Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt

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

	March 31,
	2023		2022
Variable rate debt
Short-term borrowings	$	3,011	$	10,854
Current portion of long-term debt:
Australian credit facility	11,319		10,411
Current portion of term loans under credit facility	18,750		—
Short-term borrowings and current portion of long-term debt	$	33,080	$	21,265
Long-term portion:
Revolving credit facility	398,895		532,253
Term loan under credit facility	481,250		500,000
Term facility	154,938		164,188
Receivables securitization facility	299,600		290,000
Less: financing costs, net	2,013		2,633
Long-term debt, net	1,332,670		1,483,808
Total debt	$	1,365,750	$	1,505,073

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.