Keurig Dr Pepper (KDP) 10-Q24 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 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		1,356,453,649
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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 ($)	3 Months Ended		9 Months Ended
Condensed Consolidated Statements of Income - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 3,891,000,000	$ 3,805,000,000	$ 11,281,000,000	$ 10,947,000,000
Cost of sales	1,751,000,000	1,694,000,000	5,029,000,000	5,051,000,000
Gross profit	2,140,000,000	2,111,000,000	6,252,000,000	5,896,000,000
Selling, general and administrative expenses	1,245,000,000	1,217,000,000	3,716,000,000	3,654,000,000
Impairment of intangible assets	0	2,000,000	0	2,000,000
Other operating (income) expense, net	(7,000,000)	(4,000,000)	8,000,000	(9,000,000)
Income from operations	902,000,000	896,000,000	2,528,000,000	2,249,000,000
Interest expense, net	106,000,000	237,000,000	488,000,000	432,000,000
Other income, net	(6,000,000)	(5,000,000)	(28,000,000)	(41,000,000)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	802,000,000	664,000,000	2,068,000,000	1,858,000,000
Provision for income taxes	186,000,000	146,000,000	483,000,000	370,000,000
Net income	$ 616,000,000	$ 518,000,000	$ 1,585,000,000	$ 1,488,000,000
Earnings per common share:
Basic (in dollars per share)	$ 0.45	$ 0.37	$ 1.16	$ 1.06
Diluted (in dollars per share)	$ 0.45	$ 0.37	$ 1.16	$ 1.05
Weighted average common shares outstanding:
Basic (in shares)	1,356,200,000	1,397,400,000	1,364,200,000	1,401,300,000
Diluted (in shares)	1,361,900,000	1,406,200,000	1,370,400,000	1,410,800,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 616,000,000	$ 518,000,000	$ 1,585,000,000	$ 1,488,000,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(69,000,000)	(135,000,000)	(326,000,000)	132,000,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	6,000,000	9,000,000	25,000,000	(90,000,000)
Other Comprehensive Income (Loss), Net of Tax	(63,000,000)	(126,000,000)	(301,000,000)	42,000,000
Comprehensive income	$ 553,000,000	$ 392,000,000	$ 1,284,000,000	$ 1,530,000,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 552,000,000	$ 267,000,000
Restricted cash and restricted cash equivalents	8,000,000	0
Trade accounts receivable, net	1,448,000,000	1,368,000,000
Inventories	1,351,000,000	1,142,000,000
Prepaid expenses and other current assets	743,000,000	598,000,000
Total current assets	4,102,000,000	3,375,000,000
Property, plant, and equipment, net	2,794,000,000	2,699,000,000
Investments in unconsolidated affiliates	1,492,000,000	1,387,000,000
Goodwill	20,078,000,000	20,202,000,000
Other intangible assets, net	23,072,000,000	23,287,000,000
Other non-current assets	1,139,000,000	1,149,000,000
Deferred tax assets	41,000,000	31,000,000
Total assets	52,718,000,000	52,130,000,000
Current liabilities:
Accounts payable	3,133,000,000	3,597,000,000
Accrued expenses	1,288,000,000	1,242,000,000
Structured payables	70,000,000	117,000,000
Short-term borrowings and current portion of long-term obligations	2,472,000,000	3,246,000,000
Other current liabilities	736,000,000	714,000,000
Total current liabilities	7,699,000,000	8,916,000,000
Long-term obligations	12,413,000,000	9,945,000,000
Deferred tax liabilities	5,736,000,000	5,760,000,000
Other non-current liabilities	1,901,000,000	1,833,000,000
Total liabilities	27,749,000,000	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	19,692,000,000	20,788,000,000
Retained earnings	5,249,000,000	4,559,000,000
Accumulated other comprehensive income	14,000,000	315,000,000
Total stockholders' equity	24,969,000,000	25,676,000,000
Total equity	24,969,000,000	25,676,000,000
Total liabilities and stockholders’ equity	$ 52,718,000,000	$ 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)	1,356,443,009	1,390,446,043
Common stock outstanding (in shares)	1,356,443,009	1,390,446,043

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	1,356,443,009	1,390,446,043
Common stock outstanding (in shares)	1,356,443,009	1,390,446,043

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Condensed Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income	$ 1,585,000,000	$ 1,488,000,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	310,000,000	299,000,000
Amortization of intangibles	100,000,000	103,000,000
Other amortization expense	140,000,000	136,000,000
Provision for sales returns	50,000,000	42,000,000
Deferred income taxes	21,000,000	(22,000,000)
Employee stock-based compensation expense	76,000,000	86,000,000
Loss (gain) on disposal of property, plant and equipment	19,000,000	(3,000,000)
Unrealized loss (gain) on foreign currency	(14,000,000)	4,000,000
Unrealized loss on derivatives	23,000,000	44,000,000
Settlements of interest rate contracts	0	54,000,000
Equity in earnings of unconsolidated affiliates	22,000,000	24,000,000
Earned equity from distribution arrangements	64,000,000	2,000,000
Impairment of intangible assets	0	2,000,000
Other, net	9,000,000	(3,000,000)
Changes in assets and liabilities:
Trade accounts receivable	(148,000,000)	170,000,000
Inventories	(220,000,000)	(31,000,000)
Income taxes receivable and payables, net	(7,000,000)	(39,000,000)
Other current and non-current assets	(204,000,000)	(159,000,000)
Accounts payable and accrued expenses	(275,000,000)	(1,155,000,000)
Other current and non-current liabilities	(37,000,000)	50,000,000
Net change in operating assets and liabilities	(891,000,000)	(1,164,000,000)
Net cash provided by operating activities	1,370,000,000	1,032,000,000
Investing activities:
Acquisitions of businesses	85,000,000	0
Purchases of property, plant and equipment	(398,000,000)	(271,000,000)
Proceeds from sales of property, plant and equipment	1,000,000	9,000,000
Purchase of intangibles	(49,000,000)	(55,000,000)
Investments in unconsolidated affiliates	(7,000,000)	(308,000,000)
Other, net	0	2,000,000
Net cash used in investing activities	(538,000,000)	(623,000,000)
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	(153,000,000)	750,000,000
Proceeds from structured payables	39,000,000	91,000,000
Repayments of structured payables	(89,000,000)	(105,000,000)
Cash dividends paid	(883,000,000)	(842,000,000)
Repurchases of common stock	(1,105,000,000)	(457,000,000)
Tax withholdings related to net share settlements	(58,000,000)	(57,000,000)
Payments on finance leases	(83,000,000)	(74,000,000)
Other, net	(22,000,000)	(3,000,000)
Net cash used in financing activities	(504,000,000)	(697,000,000)
Net change from operating, investing and financing activities	328,000,000	(288,000,000)
Effect of exchange rate changes	(35,000,000)	13,000,000
Beginning balance	267,000,000	535,000,000
Ending balance	560,000,000	260,000,000
Supplemental Cash Flow Information [Abstract]
Capital expenditures included in accounts payable and accrued expenses	164,000,000	196,000,000
Earned equity from distribution arrangements	64,000,000	2,000,000
Equity received in exchange for modification of related party contract	19,000,000	0
Acquisitions of businesses	18,000,000	0
Transaction costs included in accounts payable and accrued expenses	0	13,000,000
Dividends declared but not yet paid	311,000,000	300,000,000
Accrued excise tax on net share repurchases	14,000,000	3,000,000
Cash paid for interest	308,000,000	255,000,000
Cash paid for income taxes	$ 246,000,000	$ 413,000,000

