Primo Water (PRMW) 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 01, 2023	Aug. 07, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2023
Document Transition Report	false
Entity File Number	001-31410
Entity Registrant Name	PRIMO WATER CORP
Entity Incorporation, State or Country Code	A6
Entity Tax Identification Number	98-0154711
Entity Address, Address Line One	1150 Assembly Dr.
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Tampa,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33607
Entity Address, Country	US
City Area Code	813
Local Phone Number	544-8515
Title of 12(b) Security	Common Shares, no par value per share
Trading Symbol	PRMW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		159,384,650
Entity Central Index Key	0000884713
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Statement [Abstract]
Revenue, net	$ 593.3	$ 571.4	$ 1,139.8	$ 1,097.5
Cost of sales	225	239.1	443.2	465.6
Gross profit	368.3	332.3	696.6	631.9
Selling, general and administrative expenses	317.7	291.6	621.2	569.9
Loss on disposal of property, plant and equipment, net	1.2	0.1	2.5	1.8
Acquisition and integration expenses	1.8	4.9	3.8	9.2
Impairment charges	0	29.1	0	29.1
Operating income	47.6	6.6	69.1	21.9
Other (income) expense, net	(4.5)	10.7	(10.8)	13.4
Interest expense, net	19.8	17	38.6	33.9
Income (loss) before income taxes	32.3	(21.1)	41.3	(25.4)
Income tax expense	11	1.4	14.2	3.8
Net income (loss)	$ 21.3	$ (22.5)	$ 27.1	$ (29.2)
Net income (loss) per common share
Basic (in USD per share)	$ 0.13	$ (0.14)	$ 0.17	$ (0.18)
Diluted (in USD per share)	$ 0.13	$ (0.14)	$ 0.17	$ (0.18)
Weighted average common shares outstanding (in thousands)
Basic (in shares)	159,196	161,149	159,465	161,038
Diluted (in shares)	159,900	161,149	160,332	161,038

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jul. 01, 2023		Jul. 02, 2022	Jul. 01, 2023		Jul. 02, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 21.3		$ (22.5)	$ 27.1		$ (29.2)
Other comprehensive income (loss):
Currency translation adjustment	(0.6)		1.8	(7.2)		1.7
Pension benefit plan, net of tax	0.6	[1]	0	0.6	[1]	0
Total other comprehensive income (loss)	0		1.8	(6.6)		1.7
Comprehensive income (loss)	$ 21.3		$ (20.7)	$ 20.5		$ (27.5)
[1]Net of the tax impact of $0.2 million for the three and six months ended July 1, 2023.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Tax expense	$ 0.2	$ 0.2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 86.8	$ 122.6
Accounts receivable, net of allowance of $22.1 ($20.6 as of December 31, 2022)	293.2	258.6
Inventories	105.7	112.1
Prepaid expenses and other current assets	51.5	44.7
Total current assets	537.2	538
Property, plant and equipment, net	712.8	714.4
Operating lease right-of-use-assets	197.3	198.6
Goodwill	1,300.2	1,293
Intangible assets, net	886.2	894.7
Other long-term assets, net	25.4	28.3
Total assets	3,659.1	3,667
Current liabilities
Short-term borrowings	231	212.3
Current maturities of long-term debt	16.5	17.5
Accounts payable and accrued liabilities	407	425.1
Current operating lease obligations	36.2	35.7
Total current liabilities	690.7	690.6
Long-term debt	1,289.9	1,283.8
Operating lease obligations	172.1	174.5
Deferred tax liabilities	177.4	170
Other long-term liabilities	63.2	65.2
Total liabilities	2,393.3	2,384.1
Equity
Common shares, no par value - 159,240,481 (December 31, 2022 - 159,752,299) shares issued	1,283.1	1,283.2
Additional paid-in-capital	88.4	91.3
Accumulated deficit	(16.9)	(9.4)
Accumulated other comprehensive loss	(88.8)	(82.2)
Total Primo Water Corporation equity	1,265.8	1,282.9
Total liabilities and equity	$ 3,659.1	$ 3,667

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 22.1	$ 20.6
Common shares, par value (in USD per share)	$ 0	$ 0
Common shares, shares issued (in shares)	159,240,481	159,752,299

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Cash flows from operating activities:
Net income (loss)	$ 21.3	$ (22.5)	$ 27.1	$ (29.2)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Depreciation and amortization	62.9	60.2	125.3	121.4
Amortization of financing fees	0.9	0.8	1.7	1.7
Share-based compensation expense	3	4.2	5.3	7.5
Provision (benefit) for deferred income taxes	5.6	(0.1)	6.4	1.5
Impairment charges	0	29.1	0	29.1
Loss on disposal of property, plant and equipment, net	1.2	0.1	2.5	1.8
Other non-cash items	(5.3)	11	(12)	12.7
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable	(30.6)	(21.3)	(33.5)	(33.2)
Inventories	(2.6)	(8)	(0.5)	(19.1)
Prepaid expenses and other current assets	4.1	1	(0.8)	(5.2)
Other assets	(0.2)	0.7	(0.3)	0
Accounts payable and accrued liabilities and other liabilities	16.5	11.5	(10.1)	1.3
Net cash provided by operating activities	76.8	66.7	111.1	90.3
Cash flows from investing activities:
Acquisitions, net of cash received	(15.6)	(7.1)	(23.1)	(7.4)
Additions to property, plant and equipment	(36)	(46.6)	(89.7)	(85.2)
Additions to intangible assets	(2.7)	(2.4)	(5.4)	(4.9)
Proceeds from sale of property, plant and equipment	0.3	0.6	0.5	1
Proceeds from sale of business, net of cash sold	0.5	0	0.5	0
Other investing activities	1.1	(0.1)	3.3	0.4
Net cash used in investing activities	(52.4)	(55.6)	(113.9)	(96.1)
Cash flows from financing activities:
Payments of long-term debt	(4.8)	(5.2)	(9.8)	(9.7)
Proceeds from short-term borrowings	43	10	104	10
Payments on short-term borrowings	(59.8)	0	(93)	0
Issuance of common shares	0.4	0.4	4.7	1.6
Common shares repurchased and canceled	(2.5)	(0.2)	(21.8)	(2)
Dividends paid to common shareholders	(13.1)	(11.6)	(25.9)	(22.9)
Payment of deferred consideration for acquisitions	(0.2)	0	(1)	(0.1)
Other financing activities	2.3	0.7	8.4	4.6
Net cash used in financing activities	(34.7)	(5.9)	(34.4)	(18.5)
Effect of exchange rate changes on cash	0.6	(1)	1.4	(1.9)
Net (decrease) increase in cash, cash equivalents and restricted cash	(9.7)	4.2	(35.8)	(26.2)
Cash and cash equivalents and restricted cash, beginning of period	96.5	98	122.6	128.4
Cash and cash equivalents and restricted cash, end of period	86.8	102.2	86.8	102.2
Supplemental Non-cash Investing and Financing Activities:
Dividends payable issued through accounts payable and accrued liabilities	0.1	0.2	0.3	0.4
Additions to property, plant and equipment through accounts payable and accrued liabilities and other liabilities	17.7	13.4	19	23.8
Financing lease right-of-use assets obtained in exchange for lease obligations	0.8	0.7	2.4	3.4
Operating lease right-of-use assets obtained in exchange for lease obligations	14.9	10.3	20.5	15.8
Inventory transfer to property, plant and equipment	1.6	0	8.5	0
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	31.9	29.4	37.2	32.9
Cash paid for income taxes, net	5.3	1.5	6.5	2.5
Cash and cash equivalents and restricted cash:
Cash and cash equivalents	86.8	98.5	86.8	98.5
Cash included in prepaid expenses and other current assets	0	3.7	0	3.7
Total	$ 86.8	$ 102.2	$ 86.8	$ 102.2

