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Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023 | Dec. 31, 2022
Derivative |  |
Components of debt | The table below presents the components of our debt (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Variable rate debt |  |  |  |
Current portion of long-term debt: |  |  |  |
Australian credit facility |  | $ | 13,203 |  |  | $ | 12,542 |
Current portion of term loans under credit facility |  | 25,000 |  |  | 12,500 |
Short-term borrowings and current portion of long-term debt |  | 38,203 |  |  | 25,042 |
Long-term portion: |  |  |  |
Revolving credit facility |  | 252,500 |  |  | 519,711 |
Term loans under credit facility |  | 462,500 |  |  | 487,500 |
Term facility |  | 109,937 |  |  | 157,250 |
Receivables securitization facility |  | 191,700 |  |  | 199,500 |
Less: financing costs, net |  | 1,520 |  |  | 2,200 |
Long-term debt, net |  | 1,015,117 |  |  | 1,361,761 |
Total debt |  | $ | 1,053,320 |  |  | $ | 1,386,803 |
Schedule of Maturities of Long-term Debt | The table below presents maturities of long-term debt, excluding unamortized deferred financing costs, for the next five years (in thousands):
2024 |  | $ | 229,903 |
2025 |  | 37,500 |
2026 |  | 787,438 |
2027 |  | — |
2028 |  | — |
Schedule of interest rate swaps | The following table provides additional details related to these swap contracts:
Derivative |  | Inception Date |  | Effective Date |  | Termination Date |  | Notional Amount (in millions) |  | Fixed Interest Rate
Interest rate swap 1 |  | February 5, 2020 |  | February 26, 2021 |  | February 28, 2025 |  | $150.0 |  | 1.3260%
Interest rate swap 2 |  | March 9, 2020 |  | September 29, 2022 |  | February 26, 2027 |  | $150.0 |  | 0.6690%
| The following table provides additional details related to these former swap contracts:
Derivative |  | Inception Date |  | Effective Date |  | Termination Date |  | Notional Amount (in millions) |  | Fixed Interest Rate
Former interest rate swap 1 |  | May 7, 2019 |  | November 20, 2020 |  | September 29, 2022 |  | $75.0 |  | 2.0925%
Former interest rate swap 2 |  | July 25, 2019 |  | November 20, 2020 |  | September 29, 2022 |  | $75.0 |  | 1.5500%
Changes in deferred financing costs | The table below summarizes changes in deferred financing costs for the past two years (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Deferred financing costs: |  |  |  |
Balance at beginning of year |  | $ | 4,212 |  |  | $ | 4,042 |
Financing costs deferred |  | 52 |  |  | 170 |
Balance at end of year |  | 4,264 |  |  | 4,212 |
Less: Accumulated amortization |  | (2,744) |  |  | (2,012) |
Deferred financing costs, net of accumulated amortization |  | $ | 1,520 |  |  | $ | 2,200 |
Forward-starting Interest Rate Swap Agreements [Member] |  |
Derivative |  |
Schedule of interest rate swaps | The following table provides details related to our forward-starting interest rate swap contract:
Derivative |  | Inception Date |  | Effective Date |  | Termination Date |  | Notional Amount (in millions) |  | Fixed Interest Rate
Forward-starting interest rate swap |  | March 9, 2020 |  | February 28, 2025 |  | February 26, 2027 |  | $150.0 |  | 0.7630%

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