Keurig Dr Pepper (KDP) 10-Q25 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity File Number	001-33829
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0517725
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock
Security Exchange Name	NASDAQ
Trading Symbol	KDP
Entity Common Stock, Shares Outstanding		1,355,574,275
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001418135
Entity Registrant Name	Keurig Dr Pepper Inc.
Entity Address, Address Line One	53 South Avenue
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	(781)
Local Phone Number	418-7000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($)	3 Months Ended
Condensed Consolidated Statements of Income - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 3,468,000,000	$ 3,353,000,000
Cost of sales	1,528,000,000	1,609,000,000
Gross profit	1,940,000,000	1,744,000,000
Selling, general and administrative expenses	1,176,000,000	1,165,000,000
Other operating income, net	(1,000,000)	(5,000,000)
Income from operations	765,000,000	584,000,000
Interest expense, net	178,000,000	23,000,000
Other income, net	(7,000,000)	(20,000,000)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	594,000,000	581,000,000
Provision for income taxes	140,000,000	114,000,000
Net income	$ 454,000,000	$ 467,000,000
Earnings per common share:
Basic (in dollars per share)	$ 0.33	$ 0.33
Diluted (in dollars per share)	$ 0.33	$ 0.33
Weighted average common shares outstanding:
Basic (in shares)	1,380,700,000	1,406,200,000
Diluted (in shares)	1,387,700,000	1,417,000,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 454,000,000	$ 467,000,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(56,000,000)	108,000,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	(2,000,000)	(82,000,000)
Other Comprehensive Income (Loss), Net of Tax	(58,000,000)	26,000,000
Comprehensive income	$ 396,000,000	$ 493,000,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 317,000,000	$ 267,000,000
Trade accounts receivable, net	1,311,000,000	1,368,000,000
Inventories	1,204,000,000	1,142,000,000
Prepaid expenses and other current assets	735,000,000	598,000,000
Total current assets	3,567,000,000	3,375,000,000
Property, plant and equipment, net	2,695,000,000	2,699,000,000
Investments in unconsolidated affiliates	1,438,000,000	1,387,000,000
Goodwill	20,163,000,000	20,202,000,000
Other intangible assets, net	23,251,000,000	23,287,000,000
Other non-current assets	1,128,000,000	1,149,000,000
Deferred tax assets	44,000,000	31,000,000
Total assets	52,286,000,000	52,130,000,000
Current liabilities:
Accounts payable	3,187,000,000	3,597,000,000
Accrued expenses	1,169,000,000	1,242,000,000
Structured payables	111,000,000	117,000,000
Short-term borrowings and current portion of long-term obligations	1,908,000,000	3,246,000,000
Other current liabilities	629,000,000	714,000,000
Total current liabilities	7,004,000,000	8,916,000,000
Long-term obligations	12,929,000,000	9,945,000,000
Deferred tax liabilities	5,784,000,000	5,760,000,000
Other non-current liabilities	1,916,000,000	1,833,000,000
Total liabilities	27,633,000,000	26,454,000,000
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 15,000,000 shares authorized, no shares issued	0	0
Common Stock, Value, Issued	14,000,000	14,000,000
Additional paid-in capital	19,661,000,000	20,788,000,000
Retained earnings	4,721,000,000	4,559,000,000
Accumulated other comprehensive income	257,000,000	315,000,000
Total stockholders' equity	24,653,000,000	25,676,000,000
Total liabilities and stockholders’ equity	$ 52,286,000,000	$ 52,130,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	15,000,000	15,000,000
Preferred stock issued (in shares)	0	0
Common stock authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock issued (in shares)	1,355,571,438	1,390,446,043
Common stock outstanding (in shares)	1,355,571,438	1,390,446,043

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	15,000,000	15,000,000
Preferred stock issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	2,000,000,000	2,000,000,000
Common stock issued (in shares)	1,355,571,438	1,390,446,043
Common stock outstanding (in shares)	1,355,571,438	1,390,446,043

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Condensed Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 454,000,000	$ 467,000,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	101,000,000	107,000,000
Amortization of intangibles	33,000,000	34,000,000
Other amortization expense	36,000,000	45,000,000
Provision for sales returns	14,000,000	10,000,000
Deferred income taxes	21,000,000	0
Employee stock-based compensation expense	28,000,000	29,000,000
Gain (Loss) on Disposition of Property Plant Equipment	1,000,000	(5,000,000)
Unrealized loss (gain) on foreign currency	(8,000,000)	2,000,000
Unrealized loss (gain) on derivatives	10,000,000	(95,000,000)
Equity in earnings of unconsolidated affiliates	7,000,000	9,000,000
Earned equity	45,000,000	2,000,000
Other, net	3,000,000	(2,000,000)
Changes in assets and liabilities:
Trade accounts receivable	42,000,000	28,000,000
Inventories	(65,000,000)	(74,000,000)
Income taxes receivable and payables, net	(10,000,000)	60,000,000
Other current and non-current assets	(136,000,000)	(151,000,000)
Accounts payable and accrued expenses	(398,000,000)	(391,000,000)
Other current and non-current liabilities	(5,000,000)	22,000,000
Net change in operating assets and liabilities	(572,000,000)	(506,000,000)
Net cash provided by operating activities	85,000,000	71,000,000
Investing activities:
Purchases of property, plant and equipment	(158,000,000)	(62,000,000)
Proceeds from sales of property, plant and equipment	0	7,000,000
Purchase of intangibles	(31,000,000)	(51,000,000)
Investments in unconsolidated affiliates	(6,000,000)	0
Other, net	2,000,000	1,000,000
Net cash used in investing activities	(193,000,000)	(105,000,000)
Financing activities:
Proceeds from issuance of Notes	3,000,000,000	0
Repayments of Notes	(1,150,000,000)	0
Net (repayment) issuance of commercial paper	(188,000,000)	265,000,000
Proceeds from structured payables	23,000,000	34,000,000
Repayments of structured payables	(30,000,000)	(32,000,000)
Cash dividends paid	(299,000,000)	(281,000,000)
Repurchases of common stock	(1,105,000,000)	(231,000,000)
Tax withholdings related to net share settlements	(41,000,000)	(31,000,000)
Payments on finance leases	(31,000,000)	(24,000,000)
Other, net	(21,000,000)	(3,000,000)
Net cash used in financing activities	158,000,000	(303,000,000)
Net change from operating, investing and financing activities	50,000,000	(337,000,000)
Effect of exchange rate changes	0	6,000,000
Beginning balance	267,000,000	535,000,000
Ending balance	317,000,000	204,000,000
Supplemental Cash Flow Information [Abstract]
Capital expenditures included in accounts payable and accrued expenses	189,000,000	222,000,000
Earned equity	45,000,000	2,000,000
Transaction costs included in accounts payable and accrued expenses	1,000,000	8,000,000
Dividends declared but not yet paid	292,000,000	282,000,000
Accrued excise tax on net share repurchases	14,000,000	1,000,000
Cash paid for interest	24,000,000	39,000,000
Cash paid for income taxes	$ 26,000,000	$ 49,000,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock Issued	Additional  Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income
Shares, Issued		1,408,400,000
Stockholders' Equity Attributable to Parent	$ 25,126,000,000	$ 14,000,000	$ 21,444,000,000	$ 3,539,000,000	$ 129,000,000
Non-controlling interest	(1,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	25,125,000,000
Net income	467,000,000			467,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	26,000,000				26,000,000
Dividends declared, $0.215 per share	(282,000,000)			(282,000,000)
Shares issued under employee stock-based compensation plans and other		1,900,000
Tax withholdings related to net share settlements	(31,000,000)		(31,000,000)
Stock-based compensation and stock options exercised	29,000,000		29,000,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 467,000,000
Common Stock, Dividends, Per Share, Declared	$ 0.20
Stock Repurchased and Retired During Period, Value	$ 232,000,000		232,000,000
Stock Repurchased and Retired During Period, Shares	6,600,000
Shares, Issued		1,403,700,000
Stockholders' Equity Attributable to Parent	$ 25,103,000,000	$ 14,000,000	21,210,000,000	3,724,000,000	155,000,000
Non-controlling interest	(1,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	25,102,000,000
Shares, Issued		1,390,400,000
Stockholders' Equity Attributable to Parent	25,676,000,000	$ 14,000,000	20,788,000,000	4,559,000,000	315,000,000
Net income	454,000,000			454,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(58,000,000)				(58,000,000)
Dividends declared, $0.215 per share	(292,000,000)			(292,000,000)
Shares issued under employee stock-based compensation plans and other		3,200,000
Tax withholdings related to net share settlements	(41,000,000)		(41,000,000)
Stock-based compensation and stock options exercised	$ 28,000,000		28,000,000
Common Stock, Dividends, Per Share, Declared	$ 0.215
Stock Repurchased and Retired During Period, Value	$ 1,114,000,000		1,114,000,000
Stock Repurchased and Retired During Period, Shares	38,000,000
Shares, Issued		1,355,600,000
Stockholders' Equity Attributable to Parent	$ 24,653,000,000	$ 14,000,000	$ 19,661,000,000	$ 4,721,000,000	$ 257,000,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.215	$ 0.20

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	$ 0	$ 21,000,000
Net income	$ 454,000,000	$ 467,000,000

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
Background and Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	General ORGANIZATION References in this Quarterly Report on Form 10-Q to "KDP", "the Company", "we", or "our", refer to Keurig Dr Pepper Inc. and all wholly-owned subsidiaries included in the unaudited condensed consolidated financial statements. Definitions of terms used in this Quarterly Report on Form 10-Q are included within the Master Glossary. This Quarterly Report on Form 10-Q refers to some of our owned or licensed trademarks, trade names and service marks, which are referred to as our brands. All of the product names included herein are either KDP registered trademarks or those of our licensors. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting principally of normal recurring adjustments, considered necessary for a fair presentation have been included. These unaudited condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and accompanying notes included in our Annual Report. References to the "first quarter" indicate the quarterly periods ended March 31, 2024 and 2023. USE OF ESTIMATES The process of preparing our unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and judgments that affect reported amounts. These estimates and judgments are based on historical experience, future expectations and other factors and assumptions we believe to be reasonable under the circumstances. These estimates and judgments are reviewed on an ongoing basis and are revised when necessary. Changes in estimates are recorded in the period of change. Actual amounts may differ from these estimates. RECLASSIFICATIONS We reclassified amounts in the Financing Activities section of the unaudited condensed consolidated Statement of Cash Flows for the first quarter of 2023 in order to conform to current year presentation, as maturities for the Company’s commercial paper program in both periods are 90 days or less. (in millions) Prior Presentation First Quarter of 2023 Net (repayment) issuance of commercial paper Proceeds from issuance of commercial paper $ 3,523 Net (repayment) issuance of commercial paper Repayments of commercial paper (3,258)
Reclassifications	RECLASSIFICATIONS We reclassified amounts in the Financing Activities section of the unaudited condensed consolidated Statement of Cash Flows for the first quarter of 2023 in order to conform to current year presentation, as maturities for the Company’s commercial paper program in both periods are 90 days or less. (in millions) Prior Presentation First Quarter of 2023 Net (repayment) issuance of commercial paper Proceeds from issuance of commercial paper $ 3,523 Net (repayment) issuance of commercial paper Repayments of commercial paper (3,258)