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Equity Incentive Plan	Common Shares	Common Shares Equity Incentive Plan	Additional Paid-in-Capital	Additional Paid-in-Capital Equity Incentive Plan	(Accumulated Deficit)	Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Jan. 01, 2022			160,732,000
Beginning balance at Jan. 01, 2022	$ 1,320.1		$ 1,286.9		$ 85.9		$ 16.4	$ (69.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(29.2)						(29.2)
Other comprehensive income (loss), net of tax	1.7							1.7
Common shares dividends	(22.9)						(22.9)
Share-based compensation	7.5				7.5
Common shares repurchased and canceled (in shares)			(135,000)
Common shares repurchased and canceled	(2)		$ (2)
Common shares issued - Equity Incentive Plan (in shares)				552,000
Common shares issued - Equity Incentive Plan		$ 0.8		$ 6.7		$ (5.9)
Common shares issued - Dividend Reinvestment Plan (in shares)			1,000
Common shares issued - Employee Stock Purchase Plan (in shares)			59,000
Common shares issued - Employee Stock Purchase Plan	0.8		$ 1		(0.2)
Ending Balance (in shares) at Jul. 02, 2022			161,209,000
Ending balance at Jul. 02, 2022	1,276.8		$ 1,292.6		87.3		(35.7)	(67.4)
Beginning Balance (in shares) at Apr. 02, 2022			161,075,000
Beginning balance at Apr. 02, 2022	1,304.5		$ 1,291.6		83.9		(1.8)	(69.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(22.5)						(22.5)
Other comprehensive income (loss), net of tax	1.8							1.8
Common shares dividends	(11.4)						(11.4)
Share-based compensation	4.2				4.2
Common shares repurchased and canceled (in shares)			(21,000)
Common shares repurchased and canceled	(0.2)		$ (0.2)
Common shares issued - Equity Incentive Plan (in shares)				120,000
Common shares issued - Equity Incentive Plan		0		$ 0.6		(0.6)
Common shares issued - Dividend Reinvestment Plan (in shares)			1,000
Common shares issued - Employee Stock Purchase Plan (in shares)			34,000
Common shares issued - Employee Stock Purchase Plan	0.4		$ 0.6		(0.2)
Ending Balance (in shares) at Jul. 02, 2022			161,209,000
Ending balance at Jul. 02, 2022	$ 1,276.8		$ 1,292.6		87.3		(35.7)	(67.4)
Beginning Balance (in shares) at Dec. 31, 2022	159,752,299		159,752,000
Beginning balance at Dec. 31, 2022	$ 1,282.9		$ 1,283.2		91.3		(9.4)	(82.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	27.1						27.1
Other comprehensive income (loss), net of tax	(6.6)							(6.6)
Common shares dividends	(25.8)						(25.8)
Share-based compensation	5.3				5.3
Common shares repurchased and canceled (in shares)			(1,452,000)
Common shares repurchased and canceled	(21.8)		$ (13)				(8.8)
Common shares issued - Equity Incentive Plan (in shares)				879,000
Common shares issued - Equity Incentive Plan		3.9		$ 12		(8.1)
Common shares issued - Dividend Reinvestment Plan (in shares)			1,000
Common shares issued - Employee Stock Purchase Plan (in shares)			60,000
Common shares issued - Employee Stock Purchase Plan	$ 0.8		$ 0.9		(0.1)
Ending Balance (in shares) at Jul. 01, 2023	159,240,481		159,240,000
Ending balance at Jul. 01, 2023	$ 1,265.8		$ 1,283.1		88.4		(16.9)	(88.8)
Beginning Balance (in shares) at Apr. 01, 2023			159,261,000
Beginning balance at Apr. 01, 2023	1,256.5		$ 1,283.3		86.2		(24.2)	(88.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	21.3						21.3
Common shares dividends	(12.9)						(12.9)
Share-based compensation	3				3
Common shares repurchased and canceled (in shares)			(174,000)
Common shares repurchased and canceled	(2.5)		$ (1.4)				(1.1)
Common shares issued - Equity Incentive Plan (in shares)				119,000
Common shares issued - Equity Incentive Plan		$ 0		$ 0.7		$ (0.7)
Common shares issued - Dividend Reinvestment Plan (in shares)			1,000
Common shares issued - Employee Stock Purchase Plan (in shares)			33,000
Common shares issued - Employee Stock Purchase Plan	$ 0.4		$ 0.5		(0.1)
Ending Balance (in shares) at Jul. 01, 2023	159,240,481		159,240,000
Ending balance at Jul. 01, 2023	$ 1,265.8		$ 1,283.1		$ 88.4		$ (16.9)	$ (88.8)

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in USD per share)	$ 0.08	$ 0.07	$ 0.16	$ 0.14

