XML 31 R17.htm IDEA: XBRL DOCUMENT
v3.22.4

Credit Facilities | 12 Months Ended
--- | ---
Dec. 31, 2022
Debt Disclosure [Abstract] |
CREDIT FACILITIES | 10. CREDIT FACILITIES Total non-revolving debt consists of the following:
| Maturity Date |  | December 31, 2022 |  |  | January 1, 2022 |
Long-term non-revolving debt: |  |  |  |  |  |  |
Term loan with PNC Bank | Oct 2025 |  | $ | 175.0 |  |  | $ | 190.0 |
Term loans with Citibank | Various |  |  | 8.6 |  |  |  | 12.4 |
Other long-term debt | Various |  |  | — |  |  |  | 0.1 |
Total non-revolving debt |  |  |  | 183.6 |  |  |  | 202.5 |
Less: current portion of long-term non-revolving debt |  |  | 19.0 |  |  |  | 18.1 |
Less: unamortized debt issuance costs |  |  |  | 0.4 |  |  |  | 0.5 |
Total long-term non-revolving debt, net |  |  | $ | 164.2 |  |  | $ | 183.9 |
Information on the Company's revolving credit facilities is as follows:
|  |  | Balance |  |  | Available credit |
| Maturity Date |  | December 31, 2022 |  |  | January 1, 2022 |  |  | December 31, 2022 |  |  | January 1, 2022 |
Revolving line of credit with PNC Bank | Oct 2025 |  | $ | 261.3 |  |  | $ | 242.3 |  |  | $ | 138.1 |  |  | $ | 157.5 |
Revolving line of credit with Citibank | May 2023 |  | $ | 1.6 |  |  | $ | 0.7 |  |  | $ | 0.7 |  |  | $ | 0.5 |
Future maturities of total debt are as follows:
Year: |  |
2023 | $ | 20.7 |
2024 |  | 24.5 |
2025 |  | 401.3 |
Total | $ | 446.5 |
Term Loan and Line of Credit with PNC Bank The Company has a credit agreement that includes a revolving line of credit and term loan credit facility with PNC Bank, National Association, as administrative agent, and the lenders party thereto. The revolving line of credit allows for borrowings up to an aggregate maximum princip al amount of $400.0. Borrowings under the line of credit bear interest at defined rates plus an applicable margin based on the Company's lever age ratio. The credit agreement requires the Company to comply with a number of restrictive covenants, including limitations on the Company’s ability to incur indebtedness; create or maintain liens on its property or assets; make investments, loans and advances; repurchase shares of its common stock; engage in acquisitions, mergers, joint ventures, consolidation and asset sales; and pay dividends and distributions. The Company (together with its subsidiaries) is also required to comply with certain financial tests, including a minimum interest coverage ratio (as defined therein) of 3.0 to 1.0 and a maximum leverage ratio of 4.25 to 1.0. As of December 31, 2022, the Company was in compliance with all covenants related to the credit agreement. The credit facility is guaranteed by the Company’s U.S. domestic subsidiaries and requires any future U.S. domestic subsidiaries to join as guarantors. In addition, the credit facility is required to be secured by substantially all of the assets of the Company and its current and future U.S. domestic subsidiaries of the Company. To hedge currency exposure in foreign ope rations, €90.0 of the borrowings on the line of credit are denominated in euros. The borrowings have been designated as a net investment he dge, see additional information in Note 9. The effective interest rate on the credit agreement at December 31, 2022, was 5.8%. Inte rest expense recognized on the credit agreement during the years ended December 31, 2022, January 1, 2022 and January 2, 2021 was $15.9, $12.3 and $9.5, resp ectively. Term Loan with Intesa Sanpaolo S.p.A. The Company had an agreement with Intesa Sanpaolo S.p.A. that provided an unsecured term loan of €5.0. The loan matured in December 2021, at which time the remaining balance was paid in full. Term Loans and Line of Credit with Citibank The Company has an uncommitted fixed asset facility agreement (the “Fixed Asset Facility”), short-term revolving facility agreement (the “Working Capital Facility”) and term loan facility agreement (the “Shanghai Branch Term Loan Facility”) with Citibank (China) Co., Ltd. Shanghai Branch, as lender. Under the Fixed Asset Facility, the Company borrowed on a secured basis RMB 2.6. The proceeds of the loan were used for purchases of equipment. Outstanding borrowings under the Fixed Asset Facility accrue interest at a rate equal to the National Interbank Funding Center 1-year loan prime rate plus 1.5%, to be repaid on a specified schedule with the final payment due in May 2023. Under the Working Capital Facility, the Company may from time to time borrow amounts on an unsecured revolving facility of up to a total of RMB 16.0. Proceeds may only be used for expenditures related to production at the Company’s facility located in Kunshan City, Ch ina. Outst anding borrowings under the Working Capital Facility accrue interest at a rate equal to the National Interbank Funding Center 1-year loan prime rate plus 0.5%. All outstanding balances will be due in May 2023. Under the Shanghai Branch Term Loan Facility, the Company borrowed on a secured bas is RMB 42.7. The proceeds were used to fund the acquisition of Joyonway. Outstanding borrowings under the Shanghai Branch Term Loan Facility accrue interest at a rate equal to the National Interbank Funding Center 1-year loan prime rate plus 1.5%, to be repaid on a specified schedule with the final payment due in October 2024. The Company has a term loa n facility agreement (the “Sydney Branch Term Loan Facility”) with Citibank, N.A., Sydney Branch, as lender. Under the Sydney Branch Term Loan Facility, the Company borrowed on a secured basis AUD 7.5. The proceeds were used to repay other existing debt. Outstanding borrowings under the Sydney Branch Term Loan Facility accrue interest at a rate equal to the Australian Bank Bill Swap Reference Rate plus 2.0%, to be repaid throughout the term of the loan with a final payment due date of December 2024. As of the date of this filing, the Company was in compliance with all debt covenants related to the Fixed Asset Facility, Workin g Capital Facility and Term Loan Facilities.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration