Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt

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

	June 30,
	2024		2023
Variable rate debt
Short-term borrowings	$	7,053	$	—
Current portion of long-term debt:
Australian credit facility	12,673		11,219
Current portion of term loans under credit facility	25,000		25,000
Short-term borrowings and current portion of long-term debt	$	44,726	$	36,219
Long-term portion:
Revolving credit facility	$	178,400	$	217,106
Term loan under credit facility	450,000		475,000
Term facility	109,938		109,938
Receivables securitization facility	334,700		348,200
Less: financing costs, net	1,211		1,877
Long-term debt, net	1,071,827		1,148,367
Total debt	$	1,116,553	$	1,184,586

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.