Keurig Dr Pepper (KDP) 10-Q 26 Oct 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
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		1,398,336,103
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
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
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 3,805,000,000	$ 3,622,000,000	$ 10,947,000,000	$ 10,254,000,000
Cost of sales	1,694,000,000	1,721,000,000	5,051,000,000	4,927,000,000
Gross profit	2,111,000,000	1,901,000,000	5,896,000,000	5,327,000,000
Selling, general and administrative expenses	1,217,000,000	1,196,000,000	3,654,000,000	3,418,000,000
Impairment of intangible assets	2,000,000	311,000,000	2,000,000	311,000,000
Gain (Loss) Related to Litigation Settlement	0	0	0	(299,000,000)
Other operating income, net	(4,000,000)	0	(9,000,000)	(35,000,000)
Income from operations	896,000,000	394,000,000	2,249,000,000	1,932,000,000
Interest expense	237,000,000	207,000,000	432,000,000	570,000,000
Loss on early extinguishment of debt	0	0	0	217,000,000
Equity Method Investment, Realized Gain (Loss) on Disposal	0	0	0	(50,000,000)
Impairment of investments and note receivable	0	0	0	12,000,000
Other (income) expense, net	(5,000,000)	4,000,000	(41,000,000)	22,000,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	664,000,000	183,000,000	1,858,000,000	1,161,000,000
Provision for income taxes	146,000,000	4,000,000	370,000,000	179,000,000
Net income including non-controlling interest	518,000,000	179,000,000	1,488,000,000	982,000,000
Less: Net loss attributable to non-controlling interest	0	(1,000,000)	0	(1,000,000)
Net income attributable to KDP	$ 518,000,000	$ 180,000,000	$ 1,488,000,000	$ 983,000,000
Earnings per common share:
Basic (in dollars per share)	$ 0.37	$ 0.13	$ 1.06	$ 0.69
Diluted (in dollars per share)	$ 0.37	$ 0.13	$ 1.05	$ 0.69
Weighted average common shares outstanding:
Basic (in shares)	1,397,400,000	1,416,100,000	1,401,300,000	1,417,300,000
Diluted (in shares)	1,406,200,000	1,427,200,000	1,410,800,000	1,428,800,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 518,000,000	$ 179,000,000	$ 1,488,000,000	$ 982,000,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(135,000,000)	(249,000,000)	132,000,000	(283,000,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	0	0	0	3,000,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	9,000,000	35,000,000	(90,000,000)	303,000,000
Other Comprehensive Income (Loss), Net of Tax	(126,000,000)	(214,000,000)	42,000,000	17,000,000
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	392,000,000	(35,000,000)	1,530,000,000	999,000,000
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	0	0	0	0
Comprehensive income (loss) attributable to KDP	$ 392,000,000	$ (35,000,000)	$ 1,530,000,000	$ 999,000,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 260,000,000	$ 535,000,000
Trade accounts receivable, net	1,279,000,000	1,484,000,000
Inventories	1,348,000,000	1,314,000,000
Prepaid expenses and other current assets	519,000,000	471,000,000
Total current assets	3,406,000,000	3,804,000,000
Property, plant and equipment, net	2,527,000,000	2,491,000,000
Investments in unconsolidated affiliates	1,336,000,000	1,000,000,000
Goodwill	20,122,000,000	20,072,000,000
Other intangible assets, net	23,223,000,000	23,183,000,000
Other non-current assets	1,117,000,000	1,252,000,000
Deferred tax assets	32,000,000	35,000,000
Total assets	51,763,000,000	51,837,000,000
Current liabilities:
Accounts payable	4,090,000,000	5,206,000,000
Accrued expenses	1,123,000,000	1,153,000,000
Structured payables	122,000,000	137,000,000
Short-term borrowings and current portion of long-term obligations	2,798,000,000	895,000,000
Other current liabilities	681,000,000	685,000,000
Total current liabilities	8,814,000,000	8,076,000,000
Long-term obligations	9,940,000,000	11,072,000,000
Deferred tax liabilities	5,714,000,000	5,739,000,000
Other non-current liabilities	1,931,000,000	1,825,000,000
Total liabilities	26,399,000,000	26,712,000,000
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	21,014,000,000	21,444,000,000
Retained earnings	4,165,000,000	3,539,000,000
Accumulated other comprehensive income	171,000,000	129,000,000
Total stockholders' equity	25,364,000,000	25,126,000,000
Non-controlling interest	0	(1,000,000)
Total equity	25,364,000,000	25,125,000,000
Total liabilities and equity	$ 51,763,000,000	$ 51,837,000,000
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)	1,398,322,033	1,408,394,293
Common stock outstanding (in shares)	1,398,322,033	1,408,394,293

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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)	1,398,322,033	1,408,394,293
Common stock outstanding (in shares)	1,398,322,033	1,408,394,293

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net income	$ 1,488,000,000	$ 983,000,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	299,000,000	301,000,000
Amortization of intangibles	103,000,000	100,000,000
Other amortization expense	136,000,000	129,000,000
Provision for sales returns	42,000,000	38,000,000
Deferred income taxes	(22,000,000)	(281,000,000)
Employee stock-based compensation expense	86,000,000	43,000,000
Loss on early extinguishment of debt	0	217,000,000
Equity Method Investment, Realized Gain (Loss) on Disposal	0	(50,000,000)
Gain (Loss) on Disposition of Property Plant Equipment	(3,000,000)	(38,000,000)
Unrealized (gain) loss on foreign currency	4,000,000	(22,000,000)
Unrealized loss on derivatives	44,000,000	387,000,000
Settlements of interest rate contracts	54,000,000	125,000,000
Equity in (earnings) loss of unconsolidated affiliates	24,000,000	(6,000,000)
Impairment of intangible assets	2,000,000	311,000,000
Impairment of investments and note receivable	0	12,000,000
Other, net	(5,000,000)	22,000,000
Changes in assets and liabilities:
Trade accounts receivable	170,000,000	(372,000,000)
Inventories	(31,000,000)	(552,000,000)
Income taxes receivable and payables, net	(39,000,000)	(106,000,000)
Other current and non-current assets	(159,000,000)	(380,000,000)
Accounts payable and accrued expenses	(1,155,000,000)	1,014,000,000
Other current and non-current liabilities	50,000,000	167,000,000
Net change in operating assets and liabilities	(1,164,000,000)	(229,000,000)
Net cash provided by operating activities	1,032,000,000	2,098,000,000
Investing activities:
Gain on Sale of Equity Method Investment	0	50,000,000
Purchases of property, plant and equipment	(271,000,000)	(260,000,000)
Proceeds from sales of property, plant and equipment	9,000,000	79,000,000
Purchase of intangibles	(55,000,000)	(19,000,000)
Issuance of related party note receivable	0	(18,000,000)
Investments in unconsolidated affiliates	(308,000,000)	(48,000,000)
Other, net	2,000,000	3,000,000
Net cash (used in) provided by investing activities	(623,000,000)	(213,000,000)
Financing activities:
Proceeds from issuance of Notes	0	3,000,000,000
Repayments of Notes	0	(3,365,000,000)
Net issuance (repayment) of commercial paper	750,000,000	(149,000,000)
Proceeds from structured payables	91,000,000	114,000,000
Repayments of structured payables	(105,000,000)	(111,000,000)
Cash dividends paid	(842,000,000)	(796,000,000)
Repurchases of common stock	(457,000,000)	(88,000,000)
Tax withholdings related to net share settlements	(57,000,000)	(10,000,000)
Payments on finance leases	(74,000,000)	(65,000,000)
Other, net	(3,000,000)	(45,000,000)
Net cash used in financing activities	(697,000,000)	(1,515,000,000)
Net change from operating, investing and financing activities	(288,000,000)	370,000,000
Effect of exchange rate changes	13,000,000	(10,000,000)
Beginning balance	535,000,000	568,000,000
Ending balance	260,000,000	928,000,000
Supplemental Cash Flow Information [Abstract]
Capital expenditures included in accounts payable and accrued expenses	196,000,000	179,000,000
Other Significant Noncash Transaction, Value of Consideration Given	13,000,000	0
Non-cash conversion of note receivable to investment in unconsolidated affiliate	0	6,000,000
Non-Cash Purchases of Intangibles	0	22,000,000
Dividends declared but not yet paid	300,000,000	284,000,000
Cash paid for interest	255,000,000	236,000,000
Cash paid for income taxes	$ 413,000,000	$ 566,000,000

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		1,418,100,000
Stockholders' Equity Attributable to Parent	$ 24,972,000,000	$ 14,000,000	$ 21,785,000,000	$ 3,199,000,000	$ (26,000,000)
Non-controlling interest	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	24,972,000,000
Net income	585,000,000			585,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	241,000,000				241,000,000
Dividends declared, $0.20 per share	(266,000,000)			(266,000,000)
Shares issued under employee stock-based compensation plans and other		400,000
Tax withholdings related to net share settlements	(5,000,000)		(5,000,000)
Stock-based compensation and stock options exercised	(16,000,000)		(16,000,000)
Less: Net loss attributable to non-controlling interest	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 585,000,000
Common Stock, Dividends, Per Share, Declared	$ 0.1875
Net income	$ 983,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent					17,000,000
Tax withholdings related to net share settlements	(10,000,000)
Less: Net loss attributable to non-controlling interest	(1,000,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	982,000,000
Shares, Issued		1,418,500,000
Stockholders' Equity Attributable to Parent	25,511,000,000	$ 14,000,000	21,764,000,000	3,518,000,000	215,000,000
Non-controlling interest	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	25,511,000,000
Net income	218,000,000			218,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(10,000,000)				(10,000,000)
Dividends declared, $0.20 per share	(265,000,000)			(265,000,000)
Shares issued under employee stock-based compensation plans and other		100,000
Tax withholdings related to net share settlements	(3,000,000)		(3,000,000)
Stock-based compensation and stock options exercised	28,000,000		28,000,000
Less: Net loss attributable to non-controlling interest	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 218,000,000
Common Stock, Dividends, Per Share, Declared	$ 0.1875
Stock Repurchased and Retired During Period, Value	$ 88,000,000		88,000,000
Stock Repurchased and Retired During Period, Shares		2,500,000
Shares, Issued		1,416,100,000
Stockholders' Equity Attributable to Parent	25,391,000,000	$ 14,000,000	21,701,000,000	3,471,000,000	205,000,000
Non-controlling interest	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	25,391,000,000
Net income	180,000,000			180,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(214,000,000)				(214,000,000)
Dividends declared, $0.20 per share	(284,000,000)			(284,000,000)
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	31,000,000		31,000,000
Less: Net loss attributable to non-controlling interest	(1,000,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 179,000,000
Common Stock, Dividends, Per Share, Declared	$ 0.20
Shares, Issued		1,416,300,000
Stockholders' Equity Attributable to Parent	$ 25,102,000,000	$ 14,000,000	21,730,000,000	3,367,000,000	(9,000,000)
Non-controlling interest	(1,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	25,101,000,000
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, $0.20 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
Less: Net loss attributable to non-controlling interest	0
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)
Less: Net loss attributable to non-controlling interest	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	1,488,000,000
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, $0.20 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
Less: Net loss attributable to non-controlling interest	0
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, $0.20 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
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(1,000,000)			(1,000,000)		$ 1,000,000
Less: Net loss attributable to non-controlling interest	0
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

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.215	$ 0.20	$ 0.20	$ 0.20	$ 0.1875	$ 0.1875

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax	$ 0	$ 0	$ 0	$ 0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	0	(12,000,000)	24,000,000	(98,000,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 518,000,000	$ 179,000,000	$ 1,488,000,000	$ 982,000,000

Background and Basis of Present

Background and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
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" or "the Company" refer to Keurig Dr Pepper Inc. and all entities 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 KDP's owned or licensed trademarks, trade names and service marks, which are referred to as the Company's brands. All of the product names included herein are either KDP registered trademarks or those of the Company's 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 KDP's consolidated financial statements and accompanying notes included in the Company's Annual Report. References to the "third quarter" indicate the Company's quarterly periods ended September 30, 2023 and 2022. USE OF ESTIMATES The process of preparing KDP's 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 the Company believes 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. REPORTABLE SEGMENTS As of January 1, 2023, the Company revised its segment structure to align with changes in how the Company’s Chief Operating Decision Maker manages the business, assesses performance and allocates resources. This change had no impact on the Company’s consolidated results of operations or financial position. Prior period segment results have been recast to reflect the Company’s new reportable segments. Refer to Note 6 for additional information on the Company’s reportable segments and Note 7 for the Company’s disaggregated revenue portfolio for each reportable segment. The change in segment structure also resulted in a change to the Company’s reporting units. Refer to Note 3 for additional information on the Company’s reporting units. RECENTLY ADOPTED ACCOUNTING STANDARDS As of January 1, 2023, the Company adopted ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . The objective of ASU 2022-04 is to require entities to disclose information about the use of supplier finance programs in connection with the purchase of goods and services. While the adoption of ASU 2022-04 did not have a material impact on the Company’s unaudited condensed consolidated financial statements, it did impact the nature of the disclosures. The disclosure previously included in the Company’s Form 10-K was specific to the amount of KDP’s outstanding payment obligations that were voluntarily elected by the supplier and sold to financial institutions as informed by the third party administrators. ASU 2022-04 instead requires disclosure of the amount of KDP’s outstanding obligations loaded into the supplier finance programs by the Company at each reporting period regardless of whether the outstanding obligation has been elected by the supplier to be sold to financial institutions. Refer to Note 13 for additional information on the Company’s obligations to participating suppliers.
Reclassifications	RECLASSIFICATIONS The Company reclassified amounts in the Financing Activities section of the unaudited condensed consolidated Statement of Cash Flows for the first nine months of 2022 in order to conform to current year presentation, as maturities for the Company’s commercial paper program in both periods are 90 days or less. (in millions) Prior Presentation First Nine Months of 2022 Net issuance (repayment) of commercial paper Proceeds from issuance of commercial paper $ 500 Net issuance (repayment) of commercial paper Repayments of commercial paper (649)

