XML 43 R33.htm IDEA: XBRL DOCUMENT
v3.21.2

INDEBTEDNESS (Tables) | 9 Months Ended
--- | ---
Oct. 02, 2021
Debt Disclosure [Abstract] |
Schedule of Debt Activity, Current and Noncurrent | The following summarizes our debt activity (both current and non-current) for the nine months ended October 2, 2021:
| December 31, 2020 |  | Borrowings |  | Repayments |  | Other(5) |  | October 2, 2021
Revolving loans (1) | $ | 129.8 |  |  | $ | 209.1 |  |  | $ | (338.9) |  |  | $ | — |  |  | $ | — |
Term loan(2) | 248.6 |  |  | — |  |  | (4.7) |  |  | 0.3 |  |  | 244.2 |
Trade receivables financing arrangement(3) | 28.0 |  |  | 179.0 |  |  | (207.0) |  |  | — |  |  | — |
Other indebtedness(4) | 6.0 |  |  | 0.6 |  |  | (0.9) |  |  | (2.3) |  |  | 3.4 |
Total debt | 412.4 |  |  | $ | 388.7 |  |  | $ | (551.5) |  |  | $ | (2.0) |  |  | 247.6 |
Less: short-term debt | 101.2 |  |  |  |  |  |  |  |  | 2.3 |
Less: current maturities of long-term debt | 7.2 |  |  |  |  |  |  |  |  | 11.4 |
Total long-term debt | $ | 304.0 |  |  |  |  |  |  |  |  | $ | 233.9 |
___________________________ (1)While not due for repayment until December 2024 under the terms of our senior credit agreement, we classify within current liabilities the portion of the outstanding balance that we believe will be repaid over the next year, with such amount based on an estimate of cash that is expected to be generated over such period. (2)The term loan is repayable in quarterly installments beginning in the first quarter of 2021, with the quarterly installments equal to 0.625% of the initial term loan balance of $250.0 during 2021, 1.25% in each of the four quarters of 2022 and 2023, and 1.25% during the first three quarters of 2024. The remaining balance is payable in full on December 17, 2024. Balances are net of unamortized debt issuance costs of $1.1 and $1.4 at October 2, 2021 and December 31, 2020, respectively. (3)Under this arrangement, we can borrow, on a continuous basis, up to $50.0, as available. Borrowings under this arrangement are collateralized by eligible trade receivables of certain of our businesses. (4)Primarily includes balances under a purchase card program of $2.3 and $1.7 and finance lease obligations of $1.1 and $2.6 at October 2, 2021 and December 31, 2020, respectively. The purchase card program allows for payment beyond the normal payment terms for goods and services acquired under the program. As this arrangement extends the payment of these purchases beyond their normal payment terms through third-party lending institutions, we have classified these amounts as short-term debt. (5)“Other” primarily includes debt assumed, foreign currency translation on any debt instruments denominated in currencies other than the U.S. dollar, and the impact of amortization of debt issuance costs associated with the term loan.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration