SBUX Starbucks Corporation

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☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Washington			91-1325671
(State or Other Jurisdiction of Incorporation or Organization)			(IRS Employer Identification No.)

Securities registered pursuant to Section 12(b) of the Act:

Title			Trading Symbol			Name of each exchange on which registered
Common Stock, par value $0.001 per share			SBUX			Nasdaq Global Select Market

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 filer

x

Accelerated 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 

Shares Outstanding as of April 26, 2023
1,146.4 million

 

PART I. FINANCIAL INFORMATION
Item 1			Financial Statements (Unaudited)			3
			Consolidated Statements of Earnings			3
			Consolidated Statements of Comprehensive Income			4
			Consolidated Balance Sheets			5
			Consolidated Statements of Cash Flows			6
			Consolidated Statements of Equity			7
			Index for Notes to Consolidated Financial Statements			9
			Notes to Consolidated Financial Statements			10
Item 2			Management’s Discussion and Analysis of Financial Condition and Results of Operations			27
Item 3			Quantitative and Qualitative Disclosures About Market Risk			40
Item 4			Controls and Procedures			40
PART II. OTHER INFORMATION
Item 1			Legal Proceedings			41
Item 1A			Risk Factors			41
Item 2			Unregistered Sales of Equity Securities and Use of Proceeds			41
Item 3			Defaults Upon Senior Securities			41
Item 4			Mine Safety Disclosures			41
Item 5			Other Information			41
Item 6			Exhibits			42
Signatures						43

(unaudited)

			Quarter Ended												Two Quarters Ended
			Apr 2, 2023						Apr 3, 2022						Apr 2, 2023						Apr 3, 2022
Net revenues:
Company-operated stores			$	7,142.3					$	6,276.7					$	14,225.7					$	12,999.1
Licensed stores			1,069.5						849.5						2,189.0						1,700.3
Other			508.0						509.4						1,019.1						986.6
Total net revenues			8,719.8						7,635.6						17,433.8						15,686.0
Product and distribution costs			2,801.7						2,465.8						5,611.9						4,992.7
Store operating expenses			3,636.0						3,314.7						7,301.3						6,714.6
Other operating expenses			126.2						101.7						255.4						203.4
Depreciation and amortization expenses			341.9						367.7						669.0						733.8
General and administrative expenses			620.4						481.5						1,201.3						1,007.3
Restructuring and impairments			8.8						4.4						14.7						(3.1)
Total operating expenses			7,535.0						6,735.8						15,053.6						13,648.7
Income from equity investees			51.4						49.1						109.2						89.4
Gain from sale of assets			91.3						—						91.3						—
Operating income			1,327.5						948.9						2,580.7						2,126.7
Interest income and other, net			18.4						46.3						30.0						46.2
Interest expense			(136.3)						(119.1)						(266.0)						(234.4)
Earnings before income taxes			1,209.6						876.1						2,344.7						1,938.5
Income tax expense			301.3						201.1						581.1						447.4
Net earnings including noncontrolling interests			908.3						675.0						1,763.6						1,491.1
Net earnings attributable to noncontrolling interests			0.0						0.5						0.0						0.7
Net earnings attributable to Starbucks			$	908.3					$	674.5					$	1,763.6					$	1,490.4
Earnings per share - basic			$	0.79					$	0.59					$	1.54					$	1.29
Earnings per share - diluted			$	0.79					$	0.58					$	1.53					$	1.28
Weighted average shares outstanding:
Basic			1,148.5						1,149.2						1,148.4						1,159.4
Diluted			1,152.7						1,153.9						1,152.8						1,165.2

			Quarter Ended												Two Quarters Ended
			Apr 2, 2023						Apr 3, 2022						Apr 2, 2023						Apr 3, 2022
Net earnings including noncontrolling interests			$	908.3					$	675.0					$	1,763.6					$	1,491.1
Other comprehensive income/(loss), net of tax:
Unrealized holding gains/(losses) on available-for-sale debt securities			3.6						(10.5)						5.6						(13.9)
Tax (expense)/benefit			(0.8)						2.6						(1.3)						3.4
Unrealized gains/(losses) on cash flow hedging instruments			(1.2)						67.1						(181.9)						155.8
Tax (expense)/benefit			0.1						(14.2)						29.6						(26.0)
Unrealized gains/(losses) on net investment hedging instruments			(2.7)						38.1						(67.3)						79.6
Tax (expense)/benefit			0.7						(9.6)						17.0						(20.1)
Translation adjustment and other			74.7						(38.5)						283.6						(24.3)
Tax (expense)/benefit			—						—						—						—
Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale debt securities, hedging instruments, and translation adjustment			(66.6)						(34.2)						(165.0)						(50.3)
Tax expense/(benefit)			9.5						6.0						21.3						8.9
Other comprehensive income/(loss)			17.3						6.8						(58.4)						113.1
Comprehensive income including noncontrolling interests			925.6						681.8						1,705.2						1,604.2
Comprehensive income attributable to noncontrolling interests			—						0.5						—						0.7
Comprehensive income attributable to Starbucks			$	925.6					$	681.3					$	1,705.2					$	1,603.5

