Primo Water (PRMW) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 30, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 30, 2024
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)		159,966,806
Entity Central Index Key	0000884713
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Statement [Abstract]
Revenue, net	$ 452	$ 412.5
Cost of sales	160.7	153.5
Gross profit	291.3	259
Selling, general and administrative expenses	249.4	234.6
Loss on disposal of property, plant and equipment, net	1.5	1.3
Acquisition and integration expenses	5.3	1.7
Gain on sale of property	(0.5)	0
Operating income	35.6	21.4
Other income, net	(2.6)	(0.3)
Interest expense, net	10	18.2
Income from continuing operations before income taxes	28.2	3.5
Income tax expense	9.5	0.3
Net income from continuing operations	18.7	3.2
Net income from discontinued operations, net of income taxes (Note 2)	6.3	2.6
Net income from continuing operations	$ 25	$ 5.8
Basic:
Continuing operations (In USD per share)	$ 0.12	$ 0.02
Discontinued operations (In USD per share)	0.04	0.02
Net income (loss) (In USD per share)	0.16	0.04
Diluted:
Continuing operations (In USD per share)	0.12	0.02
Discontinued operations (In USD per share)	0.04	0.02
Net income (loss) (In USD per share)	$ 0.16	$ 0.04
Weighted-average common shares outstanding (in thousands)
Basic (in shares)	159,573	159,726
Diluted (in shares)	160,449	160,781

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		3 Months Ended
		Mar. 30, 2024	Apr. 01, 2023
Statement of Comprehensive Income [Abstract]
Net income		$ 25	$ 5.8
Other comprehensive loss:
Currency translation adjustment		(5.5)	(6.6)
Loss on derivative instruments, net of tax	[1]	(0.7)	0
Total other comprehensive loss		(6.2)	(6.6)
Comprehensive income (loss)		$ 18.8	$ (0.8)
[1]Net of the tax impact of $0.2 million and nil for the three months ended March 30, 2024 and April 1, 2023, respectively.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Statement of Comprehensive Income [Abstract]
Tax expense	$ 200,000	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Current assets
Cash and cash equivalents	$ 498.3	$ 507.9
Accounts receivable, net of allowance of $13.1 ($12.7 as of December 30, 2023)	161.3	156
Inventories	46.3	47.3
Prepaid expenses and other current assets	26.3	26
Current assets of discontinued operations	125.9	128.7
Total current assets	858.1	865.9
Property, plant and equipment, net	546.5	556.5
Operating lease right-of-use-assets	139.2	136
Goodwill	1,004.7	1,004.6
Intangible assets, net	709.1	714.2
Other long-term assets, net	16.9	20.2
Long-term assets of discontinued operations	225.2	225.6
Total assets	3,499.7	3,523
Current liabilities
Current maturities of long-term debt	14.3	14.2
Accounts payable and accrued liabilities	260.5	276.4
Current operating lease obligations	25.1	25.6
Current liabilities of discontinued operations	102.1	109.9
Total current liabilities	402	426.1
Long-term debt	1,255	1,270.8
Operating lease obligations	126.5	124
Deferred tax liabilities	145.7	144.2
Other long-term liabilities	75.8	64.4
Long-term liabilities of discontinued operations	51	52.2
Total liabilities	2,056	2,081.7
Equity
Common shares, no par value - 159,707,056 (December 30, 2023 - 159,480,638) shares issued	1,296.4	1,288.6
Additional paid-in capital	85.4	90.6
Retained earnings	173.2	167.2
Accumulated other comprehensive loss	(111.3)	(105.1)
Total Primo Water Corporation equity	1,443.7	1,441.3
Total liabilities and equity	$ 3,499.7	$ 3,523

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 13.1	$ 12.7
Common shares, par value (in USD per share)	$ 0	$ 0
Common shares, shares issued (in shares)	159,707,056	159,480,638

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Cash flows from operating activities of continuing operations:
Net income	$ 25	$ 5.8
Net income from discontinued operations, net of income taxes	6.3	2.6
Net income from continuing operations	18.7	3.2
Adjustments to reconcile net income from continuing operations to cash flows from operating activities of continuing operations:
Depreciation and amortization	48.2	47.1
Amortization of financing fees	0.8	0.8
Share-based compensation expense	3	2
Provision for deferred income taxes	1.9	1.1
Loss on disposal of property, plant and equipment, net	1.5	1.3
Gain on sale of property	(0.5)	0
Other non-cash items	(4.6)	(2)
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable	(6)	3.8
Inventories	1.2	2.1
Prepaid expenses and other current assets	(3.4)	(2.3)
Other assets	(0.5)	(0.1)
Accounts payable and accrued liabilities and other liabilities	3.1	(26.7)
Net cash provided by operating activities of continuing operations	63.4	30.3
Cash flows from investing activities of continuing operations:
Acquisitions, net of cash received	(4.1)	(7.4)
Additions to property, plant and equipment	(37.6)	(42.2)
Additions to intangible assets	(2.3)	(2)
Proceeds from sale of property, plant and equipment	0.1	0.1
Proceeds from sale of property	1	0
Other investing activities	2.7	0.8
Net cash used in investing activities of continuing operations	(40.2)	(50.7)
Cash flows from financing activities of continuing operations:
Payments of long-term debt	(2.8)	(3.2)
Proceeds from short-term borrowings	0	61
Payments on short-term borrowings	0	(33.2)
Issuance of common shares	6.2	4.3
Common shares repurchased and canceled	(11.1)	(19.3)
Dividends paid to common shareholders	(14.8)	(12.8)
Payment of contingent consideration for acquisitions	(0.7)	(0.8)
Other financing activities	0	(2.5)
Net cash used in financing activities of continuing operations	(23.2)	(6.5)
Cash flows from discontinued operations:
Net cash provided by operating activities from discontinued operations	0.8	4
Net cash used in investing activities from discontinued operations	(5.6)	(10.8)
Net cash provided by financing activities from discontinued operations	0.1	6.8
Net cash (used in) provided by discontinued operations	(4.7)	0
Effect of exchange rate changes on cash	(0.5)	0.8
Net decrease in cash, cash equivalents and restricted cash	(5.2)	(26.1)
Cash and cash equivalents and restricted cash, beginning of period	530.5	122.6
Cash and cash equivalents and restricted cash, end of period	525.3	96.5
Cash and cash equivalents and restricted cash from discontinued operations, end of period	27	40.4
Cash and cash equivalents and restricted cash of continuing operations, end of period	498.3	56.1
Supplemental Non-Cash Investing and Financing Activities:
Additions to property, plant and equipment through accounts payable and accrued liabilities and other liabilities	12.2	15.1
Dividends payable issued through accounts payable and accrued liabilities	0.2	0.2
Operating lease right-of-use assets obtained in exchange for lease obligations	10.5	1.1
Inventory transfer to property, plant and equipment	0.2	6.9
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	0.9	4.7
Cash received for interest	4.7	0
Cash paid for income taxes, net	$ 0.1	$ 0.2

