Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt

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

	March 31,
	2024		2023
Variable rate debt
Short-term borrowings	$	—	$	3,011
Current portion of long-term debt:
Australian credit facility	11,655		11,319
Current portion of term loans under credit facility	25,000		18,750
Short-term borrowings and current portion of long-term debt	$	36,655	$	33,080
Long-term portion:
Revolving credit facility	$	115,400	$	398,895
Term loan under credit facility	456,250		481,250
Term facility	109,937		154,938
Receivables securitization facility	262,300		299,600
Less: financing costs, net	1,365		2,013
Long-term debt, net	942,522		1,332,670
Total debt	$	979,177	$	1,365,750

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.