(unaudited)

			Apr 2, 2023						Oct 2, 2022
ASSETS
Current assets:
Cash and cash equivalents			$	3,071.8					$	2,818.4
Short-term investments			379.4						364.5
Accounts receivable, net			1,185.8						1,175.5
Inventories			2,000.6						2,176.6
Prepaid expenses and other current assets			408.6						483.7
Total current assets			7,046.2						7,018.7
Long-term investments			251.2						279.1
Equity investments			360.5						311.2
Property, plant and equipment, net			6,818.6						6,560.5
Operating lease, right-of-use asset			8,251.6						8,015.6
Deferred income taxes, net			1,811.1						1,799.7
Other long-term assets			526.7						554.2
Other intangible assets			130.8						155.9
Goodwill			3,412.3						3,283.5
TOTAL ASSETS			$	28,609.0					$	27,978.4
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)
Current liabilities:
Accounts payable			$	1,434.0					$	1,441.4
Accrued liabilities			1,970.0						2,137.1
Accrued payroll and benefits			710.9						761.7
Current portion of operating lease liability			1,269.5						1,245.7
Stored value card liability and current portion of deferred revenue			1,795.9						1,641.9
Short-term debt			52.8						175.0
Current portion of long-term debt			1,888.7						1,749.0
Total current liabilities			9,121.8						9,151.8
Long-term debt			13,544.8						13,119.9
Operating lease liability			7,753.5						7,515.2
Deferred revenue			6,200.2						6,279.7
Other long-term liabilities			488.1						610.5
Total liabilities			37,108.4						36,677.1
Shareholders' deficit:
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,147.0 and 1,147.9 shares, respectively			1.1						1.1
Additional paid-in capital			38.2						205.3
Retained deficit			(8,024.6)						(8,449.8)
Accumulated other comprehensive income/(loss)			(521.6)						(463.2)
Total shareholders’ deficit			(8,506.9)						(8,706.6)
Noncontrolling interests			7.5						7.9
Total deficit			(8,499.4)						(8,698.7)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)			$	28,609.0					$	27,978.4

STARBUCKS CORPORATION

(in millions, unaudited)

			Two Quarters Ended
			Apr 2, 2023						Apr 3, 2022
OPERATING ACTIVITIES:
Net earnings including noncontrolling interests			$	1,763.6					$	1,491.1
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			709.3						777.7
Deferred income taxes, net			2.6						28.4
Income earned from equity method investees			(109.9)						(118.7)
Distributions received from equity method investees			88.0						100.8
Gain on sale of assets			(91.3)						—
Stock-based compensation			159.3						149.2
Non-cash lease costs			584.7						670.7
Loss on retirement and impairment of assets			75.6						77.3
Other			22.6						(17.9)
Cash provided by/(used in) changes in operating assets and liabilities:
Accounts receivable			26.2						(62.1)
Inventories			194.6						(324.9)
Accounts payable			(51.2)						133.0
Deferred revenue			54.0						110.2
Operating lease liability			(621.8)						(766.3)
Other operating assets and liabilities			(445.5)						(215.7)
Net cash provided by operating activities			2,360.8						2,032.8
INVESTING ACTIVITIES:
Purchases of investments			(247.7)						(67.5)
Sales of investments			1.9						72.6
Maturities and calls of investments			270.0						55.7
Additions to property, plant and equipment			(1,002.0)						(871.9)
Proceeds from sale of assets			110.0						—
Other			(39.2)						(69.8)
Net cash used in investing activities			(907.0)						(880.9)
FINANCING ACTIVITIES:
Net (payments)/proceeds from issuance of commercial paper			(175.0)						—
Net proceeds from issuance of short-term debt			52.8						17.4
Repayments of short-term debt			—						(12.6)
Net proceeds from issuance of long-term debt			1,497.8						1,498.1
Repayments of long-term debt			(1,000.0)						—
Proceeds from issuance of common stock			129.8						56.3
Cash dividends paid			(1,217.4)						(1,139.2)
Repurchase of common stock			(479.3)						(3,997.5)
Minimum tax withholdings on share-based awards			(81.4)						(122.1)
Other			(10.7)						(9.2)
Net cash provided by/(used in) financing activities			(1,283.4)						(3,708.8)
Effect of exchange rate changes on cash and cash equivalents			83.0						14.6
Net increase/(decrease) in cash and cash equivalents			253.4						(2,542.3)
CASH AND CASH EQUIVALENTS:
Beginning of period			2,818.4						6,455.7
End of period			$	3,071.8					$	3,913.4
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest			$	250.4					$	236.0
Income taxes			$	636.8					$	783.2

