PRIMO BRANDS CORP, 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
May 04, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-42404  
Entity Registrant Name Primo Brands Corp  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 99-3483984  
Entity Address, Address Line One 1150 Assembly Drive  
Entity Address, Address Line Two Suite 800  
Entity Address, City or Town Tampa  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 33607  
City Area Code (813)  
Local Phone Number 544-8515  
Title of 12(b) Security Class A common stock, $0.01 par value per share  
Trading Symbol PRMB  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   362,868,562
Document Fiscal Year Focus 2026  
Entity Central Index Key 0002042694  
Amendment Flag false  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Other Address    
Document Information [Line Items]    
Entity Address, Address Line One 3001 Summer Street  
Entity Address, City or Town Stamford  
Entity Address, State or Province CT  
Entity Address, Postal Zip Code 06905  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current Assets:    
Cash, cash equivalents and restricted cash $ 288.2 $ 376.9
Trade receivables, net of allowance for expected credit losses of $21.7 and $20.5 as of March 31, 2026 and December 31, 2025, respectively 535.8 431.8
Inventories 247.9 223.5
Prepaid expenses and other current assets 174.6 148.9
Current assets held for sale 40.1 36.7
Total current assets 1,286.6 1,217.8
Property, plant and equipment, net 2,160.3 2,185.5
Operating lease right-of-use-assets, net 526.8 539.3
Goodwill 3,590.4 3,581.9
Intangible assets, net 2,950.4 2,992.7
Other non-current assets 75.9 85.6
Total assets 10,590.4 10,602.8
Current Liabilities:    
Current portion of long-term debt 72.9 73.3
Trade payables 498.2 518.9
Accruals and other current liabilities 658.7 597.6
Current portion of operating lease obligations 89.6 92.9
Total current liabilities 1,319.4 1,282.7
Long-term debt, less current portion 5,082.4 5,084.6
Operating lease obligations, less current portion 465.4 474.4
Deferred income taxes 696.4 691.5
Other non-current liabilities 69.6 77.0
Total liabilities 7,633.2 7,610.2
Commitments and contingencies
Stockholders' Equity:    
Common stock, $0.01 par value, 900,000,000 shares authorized, 362,928,927 and 363,940,940 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 3.6 3.7
Additional paid-in capital 5,026.0 5,017.3
Accumulated deficit (2,060.5) (2,014.5)
Accumulated other comprehensive loss (11.9) (13.9)
Total stockholders' equity 2,957.2 2,992.6
Total liabilities and stockholders' equity $ 10,590.4 $ 10,602.8
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Trade receivables, credit losses $ 21.7 $ 20.5
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 900,000,000 900,000,000
Common stock, shares issued (in shares) 362,928,927 363,940,940
Common stock, shares outstanding (in shares) 362,928,927 363,940,940
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net sales $ 1,626.1 $ 1,613.7
Cost of sales 1,161.2 1,092.7
Gross profit 464.9 521.0
Selling, general and administrative expenses 336.7 327.8
Acquisition, integration and restructuring expenses 20.8 39.8
Other operating (income) expense, net (30.6) 0.2
Operating income 138.0 153.2
Other expense, net 1.2 0.1
Loss on modification and extinguishment of debt 17.7 18.6
Interest and financing expense, net 78.3 82.1
Income from continuing operations before income taxes 40.8 52.4
Provision for income taxes 13.5 17.7
Net income from continuing operations 27.3 34.7
Net loss from discontinued operations, net of tax 0.0 (6.0)
Net income $ 27.3 $ 28.7
Basic:    
Continuing operations (in dollars per share) $ 0.08 $ 0.09
Discontinued operations (in dollars per share) 0 (0.01)
Net income per common share (in dollars per share) 0.08 0.08
Diluted:    
Continuing operations (in dollars per share) 0.07 0.09
Discontinued operations (in dollars per share) 0 (0.01)
Net income per common share (in dollars per share) $ 0.07 $ 0.08
Weighted-average common stock outstanding (in thousands)    
Basic (in shares) 363,579 379,251
Diluted (in shares) 365,839 381,613
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 27.3 $ 28.7
Other comprehensive income, net of tax:    
Net change in foreign currency translation adjustments (1.6) 2.7
Net unrealized actuarial loss in postretirement benefit plans [1] (0.2) (0.2)
Unrealized gain on fair value hedges, net of tax [2] 2.4 2.0
Unrealized gain on interest rate swaps, net of tax [3] 1.4 0.0
Other comprehensive income 2.0 4.5
Total comprehensive income $ 29.3 $ 33.2
[1] Net of tax impact of $0.1 million and nil for the three months ended March 31, 2026 and March 31, 2025, respectively.
[2] Net of the tax impact of $0.8 million and $0.7 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
[3] Net of the tax impact of $0.5 million for the three months ended March 31, 2026.
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net unrealized actuarial gain (loss) in postretirement plans, tax benefit $ 100,000 $ 0
Unrealized gain (loss) on fair value hedges, tax impact 800,000 $ 700,000
Unrealized gain on interest rate swaps, tax impact $ 500,000  
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Cash flows from operating activities of continuing operations:    
Net income $ 27.3 $ 28.7
Less: Net loss from discontinued operations, net of income taxes 0.0 (6.0)
Net income from continuing operations 27.3 34.7
Adjustments to reconcile net income from continuing operations to cash flows from operating activities of continuing operations:    
Depreciation and amortization 141.0 128.6
Amortization of debt discount and issuance costs 8.8 6.1
Stock-based compensation costs 9.9 12.0
Restructuring (gains) charges, net (4.2) 0.5
Inventory obsolescence expense 2.8 1.2
Charge for expected credit losses 14.9 7.1
Deferred income taxes 3.7 (2.6)
Unrealized gain on commodity forwards, net (31.1) (1.1)
Other non-cash items 2.7 2.6
Changes in operating assets and liabilities, net of effects of businesses acquired:    
Trade receivables (118.8) (67.1)
Inventories (25.8) (45.7)
Prepaid expenses and other current and non-current assets 6.7 34.6
Trade payables and accruals and other current and non-current liabilities 65.9 (72.1)
Net cash provided by operating activities of continuing operations 103.8 38.8
Cash flows from investing activities of continuing operations:    
Purchases of property, plant and equipment (104.5) (62.0)
Purchases of intangible assets (13.6) (7.5)
Acquisitions, net of cash received (10.9) 0.0
Proceeds from sale of other assets 0.0 45.6
Other investing activities 18.0 0.7
Net cash used in investing activities of continuing operations (111.0) (23.2)
Cash flows from financing activities of continuing operations:    
Proceeds from Term Loans, net of discount 659.6 0.0
Repayment of Term Loans (652.7) (7.7)
Principal payment of finance leases (9.7) (7.2)
Financing fees (2.7) (7.5)
Issuance of common stock 1.9 1.2
Common stock repurchased and cancelled (32.2) (119.2)
Dividends paid to common stockholders (44.2) (38.6)
Other financing activities (1.0) (1.8)
Net cash used in financing activities of continuing operations (81.0) (180.8)
Cash flows from discontinued operations:    
Net cash provided by operating activities from discontinued operations 0.0 2.9
Net cash used in investing activities from discontinued operations 0.0 (8.0)
Net cash provided by financing activities from discontinued operations 0.0 2.4
Net cash used in discontinued operations 0.0 (2.7)
Effect of exchange rates on cash, cash equivalents and restricted cash (0.5) 0.5
Net decrease in cash, cash equivalents and restricted cash (88.7) (167.4)
Cash and cash equivalents and restricted cash, beginning of period 376.9 620.7
Cash and cash equivalents and restricted cash, end of period 288.2 453.3
Cash and cash equivalents and restricted cash of discontinued operations, end of period 0.0 3.6
Cash and cash equivalents and restricted cash of continuing operations, end of period 288.2 449.7
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property, plant and equipment and intangible assets included in trade payables and accruals and other current liabilities 74.7 33.0
Dividends payable issued through accounts payable and accrued liabilities 0.4 0.3
Financing lease right-of-use assets obtained in exchange for lease obligations 7.1 14.0
Operating lease right-of-use assets obtained in exchange for lease obligations 17.6 20.8
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of interest capitalized 47.7 87.1
Cash paid for income taxes $ 0.1 $ 1.6
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2024   379,800,000      
Beginning balance at Dec. 31, 2024 $ 3,444.2 $ 3.8 $ 4,971.3 $ (1,513.7) $ (17.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 28.7     28.7  
Other comprehensive income 4.5       4.5
Common stock repurchased and cancelled (in shares)   (4,200,000)      
Common stock repurchased and cancelled (119.2)   (5.1) (114.1)  
Common stock issued - Equity Incentive Plan (in shares)   600,000      
Common stock issued - Equity Incentive Plan 1.2   1.2    
Stock-based compensation 12.0   12.0    
Dividends on common stock (38.3)     (38.3)  
Ending balance (in shares) at Mar. 31, 2025   376,200,000      
Ending balance at Mar. 31, 2025 $ 3,333.1 $ 3.8 4,979.4 (1,637.4) (12.7)
Beginning balance (in shares) at Dec. 31, 2025 363,940,940 363,900,000      
Beginning balance at Dec. 31, 2025 $ 2,992.6 $ 3.7 5,017.3 (2,014.5) (13.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 27.3     27.3  
Other comprehensive income 2.0       2.0
Common stock repurchased and cancelled (in shares)   (1,700,000)      
Common stock repurchased and cancelled (32.4) $ (0.1) (3.1) (29.2)  
Common stock issued - Equity Incentive Plan (in shares)   600,000      
Common stock issued - Equity Incentive Plan 0.1   0.1    
Common stock issued- Employee Stock Purchase Plan (in shares)   100,000      
Common stock issued - Employee Stock Purchase Plan 1.8   1.8    
Stock-based compensation 9.9   9.9    
Dividends on common stock $ (44.1)     (44.1)  
Ending balance (in shares) at Mar. 31, 2026 362,928,927 362,900,000      
Ending balance at Mar. 31, 2026 $ 2,957.2 $ 3.6 $ 5,026.0 $ (2,060.5) $ (11.9)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in dollars per share) $ 0.12 $ 0.10
v3.26.1
DESCRIPTION OF THE BUSINESS
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF THE BUSINESS DESCRIPTION OF THE BUSINESS
Primo Brands Corporation ("we", "Primo Brands" or the "Company") is a leading North American branded beverage company focused on healthy hydration, delivering responsibly sourced diversified offerings across products, formats, channels, price points, and consumer occasions, distributed in every U.S. state and Canada.
Primo Brands has a comprehensive portfolio of highly recognizable and conveniently packaged branded water and beverages that reach consumers whenever, wherever, and however they hydrate through distribution across retail outlets, away from home such as hotels and hospitals, and hospitality and food service accounts, as well as direct delivery to homes and businesses. These brands include established “billion-dollar brands” Poland Spring® and Pure Life®, premium brands like Saratoga® and The Mountain Valley®, leading regional spring water offerings such as Arrowhead®, Deer Park®, Ice Mountain®, Ozarka®, and Zephyrhills®, purified water brands including Primo Water® and Sparkletts®, and flavored and enhanced beverages like Splash Refresher™ and AC+ION®. Primo Brands also has an industry-leading line-up of innovative water dispensers, which create consumer connectivity through recurring water purchases. Primo Brands operates a vertically integrated coast-to-coast network that distributes its brands to more than 200,000 retail outlets, as well as directly reaching customers and consumers through its Direct Delivery, Exchange and Refill offerings. Through Direct Delivery, Primo Brands delivers responsibly sourced hydration solutions direct to home and business customers. Through its Exchange business, consumers can visit approximately 26,500 retail locations and purchase a pre-filled, multi-use bottle of water that can be exchanged after use for a discount on the next purchase. Through its Refill business, consumers have the option to refill empty multi-use bottles at over 23,500 self-service refill stations. Primo Brands also offers water filtration units for home and business customers across North America. Primo Brands is a leader in reusable beverage packaging, helping to reduce waste through its multi-serve bottles and innovative brand packaging portfolio, which includes recycled plastic, aluminum, and glass. Primo Brands has a portfolio of over 80 springs and actively manages water resources to help assure a steady supply of quality, safe drinking water today and in the future. Primo Brands also helps conserve over 28,000 acres of land across the U.S. and Canada. Primo Brands is proud to partner with the International Bottled Water Association ("IBWA") in North America, which supports strict adherence to safety, quality, sanitation, and regulatory standards for the benefit of consumer protection. Primo Brands is committed to supporting the communities it serves, investing in local and national programs and delivering hydration solutions following natural disasters and other local community challenges. Primo Brands employs more than 12,000 associates with dual headquarters in Tampa, Florida, and Stamford, Connecticut.