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	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Dec. 31, 2022			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	5.8						5.8
Other comprehensive loss, net of tax	(6.6)							(6.6)
Common shares dividends	(12.9)						(12.9)
Share-based compensation	2.3				2.3
Common shares repurchased and canceled (in shares)			(1,278,000)
Common shares repurchased and canceled	(19.3)		$ (11.6)				(7.7)
Common shares issued - Equity Incentive Plan (in shares)				760,000
Common shares issued - Equity Incentive Plan		$ 3.9		$ 11.3		$ (7.4)
Common shares issued - Employee Stock Purchase Plan (in shares)			27,000
Common shares issued - Employee Stock Purchase Plan	0.4		$ 0.4
Ending Balance (in shares) at Apr. 01, 2023			159,261,000
Ending balance at Apr. 01, 2023	$ 1,256.5		$ 1,283.3		86.2		(24.2)	(88.8)
Beginning Balance (in shares) at Dec. 30, 2023	159,480,638		159,481,000
Beginning balance at Dec. 30, 2023	$ 1,441.3		$ 1,288.6		90.6		167.2	(105.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25						25
Other comprehensive loss, net of tax	(6.2)							(6.2)
Common shares dividends	(14.6)						(14.6)
Share-based compensation	3.1				3.1
Common shares repurchased and canceled (in shares)			(748,000)
Common shares repurchased and canceled	(11.1)		$ (6.7)				(4.4)
Common shares issued - Equity Incentive Plan (in shares)				945,000
Common shares issued - Equity Incentive Plan		$ 5.8		$ 14.1		$ (8.3)
Common shares issued - Dividend Reinvestment Plan (in shares)			1,000
Common shares issued - Employee Stock Purchase Plan (in shares)			28,000
Common shares issued - Employee Stock Purchase Plan	$ 0.4		$ 0.4
Ending Balance (in shares) at Mar. 30, 2024	159,707,056		159,707,000
Ending balance at Mar. 30, 2024	$ 1,443.7		$ 1,296.4		$ 85.4		$ 173.2	$ (111.3)

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Statement of Stockholders' Equity [Abstract]
Common shares dividends (in USD per share)	$ 0.09	$ 0.08

Business and Recent Accounting

Business and Recent Accounting Pronouncements	3 Months Ended
	Mar. 30, 2024
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 North America-focused pure-play water solutions provider that 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 11,200 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 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 North America. 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 which ensures 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 U.S. operations achieved carbon neutral certification in 2020 under the Carbon Neutral Protocol, an international standard administered by Climate Impact Partners. 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 30, 2023 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 30, 2023 (the “2023 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 the 2023 Annual Report. The accounting policies used in these interim unaudited Consolidated Financial Statements are consistent with those used in the annual Consolidated Financial Statements. The presentation of these interim unaudited 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. Discontinued Operations On November 2, 2023, Primo entered into a Share Purchase Agreement (the “Purchase Agreement”) with a subsidiary of the Culligan Group providing for the sale of Carbon Luxembourg S.à.r.l. and certain of its subsidiaries (the "European Business"). On December 29, 2023, Primo completed the sale of the European Business for aggregate deal consideration of $575.0 million, adjusted for customary purchase price adjustments resulting in total cash consideration of $565.9 million (the “European Divestiture”). The European Divestiture did not include Primo's interests in Aimia Foods Limited (“Aimia”), Decantae Mineral Water Limited (“Decantae”), Fonthill Waters Ltd (“Fonthill”), John Farrer & Company Limited (“Farrers”), and the portions of the Eden Springs Netherlands B.V. business located in the United Kingdom, Israel, and Portugal (collectively the "Remaining International Businesses"). The European Business and the Remaining International Businesses are collectively the "International Businesses." This deal is the first of several transactions that will occur in 2024 as part of a Board-approved plan to sell all of our international businesses, representing a strategic shift in our operations. Accordingly, the International Businesses are presented herein as discontinued operations. For all periods presented, the operating results associated with the International Businesses have been reclassified into Net income from discontinued operations, net of income taxes in the Consolidated Statements of Operations and the assets and liabilities associated with this business have been reflected as current and long-term assets and liabilities of discontinued operations in the Consolidated Balance Sheets. Cash flows from the Company’s discontinued operations are presented in the Consolidated Statements of Cash Flows for all periods presented. The Notes to Consolidated Financial Statements are presented on a continuing operations basis unless otherwise noted. See Note 2 to the Consolidated Financial Statements for additional information on discontinued operations. Changes in Presentation Prior to the European Divestiture, our business operated through two reporting segments: (i) North America, which included our DS Services of America, Inc. (“DSS”), Aquaterra Corporation (“Aquaterra”), Mountain Valley Spring Company (“Mountain Valley”) businesses, and (ii) Europe, which included the European business of Eden Springs Netherlands B.V. (“Eden Europe”), and our Decantae and Fonthill businesses. The Other category included the Israel business of Eden ("Eden Israel"), and our Aimia and Farrers businesses, as well as our corporate oversight function and other miscellaneous expenses. During the fourth quarter of 2023, we reviewed and realigned our reporting segments to exclude the businesses within discontinued operations which reflects how the business will be managed and results will be evaluated by the Chief Executive Officer, who is the Company’s chief operating decision maker. Following such review, our one reporting segment is North America, which includes our DSS, Aquaterra, and Mountain Valley businesses. The Other category includes our corporate oversight function and other miscellaneous expenses. Segment reporting results have been recast to reflect these changes for all periods presented. Significant Accounting Policies Included in Note 1 of the 2023 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 in the Consolidated Statements of Operations. 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 in the Consolidated Statements of Operations. All other costs incurred in the shipment of products from our production facilities to customer locations are reflected in Cost of sales in the Consolidated Statements of Operations. Shipping and handling costs included in SG&A expenses for the three months ended March 30, 2024 and April 1, 2023 were $121.1 million and $113.3 million, respectively. Finished goods inventory costs include the cost of direct labor and materials and the applicable share of overhead expense chargeable to production. Derivative Financial Instruments We use foreign exchange forward contracts ("foreign exchange contracts") to manage the foreign exchange risk associated with the principal balance of our €450.0 million 3.875% senior notes due October 31, 2028 (the "2028 Notes"). Foreign exchange forward contracts are agreements to buy or sell a quantity of a currency at a predetermined future date, and at a predetermined rate or price. All derivative instruments are recorded at fair value in the Consolidated Balance Sheets. We exclude forward points from our assessment of hedge effectiveness and amortize them on a straight-line basis over the life of the derivative financial instruments in Other income, net in the Consolidated Statements of Operations. The difference between fair value changes of the excluded component and the amount amortized to Other income, net is recorded in Accumulated other comprehensive loss ("AOCI") on the Consolidated Balance Sheets. We do not use derivative financial instruments for trading or speculative purposes. We manage credit risk related to the derivative financial instruments by requiring high credit standards for our counterparties. Refer to Note 11 to the Consolidated Financial Statements for further information on our derivative financial instruments. Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. As of March 30, 2024 and December 30, 2023, cash and cash equivalents were maintained at major financial institutions in the United States, and current deposits are in excess of insured limits. The Company believes these institutions have sufficient assets and liquidity to conduct their operations in the ordinary course of business with little or no credit risk to the Company. The Company has not experienced any losses in such accounts. Recently Adopted Accounting Pronouncements The Company did not adopt any new accounting pronouncements during the three months ended March 30, 2024. Recently Issued Accounting Pronouncements Not Yet Adopted Update ASU 2023-06 – Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative In October 2023, the FASB issued guidance to modify the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. This guidance is effective for the Company no later than June 30, 2027. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements. Update ASU 2023-07 – Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures In November 2023, the FASB issued guidance to improve the disclosures about a public entity’s reportable segments and provide for the disclosure of additional and more detailed information about a reportable segment’s expenses. This guidance is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements. Update ASU 2023-09 – Income Taxes (Topic 740) - Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information. This guidance is effective for the Company for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations International Businesses On December 29, 2023, the Company completed the European Divestiture for aggregate deal consideration of $575.0 million, adjusted for customary purchase price adjustments resulting in total cash consideration of $565.9 million (see Note 1 to the Consolidated Financial Statements). The European Divestiture excluded the Remaining International Businesses. This deal is the first of several transactions that will occur in 2024 as part of a Board-approved plan to sell all of our international businesses representing a strategic shift in our operations. Accordingly, the International Businesses are presented herein as discontinued operations for all periods presented. In connection with the European Divestiture, the Company and the purchaser entered into a transition services agreement pursuant to which the purchaser will provide certain information technology and shared service center services to the Company for various periods. For the three months ended March 30, 2024, these services were not material. The major components of Net income from discontinued operations, net of income taxes in the accompanying Consolidated Statement of Operations include the following: For the Three Months Ended (in millions of U.S. dollars) March 30, 2024 April 1, 2023 Revenue, net $ 79.1 $ 134.0 Cost of sales 46.3 64.7 Gross profit 32.8 69.3 Selling, general and administrative expenses 23.7 68.9 Loss on disposal of property, plant and equipment, net 0.1 — Acquisition and integration expenses — 0.3 Operating income from discontinued operations 9.0 0.1 Other income, net — (6.0) Loss on sale of discontinued operations 0.5 — Interest expense, net 0.6 0.6 Income from discontinued operations, before income taxes $ 7.9 $ 5.5 Income tax expense 1.6 2.9 Net income from discontinued operations, net of income taxes $ 6.3 $ 2.6 Assets and liabilities of discontinued operations presented in the accompanying Consolidated Balance Sheets as of March 30, 2024 and December 30, 2023 include the following: (in millions of U.S. dollars) March 30, 2024 December 30, 2023 ASSETS Cash and cash equivalents $ 27.0 $ 22.6 Accounts receivable, net of allowance of $3.1 ($3.4 as of December 30, 2023) 59.4 67.4 Inventories 31.8 31.9 Prepaid expenses and other current assets 7.7 6.8 Current assets of discontinued operations $ 125.9 $ 128.7 Property, plant and equipment, net 86.1 83.7 Operating lease right-of-use-assets 37.7 37.9 Goodwill 47.5 48.5 Intangible assets, net 60.5 61.5 Other long-term assets, net 1 (6.6) (6.0) Long-term assets of discontinued operations $ 225.2 $ 225.6 LIABILITIES Short-term borrowings $ 18.7 $ 18.4 Current maturities of long-term debt 3.4 3.5 Accounts payable and accrued liabilities 75.3 83.4 Current operating lease obligations 4.7 4.6 Current liabilities of discontinued operations $ 102.1 $ 109.9 Long-term debt 9.1 9.2 Operating lease obligations 32.1 33.6 Deferred tax liabilities 7.5 7.0 Other long-term liabilities 2.3 2.4 Long-term liabilities of discontinued operations $ 51.0 $ 52.2 ________________________________ 1 Includes the impairment recorded to reduce the carrying value of the Remaining International Businesses to the fair value less costs to sell.

