v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt

Note 5 – Debt

The table below presents the components of our debt (in thousands):

 

 

 

June 30,

 

 

 

2026

 

 

2025

 

Variable rate debt

 

 

 

 

 

 

Short-term borrowings

 

$

—

 

 

$

4,612

 

Current portion of long-term debt:

 

 

 

 

 

 

Australian credit facility

 

 

13,443

 

 

 

12,774

 

Short-term borrowings and current portion of long-term debt

 

$

13,443

 

 

$

17,386

 

 

 

 

 

 

 

Long-term portion:

 

 

 

 

 

 

Revolving credit facility

 

$

424,400

 

 

$

354,800

 

Term loan under credit facility

 

 

500,000

 

 

 

450,000

 

Term facility

 

 

90,000

 

 

 

90,000

 

Receivables securitization facility

 

 

315,500

 

 

 

320,100

 

Less: financing costs, net

 

 

2,627

 

 

 

2,367

 

Long-term debt, net

 

 

1,327,273

 

 

 

1,212,533

 

Total debt

 

$

1,340,716

 

 

$

1,229,919

 

Our accounts receivable securitization facility (the Receivables Facility) provides for the sale 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, which matures on October 30, 2026, 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.