INDEBTEDNESS (Tables)

6 Months Ended

Jul. 02, 2022

Debt Disclosure [Abstract]

Schedule of Debt Activity, Current and Noncurrent

The following summarizes our debt activity (both current and non-current) for the six months ended July 2, 2022:

	December 31, 2021		Borrowings		Repayments		Other		July 2, 2022
Revolving loans	$	—	$	—	$	—	$	—	$	—
Term loan(1)	242.7		—		(6.3)		0.1		236.5
Trade receivables financing arrangement(2)	—		—		—		—		—
Other indebtedness(3)	3.3		0.1		(0.3)		—		3.1
Total debt	246.0		$	0.1	$	(6.6)	$	0.1	239.6
Less: short-term debt	2.2								2.1
Less: current maturities of long-term debt	13.0								13.0
Total long-term debt	$	230.8							$	224.5

    

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(1)The term loan is repayable in quarterly installments equal to 1.25% of the initial term loan balance of $250.0, in each of the four quarters of 2022 and 2023, and 1.25% during the first three quarters of 2024. The remaining balance is payable in full on December 17, 2024. Balances are net of unamortized debt issuance costs of $0.9 and $1.0 at July 2, 2022 and December 31, 2021, respectively.

(2)Under this arrangement, we can borrow, on a continuous basis, up to $50.0, as available. Borrowings under this arrangement are collateralized by eligible trade receivables of certain of our businesses.

(3)Primarily includes balances under a purchase card program of $2.1 and $2.2 and finance lease obligations of $1.0 and $1.1 at July 2, 2022 and December 31, 2021, 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.