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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
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		1,417,389,722
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001418135
Entity Registrant Name	Keurig Dr Pepper Inc.
Entity Address, Address Line One	53 South Avenue
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	(781)
Local Phone Number	418-7000

Condensed Consolidated Statements of Income - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 2,902,000,000	$ 2,613,000,000
Cost of sales	1,302,000,000	1,161,000,000
Gross profit	1,600,000,000	1,452,000,000
Selling, general and administrative expenses	961,000,000	1,028,000,000
Other operating income, net	(1,000,000)	(42,000,000)
Income from operations	640,000,000	466,000,000
Interest expense	140,000,000	153,000,000
Loss on early extinguishment of debt	105,000,000	2,000,000
Impairment of investments and note receivable	0	86,000,000
Other (income) expense, net	(3,000,000)	20,000,000
Income before provision for income taxes	398,000,000	205,000,000
Provision for income taxes	73,000,000	49,000,000
Net income	325,000,000	156,000,000
Less: Net income attributable to non-controlling interest	0	0
Net income attributable to KDP	$ 325,000,000	$ 156,000,000
Earnings per common share:
Basic (in dollars per share)	$ 0.23	$ 0.11
Diluted (in dollars per share)	$ 0.23	$ 0.11
Weighted average common shares outstanding:
Basic (in shares)	1,409.2	1,407.0
Diluted (in shares)	1,425.6	1,420.1

Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 325,000,000	$ 156,000,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	16,000,000	(583,000,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	0	1,000,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	71,000,000	0
Other Comprehensive Income (Loss), Net of Tax	87,000,000	(584,000,000)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	412,000,000	(428,000,000)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	0	0
Comprehensive income (loss) attributable to KDP	$ 412,000,000	$ (428,000,000)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Condensed Consolidated Balance Sheets - USD ($)

Mar. 31, 2021

Dec. 31, 2020

Current assets:

Cash and cash equivalents

$ 335,000,000

$ 240,000,000

Restricted cash and restricted cash equivalents

^[1]

14,000,000

15,000,000

Trade accounts receivable, net

1,065,000,000

1,048,000,000

Inventories

841,000,000

762,000,000

Prepaid expenses and other current assets

410,000,000

323,000,000

Total current assets

2,665,000,000

2,388,000,000

Property, plant and equipment, net

2,261,000,000

2,212,000,000

Investments in unconsolidated affiliates

88,000,000

Goodwill

20,209,000,000

20,184,000,000

Other intangible assets, net

23,949,000,000

23,968,000,000

Other non-current assets

1,187,000,000

894,000,000

Deferred tax assets

44,000,000

45,000,000

Total assets

50,403,000,000

49,779,000,000

Current liabilities:

Accounts payable

3,871,000,000

3,740,000,000

Accrued expenses

989,000,000

1,040,000,000

Structured payables

148,000,000

153,000,000

Short-term borrowings and current portion of long-term obligations

1,750,000,000

2,345,000,000

Other current liabilities

467,000,000

416,000,000

Total current liabilities

7,225,000,000

7,694,000,000

Long-term obligations

11,715,000,000

11,143,000,000

Deferred tax liabilities

6,025,000,000

5,993,000,000

Other non-current liabilities

1,367,000,000

1,119,000,000

Total liabilities

26,332,000,000

25,949,000,000

Commitments and contingencies

Stockholders' equity:

Preferred stock, $0.01 par value, 15,000,000 shares authorized, no shares issued

Common Stock, Value, Issued

14,000,000

Additional paid-in capital

21,718,000,000

21,677,000,000

Retained earnings

2,174,000,000

2,061,000,000

Accumulated other comprehensive income

164,000,000

77,000,000

Total stockholders' equity

24,070,000,000

23,829,000,000

Non-controlling interest

1,000,000

Total equity

24,071,000,000

23,830,000,000

Total liabilities and equity

$ 50,403,000,000

$ 49,779,000,000

[1]

Restricted cash and cash equivalents primarily represent amounts held in escrow in connection with the acquisitions of Bai Brands LLC, Core Nutrition LLC and Big Red Group Holdings, LLC, which have a corresponding holdback liability recorded in other current liabilities, as shown below.

ALLOWANCE FOR EXPECTED CREDIT LOSSES

Activity in the allowance for expected credit losses account during the periods presented was as follows:


(in millions)	Allowance for Expected Credit Losses



Balance as of December 31, 2020	$	21
Charges to bad debt expense	1
Write-offs and adjustments	—
Balance as of March 31, 2021	$	22

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock authorized (in shares)	15,000,000
Preferred stock issued (in shares)	0
Common stock, par value (in dollars per share)	$ 0.01
Common stock authorized (in shares)	2,000,000,000
Common stock issued (in shares)	1,417,325,379	1,407,260,676
Common stock outstanding (in shares)	1,417,325,379	1,407,260,676

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 325,000,000	$ 156,000,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	102,000,000	98,000,000
Amortization of intangibles	33,000,000	33,000,000
Other amortization expense	40,000,000	32,000,000
Provision for sales returns	19,000,000	7,000,000
Deferred income taxes	11,000,000	(5,000,000)
Employee stock-based compensation expense	25,000,000	19,000,000
Loss on early extinguishment of debt	105,000,000	2,000,000
Gain (Loss) on Disposition of Property Plant Equipment	(1,000,000)	(43,000,000)
Unrealized (gain) loss on foreign currency	10,000,000	(22,000,000)
Unrealized (gain) loss on derivatives	(41,000,000)	43,000,000
Equity in loss of unconsolidated affiliates	0	(15,000,000)
Impairment of investments and note receivable	0	86,000,000
Other, net	15,000,000	22,000,000
Changes in assets and liabilities:
Trade accounts receivable	(37,000,000)	42,000,000
Inventories	(77,000,000)	(38,000,000)
Income taxes receivable and payables, net	25,000,000	(29,000,000)
Other current and non-current assets	(295,000,000)	(179,000,000)
Accounts payable and accrued expenses	121,000,000	150,000,000
Other current and non-current liabilities	186,000,000	(19,000,000)
Net change in operating assets and liabilities	(77,000,000)	(73,000,000)
Net cash provided by operating activities	546,000,000	414,000,000
Investing activities:
Issuance of related party note receivable	0	(6,000,000)
Purchases of property, plant and equipment	(95,000,000)	(151,000,000)
Proceeds from sales of property, plant and equipment	7,000,000	201,000,000
Purchase of intangibles	(12,000,000)	(15,000,000)
Other, net	1,000,000	5,000,000
Net cash (used in) provided by investing activities	(99,000,000)	34,000,000
Financing activities:
Proceeds from issuance of common stock	140,000,000	0
Proceeds from unsecured credit facility	0	1,000,000,000
Proceeds from senior unsecured notes	2,150,000,000	0
Net (payment) issuance of commercial paper	0	(387,000,000)
Proceeds from structured payables	35,000,000	44,000,000
Payments on structured payables	(41,000,000)	(107,000,000)
Payments on Notes	(1,845,000,000)	(250,000,000)
Payments on term loan	(425,000,000)	(405,000,000)
Payments on finance leases	(15,000,000)	(13,000,000)
Cash dividends paid	(192,000,000)	(212,000,000)
Payment, Tax Withholding, Share-based Payment Arrangement	(125,000,000)	0
Other, net	(37,000,000)	2,000,000
Net cash used in financing activities	(355,000,000)	(328,000,000)
Cash, cash equivalents, restricted cash and restricted cash equivalents — net change from:
Operating, investing and financing activities	92,000,000	120,000,000
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	2,000,000	(8,000,000)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	255,000,000	111,000,000
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	349,000,000	223,000,000
Supplemental Cash Flow Information [Abstract]
Capital expenditures included in accounts payable and accrued expenses	259,000,000	177,000,000
Dividends declared but not yet paid	232,000,000	212,000,000
Finance lease additions	88,000,000	10,000,000
Cash paid for interest	29,000,000	0
Cash paid for income taxes	$ 31,000,000	$ 81,000,000

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock Issued	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-controlling interest	$ 0
Shares issued at beginning of period (in shares) at Dec. 31, 2019		1,406,800,000
Total stockholders' equity at beginning of period at Dec. 31, 2019	23,257,000,000	$ 14,000,000	$ 21,557,000,000	$ 1,582,000,000	$ 104,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	156,000,000			156,000,000
Net Income (Loss) Attributable to Noncontrolling Interest	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	156,000,000
Other comprehensive income	(584,000,000)				(584,000,000)
Shares issued under employee stock-based compensation plans and other		300,000
Dividends declared, $0.15 per share	(211,000,000)			(211,000,000)
Stock-based compensation and stock options exercised	22,000,000		22,000,000
Shares issued at end of period (in shares) at Mar. 31, 2020		1,407,100,000
Total stockholders' equity at end of period at Mar. 31, 2020	22,640,000,000	$ 14,000,000	21,579,000,000	1,527,000,000	(480,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-controlling interest	0
Non-controlling interest	1,000,000
Shares issued at beginning of period (in shares) at Dec. 31, 2020		1,407,300,000
Total stockholders' equity at beginning of period at Dec. 31, 2020	23,829,000,000	$ 14,000,000	21,677,000,000	2,061,000,000	77,000,000
Total equity, beginning of period at Dec. 31, 2020	23,830,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	325,000,000			325,000,000
Net Income (Loss) Attributable to Noncontrolling Interest	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	325,000,000
Other comprehensive income	87,000,000				87,000,000
Shares issued under employee stock-based compensation plans and other		5,700,000
Dividends declared, $0.15 per share	(212,000,000)			(212,000,000)
Stock Issued During Period, Value, New Issues	140,000,000		140,000,000
Stock Issued During Period, Shares, New Issues		4,300,000
Stock-based compensation and stock options exercised	(99,000,000)		(99,000,000)
Shares issued at end of period (in shares) at Mar. 31, 2021		1,417,300,000
Total stockholders' equity at end of period at Mar. 31, 2021	24,070,000,000	$ 14,000,000	$ 21,718,000,000	$ 2,174,000,000	$ 164,000,000
Total equity, end of period at Mar. 31, 2021	24,071,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-controlling interest	$ 1,000,000

Condensed Consolidated Statements of Changes in Stockholders' Equity Condensed Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.15	$ 0.15

Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax	$ 0	$ 0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	$ 22	$ 0

Background and Basis of Presentation	3 Months Ended
Background and Basis of Presentation	Mar. 31, 2021
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. Except as otherwise specified, references to the "first quarter" indicate the Company's quarterly periods ended March 31, 2021 and 2020. PRINCIPLES OF CONSOLIDATION KDP consolidates all wholly owned subsidiaries. The Company consolidates investments in companies in which it holds the majority interest. In these cases, the third party equity interest is referred to as non-controlling interest. Non-controlling interests are presented as a separate component within equity in the unaudited Condensed Consolidated Balance Sheets, and net income attributable to the non-controlling interests are presented separately in the unaudited Condensed Consolidated Statements of Income. The Company uses the equity method to account for investments in companies if the investment provides the Company with the ability to exercise significant influence over operating and financial policies of the investee. Consolidated net income includes KDP's proportionate share of the net income or loss of these companies. Judgment regarding the level of influence over each equity method investment includes considering key factors such as ownership interest, representation on the board of directors or similar governing body, participation in policy-making decisions and material intercompany transactions. KDP eliminates from its financial results all intercompany transactions between entities included in the unaudited condensed consolidated financial statements. 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 the reported amount of assets, liabilities, revenue and expenses. 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. RECENTLY ADOPTED PROVISIONS OF U.S. GAAP As of January 1, 2021, the Company adopted ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The objective of the new standard is to clarify the interaction of the accounting for equity securities, investments accounted for under the equity method of accounting and the accounting for certain forward contracts and purchased options accounted for under different topics in U.S. GAAP. The adoption of the standard did not impact KDP's consolidated financial statements.

