DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE (Tables)

9 Months Ended

Sep. 28, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Reconciliation of the Changes in the Warrant Liability

A reconciliation of the changes in the warrant liability during the thirty-nine weeks ended September 28, 2025 is as follows:


(in millions)
Fair value of warrant liabilities as of December 29, 2024	$	33.0
Gain on remeasurement of warrant liability	(23.5)
Fair value of warrant liabilities as of June 29, 2025	$	9.5
Loss on remeasurement of warrant liability(1)	0.7
Exercise of Warrants	(10.2)
Fair value of warrant liabilities as of September 28, 2025	$	—

(1) Loss on remeasurement relates to the period from June 30, 2025 through the exercise date in August 2025.

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of September 28, 2025:


(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	57.7	$	—	$	—	$	57.7
Commodity contracts	—		0.1		—		0.1
Interest rate swaps	—		1.9		—		1.9
Total assets	$	57.7	$	2.0	$	—	$	59.7
Liabilities:
Commodity contracts	$	—	$	0.7	$	—	$	0.7
Interest rate swaps	—		1.7		—		1.7

Debt	—		850.7		—		850.7
Total liabilities	$	—	$	853.1	$	—	$	853.1


(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	56.1	$	—	$	—	$	56.1
Commodity contracts	—		0.1		—		0.1
Interest rate swaps	—		25.0		—		25.0
Total assets	$	56.1	$	25.1	$	—	$	81.2
Liabilities:
Commodity contracts	$	—	$	1.4	$	—	$	1.4

Warrants	—		33.0		—		33.0
Debt	—		768.6		—		768.6
Total liabilities	$	—	$	803.0	$	—	$	803.0

Utz Brands, Inc. 10-Q