Long-term Obligations and Borro

Long-term Obligations and Borrowing Arrangements	3 Months Ended
Long-term Obligations and Borrowing Arrangements	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-term Obligations and Borrowing Arrangements	Long-term Obligations and Borrowing Arrangements The following table summarizes our long-term obligations: (in millions) March 31, 2024 December 31, 2023 Notes $ 12,929 $ 11,095 Less: current portion of long-term obligations — (1,150) Long-term obligations $ 12,929 $ 9,945 The following table summarizes our short-term borrowings and current portion of long-term obligations: (in millions) March 31, 2024 December 31, 2023 Commercial paper notes $ 1,908 $ 2,096 Current portion of long-term obligations — 1,150 Short-term borrowings and current portion of long-term obligations $ 1,908 $ 3,246 SENIOR UNSECURED NOTES Our Notes consisted of the following: (in millions, except %) Maturity Date Rate March 31, 2024 December 31, 2023 2024 Notes March 15, 2024 0.750% — 1,150 2025 Merger Notes May 25, 2025 4.417% 529 529 2025 Notes November 15, 2025 3.400% 500 500 2026 Notes September 15, 2026 2.550% 400 400 2027-B Notes March 15, 2027 Floating (2) 350 — 2027-C Notes March 15, 2027 5.100% 750 — 2027 Notes June 15, 2027 3.430% 500 500 2028 Merger Notes May 25, 2028 4.597% 1,112 1,112 2029-B Notes March 15, 2029 5.050% 750 — 2029 Notes April 15, 2029 3.950% 1,000 1,000 2030 Notes May 1, 2030 3.200% 750 750 2031 Notes March 15, 2031 2.250% 500 500 2031-B Notes March 15, 2031 5.200% 500 — 2032 Notes April 15, 2032 4.050% 850 850 2034 Notes March 15, 2034 5.300% 650 — 2038 Merger Notes May 25, 2038 4.985% 211 211 2045 Notes November 15, 2045 4.500% 550 550 2046 Notes December 15, 2046 4.420% 400 400 2048 Merger Notes May 25, 2048 5.085% 391 391 2050 Notes May 1, 2050 3.800% 750 750 2051 Notes March 15, 2051 3.350% 500 500 2052 Notes April 15, 2052 4.500% 1,150 1,150 Principal amount 13,093 11,243 Adjustment from principal amount to carrying amount (1) (164) (148) Carrying amount $ 12,929 $ 11,095 (1) The carrying amount includes unamortized discounts, debt issuance costs and fair value adjustments related to the DPS Merger. (2) The 2027-B Notes bear interest at a rate equal to Compounded SOFR (as defined in the respective indenture) plus 0.88% per annum, and the rate is reassessed quarterly. On March 7, 2024, we completed the issuance of the 2027-B Notes, the 2027-C Notes, the 2029-B Notes, the 2031-B Notes, and the 2034 Notes, with an aggregate principal amount of $3 billion. The discount associated with these notes was approximately $5 million, and the Company incurred $16 million in debt issuance costs. The proceeds from the issuance were used for our share repurchase program, to repay outstanding commercial paper, and to repay the 2024 Notes at maturity, with the remainder intended for general corporate purposes. VARIABLE-RATE BORROWING ARRANGEMENTS Revolving Credit Agreement The following table summarizes information about the Revolving Credit Agreement: Amounts Outstanding (in millions) Maturity Date Capacity March 31, 2024 December 31, 2023 Revolving Credit Agreement (1) February 23, 2027 $ 4,000 $ — $ — (1) The Revolving Credit Agreement has $200 million letters of credit available, none of which were utilized as of March 31, 2024. As of March 31, 2024, KDP was in compliance with its minimum interest coverage ratio relating to the Revolving Credit Agreement . Commercial Paper Program The following table provides information about our weighted average borrowings under our commercial paper program: First Quarter (in millions, except %) 2024 2023 Weighted average commercial paper borrowings $ 2,430 $ 506 Weighted average borrowing rates 5.62 % 4.86 % Letter of Credit Facility In addition to the portion of the Revolving Credit Agreement reserved for issuance of letters of credit, KDP has an incremental letter of credit facility. Under this facility, $150 million is available for the issuance of letters of credit, $57 million of which was utilized as of March 31, 2024 and $93 million of which remains available for use. FAIR VALUE DISCLOSURES The fair value of our commercial paper approximates the carrying value and is considered Level 2 within the fair value hierarchy.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
Goodwill and Other Intangible Assets	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
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 Foreign currency translation — — (39) (39) Balance as of March 31, 2024 $ 8,714 $ 8,622 $ 2,827 $ 20,163 INTANGIBLE ASSETS OTHER THAN GOODWILL The net carrying amounts of intangible assets other than goodwill with indefinite lives are as follows: (in millions) March 31, 2024 December 31, 2023 Brands (1) $ 19,443 $ 19,476 Trade names 2,478 2,478 Distribution rights (2) 186 155 Total $ 22,107 $ 22,109 (1) The change in brands with indefinite lives was primarily driven by foreign currency translation of $33 million during the first quarter of 2024. (2) The change in distribution rights with indefinite lives was primarily driven by acquired distribution rights related to Electrolit of $31 million. The net carrying amounts of intangible assets other than goodwill with definite lives are as follows: March 31, 2024 December 31, 2023 (in millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Acquired technology $ 1,146 $ (567) $ 579 $ 1,146 $ (548) $ 598 Customer relationships 638 (245) 393 638 (236) 402 Contractual arrangements 146 (15) 131 146 (13) 133 Trade names 126 (116) 10 126 (114) 12 Brands 51 (27) 24 51 (25) 26 Distribution rights 29 (22) 7 29 (22) 7 Total $ 2,136 $ (992) $ 1,144 $ 2,136 $ (958) $ 1,178 Amortization expense for intangible assets with definite lives was as follows: First Quarter (in millions) 2024 2023 Amortization expense $ 33 $ 34

