10-Q 1 sbux-20240331.htm 10-Q sbux-20240331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            .
Commission File Number: 000-20322
Starbucks Corporation
(Exact Name of Registrant as Specified in its Charter)
sbuxlogo9292019.jpg
Washington91-1325671
(State or Other Jurisdiction of
Incorporation or Organization)
(IRS Employer
Identification No.)
2401 Utah Avenue South, Seattle, Washington 98134
(Address of principal executive offices, zip code)
(206) 447-1575
(Registrant’s Telephone Number, including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
TitleTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareSBUXNasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer¨Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes      No  x 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Shares Outstanding as of April 24, 2024
1,132.7 million


STARBUCKS CORPORATION
FORM 10-Q
For the Quarterly Period Ended March 31, 2024
Table of Contents
 
  
PART I. FINANCIAL INFORMATION
Item 1
Item 2
Item 3
Item 4
PART II. OTHER INFORMATION
Item 1
Item 1A
Item 2
Item 3
Item 4
Item 5
Item 6

 


PART I — FINANCIAL INFORMATION
Item 1.Financial Statements
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(in millions, except per share data, unaudited)
 Quarter EndedTwo Quarters Ended
Mar 31,
2024
Apr 2,
2023
Mar 31,
2024
Apr 2,
2023
Net revenues:
Company-operated stores$7,052.6 $7,142.3 $14,807.9 $14,225.7 
Licensed stores1,054.5 1,069.5 2,246.6 2,189.0 
Other455.9 508.0 933.8 1,019.1 
Total net revenues8,563.0 8,719.8 17,988.3 17,433.8 
Product and distribution costs2,648.7 2,801.7 5,629.2 5,611.9 
Store operating expenses3,724.1 3,636.0 7,575.6 7,301.3 
Other operating expenses132.8 126.2 283.2 255.4 
Depreciation and amortization expenses371.9 341.9 737.2 669.0 
General and administrative expenses654.6 620.4 1,302.6 1,201.3 
Restructuring and impairments 8.8  14.7 
Total operating expenses7,532.1 7,535.0 15,527.8 15,053.6 
Income from equity investees68.0 51.4 123.8 109.2 
Gain from sale of assets 91.3  91.3 
Operating income1,098.9 1,327.5 2,584.3 2,580.7 
Interest income and other, net34.1 18.4 67.9 30.0 
Interest expense(140.6)(136.3)(280.7)(266.0)
Earnings before income taxes992.4 1,209.6 2,371.5 2,344.7 
Income tax expense219.9 301.3 574.6 581.1 
Net earnings including noncontrolling interests772.5 908.3 1,796.9 1,763.6 
Net earnings attributable to noncontrolling interests0.1 0.0 0.1 0.0 
Net earnings attributable to Starbucks$772.4 $908.3 $1,796.8 $1,763.6 
Earnings per share - basic$0.68 $0.79 $1.58 $1.54 
Earnings per share - diluted$0.68 $0.79 $1.58 $1.53 
Weighted average shares outstanding:
Basic1,132.4 1,148.5 1,134.5 1,148.4 
Diluted1,135.4 1,152.7 1,138.0 1,152.8 

See Notes to Consolidated Financial Statements.
3

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions, unaudited)
Quarter EndedTwo Quarters Ended
Mar 31,
2024
Apr 2,
2023
Mar 31,
2024
Apr 2,
2023
Net earnings including noncontrolling interests$772.5 $908.3 $1,796.9 $1,763.6 
Other comprehensive income/(loss), net of tax:
Unrealized holding gains/(losses) on available-for-sale debt securities(0.4)3.6 5.2 5.6 
Tax (expense)/benefit0.1 (0.8)(1.3)(1.3)
Unrealized gains/(losses) on cash flow hedging instruments36.4 (1.2)71.8 (181.9)
Tax (expense)/benefit(9.3)0.1 (11.1)29.6 
Unrealized gains/(losses) on net investment hedging instruments92.5 (2.7)67.3 (67.3)
Tax (expense)/benefit(23.3)0.7 (17.0)17.0 
Translation adjustment and other(151.2)74.7 31.9 283.6 
Tax (expense)/benefit1.1  (3.6) 
Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale debt securities, hedging instruments, and translation adjustment(13.6)(66.6)11.3 (165.0)
Tax expense/(benefit)4.0 9.5 2.2 21.3 
Other comprehensive income/(loss)(63.7)17.3 156.7 (58.4)
Comprehensive income including noncontrolling interests708.8 925.6 1,953.6 1,705.2 
Comprehensive income attributable to noncontrolling interests  0.2  
Comprehensive income attributable to Starbucks$708.8 $925.6 $1,953.4 $1,705.2 