Business and Recent Accounting

Business and Recent Accounting Pronouncements	6 Months Ended
	Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Recent Accounting Pronouncements	Business and Recent Accounting Pronouncements Description of Business As used herein, “Primo,” “the Company,” “our Company,” “Primo Water Corporation,” “us,” or “our” refers to Primo Water Corporation, together with its consolidated subsidiaries. Primo is a leading pure-play water solutions provider in North America and Europe and generated approximately $2.2 billion in annual revenue in 2022. Primo operates largely under a recurring revenue model in the large format water category (defined as 3 gallons or greater). This business strategy is commonly referred to as “razor-razorblade” because the initial sale of a product creates a base of users who frequently purchase complementary consumable products. The razor in Primo’s revenue model is its industry leading line-up of innovative water dispensers, which are sold through approximately 10,300 retail locations and online at various price points. The dispensers help increase household and business penetration which drives recurring purchases of Primo’s razorblade offering or water solutions. Primo’s razorblade offering is comprised of Water Direct, Water Exchange, and Water Refill. Through its Water Direct business, Primo delivers sustainable hydration solutions across its 21-country footprint direct to customers, whether at home or to businesses. Through its Water Exchange business, customers visit retail locations and purchase a pre-filled bottle of water. Once consumed, empty bottles are exchanged at our recycling center displays, which provide a ticket that offers a discount toward the purchase of a new bottle. Water Exchange is available in approximately 17,500 retail locations. Through its Water Refill business, customers refill empty bottles at approximately 23,500 self-service refill drinking water stations. Primo also offers water filtration units across its 21-country footprint. Primo’s water solutions expand consumer access to purified, spring and mineral water to promote a healthier, more sustainable lifestyle while simultaneously reducing plastic waste and pollution. Primo is committed to its water stewardship standards and is proud to partner with the International Bottled Water Association in North America as well as with Watercoolers Europe, which ensure strict adherence to safety, quality, sanitation and regulatory standards for the benefit of consumer protection. Environmental stewardship is a part of who we are, and we have worked to progressively achieve carbon neutrality throughout our organization. Our European operations have maintained carbon neutrality for more than eleven years, and our U.S. operations achieved carbon neutral certification in 2020 under the CarbonNeutral Protocol, an international standard administered by Climate Impact Partners. In 2021, the Company achieved carbon neutrality on a global basis. In late 2021, Primo announced its planned exit from the North American small-format retail water business. This business was relatively small and used predominantly single-use plastic bottles. The exit from this category is estimated to reduce single-use retail water bottles from our production environment by more than 400 million, annually, while also improving overall margins. The exit was completed during the second quarter of 2022. During the second quarter of 2022, our Board of Directors approved the exit from our business in Russia. Accordingly, we recorded an impairment charge of $11.2 million to reduce the carrying value to the estimated fair value less costs to sell. Separately, we reviewed and realigned our reporting segments during the second quarter of 2022. The decision to exit our business in Russia and the realignment of segments during the second quarter of 2022 resulted in a triggering event for goodwill and intangible assets with indefinite lives requiring quantitative assessments for the combined Eden business (which, prior to the realignment, included the Eden Europe and Israel businesses) immediately before the realignment of segments and for the Eden Europe and Israel businesses upon the realignment of segments. These assessments resulted in recording a goodwill impairment charge of $11.2 million due to a decrease in cash flows associated with the exit of our business in Russia and recording a trademark impairment charge of $6.7 million primarily due to a decrease in the royalty rate used in the quantitative analysis. These impairment charges, along with the impairment charge of $11.2 million to reduce the carrying value of the Russia business to its estimated fair value less costs to sell, resulted in total impairment charges of $29.1 million which were included within impairment charges on the Consolidated Statements of Operations for the three and six months ended July 2, 2022. All impairment charges were included in the Europe reporting segment. The exit of our business in Russia was completed during the third quarter of 2022. Basis of Presentation The accompanying interim unaudited Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of our results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. The Consolidated Balance Sheet as of December 31, 2022 included herein was derived from the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (our “2022 Annual Report”). This Quarterly Report on Form 10-Q should be read in conjunction with the annual audited Consolidated Financial Statements and accompanying notes in our 2022 Annual Report. The accounting policies used in these interim Consolidated Financial Statements are consistent with those used in the annual Consolidated Financial Statements. The presentation of these interim Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Significant Accounting Policies Included in Note 1 of our 2022 Annual Report is a summary of the Company’s significant accounting policies. Provided below is a summary of additional accounting policies that are significant to the financial results of the Company. Cost of sales We record costs associated with the manufacturing of our products in cost of sales. Shipping and handling costs incurred to store, prepare and move products between production facilities or from production facilities to branch locations or storage facilities are recorded in cost of sales. Shipping and handling costs incurred to deliver products from our branch locations to the end-user consumer of those products are recorded in selling, general and administrative ("SG&A") expenses. All other costs incurred in the shipment of products from our production facilities to customer locations are reflected in cost of sales. Shipping and handling costs included in SG&A expenses were $143.5 million and $283.7 million for the three and six months ended July 1, 2023, respectively, and $137.3 million and $264.6 million for the three and six months ended July 2, 2022, respectively. Finished goods inventory costs include the cost of direct labor and materials and the applicable share of overhead expense chargeable to production. Recently adopted accounting pronouncements Update ASU 2020-04 – Reference Rate Reform (Topic 848) In March 2020, the FASB issued guidance which provides expedients and exceptions to account for contracts, hedging relationships and other transactions that reference LIBOR or any other reference rates expected to be discontinued because of reference rate reform. This guidance is effective as of March 12, 2020 through December 31, 2022 (updated to December 31, 2024 by the December 2022 issuance of Accounting Standards Update ("ASU") 2022-06) and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2024. We elected to apply the debt agreement expedient and therefore will account for debt agreement amendments as if the modification was not substantial and thus a continuation of the existing contract. Effective January 13, 2023, we entered into the Second LIBOR Transition Amendment to the Credit Agreement, which transitioned the credit agreement from LIBOR to the Secured Overnight Financing Rate ("SOFR"). The amendment did not have a material impact on our Consolidated Financial Statements. Update ASU 2021-08- Business Combinations (Topic 805) In October 2021, the FASB issued guidance that requires entities to use principles in ASC 606 to recognize and measure contract assets and liabilities in revenue contracts acquired in a business combination rather than fair value. For public entities, this guidance is effective for fiscal years beginning after December 15, 2022 for annual and interim periods. The adoption of this standard did not have a material impact on our Consolidated Financial Statements.

Revenue

Revenue	6 Months Ended
	Jul. 01, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Our principal sources of revenue are from bottled water delivery direct to consumers primarily in North America and Europe and from providing multi-gallon purified bottled water, self-service refill drinking water and water dispensers through retailers in North America. Revenue is recognized, net of sales returns, when a customer obtains control of promised goods or services in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We measure revenue based on the consideration specified in the customer arrangement, and revenue is recognized when the performance obligations in the customer arrangement are satisfied. A performance obligation is a contractual promise to transfer a distinct service to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when the customer receives the benefit of the performance obligation. Customers typically receive the benefit of our services as they are performed. Substantially all of our customer contracts require that we be compensated for services performed to date. This may be upon shipment of goods or upon delivery to the customer, depending on contractual terms. Shipping and handling costs paid by the customer to us are included in revenue and costs incurred by us for shipping and handling activities that are performed after a customer obtains control of the product are accounted for as fulfillment costs. In addition, we exclude from net revenue and cost of sales taxes assessed by governmental authorities on revenue-producing transactions. Although we occasionally accept returns of products from our customers, historically returns have not been material. Contract Estimates The nature of certain of our contracts give rise to variable consideration including cash discounts, volume-based rebates, point of sale promotions, and other promotional discounts to certain customers. For all promotional programs and discounts, we estimate the rebate or discount that will be granted to the customer and record an accrual upon invoicing. These estimated rebates or discounts are included in the transaction price of our contracts with customers as a reduction to net revenues and are included as accrued sales incentives in accounts payable and accrued liabilities in the Consolidated Balance Sheets. Accrued sales incentives were $7.5 million and $7.8 million on July 1, 2023 and December 31, 2022, respectively. We do not disclose the value of unsatisfied performance obligations for contracts (i) with an original expected length of one year or less or (ii) for which we recognize revenue at the amount in which it has the right to invoice as the product is delivered. Contract Balances Contract liabilities relate primarily to advances received from our customers before revenue is recognized. These amounts are recorded as deferred revenue and are included in accounts payable and accrued liabilities in the Consolidated Balance Sheets. The advances are expected to be earned as revenue within one year of receipt. Deferred revenues at July 1, 2023 and December 31, 2022 were $15.7 million and $11.5 million, respectively. The amount of revenue recognized in the three and six months ended July 1, 2023 that was included in the December 31, 2022 deferred revenue balance was $1.7 million and $10.0 million, respectively. The Company does not have any material contract assets as of July 1, 2023 and December 31, 2022. Disaggregated Revenue In general, our business segmentation is aligned according to the nature and economic characteristics of our products and customer relationships and provides meaningful disaggregation of each business segment’s results of operations. Further disaggregation of net revenue to external customers by geographic area based on customer location is as follows: For the Three Months Ended For the Six Months Ended (in millions of U.S. dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 United States $ 433.6 $ 419.8 $ 830.4 $ 801.6 United Kingdom 37.2 33.4 76.3 74.8 Canada 17.3 17.1 33.0 32.5 All other countries 105.2 101.1 200.1 188.6 Total $ 593.3 $ 571.4 $ 1,139.8 $ 1,097.5

Share-based Compensation

Share-based Compensation	6 Months Ended
	Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	Share-based CompensationDuring the six months ended July 1, 2023, we granted 76,024 common shares with an aggregate grant date fair value of approximately $1.3 million to the non-management members of our Board of Directors under the Amended and Restated Primo Water Corporation Equity Incentive Plan. The common shares were issued in consideration of the directors’ annual board retainer fee and are fully vested upon issuance.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was $11.0 million on pre-tax income of $32.3 million for the three months ended July 1, 2023, as compared to income tax expense of $1.4 million on pre-tax loss of $21.1 million in the comparable prior year period. Income tax expense was $14.2 million on pre-tax income of $41.3 million for the six months ended July 1, 2023, as compared to income tax expense of $3.8 million on pre-tax loss of $25.4 million in the comparable prior year period. The effective income tax rates for the three and six months ended July 1, 2023 were 34.1% and 34.4%, respectively, compared to (6.6)% and (15.0)% in the comparable prior year periods. The effective tax rate for the three and six months ended July 1, 2023 varied from the effective tax rate in the comparable prior year period due primarily to increased earnings in taxable jurisdictions and impairment charges incurred in the second quarter of 2022 for which minimal tax benefit was recognized. The effective tax rate for the three and six months ended July 1, 2023 varied from applicable statutory tax rates primarily due to losses in tax jurisdictions for which no tax benefit is recognized due to existing valuation allowances and income in tax jurisdictions with tax rates lower than the Canadian statutory tax rate.

