | 0-20322 | 1/22/2015 | 3.1 | |||||||
4.1 | Indenture, dated as of August 23, 2007, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee | S-3ASR | 333-190955 | 9/3/2013 | 4.1 | |||||||
4.2 | Second Supplemental Indenture, dated as of September 6, 2013, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee (3.850% Senior Notes due October 1, 2023) | 8-K | 0-20322 | 9/6/2013 | 4.2 | |||||||
4.3 | Form of 3.850% Senior Notes due October 1, 2023 | 8-K | 0-20322 | 9/6/2013 | 4.3 | |||||||
4.4 | Third Supplemental Indenture, dated as of December 5, 2013, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee (0.875% Senior Notes due 2016 and 2.000% Senior Notes due 2018) | 8-K | 0-20322 | 12/5/2013 | 4.2 | |||||||
4.5 | Form of 0.875% Senior Notes due December 5, 2016 | 8-K | 0-20322 | 12/5/2013 | 4.3 | |||||||
4.6 | Form of 2.000% Senior Notes due December 5, 2018 | 8-K | 0-20322 | 12/5/2013 | 4.4 | |||||||
4.7 | Fourth Supplemental Indenture, dated as of June 10, 2015, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee (2.700% Senior Notes due June 15, 2022 and 4.300% Senior Notes due June 15, 2045) | 8-K | 0-20322 | 6/10/2015 | 4.2 | |||||||
4.8 | Form of 2.700% Senior Notes due June 15, 2022 | 8-K | 0-20322 | 6/10/2015 | 4.3 | |||||||
4.9 | Form of 4.300% Senior Notes due June 15, 2045 | 8-K | 0-20322 | 6/10/2015 | 4.4 | |||||||
10.1* | Starbucks Corporation Amended and Restated Key Employee Stock Option Plan — 1994, as amended and restated through March 18, 2009 | 8-K | 0-20322 | 3/20/2009 | 10.2 | |||||||
10.2* | Starbucks Corporation Amended and Restated 1989 Stock Option Plan for Non-Employee Directors | 10-K | 0-20322 | 12/23/2003 | 10.2 | |||||||
10.3* | Starbucks Corporation 1991 Company-Wide Stock Option Plan, as amended and restated through March 18, 2009, and as restated on April 9, 2015 to reflect adjustments for the 2-for-1 forward stock split effective on such date | 10-Q | 0-20322 | 4/28/2015 | 10.6 |
|
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
10.3.1* | Starbucks Corporation 1991 Company-Wide Stock Option Plan — Rules of the UK Sub-Plan, as amended and restated through November 20, 2003 | 10-K | 0-20322 | 12/23/2003 | 10.3.1 | |||||||
10.4* | Starbucks Corporation Employee Stock Purchase Plan — 1995 as amended and restated through April 1, 2009, and as restated on April 9, 2015 to reflect adjustments for the 2-for-1 forward stock split effective on such date | 10-Q | 0-20322 | 4/28/2015 | 10.5 | |||||||
10.5 | Amended and Restated Lease, dated as of January 1, 2001, between First and Utah Street Associates, L.P. and Starbucks Corporation | 10-K | 0-20322 | 12/20/2001 | 10.5 | |||||||
10.6* | Starbucks Corporation Executive Management Bonus Plan, as amended and restated effective November 8, 2011 | 10-Q | 0-20322 | 5/2/2012 | 10.2 | |||||||
10.7* | Starbucks Corporation Management Deferred Compensation Plan, as amended and restated effective January 1, 2011 | 10-Q | 0-20322 | 2/4/2011 | 10.2 | |||||||
10.8* | Starbucks Corporation UK Share Save Plan | 10-K | 0-20322 | 12/23/2003 | 10.9 | |||||||
10.9* | Starbucks Corporation Directors Deferred Compensation Plan, as amended and restated effective September 29, 2003 | 10-K | 0-20322 | 12/23/2003 | 10.10 | |||||||
10.10* | Starbucks Corporation Deferred Compensation Plan for Non-Employee Directors, effective October 3, 2011 | 10-K | 0-20322 | 11/18/2011 | 10.11 | |||||||
10.11* | Starbucks Corporation UK Share Incentive Plan, as amended and restated effective November 14, 2006 | 10-K | 0-20322 | 12/14/2006 | 10.12 | |||||||
10.12* | Starbucks Corporation 2005 Long-Term Equity Incentive Plan, as amended and restated effective March 20, 2013, and as restated on April 9, 2015 to reflect adjustments for the 2-for-1 forward stock split effective on such date | 10-Q | 0-20322 | 4/28/2015 | 10.4 | |||||||
10.13* | 2005 Key Employee Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan, as amended and restated effective November 15, 2005 | 10-Q | 0-20322 | 2/10/2006 | 10.2 | |||||||
10.14* | 2005 Non-Employee Director Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan, as amended and restated effective September 13, 2011 | 10-K | 0-20322 | 11/18/2011 | 10.17 | |||||||
10.15* | Form of Stock Option Grant Agreement for Purchase of Stock under the Key Employee Sub-Plan to the 2005 Long-Term Equity Incentive Plan | 10-Q | 0-20322 | 5/2/2012 | 10.1 | |||||||