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	Noncontrolling Interest [Member]
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
Net income	$ 1,488,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent					42,000,000
Tax withholdings related to net share settlements	(57,000,000)
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
Net income	503,000,000			503,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	142,000,000				142,000,000
Dividends declared, $0.215 per share	(279,000,000)			(279,000,000)
Shares issued under employee stock-based compensation plans and other		200,000
Tax withholdings related to net share settlements	(1,000,000)		(1,000,000)
Stock-based compensation and stock options exercised	29,000,000		29,000,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 503,000,000
Common Stock, Dividends, Per Share, Declared	$ 0.20
Stock Repurchased and Retired During Period, Value	$ 229,000,000		229,000,000
Stock Repurchased and Retired During Period, Shares		7,000,000
Shares, Issued		1,396,900,000
Stockholders' Equity Attributable to Parent	25,268,000,000	$ 14,000,000	21,009,000,000	3,948,000,000	297,000,000
Non-controlling interest	(1,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	25,267,000,000
Net income	518,000,000			518,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(126,000,000)				(126,000,000)
Dividends declared, $0.215 per share	(300,000,000)			(300,000,000)
Shares issued under employee stock-based compensation plans and other		1,400,000
Tax withholdings related to net share settlements	(25,000,000)		(25,000,000)
Stock-based compensation and stock options exercised	29,000,000		29,000,000
Non-controlling interest surrender of shares	1,000,000			1,000,000		$ 1,000,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 518,000,000
Common Stock, Dividends, Per Share, Declared	$ 0.215
Stock Repurchased and Retired During Period, Value	$ (1,000,000)		(1,000,000)
Shares, Issued		1,398,300,000
Stockholders' Equity Attributable to Parent	25,364,000,000	$ 14,000,000	21,014,000,000	4,165,000,000	171,000,000
Non-controlling interest	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	25,364,000,000
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
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	25,676,000,000
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
Net income	$ 1,585,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent					(301,000,000)
Tax withholdings related to net share settlements	(58,000,000)
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
Net income	515,000,000			515,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(180,000,000)				(180,000,000)
Dividends declared, $0.215 per share	(292,000,000)			(292,000,000)
Shares issued under employee stock-based compensation plans and other		200,000
Tax withholdings related to net share settlements	(2,000,000)		(2,000,000)
Stock-based compensation and stock options exercised	$ 24,000,000		24,000,000
Common Stock, Dividends, Per Share, Declared	$ 0.215
Shares, Issued		1,355,800,000
Stockholders' Equity Attributable to Parent	$ 24,718,000,000	$ 14,000,000	19,683,000,000	4,944,000,000	77,000,000
Net income	616,000,000			616,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(63,000,000)				(63,000,000)
Dividends declared, $0.215 per share	(311,000,000)			(311,000,000)
Shares issued under employee stock-based compensation plans and other		600,000
Tax withholdings related to net share settlements	(15,000,000)		(15,000,000)
Stock-based compensation and stock options exercised	24,000,000		24,000,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 616,000,000
Common Stock, Dividends, Per Share, Declared	$ 0.23
Shares, Issued		1,356,400,000
Stockholders' Equity Attributable to Parent	$ 24,969,000,000	$ 14,000,000	$ 19,692,000,000	$ 5,249,000,000	$ 14,000,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 24,969,000,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.23	$ 0.215	$ 0.215	$ 0.215	$ 0.20	$ 0.20

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	$ 2	$ 0	$ 3	$ 24

Background and Basis of Present

Background and Basis of Presentation	9 Months Ended
Background and Basis of Presentation	Sep. 30, 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 "third quarter" indicate the quarterly periods ended September 30, 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.

Long-term Obligations and Borro

Long-term Obligations and Borrowing Arrangements	9 Months Ended
Long-term Obligations and Borrowing Arrangements	Sep. 30, 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) September 30, 2024 December 31, 2023 Notes $ 12,942 $ 11,095 Less: current portion of long-term obligations (529) (1,150) Long-term obligations $ 12,413 $ 9,945 The following table summarizes our short-term borrowings and current portion of long-term obligations: (in millions) September 30, 2024 December 31, 2023 Commercial paper notes $ 1,943 $ 2,096 Current portion of long-term obligations 529 1,150 Short-term borrowings and current portion of long-term obligations $ 2,472 $ 3,246 SENIOR UNSECURED NOTES Our Notes consisted of the following: (in millions, except %) Maturity Date Rate September 30, 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) (151) (148) Carrying amount $ 12,942 $ 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 September 30, 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 September 30, 2024. As of September 30, 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: Third Quarter First Nine Months (in millions, except %) 2024 2023 2024 2023 Weighted average commercial paper borrowings $ 2,163 $ 1,495 $ 2,299 $ 1,061 Weighted average borrowing rates 5.50 % 5.49 % 5.57 % 5.31 % 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, $74 million of which was utilized as of September 30, 2024 and $76 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.

Acquisitions

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	3. Acquisition KALIL ACQUISITION Overview and Purchase Price On May 30, 2024, we entered into an agreement with Kalil, under which we agreed to acquire all of Kalil’s production, sales, and distribution assets for total consideration of $103 million, subject to certain adjustments outlined in the agreement. Kalil is an independent bottler with bottling and distribution rights in Arizona to key KDP brands, including Canada Dry, 7UP, A&W, Snapple, and Core Hydration. On August 9, 2024, we completed the Kalil Acquisition, and approximately $8 million of cash was held back and placed in escrow. Allocation of Consideration Exchanged Our preliminary allocation of consideration exchanged to the net tangible and intangible assets acquired and liabilities assumed in the Kalil Acquisition is based on estimated fair values as of August 9, 2024. The following is a summary of the preliminary allocation of consideration exchanged to the estimated fair values of assets acquired and liabilities assumed in the Kalil Acquisition as of September 30, 2024: (in millions) Fair Value Inventory (1) $ 10 Property, plant, and equipment (2) 45 Other intangible assets 38 Goodwill 10 Total consideration exchanged 103 Less: Holdback placed in Escrow (3) (8) Acquisition of business $ 95 (1) As of September 30, 2024, we accrued the $10 million as a payable to Kalil, which is included as a non-cash investing activity within the supplemental cash flow disclosures of the unaudited condensed consolidated statement of cash flows for the first nine months of 2024. (2) We preliminarily valued real property using the cost approach and land using the sales comparison approach, a form of the market approach. We preliminarily valued personal property using a combination of the cost approach and the sales comparison approach. (3) The amount held in escrow is included within the Restricted cash and restricted cash equivalents line of the unaudited condensed consolidated balance sheet as of September 30, 2024 and is considered a non-cash investing activity within the supplemental cash flow disclosures of the unaudited condensed consolidated statement of cash flows for the first nine months of 2024. The Kalil Acquisition preliminarily resulted in $10 million of goodwill. The preliminary goodwill to be recognized is primarily attributable to the assembled workforce. The goodwill created in the Kalil Acquisition is expected to be deductible for tax purposes.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
Goodwill and Other Intangible Assets	Sep. 30, 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 Acquisitions (1) 10 — — 10 Foreign currency translation — — (134) (134) Balance as of September 30, 2024 $ 8,724 $ 8,622 $ 2,732 $ 20,078 (1) Acquisition activity during the first nine months of 2024 represents the goodwill recorded as a result of the Kalil Acquisition. Refer to Note 3 for additional information. INTANGIBLE ASSETS OTHER THAN GOODWILL The net carrying amounts of intangible assets other than goodwill with indefinite lives are as follows: (in millions) September 30, 2024 December 31, 2023 Brands (1) $ 19,280 $ 19,476 Trade names 2,479 2,478 Distribution rights (2) 229 155 Total $ 21,988 $ 22,109 (1) The change in brands with indefinite lives was driven by unfavorable foreign currency translation impacts of $196 million during the first nine months of 2024. (2) The change in distribution rights with indefinite lives was primarily driven by acquired distribution rights related to Electrolit of $49 million. The net carrying amounts of intangible assets other than goodwill with definite lives are as follows: September 30, 2024 December 31, 2023 (in millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Acquired technology $ 1,146 $ (603) $ 543 $ 1,146 $ (548) $ 598 Customer relationships 645 (261) 384 638 (236) 402 Contractual arrangements 145 (19) 126 146 (13) 133 Trade names 126 (122) 4 126 (114) 12 Brands 51 (30) 21 51 (25) 26 Distribution rights 29 (23) 6 29 (22) 7 Total $ 2,142 $ (1,058) $ 1,084 $ 2,136 $ (958) $ 1,178 Amortization expense for intangible assets with definite lives was as follows: Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Amortization expense $ 33 $ 34 $ 100 $ 103

