Debt

9 Months Ended

Sep. 30, 2019

Note 5 – Debt

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


	September 30,
	2019		2018
Variable rate debt
Short-term borrowings	$	2,116	$	321
Current portion of long-term debt:
Australian credit facility	9,724		9,022
Short-term borrowings and current portion of long-term debt	11,840		9,343

Long-term portion:
Revolving credit facility	375,235		417,410
Receivables securitization facility	161,200		155,000
Less: financing costs, net	715		1,050
Long-term debt, net	535,720		571,360
Total debt	$	547,560	$	580,703

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, net 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.