Long-term Obligations and Borro

Long-term Obligations and Borrowing Arrangements	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-term Obligations and Borrowing Arrangements	Long-term Obligations and Borrowing Arrangements The following table summarizes the Company 's long-term obligations: (in millions) September 30, 2023 December 31, 2022 Notes $ 11,589 $ 11,568 Less: current portion of long-term obligations (1,649) (496) Long-term obligations $ 9,940 $ 11,072 The following table summarizes the Company's short-term borrowings and current portion of long-term obligations: (in millions) September 30, 2023 December 31, 2022 Commercial paper notes $ 1,149 $ 399 Current portion of long-term obligations 1,649 496 Short-term borrowings and current portion of long-term obligations $ 2,798 $ 895 SENIOR UNSECURED NOTES The Company's Notes consisted of the following: (in millions, except %) Issuance Maturity Date Rate September 30, 2023 December 31, 2022 2023 Notes December 15, 2023 3.130% $ 500 $ 500 2024 Notes March 15, 2024 0.750% 1,150 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 Notes June 15, 2027 3.430% 500 500 2028 Merger Notes May 25, 2028 4.597% 1,112 1,112 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 2032 Notes April 15, 2032 4.050% 850 850 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 11,743 11,743 Adjustment from principal amount to carrying amount (1) (154) (175) Carrying amount $ 11,589 $ 11,568 (1) The carrying amount includes unamortized discounts, debt issuance costs and fair value adjustments related to the DPS Merger. VARIABLE-RATE BORROWING ARRANGEMENTS Revolving Credit Agreement The following table summarizes information about the 2022 Revolving Credit Agreement: (in millions) September 30, 2023 December 31, 2022 Issuance Maturity Date Capacity Carrying Value Carrying Value 2022 Revolving Credit Agreement (1) February 23, 2027 $ 4,000 $ — $ — (1) The 2022 Revolving Credit Agreement has $200 million letters of credit available, none of which were utilized as of September 30, 2023. As of September 30, 2023, KDP was in compliance with its minimum interest coverage ratio relating to the 2022 Revolving Credit Agreement . Commercial Paper Program The following table provides information about the Company 's weighted average borrowings under its commercial paper program: Third Quarter First Nine Months (in millions, except %) 2023 2022 2023 2022 Weighted average commercial paper borrowings $ 1,495 $ — $ 1,061 $ 29 Weighted average borrowing rates 5.49 % — % 5.31 % 0.58 % Letter of Credit Facility In addition to the portion of the 2022 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, $68 million of which was utilized as of September 30, 2023 and $82 million of which remains available for use. FAIR VALUE DISCLOSURES The fair value of KDP's commercial paper approximates the carrying value and are considered Level 2 within the fair value hierarchy.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2023
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, 2023 $ 8,714 $ 8,622 $ 2,736 $ 20,072 Foreign currency translation — — 50 50 Balance as of September 30, 2023 $ 8,714 $ 8,622 $ 2,786 $ 20,122 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, 2023 December 31, 2022 Brands (1) $ 19,380 $ 19,291 Trade names 2,478 2,480 Contractual arrangements 122 122 Distribution rights (2) 155 100 Total $ 22,135 $ 21,993 (1) The change in brands with indefinite lives was primarily driven by foreign currency translation of $89 million during the first nine months of 2023. (2) The Company acquired certain distribution rights during the first nine months of 2023 of approximately $55 million, primarily attributable to Nutrabolt. The net carrying amounts of intangible assets other than goodwill with definite lives are as follows: September 30, 2023 December 31, 2022 (in millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Acquired technology $ 1,146 $ (530) $ 616 $ 1,146 $ (475) $ 671 Customer relationships 636 (227) 409 638 (204) 434 Trade names 126 (111) 15 127 (101) 26 Brands 51 (24) 27 51 (19) 32 Contractual arrangements 24 (11) 13 24 (10) 14 Distribution rights 29 (21) 8 29 (16) 13 Total $ 2,012 $ (924) $ 1,088 $ 2,015 $ (825) $ 1,190 Amortization expense for intangible assets with definite lives was as follows: Third Quarter First Nine Months (in millions) 2023 2022 2023 2022 Amortization expense $ 34 $ 33 $ 103 $ 100 Amortization expense of these intangible assets over the remainder of 2023 and the next five years is expected to be as follows: Remainder of 2023 For the Years Ending December 31, (in millions) 2024 2025 2026 2027 2028 Expected amortization expense $ 33 $ 127 $ 115 $ 111 $ 95 $ 87 IMPAIRMENT TESTING KDP conducts impairment tests on goodwill and all indefinite lived intangible assets annually, or more frequently if circumstances indicate that the carrying amount of an asset may not be recoverable. Changes to the Company’s operating segments effective January 1, 2023, as described in Note 6, resulted in a change to the Company’s reporting units. The Company’s reporting units are as follows: Reportable Segments Reporting Units U.S. Refreshment Beverages U.S. Beverage Concentrates U.S. WD DSD U.S. Coffee U.S. Coffee International Canada Beverage Concentrates Canada WD Canada Coffee Latin America Beverages Management performed a step 0 analysis of the goodwill as of the effective date of the segment change for the impacted reporting units. The Company also performed an analysis as of September 30, 2023 to ensure that there were no additional triggering events which occurred during the quarter. As a result of these analyses, management did not identify any indications that a material carrying amount of any goodwill or any intangible asset may not be recoverable.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2023
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. KDP formally designates and accounts 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. The Company has exposure to credit losses from derivative instruments in an asset position in the event of nonperformance by the counterparties to the agreements. Historically, the Company has not experienced material credit losses as a result of counterparty nonperformance. The Company selects and periodically reviews counterparties based on credit ratings, limits its exposure to a single counterparty under defined guidelines and monitors the market position of the programs upon execution of a hedging transaction and at least on a quarterly basis. INTEREST RATES Economic Hedges KDP is exposed to interest rate risk related to its borrowing arrangements and obligations. The Company enters into interest rate contracts to provide predictability in the Company 's overall cost structure and to manage the balance of fixed-rate and variable-rate debt. KDP primarily enters 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, 2023, economic interest rate derivative instruments have maturities ranging from December 2023 to January 2038. Cash Flow Hedges In order to hedge the variability in cash flows from interest rate changes associated with the Company’s planned future issuances of long-term debt, during the first quarter of 2021, the Company entered into forward starting swaps and designated them as cash flow hedges. During the first quarter of 2023, KDP terminated the remaining forward starting swaps which were designated as cash flow hedges. As the forecasted debt transaction associated with the terminated forward starting swaps was no longer considered probable, the realized gains associated with the termination were recorded in interest expense during the first quarter of 2023. FOREIGN EXCHANGE KDP is exposed to foreign exchange risk in its international subsidiaries or with certain counterparties in foreign jurisdictions, which may transact in currencies that are different from the functional currencies of KDP’s legal entities. Additionally, the balance sheets of each of the Company’s Canadian and Mexican businesses are subject to exposure from movements in exchange rates. Economic Hedges KDP holds 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, 2023, these FX contracts have maturities ranging from October 2023 to October 2024. Cash Flow Hedges KDP designates 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 the 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, 2023, these FX contracts have maturities ranging from October 2023 to December 2024. COMMODITIES Economic Hedges KDP centrally manages the exposure to volatility in the prices of certain commodities used in its production process and transportation through various derivative contracts. The Company generally holds some combination of future, swap and option contracts that economically hedge certain of its 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 the Company's 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, 2023, these commodity contracts have maturities ranging from October 2023 to June 2025. NOTIONAL AMOUNTS OF DERIVATIVE INSTRUMENTS The following table presents the notional amounts of KDP's outstanding derivative instruments by type: (in millions) September 30, 2023 December 31, 2022 Interest rate contracts Forward starting swaps, not designated as hedging instruments $ 1,700 $ 1,000 Forward starting swaps, designated as cash flow hedges — 500 Receive-fixed, pay-variable interest rate swaps, not designated as hedging instruments — 1,900 Swaptions, not designated as hedging instruments 1,700 — FX contracts Forward contracts, not designated as hedging instruments 652 490 Forward contracts, designated as cash flow hedges 482 511 Commodity contracts, not designated as hedging instruments (1) 439 754 (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 the Company's 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, the Company has categorized these contracts as Level 2. Not Designated as Hedging Instruments The following table summarizes the location of the fair value of the Company's 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, 2023 December 31, 2022 Assets: FX contracts Prepaid expenses and other current assets $ 6 $ 8 Commodity contracts Prepaid expenses and other current assets 22 6 Interest rate contracts Other non-current assets — 49 FX contracts Other non-current assets 3 1 Commodity contracts Other non-current assets 5 1 Liabilities: Interest rate contracts Other current liabilities 26 58 FX contracts Other current liabilities 1 — Commodity contracts Other current liabilities 39 51 Interest rate contracts Other non-current liabilities 299 194 Commodity contracts Other non-current liabilities 1 1 Designated as Hedging Instruments The following table summarizes the location of the fair value of the Company's 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, 2023 December 31, 2022 Assets: FX contracts Prepaid expenses and other current assets $ 9 $ 21 FX contracts Other non-current assets — 1 Interest rate contracts Other non-current assets — 88 Liabilities: FX contracts Other current liabilities 11 3 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. Third Quarter First Nine Months (in millions) Income Statement Location 2023 2022 2023 2022 Interest rate contracts Interest expense $ 104 $ 96 $ 49 $ 219 Interest rate contracts Loss on early extinguishment of debt — — — 31 FX contracts Cost of sales (4) (7) (4) (9) FX contracts Other (income) expense, net (6) (10) (1) (9) Commodity contracts Cost of sales (7) 29 2 33 Commodity contracts SG&A expenses (20) 24 (2) (39) 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: Third Quarter First Nine Months (in millions) Income Statement Location 2023 2022 2023 2022 Interest rate contracts (1) Interest expense $ (2) $ (2) $ (72) $ (4) FX contracts Cost of sales 4 — (1) 5 (1) Amounts recognized 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. KDP expects to reclassify approximately $8 million and $1 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
	Sep. 30, 2023
Leases [Abstract]
Lessee, Finance Leases	Leases The following table presents the components of lease cost: Third Quarter First Nine Months (in millions) 2023 2022 2023 2022 Operating lease cost $ 40 $ 34 $ 118 $ 101 Finance lease cost Amortization of right-of-use assets 21 19 60 57 Interest on lease liabilities 6 6 18 17 Variable lease cost (1) 10 9 30 26 Short-term lease cost 1 1 1 1 Sublease income — (1) — (1) Total lease cost $ 78 $ 68 $ 227 $ 201 (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 the Company's leases: First Nine Months (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 110 $ 92 Operating cash flows from finance leases 18 17 Financing cash flows from finance leases 74 65 Right-of-use assets obtained in exchange for lease obligations: Operating leases 78 245 Finance leases 75 84 The following table presents information about the Company's weighted average discount rate and remaining lease term: September 30, 2023 December 31, 2022 Weighted average discount rate Operating leases 5.2 % 5.0 % Finance leases 3.8 % 3.7 % Weighted average remaining lease term Operating leases 10 years 11 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, 2023 were as follows: (in millions) Operating Leases Finance Leases Remainder of 2023 $ 25 $ 31 2024 148 124 2025 141 120 2026 129 157 2027 107 69 2028 85 54 Thereafter 527 290 Total future minimum lease payments 1,162 845 Less: imputed interest (261) (131) Present value of minimum lease payments $ 901 $ 714 SIGNIFICANT LEASES THAT HAVE NOT YET COMMENCED As of September 30, 2023, the Company has entered into leases that have not yet commenced with estimated aggregated future lease payments of approximately $210 million. These leases are expected to commence between the fourth quarter of 2023 through 2026, with initial lease terms ranging from 4 years to 10 years. ASSET SALE-LEASEBACK TRANSACTION The Company entered into a sale-leaseback transaction with the Veyron SPEs during the first nine months of 2023. The following table presents details of the transaction. The gain on the sale-leaseback is recorded in Other operating income, net, and the leaseback is accounted for as an operating lease. (in millions) Sale Proceeds Carrying Value Gain on Sale March 31, 2023 (1) $ 7 $ 1 $ 6 (1) The sale-leaseback transaction included one distribution property. The initial term of the leaseback is approximately 15 years, with two 10-year renewal options. The renewal options are not reasonably assured as (i) the Company's position that the dynamic environment in which it operates precludes the Company's ability to be reasonably certain of exercising the renewal options in the distant future and (ii) the options are contingent on the Company remaining investment grade and no change-in-control as of the end of the lease term. The leaseback has a RVG. Refer to Note 15 for additional information about the RVG associated with the asset sale-leaseback transaction.
Lessee, Operating Leases	Leases The following table presents the components of lease cost: Third Quarter First Nine Months (in millions) 2023 2022 2023 2022 Operating lease cost $ 40 $ 34 $ 118 $ 101 Finance lease cost Amortization of right-of-use assets 21 19 60 57 Interest on lease liabilities 6 6 18 17 Variable lease cost (1) 10 9 30 26 Short-term lease cost 1 1 1 1 Sublease income — (1) — (1) Total lease cost $ 78 $ 68 $ 227 $ 201 (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 the Company's leases: First Nine Months (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 110 $ 92 Operating cash flows from finance leases 18 17 Financing cash flows from finance leases 74 65 Right-of-use assets obtained in exchange for lease obligations: Operating leases 78 245 Finance leases 75 84 The following table presents information about the Company's weighted average discount rate and remaining lease term: September 30, 2023 December 31, 2022 Weighted average discount rate Operating leases 5.2 % 5.0 % Finance leases 3.8 % 3.7 % Weighted average remaining lease term Operating leases 10 years 11 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, 2023 were as follows: (in millions) Operating Leases Finance Leases Remainder of 2023 $ 25 $ 31 2024 148 124 2025 141 120 2026 129 157 2027 107 69 2028 85 54 Thereafter 527 290 Total future minimum lease payments 1,162 845 Less: imputed interest (261) (131) Present value of minimum lease payments $ 901 $ 714 SIGNIFICANT LEASES THAT HAVE NOT YET COMMENCED As of September 30, 2023, the Company has entered into leases that have not yet commenced with estimated aggregated future lease payments of approximately $210 million. These leases are expected to commence between the fourth quarter of 2023 through 2026, with initial lease terms ranging from 4 years to 10 years. ASSET SALE-LEASEBACK TRANSACTION The Company entered into a sale-leaseback transaction with the Veyron SPEs during the first nine months of 2023. The following table presents details of the transaction. The gain on the sale-leaseback is recorded in Other operating income, net, and the leaseback is accounted for as an operating lease. (in millions) Sale Proceeds Carrying Value Gain on Sale March 31, 2023 (1) $ 7 $ 1 $ 6 (1) The sale-leaseback transaction included one distribution property. The initial term of the leaseback is approximately 15 years, with two 10-year renewal options. The renewal options are not reasonably assured as (i) the Company's position that the dynamic environment in which it operates precludes the Company's ability to be reasonably certain of exercising the renewal options in the distant future and (ii) the options are contingent on the Company remaining investment grade and no change-in-control as of the end of the lease term. The leaseback has a RVG. Refer to Note 15 for additional information about the RVG associated with the asset sale-leaseback transaction.

