Company: PRMB
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0002042694-25-000003
Chunk: 111

Company: Primo Brands Corp
Filing Date: 2025-02-27
Form: 10-K
Item: Item 16
Chunk 111
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. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2020. 

Hartford, Connecticut

August 8, 2024

except for Note 21 and Note 22, as to which the date is 

February 27, 2025

F-4

PRIMO BRANDS CORPORATION

CONSOLIDATED BALANCE SHEETS

December 31,($ in millions, except share and per share amounts)20242023ASSETSCurrent Assets:Cash, cash equivalents and restricted cash$614.4$47.0Trade receivables, net of allowance for expected credit losses of $4.7 and $3.4 as of December 31, 2024 and 2023, respectively444.0397.5Inventories208.4180.4Prepaid expenses and other current assets150.473.1Current assets held for sale111.8—Total current assets1,529.0698.0Property, plant and equipment, net2,083.91,609.2Operating lease right-of-use-assets, net628.7552.0Goodwill3,572.2817.4Intangible assets, net3,191.71,420.2Other non-current assets70.157.0Non-current assets held for sale118.9—Total assets$11,194.5$5,153.8LIABILITIES AND STOCKHOLDERS' EQUITYCurrent Liabilities:Current portion of long-term debt$64.5$31.9Trade payables471.6356.5Accruals and other current liabilities697.7320.6Current portion of operating lease obligations95.573.8Current liabilities held for sale82.2—Total current liabilities1,