A cutting tool assembly is provided for removing flash portions and gates from a molded article. The cutting tool assembly includes a holder device including an upper plate, a cylindrical collar, and a bearing disposed between the upper plate and the cylindrical collar to allow movement of the cylindrical collar relative to the upper plate. The cutting tool assembly further includes a cutting member fixedly secured to the cylindrical collar wherein movement of the cylindrical collar relative to the upper plate provides the cutting member with degrees of rotational freedom to float relative to the molded article during trimming of the flash portions and gates.