Keurig Dr Pepper Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Keurig Dr Pepper Inc. has submitted its Q1 2024 10-Q filing, detailing financial positions as of March 31, 2024.</b>

AI Summary

Keurig Dr Pepper Inc. (KDP) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Keurig Dr Pepper Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's principal executive offices are located at 53 South Avenue, Burlington, MA 01803. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement components such as Common Stock, Additional Paid In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for various periods.

Why It Matters

For investors and stakeholders tracking Keurig Dr Pepper Inc., this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Keurig Dr Pepper Inc., crucial for understanding the company's performance and financial health in the first quarter of 2024. The detailed breakdown of equity and debt components offers insights into the company's capital structure and its ability to manage financial obligations.

Risk Assessment

Risk Level: low — Keurig Dr Pepper Inc. shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) providing routine financial disclosures, not indicating any immediate or significant adverse events.

Analyst Insight

Monitor future earnings reports and investor calls for commentary on the financial results presented in this 10-Q.

Key Numbers

• 2024-03-31 — Period End Date (Current period for the 10-Q filing)
• 2024-01-01 — Period Start Date (Start date for the current reporting period)
• 2023-03-31 — Prior Period End Date (End date for the comparative prior year period)
• 2023-01-01 — Prior Period Start Date (Start date for the comparative prior year period)

Key Players & Entities

• Keurig Dr Pepper Inc. (company) — Filer of the report
• 20240331 (date) — Period of report
• 20240425 (date) — Filing date
• 53 South Avenue, Burlington, MA 01803 (address) — Company business address
• Dr Pepper Snapple Group, Inc. (company) — Former company name
• CSAB Inc. (company) — Former company name

FAQ

Industry Context

Keurig Dr Pepper Inc. operates in the non-alcoholic beverage industry, a sector characterized by strong brand loyalty and evolving consumer preferences towards health and wellness.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting (Form 10-Q), ensuring transparency and providing standardized financial information to the public.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for specific revenue, expense, and balance sheet figures.
2. Analyze the equity section for changes in common stock, paid-in capital, and retained earnings from the prior period.
3. Examine disclosures related to debt instruments, such as Senior Notes and Commercial Paper, to understand the company's leverage.

Key Dates

• 2024-03-31: Quarterly Period End — Date as of which financial statements are presented in the 10-Q
• 2024-04-25: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, providing updated financial data compared to the previous year's Q1 and the most recent fiscal year-end report.

Key Financial Figures

• $0.01 — he registrant's common stock, par value $0.01 per share, outstanding. KEURIG DR PEP
• $4 billion — KDP Revolving Credit Agreement KDP's $4 billion revolving credit agreement, which was e

Filing Documents

• kdp-20240331.htm (10-Q) — 1327KB
• kdp-ex311_20240331.htm (EX-31.1) — 11KB
• kdp-ex312_20240331.htm (EX-31.2) — 12KB
• kdp-ex321_20240331.htm (EX-32.1) — 6KB
• kdp-ex322_20240331.htm (EX-32.2) — 6KB
• kdp-20240331_g1.jpg (GRAPHIC) — 26KB
• kdp-20240331_g2.jpg (GRAPHIC) — 17KB
• kdp-20240331_g3.jpg (GRAPHIC) — 19KB
• kdp-20240331_g4.jpg (GRAPHIC) — 16KB
• kdp-20240331_g5.jpg (GRAPHIC) — 16KB
• kdp-20240331_g6.jpg (GRAPHIC) — 76KB
• kdp-20240331_g7.jpg (GRAPHIC) — 56KB
• 0001418135-24-000054.txt (&nbsp;) — 8804KB
• kdp-20240331.xsd (EX-101.SCH) — 46KB
• kdp-20240331_cal.xml (EX-101.CAL) — 90KB
• kdp-20240331_def.xml (EX-101.DEF) — 227KB
• kdp-20240331_lab.xml (EX-101.LAB) — 687KB
• kdp-20240331_pre.xml (EX-101.PRE) — 503KB
• kdp-20240331_htm.xml (XML) — 1419KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Statements of Income 1 Condensed Consolidated Statements of Comprehensive Income 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Cash Flows 4 Condensed Consolidated Statements of Changes in Stockholders' Equity 6 Notes to Condensed Consolidated Financial Statements 7 1 General 7 2 Long-Term Obligations and Borrowing Arrangements 7 3 Goodwill and Other Intangible Assets 9 4 Derivatives 10 5 Leases 14 6 Segments 15 7 Revenue Recognition 16 8 Earnings Per Share 17 9 Stock-Based Compensation 17 10 Investments 18 11 Income Taxes 18 12 Accumulated Other Comprehensive Income 18 13 Other Financial Information 19 14 Commitments and Contingencies 21 15 Restructuring 22 16 Transactions with Related Parties 22 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4