Long-term Obligations and Borrowing Arrangements

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-term Obligations and Borrowing Arrangements

The following table summarizes the Company's long-term obligations:


(in millions)	March 31, 2021		December 31, 2020
Notes	$	13,465	$	13,065

Term loan	—		423
Subtotal	13,465		13,488
Less - current portion	(1,750)		(2,345)
Long-term obligations	$	11,715	$	11,143

The following table summarizes the Company's short-term borrowings and current portion of long-term obligations:


(in millions)	March 31, 2021		December 31, 2020
Commercial paper notes	$	—	$	—
Revolving credit facilities	—		—
Current portion of long-term obligations:
Notes	1,750		2,246
Term loan	—		99
Short-term borrowings and current portion of long-term obligations	$	1,750	$	2,345

SENIOR UNSECURED NOTES

The Company's Notes consisted of the following:


(in millions, except %)
Issuance	Maturity Date	Rate	March 31, 2021		December 31, 2020
2021 Merger Notes	May 25, 2021	3.551%	$	1,750	$	1,750
2021-A Notes	November 15, 2021	3.200%	—		250
2021-B Notes	November 15, 2021	2.530%	—		250
2022 Notes	November 15, 2022	2.700%	—		250
2023 Merger Notes	May 25, 2023	4.057%	1,000		2,000
2023 Notes	December 15, 2023	3.130%	500		500
2024 Notes(1)	March 15, 2024	0.750%	1,150		—
2025 Merger Notes	May 25, 2025	4.417%	1,000		1,000
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%	2,000		2,000
2030 Notes	May 1, 2030	3.200%	750		750
2031 Notes	March 15, 2031	2.250%	500		—
2038 Notes	May 1, 2038	7.450%	125		125
2038 Merger Notes	May 25, 2038	4.985%	500		500
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%	750		750
2050 Notes	May 1, 2050	3.800%	750		750
2051 Notes	March 15, 2051	3.350%	500		—
Principal amount			$	13,625	$	13,225
Adjustment from principal amount to carrying amount(2)			(160)		(160)
Carrying amount			$	13,465	$	13,065

(1)The 2024 Notes may be called anytime on or after March 15, 2022, in whole or in part, at the Company’s option, at a redemption price equal to 100% of the principal amount being redeemed, plus accrued and unpaid interest.

(2)The carrying amount includes unamortized discounts, debt issuance costs and fair value adjustments related to the DPS Merger.

On March 15, 2021, the Company completed the issuance of the 2024 Notes, the 2031 Notes, and the 2051 Notes. The discount associated with these notes was approximately $3 million and the Company incurred $13 million in debt issuance costs. The net proceeds from the issuance were used to repay the Company’s 2021-A Notes, 2021-B Notes, 2022 Notes, and approximately $1 billion of the 2023 Merger Notes, as well as to repay and terminate the 2019 KDP Term Loan as described below. As a result of the repayments of senior unsecured notes, the Company recorded losses on early extinguishment of debt of $104 million during the first quarter of 2021, comprised of a make-whole premium, fair market value adjustments and deferred financing fees written off.

VARIABLE-RATE BORROWING ARRANGEMENTS

The KDP Credit Agreements consist of the following:


(in millions)		March 31, 2021				December 31, 2020
Issuance	Maturity Date	Available Balances		Carrying Value		Carrying Value
2019 KDP Term Loan		$	—	$	—	$	425
KDP Revolver(1)	February 2023	2,400		—		—
2020 364-Day Credit Agreement		—		—		—
2021 364-Day Credit Agreement	March 2022	1,500		—		—
Principal amount				$	—	$	425
Unamortized discounts and debt issuance costs				—		(2)
Carrying amount				$	—	$	423

(1)The KDP Revolver has $200 million letters of credit availability and none utilized as of March 31, 2021.

As of March 31, 2021, the Company was in compliance with all financial covenant requirements relating to the KDP Credit Agreements.

2019 KDP Term Loan

During the first quarter of 2021, the Company voluntarily prepaid and terminated the 2019 KDP Term Loan using proceeds from the aforementioned issuance of senior subordinated notes. As a result of this voluntary prepayment, the Company recorded $1 million of losses on early extinguishment of debt related to the 2019 KDP Term Loan during the first quarter of 2021.

364-Day Credit Agreements

During the first quarter of 2021, the Company terminated its 2020 364-Day Credit Agreement, which was originally available through April 2021. No amounts were drawn under the 2020 364-Day Credit Agreement prior to termination.

The Company then entered into the 2021 364-Day Credit Agreement on March 24, 2021 among KDP, the banks party thereto and Bank of America, N.A. as administrative agent, pursuant to which the Company obtained a $1,500 million commitment. The interest rate applicable to borrowings under the 2021 364-Day Credit Agreement ranges from a rate equal to LIBOR plus a margin of 1.000% to 1.625% or a base rate plus a margin of 0.000% to 0.625%, depending on the rating of certain index debt of the Company. The 2021 364-Day Credit Agreement matures on March 23, 2022, and includes a term-out option which allows KDP to extend any outstanding amounts borrowed under the agreement for one year for a fee of 0.750% on the amounts borrowed.

Commercial Paper Program

The following table provides information about the Company's borrowings under its commercial paper program:


	First Quarter
(in millions, except %)		2021			2020
Weighted average commercial paper borrowings		$	22		$	1,670
Weighted average borrowing rates		0.18		%	1.85		%

Letter of Credit Facility

In addition to the portion of the KDP Revolver reserved for issuance of letters of credit, the Company has an incremental letter of credit facility. Under this facility, $100 million is available for the issuance of letters of credit, $44 million of which was utilized as of March 31, 2021 and $56 million of which remains available for use.

FAIR VALUE DISCLOSURES

The fair values of the Company's commercial paper approximate the carrying value and are considered Level 2 within the fair value hierarchy.

The fair values of the Company's Notes are based on current market rates available to the Company and are considered Level 2 within the fair value hierarchy. The difference between the fair value and the carrying value represents the theoretical net premium or discount that would be paid or received to retire all the Notes and related unamortized costs to be incurred at such date. The fair value of the Company's Notes was $14,828 million and $15,274 million as of March 31, 2021 and December 31, 2020, respectively.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL

Changes in the carrying amount of goodwill by reportable segment are as follows:


(in millions)	Coffee Systems		Packaged Beverages		Beverage Concentrates		Latin America Beverages		Total
Balance as of January 1, 2021	$	9,795	$	5,314	$	4,536	$	539	$	20,184
Foreign currency translation	27		9		6		(17)		25

Balance as of March 31, 2021	$	9,822	$	5,323	$	4,542	$	522	$	20,209

INTANGIBLE ASSETS OTHER THAN GOODWILL

The net carrying amounts of intangible assets other than goodwill with indefinite lives are as follows:


(in millions)	March 31, 2021		December 31, 2020
Brands(1)	$	19,876	$	19,874
Trade names	2,480		2,480
Contractual arrangements	123		123
Distribution rights	66		57
Total	$	22,545	$	22,534

(1)The increase of $2 million in brands with indefinite lives was due to foreign currency translation during the first quarter of 2021.

The net carrying amounts of intangible assets other than goodwill with definite lives are as follows:


	March 31, 2021						December 31, 2020
(in millions)	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Acquired technology	$	1,146	$	(346)	$	800	$	1,146	$	(328)	$	818
Customer relationships	638		(143)		495		638		(135)		503
Trade names	128		(74)		54		127		(69)		58
Contractual arrangements	24		(6)		18		24		(5)		19
Brands	21		(6)		15		21		(5)		16
Distribution rights	29		(7)		22		26		(6)		20
Total	$	1,986	$	(582)	$	1,404	$	1,982	$	(548)	$	1,434

Amortization expense for intangible assets with definite lives was as follows:


	First Quarter
(in millions)		2021		2020
Amortization expense		$	33	$	33

Amortization expense of these intangible assets over the remainder of 2021 and the next five years is expected to be as follows:


	Remainder of 2021		For the Years Ending December 31,
(in millions)	Remainder of 2021		2022		2023		2024		2025		2026
Expected amortization expense	$	101	$	134	$	132	$	124	$	110	$	105

IMPAIRMENT TESTINGKDP 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. As a result of the changes to the Company’s operating segments effective January 1, 2021, as described in Note 7, which resulted in a change to the Company’s reporting units, management performed a step zero analysis as of the effective date of the goodwill for the impacted reporting units. The Company also performed an analysis as of March 31, 2021 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 the carrying amount of any goodwill or any intangible asset may not be recoverable.

Restructuring and Integration Costs

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Integration Costs

The Company implements restructuring programs from time to time and incurs costs that are designed to improve operating effectiveness and lower costs. When the Company implements these programs, the Company incurs expenses, such as employee separations, lease terminations and other direct exit costs, that qualify as exit and disposal costs under U.S. GAAP.

The Company also incurs expenses that are an integral component of, and directly attributable to, its restructuring activities, which do not qualify as exit and disposal costs, such as accelerated depreciation, asset impairments, implementation costs and other incremental costs. These costs are recorded within SG&A expenses on the income statement and are held primarily within unallocated corporate costs.

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. The Company expects to incur total cash expenditures of $750 million, comprised of both capital expenditures and expense, and expects to complete the program in 2021. The restructuring and integration program resulted in cumulative pre-tax charges of approximately $630 million, primarily consisting of professional fees related to the integration and transformation and costs associated with severance and employee terminations, through March 31, 2021. Restructuring and integration charges on the DPS Integration Program were $43 million and $53 million for the first quarter of 2021 and 2020, respectively.

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 for the DPS Integration Program, all of which were workforce reduction costs, were as follows for the period presented:


(in millions)	Restructuring Liabilities
Balance as of January 1, 2021	$	14
Charges to expense	13
Cash payments	(9)

Balance as of March 31, 2021	$	18

Derivatives

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 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 swaps to provide predictability in the Company's overall cost structure, including both receive-fixed, pay-variable and receive-variable, pay-fixed swaps. 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 reported in interest expense in the unaudited Condensed Consolidated Statements of Income. As of March 31, 2021, all economic interest rate swap contracts will mature in March 2025.

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. The forward starting swaps are planned to be unwound at the issuance of long-term debt. As of March 31, 2021, the forward starting swaps have mandatory termination dates ranging from June 2022 to May 2025.

FOREIGN EXCHANGE

KDP is exposed to foreign exchange risk in its international subsidiaries, which may transact in currencies that are different from the functional currencies of those subsidiaries. The balance sheets of each of these businesses are also subject to exposure from movements in exchange rates.

