Starbucks Annual Report 2020
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
(State of Incorporation)
91-1325671
(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 Common Stock, $0.001 par value per share
Trading Symbol
SBUX
Name of Each Exchange on Which Registered 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 (? 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
Business
2
Item 1A
Risk Factors
9
Item 1B
Unresolved Staff Comments
19
Item 2
Properties
19
Item 3
Legal Proceedings
19
Item 4
Mine Safety Disclosures
19
PART II
Item 5
Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
20
Item 6
Selected Financial Data
22
Item 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
25
Item 7A
Quantitative and Qualitative Disclosures About Market Risk
46
Item 8
Financial Statements and Supplementary Data
47
Index for Notes to Consolidated Financial Statements
52
Report of Independent Registered Public Accounting Firm
89
Item 9
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
91
Item 9A
Controls and Procedures
91
Item 9B
Other Information
93
PART III
Item 10
Directors, Executive Officers and Corporate Governance
94
Item 11
Executive Compensation
94
Item 12
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
94
Item 13
Certain Relationships, Related Transactions and Director Independence
94
Item 14
Principal Accounting Fees and Services
94
PART IV
Item 15
Exhibits, Financial Statement Schedules
95
SIGNATURES
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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