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Debt | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt The table below presents the components of our debt (in thousands):
|  | September 30,
|  | 2024 |  | 2023
Variable rate debt |  |  |  |
Current portion of long-term debt: |  |  |  |
Australian credit facility |  | $ | 13,433 |  |  | $ | 12,788 |
Current portion of term loans under credit facility |  | 31,250 |  |  | 25,000 |
Short-term borrowings and current portion of long-term debt |  | $ | 44,683 |  |  | $ | 37,788 |
Long-term portion: |  |  |  |
Revolving credit facility |  | $ | 125,000 |  |  | $ | 176,811 |
Term loan under credit facility |  | 437,500 |  |  | 468,750 |
Term facility |  | 109,938 |  |  | 109,938 |
Receivables securitization facility |  | 209,300 |  |  | 242,300 |
Less: financing costs, net |  | 2,592 |  |  | 1,690 |
Long-term debt, net |  | 879,146 |  |  | 996,109 |
Total debt |  | $ | 923,829 |  |  | $ | 1,033,897 |
Credit Facility On September 30, 2024, we entered into the Third Amended and Restated Credit Agreement (the Amended Agreement) by and among us, as U.S. Borrower, SCP Distributors Canada Inc., as Canadian Borrower, SCP International, Inc., as Euro Borrower, Wells Fargo Bank, National Association, as Administrative Agent, and certain other lenders party thereto. The Amended Agreement amended and restated the terms of the Company’s predecessor revolving credit facility principally by increasing its borrowing capacity from $750.0 million to $800.0 million and extending its maturity date from September 25, 2026 to September 30, 2029. Otherwise, the Amended Agreement retained the core features of the predecessor credit agreement, including: •a $500.0 million term loan facility; •an accordion feature permitting us to request one or more incremental term loans or revolving credit facility commitment increases up to $250.0 million; •an option permitting us to extend the maturity date of the revolving credit facility up to two years, subject to various conditions and restrictions; and •sublimits for the issuance of swingline loans and standby letters of credit. Revolving and term loan borrowings under the Amended Agreement bear interest at a variable rate based on a one-month Term Secured Overnight Financing Rate (Term SOFR), plus an applicable margin. The term loan under the Amended Agreement continues to require quarterly amortization payments, with all remaining principal due on the term loan maturity date of September 25, 2026. Substantially all of the other terms of the term loan and revolving credit facility in the Amended Agreement remain similar to the predecessor credit agreement. The Amended Agreement continues to require us to maintain a maximum average total leverage ratio and a minimum fixed charge coverage ratio consistent with the terms specified in the predecessor credit agreement. All obligations under the Amended Agreement continue to be guaranteed on an unsecured basis by substantially all of our existing and future domestic subsidiaries. The Amended Agreement also continues to contain various customary affirmative and negative covenants and events of default. Failure to comply with any of the financial covenants or the occurrence of any other events of default would permit the lenders to, among other things, require immediate payment of all amounts outstanding under the Amended Agreement. Receivables Securitization Facility 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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