A drill press includes a main housing, a drill unit supported by the main housing for relative movement therewith, a base coupled to the main housing, the base having a bore formed in a top surface thereof and a magnet to create a magnetic field for magnetically latching the base to a workpiece, and a holding force detection assembly having a plug, a sensor positioned outside the plug to detect the magnetic field within the base, the sensor emitting a variable output voltage signal in response to the detected magnetic field, and a printed circuit board received within a slot in the plug. The holding force detection assembly is received within the bore formed in the top surface of the base.