Common Shares and Net Income (L

Common Shares and Net Income (Loss) per Common Share	6 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
Common Shares and Net Income (Loss) per Common Share	Common Shares and Net Income (Loss) per Common Share Common Shares On August 9, 2022, our Board of Directors approved a share repurchase program for up to $100.0 million of our outstanding common shares over a 12-month period commencing on August 15, 2022. For the three and six months ended July 1, 2023, we repurchased 160,098 and 1,272,612 common shares for approximately $2.4 million and $19.0 million, respectively, through open market transactions under the repurchase plan. On May 4, 2021, our Board of Directors approved a share repurchase program for up to $50.0 million of our outstanding common shares over a 12-month period, which expired on May 10, 2022. There were no shares repurchased under the plan during the six months ended July 2, 2022. Shares purchased under these repurchase plans were subsequently canceled. Net Income (Loss) per Common Share Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the periods presented. Diluted net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money stock options, performance-based RSUs, and time-based RSUs during the periods presented. The components of weighted average basic and diluted shares outstanding are below: For the Three Months Ended For the Six Months Ended (in thousands) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Weighted average common shares outstanding - basic 159,196 161,149 159,465 161,038 Dilutive effect of Stock Options 192 — 266 — Dilutive effect of Performance-based RSUs — — 103 — Dilutive effect of Time-based RSUs 512 — 498 — Weighted average common shares outstanding - diluted 159,900 161,149 160,332 161,038 The following table summarizes anti-dilutive securities excluded from the computation of diluted net income (loss) per common share for the periods indicated: For the Three Months Ended For the Six Months Ended (in thousands) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Stock Options 2,219 4,617 1,984 4,617 Performance-based RSUs 1 1,175 1,191 1,175 1,191 Time-based RSUs 2 — 841 — 841 ______________________ 1 Performance-based RSUs represent the number of shares expected to be issued based primarily on the estimated achievement of performance targets for these awards. 2 Time-based RSUs represent the number of shares expected to be issued based on known employee retention information.

Segment Reporting

Segment Reporting	6 Months Ended
	Jul. 01, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our broad portfolio of products includes bottled water, water dispensers, self-service refill drinking water, filtration units, premium spring, sparkling and flavored essence water, mineral water, and coffee. (in millions of U.S. dollars) North America Europe Other Total For the Three Months Ended July 1, 2023 Revenue, net $ 450.5 $ 78.0 $ 64.8 $ 593.3 Depreciation and amortization 46.8 10.2 5.9 62.9 Operating income (loss) 57.3 7.1 (16.8) 47.6 Additions to property, plant and equipment 26.6 5.3 4.1 36.0 For the Six Months Ended July 1, 2023 Revenue, net $ 862.8 $ 147.4 $ 129.6 $ 1,139.8 Depreciation and amortization 93.6 19.8 11.9 125.3 Operating income (loss) 92.0 10.0 (32.9) 69.1 Additions to property, plant and equipment 68.7 11.8 9.2 89.7 (in millions of U.S. dollars) North America Europe Other Total For the Three Months Ended July 2, 2022 Revenue, net $ 436.7 $ 69.9 $ 64.8 $ 571.4 Depreciation and amortization 44.3 10.1 5.8 60.2 Operating income (loss) 48.3 (29.1) (12.6) 6.6 Additions to property, plant and equipment 35.7 6.9 4.0 46.6 For the Six Months Ended July 2, 2022 Revenue, net $ 833.8 $ 134.2 $ 129.5 $ 1,097.5 Depreciation and amortization 89.6 19.9 11.9 121.4 Operating income (loss) 76.6 (32.7) (22.0) 21.9 Additions to property, plant and equipment 62.3 13.1 9.8 85.2 Revenues by channel by reporting segment were as follows: For the Three Months Ended July 1, 2023 (in millions of U.S. dollars) North America Europe Other Total Revenue, net Water Direct/Water Exchange $ 342.9 $ 60.2 $ 11.0 $ 414.1 Water Refill/Water Filtration 55.4 9.9 0.8 66.1 Other Water 11.9 0.3 19.7 31.9 Water Dispensers 16.7 0.4 — 17.1 Other 23.6 7.2 33.3 64.1 Total $ 450.5 $ 78.0 $ 64.8 $ 593.3 For the For the Six Months Ended July 1, 2023 (in millions of U.S. dollars) North America Europe Other Total Revenue, net Water Direct/Water Exchange $ 655.3 $ 113.2 $ 21.4 $ 789.9 Water Refill/Water Filtration 107.6 18.7 1.4 127.7 Other Water 23.2 0.5 35.4 59.1 Water Dispensers 29.4 0.5 — 29.9 Other 47.3 14.5 71.4 133.2 Total $ 862.8 $ 147.4 $ 129.6 $ 1,139.8 For the Three Months Ended July 2, 2022 (in millions of U.S. dollars) North America Europe Other Total Revenue, net Water Direct/Water Exchange $ 321.1 $ 53.7 $ 11.7 $ 386.5 Water Refill/Water Filtration 47.3 8.2 0.7 56.2 Other Water 22.2 0.4 21.5 44.1 Water Dispensers 18.5 — — 18.5 Other 27.6 7.6 30.9 66.1 Total $ 436.7 $ 69.9 $ 64.8 $ 571.4 For the Six Months Ended July 2, 2022 (in millions of U.S. dollars) North America Europe Other Total Revenue, net Water Direct/Water Exchange $ 599.4 $ 101.9 $ 22.5 $ 723.8 Water Refill/Water Filtration 89.5 16.4 1.2 107.1 Other Water 56.2 0.8 37.5 94.5 Water Dispensers 32.7 — — 32.7 Other 56.0 15.1 68.3 139.4 Total $ 833.8 $ 134.2 $ 129.5 $ 1,097.5

Inventories

Inventories	6 Months Ended
	Jul. 01, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories The following table summarizes inventories as of July 1, 2023 and December 31, 2022: (in millions of U.S. dollars) July 1, 2023 December 31, 2022 Raw materials $ 57.1 $ 68.5 Finished goods 34.9 30.9 Resale items 11.6 11.1 Other 2.1 1.6 Total $ 105.7 $ 112.1

