XML 30 R19.htm IDEA: XBRL DOCUMENT v3.24.2.u1
INDEBTEDNESS
 6 Months Ended
Jun. 29, 2024
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
The following summarizes our debt activity (both current and non-current) for the six months ended June 29, 2024:
December 31,
2023		BorrowingsRepayments
Other (5)
June 29,
2024
Revolving loans(1)
$— $575.2 $(375.2)$— $200.0 
Term loans(2)
539.9 — (6.8)0.2 533.3 
Trade receivables financing arrangement(3)
16.0 132.0 (93.0)— 55.0 
Other indebtedness(4)
2.4 — (0.8)0.4 2.0 
Total debt558.3 $707.2 $(475.8)$0.6 790.3 
Less: short-term debt17.9 256.3 
Less: current maturities of long-term debt17.3 24.1 
Total long-term debt, net$523.1 $509.9 
    
___________________________
(1)While the revolving credit facility extends through August 2027 under the terms of our senior credit agreement, it is available in notes that mature, but may be reissued upon maturity, over varying terms of twelve months or less. The revolving credit facility, classified within short-term debt, is primarily used to provide liquidity for general corporate and business needs or for funding acquisitions. The revolving credit facility was utilized as the primary funding mechanism for the Ingénia acquisition.
(2)The term loans are repayable in quarterly installments equal to 0.625% of the initial balances of $545.0, in each of the first three quarters of 2024, and 1.25% during the fourth quarter of 2024, all quarters of 2025 and 2026, and the first two quarters of 2027. The remaining balances are payable in full on August 12, 2027. Balances are net of unamortized debt issuance costs of $1.5 and $1.7 at June 29, 2024 and December 31, 2023, respectively.
(3)Under this arrangement, we can borrow, on a continuous basis, up to $60.0, as available. Borrowings under this arrangement are collateralized by eligible trade receivables of certain of our businesses. At June 29, 2024, we had $5.0 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $55.0.
(4)Primarily includes balances under a purchase card program of $1.3 and $1.9 and finance lease obligations of $0.7 and $0.5 at June 29, 2024 and December 31, 2023, 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” includes the amortization of debt issuance costs associated with the term loans.
Senior Credit Facilities
A detailed description of our senior credit facilities is included in our 2023 Annual Report on Form 10-K.
At June 29, 2024, we had $288.9 of available borrowing capacity under our revolving credit facilities, after giving effect to borrowings under the domestic revolving loan facility of $200.0 and $11.1 reserved for outstanding letters of credit. In addition, at June 29, 2024, we had $6.4 of available issuance capacity under our foreign credit instrument facilities after giving effect to $18.6 reserved for outstanding letters of credit.
The weighted-average interest rate of outstanding borrowings under our senior credit agreement was approximately 6.9% at June 29, 2024.
At June 29, 2024, we were in compliance with all covenants of our senior credit agreement.

Company-owned Life Insurance
The Company has investments in company-owned life insurance (“COLI”) policies, which are recorded at their cash surrender value at each balance sheet date. Changes in the cash surrender value during the period are recorded as a gain or loss
within “Other income (expense), net” within our condensed consolidated statements of operations. The Company has the ability to borrow against a portion of its investment in the COLI policies as an additional source of liquidity. During the quarter ended June 29, 2024, the Company borrowed $41.2 against the cash surrender value of these COLI policies. Such borrowings were primarily used to pay down amounts payable under the revolving credit facility. The amounts borrowed incur interest at a rate of 5.3%. The cash surrender value of the Company’s investments in COLI assets, net of the aforementioned borrowing, was $34.9 and $76.7 at June 29, 2024 and December 31, 2023, respectively, recorded in “Other assets” on the condensed consolidated balance sheets.