dbAccess

Global Consumer
Conference
June 5, 2024
TIM COFER
Chief Executive Officer
Forward-looking statements
Certain statements contained herein are “forward-looking statements” within the meaning of applicable securities laws and regulations. These forward-looking statements include, but are not limited to, words such as
“outlook,” “guidance,” “anticipate,” “expect,” “believe,” “could,” “estimate,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would,” and similar words or phrases. Forward-looking statements by
their nature address matters that are, to different degrees, uncertain, such as statements regarding the estimated or anticipated future results of Keurig Dr Pepper Inc. (the “Company”) and other statements that are not
historical facts. These statements are based on the current expectations of our management and are not predictions of actual performance.

Forward-looking statements are subject to a number of risks and uncertainties and actual results may differ materially. These risks and uncertainties include, but are not limited to, disruption of our manufacturing and
distribution operations or supply chain; our operating in intensely competitive categories; our ability to effectively respond to changing consumer preferences and shopping behavior; concerns about the safety, quality or
health effects of our products; damage to our reputation or brand image; our ability to successfully manage our acquisitions and investments in new businesses or brands; our ability to realize benefits or successfully
manage the potential negative consequences of our productivity initiatives; requirements for substantial investment and upgrading of our facilities and operations; increases in our cost of employee benefits; our
dependence on key information systems, and our exposure to business disruptions due to our use of information technology; substantial disruption at our manufacturing and distribution facilities; infringement of
intellectual property rights, and adverse events regarding licensed intellectual property; our ability to attract, retain, develop and motivate a highly skilled and diverse workforce, and our ability to effectively manage
changes in our workforce; our ability to renew collective bargaining agreements on satisfactory terms, or union activity; reductions in our payment terms with our suppliers; the consummation of our share repurchase
program or the effectiveness of such program to enhance long-term stockholder value; significant impairments of the value of our goodwill and other indefinite-lived intangible assets; our dependence on third-party
bottling and distribution companies for a significant portion of our business; changes in the retail landscape or in sales to any key customer; our ability to maintain strategic relationships with brand owners and private
label brands; management of our equity method investments by parties who may have different interests than we do; exposure to business disruptions or other negative impacts from the use of information technology by
our third-party commercial partners and service providers; our reliance on the performance of a limited number of suppliers and manufacturers for our brewers, and a limited number of order fulfillment companies for our
brewers, beverage concentrates and syrups; recession, financial and credit market disruptions and other political, social or economic conditions; impacts of U.S. and international laws and regulations; exposure to
significant liabilities and damage to our reputation resulting from litigation or legal proceedings; increased concerns related to the use or disposal of plastics or other packaging materials; significant additional labeling or
warning requirements or limitations on the marketing or sale of our products; our exposure to cybersecurity breaches and other business disruptions due to our use of information technology and third party service
providers; our ability to comply with personal data protection and privacy laws; climate change or related legislation; water scarcity and quality; and fluctuations in our effective tax rate. These risks and uncertainties, as
well as others, are more fully discussed in the Company’s filings with the SEC, including our Annual Report on Form 10-K filed with the SEC on February 22, 2024. While the lists of risk factors presented here and in our public
filings are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Any forward-looking statement made herein speaks only as of the date of this
document. We are under no obligation to, and expressly disclaim any obligation to, update, revise or withdraw any forward-looking statements, whether as a result of new information, subsequent events or otherwise,
except as required by applicable laws or regulations.

NON-GAAP FINANCIAL MEASURES

This presentation includes certain non-GAAP financial measures, including Adjusted operating income, Adjusted diluted EPS, free cash flow and management leverage ratio, which differ from results using U.S. Generally
Accepted Accounting Principles (GAAP). These non-GAAP financial measures should be considered as supplements to the GAAP reported measures, should not be considered replacements for, or superior to, the GAAP
measures and may not be comparable to similarly named measures used by other companies. Non-GAAP financial measures typically exclude certain charges, including one-time costs that are not expected to occur
routinely in future periods. The Company uses non-GAAP financial measures internally to focus management on performance excluding these special charges to gauge our business operating performance. Management
believes this information is helpful to investors because it increases transparency and assists investors in understanding the underlying performance of the Company and in the analysis of ongoing operating trends.
Additionally, management believes that non-GAAP financial measures are frequently used by analysts and investors in their evaluation of companies, and its continued inclusion provides consistency in financial reporting
and enables analysts and investors to perform meaningful comparisons of past, present and future operating results. The most directly comparable GAAP financial measures and reconciliations to non-GAAP financial
measures are set forth in the Appendix to this presentation and included in the Company’s filings with the SEC which are available at [Link].