10.16* | Form of Global Stock Option Grant Agreement for Purchase of Stock under the Key Employee Sub-Plan to the 2005 Long Term Equity Incentive Plan | 10-K | 0-20322 | 11/18/2013 | 10.17 |
Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
10.1* | Starbucks Corporation Amended and Restated 1989 Stock Option Plan for Non-Employee Directors | 10-K | 0-20322 | 12/23/2003 | 10.2 | |||||||
10.2* | Starbucks Corporation Employee Stock Purchase Plan — 1995 as amended and restated through April 1, 2009, and as restated on April 9, 2015 to reflect adjustments for the 2-for-1 forward stock split effective on such date | 10-Q | 0-20322 | 4/28/2015 | 10.5 | |||||||
10.3 | Amended and Restated Lease, dated as of January 1, 2001, between First and Utah Street Associates, L.P. and Starbucks Corporation | 10-K | 0-20322 | 12/20/2001 | 10.5 | |||||||
10.4* | Starbucks Corporation Executive Management Bonus Plan, as amended and restated November 10, 2015, effective September 28, 2015 | -- | -- | -- | -- | X | ||||||
10.5* | Starbucks Corporation Management Deferred Compensation Plan, as amended and restated effective January 1, 2011 | 10-Q | 0-20322 | 2/4/2011 | 10.2 | |||||||
10.6* | Starbucks Corporation UK Share Save Plan | 10-K | 0-20322 | 12/23/2003 | 10.9 | |||||||
10.7* | Starbucks Corporation Directors Deferred Compensation Plan, as amended and restated effective September 29, 2003 | 10-K | 0-20322 | 12/23/2003 | 10.10 | |||||||
10.8* | Starbucks Corporation Deferred Compensation Plan for Non-Employee Directors, effective October 3, 2011 | 10-K | 0-20322 | 11/18/2011 | 10.11 | |||||||
10.9* | Starbucks Corporation UK Share Incentive Plan, as amended and restated effective November 14, 2006 | 10-K | 0-20322 | 12/14/2006 | 10.12 | |||||||
10.10* | Starbucks Corporation 2005 Long-Term Equity Incentive Plan, as amended and restated effective March 20, 2013, and as restated on April 9, 2015 to reflect adjustments for the 2-for-1 forward stock split effective on such date | 10-Q | 0-20322 | 4/28/2015 | 10.4 | |||||||
10.11* | 2005 Key Employee Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan, as amended and restated effective November 15, 2005 | 10-Q | 0-20322 | 2/10/2006 | 10.2 | |||||||
10.12* | 2005 Non-Employee Director Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan, as amended and restated effective March 22, 2016 | 10-Q | 0-20322 | 04/26/2016 | 10.1 | |||||||
10.13* | Form of Stock Option Grant Agreement for Purchase of Stock under the Key Employee Sub-Plan to the 2005 Long-Term Equity Incentive Plan | 10-Q | 0-20322 | 5/2/2012 | 10.1 | |||||||
Form of Global Stock Option Grant Agreement for Purchase of Stock under the Key Employee Sub-Plan to the 2005 Long Term Equity Incentive Plan | -- | -- | -- | -- | X |
Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
10.17* | Form of Stock Option Grant Agreement for Purchase of Stock under the 2005 Non-Employee Director Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan | 8-K | 0-20322 | 2/10/2005 | 10.5 | |||||||
10.18* | Form of Restricted Stock Unit Grant Agreement under the 2005 Non-Employee Director Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan | 10-K | 0-20322 | 11/18/2011 | 10.20 | |||||||
10.19 | Credit Agreement dated November 6, 2015 among Starbucks Corporation, Bank of America, N.A., in its capacity as Administrative Agent, Swing Line Lender and L/C Issuer, and the other Lenders from time to time a party thereto. | 8-K | 0-20322 | 11/6/2015 | 10.1 | |||||||
10.20 | Commercial Paper Dealer Agreement between Starbucks Corporation and Banc of America Securities LLC, dated as of March 27, 2007 | 8-K | 0-20322 | 3/27/2007 | 10.1.1 | |||||||
10.21 | Commercial Paper Dealer Agreement between Starbucks Corporation and Goldman, Sachs & Co., dated as of March 27, 2007 | 8-K | 0-20322 | 3/27/2007 | 10.1.2 | |||||||
10.22* | Letter Agreement dated February 21, 2008 between Starbucks Corporation and Clifford Burrows | 10-Q | 0-20322 | 5/8/2008 | 10.3 | |||||||
10.23* | Form of Time Vested Restricted Stock Unit Grant Agreement (U.S.) under the Key Employee Sub-Plan to the 2005 Long-Term Equity Incentive Plan | 10-K | 0-20322 | 11/18/2011 | 10.30 | |||||||
10.24* | Form of Time Vested Global Restricted Stock Unit Grant Agreement under the Key Employee Sub-Plan to the 2005 Long-Term Equity Incentive Plan | 10-K | 0-20322 | 11/18/2013 | 10.29 | |||||||
