XML 50 R37.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Accounts Receivable Securitization (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Oct. 23, 2023
Servicing Liabilities at Fair Value [Line Items]      
Less: outstanding letters of credit $ (264,500) $ (264,300)  
2023 RSA      
Servicing Liabilities at Fair Value [Line Items]      
Effective date     Oct. 23, 2023
Final maturity date     Oct. 01, 2025
Receivables Sales Agreement, Borrowing Capacity     $ 575,000
Accordion Option Accounts Receivable Securitization [1]     $ 100,000
Unused commitment fee rate [2]     20 to 40 basis points
Program fees on outstanding balances [3]     one month SOFR + credit adjustment spread 10 basis points + 82.5 basis points
Borrowing base, based on eligible receivables 479,600 527,600  
Accounts receivable securitization [4] (454,000) (527,000)  
Less: outstanding letters of credit (21,725) 0  
Availability under accounts receivable securitization facilities 3,875 600  
Deferred loan costs $ 400 $ 500  
Debt Instrument, Interest Rate During Period 6.30% 6.30%  
[1] The accordion option increases the maximum borrowing capacity, subject to participation of the purchasers.
[2] The commitment fee rates are based on the percentage of the maximum borrowing capacity utilized.
[3] As identified within the 2023 RSA, the lender can trigger an amendment by identifying and deciding upon a replacement index for SOFR.
[4] Outstanding borrowings are included in "Accounts receivable securitization" in the condensed consolidated balance sheets and are offset by deferred loan costs of $0.4 million and $0.5 million as of March 31, 2024 and December 31, 2023, respectively. Interest accrued on the aggregate principal balance at a rate of 6.3% and 6.3% as of March 31, 2024 and December 31, 2023, respectively.