Keurig Dr Pepper Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Keurig Dr Pepper Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Keurig Dr Pepper Inc. (KDP) filed a Annual Report (10-K) with the SEC on February 22, 2024. Keurig Dr Pepper Inc. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 53 South Avenue, Burlington, MA 01803. Keurig Dr Pepper Inc. was formerly known as Dr Pepper Snapple Group, Inc. and CSAB Inc. The SIC code for the company is 2080 (Beverages).

Why It Matters

For investors and stakeholders tracking Keurig Dr Pepper Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Keurig Dr Pepper's financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's performance and future outlook. Understanding the details within this filing allows stakeholders to evaluate the company's market position, competitive landscape, and any potential challenges or opportunities it faces in the beverage industry.

Risk Assessment

Risk Level: medium — Keurig Dr Pepper Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not immediately highlight any significant new risks or positive developments that would drastically alter the risk profile without further in-depth analysis of the specific risk factors section.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Keurig Dr Pepper's performance drivers and potential headwinds for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-22 — Filing Date (Filed as of date)
• 0001418135-24-000007 — Accession Number (Unique identifier for the filing)
• 2080 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Keurig Dr Pepper Inc. (company) — Filer name
• Dr Pepper Snapple Group, Inc. (company) — Former company name
• CSAB Inc. (company) — Former company name
• 781-418-7000 (dollar_amount) — Business phone number

FAQ

Industry Context

Keurig Dr Pepper operates within the non-alcoholic beverage industry, a sector characterized by strong brand loyalty, significant marketing expenditures, and evolving consumer preferences towards healthier options.

Regulatory Implications

Companies in the beverage sector are subject to various regulations concerning food safety, labeling, advertising, and environmental impact, which can influence operational costs and product development.

What Investors Should Do

1. Analyze the revenue breakdown by segment to understand growth drivers.
2. Examine the company's debt-to-equity ratio and cash position for financial health assessment.
3. Review the risk factors section for potential challenges and management's mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K. Comparative data from the previous year's 10-K would be found within the document itself.

Key Financial Figures

• $0.01 — he registrant's common stock, par value $0.01 per share, outstanding. DOCUMENTS INCO
• $1,500 million — 364-Day Credit Agreement The Company's $1,500 million credit agreement, which was entered int
• $4 billion — 2022 Revolving Credit Agreement KDP's $4 billion revolving credit agreement, which was e
• $2,400 million — Bank, N.A. KDP Revolver The Company's $2,400 million revolving credit facility, which was en

Filing Documents

• kdp-20231231.htm (10-K) — 2912KB
• kdp-ex1020_20231231.htm (EX-10.20) — 6KB
• kdp-ex1021_20231231.htm (EX-10.21) — 67KB
• kdp-ex211_20231231.htm (EX-21.1) — 48KB
• kdp-ex231_20231231.htm (EX-23.1) — 2KB
• kdp-ex311_20231231.htm (EX-31.1) — 11KB
• kdp-ex312_20231231.htm (EX-31.2) — 12KB
• kdp-ex321_20231231.htm (EX-32.1) — 6KB
• kdp-ex322_20231231.htm (EX-32.2) — 6KB
• kdp_ex971x20231231.htm (EX-97.1) — 11KB
• kdp-20231231_g1.jpg (GRAPHIC) — 26KB
• kdp-20231231_g2.jpg (GRAPHIC) — 117KB
• kdp-20231231_g3.jpg (GRAPHIC) — 21KB
• kdp-20231231_g4.jpg (GRAPHIC) — 23KB
• kdp-20231231_g5.jpg (GRAPHIC) — 25KB
• kdp-20231231_g6.jpg (GRAPHIC) — 19KB
• kdp-20231231_g7.jpg (GRAPHIC) — 70KB
• kdp-20231231_g8.jpg (GRAPHIC) — 52KB
• 0001418135-24-000007.txt (&nbsp;) — 17083KB
• kdp-20231231.xsd (EX-101.SCH) — 75KB
• kdp-20231231_cal.xml (EX-101.CAL) — 127KB
• kdp-20231231_def.xml (EX-101.DEF) — 459KB
• kdp-20231231_lab.xml (EX-101.LAB) — 1261KB
• kdp-20231231_pre.xml (EX-101.PRE) — 850KB
• kdp-20231231_htm.xml (XML) — 3080KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 10 Item 1B Unresolved Staff Comments 24 Item 1C Cybersecurity 24 Item 2