Derivatives

Derivatives	3 Months Ended
Derivatives	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives KDP is exposed to market risks arising from adverse changes in interest rates, commodity prices, and FX rates. KDP manages these risks through a variety of strategies, including the use of interest rate contracts, FX forward contracts, commodity forward, future, swap and option contracts and supplier pricing agreements. KDP does not hold or issue derivative financial instruments for trading or speculative purposes. We formally designate and account for certain foreign exchange forward contracts and interest rate contracts that meet established accounting criteria under U.S. GAAP as cash flow hedges. For such contracts, the effective portion of the gain or loss on the derivative instruments is recorded, net of applicable taxes, in AOCI. When net income is affected by the variability of the underlying transaction, the applicable offsetting amount of the gain or loss from the derivative instrument deferred in AOCI is reclassified to net income. Cash flows from derivative instruments designated in a qualifying hedging relationship are classified in the same category as the cash flows from the hedged items. If a cash flow hedge were to cease to qualify for hedge accounting, or were terminated, the derivatives would continue to be carried on the balance sheet at fair value until settled, and hedge accounting would be discontinued prospectively. If the underlying hedged transaction ceases to exist, any associated amounts reported in AOCI would be reclassified to earnings at that time. For derivatives that are not designated or for which the designated hedging relationship is discontinued, the gain or loss on the instrument is recognized in earnings in the period of change. We have exposure to credit losses from derivative instruments in an asset position in the event of nonperformance by the counterparties to the agreements. Historically, we have not experienced material credit losses as a result of counterparty nonperformance. We select and periodically review counterparties based on credit ratings, limit our exposure to a single counterparty under defined guidelines, and monitor the market position of the programs upon execution of a hedging transaction and at least on a quarterly basis. INTEREST RATES Economic Hedges We are exposed to interest rate risk related to our borrowing arrangements and obligations. We enter into interest rate contracts to provide predictability in our overall cost structure and to manage the balance of fixed-rate and variable-rate debt. We primarily enter into receive-fixed, pay-variable and receive-variable, pay-fixed swaps and swaption contracts. A natural hedging relationship exists in which changes in the fair value of the instruments act as an economic offset to changes in the fair value of the underlying items. Changes in the fair value of these instruments are recorded in earnings throughout the term of the derivative instrument and are generally reported in interest expense in the unaudited Condensed Consolidated Statements of Income. As of March 31, 2024, economic interest rate derivative instruments have maturities ranging from April 2024 to July 2043. Cash Flow Hedges As of December 31, 2023, we had $500 million of notional amount of forward starting swaps which had been de-designated and terminated; however, as the forecasted debt transaction was still considered probable, the fair value of the instruments as of the de-designation remained within AOCI. In March 2024, the forecasted debt transaction took place with the issuance of the 2034 Notes, and the fair value of the instruments began amortizing to Interest expense, net over the term of the 2034 Notes. FOREIGN EXCHANGE We are exposed to foreign exchange risk in our international subsidiaries or with certain counterparties in foreign jurisdictions, which may transact in currencies that are different from the functional currencies of our legal entities. Additionally, the balance sheets of our Canadian and Mexican businesses are subject to exposure from movements in exchange rates. Economic Hedges We hold FX forward contracts to economically manage the balance sheet exposures resulting from changes in the FX rates described above. The intent of these FX contracts is to minimize the impact of FX risk associated with balance sheet positions not in local currency. In these cases, a hedging relationship exists in which changes in the fair value of the instruments act as an economic offset to changes in the fair value of the underlying items. Changes in the fair value of these instruments are recorded in earnings throughout the term of the derivative instrument and are reported in the same caption of the unaudited Condensed Consolidated Statements of Income as the associated risk. As of March 31, 2024, these FX contracts have maturities ranging from April 2024 to February 2025. Cash Flow Hedges We designate certain FX forward contracts as cash flow hedges in order to manage the exposures resulting from changes in the FX rates described above. These designated FX forward contracts relate to forecasted inventory purchases in U.S. dollars of our Canadian and Mexican businesses. The intent of these FX contracts is to provide predictability in the Company's overall cost structure. As of March 31, 2024, these FX contracts have maturities ranging from April 2024 to June 2025. COMMODITIES Economic Hedges We centrally manage the exposure to volatility in the prices of certain commodities used in our production process and transportation through various derivative contracts. We generally hold some combination of future, swap and option contracts that economically hedge certain of our risks. In these cases, a hedging relationship exists in which changes in the fair value of the instruments act as an economic offset to changes in the fair value of the underlying items or as an offset to certain costs of production. Changes in the fair value of these instruments are recorded in earnings throughout the term of the derivative instrument and are reported in the same line item of the unaudited Condensed Consolidated Statements of Income as the hedged transaction. Unrealized gains and losses are recognized as a component of unallocated corporate costs until our reportable segments are affected by the completion of the underlying transaction, at which time the gain or loss is reflected as a component of the respective segment's income from operations. As of March 31, 2024, these commodity contracts have maturities ranging from April 2024 to January 2026. NOTIONAL AMOUNTS OF DERIVATIVE INSTRUMENTS The following table presents the notional amounts of our outstanding derivative instruments by type: (in millions) March 31, 2024 December 31, 2023 Interest rate contracts Forward starting swaps, not designated as hedging instruments $ 1,700 $ 1,700 Swaptions, not designated as hedging instruments 1,350 3,200 FX contracts Forward contracts, not designated as hedging instruments 575 710 Forward contracts, designated as cash flow hedges 449 425 Commodity contracts, not designated as hedging instruments (1) 467 500 (1) Notional value for commodity contracts is calculated as the expected volume times strike price per unit on a gross basis. FAIR VALUE OF DERIVATIVE INSTRUMENTS The fair values of commodity contracts, interest rate contracts and FX forward contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The fair value of commodity contracts are valued using the market approach based on observable market transactions, primarily underlying commodities futures or physical index prices, at the reporting date. Interest rate contracts are valued using models based primarily on readily observable market parameters, such as SOFR forward rates, for all substantial terms of our contracts and credit risk of the counterparties. The fair value of FX forward contracts are valued using quoted forward FX prices at the reporting date. Therefore, we have categorized these contracts as Level 2. Not Designated as Hedging Instruments The following table summarizes the location of the fair value of our derivative instruments which are not designated as hedging instruments within the unaudited Condensed Consolidated Balance Sheets. All such instruments are considered level 2 within the fair value hierarchy. (in millions) Balance Sheet Location March 31, 2024 December 31, 2023 Assets: FX contracts Prepaid expenses and other current assets $ 4 $ 5 Commodity contracts Prepaid expenses and other current assets 16 9 FX contracts Other non-current assets 2 — Commodity contracts Other non-current assets — 3 Liabilities: Interest rate contracts Other current liabilities 2 80 FX contracts Other current liabilities 1 3 Commodity contracts Other current liabilities 47 53 Interest rate contracts Other non-current liabilities 298 186 FX contracts Other non-current liabilities — 4 Commodity contracts Other non-current liabilities 2 11 Designated as Hedging Instruments The following table summarizes the location of the fair value of our derivative instruments which are designated as hedging instruments within the unaudited Condensed Consolidated Balance Sheets. All such instruments are designated level 2 within the fair value hierarchy. (in millions) Balance Sheet Location March 31, 2024 December 31, 2023 Assets: FX contracts Prepaid expenses and other current assets $ 2 $ 1 Liabilities: FX contracts Other current liabilities 13 14 FX contracts Other non-current liabilities 1 — IMPACT OF DERIVATIVE INSTRUMENTS NOT DESIGNATED AS HEDGING INSTRUMENTS The following table presents the amount of (gains) losses, net, recognized in the unaudited Condensed Consolidated Statements of Income related to derivative instruments not designated as hedging instruments under U.S. GAAP during the periods presented. Amounts include both realized and unrealized gains and losses. First Quarter (in millions) Income Statement Location 2024 2023 Interest rate contracts Interest expense, net $ 26 $ (96) FX contracts Cost of sales (1) 1 FX contracts Other income, net (6) — Commodity contracts Cost of sales 15 (15) Commodity contracts SG&A expenses (12) 14 IMPACT OF CASH FLOW HEDGES The following table presents the amount of (gains) losses, net, reclassified from AOCI into the unaudited Condensed Consolidated Statements of Income related to derivative instruments designated as cash flow hedging instruments during the periods presented: First Quarter (in millions) Income Statement Location 2024 2023 Interest rate contracts Interest expense, net $ (2) $ (68) FX contracts Cost of sales — (1) We expect to reclassify approximately $13 million of pre-tax net gains and $10 million of pre-tax net losses from AOCI into net income during the next twelve months related to interest rate contracts and FX contracts, respectively.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases [Abstract]
Lessee, Finance Leases	Leases The following table presents the components of lease cost: First Quarter (in millions) 2024 2023 Operating lease cost $ 42 $ 39 Finance lease cost Amortization of right-of-use assets 30 22 Interest on lease liabilities 7 6 Variable lease cost (1) 10 10 Short-term lease cost 1 — Total lease cost $ 90 $ 77 (1) Variable lease cost primarily consists of common area maintenance costs, property taxes, and adjustments for inflation. The following table presents supplemental cash flow and other information about our leases: First Quarter (in millions) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 39 $ 36 Operating cash flows from finance leases 7 6 Financing cash flows from finance leases 31 24 Right-of-use assets obtained in exchange for lease obligations: Operating leases 15 38 Finance leases 26 17 The following table presents information about our weighted average discount rate and remaining lease term: March 31, 2024 December 31, 2023 Weighted average discount rate Operating leases 5.3 % 5.3 % Finance leases 3.9 % 3.9 % Weighted average remaining lease term Operating leases 10 years 10 years Finance leases 9 years 9 years Future minimum lease payments for non-cancellable leases that have commenced and are reflected on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 were as follows: (in millions) Operating Leases Finance Leases Remainder of 2024 $ 107 $ 98 2025 152 128 2026 139 165 2027 115 76 2028 90 65 2029 85 58 Thereafter 454 274 Total future minimum lease payments 1,142 864 Less: imputed interest (250) (143) Present value of minimum lease payments $ 892 $ 721 SIGNIFICANT LEASES THAT HAVE NOT YET COMMENCED As of March 31, 2024, we have entered into leases that have not yet commenced with estimated aggregated future lease payments of approximately $197 million. These leases are expected to commence between the third quarter of 2024 through 2027, with initial lease terms ranging from 5 years to 10 years.
Lessee, Operating Leases	Leases The following table presents the components of lease cost: First Quarter (in millions) 2024 2023 Operating lease cost $ 42 $ 39 Finance lease cost Amortization of right-of-use assets 30 22 Interest on lease liabilities 7 6 Variable lease cost (1) 10 10 Short-term lease cost 1 — Total lease cost $ 90 $ 77 (1) Variable lease cost primarily consists of common area maintenance costs, property taxes, and adjustments for inflation. The following table presents supplemental cash flow and other information about our leases: First Quarter (in millions) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 39 $ 36 Operating cash flows from finance leases 7 6 Financing cash flows from finance leases 31 24 Right-of-use assets obtained in exchange for lease obligations: Operating leases 15 38 Finance leases 26 17 The following table presents information about our weighted average discount rate and remaining lease term: March 31, 2024 December 31, 2023 Weighted average discount rate Operating leases 5.3 % 5.3 % Finance leases 3.9 % 3.9 % Weighted average remaining lease term Operating leases 10 years 10 years Finance leases 9 years 9 years Future minimum lease payments for non-cancellable leases that have commenced and are reflected on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 were as follows: (in millions) Operating Leases Finance Leases Remainder of 2024 $ 107 $ 98 2025 152 128 2026 139 165 2027 115 76 2028 90 65 2029 85 58 Thereafter 454 274 Total future minimum lease payments 1,142 864 Less: imputed interest (250) (143) Present value of minimum lease payments $ 892 $ 721 SIGNIFICANT LEASES THAT HAVE NOT YET COMMENCED As of March 31, 2024, we have entered into leases that have not yet commenced with estimated aggregated future lease payments of approximately $197 million. These leases are expected to commence between the third quarter of 2024 through 2027, with initial lease terms ranging from 5 years to 10 years.

Segments

Segments	3 Months Ended
Segments	Mar. 31, 2024
Segment Reporting [Abstract]
Segments	Segments Our operating and reportable segments consist of the following: • The U.S. Refreshment Beverages segment reflects sales in the U.S. from the manufacture and distribution of branded concentrates, syrup and finished beverages, including the sales of our own brands and third-party brands, to third-party bottlers, distributors and retailers. • The U.S. Coffee segment reflects sales in the U.S. from the manufacture and distribution of finished goods relating to our K-Cup pods, single-serve brewers and accessories, and other coffee products to partners, retailers and directly to consumers through the Keurig.com website. • The International segment reflects sales in international markets, including the following: ◦ Sales in Canada, Mexico, the Caribbean and other international markets from the manufacture and distribution of branded concentrates, syrup and finished beverages, including sales of our own brands and third-party brands, to third-party bottlers, distributors and retailers. ◦ Sales in Canada from the manufacture and distribution of finished goods relating to our single-serve brewers, K-Cup pods and other coffee products. Segment results are based on management reports. Net sales and income from operations are the significant financial measures used to assess the operating performance of our operating segments. Intersegment sales are recorded at cost and are eliminated in the unaudited Condensed Consolidated Statements of Income. “Unallocated corporate costs” are excluded from our measurement of segment performance and include unrealized commodity derivative gains and losses, and certain general corporate expenses. Information about our operations by reportable segment is as follows: First Quarter (in millions) 2024 2023 Segment Results – Net sales U.S. Refreshment Beverages $ 2,093 $ 2,007 U.S. Coffee 911 931 International 464 415 Net sales $ 3,468 $ 3,353 Segment Results – Income from operations U.S. Refreshment Beverages $ 615 $ 490 U.S. Coffee 248 232 International 112 80 Unallocated corporate costs (210) (218) Income from operations $ 765 $ 584

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
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 upon delivery to the customer. 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 first quarter of 2024: LRB $ 2,062 $ 4 $ 299 $ 2,365 K-Cup pods — 747 115 862 Appliances — 128 13 141 Other 31 32 37 100 Net sales $ 2,093 $ 911 $ 464 $ 3,468 For the first quarter of 2023: LRB $ 1,970 $ — $ 253 $ 2,223 K-Cup pods — 771 117 888 Appliances — 125 12 137 Other 37 35 33 105 Net sales $ 2,007 $ 931 $ 415 $ 3,353 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.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents basic and diluted EPS and shares outstanding. First Quarter (in millions, except per share data) 2024 2023 Net income $ 454 $ 467 Weighted average common shares outstanding 1,380.7 1,406.2 Dilutive effect of stock-based awards 7.0 10.8 Weighted average common shares outstanding and common stock equivalents 1,387.7 1,417.0 Basic EPS $ 0.33 $ 0.33 Diluted EPS 0.33 0.33 Anti-dilutive shares excluded from the diluted weighted average shares outstanding calculation 2.1 1.0