Derivatives

Derivatives	9 Months Ended
Derivatives	Sep. 30, 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 September 30, 2024, economic interest rate derivative instruments have maturities ranging from December 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 September 30, 2024, these FX contracts have maturities ranging from October 2024 to September 2026. 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 September 30, 2024, these FX contracts have maturities ranging from October 2024 to December 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 September 30, 2024, these commodity contracts have maturities ranging from October 2024 to July 2026. NOTIONAL AMOUNTS OF DERIVATIVE INSTRUMENTS The following table presents the notional amounts of our outstanding derivative instruments by type: (in millions) September 30, 2024 December 31, 2023 Interest rate contracts Forward starting swaps, not designated as hedging instruments $ 2,200 $ 1,700 Swaptions, not designated as hedging instruments 1,350 3,200 FX contracts Forward contracts, not designated as hedging instruments 599 710 Forward contracts, designated as cash flow hedges 544 425 Commodity contracts, not designated as hedging instruments (1) 458 500 (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 September 30, 2024 December 31, 2023 Assets: FX contracts Prepaid expenses and other current assets $ 1 $ 5 Commodity contracts Prepaid expenses and other current assets 16 9 Commodity contracts Other non-current assets 3 3 Liabilities: Interest rate contracts Other current liabilities 33 80 FX contracts Other current liabilities 2 3 Commodity contracts Other current liabilities 75 53 Interest rate contracts Other non-current liabilities 245 186 FX contracts Other non-current liabilities 1 4 Commodity contracts Other non-current liabilities 5 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 September 30, 2024 December 31, 2023 Assets: FX contracts Prepaid expenses and other current assets $ 16 $ 1 FX contracts Other non-current assets 4 — Liabilities: FX contracts Other current liabilities 2 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. Income Statement Location Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Interest rate contracts Interest expense, net $ (66) $ 104 $ (14) $ 49 FX contracts Cost of sales (2) (4) (4) (4) FX contracts Other income, net 6 (6) (2) (1) Commodity contracts Cost of sales 7 (7) 29 2 Commodity contracts SG&A expenses 20 (20) 11 (2) 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: Income Statement Location Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Interest rate contracts Interest expense, net $ (3) $ (2) $ (9) $ (72) FX contracts Cost of sales (1) 4 1 (1) We expect to reclassify approximately $13 million and $16 million of pre-tax net gains from AOCI into net income during the next twelve months related to interest rate contracts and FX contracts, respectively.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases [Abstract]
Lessee, Finance Leases	Leases The following table presents the components of lease cost: Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Operating lease cost $ 42 $ 40 $ 127 $ 118 Finance lease cost Amortization of right-of-use assets 33 21 93 60 Interest on lease liabilities 8 6 22 18 Variable lease cost (1) 9 10 29 30 Short-term lease cost 1 1 2 1 Sublease income (1) — (1) — Total lease cost $ 92 $ 78 $ 272 $ 227 (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 Nine Months (in millions) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 121 $ 110 Operating cash flows from finance leases 22 18 Financing cash flows from finance leases 83 74 Right-of-use assets obtained in exchange for lease obligations: Operating leases 60 78 Finance leases 128 75 The following table presents information about our weighted average discount rate and remaining lease term: September 30, 2024 December 31, 2023 Weighted average discount rate Operating leases 5.3 % 5.3 % Finance leases 4.4 % 3.9 % Weighted average remaining lease term Operating leases 9 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 September 30, 2024 were as follows: (in millions) Operating Leases Finance Leases Remainder of 2024 $ 28 $ 36 2025 161 145 2026 149 182 2027 126 92 2028 97 81 2029 91 78 Thereafter 460 313 Total future minimum lease payments 1,112 927 Less: imputed interest (233) (160) Present value of minimum lease payments $ 879 $ 767 SIGNIFICANT LEASES THAT HAVE NOT YET COMMENCED As of September 30, 2024, we have entered into leases that have not yet commenced with estimated aggregated future lease payments of approximately $227 million. These leases are expected to commence between the fourth quarter of 2024 through 2027, with initial lease terms ranging from 5 years to 11 years.
Lessee, Operating Leases	Leases The following table presents the components of lease cost: Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Operating lease cost $ 42 $ 40 $ 127 $ 118 Finance lease cost Amortization of right-of-use assets 33 21 93 60 Interest on lease liabilities 8 6 22 18 Variable lease cost (1) 9 10 29 30 Short-term lease cost 1 1 2 1 Sublease income (1) — (1) — Total lease cost $ 92 $ 78 $ 272 $ 227 (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 Nine Months (in millions) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 121 $ 110 Operating cash flows from finance leases 22 18 Financing cash flows from finance leases 83 74 Right-of-use assets obtained in exchange for lease obligations: Operating leases 60 78 Finance leases 128 75 The following table presents information about our weighted average discount rate and remaining lease term: September 30, 2024 December 31, 2023 Weighted average discount rate Operating leases 5.3 % 5.3 % Finance leases 4.4 % 3.9 % Weighted average remaining lease term Operating leases 9 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 September 30, 2024 were as follows: (in millions) Operating Leases Finance Leases Remainder of 2024 $ 28 $ 36 2025 161 145 2026 149 182 2027 126 92 2028 97 81 2029 91 78 Thereafter 460 313 Total future minimum lease payments 1,112 927 Less: imputed interest (233) (160) Present value of minimum lease payments $ 879 $ 767 SIGNIFICANT LEASES THAT HAVE NOT YET COMMENCED As of September 30, 2024, we have entered into leases that have not yet commenced with estimated aggregated future lease payments of approximately $227 million. These leases are expected to commence between the fourth quarter of 2024 through 2027, with initial lease terms ranging from 5 years to 11 years.

Segments

Segments	9 Months Ended
Segments	Sep. 30, 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: Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Segment Results – Net sales U.S. Refreshment Beverages $ 2,390 $ 2,270 $ 6,890 $ 6,607 U.S. Coffee 976 1,012 2,837 2,913 International 525 523 1,554 1,427 Net sales $ 3,891 $ 3,805 $ 11,281 $ 10,947 Segment Results – Income from operations U.S. Refreshment Beverages $ 722 $ 676 $ 2,054 $ 1,795 U.S. Coffee 254 293 730 775 International 157 139 419 331 Unallocated corporate costs (231) (212) (675) (652) Income from operations $ 902 $ 896 $ 2,528 $ 2,249

Revenue Recognition

Revenue Recognition	9 Months Ended
Revenue Recognition	Sep. 30, 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. 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 third quarter of 2024: LRB $ 2,351 $ 12 $ 348 $ 2,711 K-Cup pods — 733 126 859 Appliances — 203 19 222 Other 39 28 32 99 Net sales $ 2,390 $ 976 $ 525 $ 3,891 For the third quarter of 2023: LRB $ 2,232 $ — $ 348 $ 2,580 K-Cup pods — 769 120 889 Appliances — 211 20 231 Other 38 32 35 105 Net sales $ 2,270 $ 1,012 $ 523 $ 3,805 For the first nine months of 2024: LRB $ 6,785 $ 26 $ 1,041 $ 7,852 K-Cup pods — 2,225 359 2,584 Appliances — 496 49 545 Other 105 90 105 300 Net sales $ 6,890 $ 2,837 $ 1,554 $ 11,281 For the first nine months of 2023: LRB $ 6,498 $ — $ 932 $ 7,430 K-Cup pods — 2,301 345 2,646 Appliances — 512 46 558 Other 109 100 104 313 Net sales $ 6,607 $ 2,913 $ 1,427 $ 10,947 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	9 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents basic and diluted EPS and shares outstanding: Third Quarter First Nine Months (in millions, except per share data) 2024 2023 2024 2023 Net income $ 616 $ 518 $ 1,585 $ 1,488 Weighted average common shares outstanding 1,356.2 1,397.4 1,364.2 1,401.3 Dilutive effect of stock-based awards 5.7 8.8 6.2 9.5 Weighted average common shares outstanding and common stock equivalents 1,361.9 1,406.2 1,370.4 1,410.8 Basic EPS $ 0.45 $ 0.37 $ 1.16 $ 1.06 Diluted EPS 0.45 0.37 1.16 1.05 Anti-dilutive shares excluded from the diluted weighted average shares outstanding calculation 0.8 1.0 0.8 1.0

