Company: PRMB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0002042694-25-000015
Chunk: 71

Company: Primo Brands Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 exchange contracts20.3 — 20.3 — Commodity forwards1.2 — — 1.2 $60.4 $14.1 $45.1 $1.2 Financial Liabilities:Commodity forwards$4.6 $— $— $4.6 $4.6 $— $— $4.6 December 31, 2024($ in millions)TotalLevel 1Level 2Level 3Financial Assets:Money market investments$14.1 $14.1 $— $— Split-dollar life insurance policies24.7 — 24.7 — $38.8 $14.1 $24.7 $— Financial Liabilities:Foreign exchange contracts$36.0 $— $36.0 $— Commodity forwards5.4 — — 5.4 $41.4 $— $36.0 $5.4 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.

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Fair Value of DebtThe following table summarizes the Company's estimates of the fair values of its debt as of the periods presented:June 30, 2025December 31, 2024($ in millions)Carrying ValueFair ValueCarrying ValueFair ValueTerm Loans$3,083.1 $3,098.5 $3,098.6 $3,121.8 6.250% Senior Notes 1712.8 719.9 713.0 709.4 3.875% Senior Notes 1508.9 516.7 459.8 459.9 4.375% Senior Notes 1710.6 725.8 710.0 701.2 Non-tendered Original Senior Notes13.2 13.0