v3.26.1
Long-term Obligations and Borrowing Arrangements
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Long-term Obligations and Borrowing Arrangements Long-term Obligations and Borrowing Arrangements
The following table summarizes our long-term obligations:
(in millions)June 30, 2026December 31, 2025
Notes$24,817 $13,931 
Less: current portion of long-term obligations(3,231)(895)
Long-term obligations$21,586 $13,036 
The following table summarizes our short-term borrowings and current portion of long-term obligations:
(in millions)June 30, 2026December 31, 2025
Commercial paper notes$1,978 $2,210 
Delayed draw term loan3,185 — 
Current portion of long-term obligations:
Notes3,231 895 
Short-term borrowings and current portion of long-term obligations$8,394 $3,105 
SENIOR UNSECURED NOTES
(in millions, except %)Maturity DateRateJune 30, 2026December 31, 2025
USD Notes
2026 NotesSeptember 15, 20262.550%$400 $400 
2026-B NotesNovember 15, 2026
Floating(1)
500 500 
2027 JDE Peet's Notes(2)
January 15, 20271.375%750 — 
2027-B NotesMarch 15, 2027
Floating(1)
350 350 
2027-C NotesMarch 15, 20275.100%750 750 
2027 NotesJune 15, 20273.430%500 500 
2028 NotesMay 15, 20284.350%500 500 
2028 DPS Merger NotesMay 25, 20284.597%1,112 1,112 
2029-B NotesMarch 15, 20295.050%750 750 
2029 Maple Notes(3)
March 26, 20294.750%550 — 
2029 NotesApril 15, 20293.950%1,000 1,000 
2030 NotesMay 1, 20303.200%750 750 
2030-B NotesMay 15, 20304.600%500 500 
2031 NotesMarch 15, 20312.250%500 500 
2031-B NotesMarch 15, 20315.200%500 500 
2031 Maple Notes(3)
March 26, 20315.050%600 — 
2031 JDE Peet's Notes(2)
September 24, 20312.250%500 — 
2032 NotesApril 15, 20324.050%850 850 
2034 NotesMarch 15, 20345.300%650 650 
2035 NotesMay 15, 20355.150%500 500 
2036 Maple Notes(3)
March 26, 20365.700%700 — 
2038 DPS Merger NotesMay 25, 20384.985%211 211 
2045 NotesNovember 15, 20454.500%550 550 
2046 NotesDecember 15, 20464.420%400 400 
2048 DPS Merger NotesMay 25, 20485.085%391 391 
2050 NotesMay 1, 20503.800%750 750 
2051 NotesMarch 15, 20513.350%500 500 
2052 NotesApril 15, 20524.500%1,150 1,150 
2056 Maple Notes(3)
March 26, 20566.625%700 — 
(in millions, except %)Maturity DateRateJune 30, 2026December 31, 2025
EUR Notes
2027 Euro JDE Peet's Notes (€600 million)(2)
December 11, 2027
Floating(1)
$686 $— 
2028 Euro JDE Peet's Notes (€600 million)(2)
February 9, 20280.625%686 — 
2028 Euro Maple Notes (€600 million)(3)
March 26, 20283.495%683 — 
2029 Euro JDE Peet's Notes (€750 million)(2)
January 16, 20290.500%857 — 
2030 Euro JDE Peet's Notes (€500 million)(2)
January 23, 20304.125%571 — 
2030 Euro Maple Notes (€800 million)(3)
March 26, 20303.881%911 — 
2032 Euro Maple Notes (€800 million)(3)
March 26, 20324.224%911 — 
2033 Euro JDE Peet's Notes (€500 million)(2)
June 16, 20331.125%571 — 
2034 Euro JDE Peet's Notes (€500 million)(2)
January 23, 20344.500%571 — 
2035 Euro Maple Notes (€800 million)(3)
March 26, 20354.728%911 — 
Total
Principal amount25,222 14,064 
Adjustment from principal amount to carrying amount(4)
(405)(133)
Carrying amount$24,817 $13,931 
(1)Our USD floating rate notes bear interest at a rate equal to Compounded SOFR (as defined in the respective supplemental indenture) plus a spread of 0.580% and 0.880% for the 2026-B Notes and the 2027-B Notes, respectively. Our EUR floating rate note bears interest at a rate equal to the EURIBOR 3-month rate plus a spread of 0.700%.
(2)These notes (together, the JDE Peet's Notes) were issued by JDE Peet's, assumed as part of the JDE Peet's Acquisition, and are guaranteed by Maple, Keurig Dr Pepper Inc., and certain of our subsidiaries that guarantee our other senior indebtedness. The guarantees from Keurig Dr Pepper Inc. and our subsidiaries (other than Maple) will terminate upon the Separation.
(3)These notes (together, the Maple Notes) were issued by Maple and are guaranteed by JDE Peet’s, Keurig Dr Pepper Inc., and certain of our subsidiaries that guarantee our other senior indebtedness. The guarantees from Keurig Dr Pepper Inc. and our subsidiaries (other than JDE Peet’s) will terminate upon the Separation.
(4)The carrying amount includes unamortized discounts, debt issuance costs, and fair value adjustments related to the DPS Merger and the JDE Peet's Acquisition.