Economic Hedges

During the first quarter of 2021 and 2020, KDP held FX forward contracts to economically manage the balance sheet exposures resulting from changes in the FX exchange 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. These FX contracts have maturities ranging from April 2021 to September 2024 as of March 31, 2021.

Cash Flow Hedges

During 2020, KDP began to designate certain FX forward contracts related to inventory purchases of the Canadian and Mexican businesses as cash flow hedges in order to manage the exposures resulting from changes in the FX rates described above. The intent of these FX contracts is to provide predictability in the Company's overall cost structure. These FX contracts, carried at fair value, have maturities ranging from April 2021 to November 2022 as of March 31, 2021.

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 intent of these contracts is to provide a certain level of predictability in the Company's overall cost structure. During the first quarter of 2021 and 2020, the Company held forward, future, swap and option contracts that economically hedged 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. 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 operating 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. These commodity contracts have maturities ranging from April 2021 to January 2024 as of March 31, 2021.

NOTIONAL AMOUNTS OF DERIVATIVE INSTRUMENTS

The following table presents the notional amounts of KDP's outstanding derivative instruments by type:


(in millions)	March 31, 2021		December 31, 2020
Interest rate contracts
Forward starting swaps, designated as cash flow hedges	$	2,500	$	—
Receive-variable, pay-fixed interest rate swaps, not designated as hedging instruments	450		450
FX contracts
Forward contracts, not designated as hedging instruments	505		476
Forward contracts, designated as cash flow hedges	369		333
Commodity contracts	450		450

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 LIBOR 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 designated level 2 within the fair value hierarchy.


(in millions)	Balance Sheet Location	March 31, 2021		December 31, 2020
Assets:


Commodity contracts	Prepaid expenses and other current assets	$	65	$	45
Interest rate contracts	Other non-current assets	2		—

Commodity contracts	Other non-current assets	25		12

Liabilities:
Interest rate contracts	Other current liabilities	$	2	$	2
FX contracts	Other current liabilities	7		6
Commodity contracts	Other current liabilities	1		5
Interest rate contracts	Other non-current liabilities	—		7
FX contracts	Other non-current liabilities	14		9
Commodity contracts	Other non-current liabilities	2		2

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	March 31, 2021		December 31, 2020
Assets:



Interest rate contracts	Other non-current assets	$	92	$	—

Liabilities:
FX contracts	Other current liabilities	$	13	$	12

IMPACT OF DERIVATIVE INSTRUMENTS NOT DESIGNATED AS HEDGING INSTRUMENTS

The following table presents the amount of (gains) losses recognized in the unaudited Condensed Consolidated Statements of Income related to derivative instruments not designated as hedging instruments under U.S. GAAP during the periods presented. Amounts include both realized and unrealized gains and losses.


		First Quarter
(in millions)	Income Statement Location		2021		2020
Interest rate contracts	Interest expense		$	(8)	$	4
FX contracts	Cost of sales		4		(23)
FX contracts	Other (income) expense, net		5		(17)
Commodity contracts	Cost of sales		(17)		17
Commodity contracts	SG&A expenses		(29)		45
Total			$	(45)	$	26

IMPACT OF CASH FLOW HEDGES

The following table presents the amount of loss reclassified from AOCI into the unaudited Condensed Consolidated Statements of Income related to derivative instruments designated as cash flow hedging instruments during the periods presented:


		First Quarter
(in millions)	Income Statement Location		2021		2020
Interest rate contracts	Interest expense		$	—	$	—
FX contracts	Cost of sales		5		—

KDP expects to reclassify approximately $15 million of pre-tax net losses from AOCI into net income during the next twelve months related to its FX contracts. KDP does not expect to reclassify any amounts from AOCI into net income during the next twelve months related to its interest rate contracts.

Leases (Notes)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

Leases

The Company leases certain facilities and machinery and equipment, including fleet. These leases expire at various dates through 2044. Some lease agreements contain standard renewal provisions that allow the Company to renew the lease at rates equivalent to fair market value at the end of the lease term. The Company's lease agreements do not contain any material residual value guarantees or restrictive covenants, except for leases of certain manufacturing properties that contain residual value guarantees at the end of the term. KDP has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component.

The following table presents the components of lease cost:


	First Quarter
(in millions)		2021		2020
Operating lease cost		$	30	$	28
Finance lease cost
Amortization of right-of-use assets		13		11
Interest on lease liabilities		3		4
Variable lease cost(1)		8		6
Short-term lease cost		—		—
Sublease income		—		(1)
Total lease cost		$	54	$	48

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

The following table presents supplemental cash flow information about the Company's leases:


	First Quarter
(in millions)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	28	$	26
Operating cash flows from finance leases	3		4
Financing cash flows from finance leases	15		13

The following table presents information about the Company's weighted average discount rate and remaining lease term:


	March 31, 2021		December 31, 2020
Weighted average discount rate
Operating leases	3.8	%	4.3	%
Finance leases	4.5	%	4.4	%
Weighted average remaining lease term
Operating leases	13 years		12 years
Finance leases	11 years		11 years

Future minimum lease payments for non-cancellable leases that have commenced and are reflected on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2021 were as follows:


(in millions)	Operating Leases		Finance Leases
Remainder of 2021	$	72	$	52
2022	99		65
2023	92		59
2024	90		56
2025	84		52
2025	73		65
Thereafter	536		153
Total future minimum lease payments	1,046		502
Less: imputed interest	(206)		(86)
Present value of minimum lease payments	$	840	$	416

SIGNIFICANT LEASES THAT HAVE NOT YET COMMENCED

As of March 31, 2021, the Company has entered into leases that have not yet commenced with estimated aggregated future lease payments of approximately $343 million. These leases are expected to commence between the second quarter and fourth quarter of 2021, with initial lease terms ranging from 5 years to 10 years.

Segments

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segments

Effective January 1, 2021, the Company modified its internal reporting and operating segments to reflect changes in the executive leadership team to further enhance speed-to-market and decision effectiveness. These modifications did not change the Company’s reportable segments. The Company's reportable segments consist of the following:

•The Coffee Systems segment reflects sales in the U.S. and Canada of the manufacture and distribution of finished goods relating to the Company's coffee system, K-Cup pods and brewers.

•The Packaged Beverages segment reflects sales in the U.S. and Canada from the manufacture and distribution of finished beverages and other products, including sales of the Company's own brands and third-party brands, through both the DSD and WD systems. DSD and WD have both been identified as operating segments that the Company aggregated into Packaged Beverages due to similar economic characteristics and similarities in the nature of finished goods sales and route-to-markets.

•The Beverage Concentrates segment reflects sales of the Company's branded concentrates and syrup to third-party bottlers primarily in the U.S. and Canada. Most of the brands in this segment are carbonated soft drink brands. Our FFS operating segment is aggregated with our Branded Concentrates operating segment into our Beverage Concentrates reportable segment due to similar economic characteristics and similarities in the nature of the product sold.

•The Latin America Beverages segment reflects sales primarily in Mexico and the Caribbean from the manufacture and distribution of concentrates, syrup and finished beverages.

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 operating segments. Intersegment sales are recorded at cost and are eliminated in the unaudited Condensed Consolidated Statements of Income. “Unallocated corporate costs” are excluded from 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:


	First Quarter
(in millions)		2021		2020
Segment Results – Net sales
Coffee Systems		$	1,142	$	973
Packaged Beverages		1,307		1,217
Beverage Concentrates		328		306
Latin America Beverages		125		117
Net sales		$	2,902	$	2,613


	First Quarter
(in millions)		2021		2020
Segment Results – Income from operations
Coffee Systems		$	336	$	272
Packaged Beverages		175		189
Beverage Concentrates		238		197
Latin America Beverages		22		27
Unallocated corporate costs		(131)		(219)
Income from operations		$	640	$	466

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

The following table presents the Company's basic and diluted EPS and shares outstanding:


	First Quarter
(in millions, except per share data)		2021		2020
Basic EPS:
Net income attributable to KDP		$	325	$	156
Weighted average common shares outstanding		1,409.2		1,407.0
Earnings per common share — basic		$	0.23	$	0.11
Diluted EPS:
Net income attributable to KDP		$	325	$	156
Weighted average common shares outstanding		1,409.2		1,407.0
Effect of dilutive securities:
RSUs		16.0		12.7
Stock options		0.3		0.4
PSUs		0.1		—
Weighted average common shares outstanding and common stock equivalents		1,425.6		1,420.1
Earnings per common share — diluted		$	0.23	$	0.11

Anti-dilutive shares excluded from the diluted weighted average shares outstanding calculation		—		0.3

Revenue Recognition

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The Company recognizes revenue when obligations under the terms of a contract with the customer are satisfied. Branded product sales, which include CSDs, NCB, K-Cup pods and appliances, occur once control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of consideration the Company receives and revenue the Company recognizes varies with changes in customer incentives the Company 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 the Company's revenue by portfolio:


(in millions)	Coffee Systems		Packaged Beverages		Beverage Concentrates		Latin America Beverages		Total








For the first quarter of 2021:
CSD(1)	$	—	$	624	$	323	$	87	$	1,034
NCB(1)	—		581		3		38		622
K-Cup pods(2)	903		—		—		—		903
Appliances	174		—		—		—		174
Other	65		102		2		—		169
Net sales	$	1,142	$	1,307	$	328	$	125	$	2,902









For the first quarter of 2020:
CSD(1)	$	—	$	563	$	302	$	82	$	947
NCB(1)	—		562		2		35		599
K-Cup pods(2)	791		—		—		—		791
Appliances	127		—		—		—		127
Other	55		92		2		—		149
Net sales	$	973	$	1,217	$	306	$	117	$	2,613

(1)Represents net sales of owned and partner brands within our portfolio.

(2) 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Stock Based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense is primarily recorded in SG&A expenses in the unaudited Condensed Consolidated Statements of Income. The components of stock-based compensation expense are presented below:


	First Quarter
(in millions)		2021		2020
Total stock-based compensation expense		$	25	$	19
Income tax benefit recognized in the Statements of Income		(4)		(4)
Stock-based compensation expense, net of tax		$	21	$	15

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, 2020	26,688,304	$	19.66	2.0	$	854
Granted	3,712,188	27.96
Vested and released	(9,401,295)	10.38			316
Forfeited	(416,825)	24.05
Outstanding as of March 31, 2021	20,582,372	$	25.30	2.8	$	707

As of March 31, 2021, there was $373 million of unrecognized compensation cost related to unvested RSUs that is expected to be recognized over a weighted average period of 3.8 years.

Total payments for the employees' tax obligations to the relevant taxing authorities were $125 million for the first quarter of 2021, which were funded through the issuance of shares in at-the-market offerings, known as an ATM program. There were no such payments made during the first quarter of 2020. This payment is reflected as a financing activity within the unaudited Condensed Consolidated Statements of Cash Flows.