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Advantaged position in a growing industry

Large and attractive Scaled Challenger with Clear strategy to drive next
beverage market proven track record chapter of value creation

Significant growth potential Disciplined & dynamic Long-term algorithm

in each segment capital allocation reflects top-tier TSR ambition
provides optionality

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We are a Challenger with significant scale

~$ 15B
net sales in 2023
~$4B
adjusted operating
125+
owned, licensed &
30
manufacturing locations
income in 2023 partner beverage brands

approximately

Headquarters
Burlington, Massachusetts Montreal, Quebec
28K
employees
150+
principal warehouses /
Frisco, Texas Mexico City, Mexico distribution centers

Fortune 500 S&P 500 Nasdaq 100

Fortune 500

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We participate in the large N.A. beverage
market, with exposure to all major categories
Sports
$ 300B
Drinks RTD North America
Coffee non-alcohol market
RTD Tea

+ many more

Coffee 5 %
Industry growth
Carbonated
Soft Drinks
Energy Drinks Additional
exposure
to ~$400B alcohol &
Juice alternatives space

Data for 2023. Beverage industry as presented excludes alcohol.

Packaged Water
6 Category mix based on dollars and presented on a total beverage Drink in the
industry basis. possibilities
Growth rate represents ‘16-’23 CAGR.
Source: Euromonitor.
We operate across three large and profitable segments

U.S. REFRESHMENT BEVERAGES U.S. COFFEE

~$ 9B
Net sales
~ 29
Adjusted OI margin
%
4B
~$
Net sales
~ 33 %
Adjusted OI margin

#1 Flavored #2 Premium #1 Mixers

2023 #1 Single-serve Emerging
CSDs water NET SALES coffee system RTD coffee

INTERNATIONAL
#2 Shelf-stable #1 Apple juice

2B 26%
premium RTD tea
~$ ~
Net sales Adjusted OI margin

#1 Flavored #1 Single-serve #1 Mineral

Emerging Emerging CSDs coffee system Water
Sports Hydration Energy

#1 Tomato #1 Low alcohol #2 Flavored

seafood juice cocktail CSDs
7 Source: Circana MULO+C 52W ended 12/31/23, NPD Crest 52W ended 12/30/23, Nielsen Discover full year 2023, NielsenIQ full year 2023.
Iconic brands beloved by consumers
Our broad beverage portfolio includes 125+ owned, licensed and partner brands
$1B+
$500M+
$100M+

8 Represents 2023 retail sales. Only captures country markets where KDP has economic rights. Drink in the
Source: Circana MULO+C, NPD, Nielsen Discover, Nielsen IQ, Association of Canadian Distillers, KDP internal estimates.
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Evolved strategy to guide the next chapter of KDP value creation

OUR PURPOSE OUR VISION

Drink Well. Do Good. A beverage for every need, anytime, anywhere

OUR STRATEGIES
Champion Shape our Amplify our
consumer-obsessed Generate Dynamically
now and next route to market
brand building fuel for growth allocate capital
beverage portfolio advantage

OUR CULTURE
Top beverage talent with a challenger mindset
Team First // Deliver Big // Think Bold // Be Fearless and Fair

Drink In The Possibilities

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Our Purpose as a company is clear and intentional

PURPOSE

Drink Well.
Do Good.
Drink Well to enhance the experience
of every occasion.
Do Good to make a positive impact for
our people, communities and planet.

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Our Purpose informs our commitment to Corporate Responsibility

Environment
Supply Health & People
People & &
Chain Well-Being Communities
Communities

Emissions Reductions Responsible Sourcing Well-Balanced Portfolio Diversity & Inclusion

Focus Sustainable Packaging Regenerative Agriculture Access to Nutrition for All Employee Development
Areas
Water Stewardship Protecting Livelihoods Transparency Community

>80% renewable electricity Responsibly sourced ~60% Positive Hydration Advanced representation
Select Coffee and Cocoa of diverse leaders
products
Progress Plastic-free coffee pod
vision >40k acres regenerative Better-for-you beverage Red Cross partnership
agriculture access

11 Demonstrated progress towards robust 2025+ goals

Our Vision is simple and powerful

VISION

A beverage
for every need,
anytime, anywhere.

