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Dr Pepper Snapple Group – Collaboration, Time Saved Testimonial
Jay Miller, WebFilings: Hi Chris. Thanks for being here with us today. Tell us a little bit about yourself, what company you’re with, and what you do.
Chris Pettit, Dr Pepper Snapple Group Inc: My name is Chris Pettit. I’m with the Dr Pepper Snapple Group. I’m the director of external reporting. I’ve been in this role for about a year and a half now. I came out of public accounting with PriceWaterhouseCoopers.
Dr Pepper Snapple Group, it’s a brand owner, manufacturer, and distributor of carbonated beverages and non-carbonated beverages. Clearly, Dr Pepper and Snapple are our flagship brands, but we have other brands, such as Sunkist, 7-Up, A&W, Sundrop, Motts, Hawaiiain Punch, for example, are all brands of ours. So we have a very large brand portfolio. Typically, flavored beverages is the space we play in. We’re in the United States, Canada, and Mexico.
Jay Miller, WebFilings: Ok. You've been a WebFilings customer for a little while now. So tell us a little bit about what you like best about the WebFilings application.
Chris Pettit, Dr Pepper Snapple Group Inc: I’ll tell you, the one thing I really like is the collaborative nature. Coming out of an environment where I would do a lot of my work in Microsoft® Word documents and ship those off to my financial printer to be EDGARized and sent back over to me, and they’re responsible for our XBRL filings as well, having the ability for my team to be in the document at the same time. It has allowed us to be much more efficient in what we do, and so we’ve really enjoyed that aspect of the WebFilings. It’s just a much more collaborative tool.
The other side that we also talk about is the review process. We’ve seen the review process become a more collaborative arrangement. You can push a document out to your internal management, your external auditors, your external council, and they can go out and make comments on it very easily. And we’re able to respond to those much more quickly, which actually helps take time out of our timeline during the close.
Jay Miller, WebFilings: What would you say is the biggest benefit WebFilings has delivered to Dr Pepper Snapple Group?
Chris Pettit, Dr Pepper Snapple Group Inc: Well, besides the collaborative aspects that we’ve seen, the other thing is that we’ve taken ownership of the document fully. You know, the EDGAR and the XBRL. We’re no longer constrained by having to wait for somebody else to basically turn a draft back to us, turn changes to our XBRL instance. So that’s a very nice feature, and again, that kind of helps eliminate time in our close process as well.
Jay Miller, WebFilings: If someone were to ask you about WebFilings, what would be your recommendation? What would you say to somebody who asked you about WebFilings?
Chris Pettit, Dr Pepper Snapple Group Inc: You know, the one thing I would say again, it kinda gets back to the benefits and the things that we really like about it. It’s just the collaborative nature of the tool. You know, bringing XBRL in-house is not a small undertaking, and I can’t stress that enough. Coming from a financial printer, you know, it was a very eye-opening experience as to the level of commitment one has to take to actually own that in-house.
But all the time-savings I got out of using the tool for my EDGAR document, all the linking between the workbook and the actual document itself, has paid handsomely to kind of take that responsibility in-house. So that’s the nice aspect that really would speak to anybody that would ask me about WebFilings.
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