Revenue

Revenue	3 Months Ended
	Mar. 30, 2024
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 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 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. This methodology is consistent with the manner in which we historically estimated and recorded promotional programs and discounts. Accrued sales incentives were $10.4 million and $7.7 million as of March 30, 2024 and December 30, 2023, 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 we have the right to invoice as the product is delivered. Contract Balances The Company does not have any material contract assets or liabilities as of March 30, 2024 and December 30, 2023. 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 (in millions of U.S. dollars) March 30, 2024 April 1, 2023 United States $ 435.8 $ 396.8 Canada 15.9 15.7 All other countries 0.3 — Total $ 452.0 $ 412.5

Interest Expense, Net

Interest Expense, Net	3 Months Ended
	Mar. 30, 2024
Banking and Thrift, Interest [Abstract]
Interest Expense, Net	Interest Expense, Net The following table summarizes Interest expense, net for the three months ended March 30, 2024 and April 1, 2023: For the Three Months Ended (in millions of U.S. dollars) March 30, 2024 April 1, 2023 Interest on short-term debt $ 0.2 $ 3.7 Interest on long-term debt 12.9 12.9 Other interest expense 1.6 1.6 Interest income (4.7) — Total $ 10.0 $ 18.2

Income Taxes

Income Taxes	3 Months Ended
	Mar. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was $9.5 million on pre-tax income of $28.2 million for the three months ended March 30, 2024, as compared to income tax expense of $0.3 million on pre-tax income of $3.5 million in the comparable prior year period. The effective income tax rate for the three months ended March 30, 2024 was 33.7% compared to 8.6% in the comparable prior year period. The effective tax rate for the three months ended March 30, 2024 varied from the effective tax rate in the comparable prior year period due primarily to increased income in taxable jurisdictions and foreign exchange gains incurred in the first quarter of 2023 in tax jurisdictions for which no tax expense was recognized due to existing valuation allowances. The effective tax rate for the three months ended March 30, 2024 varied from applicable statutory tax rates due primarily 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 pe

Common Shares and Net Income per Common Share	3 Months Ended
	Mar. 30, 2024
Earnings Per Share [Abstract]
Common Shares and Net Income per Common Share	Common Shares and Net Income per Common Share Common Shares On August 9, 2023, our Board of Directors approved a share repurchase program for up to $50.0 million of our outstanding common shares. Upon the closing of the European Divestiture on December 29, 2023, an incremental $25.0 million share repurchase was authorized, revising the total share repurchase authorization to $75.0 million. For the three months ended March 30, 2024, we repurchased 582,944 common shares for approximately $9.1 million through open market transactions under this repurchase plan. 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 that expired on August 14, 2023. For the three months ended April 1, 2023, we repurchased 1,112,514 common shares for approximately $16.6 million through open market transactions under this repurchase plan. Shares purchased under these repurchase plans were subsequently canceled. Net Income per Common Share Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding during the periods presented. Diluted net income per common share is calculated by dividing net income 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 (in thousands) March 30, 2024 April 1, 2023 Weighted-average common shares outstanding - basic 159,573 159,726 Dilutive effect of Stock Options 344 367 Dilutive effect of Performance based RSUs 213 205 Dilutive effect of Time-based RSUs 319 483 Weighted-average common shares outstanding - diluted 160,449 160,781 The following table summarizes anti-dilutive securities excluded from the computation of diluted net income per common share for the periods indicated: For the Three Months Ended (in thousands) March 30, 2024 April 1, 2023 Stock Options 1,345 1,396 Performance-based RSUs 1 1,317 1,230 Time-based RSUs 2 — — ______________________ 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	3 Months Ended
	Mar. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our broad portfolio of products includes bottled water, water dispensers, purified bottled water, self-service refill drinking water, filtration units, premium spring, sparkling and flavored essence water, mineral water, and coffee. During the fourth quarter of 2023, we reviewed and realigned our reporting segments to exclude the businesses within discontinued operations. Our sole reporting segment is North America, which includes DSS, Aquaterra, and Mountain Valley Spring businesses. The Other category includes our corporate oversight function, other miscellaneous expenses. Segment reporting results have been recast to reflect these changes for all periods presented. Three Months Ended March 30, 2024 (in millions of U.S. dollars) North America Other Total Revenue, net $ 451.6 $ 0.4 $ 452.0 Depreciation and amortization 47.8 0.4 48.2 Operating income (loss) 51.4 (15.8) 35.6 Additions to property, plant and equipment 36.9 0.7 37.6 Three Months Ended April 1, 2023 (in millions of U.S. dollars) North America Other Total Revenue, net $ 412.3 $ 0.2 $ 412.5 Depreciation and amortization 46.8 0.3 47.1 Operating income (loss) 34.7 (13.3) 21.4 Additions to property, plant and equipment 42.1 0.1 42.2 Revenues by channel by reporting segment were as follows: Three Months Ended March 30, 2024 (in millions of U.S. dollars) North America Other Total Revenue, net Water Direct/Water Exchange $ 339.4 $ — $ 339.4 Water Refill/Water Filtration 58.0 — 58.0 Other Water 17.7 — 17.7 Water Dispensers 16.8 — 16.8 Other 19.7 0.4 20.1 Total $ 451.6 $ 0.4 $ 452.0 Three Months Ended April 1, 2023 (in millions of U.S. dollars) North America Other Total Revenue, net Water Direct/Water Exchange $ 312.4 $ — $ 312.4 Water Refill/Water Filtration 52.2 — 52.2 Other Water 11.3 — 11.3 Water Dispensers 12.7 — 12.7 Other 23.7 0.2 23.9 Total $ 412.3 $ 0.2 $ 412.5

Inventories

Inventories	3 Months Ended
	Mar. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories The following table summarizes inventories as of March 30, 2024 and December 30, 2023: (in millions of U.S. dollars) March 30, 2024 December 30, 2023 Raw materials $ 28.2 $ 30.4 Finished goods 8.1 6.8 Resale items 10.0 10.1 Total $ 46.3 $ 47.3

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	3 Months Ended
	Mar. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income Changes in AOCI by component for the three months ended March 30, 2024 and April 1, 2023 were as follows: (in millions of U.S. dollars) 1 Gains and Losses Pension Currency Total Balance as of December 30, 2023 $ — $ (0.8) $ (104.3) $ (105.1) OCI before reclassifications (2.3) — (5.5) (7.8) Amounts reclassified from AOCI 2 1.6 — — 1.6 Net current-period OCI (0.7) — (5.5) (6.2) Balance as of March 30, 2024 $ (0.7) $ (0.8) $ (109.8) $ (111.3) Balance as of December 31, 2022 $ — $ 1.2 $ (83.4) $ (82.2) OCI before reclassifications — — (6.6) (6.6) Net current-period OCI — — (6.6) (6.6) Balance as of April 1, 2023 $ — $ 1.2 $ (90.0) $ (88.8) ______________________ 1 All amounts are net of tax. Amounts in parentheses indicate debits. 2 During the three months ended March 30, 2024, $2.2 million of losses were reclassified from AOCI related to the amounts excluded from the effectiveness testing recognized in earnings for the foreign exchange forward contracts. The effect of the loss was included in Other income, net on the Consolidated Statements of Operations. The tax impact of the losses was $0.6 million recorded within Income tax expense on the Consolidated Statements of Operations. There were no amounts reclassified from AOCI during the three months ended April 1, 2023.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 30, 2024
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. As of both March 30, 2024 and December 30, 2023, we had $66.7 million in standby letters of credit outstanding. 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 $10.0 million as of March 30, 2024, 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.

Hedging Transactions and Deriva

Hedging Transactions and Derivative Financial Instruments	3 Months Ended
	Mar. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedging Transactions and Derivative Financial Instruments	Hedging Transactions and Derivative Financial Instruments We are directly and indirectly affected by changes in foreign currency market conditions. These changes in market conditions may adversely impact our financial performance and are referred to as market risks. When deemed appropriate by management, we use derivatives as a risk management tool to mitigate the potential impact of foreign currency market risks. We use foreign exchange forward contracts to manage the foreign exchange risk associated with the principal balance of our 2028 Notes. Forward contracts are agreements to buy or sell a quantity of a currency at a predetermined future date, and at a predetermined rate or price and are traded over-the-counter. All derivatives are carried at fair value in the Consolidated Balance Sheets in the line item Other long-term assets, net or Other long-term liabilities. The carrying values of the derivatives reflect the impact of legally enforceable agreements with the same counterparties. These agreements allow us to net settle positive and negative positions (assets and liabilities) arising from different transactions with the same counterparty. The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the types of hedging relationships. Derivatives can be designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The changes in the fair values of derivatives that have been designated and qualify for fair value hedge accounting are recorded in the same line item in our Consolidated Statements of Operations as the changes in the fair value of the hedged items attributable to the risk being hedged. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures being hedged, fluctuations in the value of the derivative instruments are generally offset by changes in the fair values or cash flows of the underlying exposures being hedged. The changes in fair values of derivatives that were not designated and/or did not qualify as hedging instruments are immediately recognized into earnings. We classify cash inflows and outflows related to derivative and hedging instruments within the appropriate cash flows section associated with the item being hedged. For derivatives that will be accounted for as hedging instruments, we formally designate and document, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, we formally assess both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are highly effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. We estimate the fair values of our derivatives based on quoted market prices or pricing models using current market rates. The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates or other financial indices. We do not view the fair values of our derivatives in isolation, but rather in relation to the fair values or cash flows of the underlying hedged transactions. All of our derivatives are over-the-counter instruments with liquid markets. Credit Risk Associated with Derivatives We have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. We monitor counterparty exposures regularly and review promptly any downgrade in counterparty credit rating. We mitigate pre-settlement risk by being permitted to net settle for transactions with the same counterparty. To minimize the concentration of credit risk, we enter into derivative transactions with a portfolio of financial institutions. Based on these factors, we consider the risk of counterparty default to be minimal. Fair Value Hedging Strategy On January 2, 2024, we entered into foreign exchange contracts with a notional amount of €450.0 million ($486.1 million at exchange rates in effect on March 30, 2024) and a maturity date of October 31, 2025. We are utilizing the derivative financial instruments to hedge foreign exchange risk associated with our 2028 Notes. We designated the foreign exchange contracts as fair value hedges. The foreign exchange contracts are recognized in the Consolidated Balance Sheets at fair value and changes in the fair value of the foreign exchange contracts are recorded in the same line as the hedged item, which is Other income, net in the Consolidated Statements of Operations. We exclude forward points from our assessment of hedge effectiveness and amortize them on a straight-line basis over the life of the hedging instruments in Other income, net in the Consolidated Statements of Operations. The difference between fair value changes of the excluded component and the amount amortized to Other income, net is recorded in AOCI on the Consolidated Balance Sheets. The following amount was recorded on the Consolidated Balance Sheets related to hedged item as of March 30, 2024: (in millions of U.S. dollars) March 30, 2024 Line Item in Consolidated Balance Sheets in Which the Hedged Item Is Included Carrying Amount of the Hedged Liability Long-term debt 1 $ (486.1) ______________________ 1 Carrying amount is gross of unamortized debt issuance costs as of March 30, 2024. The fair value of our derivative liabilities included in Other long-term liabilities as of March 30, 2024 was as follows: (in millions of U.S. dollars) March 30, 2024 Derivative Contract Assets Liabilities Foreign exchange contracts $ — $ (11.4) The amount of gains or (losses) recognized in Other income, net in the Consolidated Statements of Operations for fair value hedging relationships, presented on a pre-tax basis, for the three months ended March 30, 2024 is shown in the table below: (in millions of U.S. dollars) For the Three Months Ended March 30, 2024 Foreign exchange contracts Hedged Item $ 13.4 Derivative designated as hedging instrument $ (8.3) Amount reclassed from AOCI to expense (amortized) $ (2.2) The amount of gains or (losses), net of tax, recognized in our Condensed Consolidated Statements of Comprehensive Income (Loss) for fair value hedging relationships for the three months ended March 30, 2024 is shown in the table below: (in millions of U.S. dollars) For the Three Months Ended March 30, 2024 Foreign exchange contracts Amount excluded from the assessment of effectiveness 1 $ (2.3) ______________________ 1 Amount is net of tax impact of $0.8 million. There were no settlements of our derivative instruments during the three months ended March 30, 2024.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 30, 2024
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. Our derivat ive assets and liabilities repres ent Level 2 instruments. Level 2 instruments are valued based on observable inputs for quoted prices for similar assets and liabilities in active markets. The fair value for the net derivative liabilities as of March 30, 2024 was $11.4 million. We had no derivative assets as of March 30, 2024. 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 March 30, 2024 and December 30, 2023 were as follows: March 30, 2024 December 30, 2023 (in millions of U.S. dollars) Carrying Fair Carrying Fair 3.875% senior notes due in 2028 1,2 $ 481.6 $ 468.1 $ 494.6 $ 477.5 4.375% senior notes due in 2029 1,2 743.1 687.3 742.8 683.1 Total $ 1,224.7 $ 1,155.4 $ 1,237.4 $ 1,160.6 ______________________ 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 March 30, 2024 and December 30, 2023.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 8, 2024, our Board of Directors declared a dividend of $0.09 per share on common shares, payable in cash on June 18, 2024, to shareowners of record at the close of business on June 7, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 25	$ 5.8

