Starbucks Annual Report 2020 - StockLight

Starbucks Annual Report 2020

Form 10-K (NASDAQ:SBUX)

Published: November 12th, 2020

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-K

?

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

For the Fiscal Year Ended September 27, 2020

or

?

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

For the transition period from

to

Commission File Number: 0-20322

.

Starbucks Corporation

(Exact Name of Registrant as Specified in its Charter)

Washington

91-1325671

(State of Incorporation)

(IRS Employer ID)

2401 Utah Avenue South, Seattle, Washington 98134

(206) 447-1575

(Address of principal executive office, zip code, telephone number)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Name of Each Exchange on Which Registered

Trading Symbol

Common Stock, $0.001 par value per share

SBUX

Nasdaq Global Select Market

Securities Registered Pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes x No ¡§

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¡§ No x

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934

during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing

requirements for the past 90 days. Yes x No ¡§

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of

Regulation S-T (¡ì 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such

files). Yes x No ¡§

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal

control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that

prepared or issued its audit report. x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes

?

No x

The aggregate market value of the voting stock held by non-affiliates of the registrant as of the last business day of the registrant¡¯s most recently

completed second fiscal quarter, based upon the closing sale price of the registrant¡¯s common stock on March 29, 2020 as reported on the NASDAQ

Global Select Market was $77.4 billion. As of November 6, 2020, there were 1,173.7 million shares of the registrant¡¯s Common Stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive Proxy Statement for the registrant¡¯s Annual Meeting of Shareholders to be held on March 17, 2021 have been incorporated by

reference into Part III of this Annual Report on Form 10-K.

STARBUCKS CORPORATION

Form 10-K

For the Fiscal Year Ended September 27, 2020

TABLE OF CONTENTS

PART I

Item 1

Item 1A

Item 1B

Item 2

Item 3

Item 4

Item 5

Item 6

Item 7

Item 7A

Item 8

Item 9

Item 9A

Item 9B

Item 10

Item 11

Item 12

Item 13

Item 14

Item 15

SIGNATURES

Business

Risk Factors

Unresolved Staff Comments

Properties

Legal Proceedings

Mine Safety Disclosures

PART II

Market for the Registrant¡¯s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Selected Financial Data

Management¡¯s Discussion and Analysis of Financial Condition and Results of Operations

Quantitative and Qualitative Disclosures About Market Risk

Financial Statements and Supplementary Data

Index for Notes to Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Controls and Procedures

Other Information

PART III

Directors, Executive Officers and Corporate Governance

Executive Compensation

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Certain Relationships, Related Transactions and Director Independence

Principal Accounting Fees and Services

PART IV

Exhibits, Financial Statement Schedules

2

9

19

19

19

19

20

22

25

46

47

52

89

91

91

93

94

94

94

94

94

95

104

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K includes ¡°forward-looking¡± statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as

¡°believes,¡± ¡°expects,¡± ¡°anticipates,¡± ¡°estimates,¡± ¡°intends,¡± ¡°plans,¡± ¡°seeks¡± or words of similar meaning, or future or conditional verbs, such as ¡°will,¡±

¡°should,¡± ¡°could,¡± ¡°may,¡± ¡°aims,¡± ¡°intends,¡± or ¡°projects.¡± A forward-looking statement is neither a prediction nor a guarantee of future events or

circumstances, and those future events or circumstances may not occur. You should not place undue reliance on forward-looking statements, which

speak only as of the date of this Annual Report on Form 10-K. These forward-looking statements are all based on currently available operating, financial

and competitive information and are subject to various risks and uncertainties. Our actual future results and trends may differ materially depending on a

variety of factors, including, but not limited to, the risks and uncertainties discussed under ¡°Risk Factors¡± and ¡°Management¡¯s Discussion and Analysis of

Financial Condition and Results of Operations.¡± Given these risks and uncertainties, you should not rely on forward-looking statements as a prediction of

actual results. Any or all of the forward-looking statements contained in this Annual Report on Form 10-K and any other public statement made by us,

including by our management, may turn out to be incorrect. We are including this cautionary note to make applicable and take advantage of the safe

harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We expressly disclaim any obligation to update

or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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