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of our results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. The Consolidated Balance Sheet as of December 31, 2025 included herein was derived from the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”). This Quarterly Report on Form 10-Q should be read in conjunction with the annual audited Consolidated Financial Statements and accompanying notes in the 2025 Annual Report. The accounting policies used in these interim unaudited Condensed Consolidated Financial Statements are consistent with those used in the annual Consolidated Financial Statements.
The presentation of these interim unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes.
Basis of Consolidation
The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. The Company applies the equity method of accounting for investments in which the Company is able to exercise significant influence and applies the cost method for investments in which the Company does not have significant influence and does not have readily determinable fair values. Certain prior period amounts have been reclassified to conform with the 2026 presentation.
The Transaction
On November 8, 2024, Primo Brands consummated the transactions contemplated by the Arrangement Agreement and Plan of Merger (the transactions effecting the Arrangement Agreement, the "Transaction"), pursuant to which Primo Water Corporation ("Primo Water") and Triton Water Parent, Inc. ("BlueTriton") were combined, creating Primo Brands.
Discontinued Operations
Prior to the Transaction, Primo Water divested a portion of its European business and, upon completion of the Transaction, its remaining international businesses including Decantae Mineral Water Limited, Fonthill Waters Ltd, and portions of the Eden Springs Netherlands B.V. business located in Israel and the United Kingdom (collectively the "Remaining International Businesses"). On November 25, 2024, the Company sold its interests in the Decantae Mineral Water Limited and Fonthill Waters Limited businesses. On April 11, 2025, the Company sold its interest in the Eden Springs Netherlands B.V. business located in the United Kingdom. On October 23, 2025, the Company sold its interest in the Eden Springs Netherlands B.V. business located in Israel. Following completion of these sales, the Company no longer has operations outside of North America. As a result, all financial statements and disclosures for the year 2026 reflect only the ongoing North American business activities. The results of operations and the assets and liabilities associated with the Remaining International Businesses were previously reported as discontinued operations in accordance with U.S. GAAP through the end of 2025. Additional details regarding the sale and discontinued operations can be found in Note 3 – "Assets Held for Sale and Discontinued Operations."
Estimates
The presentation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates. Such estimates include those related to sales incentives recorded against revenue, valuation of assets and liabilities in connection with acquisitions, collectability of trade receivables, self-insurance reserves, inventory obsolescence expense, realizability of deferred tax assets, useful lives of property, plant and equipment and intangible assets, fair value of reporting units in connection with the annual goodwill and indefinite-lived intangible asset assessments and the incremental borrowing rate related to lease obligations.
Revenue Recognition
The Company’s principal source of revenue is bottled water and beverage sales to customers primarily in the United States. Revenue is recognized when a customer obtains control of promised goods (the obligation), which may be upon shipment of goods or upon delivery to the customer as defined in the customer contract or purchase order. Revenue is recognized at an amount that reflects the consideration the Company expects to receive in exchange for those goods. Amounts collected from customers for sales taxes are excluded from the transaction price. The Company measures revenue based on the consideration specified in the customer arrangement, and revenue is recognized when the performance obligations in the customer arrangement are satisfied. A performance obligation is a contractual promise to transfer a distinct good to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when the customer receives the benefit of the performance obligation (the Company has only one obligation).
The nature of the Company’s contracts give rise to variable consideration including volume-based rebates, growth incentives, point of sale promotions, and other trade promotional discounts (sales incentives). For certain sales incentives, the accrual recorded by the Company for the rebate or discount that will be granted to the customer, requires significant estimation. The critical assumptions used in estimating the sales incentive accruals include the Company’s estimate of expected levels of performance and redemption rates, which requires judgment. These assumptions are developed based upon the historical performance of the customer's participation with similar types of promotions adjusted for current trends. These estimated sales incentives are included in the transaction price of the Company’s contracts with customers as a reduction within net sales and are included as either a reduction in accounts receivable if the customer is entitled to take a deduction on their payment, or as accrued sales incentives in accruals and other current liabilities if the Company anticipates needing to pay the customer.
As of March 31, 2026 and December 31, 2025, estimated discounts reflected in Trade receivables, net of allowance for expected credit losses in the Condensed Consolidated Balance Sheets were $64.1 million and $55.8 million, respectively.
As of March 31, 2026 and December 31, 2025, accrued sales incentive obligations reflected in Accruals and other current liabilities in the Condensed Consolidated Balance Sheets were $36.4 million and $36.2 million, respectively.
Fair Value Measurements
Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.
To measure fair value of assets and liabilities, the Company uses the following fair value hierarchy based on three levels of inputs:
•Level 1 — observable inputs, such as quoted prices in active markets for identical assets or liabilities;
•Level 2 — significant other observable inputs that are observable either directly or indirectly; and
•Level 3 — significant unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions.
Cash and cash equivalents, trade receivables, net and accounts payable are carried at cost, which approximates their fair value because of their short-term maturity. See Note 10 - "Fair Value Measurements" for discussion of certain financial liabilities that are not measured at fair value.
Determining which category an asset or liability falls within this hierarchy requires judgment. The Company evaluates its hierarchy disclosures each period disclosures are presented.
Recently Adopted Accounting Pronouncements
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, to provide entities with a practical expedient when estimating expected credit losses that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This guidance is effective for the Company for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company adopted ASU 2025-05 prospectively during the quarter ended March 31, 2026 and elected the practical expedient. The adoption did not have a material impact on the Condensed Consolidated Financial Statements.
Recently Issued Accounting Pronouncements Not Yet Adopted
In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, to modify the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. This guidance is effective for the Company no later than June 30, 2027. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03, as amended by ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): clarifying the Effective Date, will require additional disclosures and disaggregation of certain costs and expenses presented on the face of the income statement. This guidance is effective for the Company for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments in this update can be applied either (i) prospectively to financial statements issued for reporting periods after the effective date or (ii) retrospectively to any or all prior periods presented in the financial statements. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to clarify the accounting for costs related to internal-use software by removing all references to project stages and clarifying the threshold entities apply to begin capitalization. This guidance is effective for the Company for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, to clarify the scope of derivative accounting and to reduce diversity in the accounting for share-based payments in revenue contracts. This guidance is effective for the Company for fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption
permitted. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which includes amendments to more closely align hedge accounting with the economics of the Company's risk management activities. This guidance is effective for the Company for fiscal years beginning after December 15, 2026, including interim periods, with early adoption permitted. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which includes amendments to clarify interim reporting requirements and applicability of Topic 270 and codifies a principle requiring disclosure of material events and changes since the most recent annual reporting period. This guidance is effective for the Company for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which makes technical corrections and clarifications across multiple Topics in the Accounting Standards Codification. This guidance is effective for the Company for fiscal years beginning after December 15, 2026, including interim periods, with early adoption permitted. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
v3.26.1
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Discontinued Operations
Following completion of the Transaction, Primo Water's Remaining International Businesses were presented as discontinued operations on the Condensed Consolidated Financial Statements. During the year ended December 31, 2025, the Company completed the sales of the Remaining International Businesses and no longer has operations outside of North America. For the periods presented, there were no assets or liabilities remaining related to discontinued operations.
Continuing Operations Assets Held for Sale
During the year ended December 31, 2025, the Company's management approved the sale of production facilities as a result of integration efforts. As of March 31, 2026, the Company had $40.1 million in assets held for sale which primarily related to the facility closures and were classified in Current assets held for sale in the Condensed Consolidated Balance Sheets.
v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Term Loans
On March 31, 2026, Primo Brands entered into an amendment (the “Fifth Amendment”), which amended that certain First Lien Credit Agreement, dated as of March 31, 2021 (as amended prior to the effectiveness of the Fifth Amendment, the “Existing Credit Agreement,” and as further amended by the Fifth Amendment, the “Amended Credit Agreement” and such term loans thereunder, the "Term Loans"), by and among the Company, as the parent borrower, Triton Water Holdings, Inc. and Primo Water Holdings Inc., as borrowers (collectively, together with the Company, the “Borrowers”), the other guarantors party thereto, Morgan Stanley Senior Funding, Inc., as term loan administrative agent and collateral agent, and the other lenders party thereto.
The Fifth Amendment amended the Existing Credit Agreement to, among other things, refinance the Company’s then-existing Term Loans (maturing in March 2028) with a new senior secured first lien term loan facility (the “Refinancing Term Facility”) resulting in Term Loans in an aggregate principal amount of $3,090.0 million and to make related changes to effect such refinancing. The Refinancing Term Facility will mature in March 2031 and will amortize in equal quarterly installments in an amount equal to 1.00% per annum of the principal amount. The proceeds of the Refinancing Term Facility were used to repay and refinance the existing Term Loans outstanding under the Existing Credit Agreement and to pay fees, commissions, costs, expenses, and other amounts related thereto.
The interest rate applicable to borrowings under the Refinancing Term Facility will be, at the Company’s option, either (1) the base rate (which is the highest of (x) the overnight federal funds rate, plus 0.50%, (y) the prime rate on such day, and (z) the one-month Secured Overnight Financing Rate (“SOFR”) published on such date, plus 1.00%), plus an applicable margin, or (2) one-, three- or six-month SOFR, plus an applicable margin. The applicable margin for SOFR loans under the Refinancing Term Facility will be 2.75%. The Refinancing Term Facility is subject to a SOFR floor of 0.50%.
Immediately prior to the Fifth Amendment, the outstanding balance of the then existing Term Loans was $3,067.6 million. The Fifth Amendment refinanced this balance into $3,090.0 million of Term Loans, representing a net principal increase of $22.4 million.
In connection with the Fifth Amendment, the Company assessed the refinancing on a lender-by-lender basis which was accounted for as a combination of debt modification and extinguishment. The Company recorded an unamortized debt discount of $15.5 million and unamortized debt issuance costs of $2.8 million which, along with the existing unamortized debt discount and debt issuance costs, are being amortized over the remaining term using the effective interest method. The write-off of unamortized debt issuance costs and unamortized debt discount, together with fees expensed in connection with the modification, resulted in a loss of $17.7 million, recorded in Loss on modification and extinguishment of debt in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2026.
As of March 31, 2026 and December 31, 2025, unamortized debt issuance costs and discount related to the Term Loans were $52.1 million and $39.4 million, respectively.
Debt Covenants
The Term Loans contain customary negative covenants including, but not limited to, restrictions on the ability of the Company and its restricted subsidiaries to merge and consolidate with other companies, incur indebtedness, grant liens or security interests on assets, pay dividends or make other restricted payments, optionally prepay or modify terms of certain junior indebtedness, sell or otherwise transfer certain assets, or enter into transactions with affiliates (in each case subject to permitted exceptions).
The revolving credit facility which provides for revolving loans, swing line loans, and standby letters of credit in an aggregate amount of up to $750.0 million and will mature in February 2030 (subject to a springing maturity based on conditions set forth in the Amended Credit Agreement) (the "Revolving Credit Facility") contains customary covenants, including, but not limited to, restrictions on our ability and the ability of our subsidiaries to merge and consolidate with other companies, incur indebtedness, grant liens or security interests on assets, make acquisitions, loans, advances, or investments, pay dividends or make other restricted payments, sell or otherwise transfer assets, optionally prepay or modify terms of certain junior indebtedness, enter into transactions with affiliates, or change our line of business (in each case subject to permitted exceptions). The Revolving Credit Facility requires the maintenance of (i) a first lien net leverage ratio of less than or equal to 5.00 to 1.00, with no step-downs, and a 0.50 to 1.00 step-up for any four fiscal quarter period in which a material acquisition is consummated, and (ii) a minimum interest coverage ratio of 2.00 to 1.00 at the end of each fiscal quarter.