Stock Based Compensation

Stock Based Compensation	9 Months Ended
Stock Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation The components of stock-based compensation expense are presented below: Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Total stock-based compensation expense $ 24 $ 29 $ 76 $ 86 Income tax benefit (4) (5) (12) (14) Stock-based compensation expense, net of tax $ 20 $ 24 $ 64 $ 72 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 4,248,100 26.63 Vested and released (5,829,906) 26.67 178 Forfeited (1,251,163) 29.23 Outstanding as of September 30, 2024 12,915,851 $ 29.77 2.2 $ 484 As of September 30, 2024, there was $187 million of unrecognized compensation cost related to unvested RSUs that is expected to be recognized over a weighted average period of 3.3 years.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	9 Months Ended
Investments in Unconsolidated Affiliates	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in unconsolidated affiliates	Investments The following table summarizes our investments in unconsolidated affiliates: September 30, December 31, (in millions) 2024 2023 Nutrabolt (1) $ 1,054 $ 960 Chobani 309 307 Tractor (2) 58 44 Athletic Brewing 47 50 Beverage startup companies 5 5 Other 19 21 Investments in unconsolidated affiliates $ 1,492 $ 1,387 (1) We hold a 35.0% interest on an as-converted basis in Nutrabolt, consisting of 31.4% in Class A preferred shares acquired through our December 2022 investment, which are treated as in-substance common stock, and 3.6% in Class B common shares earned through the achievement of certain milestones included in our distribution agreement with Nutrabolt. (2) In May 2024, we modified our sales agent contract with Tractor. In exchange, we received additional equity interests, raising our total interest to 23.0% as of September 30, 2024.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rates were as follows: Third Quarter First Nine Months 2024 2023 2024 2023 Effective tax rate 23.2 % 22.0 % 23.4 % 19.9 % For the first nine months of 2024, the change in our effective tax rate was driven by the unfavorable comparison to the prior year tax benefit received from a non-cash adjustment and a shift in the mix of income from lower tax jurisdictions to higher tax jurisdictions.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
Accumulated Other Comprehensive Income	Sep. 30, 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 third quarter of 2024: Beginning balance $ (55) $ (14) $ 146 $ 77 Other comprehensive (loss) income (69) (1) 10 (60) Amounts reclassified from AOCI — 1 (4) (3) Total other comprehensive (loss) income (69) — 6 (63) Balance as of September 30, 2024 $ (124) $ (14) $ 152 $ 14 For the third quarter of 2023: Beginning balance $ 181 $ (10) $ 126 $ 297 Other comprehensive (loss) income (135) — 7 (128) Amounts reclassified from AOCI — — 2 2 Total other comprehensive (loss) income (135) — 9 (126) Balance as of September 30, 2023 $ 46 $ (10) $ 135 $ 171 For the first nine months of 2024: Beginning balance $ 202 $ (14) $ 127 $ 315 Other comprehensive (loss) income (326) (1) 32 (295) Amounts reclassified from AOCI — 1 (7) (6) Total other comprehensive (loss) income (326) — 25 (301) Balance as of September 30, 2024 $ (124) $ (14) $ 152 $ 14 For the first nine months of 2023: Beginning balance $ (86) $ (10) $ 225 $ 129 Other comprehensive income (loss) 132 — (34) 98 Amounts reclassified from AOCI — — (56) (56) Total other comprehensive income (loss) 132 — (90) 42 Balance as of September 30, 2023 $ 46 $ (10) $ 135 $ 171 The following table presents the amount of (gains) losses reclassified from AOCI into the unaudited Condensed Consolidated Statements of Income: Income Statement Caption Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Pension and PRMB liabilities SG&A expenses $ 1 $ — $ 1 $ — Income tax benefit — — — — Total, net of tax 1 — 1 — Cash Flow Hedges: Interest rate contracts (1) Interest expense $ (3) $ (2) $ (9) $ (72) FX contracts Cost of sales (1) 4 1 (1) Total (4) 2 (8) (73) Income tax expense — — 1 17 Total, net of tax $ (4) $ 2 $ (7) $ (56) (1) Amounts reclassified from AOCI into interest expense during the first nine months 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	9 Months Ended
Other Financial Information	Sep. 30, 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: September 30, December 31, (in millions) 2024 2023 Inventories: Raw materials $ 536 $ 409 Work-in-progress 10 12 Finished goods 826 742 Total 1,372 1,163 Allowance for excess and obsolete inventories (21) (21) Total Inventories $ 1,351 $ 1,142 Prepaid expenses and other current assets: Other receivables $ 152 $ 135 Prepaid income taxes 240 196 Customer incentive programs 49 24 Derivative instruments 33 15 Prepaid marketing 24 20 Spare parts 124 111 Income tax receivable 16 16 Other 105 81 Total prepaid expenses and other current assets $ 743 $ 598 Other non-current assets: Operating lease right-of-use assets $ 841 $ 876 Customer incentive programs 47 45 Derivative instruments 7 3 Equity securities 76 69 Other 168 156 Total other non-current assets $ 1,139 $ 1,149 Equity Securities Fair values of equity securities are determined using quoted market prices from daily exchange traded markets, based on the closing price as of the balance sheet date, and are classified as Level 1. Unrealized mark-to-market gains and losses are recorded to Other income, net. The following table presents the amount of unrealized mark-to-market (gains) losses, net, on our equity securities recognized in the unaudited Condensed Consolidated Statements of Income related to these securities during the periods presented. Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Unrealized mark-to-market (gains) losses Vita Coco $ (1) $ 1 $ (4) $ (16) Rabbi trust (2) 1 (4) (3) September 30, December 31, (in millions) 2024 2023 Accrued expenses: Accrued customer trade $ 374 $ 477 Accrued compensation 198 208 Insurance reserve 66 50 Accrued interest 152 72 Other accrued expenses 498 435 Total accrued expenses $ 1,288 $ 1,242 Other current liabilities: Dividends payable $ 311 $ 299 Income taxes payable 65 29 Operating lease liability 121 114 Finance lease liability 112 106 Derivative instruments 112 150 Other 15 16 Total other current liabilities $ 736 $ 714 Other non-current liabilities: Operating lease liability $ 758 $ 793 Finance lease liability 655 620 Pension and post-retirement liability 31 35 Insurance reserves 90 85 Derivative instruments 252 201 Deferred compensation liability 33 32 Other 82 67 Total other non-current liabilities $ 1,901 $ 1,833 Accounts Payable

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 $2 million and $12 million, respectively, as of September 30, 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	9 Months Ended
Restructuring and Integration Costs	Sep. 30, 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 Mr. Cofer succeeding 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 $55 million, primarily driven by severance costs, which are expected to be incurred through 2024, and the sign-on bonus for Mr. Cofer. 2024 Network Optimization In March 2024, we announced a restructuring program designed to more effectively and efficiently meet the needs of consumers and customers. The program initially included the closure of our manufacturing facility in Williston, Vermont, with operations and employees relocating to other existing manufacturing locations. The relocation began during the second quarter of 2024 and was completed in the third quarter of 2024. In July 2024, we also announced the closure of our Windsor, Virginia manufacturing facility, which is expected to begin in the first quarter of 2025. Our restructuring program also encompasses other costs intended to optimize our manufacturing and distribution footprint throughout our operations. The restructuring program is expected to incur pre-tax restructuring charges in an estimated range of $125 million to $145 million, primarily comprised of asset related costs, through the second quarter of 2025. RESTRUCTURING CHARGES Restructuring and integration expenses for the defined programs during the periods presented were as follows: Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 2023 CEO Succession and Associated Realignment $ 3 $ 25 $ 16 $ 25 2024 Network Optimization 24 — 45 — 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 to expense 11 Cash payments (11) Balance as of September 30, 2024 $ 27

Related Parties

Related Parties	9 Months Ended
Related Parties	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Parties	Transactions with Related Parties REPURCHASE OF KDP COMMON STOCK

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Event

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 616,000,000	$ 515,000,000	$ 454,000,000	$ 518,000,000	$ 503,000,000	$ 467,000,000	$ 1,585,000,000	$ 1,488,000,000

Insider Trading Arrangements

Insider Trading Arrangements - Officer or Director [Member]	3 Months Ended
Insider Trading Arrangements - Officer or Director [Member]	Sep. 30, 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)	9 Months Ended
Background and Basis of Presentation (Policies)	Sep. 30, 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

Long-term Obligations and Bor_2

Long-term Obligations and Borrowing Arrangements (Tables)	9 Months Ended
Long-term Obligations and Borrowing Arrangements (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes our long-term obligations: (in millions) September 30, 2024 December 31, 2023 Notes $ 12,942 $ 11,095 Less: current portion of long-term obligations (529) (1,150) Long-term obligations $ 12,413 $ 9,945 The following table summarizes our short-term borrowings and current portion of long-term obligations: (in millions) September 30, 2024 December 31, 2023 Commercial paper notes $ 1,943 $ 2,096 Current portion of long-term obligations 529 1,150 Short-term borrowings and current portion of long-term obligations $ 2,472 $ 3,246
Schedule of long-term debt instruments	Our Notes consisted of the following: (in millions, except %) Maturity Date Rate September 30, 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) (151) (148) Carrying amount $ 12,942 $ 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 line of credit facilities	The following table summarizes information about the Revolving Credit Agreement: Amounts Outstanding (in millions) Maturity Date Capacity September 30, 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 September 30, 2024.
Schedule of Commercial Paper Program	The following table provides information about our weighted average borrowings under our commercial paper program: Third Quarter First Nine Months (in millions, except %) 2024 2023 2024 2023 Weighted average commercial paper borrowings $ 2,163 $ 1,495 $ 2,299 $ 1,061 Weighted average borrowing rates 5.50 % 5.49 % 5.57 % 5.31 %

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
Acquisitions (Tables)	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following is a summary of the preliminary allocation of consideration exchanged to the estimated fair values of assets acquired and liabilities assumed in the Kalil Acquisition as of September 30, 2024: (in millions) Fair Value Inventory (1) $ 10 Property, plant, and equipment (2) 45 Other intangible assets 38 Goodwill 10 Total consideration exchanged 103 Less: Holdback placed in Escrow (3) (8) Acquisition of business $ 95 (1) As of September 30, 2024, we accrued the $10 million as a payable to Kalil, which is included as a non-cash investing activity within the supplemental cash flow disclosures of the unaudited condensed consolidated statement of cash flows for the first nine months of 2024. (2) We preliminarily valued real property using the cost approach and land using the sales comparison approach, a form of the market approach. We preliminarily valued personal property using a combination of the cost approach and the sales comparison approach. (3) The amount held in escrow is included within the Restricted cash and restricted cash equivalents line of the unaudited condensed consolidated balance sheet as of September 30, 2024 and is considered a non-cash investing activity within the supplemental cash flow disclosures of the unaudited condensed consolidated statement of cash flows for the first nine months of 2024.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
Goodwill and Other Intangible Assets (Tables)	Sep. 30, 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 Acquisitions (1) 10 — — 10 Foreign currency translation — — (134) (134) Balance as of September 30, 2024 $ 8,724 $ 8,622 $ 2,732 $ 20,078 (1) Acquisition activity during the first nine months of 2024 represents the goodwill recorded as a result of the Kalil Acquisition. Refer to Note 3 for additional information.
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) September 30, 2024 December 31, 2023 Brands (1) $ 19,280 $ 19,476 Trade names 2,479 2,478 Distribution rights (2) 229 155 Total $ 21,988 $ 22,109 (1) The change in brands with indefinite lives was driven by unfavorable foreign currency translation impacts of $196 million during the first nine months of 2024. (2) The change in distribution rights with indefinite lives was primarily driven by acquired distribution rights related to Electrolit of $49 million.
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: September 30, 2024 December 31, 2023 (in millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Acquired technology $ 1,146 $ (603) $ 543 $ 1,146 $ (548) $ 598 Customer relationships 645 (261) 384 638 (236) 402 Contractual arrangements 145 (19) 126 146 (13) 133 Trade names 126 (122) 4 126 (114) 12 Brands 51 (30) 21 51 (25) 26 Distribution rights 29 (23) 6 29 (22) 7 Total $ 2,142 $ (1,058) $ 1,084 $ 2,136 $ (958) $ 1,178
Schedule of amortization expense for intangible assets with definite lives	Amortization expense for intangible assets with definite lives was as follows: Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Amortization expense $ 33 $ 34 $ 100 $ 103

