Keurig Dr Pepper Inc
For the period ended Jun 30, 2024. Filed Jul 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.
Jun 30, 2024 · Filed Jul 25, 2024
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Revenue Recognition
- Revenue Recognition
We recognize revenue when obligations under the terms of a contract with the customer are satisfied. Branded product sales, which include LRB, K-Cup pods and appliances, occur once control is transferred. Revenue is measured as the amount of consideration that we expect to receive in exchange for transferring goods. The amount of consideration we receive, and revenue we recognize, varies with changes in customer incentives that we offer our customers and end consumers. Sales taxes and other similar taxes are excluded from revenue. Costs associated with shipping and handling activities, such as merchandising, are included in SG&A expenses as revenue is recognized.
The following table disaggregates our revenue by product portfolio and by reportable segment:
| (in millions) | U.S. Refreshment Beverages | U.S. Coffee | International | Total |
|---|---|---|---|---|
| For the second quarter of 2024: | ||||
| LRB | $2,372 | $10 | $394 | $2,776 |
| K-Cup pods | — | 745 | 118 | 863 |
| Appliances | — | 165 | 17 | 182 |
| Other | 35 | 30 | 36 | 101 |
| Net sales | $2,407 | $950 | $565 | $3,922 |
| For the second quarter of 2023: | ||||
| LRB | $2,296 | $— | $331 | $2,627 |
| K-Cup pods | — | 761 | 108 | 869 |
| Appliances | — | 176 | 14 | 190 |
| Other | 34 | 33 | 36 | 103 |
| Net sales | $2,330 | $970 | $489 | $3,789 |
| For the first six months of 2024: | ||||
| LRB | $4,434 | $14 | $693 | $5,141 |
| K-Cup pods | — | 1,492 | 233 | 1,725 |
| Appliances | — | 293 | 30 | 323 |
| Other | 66 | 62 | 73 | 201 |
| Net sales | $4,500 | $1,861 | $1,029 | $7,390 |
| For the first six months of 2023: | ||||
| LRB | $4,266 | $— | $584 | $4,850 |
| K-Cup pods | — | 1,532 | 225 | 1,757 |
| Appliances | — | 301 | 26 | 327 |
| Other | 71 | 68 | 69 | 208 |
| Net sales | $4,337 | $1,901 | $904 | $7,142 |
LRB represents net sales of owned, licensed, and partner brands within our portfolio and includes branded concentrates, syrup, and finished beverages, including contract manufacturing of our branded products for our bottlers and distributors. K-Cup pods represents net sales from owned, licensed, and partner brands and private label owners. Net sales for partner brands and private label owners are contractual and long-term in nature.
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