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Analysis of Operating Leases
An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.
Present Value of Future Operating Lease Payments (before Adoption of FASB Topic 842)
Starbucks Corp., future operating lease payments (before adoption of FASB Topic 842)
US$ in thousands
Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | Oct 1, 2017 | Oct 2, 2016 | Sep 27, 2015 | ||
---|---|---|---|---|---|---|---|
Total undiscounted future operating lease payments | |||||||
Discount rate1 | |||||||
Total present value of future operating lease payments |
Based on: 10-K (filing date: 2020-11-12), 10-K (filing date: 2019-11-15), 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12).
1 Weighted-average interest rate for Starbucks Corp.’s debt
Year | Future operating lease payments (as reported) | Year | Future operating lease payments (estimated) | Present value at |
---|---|---|---|---|
2020 | 2020 | |||
2021 | 2021 | |||
2022 | 2022 | |||
2023 | 2023 | |||
2024 | 2024 | |||
2025 and thereafter | 2025 | |||
2026 | ||||
2027 | ||||
2028 | ||||
2029 | ||||
Total: |
Based on: 10-K (filing date: 2019-11-15).
Year | Future operating lease payments (as reported) | Year | Future operating lease payments (estimated) | Present value at |
---|---|---|---|---|
2019 | 2019 | |||
2020 | 2020 | |||
2021 | 2021 | |||
2022 | 2022 | |||
2023 | 2023 | |||
2024 and thereafter | 2024 | |||
2025 | ||||
2026 | ||||
2027 | ||||
Total: |
Based on: 10-K (filing date: 2018-11-16).
Year | Future operating lease payments (as reported) | Year | Future operating lease payments (estimated) | Present value at |
---|---|---|---|---|
2018 | 2018 | |||
2019 | 2019 | |||
2020 | 2020 | |||
2021 | 2021 | |||
2022 | 2022 | |||
2023 and thereafter | 2023 | |||
2024 | ||||
2025 | ||||
2026 | ||||
Total: |
Based on: 10-K (filing date: 2017-11-17).
Year | Future operating lease payments (as reported) | Year | Future operating lease payments (estimated) | Present value at |
---|---|---|---|---|
2017 | 2017 | |||
2018 | 2018 | |||
2019 | 2019 | |||
2020 | 2020 | |||
2021 | 2021 | |||
2022 and thereafter | 2022 | |||
2023 | ||||
2024 | ||||
2025 | ||||
Total: |
Based on: 10-K (filing date: 2016-11-18).
Year | Future operating lease payments (as reported) | Year | Future operating lease payments (estimated) | Present value at |
---|---|---|---|---|
2016 | 2016 | |||
2017 | 2017 | |||
2018 | 2018 | |||
2019 | 2019 | |||
2020 | 2020 | |||
2021 and thereafter | 2021 | |||
2022 | ||||
2023 | ||||
2024 | ||||
Total: |
Based on: 10-K (filing date: 2015-11-12).
Adjustments to Financial Statements for Operating Leases
Starbucks Corp., adjustments to financial statements
US$ in thousands
Based on: 10-K (filing date: 2020-11-12), 10-K (filing date: 2019-11-15), 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12).
1, 2 Equal to total present value of future operating lease payments.
Starbucks Corp., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios for Operating Leases (Summary)
Starbucks Corp., adjusted financial ratios
Based on: 10-K (filing date: 2020-11-12), 10-K (filing date: 2019-11-15), 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12).
Financial ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Starbucks Corp.’s adjusted total asset turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level. |
Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | Starbucks Corp.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020. |
Starbucks Corp., Financial Ratios: Reported vs. Adjusted
Adjusted Total Asset Turnover
Based on: 10-K (filing date: 2020-11-12), 10-K (filing date: 2019-11-15), 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12).
2020 Calculations
1 Total asset turnover = Net revenues ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= ÷ =
Activity ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Starbucks Corp.’s adjusted total asset turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level. |
Adjusted Debt to Equity
Based on: 10-K (filing date: 2020-11-12), 10-K (filing date: 2019-11-15), 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12).
2020 Calculations
1 Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= ÷ =
2 Adjusted debt to equity = Adjusted total debt ÷ Shareholders’ equity (deficit)
= ÷ =
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2020-11-12), 10-K (filing date: 2019-11-15), 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12).
2020 Calculations
1 ROA = 100 × Net earnings attributable to Starbucks ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Net earnings attributable to Starbucks ÷ Adjusted total assets
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | Starbucks Corp.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020. |