Stock Based Compensation

Stock Based Compensation	3 Months Ended
Stock Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The components of stock-based compensation expense are presented below: First Quarter (in millions) 2024 2023 Total stock-based compensation expense $ 28 $ 29 Income tax benefit (4) (5) Stock-based compensation expense, net of tax $ 24 $ 24 RESTRICTED SHARE UNITS The table below summarizes RSU activity : RSUs Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2023 15,748,820 $ 29.42 1.7 $ 525 Granted 3,903,657 26.22 Vested and released (4,475,912) 26.37 131 Forfeited (134,802) 31.50 Outstanding as of March 31, 2024 15,041,763 $ 29.48 2.4 $ 461 As of March 31, 2024, there was $233 million of unrecognized compensation cost related to unvested RSUs that is expected to be recognized over a weighted average period of 3.5 years.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	3 Months Ended
Investments in Unconsolidated Affiliates	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in unconsolidated affiliates	Investments The following table summarizes our investments in unconsolidated affiliates: March 31, December 31, (in millions) 2024 2023 Nutrabolt (1) $ 1,014 $ 960 Chobani 307 307 Tractor 42 44 Athletic Brewing 50 50 Beverage startup companies 5 5 Other 20 21 Investments in unconsolidated affiliates $ 1,438 $ 1,387 (1) We hold a 33.6% interest on an as-converted basis in Nutrabolt, consisting of 30.8% in Class A preferred shares acquired through our December 2022 investment, which are treated as in-substance common stock, and 2.8% in Class B common shares earned through the achievement of certain milestones included in our distribution agreement with Nutrabolt.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rates were as follows: First Quarter 2024 2023 Effective tax rate 23.6 % 19.6 % The change in the effective tax rate was largely driven by a shift in the mix of income from lower tax jurisdictions to higher tax jurisdictions and the unfavorable comparison to the prior year tax benefit received from favorable adjustments upon foreign tax return filing.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
Accumulated Other Comprehensive Income	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The following table provides a summary of changes in AOCI, net of taxes: (in millions) Foreign Currency Translation Adjustments Pension and Post-Retirement Benefit Liabilities Cash Flow Hedges Accumulated Other Comprehensive Income For the first quarter of 2024: Beginning balance $ 202 $ (14) $ 127 $ 315 Other comprehensive loss (56) — — (56) Amounts reclassified from AOCI — — (2) (2) Total other comprehensive loss (56) — (2) (58) Balance as of March 31, 2024 $ 146 $ (14) $ 125 $ 257 For the first quarter of 2023: Beginning balance $ (86) $ (10) $ 225 $ 129 Other comprehensive income (loss) 108 — (30) 78 Amounts reclassified from AOCI — — (52) (52) Total other comprehensive income (loss) 108 — (82) 26 Balance as of March 31, 2023 $ 22 $ (10) $ 143 $ 155 The following table presents the amount of (gains) losses reclassified from AOCI into the unaudited Condensed Consolidated Statements of Income: First Quarter (in millions) Income Statement Caption 2024 2023 Cash Flow Hedges: Interest rate contracts (1) Interest expense $ (2) $ (68) Income tax expense — 16 Total, net of tax $ (2) $ (52) (1) Amounts reclassified from AOCI into interest expense during the first quarter of 2023 include the realized gains associated with the termination of forward starting swaps designated as cash flow hedges of approximately $66 million.

Other Financial Information

Other Financial Information	3 Months Ended
Other Financial Information	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Financial Information	Other Financial Information SELECTED BALANCE SHEET INFORMATION The tables below provide selected financial information from the unaudited Condensed Consolidated Balance Sheets: March 31, December 31, (in millions) 2024 2023 Inventories: Raw materials $ 414 $ 409 Work-in-progress 11 12 Finished goods 806 742 Total 1,231 1,163 Allowance for excess and obsolete inventories (27) (21) Total Inventories $ 1,204 $ 1,142 Prepaid expenses and other current assets: Other receivables $ 123 $ 135 Prepaid income taxes 212 196 Customer incentive programs 109 24 Derivative instruments 22 15 Prepaid marketing 30 20 Spare parts 115 111 Income tax receivable 15 16 Other 109 81 Total prepaid expenses and other current assets $ 735 $ 598 Other non-current assets: Operating lease right-of-use assets $ 859 $ 876 Customer incentive programs 41 45 Derivative instruments 2 3 Equity securities (1) 70 69 Other 156 156 Total other non-current assets $ 1,128 $ 1,149 (1) Fair values of these 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. Unrealized mark-to-market gains and losses are recorded to Other income, net. For the first quarter of 2024 and 2023, we recorded unrealized mark-to-market losses of $2 million and gains of $8 million, respectively, on our investment in Vita Coco. March 31, December 31, (in millions) 2024 2023 Accrued expenses: Accrued customer trade $ 327 $ 477 Accrued compensation 133 208 Insurance reserve 58 50 Accrued interest 160 72 Other accrued expenses 491 435 Total accrued expenses $ 1,169 $ 1,242 Other current liabilities: Dividends payable $ 292 $ 299 Income taxes payable 36 29 Operating lease liability 115 114 Finance lease liability 104 106 Derivative instruments 63 150 Other 19 16 Total other current liabilities $ 629 $ 714 Other non-current liabilities: Operating lease liability $ 777 $ 793 Finance lease liability 617 620 Pension and post-retirement liability 31 35 Insurance reserves 93 85 Derivative instruments 301 201 Deferred compensation liability 33 32 Other 64 67 Total other non-current liabilities $ 1,916 $ 1,833 ACCOUNTS PAYABLE

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies KDP is occasionally subject to litigation or other legal proceedings. Reserves are recorded for specific legal proceedings when the Company determines that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. We had litigation reserves of $8 million and $12 million, respectively, as of March 31, 2024 and December 31, 2023. We have also identified certain other legal matters where we believe an unfavorable outcome is reasonably possible and/or for which no estimate of possible losses can be made. We do not believe that the outcome of these, or any other, pending legal matters, individually or collectively, will have a material adverse effect on our results of operations, financial condition, or liquidity. ANTITRUST LITIGATION In February 2014, TreeHouse Foods, Inc. and certain affiliated entities filed suit against KDP’s wholly-owned subsidiary, Keurig (formerly known as Green Mountain Coffee Roasters, Inc.), in the U.S. District Court for the Southern District of New York (“SDNY”) (TreeHouse Foods, Inc. et al. v. Green Mountain Coffee Roasters, Inc. et al.). The TreeHouse complaint asserted claims under the federal antitrust laws and various state laws, contending that Keurig had monopolized alleged markets for single serve coffee brewers and single serve coffee pods. The TreeHouse complaint sought treble monetary damages, declaratory relief, injunctive relief and attorneys’ fees. In the months that followed, a number of additional actions, including claims from another coffee manufacturer (JBR, Inc.), as well as putative class actions on behalf of direct and indirect purchasers of Keurig’s products, were filed in various federal district courts, asserting claims and seeking relief substantially similar to the claims asserted and relief sought in the TreeHouse complaint. Additional similar actions were filed by individual direct purchasers (including McLane Company, Inc., BJ’s Wholesale Club, Inc., Winn-Dixie Stores Inc. and Bi-Lo Holding LLC) in 2019 and in 2021. All of these actions were transferred to the SDNY for coordinated pre-trial proceedings (In re: Keurig Green Mountain Single-Serve Coffee Antitrust Litigation) (the “Multidistrict Antitrust Litigation”). In July 2020, Keurig reached an agreement with one of the plaintiff groups in the Multidistrict Antitrust Litigation, the putative indirect purchaser class, to settle the claims asserted for $31 million. The settlement class consisted of individuals and entities in the United States that purchased, from persons other than Keurig and not for purposes of resale, Keurig manufactured or licensed single serve beverage portion packs during the applicable class period (beginning in September 2010 for most states). The settlement was approved and paid, and the indirect purchasers’ claims have been dismissed. Discovery in all remaining matters pending in the Multidistrict Antitrust Litigation is concluded, with the plaintiffs collectively claiming more than $5 billion of monetary damages. Keurig strongly disputes the merits of the claims and the calculation of damages. As a result, Keurig has fully briefed summary judgment motions that, if successful, would end the cases entirely. Keurig has also fully briefed other significant motions, including challenges to the validity of plaintiffs’ damages calculations. Keurig is also pursuing its opposition to direct purchaser plaintiffs’ motion for class certification. Certain of Keurig’s motions and opposition have been pending in the SDNY since 2021, with others pending since 2023. Keurig intends to continue vigorously defending the remaining lawsuits. At this time, we are unable to predict the outcome of these lawsuits, the potential loss or range of loss, if any, associated with the resolution of these lawsuits or any potential effect they may have on us or our results of operations. Accordingly, we have not accrued for a loss contingency. Additionally, as the timelines in these cases may be beyond our control, we can provide no assurance as to whether or when there will be material developments in these matters.

Restructuring and Integration C

Restructuring and Integration Costs	3 Months Ended
Restructuring and Integration Costs	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Integration Costs	Restructuring RESTRUCTURING PROGRAMS 2023 CEO Succession and Associated Realignment In 2023, we began to enact several organization movements to ensure succession plans, to reinforce enterprise capabilities to support growth, and to control costs. A key component of the program was the appointment of Tim Cofer as Chief Operating Officer, effective November 6, 2023, with the expectation that Mr. Cofer will succeed Robert Gamgort as our CEO during the second quarter of 2024. We are also realigning our executive and operating leadership structure to enable faster decision making and to better support various strategic initiatives. The program is expected to incur charges of approximately $52 million, primarily driven by severance costs, which are expected to be incurred through 2024, and the sign-on bonus for Mr. Cofer as our new Chief Operating Officer. 2024 Network Optimization In March 2024, we announced the closure of our manufacturing facility in Williston, Vermont, with operations and employees to be relocated to other existing manufacturing locations, in order to more effectively and efficiently meet the needs of consumers and customers. The relocation is expected to take place during the second and third quarters of 2024, and the restructuring program is expected to incur pre-tax restructuring charges in an estimated range of $30 million to $40 million , primarily comprised of asset related costs. RESTRUCTURING CHARGES Restructuring and integration expenses for the defined programs during the periods presented were as follows: First Quarter (in millions) 2024 2023 2023 CEO Succession and Associated Realignment $ 2 $ — 2024 Network Optimization 2 — RESTRUCTURING LIABILITIES Restructuring liabilities that qualify as exit and disposal costs under U.S. GAAP are included in accounts payable and accrued expenses on the unaudited condensed consolidated financial statements. Restructuring liabilities, primarily consisting of workforce reduction costs, were as follows: (in millions) Restructuring Liabilities Balance as of January 1, 2024 $ 27 Charges (credits) to expense (3) Cash payments (3) Balance as of March 31, 2024 $ 21

