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v3.23.2

Derivative Financial Instruments (Tables) | 9 Months Ended
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Jul. 02, 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)
| Jul 2, 2023 |  | Oct 2, 2022 |  |
Cash Flow Hedges: |  |  |  |  |  |  |
Coffee | $ | (107.6) |  |  | $ | 153.9 |  |  | $ | (95.6) |  |  | 6
Cross-currency swaps | (1.1) |  |  | (1.9) |  |  | — |  |  | 17
Dairy | (5.2) |  |  | (2.6) |  |  | (5.2) |  |  | 9
Foreign currency - other | 25.7 |  |  | 55.3 |  |  | 18.2 |  |  | 33
Interest rates | (5.9) |  |  | (5.8) |  |  | (1.7) |  |  | 0
Net Investment Hedges: |  |  |  |  |  |  |
Cross-currency swaps | 76.5 |  |  | 67.3 |  |  | — |  |  | 105
Foreign currency | 16.0 |  |  | 16.1 |  |  | — |  |  | 0
Foreign currency debt | 126.8 |  |  | 125.7 |  |  | — |  |  | 9
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)
|  |  |  | Jul 2, 2023 |  | Jul 3, 2022 |  | Jul 2, 2023 |  | Jul 3, 2022 |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |  |  |
Coffee |  |  |  | $ | (20.0) |  |  | $ | (19.3) |  |  | $ | 0.3 |  |  | $ | 32.2 |  |  | Product and distribution costs
Cross-currency swaps |  |  |  | 4.2 |  |  | 12.9 |  |  | (3.5) |  |  | (2.1) |  |  | Interest expense
|  |  |  |  | 7.5 |  |  | 16.0 |  |  | Interest income and other, net
Dairy |  |  |  | (6.1) |  |  | (1.4) |  |  | (3.8) |  |  | 4.4 |  |  | Product and distribution costs
Foreign currency - other |  |  |  | 26.5 |  |  | 43.4 |  |  | 6.1 |  |  | 6.6 |  |  | Licensed stores revenue
|  |  |  |  | 1.4 |  |  | (0.9) |  |  | Product and distribution costs
Interest rates |  |  |  | — |  |  | 18.8 |  |  | 0.8 |  |  | (0.6) |  |  | Interest expense
Net Investment Hedges: |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps |  |  |  | 47.6 |  |  | 37.0 |  |  | 7.8 |  |  | 3.8 |  |  | Interest expense
Foreign currency debt |  |  |  | 53.4 |  |  | 72.2 |  |  | — |  |  | — |  |  |
|  |  |  | Three Quarters Ended |  |
|  |  |  | Gains/(Losses) Recognized in OCI Before Reclassifications |  | Gains/(Losses) Reclassified from AOCI to Earnings |  | Location of gain/(loss)
|  |  |  | Jul 2, 2023 |  | Jul 3, 2022 |  | Jul 2, 2023 |  | Jul 3, 2022 |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |  |  |
Coffee |  |  |  | $ | (139.9) |  |  | $ | 76.1 |  |  | $ | 156.9 |  |  | $ | 56.6 |  |  | Product and distribution costs
Cross-currency swaps |  |  |  | (10.0) |  |  | 22.3 |  |  | (9.2) |  |  | (3.7) |  |  | Interest expense
|  |  |  |  | (1.7) |  |  | 32.3 |  |  | Interest income and other, net
Dairy |  |  |  | (12.0) |  |  | 6.6 |  |  | (8.6) |  |  | 6.8 |  |  | Product and distribution costs
Foreign currency - other |  |  |  | (15.7) |  |  | 51.1 |  |  | 18.0 |  |  | 11.0 |  |  | Licensed stores revenue
|  |  |  |  | 5.8 |  |  | (2.5) |  |  | Product and distribution costs
|  |  |  |  | 0.2 |  |  | — |  |  | Interest income and other, net
Interest rates |  |  |  | 0.3 |  |  | 54.2 |  |  | 0.5 |  |  | (1.5) |  |  | Interest expense
Net Investment Hedges: |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps |  |  |  | 32.5 |  |  | 51.2 |  |  | 20.1 |  |  | 10.7 |  |  | Interest expense