Debt

Debt	6 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
Debt	Debt Revolving Credit Facility On March 6, 2020, the Company entered into a credit agreement (the “Credit Agreement”) among the Company, as parent borrower, Primo Water Holdings Inc. and certain other subsidiary borrowers, certain other subsidiaries of the Company from time to time designated as subsidiary borrowers, Bank of America, N.A., as administrative agent and collateral agent, and the lenders from time to time party thereto. The Credit Agreement provides for a senior secured revolving credit facility in an initial aggregate committed amount of $350.0 million (the “Revolving Credit Facility”), which may be increased by incremental credit extensions from time to time in the form of term loans or additional revolving credit commitments. The Revolving Credit Facility has a five-year maturity date and includes letter of credit and swing line loan sub facilities. Initial borrowings under the Revolving Credit Facility were used to refinance in full and terminate our previously existing asset-based lending credit facility (“ABL facility”). Certain letters of credit outstanding under the ABL Facility were rolled over under the Revolving Credit Facility. We incurred approximately $3.4 million of financing fees in connection with the Revolving Credit Facility. The Revolving Credit Facility was considered to be a modification of the ABL facility under GAAP. These new financing fees along with $1.8 million of unamortized deferred costs of the ABL facility are being amortized using the straight-line method over the duration of the Revolving Credit Facility. As of July 1, 2023, the outstanding borrowings under the Revolving Credit Facility were $208.0 million and were recorded in short-term borrowings on the Consolidated Balance Sheet. Outstanding letters of credit totaled $55.2 million resulting in total utilization under the Revolving Credit Facility of $263.2 million. Accordingly, unused availability under the Revolving Credit Facility as of July 1, 2023 amounted to $86.8 million. On January 13, 2023, we entered into the Second LIBOR Transition Amendment to the Credit Agreement, which replaced interest rate calculations based on LIBOR with calculations based on SOFR. As of July 1, 2023, borrowings under the Credit Agreement bore interest at a rate per annum equal to either: (a) a euro currency rate as determined under the Credit Agreement, plus the applicable margin, or (b) a term SOFR rate, as determined under the Credit Agreement, plus the applicable margin, (c) a base rate equal to the highest of (i) Bank of America’s prime rate, (ii) 0.5% per annum above the federal funds rate, and (iii) the term SOFR rate, as determined under the Credit Agreement, for a one month interest period, plus 1.0%, plus the applicable margin, or (d) an alternative currency daily or term rate, as determined under the Credit Agreement, plus the applicable margin. The applicable margin for euro currency, term SOFR, and alternative currency rate loans ranges from 1.375% to 2.000% and the applicable margin for base rate loans ranges from 0.375% to 1.000%, in each case depending on our consolidated total leverage ratio. Unutilized commitments under the Credit Agreement are subject to a commitment fee ranging from 0.20% to 0.30% per annum depending on our consolidated total leverage ratio, payable on a quarterly basis. The weighted average effective interest rate at July 1, 2023 and December 31, 2022 on the Revolving Credit Facility outstanding borrowings was 6.7% and 5.9%, respectively. The effective interest rates are based on our aggregate availability.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	6 Months Ended
	Jul. 01, 2023
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income Changes in accumulated other comprehensive (loss) income (“AOCI”) by component for the three and six months ended July 1, 2023 and July 2, 2022 were as follows: (in millions of U.S. dollars) 1 Pension Currency Total Beginning balance April 1, 2023 $ 1.2 $ (90.0) $ (88.8) OCI before reclassifications — (0.6) (0.6) Amounts reclassified from AOCI 0.6 — 0.6 Net current-period OCI 0.6 (0.6) — Ending balance July 1, 2023 $ 1.8 $ (90.6) $ (88.8) Beginning balance December 31, 2022 $ 1.2 $ (83.4) $ (82.2) OCI before reclassifications — (7.2) (7.2) Amounts reclassified from AOCI 0.6 — 0.6 Net current-period OCI 0.6 (7.2) (6.6) Ending balance July 1, 2023 $ 1.8 $ (90.6) $ (88.8) Beginning balance April 2, 2022 $ (1.7) $ (67.5) $ (69.2) OCI before reclassifications — 1.8 1.8 Ending balance July 2, 2022 $ (1.7) $ (65.7) $ (67.4) Beginning balance January 1, 2022 $ (1.7) $ (67.4) $ (69.1) OCI before reclassifications — 1.7 1.7 Ending balance July 2, 2022 $ (1.7) $ (65.7) $ (67.4) ______________________ 1 All amounts are net of tax. Amounts in parentheses indicate debits. During the three and six months ended July 1, 2023, $0.6 million was reclassified from AOCI due to the recognition of unrealized losses resulting from the distribution of the assets of the U.S. defined benefit plan. The effect of the loss was included in Other (income) expense, net on the Consolidated Statements of Operations during the second quarter. The settlement did not have a material impact on the financial statements. There were no amounts reclassified from AOCI for the three and six months ended July 2, 2022.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are subject to various claims and legal proceedings with respect to matters such as governmental regulations and other actions arising out of the normal course of business. Management believes that the resolution of these matters will not have a material adverse effect on our financial position, results of operations, or cash flow. We had $55.2 million in standby letters of credit outstanding as of July 1, 2023 ( $46.6 million as of December 31, 2022). Guarantees After the sale of our legacy carbonated soft drink and juice business in January 2018, we have continued to provide contractual payment guarantees to two third-party lessors of certain real property used in these businesses. The leases were conveyed to the buyer as part of the sale, but our guarantee was not released by the landlord. The two lease agreements mature in 2027 and 2028. The maximum potential amount of undiscounted future payments under the guarantee is approximately $12.2 million as of July 1, 2023, which was calculated based on the minimum lease payments of the leases over the remaining term of the agreements. The sale documents require the buyer to pay all p ost-closing obligations under these conveyed leases, and to reimburse us if the landlord calls on a guarantee. The buyer has also agreed to a covenant to negotiate with the landlords for a release of our guarantees. We currently do not believe it is probable we would be required to perform under any of these guarantees or any of the underlying obligations. As of July 1, 2023, we had $17.3 million related to properties held for sale which is included within prepaid expenses and other current assets on the Consolidated Balance Sheets ($10.3 million as of December 31, 2022).

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 01, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Fair Value of Financial Instruments The carrying amounts reflected in the Consolidated Balance Sheets for cash and cash equivalents, receivables, payables, short-term borrowings, and long-term debt approximate their respective fair values, except as otherwise indicated. The carrying values and estimated fair values of our significant outstanding debt as of July 1, 2023 and December 31, 2022 were as follows: July 1, 2023 December 31, 2022 (in millions of U.S. dollars) Carrying Fair Carrying Fair 3.875% senior notes due in 2028 1,2 $ 484.9 $ 420.6 $ 473.5 $ 418.7 4.375% senior notes due in 2029 1,2 742.1 637.4 741.4 642.2 Total $ 1,227.0 $ 1,058.0 $ 1,214.9 $ 1,060.9 ______________________ 1 The fair values were based on the trading levels and bid/offer prices observed by a market participant and are considered Level 2 financial instruments. 2 Carrying value of our significant outstanding debt is net of unamortized debt issuance costs as of July 1, 2023 and December 31, 2022.

Subsequent Events

Subsequent Events	6 Months Ended
	Jul. 01, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn August 9, 2023, our Board of Directors declared a dividend of $0.08 per share on common shares, payable in cash on September 7, 2023, to shareowners of record at the close of business on August 24, 2023.On August 9, 2023, our Board of Directors approved a share repurchase program for up to $50.0 million of our outstanding common shares.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 21.3	$ (22.5)	$ 27.1	$ (29.2)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 01, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business and Recent Accountin_2

Business and Recent Accounting Pronouncements - (Policies)	6 Months Ended
	Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim unaudited Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of our results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. The Consolidated Balance Sheet as of December 31, 2022 included herein was derived from the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (our “2022 Annual Report”). This Quarterly Report on Form 10-Q should be read in conjunction with the annual audited Consolidated Financial Statements and accompanying notes in our 2022 Annual Report. The accounting policies used in these interim Consolidated Financial Statements are consistent with those used in the annual Consolidated Financial Statements.
Cost of sales	Cost of salesWe record costs associated with the manufacturing of our products in cost of sales. Shipping and handling costs incurred to store, prepare and move products between production facilities or from production facilities to branch locations or storage facilities are recorded in cost of sales. Shipping and handling costs incurred to deliver products from our branch locations to the end-user consumer of those products are recorded in selling, general and administrative ("SG&A") expenses. All other costs incurred in the shipment of products from our production facilities to customer locations are reflected in cost of sales. Shipping and handling costs included in SG&A expenses were $143.5 million and $283.7 million for the three and six months ended July 1, 2023, respectively, and $137.3 million and $264.6 million for the three and six months ended July 2, 2022, respectively. Finished goods inventory costs include the cost of direct labor and materials and the applicable share of overhead expense chargeable to production.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements Update ASU 2020-04 – Reference Rate Reform (Topic 848) In March 2020, the FASB issued guidance which provides expedients and exceptions to account for contracts, hedging relationships and other transactions that reference LIBOR or any other reference rates expected to be discontinued because of reference rate reform. This guidance is effective as of March 12, 2020 through December 31, 2022 (updated to December 31, 2024 by the December 2022 issuance of Accounting Standards Update ("ASU") 2022-06) and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2024. We elected to apply the debt agreement expedient and therefore will account for debt agreement amendments as if the modification was not substantial and thus a continuation of the existing contract. Effective January 13, 2023, we entered into the Second LIBOR Transition Amendment to the Credit Agreement, which transitioned the credit agreement from LIBOR to the Secured Overnight Financing Rate ("SOFR"). The amendment did not have a material impact on our Consolidated Financial Statements. Update ASU 2021-08- Business Combinations (Topic 805) In October 2021, the FASB issued guidance that requires entities to use principles in ASC 606 to recognize and measure contract assets and liabilities in revenue contracts acquired in a business combination rather than fair value. For public entities, this guidance is effective for fiscal years beginning after December 15, 2022 for annual and interim periods. The adoption of this standard did not have a material impact on our Consolidated Financial Statements.
Revenue	Revenue is recognized, net of sales returns, when a customer obtains control of promised goods or services in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We measure revenue based on the consideration specified in the customer arrangement, and revenue is recognized when the performance obligations in the customer arrangement are satisfied. A performance obligation is a contractual promise to transfer a distinct service to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when the customer receives the benefit of the performance obligation. Customers typically receive the benefit of our services as they are performed. Substantially all of our customer contracts require that we be compensated for services performed to date. This may be upon shipment of goods or upon delivery to the customer, depending on contractual terms. Shipping and handling costs paid by the customer to us are included in revenue and costs incurred by us for shipping and handling activities that are performed after a customer obtains control of the product are accounted for as fulfillment costs. In addition, we exclude from net revenue and cost of sales taxes assessed by governmental authorities on revenue-producing transactions. Although we occasionally accept returns of products from our customers, historically returns have not been material.