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Champion Consumer-Obsessed
Brand Building

Lead with the consumer

Invest in our iconic brands

Innovate and disrupt

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Shape our Now and Next Beverage Portfolio

Lean into growth categories

Create win-win partnerships

Accelerate International

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Amplify our Route to Market Advantage

Extend multi-channel leadership

Strengthen Direct Store Delivery (DSD)

Broaden digital capabilities

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Generate Fuel for Growth

Drive continuous net productivity

Optimize network

Maintain lean overheads

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Dynamically Allocate Capital

Enhance returns via smart

investments

Ensure efficient capital structure

Return cash to shareholders

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Strategy activates the KDP platform to deliver attractive growth

COMPELLING STRATEGY ATTRACTIVE ALGORITHM

OUR PURPOSE OUR VISION

A beverage for every need, Net Sales Mid

Drink Well. Do Good.
anytime, anywhere Growth Single Digit

OUR STRATEGIES

Champion
consumer-
Shape our now and
next beverage
Amplify our route to Generate fuel for Dynamically EPS High
obsessed brand market advantage growth allocate capital
building
portfolio Growth Single Digit

OUR CULTURE
Top beverage talent with a challenger mindset
Team First // Deliver Big // Think Bold // Be Fearless and Fair Cash
Flow + Optionality
Drink In The Possibilities

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U.S. REFRESHMENT BEVERAGES
Segment growth underpinned
by strong execution and
platform extension
90 bps
Net Sales cumulative LRB share gains
since 2019
7%
CAGR
$8.8B
New platforms
in faster-growing categories
$6.1B

~30
territory and distributor deals
2018
1 2023
2
to strengthen DSD

20 Source: Circana MULO + C. Market share includes pro-forma contribution from partners. Drink in the
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Proprietary demand-
space mapping
generates powerful Innovation Mix management Innovation Mix management

insights to drive growth

Dr Pepper Canada Dry
Creamy Fruit Splash
Coconut

Brand positioning
Marketing Marketing

Communications

Sustained, multi-year momentum

Innovation &
Renovation
#1
$ share growth
0.8 #1
Commercial
flavored
CSD
Ginger
Ale
+11%
0.4 0.4 Retail Sales
Activation 0.2 CAGR
0.1 0.1
0.0

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#1 flavored CSD and #1 Ginger Ale based on volume share.
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2022
2017

2020

2021
2018

2019

2023
Canada Dry retail sales CAGR 2019-2023.
Source: Circana MULO + C. possibilities
Multiple growth platforms in large and expanding categories
Substantial room to grow in these and other high-growth white spaces

ENERGY PREMIUM WATER SPORTS HYDRATION

$23B $12B $11B

CATEGORY VALUE CATEGORY VALUE CATEGORY VALUE

+12% +8%1 +12%1

1

CATEGORY GROWTH CATEGORY GROWTH CATEGORY GROWTH

3 pts 14 pts 4 pts

MARKET SHARE MARKET SHARE MARKET SHARE

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1Growth represents a 3-yr CAGR (2020-2023). Category data is for 2023. Market share reflects Circana national share.
22 KDP sports hydration market share pro-forma for Electrolit.
Source: Circana MULO + C. possibilities
Direct Store Delivery is a scarce asset and a key investment priority

Our DSD network can efficiently & effectively reach DSD system investments drive a virtuous cycle
the entire U.S. population

~ 80%
U.S. population
reached through
Company-owned

20%
DSD
~
reached through
Strategic Partners

States with KDP-owned

DSD operations

Focus Areas Territory acquisitions Improved digital tools Optimized assortment

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 Announced purchase of strategic
assets from Kalil Bottling Company

Beverage distribution leader in Arizona

Enhanced reach in rapidly growing market

with multi-cultural consumer base

Production, distribution and sales capability

> 7M
consumers1
30%
>
Hispanic population1

4.5K
~
retail outlets
Top ten
fastest growing state in the U.S.2

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1.2020 U.S. census Drink in the
2 Pew (2008-2023 population growth)
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U.S. COFFEE
U.S. Coffee growth driven
by continued shift
towards single-serve
67%
daily consumption of coffee

