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Credit Facilities | 3 Months Ended
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Apr. 01, 2023
Debt Disclosure [Abstract] |
CREDIT FACILITIES | 9. CREDIT FACILITIES Total non-revolving debt consists of the following:
| Maturity Date |  | April 1, 2023 |  |  | December 31, 2022 |
Long-term non-revolving debt: |  |  |  |  |  |  |
Term loan with PNC Bank | Oct 2025 |  | $ | 171.2 |  |  | $ | 175.0 |
Term loans with Citibank | Various |  |  | 8.2 |  |  |  | 8.6 |
Total non-revolving debt |  |  |  | 179.4 |  |  |  | 183.6 |
Less: current portion of long-term non-revolving debt |  |  |  | 20.2 |  |  |  | 19.0 |
Less: unamortized debt issuance costs |  |  |  | 0.3 |  |  |  | 0.4 |
Total long-term non-revolving debt, net |  |  | $ | 158.9 |  |  | $ | 164.2 |
Information on the Company’s revolving credit facilities is as follows:
|  |  | Balance |  |  | Available Credit |
| Maturity Date |  | April 1, 2023 |  |  | December 31, 2022 |  |  | April 1, 2023 |  |  | December 31, 2022 |
Revolving line of credit with PNC Bank | Oct 2025 |  | $ | 345.6 |  |  | $ | 261.3 |  |  | $ | 53.1 |  |  | $ | 138.1 |
Revolving line of credit with Citibank | May 2023 |  |  | 1.1 |  |  |  | 1.6 |  |  |  | 1.2 |  |  |  | 0.7 |
Future maturities of total debt are as follows:
Year: |  |
2023 Remaining | $ | 16.1 |
2024 |  | 24.5 |
2025 |  | 485.5 |
Total | $ | 526.1 |
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 principal amount of $400.0. To hedge currency exposure in foreign operations, €90.0 of the borrowings on the line of credit are denominated in euros. The borrowings have been designated as a net investment hedge, see additional information in Note 8. The effective interest rate on the credit agreement at April 1, 2023 was 6.5%. Interest expense recognized on the credit agreement during the three months ended April 1, 2023 and April 2, 2022, totaled $7.9 and $2.6, respectively. As of April 1, 2023, the Company was in compliance with all debt covenants related to the credit agreement. 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 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, China. Outstanding 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 basis RMB 42.7. 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 loan 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. 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 April 1, 2023, the Company was in compliance with all debt covenants related to the Fixed Asset Facility, Working Capital Facility and Term Loan Facilities.

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- 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
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