v3.25.1
Accounts Receivable Securitization (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Oct. 23, 2023
Servicing Liabilities at Fair Value [Line Items]      
Less: outstanding letters of credit $ (242,600) $ (246,000)  
2023 RSA      
Servicing Liabilities at Fair Value [Line Items]      
Effective date     Oct. 23, 2023
Final maturity date     Oct. 01, 2025
Receivables Sales Agreement, Borrowing Capacity     $ 575,000
Accordion Option Accounts Receivable Securitization [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
Borrowing base, based on eligible receivables 463,400 500,700  
Accounts receivable securitization [4] (434,200) (459,200)  
Less: outstanding letters of credit (20,373) (27,167)  
Availability under accounts receivable securitization facilities 8,827 14,333  
Deferred loan costs $ 100 $ 200  
Debt Instrument, Interest Rate During Period 5.30% 5.50%  
[1] The accordion option increases the maximum borrowing capacity, subject to participation of the purchasers.
[2] The commitment fee rates are based on the percentage of the maximum borrowing capacity utilized.
[3] As identified within the 2023 RSA, the lender can trigger an amendment by identifying and deciding upon a replacement index for SOFR.
[4] Outstanding 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.