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s effective tax rates were as follows:


	First Quarter
(in millions)		2021		2020
Effective tax rate		18.3	%	23.9	%

For the first quarter of 2021, the provision for income taxes was lower than the first quarter of 2020, which was primarily driven by the tax benefit received from excess tax deductions that were generated from the vesting of RSUs.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Investments in Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments in unconsolidated affiliates

The following table summarizes investments in unconsolidated affiliates as of March 31, 2021 and December 31, 2020:


			March 31,		December 31,
(in millions)	Ownership Interest		2021		2020
BodyArmor	12.5	%	$	53	$	51

Dyla LLC	12.4	%	12		12
Force Holdings LLC	33.3	%	5		5
Beverage startup companies	(various)		13		15
Other	(various)		5		5
Investments in unconsolidated affiliates			$	88	$	88

Other Financial Information

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Financial Information

CASH AND CASH EQUIVALENTS

The carrying value of cash, cash equivalents, restricted cash and restricted cash equivalents is valued as of the balance sheet date equating fair value and classified as Level 1. The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents reported with the unaudited Condensed Consolidated Balance Sheets to the total of the same amounts shown in the unaudited Condensed Consolidated Statements of Cash Flows:


(in millions)	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	335	$	240
Restricted cash and restricted cash equivalents(1)	14		15
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the unaudited Condensed Consolidated Statement of Cash Flows	$	349	$	255

(1)Restricted cash and cash equivalents primarily represent amounts held in escrow in connection with the acquisitions of Bai Brands LLC, Core Nutrition LLC and Big Red Group Holdings, LLC, which have a corresponding holdback liability recorded in other current liabilities, as shown below.

ALLOWANCE FOR EXPECTED CREDIT LOSSES

Activity in the allowance for expected credit losses account during the periods presented was as follows:


(in millions)	Allowance for Expected Credit Losses



Balance as of December 31, 2020	$	21
Charges to bad debt expense	1
Write-offs and adjustments	—
Balance as of March 31, 2021	$	22

ACCOUNTS PAYABLE

KDP has an agreement with a third party administrator which allows participating suppliers to track payments 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. KDP has been informed by the third party administrator that as of March 31, 2021 and December 31, 2020, $2,777 million and $2,578 million, respectively, of KDP's outstanding payment obligations were voluntarily elected by the supplier and sold to financial institutions.

SELECTED BALANCE SHEET INFORMATION

The tables below provide selected financial information from the unaudited Condensed Consolidated Balance Sheets:


	March 31,		December 31,
(in millions)	2021		2020
Inventories:
Raw materials	$	259	$	260
Work-in-progress	7		6
Finished goods	600		520
Total	866		786
Allowance for excess and obsolete inventories	(25)		(24)
Total Inventories	$	841	$	762
Prepaid expenses and other current assets:
Other receivables	$	74	$	85
Customer incentive programs	91		34
Derivative instruments	65		45
Prepaid marketing	15		15
Spare parts	60		55
Assets held for sale	2		2
Income tax receivable	10		11
Other	93		76
Total prepaid expenses and other current assets	$	410	$	323
Other non-current assets:
Customer incentive programs	$	67	$	70
Marketable securities - trading(1)	42		41
Operating lease right-of-use assets	830		645
Derivative instruments	119		12

Equity securities without readily determinable fair values	1		1
Other	128		125
Total other non-current assets	$	1,187	$	894

(1)Fair values of marketable 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. The fair value of marketable securities was $42 million and $41 million as of March 31, 2021 and December 31, 2020, respectively.


	March 31,		December 31,
(in millions)	2021		2020
Accrued expenses:
Customer rebates & incentives	$	326	$	382
Accrued compensation	149		215
Insurance reserve	40		35
Accrued interest	163		57
Accrued professional fees	24		21
Other accrued expenses	287		330
Total accrued expenses	$	989	$	1,040
Other current liabilities:
Dividends payable	$	232	$	212
Income taxes payable	63		39
Operating lease liability	80		72
Finance lease liability	49		44
Derivative instruments	23		25
Holdback liabilities	12		15
Other	8		9
Total other current liabilities	$	467	$	416
Other non-current liabilities:
Pension and post-retirement liability	$	38	$	38
Insurance reserves	74		72
Operating lease liability	760		580
Finance lease liability	367		298
Derivative instruments	16		18
Deferred compensation liability	42		41
Other	70		72
Total other non-current liabilities	$	1,367	$	1,119

Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income (Loss)

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 (Loss)






Balance as of January 1, 2021	$	95	$	(4)	$	(14)	$	77
Other comprehensive income	16		—		68		84
Amounts reclassified from accumulated other comprehensive income	—		—		3		3
Net current period other comprehensive income	16		—		71		87
Balance as of March 31, 2021	$	111	$	(4)	$	57	$	164






Balance as of January 1, 2020	$	104	$	—	$	—	$	104
Other comprehensive loss	(583)		(1)		—		(584)

Balance as of March 31, 2020	$	(479)	$	(1)	$	—	$	(480)

The following table presents the amount of (gains)/losses reclassified from AOCI into the unaudited Condensed Consolidated Statements of Income:


		First Quarter
(in millions)	Income Statement Caption	2021		2020
Cash Flow Hedges:
Interest rate contracts	Interest expense	$	—	$	—
FX contracts	Cost of sales	5		—
Total		5		—
Income tax benefit		(2)		—
Total, net of tax		$	3	$	—

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies LEGAL MATTERS The Company is involved from time to time in various claims, proceedings, and litigation. KDP establishes reserves 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. KDP has also identified certain other legal matters where the Company believes an unfavorable outcome is reasonably possible and/or for which no estimate of possible losses can be made. Antitrust Litigation In February 2014, TreeHouse Foods, Inc. and certain affiliated entities filed suit against KDP’s wholly-owned subsidiary, KGM, 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 monetary damages, declaratory relief, injunctive relief and attorneys’ fees. In March 2014, JBR, Inc. filed suit against KGM 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, Inc. complaint were substantially similar to the claims asserted and relief sought in the TreeHouse complaint. Beginning in March 2014, twenty-seven putative class actions asserting similar claims and seeking similar relief were filed on behalf of purported direct and indirect purchasers of KGM’s products in various federal district courts. In June 2014, the Judicial Panel on Multidistrict Litigation granted a motion to transfer these various actions, including the TreeHouse and JBR actions, to a single judicial district for coordinated or consolidated pre-trial proceedings (the “Multidistrict Antitrust Litigation”). Consolidated putative class action complaints by direct purchaser and indirect purchaser plaintiffs were filed in July 2014. An additional class action on behalf of indirect purchasers, originally filed in the Circuit Court of Faulkner County, Arkansas (Julie Rainwater et al. v. Keurig Green Mountain, Inc.), was transferred into the Multidistrict Antitrust Litigation in November 2015. In January 2019, McLane Company, Inc. filed suit against KGM (McLane Company, Inc. v. Keurig Green Mountain, Inc.) in the SDNY asserting similar claims and also was 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 commenced in December 2017. Separately, a statement of claim was filed in September 2014 against KGM 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. In July 2020, KGM reached an agreement with the putative indirect purchaser class plaintiffs in the Multidistrict Antitrust Litigation to settle the claims asserted in their complaint for $31 million. The settlement class consists of individuals and entities in the United States that purchased, from persons other than KGM and not for purposes of resale, KGM manufactured or licensed single serve beverage portion packs during the applicable class period (beginning in September 2010 for most states). The court granted preliminary approval of the settlement in December 2020, and the Company paid the settlement amount in January 2021. Putative class members have the opportunity to object or opt out of the settlement, and a final approval hearing is scheduled in June 2021. KDP intends to vigorously defend the remaining lawsuits brought by Treehouse, JBR, McLane, the putative direct purchaser class and Club Coffee. 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. Proposition 65 Litigation In May 2011, CERT filed a lawsuit in the Superior Court of the State of California, County of Los Angeles, (Council for Education and Research on Toxics v. Brad Barry LLC, et al., Case No. BC461182), alleging that KGM, and certain other defendants who manufacture, package, distribute or sell coffee, failed to warn persons in California that KGM's coffee products expose persons to the chemical acrylamide in violation of Proposition 65. KGM, as part of a joint defense group organized to defend against the lawsuit, disputed CERT's claims and asserted multiple affirmative defenses. The case was scheduled to proceed to a third phase for trial on damages, remedies and attorneys' fees, but such trial did not occur in light of California’s Office of Environmental Health Hazard Assessment proposal of a new Proposition 65 regulation clarifying that cancer warnings are not required for chemicals, such as acrylamide, that are present in coffee as a result of roasting coffee beans. After the regulation took effect in October 2019, the litigation continued based on, among other items, CERT’s contentions that the regulation is legally invalid and, alternatively, cannot be applied to its pending claims. In August 2020, the court granted the defendants' motion for summary judgment, effectively ending CERT's Proposition 65 litigation at the trial court level. CERT has filed its appeal brief, and the Company intends to continue vigorously defending itself in this action. However, the Company believes that the likelihood that it will incur a material loss in connection with the CERT litigation is remote and accordingly, no loss contingency has been recorded.

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Parties	Related Parties IDENTIFICATION OF RELATED PARTIES JAB holds a significant but non-controlling interest in KDP. As of March 31, 2021, JAB beneficially owned approximately 33% of KDP's outstanding common stock. JAB and its affiliates also hold investments in a number of other companies that have commercial relationships with the Company, including Peet's, Caribou Coffee Company, Inc., Panera Bread Company, Einstein Bros Bagels, and Krispy Kreme Doughnuts Inc. •KDP purchases certain raw materials from Peet's and manufactures coffee and tea portion packs under Peet's brands for sale by KDP and Peet's in the U.S. and Canada. •KDP exclusively manufactures, distributes and sells Peet's RTD beverage products in the U.S. and Canada. •KDP licenses the Caribou Coffee, Panera Bread and Krispy Kreme trademarks for use in the manufacturing of portion packs for the Keurig brewing system. •KDP sells various beverage concentrates and packaged beverages to Caribou Coffee Company, Inc., Panera Bread Company, Einstein Bros Bagels, and Krispy Kreme Doughnuts Inc. for resale to retail customers. KDP holds investments in certain brand ownership companies, and in certain instances, the Company also has rights in specified territories to bottle and/or distribute the brands owned by such companies. KDP purchases inventory from these brand ownership companies and sells finished product to third-party customers primarily in the U.S. Additionally, any transactions with significant partners in these investments, such as ABI, are considered related party transactions. ABI purchases Clamato from KDP and pays the Company a royalty for use of the brand name. Refer to Note 12 for additional information about KDP's investments in brand ownership companies.