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
Derivatives (Tables)	Sep. 30, 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) September 30, 2024 December 31, 2023 Interest rate contracts Forward starting swaps, not designated as hedging instruments $ 2,200 $ 1,700 Swaptions, not designated as hedging instruments 1,350 3,200 FX contracts Forward contracts, not designated as hedging instruments 599 710 Forward contracts, designated as cash flow hedges 544 425 Commodity contracts, not designated as hedging instruments (1) 458 500 (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 September 30, 2024 December 31, 2023 Assets: FX contracts Prepaid expenses and other current assets $ 1 $ 5 Commodity contracts Prepaid expenses and other current assets 16 9 Commodity contracts Other non-current assets 3 3 Liabilities: Interest rate contracts Other current liabilities 33 80 FX contracts Other current liabilities 2 3 Commodity contracts Other current liabilities 75 53 Interest rate contracts Other non-current liabilities 245 186 FX contracts Other non-current liabilities 1 4 Commodity contracts Other non-current liabilities 5 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 September 30, 2024 December 31, 2023 Assets: FX contracts Prepaid expenses and other current assets $ 16 $ 1 FX contracts Other non-current assets 4 — Liabilities: FX contracts Other current liabilities 2 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. Income Statement Location Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Interest rate contracts Interest expense, net $ (66) $ 104 $ (14) $ 49 FX contracts Cost of sales (2) (4) (4) (4) FX contracts Other income, net 6 (6) (2) (1) Commodity contracts Cost of sales 7 (7) 29 2 Commodity contracts SG&A expenses 20 (20) 11 (2)
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: Income Statement Location Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Interest rate contracts Interest expense, net $ (3) $ (2) $ (9) $ (72) FX contracts Cost of sales (1) 4 1 (1)

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases [Abstract]
Lease, Cost [Table Text Block]	The following table presents the components of lease cost: Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Operating lease cost $ 42 $ 40 $ 127 $ 118 Finance lease cost Amortization of right-of-use assets 33 21 93 60 Interest on lease liabilities 8 6 22 18 Variable lease cost (1) 9 10 29 30 Short-term lease cost 1 1 2 1 Sublease income (1) — (1) — Total lease cost $ 92 $ 78 $ 272 $ 227 (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 Nine Months (in millions) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 121 $ 110 Operating cash flows from finance leases 22 18 Financing cash flows from finance leases 83 74 Right-of-use assets obtained in exchange for lease obligations: Operating leases 60 78 Finance leases 128 75
Schedule of Weighted Average Lease Disclosures [Table Text Block]	The following table presents information about our weighted average discount rate and remaining lease term: September 30, 2024 December 31, 2023 Weighted average discount rate Operating leases 5.3 % 5.3 % Finance leases 4.4 % 3.9 % Weighted average remaining lease term Operating leases 9 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 September 30, 2024 were as follows: (in millions) Operating Leases Finance Leases Remainder of 2024 $ 28 $ 36 2025 161 145 2026 149 182 2027 126 92 2028 97 81 2029 91 78 Thereafter 460 313 Total future minimum lease payments 1,112 927 Less: imputed interest (233) (160) Present value of minimum lease payments $ 879 $ 767
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 September 30, 2024 were as follows: (in millions) Operating Leases Finance Leases Remainder of 2024 $ 28 $ 36 2025 161 145 2026 149 182 2027 126 92 2028 97 81 2029 91 78 Thereafter 460 313 Total future minimum lease payments 1,112 927 Less: imputed interest (233) (160) Present value of minimum lease payments $ 879 $ 767

Segments (Tables)

Segments (Tables)	9 Months Ended
Segments (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	Information about our operations by reportable segment is as follows: Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Segment Results – Net sales U.S. Refreshment Beverages $ 2,390 $ 2,270 $ 6,890 $ 6,607 U.S. Coffee 976 1,012 2,837 2,913 International 525 523 1,554 1,427 Net sales $ 3,891 $ 3,805 $ 11,281 $ 10,947 Segment Results – Income from operations U.S. Refreshment Beverages $ 722 $ 676 $ 2,054 $ 1,795 U.S. Coffee 254 293 730 775 International 157 139 419 331 Unallocated corporate costs (231) (212) (675) (652) Income from operations $ 902 $ 896 $ 2,528 $ 2,249
Reconciliation of operating profit (loss) from segments to consolidated	Information about our operations by reportable segment is as follows: Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Segment Results – Net sales U.S. Refreshment Beverages $ 2,390 $ 2,270 $ 6,890 $ 6,607 U.S. Coffee 976 1,012 2,837 2,913 International 525 523 1,554 1,427 Net sales $ 3,891 $ 3,805 $ 11,281 $ 10,947 Segment Results – Income from operations U.S. Refreshment Beverages $ 722 $ 676 $ 2,054 $ 1,795 U.S. Coffee 254 293 730 775 International 157 139 419 331 Unallocated corporate costs (231) (212) (675) (652) Income from operations $ 902 $ 896 $ 2,528 $ 2,249

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
Revenue Recognition (Tables)	Sep. 30, 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 third quarter of 2024: LRB $ 2,351 $ 12 $ 348 $ 2,711 K-Cup pods — 733 126 859 Appliances — 203 19 222 Other 39 28 32 99 Net sales $ 2,390 $ 976 $ 525 $ 3,891 For the third quarter of 2023: LRB $ 2,232 $ — $ 348 $ 2,580 K-Cup pods — 769 120 889 Appliances — 211 20 231 Other 38 32 35 105 Net sales $ 2,270 $ 1,012 $ 523 $ 3,805 For the first nine months of 2024: LRB $ 6,785 $ 26 $ 1,041 $ 7,852 K-Cup pods — 2,225 359 2,584 Appliances — 496 49 545 Other 105 90 105 300 Net sales $ 6,890 $ 2,837 $ 1,554 $ 11,281 For the first nine months of 2023: LRB $ 6,498 $ — $ 932 $ 7,430 K-Cup pods — 2,301 345 2,646 Appliances — 512 46 558 Other 109 100 104 313 Net sales $ 6,607 $ 2,913 $ 1,427 $ 10,947

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of earnings per share	The following table presents basic and diluted EPS and shares outstanding: Third Quarter First Nine Months (in millions, except per share data) 2024 2023 2024 2023 Net income $ 616 $ 518 $ 1,585 $ 1,488 Weighted average common shares outstanding 1,356.2 1,397.4 1,364.2 1,401.3 Dilutive effect of stock-based awards 5.7 8.8 6.2 9.5 Weighted average common shares outstanding and common stock equivalents 1,361.9 1,406.2 1,370.4 1,410.8 Basic EPS $ 0.45 $ 0.37 $ 1.16 $ 1.06 Diluted EPS 0.45 0.37 1.16 1.05 Anti-dilutive shares excluded from the diluted weighted average shares outstanding calculation 0.8 1.0 0.8 1.0

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
Stock Based Compensation (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock based compensation expense	The components of stock-based compensation expense are presented below: Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Total stock-based compensation expense $ 24 $ 29 $ 76 $ 86 Income tax benefit (4) (5) (12) (14) Stock-based compensation expense, net of tax $ 20 $ 24 $ 64 $ 72
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 4,248,100 26.63 Vested and released (5,829,906) 26.67 178 Forfeited (1,251,163) 29.23 Outstanding as of September 30, 2024 12,915,851 $ 29.77 2.2 $ 484