Properties

Properties 25 Item 3

Legal Proceedings

Legal Proceedings 25 Item 4 Mine Safety Disclosures 25 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters , and Issuer Purchases of Equity Securities 26 Item 6 [Reserved] 27 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 108 Item 9A

Controls and Procedures

Controls and Procedures 108 Item 9B Other Information 108 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 108 PART III Item 10 Directors, Executive Officers , and Corporate Governance 109 Item 11

Executive Compensation

Executive Compensation 109 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 109 Item 13 Certain Relationships and Related Transactions and Director Independence 109 Item 14 Principal Accountant Fees and Services 109 PART IV Item 15 Exhibits and Financial Statement Schedules 110 Item 16 Form 10-K Summary 113

Signatures

Signatures 114 KEURIG DR PEPPER INC. FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2023 MASTER GLOSSARY Term Definition 2009 Incentive Plan Keurig Dr Pepper Inc. Omnibus Incentive Plan of 2009 (formerly known as the Dr Pepper Snapple Group, Inc. Omnibus Stock Incentive Plan of 2009) 2019 Incentive Plan Keurig Dr Pepper Inc. Omnibus Incentive Plan of 2019 2021 364-Day Credit Agreement The Company's $1,500 million credit agreement, which was entered into on March 26, 2021 and contains a term-out option 2022 Revolving Credit Agreement KDP's $4 billion revolving credit agreement, which was executed in February 2022 and replaced the 2021 364-Day Credit Agreement and the KDP Revolver 2022 Strategic Refinancing A series of transactions in April 2022, whereby KDP issued the 2029 Notes, the 2032 Notes, and the 2052 Notes, and voluntarily prepaid and retired the remaining 2023 Merger Notes and tendered portions of the 2025 Merger Notes, the 2028 Merger Notes, the 2038 Merger Notes, and the 2048 Merger Notes ABC The American Bottling Company, a wholly-owned subsidiary of KDP ABI Anheuser-Busch InBev SA/NV Accelerator Accelerator Active Energy LLC, an equity method investment of KDP and a brand of energy drinks (formerly known as A Shoc) AOCI Accumulated other comprehensive income or loss ASU Accounting Standards Update Athletic Brewing Athletic Brewing Holding Company, LLC, an equity method investment of KDP Bedford Bedford Systems, LLC, an equity method investment of KDP and the maker of Drinkworks Board The Board of Directors of KDP BodyArmor BA Sports Nutrition, LLC bps basis points Central States The Central States, Southeast and Southwest Areas Pension Fund CEO Chief Executive Officer Chobani FHU US Holdings LLC, an equity method investment of KDP CISO Chief Information Security Officer Coca-Cola The Coca-Cola Company CODM Chief Operating Decision Maker CSD Carbonated soft drink DIO Days inventory outstanding DPO Days of payables outstanding

BUSINESS

ITEM 1. BUSINESS OUR COMPANY Keurig Dr Pepper Inc. is a leading beverage company in North America that manufactures, markets, distributes and sells hot and cold beverages and single serve brewing systems. KDP has a broad portfolio of iconic beverage brands, including Dr Pepper, Canada Dry, Green Mountain Coffee Roasters, Snapple, Mott's, The Original Donut Shop, Clamato, and Core Hydration, as well as the Keurig brewing system. We have some of the most recognized beverage brands in North America, with significant consumer awareness levels and long histories that evoke strong emotional connections with consumers. We offer more than 125 owned, licensed, and partner brands, available nearly everywhere people shop and consume beverages through our sales and distribution network. KDP was created on July 9, 2018, through the combination of the business operations of Keurig, a leading producer of innovative single serve brewing systems and specialty coffee in the U.S. and Canada, and DPS, a company built over time through a series of strategic acquisitions that brought together iconic beverage brands in North America. Today, we trade on Nasdaq under the symbol KDP, and we are a member of the Nasdaq 100 Index. OUR STRENGTHS AND STRATEGY Our scalable business model provides a platform for future growth, focused on: Strong, balanced portfolio of leading, consumer-preferred brands with proven ability to expand via innovation, renovation and partnerships. We own a diverse portfolio of well-known beverage brands. Many of our brands enjoy high levels of consumer awareness, preference, and loyalty rooted in their rich heritage. This portfolio provides our customers with a wide variety of products to meet consumers' needs and provides us with a platform for growth and profitability. We drive growth in our business through investments in innovation, renovation, and marketing to support our portfolio of owned brands and partnerships with other leading beverage brands. We have

View Full Filing

View this 10-K filing on SEC EDGAR