Debt

6 Months Ended

Jun. 26, 2022

Debt Disclosure [Abstract]

Debt

Debt

Debt with a contractual term less than 12 months is generally classified as short-term and consisted of the following (in thousands):

	June 26, 2022		December 31, 2021		June 27, 2021
Unsecured commercial paper	$	701,384	$	751,286	$	749,037

Debt with a contractual term greater than 12 months is generally classified as long-term and consisted of the following (in thousands): 

			June 26, 2022		December 31, 2021		June 27, 2021
Secured debt:
Asset-backed Canadian commercial paper conduit facility			$	77,984	$	85,054	$	87,439
Asset-backed U.S. commercial paper conduit facility			570,628		272,589		291,511
Asset-backed securitization debt			2,860,810		1,634,753		1,735,706
Unamortized discounts and debt issuance costs			(12,889)		(7,611)		(8,184)
			3,496,533		1,984,785		2,106,472
Unsecured notes (at par value):
Medium-term notes:
Due in 2022, issued February 2019	4.05	%	—		550,000		550,000
Due in 2022, issued June 2017	2.55	%	—		400,000		400,000
Due in 2023, issued February 2018	3.35	%	350,000		350,000		350,000
Due in 2023, issued May 2020(a)	4.94	%	681,837		737,302		773,825
Due in 2024, issued November 2019(b)	3.14	%	629,388		680,586		714,300
Due in 2025, issued June 2020	3.35	%	700,000		700,000		700,000
Due in 2027, issued February 2022	3.05	%	500,000		—		—
Unamortized discounts and debt issuance costs			(10,905)		(9,228)		(12,068)
			2,850,320		3,408,660		3,476,057

			June 26, 2022		December 31, 2021		June 27, 2021
Senior notes:
Due in 2025, issued July 2015	3.50	%	450,000		450,000		450,000
Due in 2045, issued July 2015	4.625	%	300,000		300,000		300,000
Unamortized discounts and debt issuance costs			(4,984)		(5,332)		(5,679)
			745,016		744,668		744,321
			3,595,336		4,153,328		4,220,378
Long-term debt			7,091,869		6,138,113		6,326,850
Current portion of long-term debt, net			(1,887,552)		(1,542,496)		(1,581,826)
Long-term debt, net			$	5,204,317	$	4,595,617	$	4,745,024

(a)€650.0 million par value remeasured to U.S. dollar at June 26, 2022, December 31, 2021, and June 27, 2021, respectively

(b)€600.0 million par value remeasured to U.S. dollar at June 26, 2022, December 31, 2021, and June 27, 2021, respectively

Future principal payments of the Company's debt obligations as of June 26, 2022 were as follows (in thousands):

2022	$	1,196,321
2023	1,848,914
2024	1,391,946
2025	1,923,342
2026	556,601
Thereafter	904,907
Future principal payments	7,822,031
Unamortized discounts and debt issuance costs	(28,778)
	$	7,793,253