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 30, 2024
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)	3 Months Ended
	Mar. 30, 2024
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 30, 2023 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 30, 2023 (the “2023 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 the 2023 Annual Report. The accounting policies used in these interim unaudited Consolidated Financial Statements are consistent with those used in the annual Consolidated Financial Statements.
Discontinued Operations	Discontinued Operations On November 2, 2023, Primo entered into a Share Purchase Agreement (the “Purchase Agreement”) with a subsidiary of the Culligan Group providing for the sale of Carbon Luxembourg S.à.r.l. and certain of its subsidiaries (the "European Business"). On December 29, 2023, Primo completed the sale of the European Business for aggregate deal consideration of $575.0 million, adjusted for customary purchase price adjustments resulting in total cash consideration of $565.9 million (the “European Divestiture”). The European Divestiture did not include Primo's interests in Aimia Foods Limited (“Aimia”), Decantae Mineral Water Limited (“Decantae”), Fonthill Waters Ltd (“Fonthill”), John Farrer & Company Limited (“Farrers”), and the portions of the Eden Springs Netherlands B.V. business located in the United Kingdom, Israel, and Portugal (collectively the "Remaining International Businesses"). The European Business and the Remaining International Businesses are collectively the "International Businesses." This deal is the first of several transactions that will occur in 2024 as part of a Board-approved plan to sell all of our international businesses, representing a strategic shift in our operations. Accordingly, the International Businesses are presented herein as discontinued operations. For all periods presented, the operating results associated with the International Businesses have been reclassified into Net income from discontinued operations, net of income taxes in the Consolidated Statements of Operations and the assets and liabilities associated with this business have been reflected as current and long-term assets and liabilities of discontinued operations in the Consolidated Balance Sheets. Cash flows from the Company’s discontinued operations are presented in the Consolidated Statements of Cash Flows for all periods presented. The Notes to Consolidated Financial Statements are presented on a continuing operations basis unless otherwise noted. See Note 2 to the Consolidated Financial Statements for additional information on discontinued operations.
Cost of Sales	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 in the Consolidated Statements of Operations. 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 in the Consolidated Statements of Operations. All other costs incurred in the shipment of products from our production facilities to customer locations are reflected in Cost of sales in the Consolidated Statements of Operations. Shipping and handling costs included in SG&A expenses for the three months ended March 30, 2024 and April 1, 2023 were $121.1 million and $113.3 million, respectively. Finished goods inventory costs include the cost of direct labor and materials and the applicable share of overhead expense chargeable to production.
Derivative Financial Instruments	Derivative Financial Instruments We use foreign exchange forward contracts ("foreign exchange contracts") to manage the foreign exchange risk associated with the principal balance of our €450.0 million 3.875% senior notes due October 31, 2028 (the "2028 Notes"). Foreign exchange forward contracts are agreements to buy or sell a quantity of a currency at a predetermined future date, and at a predetermined rate or price. All derivative instruments are recorded at fair value in the Consolidated Balance Sheets. We exclude forward points from our assessment of hedge effectiveness and amortize them on a straight-line basis over the life of the derivative financial instruments in Other income, net in the Consolidated Statements of Operations. The difference between fair value changes of the excluded component and the amount amortized to Other income, net is recorded in Accumulated other comprehensive loss ("AOCI") on the Consolidated Balance Sheets. We do not use derivative financial instruments for trading or speculative purposes. We manage credit risk related to the derivative financial instruments by requiring high credit standards for our counterparties. Refer to Note 11 to the Consolidated Financial Statements for further information on our derivative financial instruments.
Concentration of Credit Risk	Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. As of March 30, 2024 and December 30, 2023, cash and cash equivalents were maintained at major financial institutions in the United States, and current deposits are in excess of insured limits. The Company believes these institutions have sufficient assets and liquidity to conduct their operations in the ordinary course of business with little or no credit risk to the Company. The Company has not experienced any losses in such accounts.
Recently Adopted and Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements The Company did not adopt any new accounting pronouncements during the three months ended March 30, 2024. Recently Issued Accounting Pronouncements Not Yet Adopted Update ASU 2023-06 – Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative In October 2023, the FASB issued guidance to modify the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. This guidance is effective for the Company no later than June 30, 2027. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements. Update ASU 2023-07 – Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures In November 2023, the FASB issued guidance to improve the disclosures about a public entity’s reportable segments and provide for the disclosure of additional and more detailed information about a reportable segment’s expenses. This guidance is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements. Update ASU 2023-09 – Income Taxes (Topic 740) - Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information. This guidance is effective for the Company for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Summary of Discontinued Operations in Financial Statements	The major components of Net income from discontinued operations, net of income taxes in the accompanying Consolidated Statement of Operations include the following: For the Three Months Ended (in millions of U.S. dollars) March 30, 2024 April 1, 2023 Revenue, net $ 79.1 $ 134.0 Cost of sales 46.3 64.7 Gross profit 32.8 69.3 Selling, general and administrative expenses 23.7 68.9 Loss on disposal of property, plant and equipment, net 0.1 — Acquisition and integration expenses — 0.3 Operating income from discontinued operations 9.0 0.1 Other income, net — (6.0) Loss on sale of discontinued operations 0.5 — Interest expense, net 0.6 0.6 Income from discontinued operations, before income taxes $ 7.9 $ 5.5 Income tax expense 1.6 2.9 Net income from discontinued operations, net of income taxes $ 6.3 $ 2.6 Assets and liabilities of discontinued operations presented in the accompanying Consolidated Balance Sheets as of March 30, 2024 and December 30, 2023 include the following: (in millions of U.S. dollars) March 30, 2024 December 30, 2023 ASSETS Cash and cash equivalents $ 27.0 $ 22.6 Accounts receivable, net of allowance of $3.1 ($3.4 as of December 30, 2023) 59.4 67.4 Inventories 31.8 31.9 Prepaid expenses and other current assets 7.7 6.8 Current assets of discontinued operations $ 125.9 $ 128.7 Property, plant and equipment, net 86.1 83.7 Operating lease right-of-use-assets 37.7 37.9 Goodwill 47.5 48.5 Intangible assets, net 60.5 61.5 Other long-term assets, net 1 (6.6) (6.0) Long-term assets of discontinued operations $ 225.2 $ 225.6 LIABILITIES Short-term borrowings $ 18.7 $ 18.4 Current maturities of long-term debt 3.4 3.5 Accounts payable and accrued liabilities 75.3 83.4 Current operating lease obligations 4.7 4.6 Current liabilities of discontinued operations $ 102.1 $ 109.9 Long-term debt 9.1 9.2 Operating lease obligations 32.1 33.6 Deferred tax liabilities 7.5 7.0 Other long-term liabilities 2.3 2.4 Long-term liabilities of discontinued operations $ 51.0 $ 52.2