See Notes to Consolidated Financial Statements.
4

STARBUCKS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data, unaudited)
Mar 31,
2024
Oct 1,
2023
ASSETS
Current assets:
Cash and cash equivalents$2,764.1 $3,551.5 
Short-term investments362.5 401.5 
Accounts receivable, net1,110.3 1,184.1 
Inventories1,744.0 1,806.4 
Prepaid expenses and other current assets484.1 359.9 
Total current assets6,465.0 7,303.4 
Long-term investments280.4 247.4 
Equity investments440.2 439.9 
Property, plant and equipment, net7,817.4 7,387.1 
Operating lease, right-of-use asset 8,686.5 8,412.6 
Deferred income taxes, net1,746.5 1,769.8 
Other long-term assets587.2 546.5 
Other intangible assets110.7 120.5 
Goodwill3,229.3 3,218.3 
TOTAL ASSETS$29,363.2 $29,445.5 
LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)
Current liabilities:
Accounts payable$1,487.4 $1,544.3 
Accrued liabilities2,016.0 2,145.1 
Accrued payroll and benefits 704.8 828.3 
Current portion of operating lease liability1,406.6 1,275.3 
Stored value card liability and current portion of deferred revenue1,872.0 1,700.2 
Short-term debt42.1 33.5 
Current portion of long-term debt 1,818.6 
Total current liabilities7,528.9 9,345.3 
Long-term debt15,547.5 13,547.6 
Operating lease liability8,180.3 7,924.8 
Deferred revenue 6,058.4 6,101.8 
Other long-term liabilities 490.3 513.8 
Total liabilities37,805.4 37,433.3 
Shareholders’ deficit:
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,132.7 and 1,142.6 shares, respectively
1.1 1.1 
Additional paid-in capital141.7 38.1 
Retained deficit(7,970.7)(7,255.8)
Accumulated other comprehensive income/(loss)(621.5)(778.2)
Total shareholders’ deficit(8,449.4)(7,994.8)
Noncontrolling interests7.2 7.0 
Total deficit(8,442.2)(7,987.8)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)
$29,363.2 $29,445.5 

See Notes to Consolidated Financial Statements.
5

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions, unaudited)
 Two Quarters Ended
Mar 31,
2024
Apr 2,
2023
OPERATING ACTIVITIES:
Net earnings including noncontrolling interests$1,796.9 $1,763.6 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization783.6 709.3 
Deferred income taxes, net4.0 2.6 
Income earned from equity method investees(132.3)(109.9)
Distributions received from equity method investees154.5 88.0 
Gain on sale of assets (91.3)
Stock-based compensation173.0 159.3 
Non-cash lease costs689.5 584.7 
Loss on retirement and impairment of assets42.5 75.6 
Other16.3 22.6 
Cash provided by/(used in) changes in operating assets and liabilities:
Accounts receivable86.4 26.2 
Inventories64.5 194.6 
Income taxes payable(84.9)15.8 
Accounts payable(51.6)(51.2)
Deferred revenue128.9 54.0 
Operating lease liability(635.1)(621.8)
Other operating assets and liabilities(146.3)(461.3)
Net cash provided by operating activities2,889.9 2,360.8 
INVESTING ACTIVITIES:
Purchases of investments(472.0)(247.7)
Sales of investments0.5 1.9 
Maturities and calls of investments498.7 270.0 
Additions to property, plant and equipment(1,255.0)(1,002.0)
Proceeds from sale of assets 110.0 
Other(36.2)(39.2)
Net cash used in investing activities(1,264.0)(907.0)
FINANCING ACTIVITIES:
Net (payments)/proceeds from issuance of commercial paper (175.0)
Net proceeds from issuance of short-term debt93.2 52.8 
Repayments of short-term debt(80.5) 
Net proceeds from issuance of long-term debt1,995.3 1,497.8 
Repayments of long-term debt(1,825.1)(1,000.0)
Proceeds from issuance of common stock58.4 129.8 
Cash dividends paid(1,293.5)(1,217.4)
Repurchase of common stock(1,266.7)(479.3)
Minimum tax withholdings on share-based awards(94.1)(81.4)
Other(10.6)(10.7)
Net cash used in financing activities(2,423.6)(1,283.4)
Effect of exchange rate changes on cash and cash equivalents10.4 83.0 
Net increase/(decrease) in cash and cash equivalents(787.3)253.4 
CASH AND CASH EQUIVALENTS:
Beginning of period3,551.5 2,818.4 
End of period$2,764.1 $3,071.8 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest$275.6 $250.4 
Income taxes$850.9 $636.8 