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Our effective tax rates were as follows: Third Quarter First Nine Months 2024 2023 2024 2023 Effective tax rate 23.2 % 22.0 % 23.4 % 19.9 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
Accumulated Other Comprehensive Income (Tables)	Sep. 30, 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 third quarter of 2024: Beginning balance $ (55) $ (14) $ 146 $ 77 Other comprehensive (loss) income (69) (1) 10 (60) Amounts reclassified from AOCI — 1 (4) (3) Total other comprehensive (loss) income (69) — 6 (63) Balance as of September 30, 2024 $ (124) $ (14) $ 152 $ 14 For the third quarter of 2023: Beginning balance $ 181 $ (10) $ 126 $ 297 Other comprehensive (loss) income (135) — 7 (128) Amounts reclassified from AOCI — — 2 2 Total other comprehensive (loss) income (135) — 9 (126) Balance as of September 30, 2023 $ 46 $ (10) $ 135 $ 171 For the first nine months of 2024: Beginning balance $ 202 $ (14) $ 127 $ 315 Other comprehensive (loss) income (326) (1) 32 (295) Amounts reclassified from AOCI — 1 (7) (6) Total other comprehensive (loss) income (326) — 25 (301) Balance as of September 30, 2024 $ (124) $ (14) $ 152 $ 14 For the first nine months of 2023: Beginning balance $ (86) $ (10) $ 225 $ 129 Other comprehensive income (loss) 132 — (34) 98 Amounts reclassified from AOCI — — (56) (56) Total other comprehensive income (loss) 132 — (90) 42 Balance as of September 30, 2023 $ 46 $ (10) $ 135 $ 171
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: Income Statement Caption Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Pension and PRMB liabilities SG&A expenses $ 1 $ — $ 1 $ — Income tax benefit — — — — Total, net of tax 1 — 1 — Cash Flow Hedges: Interest rate contracts (1) Interest expense $ (3) $ (2) $ (9) $ (72) FX contracts Cost of sales (1) 4 1 (1) Total (4) 2 (8) (73) Income tax expense — — 1 17 Total, net of tax $ (4) $ 2 $ (7) $ (56) (1) Amounts reclassified from AOCI into interest expense during the first nine months 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)	9 Months Ended
Other Financial Information (Tables)	Sep. 30, 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: September 30, December 31, (in millions) 2024 2023 Inventories: Raw materials $ 536 $ 409 Work-in-progress 10 12 Finished goods 826 742 Total 1,372 1,163 Allowance for excess and obsolete inventories (21) (21) Total Inventories $ 1,351 $ 1,142 Prepaid expenses and other current assets: Other receivables $ 152 $ 135 Prepaid income taxes 240 196 Customer incentive programs 49 24 Derivative instruments 33 15 Prepaid marketing 24 20 Spare parts 124 111 Income tax receivable 16 16 Other 105 81 Total prepaid expenses and other current assets $ 743 $ 598 Other non-current assets: Operating lease right-of-use assets $ 841 $ 876 Customer incentive programs 47 45 Derivative instruments 7 3 Equity securities 76 69 Other 168 156 Total other non-current assets $ 1,139 $ 1,149 Equity Securities Fair values of equity securities are determined using quoted market prices from daily exchange traded markets, based on the closing price as of the balance sheet date, and are classified as Level 1. Unrealized mark-to-market gains and losses are recorded to Other income, net. The following table presents the amount of unrealized mark-to-market (gains) losses, net, on our equity securities recognized in the unaudited Condensed Consolidated Statements of Income related to these securities during the periods presented. Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Unrealized mark-to-market (gains) losses Vita Coco $ (1) $ 1 $ (4) $ (16) Rabbi trust (2) 1 (4) (3) September 30, December 31, (in millions) 2024 2023 Accrued expenses: Accrued customer trade $ 374 $ 477 Accrued compensation 198 208 Insurance reserve 66 50 Accrued interest 152 72 Other accrued expenses 498 435 Total accrued expenses $ 1,288 $ 1,242 Other current liabilities: Dividends payable $ 311 $ 299 Income taxes payable 65 29 Operating lease liability 121 114 Finance lease liability 112 106 Derivative instruments 112 150 Other 15 16 Total other current liabilities $ 736 $ 714 Other non-current liabilities: Operating lease liability $ 758 $ 793 Finance lease liability 655 620 Pension and post-retirement liability 31 35 Insurance reserves 90 85 Derivative instruments 252 201 Deferred compensation liability 33 32 Other 82 67 Total other non-current liabilities $ 1,901 $ 1,833
Debt Securities, Trading, and Equity Securities, FV-NI	Equity Securities Fair values of equity securities are determined using quoted market prices from daily exchange traded markets, based on the closing price as of the balance sheet date, and are classified as Level 1. Unrealized mark-to-market gains and losses are recorded to Other income, net. The following table presents the amount of unrealized mark-to-market (gains) losses, net, on our equity securities recognized in the unaudited Condensed Consolidated Statements of Income related to these securities during the periods presented. Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 Unrealized mark-to-market (gains) losses Vita Coco $ (1) $ 1 $ (4) $ (16) Rabbi trust (2) 1 (4) (3)

Restructuring and Integration_2

Restructuring and Integration Costs (Tables)	9 Months Ended
Restructuring and Integration Costs (Tables)	Sep. 30, 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: Third Quarter First Nine Months (in millions) 2024 2023 2024 2023 2023 CEO Succession and Associated Realignment $ 3 $ 25 $ 16 $ 25 2024 Network Optimization 24 — 45 —
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 to expense 11 Cash payments (11) Balance as of September 30, 2024 $ 27

Long-term Obligations and Bor_3

Long-term Obligations and Borrowing Arrangements - Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term Debt, Current Maturities	$ (529)	$ (1,150)
Long-term obligations	12,413	9,945
Senior Notes
Debt Instrument [Line Items]
Long-term debt	12,942	11,095
Long-term Debt, Current Maturities	$ (529)	$ (1,150)

Long-term Obligations and Bor_4

Long-term Obligations and Borrowing Arrangements - Current Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Current portion of long-term debt	$ 529	$ 1,150
Short-term borrowings and current portion of long-term obligations	2,472	3,246
Commercial Paper
Short-term Debt [Line Items]
Short-term debt	1,943	2,096
Senior Notes
Short-term Debt [Line Items]
Current portion of long-term debt	$ 529	$ 1,150

Long-term Obligations and Bor_5

Long-term Obligations and Borrowing Arrangements - Senior Unsecured Notes (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 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]	(151)		(148)
Long-term debt		$ 12,942		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		Sep. 30, 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 September 30, 2024.

Long-term Obligations and Bor_7

Long-term Obligations and Borrowing Arrangements - Letter of Credit Facilities (Details) - Letter of Credit $ in Millions	Sep. 30, 2024 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150
Letters of credit outstanding	74
Remaining borrowing capacity	$ 76

Long-term Obligations and Bor_8

Long-term Obligations and Borrowing Arrangements - Commercial Paper Program (Details) - Commercial Paper - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Short-term Debt [Line Items]
Average outstanding amount	$ 2,163	$ 1,495	$ 2,299	$ 1,061
Weighted average interest rate over time	5.50%	5.49%	5.57%	5.31%

Long-term Obligations and Bor_9

Long-term Obligations and Borrowing Arrangements - Fair Values (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Nonrecurring \| Level 2 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value	$ 12,531	$ 10,486

Acquisitions (Details)

Acquisitions (Details) - Kalil [Member] $ in Millions	Aug. 09, 2024 USD ($)
Business Acquisition [Line Items]
Holdback liabilities	$ (8)	[1]
Inventory	10	[2]
Property, Plant, and Equipment	45	[3]
Other intangible assets	38
Goodwill	10
Total consideration exchanged	103
Acquisition of business	$ 95

[1] The amount held in escrow is included within the Restricted cash and restricted cash equivalents line of the unaudited condensed consolidated balance sheet as of September 30, 2024 and is considered a non-cash investing activity within the supplemental cash flow disclosures of the unaudited condensed consolidated statement of cash flows for the first nine months of 2024. As of September 30, 2024, we accrued the $10 million as a payable to Kalil, which is included as a non-cash investing activity within the supplemental cash flow disclosures of the unaudited condensed consolidated statement of cash flows for the first nine months of 2024. We preliminarily valued real property using the cost approach and land using the sales comparison approach, a form of the market approach. We preliminarily valued personal property using a combination of the cost approach and the sales comparison approach.

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2024	$ 20,202
Goodwill, Acquired During Period	10	[1]
Foreign currency impact	(134)
Balance as of September 30, 2024	20,078
U.S. Refreshment Beverages
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2024	8,714
Goodwill, Acquired During Period	10	[1]
Foreign currency impact	0
Balance as of September 30, 2024	8,724
U.S. Coffee
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2024	8,622
Goodwill, Acquired During Period	0
Foreign currency impact	0
Balance as of September 30, 2024	8,622
International
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2024	2,866
Goodwill, Acquired During Period	0
Foreign currency impact	(134)
Balance as of September 30, 2024	$ 2,732

[1]Acquisition activity during the first nine months of 2024 represents the goodwill recorded as a result of the Kalil Acquisition. Refer to Note 3 for additional information

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Change in intangible assets other than goodwill [Abstract]
Indefinite-lived intangible assets (excluding goodwill)		$ 21,988		$ 21,988		$ 22,109
Finite-lived intangible assets, gross		2,142		2,142		2,136
Accumulated Amortization		(1,058)		(1,058)		(958)
Finite-lived intangible assets, net		1,084		1,084		1,178
Amortization expense		33	$ 34	100	$ 103
Acquired technology
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		1,146		1,146		1,146
Accumulated Amortization		(603)		(603)		(548)
Finite-lived intangible assets, net		543		543		598
Customer relationships
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		645		645		638
Accumulated Amortization		(261)		(261)		(236)
Finite-lived intangible assets, net		384		384		402
Contractual arrangements
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		145		145		146
Accumulated Amortization		(19)		(19)		(13)
Finite-lived intangible assets, net		126		126		133
Trade Names
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		126		126		126
Accumulated Amortization		(122)		(122)		(114)
Finite-lived intangible assets, net		4		4		12
Brands
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		51		51		51
Accumulated Amortization		(30)		(30)		(25)
Finite-lived intangible assets, net		21		21		26
Distribution rights
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		29		29		29
Accumulated Amortization		(23)		(23)		(22)
Finite-lived intangible assets, net		6		6		7
Brands
Change in intangible assets other than goodwill [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	[1]	19,280		19,280		19,476
Indefinite-lived Intangible Assets, Foreign Currency Translation Gain (Loss)				(196)
Trade Names
Change in intangible assets other than goodwill [Abstract]
Indefinite-lived intangible assets (excluding goodwill)		2,479		2,479		2,478
Distribution rights
Change in intangible assets other than goodwill [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	[2]	$ 229		229		$ 155
Indefinite-lived Intangible Assets Acquired				$ 49

[1] The change in brands with indefinite lives was driven by unfavorable foreign currency translation impacts of $196 million during the first nine months of 2024. The change in distribution rights with indefinite lives was primarily driven by acquired distribution rights related to Electrolit of $49 million.

