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Subsequent Events
6 Months Ended
Jul. 02, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In July 2022, the company announced the acquisitions of CP Packaging, a manufacturer of advanced high-speed vacuum packaging equipment for the food processing industry based in Appleton, Wisconsin, and Colussi Ermes, a leading manufacturer of automated washing solutions for the food processing industry based in Italy. The combined purchase price for these acquisitions was approximately $140.0 million.

On August 11, 2022, as provided for under the Credit Agreement, the company has drawn $750.0 million against the delayed draw term facility. The funds drawn were used to reduce outstanding borrowings under the revolver. The delayed draw term loan will amortize in quarterly installments due on the last day of each fiscal quarter, commencing on October 1, 2022 in an amount equal to 0.625% of the principal drawn, with the balance, plus any accrued interest payable by October 21, 2026.