Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt

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

	March 31,
	2025		2024
Variable rate debt
Short-term borrowings	$	1,733	$	—
Current portion of long-term debt:
Australian credit facility	11,576		11,655
Current portion of term loans under credit facility	43,750		25,000
Short-term borrowings and current portion of long-term debt	$	57,059	$	36,655
Long-term portion:
Revolving credit facility	$	167,700	$	115,400
Term loan under credit facility	412,500		456,250
Term facility	100,000		109,937
Receivables securitization facility	290,400		262,300
Less: financing costs, net	2,569		1,365
Long-term debt, net	968,031		942,522
Total debt	$	1,025,090	$	979,177

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