Background and Basis of Presentation (Policies)	3 Months Ended
Background and Basis of Presentation (Policies)	Mar. 31, 2021
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. Except as otherwise specified, references to the "first quarter" indicate the Company's quarterly periods ended March 31, 2021 and 2020.
Principles of Consolidation	KDP consolidates all wholly owned subsidiaries. The Company consolidates investments in companies in which it holds the majority interest. In these cases, the third party equity interest is referred to as non-controlling interest. Non-controlling interests are presented as a separate component within equity in the unaudited Condensed Consolidated Balance Sheets, and net income attributable to the non-controlling interests are presented separately in the unaudited Condensed Consolidated Statements of Income. The Company uses the equity method to account for investments in companies if the investment provides the Company with the ability to exercise significant influence over operating and financial policies of the investee. Consolidated net income includes KDP's proportionate share of the net income or loss of these companies. Judgment regarding the level of influence over each equity method investment includes considering key factors such as ownership interest, representation on the board of directors or similar governing body, participation in policy-making decisions and material intercompany transactions. KDP eliminates from its financial results all intercompany transactions between entities included in the unaudited condensed consolidated financial statements.
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 the reported amount of assets, liabilities, revenue and expenses. 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
Accounting Standards	RECENTLY ADOPTED PROVISIONS OF U.S. GAAP As of January 1, 2021, the Company adopted ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The objective of the new standard is to clarify the interaction of the accounting for equity securities, investments accounted for under the equity method of accounting and the accounting for certain forward contracts and purchased options accounted for under different topics in U.S. GAAP. The adoption of the standard did not impact KDP's consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Long-term Obligations and Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Short-term Debt [Table Text Block]

he following table provides information about the Company's borrowings under its commercial paper program:


	First Quarter
(in millions, except %)		2021			2020
Weighted average commercial paper borrowings		$	22		$	1,670
Weighted average borrowing rates		0.18		%	1.85		%

Schedule of debt

The following table summarizes the Company's long-term obligations:


(in millions)	March 31, 2021		December 31, 2020
Notes	$	13,465	$	13,065

Term loan	—		423
Subtotal	13,465		13,488
Less - current portion	(1,750)		(2,345)
Long-term obligations	$	11,715	$	11,143

The following table summarizes the Company's short-term borrowings and current portion of long-term obligations:


(in millions)	March 31, 2021		December 31, 2020
Commercial paper notes	$	—	$	—
Revolving credit facilities	—		—
Current portion of long-term obligations:
Notes	1,750		2,246
Term loan	—		99
Short-term borrowings and current portion of long-term obligations	$	1,750	$	2,345

Schedule of long-term debt instruments

The Company's Notes consisted of the following:


(in millions, except %)
Issuance	Maturity Date	Rate	March 31, 2021		December 31, 2020
2021 Merger Notes	May 25, 2021	3.551%	$	1,750	$	1,750
2021-A Notes	November 15, 2021	3.200%	—		250
2021-B Notes	November 15, 2021	2.530%	—		250
2022 Notes	November 15, 2022	2.700%	—		250
2023 Merger Notes	May 25, 2023	4.057%	1,000		2,000
2023 Notes	December 15, 2023	3.130%	500		500
2024 Notes(1)	March 15, 2024	0.750%	1,150		—
2025 Merger Notes	May 25, 2025	4.417%	1,000		1,000
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%	2,000		2,000
2030 Notes	May 1, 2030	3.200%	750		750
2031 Notes	March 15, 2031	2.250%	500		—
2038 Notes	May 1, 2038	7.450%	125		125
2038 Merger Notes	May 25, 2038	4.985%	500		500
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%	750		750
2050 Notes	May 1, 2050	3.800%	750		750
2051 Notes	March 15, 2051	3.350%	500		—
Principal amount			$	13,625	$	13,225
Adjustment from principal amount to carrying amount(2)			(160)		(160)
Carrying amount			$	13,465	$	13,065

(2)The carrying amount includes unamortized discounts, debt issuance costs and fair value adjustments related to the DPS Merger.

Schedule of line of credit facilities

The KDP Credit Agreements consist of the following:


(in millions)		March 31, 2021				December 31, 2020
Issuance	Maturity Date	Available Balances		Carrying Value		Carrying Value
2019 KDP Term Loan		$	—	$	—	$	425
KDP Revolver(1)	February 2023	2,400		—		—
2020 364-Day Credit Agreement		—		—		—
2021 364-Day Credit Agreement	March 2022	1,500		—		—
Principal amount				$	—	$	425
Unamortized discounts and debt issuance costs				—		(2)
Carrying amount				$	—	$	423

(1)The KDP Revolver has $200 million letters of credit availability and none utilized as of March 31, 2021.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

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)	Coffee Systems		Packaged Beverages		Beverage Concentrates		Latin America Beverages		Total
Balance as of January 1, 2021	$	9,795	$	5,314	$	4,536	$	539	$	20,184
Foreign currency translation	27		9		6		(17)		25

Balance as of March 31, 2021	$	9,822	$	5,323	$	4,542	$	522	$	20,209

Schedule of net carrying amounts of intangible assets other than goodwill with indefinite lives

The net carrying amounts of intangible assets other than goodwill with indefinite lives are as follows:


(in millions)	March 31, 2021		December 31, 2020
Brands(1)	$	19,876	$	19,874
Trade names	2,480		2,480
Contractual arrangements	123		123
Distribution rights	66		57
Total	$	22,545	$	22,534

(1)The increase of $2 million in brands with indefinite lives was due to foreign currency translation during the first quarter of 2021.

Schedule of net carrying amounts of intangible assets other than goodwill with definite lives

The net carrying amounts of intangible assets other than goodwill with definite lives are as follows:


	March 31, 2021						December 31, 2020
(in millions)	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Acquired technology	$	1,146	$	(346)	$	800	$	1,146	$	(328)	$	818
Customer relationships	638		(143)		495		638		(135)		503
Trade names	128		(74)		54		127		(69)		58
Contractual arrangements	24		(6)		18		24		(5)		19
Brands	21		(6)		15		21		(5)		16
Distribution rights	29		(7)		22		26		(6)		20
Total	$	1,986	$	(582)	$	1,404	$	1,982	$	(548)	$	1,434

Schedule of amortization expense for intangible assets with definite lives

Amortization expense for intangible assets with definite lives was as follows:


	First Quarter
(in millions)		2021		2020
Amortization expense		$	33	$	33

Schedule of future amortization expense

Amortization expense of these intangible assets over the remainder of 2021 and the next five years is expected to be as follows:


	Remainder of 2021		For the Years Ending December 31,
(in millions)	Remainder of 2021		2022		2023		2024		2025		2026
Expected amortization expense	$	101	$	134	$	132	$	124	$	110	$	105

Restructuring and Integration Costs (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of restructuring reserve by type of cost

Restructuring liabilities for the DPS Integration Program, all of which were workforce reduction costs, were as follows for the period presented:


(in millions)	Restructuring Liabilities
Balance as of January 1, 2021	$	14
Charges to expense	13
Cash payments	(9)

Balance as of March 31, 2021	$	18

Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

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)	March 31, 2021		December 31, 2020
Interest rate contracts
Forward starting swaps, designated as cash flow hedges	$	2,500	$	—
Receive-variable, pay-fixed interest rate swaps, not designated as hedging instruments	450		450
FX contracts
Forward contracts, not designated as hedging instruments	505		476
Forward contracts, designated as cash flow hedges	369		333
Commodity contracts	450		450

Schedule of derivative instruments in statement of financial position, fair value

Not Designated as Hedging Instruments


(in millions)	Balance Sheet Location	March 31, 2021		December 31, 2020
Assets:


Commodity contracts	Prepaid expenses and other current assets	$	65	$	45
Interest rate contracts	Other non-current assets	2		—

Commodity contracts	Other non-current assets	25		12

Liabilities:
Interest rate contracts	Other current liabilities	$	2	$	2
FX contracts	Other current liabilities	7		6
Commodity contracts	Other current liabilities	1		5
Interest rate contracts	Other non-current liabilities	—		7
FX contracts	Other non-current liabilities	14		9
Commodity contracts	Other non-current liabilities	2		2

Designated as Hedging Instruments


(in millions)	Balance Sheet Location	March 31, 2021		December 31, 2020
Assets:



Interest rate contracts	Other non-current assets	$	92	$	—

Liabilities:
FX contracts	Other current liabilities	$	13	$	12

Schedule of derivative instruments not designated as hedging instruments


		First Quarter
(in millions)	Income Statement Location		2021		2020
Interest rate contracts	Interest expense		$	(8)	$	4
FX contracts	Cost of sales		4		(23)
FX contracts	Other (income) expense, net		5		(17)
Commodity contracts	Cost of sales		(17)		17
Commodity contracts	SG&A expenses		(29)		45
Total			$	(45)	$	26

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]


		First Quarter
(in millions)	Income Statement Location		2021		2020
Interest rate contracts	Interest expense		$	—	$	—
FX contracts	Cost of sales		5		—

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Lease, Cost [Table Text Block]

The following table presents the components of lease cost:


	First Quarter
(in millions)		2021		2020
Operating lease cost		$	30	$	28
Finance lease cost
Amortization of right-of-use assets		13		11
Interest on lease liabilities		3		4
Variable lease cost(1)		8		6
Short-term lease cost		—		—
Sublease income		—		(1)
Total lease cost		$	54	$	48

(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 information about the Company's leases:


	First Quarter
(in millions)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	28	$	26
Operating cash flows from finance leases	3		4
Financing cash flows from finance leases	15		13

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:


	March 31, 2021		December 31, 2020
Weighted average discount rate
Operating leases	3.8	%	4.3	%
Finance leases	4.5	%	4.4	%
Weighted average remaining lease term
Operating leases	13 years		12 years
Finance leases	11 years		11 years

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Future minimum lease payments for non-cancellable leases that have commenced and are reflected on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2021 were as follows:


(in millions)	Operating Leases		Finance Leases
Remainder of 2021	$	72	$	52
2022	99		65
2023	92		59
2024	90		56
2025	84		52
2025	73		65
Thereafter	536		153
Total future minimum lease payments	1,046		502
Less: imputed interest	(206)		(86)
Present value of minimum lease payments	$	840	$	416

Finance Lease, Liability, Fiscal Year Maturity [Table Text Block]

Future minimum lease payments for non-cancellable leases that have commenced and are reflected on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2021 were as follows:


(in millions)	Operating Leases		Finance Leases
Remainder of 2021	$	72	$	52
2022	99		65
2023	92		59
2024	90		56
2025	84		52
2025	73		65
Thereafter	536		153
Total future minimum lease payments	1,046		502
Less: imputed interest	(206)		(86)
Present value of minimum lease payments	$	840	$	416

Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

Information about the Company's operations by reportable segment is as follows:


	First Quarter
(in millions)		2021		2020
Segment Results – Net sales
Coffee Systems		$	1,142	$	973
Packaged Beverages		1,307		1,217
Beverage Concentrates		328		306
Latin America Beverages		125		117
Net sales		$	2,902	$	2,613

Reconciliation of operating profit (loss) from segments to consolidated


	First Quarter
(in millions)		2021		2020
Segment Results – Income from operations
Coffee Systems		$	336	$	272
Packaged Beverages		175		189
Beverage Concentrates		238		197
Latin America Beverages		22		27
Unallocated corporate costs		(131)		(219)
Income from operations		$	640	$	466

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of earnings per share

The following table presents the Company's basic and diluted EPS and shares outstanding:


	First Quarter
(in millions, except per share data)		2021		2020
Basic EPS:
Net income attributable to KDP		$	325	$	156
Weighted average common shares outstanding		1,409.2		1,407.0
Earnings per common share — basic		$	0.23	$	0.11
Diluted EPS:
Net income attributable to KDP		$	325	$	156
Weighted average common shares outstanding		1,409.2		1,407.0
Effect of dilutive securities:
RSUs		16.0		12.7
Stock options		0.3		0.4
PSUs		0.1		—
Weighted average common shares outstanding and common stock equivalents		1,425.6		1,420.1
Earnings per common share — diluted		$	0.23	$	0.11

Anti-dilutive shares excluded from the diluted weighted average shares outstanding calculation		—		0.3

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

The following table disaggregates the Company's revenue by portfolio:


(in millions)	Coffee Systems		Packaged Beverages		Beverage Concentrates		Latin America Beverages		Total








For the first quarter of 2021:
CSD(1)	$	—	$	624	$	323	$	87	$	1,034
NCB(1)	—		581		3		38		622
K-Cup pods(2)	903		—		—		—		903
Appliances	174		—		—		—		174
Other	65		102		2		—		169
Net sales	$	1,142	$	1,307	$	328	$	125	$	2,902









For the first quarter of 2020:
CSD(1)	$	—	$	563	$	302	$	82	$	947
NCB(1)	—		562		2		35		599
K-Cup pods(2)	791		—		—		—		791
Appliances	127		—		—		—		127
Other	55		92		2		—		149
Net sales	$	973	$	1,217	$	306	$	117	$	2,613

(1)Represents net sales of owned and partner brands within our portfolio.

