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
Extracted filing text, with the paragraph anchors used by the comparison.
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Other Financial Information
- Other Financial Information
SELECTED BALANCE SHEET INFORMATION
The tables below provide selected financial information from the unaudited Condensed Consolidated Balance Sheets:
| March 31, | December 31, | |
|---|---|---|
| (in millions) | 2024 | 2023 |
| Inventories: | ||
| Raw materials | $414 | $409 |
| Work-in-progress | 11 | 12 |
| Finished goods | 806 | 742 |
| Total | 1,231 | 1,163 |
| Allowance for excess and obsolete inventories | (27) | (21) |
| Total Inventories | $1,204 | $1,142 |
| Prepaid expenses and other current assets: | ||
| Other receivables | $123 | $135 |
| Prepaid income taxes | 212 | 196 |
| Customer incentive programs | 109 | 24 |
| Derivative instruments | 22 | 15 |
| Prepaid marketing | 30 | 20 |
| Spare parts | 115 | 111 |
| Income tax receivable | 15 | 16 |
| Other | 109 | 81 |
| Total prepaid expenses and other current assets | $735 | $598 |
| Other non-current assets: | ||
| Operating lease right-of-use assets | $859 | $876 |
| Customer incentive programs | 41 | 45 |
| Derivative instruments | 2 | 3 |
| Equity securities(1) | 70 | 69 |
| Other | 156 | 156 |
| Total other non-current assets | $1,128 | $1,149 |
(1)Fair values of these equity securities are determined using quoted market prices from daily exchange traded markets, based on the closing price as of the balance sheet date, and are classified as Level 1. Unrealized mark-to-market gains and losses are recorded to Other income, net. For the first quarter of 2024 and 2023, we recorded unrealized mark-to-market losses of $2 million and gains of $8 million, respectively, on our investment in Vita Coco.
| March 31, | December 31, | |
|---|---|---|
| (in millions) | 2024 | 2023 |
| Accrued expenses: | ||
| Accrued customer trade | $327 | $477 |
| Accrued compensation | 133 | 208 |
| Insurance reserve | 58 | 50 |
| Accrued interest | 160 | 72 |
| Other accrued expenses | 491 | 435 |
| Total accrued expenses | $1,169 | $1,242 |
| Other current liabilities: | ||
| Dividends payable | $292 | $299 |
| Income taxes payable | 36 | 29 |
| Operating lease liability | 115 | 114 |
| Finance lease liability | 104 | 106 |
| Derivative instruments | 63 | 150 |
| Other | 19 | 16 |
| Total other current liabilities | $629 | $714 |
| Other non-current liabilities: | ||
| Operating lease liability | $777 | $793 |
| Finance lease liability | 617 | 620 |
| Pension and post-retirement liability | 31 | 35 |
| Insurance reserves | 93 | 85 |
| Derivative instruments | 301 | 201 |
| Deferred compensation liability | 33 | 32 |
| Other | 64 | 67 |
| Total other non-current liabilities | $1,916 | $1,833 |
ACCOUNTS PAYABLE
We have agreements with third party administrators which allow participating suppliers to track our payment obligations, and, if voluntarily elected by the supplier, to sell our payment obligations to financial institutions. Suppliers can sell one or more of our payment obligations, at their sole discretion, and our rights and obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted. We have no economic interest in a supplier’s decision to enter into these agreements and no direct financial relationship with the financial institutions. Outstanding obligations confirmed as valid included in accounts payable as of March 31, 2024 and December 31, 2023 were $1,999 million and $2,389 million, respectively.
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