(in millions, except per share data, unaudited)

			Common Stock												Additional Paid-in Capital						Retained Earnings/(Deficit)						Accumulated Other Comprehensive Income/(Loss)						Shareholders’ Equity/(Deficit)						Noncontrolling Interests						Total
			Shares						Amount
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 loss			—						—						—						—						17.3						17.3						—						17.3
Stock-based compensation expense			—						—						75.0						—						—						75.0						—						75.0
Exercise of stock options/vesting of RSUs			1.3						—						68.2						—						—						68.2						—						68.2
Sale of common stock			0.2						—						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)
Balance, January 2, 2022			1,151.6						$	1.2					$	41.1					$	(8,753.0)					$	253.5					$	(8,457.2)					$	6.9					$	(8,450.3)
Net earnings			—						—						—						674.5						—						674.5						0.5						675.0
Other comprehensive income			—						—						—						—						6.8						6.8						—						6.8
Stock-based compensation expense			—						—						54.4						—						—						54.4						—						54.4
Exercise of stock options/vesting of RSUs			0.4						(0.1)						(4.4)						—						—						(4.5)						—						(4.5)
Sale of common stock			0.1						—						11.0						—						—						11.0						—						11.0
Repurchase of common stock			(5.2)						—						(61.0)						(431.1)						—						(492.1)						—						(492.1)
Cash dividends declared, $0.49 per share			—						—						—						(560.9)						—						(560.9)						—						(560.9)
Net distributions to noncontrolling interests			—						—						—						—						—						—						(0.6)						(0.6)
Balance, April 3, 2022			1,146.9						$	1.1					$	41.1					$	(9,070.5)					$	260.3					$	(8,768.0)					$	6.8					$	(8,761.2)

(in millions, except per share data, unaudited)

			Common Stock												Additional Paid-in Capital						Retained Earnings/(Deficit)						Accumulated Other Comprehensive Income/(Loss)						Shareholders’ Equity/(Deficit)						Noncontrolling Interests						Total
			Shares						Amount
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 RSUs			3.7						—						23.5						—						—						23.5						—						23.5
Sale of common stock			0.3						—						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)
Balance, October 3, 2021			1,180.0						$	1.2					$	846.1					$	(6,315.7)					$	147.2					$	(5,321.2)					$	6.7					$	(5,314.5)
Net earnings			—						—						—						1,490.4						—						1,490.4						0.7						1,491.1
Other comprehensive income			—						—						—						—						113.1						113.1						—						113.1
Stock-based compensation expense			—						—						151.5						—						—						151.5						—						151.5
Exercise of stock options/vesting of RSUs			3.0						(0.1)						(88.5)						—						—						(88.6)						—						(88.6)
Sale of common stock			0.2						—						22.8						—						—						22.8						—						22.8
Repurchase of common stock			(36.3)						—						(890.8)						(3,122.2)						—						(4,013.0)						—						(4,013.0)
Cash dividends declared, $0.98 per share			—						—						—						(1,123.0)						—						(1,123.0)						—						(1,123.0)
Net distributions to noncontrolling interests			—						—						—						—						—						—						(0.6)						(0.6)
Balance, April 3, 2022			1,146.9						$	1.1					$	41.1					$	(9,070.5)					$	260.3					$	(8,768.0)					$	6.8					$	(8,761.2)

Note 1			Summary of Significant Accounting Policies and Estimates			10
Note 2			Acquisitions, Divestitures and Strategic Alliance			10
Note 3			Derivative Financial Instruments			11
Note 4			Fair Value Measurements			15
Note 5			Inventories			17
Note 6			Supplemental Balance Sheet and Statement of Earnings Information			17
Note 7			Other Intangible Assets and Goodwill			18
Note 8			Debt			19
Note 9			Leases			21
Note 10			Deferred Revenue			22
Note 11			Equity			23
Note 12			Employee Stock Plans			24
Note 13			Earnings per Share			25
Note 14			Commitments and Contingencies			25
Note 15			Segment Reporting			25

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. Results from Seattle's Best Coffee operations prior to the sale are reported in our Channel Development operating segment.