Under the indentures governing the Company's outstanding senior notes, the Company is subject to a number of covenants, including covenants that limit the Company and certain of its subsidiaries’ ability, subject to certain exceptions and qualifications, to, among other things, (i) incur additional debt or issue certain preferred stock, (ii) pay dividends, redeem stock, or make other distributions, (iii) make other restricted payments or investments, (iv) create liens on assets, (v) transfer or sell assets, (vi) create restrictions on payment of dividends or other amounts by the Company to the Company's restricted subsidiaries, (vii) engage in mergers or consolidations, (viii) engage in certain transactions with affiliates, and (ix) designate the Company's subsidiaries as unrestricted subsidiaries. The covenants are substantially similar across each series of the Company's senior notes. Many of the covenants contained in the indentures will not be applicable, and the guarantees of certain senior notes will be released, during any period when the notes have an investment grade rating.
The Company was in compliance with all covenants under the agreements governing its indebtedness as of March 31, 2026.
v3.26.1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Common Stock Dividend Payments
On February 18, 2026, the Board of Directors declared a dividend of $0.12 per share on the outstanding Class A common stock of the Company to stockholders of record at the close of business on March 6, 2026 which was paid in cash on March 23, 2026.
Share Repurchase Program
On August 6, 2025, the Board of Directors approved a share repurchase program of $250.0 million of the Company's outstanding Class A common stock (the "Share Repurchase Program"). On November 9, 2025, the Board of Directors approved an increase of $50.0 million to the Share Repurchase Program, bringing the total authorization under the program to $300.0 million worth of the Company's Class A common stock. During the three months ended March 31, 2026, we repurchased 1,539,175 shares of our Class A common stock for an aggregate purchase price of approximately $29.0 million, including commissions paid to brokers, through open market transactions under the Share Repurchase Program.
Shares purchased under this plan were subsequently retired. As of March 31, 2026, the Company had $78.3 million of authorization remaining under the Share Repurchase Program.
Share Repurchases
On March 10, 2025, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Triton Water Parent Holdings, LP and its affiliates (the "Sponsor Stockholder") and Morgan Stanley & Co. LLC and BofA Securities, Inc., as representatives of the several underwriters named therein (collectively, the “Underwriters”), in connection with the underwritten secondary offering by the Sponsor Stockholder of 51,750,000 shares of the Company’s Class A common stock, which included the full exercise by the Underwriters of their option to purchase up to 6,750,000 additional shares of Class A common stock, at an offering price of $29.50 per share (the "March Offering"). The March Offering closed on March 12, 2025. The Sponsor Stockholder received all of the net proceeds from the March Offering. No shares were sold by the Company. Following the March Offering, the Company was no longer considered a controlled company.
Pursuant to the Underwriting Agreement, the Company agreed to purchase 4,000,000 shares of its Class A common stock for approximately $114.1 million from the Underwriters at a price per share equal to the price paid by the Underwriters to the Sponsor Stockholder in the March Offering. The Company funded the share repurchase with cash on hand and the repurchased shares of Class A common stock are no longer outstanding.
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) ("AOCI") represents gains and losses affecting stockholders' equity that are not reflected on the Condensed Consolidated Statements of Operations. The Company uses the portfolio approach for releasing income tax effects from AOCI.
The following table reflects the changes in AOCI, net of taxes, by component for the periods presented:
($ in millions) ¹
Gains and Losses On Derivative Instruments
Cumulative Translation Adjustment
Postretirement Benefit Plan Items
Total
Balance as of December 31, 2025$(2.4)$(13.8)$2.3$(13.9)
OCI before reclassifications2.7(1.6)—1.1
Amounts reclassified from AOCI1.1—(0.2)0.9
Net current-period OCI3.8(1.6)(0.2)2.0
Balance as of March 31, 2026$1.4$(15.4)$2.1$(11.9)
Balance as of December 31, 2024$0.3$(19.6)$2.1$(17.2)
OCI before reclassifications0.32.7—3.0
Amounts reclassified from AOCI1.7—(0.2)1.5
Net current-period OCI2.02.7(0.2)4.5
Balance as of March 31, 2025$2.3$(16.9)$1.9$(12.7)
______________________
¹ All amounts are net of tax. Amounts in parentheses indicate debits.
The following table reflects the amounts reclassified out of AOCI, net of taxes, by component for the periods presented:
($ in millions)
For the Three Months EndedAffected Line Item in the Statement Where Net Income Is Presented
Details of AOCI ComponentsMarch 31, 2026March 31, 2025
Gains and losses reclassified from AOCI
Foreign exchange contracts¹
$(1.5)$(1.7)
Other expense, net
Interest rate swaps2
0.4—Interest and financing expense, net
Recognized actuarial gains2
0.20.2Interest and financing expense, net
Total reclassification for the period
$(0.9)$(1.5)
______________________
1    Amount is net of tax impact of $0.5 million and $0.6 million, respectively, for the three months ended March 31, 2026 and March 31, 2025 which is recorded within Provision for income taxes on the Condensed Consolidated Statements of Operations.
2    Tax impact of this income for all periods was immaterial.
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income tax expense was $13.5 million on pre-tax income of $40.8 million for the three months ended March 31, 2026, as compared to income tax expense of $17.7 million on pre-tax income of $52.4 million in the comparable prior year period. The effective income tax rate for the three months ended March 31, 2026 was 33.1% compared to 33.8% in the comparable prior year period.
The effective tax rate for the three months ended March 31, 2026 varied from the effective tax rate in the comparable prior year period due primarily to a decrease in permanent differences for which the Company has not recognized a tax benefit.
The effective tax rate for the three months ended March 31, 2026 varied from the U.S. statutory rate due primarily to permanent differences for which the Company has not recognized a tax benefit and losses in tax jurisdictions with existing valuation allowances.
v3.26.1
REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregation of Revenue
The Company's primary geographic market is North America with sales in the United States accounting for 98.7% and 98.4% of consolidated net sales for the three months ended March 31, 2026 and March 31, 2025, respectively.
Disaggregation of net sales by water type for the periods presented is as follows:
Three Months Ended March 31,
($ in millions)20262025
Regional spring water$801.2 $794.1 
Purified water511.2 514.4 
Premium water105.5 73.9 
Other water30.5 34.8 
Other177.7 196.5 
Total net sales$1,626.1 $1,613.7 
Contract Balances
The Company does not have any material contract assets or liabilities as of March 31, 2026 and December 31, 2025.
v3.26.1
ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSES
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSES ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSES
Transaction costs include those associated with the Transaction, including subsequent costs directly related to its consummation. Other acquisition expenses include costs associated with our acquisitions, as well as costs incurred on potential acquisitions. Integration and restructuring expenses mainly include costs incurred to achieve post-Transaction synergies, information technology implementation costs, and costs incurred on business optimization, among others.
In connection with the closing of the Transaction, the Board of Directors authorized a series of cost cutting measures which are expected to continue through 2026. These restructuring costs are expected to result in a range of approximately $75.0 million to $100.0 million of aggregate charges, which are anticipated to include $47.0 million to $55.0 million of one-time cash termination benefits as well as costs associated with the decommissioning of facilities and the early termination of leases. As of December 31, 2025, management had incurred $42.6 million in total of one-time cash termination benefits associated with the plan and no further cash termination benefit costs are expected.
The following table summarizes the components of Acquisition, integration and restructuring expenses on the Condensed Consolidated Statements of Operations:
Three Months Ended March 31,
($ in millions)20262025
Transaction costs$—$3.7
Other acquisition expenses0.21.4
Other integration expenses24.127.9
Total acquisition and integration expenses24.333.0
Non-cash exit and disposal charges 1
2.00.5
Gain on sale of facilities
(6.2)—
Facility closure expense 1
0.76.2
Employee severance and termination related benefits—0.1
Total restructuring (gains) expenses, net(3.5)6.8
Total acquisition, integration and restructuring expenses$20.8$39.8
______________________
1 Includes lease related non-cash charges and lease termination costs
For the three months ended March 31, 2026 and March 31, 2025, integration-related costs of $20.4 and nil were recorded within Cost of sales on the Condensed Consolidated Statements of Operations, respectively.
The following table reflects the activity related to the restructuring accrual for the three months ended March 31, 2025 and March 31, 2026:
($ in millions)
Amount
Balance as of December 31, 2024
$46.4
Charges incurred
6.3
Payments made
(12.1)
Balance as of March 31, 2025
$40.6
Balance as of December 31, 2025
$16.1
Charges incurred
0.7
Payments made
(8.2)
Balance as of March 31, 2026
$8.6
v3.26.1
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS
The Company is directly and indirectly affected by changes in foreign currency market conditions, fluctuating interest rates and commodity prices on items such as diesel fuel and petroleum-based products. These changes in market conditions, interest rates and commodity prices may adversely impact the Company's financial performance and are referred to as market risks. When deemed appropriate by management, the Company uses derivatives as a risk management tool to mitigate the potential impact of foreign currency market risks, rising interest rates and commodity price risks.
The Company uses foreign exchange forward contracts to manage the foreign exchange risk associated with the principal balance of the Company's €441.9 million 3.875% Senior Secured Notes due October 31, 2028 and €8.1 million non-tendered 3.875% Senior Notes (collectively, the ‘Euro Notes’). Forward contracts are agreements to buy or sell a quantity of a currency at a predetermined future date, and at a predetermined rate or price and are traded over-the-counter. The Company uses interest rate swaps to mitigate the exposure from the variation of interest rates. The Company also uses commodity
futures, forwards, and option contracts to manage commodity price risk associated with diesel fuel and petroleum-based products based on its anticipated consumption of these commodities for periods of up to 24 months.
All derivatives are carried at fair value on the Condensed Consolidated Balance Sheets. The carrying values of the derivatives reflect the impact of legally enforceable agreements with the same counterparties. The Company has elected to report the fair value of its derivatives on a gross basis.
The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the types of hedging relationships. Derivatives can be designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The changes in the fair values of derivatives that have been designated and qualify for fair value hedge accounting are recorded in the same line item in the Condensed Consolidated Statements of Operations as the changes in the fair value of the hedged items attributable to the risk being hedged. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures being hedged, fluctuations in the value of the derivative instruments are generally offset by changes in the fair values or cash flows of the underlying exposures being hedged. The changes in fair values of derivatives that were not designated and/or did not qualify as hedging instruments are immediately recognized into earnings. The Company classifies cash inflows and outflows related to derivative and hedging instruments within the appropriate cash flows section associated with the item being hedged.
For derivatives that will be accounted for as hedging instruments, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, the Company formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are highly effective at offsetting changes in either the fair values or cash flows of the related underlying exposures.
The Company estimates the fair values of its derivatives based on quoted market prices or pricing models using current market rates. The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of the Company's exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates or other financial indices. The Company does not view the fair values of its derivatives in isolation, but rather in relation to the fair values or cash flows of the underlying hedged transactions. All of the Company's derivatives are over-the-counter instruments with liquid markets.
Credit Risk Associated with Derivatives
The Company has established strict counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Company monitors counterparty exposures regularly and reviews promptly any downgrade in counterparty credit rating. The Company mitigates pre-settlement risk by being permitted to net settle for transactions with the same counterparty. To minimize the concentration of credit risk, the Company may enter into derivative transactions with a portfolio of financial institutions. Based on these factors, the Company considers the risk of counterparty default to be minimal.