Revenue - (Tables)

Revenue - (Tables)	3 Months Ended
	Mar. 30, 2024
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 (in millions of U.S. dollars) March 30, 2024 April 1, 2023 United States $ 435.8 $ 396.8 Canada 15.9 15.7 All other countries 0.3 — Total $ 452.0 $ 412.5

Interest Expense, Net (Tables)

Interest Expense, Net (Tables)	3 Months Ended
	Mar. 30, 2024
Banking and Thrift, Interest [Abstract]
Schedule of Interest Expense	The following table summarizes Interest expense, net for the three months ended March 30, 2024 and April 1, 2023: For the Three Months Ended (in millions of U.S. dollars) March 30, 2024 April 1, 2023 Interest on short-term debt $ 0.2 $ 3.7 Interest on long-term debt 12.9 12.9 Other interest expense 1.6 1.6 Interest income (4.7) — Total $ 10.0 $ 18.2

Common Shares and Net Income _2

Common Shares and Net Income per Common Share - (Tables)	3 Months Ended
	Mar. 30, 2024
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominators of Basic and Diluted Net Income Per Common Share	The components of weighted-average basic and diluted shares outstanding are below: For the Three Months Ended (in thousands) March 30, 2024 April 1, 2023 Weighted-average common shares outstanding - basic 159,573 159,726 Dilutive effect of Stock Options 344 367 Dilutive effect of Performance based RSUs 213 205 Dilutive effect of Time-based RSUs 319 483 Weighted-average common shares outstanding - diluted 160,449 160,781
Summary of the Anti-dilutive Securities Excluded from the Computation of Diluted Net Income Per Common Share	The following table summarizes anti-dilutive securities excluded from the computation of diluted net income per common share for the periods indicated: For the Three Months Ended (in thousands) March 30, 2024 April 1, 2023 Stock Options 1,345 1,396 Performance-based RSUs 1 1,317 1,230 Time-based RSUs 2 — — ______________________ 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)	3 Months Ended
	Mar. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Operating Segment	Three Months Ended March 30, 2024 (in millions of U.S. dollars) North America Other Total Revenue, net $ 451.6 $ 0.4 $ 452.0 Depreciation and amortization 47.8 0.4 48.2 Operating income (loss) 51.4 (15.8) 35.6 Additions to property, plant and equipment 36.9 0.7 37.6 Three Months Ended April 1, 2023 (in millions of U.S. dollars) North America Other Total Revenue, net $ 412.3 $ 0.2 $ 412.5 Depreciation and amortization 46.8 0.3 47.1 Operating income (loss) 34.7 (13.3) 21.4 Additions to property, plant and equipment 42.1 0.1 42.2
Revenues by Channel Reporting Segment	Revenues by channel by reporting segment were as follows: Three Months Ended March 30, 2024 (in millions of U.S. dollars) North America Other Total Revenue, net Water Direct/Water Exchange $ 339.4 $ — $ 339.4 Water Refill/Water Filtration 58.0 — 58.0 Other Water 17.7 — 17.7 Water Dispensers 16.8 — 16.8 Other 19.7 0.4 20.1 Total $ 451.6 $ 0.4 $ 452.0 Three Months Ended April 1, 2023 (in millions of U.S. dollars) North America Other Total Revenue, net Water Direct/Water Exchange $ 312.4 $ — $ 312.4 Water Refill/Water Filtration 52.2 — 52.2 Other Water 11.3 — 11.3 Water Dispensers 12.7 — 12.7 Other 23.7 0.2 23.9 Total $ 412.3 $ 0.2 $ 412.5

Inventories - (Tables)

Inventories - (Tables)	3 Months Ended
	Mar. 30, 2024
Inventory Disclosure [Abstract]
Summary of Inventories	The following table summarizes inventories as of March 30, 2024 and December 30, 2023: (in millions of U.S. dollars) March 30, 2024 December 30, 2023 Raw materials $ 28.2 $ 30.4 Finished goods 8.1 6.8 Resale items 10.0 10.1 Total $ 46.3 $ 47.3

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income - (Tables)	3 Months Ended
	Mar. 30, 2024
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component	Changes in AOCI by component for the three months ended March 30, 2024 and April 1, 2023 were as follows: (in millions of U.S. dollars) 1 Gains and Losses Pension Currency Total Balance as of December 30, 2023 $ — $ (0.8) $ (104.3) $ (105.1) OCI before reclassifications (2.3) — (5.5) (7.8) Amounts reclassified from AOCI 2 1.6 — — 1.6 Net current-period OCI (0.7) — (5.5) (6.2) Balance as of March 30, 2024 $ (0.7) $ (0.8) $ (109.8) $ (111.3) Balance as of December 31, 2022 $ — $ 1.2 $ (83.4) $ (82.2) OCI before reclassifications — — (6.6) (6.6) Net current-period OCI — — (6.6) (6.6) Balance as of April 1, 2023 $ — $ 1.2 $ (90.0) $ (88.8) ______________________ 1 All amounts are net of tax. Amounts in parentheses indicate debits. 2 During the three months ended March 30, 2024, $2.2 million of losses were reclassified from AOCI related to the amounts excluded from the effectiveness testing recognized in earnings for the foreign exchange forward contracts. The effect of the loss was included in Other income, net on the Consolidated Statements of Operations. The tax impact of the losses was $0.6 million recorded within Income tax expense on the Consolidated Statements of Operations. There were no amounts reclassified from AOCI during the three months ended April 1, 2023.

