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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Leases
Note 10: Leases
The components of lease costs(in millions):
| Year Ended | |||
|---|---|---|---|
| Sep 29, 2024 | Oct 1, 2023 | Oct 2, 2022 | |
| Operating lease costs(1) | $1,723.5 | $1,601.0 | $1,554.8 |
| Variable lease costs | 1,130.7 | 1,050.3 | 939.1 |
| Short-term lease costs | 26.8 | 28.0 | 28.1 |
| Total lease costs | $2,881.0 | $2,679.3 | $2,522.0 |
(1)Includes immaterial amounts of sublease income and rent concessions.
The following table includes supplemental information(in millions):
| Year Ended | |||
|---|---|---|---|
| Sep 29, 2024 | Oct 1, 2023 | Oct 2, 2022 | |
| Cash paid related to operating lease liabilities | $1,672.5 | $1,657.2 | $1,647.3 |
| Operating lease liabilities arising from obtaining ROU assets | 2,263.9 | 1,893.4 | 1,639.4 |
| Sep 29, 2024 | Oct 1, 2023 | Oct 2, 2022 | |
|---|---|---|---|
| Weighted-average remaining operating lease term | 8.6 years | 8.5 years | 8.5 years |
| Weighted-average operating lease discount rate | 3.4% | 3.1% | 2.6% |
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. These balances were not material as of September 29, 2024, and October 1, 2023. Finance lease costs were also immaterial for the fiscal years ending September 29, 2024, October 1, 2023, and October 2, 2022.
Minimum future maturities of operating lease liabilities(in millions):
| Fiscal Year | Total |
|---|---|
| 2025 | $1,808.5 |
| 2026 | 1,692.1 |
| 2027 | 1,510.1 |
| 2028 | 1,308.1 |
| 2029 | 1,125.0 |
| Thereafter | 4,498.5 |
| Total lease payments | 11,942.3 |
| Less imputed interest | (1,707.6) |
| Total | $10,234.7 |
As of September 29, 2024, we have entered into operating leases that have not yet commenced of $1.6 billion, primarily related to real estate leases. These leases will commence between fiscal year 2025 and fiscal year 2028 with lease terms of 5 years to 20 years.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.