Note 5 – Debt

The table below presents the components of our debt (in thousands):



	March 31,
	2018		2017
Variable rate debt
Short-term borrowings	$	12,263	$	9,404
Current portion of long-term debt:
Australian credit facility	8,523		371
Short-term borrowings and current portion of long-term debt	20,786		9,775

Long-term portion:
Revolving credit facility	388,762		361,418
Receivables securitization facility	160,000		120,000
Less: financing costs, net	1,438		976
Long-term debt, net	547,324		480,442
Total debt	$	568,110	$	490,217

Our accounts receivable securitization facility (the Receivables Facility) provides for the sale of certain of our receivables to a wholly owned subsidiary (the Securitization Subsidiary). The Securitization Subsidiary transfers variable undivided percentage interests in the receivables and related rights to certain third-party financial institutions in exchange for cash proceeds, limited to the applicable funding capacities.

We account for the sale of the receivable interests as a secured borrowing on our Consolidated Balance Sheets. The receivables subject to the agreement collateralize the cash proceeds received from the third-party financial institutions. We classify the entire outstanding balance as Long-term debt on our Consolidated Balance Sheets as we intend and have the ability to refinance the obligations on a long‑term basis. We present the receivables that collateralize the cash proceeds separately as Receivables pledged under receivables facility on our Consolidated Balance Sheets.