The floater is what the ball bearings in the end of the drawbar ride on. As the drawbar pulls up, the floater forces the ball bearings inward to clamp the retention knob. The floater also uses two balls that are identical to the ones
in the drawbar to hold itself in.
Mniadna, you're lucky. Had one floater that was mangled, had to grind it out, many hours laying on my back on the table with a carbide burr, not fun.