INDEBTEDNESS (Tables)

9 Months Ended

Oct. 01, 2022

Schedule of Debt Activity, Current and Noncurrent

The following summarizes our debt activity (both current and non-current) for the nine months ended October 1, 2022:


	December 31, 2021		Borrowings		Repayments		Other		October 1, 2022
Revolving loans	$	—	$	—	$	—	$	—	$	—
Term loan(1)(2)	242.7		245.0		(243.7)		0.3		244.3




Trade receivables financing arrangement(3)	—		—		—		—		—
Other indebtedness(4)	3.3		0.1		(0.8)		—		2.6
Total debt	246.0		$	245.1	$	(244.5)	$	0.3	246.9


Less: short-term debt	2.2								1.9
Less: current maturities of long-term debt	13.0								0.4
Total long-term debt	$	230.8							$	244.6

___________________________

(1)As noted below, we amended our senior credit agreement on August 12, 2022. The amendment made available a new term loan facility in the amount of $245.0, the proceeds of which were primarily used to repay the outstanding balance of $237.4 under the then-existing term loan facility.

(2)The term loan is repayable in quarterly installments equal to 0.625% of the initial term loan balance of $245.0, beginning in December 2023 and in each of the first three quarters of 2024, and 1.25% during the fourth quarter of 2024, all quarters of 2025 and 2026, and the first two quarters of 2027. The remaining balance is payable in full on August 12, 2027. Balances are net of unamortized debt issuance costs of $0.7 and $1.0 at October 1, 2022 and December 31, 2021, respectively.

(3)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. At October 1, 2022, we had $30.3 of available borrowing capacity under this facility.

(4)Primarily includes balances under a purchase card program of $1.9 and $2.2 and finance lease obligations of $0.7 and $1.1 at October 1, 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.

Schedule of per Annum Fees Charged and the Interest Rate Margins Applicable to Eurodollar and Alternate Base Rate Loans


Consolidated Leverage Ratio	Revolving Commitment Fee		Financial Letter of Credit Fee		Foreign Credit Instrument (“FCI”) Commitment Fee		FCI Fee and Non-Financial Letter of Credit Fee		Term Secured Overnight Financing Rate (“SOFR”) Loans/Alternative Currency Loans		ABR Loans
Greater than or equal to 3.00 to 1.0	0.275	%	1.750	%	0.275	%	1.000	%	1.750	%	0.750	%
Between 2.00 to 1.0 and 3.00 to 1.0	0.250	%	1.500	%	0.250	%	0.875	%	1.500	%	0.500	%
Between 1.50 to 1.0 and 2.00 to 1.0	0.225	%	1.375	%	0.225	%	0.800	%	1.375	%	0.375	%
Less than 1.50 to 1.0	0.200	%	1.250	%	0.200	%	0.750	%	1.250	%	0.250	%