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INDEBTEDNESS | 6 Months Ended
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Jun. 27, 2026
Debt Disclosure [Abstract] |
INDEBTEDNESS | INDEBTEDNESS The following summarizes our debt activity (both current and non-current) for the six months ended June 27, 2026:
| December 31, 2025 |  | Borrowings |  | Repayments |  | Other (5) |  | June 27, 2026
Revolving loans (1) | $ | — |  |  | $ | 214.9 |  |  | $ | (174.9) |  |  | $ | — |  |  | $ | 40.0 |
Term loan (2) | 499.1 |  |  | — |  |  | — |  |  | 0.1 |  |  | 499.2 |
Trade receivables financing arrangement (3) | — |  |  | 282.0 |  |  | (209.0) |  |  | — |  |  | 73.0 |
Other indebtedness (4) | 2.5 |  |  | 0.2 |  |  | (0.3) |  |  | 0.1 |  |  | 2.5 |
Total debt | 501.6 |  |  | $ | 497.1 |  |  | $ | (384.2) |  |  | $ | 0.2 |  |  | 614.7 |
Less: short-term debt | 1.4 |  |  |  |  |  |  |  |  | 74.3 |
Less: current maturities of long-term debt | 3.5 |  |  |  |  |  |  |  |  | 9.9 |
Total long-term debt | $ | 496.7 |  |  |  |  |  |  |  |  | $ | 530.5 |
___________________________ (1)The revolving credit facility extends to September 2030 under the terms of the agreement governing our senior credit facilities and is primarily used to provide liquidity for funding acquisitions, including related fees and expenses, and was utilized as a partial funding mechanism for the Crawford acquisition. (2)The term loan is repayable in quarterly installments equal to 0.625% of the initial term loan balance of $500.0, beginning in December 2026 and in the first three quarters of 2027, and 1.25% during the fourth quarter of 2027, and all quarters of 2028 and 2029, and the first two quarters of 2030. The remaining balance is payable in full on September 9, 2030. The balance is net of unamortized debt issuance costs of $0.8 and $0.9 at June 27, 2026 and December 31, 2025, 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 27, 2026, we had $8.0 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $73.0. (4)Primarily includes balances under a purchase card program of $1.3 and $1.4 and finance lease obligations of $1.2 and $1.1 at June 27, 2026 and December 31, 2025, 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 loan. Senior Credit Facilities Our senior credit facilities consist of the following facilities, each with a final maturity of September 9, 2030: •A term loan facility in the aggregate principal amount of $500.0; •A multicurrency revolving credit facility, which is available for loans and letters of credit in U.S. Dollars, Euros, British Pounds Sterling and other currencies, in an aggregate principal amount up to the equivalent of $1,500.0 (with sublimits equal to the equivalents of $200.0 for financial letters of credit, $50.0 for non-financial letters of credit, and $250.0 for non-U.S. exposure); and •A bilateral foreign credit instrument facility, which is available for performance letters of credit and bank undertakings, in an aggregate principal amount in various currencies up to the equivalent of $25.0. A detailed description of our senior credit facilities is included in our 202 5 Annual Report on Form 10-K. At June 27, 2026, we had $1,457.3 of available borrowing capacity under our revolving credit facility, after giving effect to borrowings under the domestic revolving loan facilities of $40.0 and $2.7 reserved for outstanding letters of credit. In addition, at June 27, 2026, we had $17.6 of available issuance capacity under our foreign credit instrument facilities after giving effect to $7.4 reserved for outstanding letters of credit. The weighted-average interest rate of outstanding borrowings under our senior credit agreement was approximately 5.0% at June 27, 2026. At June 27, 2026, we were in compliance with all covenants of the agreement governing our senior credit facilities. Other Borrowings and Financing Activities During the second quarter of 2026, 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. There were no amounts borrowed at June 27, 2026 and December 31, 2025. Any amounts borrowed would incur interest at a rate of 5.3%. At June 27, 2026, we had capacity to borrow approximately $34.0 against the policies. The cash surrender value of our investments in COLI assets was $59.4 and $60.3 at June 27, 2026 and December 31, 2025, respectively, recorded in “Other assets” on the condensed consolidated balance sheets.

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