Net Sales

2% 73%
CAGR category volume at-home

$3.6B
$4.1B

28%
single serve share of at-home
coffee, up 7pts vs. 2017

2018
1 2023
2
97%
Keurig ecosystem share of
single serve coffee
26 Keurig ecosystem includes Keurig manufactured + other Keurig compatible pods in MULO+C channels. Drink in the
Source: Circana MULO+C, NPD Crest, Technomic, National Coffee Association of U.S.A., KDP internal estimates.
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Innovation addresses the evolving tastes of the coffee consumer

Iced Coffeeshop Super-Premium Ready to Drink

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The Keurig ecosystem continues to attract new partners

Veteran-crafted coffee for Super premium coffee brand with Global brand rooted in Italian heritage and
true connoisseurs coffeeshop heritage and credibility expertise & leader in Canadian organic coffee

Four generations of global coffee And other exciting new partners!

influence and tradition
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Disruptive future vision for Keurig:
K-Rounds and the Alta brewer

Variety
Multiple sizes to deliver authentic shots of espresso,
rich cups of coffee and refreshingly cold coffees

Quality
Expertly roasted, premium coffee beans
ground and pressed together

Exceptional Value
Coffeehouse drinks without the coffeehouse prices

Sustainability
Plastic and aluminum free pods can be disposed like any
coffee grounds and expected to be certified compostable*

29 * Certification in process
SUDHANSHU PRIYADARSHI
Chief Financial Officer & President, International
INTERNATIONAL
Leading beverage businesses
Latin America - $1B Net Sales
in Mexico and Canada Mexico > 90% of LatAm net sales

#1 Mineral #1 Tomato
Water seafood juice
Net Sales
#1 Highest growth
Grapefruit CSD brand in CSDs
9%
CAGR

$1.9B Canada - $1B Net Sales

#1 Single #1 Tomato
$1.2B Serve Brewer seafood juice

#1 #1 Ale Brand
Flavored CSD in CSD

#1 Low-Alc
2018 2023 RTD Cocktail

32 Sales growth is on a constant currency basis. Drink in the

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Momentum is underpinned by category growth & share gains

Category Name Category CAGR KDP Share

MARKET PRESENCE 2020-2023 CHANGE

CSDs HSD (CA) & DD (MX)

CANADA & LATIN AMERICA

Mineral Water Double digit

LATIN AMERICA

Single Serve Coffee Low single digit

CANADA

Low-/No- Alcohol Double digit (CA)

CANADA & LATIN AMERICA

Tomato Seafood Juice Double digit

LATIN AMERICA

RTD Alcohol High single digit

CANADA

Energy Double digit Emerging

CANADA & LATIN AMERICA

33 Source: Nielsen Discover, Nielsen IQ, Association of Canadian Distillers. Drink in the
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Spotlight: Broad-based LRB share growth in Mexico Consumer-informed
Consumer-centric
growth drivers to
innovation
sustain momentum
LRB Retail Sales BRAND EXPANSION INTO ADJACENCIES
Brand Extension
3-year CAGR
Penafiel Soft

34%

Cross Border Innovation

CROSS-BORDER INNOVATION
21%
Squirt Non-Sugar
18% Dr Pepper
Strawberries &
16% 15%
Cream

13%

Marketing Excellence
MARKETING EXCELLENCE

Imaged/text TBD Imaged/text TBD

KDP brand

Competitor brand

34 Source: Retail Nielsen. 2020-2023 CAGR. Orange Crush data represents 2021-2023 CAGR.
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Emerging growth platform in RTD Alc and Non-Alc categories

RTD Alcohol Alcohol Alternatives

CANADA CANADA MEXICO

High single digit Market leader Double digit Schweppes Mocktails

category growth in Caesar segment category growth 2024 launch in Mexico

Market leader
Broader distribution
in no- and low-alcohol
through malt expansion
beer & cocktails

35 Source: Nielsen Discover, Nielsen IQ, NPD. Drink in the

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Expanding product distribution and availability

MEXICO CANADA
Announced
in Q2
Growing customer base and Toronto Blue Jays
Increasing sales routes Building cooler penetration
brand coverage Partnership

Available brands

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COST, CAPITAL &
FINANCIAL OUTLOOK
Enhanced continuous productivity focus
to create fuel for growth and margins
Gross Productivity Focus Areas
Million $ 3-4 %