(2) 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.

Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock based compensation expense

The components of stock-based compensation expense are presented below:


	First Quarter
(in millions)		2021		2020
Total stock-based compensation expense		$	25	$	19
Income tax benefit recognized in the Statements of Income		(4)		(4)
Stock-based compensation expense, net of tax		$	21	$	15

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, 2020	26,688,304	$	19.66	2.0	$	854
Granted	3,712,188	27.96
Vested and released	(9,401,295)	10.38			316
Forfeited	(416,825)	24.05
Outstanding as of March 31, 2021	20,582,372	$	25.30	2.8	$	707

Income Taxes Income Taxes (Tables)

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The Company’s effective tax rates were as follows:


	First Quarter
(in millions)		2021		2020
Effective tax rate		18.3	%	23.9	%

Investments in Unconsolidated Affiliates (Tables)

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity method investments

The following table summarizes investments in unconsolidated affiliates as of March 31, 2021 and December 31, 2020:


			March 31,		December 31,
(in millions)	Ownership Interest		2021		2020
BodyArmor	12.5	%	$	53	$	51

Dyla LLC	12.4	%	12		12
Force Holdings LLC	33.3	%	5		5
Beverage startup companies	(various)		13		15
Other	(various)		5		5
Investments in unconsolidated affiliates			$	88	$	88

Other Financial Information (Tables)

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of cash and cash equivalents

The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents reported with the unaudited Condensed Consolidated Balance Sheets to the total of the same amounts shown in the unaudited Condensed Consolidated Statements of Cash Flows:


(in millions)	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	335	$	240
Restricted cash and restricted cash equivalents(1)	14		15
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the unaudited Condensed Consolidated Statement of Cash Flows	$	349	$	255

Schedule of other assets and other liabilities

The tables below provide selected financial information from the unaudited Condensed Consolidated Balance Sheets:


	March 31,		December 31,
(in millions)	2021		2020
Inventories:
Raw materials	$	259	$	260
Work-in-progress	7		6
Finished goods	600		520
Total	866		786
Allowance for excess and obsolete inventories	(25)		(24)
Total Inventories	$	841	$	762
Prepaid expenses and other current assets:
Other receivables	$	74	$	85
Customer incentive programs	91		34
Derivative instruments	65		45
Prepaid marketing	15		15
Spare parts	60		55
Assets held for sale	2		2
Income tax receivable	10		11
Other	93		76
Total prepaid expenses and other current assets	$	410	$	323
Other non-current assets:
Customer incentive programs	$	67	$	70
Marketable securities - trading(1)	42		41
Operating lease right-of-use assets	830		645
Derivative instruments	119		12

Equity securities without readily determinable fair values	1		1
Other	128		125
Total other non-current assets	$	1,187	$	894


	March 31,		December 31,
(in millions)	2021		2020
Accrued expenses:
Customer rebates & incentives	$	326	$	382
Accrued compensation	149		215
Insurance reserve	40		35
Accrued interest	163		57
Accrued professional fees	24		21
Other accrued expenses	287		330
Total accrued expenses	$	989	$	1,040
Other current liabilities:
Dividends payable	$	232	$	212
Income taxes payable	63		39
Operating lease liability	80		72
Finance lease liability	49		44
Derivative instruments	23		25
Holdback liabilities	12		15
Other	8		9
Total other current liabilities	$	467	$	416
Other non-current liabilities:
Pension and post-retirement liability	$	38	$	38
Insurance reserves	74		72
Operating lease liability	760		580
Finance lease liability	367		298
Derivative instruments	16		18
Deferred compensation liability	42		41
Other	70		72
Total other non-current liabilities	$	1,367	$	1,119

Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]

Activity in the allowance for expected credit losses account during the periods presented was as follows:


(in millions)	Allowance for Expected Credit Losses



Balance as of December 31, 2020	$	21
Charges to bad debt expense	1
Write-offs and adjustments	—
Balance as of March 31, 2021	$	22

Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2021

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 (Loss)






Balance as of January 1, 2021	$	95	$	(4)	$	(14)	$	77
Other comprehensive income	16		—		68		84
Amounts reclassified from accumulated other comprehensive income	—		—		3		3
Net current period other comprehensive income	16		—		71		87
Balance as of March 31, 2021	$	111	$	(4)	$	57	$	164






Balance as of January 1, 2020	$	104	$	—	$	—	$	104
Other comprehensive loss	(583)		(1)		—		(584)

Balance as of March 31, 2020	$	(479)	$	(1)	$	—	$	(480)

Reclassification out of Accumulated Other Comprehensive Income

The following table presents the amount of (gains)/losses reclassified from AOCI into the unaudited Condensed Consolidated Statements of Income:


		First Quarter
(in millions)	Income Statement Caption	2021		2020
Cash Flow Hedges:
Interest rate contracts	Interest expense	$	—	$	—
FX contracts	Cost of sales	5		—
Total		5		—
Income tax benefit		(2)		—
Total, net of tax		$	3	$	—

Long-term Obligations and Borrowing Arrangements - Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 13,465	$ 13,488
Long-term Debt, Current Maturities	(1,750)	(2,345)
Long-term obligations	11,715	11,143
Senior Notes
Debt Instrument [Line Items]
Long-term debt	13,465	13,065
Long-term Debt, Current Maturities	(1,750)	(2,246)
Line of Credit
Debt Instrument [Line Items]
Long-term debt	0	423
Long-term Debt, Current Maturities	0	(99)
2019 KDP Term Loan \| Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 423

Long-term Obligations and Borrowing Arrangements - Current Debt (Details) - USD ($)
$ in Millions

Mar. 31, 2021

Dec. 31, 2020

Short-term Debt [Line Items]

Current portion of long-term debt

$ 1,750

$ 2,345

Short-term borrowings and current portion of long-term obligations

1,750

2,345

Commercial Paper

Short-term Debt [Line Items]

Short-term debt

Senior Notes

Short-term Debt [Line Items]

Current portion of long-term debt

1,750

2,246

Line of Credit

Short-term Debt [Line Items]

Current portion of long-term debt

KDP Revolver | Line of Credit

Short-term Debt [Line Items]

Long-term Line of Credit

^[1]

KDP Credit Agreements | KDP Revolver | Line of Credit

Short-term Debt [Line Items]

Long-term Line of Credit

$ 0

[1]	The KDP Revolver has $200 million letters of credit availability and none utilized as of March 31, 2021.

Long-term Obligations and Borrowing Arrangements - Senior Unsecured Notes (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 15, 2021

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2020

Debt Instrument [Line Items]

Long-term debt

$ 13,465

$ 13,488

Gain (Loss) on Extinguishment of Debt

(105)

$ (2)

2023 Merger Notes

Debt Instrument [Line Items]

Extinguishment of Debt, Amount

$ 1,000

Senior Notes Issued March 2021 [Member]

Debt Instrument [Line Items]

Debt Instrument, Unamortized Discount

Debt Issuance Costs, Gross

$ 13

Senior Subordinated Notes

Debt Instrument [Line Items]

Gain (Loss) on Extinguishment of Debt

104

Senior Notes

Debt Instrument [Line Items]

Long term debt, carrying value

13,625

13,225

Unamortized discounts and debt issuance costs

^[1]

(160)

Long-term debt

$ 13,465

13,065

Senior Notes | 2021 Merger Notes

Debt Instrument [Line Items]

Interest rate

3.551%

Long term debt, carrying value

$ 1,750

1,750

Senior Notes | 2021-A Notes

Debt Instrument [Line Items]

Interest rate

3.20%

Long term debt, carrying value

$ 0

250

Senior Notes | 2021-B Notes

Debt Instrument [Line Items]

Interest rate

2.53%

Long term debt, carrying value

$ 0

250

Senior Notes | 2022 Notes

Debt Instrument [Line Items]

Interest rate

2.70%

Long term debt, carrying value

$ 0

250

Senior Notes | 2023 Merger Notes

Debt Instrument [Line Items]

Interest rate

4.057%

Long term debt, carrying value

$ 1,000

2,000

Senior Notes | 2023 Notes

Debt Instrument [Line Items]

Interest rate

3.13%

Long term debt, carrying value

$ 500

500

Senior Notes | 2025 Merger Notes

Debt Instrument [Line Items]

Interest rate

4.417%

Long term debt, carrying value

$ 1,000

1,000

Senior Notes | 2025 Notes

Debt Instrument [Line Items]

Interest rate

3.40%

Long term debt, carrying value

$ 500

500

Senior Notes | 2026 Notes

Debt Instrument [Line Items]

Interest rate

2.55%

Long term debt, carrying value

$ 400

400

Senior Notes | 2027 Notes

Debt Instrument [Line Items]

Interest rate

3.43%

Long term debt, carrying value

$ 500

500

Senior Notes | 2028 Merger Notes

Debt Instrument [Line Items]

Interest rate

4.597%

Long term debt, carrying value

$ 2,000

2,000

Senior Notes | 2030 Notes

Debt Instrument [Line Items]

Interest rate

3.20%

Long term debt, carrying value

$ 750

750

Senior Notes | 2038 Merger Notes

Debt Instrument [Line Items]

Interest rate

4.985%

Long term debt, carrying value

$ 500

500

Senior Notes | 2038 Notes

Debt Instrument [Line Items]

Interest rate

7.45%

Long term debt, carrying value

$ 125

125

Senior Notes | 2045 Notes

Debt Instrument [Line Items]

Interest rate

4.50%

Long term debt, carrying value

$ 550

550

Senior Notes | 2046 Notes

Debt Instrument [Line Items]

Interest rate

4.42%

Long term debt, carrying value

$ 400

400

Senior Notes | 2048 Merger Notes

Debt Instrument [Line Items]

Interest rate

5.085%

Long term debt, carrying value

$ 750

750

Senior Notes | 2050 Notes

Debt Instrument [Line Items]

Interest rate

3.80%

Long term debt, carrying value

$ 750

750

Senior Notes | 2024 Notes

Debt Instrument [Line Items]

Interest rate

^[2]

0.75%

Long term debt, carrying value

^[2]

$ 1,150

Senior Notes | 2031 Notes

Debt Instrument [Line Items]

Interest rate

2.25%

Long term debt, carrying value

$ 500

Senior Notes | 2051 Notes

Debt Instrument [Line Items]

Interest rate

3.35%

Long term debt, carrying value

$ 500

Nonrecurring | Senior Notes

Debt Instrument [Line Items]

Long-term debt, fair value

$ 14,828

$ 15,274

[1]	The carrying amount includes unamortized discounts, debt issuance costs and fair value adjustments related to the DPS Merger.
[2]	The 2024 Notes may be called anytime on or after March 15, 2022, in whole or in part, at the Company’s option, at a redemption price equal to 100% of the principal amount being redeemed, plus accrued and unpaid interest.

