Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 350

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 350
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 31.5 |
| Operating lease obligations                                                  |     |   |         33.6 |   |     |   |         46.9 |
| Deferred tax liabilities                                                     |     |   |          7.0 |   |     |   |         27.5 |
| Other long-term liabilities                                                  |     |   |          2.4 |   |     |   |          9.8 |
| Long-term liabilities of discontinued operations                             |     | $ |         52.2 |   |     | $ |        115.7 |

| 1 | Includes the impairment recorded to reduce the carrying value of the Remaining International Businesses to the 
 fair value less costs to sell.                                                                                 |

In connection with the European Divestiture, the Company performed a goodwill impairment test on the Remaining International Businesses resulting in a goodwill impairment charge of $71.1 million and an intangible asset impairment charge of $4.3 million. This impairment was due to macroeconomic trends and the related impact on long-term forecasts. Upon the classification of the Remaining International Businesses as held for sale, the Company recorded an additional impairment loss of $7.0 million to reduce the carrying value of the International Businesses to fair value less costs to sell, resulting in a total impairment charge of $82.4 million that was recorded within Net income (loss) from discontinued operations, net of income tax on the Consolidated Statements of Operations for the fiscal year ended December 30, 2023. There was $3.0 million tax benefit recorded related to this charge for the fiscal year ended December 30, 2023. During the second quarter of 2022, the decision to exit our business in Russia and the realignment of segments resulted in a triggering event for goodwill and intangible assets with indefinite lives requiring quantitative assessments for the combined Eden business (which, prior to realignment, included the Eden Europe and Eden Israel businesses) immediately before the realignment of segments and for the Eden Europe and Israel businesses upon realignment of segments. As a result of these assessments, the Company recorded a goodwill impairment charge of $11.2 million due to a decrease in cash flows associated with the exit from our business in F-86

Russia and a trademark impairment charge of $6.7 million due primarily to a decrease in the royalty rate used in the quantitative analysis. The total impairment charge of $17.9 million was recorded in the results of discontinued operations for the fiscal year ended December 31, 202