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Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
The table below presents the components of our debt (in thousands):

 March 31,
 20222021
Variable rate debt
Short-term borrowings$10,854 $2,216 
Current portion of long-term debt:
Australian credit facility10,411 10,193 
Short-term borrowings and current portion of long-term debt 21,265 12,409 
Long-term portion:  
Revolving credit facility532,253 142,868 
Term loan under credit facility500,000 — 
Term facility164,188 173,438 
Receivables securitization facility290,000 105,000 
Less: financing costs, net2,633 544 
Long-term debt, net1,483,808 420,762 
Total debt $1,505,073 $433,171 

On January 4, 2022, we drew the $250.0 million incremental term loan available under our December 30, 2021 amendment to our Second Amended and Restated Credit Agreement (the “Credit Facility”) and used the net proceeds to reduce our revolving borrowings under the Credit Facility. At March 31, 2022, $500.0 million of term loans available under the Credit Facility were fully drawn.

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.