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.

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)
			Apr 2, 2023						Oct 2, 2022
Cash Flow Hedges:
Coffee			$	(89.8)					$	153.9					$	(87.7)					4
Cross-currency swaps			(1.3)						(1.9)						—						20
Dairy			(3.4)						(2.6)						(3.4)						10
Foreign currency - other			11.7						55.3						11.7						33
Interest rates			(5.3)						(5.8)						0.2						0
Net Investment Hedges:
Cross-currency swaps			46.7						67.3						—						108
Foreign currency			16.1						16.1						—						0
Foreign currency debt			86.8						125.7						—						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)
												Apr 2, 2023						Apr 3, 2022						Apr 2, 2023									Apr 3, 2022
Cash Flow Hedges:
Coffee												$	(0.5)					$	24.0					$	59.9					$	17.8					Product and distribution costs
Cross-currency swaps												(2.5)						4.9						(3.0)						(0.8)						Interest expense
																								(0.1)						9.4						Interest income and other, net
Dairy												(2.3)						3.4						(3.3)						2.9						Product and distribution costs
Foreign currency - other												3.8						0.7						4.0						2.4						Licensed stores revenue
																								2.2						(0.3)						Product and distribution costs
Interest rates												0.3						34.1						0.2						(0.5)						Interest expense
Net Investment Hedges:
Cross-currency swaps												(1.1)						(2.1)						7.0						3.5						Interest expense
Foreign currency debt												(1.6)						40.2						—						—
												Two Quarters Ended
												Gains/(Losses) Recognized in OCI Before Reclassifications												Gains/(Losses) Reclassified from AOCI to Earnings												Location of gain/(loss)
												Apr 2, 2023						Apr 3, 2022						Apr 2, 2023						Apr 3, 2022
Cash Flow Hedges:
Coffee												$	(119.9)					$	95.5					$	156.6					$	24.3					Product and distribution costs
Cross-currency swaps												(14.2)						9.4						(5.7)						(1.6)						Interest expense
																								(9.2)						16.3						Interest income and other, net
Dairy												(5.9)						8.0						(4.8)						2.5						Product and distribution costs
Foreign currency - other												(42.2)						7.6						11.9						4.5						Licensed stores revenue
																								4.4						(1.7)						Product and distribution costs
																								0.2						—						Interest income and other, net
Interest rates												0.3						35.3						(0.3)						(0.9)						Interest expense
Net Investment Hedges:
Cross-currency swaps												(15.1)						14.2						12.3						6.9						Interest expense
Foreign currency debt												(52.2)						65.4						—						—

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 Ended												Two Quarters Ended
									Apr 2, 2023						Apr 3, 2022						Apr 2, 2023						Apr 3, 2022
Non-Designated Derivatives:
Dairy			Interest income and other, net						$	—					$	0.1					$	—					$	0.1
Foreign currency - other			Interest income and other, net						1.6						11.6						(10.0)						21.8
Coffee			Interest income and other, net						—						6.2						(5.5)						9.3
Diesel fuel and other commodities			Interest income and other, net						(1.7)						0.7						(1.9)						0.7
Fair Value Hedges:
Interest rate swap			Interest expense						4.7						(21.3)						3.1						(26.1)
Long-term debt (hedged item)			Interest expense						(12.1)						24.8						(15.4)						33.0

Notional amounts of outstanding derivative contracts (in millions):

			Apr 2, 2023						Oct 2, 2022
Coffee			$	186					$	649
Cross-currency swaps			1,108						741
Dairy			77						94
Diesel fuel and other commodities			25						33
Foreign currency - other			1,194						1,269
Interest rate swaps			1,100						1,100

