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Commitments and Contingencies
 6 Months Ended
Jul. 02, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and Contingencies
Committed and uncommitted banking facilities
The Company had committed banking facilities of $125.0 million at July 2, 2023 and $100.0 million at December 31, 2022. Of these committed facilities, $68.1 million was drawn at July 2, 2023 and $31.9 million at December 31, 2022. The Company also had an additional $25.0 million of uncommitted facilities through an accordion provision at July 2, 2023 and $50.0 million at December 31, 2022.
Uncommitted Facilities
July 2, 2023December 31, 2022
FacilityDrawnFacilityDrawn
Bond and Guarantees$0.6 $0.2 $0.6 $0.2 
Letters of Credit3.0 1.6 2.0 1.5 
Overdraft3.7 — 4.0 — 
$7.3 $1.8 $6.6 $1.7 
Contingencies
In November 2018, an explosion occurred at a third-party waste disposal and treatment site in Grand View, Idaho, reportedly causing property damage, personal injury, and one fatality. We contracted with a service company for removal and disposal of certain waste resulting from the magnesium powder manufacturing operations at the Reade facility in Manchester, New Jersey. We believe this service company, in turn, contracted with the third-party disposal company, at whose facility the explosion occurred, for treatment and disposal of the waste. In November 2020, we were named as a defendant in three lawsuits in relation to the incident – one by the third-party disposal company, one by the estate of the decedent, and one by an injured employee of the third-party disposal company. We believe that we are not liable for the incident, have asserted such, and continue to fully defend the Company against these lawsuits. Therefore, we do not currently expect the eventual outcome in these matters to have a material impact on the Company's financial position or results of operations.