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INDEBTEDNESS | 3 Months Ended
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Mar. 29, 2025
Debt Disclosure [Abstract] |
INDEBTEDNESS | INDEBTEDNESS The following summarizes our debt activity (both current and non-current) for the three months ended March 29, 2025:
| December 31, 2024 |  | Borrowings |  | Repayments |  | Other(5) |  | March 29, 2025
Revolving loans (1) | $ | 80.0 |  |  | $ | 393.0 |  |  | $ | (98.0) |  |  | $ | — |  |  | $ | 375.0 |
Term loans(2) | 523.4 |  |  | — |  |  | — |  |  | 0.1 |  |  | 523.5 |
Trade receivables financing arrangement(3) | 9.0 |  |  | 135.0 |  |  | (85.0) |  |  | — |  |  | 59.0 |
Other indebtedness(4) | 2.3 |  |  | 0.6 |  |  | (0.1) |  |  | — |  |  | 2.8 |
Total debt | 614.7 |  |  | $ | 528.6 |  |  | $ | (183.1) |  |  | $ | 0.1 |  |  | 960.3 |
Less: short-term debt | 10.1 |  |  |  |  |  |  |  |  | 60.7 |
Less: current maturities of long-term debt | 27.6 |  |  |  |  |  |  |  |  | 27.6 |
Total long-term debt | $ | 577.0 |  |  |  |  |  |  |  |  | $ | 872.0 |
__________________________ (1)The revolving credit 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 KTS 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 $1.1 and $1.2 at March 29, 2025 and December 31, 2024, 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 March 29, 2025, we had $9.3 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $59.0. (4)Primarily includes balances under a purchase card program of $1.7 and $1.1 and finance lease obligations of $1.1 and $1.2 at March 29, 2025 and December 31, 2024, 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. Senior Credit Facilities A detailed description of our senior credit facilities is included in our 2024 Annual Report on Form 10-K. At March 29, 2025, we had $614.0 of available borrowing capacity under our revolving credit facilities, after giving effect to borrowings under the domestic revolving loan facility of $375.0 and $11.0 reserved for outstanding letters of credit. In addition, at March 29, 2025, we had $12.8 of available issuance capacity under our foreign credit instrument facilities after giving effect to $12.2 reserved for outstanding letters of credit. The weighted-average interest rate of outstanding borrowings under our senior credit agreement was approximately 5.8% at March 29, 2025. At March 29, 2025, we were in compliance with all covenants of our senior credit agreement. Company-owned Life Insurance We have 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. We have the ability to borrow against a portion of our investment in the COLI policies as an additional source of liquidity. The amounts borrowed totaled $39.0 at March 29, 2025 and December 31, 2024 and incur interest at a rate of 5.3%. After such borrowings, minimal capacity to bo rrow against the policies remains. The cash surrender value of our investments in COLI assets, net of the aforementioned borrowing, was $36.3 and $36.2 at March 29, 2025 and December 31, 2024, respectively, recorded in “Other assets” on the condensed consolidated ba lance sheets.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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