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Indebtedness (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt Activity | The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2024:
| December 31, 2023 |  | Borrowings |  | Repayments |  | Other (5) |  | December 31, 2024
Revolving loans(1) | $ | — |  |  | $ | 384.8 |  |  | $ | (304.8) |  |  | $ | — |  |  | $ | 80.0 |
Term loans (2) | 539.9 |  |  | — |  |  | (17.0) |  |  | 0.5 |  |  | 523.4 |
Trade receivables financing arrangement (3) | 16.0 |  |  | 272.0 |  |  | (279.0) |  |  | — |  |  | 9.0 |
Other indebtedness (4) | 2.4 |  |  | 0.1 |  |  | (1.3) |  |  | 1.1 |  |  | 2.3 |
Total debt | 558.3 |  |  | $ | 656.9 |  |  | $ | (602.1) |  |  | $ | 1.6 |  |  | 614.7 |
Less: short-term debt | 17.9 |  |  |  |  |  |  |  |  | 10.1 |
Less: current maturities of long-term debt | 17.3 |  |  |  |  |  |  |  |  | 27.6 |
Total long-term debt | $ | 523.1 |  |  |  |  |  |  |  |  | $ | 577.0 |
_____________________________________________________________ (1)The revolving loan facility extends through August 2027 under the terms of our senior credit agreement and is primarily used to provide liquidity for funding acquisitions, including related fees and expenses, and was utilized as the primary funding mechanism for the Ingénia acquisition. (2)The term loans are repayable in quarterly installments equal to 1.25% of the initial term loan balances of $545.0, in 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 $1.2 and $1.7 at December 31, 2024 and December 31, 2023, respectively. (3)Under this arrangement, we can borrow, on a continuous basis, up to $100.0, as available. Borrowings under this arrangement are collateralized by eligible trade receivables of certain of our businesses. At December 31, 2024, we had $61.7 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $9.0. (4)Primarily includes balances under a purchase card program of $1.1 and $1.9 and finance lease obligations of $1.2 and $0.5 at December 31, 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 impact of amortization of debt issuance costs associated with the term loans.
Schedule of Line of Credit Facilities | Establishes per annum fees charged and applies interest rate margins to all the credit facilities under the Credit Agreement, other than the Incremental Term Loan, as follows:
Consolidated Leverage Ratio |  | Revolving Commitment Fee |  | Financial Letter of Credit Fee |  | Foreign Credit Instrument (“FCI”) Commitment Fee |  | FCI Fee and Non-Financial Letter of Credit Fee |  | Term Secured Overnight Financing Rate (“SOFR”) Loans/Alternative Currency Loans |  | ABR Loans
Greater than or equal to 3.00 to 1.00 |  | 0.275 | % |  | 1.750 | % |  | 0.275 | % |  | 1.000 | % |  | 1.750 | % |  | 0.750 | %
Between 2.00 to 1.00 and 3.00 to 1.00 |  | 0.250 | % |  | 1.500 | % |  | 0.250 | % |  | 0.875 | % |  | 1.500 | % |  | 0.500 | %
Between 1.50 to 1.00 and 2.00 to 1.00 |  | 0.225 | % |  | 1.375 | % |  | 0.225 | % |  | 0.800 | % |  | 1.375 | % |  | 0.375 | %
Less than 1.50 to 1.00 |  | 0.200 | % |  | 1.250 | % |  | 0.200 | % |  | 0.750 | % |  | 1.250 | % |  | 0.250 | %
The commitment fee rate and interest rate margins for the Incremental Term Loan are as follows:
Consolidated Leverage Ratio |  | Commitment Fee |  | Term SOFR Loans |  | ABR Loans
Less than 2.00 to 1.0 |  | 0.225 | % |  | 1.500 | % |  | 0.500 | %
Greater than or equal to 2.00 to 1.0 but less than 3.00 to 1.0 |  | 0.250 | % |  | 1.625 | % |  | 0.625 | %
Greater than or equal to 3.00 to 1.0 |  | 0.275 | % |  | 1.875 | % |  | 0.875 | %

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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