Revenue - (Tables)

Revenue - (Tables)	6 Months Ended
	Jul. 01, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue by Geographic Area	Further disaggregation of net revenue to external customers by geographic area based on customer location is as follows: For the Three Months Ended For the Six Months Ended (in millions of U.S. dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 United States $ 433.6 $ 419.8 $ 830.4 $ 801.6 United Kingdom 37.2 33.4 76.3 74.8 Canada 17.3 17.1 33.0 32.5 All other countries 105.2 101.1 200.1 188.6 Total $ 593.3 $ 571.4 $ 1,139.8 $ 1,097.5

Common Shares and Net Income _2

Common Shares and Net Income (Loss) per Common Share - (Tables)	6 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominators of Basic and Diluted Net Income (Loss) Per Common Share	The components of weighted average basic and diluted shares outstanding are below: For the Three Months Ended For the Six Months Ended (in thousands) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Weighted average common shares outstanding - basic 159,196 161,149 159,465 161,038 Dilutive effect of Stock Options 192 — 266 — Dilutive effect of Performance-based RSUs — — 103 — Dilutive effect of Time-based RSUs 512 — 498 — Weighted average common shares outstanding - diluted 159,900 161,149 160,332 161,038
Summary of the Anti-dilutive Securities Excluded from the Computation of Diluted Net Income (Loss) Per Common Share	The following table summarizes anti-dilutive securities excluded from the computation of diluted net income (loss) per common share for the periods indicated: For the Three Months Ended For the Six Months Ended (in thousands) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Stock Options 2,219 4,617 1,984 4,617 Performance-based RSUs 1 1,175 1,191 1,175 1,191 Time-based RSUs 2 — 841 — 841 ______________________ 1 Performance-based RSUs represent the number of shares expected to be issued based primarily on the estimated achievement of performance targets for these awards. 2 Time-based RSUs represent the number of shares expected to be issued based on known employee retention information.

Segment Reporting - (Tables)

Segment Reporting - (Tables)	6 Months Ended
	Jul. 01, 2023
Segment Reporting [Abstract]
Segment Reporting Information by Operating Segment	(in millions of U.S. dollars) North America Europe Other Total For the Three Months Ended July 1, 2023 Revenue, net $ 450.5 $ 78.0 $ 64.8 $ 593.3 Depreciation and amortization 46.8 10.2 5.9 62.9 Operating income (loss) 57.3 7.1 (16.8) 47.6 Additions to property, plant and equipment 26.6 5.3 4.1 36.0 For the Six Months Ended July 1, 2023 Revenue, net $ 862.8 $ 147.4 $ 129.6 $ 1,139.8 Depreciation and amortization 93.6 19.8 11.9 125.3 Operating income (loss) 92.0 10.0 (32.9) 69.1 Additions to property, plant and equipment 68.7 11.8 9.2 89.7 (in millions of U.S. dollars) North America Europe Other Total For the Three Months Ended July 2, 2022 Revenue, net $ 436.7 $ 69.9 $ 64.8 $ 571.4 Depreciation and amortization 44.3 10.1 5.8 60.2 Operating income (loss) 48.3 (29.1) (12.6) 6.6 Additions to property, plant and equipment 35.7 6.9 4.0 46.6 For the Six Months Ended July 2, 2022 Revenue, net $ 833.8 $ 134.2 $ 129.5 $ 1,097.5 Depreciation and amortization 89.6 19.9 11.9 121.4 Operating income (loss) 76.6 (32.7) (22.0) 21.9 Additions to property, plant and equipment 62.3 13.1 9.8 85.2
Revenues by Channel Reporting Segment	Revenues by channel by reporting segment were as follows: For the Three Months Ended July 1, 2023 (in millions of U.S. dollars) North America Europe Other Total Revenue, net Water Direct/Water Exchange $ 342.9 $ 60.2 $ 11.0 $ 414.1 Water Refill/Water Filtration 55.4 9.9 0.8 66.1 Other Water 11.9 0.3 19.7 31.9 Water Dispensers 16.7 0.4 — 17.1 Other 23.6 7.2 33.3 64.1 Total $ 450.5 $ 78.0 $ 64.8 $ 593.3 For the For the Six Months Ended July 1, 2023 (in millions of U.S. dollars) North America Europe Other Total Revenue, net Water Direct/Water Exchange $ 655.3 $ 113.2 $ 21.4 $ 789.9 Water Refill/Water Filtration 107.6 18.7 1.4 127.7 Other Water 23.2 0.5 35.4 59.1 Water Dispensers 29.4 0.5 — 29.9 Other 47.3 14.5 71.4 133.2 Total $ 862.8 $ 147.4 $ 129.6 $ 1,139.8 For the Three Months Ended July 2, 2022 (in millions of U.S. dollars) North America Europe Other Total Revenue, net Water Direct/Water Exchange $ 321.1 $ 53.7 $ 11.7 $ 386.5 Water Refill/Water Filtration 47.3 8.2 0.7 56.2 Other Water 22.2 0.4 21.5 44.1 Water Dispensers 18.5 — — 18.5 Other 27.6 7.6 30.9 66.1 Total $ 436.7 $ 69.9 $ 64.8 $ 571.4 For the Six Months Ended July 2, 2022 (in millions of U.S. dollars) North America Europe Other Total Revenue, net Water Direct/Water Exchange $ 599.4 $ 101.9 $ 22.5 $ 723.8 Water Refill/Water Filtration 89.5 16.4 1.2 107.1 Other Water 56.2 0.8 37.5 94.5 Water Dispensers 32.7 — — 32.7 Other 56.0 15.1 68.3 139.4 Total $ 833.8 $ 134.2 $ 129.5 $ 1,097.5

Inventories - (Tables)

Inventories - (Tables)	6 Months Ended
	Jul. 01, 2023
Inventory Disclosure [Abstract]
Summary of Inventories	The following table summarizes inventories as of July 1, 2023 and December 31, 2022: (in millions of U.S. dollars) July 1, 2023 December 31, 2022 Raw materials $ 57.1 $ 68.5 Finished goods 34.9 30.9 Resale items 11.6 11.1 Other 2.1 1.6 Total $ 105.7 $ 112.1

