Debt

6 Months Ended

Jun. 30, 2020

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


	June 30,
	2020		2019
Variable rate debt
Short-term borrowings	$	—	$	15,836
Current portion of long-term debt:
Australian credit facility	9,558		8,138
Short-term borrowings and current portion of long-term debt	9,558		23,974

Long-term portion:
Revolving credit facility	14,688		438,786
Term facility	180,375		—
Receivables securitization facility	235,000		230,400
Less: financing costs, net	817		823
Long-term debt, net	429,246		668,363
Total debt	$	438,804	$	692,337

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.