Hedging Transactions and Deri_2

Hedging Transactions and Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value Hedging Instruments	The following amount was recorded on the Consolidated Balance Sheets related to hedged item as of March 30, 2024: (in millions of U.S. dollars) March 30, 2024 Line Item in Consolidated Balance Sheets in Which the Hedged Item Is Included Carrying Amount of the Hedged Liability Long-term debt 1 $ (486.1) ______________________ 1 Carrying amount is gross of unamortized debt issuance costs as of March 30, 2024.
Schedule of Derivative Assets at Fair Value	The fair value of our derivative liabilities included in Other long-term liabilities as of March 30, 2024 was as follows: (in millions of U.S. dollars) March 30, 2024 Derivative Contract Assets Liabilities Foreign exchange contracts $ — $ (11.4)
Schedule of Derivative Liabilities at Fair Value	The fair value of our derivative liabilities included in Other long-term liabilities as of March 30, 2024 was as follows: (in millions of U.S. dollars) March 30, 2024 Derivative Contract Assets Liabilities Foreign exchange contracts $ — $ (11.4)
Schedule of Foreign Exchange Contracts, Statement of Financial Position	The amount of gains or (losses) recognized in Other income, net in the Consolidated Statements of Operations for fair value hedging relationships, presented on a pre-tax basis, for the three months ended March 30, 2024 is shown in the table below: (in millions of U.S. dollars) For the Three Months Ended March 30, 2024 Foreign exchange contracts Hedged Item $ 13.4 Derivative designated as hedging instrument $ (8.3) Amount reclassed from AOCI to expense (amortized) $ (2.2) The amount of gains or (losses), net of tax, recognized in our Condensed Consolidated Statements of Comprehensive Income (Loss) for fair value hedging relationships for the three months ended March 30, 2024 is shown in the table below: (in millions of U.S. dollars) For the Three Months Ended March 30, 2024 Foreign exchange contracts Amount excluded from the assessment of effectiveness 1 $ (2.3) ______________________ 1 Amount is net of tax impact of $0.8 million.

Fair Value Measurements - (Tabl

Fair Value Measurements - (Tables)	3 Months Ended
	Mar. 30, 2024
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 March 30, 2024 and December 30, 2023 were as follows: March 30, 2024 December 30, 2023 (in millions of U.S. dollars) Carrying Fair Carrying Fair 3.875% senior notes due in 2028 1,2 $ 481.6 $ 468.1 $ 494.6 $ 477.5 4.375% senior notes due in 2029 1,2 743.1 687.3 742.8 683.1 Total $ 1,224.7 $ 1,155.4 $ 1,237.4 $ 1,160.6 ______________________ 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 March 30, 2024 and December 30, 2023.

Business and Recent Accountin_3

Business and Recent Accounting Pronouncements (Details) $ in Millions		3 Months Ended		6 Months Ended	9 Months Ended
	Dec. 29, 2023 USD ($)	Mar. 30, 2024 USD ($) location	Apr. 01, 2023 USD ($)	Mar. 30, 2024 location segment	Sep. 30, 2023 segment	Oct. 22, 2020 EUR (€)
Business And Basis Of Presentation [Line Items]
Number of reporting segments | segment				1	2
3.875% senior notes due in 2028 | Senior Notes
Business And Basis Of Presentation [Line Items]
Debt face amount | €						€ 450,000,000
Interest rate on notes						3.875%
Discontinued Operations, Disposed of by Sale | European Business
Business And Basis Of Presentation [Line Items]
Aggregate deal consideration | $	$ 575
Total cash consideration received | $	$ 565.9
Water Exchange | Minimum
Business And Basis Of Presentation [Line Items]
Number of locations | location		11,200		11,200
Water Dispensers
Business And Basis Of Presentation [Line Items]
Number of locations | location		23,500		23,500
Water Refill
Business And Basis Of Presentation [Line Items]
Number of locations | location		17,500		17,500
Shipping and Handling | Selling, General and Administrative Expenses
Business And Basis Of Presentation [Line Items]
Shipping and handling costs | $		$ 121.1	$ 113.3

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details) - Discontinued Operations, Disposed of by Sale - European Business $ in Millions	Dec. 29, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate deal consideration	$ 575
Total cash consideration received	$ 565.9

Discontinued Operations - Sched

Discontinued Operations - Schedule of Discontinued Operations in Statement of Operation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Statement of Operations
Net income from discontinued operations, net of income taxes	$ 6.3	$ 2.6
Discontinued Operations, Disposed of by Sale
Statement of Operations
Revenue, net	79.1	134
Cost of sales	46.3	64.7
Gross profit	32.8	69.3
Selling, general and administrative expenses	23.7	68.9
Loss on disposal of property, plant and equipment, net	0.1	0
Acquisition and integration expenses	0	0.3
Operating loss from discontinued operations	9	0.1
Other income, net	0	(6)
Loss on sale of discontinued operations	0.5	0
Interest expense, net	0.6	0.6
Income from discontinued operations, before income taxes	7.9	5.5
Income tax expense	1.6	2.9
Net income from discontinued operations, net of income taxes	$ 6.3	$ 2.6

Discontinued Operations - Sch_2

Discontinued Operations - Schedule of Discontinued Operations in Balance Sheet (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
ASSETS
Accounts receivable, allowance	$ 3.1	$ 3.4
Current assets of discontinued operations	125.9	128.7
Long-term assets of discontinued operations	225.2	225.6
LIABILITIES
Current liabilities of discontinued operations	102.1	109.9
Long-term liabilities of discontinued operations	51	52.2
Discontinued Operations, Disposed of by Sale
ASSETS
Cash and cash equivalents	27	22.6
Accounts receivable, net of allowance of $3.1 ($3.4 as of December 30, 2023)	59.4	67.4
Inventories	31.8	31.9
Prepaid expenses and other current assets	7.7	6.8
Current assets of discontinued operations	125.9	128.7
Property, plant and equipment, net	86.1	83.7
Operating lease right-of-use-assets	37.7	37.9
Goodwill	47.5	48.5
Intangible assets, net	60.5	61.5
Other long-term assets, net	(6.6)	(6)
Long-term assets of discontinued operations	225.2	225.6
LIABILITIES
Short-term borrowings	18.7	18.4
Current maturities of long-term debt	3.4	3.5
Accounts payable and accrued liabilities	75.3	83.4
Current operating lease obligations	4.7	4.6
Current liabilities of discontinued operations	102.1	109.9
Long-term debt	9.1	9.2
Operating lease obligations	32.1	33.6
Deferred tax liabilities	7.5	7
Other long-term liabilities	2.3	2.4
Long-term liabilities of discontinued operations	$ 51	$ 52.2

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Revenue from Contract with Customer [Abstract]
Accrued sales incentives	$ 10.4	$ 7.7

Revenue - Schedule of Revenue t

Revenue - Schedule of Revenue to External Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Disaggregation of Revenue [Line Items]
Total	$ 452	$ 412.5
United States
Disaggregation of Revenue [Line Items]
Total	435.8	396.8
Canada
Disaggregation of Revenue [Line Items]
Total	15.9	15.7
All other countries
Disaggregation of Revenue [Line Items]
Total	$ 0.3	$ 0

Interest Expense, Net - Schedul

Interest Expense, Net - Schedule of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Banking and Thrift, Interest [Abstract]
Interest on short-term debt	$ 0.2	$ 3.7
Interest on long-term debt	12.9	12.9
Other interest expense, net	1.6	1.6
Interest Income	(4.7)	0
Interest expense, net	$ 10	$ 18.2

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 9.5	$ 0.3
Pre-tax income (loss) from continuing operations	$ 28.2	$ 3.5
Effective income tax rates	33.70%	8.60%

Common Shares and Net Income _3

Common Shares and Net Income per Common Share - Additional Information (Details) - USD ($)		3 Months Ended
	Aug. 15, 2022	Mar. 30, 2024	Apr. 01, 2023	Dec. 29, 2023	Aug. 09, 2023	Aug. 09, 2022
Equity, Class of Treasury Stock [Line Items]
Common shares repurchased		$ 11,100,000	$ 19,300,000
August 2023 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program				$ 75,000,000	$ 50,000,000
Stock repurchase program, incremental authorized amount				$ 25,000,000
Common shares repurchased and cancelled (in shares)		582,944
Common shares repurchased		$ 9,100,000
August 2022 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program						$ 100,000,000
Period in force (in months)	12 months
Common shares repurchased and cancelled (in shares)			1,112,514
Common shares repurchased			$ 16,600,000