Cash Flow Hedging Strategy
During the year ended December 31, 2025, the Company entered into two float-to-fixed interest rate swaps with notional amounts of $250.0 million each, maturing December 31, 2026 and December 31, 2027, respectively, to hedge the variable interest rate risk associated with $500.0 million of Term Loans principal. The interest rate swaps were effective for the interest payments beginning the three months ended March 31, 2026. The interest rate swap contracts are designated as cash flow hedges and recognized on the Condensed Consolidated Balance Sheets at fair value and changes in the fair value are recorded as a component of AOCI on the Condensed Consolidated Balance Sheets. The gains and losses in AOCI are reclassified to Interest and financing expense, net when the underlying forecasted transaction occurs.
Fair Value Hedging Strategy
In connection with the Transaction, the Company acquired foreign exchange contracts with a combined notional amount of €450.0 million and a maturity date of October 31, 2025 (the "2024 FX Forwards"). The derivative financial instruments were utilized to hedge the foreign exchange risk associated with the Euro Notes.
On August 6, 2025, the Company net settled the 2024 FX Forwards and simultaneously entered into new foreign exchange contracts with a combined notional amount of €450.0 million and a maturity date of November 1, 2027 to hedge the foreign exchange risk associated with the Euro Notes.
The Company designated the foreign exchange contracts as fair value hedges. The foreign exchange contracts are recognized on the Condensed Consolidated Balance Sheets at fair value and changes in the fair value of the foreign exchange contracts are recorded in the same line as the hedged item, which is Other expense, net in the Condensed Consolidated Statements of Operations. The Company excludes forward points from its assessment of hedge effectiveness and amortizes them on a straight-line basis over the life of the hedging instruments in Other expense, net in the Condensed Consolidated Statements of Operations. The difference between fair value changes of the excluded component and the amount amortized to Other expense, net is recorded as a component of AOCI on the Condensed Consolidated Balance Sheets.
The following amounts were recorded on the Condensed Consolidated Balance Sheets related to fair value hedged items as of March 31, 2026 and December 31, 2025:
($ in millions)
March 31, 2026December 31, 2025
Line Item in Condensed Consolidated Balance Sheets in Which the Hedged Item Is IncludedCarrying Amount of the Hedged Liability
Long-term debt, less current portion 1
$516.7 $529.3 
______________________
1 Carrying amount excludes the unamortized debt discounts as of March 31, 2026 and December 31, 2025.
The following tables present information about the Company's derivative financial instruments designated as cash flow and fair value hedging transactions.
The fair value of the Company's derivative assets and liabilities included in the Condensed Consolidated Balance Sheets, as of March 31, 2026 and December 31, 2025 was as follows:

March 31, 2026
December 31, 2025
Foreign exchange contractsForeign exchange contracts
($ in millions)
Assets
Liabilities
AssetsLiabilities
Derivative Assets in Fair Value Hedging Relationships
Other non-current assets
$0.1 $— $11.6 $— 
March 31, 2026
December 31, 2025
Interest rate swapsInterest rate swaps
($ in millions)AssetsLiabilitiesAssetsLiabilities
Derivative Assets in Cash Flow Hedging Relationships
Prepaid expenses and other current assets
$1.7 $— $— $— 
Other non-current assets
0.6 — — — 
The amount of gains or (losses) recognized in the Condensed Consolidated Statements of Operations for fair value and cash flow hedging relationships, presented on a pre-tax basis, for the periods presented, is shown in the table below:
Three Months Ended March 31,
($ in millions)
20262025
Affected Line Item in the Statement Where Net Income Is Presented
Derivatives in Fair Value Hedging Relationships
Foreign exchange contracts
Hedged item$12.6 $(17.5)
Other expense, net
Derivative designated as hedging instrument(12.6)17.5 
Other expense, net
Amount reclassified from AOCI to expense (amortized)(2.0)(2.3)
Other expense, net
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps
Amount reclassified from AOCI to expense
$0.5 $— Interest and financing expense, net
The amount of gains or (losses), net of tax, recognized in the Condensed Consolidated Statements of Comprehensive Income for fair value and cash flow hedging relationships for the periods presented, is shown in the table below:
Three Months Ended March 31,
($ in millions)
20262025
Derivatives in Fair Value Hedging Relationships
Foreign exchange contracts
Amount excluded from the assessment of effectiveness 1
$0.9 $0.3 
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps
Unrealized gains 2
$1.8 $— 
______________________
1 Amount is net of tax impact of $0.3 million and $0.1 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
2 Amount is net of tax impact of $0.6 million for the three months ended March 31, 2026.
There were no settlements of the Company's foreign exchange contracts during the three months ended March 31, 2026 and March 31, 2025, respectively.
The estimated net gain on the Company's derivative instruments designated as cash flow hedges as of March 31, 2026 that is expected to be reclassified from AOCI into earnings, net of tax, within the next twelve months is $1.7 million. The accumulated net gain on derivative instruments designated as cash flow hedges in AOCI was $2.3 million as of March 31, 2026.
Economic (Non-Designated) Hedging Strategy
In addition to derivative instruments that have been designated and qualify for hedge accounting, the Company also uses certain derivatives as economic hedges of commodity exposure. Although these derivatives were not designated and/or did not qualify for hedge accounting, they are effective economic hedges. The changes in the fair values of economic hedges are immediately recognized in earnings.
As of March 31, 2026, the fair value of the Company's commodity forwards were short-term assets of $26.9 million recorded in Prepaid expenses and other current assets, long-term assets of $1.2 million recorded in Other non-current assets and liabilities of $0.1 million recorded in Other non-current liabilities on the Condensed Consolidated Balance Sheets.
As of December 31, 2025, the fair value of the Company's commodity forwards were liabilities of $3.5 million recorded in Accruals and other current liabilities on the Condensed Consolidated Balance Sheets.
For the three months ended March 31, 2026 and March 31, 2025 unrealized gains on commodity forwards of $31.1 million and $1.1 million were recorded within Other operating (income) expense, net in the Condensed Consolidated Statements of Operations.
v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The following tables summarize the fair values of financial instruments:
March 31, 2026
($ in millions)TotalLevel 1Level 2Level 3
Financial Assets:
Money market investments$14.2 $14.2 $— $— 
Split-dollar life insurance policies22.8 — 22.8 — 
Foreign exchange contracts
0.1 — 0.1 — 
Interest rate swaps
2.3 — 2.3 — 
Commodity forwards28.1 — — 28.1 
$67.5 $14.2 $25.2 $28.1 
Financial Liabilities:
Commodity forwards$0.1 $— $— $0.1 
$0.1 $— $— $0.1 
December 31, 2025
($ in millions)TotalLevel 1Level 2Level 3
Financial Assets:
Money market investments$14.1 $14.1 $— $— 
Split-dollar life insurance policies24.8 — 24.8 — 
Foreign exchange contracts
11.6 — 11.6 — 
Interest rate swaps
0.4 — 0.4 — 
$50.9 $14.1 $36.8 $— 
Financial Liabilities:
Commodity forwards$3.5 $— $— $3.5 
$3.5 $— $— $3.5 
The fair values of the Company’s money market investments are based on the daily market price for identical assets in active markets. The fair value of the Company's split-dollar life insurance policies are the cash surrender value based on the fair value of underlying investment.
The changes in the fair value of the Company's commodity forwards recorded at fair value, which are Level 3 financial liabilities, are reflected within Other operating (income) expense, net on the Condensed Consolidated Statements of Operations.
The Company had no transfers into or out of Level 3 of the fair value hierarchy for any of the periods presented.
Fair Value of Debt
The following table summarizes the Company's estimates of the fair values of its debt as of the periods presented:
March 31, 2026December 31, 2025
($ in millions)Carrying Value
Fair Value
Carrying Value
Fair Value
Term Loans$3,090.0 $3,105.5 $3,067.6 $3,082.9 
6.250% Senior Notes
712.8 715.9 712.8 719.0 
3.875% Senior Notes
500.6 498.8 512.2 522.1 
4.375% Senior Notes
717.0 727.3 714.8 729.4 
Non-tendered Original Senior Notes
13.0 12.6 13.3 13.2 
Total
$5,033.4 $5,060.1 $5,020.7 $5,066.6 
The fair value of the Term Loans is estimated using quoted market prices for similar issues and are categorized within Level 2 of the fair value hierarchy. The fair values of the 6.250% Senior Notes, 3.875% Senior Notes, and 4.375% Senior Notes are based on the trading levels and bid/offer prices observed by a market participant and are categorized within Level 2 of the fair value hierarchy.
Given the variable interest rates, the carrying values of the Revolving Credit Facility and other debts approximate their fair values.
v3.26.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Primo Brands operates as a single segment. The Company has a comprehensive portfolio of highly recognizable and conveniently packaged branded water and beverages that reach consumers whenever, wherever, and however they hydrate through distribution across retail outlets, away from home such as hotels and hospitals, and food service accounts, as well as direct delivery to homes and businesses. These brands include established “billion-dollar brands” Poland Spring® and Pure Life®, premium brands like Saratoga® and The Mountain Valley®, regional leaders such as Arrowhead®, Deer Park®, Ice Mountain®, Ozarka®, and Zephyrhills®, purified brands including Primo Water® and Sparkletts®, and flavored and enhanced brands like Splash Refresher™ and AC+ION®. Primo Brands also has an industry-leading line-up of innovative water dispensers, which create consumer connectivity through recurring water purchases.
The accounting policies of our segment have not changed from those disclosed in the Company's 2025 Annual Report.
The Chief Operating Decision Maker ("CODM") assesses performance for the segment and decides how to allocate resources based on segment Net income from continuing operations that is also reported in the Condensed Consolidated Statements of Operations as such.
The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total assets. Segment capital expenditures are reported in the Condensed Consolidated Statements of Cash Flows as purchases of plant, property and equipment and purchases of intangible assets.
The CODM uses Net income from continuing operations to evaluate income generated from segment assets in deciding whether to reinvest profits into the segment or into other parts of the Company, such as for acquisitions or to pay dividends.
Net income from continuing operations is used to monitor budget versus actual results. The CODM also uses the Company's performance in competitive analysis by benchmarking to Primo Brands' competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.
The Company has one reportable segment. The segment sources, bottles and delivers water to customers in North America and manages the business activities on a consolidated basis. The Company does not assess the performance of its individual products on measures of profit or loss, or asset-based metrics. Net sales by water type can be found in Note 7 - "Revenue Recognition".
The Company's Chief Executive Officer is the CODM.
Business segment information is presented below:
For the Three Months Ended March 31,
($ in millions)20262025
Net sales$1,626.1$1,613.7
Less:
Cost of sales, adjusted 1
1,039.71,002.3
Marketing expense43.344.3
Selling expense, adjusted 1
116.2105.9
General and administrative expense, adjusted 1
120.8119.6
Other segment expense 2
28.359.9
Depreciation and amortization141.0128.6
Interest and financing expense, net78.382.1
Loss on modification and extinguishment of debt17.718.6
Income taxes13.517.7
Segment net income from continuing operations$27.3$34.7
______________________
1    The financial statement line items as presented in this table exclude depreciation and amortization and certain non-recurring income or charges.
2    Other segment expenses include acquisition, integration and restructuring costs (as disclosed in Note 8 - "Acquisition, Integration and Restructuring Expenses"), stock-based compensation and other non-recurring income and charges.
Long-lived assets in the United States, consisting of net fixed assets and operating lease right-of-use assets, accounted for 98.2% and 98.2% of consolidated long-lived assets as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
NET INCOME (LOSS) PER COMMON SHARE
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER COMMON SHARE NET INCOME (LOSS) PER COMMON SHARE
Basic net income (loss) per common share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is calculated using the weighted-average number of shares of common stock outstanding and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of stock options, Performance-based RSUs, Time-based RSUs, and stock purchase rights granted under the Employee Share Purchase Plan ("ESPP"). The dilutive effect of these securities are reflected in diluted income (loss) per share by application of the treasury stock method. Potentially dilutive securities are excluded from the computation of diluted net income (loss) per share if their effect is antidilutive.
