Deferred Revenue

9 Months Ended

Jun. 27, 2021

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 June 27, 2021, the current and long-term deferred revenue related to Nestlé was $177.9 million and $6.4 billion, respectively. During the quarter and three quarters ended June 27, 2021, we recognized $44.2 million and $132.5 million of prepaid royalty revenue related to Nestlé, respectively. During the quarter and three quarters ended June 28, 2020, we recognized $44.2 million and $132.6 million of prepaid royalty revenue related to Nestlé, respectively.

Changes in our deferred revenue balance related to our stored value cards and loyalty program (in millions):

Quarter Ended June 27, 2021	Total
Stored value cards and loyalty program at March 28, 2021	$	1,475.2
Revenue deferred - card activations, card reloads and Stars earned	3,170.7
Revenue recognized - card and Stars redemptions and breakage	(3,160.0)
Other(1)	2.1
Stored value cards and loyalty program at June 27, 2021(2)	$	1,488.0
Quarter Ended June 28, 2020	Total
Stored value cards and loyalty program at March 29, 2020	$	1,273.1
Revenue deferred - card activations, card reloads and Stars earned	1,875.4
Revenue recognized - card and Stars redemptions and breakage	(1,842.4)
Other(1)	3.1
Stored value cards and loyalty program at June 28, 2020(2)	$	1,309.2

Three Quarters Ended June 27, 2021	Total
Stored value cards and loyalty program at September 27, 2020	$	1,280.5
Revenue deferred - card activations, card reloads and Stars earned	9,317.8
Revenue recognized - card and Stars redemptions and breakage	(9,118.0)
Other(1)	7.7
Stored value cards and loyalty program at June 27, 2021(2)	$	1,488.0
Three Quarters Ended June 28, 2020	Total
Stored value cards and loyalty program at September 29, 2019	$	1,113.7
Revenue deferred - card activations, card reloads and Stars earned	7,836.5
Revenue recognized - card and Stars redemptions and breakage	(7,640.7)
Other(1)	(0.3)
Stored value cards and loyalty program at June 28, 2020(2)	$	1,309.2

(1)“Other” primarily consists of changes in the stored value cards and loyalty program balances resulting from foreign currency translation.

(2)As of June 27, 2021 and June 28, 2020, approximately $1,380.2 million and $1,226.4 million of these amounts were current, respectively.