Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Keurig Dr Pepper Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Net income attributable to KDP	218)	585)	843)	530)	448)	325)	428)	443)	298)	156)	406)	304)	314)	230)
Depreciation expense	99)	106)	106)	98)	104)	102)	90)	89)	85)	98)	87)	99)	87)	85)
Amortization of intangibles	33)	34)	33)	34)	34)	33)	33)	34)	33)	33)	32)	31)	32)	31)
Other amortization expense	44)	42)	46)	38)	40)	40)	40)	42)	44)	32)	49)	56)	62)	47)
Provision for sales returns	13)	12)	15)	16)	13)	19)	18)	16)	13)	7)	18)	9)	7)	9)
Deferred income taxes	(60)	8)	52)	(9)	(23)	11)	(24)	2)	(24)	(5)	(18)	—)	(6)	1)
Employee stock-based compensation expense	27)	(15)	20)	20)	23)	25)	23)	20)	23)	19)	17)	13)	20)	14)
Loss on early extinguishment of debt	169)	48)	—)	—)	—)	105)	—)	—)	2)	2)	2)	—)	—)	9)
Gain on sale of equity method investment	—)	(50)	(524)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
(Gain) loss on disposal of property, plant and equipment	5)	(38)	(70)	(1)	(3)	(1)	3)	1)	3)	(43)	(25)	19)	(8)	—)
Unrealized (gain) loss on foreign currency	13)	(11)	8)	16)	(5)	(10)	(15)	2)	(10)	22)	(2)	3)	(8)	(17)
Unrealized (gain) loss on derivatives	187)	—)	24)	(22)	(31)	(41)	(39)	(29)	33)	43)	(24)	17)	36)	7)
Settlements of interest rate contracts	125)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Equity in losses of unconsolidated affiliates	2)	3)	3)	1)	1)	—)	1)	1)	3)	15)	13)	11)	12)	15)
Impairment of intangible assets	—)	—)	—)	—)	—)	—)	67)	—)	—)	—)	—)	—)	—)	—)
Impairment on investments and note receivable of unconsolidated affiliates	6)	6)	17)	—)	—)	—)	—)	16)	—)	86)	—)	—)	—)	—)
Other, net	9)	13)	10)	7)	(12)	15)	10)	14)	14)	22)	9)	14)	4)	(15)
Trade accounts receivable	(133)	(73)	(26)	(85)	(4)	(37)	(4)	(59)	16)	42)	(43)	(32)	(58)	126)
Inventories	(199)	(147)	77)	(79)	(54)	(77)	68)	(74)	(63)	(38)	100)	(68)	(20)	(36)
Income taxes receivable and payables, net	(380)	135)	125)	54)	(90)	25)	27)	(187)	98)	(29)	45)	(73)	(4)	68)
Other current and non-current assets	(56)	(284)	(62)	(50)	164)	(295)	(48)	(153)	(55)	(179)	(168)	(7)	(47)	(102)
Accounts payable and accrued expenses	529)	151)	226)	243)	172)	121)	124)	240)	110)	150)	22)	222)	214)	125)
Other current and non-current liabilities	25)	138)	18)	(17)	(184)	186)	(12)	186)	25)	(19)	151)	(18)	(25)	(6)
Net change in operating assets and liabilities	(214)	(80)	358)	66)	4)	(77)	155)	(47)	131)	(73)	107)	24)	60)	175)
Adjustments to reconcile net income to net cash provided by operating activities	458)	78)	98)	264)	145)	221)	362)	161)	350)	258)	265)	296)	298)	361)
Net cash provided by operating activities	676)	663)	941)	794)	593)	546)	790)	604)	648)	414)	671)	600)	612)	591)
Proceeds from sale of investment in unconsolidated affiliates	—)	50)	578)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Purchases of property, plant and equipment	(77)	(109)	(98)	(121)	(109)	(95)	(105)	(80)	(125)	(151)	(122)	(90)	(56)	(62)
Proceeds from sales of property, plant and equipment	—)	78)	104)	3)	8)	7)	—)	1)	1)	201)	228)	—)	1)	18)
Purchases of intangibles	—)	(10)	(1)	(19)	—)	(12)	(30)	(11)	—)	(15)	(31)	—)	(2)	(2)
Acquisitions of businesses	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(8)	—)
Issuance of related party note receivable	(12)	(6)	(2)	(15)	(2)	—)	—)	—)	—)	(6)	(10)	(8)	(7)	(7)
Investments in unconsolidated affiliates	(45)	(3)	—)	—)	—)	—)	(1)	(4)	—)	—)	—)	(5)	(11)	—)
Other, net	—)	3)	(21)	2)	2)	1)	2)	4)	(2)	5)	1)	1)	14)	8)
Net cash (used in) provided by investing activities	(134)	3)	560)	(150)	(101)	(99)	(134)	(90)	(126)	34)	66)	(102)	(69)	(45)
Proceeds from issuance of Notes	3,000)	—)	—)	—)	—)	2,150)	—)	—)	1,500)	—)	—)	—)	—)	—)
Repayment of Notes	(3,164)	(201)	—)	—)	(1,750)	(1,845)	—)	—)	—)	(250)	—)	—)	—)	(250)
Proceeds from issuance of commercial paper	500)	—)	650)	1,980)	2,656)	120)	445)	1,325)	5,518)	—)	—)	—)	(594)	594)
Repayments of commercial paper	(500)	(149)	(1,499)	(2,305)	(1,333)	(120)	(780)	(1,400)	(5,967)	(387)	(168)	(46)	381)	—)
Proceeds from KDP Revolver	—)	—)	—)	—)	—)	—)	—)	—)	850)	1,000)	—)	—)	—)	—)
Repayment of KDP Revolver	—)	—)	—)	—)	—)	—)	—)	—)	(1,850)	—)	—)	—)	—)	—)
Proceeds from term loan	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	2,000)
Repayments of term loan	—)	—)	—)	—)	—)	(425)	(75)	(150)	(325)	(405)	(330)	(25)	(90)	(2,758)
Proceeds from structured payables	41)	38)	44)	39)	38)	35)	43)	42)	42)	44)	84)	168)	—)	78)
Repayments of structured payables	(38)	(37)	(44)	(42)	(40)	(41)	(51)	(63)	(120)	(107)	(99)	(423)	—)	(9)
Cash dividends paid	(266)	(265)	(268)	(263)	(232)	(192)	(211)	(212)	(211)	(212)	(211)	(210)	(212)	(211)
Repurchases of common stock	(88)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from issuance of common stock	—)	—)	—)	—)	—)	140)	—)	—)	—)	—)	—)	—)	—)	—)
Tax withholdings related to net share settlements	(3)	(5)	—)	—)	—)	(125)	—)	—)	—)	—)	—)	—)	—)	—)
Payments on finance leases	(21)	(20)	(14)	(13)	(12)	(15)	(17)	(11)	(11)	(13)	(9)	(10)	(9)	(10)
Proceeds from controlling shareholder stock transactions	—)	—)	—)	—)	—)	—)	—)	7)	22)	—)	—)	—)	—)	—)