See Notes to Consolidated Financial Statements.
6

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
For the Quarter Ended March 31, 2024 and April 2, 2023
(in millions, except per share data, unaudited)
Common StockAdditional Paid-in CapitalRetained
Earnings/(Deficit)
Accumulated
Other
Comprehensive
Income/(Loss)
Shareholders’
Equity/(Deficit)
Noncontrolling
Interests
Total
 SharesAmount
Balance, December 31, 2023
1,132.2$1.1 $38.2 $(8,097.5)$(557.8)$(8,616.0)$7.1 $(8,608.9)
Net earnings  772.4  772.4 0.1 772.5 
Other comprehensive loss   (63.6)(63.6)(0.1)(63.7)
Stock-based compensation expense 79.1   79.1  79.1 
Exercise of stock options/vesting of RSUs0.3 10.9   10.9  10.9 
Sale of common stock0.2 13.0   13.0  13.0 
Repurchase of common stock (1)
 0.5 0.1  0.6  0.6 
Cash dividends declared, $0.57 per share
  (645.7) (645.7) (645.7)
Other
   (0.1)(0.1)0.1  
Balance, March 31, 2024
1,132.7$1.1 $141.7 $(7,970.7)$(621.5)$(8,449.4)$7.2 $(8,442.2)
Balance, January 1, 2023
1,148.5$1.1 $67.2 $(8,203.2)$(538.9)$(8,673.8)$7.9 $(8,665.9)
Net earnings  908.3  908.3  908.3 
Other comprehensive income   17.3 17.3  17.3 
Stock-based compensation expense 75.0   75.0  75.0 
Exercise of stock options/vesting of RSUs1.3 68.2   68.2  68.2 
Sale of common stock0.2 13.3   13.3  13.3 
Repurchase of common stock(3.0) (182.5)(121.5) (304.0) (304.0)
Cash dividends declared, $0.53 per share
  (608.2) (608.2) (608.2)
Purchase of noncontrolling interests (3.0)  (3.0)(0.4)(3.4)
Balance, April 2, 2023
1,147.0$1.1 $38.2 $(8,024.6)$(521.6)$(8,506.9)$7.5 $(8,499.4)

(1)Includes excise tax on share repurchases.
See Notes to Consolidated Financial Statements.





7

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
For the Two Quarters Ended March 31, 2024 and April 2, 2023
(in millions, except per share data, unaudited)
Common StockAdditional Paid-in CapitalRetained
Earnings/(Deficit)
Accumulated
Other
Comprehensive
Income/(Loss)
Shareholders’
Equity/(Deficit)
Noncontrolling
Interests
Total
 SharesAmount
Balance, October 1, 2023
1,142.6$1.1 $38.1 $(7,255.8)$(778.2)$(7,994.8)$7.0 $(7,987.8)
Net earnings  1,796.8  1,796.8 0.1 1,796.9 
Other comprehensive income   156.6 156.6 0.1 156.7 
Stock-based compensation expense 175.2   175.2  175.2 
Exercise of stock options/vesting of RSUs2.6 (64.9)  (64.9) (64.9)
Sale of common stock0.3 29.2   29.2  29.2 
Repurchase of common stock (1)
(12.8) (35.9)(1,223.9) (1,259.8) (1,259.8)
Cash dividends declared, $1.14 per share
  (1,287.8) (1,287.8) (1,287.8)
Other   0.1 0.1  0.1 
Balance, March 31, 2024
1,132.7$1.1 $141.7 $(7,970.7)$(621.5)$(8,449.4)$7.2 $(8,442.2)
Balance, October 2, 2022
1,147.9$1.1 $205.3 $(8,449.8)$(463.2)$(8,706.6)$7.9 $(8,698.7)
Net earnings  1,763.6  1,763.6  1,763.6 
Other comprehensive loss  (58.4)(58.4) (58.4)
Stock-based compensation expense 161.4   161.4  161.4 
Exercise of stock options/vesting of RSUs3.7 23.5   23.5  23.5 
Sale of common stock0.3 24.9   24.9  24.9 
Repurchase of common stock(4.9) (373.9)(121.5) (495.4) (495.4)
Cash dividends declared, $1.06 per share
  (1,216.9) (1,216.9) (1,216.9)
Purchase of noncontrolling interests (3.0)  (3.0)(0.4)(3.4)
Balance, April 2, 2023
1,147.0$1.1 $38.2 $(8,024.6)$(521.6)$(8,506.9)$7.5 $(8,499.4)

