Keurig Dr Pepper Inc
For the period ended Mar 31, 2024. Filed Apr 25, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 25, 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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Condensed Consolidated Statements of Cash Flows
| First Quarter | ||
|---|---|---|
| (in millions) | 2024 | 2023 |
| Operating activities: | ||
| Net income | $454 | $467 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation expense | 101 | 107 |
| Amortization of intangibles | 33 | 34 |
| Other amortization expense | 36 | 45 |
| Provision for sales returns | 14 | 10 |
| Deferred income taxes | 21 | — |
| Employee stock-based compensation expense | 28 | 29 |
| Loss (gain) on disposal of property, plant and equipment | 1 | (5) |
| Unrealized loss (gain) on foreign currency | 8 | (2) |
| Unrealized loss (gain) on derivatives | 10 | (95) |
| Equity in earnings of unconsolidated affiliates | (7) | (9) |
| Earned equity | (45) | (2) |
| Other, net | 3 | (2) |
| Changes in assets and liabilities: | ||
| Trade accounts receivable | 42 | 28 |
| Inventories | (65) | (74) |
| Income taxes receivable and payables, net | (10) | 60 |
| Other current and non-current assets | (136) | (151) |
| Accounts payable and accrued expenses | (398) | (391) |
| Other current and non-current liabilities | (5) | 22 |
| Net change in operating assets and liabilities | (572) | (506) |
| Net cash provided by operating activities | 85 | 71 |
| Investing activities: | ||
| Purchases of property, plant and equipment | (158) | (62) |
| Proceeds from sales of property, plant and equipment | — | 7 |
| Purchases of intangibles | (31) | (51) |
| Investments in unconsolidated affiliates | (6) | — |
| Other, net | 2 | 1 |
| Net cash used in investing activities | $(193) | $(105) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| First Quarter | ||
|---|---|---|
| (in millions) | 2024 | 2023 |
| Financing activities: | ||
| Proceeds from issuance of Notes | $3,000 | $— |
| Repayments of Notes | (1,150) | — |
| Net (repayment) issuance of commercial paper | (188) | 265 |
| Proceeds from structured payables | 23 | 34 |
| Repayments of structured payables | (30) | (32) |
| Cash dividends paid | (299) | (281) |
| Repurchases of common stock | (1,105) | (231) |
| Tax withholdings related to net share settlements | (41) | (31) |
| Payments on finance leases | (31) | (24) |
| Other, net | (21) | (3) |
| Net cash provided by (used in) financing activities | 158 | (303) |
| Cash and cash equivalents: | ||
| Net change from operating, investing and financing activities | 50 | (337) |
| Effect of exchange rate changes | — | 6 |
| Beginning balance | 267 | 535 |
| Ending balance | $317 | $204 |
| Supplemental cash flow disclosures of non-cash investing activities: | ||
| Capital expenditures included in accounts payable and accrued expenses | $189 | $222 |
| Earned equity | 45 | 2 |
| Transaction costs included in accounts payable and accrued expenses | 1 | 8 |
| Supplemental cash flow disclosures of non-cash financing activities: | ||
| Dividends declared but not yet paid | 292 | 282 |
| Accrued excise tax on net share repurchases | 14 | 1 |
| Supplemental cash flow disclosures: | ||
| Cash paid for interest | 24 | 39 |
| Cash paid for income taxes | 26 | 49 |
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