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income - (Tables)	6 Months Ended
	Jul. 01, 2023
Equity [Abstract]
Changes in Accumulated Other Comprehensive (Loss) Income by Component	Changes in accumulated other comprehensive (loss) income (“AOCI”) by component for the three and six months ended July 1, 2023 and July 2, 2022 were as follows: (in millions of U.S. dollars) 1 Pension Currency Total Beginning balance April 1, 2023 $ 1.2 $ (90.0) $ (88.8) OCI before reclassifications — (0.6) (0.6) Amounts reclassified from AOCI 0.6 — 0.6 Net current-period OCI 0.6 (0.6) — Ending balance July 1, 2023 $ 1.8 $ (90.6) $ (88.8) Beginning balance December 31, 2022 $ 1.2 $ (83.4) $ (82.2) OCI before reclassifications — (7.2) (7.2) Amounts reclassified from AOCI 0.6 — 0.6 Net current-period OCI 0.6 (7.2) (6.6) Ending balance July 1, 2023 $ 1.8 $ (90.6) $ (88.8) Beginning balance April 2, 2022 $ (1.7) $ (67.5) $ (69.2) OCI before reclassifications — 1.8 1.8 Ending balance July 2, 2022 $ (1.7) $ (65.7) $ (67.4) Beginning balance January 1, 2022 $ (1.7) $ (67.4) $ (69.1) OCI before reclassifications — 1.7 1.7 Ending balance July 2, 2022 $ (1.7) $ (65.7) $ (67.4) ______________________ 1 All amounts are net of tax. Amounts in parentheses indicate debits.

Fair Value Measurements - (Tabl

Fair Value Measurements - (Tables)	6 Months Ended
	Jul. 01, 2023
Fair Value Disclosures [Abstract]
Carrying Value and Estimated Fair Values of Outstanding Debt	The carrying values and estimated fair values of our significant outstanding debt as of July 1, 2023 and December 31, 2022 were as follows: July 1, 2023 December 31, 2022 (in millions of U.S. dollars) Carrying Fair Carrying Fair 3.875% senior notes due in 2028 1,2 $ 484.9 $ 420.6 $ 473.5 $ 418.7 4.375% senior notes due in 2029 1,2 742.1 637.4 741.4 642.2 Total $ 1,227.0 $ 1,058.0 $ 1,214.9 $ 1,060.9 ______________________ 1 The fair values were based on the trading levels and bid/offer prices observed by a market participant and are considered Level 2 financial instruments. 2 Carrying value of our significant outstanding debt is net of unamortized debt issuance costs as of July 1, 2023 and December 31, 2022.

Business and Recent Accountin_3

Business and Recent Accounting Pronouncements - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 01, 2023 USD ($) location country	Jul. 02, 2022 USD ($) bottle	Jul. 01, 2023 USD ($) location country	Jul. 02, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business And Basis Of Presentation [Line Items]
Revenue, net	$ 593.3	$ 571.4	$ 1,139.8	$ 1,097.5	$ 2,200
Estimated reduction of single-use retail water bottle production (more than) | bottle		400,000,000
Impairment charges	0	$ 29.1	$ 0	29.1
Russia | Europe | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Exiting Of Operations In Russia
Business And Basis Of Presentation [Line Items]
Impairment charge, reduce carrying value to estimated fair value		11.2		11.2
Goodwill impairment		11.2		11.2
Impairment charges		29.1		29.1
Russia | Europe | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Exiting Of Operations In Russia | Trademarks
Business And Basis Of Presentation [Line Items]
Indefinite-lived intangible asset impairment		6.7		6.7
Minimum | Europe
Business And Basis Of Presentation [Line Items]
Number of years carbon neutrality maintained (more than)			11 years
Water Dispensers
Business And Basis Of Presentation [Line Items]
Revenue, net	$ 17.1	18.5	$ 29.9	32.7
Number of locations | location	10,300		10,300
Water Direct
Business And Basis Of Presentation [Line Items]
Number of countries, country footprint | country	21		21
Water Exchange | Minimum
Business And Basis Of Presentation [Line Items]
Number of locations | location	17,500		17,500
Water Refill
Business And Basis Of Presentation [Line Items]
Number of locations | location	23,500		23,500
Water Filtration
Business And Basis Of Presentation [Line Items]
Number of countries, country footprint | country	21		21
Shipping and Handling | Selling, General and Administrative Expenses
Business And Basis Of Presentation [Line Items]
Shipping and handling costs	$ 143.5	$ 137.3	$ 283.7	$ 264.6

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accrued sales incentives	$ 7.5	$ 7.5	$ 7.8
Deferred revenue	15.7	15.7	$ 11.5
Revenue recognized	$ 1.7	$ 10

Revenue - Schedule of Revenue t

Revenue - Schedule of Revenue to External Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total	$ 593.3	$ 571.4	$ 1,139.8	$ 1,097.5	$ 2,200
United States
Disaggregation of Revenue [Line Items]
Total	433.6	419.8	830.4	801.6
United Kingdom
Disaggregation of Revenue [Line Items]
Total	37.2	33.4	76.3	74.8
Canada
Disaggregation of Revenue [Line Items]
Total	17.3	17.1	33	32.5
All other countries
Disaggregation of Revenue [Line Items]
Total	$ 105.2	$ 101.1	$ 200.1	$ 188.6

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - Amended and Restated Equity Plan - Common Shares $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares) | shares	76,024
Grants in period, fair value | $	$ 1.3

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 11	$ 1.4	$ 14.2	$ 3.8
Pre-tax income (loss) from continuing operations	$ 32.3	$ (21.1)	$ 41.3	$ (25.4)
Effective income tax rates	34.10%	(6.60%)	34.40%	(15.00%)

Common Shares and Net Income _3

Common Shares and Net Income (Loss) per Common Share - Additional Information (Details) - USD ($)			3 Months Ended		6 Months Ended
	Aug. 15, 2022	May 10, 2021	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Aug. 09, 2022	May 04, 2021
Equity, Class of Treasury Stock [Line Items]
Common shares repurchased and canceled			$ 2,500,000	$ 200,000	$ 21,800,000	$ 2,000,000
August 2022 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount (up to)							$ 100,000,000
Share repurchase program, period in force	12 months
Common shares repurchased and cancelled (in shares)			160,098		1,272,612
Common shares repurchased and canceled			$ 2,400,000		$ 19,000,000
May 2021 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount (up to)								$ 50,000,000
Share repurchase program, period in force		12 months
Common shares repurchased and cancelled (in shares)						0

Common Shares and Net Income _4

Common Shares and Net Income (Loss) per Common Share - Weighted Average Reconciliation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares outstanding - basic (in shares)	159,196	161,149	159,465	161,038
Weighted average common shares outstanding - diluted (in shares)	159,900	161,149	160,332	161,038
Performance-based RSUs
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect (in shares)	0	0	103	0
Time-based RSUs
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect (in shares)	512	0	498	0
Stock Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect (in shares)	192	0	266	0

Common Shares and Net Income _5

Common Shares and Net Income (Loss) per Common Share - Anti-dilutive Securities Excluded from the Computation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted income (loss) per common share (in shares)	2,219	4,617	1,984	4,617
Performance-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted income (loss) per common share (in shares)	1,175	1,191	1,175	1,191
Time-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted income (loss) per common share (in shares)	0	841	0	841

Segment Reporting - Information

Segment Reporting - Information by Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue, net	$ 593.3	$ 571.4	$ 1,139.8	$ 1,097.5	$ 2,200
Depreciation and amortization	62.9	60.2	125.3	121.4
Operating income (loss)	47.6	6.6	69.1	21.9
Additions to property, plant and equipment	36	46.6	89.7	85.2
Other
Segment Reporting Information [Line Items]
Revenue, net	64.8	64.8	129.6	129.5
Depreciation and amortization	5.9	5.8	11.9	11.9
Operating income (loss)	(16.8)	(12.6)	(32.9)	(22)
Additions to property, plant and equipment	4.1	4	9.2	9.8
North America | Operating Segments
Segment Reporting Information [Line Items]
Revenue, net	450.5	436.7	862.8	833.8
Depreciation and amortization	46.8	44.3	93.6	89.6
Operating income (loss)	57.3	48.3	92	76.6
Additions to property, plant and equipment	26.6	35.7	68.7	62.3
Europe | Operating Segments
Segment Reporting Information [Line Items]
Revenue, net	78	69.9	147.4	134.2
Depreciation and amortization	10.2	10.1	19.8	19.9
Operating income (loss)	7.1	(29.1)	10	(32.7)
Additions to property, plant and equipment	$ 5.3	$ 6.9	$ 11.8	$ 13.1

