v3.22.4
Derivative Financial Instruments (Tables)
 3 Months Ended
Jan. 01, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Gains and Losses Included in AOCI and Expected to be Reclassified into Earnings in 12 Months, Net of Tax 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)
Jan 1, 2023Oct 2, 2022
Cash Flow Hedges:
Coffee$(36.4)$153.9 $(20.7)5
Cross-currency swaps(1.7)(1.9)— 23
Dairy (4.2)(2.6)(4.2)8
Foreign currency - other12.8 55.3 12.1 33
Interest rates(5.4)(5.8)0.7 0
Net Investment Hedges:
Cross-currency swaps52.7 67.3 — 111
Foreign currency16.1 16.1 — 0
Foreign currency debt88.1 125.7 — 15
Pretax Gains and Losses on Derivative Contracts Designated as Hedging Instruments Recognized in OCI and Reclassifications from AOCI to Earnings Pre-tax gains and losses on derivative contracts and foreign currency-denominated long-term debt designated as hedging instruments recognized in other comprehensive income (“OCI”) and reclassifications from AOCI to earnings (in millions):
Quarter Ended
Gains/(Losses) Recognized in
OCI Before Reclassifications
Gains/(Losses) Reclassified from
AOCI to Earnings
Location of gain/(loss)
Jan 1, 2023Jan 2, 2022Jan 1, 2023Jan 2, 2022
Cash Flow Hedges:
Coffee$(119.4)$71.5 $96.7 $6.5 Product and distribution costs
Cross-currency swaps(11.7)4.5 (2.7)(0.8)Interest expense
(9.1)6.9 Interest income and other, net
Dairy(3.6)4.6 (1.5)(0.4)Product and distribution costs
Foreign currency - other(46.0)6.9 8.0 2.2 Licensed stores revenue
2.2 (1.5)Product and distribution costs
0.2 — Interest income and other, net
Interest rates— 1.2 (0.5)(0.4)Interest expense
Net Investment Hedges:
Cross-currency swaps (14.0)16.3 5.3 3.4 Interest expense
Foreign currency debt(50.6)25.2 — — 
Pretax Gains and Losses on Derivative Contracts Not Designated as Hedging Instruments Recognized in Earnings Pre-tax gains and losses on non-designated derivatives and designated fair value hedging instruments and the related fair value hedged item recognized in earnings (in millions):
Gains/(Losses) Recognized in Earnings
Location of gain/(loss) recognized in earnings Quarter Ended
 Jan 1, 2023Jan 2, 2022
Non-Designated Derivatives:
Foreign currency - otherInterest income and other, net$(11.6)$10.2 
CoffeeInterest income and other, net(5.5)3.1 
Diesel fuel and other commoditiesInterest income and other, net(0.2)— 
Fair Value Hedges:
Interest rate swapInterest expense(1.6)(4.8)
Long-term debt (hedged item)Interest expense(3.3)8.2 
Notional Amounts of Outstanding Derivative Contracts Notional amounts of outstanding derivative contracts (in millions):
Jan 1, 2023Oct 2, 2022
Coffee$401 $649 
Cross-currency swaps1,124 741 
Dairy68 94 
Diesel fuel and other commodities25 33 
Foreign currency - other 1,305 1,269 
Interest rate swaps1,100 1,100 
Fair Value of Outstanding Derivative Contracts 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 LocationJan 1, 2023Oct 2, 2022
Designated Derivative Instruments:
Cross-currency swapsOther long-term assets$85.4 $115.4 
DairyPrepaid expenses and other current assets 0.2 0.5 
Foreign currency - otherPrepaid expenses and other current assets22.4 39.9 
Other long-term assets13.8 33.5 
Non-designated Derivative Instruments:
Diesel fuel and other commoditiesPrepaid expenses and other current assets0.1 0.4 
Foreign currencyPrepaid expenses and other current assets15.8 34.3 
Other long-term assets— 7.3 
Derivative Liabilities
Balance Sheet LocationJan 1, 2023Oct 2, 2022
Designated Derivative Instruments:
Cross-currency swapsOther long-term liabilities$1.6 $— 
DairyAccrued liabilities3.1 2.9 
Foreign currency - otherAccrued liabilities10.0 0.3 
Other long-term liabilities10.1 — 
Interest rateAccrued liabilities20.4 12.0 
Interest rate swapOther long-term liabilities33.6 34.0 
Non-designated Derivative Instruments:
Diesel fuel and other commoditiesAccrued liabilities0.4 — 
Foreign currencyAccrued liabilities1.3 5.8 
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] 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 itemCumulative amount of fair value hedging adjustment included in the carrying amount
Jan 1, 2023Oct 2, 2022Jan 1, 2023Oct 2, 2022
Location on the balance sheet
Long-term debt$1,051.0 $1,047.7 $(49.0)$(52.3)