Segments

Segments	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segments	Segments Effective January 1, 2023, the Company revised its segment structure to align with changes in how the Company’s Chief Operating Decision Maker manages the business, assesses performance and allocates resources. The Company's 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 the Company's 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 the Company's K-Cup pods, single-serve brewers and accessories, and other coffee products to partners, retailers and directly to consumers through the Company’s 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 the Company's 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 the Company’s 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 the Company's reportable segments. Intersegment sales are recorded at cost and are eliminated in the unaudited Condensed Consolidated Statements of Income. “Unallocated corporate costs” are excluded from the Company's measurement of segment performance and include unrealized commodity derivative gains and losses, and certain general corporate expenses. Information about the Company's operations by reportable segment is as follows: Third Quarter First Nine Months (in millions) 2023 2022 2023 2022 Segment Results – Net sales U.S. Refreshment Beverages $ 2,270 $ 2,144 $ 6,607 $ 6,009 U.S. Coffee 1,012 1,045 2,913 3,017 International 523 433 1,427 1,228 Net sales $ 3,805 $ 3,622 $ 10,947 $ 10,254 Segment Results – Income from operations U.S. Refreshment Beverages $ 676 $ 322 $ 1,795 $ 1,554 U.S. Coffee 293 272 775 822 International 139 97 331 259 Unallocated corporate costs (212) (297) (652) (703) Income from operations $ 896 $ 394 $ 2,249 $ 1,932 (in millions) September 30, 2023 December 31, 2022 Identifiable operating assets U.S. Refreshment Beverages $ 28,688 $ 28,987 U.S. Coffee 14,103 14,220 International 6,961 6,873 Segment total 49,752 50,080 Unallocated corporate assets 675 757 Total identifiable operating assets 50,427 50,837 Investments in unconsolidated affiliates 1,336 1,000 Total assets $ 51,763 $ 51,837

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition KDP recognizes revenue when obligations under the terms of a contract with the customer are satisfied. Branded product sales, which include LRB, K-Cup pods and appliances, occur once control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration that KDP expects to receive in exchange for transferring goods. The amount of consideration KDP receives and revenue KDP recognizes varies with changes in customer incentives that KDP offers to its customers and their customers. 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 KDP's revenue by product portfolio and by reportable segment: (in millions) U.S. Refreshment Beverages U.S. Coffee International Total 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 third quarter of 2022: LRB $ 2,107 $ — $ 268 $ 2,375 K-Cup pods — 808 105 913 Appliances — 204 21 225 Other 37 33 39 109 Net sales $ 2,144 $ 1,045 $ 433 $ 3,622 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 For the first nine months of 2022: LRB $ 5,912 $ — $ 745 $ 6,657 K-Cup pods — 2,355 320 2,675 Appliances — 566 55 621 Other 97 96 108 301 Net sales $ 6,009 $ 3,017 $ 1,228 $ 10,254 LRB represents net sales of owned and partner brands within our portfolio and includes CSDs, NCBs, and contract manufacturing of KDP branded products for our bottlers and distributors. K-Cup pods represents net sales from owned brands, 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
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents the Company's basic and diluted EPS and shares outstanding. Third Quarter First Nine Months (in millions, except per share data) 2023 2022 2023 2022 Net income attributable to KDP $ 518 $ 180 $ 1,488 $ 983 Weighted average common shares outstanding 1,397.4 1,416.1 1,401.3 1,417.3 Dilutive effect of stock-based awards 8.8 11.1 9.5 11.5 Weighted average common shares outstanding and common stock equivalents 1,406.2 1,427.2 1,410.8 1,428.8 Basic EPS $ 0.37 $ 0.13 $ 1.06 $ 0.69 Diluted EPS 0.37 0.13 1.05 0.69 Anti-dilutive shares excluded from the diluted weighted average shares outstanding calculation 1.0 — 1.0 —

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The components of stock-based compensation expense are presented below: Third Quarter First Nine Months (in millions) 2023 2022 2023 2022 Total stock-based compensation expense (1) $ 29 $ 31 $ 86 $ 43 Income tax benefit (5) (5) (14) (6) Stock-based compensation expense, net of tax $ 24 $ 26 $ 72 $ 37 (1) The Company recorded a one-time $40 million reduction to stock-based compensation expense as a result of the change in forfeiture policy in the first nine months of 2022. 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 (in millions) Outstanding as of December 31, 2022 18,038,745 $ 27.46 1.6 $ 643 Granted 3,520,386 31.21 Vested and released (5,273,915) 23.68 178 Forfeited (913,249) 29.43 Outstanding as of September 30, 2023 15,371,967 $ 29.50 1.7 $ 485 As of September 30, 2023, there was $189 million of unrecognized compensation cost related to unvested RSUs that is expected to be recognized over a weighted average period of 3.1 years.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in unconsolidated affiliates	Investments The following table summarizes investments in unconsolidated affiliates as of September 30, 2023 and December 31, 2022: (in millions) Ownership Interest September 30, 2023 December 31, 2022 Nutrabolt (1) 33.2 % $ 907 $ 874 La Colombe 33.3 % 307 — Tractor 19.2 % 45 49 Athletic Brewing 13.1 % 50 51 Dyla LLC 12.5 % 13 12 Force Holdings LLC (2) 33.3 % 4 4 Beverage startup companies (3) (various) 5 5 Other (various) 5 5 Investments in unconsolidated affiliates $ 1,336 $ 1,000 (1) The Company’s investment in Nutrabolt consists of preferred equity units, and the ownership interest is calculated on an as-converted basis. (2) Force Holdings LLC has a 14.1% ownership interest in Dyla LLC. (3) Beverage startup companies represent equity method investments in development stage entities and may include entities which are pre-revenue, in test markets, or in early operations. LA COLOMBE In August 2023, the Company invested $300 million in exchange for common shares in La Colombe that represent a 33.3% ownership interest. The Company additionally capitalized $7 million of incremental third-party costs into the investment balance. REVIVE

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rates were as follows: Third Quarter First Nine Months 2023 2022 2023 2022 Effective tax rate 22.0 % 2.2 % 19.9 % 15.4 % The following is a reconciliation of the provision for income taxes computed at the U.S. federal statutory tax rate to the provision for income taxes reported in the unaudited Condensed Consolidated Statements of Income: Third Quarter First Nine Months 2023 2022 2023 2022 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net 3.0 % 1.7 % 3.0 % 3.3 % Impact of non-U.S. operations (1)(2) (0.7) % (5.9) % (3.3) % (1.7) % Tax credits (2) (3.8) % (11.7) % (3.4) % (3.2) % U.S. taxation of foreign earnings (2) 2.3 % 11.2 % 2.5 % 3.1 % Deferred rate change (3) (0.4) % (18.5) % — % (7.8) % Uncertain tax positions 0.2 % 0.4 % 0.1 % 0.1 % U.S. federal provision to return 0.4 % — % — % — % Excess tax deductions on stock-based compensation (0.5) % — % (0.5) % (0.1) % Other 0.5 % 4.0 % 0.5 % 0.7 % Total provision for income taxes 22.0 % 2.2 % 19.9 % 15.4 % (1) For the first nine months of 2023, primarily driven by an immaterial non-cash true-up related to a prior period, which resulted in a $28 million reduction in foreign deferred tax liabilities. (2) For the third quarter and first nine months of 2022, primarily driven by the Company’s incremental income in low tax jurisdictions. (3) For the third quarter and first nine months of 2022, primarily driven by the revaluation of state deferred tax liabilities due to state legislative changes during 2022.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2023
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 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 third quarter of 2022: Beginning balance $ 47 $ (7) $ 165 $ 205 Other comprehensive (loss) income (249) — 36 (213) Amounts reclassified from AOCI — — (1) (1) Total other comprehensive (loss) income (249) — 35 (214) Balance as of September 30, 2022 $ (202) $ (7) $ 200 $ (9) 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 For the first nine months of 2022: Beginning balance $ 81 $ (4) $ (103) $ (26) Other comprehensive (loss) income (283) (3) 302 16 Amounts reclassified from AOCI — — 1 1 Total other comprehensive (loss) income (283) (3) 303 17 Balance as of September 30, 2022 $ (202) $ (7) $ 200 $ (9) The following table presents the amount of (gains) losses reclassified from AOCI into the unaudited Condensed Consolidated Statements of Income: Third Quarter First Nine Months (in millions) Income Statement Caption 2023 2022 2023 2022 Cash Flow Hedges: Interest rate contracts (1) Interest expense $ (2) $ (2) $ (72) $ (4) FX contracts Cost of sales 4 — (1) 5 Total 2 (2) (73) 1 Income tax expense — 1 17 — Total, net of tax $ 2 $ (1) $ (56) $ 1 (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. Refer to Note 4 for additional information on the terminated forward starting swaps.

