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BUSINESS COMBINATIONS (Tables) | 3 Months Ended
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Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Purchase Price Allocation | The following table summarizes the preliminary allocation of purchase price to the identifiable assets acquired and liabilities assumed by the Company, with the excess of the purchase price over the fair value of Primo Water’s net assets recorded as goodwill:
($ in millions) | Fair Value
Purchase Price |
Estimated fair value of equity instruments: |
Class A common shares issued to Primo Water shareholders | $ | 3,883.2
Replacement share-based payment awards: |
Stock options | 12.7
Performance-based RSUs converted into time-based RSUs | 39.6
Time-based RSUs | 13.7
Other awards | 1.1
Total consideration | $ | 3,950.3
Schedule of Assets Acquired and Liabilities Assumed | The table below summarizes the originally reported estimated acquisition date fair values, measurement period adjustments recorded and the final purchase price allocation of the assets acquired and the liabilities assumed:
($ in millions) | Originally Reported |  | Measurement Period Adjustments |  | Acquired Value
Cash, cash equivalents and restricted cash | $ | 665.9 |  | $ | — |  | $ | 665.9
Trade receivables | 144.1 |  | — |  | 144.1
Inventories | 53.1 |  | (1.1) |  | 52.0
Prepaid expenses and other current assets | 45.8 |  | — |  | 45.8
Current assets held for sale | 74.6 |  | — |  | 74.6
Property, plant, and equipment | 592.6 |  | (2.1) |  | 590.5
Operating lease right-of-use-assets | 150.9 |  | 2.5 |  | 153.4
Intangible assets | 1,836.7 |  | 0.1 |  | 1,836.8
Other non-current assets | 7.1 |  | — |  | 7.1
Non-current assets held for sale | 122.1 |  | — |  | 122.1
Current portion of long-term debt | (16.8) |  | — |  | (16.8)
Trade payables | (145.5) |  | — |  | (145.5)
Accruals and other current liabilities | (397.3) |  | — |  | (397.3)
Current portion of operating lease obligations | (27.2) |  | — |  | (27.2)
Current liabilities held for sale | (88.0) |  | — |  | (88.0)
Long-term debt, less current portion | (1,223.1) |  | 1.8 |  | (1,221.3)
Operating lease obligations, less current portion | (127.6) |  | (2.5) |  | (130.1)
Deferred income taxes | (420.9) |  | 0.3 |  | (420.6)
Other non-current liabilities | (18.2) |  | — |  | (18.2)
Non-current liabilities held for sale | (36.1) |  | — |  | (36.1)
Total identifiable net assets acquired | $ | 1,192.2 |  | $ | (1.0) |  | $ | 1,191.2
Goodwill | 2,758.1 |  | 1.0 |  | 2,759.1
Purchase price | $ | 3,950.3 |  | $ | — |  | $ | 3,950.3
Schedule of Intangible Assets Acquired | The following table presents the components of identifiable intangible assets associated with the Transaction and their estimated weighted-average useful lives:
($ in millions) | Estimated Fair Market Value |  | Weighted-Average Useful Life (Years)
Trademarks and trade names | $ | 594.7 |  | Indefinite
Definite-lived trademarks and trade names | 18.7 |  | 1 year
Customer relationships | 1,046.4 |  | 15 years
Water rights | 157.6 |  | 25 years
Software | 15.1 |  | 1 year
Other | 4.3 |  | 2 years
Total identifiable intangible assets | $ | 1,836.8 |  |
Schedule of Indefinite-Lived Intangible Assets Acquired | The following table presents the components of identifiable intangible assets associated with the Transaction and their estimated weighted-average useful lives:
($ in millions) | Estimated Fair Market Value |  | Weighted-Average Useful Life (Years)
Trademarks and trade names | $ | 594.7 |  | Indefinite
Definite-lived trademarks and trade names | 18.7 |  | 1 year
Customer relationships | 1,046.4 |  | 15 years
Water rights | 157.6 |  | 25 years
Software | 15.1 |  | 1 year
Other | 4.3 |  | 2 years
Total identifiable intangible assets | $ | 1,836.8 |  |

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