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Starbucks Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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The information provided below relates only to the hedging instruments and does not represent the corresponding changes in the underlying hedged items (in millions): Increase/(Decrease) to Net EarningsIncrease/(Decrease) to OCI 10% Increase inUnderlying Rate10% Decrease inUnderlying Rate10% Increase inUnderlying Rate10% Decrease inUnderlying RateForeign currency hedges$46 $(46)$155 $(155) Increase/(Decrease) to Net Earnings Increase/(Decrease) to OCI 10% Increase inUnderlying Rate 10% Decrease inUnderlying Rate 10% Increase inUnderlying Rate 10% Decrease inUnderlying Rate Foreign currency hedges 46 (46) 155 (155) Equity Security Price Risk We have minimal exposure to price fluctuations on equity mutual funds and equity exchange-traded funds within our marketable equity securities portfolio.
Our financial results and long-term growth model will continue to be driven by new store openings, comparable store sales and margin management.
These were partially offset by a 9% decline in comparable store sales ($459 million), driven by a 5% decrease in customer transactions and a 4% decrease in average ticket, primarily attributable to COVID-19 related restrictions in China and lapping the prior-year value-added-tax benefit in China, unfavorable foreign currency translation ($436 million) and the impact of the extra week in fiscal 2021 ($127 million).
The proceeds from borrowings under our commercial paper program may be used for working capital needs, capital expenditures and other corporate purposes, including, but not limited to, business expansion, payment of cash dividends on our common stock and share repurchases.
The increase was due to lapping a prior year remeasurement of deferred tax assets due to an enacted foreign corporate rate change (approximately 130 basis points) and lapping the release of income tax reserves upon expiration of statute of limitations (approximately 70 basis points), partially offset by the release of valuation allowances recorded against deferred tax assets of a certain international jurisdiction (approximately 120 basis points).
Operating Margin Channel Development operating...Read more
Operating Margin North America operating...Read more
Absent significant and prolonged COVID-19...Read more
Depreciation and amortization expenses as...Read more
Use of Cash We expect...Read more
We anticipate that these should...Read more
Acquisitions and Divestitures See Note...Read more
We are currently not aware...Read more
We adjust our unrecognized tax...Read more
Operating margin decreased 520 basis...Read more
Operating Margin International operating income...Read more
The growth in company-operated store...Read more
Although we believe that the...Read more
Revenue for our Channel Development...Read more
Operating margin decreased 520 basis...Read more
Operating margin contraction of 250...Read more
Income from equity investees decreased...Read more
Also contributing were the incremental...Read more
Interest expense increased $13 million...Read more
Segment Information Results of operations...Read more
FINANCIAL RISK MANAGEMENT Market risk...Read more
General and administrative expenses increased...Read more
Increase/(Decrease) to Net Earnings Increase/(Decrease)...Read more
Restructuring and impairment expenses decreased...Read more
Other operating expenses increased $102...Read more
We regularly review our cash...Read more
The fair value calculation includes...Read more
Licensed stores revenue increased $972...Read more
Also contributing to these increases...Read more
Channel Development Revenues Channel Development...Read more
These estimates are highly subjective,...Read more
Goodwill and Indefinite-Lived Intangible Assets...Read more
In fiscal 2021, we substantially...Read more
Our investment portfolio primarily includes...Read more
Operating Expenses Product and distribution...Read more
Marketable equity securities are recorded...Read more
Store operating expenses as a...Read more
International Revenues International total net...Read more
Other revenues increased $249 million,...Read more
We believe these key operating...Read more
RESULTS OF OPERATIONS - FISCAL...Read more
Amounts outstanding under the commercial...Read more
For both the North America...Read more
The 2021 credit facility is...Read more
As of October 2, 2022,...Read more
We actively manage our cash...Read more
Operating margin decreased 600 basis...Read more
On March 15, 2022, we...Read more
These increases were partially offset...Read more
In fiscal 2022, we announced...Read more
In fiscal 2022, we announced...Read more
Partially offsetting these increases was...Read more
Partially offsetting these increases were...Read more
The effective tax rate for...Read more
These increases were partially offset...Read more
Our assumptions regarding future taxable...Read more
The decrease was primarily driven...Read more
To reduce cash flow volatility...Read more
Asset impairment charges are discussed...Read more
Commercial Paper Under our commercial...Read more
Outside of China, strong growth...Read more
Despite COVID-19 induced business interruptions,...Read more
The combination of these changes...Read more
Additionally, there were 765 net...Read more
These estimates, as well as...Read more
Average ticket for the North...Read more
Interest Rate Risk Long-term Debt...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Starbucks Corp provided additional information to their SEC Filing as exhibits
Ticker: SBUX
CIK: 829224
Form Type: 10-K Annual Report
Accession Number: 0000829224-22-000058
Submitted to the SEC: Fri Nov 18 2022 4:35:30 PM EST
Accepted by the SEC: Fri Nov 18 2022
Period: Sunday, October 2, 2022
Industry: Retail Eating And Drinking Places