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Fair Value Measurements at Reporting Date Using
Balance at
Sep 28, 2014
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Cash and cash equivalents $ 1,708.4 $ 1,708.4 $ — $ —
Short-term investments:
Available-for-sale securities
Corporate debt securities 4.9 — 4.9 —
Foreign government obligations 33.7 — 33.7 —
U.S. government treasury securities 10.9 10.9 — —
State and local government obligations 12.7 — 12.7 —
Certificates of deposit 1.0 — 1.0 —
Total available-for-sale securities 63.2 10.9 52.3 —
Trading securities 72.2 72.2 — —
Total short-term investments 135.4 83.1 52.3 —
Prepaid expenses and other current assets:
Derivative assets 28.7 0.9 27.8 —
Long-term investments:
Available-for-sale securities
Agency obligations 8.9 — 8.9 —
Corporate debt securities 130.9 — 130.9 —
Auction rate securities 13.8 — — 13.8
Foreign government obligations 17.4 — 17.4 —
U.S. government treasury securities 94.8 94.8 — —
State and local government obligations 6.7 — 6.7 —
Mortgage and other asset-backed securities 45.9 — 45.9 —
Total long-term investments 318.4 94.8 209.8 13.8
Other long-term assets:
Derivative assets 18.0 — 18.0 —
Total assets $ 2,208.9 $ 1,887.2 $ 307.9 $ 13.8
Liabilities:
Accrued liabilities:
Derivative liabilities $ 2.4 $ 0.4 $ 2.0 $ —
There were no material transfers between levels and there was no significant activity within Level 3 instruments during the
periods presented. The fair values of any financial instruments presented above exclude the impact of netting assets and
liabilities when a legally enforceable master netting agreement exists.
Available-for-sale Securities
Long-term investments generally mature within 4 years. Proceeds from sales of available-for-sale securities were $600.6
million, $1.5 billion, and $60.2 million for fiscal years 2015, 2014 and 2013, respectively. The increase in fiscal 2014 was due
to the liquidation of a significant portion of our offshore investment portfolio in the fourth quarter of fiscal 2014 in anticipation
of funding the acquisition of Starbucks Japan. Realized gains and losses on sales and maturities of available-for-sale securities
were not material for fiscal years 2015, 2014, and 2013. Gross unrealized holding gains and losses on available-for-sale
securities were not material as of September 27, 2015 and September 28, 2014.
70 Starbucks Corporation 2015 Form 10-K