Related Parties

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Parties	Transactions with Related Parties REPURCHASE OF KDP COMMON STOCK

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 454,000,000	$ 467,000,000

Insider Trading Arrangements

Insider Trading Arrangements - Officer or Director [Member]	3 Months Ended
Insider Trading Arrangements - Officer or Director [Member]	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false

Background and Basis of Prese_2

Background and Basis of Presentation (Policies)	3 Months Ended
Background and Basis of Presentation (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting principally of normal recurring adjustments, considered necessary for a fair presentation have been included. These unaudited condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and accompanying notes included in our Annual Report.
Use of Estimates	The process of preparing our unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and judgments that affect reported amounts. These estimates and judgments are based on historical experience, future expectations and other factors and assumptions we believe to be reasonable under the circumstances. These estimates and judgments are reviewed on an ongoing basis and are revised when necessary. Changes in estimates are recorded in the period of change. Actual amounts may differ from these estimates

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	(in millions) Prior Presentation First Quarter of 2023 Net (repayment) issuance of commercial paper Proceeds from issuance of commercial paper $ 3,523 Net (repayment) issuance of commercial paper Repayments of commercial paper (3,258)

Long-term Obligations and Bor_2

Long-term Obligations and Borrowing Arrangements (Tables)	3 Months Ended
Long-term Obligations and Borrowing Arrangements (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes our long-term obligations: (in millions) March 31, 2024 December 31, 2023 Notes $ 12,929 $ 11,095 Less: current portion of long-term obligations — (1,150) Long-term obligations $ 12,929 $ 9,945 The following table summarizes our short-term borrowings and current portion of long-term obligations: (in millions) March 31, 2024 December 31, 2023 Commercial paper notes $ 1,908 $ 2,096 Current portion of long-term obligations — 1,150 Short-term borrowings and current portion of long-term obligations $ 1,908 $ 3,246
Schedule of long-term debt instruments	Our Notes consisted of the following: (in millions, except %) Maturity Date Rate March 31, 2024 December 31, 2023 2024 Notes March 15, 2024 0.750% — 1,150 2025 Merger Notes May 25, 2025 4.417% 529 529 2025 Notes November 15, 2025 3.400% 500 500 2026 Notes September 15, 2026 2.550% 400 400 2027-B Notes March 15, 2027 Floating (2) 350 — 2027-C Notes March 15, 2027 5.100% 750 — 2027 Notes June 15, 2027 3.430% 500 500 2028 Merger Notes May 25, 2028 4.597% 1,112 1,112 2029-B Notes March 15, 2029 5.050% 750 — 2029 Notes April 15, 2029 3.950% 1,000 1,000 2030 Notes May 1, 2030 3.200% 750 750 2031 Notes March 15, 2031 2.250% 500 500 2031-B Notes March 15, 2031 5.200% 500 — 2032 Notes April 15, 2032 4.050% 850 850 2034 Notes March 15, 2034 5.300% 650 — 2038 Merger Notes May 25, 2038 4.985% 211 211 2045 Notes November 15, 2045 4.500% 550 550 2046 Notes December 15, 2046 4.420% 400 400 2048 Merger Notes May 25, 2048 5.085% 391 391 2050 Notes May 1, 2050 3.800% 750 750 2051 Notes March 15, 2051 3.350% 500 500 2052 Notes April 15, 2052 4.500% 1,150 1,150 Principal amount 13,093 11,243 Adjustment from principal amount to carrying amount (1) (164) (148) Carrying amount $ 12,929 $ 11,095 (1) The carrying amount includes unamortized discounts, debt issuance costs and fair value adjustments related to the DPS Merger. (2) The 2027-B Notes bear interest at a rate equal to Compounded SOFR (as defined in the respective indenture) plus 0.88% per annum, and the rate is reassessed quarterly.
Schedule of Short-term Debt [Table Text Block]	The following table provides information about our weighted average borrowings under our commercial paper program: First Quarter (in millions, except %) 2024 2023 Weighted average commercial paper borrowings $ 2,430 $ 506 Weighted average borrowing rates 5.62 % 4.86 %
Schedule of line of credit facilities	The following table summarizes information about the Revolving Credit Agreement: Amounts Outstanding (in millions) Maturity Date Capacity March 31, 2024 December 31, 2023 Revolving Credit Agreement (1) February 23, 2027 $ 4,000 $ — $ — (1) The Revolving Credit Agreement has $200 million letters of credit available, none of which were utilized as of March 31, 2024.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
Goodwill and Other Intangible Assets (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in the carrying amount of goodwill by reportable segment	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 Foreign currency translation — — (39) (39) Balance as of March 31, 2024 $ 8,714 $ 8,622 $ 2,827 $ 20,163
Schedule of net carrying amounts of intangible assets other than goodwill with indefinite lives	The net carrying amounts of intangible assets other than goodwill with indefinite lives are as follows: (in millions) March 31, 2024 December 31, 2023 Brands (1) $ 19,443 $ 19,476 Trade names 2,478 2,478 Distribution rights (2) 186 155 Total $ 22,107 $ 22,109 (1) The change in brands with indefinite lives was primarily driven by foreign currency translation of $33 million during the first quarter of 2024. (2) The change in distribution rights with indefinite lives was primarily driven by acquired distribution rights related to Electrolit of $31 million.
Schedule of net carrying amounts of intangible assets other than goodwill with definite lives	The net carrying amounts of intangible assets other than goodwill with definite lives are as follows: March 31, 2024 December 31, 2023 (in millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Acquired technology $ 1,146 $ (567) $ 579 $ 1,146 $ (548) $ 598 Customer relationships 638 (245) 393 638 (236) 402 Contractual arrangements 146 (15) 131 146 (13) 133 Trade names 126 (116) 10 126 (114) 12 Brands 51 (27) 24 51 (25) 26 Distribution rights 29 (22) 7 29 (22) 7 Total $ 2,136 $ (992) $ 1,144 $ 2,136 $ (958) $ 1,178
Schedule of amortization expense for intangible assets with definite lives	Amortization expense for intangible assets with definite lives was as follows: First Quarter (in millions) 2024 2023 Amortization expense $ 33 $ 34

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
Derivatives (Tables)	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Amounts of Derivative Instruments	NOTIONAL AMOUNTS OF DERIVATIVE INSTRUMENTS The following table presents the notional amounts of our outstanding derivative instruments by type: (in millions) March 31, 2024 December 31, 2023 Interest rate contracts Forward starting swaps, not designated as hedging instruments $ 1,700 $ 1,700 Swaptions, not designated as hedging instruments 1,350 3,200 FX contracts Forward contracts, not designated as hedging instruments 575 710 Forward contracts, designated as cash flow hedges 449 425 Commodity contracts, not designated as hedging instruments (1) 467 500 (1) Notional value for commodity contracts is calculated as the expected volume times strike price per unit on a gross basis.
Schedule of derivative instruments in statement of financial position, fair value	Not Designated as Hedging Instruments The following table summarizes the location of the fair value of our derivative instruments which are not designated as hedging instruments within the unaudited Condensed Consolidated Balance Sheets. All such instruments are considered level 2 within the fair value hierarchy. (in millions) Balance Sheet Location March 31, 2024 December 31, 2023 Assets: FX contracts Prepaid expenses and other current assets $ 4 $ 5 Commodity contracts Prepaid expenses and other current assets 16 9 FX contracts Other non-current assets 2 — Commodity contracts Other non-current assets — 3 Liabilities: Interest rate contracts Other current liabilities 2 80 FX contracts Other current liabilities 1 3 Commodity contracts Other current liabilities 47 53 Interest rate contracts Other non-current liabilities 298 186 FX contracts Other non-current liabilities — 4 Commodity contracts Other non-current liabilities 2 11 Designated as Hedging Instruments The following table summarizes the location of the fair value of our derivative instruments which are designated as hedging instruments within the unaudited Condensed Consolidated Balance Sheets. All such instruments are designated level 2 within the fair value hierarchy. (in millions) Balance Sheet Location March 31, 2024 December 31, 2023 Assets: FX contracts Prepaid expenses and other current assets $ 2 $ 1 Liabilities: FX contracts Other current liabilities 13 14 FX contracts Other non-current liabilities 1 —
Schedule of derivative instruments not designated as hedging instruments	The following table presents the amount of (gains) losses, net, recognized in the unaudited Condensed Consolidated Statements of Income related to derivative instruments not designated as hedging instruments under U.S. GAAP during the periods presented. Amounts include both realized and unrealized gains and losses. First Quarter (in millions) Income Statement Location 2024 2023 Interest rate contracts Interest expense, net $ 26 $ (96) FX contracts Cost of sales (1) 1 FX contracts Other income, net (6) — Commodity contracts Cost of sales 15 (15) Commodity contracts SG&A expenses (12) 14
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following table presents the amount of (gains) losses, net, reclassified from AOCI into the unaudited Condensed Consolidated Statements of Income related to derivative instruments designated as cash flow hedging instruments during the periods presented: First Quarter (in millions) Income Statement Location 2024 2023 Interest rate contracts Interest expense, net $ (2) $ (68) FX contracts Cost of sales — (1)

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Lease, Cost [Table Text Block]	The following table presents the components of lease cost: First Quarter (in millions) 2024 2023 Operating lease cost $ 42 $ 39 Finance lease cost Amortization of right-of-use assets 30 22 Interest on lease liabilities 7 6 Variable lease cost (1) 10 10 Short-term lease cost 1 — Total lease cost $ 90 $ 77 (1) Variable lease cost primarily consists of common area maintenance costs, property taxes, and adjustments for inflation.
Supplemental Cash Flow Information for Leases [Table Text Block]	The following table presents supplemental cash flow and other information about our leases: First Quarter (in millions) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 39 $ 36 Operating cash flows from finance leases 7 6 Financing cash flows from finance leases 31 24 Right-of-use assets obtained in exchange for lease obligations: Operating leases 15 38 Finance leases 26 17
Schedule of Weighted Average Lease Disclosures [Table Text Block]	The following table presents information about our weighted average discount rate and remaining lease term: March 31, 2024 December 31, 2023 Weighted average discount rate Operating leases 5.3 % 5.3 % Finance leases 3.9 % 3.9 % Weighted average remaining lease term Operating leases 10 years 10 years Finance leases 9 years 9 years
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Future minimum lease payments for non-cancellable leases that have commenced and are reflected on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 were as follows: (in millions) Operating Leases Finance Leases Remainder of 2024 $ 107 $ 98 2025 152 128 2026 139 165 2027 115 76 2028 90 65 2029 85 58 Thereafter 454 274 Total future minimum lease payments 1,142 864 Less: imputed interest (250) (143) Present value of minimum lease payments $ 892 $ 721
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block]	Future minimum lease payments for non-cancellable leases that have commenced and are reflected on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 were as follows: (in millions) Operating Leases Finance Leases Remainder of 2024 $ 107 $ 98 2025 152 128 2026 139 165 2027 115 76 2028 90 65 2029 85 58 Thereafter 454 274 Total future minimum lease payments 1,142 864 Less: imputed interest (250) (143) Present value of minimum lease payments $ 892 $ 721

