Debt

3 Months Ended

Mar. 31, 2020

Note 5 – Debt

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


	March 31,
	2020		2019
Variable rate debt
Short-term borrowings	$	8,126	$	13,714
Current portion of long-term debt:
Australian credit facility	8,227		8,020
Short-term borrowings and current portion of long-term debt	16,353		21,734

Long-term portion:
Revolving credit facility	192,829		503,073
Term facility	182,688		—
Receivables securitization facility	195,100		175,100
Less: financing costs, net	920		930
Long-term debt, net	569,697		677,243
Total debt	$	586,050	$	698,977

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.