INDEBTEDNESS (Tables)

9 Months Ended

Sep. 28, 2024

Schedule of Debt Activity, Current and Noncurrent

The following summarizes our debt activity (both current and non-current) for the nine months ended September 28, 2024:


	December 31, 2023		Borrowings		Repayments		Other (5)		September 28, 2024
Revolving loans(1)	$	—	$	610.2	$	(455.2)	$	—	$	155.0
Term loans(2)	539.9		—		(6.8)		0.4		533.5




Trade receivables financing arrangement(3)	16.0		217.0		(186.0)		—		47.0
Other indebtedness(4)	2.4		0.1		(0.9)		0.7		2.3
Total debt	558.3		$	827.3	$	(648.9)	$	1.1	737.8


Less: short-term debt	17.9								48.4
Less: current maturities of long-term debt	17.3								24.2
Total long-term debt, net	$	523.1							$	665.2

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(1)The revolving credit facility extends through August 2027 under the terms of our senior credit agreement and is primarily used to provide liquidity for funding acquisitions, including related fees and expenses, and was utilized as the primary funding mechanism for the Ingénia acquisition.

(2)The term loans are repayable in quarterly installments equal to 0.625% of the initial balances of $545.0, 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 balances are payable in full on August 12, 2027. Balances are net of unamortized debt issuance costs of $1.3 and $1.7 at September 28, 2024 and December 31, 2023, respectively.

(3)Under this arrangement, we can borrow, on a continuous basis, up to $100.0, as available. Borrowings under this arrangement are collateralized by eligible trade receivables of certain of our businesses. At September 28, 2024, we had $17.5 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $47.0.

(4)Primarily includes balances under a purchase card program of $1.4 and $1.9 and finance lease obligations of $0.9 and $0.5 at September 28, 2024 and December 31, 2023, 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.

(5)“Other” includes the amortization of debt issuance costs associated with the term loans.