Segments (Tables)

Segments (Tables)	3 Months Ended
Segments (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	Information about our operations by reportable segment is as follows: First Quarter (in millions) 2024 2023 Segment Results – Net sales U.S. Refreshment Beverages $ 2,093 $ 2,007 U.S. Coffee 911 931 International 464 415 Net sales $ 3,468 $ 3,353 Segment Results – Income from operations U.S. Refreshment Beverages $ 615 $ 490 U.S. Coffee 248 232 International 112 80 Unallocated corporate costs (210) (218) Income from operations $ 765 $ 584
Reconciliation of operating profit (loss) from segments to consolidated	Information about our operations by reportable segment is as follows: First Quarter (in millions) 2024 2023 Segment Results – Net sales U.S. Refreshment Beverages $ 2,093 $ 2,007 U.S. Coffee 911 931 International 464 415 Net sales $ 3,468 $ 3,353 Segment Results – Income from operations U.S. Refreshment Beverages $ 615 $ 490 U.S. Coffee 248 232 International 112 80 Unallocated corporate costs (210) (218) Income from operations $ 765 $ 584

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	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 first quarter of 2024: LRB $ 2,062 $ 4 $ 299 $ 2,365 K-Cup pods — 747 115 862 Appliances — 128 13 141 Other 31 32 37 100 Net sales $ 2,093 $ 911 $ 464 $ 3,468 For the first quarter of 2023: LRB $ 1,970 $ — $ 253 $ 2,223 K-Cup pods — 771 117 888 Appliances — 125 12 137 Other 37 35 33 105 Net sales $ 2,007 $ 931 $ 415 $ 3,353

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of earnings per share	The following table presents basic and diluted EPS and shares outstanding. First Quarter (in millions, except per share data) 2024 2023 Net income $ 454 $ 467 Weighted average common shares outstanding 1,380.7 1,406.2 Dilutive effect of stock-based awards 7.0 10.8 Weighted average common shares outstanding and common stock equivalents 1,387.7 1,417.0 Basic EPS $ 0.33 $ 0.33 Diluted EPS 0.33 0.33 Anti-dilutive shares excluded from the diluted weighted average shares outstanding calculation 2.1 1.0

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
Stock Based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock based compensation expense	The components of stock-based compensation expense are presented below: First Quarter (in millions) 2024 2023 Total stock-based compensation expense $ 28 $ 29 Income tax benefit (4) (5) Stock-based compensation expense, net of tax $ 24 $ 24
Schedule of share-based compensation, restricted stock and restricted stock units activity	The table below summarizes RSU activity : RSUs Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2023 15,748,820 $ 29.42 1.7 $ 525 Granted 3,903,657 26.22 Vested and released (4,475,912) 26.37 131 Forfeited (134,802) 31.50 Outstanding as of March 31, 2024 15,041,763 $ 29.48 2.4 $ 461

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	effective tax rates were as follows: First Quarter 2024 2023 Effective tax rate 23.6 % 19.6 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Tables)	Mar. 31, 2024
Equity [Abstract]
Accumulated other comprehensive income (loss), net of taxes	The following table provides a summary of changes in AOCI, net of taxes: (in millions) Foreign Currency Translation Adjustments Pension and Post-Retirement Benefit Liabilities Cash Flow Hedges Accumulated Other Comprehensive Income For the first quarter of 2024: Beginning balance $ 202 $ (14) $ 127 $ 315 Other comprehensive loss (56) — — (56) Amounts reclassified from AOCI — — (2) (2) Total other comprehensive loss (56) — (2) (58) Balance as of March 31, 2024 $ 146 $ (14) $ 125 $ 257 For the first quarter of 2023: Beginning balance $ (86) $ (10) $ 225 $ 129 Other comprehensive income (loss) 108 — (30) 78 Amounts reclassified from AOCI — — (52) (52) Total other comprehensive income (loss) 108 — (82) 26 Balance as of March 31, 2023 $ 22 $ (10) $ 143 $ 155
Reclassification out of Accumulated Other Comprehensive Income	The following table presents the amount of (gains) losses reclassified from AOCI into the unaudited Condensed Consolidated Statements of Income: First Quarter (in millions) Income Statement Caption 2024 2023 Cash Flow Hedges: Interest rate contracts (1) Interest expense $ (2) $ (68) Income tax expense — 16 Total, net of tax $ (2) $ (52) (1) Amounts reclassified from AOCI into interest expense during the first quarter of 2023 include the realized gains associated with the termination of forward starting swaps designated as cash flow hedges of approximately $66 million.

Other Financial Information (Ta

Other Financial Information (Tables)	3 Months Ended
Other Financial Information (Tables)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of other assets and other liabilities	The tables below provide selected financial information from the unaudited Condensed Consolidated Balance Sheets: March 31, December 31, (in millions) 2024 2023 Inventories: Raw materials $ 414 $ 409 Work-in-progress 11 12 Finished goods 806 742 Total 1,231 1,163 Allowance for excess and obsolete inventories (27) (21) Total Inventories $ 1,204 $ 1,142 Prepaid expenses and other current assets: Other receivables $ 123 $ 135 Prepaid income taxes 212 196 Customer incentive programs 109 24 Derivative instruments 22 15 Prepaid marketing 30 20 Spare parts 115 111 Income tax receivable 15 16 Other 109 81 Total prepaid expenses and other current assets $ 735 $ 598 Other non-current assets: Operating lease right-of-use assets $ 859 $ 876 Customer incentive programs 41 45 Derivative instruments 2 3 Equity securities (1) 70 69 Other 156 156 Total other non-current assets $ 1,128 $ 1,149 (1) Fair values of these 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. Unrealized mark-to-market gains and losses are recorded to Other income, net. For the first quarter of 2024 and 2023, we recorded unrealized mark-to-market losses of $2 million and gains of $8 million, respectively, on our investment in Vita Coco. March 31, December 31, (in millions) 2024 2023 Accrued expenses: Accrued customer trade $ 327 $ 477 Accrued compensation 133 208 Insurance reserve 58 50 Accrued interest 160 72 Other accrued expenses 491 435 Total accrued expenses $ 1,169 $ 1,242 Other current liabilities: Dividends payable $ 292 $ 299 Income taxes payable 36 29 Operating lease liability 115 114 Finance lease liability 104 106 Derivative instruments 63 150 Other 19 16 Total other current liabilities $ 629 $ 714 Other non-current liabilities: Operating lease liability $ 777 $ 793 Finance lease liability 617 620 Pension and post-retirement liability 31 35 Insurance reserves 93 85 Derivative instruments 301 201 Deferred compensation liability 33 32 Other 64 67 Total other non-current liabilities $ 1,916 $ 1,833

Restructuring and Integration_2

Restructuring and Integration Costs (Tables)	3 Months Ended
Restructuring and Integration Costs (Tables)	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and related costs	Restructuring and integration expenses for the defined programs during the periods presented were as follows: First Quarter (in millions) 2024 2023 2023 CEO Succession and Associated Realignment $ 2 $ — 2024 Network Optimization 2 —
Schedule of restructuring reserve by type of cost	Restructuring liabilities, primarily consisting of workforce reduction costs, were as follows: (in millions) Restructuring Liabilities Balance as of January 1, 2024 $ 27 Charges (credits) to expense (3) Cash payments (3) Balance as of March 31, 2024 $ 21

Background and Basis of Prese_3

Background and Basis of Presentation Background and Basis of Presentation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from Issuance of Commercial Paper	$ 3,523
Repayments of commercial paper	$ (3,258)

Long-term Obligations and Bor_3

Long-term Obligations and Borrowing Arrangements - Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term Debt, Current Maturities	$ 0	$ (1,150)
Long-term obligations	12,929	9,945
Senior Notes
Debt Instrument [Line Items]
Long-term debt	12,929	11,095
Long-term Debt, Current Maturities	$ 0	$ (1,150)

Long-term Obligations and Bor_4

Long-term Obligations and Borrowing Arrangements - Current Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Current portion of long-term debt	$ 0	$ 1,150
Short-term borrowings and current portion of long-term obligations	1,908	3,246
Commercial Paper
Short-term Debt [Line Items]
Short-term debt	1,908	2,096
Senior Notes
Short-term Debt [Line Items]
Current portion of long-term debt	$ 0	$ 1,150