Other Financial Information

Other Financial Information	9 Months Ended
	Sep. 30, 2023
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) 2023 2022 Inventories: Raw materials $ 449 $ 475 Work-in-progress 9 8 Finished goods 914 858 Total 1,372 1,341 Allowance for excess and obsolete inventories (24) (27) Total Inventories $ 1,348 $ 1,314 Prepaid expenses and other current assets: Other receivables $ 116 $ 167 Prepaid income taxes 53 49 Customer incentive programs 55 25 Derivative instruments 37 35 Prepaid marketing 46 19 Spare parts 106 89 Income tax receivable 14 17 Other 92 70 Total prepaid expenses and other current assets $ 519 $ 471 Other non-current assets: Operating lease right-of-use assets $ 873 $ 881 Customer incentive programs 34 46 Derivative instruments 8 140 Equity securities (1) 67 48 Equity securities without readily determinable fair values — 1 Other 135 136 Total other non-current assets $ 1,117 $ 1,252 (1) Fair values of these equity securities are determined using quoted market prices from daily exchange traded markets, based on the closing price as of the balance sheet date, and are classified as Level 1. Unrealized mark-to-market gains and losses are recorded to Other (income) expense, net. For the first nine months of 2023, the Company recorded an unrealized mark-to-market gain of $16 million on its investment in Vita Coco. The Company recorded no mark-to-market gains or losses on its investment in Vita Coco for the first nine months of 2022. September 30, December 31, (in millions) 2023 2022 Accrued expenses: Accrued customer trade $ 403 $ 429 Accrued compensation 191 246 Insurance reserve 51 53 Accrued interest 151 76 Accrued professional fees 6 7 Other accrued expenses 321 342 Total accrued expenses $ 1,123 $ 1,153 Other current liabilities: Dividends payable $ 300 $ 281 Income taxes payable 49 87 Operating lease liability 108 100 Finance lease liability 100 95 Derivative instruments 77 112 Other 47 10 Total other current liabilities $ 681 $ 685 Other non-current liabilities: Operating lease liability $ 793 $ 803 Finance lease liability 614 618 Pension and post-retirement liability 30 37 Insurance reserves 87 69 Derivative instruments 300 195 Deferred compensation liability 30 30 Other 77 73 Total other non-current liabilities $ 1,931 $ 1,825 ACCOUNTS PAYABLE KDP has agreements with third party administrators which allow participating suppliers to track payment obligations from KDP, and, if voluntarily elected by the supplier, to sell payment obligations from KDP to financial institutions. Suppliers can sell one or more of KDP's payment obligations, at their sole discretion, and the rights and obligations of KDP to its suppliers are not impacted. KDP has no economic interest in a supplier’s decision to enter into these agreements and no direct financial relationship with the financial institutions. KDP's obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted. The amount of the outstanding obligations confirmed as valid included in accounts payable

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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. As of September 30, 2023 and December 31, 2022, the Company had litigation reserves of $10 million and $12 million, respectively. KDP has 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. The Company does not believe that the outcome of these, or any other, pending legal matters, individually or collectively, will have a material adverse effect on the results of operations, financial condition or liquidity of KDP. ANTITRUST LITIGATION In February 2014, TreeHouse Foods, Inc. and certain affiliated entities filed suit against KDP’s wholly-owned subsidiary, Keurig, 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 March 2014, JBR, Inc. filed suit against Keurig in the U.S. District Court for the Eastern District of California (JBR, Inc. v. Keurig Green Mountain, Inc.). The claims asserted and relief sought in the JBR complaint were substantially similar to the claims asserted and relief sought in the TreeHouse complaint. Beginning in 2014, a number of putative class actions asserting similar claims and seeking similar relief to the matters described above were filed on behalf of purported direct purchasers of Keurig’s products in various federal district courts. In June 2014, these various actions, including the TreeHouse and JBR suits, were transferred to a single judicial district for coordinated pre-trial proceedings (the “Multidistrict Antitrust Litigation”). A consolidated putative class action complaint by direct purchaser plaintiffs was filed in July 2014. In January 2019, McLane Company, Inc. filed suit against Keurig (McLane Company, Inc. v. Keurig Green Mountain, Inc.) in the SDNY asserting similar claims and was also transferred into the Multidistrict Antitrust Litigation. These actions are now pending in the SDNY (In re: Keurig Green Mountain Single-Serve Coffee Antitrust Litigation). Discovery in the Multidistrict Antitrust Litigation concluded in 2021, with 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 a summary judgment motion 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. Keurig’s motions and opposition remain pending in the SDNY. In July 2021, BJ’s Wholesale Club, Inc. filed suit against Keurig (BJ’s Wholesale Club, Inc. v. Keurig Green Mountain, Inc.) in the U.S. District Court for the Eastern District of New York (“EDNY”) asserting similar claims and also was transferred into the Multidistrict Antitrust Litigation. In August 2021, Winn-Dixie Stores, Inc. and Bi-Lo Holding LLC filed suit against Keurig (Winn-Dixie Stores, Inc. et al. v. Keurig Green Mountain, Inc. et al.) in the EDNY asserting similar claims and was also transferred into the Multidistrict Antitrust Litigation. Following the conclusion of discovery in 2023, Keurig similarly filed a motion for summary judgment seeking dismissal of these cases and also filed other significant motions. These motions remain pending in the SDNY. A number of putative class actions asserting similar claims and seeking similar relief were previously filed on behalf of purported indirect purchasers of Keurig’s products. In July 2020, Keurig reached an agreement with the putative indirect purchaser class plaintiffs in the Multidistrict Antitrust Litigation to settle the claims asserted for $31 million. The settlement class consists 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 SDNY granted preliminary approval of the settlement in December 2020, and the Company paid the settlement amount in January 2021. In June 2021, the SDNY granted final approval of the settlement, entered final judgment, and dismissed the indirect purchasers’ claims. Separate from the U.S. actions described above, a statement of claim was filed in September 2014 against Keurig and Keurig Canada Inc. in Ontario, Canada, by Club Coffee L.P., a Canadian manufacturer of single serve beverage pods, asserting a breach of competition law and false and misleading statements by Keurig. To date, this plaintiff has not taken substantive action to prosecute its claims. KDP intends to vigorously defend the remaining lawsuits described above. At this time, the Company is 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 the Company or its operations. Accordingly, the Company has not accrued for a loss contingency. Additionally, as the timelines in these cases may be beyond our control, we cannot assure you if or when there will be material developments in these matters.

Transactions with Variable Inte

Transactions with Variable Interest Entities	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entity Disclosure	15. Transactions with Variable Interest Entities TRANSACTIONS WITH VEYRON SPEs The Company has a number of leasing arrangements and one licensing arrangement with special purpose entities associated with the same sponsor, which are referred to as the Veyron SPEs. The Veyron SPEs are VIEs for which KDP is not the primary beneficiary, as KDP has limited power based on the contractual agreements to direct the activities that most significantly impact the VIEs’ performance. Leasing Arrangements As of September 30, 2023, the Company has entered into sixteen lease transactions with the Veyron SPEs, fifteen of which were associated with asset sale-leaseback transactions. Refer to Note 5 for additional information about the asset sale-leaseback transaction during the first nine months of 2023. Each lease has a RVG based on a percentage of Veyron SPEs’s purchase price; however, the Company concluded it was not probable that the Company will owe an amount at the end of each individual lease term, as the fair values of the properties are not expected to fall below the RVGs at the end of each individual lease term. As such, the Company recorded each lease obligation excluding the associated RVG. The aggregate maximum undiscounted RVG associated with the leasing arrangements as of September 30, 2023 and December 31, 2022 were $653 million and $650 million, respectively. This aggregate maximum value assumes that the fair value of each property at the end of either the original lease term or renewal term is equal to zero, which the Company has concluded is not probable. The following table provides the carrying amounts of the right-to-use assets and lease obligations recorded on the Company’s unaudited Condensed Consolidated Balance Sheets associated with these leasing arrangements related to the VIEs as of September 30, 2023 and December 31, 2022. (in millions) September 30, 2023 (1) December 31, 2022 (2) Non-current assets $ 418 $ 430 Current liabilities 23 22 Non-current liabilities 408 419 (1) The leasing agreements included as of September 30, 2023 include nine manufacturing sites, five distribution centers and our Frisco, Texas headquarters. (2) The leasing agreements included as of December 31, 2022 include nine manufacturing sites, four distribution centers and our Frisco, Texas headquarters. Licensing Arrangement ABC, a wholly-owned subsidiary of KDP, has provided a guarantee in connection with its distribution agreement with the Veyron SPEs to be paid only in the event the Veyron SPEs sell specific distribution rights and the value of those distribution rights does not exceed $142 million, which is the maximum undiscounted amount that KDP could pay under the guarantee. All obligations with respect to the guarantee will cease upon termination of the distribution agreement, which would occur upon notice by ABC not to renew the distribution agreement, KDP no longer being investment grade at the end of the term, or the sale of the distribution rights by the Veyron SPEs. As of September 30, 2023, KDP has not recorded a liability as it is not probable that the Company will have to make any payments required under the residual value guarantee, as the fair value of the distribution rights is not expected to fall below $142 million over the term of the agreement. As of September 30, 2023, KDP had $94 million in fixed service fee commitments related to the 15-year distribution agreement which was effective on December 28, 2020, with Veyron SPEs. These commitments were used to assist the Veyron SPEs in obtaining financing. Such fixed service fee payments began on January 1, 2021. Fixed service fees over the next five years are expected to be as follows: Remainder of 2023 For the Years Ending December 31, (in millions) 2024 2025 2026 2027 2028 Fixed service fees $ 1 $ 8 $ 8 $ 7 $ 8 $ 8 TRANSACTION WITH NUTRABOLT The Company has a preferred equity investment in Nutrabolt, which will earn the greater of (i) a 5% annual coupon on the preferred equity units plus any accretion for amounts not yet paid or (ii) KDP’s share of Nutrabolt’s earnings as if KDP’s preferred equity was converted into common units. As the other investors of Nutrabolt have to share in Nutrabolt's earnings with KDP if in excess of the 5% annual coupon, the other investors lack certain characteristics of a controlling financial interest, which qualifies Nutrabolt as a VIE. KDP is not the primary beneficiary of the VIE and therefore is not required to consolidate Nutrabolt, as the primary shareholder of the VIE has control over the board and decision-making for the activities that most significantly impact the VIE’s economic performance, including sales, marketing, and operations. KDP has no obligation to provide additional funding to Nutrabolt, and thus the Company’s maximum exposure and risk of loss related to Nutrabolt is limited to the carrying value of KDP’s investment. Refer to Note 10 for the carrying value of the Company’s investment in Nutrabolt. TRANSACTION WITH LA COLOMBE The Company has an investment in common shares of La Colombe. Under the terms of the investment agreement, KDP has certain contractual rights that will result in a return of investment at the greater of a specified floor or fair value. As other investors of La Colombe will have to absorb more risk when the specified floor is greater than fair value, the other investors lack certain characteristics of a controlling financial interest, which qualifies La Colombe as a VIE. KDP is not the primary beneficiary of the VIE and therefore is not required to consolidate La Colombe, as the primary shareholder of the VIE has control over the board and decision-making for the activities that most significantly impact the VIE’s economic performance, including sales, marketing, and operations. KDP has no obligation to provide additional funding to La Colombe, and thus the Company’s maximum exposure and risk of loss related to La Colombe is limited to the carrying value of KDP’s investment. Refer to Note 10 for the carrying value of the Company’s investment in La Colombe.

Restructuring and Integration C

Restructuring and Integration Costs	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Integration Costs	Restructuring RESTRUCTURING PROGRAMS The Company records severance costs provided under an ongoing benefit arrangement once they are both probable and estimable. 2023 CEO Succession and Associated Realignment In the third quarter of 2023, the Company 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 announcement of the appointment of a Chief Operating Officer, effective November 6, 2023, with the expectation that the new Chief Operating Officer will succeed Robert Gamgort as Chief Executive Officer of the Company during the second quarter of 2024. The Company is also planning to realign its executive and operating leadership structure to enable faster decision making and to better support various strategic initiatives of the Company. Additionally, certain workforce reductions could occur as we assess our organization and upskill our talent and capabilities as needed. The program is expected to incur charges of approximately $45 million, primarily driven by severance costs and the sign-on bonus for our new Chief Operating Officer. DPS Integration Program As part of the DPS Merger, the Company developed a program to deliver $600 million in synergies over a three-year period through supply chain optimization, reduction of indirect spend through new economies of scale, elimination of duplicative support functions and advertising and promotion optimization. Although the program was initially expected to be completed in 2021, as a result of delays due to COVID-19, KDP continued to recognize expenditures for certain initiatives which began during the integration period through December 31, 2022. The restructuring and integration program resulted in cumulative pre-tax charges of approximately $962 million, primarily consisting of professional fees related to the integration and transformation and costs associated with severance and employee terminations. RESTRUCTURING CHARGES Restructuring and integration expenses for the defined programs during the periods presented were as follows: Third Quarter First Nine Months (in millions) 2023 2022 2023 2022 2023 CEO Succession and Associated Realignment $ 25 $ — $ 25 $ — DPS Integration Program — 33 — 91 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, 2023 $ 55 Charges to expense 18 Cash payments (42) Balance as of September 30, 2023 $ 31

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events STRATEGIC PARTNERSHIP WITH GRUPO PISA

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 518,000,000	$ 503,000,000	$ 467,000,000	$ 180,000,000	$ 218,000,000	$ 585,000,000	$ 1,488,000,000	$ 983,000,000

Insider Trading Arrangements

Insider Trading Arrangements - Officer or Director [Member]	3 Months Ended
	Sep. 30, 2023
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
	Sep. 30, 2023
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 KDP's consolidated financial statements and accompanying notes included in the Company's Annual Report. References to the "third quarter" indicate the Company's quarterly periods ended September 30, 2023 and 2022.
Use of Estimates	The process of preparing KDP's 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 the Company believes 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
New Accounting Pronouncements, Policy	RECENTLY ADOPTED ACCOUNTING STANDARDS As of January 1, 2023, the Company adopted ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . The objective of ASU 2022-04 is to require entities to disclose information about the use of supplier finance programs in connection with the purchase of goods and services. While the adoption of ASU 2022-04 did not have a material impact on the Company’s unaudited condensed consolidated financial statements, it did impact the nature of the disclosures. The disclosure previously included in the Company’s Form 10-K was specific to the amount of KDP’s outstanding payment obligations that were voluntarily elected by the supplier and sold to financial institutions as informed by the third party administrators. ASU 2022-04 instead requires disclosure of the amount of KDP’s outstanding obligations loaded into the supplier finance programs by the Company at each reporting period regardless of whether the outstanding obligation has been elected by the supplier to be sold to financial institutions. Refer to Note 13 for additional information on the Company’s obligations to participating suppliers.

