Starbucks 2012 Annual Report Download - page 77

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71
As of September 30, 2012, the aggregate market value of our investment in Starbucks Japan was approximately
$400 million, determined based on its available quoted market price, which exceeds its carrying value of $201
million.
Summarized combined financial information of our equity method investees, which represent 100% of the
investees’ financial information (in millions):
Financial Position as of September 30, 2012 October 2, 2011
Current assets $ 603.1 $ 476.9
Noncurrent assets 735.3 651.4
Current liabilities 411.2 340.1
Noncurrent liabilities 119.7 80.2
Results of Operations for Fiscal Year Ended September 30, 2012 October 2, 2011 October 3, 2010
Net revenues $ 2,796.7 $ 2,395.1 $ 2,128.0
Operating income 353.5 277.0 245.3
Net earnings 286.7 231.1 205.1
Cost Method Investments
As of September 30, 2012, we had a $41 million investment of equity interests in entities that develop and operate
Starbucks licensed retail stores in several global markets. We have the ability to acquire additional interests in
some of these cost method investees at certain intervals. Depending on our total percentage of ownership interest
and our ability to exercise significant influence over financial and operating policies, additional investments may
require a retroactive application of the equity method of accounting.
During the fourth quarter of fiscal 2012, we made a $25 million investment in the preferred stock of Square, Inc.
In addition, in conjunction with a commercial agreement with Square, we also received warrants to purchase
common stock of Square that are subject to certain vesting conditions.
Note 7: Supplemental Balance Sheet Information (in millions)
Property, Plant and Equipment, net Sep 30, 2012 Oct 2, 2011
Land $ 46.2 $ 44.8
Buildings 225.2 218.5
Leasehold improvements 3,957.6 3,617.7
Store equipment 1,251.0 1,101.8
Roasting equipment 322.8 295.1
Furniture, fixtures and other 836.2 757.8
Work in progress 264.1 127.4
Property, plant and equipment, gross 6,903.1 6,163.1
Less accumulated depreciation (4,244.2) (3,808.1)
Property, plant and equipment, net $ 2,658.9 $ 2,355.0
On August 8, 2011, we completed the sale of two office buildings for gross consideration of $125 million. As a
result of this sale, we recognized a $30.2 million gain within operating income on the consolidated statements of
earnings in fiscal 2011.