(1)Includes excise tax on share repurchases.
See Notes to Consolidated Financial Statements.


8


STARBUCKS CORPORATION
INDEX FOR NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


9

STARBUCKS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Note 1: Summary of Significant Accounting Policies and Estimates
Financial Statement Preparation
The unaudited consolidated financial statements as of March 31, 2024, and for the quarters and two quarters ended March 31, 2024 and April 2, 2023, have been prepared by Starbucks Corporation under the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the financial information for the quarters and two quarters ended March 31, 2024 and April 2, 2023 reflects all adjustments and accruals, which are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, and cash flows for the interim periods. In this Quarterly Report on Form 10-Q (“10-Q”), Starbucks Corporation is referred to as “Starbucks,” the “Company,” “we,” “us,” or “our.”
Segment information is prepared on the same basis that our management reviews financial information for operational decision-making purposes.
Certain prior period information on the consolidated statements of cash flows have been reclassified to conform to the current presentation.
The financial information as of October 1, 2023 is derived from our audited consolidated financial statements and notes for the fiscal year ended October 1, 2023 (“fiscal 2023”) included in Item 8 in the fiscal 2023 Annual Report on Form 10-K (“10-K”). The information included in this 10-Q should be read in conjunction with the footnotes and management’s discussion and analysis of the consolidated financial statements in the 10-K.
The results of operations for the quarter and two quarters ended March 31, 2024 are not necessarily indicative of the results of operations that may be achieved for the entire fiscal year ending September 29, 2024 (“fiscal 2024”).
Recent Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance expanding segment disclosure requirements. The amendments require enhanced disclosure for certain segment items and require disclosure on how management uses reported measures to assess segment performance. The amendments do not change how segments are determined, aggregated, or how thresholds are applied to determine reportable segments. We expect to adopt the guidance for the fiscal year ending September 28, 2025. We are currently evaluating the expanded disclosure requirements and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.
In December 2023, the FASB issued guidance expanding disclosure requirements related to income taxes. The amendments require enhanced jurisdictional disclosures for the income tax rate reconciliation and related to cash income taxes paid. Additionally, specific disclosures related to unrecognized tax benefits and indefinite reinvestment assertions were removed. The amendments are effective for our fiscal year ending September 27, 2026. While we are still evaluating the specific impacts and timing of adoption, we anticipate this guidance will have a significant impact on our annual income tax disclosures.
In March 2024, the SEC issued its final climate disclosure rules, which require the disclosure of climate-related information in annual reports and registration statements. The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions above certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates, if material. Disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. We are currently evaluating the impact of the new rules and expect to include updated climate-related disclosures in our Annual Report on Form 10-K for our fiscal year ending September 27, 2026, depending on the outcome of the legal challenges.

