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Deferred Revenue
 3 Months Ended
Dec. 29, 2024
Revenue from Contract with Customer Deferred Revenue
Our deferred revenue primarily consists of the prepaid royalty from Nestlé, for which we have continuing performance obligations to support the Global Coffee Alliance, our unredeemed stored value card liability, and unredeemed loyalty points (“Stars”) associated with our loyalty program.
As of December 29, 2024 and September 29, 2024, the current and long-term deferred revenue related to the Nestlé up-front payment was $177.0 million and $5.8 billion, respectively. During each of the quarters ended December 29, 2024 and December 31, 2023, we recognized $44.1 million of prepaid royalty revenue related to Nestlé.
Changes in our deferred revenue balance related to our stored value cards and loyalty program (in millions):
Quarter Ended December 29, 2024
Total
Stored value cards and loyalty program at September 29, 2024
$1,718.7 
Revenue deferred - card activations, card reloads and Stars earned4,414.4 
Revenue recognized - card and Stars redemptions and breakage(3,892.9)
Other(1)
(27.1)
Stored value cards and loyalty program at December 29, 2024(2)
$2,213.1 
Quarter Ended December 31, 2023
Total
Stored value cards and loyalty program at October 1, 2023
$1,567.5 
Revenue deferred - card activations, card reloads and Stars earned4,687.2 
Revenue recognized - card and Stars redemptions and breakage(4,098.4)
Other(1)
13.4 
Stored value cards and loyalty program at December 31, 2023(2)
$2,169.7 
(1)“Other” primarily consists of changes in the stored value cards and loyalty program balances resulting from foreign currency translation.
(2)As of December 29, 2024 and December 31, 2023, approximately $2.1 billion and $2.0 billion, respectively, of these amounts were current.