Keurig Dr Pepper Inc
For the period ended Sep 30, 2024. Filed Oct 24, 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.
Sep 30, 2024 · Filed Oct 24, 2024
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Goodwill and Other Intangible Assets
- Goodwill and Other Intangible Assets
GOODWILL
Changes in the carrying amount of goodwill by reportable segment are as follows:
| (in millions) | U.S. Refreshment Beverages | U.S. Coffee | International | Total |
|---|---|---|---|---|
| Balance as of January 1, 2024 | $8,714 | $8,622 | $2,866 | $20,202 |
| Acquisitions(1) | 10 | — | — | 10 |
| Foreign currency translation | — | — | (134) | (134) |
| Balance as of September 30, 2024 | $8,724 | $8,622 | $2,732 | $20,078 |
(1)Acquisition activity during the first nine months of 2024 represents the goodwill recorded as a result of the Kalil Acquisition. Refer to Note 3 for additional information.
INTANGIBLE ASSETS OTHER THAN GOODWILL
The net carrying amounts of intangible assets other than goodwill with indefinite lives are as follows:
| (in millions) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Brands(1) | $19,280 | $19,476 |
| Trade names | 2,479 | 2,478 |
| Distribution rights(2) | 229 | 155 |
| Total | $21,988 | $22,109 |
(1)The change in brands with indefinite lives was driven by unfavorable foreign currency translation impacts of $196 million during the first nine months of 2024.
(2)The change in distribution rights with indefinite lives was primarily driven by acquired distribution rights related to Electrolit of $49 million.
The net carrying amounts of intangible assets other than goodwill with definite lives are as follows:
| September 30, 2024 | December 31, 2023 | |||||
|---|---|---|---|---|---|---|
| (in millions) | Gross Amount | Accumulated Amortization | Net Amount | Gross Amount | Accumulated Amortization | Net Amount |
| Acquired technology | $1,146 | $(603) | $543 | $1,146 | $(548) | $598 |
| Customer relationships | 645 | (261) | 384 | 638 | (236) | 402 |
| Contractual arrangements | 145 | (19) | 126 | 146 | (13) | 133 |
| Trade names | 126 | (122) | 4 | 126 | (114) | 12 |
| Brands | 51 | (30) | 21 | 51 | (25) | 26 |
| Distribution rights | 29 | (23) | 6 | 29 | (22) | 7 |
| Total | $2,142 | $(1,058) | $1,084 | $2,136 | $(958) | $1,178 |
Amortization expense for intangible assets with definite lives was as follows:
| Third Quarter | First Nine Months | |||
|---|---|---|---|---|
| (in millions) | 2024 | 2023 | 2024 | 2023 |
| Amortization expense | $33 | $34 | $100 | $103 |
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