Analysis of Reportable Segments
Keurig Dr Pepper Inc. operates in 4 segments: Coffee Systems; Packaged Beverages; Beverage Concentrates; and Latin America Beverages.
Segment Profit Margin
Keurig Dr Pepper Inc., profit margin by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Coffee Systems | 27.95% | 28.60% | 28.80% | 28.27% |
| Packaged Beverages | 17.17% | 15.33% | 15.31% | 10.64% |
| Beverage Concentrates | 70.26% | 70.34% | 67.54% | 64.28% |
| Latin America Beverages | 22.20% | 21.13% | 16.10% | 11.89% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Coffee Systems | Coffee Systems segment profit margin ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Packaged Beverages | Packaged Beverages segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. | |
| Beverage Concentrates | Beverage Concentrates segment profit margin ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. | |
| Latin America Beverages | Latin America Beverages segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Profit Margin: Coffee Systems
Keurig Dr Pepper Inc.; Coffee Systems; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Income from operations | 1,318) | 1,268) | 1,219) | 1,163) |
| Net sales | 4,716) | 4,433) | 4,233) | 4,114) |
| Segment Profitability Ratio | ||||
| Segment profit margin1 | 27.95% | 28.60% | 28.80% | 28.27% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Segment profit margin = 100 × Income from operations ÷ Net sales
= 100 × 1,318 ÷ 4,716 = 27.95%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Coffee Systems | Coffee Systems segment profit margin ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Segment Profit Margin: Packaged Beverages
Keurig Dr Pepper Inc.; Packaged Beverages; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Income from operations | 1,010) | 822) | 757) | 257) |
| Net sales | 5,882) | 5,363) | 4,945) | 2,415) |
| Segment Profitability Ratio | ||||
| Segment profit margin1 | 17.17% | 15.33% | 15.31% | 10.64% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Segment profit margin = 100 × Income from operations ÷ Net sales
= 100 × 1,010 ÷ 5,882 = 17.17%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Packaged Beverages | Packaged Beverages segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Profit Margin: Beverage Concentrates
Keurig Dr Pepper Inc.; Beverage Concentrates; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Income from operations | 1,044) | 932) | 955) | 430) |
| Net sales | 1,486) | 1,325) | 1,414) | 669) |
| Segment Profitability Ratio | ||||
| Segment profit margin1 | 70.26% | 70.34% | 67.54% | 64.28% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Segment profit margin = 100 × Income from operations ÷ Net sales
= 100 × 1,044 ÷ 1,486 = 70.26%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Beverage Concentrates | Beverage Concentrates segment profit margin ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |
Segment Profit Margin: Latin America Beverages
Keurig Dr Pepper Inc.; Latin America Beverages; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Income from operations | 133) | 105) | 85) | 29) |
| Net sales | 599) | 497) | 528) | 244) |
| Segment Profitability Ratio | ||||
| Segment profit margin1 | 22.20% | 21.13% | 16.10% | 11.89% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Segment profit margin = 100 × Income from operations ÷ Net sales
= 100 × 133 ÷ 599 = 22.20%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Latin America Beverages | Latin America Beverages segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Return on Assets (Segment ROA)
Keurig Dr Pepper Inc., ROA by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Coffee Systems | 8.56% | 8.29% | 8.00% | 7.69% |
| Packaged Beverages | 8.55% | 7.12% | 6.64% | 2.38% |
| Beverage Concentrates | 5.05% | 4.53% | 4.67% | 2.16% |
| Latin America Beverages | 7.54% | 5.96% | 4.58% | 1.59% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Coffee Systems | Coffee Systems segment ROA improved from 2019 to 2020 and from 2020 to 2021. |
| Packaged Beverages | Packaged Beverages segment ROA improved from 2019 to 2020 and from 2020 to 2021. | |
| Beverage Concentrates | Beverage Concentrates segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. | |
| Latin America Beverages | Latin America Beverages segment ROA improved from 2019 to 2020 and from 2020 to 2021. |
Segment ROA: Coffee Systems
Keurig Dr Pepper Inc.; Coffee Systems; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Income from operations | 1,318) | 1,268) | 1,219) | 1,163) |
| Identifiable operating assets | 15,397) | 15,295) | 15,230) | 15,117) |
| Segment Profitability Ratio | ||||
| Segment ROA1 | 8.56% | 8.29% | 8.00% | 7.69% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Segment ROA = 100 × Income from operations ÷ Identifiable operating assets
= 100 × 1,318 ÷ 15,397 = 8.56%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Coffee Systems | Coffee Systems segment ROA improved from 2019 to 2020 and from 2020 to 2021. |
Segment ROA: Packaged Beverages
Keurig Dr Pepper Inc.; Packaged Beverages; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Income from operations | 1,010) | 822) | 757) | 257) |
| Identifiable operating assets | 11,819) | 11,540) | 11,399) | 10,791) |
| Segment Profitability Ratio | ||||
| Segment ROA1 | 8.55% | 7.12% | 6.64% | 2.38% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Segment ROA = 100 × Income from operations ÷ Identifiable operating assets
= 100 × 1,010 ÷ 11,819 = 8.55%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Packaged Beverages | Packaged Beverages segment ROA improved from 2019 to 2020 and from 2020 to 2021. |
Segment ROA: Beverage Concentrates
Keurig Dr Pepper Inc.; Beverage Concentrates; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Income from operations | 1,044) | 932) | 955) | 430) |
| Identifiable operating assets | 20,674) | 20,575) | 20,447) | 19,916) |