Derivatives - Notional and Matu

Derivatives - Notional and Maturity Information (Details) - USD ($) $ in Millions		Sep. 30, 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		$ 2,200	1,700
Foreign Exchange Forward \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments		599	710
Foreign Exchange Forward \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments		544	425
Commodity Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments	[1]	458	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	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	$ 33	$ 15
Derivative Asset, Noncurrent	7	3
Derivative Liability, Current	112	150
Derivative Liability, Noncurrent	252	201
Recurring \| Level 2 \| Interest Rate Contract \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	33	80
Derivative Liability, Noncurrent	245	186
Recurring \| Level 2 \| Foreign Exchange Forward \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	1	5
Derivative Liability, Current	2	3
Derivative Liability, Noncurrent	1	4
Recurring \| Level 2 \| Foreign Exchange Forward \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	16	1
Derivative Asset, Noncurrent	4	0
Derivative Liability, Current	2	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	3	3
Derivative Liability, Current	75	53
Derivative Liability, Noncurrent	$ 5	$ 11

Derivatives - Impact on Net Inc

Derivatives - Impact on Net Income (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commodity Contract \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	$ 7	$ (7)	$ 29	$ 2
Commodity Contract \| SG&A expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	20	(20)	11	(2)
Interest Rate Contract \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	(66)	104	(14)	49
Foreign Exchange Forward \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	(2)	(4)	(4)	(4)
Foreign Exchange Forward \| Other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	$ 6	$ (6)	$ (2)	$ (1)

Derivatives - Impact of Cash Fl

Derivatives - Impact of Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Foreign Exchange Forward
Derivative [Line Items]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	$ (1)	$ 4	$ 1	$ (1)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			(16)
Interest Rate Contract
Derivative [Line Items]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	$ (3)	$ (2)	(9)	$ (72)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			$ (13)

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Millions		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lease, Cost [Abstract]
Operating lease cost		$ 42	$ 40	$ 127	$ 118
Amortization of right-of-use assets		33	21	93	60
Interest on lease liabilities		8	6	22	18
Variable lease cost(1)	[1]	9	10	29	30
Short-term lease cost		1	1	2	1
Sublease income		1	0	1	0
Total lease cost		$ 92	$ 78	272	227
Cash Flow, Operating Activities, Lessee [Abstract]
Operating cash flows from operating leases				121	110
Operating cash flows from finance leases				22	18
Cash Flow, Financing Activities, Lessee [Abstract]
Financing cash flows from finance leases				83	74
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability				60	78
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability				$ 128	$ 75
Lessee, Operating Lease, Description [Abstract]
Operating Lease, Weighted Average Discount Rate, Percent		5.30%		5.30%		5.30%
Operating Lease, Weighted Average Remaining Lease Term		9 years		9 years		10 years
Lessee, Finance Lease, Description [Abstract]
Finance Lease, Weighted Average Discount Rate, Percent		4.40%		4.40%		3.90%
Finance Lease, Weighted Average Remaining Lease Term		9 years		9 years		9 years
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year		$ 28		$ 28
Lessee, Operating Lease, Liability, to be Paid, Year One		161		161
Lessee, Operating Lease, Liability, to be Paid, Year Two		149		149
Lessee, Operating Lease, Liability, to be Paid, Year Three		126		126
Lessee, Operating Lease, Liability, to be Paid, Year Four		97		97
Lessee, Operating Lease, Liability, to be Paid, Year Five		91		91
Lessee, Operating Lease, Liability, to be Paid, after Year Five		460		460
Lessee, Operating Lease, Liability, to be Paid		1,112		1,112
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		(233)		(233)
Operating Lease, Liability		879		879
Finance Lease, Liability, Payment, Due [Abstract]
Finance Lease, Liability, to be Paid, Remainder of Fiscal Year		36		36
Finance Lease, Liability, to be Paid, Year One		145		145
Finance Lease, Liability, to be Paid, Year Two		182		182
Finance Lease, Liability, to be Paid, Year Three		92		92
Finance Lease, Liability, to be Paid, Year Four		81		81
Finance Lease, Liability, to be Paid, Year Five		78		78
Finance Lease, Liability, to be Paid, after Year Five		313		313
Finance Lease, Liability, Payment, Due		927		927
Finance Lease, Liability, Undiscounted Excess Amount		(160)		(160)
Finance Lease, Liability		767		767
Lessee, Lease, Description [Line Items]
Leases not yet commenced, estimated obligation		$ 227		$ 227
Minimum
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term		5 years		5 years
Maximum
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term		11 years		11 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		9 Months Ended
Segments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 3,891	$ 3,805	$ 11,281	$ 10,947
Income from operations	902	896	2,528	2,249
U.S. Refreshment Beverages
Segment Reporting Information [Line Items]
Net sales	2,390	2,270	6,890	6,607
U.S. Coffee
Segment Reporting Information [Line Items]
Net sales	976	1,012	2,837	2,913
International
Segment Reporting Information [Line Items]
Net sales	525	523	1,554	1,427
Operating Segments \| U.S. Refreshment Beverages
Segment Reporting Information [Line Items]
Income from operations	722	676	2,054	1,795
Operating Segments \| U.S. Coffee
Segment Reporting Information [Line Items]
Income from operations	254	293	730	775
Operating Segments \| International
Segment Reporting Information [Line Items]
Income from operations	157	139	419	331
Corporate Unallocated
Segment Reporting Information [Line Items]
Income from operations	$ (231)	$ (212)	$ (675)	$ (652)

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 3,891	$ 3,805	$ 11,281	$ 10,947
LRB
Disaggregation of Revenue [Line Items]
Net sales	2,711	2,580	7,852	7,430
K-cup pods
Disaggregation of Revenue [Line Items]
Net sales	859	889	2,584	2,646
Appliances
Disaggregation of Revenue [Line Items]
Net sales	222	231	545	558
Other
Disaggregation of Revenue [Line Items]
Net sales	99	105	300	313
U.S. Refreshment Beverages
Disaggregation of Revenue [Line Items]
Net sales	2,390	2,270	6,890	6,607
U.S. Refreshment Beverages \| LRB
Disaggregation of Revenue [Line Items]
Net sales	2,351	2,232	6,785	6,498
U.S. Refreshment Beverages \| K-cup pods
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
U.S. Refreshment Beverages \| Appliances
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
U.S. Refreshment Beverages \| Other
Disaggregation of Revenue [Line Items]
Net sales	39	38	105	109
U.S. Coffee
Disaggregation of Revenue [Line Items]
Net sales	976	1,012	2,837	2,913
U.S. Coffee \| LRB
Disaggregation of Revenue [Line Items]
Net sales	12	0	26	0
U.S. Coffee \| K-cup pods
Disaggregation of Revenue [Line Items]
Net sales	733	769	2,225	2,301
U.S. Coffee \| Appliances
Disaggregation of Revenue [Line Items]
Net sales	203	211	496	512
U.S. Coffee \| Other
Disaggregation of Revenue [Line Items]
Net sales	28	32	90	100
International
Disaggregation of Revenue [Line Items]
Net sales	525	523	1,554	1,427
International \| LRB
Disaggregation of Revenue [Line Items]
Net sales	348	348	1,041	932
International \| K-cup pods
Disaggregation of Revenue [Line Items]
Net sales	126	120	359	345
International \| Appliances
Disaggregation of Revenue [Line Items]
Net sales	19	20	49	46
International \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 32	$ 35	$ 105	$ 104

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended						9 Months Ended
Earnings Per Share (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic EPS:
Net income	$ 616,000,000	$ 515,000,000	$ 454,000,000	$ 518,000,000	$ 503,000,000	$ 467,000,000	$ 1,585,000,000	$ 1,488,000,000
Weighted average common shares outstanding (in shares)	1,356,200,000			1,397,400,000			1,364,200,000	1,401,300,000
Earnings per common share - basic (in dollars per share)	$ 0.45			$ 0.37			$ 1.16	$ 1.06
Diluted EPS:
Weighted average common shares outstanding (in shares)	1,356,200,000			1,397,400,000			1,364,200,000	1,401,300,000
Effect of dilutive securities (in shares)	5,700,000			8,800,000			6,200,000	9,500,000
Weighted average common shares outstanding and common stock equivalents (in shares)	1,361,900,000			1,406,200,000			1,370,400,000	1,410,800,000
Earnings per common share - diluted (in dollars per share)	$ 0.45			$ 0.37			$ 1.16	$ 1.05
Anti-dilutive shares excluded from the diluted weighted average shares outstanding calculation (in shares)	800,000			1,000,000			800,000	1,000,000

