XML 29 R19.htm IDEA: XBRL DOCUMENT v3.25.2
INDEBTEDNESS
 6 Months Ended
Jun. 28, 2025
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
The following summarizes our debt activity (both current and non-current) for the six months ended June 28, 2025:
December 31,
2024		BorrowingsRepayments
Other (5)
June 28,
2025
Revolving loans(1)
$80.0 $478.0 $(98.0)$— $460.0 
Term loans(2)
523.4 — (6.8)0.2 516.8 
Trade receivables financing arrangement(3)
9.0 179.0 (148.0)— 40.0 
Other indebtedness(4)
2.3 0.6 (0.4)— 2.5 
Total debt614.7 $657.6 $(253.2)$0.2 1,019.3 
Less: short-term debt10.1 41.4 
Less: current maturities of long-term debt27.6 27.6 
Total long-term debt$577.0 $950.3 
    
___________________________
(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 a funding mechanism for the KTS and Sigma & Omega acquisitions.
(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 $1.0 and $1.2 at June 28, 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 June 28, 2025, we had $49.1 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $40.0.
(4)Primarily includes balances under a purchase card program of $1.4 and $1.1 and finance lease obligations of $1.1 and $1.2 at June 28, 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 June 28, 2025, we had $529.0 of available borrowing capacity under our revolving credit facilities, after giving effect to borrowings under the domestic revolving loan facility of $460.0 and $11.0 reserved for outstanding letters of credit. In addition, at June 28, 2025, we had $11.9 of available issuance capacity under our foreign credit instrument facilities after giving effect to $13.1 reserved for outstanding letters of credit.
The weighted-average interest rate of outstanding borrowings under our senior credit agreement was approximately 5.8% at June 28, 2025.
At June 28, 2025, we were in compliance with all covenants of our senior credit agreement.

Other Borrowings and Financing Activities
During the second quarter of 2025, we renewed our trade receivables financing agreement for the next 12 months, whereby we can borrow, on a continuous basis, up to $100.0, as available.

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. During the quarter ended June 29, 2024, the Company borrowed $41.2 against the cash surrender value of these COLI policies. The amounts borrowed totaled $39.0 at June 28, 2025 and December 31, 2024 and incur interest at a rate of 5.3%. After such borrowings, minimal capacity to borrow against the policies remains. The cash surrender value of our investments in COLI assets, net of the aforementioned
borrowing, was $36.2 at June 28, 2025 and December 31, 2024, respectively, recorded in “Other assets” on the condensed consolidated balance sheets.