Controls and Procedures

Controls and Procedures 33 Part II Other Information Item 1

Legal Proceedings

Legal Proceedings 34 Item 1A

Risk Factors

Risk Factors 34 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 5 Other Information 34 Item 6 Exhibits 35 s-i KEURIG DR PEPPER INC. FORM 10-Q MASTER GLOSSARY Term Definition Annual Report Annual Report on Form 10-K for the year ended December 31, 2023 AOCI Accumulated other comprehensive income or loss Athletic Brewing Athletic Brewing Holding Company, LLC, an equity method investment of KDP Board The Board of Directors of KDP bps Basis points CEO Chief Executive Officer Chobani FHU US Holdings LLC, an equity method investment of KDP Circana Circana, Inc., a market information provider DIO Days inventory outstanding DPO Days of payables outstanding DPS Dr Pepper Snapple Group, Inc. DPS Merger The combination of the business operations of Keurig and DPS as of July 9, 2018 DSD Direct Store Delivery, KDP's route-to-market whereby finished beverages are delivered directly to retailers DSO Days sales outstanding EPS Earnings per share Exchange Act Securities Exchange Act of 1934, as amended FX Foreign exchange JAB JAB Holding Company S.a.r.l. and affiliates KDP Keurig Dr Pepper Inc. Keurig Keurig Green Mountain, Inc., a wholly-owned subsidiary of KDP, and the brand of our brewers LRB Liquid refreshment beverages Notes Collectively, the Company's senior unsecured notes Nutrabolt Woodbolt Holdings LLC, d/b/a Nutrabolt, an equity method investment of KDP Revolving Credit Agreement KDP's $4 billion revolving credit agreement, which was executed in February 2022 RSU Restricted share unit RTD Ready to drink Tractor Tractor Beverages, Inc., an equity method investment of KDP SEC Securities and Exchange Commission SG&A Selling, general and administrative SOFR Secured Overnight Financing Rate U.S. GAAP Accounting principles generally accepted in the U.S. Vita Coco The Vita Coco Company, Inc. WD Warehouse Direct, KDP's route-to-market whereby finished beverages are shipped to retailer ware

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

ITEM 1. Financial Statements (Unaudited) KEURIG DR PEPPER INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME ( UNAUDITED ) First Quarter (in millions, except per share data) 2024 2023 Net sales $ 3,468 $ 3,353 Cost of sales 1,528 1,609 Gross profit 1,940 1,744 Selling, general and administrative expenses 1,176 1,165 Other operating income, net ( 1 ) ( 5 ) Income from operations 765 584 Interest expense, net 178 23 Other income, net ( 7 ) ( 20 ) Income before provision for income taxes 594 581 Provision for income taxes 140 114 Net income $ 454 $ 467 Earnings per common share: Basic $ 0.33 $ 0.33 Diluted 0.33 0.33 Weighted average common shares outstanding: Basic 1,380.7 1,406.2 Diluted 1,387.7 1,417.0 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 Table of Contents KEURIG DR PEPPER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ( UNAUDITED ) First Quarter (in millions) 2024 2023 Net income $ 454 $ 467 Other comprehensive (loss) income: Foreign currency translation adjustments ( 56 ) 108 Net change in cash flow hedges, net of tax of $ 0 and $ 21 , respectively ( 2 ) ( 82 ) Total other comprehensive (loss) income ( 58 ) 26 Comprehensive income $ 396 $ 493 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 Table of Contents KEURIG DR PEPPER INC. CONDENSED CONSOLIDATED BALANCE SHEETS ( UNAUDITED ) March 31, December 31, (in millions, except share and per share data) 2024 2023 Assets Current assets: Cash and cash equivalents $ 317 $ 267 Trade accounts receivable, net 1,311 1,368 Inventories 1,204 1,142 Prepaid expenses and other current assets 735 598 Total current assets 3,567 3,375 Property, plant and equipment, net 2,695 2,699 Investments in unconsolidated affiliates 1,438 1,387 Goodwill 20,163 20,202 Other intangible assets, net 23,251 23,287 Other non-current as

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View this 10-Q filing on SEC EDGAR