Keurig Dr Pepper Inc

For the period ended Mar 31, 2025. Filed Apr 24, 2025.

About this filing

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, 2025 · Filed Apr 24, 2025

KDP$36.94+0.8%Stored close · as of Nov 9, 2026

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Contents

Other Financial Information

Other Financial Information

CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS

The carrying value of cash, cash equivalents, restricted cash, and restricted cash equivalents is valued as of the balance sheet date equating fair value and is classified as Level 1. The following table provides a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the unaudited Condensed Consolidated Balance Sheets to the total of the same amounts shown in the unaudited Condensed Consolidated Statements of Cash Flows:

(in millions)	March 31, 2025	December 31, 2024
Cash and cash equivalents	$653	$510
Restricted cash and restricted cash equivalents	80	80
Non-current restricted cash and restricted cash equivalents	18	18
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$751	$608

SELECTED BALANCE SHEET INFORMATION

	March 31,	December 31,
(in millions)	2025	2024
Inventories:
Raw materials	$615	$524
Work-in-progress	10	9
Finished goods	944	798
Total	1,569	1,331
Allowance for excess and obsolete inventories	(30)	(32)
Total inventories	$1,539	$1,299
Prepaid expenses and other current assets:
Other receivables	$160	$146
Prepaid income taxes	69	33
Customer incentive programs	84	18
Derivative instruments	52	80
Prepaid marketing	30	29
Spare parts	127	126
Income tax receivable	71	75
Other	152	99
Total prepaid expenses and other current assets	$745	$606
Other non-current assets:
Operating lease right-of-use assets	$852	$880
Customer incentive programs	44	45
Derivative instruments	3	6
Equity securities(1)	31	89
Non-current restricted cash and restricted cash equivalents	18	18
Other	168	162
Total other non-current assets	$1,116	$1,200

(1)Fair values of 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. During the first quarter of 2025, we recorded a realized gain of $34 million on the sale of our investment in Vita Coco.

	March 31,	December 31,
(in millions)	2025	2024
Accrued expenses:
Accrued customer trade	$356	$439
Accrued compensation	150	235
Insurance reserve	65	57
Accrued interest	162	107
Accrued termination fees(1)	—	225
Accrued transferable tax credits	119	130
Other accrued expenses	349	391
Total accrued expenses	$1,201	$1,584
Other current liabilities:
Dividends payable	$313	$312
Income taxes payable	71	67
Operating lease liability	130	128
Finance lease liability	138	125
Derivative instruments	41	108
Holdback liability	80	80
Other	13	15
Total other current liabilities	$786	$835
Other non-current liabilities:
Operating lease liability	$763	$790
Finance lease liability	681	677
Mandatory redemption liability	700	689
Pension and post-retirement liability	28	31
Insurance reserves	98	95
Derivative instruments	335	348
Deferred compensation liability	31	33
Holdback liability	18	18
Other	70	72
Total other non-current liabilities	$2,724	$2,753

(1)We paid the termination fee related to the GHOST Transactions in full in the first quarter of 2025.

Supplier Financing Arrangements

Outstanding obligations under supplier financing arrangements, which are confirmed as valid and included in accounts payable as of March 31, 2025 and December 31, 2024, were $1,759 million and $1,740 million, respectively.

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