On March 26, 2026, Maple completed the issuance of the 2029 Maple Notes, 2031 Maple Notes, 2036 Maple Notes, and 2056 Maple Notes, with an aggregate principal amount of $2.55 billion. The discount associated with the notes was approximately $3 million, and we incurred $18 million in debt issuance costs. In addition, Maple completed the issuance of the 2028 Euro Maple Notes, 2030 Euro Maple Notes, 2032 Euro Maple Notes, and 2035 Euro Maple Notes with an aggregate principal amount of €3 billion, and we incurred $20 million in debt issuance costs. The proceeds from the issuance of the Maple Notes were used to partially fund the JDE Peet's Acquisition and to pay related fees and expenses in connection with the JDE Peet's Acquisition and related transactions.
On May 21, 2026, JDE Peet's agreed to fully and unconditionally guarantee, on a joint and several basis with Keurig Dr Pepper Inc. and certain of our other subsidiaries that guarantee our other senior indebtedness, the obligations of Maple in respect of the Maple Notes and the Delayed Draw Term Loan Agreement, and to fully and unconditionally guarantee, on a joint and several basis with Maple and certain of our subsidiaries that guarantee our other senior indebtedness, KDP’s obligations in respect of the KDP Notes and the revolving credit facility, with JDE Peet's’ guarantees of the KDP Notes and the revolving credit facility automatically terminating upon the Separation.
VARIABLE-RATE BORROWING ARRANGEMENTS
Delayed Draw Term Loan Agreement
The Delayed Draw Term Loan Agreement provides for a 364-day senior unsecured term loan facility in an aggregate amount not to exceed €10.35 billion, the proceeds of which may be used to fund the JDE Peet's Acquisition, as well as related fees and expenses.
Borrowings under the Delayed Draw Term Loan Agreement bear interest at a rate per annum equal to EURIBOR plus a margin of 0.750% to 1.750% depending on the rating of certain of our index debt. The undrawn commitments under the facility are subject to a commitment fee which commenced on December 23, 2025, at a per annum rate of 0.060% to 0.200% depending on the rating of certain of our index debt.
On March 6, 2026, we entered into an amendment to the Delayed Draw Term Loan Agreement with Maple, the guarantors party thereto, the lenders party thereto and Morgan Stanley Senior Funding, Inc. as administrative agent. Maple joined and became a party to the Delayed Draw Term Loan Agreement as a borrower, and agreed to be jointly and severally liable, together with KDP, for all obligations of KDP and Maple under the Delayed Draw Term Loan Agreement. In addition, the amendment extends the maturity of €2.60 billion of the facility to the date that is 15 months from the date of initial funding under the Delayed Draw Term Loan Agreement. The maturity of the remaining €7.75 billion of the facility was not modified. Upon the completion of the Separation, KDP shall be automatically released from the Delayed Draw Term Loan Agreement and all of its obligations and liabilities thereunder will automatically terminate. Following the Separation, Maple will be the sole borrower under the Delayed Draw Term Loan Agreement.
In the first quarter of 2026, the Delayed Draw Term Loan Agreement facility was reduced by approximately €6.464 billion as a result of the issuance of the Maple Notes and the completion of the Preferred Investment and the JV Investment. On March 30, 2026, we borrowed €3.15 billion under the facility. During the second quarter of 2026, we repaid €349 million of the Delayed Draw Term Loan. As of June 30, 2026, we had €2.8 billion outstanding under the facility, and €736 million remained available and undrawn. The weighted average interest rates on these borrowings were 3.574% and 3.572% for the second quarter and first six months of 2026, respectively.
As of June 30, 2026, we were in compliance with all covenants with respect to the Delayed Draw Term Loan Agreement.
Bridge Credit Agreement
The Bridge Credit Agreement provided for a 364-day senior unsecured bridge loan facility in an aggregate amount not to exceed €5.85 billion. On March 30, 2026, we terminated the Bridge Credit Agreement. We had no outstanding loan balances as of the termination date.
Revolving Credit Agreement
The following table summarizes information about the 2025 Revolving Credit Agreement:
Amounts Outstanding
(in millions)Maturity DateCapacityJune 30, 2026December 31, 2025
2025 Revolving Credit Agreement(1)
March 31, 2030$4,300 $— $— 
(1)The 2025 Revolving Credit Agreement has a $200 million letter of credit limit, with none utilized as of June 30, 2026.
As of June 30, 2026, we were in compliance with all covenants with respect to the 2025 Revolving Credit Agreement.
Commercial Paper Program
Second QuarterFirst Six Months
(in millions, except %)2026202520262025
Weighted average commercial paper borrowings$2,529$2,317$2,489$2,498
Weighted average borrowing rates4.38 %4.67 %4.20 %4.65 %
Other Facilities
In addition to the portion of the 2025 Revolving Credit Agreement reserved for issuance of letters of credit, we have an incremental uncommitted letter of credit facility. As of June 30, 2026, $150 million was available for the issuance of letters of credit under this facility, $63 million of which was utilized. We also have a variety of other uncommitted liquidity facilities available to us as of June 30, 2026.
FAIR VALUE DISCLOSURES
The fair values of our commercial paper and delayed draw term loan approximate the carrying values and are considered Level 2 within the fair value hierarchy.
The fair values of our Notes are based on current market rates available to us 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 of the Notes and related unamortized costs to be incurred at such date. The fair value of our Notes was $24,025 million and $13,196 million as of June 30, 2026 and December 31, 2025, respectively.