Other, net	(38)	(5)	(1)	2)	—)	(37)	22)	(3)	(21)	2)	(5)	—)	—)	10)
Net cash used in financing activities	(577)	(644)	(1,132)	(602)	(673)	(355)	(624)	(465)	(573)	(328)	(738)	(546)	(524)	(556)
Effect of exchange rate changes	(5)	4)	(4)	(9)	2)	2)	5)	(8)	5)	(8)	—)	—)	2)	10)
Cash, cash equivalents, and restricted cash and cash equivalents, net change from operating, investing and financing activities	(40)	26)	365)	33)	(179)	94)	37)	41)	(46)	112)	(1)	(48)	21)	—)

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Net Income Trends: The net income exhibits notable variability across the periods analyzed. It peaked towards the end of 2021, reaching $843 million in December, representing a significant increase relative to earlier quarters. However, a sharp decline is observed in mid-2022, dropping to $218 million in June. This suggests fluctuating profitability influenced possibly by external market conditions or internal operational factors.
Depreciation and Amortization: Depreciation expense remained relatively stable, fluctuating between $85 million and $106 million throughout the periods, with a slight increase towards 2021. Amortization of intangibles was steady around $31-$34 million per quarter, indicating consistent allocation of intangible asset expenses. Other amortization expenses showed more variability, with a general downward trend after 2019.
Provision and Tax Items: Provision for sales returns varied but generally stayed within a moderate range, peaking at $19 million in Q1 2021. Deferred income taxes displayed considerable volatility, with large negative and positive swings, including significant reversals in multiple quarters, hinting at complex tax positions or timing differences affecting income tax accounting.
Non-Cash and One-Time Items: Several non-recurring charges and gains, such as losses on early extinguishment of debt and impairment charges, occurred sporadically. For instance, a substantial loss of $169 million was recorded in June 2022 related to early debt extinguishment. Gains on the sale of equity method investments were significant but infrequent, notably a $524 million gain in December 2021 which impacted net results markedly.
Working Capital Dynamics: Trade accounts receivable and inventories experienced fluctuations, with negative changes more common, indicating possible collection or inventory management challenges. Accounts payable and accrued expenses generally increased over time, suggesting possibly extended payment terms or increased procurement activity. The net change in operating assets and liabilities fluctuated considerably, showing periods of both working capital investment and release.
Cash Flows from Operations: Operating cash flow showed a general upward trend with peaks around Q4 2021, reaching $941 million, demonstrating strong cash generation capacity. This occurred despite volatile net income, suggesting effective cash management or adjustments for non-cash items. Adjustments to reconcile net income to cash flow also varied, reflecting timing and non-cash expense effects.
Investing Activities: Investing cash flows were predominantly negative or modestly positive, marked by sustained capital expenditures between $77 million and $151 million quarterly, signifying ongoing investment in property and equipment. In some quarters, significant proceeds from sales of property or investments were realized, such as $578 million in September 2021, indicating occasional divestitures bolstering cash flow.
Financing Activities: Financing cash flows were volatile, reflecting varying debt issuance and repayments. Large issuances of notes occurred notably in Q2 2020, Q4 2020, and Q2 2022, offset by substantial repayments including $3,164 million repayment in June 2022. Commercial paper activity also fluctuated, indicating active short-term debt management. Dividends remained fairly steady around $210-$268 million per quarter, emphasizing consistent shareholder returns. Stock repurchases appeared only later in the timeline and were relatively limited.
Liquidity and Cash Position: The net change in cash and equivalents showed frequent fluctuations. There were positive net changes in several quarters, notably Q4 2021 with a $365 million increase, while some quarters recorded declines, such as a decrease of $179 million in Q2 2021 and $214 million in Q2 2022. This variability aligns with the irregular nature of investing and financing activities observed.
Exchange Rate Effects and Other Miscellaneous Items: Exchange rate effects on cash were minor but variable, mostly fluctuating between gains and losses of a few million dollars. Other miscellaneous items such as unrealized gains/losses on foreign currency and derivatives, as well as employee stock compensation expense, showed considerable movement, contributing to financial result volatility in some periods.

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Keurig Dr Pepper Inc. (NASDAQ:KDP)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data