Debt

3 Months Ended

Mar. 31, 2021

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


	March 31,
	2021		2020
Variable rate debt
Short-term borrowings	$	2,216	$	8,126
Current portion of long-term debt:
Australian credit facility	10,193		8,227
Short-term borrowings and current portion of long-term debt	12,409		16,353

Long-term portion:
Revolving credit facility	142,868		192,829
Term facility	173,438		182,688
Receivables securitization facility	105,000		195,100
Less: financing costs, net	544		920
Long-term debt, net	420,762		569,697
Total debt	$	433,171	$	586,050

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.