Foreign currency debt |  |  |  | 1.2 |  |  | 137.6 |  |  | — |  |  | — |  |  |
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 |  | Three Quarters Ended
|  | Jul 2, 2023 |  | Jul 3, 2022 |  | Jul 2, 2023 |  | Jul 3, 2022
Non-Designated Derivatives: |  |  |  |  |  |  |  |  |
Dairy | Interest income and other, net |  | $ | (0.1) |  |  | $ | 0.1 |  |  | $ | (0.1) |  |  | $ | 0.2 |
Foreign currency - other | Interest income and other, net |  | — |  |  | 6.4 |  |  | (10.0) |  |  | 28.2 |
Coffee | Interest income and other, net |  | — |  |  | (0.2) |  |  | (5.5) |  |  | 9.1 |
Diesel fuel and other commodities | Interest income and other, net |  | (1.0) |  |  | 3.3 |  |  | (2.9) |  |  | 4.0 |
Fair Value Hedges: |  |  |  |  |  |  |  |  |
Interest rate swap | Interest expense |  | (12.2) |  |  | (11.6) |  |  | (9.1) |  |  | (37.7) |
Long-term debt (hedged item) | Interest expense |  | 3.4 |  |  | 14.5 |  |  | (12.0) |  |  | 47.5 |
Notional Amounts of Outstanding Derivative Contracts | Notional amounts of outstanding derivative contracts (in millions):
| Jul 2, 2023 |  | Oct 2, 2022
Coffee | $ | 373 |  |  | $ | 649 |
Cross-currency swaps | 1,092 |  |  | 741 |
Dairy | 67 |  |  | 94 |
Diesel fuel and other commodities | 24 |  |  | 33 |
Foreign currency - other | 1,190 |  |  | 1,269 |
Interest rate swaps | 1,100 |  |  | 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 Location |  | Jul 2, 2023 |  | Oct 2, 2022
Designated Derivative Instruments: |  |  |  |  |
Cross-currency swaps | Other long-term assets |  | $ | 117.3 |  |  | $ | 115.4 |
Dairy | Prepaid expenses and other current assets |  | 0.1 |  |  | 0.5 |
Foreign currency - other | Prepaid expenses and other current assets |  | 27.3 |  |  | 39.9 |
Other long-term assets |  | 17.4 |  |  | 33.5 |
Non-designated Derivative Instruments: |  |  |  |  |
Diesel fuel and other commodities | Prepaid expenses and other current assets |  | 0.2 |  |  | 0.4 |
Foreign currency | Prepaid expenses and other current assets |  | 6.7 |  |  | 34.3 |
Other long-term assets |  | — |  |  | 7.3 |
|  |  | Derivative Liabilities
| Balance Sheet Location |  | Jul 2, 2023 |  | Oct 2, 2022
Designated Derivative Instruments: |  |  |  |  |
Dairy | Accrued liabilities |  | $ | 3.0 |  |  | $ | 2.9 |
Foreign currency - other | Accrued liabilities |  | 5.5 |  |  | 0.3 |
Other long-term liabilities |  | 5.5 |  |  | — |
Interest rate swaps | Accrued liabilities |  | 12.9 |  |  | 12.0 |
Other long-term liabilities |  | 37.1 |  |  | 34.0 |
Non-designated Derivative Instruments: |  |  |  |  |
Diesel fuel and other commodities | Accrued liabilities |  | 1.2 |  |  | — |
Foreign currency | Accrued liabilities |  | 2.0 |  |  | 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 item |  | Cumulative amount of fair value hedging adjustment included in the carrying amount
| Jul 2, 2023 |  | Oct 2, 2022 |  | Jul 2, 2023 |  | Oct 2, 2022
Location on the balance sheet |  |  |  |  |  |  |
Long-term debt | $ | 1,059.7 |  |  | $ | 1,047.7 |  |  | $ | (40.3) |  |  | $ | (52.3) |

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