Reconciliations of the numerators and denominators of basic and diluted net income (loss) per common share for the periods presented are as follows:
Three Months Ended March 31,

20262025
(Shares in thousands):
Weighted-average common stock outstanding - basic
363,579 379,251 
Effects of dilutive securities:
Stock options
181 556 
Performance-based RSUs
1,471 403 
Time-based RSUs
579 1,392 
ESPP
29 11 
Weighted-average common stock outstanding - diluted
365,839 381,613 
The following potentially dilutive shares were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been antidilutive:
Three Months Ended March 31,
(Shares in thousands)20262025
Stock options— — 
Performance-based RSUs 1
— — 
Time-based RSUs65 146 
ESPP
— — 
____________________
1     Performance-based RSUs represent the number of shares expected to be issued based on the estimated achievement of the performance metric for these awards.
v3.26.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
The Company may be party to a variety of litigation, claims, legal or regulatory proceedings, inquiries, and investigations including but not limited to matters arising out of the ordinary course of business, including those related to advertising, marketing or commercial practices, personal injury and property damage, intellectual property rights, employment, tax and insurance, and matters relating to compliance with applicable laws and regulations. Responding to these matters, even those that are ultimately non-meritorious, may require the Company to incur significant expense and devote significant resources. While it is not possible to predict the ultimate resolution of these matters, management believes, based upon examination of currently available information, experience to date, and advice from legal counsel, that, after taking into account existing insurance coverage and amounts already provided for, the currently pending legal proceedings against the Company will not have a material adverse impact on the Company's consolidated statements of operations, balance sheets, or cash flows.
Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Other than with respect to the matters described below, the Company believes there is no litigation pending that could have, individually or in the aggregate, a material adverse effect on the Company's consolidated statements of operations, balance sheets or cash flows. The Company believes it has made appropriate and adequate reserves and accruals for its current contingencies and the likelihood of a material loss beyond amounts accrued is remote.
The Company is involved in legal proceedings from time to time arising in the normal course of business. While any outcome related to such legal proceedings cannot be predicted with certainty, other than the matters discussed below, the Company believes that the outcome of these proceedings will not have a material impact on the Company’s financial position, results of operations, or liquidity.
City of Miami Fire Fighters
On November 12, 2025 and December 5, 2025, two putative class action complaints were filed by purported stockholders against the Company and its executives, respectively, asserting claims under the federal securities laws. The first complaint is captioned Rosenblum v. Primo Brands Corp. et al, Case No. 3:25-cv-01902, and was filed in the U.S. District Court for the District of Connecticut. The second complaint is captioned City of Miami Fire Fighters’ and Police Officers’ Retirement Trust v. Primo Brands Corp., et al, Case No. 8:25-cv-03328, and was filed in the U.S. District Court for the Middle District of Florida. The Rosenblum action was voluntarily dismissed on or about January 8, 2026, while the City of Miami Fire Fighters action is ongoing.
In the City of Miami Fire Fighters complaint, the plaintiff, a purported stockholder of the Company, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”) against the Company and certain of its officers, and claims under Sections 11, 12, and 15 of the Securities Act of 1933 (“Securities Act”) against the Company, its current and former directors and officers, and the underwriters of its March secondary offerings. The plaintiff asserts the Exchange Act claims on behalf of purchasers of Primo Water Corporation common stock between June 17, 2024, and November 8, 2024, and purchasers of the Company’s common stock between November 11, 2024, and November 6, 2025. The plaintiff asserts the Securities Act claims against all purchasers of the Company’s common stock traceable to the March 2025 secondary public offering. In support of these claims, the plaintiff alleges that the Company made false and/or misleading statements regarding the integration of Primo Water Corporation and the parent of BlueTriton Brands, Inc. to form the Company. The complaint does not specify damages claimed in the action.
Pursuant to the Private Securities Litigation Reform Act of 1995 (PSLRA), interested parties were required to file motions for appointment as lead plaintiff and lead counsel by January 12, 2026. On February 4, 2026, the Court granted the motions by Heavy & General Laborers’ Locals 472 & 172 Pension & Annuity Funds Providence Employees Retirement System to be appointed as lead plaintiffs, with Robbins Geller Rudman & Dowd appointed as lead counsel. On April 6, 2026, the lead plaintiffs filed a new complaint in the action, asserting the same claims on behalf of the same putative class of investors. The Company and the other defendants in the action intend to move to dismiss the action on or by June 5, 2026.
The Company intends to vigorously defend itself and its directors and officers in this action.
Torres
On December 17, 2025, a Company stockholder filed a complaint in the U.S. District Court for the District of Connecticut asserting derivative claims on behalf of the Company against sixteen of its current and former directors and officers under federal and state law. This derivative complaint is captioned Torres v. Foss, et al, Case No. 3:25-cv-02108. In this complaint, the plaintiff asserts claims of breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, and corporate waste under state law, as well as claims for violations of Sections 10(b) and 14(a) of the Exchange Act and Rules 10b-5 and 14a-9 promulgated thereunder. This complaint leverages the allegations made in the City of Miami Fire Fighters securities class action complaint referenced herein. The complaint does not specify damages claimed in the action.
The case is in its initial stages. On January 6, 2026, the plaintiff filed waivers of service executed by all the defendants, which set a February 17, 2026 deadline for the defendants to respond to the complaint. On February 26, 2026, the plaintiff voluntarily dismissed the action without prejudice.
Hamilton
On December 16, 2025, Joseph Hamilton and 9 other named plaintiffs (collectively, “Plaintiffs”) filed a putative consumer class action seeking damages, equitable relief, and injunctive relief against the Company and BlueTriton (collectively, “Defendants”) in the U.S. District Court for the Central District of California, Case No. 2:25-cv-11874.
Plaintiffs claim violations of California False Advertising Law, Cal. Bus. & Prof. Code § 17500, et seq., California Unfair Competition Law, Cal. Bus. & Prof. Code § 17200, et seq., and New York General Business Law §§ 349, 350, and 527-a; violations of consumer protection statutes in 11 states (CA, NY, CT, FL, CO, GA, IL, IN, NE, NJ, OH); and related claims for unjust enrichment, negligence, and conversion.
In their complaint, Plaintiffs allege that the Defendants’ subscription-based water delivery services failed to deliver water as promised, resulting in missed or delayed scheduled deliveries, incomplete orders, and a failure to replace empty bottles. Plaintiffs claim these issues stemmed from facility closures and staff reductions following the November 8, 2024 merger of Primo Water Corporation and the parent of BlueTriton. Plaintiffs further allege that the Defendants made unauthorized charges for goods and services never delivered and imposed improper fees, such as penalties for equipment the Defendants failed to pick up. Lastly, Plaintiffs allege that the Defendants made subscription cancellations difficult, often continuing to charge customers even after they requested to terminate service. Plaintiffs seek to represent potentially 600,000 customers nationwide affected by these issues. The complaint does not specify damages claimed in the action.
The case is in its initial stages. On January 30, 2026, the Court approved the parties’ joint stipulation setting forth a briefing schedule for Defendants’ motion to compel arbitration and motion to dismiss the complaint. Both motions shall be fully briefed and submitted by June 25, 2026, to be followed by a hearing scheduled for July 9, 2026.
The Company intends to vigorously defend itself in this action.
Patane Litigation
On August 15, 2017, Mark Patane and 11 other named plaintiffs (collectively, “Plaintiffs”) commenced a putative class action against Nestlé Waters North America, Inc. (“Nestlé Waters”) in the U.S. District Court for the District of Connecticut (the “Court”). Plaintiffs alleged that Poland Spring® product labels fraudulently represent the product to be natural spring water. Plaintiffs have asserted claims of common law fraud, violations of certain consumer protection laws in five states (with Plaintiffs’ claims under the consumer protection laws of four of those states having been dismissed) and, for home and office customers, breach of contract. As a result of Triton Water Holdings’ acquisition of all of the equity interests of Nestlé Waters North America Holdings, Inc., along with the acquisition of certain assets and assumption of certain liabilities of Nestlé Canada Inc. from Nestlé S.A. (the “Nestlé Acquisition”), Nestlé Waters was renamed BlueTriton Brands, Inc. (“BlueTriton Brands”), and BlueTriton Brands is continuing to defend against the lawsuit.
As a result of rulings on multiple dispositive motions, the case has been narrowed in certain respects. Plaintiffs’ claims for injunctive relief have been dismissed. On December 30, 2024, the claims of eight Plaintiffs who are members of a class in a
prior class action and subject to the Final Judgment entered in Ramsey v. Nestlé Waters N.Am., Case No. 03-CHK-817 (Ill Cir. Ct. 16th Cir. Kane Cnty.), were dismissed to the extent that they rely on purchases of Poland Spring® bottled water sourced from certain spring water sources raised in Ramsey. On January 6, 2025, both Plaintiffs and BlueTriton Brands moved for reconsideration of portions of the December 30, 2024 decision, which granted in part and denied in part BlueTriton Brands’ motion for summary judgment. On June 9, 2025, the Court issued an order denying the parties’ respective motions for reconsideration.
On July 9, 2025, Plaintiffs filed their motion for class certification. On July 30, 2025, BlueTriton Brands filed its opposition to Plaintiffs’ motion for class certification and its Daubert motions to preclude the opinions of plaintiffs’ damages experts. On July 31, 2025, Plaintiffs submitted a motion for an extension of time to file their reply and oppose BlueTriton Brands' Daubert motions, which was granted on August 1, 2025. Plaintiffs filed their reply in further support of their motion for class certification and their opposition to BlueTriton Brands' Daubert motions on August 20, 2025. BlueTriton Brands filed its replies in further support of its Daubert motions on September 3, 2025.
Plaintiffs seek to certify two classes and ten derivative state subclasses separately consisting of retail customers and home and office customers.
Plaintiffs are seeking compensatory damages and/or statutory damages. For the common law fraud claims, Plaintiffs purport to compute damages by multiplying the alleged price premium that Nestlé Waters obtained from its alleged “spring water” misrepresentation by Nestlé Waters’ total dollar sales of Poland Spring® still water products sold by Nestlé Waters during the class period, while statutory damages normally are determined by multiplying a statutorily established amount by the number of violations. The quantification of Plaintiffs’ recoverable damages is not reasonably determinable at this stage of the litigation. No trial date has been set. The Company intends to defend itself vigorously. Based upon information presently known to management, the Company has not accrued a loss for the matters described above as the Company believes that a loss is not probable and reasonably estimable. While it is reasonably possible a loss may be incurred, the Company is unable to estimate a loss or range of loss in this matter.
Purchase Commitments
The Company may enter into unconditional purchase obligations with third party suppliers in the ordinary course of business. Such arrangements are entered into to secure subscriptions, utilities, services and supplies vital to the Company's operations and ability to serve its customers. The Company has various long-term supply and service contracts which may require that the Company purchase minimum quantities, for a minimum term, at fixed or variable rates.
Leases not yet commenced
During the three months ended March 31, 2026 the Company entered into three leases expected to commence in 2026. The total future minimum lease payments for these leases are approximately $75.2 million over terms ranging from 5 to 15 years.
Letters of Credit
As of March 31, 2026, the Company had $163.9 million of letters of credit outstanding.
v3.26.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
For the three months ended March 31, 2026 and March 31, 2025, the Company purchased $8.4 million and $8.6 million respectively of raw materials used in the production process from a related party, which were recorded as a component of Cost of sales in the Condensed Consolidated Statement of Operations. As of March 31, 2026 and December 31, 2025, the Company recorded an associated payable of $2.3 million and $2.5 million, respectively, related to the unpaid portion of these purchases.
Substantially concurrently with the March Offering, the Company completed the share repurchases as detailed in Note 5 - "Stockholders' Equity".
v3.26.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On April 28, 2026, the Board of Directors declared a dividend of $0.12 per share on the outstanding Class A common stock of the Company, payable in cash on June 15, 2026 to stockholders of record at the close of business on June 4, 2026.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of our results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. The Consolidated Balance Sheet as of December 31, 2025 included herein was derived from the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”). This Quarterly Report on Form 10-Q should be read in conjunction with the annual audited Consolidated Financial Statements and accompanying notes in the 2025 Annual Report. The accounting policies used in these interim unaudited Condensed Consolidated Financial Statements are consistent with those used in the annual Consolidated Financial Statements.