Segment Reporting - Revenues by

Segment Reporting - Revenues by Channel Reporting Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total	$ 593.3	$ 571.4	$ 1,139.8	$ 1,097.5	$ 2,200
Water Direct/Water Exchange
Segment Reporting Information [Line Items]
Total	414.1	386.5	789.9	723.8
Water Refill/Water Filtration
Segment Reporting Information [Line Items]
Total	66.1	56.2	127.7	107.1
Other Water
Segment Reporting Information [Line Items]
Total	31.9	44.1	59.1	94.5
Water Dispensers
Segment Reporting Information [Line Items]
Total	17.1	18.5	29.9	32.7
Other
Segment Reporting Information [Line Items]
Total	64.1	66.1	133.2	139.4
Other
Segment Reporting Information [Line Items]
Total	64.8	64.8	129.6	129.5
Other | Water Direct/Water Exchange
Segment Reporting Information [Line Items]
Total	11	11.7	21.4	22.5
Other | Water Refill/Water Filtration
Segment Reporting Information [Line Items]
Total	0.8	0.7	1.4	1.2
Other | Other Water
Segment Reporting Information [Line Items]
Total	19.7	21.5	35.4	37.5
Other | Water Dispensers
Segment Reporting Information [Line Items]
Total	0	0	0	0
Other | Other
Segment Reporting Information [Line Items]
Total	33.3	30.9	71.4	68.3
North America | Operating Segments
Segment Reporting Information [Line Items]
Total	450.5	436.7	862.8	833.8
North America | Operating Segments | Water Direct/Water Exchange
Segment Reporting Information [Line Items]
Total	342.9	321.1	655.3	599.4
North America | Operating Segments | Water Refill/Water Filtration
Segment Reporting Information [Line Items]
Total	55.4	47.3	107.6	89.5
North America | Operating Segments | Other Water
Segment Reporting Information [Line Items]
Total	11.9	22.2	23.2	56.2
North America | Operating Segments | Water Dispensers
Segment Reporting Information [Line Items]
Total	16.7	18.5	29.4	32.7
North America | Operating Segments | Other
Segment Reporting Information [Line Items]
Total	23.6	27.6	47.3	56
Europe | Operating Segments
Segment Reporting Information [Line Items]
Total	78	69.9	147.4	134.2
Europe | Operating Segments | Water Direct/Water Exchange
Segment Reporting Information [Line Items]
Total	60.2	53.7	113.2	101.9
Europe | Operating Segments | Water Refill/Water Filtration
Segment Reporting Information [Line Items]
Total	9.9	8.2	18.7	16.4
Europe | Operating Segments | Other Water
Segment Reporting Information [Line Items]
Total	0.3	0.4	0.5	0.8
Europe | Operating Segments | Water Dispensers
Segment Reporting Information [Line Items]
Total	0.4	0	0.5	0
Europe | Operating Segments | Other
Segment Reporting Information [Line Items]
Total	$ 7.2	$ 7.6	$ 14.5	$ 15.1

Inventories - Summary of Invent

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 57.1	$ 68.5
Finished goods	34.9	30.9
Resale items	11.6	11.1
Other	2.1	1.6
Total	$ 105.7	$ 112.1

Debt - Additional Information (

Debt - Additional Information (Details) - Line of Credit - USD ($)		6 Months Ended
	Mar. 06, 2020	Jul. 01, 2023	Dec. 31, 2022
Letter of Credit and Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings		$ 263,200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000
Maturity period	5 years
Financing fees	$ 3,400,000
Outstanding borrowings		208,000,000
Unused availability		$ 86,800,000
Weighted average effective interest rate		6.70%	5.90%
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee (as a percent)		0.20%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee (as a percent)		0.30%
Revolving Credit Facility | Federal Funds
Debt Instrument [Line Items]
Applicable margin		0.50%
Revolving Credit Facility | Euro currency, SOFR, and Alternate currency | Minimum
Debt Instrument [Line Items]
Applicable margin		1.375%
Revolving Credit Facility | Euro currency, SOFR, and Alternate currency | Maximum
Debt Instrument [Line Items]
Applicable margin		2%
Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Applicable margin		1%
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Applicable margin		0.375%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Applicable margin		1%
Revolving Credit Facility | Abl Facility
Debt Instrument [Line Items]
Unamortized deferred costs	$ 1,800,000
Letter of Credit
Debt Instrument [Line Items]
Outstanding borrowings		$ 55,200,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income - Changes by Component (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
AOCI Attributable to Parent
Beginning balance	$ 1,256.5	$ 1,304.5	$ 1,282.9	$ 1,320.1
OCI before reclassifications	(0.6)	1.8	(7.2)	1.7
Amounts reclassified from AOCI	0.6	0	0.6	0
Net current-period OCI	0	1.8	(6.6)	1.7
Ending balance	1,265.8	1,276.8	1,265.8	1,276.8
Pension Benefit Plan Items
AOCI Attributable to Parent
Beginning balance	1.2	(1.7)	1.2	(1.7)
OCI before reclassifications	0	0	0	0
Amounts reclassified from AOCI	0.6		0.6
Net current-period OCI	0.6		0.6
Ending balance	1.8	(1.7)	1.8	(1.7)
Currency Translation Adjustment Items
AOCI Attributable to Parent
Beginning balance	(90)	(67.5)	(83.4)	(67.4)
OCI before reclassifications	(0.6)	1.8	(7.2)	1.7
Amounts reclassified from AOCI	0		0
Net current-period OCI	(0.6)		(7.2)
Ending balance	(90.6)	(65.7)	(90.6)	(65.7)
Total
AOCI Attributable to Parent
Beginning balance	(88.8)	(69.2)	(82.2)	(69.1)
Ending balance	$ (88.8)	$ (67.4)	$ (88.8)	$ (67.4)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive (Loss) Income - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Equity [Abstract]
Amounts reclassified from AOCI	$ (0.6)	$ 0	$ (0.6)	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Jul. 01, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Operating Leased Assets [Line Items]
Number of third-party lessors | segment	2
Maximum potential amount of undiscounted future payments under the guarantee	$ 12.2
Approved Sale Of Multiple Properties | Disposal Group, Held-for-sale, Not Discontinued Operations
Operating Leased Assets [Line Items]
Assets held for sale, land and buildings	17.3	$ 10.3
ABL facility
Operating Leased Assets [Line Items]
Standby letters of credit outstanding	$ 55.2	$ 46.6

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Details) - Senior Notes - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 1,227	$ 1,214.9
Estimate of Fair Value, Fair Value Disclosure
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,058	1,060.9
3.875% senior notes due in 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate on notes	3.875%
Carrying Value	$ 484.9	473.5
3.875% senior notes due in 2028 | Estimate of Fair Value, Fair Value Disclosure
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 420.6	418.7
4.375% senior notes due in 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate on notes	4.375%
Carrying Value	$ 742.1	741.4
4.375% senior notes due in 2029 | Estimate of Fair Value, Fair Value Disclosure
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 637.4	$ 642.2

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Aug. 09, 2023	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Subsequent Event [Line Items]
Dividends declared per share (in USD per share)		$ 0.08	$ 0.07	$ 0.16	$ 0.14
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in USD per share)	$ 0.08
Subsequent Event | Repurchase Plan
Subsequent Event [Line Items]
Share repurchase program, authorized amount (up to)	$ 50,000,000