Keurig Dr Pepper Inc.
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
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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, 2025 · Filed Oct 28, 2025
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Goodwill and Intangible Assets
- Goodwill and 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 December 31, 2024 | $8,855 | $8,622 | $2,576 | $20,053 |
| Acquisitions(1) | 15 | — | — | 15 |
| Foreign currency translation | — | — | 130 | 130 |
| Balance as of September 30, 2025 | $8,870 | $8,622 | $2,706 | $20,198 |
(1)Acquisition activity during the first nine months of 2025 represents the goodwill recorded as a result of the Dyla Acquisition. Refer to Note 2 for additional information.
INTANGIBLE ASSETS OTHER THAN GOODWILL
The net carrying amounts of intangible assets other than goodwill are as follows:
| September 30, 2025 · December 31, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| (in millions) · Gross Amount · Accumulated Amortization · Net Amount · Gross Amount · Accumulated Amortization · Net Amount | ||||||||
| Intangible assets with definite lives: | ||||||||
| Acquired technology | $1,146 | $(676) | $470 | $1,146 | $(621) | $525 | ||
| Customer relationships | 683 | (293) | 390 | 666 | (270) | 396 | ||
| Contractual arrangements | 145 | (28) | 117 | 144 | (21) | 123 | ||
| Trade names | 126 | (126) | — | 126 | (124) | 2 | ||
| Brands | 77 | (38) | 39 | 51 | (32) | 19 | ||
| Distribution rights | 68 | (31) | 37 | 66 | (23) | 43 | ||
| Other | 25 | (1) | 24 | — | — | — | ||
| Total intangible assets with definite lives | $2,270 | $(1,193) | $1,077 | $2,199 | $(1,091) | $1,108 | ||
| Intangible assets with indefinite lives: | ||||||||
| Brands | $20,019 | $19,848 | ||||||
| Trade names | 2,478 | 2,478 | ||||||
| Distribution rights | 212 | 200 | ||||||
| Total intangible assets with indefinite lives | 22,709 | 22,526 | ||||||
| Total intangible assets, net | $23,786 | $23,634 | ||||||
Amortization expense for intangible assets with definite lives was as follows:
| Third Quarter | First Nine Months | |||
|---|---|---|---|---|
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Amortization expense | $33 | $33 | $101 | $100 |
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