Long-term Obligations and Bor_5

Long-term Obligations and Borrowing Arrangements - Senior Unsecured Notes (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 07, 2024	Dec. 31, 2023
Q1 2024 Debt Issuance
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount			$ 5
Debt Issuance Costs, Gross			16
Senior Notes
Debt Instrument [Line Items]
Long term debt, carrying value		$ 13,093		$ 11,243
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	[1]	(164)		(148)
Long-term debt		$ 12,929		11,095
Senior Notes \| 2024 Notes
Debt Instrument [Line Items]
Interest rate		0.75%
Long term debt, carrying value		$ 0		1,150
Senior Notes \| 2025 Merger Notes
Debt Instrument [Line Items]
Interest rate		4.417%
Long term debt, carrying value		$ 529		529
Senior Notes \| 2025 Notes
Debt Instrument [Line Items]
Interest rate		3.40%
Long term debt, carrying value		$ 500		500
Senior Notes \| 2026 Notes
Debt Instrument [Line Items]
Interest rate		2.55%
Long term debt, carrying value		$ 400		400
Senior Notes \| 2027-B Notes
Debt Instrument [Line Items]
2027-B Notes Interest Rate Terms	[2]	Floating(2)
Long term debt, carrying value		$ 350		0
Debt Instrument, Basis Spread on Variable Rate		0.88%
Senior Notes \| 2027-C Notes
Debt Instrument [Line Items]
Interest rate		5.10%
Long term debt, carrying value		$ 750		0
Senior Notes \| 2027 Notes
Debt Instrument [Line Items]
Interest rate		3.43%
Long term debt, carrying value		$ 500		500
Senior Notes \| 2028 Merger Notes
Debt Instrument [Line Items]
Interest rate		4.597%
Long term debt, carrying value		$ 1,112		1,112
Senior Notes \| 2029-B Notes
Debt Instrument [Line Items]
Interest rate		5.05%
Long term debt, carrying value		$ 750		0
Senior Notes \| 2029 Notes
Debt Instrument [Line Items]
Interest rate		3.95%
Long term debt, carrying value		$ 1,000		1,000
Senior Notes \| 2030 Notes
Debt Instrument [Line Items]
Interest rate		3.20%
Long term debt, carrying value		$ 750		750
Senior Notes \| 2031 Notes
Debt Instrument [Line Items]
Interest rate		2.25%
Long term debt, carrying value		$ 500		500
Senior Notes \| 2031-B Notes
Debt Instrument [Line Items]
Interest rate		5.20%
Long term debt, carrying value		$ 500		0
Senior Notes \| 2032 Notes
Debt Instrument [Line Items]
Interest rate		4.05%
Long term debt, carrying value		$ 850		850
Senior Notes \| 2034 Notes
Debt Instrument [Line Items]
Interest rate		5.30%
Long term debt, carrying value		$ 650		0
Senior Notes \| 2038 Merger Notes
Debt Instrument [Line Items]
Interest rate		4.985%
Long term debt, carrying value		$ 211		211
Senior Notes \| 2045 Notes
Debt Instrument [Line Items]
Interest rate		4.50%
Long term debt, carrying value		$ 550		550
Senior Notes \| 2046 Notes
Debt Instrument [Line Items]
Interest rate		4.42%
Long term debt, carrying value		$ 400		400
Senior Notes \| 2048 Merger Notes
Debt Instrument [Line Items]
Interest rate		5.085%
Long term debt, carrying value		$ 391		391
Senior Notes \| 2050 Notes
Debt Instrument [Line Items]
Interest rate		3.80%
Long term debt, carrying value		$ 750		750
Senior Notes \| 2051 Notes
Debt Instrument [Line Items]
Interest rate		3.35%
Long term debt, carrying value		$ 500		500
Senior Notes \| 2052 Notes
Debt Instrument [Line Items]
Interest rate		4.50%
Long term debt, carrying value		$ 1,150		$ 1,150
Senior Notes \| Q1 2024 Debt Issuance
Debt Instrument [Line Items]
Long term debt, carrying value			$ 3,000

[1]The carrying amount includes unamortized discounts, debt issuance costs and fair value adjustments related to the DPS Merger.[2] The 2027-B Notes bear interest at a rate equal to Compounded SOFR (as defined in the respective indenture) plus 0.88% per annum, and the rate is reassessed quarterly.

Long-term Obligations and Bor_6

Long-term Obligations and Borrowing Arrangements - Borrowing Arrangements (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
2022 Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	[1]	$ 4,000
Long-term Line of Credit		0	$ 0
Letter of Credit Subfacility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		200
Letters of credit outstanding		$ 0

[1] The Revolving Credit Agreement has $200 million letters of credit available, none of which were utilized as of March 31, 2024.

Long-term Obligations and Bor_7

Long-term Obligations and Borrowing Arrangements - Commercial Paper Program (Details) - Commercial Paper - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Short-term Debt [Line Items]
Average outstanding amount	$ 2,430	$ 506
Weighted average interest rate over time	5.62%	4.86%

Long-term Obligations and Bor_8

Long-term Obligations and Borrowing Arrangements - Letter of Credit Facilities (Details) - Letter of Credit $ in Millions	Mar. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150
Letters of credit outstanding	57
Remaining borrowing capacity	$ 93

Long-term Obligations and Bor_9

Long-term Obligations and Borrowing Arrangements - Fair Values (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Nonrecurring \| Level 2 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value	$ 12,085	$ 10,486

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2024	$ 20,202
Foreign currency impact	(39)
Balance as of March 31, 2024	20,163
U.S. Refreshment Beverages
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2024	8,714
Foreign currency impact	0
Balance as of March 31, 2024	8,714
International
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2024	2,866
Foreign currency impact	(39)
Balance as of March 31, 2024	2,827
U.S. Coffee
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2024	8,622
Foreign currency impact	0
Balance as of March 31, 2024	$ 8,622

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Change in intangible assets other than goodwill [Abstract]
Indefinite-lived intangible assets (excluding goodwill)		$ 22,107		$ 22,109
Finite-lived intangible assets, gross		2,136		2,136
Accumulated Amortization		(992)		(958)
Finite-lived intangible assets, net		1,144		1,178
Amortization expense		33	$ 34
Acquired technology
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		1,146		1,146
Accumulated Amortization		(567)		(548)
Finite-lived intangible assets, net		579		598
Customer relationships
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		638		638
Accumulated Amortization		(245)		(236)
Finite-lived intangible assets, net		393		402
Trade Names
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		126		126
Accumulated Amortization		(116)		(114)
Finite-lived intangible assets, net		10		12
Brands
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		51		51
Accumulated Amortization		(27)		(25)
Finite-lived intangible assets, net		24		26
Contractual arrangements
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		146		146
Accumulated Amortization		(15)		(13)
Finite-lived intangible assets, net		131		133
Distribution rights
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		29		29
Accumulated Amortization		(22)		(22)
Finite-lived intangible assets, net		7		7
Brands
Indefinite and Finite-Lived Intangible Assets by Major Class [Line Items]
Indefinite-lived Intangible Assets, Foreign Currency Translation Gain (Loss)		(33)
Change in intangible assets other than goodwill [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	[1]	19,443		19,476
Trade Names
Change in intangible assets other than goodwill [Abstract]
Indefinite-lived intangible assets (excluding goodwill)		2,478		2,478
Distribution rights
Indefinite and Finite-Lived Intangible Assets by Major Class [Line Items]
Indefinite-lived Intangible Assets Acquired		31
Change in intangible assets other than goodwill [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	[2]	$ 186		$ 155

[1] The change in brands with indefinite lives was primarily driven by foreign currency translation of $33 million during the first quarter of 2024. The change in distribution rights with indefinite lives was primarily driven by acquired distribution rights related to Electrolit of $31 million.

Derivatives - Notional and Matu

Derivatives - Notional and Maturity Information (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative, Notional Amount, De-designated and terminated			$ 500
Interest Rate Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments		$ 1,700	1,700
Foreign Exchange Forward \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments		575	710
Foreign Exchange Forward \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments		449	425
Commodity Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments	[1]	467	500
Swaption \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments		$ 1,350	$ 3,200

[1] Notional value for commodity contracts is calculated as the expected volume times strike price per unit on a gross basis.

Derivatives - Fair Value (Detai

Derivatives - Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	$ 22	$ 15
Derivative Asset, Noncurrent	2	3
Derivative Liability, Current	63	150
Derivative Liability, Noncurrent	301	201
Recurring \| Level 2 \| Interest Rate Contract \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	2	80
Derivative Liability, Noncurrent	298	186
Recurring \| Level 2 \| Foreign Exchange Forward \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	4	5
Derivative Asset, Noncurrent	2	0
Derivative Liability, Current	1	3
Derivative Liability, Noncurrent	0	4
Recurring \| Level 2 \| Foreign Exchange Forward \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	2	1
Derivative Liability, Current	13	14
Derivative Liability, Noncurrent	1	0
Recurring \| Level 2 \| Commodity Contract \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	16	9
Derivative Asset, Noncurrent	0	3
Derivative Liability, Current	47	53
Derivative Liability, Noncurrent	$ 2	$ 11

Derivatives - Impact on Net Inc

Derivatives - Impact on Net Income (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commodity Contract \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	$ 15	$ (15)
Commodity Contract \| SG&A expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	(12)	14
Interest Rate Contract \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	26	(96)
Foreign Exchange Forward \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	(1)	1
Foreign Exchange Forward \| Other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	$ (6)	$ 0

Derivatives - Impact of Cash Fl

Derivatives - Impact of Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign Exchange Forward
Derivative [Line Items]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	$ 0	$ (1)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	10
Interest Rate Contract
Derivative [Line Items]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	(2)	$ (68)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ (13)

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended
Leases (Details) - USD ($) $ in Millions		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Lease, Cost [Abstract]
Operating lease cost		$ 42	$ 39
Amortization of right-of-use assets		30	22
Interest on lease liabilities		7	6
Variable lease cost(1)	[1]	10	10
Short-term lease cost		1	0
Total lease cost		90	77
Cash Flow, Operating Activities, Lessee [Abstract]
Operating cash flows from operating leases		39	36
Operating cash flows from finance leases		7	6
Cash Flow, Financing Activities, Lessee [Abstract]
Financing cash flows from finance leases		31	24
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		15	38
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability		$ 26	$ 17
Lessee, Operating Lease, Description [Abstract]
Operating Lease, Weighted Average Discount Rate, Percent		5.30%		5.30%
Operating Lease, Weighted Average Remaining Lease Term		10 years		10 years
Lessee, Finance Lease, Description [Abstract]
Finance Lease, Weighted Average Discount Rate, Percent		3.90%		3.90%
Finance Lease, Weighted Average Remaining Lease Term		9 years		9 years
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year		$ 107
Lessee, Operating Lease, Liability, to be Paid, Year One		152
Lessee, Operating Lease, Liability, to be Paid, Year Two		139
Lessee, Operating Lease, Liability, to be Paid, Year Three		115
Lessee, Operating Lease, Liability, to be Paid, Year Four		90
Lessee, Operating Lease, Liability, to be Paid, Year Five		85
Lessee, Operating Lease, Liability, to be Paid, after Year Five		454
Lessee, Operating Lease, Liability, to be Paid		1,142
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		(250)
Operating Lease, Liability		892
Finance Lease, Liability, Payment, Due [Abstract]
Finance Lease, Liability, to be Paid, Remainder of Fiscal Year		98
Finance Lease, Liability, to be Paid, Year One		128
Finance Lease, Liability, to be Paid, Year Two		165
Finance Lease, Liability, to be Paid, Year Three		76
Finance Lease, Liability, to be Paid, Year Four		65
Finance Lease, Liability, to be Paid, Year Five		58
Finance Lease, Liability, to be Paid, after Year Five		274
Finance Lease, Liability, Payment, Due		864
Finance Lease, Liability, Undiscounted Excess Amount		(143)
Finance Lease, Liability		721
Lessee, Lease, Description [Line Items]
Leases not yet commenced, estimated obligation		$ 197
Minimum
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term		5 years
Maximum
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term		10 years

[1] Variable lease cost primarily consists of common area maintenance costs, property taxes, and adjustments for inflation.