War on Waste

Design-to-Value

Network Optimization
Integration
Harvest benefits from
Transformational investments &
Surety of supply next-generation
Continuous Productivity investments

2019 2020 2021 2022 2023 Annual Target

38
Gross Productivity target calculated as % of Adjusted Cost of Sales and SG&A Transportation and Warehousing Costs.
Gross Productivity does not include merger synergies.
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Target bar is illustrative. possibilities
Committed to driving a
lean overhead structure
Goal to maintain top-tier beverage overheads Focus Areas
% of sales

Business unit as primary

organizational vector
Operating Lean corporate center
Broad Model
Aggressive indirect
beverage cost management
peer
average
Digitalization

Enablers Automation

Shared services

Target Expense growth

</= Sales growth

KDP Key Competitor 1 Key Competitor 2

39 Data for 2023. Calculated as SG&A excluding transportation & warehousing, marketing, intangibles amortization. Drink in the
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Disciplined and value-enhancing capital allocation

Invest for Growth Direct Shareholder Returns Capital Allocation Highlights1

Invested in route-to market

and Next-gen manufacturing
Accretive Opportunistic <$2.5bn spent on multiple
Internal Grow the
partnerships share high-growth partnerships
investments dividend
& M&A repurchase
>$7.5bn of dividends and share
buybacks
Committed to long-term leverage
target of 2.0-2.5x
Consistently Strong Balance Sheet

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Set to build on an already formidable financial track record

RESULTS SINCE
2024 Outlook Q1’24
MERGER1
Mid
Net Sales +6% CAGR +3%
Single Digit

High
EPS +11% CAGR +12%
Single Digit

$11B Increase $1.4B

Free Cash Flow in direct shareholder
Cumulative year-over-year
returns

Reaffirming our 2024 outlook, which is consistent with our long-term algorithm

Financial results since merger reflect 2018 – 2023.

41
EPS represents Adjusted diluted EPS, a non-GAAP measure. Drink in the
Sales and EPS growth since merger are not on a constant currency basis.
Sales
. and EPS growth for the 2024 outlook and Q1 results are on a constant currency basis. possibilities
TIM COFER
Chief Executive Officer
Cultural identity as Challengers and
disrupters permeates all that we do

Team First
Win together. Be the kind of person you want
on your team. Top beverage
talent with a
challenger
Think Bold mindset
Challenge the usual. Dare to try something new.

Deliver Big
Achieve our commitments. Then push beyond the expected.

Be Fearless and Fair

Tell the truth with courage. Listen and act with respect.

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Activating strategy to power a sustainable cycle of growth
Strategy Outcomes Algorithm

OUR PURPOSE OUR VISION

Strong base momentum
leveraging leading capabilities
Net Sales Mid
A beverage for every
Growth Single Digit
Drink Well. Do Good.
need, anytime, anywhere
Expansion into high
growth categories

OUR STRATEGIES
Meaningful International EPS
High
Champion
Champion
consumer-
consumer-
Shape our Amplify our
Dynamically
contribution Growth Single Digit
obsessed now and next route to Generate fuel
obsessed allocate
brand beverage market for growth
brand capital
building portfolio advantage
building

Robust productivity to
reinvest and expand margins
OUR CULTURE

Top beverage talent with a challenger mindset Cash

Team First // Deliver Big // Think Bold // Be Fearless and Fair Enhanced value creation Flow
+ Optionality
through disciplined capital
Drink In The deployment
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APPENDIX
 Reconciliation of Adjusted Diluted EPS
(Unaudited, in millions except per share data)

KEURIG DR PEPPER INC.

RECONCILIATION OF ADJUSTED DILUTED EPS
(Unaudited)

