STARBUCKS CORP
For the period ended Sep 29, 2024. Filed Nov 20, 2024.
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FY2024 · Filed Nov 20, 2024
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Equity
Note 12: Equity
In addition to 2.4 billion shares of authorized common stock with $0.001 par value per share, we have authorized 7.5 million shares of preferred stock, none of which was outstanding at September 29, 2024.
During the fiscal year ended October 2, 2022, we repurchased 36.3 million shares of common stock for $4.0 billion on the open market. On March 15, 2022, we announced that our Board authorized the repurchase of up to an additional 40 million shares under our ongoing share repurchase program. On April 4, 2022, we announced a temporary suspension of our share repurchase program to allow us to augment investments in our stores and partners.
During the first quarter of fiscal 2023, we resumed our share repurchase program. During the fiscal year ended October 1, 2023, we repurchased 10.0 million shares of common stock for $1.0 billion on the open market.
During the fiscal year ended September 29, 2024, we repurchased 12.8 million shares of common stock for $1.3 billion on the open market.
As of September 29, 2024,29.8 million shares remained available for repurchase under current authorizations.
During the fourth quarter of fiscal 2024, our Board declared a quarterly cash dividend to shareholders of $0.61 per share to be paid on November 29, 2024, to shareholders of record as of the close of business on November 15, 2024.
Comprehensive Income
Comprehensive income includes all changes in equity during the period, except those resulting from transactions with our shareholders. Comprehensive income is comprised of net earnings and other comprehensive income. Accumulated other comprehensive income reported on our consolidated balance sheets consists of foreign currency translation adjustments and other items and the unrealized gains and losses, net of applicable taxes, on available-for-sale debt securities and on derivative instruments designated and qualifying as cash flow and net investment hedges.
Changes in AOCI by component for the fiscal years ended September 29, 2024, October 1, 2023, and October 2, 2022, net of tax, are as follows:
| (in millions) | Available-for-Sale Securities | Cash Flow Hedges | Net Investment Hedges | Translation Adjustment and Other | Total |
|---|---|---|---|---|---|
| Net gains/(losses) in AOCI, beginning of period | $(12.3) | $(47.5) | $243.3 | $(961.7) | $(778.2) |
| Net gains/(losses) recognized in OCI before reclassifications | 9.1 | 89.8 | 41.6 | 216.7 | 357.2 |
| Net (gains)/losses reclassified from AOCI to earnings | 0.9 | 28.2 | (37.2) | (0.1) | (8.2) |
| Other comprehensive income/(loss) attributable to Starbucks | 10.0 | 118.0 | 4.4 | 216.6 | 349.0 |
| Other comprehensive income/(loss) attributable to NCI | — | — | — | 0.4 | 0.4 |
| Net gains/(losses) in AOCI, end of period | $(2.3) | $70.5 | $247.7 | $(744.7) | $(428.8) |
| (in millions) | Available-for-Sale Securities | Cash Flow Hedges | Net Investment Hedges | Translation Adjustment and Other | Total |
|---|---|---|---|---|---|
| Net gains/(losses) in AOCI, beginning of period | $(15.5) | $199.0 | $209.1 | $(855.8) | $(463.2) |
| Net gains/(losses) recognized in OCI before reclassifications | 2.5 | (132.2) | 54.7 | (106.5) | (181.5) |
| Net (gains)/losses reclassified from AOCI to earnings | 0.7 | (114.3) | (20.5) | 1.3 | (132.8) |
| Other comprehensive income/(loss) attributable to Starbucks | 3.2 | (246.5) | 34.2 | (105.2) | (314.3) |
| Other comprehensive income/(loss) attributable to NCI | — | — | — | (0.7) | (0.7) |
| Net gains/(losses) in AOCI, end of period | $(12.3) | $(47.5) | $243.3 | $(961.7) | $(778.2) |
| (in millions) | Available-for-Sale Securities | Cash Flow Hedges | Net Investment Hedges | Translation Adjustment and Other | Total |
|---|---|---|---|---|---|
| Net gains/(losses) in AOCI, beginning of period | $1.5 | $158.3 | $48.6 | $(61.2) | $147.2 |
| Net gains/(losses) recognized in OCI before reclassifications | (17.2) | 206.7 | 171.1 | (794.7) | (434.1) |
| Net (gains)/losses reclassified from AOCI to earnings | 0.2 | (166.0) | (10.6) | 0.1 | (176.3) |
| Other comprehensive income/(loss) attributable to Starbucks | (17.0) | 40.7 | 160.5 | (794.6) | (610.4) |
| Net gains/(losses) in AOCI, end of period | $(15.5) | $199.0 | $209.1 | $(855.8) | $(463.2) |
Impact of reclassifications from AOCI on the consolidated statements of earnings(in millions):
| AOCI Components · Amounts Reclassified from AOCI · Affected Line Item in the Statements of Earnings | ||||
|---|---|---|---|---|
| Year Ended | ||||
| Sep 29, 2024 · Oct 1, 2023 · Oct 2, 2022 | ||||
| Gains/(losses) on available-for-sale securities | $(1.2) | $(0.7) | $(0.4) | Interest income and other, net |
| Gains/(losses) on cash flow hedges | (29.3) | 133.5 | 196.6 | Please refer to Note 3, Derivative Financial Instruments, for additional information. |
| Gains/(losses) on net investment hedges | 49.6 | 27.4 | 14.3 | Interest expense |
| Other (1) | 0.1 | (1.3) | — | Interest income and other, net |
| 19.2 | 158.9 | 210.5 | Total before tax | |
| (11.0) | (26.1) | (34.2) | Tax (expense)/benefit | |
| $8.2 | $132.8 | $176.3 | Net of tax | |
(1)Release of cumulative translation adjustments and other activities to earnings upon sale, liquidation, or dissolution of foreign businesses.
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