Common Shares and Net Income _4

Common Shares and Net Income per Common Share - Weighted Average Reconciliation (Details) - shares shares in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares outstanding - basic (in shares)	159,573	159,726
Weighted average common shares outstanding - diluted (in shares)	160,449	160,781
Performance-based RSUs
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect (in shares)	213	205
Time-based RSUs
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect (in shares)	319	483
Stock Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect (in shares)	344	367

Common Shares and Net Income _5

Common Shares and Net Income per Common Share - Anti-dilutive Securities Excluded from the Computation (Details) - shares shares in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
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)	1,345	1,396
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)	1,317	1,230
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	0

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information by Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Segment Reporting Information [Line Items]
Revenue, net	$ 452	$ 412.5
Depreciation and amortization	48.2	47.1
Operating income (loss)	35.6	21.4
Additions to property, plant and equipment	37.6	42.2
Operating Segments | North America
Segment Reporting Information [Line Items]
Revenue, net	451.6	412.3
Depreciation and amortization	47.8	46.8
Operating income (loss)	51.4	34.7
Additions to property, plant and equipment	36.9	42.1
Other
Segment Reporting Information [Line Items]
Revenue, net	0.4	0.2
Depreciation and amortization	0.4	0.3
Operating income (loss)	(15.8)	(13.3)
Additions to property, plant and equipment	$ 0.7	$ 0.1

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Revenues by Channel Reporting Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Segment Reporting Information [Line Items]
Total	$ 452	$ 412.5
Water Direct/Water Exchange
Segment Reporting Information [Line Items]
Total	339.4	312.4
Water Refill/Water Filtration
Segment Reporting Information [Line Items]
Total	58	52.2
Other Water
Segment Reporting Information [Line Items]
Total	17.7	11.3
Water Dispensers
Segment Reporting Information [Line Items]
Total	16.8	12.7
Other
Segment Reporting Information [Line Items]
Total	20.1	23.9
Operating Segments | North America
Segment Reporting Information [Line Items]
Total	451.6	412.3
Operating Segments | Water Direct/Water Exchange | North America
Segment Reporting Information [Line Items]
Total	339.4	312.4
Operating Segments | Water Refill/Water Filtration | North America
Segment Reporting Information [Line Items]
Total	58	52.2
Operating Segments | Other Water | North America
Segment Reporting Information [Line Items]
Total	17.7	11.3
Operating Segments | Water Dispensers | North America
Segment Reporting Information [Line Items]
Total	16.8	12.7
Operating Segments | Other | North America
Segment Reporting Information [Line Items]
Total	19.7	23.7
Other
Segment Reporting Information [Line Items]
Total	0.4	0.2
Other | Water Direct/Water Exchange
Segment Reporting Information [Line Items]
Total	0	0
Other | Water Refill/Water Filtration
Segment Reporting Information [Line Items]
Total	0	0
Other | Other Water
Segment Reporting Information [Line Items]
Total	0	0
Other | Water Dispensers
Segment Reporting Information [Line Items]
Total	0	0
Other | Other
Segment Reporting Information [Line Items]
Total	$ 0.4	$ 0.2

Inventories - Summary of Invent

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 28.2	$ 30.4
Finished goods	8.1	6.8
Resale items	10	10.1
Total	$ 46.3	$ 47.3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
AOCI Attributable to Parent
Beginning balance	$ 1,441,300,000	$ 1,282,900,000
OCI before reclassifications	(7,800,000)	(6,600,000)
Amounts reclassified from AOCI	1,600,000	0
Net current-period OCI	(6,200,000)	(6,600,000)
Ending balance	1,443,700,000	1,256,500,000
Total
AOCI Attributable to Parent
Beginning balance	(105,100,000)	(82,200,000)
Net current-period OCI	(6,200,000)	(6,600,000)
Ending balance	(111,300,000)	(88,800,000)
Gains and Losses on Derivative Instruments
AOCI Attributable to Parent
Beginning balance	0	0
OCI before reclassifications	(2,300,000)	0
Amounts reclassified from AOCI	1,600,000
Net current-period OCI	(700,000)	0
Ending balance	(700,000)	0
Amounts reclassified from AOCI, before tax	2,200,000
Amounts reclassified from AOCI, tax	(600,000)
Pension Benefit Plan Items
AOCI Attributable to Parent
Beginning balance	(800,000)	1,200,000
OCI before reclassifications	0	0
Amounts reclassified from AOCI	0
Net current-period OCI	0	0
Ending balance	(800,000)	1,200,000
Currency Translation Adjustment Items
AOCI Attributable to Parent
Beginning balance	(104,300,000)	(83,400,000)
OCI before reclassifications	(5,500,000)	(6,600,000)
Amounts reclassified from AOCI	0
Net current-period OCI	(5,500,000)	(6,600,000)
Ending balance	$ (109,800,000)	$ (90,000,000)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Mar. 30, 2024 USD ($) segment	Dec. 30, 2023 USD ($)
Operating Leased Assets [Line Items]
Number of third-party lessors | segment	2
Maximum potential amount of undiscounted future payments under the guarantee	$ 10
ABL facility
Operating Leased Assets [Line Items]
Standby letters of credit outstanding	$ 66.7	$ 66.7

Hedging Transactions and Deri_3

Hedging Transactions and Derivative Financial Instruments - Narrative (Details) - Jan. 02, 2024 € in Millions, $ in Millions	EUR (€)	USD ($)
3.875% senior notes due in 2028 | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	€ 450	$ 486.1

Hedging Transactions and Deri_4

Hedging Transactions and Derivative Financial Instruments - Cumulative Basis Adjustments for the Fair Value Hedges (Details) $ in Millions	Mar. 30, 2024 USD ($)
Long-term debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Liability	$ (486.1)

Hedging Transactions and Deri_5

Hedging Transactions and Derivative Financial Instruments - Reconciliation of our Derivatives that were Designated and Qualified as Hedging Instruments (Details) - Foreign exchange contracts $ in Millions	Mar. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	$ 0
Liabilities	$ (11.4)

Hedging Transactions and Deri_6

Hedging Transactions and Derivative Financial Instruments - Amount of Gains or Losses Recognized for Fair Value Hedging Relationship (Details) $ in Millions	3 Months Ended
	Mar. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) from components excluded from assessment of fair value hedge effectiveness, tax	$ 0.8
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount excluded from the assessment of effectiveness	(2.3)
Foreign exchange contracts | Other Nonoperating Income (Expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged Item	13.4
Derivative designated as hedging instrument	(8.3)
Amount reclassed from AOCI to expense (amortized)	$ (2.2)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - Level 2	Mar. 30, 2024 USD ($)
Fair Value Measurements [Line Items]
Fair value for the derivative liabilities	$ 11,400,000
Fair value for the derivative assets	$ 0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Details) - Senior Notes - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 1,224.7	$ 1,237.4
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,155.4	1,160.6
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	$ 481.6	494.6
3.875% senior notes due in 2028 | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 468.1	477.5
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	$ 743.1	742.8
4.375% senior notes due in 2029 | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 687.3	$ 683.1

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	May 08, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividend declared (in dollars per share)	$ 0.09