Keurig Dr Pepper Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
KDP$37.59+1.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2022 | 2021 |
| Operating activities: | |||
| Net income attributable to KDP | $2,181 | $1,436 | $2,146 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation expense | 402 | 399 | 410 |
| Amortization of intangibles | 137 | 138 | 134 |
| Other amortization expense | 181 | 172 | 164 |
| Provision for sales returns | 61 | 61 | 63 |
| Deferred income taxes | (4) | (289) | 31 |
| Employee stock-based compensation expense | 116 | 52 | 88 |
| Loss on early extinguishment of debt | — | 217 | 105 |
| Gain on sale of equity method investment | — | (50) | (524) |
| Gain on disposal of property, plant, and equipment | (1) | (80) | (75) |
| Unrealized (gain) loss on foreign currency | (13) | 26 | 9 |
| Unrealized loss (gain) on derivatives | 31 | 383 | (70) |
| Settlements of interest rate contracts | 54 | 125 | — |
| Equity in (earnings) loss of unconsolidated affiliates | (33) | 5 | 5 |
| Earned equity | (44) | — | — |
| Impairment of intangible assets | 2 | 477 | — |
| Impairment of investments and note receivable of unconsolidated affiliate | — | 12 | 17 |
| Other, net | 6 | 28 | 20 |
| Changes in assets and liabilities: | |||
| Trade accounts receivable | 70 | (398) | (152) |
| Inventories | 182 | (426) | (133) |
| Income taxes receivable and payables, net | (199) | (105) | 114 |
| Other current and non current assets | (192) | (456) | (243) |
| Accounts payable and accrued expenses | (1,618) | 903 | 762 |
| Other current and non current liabilities | 10 | 207 | 3 |
| Net change in operating assets and liabilities | (1,747) | (275) | 351 |
| Net cash provided by operating activities | 1,329 | 2,837 | 2,874 |
| Investing activities: | |||
| Proceeds from sale of investment in unconsolidated affiliates | — | 50 | 578 |
| Purchases of property, plant, and equipment | (425) | (353) | (423) |
| Proceeds from sales of property, plant, and equipment | 9 | 168 | 122 |
| Purchases of intangibles | (56) | (26) | (32) |
| Issuance of related party note receivable | — | (18) | (19) |
| Investments in unconsolidated affiliates | (316) | (962) | — |
| Other, net | 4 | 6 | (16) |
| Net cash (used in) provided by investing activities | $(784) | $(1,135) | $210 |
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2022 | 2021 |
| Financing activities: | |||
| Proceeds from issuance of Notes | $— | $3,000 | $2,150 |
| Repayment of Notes | (500) | (3,365) | (3,595) |
| Proceeds from issuance of commercial paper | 36,940 | 1,198 | 5,406 |
| Repayments of commercial paper | (35,243) | (948) | (5,257) |
| Repayments of term loan | — | — | (425) |
| Repurchases of common stock | (706) | (379) | — |
| Proceeds from issuance of common stock | — | — | 140 |
| Proceeds from structured payables | 130 | 155 | 156 |
| Payments on structured payables | (148) | (158) | (167) |
| Cash dividends paid | (1,142) | (1,080) | (955) |
| Tax withholdings related to net share settlements | (62) | (15) | (125) |
| Payments on finance leases | (95) | (90) | (54) |
| Other, net | (6) | (46) | (36) |
| Net cash used in financing activities | (832) | (1,728) | (2,762) |
| Net change from: | |||
| Operating, investing and financing activities | (287) | (26) | 322 |
| Effect of exchange rate changes | 19 | (7) | (9) |
| Beginning of period | 535 | 568 | 255 |
| End of period | $267 | $535 | $568 |
| Non-cash investing activities: | |||
| Capital expenditures included in accounts payable and accrued expenses | $276 | $213 | $189 |
| Transaction costs included in accounts payable and accrued expenses | 6 | 8 | — |
| Earned equity | 44 | — | — |
| Conversion of note receivable to equity method investment | — | 6 | 15 |
| Non-cash purchases of intangibles | — | 19 | — |
| Non-cash financing activities: | |||
| Dividends declared but not yet paid | 299 | 281 | 265 |
| Supplemental cash flow disclosures: | |||
| Cash paid for interest | 443 | 363 | 477 |
| Cash paid for income taxes | 507 | 686 | 506 |
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