Segments (Details)

Segments (Details) - USD ($) $ in Millions	3 Months Ended
Segments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 3,468	$ 3,353
Income from operations	765	584
U.S. Refreshment Beverages
Segment Reporting Information [Line Items]
Net sales	2,093	2,007
U.S. Coffee
Segment Reporting Information [Line Items]
Net sales	911	931
International
Segment Reporting Information [Line Items]
Net sales	464	415
Operating Segments \| U.S. Refreshment Beverages
Segment Reporting Information [Line Items]
Income from operations	615	490
Operating Segments \| U.S. Coffee
Segment Reporting Information [Line Items]
Income from operations	248	232
Operating Segments \| International
Segment Reporting Information [Line Items]
Income from operations	112	80
Corporate Unallocated
Segment Reporting Information [Line Items]
Income from operations	$ (210)	$ (218)

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 3,468	$ 3,353
LRB
Disaggregation of Revenue [Line Items]
Net sales	2,365	2,223
K-cup pods
Disaggregation of Revenue [Line Items]
Net sales	862	888
Appliances
Disaggregation of Revenue [Line Items]
Net sales	141	137
Other
Disaggregation of Revenue [Line Items]
Net sales	100	105
U.S. Refreshment Beverages
Disaggregation of Revenue [Line Items]
Net sales	2,093	2,007
U.S. Refreshment Beverages \| LRB
Disaggregation of Revenue [Line Items]
Net sales	2,062	1,970
U.S. Refreshment Beverages \| K-cup pods
Disaggregation of Revenue [Line Items]
Net sales	0	0
U.S. Refreshment Beverages \| Appliances
Disaggregation of Revenue [Line Items]
Net sales	0	0
U.S. Refreshment Beverages \| Other
Disaggregation of Revenue [Line Items]
Net sales	31	37
U.S. Coffee
Disaggregation of Revenue [Line Items]
Net sales	911	931
U.S. Coffee \| LRB
Disaggregation of Revenue [Line Items]
Net sales	4	0
U.S. Coffee \| K-cup pods
Disaggregation of Revenue [Line Items]
Net sales	747	771
U.S. Coffee \| Appliances
Disaggregation of Revenue [Line Items]
Net sales	128	125
U.S. Coffee \| Other
Disaggregation of Revenue [Line Items]
Net sales	32	35
International
Disaggregation of Revenue [Line Items]
Net sales	464	415
International \| LRB
Disaggregation of Revenue [Line Items]
Net sales	299	253
International \| K-cup pods
Disaggregation of Revenue [Line Items]
Net sales	115	117
International \| Appliances
Disaggregation of Revenue [Line Items]
Net sales	13	12
International \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 37	$ 33

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended
Earnings Per Share (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Basic EPS:
Net income	$ 454,000,000	$ 467,000,000
Weighted average common shares outstanding (in shares)	1,380,700,000	1,406,200,000
Earnings per common share - basic (in dollars per share)	$ 0.33	$ 0.33
Diluted EPS:
Weighted average common shares outstanding (in shares)	1,380,700,000	1,406,200,000
Effect of dilutive securities (in shares)	7,000,000	10,800,000
Weighted average common shares outstanding and common stock equivalents (in shares)	1,387,700,000	1,417,000,000
Earnings per common share - diluted (in dollars per share)	$ 0.33	$ 0.33
Anti-dilutive shares excluded from the diluted weighted average shares outstanding calculation (in shares)	2,100,000	1,000,000

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total stock-based compensation expense	$ 28	$ 29
Income tax benefit	(4)	(5)
Stock-based compensation expense, net of tax	24	24
Aggregate Intrinsic Value (in millions)
Payment, Tax Withholding, Share-based Payment Arrangement	41	31
Total stock-based compensation expense	$ 28	$ 29
Restricted Stock Units (RSUs) [Member]
RSUs
Outstanding as of beginning of the period (in shares)	15,748,820
Granted (in shares)	3,903,657
Vested and released (in shares)	(4,475,912)
Forfeited (in shares)	(134,802)
Outstanding as of end of the period (in shares)	15,041,763		15,748,820
Unrecognized compensation costs related to nonvested awards	$ 233
Weighted average recognition period of unrecognized compensation costs	3 years 6 months
Weighted Average Grant Date Fair Value
Outstanding as of the beginning of the period (in dollars per share)	$ 29.42
Granted (in dollars per share)	26.22
Vested and released (in dollars per share)	26.37
Forfeited (in dollars per share)	31.50
Outstanding as of the end of the period (in dollars per share)	$ 29.48		$ 29.42
Weighted Average Remaining Contractual Term (Years)
Outstanding	2 years 4 months 24 days		1 year 8 months 12 days
Aggregate Intrinsic Value (in millions)
Outstanding as of the beginning of the period	$ 525
Vested and released	131
Outstanding as of the end of the period	$ 461		$ 525

Investments In Unconsolidated_2

Investments In Unconsolidated Affiliates (Details) - USD ($) $ in Millions	Mar. 31, 2024		Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 1,438		$ 1,387
Nutrabolt
Schedule of Equity Method Investments [Line Items]
Ownership percentage	33.60%
Investments in unconsolidated affiliates	$ 1,014	[1]	960
Nutrabolt \| Preferred Stock
Schedule of Equity Method Investments [Line Items]
Ownership percentage	30.80%
Nutrabolt \| Common Stock Issued
Schedule of Equity Method Investments [Line Items]
Ownership percentage	2.80%
Chobani
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 307		307
Tractor
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	42		44
Athletic Brewing
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	50		50
Beverage startup companies
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	5		5
Other
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 20		$ 21

[1] We hold a 33.6% interest on an as-converted basis in Nutrabolt, consisting of 30.8% in Class A preferred shares acquired through our December 2022 investment, which are treated as in-substance common stock, and 2.8% in Class B common shares earned through the achievement of certain milestones included in our distribution agreement with Nutrabolt.

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	23.60%	19.60%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended
Accumulated Other Comprehensive Income (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	$ 25,676,000,000	$ 25,126,000,000
Total stockholders' equity at end of period	24,653,000,000	25,103,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(58,000,000)	26,000,000
Reclassification from AOCI, Current Period, Tax	0	16,000,000
Foreign Exchange Forward
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	0	(1,000,000)
Interest Rate Contract
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	(2,000,000)	(68,000,000)
Derivative, Cash Received on Hedge		(66,000,000)
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	315,000,000	129,000,000
Other comprehensive loss	(56,000,000)	78,000,000
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(2,000,000)	(52,000,000)
Total stockholders' equity at end of period	257,000,000	155,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(58,000,000)	26,000,000
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	202,000,000	(86,000,000)
Other comprehensive loss	(56,000,000)	108,000,000
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Total stockholders' equity at end of period	146,000,000	22,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(56,000,000)	108,000,000
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	(14,000,000)	(10,000,000)
Other comprehensive loss	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Total stockholders' equity at end of period	(14,000,000)	(10,000,000)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0	0
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	127,000,000	225,000,000
Other comprehensive loss	0	(30,000,000)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(2,000,000)	(52,000,000)
Total stockholders' equity at end of period	125,000,000	143,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(2,000,000)	(82,000,000)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent \| Interest Rate Contract
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	(2,000,000)	(68,000,000)	[1]
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ (2,000,000)	$ (52,000,000)

[1] Amounts reclassified from AOCI into interest expense during the first quarter of 2023 include the realized gains associated with the termination of forward starting swaps designated as cash flow hedges of approximately $66 million.

Other Financial Information (De

Other Financial Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials		$ 414		$ 409
Work-in-progress		11		12
Finished goods		806		742
Inventory, Gross		1,231		1,163
Inventory Valuation Reserves		27		21
Total		1,204		1,142
Prepaid expenses and other current assets:
Other receivables		123		135
Prepaid income taxes		212		196
Customer incentive programs		109		24
Derivative Asset, Current		22		15
Prepaid marketing		30		20
Spare parts		115		111
Income tax receivable		15		16
Other		109		81
Prepaid expenses and other current assets		735		598
Other non-current assets:
Customer incentive programs		41		45
Operating lease right-of-use assets		859		876
Derivative Asset, Noncurrent		2		3
Equity securities without readily determinable fair values	[1]	70		69
Other		156		156
Total other non-current assets		1,128		1,149
Accrued expenses:
Customer rebates & incentives		327		477
Accrued compensation		133		208
Insurance reserve		58		50
Interest accrual		160		72
Other accrued expenses		491		435
Total accrued expenses		1,169		1,242
Other current liabilities:
Dividends payable		292		299
Income taxes payable		36		29
Operating lease liability		115		114
Finance lease liability		104		106
Derivative instruments		63		150
Other		19		16
Total other current liabilities		629		714
Other non-current liabilities:
Long-term pension and postretirement liability		31		35
Insurance reserves		93		85
Operating lease liability		777		793
Finance lease liability		617		620
Derivative instruments		301		201
Deferred compensation liability		33		32
Other		64		67
Other non-current liabilities		$ 1,916		$ 1,833
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Total other current liabilities		Total other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Total other current liabilities		Total other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other non-current liabilities		Other non-current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other non-current liabilities		Other non-current liabilities
Unrealized Gain (Loss) on Investments		$ 2	$ 8
Supplier Finance Program, Obligation, Current		$ 1,999		$ 2,389

[1]Fair values of these 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. Unrealized mark-to-market gains and losses are recorded to Other income, net. For the first quarter of 2024 and 2023, we recorded unrealized mark-to-market losses of $2 million and gains of $8 million, respectively, on our investment in Vita Coco

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	3 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jul. 31, 2020	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Loss Contingency Accrual		$ 8,000,000	$ 12,000,000
Antitrust Litigation [Member]
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded to Other Party	$ 31,000,000
Loss Contingency, Damages Sought, Value		$ 5,000,000,000

Restructuring and Integration_3

Restructuring and Integration Costs - Restructuring Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
2023 CEO Succession
Restructuring Reserve [Roll Forward]
Restructuring Charges	$ 2	$ 0
2024 Network Optimization
Restructuring Reserve [Roll Forward]
Restructuring Charges	2	$ 0
Restructuring Liabilities
Restructuring Reserve [Roll Forward]
Balance at beginning of period	27
Charges (credits) to expense	(3)
Cash payments	(3)
Balance at end of period	$ 21

Restructuring and Integration_4

Restructuring and Integration Costs - Restructuring Programs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
2023 CEO Succession
Restructuring Cost and Reserve [Line Items]
Expected cost	$ 52
Restructuring Charges	2	$ 0
2024 Network Optimization
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2	$ 0
2024 Network Optimization \| Minimum
Restructuring Cost and Reserve [Line Items]
Expected cost	30
2024 Network Optimization \| Maximum
Restructuring Cost and Reserve [Line Items]
Expected cost	$ 40

Related Parties (Details)

Related Parties (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Stock Repurchased and Retired During Period, Shares	38,000	6,600
Stock Repurchased and Retired During Period, Value	$ 1,114	$ 232
JAB and affiliates [Member]
Related Party Transaction [Line Items]
Number of shares, JAB second offering of KDP stock	100,000
Stock Repurchased and Retired During Period, Shares	35,000
Stock Repurchased and Retired During Period, Value	$ 1,012