The presentation of these interim unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes.
Basis of Consolidation
Basis of Consolidation
The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. The Company applies the equity method of accounting for investments in which the Company is able to exercise significant influence and applies the cost method for investments in which the Company does not have significant influence and does not have readily determinable fair values. Certain prior period amounts have been reclassified to conform with the 2026 presentation.
The Transaction
The Transaction
On November 8, 2024, Primo Brands consummated the transactions contemplated by the Arrangement Agreement and Plan of Merger (the transactions effecting the Arrangement Agreement, the "Transaction"), pursuant to which Primo Water Corporation ("Primo Water") and Triton Water Parent, Inc. ("BlueTriton") were combined, creating Primo Brands.
Discontinued Operations
Discontinued Operations
Prior to the Transaction, Primo Water divested a portion of its European business and, upon completion of the Transaction, its remaining international businesses including Decantae Mineral Water Limited, Fonthill Waters Ltd, and portions of the Eden Springs Netherlands B.V. business located in Israel and the United Kingdom (collectively the "Remaining International Businesses"). On November 25, 2024, the Company sold its interests in the Decantae Mineral Water Limited and Fonthill Waters Limited businesses. On April 11, 2025, the Company sold its interest in the Eden Springs Netherlands B.V. business located in the United Kingdom. On October 23, 2025, the Company sold its interest in the Eden Springs Netherlands B.V. business located in Israel. Following completion of these sales, the Company no longer has operations outside of North America. As a result, all financial statements and disclosures for the year 2026 reflect only the ongoing North American business activities. The results of operations and the assets and liabilities associated with the Remaining International Businesses were previously reported as discontinued operations in accordance with U.S. GAAP through the end of 2025. Additional details regarding the sale and discontinued operations can be found in Note 3 – "Assets Held for Sale and Discontinued Operations."
Estimates
Estimates
The presentation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates. Such estimates include those related to sales incentives recorded against revenue, valuation of assets and liabilities in connection with acquisitions, collectability of trade receivables, self-insurance reserves, inventory obsolescence expense, realizability of deferred tax assets, useful lives of property, plant and equipment and intangible assets, fair value of reporting units in connection with the annual goodwill and indefinite-lived intangible asset assessments and the incremental borrowing rate related to lease obligations.
Revenue Recognition
Revenue Recognition
The Company’s principal source of revenue is bottled water and beverage sales to customers primarily in the United States. Revenue is recognized when a customer obtains control of promised goods (the obligation), which may be upon shipment of goods or upon delivery to the customer as defined in the customer contract or purchase order. Revenue is recognized at an amount that reflects the consideration the Company expects to receive in exchange for those goods. Amounts collected from customers for sales taxes are excluded from the transaction price. The Company measures revenue based on the consideration specified in the customer arrangement, and revenue is recognized when the performance obligations in the customer arrangement are satisfied. A performance obligation is a contractual promise to transfer a distinct good to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when the customer receives the benefit of the performance obligation (the Company has only one obligation).
The nature of the Company’s contracts give rise to variable consideration including volume-based rebates, growth incentives, point of sale promotions, and other trade promotional discounts (sales incentives). For certain sales incentives, the accrual recorded by the Company for the rebate or discount that will be granted to the customer, requires significant estimation. The critical assumptions used in estimating the sales incentive accruals include the Company’s estimate of expected levels of performance and redemption rates, which requires judgment. These assumptions are developed based upon the historical performance of the customer's participation with similar types of promotions adjusted for current trends. These estimated sales incentives are included in the transaction price of the Company’s contracts with customers as a reduction within net sales and are included as either a reduction in accounts receivable if the customer is entitled to take a deduction on their payment, or as accrued sales incentives in accruals and other current liabilities if the Company anticipates needing to pay the customer.
Fair Value Measurements
Fair Value Measurements
Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.
To measure fair value of assets and liabilities, the Company uses the following fair value hierarchy based on three levels of inputs:
•Level 1 — observable inputs, such as quoted prices in active markets for identical assets or liabilities;
•Level 2 — significant other observable inputs that are observable either directly or indirectly; and
•Level 3 — significant unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions.
Cash and cash equivalents, trade receivables, net and accounts payable are carried at cost, which approximates their fair value because of their short-term maturity. See Note 10 - "Fair Value Measurements" for discussion of certain financial liabilities that are not measured at fair value.
Determining which category an asset or liability falls within this hierarchy requires judgment. The Company evaluates its hierarchy disclosures each period disclosures are presented.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, to provide entities with a practical expedient when estimating expected credit losses that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This guidance is effective for the Company for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company adopted ASU 2025-05 prospectively during the quarter ended March 31, 2026 and elected the practical expedient. The adoption did not have a material impact on the Condensed Consolidated Financial Statements.
Recently Issued Accounting Pronouncements Not Yet Adopted
In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, to modify the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. This guidance is effective for the Company no later than June 30, 2027. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03, as amended by ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): clarifying the Effective Date, will require additional disclosures and disaggregation of certain costs and expenses presented on the face of the income statement. This guidance is effective for the Company for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments in this update can be applied either (i) prospectively to financial statements issued for reporting periods after the effective date or (ii) retrospectively to any or all prior periods presented in the financial statements. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to clarify the accounting for costs related to internal-use software by removing all references to project stages and clarifying the threshold entities apply to begin capitalization. This guidance is effective for the Company for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, to clarify the scope of derivative accounting and to reduce diversity in the accounting for share-based payments in revenue contracts. This guidance is effective for the Company for fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption
permitted. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which includes amendments to more closely align hedge accounting with the economics of the Company's risk management activities. This guidance is effective for the Company for fiscal years beginning after December 15, 2026, including interim periods, with early adoption permitted. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which includes amendments to clarify interim reporting requirements and applicability of Topic 270 and codifies a principle requiring disclosure of material events and changes since the most recent annual reporting period. This guidance is effective for the Company for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which makes technical corrections and clarifications across multiple Topics in the Accounting Standards Codification. This guidance is effective for the Company for fiscal years beginning after December 15, 2026, including interim periods, with early adoption permitted. The Company is currently assessing the impact of adoption of this standard on its Condensed Consolidated Financial Statements.
v3.26.1
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component
The following table reflects the changes in AOCI, net of taxes, by component for the periods presented:
($ in millions) ¹
Gains and Losses On Derivative Instruments
Cumulative Translation Adjustment
Postretirement Benefit Plan Items
Total
Balance as of December 31, 2025$(2.4)$(13.8)$2.3$(13.9)
OCI before reclassifications2.7(1.6)—1.1
Amounts reclassified from AOCI1.1—(0.2)0.9
Net current-period OCI3.8(1.6)(0.2)2.0
Balance as of March 31, 2026$1.4$(15.4)$2.1$(11.9)
Balance as of December 31, 2024$0.3$(19.6)$2.1$(17.2)
OCI before reclassifications0.32.7—3.0
Amounts reclassified from AOCI1.7—(0.2)1.5
Net current-period OCI2.02.7(0.2)4.5
Balance as of March 31, 2025$2.3$(16.9)$1.9$(12.7)
______________________
¹ All amounts are net of tax. Amounts in parentheses indicate debits.
Schedule of Reclassification Out of Accumulated Other Comprehensive Income (Loss)
The following table reflects the amounts reclassified out of AOCI, net of taxes, by component for the periods presented:
($ in millions)
For the Three Months EndedAffected Line Item in the Statement Where Net Income Is Presented
Details of AOCI ComponentsMarch 31, 2026March 31, 2025
Gains and losses reclassified from AOCI
Foreign exchange contracts¹
$(1.5)$(1.7)
Other expense, net
Interest rate swaps2
0.4—Interest and financing expense, net
Recognized actuarial gains2
0.20.2Interest and financing expense, net
Total reclassification for the period
$(0.9)$(1.5)
______________________
1    Amount is net of tax impact of $0.5 million and $0.6 million, respectively, for the three months ended March 31, 2026 and March 31, 2025 which is recorded within Provision for income taxes on the Condensed Consolidated Statements of Operations.
2    Tax impact of this income for all periods was immaterial.
v3.26.1
REVENUE RECOGNITION (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Net Sales
Disaggregation of net sales by water type for the periods presented is as follows:
Three Months Ended March 31,
($ in millions)20262025
Regional spring water$801.2 $794.1 
Purified water511.2 514.4 
Premium water105.5 73.9 
Other water30.5 34.8 
Other177.7 196.5 
Total net sales$1,626.1 $1,613.7 
v3.26.1
ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSES (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Acquisition, Integration and Restructuring Expenses
The following table summarizes the components of Acquisition, integration and restructuring expenses on the Condensed Consolidated Statements of Operations:
Three Months Ended March 31,
($ in millions)20262025
Transaction costs$—$3.7
Other acquisition expenses0.21.4
Other integration expenses24.127.9
Total acquisition and integration expenses24.333.0
Non-cash exit and disposal charges 1
2.00.5
Gain on sale of facilities
(6.2)—
Facility closure expense 1
0.76.2
Employee severance and termination related benefits—0.1
Total restructuring (gains) expenses, net(3.5)6.8
Total acquisition, integration and restructuring expenses$20.8$39.8
______________________
1 Includes lease related non-cash charges and lease termination costs
Schedule of Restructuring Accrual
The following table reflects the activity related to the restructuring accrual for the three months ended March 31, 2025 and March 31, 2026:
($ in millions)
Amount
Balance as of December 31, 2024
$46.4
Charges incurred
6.3
Payments made
(12.1)
Balance as of March 31, 2025
$40.6
Balance as of December 31, 2025
$16.1
Charges incurred
0.7
Payments made
(8.2)
Balance as of March 31, 2026
$8.6
v3.26.1
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value Hedging Instruments
The following amounts were recorded on the Condensed Consolidated Balance Sheets related to fair value hedged items as of March 31, 2026 and December 31, 2025:
($ in millions)
March 31, 2026December 31, 2025
Line Item in Condensed Consolidated Balance Sheets in Which the Hedged Item Is IncludedCarrying Amount of the Hedged Liability
Long-term debt, less current portion 1
$516.7 $529.3 
______________________
1 Carrying amount excludes the unamortized debt discounts as of March 31, 2026 and December 31, 2025.
Schedule of Derivative Liabilities at Fair Value
The following tables present information about the Company's derivative financial instruments designated as cash flow and fair value hedging transactions.
