v3.25.1
Accounts Receivable Securitization (Tables)
 3 Months Ended
Mar. 31, 2025
Transfers and Servicing [Abstract]  
Schedule of Servicing Liabilities at Fair Value [Table Text Block]
The following table summarizes the key terms of the 2023 RSA (dollars in thousands):
2023 RSA
(Dollars in thousands)
Effective dateOctober 23, 2023
Final maturity dateOctober 1, 2025
Borrowing capacity$575,000 
Accordion option 1
$100,000 
Unused commitment fee rate 2
20 to 40 basis points
Program fees on outstanding balances 3
one month SOFR + credit spread adjustment 10 basis points + 82.5 basis points
1The accordion option increases the maximum borrowing capacity, subject to participation of the purchasers.
2The commitment fee rates are based on the percentage of the maximum borrowing capacity utilized.
3As identified within the 2023 RSA, the lender can trigger an amendment by identifying and deciding upon a replacement index for SOFR.
Availability under the 2023 RSA is calculated as follows:
March 31, 2025December 31, 2024
          (In thousands)
Borrowing base, based on eligible receivables$463,400 $500,700 
Less: outstanding borrowings 1
(434,200)(459,200)
Less: outstanding letters of credit(20,373)(27,167)
Availability under accounts receivable securitization facilities$8,827 $14,333 
1Outstanding borrowings are included in "Accounts receivable securitization - current portion" in the condensed consolidated balance sheets and are offset by deferred loan costs of $0.1 million and $0.2 million as of March 31, 2025 and December 31, 2024, respectively. Interest accrued on the aggregate principal balance at a rate of 5.3% and 5.5% as of March 31, 2025 and December 31, 2024, respectively.