STARBUCKS CORP
For the period ended Jun 30, 2024. Filed Jul 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.
Jun 30, 2024 · Filed Jul 30, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Leases
Note 9: Leases
The components of lease costs(in millions):
| Quarter Ended | Three Quarters Ended | |||
|---|---|---|---|---|
| Jun 30, 2024 | Jul 2, 2023 | Jun 30, 2024 | Jul 2, 2023 | |
| Operating lease costs(1) | $431.3 | $401.6 | $1,272.8 | $1,188.2 |
| Variable lease costs | 279.3 | 264.1 | 822.9 | 753.3 |
| Short-term lease costs | 6.2 | 7.0 | 21.1 | 20.9 |
| Total lease costs | $716.8 | $672.7 | $2,116.8 | $1,962.4 |
(1)Includes immaterial amounts of sublease income and rent concessions.
The following table includes supplemental information(in millions):
| Three Quarters Ended | ||
|---|---|---|
| Jun 30, 2024 | Jul 2, 2023 | |
| Cash paid related to operating lease liabilities | $1,223.7 | $1,234.8 |
| Operating lease liabilities arising from obtaining right-of-use assets | 1,548.7 | 1,245.5 |
| Jun 30, 2024 | Jul 2, 2023 | |
| Weighted-average remaining operating lease term | 8.6 years | 8.5 years |
| Weighted-average operating lease discount rate | 3.3% | 3.0% |
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 June 30, 2024 and October 1, 2023.
Minimum future maturities of operating lease liabilities(in millions):
| Fiscal Year | Total |
|---|---|
| 2024 (excluding the three quarters ended June 30, 2024) | $432.8 |
| 2025 | 1,702.4 |
| 2026 | 1,574.8 |
| 2027 | 1,401.0 |
| 2028 | 1,204.9 |
| Thereafter | 4,959.3 |
| Total lease payments | 11,275.2 |
| Less imputed interest | (1,557.9) |
| Total | $9,717.3 |
As of June 30, 2024, we have entered into operating leases that have not yet commenced of $1.7 billion, primarily related to real estate leases. These leases will commence between fiscal year 2024 and fiscal year 2028 with lease terms ranging from five years totwenty years.
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