10.25* | Form of Performance Based Global Restricted Stock Unit Grant Agreement under the Key Employee Sub-Plan to the 2005 Long-Term Equity Incentive Plan | 10-K | 0-20322 | 11/18/2013 | 10.30 | |||||||
10.26* | Letter Agreement dated November 30, 2009 between Starbucks Corporation and John Culver | 10-Q | 0-20322 | 2/2/2010 | 10.3 | |||||||
10.27* | Letter Agreement dated May 16, 2012 between Starbucks Corporation and Lucy Lee Helm | 10-K | 0-20322 | 11/14/2014 | 10.33 | |||||||
10.28* | Letter Agreement dated January 29, 2014 between Starbucks Corporation and Troy Alstead | 8-K | 0-20322 | 1/29/2014 | 10.1 | |||||||
10.29* | Letter Agreement dated January 29, 2014 between Starbucks Corporation and Scott Maw | 8-K | 0-20322 | 1/29/2014 | 10.2 | |||||||
10.30* | Exclusive Aircraft Sublease (S/N 6003) dated as of September 27, 2013 by and between Cloverdale Services, LLC and Starbucks Corporation | 10-Q | 0-20322 | 4/29/2014 | 10.3 | |||||||
10.31* | Offer Letter dated January 22, 2015 between Starbucks Corporation and Kevin Johnson | 8-K | 0-20322 | 1/22/2015 | 10.1 |
Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
10.15* | Form of Stock Option Grant Agreement for Purchase of Stock under the 2005 Non-Employee Director Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan | 10-Q | 0-20322 | 04/26/2016 | 10.2 | |||||||
10.16* | Form of Restricted Stock Unit Grant Agreement under the 2005 Non-Employee Director Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan | 10-Q | 0-20322 | 04/26/2016 | 10.3 | |||||||
10.17 | Credit Agreement dated November 6, 2015 among Starbucks Corporation, Bank of America, N.A., in its capacity as Administrative Agent, Swing Line Lender and L/C Issuer, and the other Lenders from time to time a party thereto. | 8-K | 0-20322 | 11/6/2015 | 10.1 | |||||||
10.18 | Form of Commercial Paper Dealer Agreement between Starbucks Corporation, as Issuer, and the Dealer | 8-K | 0-20322 | 7/29/2016 | 10.1 | |||||||
10.19* | Letter Agreement dated February 21, 2008 between Starbucks Corporation and Clifford Burrows | 10-Q | 0-20322 | 5/8/2008 | 10.3 | |||||||
10.20* | Form of Time Vested Restricted Stock Unit Grant Agreement (U.S.) under the Key Employee Sub-Plan to the 2005 Long-Term Equity Incentive Plan | 10-K | 0-20322 | 11/18/2011 | 10.30 | |||||||
Form of Time Vested Global Restricted Stock Unit Grant Agreement under the Key Employee Sub-Plan to the 2005 Long-Term Equity Incentive Plan | -- | -- | -- | -- | X | |||||||
Form of Performance Based Global Restricted Stock Unit Grant Agreement under the Key Employee Sub-Plan to the 2005 Long-Term Equity Incentive Plan | -- | -- | -- | -- | X | |||||||
10.23* | Letter Agreement dated November 30, 2009 between Starbucks Corporation and John Culver | 10-Q | 0-20322 | 2/2/2010 | 10.3 | |||||||
10.24* | Letter Agreement dated May 16, 2012 between Starbucks Corporation and Lucy Lee Helm | 10-K | 0-20322 | 11/14/2014 | 10.33 | |||||||
10.25* | Letter Agreement dated January 29, 2014 between Starbucks Corporation and Troy Alstead | 8-K | 0-20322 | 1/29/2014 | 10.1 | |||||||
10.26* | Letter Agreement dated January 29, 2014 between Starbucks Corporation and Scott Maw | 8-K | 0-20322 | 1/29/2014 | 10.2 | |||||||
10.27* | Exclusive Aircraft Sublease (S/N 6003) dated as of September 27, 2013 by and between Cloverdale Services, LLC and Starbucks Corporation | 10-Q | 0-20322 | 4/29/2014 | 10.3 | |||||||
10.28* | Offer Letter dated January 22, 2015 between Starbucks Corporation and Kevin Johnson | 8-K | 0-20322 | 1/22/2015 | 10.1 |
Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
Computation of Ratio of Earnings to Fixed Charges | — | — | — | — | X | |||||||
Subsidiaries of Starbucks Corporation | — | — | — | — | X | |||||||
Consent of Independent Registered Public Accounting Firm | — | — | — | — | X | |||||||
24 | Power of Attorney (included on the Signatures page of this Annual Report on Form 10-K) | __ | __ | __ | __ | X | ||||||
Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | X | |||||||
Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | X | |||||||
32** | Certifications of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | |||||||
101 | The following financial statements from the Company’s 10-K for the fiscal year ended | — | — | — | — | X |