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	(in millions) Prior Presentation First Nine Months of 2022 Net issuance (repayment) of commercial paper Proceeds from issuance of commercial paper $ 500 Net issuance (repayment) of commercial paper Repayments of commercial paper (649)

Long-term Obligations and Bor_2

Long-term Obligations and Borrowing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Short-term Debt [Table Text Block]	The following table provides information about the Company 's weighted average borrowings under its commercial paper program: Third Quarter First Nine Months (in millions, except %) 2023 2022 2023 2022 Weighted average commercial paper borrowings $ 1,495 $ — $ 1,061 $ 29 Weighted average borrowing rates 5.49 % — % 5.31 % 0.58 %
Schedule of debt	The following table summarizes the Company 's long-term obligations: (in millions) September 30, 2023 December 31, 2022 Notes $ 11,589 $ 11,568 Less: current portion of long-term obligations (1,649) (496) Long-term obligations $ 9,940 $ 11,072 The following table summarizes the Company's short-term borrowings and current portion of long-term obligations: (in millions) September 30, 2023 December 31, 2022 Commercial paper notes $ 1,149 $ 399 Current portion of long-term obligations 1,649 496 Short-term borrowings and current portion of long-term obligations $ 2,798 $ 895
Schedule of long-term debt instruments	The Company's Notes consisted of the following: (in millions, except %) Issuance Maturity Date Rate September 30, 2023 December 31, 2022 2023 Notes December 15, 2023 3.130% $ 500 $ 500 2024 Notes March 15, 2024 0.750% 1,150 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 Notes June 15, 2027 3.430% 500 500 2028 Merger Notes May 25, 2028 4.597% 1,112 1,112 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 2032 Notes April 15, 2032 4.050% 850 850 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 11,743 11,743 Adjustment from principal amount to carrying amount (1) (154) (175) Carrying amount $ 11,589 $ 11,568
Schedule of line of credit facilities	The following table summarizes information about the 2022 Revolving Credit Agreement: (in millions) September 30, 2023 December 31, 2022 Issuance Maturity Date Capacity Carrying Value Carrying Value 2022 Revolving Credit Agreement (1) February 23, 2027 $ 4,000 $ — $ — (1) The 2022 Revolving Credit Agreement has $200 million letters of credit available, none of which were utilized as of September 30, 2023.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 $ 8,714 $ 8,622 $ 2,736 $ 20,072 Foreign currency translation — — 50 50 Balance as of September 30, 2023 $ 8,714 $ 8,622 $ 2,786 $ 20,122
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, 2023 December 31, 2022 Brands (1) $ 19,380 $ 19,291 Trade names 2,478 2,480 Contractual arrangements 122 122 Distribution rights (2) 155 100 Total $ 22,135 $ 21,993 (1) The change in brands with indefinite lives was primarily driven by foreign currency translation of $89 million during the first nine months of 2023. (2) The Company acquired certain distribution rights during the first nine months of 2023 of approximately $55 million, primarily attributable to Nutrabolt.
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, 2023 December 31, 2022 (in millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Acquired technology $ 1,146 $ (530) $ 616 $ 1,146 $ (475) $ 671 Customer relationships 636 (227) 409 638 (204) 434 Trade names 126 (111) 15 127 (101) 26 Brands 51 (24) 27 51 (19) 32 Contractual arrangements 24 (11) 13 24 (10) 14 Distribution rights 29 (21) 8 29 (16) 13 Total $ 2,012 $ (924) $ 1,088 $ 2,015 $ (825) $ 1,190
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) 2023 2022 2023 2022 Amortization expense $ 34 $ 33 $ 103 $ 100
Schedule of future amortization expense	Amortization expense of these intangible assets over the remainder of 2023 and the next five years is expected to be as follows: Remainder of 2023 For the Years Ending December 31, (in millions) 2024 2025 2026 2027 2028 Expected amortization expense $ 33 $ 127 $ 115 $ 111 $ 95 $ 87

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2023
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 KDP's outstanding derivative instruments by type: (in millions) September 30, 2023 December 31, 2022 Interest rate contracts Forward starting swaps, not designated as hedging instruments $ 1,700 $ 1,000 Forward starting swaps, designated as cash flow hedges — 500 Receive-fixed, pay-variable interest rate swaps, not designated as hedging instruments — 1,900 Swaptions, not designated as hedging instruments 1,700 — FX contracts Forward contracts, not designated as hedging instruments 652 490 Forward contracts, designated as cash flow hedges 482 511 Commodity contracts, not designated as hedging instruments (1) 439 754 (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 the Company's 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, 2023 December 31, 2022 Assets: FX contracts Prepaid expenses and other current assets $ 6 $ 8 Commodity contracts Prepaid expenses and other current assets 22 6 Interest rate contracts Other non-current assets — 49 FX contracts Other non-current assets 3 1 Commodity contracts Other non-current assets 5 1 Liabilities: Interest rate contracts Other current liabilities 26 58 FX contracts Other current liabilities 1 — Commodity contracts Other current liabilities 39 51 Interest rate contracts Other non-current liabilities 299 194 Commodity contracts Other non-current liabilities 1 1 Designated as Hedging Instruments The following table summarizes the location of the fair value of the Company's 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, 2023 December 31, 2022 Assets: FX contracts Prepaid expenses and other current assets $ 9 $ 21 FX contracts Other non-current assets — 1 Interest rate contracts Other non-current assets — 88 Liabilities: FX contracts Other current liabilities 11 3
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. Third Quarter First Nine Months (in millions) Income Statement Location 2023 2022 2023 2022 Interest rate contracts Interest expense $ 104 $ 96 $ 49 $ 219 Interest rate contracts Loss on early extinguishment of debt — — — 31 FX contracts Cost of sales (4) (7) (4) (9) FX contracts Other (income) expense, net (6) (10) (1) (9) Commodity contracts Cost of sales (7) 29 2 33 Commodity contracts SG&A expenses (20) 24 (2) (39)
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: Third Quarter First Nine Months (in millions) Income Statement Location 2023 2022 2023 2022 Interest rate contracts (1) Interest expense $ (2) $ (2) $ (72) $ (4) FX contracts Cost of sales 4 — (1) 5 (1) Amounts recognized 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.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Lease, Cost [Table Text Block]	The following table presents the components of lease cost: Third Quarter First Nine Months (in millions) 2023 2022 2023 2022 Operating lease cost $ 40 $ 34 $ 118 $ 101 Finance lease cost Amortization of right-of-use assets 21 19 60 57 Interest on lease liabilities 6 6 18 17 Variable lease cost (1) 10 9 30 26 Short-term lease cost 1 1 1 1 Sublease income — (1) — (1) Total lease cost $ 78 $ 68 $ 227 $ 201 (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 the Company's leases: First Nine Months (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 110 $ 92 Operating cash flows from finance leases 18 17 Financing cash flows from finance leases 74 65 Right-of-use assets obtained in exchange for lease obligations: Operating leases 78 245 Finance leases 75 84
Schedule of Weighted Average Lease Disclosures [Table Text Block]	The following table presents information about the Company's weighted average discount rate and remaining lease term: September 30, 2023 December 31, 2022 Weighted average discount rate Operating leases 5.2 % 5.0 % Finance leases 3.8 % 3.7 % Weighted average remaining lease term Operating leases 10 years 11 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, 2023 were as follows: (in millions) Operating Leases Finance Leases Remainder of 2023 $ 25 $ 31 2024 148 124 2025 141 120 2026 129 157 2027 107 69 2028 85 54 Thereafter 527 290 Total future minimum lease payments 1,162 845 Less: imputed interest (261) (131) Present value of minimum lease payments $ 901 $ 714
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, 2023 were as follows: (in millions) Operating Leases Finance Leases Remainder of 2023 $ 25 $ 31 2024 148 124 2025 141 120 2026 129 157 2027 107 69 2028 85 54 Thereafter 527 290 Total future minimum lease payments 1,162 845 Less: imputed interest (261) (131) Present value of minimum lease payments $ 901 $ 714
Schedule of Sale Leaseback Transactions	(in millions) Sale Proceeds Carrying Value Gain on Sale March 31, 2023 (1) $ 7 $ 1 $ 6 (1) The sale-leaseback transaction included one distribution property.

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	Information about the Company's operations by reportable segment is as follows: Third Quarter First Nine Months (in millions) 2023 2022 2023 2022 Segment Results – Net sales U.S. Refreshment Beverages $ 2,270 $ 2,144 $ 6,607 $ 6,009 U.S. Coffee 1,012 1,045 2,913 3,017 International 523 433 1,427 1,228 Net sales $ 3,805 $ 3,622 $ 10,947 $ 10,254 Segment Results – Income from operations U.S. Refreshment Beverages $ 676 $ 322 $ 1,795 $ 1,554 U.S. Coffee 293 272 775 822 International 139 97 331 259 Unallocated corporate costs (212) (297) (652) (703) Income from operations $ 896 $ 394 $ 2,249 $ 1,932
Reconciliation of operating profit (loss) from segments to consolidated	Information about the Company's operations by reportable segment is as follows: Third Quarter First Nine Months (in millions) 2023 2022 2023 2022 Segment Results – Net sales U.S. Refreshment Beverages $ 2,270 $ 2,144 $ 6,607 $ 6,009 U.S. Coffee 1,012 1,045 2,913 3,017 International 523 433 1,427 1,228 Net sales $ 3,805 $ 3,622 $ 10,947 $ 10,254 Segment Results – Income from operations U.S. Refreshment Beverages $ 676 $ 322 $ 1,795 $ 1,554 U.S. Coffee 293 272 775 822 International 139 97 331 259 Unallocated corporate costs (212) (297) (652) (703) Income from operations $ 896 $ 394 $ 2,249 $ 1,932
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	(in millions) September 30, 2023 December 31, 2022 Identifiable operating assets U.S. Refreshment Beverages $ 28,688 $ 28,987 U.S. Coffee 14,103 14,220 International 6,961 6,873 Segment total 49,752 50,080 Unallocated corporate assets 675 757 Total identifiable operating assets 50,427 50,837 Investments in unconsolidated affiliates 1,336 1,000 Total assets $ 51,763 $ 51,837

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	The following table disaggregates KDP's revenue by product portfolio and by reportable segment: (in millions) U.S. Refreshment Beverages U.S. Coffee International Total 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 third quarter of 2022: LRB $ 2,107 $ — $ 268 $ 2,375 K-Cup pods — 808 105 913 Appliances — 204 21 225 Other 37 33 39 109 Net sales $ 2,144 $ 1,045 $ 433 $ 3,622 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 For the first nine months of 2022: LRB $ 5,912 $ — $ 745 $ 6,657 K-Cup pods — 2,355 320 2,675 Appliances — 566 55 621 Other 97 96 108 301 Net sales $ 6,009 $ 3,017 $ 1,228 $ 10,254

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share	The following table presents the Company's basic and diluted EPS and shares outstanding. Third Quarter First Nine Months (in millions, except per share data) 2023 2022 2023 2022 Net income attributable to KDP $ 518 $ 180 $ 1,488 $ 983 Weighted average common shares outstanding 1,397.4 1,416.1 1,401.3 1,417.3 Dilutive effect of stock-based awards 8.8 11.1 9.5 11.5 Weighted average common shares outstanding and common stock equivalents 1,406.2 1,427.2 1,410.8 1,428.8 Basic EPS $ 0.37 $ 0.13 $ 1.06 $ 0.69 Diluted EPS 0.37 0.13 1.05 0.69 Anti-dilutive shares excluded from the diluted weighted average shares outstanding calculation 1.0 — 1.0 —

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
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) 2023 2022 2023 2022 Total stock-based compensation expense (1) $ 29 $ 31 $ 86 $ 43 Income tax benefit (5) (5) (14) (6) Stock-based compensation expense, net of tax $ 24 $ 26 $ 72 $ 37 (1) The Company recorded a one-time $40 million reduction to stock-based compensation expense as a result of the change in forfeiture policy in the first nine months of 2022.
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 (in millions) Outstanding as of December 31, 2022 18,038,745 $ 27.46 1.6 $ 643 Granted 3,520,386 31.21 Vested and released (5,273,915) 23.68 178 Forfeited (913,249) 29.43 Outstanding as of September 30, 2023 15,371,967 $ 29.50 1.7 $ 485