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total stock-based compensation expense	$ 24	$ 29	$ 76	$ 86
Income tax benefit	(4)	(5)	(12)	(14)
Stock-based compensation expense, net of tax	$ 20	$ 24	$ 64	$ 72
Restricted Stock Units (RSUs) [Member]
RSUs
Outstanding as of beginning of the period (in shares)			15,748,820
Granted (in shares)			4,248,100
Vested and released (in shares)			(5,829,906)
Forfeited (in shares)			(1,251,163)
Outstanding as of end of the period (in shares)	12,915,851		12,915,851		15,748,820
Unrecognized compensation costs related to nonvested awards	$ 187		$ 187
Weighted average recognition period of unrecognized compensation costs			3 years 3 months 18 days
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)			26.63
Vested and released (in dollars per share)			26.67
Forfeited (in dollars per share)			29.23
Outstanding as of the end of the period (in dollars per share)	$ 29.77		$ 29.77		$ 29.42
Weighted Average Remaining Contractual Term (Years)
Outstanding			2 years 2 months 12 days		1 year 8 months 12 days
Aggregate Intrinsic Value (in millions)
Outstanding as of the beginning of the period			$ 525
Vested and released			178
Outstanding as of the end of the period	$ 484		$ 484		$ 525

Investments In Unconsolidated_2

Investments In Unconsolidated Affiliates (Details) - USD ($) $ in Millions	Sep. 30, 2024		Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 1,492		$ 1,387
Nutrabolt
Schedule of Equity Method Investments [Line Items]
Ownership percentage	35%
Investments in unconsolidated affiliates	$ 1,054	[1]	960
Nutrabolt \| Preferred Stock
Schedule of Equity Method Investments [Line Items]
Ownership percentage	31.40%
Nutrabolt \| Common Stock Issued
Schedule of Equity Method Investments [Line Items]
Ownership percentage	3.60%
Chobani
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 309		307
Tractor
Schedule of Equity Method Investments [Line Items]
Ownership percentage	23%
Investments in unconsolidated affiliates	$ 58	[2]	44
Athletic Brewing
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	47		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	$ 19		$ 21

[1] We hold a 35.0% interest on an as-converted basis in Nutrabolt, consisting of 31.4% in Class A preferred shares acquired through our December 2022 investment, which are treated as in-substance common stock, and 3.6% in Class B common shares earned through the achievement of certain milestones included in our distribution agreement with Nutrabolt. In May 2024, we modified our sales agent contract with Tractor. In exchange, we received additional equity interests, raising our total interest to 23.0% as of September 30, 2024.

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	23.20%	22%	23.40%	19.90%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended						9 Months Ended
Accumulated Other Comprehensive Income (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	$ 24,718,000,000	$ 24,653,000,000	$ 25,676,000,000	$ 25,268,000,000	$ 25,103,000,000	$ 25,126,000,000	$ 25,676,000,000	$ 25,126,000,000
Total stockholders' equity at end of period	24,969,000,000	24,718,000,000	24,653,000,000	25,364,000,000	25,268,000,000	25,103,000,000	24,969,000,000	25,364,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(63,000,000)	(180,000,000)	(58,000,000)	(126,000,000)	142,000,000	26,000,000
Reclassification from AOCI, Current Period, Tax	0			0			1,000,000	17,000,000
Foreign Exchange Forward
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	(1,000,000)			4,000,000			1,000,000	(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	(3,000,000)			(2,000,000)			(9,000,000)	(72,000,000)
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	77,000,000	257,000,000	315,000,000	297,000,000	155,000,000	129,000,000	315,000,000	129,000,000
Other comprehensive (loss) income	(60,000,000)			(128,000,000)			(295,000,000)	98,000,000
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(3,000,000)			2,000,000			(6,000,000)	(56,000,000)
Total stockholders' equity at end of period	14,000,000	77,000,000	257,000,000	171,000,000	297,000,000	155,000,000	14,000,000	171,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(63,000,000)	(180,000,000)	(58,000,000)	(126,000,000)	142,000,000	26,000,000	(301,000,000)	42,000,000
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	(55,000,000)		202,000,000	181,000,000		(86,000,000)	202,000,000	(86,000,000)
Other comprehensive (loss) income	(69,000,000)			(135,000,000)			(326,000,000)	132,000,000
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0			0			0	0
Total stockholders' equity at end of period	(124,000,000)	(55,000,000)		46,000,000	181,000,000		(124,000,000)	46,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(69,000,000)			(135,000,000)			(326,000,000)	132,000,000
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)		(14,000,000)	(10,000,000)		(10,000,000)	(14,000,000)	(10,000,000)
Other comprehensive (loss) income	(1,000,000)			0			(1,000,000)	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1,000,000			0			1,000,000	0
Total stockholders' equity at end of period	(14,000,000)	(14,000,000)		(10,000,000)	(10,000,000)		(14,000,000)	(10,000,000)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0			0			0	0
Reclassification from AOCI, Current Period, Tax	0			0			0	0
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	1,000,000			0			1,000,000	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	146,000,000		$ 127,000,000	126,000,000		$ 225,000,000	127,000,000	225,000,000
Other comprehensive (loss) income	10,000,000			7,000,000			32,000,000	(34,000,000)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(4,000,000)			2,000,000			(7,000,000)	(56,000,000)
Total stockholders' equity at end of period	152,000,000	$ 146,000,000		135,000,000	$ 126,000,000		152,000,000	135,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	6,000,000			9,000,000			25,000,000	(90,000,000)
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	(4,000,000)			2,000,000			(8,000,000)	(73,000,000)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent \| Foreign Exchange Forward
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	(1,000,000)			4,000,000			1,000,000	(1,000,000)
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	(3,000,000)			(2,000,000)			(9,000,000)	(72,000,000)	[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	$ (4,000,000)			$ 2,000,000			$ (7,000,000)	$ (56,000,000)

[1] Amounts reclassified from AOCI into interest expense during the first nine months 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 536		$ 536		$ 409
Work-in-progress	10		10		12
Finished goods	826		826		742
Inventory, Gross	1,372		1,372		1,163
Inventory Valuation Reserves	21		21		21
Total	1,351		1,351		1,142
Prepaid expenses and other current assets:
Other receivables	152		152		135
Prepaid income taxes	240		240		196
Customer incentive programs	49		49		24
Derivative Asset, Current	33		33		15
Prepaid marketing	24		24		20
Spare parts	124		124		111
Income tax receivable	16		16		16
Other	105		105		81
Prepaid expenses and other current assets	743		743		598
Other non-current assets:
Customer incentive programs	47		47		45
Operating lease right-of-use assets	841		841		876
Derivative Asset, Noncurrent	7		7		3
Equity securities without readily determinable fair values	76		76		69
Other	168		168		156
Total other non-current assets	1,139		1,139		1,149
Accrued expenses:
Customer rebates & incentives	374		374		477
Accrued compensation	198		198		208
Insurance reserve	66		66		50
Interest accrual	152		152		72
Other accrued expenses	498		498		435
Total accrued expenses	1,288		1,288		1,242
Other current liabilities:
Dividends payable	311		311		299
Income taxes payable	65		65		29
Operating lease liability	121		121		114
Finance lease liability	112		112		106
Derivative instruments	112		112		150
Other	15		15		16
Total other current liabilities	736		736		714
Other non-current liabilities:
Long-term pension and postretirement liability	31		31		35
Insurance reserves	90		90		85
Operating lease liability	758		758		793
Finance lease liability	655		655		620
Derivative instruments	252		252		201
Deferred compensation liability	33		33		32
Other	82		82		67
Other non-current liabilities	$ 1,901		$ 1,901		$ 1,833
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other current liabilities		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		Total other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities		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		Other non-current liabilities
Supplier Finance Program, Obligation, Current	$ 1,786		$ 1,786		$ 2,389
Vita Coco [Member]
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI	(1)	$ 1	(4)	$ (16)
Rabbi Trust
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, FV-NI	$ (2)	$ 1	$ (4)	$ (3)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	9 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jul. 31, 2020	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Loss Contingency Accrual		$ 2,000,000	$ 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 Programs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
2023 CEO Succession
Restructuring Cost and Reserve [Line Items]
Expected cost	$ 55		$ 55
Restructuring Charges	3	$ 25	16	$ 25
2024 Network Optimization
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	24	$ 0	45	$ 0
2024 Network Optimization \| Minimum
Restructuring Cost and Reserve [Line Items]
Expected cost	125		125
2024 Network Optimization \| Maximum
Restructuring Cost and Reserve [Line Items]
Expected cost	$ 145		$ 145

Restructuring and Integration_4

Restructuring and Integration Costs - Restructuring Liabilities (Details) - Workforce Reduction Costs $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 27
Charges to expense	11
Cash payments	(11)
Balance at end of period	$ 27

Related Parties (Details)

Related Parties (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended				9 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024
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	$ (1)	$ 229	$ 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

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - GHOST $ in Millions	Oct. 23, 2024 USD ($)
Subsequent Event [Line Items]
Ownership interest to be acquired in Step 1	60%
Ownership interest to be acquired in Step 2	40%
Aggregate consideration, to be paid in 2024	$ 990