Note 2: Acquisitions, Divestitures, and Strategic Alliance
On January 13, 2023, we sold the assets, primarily consisting of intellectual properties associated with the Seattle’s Best Coffee brand, to Nestlé for $110.0 million. The transaction resulted in a pre-tax gain of $91.3 million, which was included in gain from sale of assets on our consolidated statements of earnings for the quarter and two quarters ended April 2, 2023. Results from Seattle’s Best Coffee operations prior to the sale are reported in our Channel Development operating segment.
10

Note 3: Derivative Financial Instruments
Interest Rates
From time to time, we enter into designated cash flow hedges to manage the variability in cash flows due to changes in benchmark interest rates. We enter into interest rate swap agreements, including forward-starting interest rate swaps and treasury locks, settled in cash based upon the difference between an agreed-upon benchmark rate and the prevailing benchmark rate at settlement. These agreements are generally settled around the time of the pricing of the related debt. Each derivative agreement’s gain or loss is recorded in accumulated other comprehensive income (“AOCI”) and is subsequently reclassified to interest expense over the life of the related debt.
To hedge the exposure to changes in the fair value of our fixed-rate debt, we enter into interest rate swap agreements, which are designated as fair value hedges. The changes in fair values of these derivative instruments and the offsetting changes in fair values of the underlying hedged debt due to changes in the relevant benchmark interest rates are recorded in interest expense. Refer to Note 8, Debt, for additional information on our long-term debt.
Foreign Currency
To reduce cash flow volatility from foreign currency fluctuations, we enter into forward and swap contracts to hedge portions of cash flows of anticipated royalty payments, inventory purchases, and intercompany borrowing and lending activities. The resulting gains and losses from these derivatives are recorded in AOCI and subsequently reclassified to revenue, product and distribution costs, or interest income and other, net, respectively, when the hedged exposures affect net earnings.
From time to time, we may enter into financial instruments, including, but not limited to, forward and swap contracts or foreign currency-denominated debt, to hedge the currency exposure of our net investments in certain international operations. The resulting gains and losses from these derivatives are recorded in AOCI and are subsequently reclassified to net earnings when the hedged net investment is either sold or substantially liquidated. Gains and losses from these derivatives representing hedged components excluded from the assessment of effectiveness are amortized over the life of the hedging instrument using a systematic and rational method and recognized in interest expense.
Foreign currency forward and swap contracts not designated as hedging instruments are used to mitigate the foreign exchange risk of certain other balance sheet items. Gains and losses from these derivatives are largely offset by the financial impact of translating foreign currency-denominated payables and receivables, and these gains and losses are recorded in interest income and other, net.
Commodities
Depending on market conditions, we may enter into coffee forward contracts, futures contracts, and collars to hedge anticipated cash flows under our price-to-be-fixed green coffee contracts, which are described further in Note 5, Inventories, or our longer-dated forecasted coffee demand where underlying fixed price and price-to-be-fixed contracts are not yet available. The resulting gains and losses are recorded in AOCI and are subsequently reclassified to product and distribution costs when the hedged exposure affects net earnings.
Depending on market conditions, we may also enter into dairy forward contracts and futures contracts to hedge a portion of anticipated cash flows under our dairy purchase contracts and our forecasted dairy demand. The resulting gains or losses are recorded in AOCI and are subsequently reclassified to product and distribution costs when the hedged exposure affects net earnings.
Cash flow hedges related to anticipated transactions are designated and documented at the inception of each hedge. Cash flows from hedging transactions are classified in the same categories as the cash flows from the respective hedged items. For de-designated cash flow hedges in which the underlying transactions are no longer probable of occurring or where price variability in the underlying cash flow ceases to exist, the related accumulated derivative gains or losses are recognized in interest income and other, net on our consolidated statements of earnings. These derivatives may be accounted for prospectively as non-designated derivatives until maturity, re-designated to new hedging relationships, or terminated early. We continue to believe transactions related to our other designated cash flow hedges are probable to occur.
To mitigate the price uncertainty of a portion of our future purchases, including diesel fuel and other commodities, we enter into swap contracts, futures, and collars that are not designated as hedging instruments. The resulting gains and losses are recorded in interest income and other, net to help offset price fluctuations on our beverage, food, packaging, and transportation costs, which are included in product and distribution costs on our consolidated statements of earnings.
11

Gains and losses on derivative contracts and foreign currency-denominated debt designated as hedging instruments included in AOCI and expected to be reclassified into earnings within 12 months, net of tax (in millions):
Net Gains/(Losses)
Included in AOCI
Net Gains/(Losses) Expected to be Reclassified from AOCI into Earnings within 12 Months
Outstanding Contract/Debt Remaining Maturity
(Months)
Mar 31, 2024Oct 1, 2023
Cash Flow Hedges:
Coffee$16.2 $(78.1)$16.2 4
Cross-currency swaps0.2 (0.6) 8
Dairy (1.3)(1.8)(1.3)8
Foreign currency - other30.6 39.6 21.4 33
Interest rates(5.1)(6.6)(3.0)0
Net Investment Hedges:
Cross-currency swaps127.9 87.1  120
Foreign currency16.0 16.0  0
Foreign currency debt135.3 140.2  0
12

