STARBUCKS CORP
For the period ended Dec 31, 2023. Filed Jan 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Jan 30, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Leases
Note 8: Leases
The components of lease costs(in millions):
| Quarter Ended | ||
|---|---|---|
| Dec 31, 2023 | Jan 1, 2023 | |
| Operating lease costs(1) | $417.4 | $384.8 |
| Variable lease costs | 271.9 | 235.3 |
| Short-term lease costs | 7.7 | 7.0 |
| Total lease costs | $697.0 | $627.1 |
(1)Includes immaterial amounts of sublease income and rent concessions.
The following table includes supplemental information(in millions):
| Quarter Ended | ||
|---|---|---|
| Dec 31, 2023 | Jan 1, 2023 | |
| Cash paid related to operating lease liabilities | $428.6 | $404.1 |
| Operating lease liabilities arising from obtaining right-of-use assets | 470.9 | 367.3 |
| Dec 31, 2023 | Jan 1, 2023 | |
| Weighted-average remaining operating lease term | 8.6 years | 8.5 years |
| Weighted-average operating lease discount rate | 3.1% | 2.7% |
Finance lease assets are recorded in property, plant and equipment, net with the corresponding lease liabilities included in accrued liabilities and other long-term liabilities on the consolidated balance sheet. There were no material finance leases as of December 31, 2023 and October 1, 2023.
Minimum future maturities of operating lease liabilities(in millions):
| Fiscal Year | Total |
|---|---|
| 2024 (excluding the quarter ended December 31, 2023) | $1,214.9 |
| 2025 | 1,587.2 |
| 2026 | 1,465.0 |
| 2027 | 1,281.1 |
| 2028 | 1,076.3 |
| Thereafter | 4,260.5 |
| Total lease payments | 10,885.0 |
| Less imputed interest | (1,436.6) |
| Total | $9,448.4 |
As of December 31, 2023, we have entered into operating leases that have not yet commenced of $1.5 billion, primarily related to real estate leases. These leases will commence between fiscal year 2024 and fiscal year 2027 with lease terms ranging fromtwo totwenty years.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.