Keurig Dr Pepper Inc
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 25, 2025
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) | 2024 | 2023 | 2022 |
| Operating activities: | |||
| Net income | $1,441 | $2,181 | $1,436 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation expense | 422 | 402 | 399 |
| Amortization of intangibles | 133 | 137 | 138 |
| Other amortization expense | 178 | 181 | 172 |
| Provision for sales returns | 70 | 61 | 61 |
| Deferred income taxes | (254) | (4) | (289) |
| Employee stock-based compensation expense | 98 | 116 | 52 |
| Loss on early extinguishment of debt | — | — | 217 |
| Gain on sale of equity method investment | — | — | (50) |
| Loss (gain) on disposal of property, plant, and equipment | 16 | (1) | (80) |
| Unrealized loss (gain) on foreign currency | 33 | (13) | 26 |
| Unrealized loss on derivatives | 91 | 31 | 383 |
| Settlements of interest rate contracts | — | 54 | 125 |
| Equity in (earnings) loss of unconsolidated affiliates | (42) | (33) | 5 |
| Earned equity from distribution arrangements | (94) | (44) | — |
| Impairment of goodwill | 306 | — | — |
| Impairment of intangible assets | 412 | 2 | 477 |
| Impairment of investments and note receivable of unconsolidated affiliate | 2 | — | 12 |
| Other, net | (2) | 6 | 28 |
| Changes in assets and liabilities, excluding the effects of business acquisitions: | |||
| Trade accounts receivable | (209) | 70 | (398) |
| Inventories | (92) | 182 | (426) |
| Income taxes receivable and payables, net | 133 | (199) | (105) |
| Other current and non-current assets | (227) | (192) | (456) |
| Accounts payable and accrued expenses | (196) | (1,618) | 903 |
| Other current and non-current liabilities | — | 10 | 207 |
| Net change in operating assets and liabilities | (591) | (1,747) | (275) |
| Net cash provided by operating activities | 2,219 | 1,329 | 2,837 |
| Investing activities: | |||
| Acquisitions of businesses, net of cash acquired | (1,000) | — | — |
| Proceeds from sale of investment in unconsolidated affiliates | — | — | 50 |
| Purchases of property, plant, and equipment | (563) | (425) | (353) |
| Proceeds from sales of property, plant, and equipment | 4 | 9 | 168 |
| Purchases of intangibles | (59) | (56) | (26) |
| Issuance of related party note receivable | — | — | (18) |
| Investments in unconsolidated affiliates | (7) | (316) | (962) |
| Other, net | 11 | 4 | 6 |
| Net cash used in investing activities | $(1,614) | $(784) | $(1,135) |
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2024 | 2023 | 2022 |
| Financing activities: | |||
| Proceeds from issuance of Notes | $3,000 | $— | $3,000 |
| Repayment of Notes | (1,150) | (500) | (3,365) |
| Net (repayment) issuance of commercial paper | (480) | 1,697 | 250 |
| Proceeds from term loan | 990 | — | — |
| Proceeds from structured payables | 49 | 130 | 155 |
| Payments on structured payables | (129) | (148) | (158) |
| Cash dividends paid | (1,194) | (1,142) | (1,080) |
| Repurchases of common stock | (1,110) | (706) | (379) |
| Tax withholdings related to net share settlements | (61) | (62) | (15) |
| Payments on finance leases | (115) | (95) | (90) |
| Other, net | (23) | (6) | (46) |
| Net cash used in financing activities | (223) | (832) | (1,728) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents: | |||
| Net change from operating, investing and financing activities | 382 | (287) | (26) |
| Effect of exchange rate changes | (41) | 19 | (7) |
| Beginning balance | 267 | 535 | 568 |
| Ending balance | $608 | $267 | $535 |
| Supplemental cash flow disclosures of non-cash investing and financing activities: | |||
| Capital expenditures included in accounts payable and accrued expenses | $220 | $276 | $213 |
| Earned equity from distribution arrangements | 94 | 44 | — |
| Equity received in exchange for modification of related party contract | 19 | — | — |
| Acquisitions of businesses | 98 | — | — |
| Transaction costs included in accounts payable and accrued expenses | — | 6 | 8 |
| Conversion of note receivable to equity method investment | — | — | 6 |
| Non-cash purchases of intangibles | — | — | 19 |
| Dividends declared but not yet paid | 312 | 299 | 281 |
| Mandatory redemption liability | 689 | — | — |
| Accrued excise tax on net share repurchases | 9 | 5 | — |
| Supplemental cash flow disclosures: | |||
| Cash paid for interest | 494 | 443 | 363 |
| Cash paid for income taxes | 331 | 507 | 686 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.