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Tables)	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity method investments	The following table summarizes investments in unconsolidated affiliates as of September 30, 2023 and December 31, 2022: (in millions) Ownership Interest September 30, 2023 December 31, 2022 Nutrabolt (1) 33.2 % $ 907 $ 874 La Colombe 33.3 % 307 — Tractor 19.2 % 45 49 Athletic Brewing 13.1 % 50 51 Dyla LLC 12.5 % 13 12 Force Holdings LLC (2) 33.3 % 4 4 Beverage startup companies (3) (various) 5 5 Other (various) 5 5 Investments in unconsolidated affiliates $ 1,336 $ 1,000 (1) The Company’s investment in Nutrabolt consists of preferred equity units, and the ownership interest is calculated on an as-converted basis. (2) Force Holdings LLC has a 14.1% ownership interest in Dyla LLC.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	The Company’s effective tax rates were as follows: Third Quarter First Nine Months 2023 2022 2023 2022 Effective tax rate 22.0 % 2.2 % 19.9 % 15.4 % The following is a reconciliation of the provision for income taxes computed at the U.S. federal statutory tax rate to the provision for income taxes reported in the unaudited Condensed Consolidated Statements of Income: Third Quarter First Nine Months 2023 2022 2023 2022 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net 3.0 % 1.7 % 3.0 % 3.3 % Impact of non-U.S. operations (1)(2) (0.7) % (5.9) % (3.3) % (1.7) % Tax credits (2) (3.8) % (11.7) % (3.4) % (3.2) % U.S. taxation of foreign earnings (2) 2.3 % 11.2 % 2.5 % 3.1 % Deferred rate change (3) (0.4) % (18.5) % — % (7.8) % Uncertain tax positions 0.2 % 0.4 % 0.1 % 0.1 % U.S. federal provision to return 0.4 % — % — % — % Excess tax deductions on stock-based compensation (0.5) % — % (0.5) % (0.1) % Other 0.5 % 4.0 % 0.5 % 0.7 % Total provision for income taxes 22.0 % 2.2 % 19.9 % 15.4 % (1) For the first nine months of 2023, primarily driven by an immaterial non-cash true-up related to a prior period, which resulted in a $28 million reduction in foreign deferred tax liabilities. (2) For the third quarter and first nine months of 2022, primarily driven by the Company’s incremental income in low tax jurisdictions. (3) For the third quarter and first nine months of 2022, primarily driven by the revaluation of state deferred tax liabilities due to state legislative changes during 2022.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2023
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 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 third quarter of 2022: Beginning balance $ 47 $ (7) $ 165 $ 205 Other comprehensive (loss) income (249) — 36 (213) Amounts reclassified from AOCI — — (1) (1) Total other comprehensive (loss) income (249) — 35 (214) Balance as of September 30, 2022 $ (202) $ (7) $ 200 $ (9) 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 For the first nine months of 2022: Beginning balance $ 81 $ (4) $ (103) $ (26) Other comprehensive (loss) income (283) (3) 302 16 Amounts reclassified from AOCI — — 1 1 Total other comprehensive (loss) income (283) (3) 303 17 Balance as of September 30, 2022 $ (202) $ (7) $ 200 $ (9)
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: Third Quarter First Nine Months (in millions) Income Statement Caption 2023 2022 2023 2022 Cash Flow Hedges: Interest rate contracts (1) Interest expense $ (2) $ (2) $ (72) $ (4) FX contracts Cost of sales 4 — (1) 5 Total 2 (2) (73) 1 Income tax expense — 1 17 — Total, net of tax $ 2 $ (1) $ (56) $ 1 (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. Refer to Note 4 for additional information on the terminated forward starting swaps.

Other Financial Information (Ta

Other Financial Information (Tables)	9 Months Ended
	Sep. 30, 2023
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) 2023 2022 Inventories: Raw materials $ 449 $ 475 Work-in-progress 9 8 Finished goods 914 858 Total 1,372 1,341 Allowance for excess and obsolete inventories (24) (27) Total Inventories $ 1,348 $ 1,314 Prepaid expenses and other current assets: Other receivables $ 116 $ 167 Prepaid income taxes 53 49 Customer incentive programs 55 25 Derivative instruments 37 35 Prepaid marketing 46 19 Spare parts 106 89 Income tax receivable 14 17 Other 92 70 Total prepaid expenses and other current assets $ 519 $ 471 Other non-current assets: Operating lease right-of-use assets $ 873 $ 881 Customer incentive programs 34 46 Derivative instruments 8 140 Equity securities (1) 67 48 Equity securities without readily determinable fair values — 1 Other 135 136 Total other non-current assets $ 1,117 $ 1,252 (1) Fair values of these equity securities are determined using quoted market prices from daily exchange traded markets, based on the closing price as of the balance sheet date, and are classified as Level 1. Unrealized mark-to-market gains and losses are recorded to Other (income) expense, net. For the first nine months of 2023, the Company recorded an unrealized mark-to-market gain of $16 million on its investment in Vita Coco. The Company recorded no mark-to-market gains or losses on its investment in Vita Coco for the first nine months of 2022. September 30, December 31, (in millions) 2023 2022 Accrued expenses: Accrued customer trade $ 403 $ 429 Accrued compensation 191 246 Insurance reserve 51 53 Accrued interest 151 76 Accrued professional fees 6 7 Other accrued expenses 321 342 Total accrued expenses $ 1,123 $ 1,153 Other current liabilities: Dividends payable $ 300 $ 281 Income taxes payable 49 87 Operating lease liability 108 100 Finance lease liability 100 95 Derivative instruments 77 112 Other 47 10 Total other current liabilities $ 681 $ 685 Other non-current liabilities: Operating lease liability $ 793 $ 803 Finance lease liability 614 618 Pension and post-retirement liability 30 37 Insurance reserves 87 69 Derivative instruments 300 195 Deferred compensation liability 30 30 Other 77 73 Total other non-current liabilities $ 1,931 $ 1,825

Transactions with Variable In_2

Transactions with Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entity, Not Primary Beneficiary, Schedule of Assets and Liabilities Associated with VIE Relationship	The following table provides the carrying amounts of the right-to-use assets and lease obligations recorded on the Company’s unaudited Condensed Consolidated Balance Sheets associated with these leasing arrangements related to the VIEs as of September 30, 2023 and December 31, 2022. (in millions) September 30, 2023 (1) December 31, 2022 (2) Non-current assets $ 418 $ 430 Current liabilities 23 22 Non-current liabilities 408 419 (1) The leasing agreements included as of September 30, 2023 include nine manufacturing sites, five distribution centers and our Frisco, Texas headquarters. (2) The leasing agreements included as of December 31, 2022 include nine manufacturing sites, four distribution centers and our Frisco, Texas headquarters.
Unrecorded Unconditional Purchase Obligations Text Block	Licensing Arrangement ABC, a wholly-owned subsidiary of KDP, has provided a guarantee in connection with its distribution agreement with the Veyron SPEs to be paid only in the event the Veyron SPEs sell specific distribution rights and the value of those distribution rights does not exceed $142 million, which is the maximum undiscounted amount that KDP could pay under the guarantee. All obligations with respect to the guarantee will cease upon termination of the distribution agreement, which would occur upon notice by ABC not to renew the distribution agreement, KDP no longer being investment grade at the end of the term, or the sale of the distribution rights by the Veyron SPEs. As of September 30, 2023, KDP has not recorded a liability as it is not probable that the Company will have to make any payments required under the residual value guarantee, as the fair value of the distribution rights is not expected to fall below $142 million over the term of the agreement. As of September 30, 2023, KDP had $94 million in fixed service fee commitments related to the 15-year distribution agreement which was effective on December 28, 2020, with Veyron SPEs. These commitments were used to assist the Veyron SPEs in obtaining financing. Such fixed service fee payments began on January 1, 2021. Fixed service fees over the next five years are expected to be as follows: Remainder of 2023 For the Years Ending December 31, (in millions) 2024 2025 2026 2027 2028 Fixed service fees $ 1 $ 8 $ 8 $ 7 $ 8 $ 8

Restructuring and Integration_2

Restructuring and Integration Costs (Tables)	9 Months Ended
	Sep. 30, 2023
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) 2023 2022 2023 2022 2023 CEO Succession and Associated Realignment $ 25 $ — $ 25 $ — DPS Integration Program — 33 — 91
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, 2023 $ 55 Charges to expense 18 Cash payments (42) Balance as of September 30, 2023 $ 31

Background and Basis of Prese_3

Background and Basis of Presentation Background and Basis of Presentation (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Effect on Previously Reported Segment Information for Change in Composition of Reportable Segments	REPORTABLE SEGMENTSAs of January 1, 2023, the Company revised its segment structure to align with changes in how the Company’s Chief Operating Decision Maker manages the business, assesses performance and allocates resources. This change had no impact on the Company’s consolidated results of operations or financial position. Prior period segment results have been recast to reflect the Company’s new reportable segments. Refer to Note 6 for additional information on the Company’s reportable segments and Note 7 for the Company’s disaggregated revenue portfolio for each reportable segment. The change in segment structure also resulted in a change to the Company’s reporting units. Refer to Note 3 for additional information on the Company’s reporting units.
Proceeds from Issuance of Commercial Paper		$ 500
Repayments of commercial paper		$ (649)

Long-term Obligations and Bor_3

Long-term Obligations and Borrowing Arrangements - Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt, Current Maturities	$ (1,649)	$ (496)
Long-term obligations	9,940	11,072
Senior Notes
Debt Instrument [Line Items]
Long-term debt	11,589	11,568
Long-term Debt, Current Maturities	$ (1,649)	$ (496)

Long-term Obligations and Bor_4

Long-term Obligations and Borrowing Arrangements - Current Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Current portion of long-term debt	$ 1,649	$ 496
Short-term borrowings and current portion of long-term obligations	2,798	895
Commercial Paper
Short-term Debt [Line Items]
Short-term debt	1,149	399
Senior Notes
Short-term Debt [Line Items]
Current portion of long-term debt	$ 1,649	$ 496

Long-term Obligations and Bor_5

Long-term Obligations and Borrowing Arrangements - Senior Unsecured Notes (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt		$ 0	$ 0	$ 0	$ (217)
Senior Notes
Debt Instrument [Line Items]
Long term debt, carrying value		11,743		11,743		$ 11,743
Unamortized debt issuance costs	[1]	(154)		(154)		(175)
Long-term debt		$ 11,589		$ 11,589		11,568
Senior Notes | 2023 Notes
Debt Instrument [Line Items]
Interest rate		3.13%		3.13%
Long term debt, carrying value		$ 500		$ 500		500
Senior Notes | 2024 Notes
Debt Instrument [Line Items]
Interest rate		0.75%		0.75%
Long term debt, carrying value		$ 1,150		$ 1,150		1,150
Senior Notes | 2025 Merger Notes
Debt Instrument [Line Items]
Interest rate		4.417%		4.417%
Long term debt, carrying value		$ 529		$ 529		529
Senior Notes | 2025 Notes
Debt Instrument [Line Items]
Interest rate		3.40%		3.40%
Long term debt, carrying value		$ 500		$ 500		500
Senior Notes | 2026 Notes
Debt Instrument [Line Items]
Interest rate		2.55%		2.55%
Long term debt, carrying value		$ 400		$ 400		400
Senior Notes | 2027 Notes
Debt Instrument [Line Items]
Interest rate		3.43%		3.43%
Long term debt, carrying value		$ 500		$ 500		500
Senior Notes | 2028 Merger Notes
Debt Instrument [Line Items]
Interest rate		4.597%		4.597%
Long term debt, carrying value		$ 1,112		$ 1,112		1,112
Senior Notes | 2029 Notes
Debt Instrument [Line Items]
Interest rate		3.95%		3.95%
Long term debt, carrying value		$ 1,000		$ 1,000		1,000
Senior Notes | 2030 Notes
Debt Instrument [Line Items]
Interest rate		3.20%		3.20%
Long term debt, carrying value		$ 750		$ 750		750
Senior Notes | 2031 Notes
Debt Instrument [Line Items]
Interest rate		2.25%		2.25%
Long term debt, carrying value		$ 500		$ 500		500
Senior Notes | 2032 Notes
Debt Instrument [Line Items]
Interest rate		4.05%		4.05%
Long term debt, carrying value		$ 850		$ 850		850
Senior Notes | 2038 Merger Notes
Debt Instrument [Line Items]
Interest rate		4.985%		4.985%
Long term debt, carrying value		$ 211		$ 211		211
Senior Notes | 2045 Notes
Debt Instrument [Line Items]
Interest rate		4.50%		4.50%
Long term debt, carrying value		$ 550		$ 550		550
Senior Notes | 2046 Notes
Debt Instrument [Line Items]
Interest rate		4.42%		4.42%
Long term debt, carrying value		$ 400		$ 400		400
Senior Notes | 2048 Merger Notes
Debt Instrument [Line Items]
Interest rate		5.085%		5.085%
Long term debt, carrying value		$ 391		$ 391		391
Senior Notes | 2050 Notes
Debt Instrument [Line Items]
Interest rate		3.80%		3.80%
Long term debt, carrying value		$ 750		$ 750		750
Senior Notes | 2051 Notes
Debt Instrument [Line Items]
Interest rate		3.35%		3.35%
Long term debt, carrying value		$ 500		$ 500		500
Senior Notes | 2052 Notes
Debt Instrument [Line Items]
Interest rate		4.50%		4.50%
Long term debt, carrying value		$ 1,150		$ 1,150		$ 1,150
[1]The carrying amount includes unamortized discounts, debt issuance costs and fair value adjustments related to the DPS Merger.

Long-term Obligations and Bor_6

Long-term Obligations and Borrowing Arrangements - Borrowing Arrangements (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt		$ 0	$ 0	$ 0	$ (217)
2022 Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	[1]	4,000		4,000
Long-term Line of Credit		0		0		$ 0
Letter of Credit Subfacility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		200		200
Letters of credit outstanding		$ 0		$ 0
[1]The 2022 Revolving Credit Agreement has $200 million letters of credit available, none of which were utilized as of September 30, 2023.

