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Debt | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Debt | Note 5 – Debt The table below presents the components of our debt (in thousands):
|  | September 30, |  |
|  | 2019 |  | 2018
Variable rate debt |  |  |  |
Short-term borrowings |  | $ | 2,116 |  |  | $ | 321 |
Current portion of long-term debt: |  |  |  |
Australian credit facility |  | 9,724 |  |  | 9,022 |
Short-term borrowings and current portion of long-term debt |  | 11,840 |  |  | 9,343 |
Long-term portion: |  |  |  |
Revolving credit facility |  | 375,235 |  |  | 417,410 |
Receivables securitization facility |  | 161,200 |  |  | 155,000 |
Less: financing costs, net |  | 715 |  |  | 1,050 |
Long-term debt, net |  | 535,720 |  |  | 571,360 |
Total debt |  | $ | 547,560 |  |  | $ | 580,703 |
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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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