Company: UTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001739566-25-000153
Chunk: 62

Company: Utz Brands, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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 are recorded in the Company’s Consolidated Balance Sheets at fair value. See Note 8. Term Debt, Revolving Credit Facility, and Other Notes Payable.Warrant LiabilitiesAs of each of June 29, 2025 and December 29, 2024, there were 7,200,000 private placement warrants (“Warrants”) outstanding, which are accounted for as derivative liabilities pursuant to ASC 815-40. The Warrants have a term of five years and expire in August 2025. A reconciliation of the changes in the warrant liability during the thirteen weeks ended June 29, 2025 is as follows:(in millions)Fair value of warrant liabilities as of December 29, 2024$33.0 Gain on remeasurement of warrant liability(11.0)Fair value of warrant liabilities as of March 30, 2025$22.0 Gain on remeasurement of warrant liability(12.5)Fair value of warrant liabilities as of June 29, 2025$9.5 

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Purchase CommitmentsThe Company has outstanding purchase commitments for specific quantities at fixed prices for certain key ingredients to economically hedge commodity input prices. These purchase commitments totaled $90.2 million as of June 29, 2025 and $61.1 million as of December 29, 2024. The Company accrues for losses on firm purchase commitments in a loss position at the end of each reporting period to the extent that there is an active observable market. The Company has recorded purchase commitment gains totaling $1.1 million and $0.1 million for the thirteen weeks ended June 29, 2025 and June 30, 2024, respectively, and $1.7 million and $0.9 million for the twenty-six weeks ended June 29, 2025 and June 30, 2024, respectively.Fair ValueThe following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of June 29, 2025:(in millions)Level 1Level 2Level 3TotalAssets:Cash and cash equivalents$54.6 $— $— $54.6 Commodity contracts— 1.6 — 1.6 Interest rate swaps— 14.9 — 14.9 Total assets$54.6 $16