Long-term Obligations and Bor_7

Long-term Obligations and Borrowing Arrangements - Commercial Paper Program (Details) - Commercial Paper - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Short-term Debt [Line Items]
Average outstanding amount	$ 1,495	$ 0	$ 1,061	$ 29
Weighted average interest rate over time	5.49%	0%	5.31%	0.58%

Long-term Obligations and Bor_8

Long-term Obligations and Borrowing Arrangements - Letter of Credit Facilities (Details) - Letter of Credit $ in Millions	Sep. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150
Letters of credit outstanding	68
Remaining borrowing capacity	$ 82

Long-term Obligations and Bor_9

Long-term Obligations and Borrowing Arrangements - Fair Values (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Nonrecurring | Level 2 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value	$ 10,242	$ 10,495

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2023	$ 20,072
Foreign currency impact	50
Balance as of September 30, 2023	20,122
U.S. Refreshment Beverages
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2023	8,714
Foreign currency impact	0
Balance as of September 30, 2023	8,714
International
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2023	2,736
Foreign currency impact	50
Balance as of September 30, 2023	2,786
U.S. Coffee
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2023	8,622
Foreign currency impact	0
Balance as of September 30, 2023	$ 8,622

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Change in intangible assets other than goodwill [Abstract]
Indefinite-lived intangible assets (excluding goodwill)		$ 22,135		$ 22,135		$ 21,993
Finite-lived intangible assets, gross		2,012		2,012		2,015
Accumulated Amortization		(924)		(924)		(825)
Finite-lived intangible assets, net		1,088		1,088		1,190
Amortization expense		34	$ 33	103	$ 100
Amortization expense of intangible assets [Abstract]
Remainder of year		33		33
Year one		127		127
Year two		115		115
Year three		111		111
Year four		95		95
Year five		87		87
Acquired technology
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		1,146		1,146		1,146
Accumulated Amortization		(530)		(530)		(475)
Finite-lived intangible assets, net		616		616		671
Customer relationships
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		636		636		638
Accumulated Amortization		(227)		(227)		(204)
Finite-lived intangible assets, net		409		409		434
Trade Names
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		126		126		127
Accumulated Amortization		(111)		(111)		(101)
Finite-lived intangible assets, net		15		15		26
Brands
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		51		51		51
Accumulated Amortization		(24)		(24)		(19)
Finite-lived intangible assets, net		27		27		32
Contractual arrangements
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		24		24		24
Accumulated Amortization		(11)		(11)		(10)
Finite-lived intangible assets, net		13		13		14
Distribution rights
Change in intangible assets other than goodwill [Abstract]
Finite-lived intangible assets, gross		29		29		29
Accumulated Amortization		(21)		(21)		(16)
Finite-lived intangible assets, net		8		8		13
Brands
Indefinite and Finite-Lived Intangible Assets by Major Class [Line Items]
Indefinite-lived Intangible Assets, Foreign Currency Translation Gain (Loss)				89
Change in intangible assets other than goodwill [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	[1]	19,380		19,380		19,291
Trade Names
Change in intangible assets other than goodwill [Abstract]
Indefinite-lived intangible assets (excluding goodwill)		2,478		2,478		2,480
Contractual arrangements
Change in intangible assets other than goodwill [Abstract]
Indefinite-lived intangible assets (excluding goodwill)		122		122		122
Distribution rights
Indefinite and Finite-Lived Intangible Assets by Major Class [Line Items]
Indefinite-lived Intangible Assets Acquired				55
Change in intangible assets other than goodwill [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	[2]	$ 155		$ 155		$ 100
[1]The change in brands with indefinite lives was primarily driven by foreign currency translation of $89 million during the first nine months of 2023.[2]The Company acquired certain distribution rights during the first nine months of 2023 of approximately $55 million, primarily attributable to Nutrabolt.

Derivatives - Notional and Matu

Derivatives - Notional and Maturity Information (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Interest Rate Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments		$ 1,700	$ 1,000
Interest Rate Contract | Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments		0	500
Foreign Exchange Forward | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments		652	490
Foreign Exchange Forward | Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments		482	511
Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments	[1]	439	754
Receive-Fixed Pay-Variable Interest Rate Swaps | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments		0	1,900
Swaption | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments		$ 1,700	$ 0
[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 ($)	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	$ 37,000,000			$ 35,000,000
Derivative Asset, Noncurrent	8,000,000			140,000,000
Derivative Liability, Current	77,000,000			112,000,000
Derivative Liability, Noncurrent	300,000,000			195,000,000
Notional amounts of derivative instruments	1,117,000,000			1,252,000,000
Stockholders' Equity Attributable to Parent	25,364,000,000	$ 25,268,000,000	$ 25,103,000,000	25,126,000,000	$ 25,102,000,000	$ 25,391,000,000	$ 25,511,000,000	$ 24,972,000,000
Recurring | Level 2 | Interest Rate Contract | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Noncurrent	0			49,000,000
Derivative Liability, Current	26,000,000			58,000,000
Derivative Liability, Noncurrent	299,000,000			194,000,000
Recurring | Level 2 | Interest Rate Contract | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Noncurrent	0			88,000,000
Recurring | Level 2 | Foreign Exchange Forward | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	6,000,000			8,000,000
Derivative Asset, Noncurrent	3,000,000			1,000,000
Derivative Liability, Current	1,000,000			0
Recurring | Level 2 | Foreign Exchange Forward | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	9,000,000			21,000,000
Derivative Asset, Noncurrent	0			1,000,000
Derivative Liability, Current	11,000,000			3,000,000
Recurring | Level 2 | Commodity Contract | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	22,000,000			6,000,000
Derivative Asset, Noncurrent	5,000,000			1,000,000
Derivative Liability, Current	39,000,000			51,000,000
Derivative Liability, Noncurrent	$ 1,000,000			$ 1,000,000

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commodity Contract | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	$ (7)	$ 29	$ 2	$ 33
Commodity Contract | SG&A expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	(20)	24	(2)	(39)
Interest Rate Contract | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	104	96	49	219
Interest Rate Contract | Loss on early extinguishment of debt
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	0	0	0	31
Foreign Exchange Forward | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	(4)	(7)	(4)	(9)
Foreign Exchange Forward | Other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	$ (6)	$ (10)	$ (1)	$ (9)

Derivatives - Impact of Cash Fl

Derivatives - Impact of Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023		Sep. 30, 2022
Foreign Exchange Forward
Derivative [Line Items]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	$ 4	$ 0	$ (1)		$ 5
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			(1)
Interest Rate Contract
Derivative [Line Items]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	$ (2)	$ (2)	(72)	[1]	$ (4)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			(8)
Derivative, Cash Received on Hedge			$ 66
[1]Amounts recognized 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

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Lease, Cost [Abstract]
Operating lease cost		$ 40	$ 34	$ 118	$ 101
Amortization of right-of-use assets		21	19	60	57
Interest on lease liabilities		6	6	18	17
Variable lease cost(1)	[1]	10	9	30	26
Sublease Income		0	(1)	0	(1)
Short-term lease cost		1	1	1	1
Total lease cost		$ 78	$ 68	227	201
Cash Flow, Operating Activities, Lessee [Abstract]
Operating cash flows from operating leases				110	92
Operating cash flows from finance leases				18	17
Cash Flow, Financing Activities, Lessee [Abstract]
Financing cash flows from finance leases				74	65
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability				78	245
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability				$ 75	$ 84
Lessee, Operating Lease, Description [Abstract]
Operating Lease, Weighted Average Discount Rate, Percent		5.20%		5.20%		5%
Operating Lease, Weighted Average Remaining Lease Term		10 years		10 years		11 years
Lessee, Finance Lease, Description [Abstract]
Finance Lease, Weighted Average Discount Rate, Percent		3.80%		3.80%		3.70%
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		$ 25		$ 25
Lessee, Operating Lease, Liability, to be Paid, Year One		148		148
Lessee, Operating Lease, Liability, to be Paid, Year Two		141		141
Lessee, Operating Lease, Liability, to be Paid, Year Three		129		129
Lessee, Operating Lease, Liability, to be Paid, Year Four		107		107
Lessee, Operating Lease, Liability, to be Paid, Year Five		85		85
Lessee, Operating Lease, Liability, to be Paid, after Year Five		527		527
Lessee, Operating Lease, Liability, to be Paid		1,162		1,162
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		(261)		(261)
Operating Lease, Liability		901		901
Finance Lease, Liability, Payment, Due [Abstract]
Finance Lease, Liability, to be Paid, Remainder of Fiscal Year		31		31
Finance Lease, Liability, to be Paid, Year One		124		124
Finance Lease, Liability, to be Paid, Year Two		120		120
Finance Lease, Liability, to be Paid, Year Three		157		157
Finance Lease, Liability, to be Paid, Year Four		69		69
Finance Lease, Liability, to be Paid, Year Five		54		54
Finance Lease, Liability, to be Paid, after Year Five		290		290
Finance Lease, Liability, Payment, Due		845		845
Finance Lease, Liability, Undiscounted Excess Amount		(131)		(131)
Finance Lease, Liability		714		714
Lessee, Lease, Description [Line Items]
Leases not yet commenced, estimated obligation		$ 210		$ 210
Minimum
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term		4 years		4 years
Maximum
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term		10 years		10 years
[1]Variable lease cost primarily consists of common area maintenance costs, property taxes, and adjustments for inflation.

Leases - Sale Leaseback Transac

Leases - Sale Leaseback Transactions (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Leases [Abstract]
Proceeds from sales of property, plant and equipment		$ 9	$ 79
Sale Leaseback Transaction [Line Items]
Proceeds from sales of property, plant and equipment		9	$ 79
Veyron SPE March 31, 2023 SLB Transaction
Leases [Abstract]
Proceeds from sales of property, plant and equipment	[1]	7
Sale Leaseback Transaction, Net Book Value	[1]			$ 1
Sale and Leaseback Transaction, Gain (Loss), Net	[1]	6
Sale Leaseback Transaction [Line Items]
Proceeds from sales of property, plant and equipment	[1]	7
Sale Leaseback Transaction, Net Book Value	[1]			$ 1
Sale and Leaseback Transaction, Gain (Loss), Net	[1]	$ 6
[1]The sale-leaseback transaction included one distribution property.

Segments (Details)

Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 3,805	$ 3,622	$ 10,947	$ 10,254
Income from operations	896	394	2,249	1,932
Identifiable operating assets	50,427		50,427		$ 50,837
Equity Method Investments	1,336		1,336		1,000
Assets	51,763		51,763		51,837
U.S. Refreshment Beverages
Segment Reporting Information [Line Items]
Net sales	2,270	2,144	6,607	6,009
Identifiable operating assets	28,688		28,688		28,987
U.S. Coffee
Segment Reporting Information [Line Items]
Net sales	1,012	1,045	2,913	3,017
Identifiable operating assets	14,103		14,103		14,220
International
Segment Reporting Information [Line Items]
Net sales	523	433	1,427	1,228
Identifiable operating assets	6,961		6,961		6,873
Corporate Segment
Segment Reporting Information [Line Items]
Identifiable operating assets	675		675		757
Operating Segments
Segment Reporting Information [Line Items]
Identifiable operating assets	49,752		49,752		$ 50,080
Operating Segments | U.S. Refreshment Beverages
Segment Reporting Information [Line Items]
Income from operations	676	322	1,795	1,554
Operating Segments | U.S. Coffee
Segment Reporting Information [Line Items]
Income from operations	293	272	775	822
Operating Segments | International
Segment Reporting Information [Line Items]
Income from operations	139	97	331	259
Corporate Unallocated
Segment Reporting Information [Line Items]
Income from operations	$ (212)	$ (297)	$ (652)	$ (703)

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 3,805	$ 3,622	$ 10,947	$ 10,254
LRB
Disaggregation of Revenue [Line Items]
Net sales	2,580	2,375	7,430	6,657
K-cup pods
Disaggregation of Revenue [Line Items]
Net sales	889	913	2,646	2,675
Appliances
Disaggregation of Revenue [Line Items]
Net sales	231	225	558	621
Other
Disaggregation of Revenue [Line Items]
Net sales	105	109	313	301
U.S. Refreshment Beverages
Disaggregation of Revenue [Line Items]
Net sales	2,270	2,144	6,607	6,009
U.S. Refreshment Beverages | LRB
Disaggregation of Revenue [Line Items]
Net sales	2,232	2,107	6,498	5,912
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	38	37	109	97
U.S. Coffee
Disaggregation of Revenue [Line Items]
Net sales	1,012	1,045	2,913	3,017
U.S. Coffee | LRB
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
U.S. Coffee | K-cup pods
Disaggregation of Revenue [Line Items]
Net sales	769	808	2,301	2,355
U.S. Coffee | Appliances
Disaggregation of Revenue [Line Items]
Net sales	211	204	512	566
U.S. Coffee | Other
Disaggregation of Revenue [Line Items]
Net sales	32	33	100	96
International
Disaggregation of Revenue [Line Items]
Net sales	523	433	1,427	1,228
International | LRB
Disaggregation of Revenue [Line Items]
Net sales	348	268	932	745
International | K-cup pods
Disaggregation of Revenue [Line Items]
Net sales	120	105	345	320
International | Appliances
Disaggregation of Revenue [Line Items]
Net sales	20	21	46	55
International | Other
Disaggregation of Revenue [Line Items]
Net sales	$ 35	$ 39	$ 104	$ 108

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic EPS:
Net income	$ 518,000,000	$ 503,000,000	$ 467,000,000	$ 180,000,000	$ 218,000,000	$ 585,000,000	$ 1,488,000,000	$ 983,000,000
Weighted average common shares outstanding (in shares)	1,397,400,000			1,416,100,000			1,401,300,000	1,417,300,000
Earnings per common share - basic (in dollars per share)	$ 0.37			$ 0.13			$ 1.06	$ 0.69
Diluted EPS:
Weighted average common shares outstanding (in shares)	1,397,400,000			1,416,100,000			1,401,300,000	1,417,300,000
Effect of dilutive securities (in shares)	8,800,000			11,100,000			9,500,000	11,500,000
Weighted average common shares outstanding and common stock equivalents (in shares)	1,406,200,000			1,427,200,000			1,410,800,000	1,428,800,000
Earnings per common share - diluted (in dollars per share)	$ 0.37			$ 0.13			$ 1.05	$ 0.69
Anti-dilutive shares excluded from the diluted weighted average shares outstanding calculation (in shares)	1,000,000			0			1,000,000	0

