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Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
The table below presents the components of our debt (in thousands):

 September 30,
 20222021
Variable rate debt
Current portion of long-term debt:
Australian credit facility$12,208 $10,744 
Short-term borrowings and current portion of long-term debt 12,208 10,744 
Long-term portion:  
Revolving credit facility572,978 170,255 
Term loan under credit facility500,000 — 
Term facility159,563 168,812 
Receivables securitization facility270,000 15,000 
Less: financing costs, net2,204 1,992 
Long-term debt, net1,500,337 352,075 
Total debt $1,512,545 $362,819 

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 September 30, 2022, the $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.