| Segment Profitability Ratio | ||||
| Segment ROA1 | 5.05% | 4.53% | 4.67% | 2.16% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Segment ROA = 100 × Income from operations ÷ Identifiable operating assets
= 100 × 1,044 ÷ 20,674 = 5.05%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Beverage Concentrates | Beverage Concentrates segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Segment ROA: Latin America Beverages
Keurig Dr Pepper Inc.; Latin America Beverages; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Income from operations | 133) | 105) | 85) | 29) |
| Identifiable operating assets | 1,763) | 1,763) | 1,856) | 1,820) |
| Segment Profitability Ratio | ||||
| Segment ROA1 | 7.54% | 5.96% | 4.58% | 1.59% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Segment ROA = 100 × Income from operations ÷ Identifiable operating assets
= 100 × 133 ÷ 1,763 = 7.54%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Latin America Beverages | Latin America Beverages segment ROA improved from 2019 to 2020 and from 2020 to 2021. |
Segment Asset Turnover
Keurig Dr Pepper Inc., asset turnover by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Coffee Systems | 0.31 | 0.29 | 0.28 | 0.27 |
| Packaged Beverages | 0.50 | 0.46 | 0.43 | 0.22 |
| Beverage Concentrates | 0.07 | 0.06 | 0.07 | 0.03 |
| Latin America Beverages | 0.34 | 0.28 | 0.28 | 0.13 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Coffee Systems | Coffee Systems segment asset turnover ratio improved from 2019 to 2020 and from 2020 to 2021. |
| Packaged Beverages | Packaged Beverages segment asset turnover ratio improved from 2019 to 2020 and from 2020 to 2021. | |
| Beverage Concentrates | Beverage Concentrates segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. | |
| Latin America Beverages | Latin America Beverages segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Segment Asset Turnover: Coffee Systems
Keurig Dr Pepper Inc.; Coffee Systems; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Net sales | 4,716) | 4,433) | 4,233) | 4,114) |
| Identifiable operating assets | 15,397) | 15,295) | 15,230) | 15,117) |
| Segment Activity Ratio | ||||
| Segment asset turnover1 | 0.31 | 0.29 | 0.28 | 0.27 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Segment asset turnover = Net sales ÷ Identifiable operating assets
= 4,716 ÷ 15,397 = 0.31
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Coffee Systems | Coffee Systems segment asset turnover ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Asset Turnover: Packaged Beverages
Keurig Dr Pepper Inc.; Packaged Beverages; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Net sales | 5,882) | 5,363) | 4,945) | 2,415) |
| Identifiable operating assets | 11,819) | 11,540) | 11,399) | 10,791) |
| Segment Activity Ratio | ||||
| Segment asset turnover1 | 0.50 | 0.46 | 0.43 | 0.22 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Segment asset turnover = Net sales ÷ Identifiable operating assets
= 5,882 ÷ 11,819 = 0.50
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Packaged Beverages | Packaged Beverages segment asset turnover ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Asset Turnover: Beverage Concentrates
Keurig Dr Pepper Inc.; Beverage Concentrates; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Net sales | 1,486) | 1,325) | 1,414) | 669) |
| Identifiable operating assets | 20,674) | 20,575) | 20,447) | 19,916) |
| Segment Activity Ratio | ||||
| Segment asset turnover1 | 0.07 | 0.06 | 0.07 | 0.03 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Segment asset turnover = Net sales ÷ Identifiable operating assets
= 1,486 ÷ 20,674 = 0.07
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Beverage Concentrates | Beverage Concentrates segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Segment Asset Turnover: Latin America Beverages
Keurig Dr Pepper Inc.; Latin America Beverages; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Net sales | 599) | 497) | 528) | 244) |
| Identifiable operating assets | 1,763) | 1,763) | 1,856) | 1,820) |
| Segment Activity Ratio | ||||
| Segment asset turnover1 | 0.34 | 0.28 | 0.28 | 0.13 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2021 Calculation
Segment asset turnover = Net sales ÷ Identifiable operating assets
= 599 ÷ 1,763 = 0.34
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Latin America Beverages | Latin America Beverages segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Net sales
Keurig Dr Pepper Inc., net sales by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Coffee Systems | 4,716) | 4,433) | 4,233) | 4,114) |
| Packaged Beverages | 5,882) | 5,363) | 4,945) | 2,415) |
| Beverage Concentrates | 1,486) | 1,325) | 1,414) | 669) |
| Latin America Beverages | 599) | 497) | 528) | 244) |
| Total | 12,683) | 11,618) | 11,120) | 7,442) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
Income from operations
Keurig Dr Pepper Inc., income from operations by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Coffee Systems | 1,318) | 1,268) | 1,219) | 1,163) |
| Packaged Beverages | 1,010) | 822) | 757) | 257) |
| Beverage Concentrates | 1,044) | 932) | 955) | 430) |
| Latin America Beverages | 133) | 105) | 85) | 29) |
| Unallocated corporate costs | (611) | (647) | (638) | (642) |
| Total | 2,894) | 2,480) | 2,378) | 1,237) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
Identifiable operating assets
Keurig Dr Pepper Inc., identifiable operating assets by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|
| Coffee Systems | 15,397) | 15,295) | 15,230) | 15,117) |
| Packaged Beverages | 11,819) | 11,540) | 11,399) | 10,791) |
| Beverage Concentrates | 20,674) | 20,575) | 20,447) | 19,916) |
| Latin America Beverages | 1,763) | 1,763) | 1,856) | 1,820) |
| Total | 49,653) | 49,173) | 48,932) | 47,644) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).