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total stock-based compensation expense(1)	$ 29			$ 31			$ 86	$ 43	[1]
Income tax benefit	(5)			(5)			(14)	(6)
Stock-based compensation expense, net of tax	24			26			72	37
Aggregate Intrinsic Value (in millions)
Payment, Tax Withholding, Share-based Payment Arrangement	25	$ 1	$ 31	2	$ 3	$ 5	57	10
Total stock-based compensation expense(1)	$ 29			$ 31			$ 86	43	[1]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total stock-based compensation expense(1)								40
Aggregate Intrinsic Value (in millions)
Total stock-based compensation expense(1)								$ 40
Restricted Stock Units (RSUs) [Member]
RSUs
Outstanding as of beginning of the period (in shares)			18,038,745				18,038,745
Granted (in shares)							3,520,386
Vested and released (in shares)							(5,273,915)
Forfeited (in shares)							(913,249)
Outstanding as of end of the period (in shares)	15,371,967						15,371,967
Unrecognized compensation costs related to nonvested awards	$ 189						$ 189
Weighted average recognition period of unrecognized compensation costs							3 years 1 month 6 days
Weighted Average Grant Date Fair Value
Outstanding as of the beginning of the period (in dollars per share)			$ 27.46				$ 27.46
Granted (in dollars per share)							31.21
Vested and released (in dollars per share)							23.68
Forfeited (in dollars per share)							29.43
Outstanding as of the end of the period (in dollars per share)	$ 29.50						$ 29.50
Weighted Average Remaining Contractual Term (Years)
Outstanding			1 year 7 months 6 days				1 year 8 months 12 days
Aggregate Intrinsic Value (in millions)
Outstanding as of the beginning of the period			$ 643				$ 643
Vested and released							178
Outstanding as of the end of the period	$ 485						$ 485
[1]The Company recorded a one-time $40 million reduction to stock-based compensation expense as a result of the change in forfeiture policy in the first nine months of 2022.

Investments In Unconsolidated_3

Investments In Unconsolidated Affiliates (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates		$ 1,336		$ 1,000
Payments to Acquire Equity Method Investments		308	$ 48
Other Significant Noncash Transaction, Value of Consideration Given		$ 13	$ 0
Nutrabolt
Schedule of Equity Method Investments [Line Items]
Ownership percentage	[1]	33.20%
Investments in unconsolidated affiliates	[1]	$ 907		874
Tractor
Schedule of Equity Method Investments [Line Items]
Ownership percentage		19.20%
Investments in unconsolidated affiliates		$ 45		49
Athletic Brewing
Schedule of Equity Method Investments [Line Items]
Ownership percentage		13.10%
Investments in unconsolidated affiliates		$ 50		51
Dyla LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		12.50%
Investments in unconsolidated affiliates		$ 13		12
Force Holding LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	[2]	33.30%
Investments in unconsolidated affiliates	[2]	$ 4		4
Beverage startup companies
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	[3]	5		5
Other
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates		$ 5		5
La Colombe
Schedule of Equity Method Investments [Line Items]
Ownership percentage		33.30%
Investments in unconsolidated affiliates		$ 307		$ 0
Payments to Acquire Equity Method Investments		300
Other Significant Noncash Transaction, Value of Consideration Given		$ 7
[1]The Company’s investment in Nutrabolt consists of preferred equity units, and the ownership interest is calculated on an as-converted basis.[2]Force Holdings LLC has a 14.1% ownership interest in Dyla LLC.[3]Beverage startup companies represent equity method investments in development stage entities and may include entities which are pre-revenue, in test markets, or in early operations.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023		Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	22%	2.20%		19.90%		15.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%		21%		21%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	3%	1.70%		3%		3.30%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent	(0.70%)	(5.90%)	[1]	(3.30%)	[2]	(1.70%)	[1]
Effective Income Tax Rate Reconciliation, Tax Credit, Percent	(3.80%)	(11.70%)	[1]	(3.40%)		(3.20%)	[1]
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent	2.30%	11.20%	[1]	2.50%		3.10%	[1]
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	(0.40%)	(18.50%)	[3]	0%		(7.80%)	[3]
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent	0.20%	0.40%		0.10%		0.10%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Percent	(0.50%)	0%		(0.50%)		(0.10%)
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent	0.50%	4%		0.50%		0.70%
Non-cash true-up related to a prior period				$ 28
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent	0.40%	0%		0%		0%
[1]For the third quarter and first nine months of 2022, primarily driven by the Company’s incremental income in low tax jurisdictions.[2]For the first nine months of 2023, primarily driven by an immaterial non-cash true-up related to a prior period, which resulted in a $28 million reduction in foreign deferred tax liabilities.[3]For the third quarter and first nine months of 2022, primarily driven by the revaluation of state deferred tax liabilities due to state legislative changes during 2022.

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023		Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	$ 25,268,000,000	$ 25,103,000,000	$ 25,126,000,000	$ 25,391,000,000	$ 25,511,000,000	$ 24,972,000,000	$ 25,126,000,000		$ 24,972,000,000
Total stockholders' equity at end of period	25,364,000,000	25,268,000,000	25,103,000,000	25,102,000,000	25,391,000,000	25,511,000,000	25,364,000,000		25,102,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(126,000,000)	142,000,000	26,000,000	(214,000,000)	(10,000,000)	241,000,000
Reclassification from AOCI, Current Period, Tax	0			1,000,000			17,000,000		0
Foreign Exchange Forward
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	4,000,000			0			(1,000,000)		5,000,000
Interest Rate Contract
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	(2,000,000)			(2,000,000)			(72,000,000)	[1]	(4,000,000)
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	297,000,000	155,000,000	129,000,000	205,000,000	215,000,000	(26,000,000)	129,000,000		(26,000,000)
Other comprehensive income (loss)	(128,000,000)			(213,000,000)			98,000,000		16,000,000
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	2,000,000			(1,000,000)			(56,000,000)
Total stockholders' equity at end of period	171,000,000	297,000,000	155,000,000	(9,000,000)	205,000,000	215,000,000	171,000,000		(9,000,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax									1,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(126,000,000)	142,000,000	26,000,000	(214,000,000)	(10,000,000)	241,000,000	42,000,000		17,000,000
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	181,000,000		(86,000,000)	47,000,000		81,000,000	(86,000,000)		81,000,000
Other comprehensive income (loss)	(135,000,000)			(249,000,000)			132,000,000		(283,000,000)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0			0			0
Total stockholders' equity at end of period	46,000,000	181,000,000		(202,000,000)	47,000,000		46,000,000		(202,000,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax									0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(135,000,000)			(249,000,000)			132,000,000		(283,000,000)
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	(10,000,000)		(10,000,000)	(7,000,000)		(4,000,000)	(10,000,000)		(4,000,000)
Other comprehensive income (loss)	0			0			0		(3,000,000)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0			0			0
Total stockholders' equity at end of period	(10,000,000)	(10,000,000)		(7,000,000)	(7,000,000)		(10,000,000)		(7,000,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax									0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0			0			0		(3,000,000)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	126,000,000		$ 225,000,000	165,000,000		$ (103,000,000)	225,000,000		(103,000,000)
Other comprehensive income (loss)	7,000,000			36,000,000			(34,000,000)		302,000,000
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	2,000,000			(1,000,000)			(56,000,000)
Total stockholders' equity at end of period	135,000,000	$ 126,000,000		200,000,000	$ 165,000,000		135,000,000		200,000,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax									1,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	9,000,000			35,000,000			(90,000,000)		303,000,000
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	2,000,000			(2,000,000)			(73,000,000)		1,000,000
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	4,000,000			0			(1,000,000)		5,000,000
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Interest Rate Contract
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	(2,000,000)			(2,000,000)			(72,000,000)	[2]	(4,000,000)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 2,000,000			$ (1,000,000)			$ (56,000,000)		$ 1,000,000
[1]Amounts recognized 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[2]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. Refer to Note 4 for additional information on the terminated forward starting swaps.

Other Financial Information (De

Other Financial Information (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials		$ 449		$ 475
Work-in-progress		9		8
Finished goods		914		858
Inventory, Gross		1,372		1,341
Inventory Valuation Reserves		24		27
Total		1,348		1,314
Prepaid expenses and other current assets:
Other receivables		116		167
Prepaid income taxes		53		49
Customer incentive programs		55		25
Derivative Asset, Current		37		35
Prepaid marketing		46		19
Spare parts		106		89
Income tax receivable		14		17
Other		92		70
Prepaid expenses and other current assets		519		471
Other non-current assets:
Customer incentive programs		34		46
Operating lease right-of-use assets		873		881
Derivative Asset, Noncurrent		8		140
Equity securities without readily determinable fair values	[1]	67		48
Equity Securities without Readily Determinable Fair Value, Amount		0		1
Other		135		136
Total other non-current assets		1,117		1,252
Accrued expenses:
Customer rebates & incentives		403		429
Accrued compensation		191		246
Insurance reserve		51		53
Interest accrual		151		76
Accrued professional fees		6		7
Other accrued expenses		321		342
Total accrued expenses		1,123		1,153
Other current liabilities:
Dividends payable		300		281
Income taxes payable		49		87
Operating lease liability		108		100
Finance lease liability		100		95
Derivative instruments		77		112
Other		47		10
Total other current liabilities		681		685
Other non-current liabilities:
Long-term pension and postretirement liability		30		37
Insurance reserves		87		69
Operating lease liability		793		803
Finance lease liability		614		618
Derivative instruments		300		195
Deferred compensation liability		30		30
Other		77		73
Other non-current liabilities		$ 1,931		$ 1,825
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Total other current liabilities		Total other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Total other current liabilities		Total other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other non-current liabilities		Other non-current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other non-current liabilities		Other non-current liabilities
Unrealized Gain (Loss) on Investments		$ (16)	$ 0
Supplier Finance Program, Obligation, Current		$ 2,794		$ 4,113
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]		Accounts payable
[1]Fair values of these equity securities are determined using quoted market prices from daily exchange traded markets, based on the closing price as of the balance sheet date, and are classified as Level 1. Unrealized mark-to-market gains and losses are recorded to Other (income) expense, net. For the first nine months of 2023, the Company recorded an unrealized mark-to-market gain of $16 million on its investment in Vita Coco. The Company recorded no mark-to-market gains or losses on its investment in Vita Coco for the first nine months of 2022.

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jul. 31, 2020	Sep. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Loss Contingency Accrual		$ 10,000,000	$ 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

Transactions with Variable In_3

Transactions with Variable Interest Entities - Leasing Arrangements (Details) - USD ($) $ in Millions	Sep. 30, 2023		Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets, Current	$ 3,406		$ 3,804
Liabilities, Current	8,814		8,076
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets, Noncurrent	418	[1]	430	[2]
Liabilities, Current	23	[1]	22	[2]
Liabilities, Noncurrent	408	[1]	419	[2]
Variable Interest Entity, Not Primary Beneficiary | Leasing Arrangements [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 653		$ 650
[1]The leasing agreements included as of September 30, 2023 include nine manufacturing sites, five distribution centers and our Frisco, Texas headquarters.[2]The leasing agreements included as of December 31, 2022 include nine manufacturing sites, four distribution centers and our Frisco, Texas headquarters.

Transactions with Variable In_4

Transactions with Variable Interest Entities - Licensing Arrangement (Details) $ in Millions	Sep. 30, 2023 USD ($)
Variable Interest Entity [Line Items]
Remainder of 2022	$ 1
2023	8
2024	8
2025	7
2026	8
2027	8
Variable Interest Entity, Not Primary Beneficiary | Licensing Arrangements [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	142
Fixed fee service commitments	$ 94

Transactions with Variable In_5

Transactions with Variable Interest Entities - Nutrabolt (Details)	Sep. 30, 2023
Nutrabolt
Variable Interest Entity [Line Items]
Equity Method Investment Annual Coupon Rate	0.05

Restructuring and Integration_3

Restructuring and Integration Costs - Restructuring Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		54 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
2023 CEO Succession
Restructuring Reserve [Roll Forward]
Restructuring Charges	$ 25	$ 0	$ 25	$ 0
Integration Program
Restructuring Reserve [Roll Forward]
Restructuring Charges	0	$ 33	0	$ 91	$ 962
Restructuring Liabilities
Restructuring Reserve [Roll Forward]
Balance at beginning of period			55
Charges to expense			18
Cash payments			(42)
Balance at end of period	$ 31		$ 31		$ 55

Restructuring and Integration_4

Restructuring and Integration Costs - Restructuring Programs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		42 Months Ended	54 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022
2023 CEO Succession
Restructuring Cost and Reserve [Line Items]
Expected cost	$ 45		$ 45
Restructuring Charges	25	$ 0	25	$ 0
Integration Program
Restructuring Cost and Reserve [Line Items]
Restructuring And Related Cost, Expected Annual Synergies					$ 600
Restructuring Charges	$ 0	$ 33	$ 0	$ 91		$ 962

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Oct. 23, 2023 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Anticipated Purchases of Intangibles, Maximum Amount	$ 57