Long-term Obligations and Borrowing Arrangements - Borrowing Arrangements (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 24, 2021

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2020

Debt Instrument [Line Items]

Gain (Loss) on Extinguishment of Debt

$ (105)

$ (2)

Long-term debt

13,465

$ 13,488

2019 KDP Term Loan [Member]

Debt Instrument [Line Items]

Gain (Loss) on Extinguishment of Debt

Long term debt, carrying value

425

2020 364-Day Credit Agreement [Member]

Debt Instrument [Line Items]

Maximum borrowing capacity

Long-term Line of Credit

2021 364-Day Credit Agreement

Debt Instrument [Line Items]

Maximum borrowing capacity

1,500

Long-term Line of Credit

Line of Credit Facility, Fee for Extending Terms

0.75%

KDP Credit Agreements

Debt Instrument [Line Items]

Unamortized discounts and debt issuance costs

(2)

Line of Credit

Debt Instrument [Line Items]

Long term debt, carrying value

425

Long-term debt

423

Letter of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

200

Letters of credit outstanding

Letter of Credit | Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

100

Letters of credit outstanding

KDP Revolver

Debt Instrument [Line Items]

Maximum borrowing capacity

^[1]

2,400

KDP Revolver | Line of Credit

Debt Instrument [Line Items]

Long-term Line of Credit

^[1]

KDP Revolver | Line of Credit | KDP Credit Agreements

Debt Instrument [Line Items]

Long-term Line of Credit

$ 0

Level 2 | 2019 KDP Term Loan [Member]

Debt Instrument [Line Items]

Long term debt, carrying value

$ 0

London Interbank Offered Rate (LIBOR) [Member] | Minimum | 2021 364-Day Credit Agreement

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

1.00%

London Interbank Offered Rate (LIBOR) [Member] | Maximum | 2021 364-Day Credit Agreement

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

1.625%

Base Rate [Member] | Minimum | 2021 364-Day Credit Agreement

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

0.00%

Base Rate [Member] | Maximum | 2021 364-Day Credit Agreement

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

0.625%

[1]	The KDP Revolver has $200 million letters of credit availability and none utilized as of March 31, 2021.

Long-term Obligations and Borrowing Arrangements - Commercial Paper Program (Details) - Commercial Paper - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Short-term Debt [Line Items]
Average outstanding amount	$ 22	$ 1,670
Weighted average interest rate over time	0.18%	1.85%

Long-term Obligations and Borrowing Arrangements - Letter of Credit Facilities (Details) - Letter of Credit $ in Millions	Mar. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 200
Letters of credit outstanding	0
Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100
Letters of credit outstanding	44
Remaining borrowing capacity	$ 56

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2021	$ 20,184
Foreign currency impact	25
Balance as of March 31, 2021	20,209
Beverage Concentrates
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2021	4,536
Foreign currency impact	6
Balance as of March 31, 2021	4,542
Packaged Beverages
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2021	5,314
Foreign currency impact	9
Balance as of March 31, 2021	5,323
Latin America Beverages
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2021	539
Foreign currency impact	(17)
Balance as of March 31, 2021	522
Coffee Systems
Change in goodwill by operating segments [Abstract]
Balance as of January 1, 2021	9,795
Foreign currency impact	27
Balance as of March 31, 2021	$ 9,822

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2020

Change in intangible assets other than goodwill [Abstract]

Indefinite-lived intangible assets (excluding goodwill)

$ 22,545

$ 22,534

Finite-lived intangible assets, gross

1,986

1,982

Accumulated Amortization

(582)

(548)

Finite-lived intangible assets, net

1,404

1,434

Amortization expense

$ 33

Amortization expense of intangible assets [Abstract]

101

134

132

124

110

105

Change in intangible assets other than goodwill [Abstract]

Finite-lived intangible assets, gross

1,146

Accumulated Amortization

(346)

(328)

Finite-lived intangible assets, net

800

818

Customer relationships

Change in intangible assets other than goodwill [Abstract]

Finite-lived intangible assets, gross

638

Accumulated Amortization

(143)

(135)

Finite-lived intangible assets, net

495

503

Trade Names

Change in intangible assets other than goodwill [Abstract]

Finite-lived intangible assets, gross

128

127

Accumulated Amortization

(74)

(69)

Finite-lived intangible assets, net

Brands

Change in intangible assets other than goodwill [Abstract]

Finite-lived intangible assets, gross

Accumulated Amortization

(6)

(5)

Finite-lived intangible assets, net

Distribution rights

Change in intangible assets other than goodwill [Abstract]

Finite-lived intangible assets, gross

Accumulated Amortization

(7)

(6)

Finite-lived intangible assets, net

Contractual arrangements

Change in intangible assets other than goodwill [Abstract]

Finite-lived intangible assets, gross

Accumulated Amortization

(6)

(5)

Finite-lived intangible assets, net

Brands

Indefinite and Finite-Lived Intangible Assets by Major Class [Line Items]

Indefinite-lived Intangible Assets, Foreign Currency Translation Gain (Loss)

Change in intangible assets other than goodwill [Abstract]

Indefinite-lived intangible assets (excluding goodwill)

^[1]

19,876

19,874

Trade Names

Change in intangible assets other than goodwill [Abstract]

Indefinite-lived intangible assets (excluding goodwill)

123

2,480

Contractual arrangements

Change in intangible assets other than goodwill [Abstract]

Indefinite-lived intangible assets (excluding goodwill)

2,480

123

Distribution rights

Change in intangible assets other than goodwill [Abstract]

Indefinite-lived intangible assets (excluding goodwill)

$ 66

$ 57

[1]	The increase of $2 million in brands with indefinite lives was due to foreign currency translation during the first quarter of 2021.

Restructuring and Integration Costs - Restructuring Liabilities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Restructuring Reserve [Roll Forward]
Charges to expense	$ 13
Cash payments	(9)
Restructuring Liabilities
Restructuring Reserve [Roll Forward]
Balance at beginning of period	14
Balance at end of period	$ 18

Restructuring and Integration Costs - Restructuring Programs (Details) - USD ($) $ in Millions	3 Months Ended		33 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Expected annual synergies	$ 600
Expected cost	750		$ 750
Restructuring and integration charges			$ 630
Integration program
Restructuring Cost and Reserve [Line Items]
Restructuring and integration charges	$ 43	$ 53

Derivatives - Notional and Maturity Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Receive-Variable Pay-Fixed Interest Rate Swaps \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments	$ 450	$ 450
Foreign Exchange Forward \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments	505	476
Foreign Exchange Forward \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments	369	333
Commodity Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments	450	450
Interest Rate Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts of derivative instruments	$ 2,500	$ 0

Derivatives - Fair Value (Details) - Recurring - Level 2 - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Interest Rate Contract \| Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	$ 2	$ 2
Interest Rate Contract \| Not Designated as Hedging Instrument \| Other non-current assets
Derivatives, Fair Value [Line Items]
Derivative asset	2	0
Interest Rate Contract \| Not Designated as Hedging Instrument \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	0	7
Foreign Exchange Forward \| Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	7	6
Foreign Exchange Forward \| Not Designated as Hedging Instrument \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	14	9
Foreign Exchange Forward \| Designated as Hedging Instrument \| Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	13	12
Commodity Contract \| Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	1	5
Commodity Contract \| Not Designated as Hedging Instrument \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	65	45
Commodity Contract \| Not Designated as Hedging Instrument \| Other non-current assets
Derivatives, Fair Value [Line Items]
Derivative asset	25	12
Commodity Contract \| Not Designated as Hedging Instrument \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	2	2
Interest Rate Swap \| Designated as Hedging Instrument \| Other non-current assets
Derivatives, Fair Value [Line Items]
Derivative liability	$ 92	$ 0

Derivatives - Impact on Net Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Foreign Exchange Forward \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income		$ (23)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	$ (45)	26
Not Designated as Hedging Instrument \| Commodity Contract \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	(17)	17
Not Designated as Hedging Instrument \| Commodity Contract \| SG&A expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	(29)	45
Not Designated as Hedging Instrument \| Interest Rate Contract \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	(8)	4
Not Designated as Hedging Instrument \| Foreign Exchange Forward \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	4
Not Designated as Hedging Instrument \| Foreign Exchange Forward \| Other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Income	$ 5	$ (17)

Derivatives - Impact of Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Foreign Exchange Forward
Derivative [Line Items]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	$ 5	$ 0
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	15
Interest Rate Swap
Derivative [Line Items]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	$ 0	$ 0

Leases (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2020

Lease, Cost [Abstract]

Operating lease cost

$ 30

$ 28

Amortization of right-of-use assets

Interest on lease liabilities

Variable lease cost(1)

^[1]

Short-term lease cost

Sublease Income

(1)

Total lease cost

Cash Flow, Operating Activities, Lessee [Abstract]

Operating cash flows from operating leases

Operating cash flows from finance leases

Cash Flow, Financing Activities, Lessee [Abstract]

Financing cash flows from finance leases

$ 15

$ 13

Lessee, Operating Lease, Description [Abstract]

Operating Lease, Weighted Average Discount Rate, Percent

3.80%

4.30%

Operating Lease, Weighted Average Remaining Lease Term

13 years

12 years

Lessee, Finance Lease, Description [Abstract]

Finance Lease, Weighted Average Discount Rate, Percent

4.50%

4.40%

Finance Lease, Weighted Average Remaining Lease Term

11 years

Lessee, Operating Lease, Liability, Payment, Due [Abstract]

Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year

$ 72

Lessee, Operating Lease, Liability, to be Paid, Year One

Lessee, Operating Lease, Liability, to be Paid, Year Two

Lessee, Operating Lease, Liability, to be Paid, Year Three

Lessee, Operating Lease, Liability, to be Paid, Year Four

Lessee, Operating Lease, Liability, to be Paid, Year Five

Lessee, Operating Lease, Liability, to be Paid, after Year Five

536

Lessee, Operating Lease, Liability, to be Paid

1,046

Lessee, Operating Lease, Liability, Undiscounted Excess Amount

(206)

Operating Lease, Liability

840

Finance Lease, Liability, Payment, Due [Abstract]