Pre-tax gains and losses on derivative contracts and foreign currency-denominated long-term debt designated as hedging instruments recognized in other comprehensive income (“OCI”) and reclassifications from AOCI to earnings (in millions):
Quarter Ended
Gains/(Losses) Recognized in
OCI Before Reclassifications
Gains/(Losses) Reclassified from
AOCI to Earnings
Location of gain/(loss)
Mar 31, 2024Apr 2, 2023Mar 31, 2024Apr 2, 2023
Cash Flow Hedges:
Coffee$(1.2)$(0.5)$(6.2)$59.9 Product and distribution costs
Cross-currency swaps4.0 (2.5)0.4 (3.0)Interest expense
3.3 (0.1)Interest income and other, net
Dairy(1.3)(2.3)(2.3)(3.3)Product and distribution costs
Foreign currency - other34.9 3.8 7.4 4.0 Licensed stores revenue
2.2 2.2 Product and distribution costs
Interest rates 0.3 (1.0)0.2 Interest expense
Net Investment Hedges:
Cross-currency swaps (1)
67.0 (1.1)10.2 7.0 Interest expense
Foreign currency debt25.5 (1.6)  

Two Quarters Ended
Gains/(Losses) Recognized in
OCI Before Reclassifications
Gains/(Losses) Reclassified from
AOCI to Earnings
Location of gain/(loss)
Mar 31, 2024Apr 2, 2023Mar 31, 2024Apr 2, 2023
Cash Flow Hedges:
Coffee$63.1 $(119.9)$(46.6)$156.6 Product and distribution costs
Cross-currency swaps2.4 (14.2)1.0 (5.7)Interest expense
0.6 (9.2)Interest income and other, net
Dairy(3.2)(5.9)(3.9)(4.8)Product and distribution costs
Foreign currency - other9.5 (42.2)16.2 11.9 Licensed stores revenue
5.0 4.4 Product and distribution costs
 0.2 Interest income and other, net
Interest rates 0.3 (2.0)(0.3)Interest expense
Net Investment Hedges:
Cross-currency swaps (1)
73.6 (15.1)19.1 12.3 Interest expense
Foreign currency debt(6.3)(52.2)  

(1) Gains and losses recognized in earnings relate to components excluded from the assessment of effectiveness.
13

Pre-tax gains and losses on non-designated derivatives and designated fair value hedging instruments and the related fair value hedged item recognized in earnings (in millions):
Gains/(Losses) Recognized in Earnings
Location of gain/(loss) recognized in earnings Quarter EndedTwo Quarters Ended
 Mar 31, 2024Apr 2, 2023Mar 31, 2024Apr 2, 2023
Non-Designated Derivatives:
Foreign currency - otherInterest income and other, net$3.6 $1.6 $1.2 $(10.0)
CoffeeInterest income and other, net   (5.5)
Diesel fuel and other commoditiesInterest income and other, net0.3 (1.7)(0.4)(1.9)
Fair Value Hedges:
Interest rate swaps
Interest expense(8.7)4.7 2.4 3.1 
Long-term debt (hedged item)Interest expense5.7 (12.1)(8.6)(15.4)
Notional amounts of outstanding derivative contracts (in millions):
Mar 31, 2024Oct 1, 2023
Coffee$68 $266 
Cross-currency swaps1,746 1,076 
Dairy52 71 
Diesel fuel and other commodities14 7 
Foreign currency - other 1,191 1,164 
Interest rate swaps350 1,100 
14

Fair value of outstanding derivative contracts (in millions) including the location of the asset and/or liability on the consolidated balance sheets:
Derivative Assets
Balance Sheet LocationMar 31, 2024Oct 1, 2023
Designated Derivative Instruments:
Cross-currency swaps
Prepaid expenses and other current assets
$13.0 $ 
Other long-term assets164.5 130.1 
DairyPrepaid expenses and other current assets