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Credit Facilities | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
CREDIT FACILITIES | 9. CREDIT FACILITIES Total non-revolving debt consists of the following:
| Maturity Date |  | September 30, 2023 |  |  | December 31, 2022 |
Long-term non-revolving debt: |  |  |  |  |  |  |
Term loans with PNC Bank | Oct 2025 |  | $ | 313.8 |  |  | $ | 175.0 |
Term loans with Citibank | Various |  |  | 12.9 |  |  |  | 8.6 |
Total long-term non-revolving debt |  |  |  | 326.7 |  |  |  | 183.6 |
Less: current portion of long-term non-revolving debt |  |  |  | 21.8 |  |  |  | 19.0 |
Less: unamortized debt issuance costs |  |  |  | 0.7 |  |  |  | 0.4 |
Total long-term non-revolving debt, net |  |  | $ | 304.2 |  |  | $ | 164.2 |
Information on the Company’s revolving credit facilities is as follows:
|  |  | Balance |  |  | Available Credit |
| Maturity Date |  | September 30, 2023 |  |  | December 31, 2022 |  |  | September 30, 2023 |  |  | December 31, 2022 |
Revolving line of credit with PNC Bank | Oct 2025 |  | $ | 217.2 |  |  | $ | 261.3 |  |  | $ | 180.8 |  |  | $ | 138.1 |
Revolving line of credit with Citibank | Jun 2026 |  |  | 1.3 |  |  |  | 1.6 |  |  |  | 2.5 |  |  |  | 0.7 |
Future maturities of total debt are as follows:
Year: |  |
2023 Remaining | $ | 5.8 |
2024 |  | 23.4 |
2025 |  | 508.5 |
2026 |  | 7.5 |
Total | $ | 545.2 |
Term Loans 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. In May 2023, the Company entered into an Incremental Facility Amendment with PNC Bank, National Association, as administrative agent, and various lenders party thereto that amended the Second Amended and Restated Credit Agreement, dated October 28, 2020 (the “Credit Agreement” and, together with the Incremental Facility Amendment, the “Amended Credit Agreement”). Pursuant to the Incremental Facility Amendment, the Company incurred a new senior secured term loan A-2 (the “Term Loan A-2”) in an aggregate principal amount of $150.0. The issue price of the Term Loan A-2 was equal to 100% of the aggregate principal amount thereof. The Term Loan A-2 bears interest at a rate based on either (i) the secured overnight financing rate (“SOFR”) (subject to a 0% floor) for the applicable interest period plus a 0.10% SOFR adjustment plus an applicable margin ranging between 1.50% and 2.75%, depending on the Company’s leverage ratio or (ii) a variable rate equal to the highest of (x) the overnight bank funding rate plus 0.50%, (y) the prime rate and (z) daily simple SOFR, plus a 0.10% SOFR adjustment plus 1.00%, plus an applicable margin ranging between 0.50% and 1.75%, depending on the Company’s leverage ratio. The Term Loan A-2 is guaranteed by each of the Company’s domestic subsidiaries and is secured by substantially all of the assets of the Company and the guarantors, on a pari passu basis with the other facilities under the Amended Credit Agreement. The Term Loan A-2 matures on October 28, 2025, and is not subject to any mandatory repayments prior to such maturity date. The net proceeds from the Term Loan A-2, together with cash on ha nd, were used to repay outstanding amounts under the Company’s revolving credit facility. Under the Amended Credit Agreement, the Company continues to have access to an accordion feature with the ability to increase the revolver or incur additional term loans under the incremental facility of $300.0 after giving effect to borrowings under the Term Loan A-2. 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 September 30, 2023, was 7.4%. Interest expense recognized on the credit agreement, excluding interest rate swap activity, during the nine months ended September 30, 2023, and October 1, 2022, totaled $27.5 and $9.8, respectively. As of September 30, 2023, the Company was in compliance with all debt covenants related to the Amended 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 accrued interest at a rate equal to the National Interbank Funding Center 1-year loan prime rate plus 1.5%. The loan matured in May 2023, at which time the remaining balance was paid in full. Under the Working Capital Facility, the Company could borrow amounts on an unsecured revolving facility up to a total of RMB 16.0. Proceeds were used for expenditures related to production at the Company’s facility located in Kunshan City, China. Outstanding borrowings under the Working Capital Facility accrued interest at a rate equal to the National Interbank Funding Center 1-year loan prime rate plus 0.5%. The loan matured in May 2023, at which time the remaining balance was paid in full. 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 facility accrued interest at a rate equal to the Australian Bank Bill Swap ("ABBS") reference rate plus 2.0% and was scheduled to be repaid throughout the term of the loan with a final payment due date in December 2024. In June 2023, the Sydney Branch Term Loan Facility was amended. The Company borrowed on a secured basis AUD 15.0 and used a portion of the proceeds to repay the remaining balance of the original term loan. Outstanding borrowings under the amended Sydney Branch Term Loan Facility accrue interest at a rate equal to the ABBS reference rate plus 2.8%, to be repaid throughout the term of the loan with a final payment due date in June 2026. Concurrent with the amendment to the Sydney Branch Term Loan Facility, the Company entered into a revolving line of credit agreement with Citibank, N.A., Sydney Branch, as lender (the “Sydney Branch RC Facility”). The Sydney Branch RC Facility allows for borrowings up to an aggregate maximum principal amount of AUD 6.0 and matures in June 2026, with no mandatory repayments prior to such maturity date. The facility accrues interest at a rate equal to the ABBS reference rate plus 2.3%. As of September 30, 2023, the Company was in compliance with all debt covenants related to the term loans and line of credit with Citibank.

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