Finance Lease, Liability, to be Paid, Remainder of Fiscal Year

Finance Lease, Liability, to be Paid, Year One

Finance Lease, Liability, to be Paid, Year Two

Finance Lease, Liability, to be Paid, Year Three

Finance Lease, Liability, to be Paid, Year Four

Finance Lease, Liability, to be Paid, Year Five

Finance Lease, Liability, to be Paid, after Year Five

153

Finance Lease, Liability, Payment, Due

502

Finance Lease, Liability, Undiscounted Excess Amount

(86)

Finance Lease, Liability

416

Lessee, Lease, Description [Line Items]

Leases not yet commenced, estimated obligation

$ 343

Minimum

Lessee, Lease, Description [Line Items]

Lease not yet commenced, term

5 years

Maximum

Lessee, Lease, Description [Line Items]

Lease not yet commenced, term

10 years

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

Segments - Schedules of Results (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Results – Income from operations
Net sales	$ 2,902	$ 2,613
Income from operations	640	466
Beverage Concentrates
Segment Results – Income from operations
Net sales	328	306
Packaged Beverages
Segment Results – Income from operations
Net sales	1,307	1,217
Latin America Beverages
Segment Results – Income from operations
Net sales	125	117
Coffee Systems
Segment Results – Income from operations
Net sales	1,142	973
Operating Segments \| Beverage Concentrates
Segment Results – Income from operations
Income from operations	238	197
Operating Segments \| Packaged Beverages
Segment Results – Income from operations
Income from operations	175	189
Operating Segments \| Latin America Beverages
Segment Results – Income from operations
Income from operations	22	27
Operating Segments \| Coffee Systems
Segment Results – Income from operations
Income from operations	336	272
Corporate Unallocated
Segment Results – Income from operations
Income from operations	$ (131)	$ (219)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic EPS:
Net income	$ 325,000,000	$ 156,000,000
Weighted average common shares outstanding (in shares)	1,409.2	1,407.0
Earnings per common share - basic (in dollars per share)	$ 0.23	$ 0.11
Diluted EPS:
Weighted average common shares outstanding (in shares)	1,409.2	1,407.0
Effect of dilutive securities:
Weighted average common shares outstanding and common stock equivalents (in shares)	1,425.6	1,420.1
Earnings per common share - diluted (in dollars per share)	$ 0.23	$ 0.11
Anti-dilutive shares excluded from the diluted weighted average shares outstanding calculation (in shares)	0.0	0.3
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 325,000,000	$ 156,000,000
Stock options
Effect of dilutive securities:
Effect of dilutive securities (in shares)	0.3	0.4
RSUs
Effect of dilutive securities:
Effect of dilutive securities (in shares)	16.0	12.7
Performance Shares
Effect of dilutive securities:
Effect of dilutive securities (in shares)	0.1	0.0

Revenue Recognition (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Disaggregation of Revenue [Line Items]

Net sales

$ 2,902

$ 2,613

CSD

Disaggregation of Revenue [Line Items]

Net sales

^[1]

1,034

947

NCB

Disaggregation of Revenue [Line Items]

Net sales

^[1]

622

599

Pods

Disaggregation of Revenue [Line Items]

Net sales

^[2]

903

791

Appliances

Disaggregation of Revenue [Line Items]

Net sales

174

127

Other

Disaggregation of Revenue [Line Items]

Net sales

169

149

Beverage Concentrates

Disaggregation of Revenue [Line Items]

Net sales

328

306

Beverage Concentrates | CSD

Disaggregation of Revenue [Line Items]

Net sales

^[1]

323

302

Beverage Concentrates | NCB

Disaggregation of Revenue [Line Items]

Net sales

^[1]

Beverage Concentrates | Pods

Disaggregation of Revenue [Line Items]

Net sales

^[2]

Beverage Concentrates | Appliances

Disaggregation of Revenue [Line Items]

Net sales

Beverage Concentrates | Other

Disaggregation of Revenue [Line Items]

Net sales

Packaged Beverages

Disaggregation of Revenue [Line Items]

Net sales

1,307

1,217

Packaged Beverages | CSD

Disaggregation of Revenue [Line Items]

Net sales

^[1]

624

563

Packaged Beverages | NCB

Disaggregation of Revenue [Line Items]

Net sales

^[1]

581

562

Packaged Beverages | Pods

Disaggregation of Revenue [Line Items]

Net sales

^[2]

Packaged Beverages | Appliances

Disaggregation of Revenue [Line Items]

Net sales

Packaged Beverages | Other

Disaggregation of Revenue [Line Items]

Net sales

102

Latin America Beverages

Disaggregation of Revenue [Line Items]

Net sales

125

117

Latin America Beverages | CSD

Disaggregation of Revenue [Line Items]

Net sales

^[1]

Latin America Beverages | NCB

Disaggregation of Revenue [Line Items]

Net sales

^[1]

Latin America Beverages | Pods

Disaggregation of Revenue [Line Items]

Net sales

^[2]

Latin America Beverages | Appliances

Disaggregation of Revenue [Line Items]

Net sales

Latin America Beverages | Other

Disaggregation of Revenue [Line Items]

Net sales

Coffee Systems

Disaggregation of Revenue [Line Items]

Net sales

1,142

973

Coffee Systems | CSD

Disaggregation of Revenue [Line Items]

Net sales

^[1]

Coffee Systems | NCB

Disaggregation of Revenue [Line Items]

Net sales

^[1]

Coffee Systems | Pods

Disaggregation of Revenue [Line Items]

Net sales

^[2]

903

791

Coffee Systems | Appliances

Disaggregation of Revenue [Line Items]

Net sales

174

127

Coffee Systems | Other

Disaggregation of Revenue [Line Items]

Net sales

$ 65

$ 55

[1]	Represents net sales of owned and partner brands within our portfolio.
[2]	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.

Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total stock-based compensation expense	$ 25	$ 19
Income tax benefit recognized in the Statements of Income	(4)	(4)
Stock-based compensation expense, net of tax	21	15
Aggregate Intrinsic Value (in millions)
Payment, Tax Withholding, Share-based Payment Arrangement	$ 125	$ 0
RSUs
RSUs
Outstanding as of beginning of the period (in shares)	26,688,304
Granted (in shares)	3,712,188
Vested and released (in shares)	(9,401,295)
Forfeited (in shares)	(416,825)
Outstanding as of end of the period (in shares)	20,582,372		26,688,304
Unrecognized compensation costs related to nonvested awards	$ 373
Weighted average recognition period of unrecognized compensation costs	3 years 9 months 18 days
Weighted Average Grant Date Fair Value
Outstanding as of the beginning of the period (in dollars per share)	$ 19.66
Granted (in dollars per share)	27.96
Vested and released (in dollars per share)	10.38
Forfeited (in dollars per share)	24.05
Outstanding as of the end of the period (in dollars per share)	$ 25.30		$ 19.66
Weighted Average Remaining Contractual Term (Years)
Outstanding	2 years 9 months 18 days		2 years
Aggregate Intrinsic Value (in millions)
Outstanding as of the beginning of the period	$ 854
Vested and released	316
Outstanding as of the end of the period	$ 707		$ 854

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	18.30%	23.90%

Investments in Unconsolidated Affiliates - Investments In Unconsolidated Affiliates (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 88	$ 88
BA Sports Nutrition LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	12.50%
Investments in unconsolidated affiliates	$ 53	51
Dyla LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	12.40%
Investments in unconsolidated affiliates	$ 12	12
Force Holding LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	33.30%
Investments in unconsolidated affiliates	$ 5	5
Beverage startup companies
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	13	15
Other
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 5	$ 5

Other Financial Information (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2020

Dec. 31, 2019

Inventory Disclosure [Abstract]

Raw materials

$ 259

$ 260

Work-in-progress

Finished goods

600

520

Inventory, Gross

866

786

Inventory Valuation Reserves

Total

841

762

Prepaid expenses and other current assets:

Other receivables

Customer incentive programs

Derivative instruments

Prepaid marketing

Spare parts

Assets held for sale

Income tax receivable

Other

Prepaid expenses and other current assets

410

323

Other non-current assets:

Customer incentive programs

Marketable securities - trading

^[1]

Operating lease right-of-use assets

830

645

Derivative instruments

119

Equity securities without readily determinable fair values

Other

128

125

Total other non-current assets

1,187

894

Accrued expenses:

Customer rebates & incentives

326

382

Accrued compensation

149

215

Insurance reserve

Interest accrual

163

Accrued professional fees

Other accrued expenses

287

330

Total accrued expenses

989

1,040

Other current liabilities:

Dividends payable

232

212

Income taxes payable

Operating lease liability

Finance lease liability

Derivative instruments

Holdback liabilities

Other

Total other current liabilities

467

416

Other non-current liabilities:

Long-term pension and postretirement liability

Insurance reserves

Operating lease liability

760

580

Finance lease liability

367

298

Derivative instruments

Deferred compensation liability

Other

Other non-current liabilities

1,367

1,119

Other Financial Information [Line Items]

Cash and Cash Equivalents, at Carrying Value

335

240

Restricted cash and restricted cash equivalents

^[2]

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

349

255

$ 223

$ 111

Accounts Receivable, Allowance for Credit Loss

Charges to bad debt expense

Accounts Receivable, Allowance for Credit Loss, Writeoff

Suppliers Utilizing Third Party Services

Other Financial Information [Line Items]

Accounts payable

$ 2,777

$ 2,578

[1]

Fair values of marketable 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. The fair value of marketable securities was $42 million and $41 million as of March 31, 2021 and December 31, 2020, respectively.

[2]

ALLOWANCE FOR EXPECTED CREDIT LOSSES

Activity in the allowance for expected credit losses account during the periods presented was as follows:


(in millions)	Allowance for Expected Credit Losses



Balance as of December 31, 2020	$	21
Charges to bad debt expense	1
Write-offs and adjustments	—
Balance as of March 31, 2021	$	22

Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	$ 23,829,000,000	$ 23,257,000,000
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3,000,000
Total stockholders' equity at end of period	24,070,000,000	22,640,000,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	87,000,000	(584,000,000)
Reclassification from AOCI, Current Period, Tax	(2,000,000)	0
Interest Rate Swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	0	0
Foreign Exchange Forward
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	5,000,000	0
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	77,000,000	104,000,000
Other comprehensive income	84,000,000	(584,000,000)
Total stockholders' equity at end of period	164,000,000	(480,000,000)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	87,000,000	(584,000,000)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	95,000,000	104,000,000
Other comprehensive income	16,000,000	(583,000,000)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0
Total stockholders' equity at end of period	111,000,000	(479,000,000)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	16,000,000
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	(4,000,000)	0
Other comprehensive income	0	(1,000,000)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0
Total stockholders' equity at end of period	(4,000,000)	(1,000,000)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders' equity at beginning of period	(14,000,000)	0
Other comprehensive income	68,000,000	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3,000,000	0
Total stockholders' equity at end of period	57,000,000	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	71,000,000
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	5,000,000	0
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent \| Interest Rate Swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	0	0
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	$ 5,000,000	$ 0

Commitments and Contingencies Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2020 USD ($)
Antitrust Litigation [Member]
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded to Other Party	$ 31,000,000

Related Parties Related Parties (Details)	Mar. 31, 2021
JAB and affiliates [Member]
Related Party Transaction [Line Items]
Common Stock Owned by Related Party, Percent	33.00%