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 Location						Apr 2, 2023						Oct 2, 2022
Designated Derivative Instruments:
Cross-currency swaps			Other long-term assets						$	81.9					$	115.4
Dairy			Prepaid expenses and other current assets						0.1						0.5
Foreign currency - other			Prepaid expenses and other current assets						19.9						39.9
			Other long-term assets						10.9						33.5
Non-designated Derivative Instruments:
Diesel fuel and other commodities			Prepaid expenses and other current assets						0.1						0.4
Foreign currency			Prepaid expenses and other current assets						4.1						34.3
			Other long-term assets						—						7.3
									Derivative Liabilities
			Balance Sheet Location						Apr 2, 2023						Oct 2, 2022
Designated Derivative Instruments:
Cross-currency swaps			Other long-term liabilities						$	8.8					$	—
Dairy			Accrued liabilities						1.8						2.9
Foreign currency - other			Accrued liabilities						7.9						0.3
			Other long-term liabilities						8.1						—
Interest rate swaps			Accrued liabilities						10.0						12.0
			Other long-term liabilities						25.9						34.0
Non-designated Derivative Instruments:
Diesel fuel and other commodities			Accrued liabilities						1.3						—
Foreign currency			Accrued liabilities						1.6						5.8

The following amounts were recorded on the consolidated balance sheets related to fixed-to-floating interest rate swaps designated in fair value hedging relationships (in millions):

			Carrying amount of hedged item												Cumulative amount of fair value hedging adjustment included in the carrying amount
			Apr 2, 2023						Oct 2, 2022						Apr 2, 2023						Oct 2, 2022
Location on the balance sheet
Long-term debt			$	1,063.1					$	1,047.7					$	(36.9)					$	(52.3)

Additional disclosures related to cash flow gains and losses included in AOCI, as well as subsequent reclassifications to earnings, are included in Note 11, Equity.

Assets and liabilities measured at fair value on a recurring basis (in millions):

									Fair Value Measurements at Reporting Date Using
			Balance at April 2, 2023						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant  Other Observable Inputs (Level 2)						Significant Unobservable  Inputs (Level 3)
Assets:
Cash and cash equivalents			$	3,071.8					$	3,071.8					$	—					$	—
Short-term investments:
Available-for-sale debt securities
Commercial paper			0.1						—						0.1						—
Corporate debt securities			53.2						—						53.2						—
U.S. government treasury securities			5.4						5.4						—						—
Foreign government obligations			3.8						—						3.8						—
Mortgage and other asset-backed securities			0.7						—						0.7						—
Total available-for-sale debt securities			63.2						5.4						57.8						—
Structured deposits			248.4						—						248.4						—
Marketable equity securities			67.8						67.8						—						—
Total short-term investments			379.4						73.2						306.2						—
Prepaid expenses and other current assets:
Derivative assets			24.2						—						24.2						—
Long-term investments:
Available-for-sale debt securities
Corporate debt securities			101.0						—						101.0						—
Mortgage and other asset-backed securities			50.7						—						50.7						—
State and local government obligations			1.3						—						1.3						—
U.S. government treasury securities			98.2						98.2						—						—
Total long-term investments			251.2						98.2						153.0						—
Other long-term assets:
Derivative assets			92.8						—						92.8						—
Total assets			$	3,819.4					$	3,243.2					$	576.2					$	—
Liabilities:
Accrued liabilities:
Derivative liabilities			$	22.6					$	—					$	22.6					$	—
Other long-term liabilities:
Derivative liabilities			42.8						—						42.8						—
Total liabilities			$	65.4					$	—					$	65.4					$	—

									Fair Value Measurements at Reporting Date Using
			Balance at October 2, 2022						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable  Inputs (Level 3)
Assets:
Cash and cash equivalents			$	2,818.4					$	2,797.3					$	21.1					$	—
Short-term investments:
Available-for-sale debt securities
Corporate debt securities			22.4						—						22.4						—
U.S. government treasury securities			9.3						9.3						—						—
Total available-for-sale debt securities			31.7						9.3						22.4						—
Structured deposits			275.1						—						275.1						—
Marketable equity securities			57.7						57.7						—						—
Total short-term investments			364.5						67.0						297.5						—
Prepaid expenses and other current assets:
Derivative assets			75.1						—						75.1						—
Long-term investments:
Available-for-sale debt securities
Corporate debt securities			134.7						—						134.7						—
Foreign government obligations			3.8						—						3.8						—
Mortgage and other asset-backed securities			56.5						—						56.5						—
State and local government obligations			1.3						—						1.3						—
U.S. government treasury securities			82.8						82.8						—						—
Total long-term investments			279.1						82.8						196.3						—
Other long-term assets:
Derivative assets			156.2						—						156.2						—
Total assets			$	3,693.3					$	2,947.1					$	746.2					$	—
Liabilities:
Accrued liabilities:
Derivative liabilities			$	21.0					$	—					$	21.0					$	—
Other long-term liabilities:
Derivative liabilities			34.0						—						34.0						—
Total liabilities			$	55.0					$	—					$	55.0					$	—