The fair value of the Company's derivative assets and liabilities included in the Condensed Consolidated Balance Sheets, as of March 31, 2026 and December 31, 2025 was as follows:

March 31, 2026
December 31, 2025
Foreign exchange contractsForeign exchange contracts
($ in millions)
Assets
Liabilities
AssetsLiabilities
Derivative Assets in Fair Value Hedging Relationships
Other non-current assets
$0.1 $— $11.6 $— 
March 31, 2026
December 31, 2025
Interest rate swapsInterest rate swaps
($ in millions)AssetsLiabilitiesAssetsLiabilities
Derivative Assets in Cash Flow Hedging Relationships
Prepaid expenses and other current assets
$1.7 $— $— $— 
Other non-current assets
0.6 — — — 
Schedule of Foreign Exchange Contracts, Statement of Financial Position
The amount of gains or (losses) recognized in the Condensed Consolidated Statements of Operations for fair value and cash flow hedging relationships, presented on a pre-tax basis, for the periods presented, is shown in the table below:
Three Months Ended March 31,
($ in millions)
20262025
Affected Line Item in the Statement Where Net Income Is Presented
Derivatives in Fair Value Hedging Relationships
Foreign exchange contracts
Hedged item$12.6 $(17.5)
Other expense, net
Derivative designated as hedging instrument(12.6)17.5 
Other expense, net
Amount reclassified from AOCI to expense (amortized)(2.0)(2.3)
Other expense, net
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps
Amount reclassified from AOCI to expense
$0.5 $— Interest and financing expense, net
The amount of gains or (losses), net of tax, recognized in the Condensed Consolidated Statements of Comprehensive Income for fair value and cash flow hedging relationships for the periods presented, is shown in the table below:
Three Months Ended March 31,
($ in millions)
20262025
Derivatives in Fair Value Hedging Relationships
Foreign exchange contracts
Amount excluded from the assessment of effectiveness 1
$0.9 $0.3 
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps
Unrealized gains 2
$1.8 $— 
______________________
1 Amount is net of tax impact of $0.3 million and $0.1 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
2 Amount is net of tax impact of $0.6 million for the three months ended March 31, 2026.
v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of Financial Instruments
The following tables summarize the fair values of financial instruments:
March 31, 2026
($ in millions)TotalLevel 1Level 2Level 3
Financial Assets:
Money market investments$14.2 $14.2 $— $— 
Split-dollar life insurance policies22.8 — 22.8 — 
Foreign exchange contracts
0.1 — 0.1 — 
Interest rate swaps
2.3 — 2.3 — 
Commodity forwards28.1 — — 28.1 
$67.5 $14.2 $25.2 $28.1 
Financial Liabilities:
Commodity forwards$0.1 $— $— $0.1 
$0.1 $— $— $0.1 
December 31, 2025
($ in millions)TotalLevel 1Level 2Level 3
Financial Assets:
Money market investments$14.1 $14.1 $— $— 
Split-dollar life insurance policies24.8 — 24.8 — 
Foreign exchange contracts
11.6 — 11.6 — 
Interest rate swaps
0.4 — 0.4 — 
$50.9 $14.1 $36.8 $— 
Financial Liabilities:
Commodity forwards$3.5 $— $— $3.5 
$3.5 $— $— $3.5 
Schedule of Fair Value of Debt
The following table summarizes the Company's estimates of the fair values of its debt as of the periods presented:
March 31, 2026December 31, 2025
($ in millions)Carrying Value
Fair Value
Carrying Value
Fair Value
Term Loans$3,090.0 $3,105.5 $3,067.6 $3,082.9 
6.250% Senior Notes
712.8 715.9 712.8 719.0 
3.875% Senior Notes
500.6 498.8 512.2 522.1 
4.375% Senior Notes
717.0 727.3 714.8 729.4 
Non-tendered Original Senior Notes
13.0 12.6 13.3 13.2 
Total
$5,033.4 $5,060.1 $5,020.7 $5,066.6 
v3.26.1
SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Business Segment Information
Business segment information is presented below:
For the Three Months Ended March 31,
($ in millions)20262025
Net sales$1,626.1$1,613.7
Less:
Cost of sales, adjusted 1
1,039.71,002.3
Marketing expense43.344.3
Selling expense, adjusted 1
116.2105.9
General and administrative expense, adjusted 1
120.8119.6
Other segment expense 2
28.359.9
Depreciation and amortization141.0128.6
Interest and financing expense, net78.382.1
Loss on modification and extinguishment of debt17.718.6
Income taxes13.517.7
Segment net income from continuing operations$27.3$34.7
______________________
1    The financial statement line items as presented in this table exclude depreciation and amortization and certain non-recurring income or charges.
2    Other segment expenses include acquisition, integration and restructuring costs (as disclosed in Note 8 - "Acquisition, Integration and Restructuring Expenses"), stock-based compensation and other non-recurring income and charges.
v3.26.1
NET INCOME (LOSS) PER COMMON SHARE (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Components of Net Income (Loss) Per Share
Reconciliations of the numerators and denominators of basic and diluted net income (loss) per common share for the periods presented are as follows:
Three Months Ended March 31,

20262025
(Shares in thousands):
Weighted-average common stock outstanding - basic
363,579 379,251 
Effects of dilutive securities:
Stock options
181 556 
Performance-based RSUs
1,471 403 
Time-based RSUs
579 1,392 
ESPP
29 11 
Weighted-average common stock outstanding - diluted
365,839 381,613 
Schedule of Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Income (Loss) Per Share
The following potentially dilutive shares were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been antidilutive:
Three Months Ended March 31,
(Shares in thousands)20262025
Stock options— — 
Performance-based RSUs 1
— — 
Time-based RSUs65 146 
ESPP
— — 
____________________
1     Performance-based RSUs represent the number of shares expected to be issued based on the estimated achievement of the performance metric for these awards.
v3.26.1
DESCRIPTION OF THE BUSINESS (Details)
retailOutlet in Thousands, associate in Thousands, a in Thousands
 3 Months Ended
Mar. 31, 2026
a
location
associate
station
spring
retailOutlet
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of retail outlets served | retailOutlet 200
Number of water exchange retail locations | location 26,500
Number of self-service refill stations | station 23,500
Number of springs | spring 80
Area of land | a 28
Number of associates employed | associate 12
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accounting Policies [Abstract]    
Estimated discounts $ 64.1 $ 55.8
Accrued sales incentives $ 36.4 $ 36.2
v3.26.1
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets held for sale $ 40,100,000 $ 36,700,000
Discontinued Operations, Held-for-sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Total assets of discontinued operations classified as held for sale 0 0
Total liabilities of discontinued operations classified as held for sale 0 $ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets held for sale $ 40,100,000  
v3.26.1
DEBT (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
Feb. 12, 2025
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Mar. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]            
Outstanding balance $ 5,033,400,000   $ 5,033,400,000     $ 5,020,700,000
Proceeds from Term Loans, net of discount     659,600,000 $ 0    
Loss on modification and extinguishment of debt     17,700,000 $ 18,600,000    
Secured Debt | Term Loans | Line of Credit            
Debt Instrument [Line Items]            
Revolver committed availability $ 3,090,000,000   $ 3,090,000,000      
Quarterly installments amount (as percent) 1.00%   1.00%      
Outstanding balance $ 3,090,000,000   $ 3,090,000,000   $ 3,067,600,000 3,067,600,000
Proceeds from Term Loans, net of discount 22,400,000          
Unamortized debt discount 15,500,000   15,500,000      
Unamortized debt issuance costs 2,800,000   2,800,000      
Loss on modification and extinguishment of debt     17,700,000      
Unamortized debt costs and discounts $ 52,100,000   52,100,000     $ 39,400,000
Secured Debt | Term Loans | Line of Credit | Secured Overnight Financing Rate (SOFR)            
Debt Instrument [Line Items]            
Variable rate floor (as percent) 0.50%          
Secured Debt | Term Loans | Line of Credit | Variable Rate Component One | Fed Funds Effective Rate Overnight Index Swap Rate            
Debt Instrument [Line Items]            
Variable interest rate (as percent) 0.50%          
Secured Debt | Term Loans | Line of Credit | Variable Rate Component One | Secured Overnight Financing Rate (SOFR)            
Debt Instrument [Line Items]            
Variable interest rate (as percent) 1.00%          
Secured Debt | Term Loans | Line of Credit | Variable Rate Component Two | Secured Overnight Financing Rate (SOFR)            
Debt Instrument [Line Items]            
Variable interest rate (as percent) 2.75%          
Revolving Credit Facility | Revolving Credit Facility | Line of Credit            
Debt Instrument [Line Items]            
Revolver committed availability $ 750,000,000.0   $ 750,000,000.0      
Debt instrument, covenant, net leverage ratio, maximum   5.00        
Debt instrument, covenant, net leverage ratio, step-up during period with material acquisition   0.50        
Interest coverage ratio, minimum   2.00        
v3.26.1
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)
 3 Months Ended
Nov. 09, 2025
Mar. 10, 2025
Mar. 31, 2026
Mar. 31, 2025
Aug. 06, 2025
Class of Stock [Line Items]          
Dividends declared (in dollars per share)     $ 0.12 $ 0.10  
Share repurchase program, authorized, amount $ 300,000,000.0       $ 250,000,000.0
Share repurchase program, additional authorized, amount $ 50,000,000.0        
Stock repurchased during period, shares (in shares)     1,539,175    
Stock repurchased during period, value     $ 29,000,000.0    
Share repurchase remaining amount     $ 78,300,000    
Underwriting Agreement          
Class of Stock [Line Items]          
Sale of stock, number of shares issued in transaction (in shares)   51,750,000      
Sale of stock, price per share (in dollars per share)   $ 29.50      
Over-Allotment Option          
Class of Stock [Line Items]          
Sale of stock, number of shares issued in transaction (in shares)   6,750,000      
Class A common stock          
Class of Stock [Line Items]          
Dividends declared (in dollars per share)     $ 0.12    
Class A common stock | Underwriting Agreement          
Class of Stock [Line Items]          
Stock repurchased during period, shares (in shares)   4,000,000      
Stock repurchased during period, value   $ 114,100,000      
v3.26.1
STOCKHOLDERS' EQUITY - Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 2,992.6 $ 3,444.2
OCI before reclassifications 1.1 3.0
Amounts reclassified from AOCI 0.9 1.5
Other comprehensive income 2.0 4.5
Ending balance 2,957.2 3,333.1
Total    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (13.9) (17.2)
Other comprehensive income 2.0 4.5
Ending balance (11.9) (12.7)
Gains and Losses On Derivative Instruments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (2.4) 0.3
OCI before reclassifications 2.7 0.3
Amounts reclassified from AOCI 1.1 1.7
Other comprehensive income 3.8 2.0
Ending balance 1.4 2.3
Cumulative Translation Adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (13.8) (19.6)
OCI before reclassifications (1.6) 2.7
Amounts reclassified from AOCI 0.0 0.0
Other comprehensive income (1.6) 2.7
Ending balance (15.4) (16.9)
Postretirement Benefit Plan Items    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 2.3 2.1
OCI before reclassifications 0.0 0.0
Amounts reclassified from AOCI (0.2) (0.2)
Other comprehensive income (0.2) (0.2)
Ending balance $ 2.1 $ 1.9
v3.26.1
STOCKHOLDERS' EQUITY - Schedule of Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other expense, net $ (1.2) $ (0.1)
Interest and financing expense, net (78.3) (82.1)
Net of tax 27.3 28.7
Gains and Losses On Derivative Instruments    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Amounts reclassified from AOCI, tax (benefit) 0.5 0.6
Reclassification Out of Accumulated Other Comprehensive (Loss) Income    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Net of tax (0.9) (1.5)
Reclassification Out of Accumulated Other Comprehensive (Loss) Income | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Interest and financing expense, net 0.2 0.2
Foreign exchange contracts | Reclassification Out of Accumulated Other Comprehensive (Loss) Income | Gains and Losses On Derivative Instruments    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other expense, net (1.5) (1.7)
Interest rate swaps | Reclassification Out of Accumulated Other Comprehensive (Loss) Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Interest and financing expense, net $ 0.4 $ 0.0
v3.26.1
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ 13.5 $ 17.7
Income from continuing operations before income taxes $ 40.8 $ 52.4
Effective income tax rate 33.10% 33.80%
v3.26.1
REVENUE RECOGNITION - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
UNITED STATES | Revenue Benchmark | Geographic Concentration Risk    
Disaggregation of Revenue [Line Items]    
Concentration risk, percentage 98.70% 98.40%
v3.26.1
REVENUE RECOGNITION - Schedule of Disaggregation of Net Sales (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total net sales $ 1,626.1 $ 1,613.7
Regional spring water    
Disaggregation of Revenue [Line Items]    
Total net sales 801.2 794.1
Purified water    
Disaggregation of Revenue [Line Items]    
Total net sales 511.2 514.4
Premium water    
Disaggregation of Revenue [Line Items]    
Total net sales 105.5 73.9
Other water    
Disaggregation of Revenue [Line Items]    
Total net sales 30.5 34.8
Other    
Disaggregation of Revenue [Line Items]    
Total net sales $ 177.7 $ 196.5
v3.26.1
ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSES - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Nov. 08, 2024
Restructuring Cost and Reserve [Line Items]        
Total acquisition and integration expenses $ 24,300,000 $ 33,000,000.0    
Cost of Sales        
Restructuring Cost and Reserve [Line Items]        
Total acquisition and integration expenses $ 20,400,000 $ 0    
One-Time Termination Benefits and Facility Closing        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, cost incurred to date     $ 42,600,000  
Minimum        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost       $ 75,000,000.0
Minimum | One-Time Termination Benefits and Facility Closing        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost       47,000,000.0