Pro Forma
Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended
Twelve Months Ended
December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023
December 31, 2018
Diluted Net Income Diluted Net Income Diluted Net Income Diluted Net Income Diluted Net Income Diluted
Earnings per Attributable Earnings per Attributable Earnings per Attributable Earnings per Attributable Earnings per Attributable Earnings per
Net Income Share to KDP Share to KDP Share to KDP Share to KDP Share to KDP Share
Reported $ 1,099 $ 0.78 $ 1,254 $ 0.88 $ 1,325 $ 0.93 $ 2,146 $ 1.50 $ 1,436 $ 1.01 $ 2,181 $ 1.55
Items Affecting Comparability:
Mark to market 56 0.04 3 - - - (44) (0.03) 302 0.21 4 -
Amortization of intangibles 90 0.06 92 0.06 98 0.07 103 0.07 103 0.07 103 0.07
Amortization of deferred financing costs 6 - 9 0.01 8 0.01 5 - 2 - 1 -
Amortization of fair value debt adjustment 16 0.01 20 0.01 18 0.01 14 0.01 15 0.01 14 0.01
Stock compensation 17 0.01 18 0.01 22 0.02 3 - 6 - 11 0.01
Restructuring and integration costs - DPS Merger 127 0.09 186 0.13 150 0.11 155 0.11 131 0.09 - -
Restructuring - 2023 CEO Succession and Associated Realignment - - - - - - - - - - 26 0.02
Productivity 21 0.01 73 0.05 95 0.07 123 0.09 174 0.12 196 0.14
Impairment of intangible assets - - - - 52 0.04 - - 351 0.25 2 -
Impairment on investment - - - - 77 0.05 62 0.04 9 0.01 - -
Transaction costs 5 - 18 0.01 - - 2 - 1 - 2 -
Inventory step-up 2 - 2 - - - - - - - - -
Loss on early extinguishment of debt 10 0.01 9 0.01 3 - 81 0.06 166 0.12 - -
Non-routine legal matters 16 0.01 37 0.02 43 0.03 23 0.02 10 0.01 4 -
COVID-19 - - - - 97 0.07 28 0.02 10 0.01 - -
Gain on sale of equity method investment - - - - - - (400) (0.28) (38) (0.03) - -
Gain on litigation - - - - - - - - (203) (0.14) - -
Malware Incident - - 6 - - - (2) - - - - -
Foundational projects - - - - - - - 3 - - -
Tax reform (7) - - - - - - - - - - -
Change in deferred tax liabilities related to goodwill and other intangible assets - - - - - - (19) (0.01) (80) (0.06) (26) (0.02)
Adjusted $ 1,458 $ 1.04 $ 1,727 $ 1.22 $ 1,988 $ 1.40 $ 2,280 $ 1.60 $ 2,398 $ 1.68 $ 2,518 $ 1.79

Diluted earnings per common share may not foot due to rounding.

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Reconciliation of Free Cash Flow
(Unaudited, in millions)

Free Cash Flow

Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended
Total
December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023

Net cash provided by operating activities $ 2,474 $ 2,456 $ 2,874 $ 2,837 $ 1,329
Purchases of property, plant and equipment (330) (461) (423) (353) (425)
Proceeds from sales of property, plant and equipment 247 203 122 168 9
Free Cash Flow $ 2,391 $ 2,198 $ 2,573 $ 2,652 $ 913 $ 10,727

Free cash flow is defined as net cash provided by operating activities adjusted for purchases of property, plant and equipment, proceeds from sales of property, plant Drink in the
48 and equipment, and certain items excluded for comparison to prior year periods.
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Reconciliation of Adjusted Income from Operations
and Adjusted Operating Margin
(Unaudited, in millions, except for ratios)

U.S. Refreshment Beverages U.S. Coffee International Consolidated

Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended
December 31, 2023 December 31, 2023 December 31, 2023 December 31, 2023
Income from Operating Income from Operating Income from Operating Income from Operating
Net Sales Operations Margin Net Sales Operations Margin Net Sales Operations Margin Net Sales Operations Margin
Reported $ 8,821 $ 2,483 28.1% $ 4,071 $ 1,158 28.4% $ 1,922 $ 475 24.7% $ 14,814 $ 3,192 21.5%
Items Affecting Comparability:
Mark to market - - - - - 6 - 8
Amortization of intangibles - 20 - 101 - 16 - 137
Stock compensation - - - - - - - 17
Restructuring - 2023 CEO succession and associated realignment - - - - - - - 35
Productivity - 57 - 74 - - - 259
Impairment of intangible assets - 2 - - - - - 2
Transaction costs - - - - - - - 2
Non-routine legal matters - - - - - - - 5
Adjusted $ 8,821 $ 2,562 29.0% $ 4,071 $ 1,333 32.7% $ 1,922 $ 497 25.9% $ 14,814 $ 3,657 24.7%

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