Maximum        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost       100,000,000.0
Maximum | One-Time Termination Benefits and Facility Closing        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost       $ 55,000,000.0
v3.26.1
ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSES - Schedule of Acquisition, Integration and Restructuring Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
Transaction costs $ 0.0 $ 3.7
Other acquisition expenses 0.2 1.4
Other integration expenses 24.1 27.9
Total acquisition and integration expenses 24.3 33.0
Non-cash exit and disposal charges 2.0 0.5
Gain on sale of facilities (6.2) 0.0
Facility closure expense 0.7 6.2
Employee severance and termination related benefits 0.0 0.1
Total restructuring (gains) expenses, net (3.5) 6.8
Total acquisition, integration and restructuring expenses $ 20.8 $ 39.8
v3.26.1
ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSES - Schedule of Restructuring Accrual (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Reserve [Roll Forward]    
Beginning balance $ 16.1 $ 46.4
Charges incurred 0.7 6.3
Payments made (8.2) (12.1)
Ending balance $ 8.6 $ 40.6
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Acquisition, integration and restructuring expenses Acquisition, integration and restructuring expenses
v3.26.1
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2026
EUR (€)
Dec. 31, 2025
USD ($)
derivative_instrument
Aug. 06, 2025
EUR (€)
Nov. 08, 2024
EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Anticipated consumption period for commodity price risk (in months) 24 months          
Cash flow hedge gain (loss) to be reclassified within 12 months $ 1.7          
Accumulated net gain on derivative instruments designated as cash flow hedges in AOCI 2.3          
Unrealized gains 31.1 $ 1.1        
Interest rate swaps            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Unrealized gains 1.8 $ 0.0        
Interest rate swaps | Cash Flow Hedging            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Number of instruments held | derivative_instrument       2    
Notional amount       $ 250.0    
Foreign Exchange Contract            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Notional amount | €         € 450,000,000.0 € 450,000,000.0
Commodity forwards            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Derivative liabilities 0.1     3.5    
Commodity forwards | Level 3            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Derivative asset, current 26.9          
Derivative asset, noncurrent 1.2          
Derivative liability, noncurrent 0.1          
Derivative liabilities $ 0.1     3.5    
3.875% Senior Notes | Senior Notes            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Principal amount | €     € 441,900,000      
Debt interest rate (as percent) 3.875%   3.875%      
Original 3.875 Percent Senior Notes | Senior Notes            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Principal amount | €     € 8,100,000      
Debt interest rate (as percent) 3.875%   3.875%      
Term Loans | Line of Credit | Secured Debt            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Amount of hedged item       $ 500.0    
v3.26.1
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Consolidated Balance Sheets Related to Hedged Item (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Long-term debt, less current portion    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of the Hedged Liability $ 516.7 $ 529.3
v3.26.1
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Company's Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Foreign exchange contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Assets $ 0.1 $ 11.6
Liabilities 0.0 0.0
Prepaid expenses and other current assets | Interest rate swaps    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Assets 1.7 0.0
Liabilities 0.0 0.0
Other non-current assets | Interest rate swaps    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Assets 0.6 0.0
Liabilities $ 0.0 $ 0.0
v3.26.1
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Instruments, Statements Of Operations Fair Value Hedging Relationships (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivatives in Cash Flow Hedging Relationships    
Unrealized gains $ 31.1 $ 1.1
Gain (loss) from components excluded from assessment of fair value hedge effectiveness, tax 0.3 0.1
Unrealized gain on derivatives, tax 0.6  
Foreign exchange contracts    
Derivatives in Fair Value Hedging Relationships    
Amount excluded from the assessment of effectiveness 0.9 0.3
Foreign exchange contracts | Other Nonoperating Income (Expense)    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged item 12.6 (17.5)
Derivative designated as hedging instrument (12.6) 17.5
Amount reclassified from AOCI to expense (amortized) (2.0) (2.3)
Interest rate swaps    
Derivatives in Cash Flow Hedging Relationships    
Unrealized gains 1.8 0.0
Interest rate swaps | Interest Expense    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount reclassified from AOCI to expense $ 0.5 $ 0.0
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Fair Values of Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Money market investments $ 14.2 $ 14.1
Split-dollar life insurance policies 22.8 24.8
Financial Assets: 67.5 50.9
Financial Liabilities: 0.1 3.5
Foreign exchange contracts    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset 0.1 11.6
Interest rate swaps    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset 2.3 0.4
Commodity forwards    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset 28.1  
Derivative liabilities 0.1 3.5
Level 1    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Money market investments 14.2 14.1
Split-dollar life insurance policies 0.0 0.0
Financial Assets: 14.2 14.1
Financial Liabilities: 0.0 0.0
Level 1 | Foreign exchange contracts    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset 0.0 0.0
Level 1 | Interest rate swaps    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset 0.0 0.0
Level 1 | Commodity forwards    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset 0.0  
Derivative liabilities 0.0 0.0
Level 2    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Money market investments 0.0 0.0
Split-dollar life insurance policies 22.8 24.8
Financial Assets: 25.2 36.8
Financial Liabilities: 0.0 0.0
Level 2 | Foreign exchange contracts    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset 0.1 11.6
Level 2 | Interest rate swaps    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset 2.3 0.4
Level 2 | Commodity forwards    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset 0.0  
Derivative liabilities 0.0 0.0
Level 3    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Money market investments 0.0 0.0
Split-dollar life insurance policies 0.0 0.0
Financial Assets: 28.1 0.0
Financial Liabilities: 0.1 3.5
Level 3 | Foreign exchange contracts    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset 0.0 0.0
Level 3 | Interest rate swaps    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset 0.0 0.0
Level 3 | Commodity forwards    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset 28.1  
Derivative liabilities $ 0.1 $ 3.5
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Fair Value of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 30, 2026
Dec. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Carrying Value $ 5,033.4   $ 5,020.7
Fair Value 5,060.1   5,066.6
Term Loans | Line of Credit | Secured Debt      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Carrying Value 3,090.0 $ 3,067.6 3,067.6
Fair Value 3,105.5   3,082.9
6.250% Senior Notes | Senior Notes      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Carrying Value 712.8    
Fair Value 715.9    
Original 6.250 Percent Senior Notes | Senior Notes      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Carrying Value     712.8
Fair Value     719.0
3.875% Senior Notes | Senior Notes      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Carrying Value 500.6    
Fair Value 498.8    
Original 3.875 Percent Senior Notes | Senior Notes      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Carrying Value     512.2
Fair Value     522.1
4.375% Senior Notes | Senior Notes      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Carrying Value 717.0    
Fair Value 727.3    
Original 4.375 Percent Senior Notes | Senior Notes      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Carrying Value     714.8
Fair Value     729.4
Non-tendered Original Senior Notes | Senior Notes      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Carrying Value 13.0   13.3
Fair Value $ 12.6   $ 13.2
v3.26.1
FAIR VALUE MEASUREMENTS - Narrative (Details) - Senior Notes
Mar. 31, 2026
6.250% Senior Notes  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Debt interest rate (as percent) 6.25%
3.875% Senior Notes  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Debt interest rate (as percent) 3.875%
4.375% Senior Notes  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Debt interest rate (as percent) 4.375%
v3.26.1
SEGMENT REPORTING - Narrative (Details) - segment
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting Information [Line Items]    
Number of reportable segments 1  
UNITED STATES | Long-Lived Assets | Geographic Concentration Risk    
Segment Reporting Information [Line Items]    
Concentration risk, percentage 98.20% 98.20%
v3.26.1
SEGMENT REPORTING - Schedule of Business Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Net sales $ 1,626.1 $ 1,613.7
Less:    
Depreciation and amortization 141.0 128.6
Interest and financing expense, net 78.3 82.1
Loss on modification and extinguishment of debt 17.7 18.6
Income taxes 13.5 17.7
Net income from continuing operations 27.3 34.7
Reportable Segment    
Segment Reporting Information [Line Items]    
Net sales 1,626.1 1,613.7
Less:    
Cost of sales, adjusted 1,039.7 1,002.3
Marketing expense 43.3 44.3
Selling expense, adjusted 116.2 105.9
General and administrative expense, adjusted 120.8 119.6
Other segment expense 28.3 59.9
Depreciation and amortization 141.0 128.6
Interest and financing expense, net 78.3 82.1
Loss on modification and extinguishment of debt 17.7 18.6
Income taxes 13.5 17.7
Net income from continuing operations $ 27.3 $ 34.7
v3.26.1
NET INCOME (LOSS) PER COMMON SHARE - Schedule of Components of Net Income (Loss) Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Weighted-average common stock outstanding - basic (in shares) 363,579 379,251
Weighted-average common stock outstanding - diluted (in shares) 365,839 381,613
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Effects of dilutive securities (in shares) 181 556
Performance-based RSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Effects of dilutive securities (in shares) 1,471 403
Time-based RSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Effects of dilutive securities (in shares) 579 1,392
ESPP    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Effects of dilutive securities (in shares) 29 11
v3.26.1
NET INCOME (LOSS) PER COMMON SHARE - Schedule of Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Income (Loss) Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from the computation of diluted income (loss) per common share (in shares) 0 0
Performance-based RSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from the computation of diluted income (loss) per common share (in shares) 0 0
Time-based RSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from the computation of diluted income (loss) per common share (in shares) 65 146
ESPP    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from the computation of diluted income (loss) per common share (in shares) 0 0
v3.26.1
COMMITMENTS AND CONTINGENCIES (Details)
customer in Thousands, $ in Millions
 1 Months Ended 3 Months Ended
Dec. 17, 2025
defendant
Dec. 16, 2025
plaintiff
customer
state
Jul. 09, 2025
class
subclass
Dec. 30, 2024
plaintiff
Aug. 15, 2017
plaintiff
state
Dec. 05, 2025
claim
Mar. 31, 2026
USD ($)
lease
Loss Contingencies [Line Items]              
Number of lease contracts | lease             3,000
Not yet commenced lease payment | $             $ 75.2
Minimum              
Loss Contingencies [Line Items]              
Term of contract (in years)             5 years
Maximum              
Loss Contingencies [Line Items]              
Term of contract (in years)             15 years
Revolving Credit Facility | Revolving Credit Facility | Line of Credit              
Loss Contingencies [Line Items]              
Letters of credit outstanding, amount | $             $ 163.9
City of Miami Fire Fighters              
Loss Contingencies [Line Items]              
Number of putative class actions | claim           2  
Torres              
Loss Contingencies [Line Items]              
Number of defendants | defendant 16            
Hamilton              
Loss Contingencies [Line Items]              
Number of other plaintiffs | plaintiff   9          
Loss contingency, consumer protection violation, number of states | state   11          
Loss contingency, number of customers represented by plaintiffs | customer   600          
Patane Litigation              
Loss Contingencies [Line Items]              
Number of other plaintiffs | plaintiff         11    
Loss contingency, consumer protection violation, number of states | state         5    
Loss contingency, consumer protection violation, number of states dismissed | state         4    
Loss contingency, claims dismissed, number of plaintiffs | plaintiff       8      
Number of plaintiff classes sought to be certified | class     2        
Number of plaintiff subclasses sought to be certified | subclass     10        
v3.26.1
RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Related Party Transaction [Line Items]      
Trade payables $ 498.2   $ 518.9
Purchase of Raw Materials | Related Party      
Related Party Transaction [Line Items]      
Purchases from related party 8.4 $ 8.6  
Trade payables $ 2.3   $ 2.5
v3.26.1
SUBSEQUENT EVENTS (Details) - $ / shares
 3 Months Ended
Apr. 28, 2026
Mar. 31, 2026
Mar. 31, 2025
Subsequent Event [Line Items]      
Common shares dividends (in USD per share)   $ 0.12 $ 0.10
Class A common stock      
Subsequent Event [Line Items]      
Common shares dividends (in USD per share)   $ 0.12  
Class A common stock | Subsequent Event      
Subsequent Event [Line Items]      
Common shares dividends (in USD per share) $ 0.12