DEBT AND OTHER FINANCING ARRANGEMENTS

9 Months Ended

Sep. 24, 2022

Debt Disclosure [Abstract]

DEBT AND OTHER FINANCING ARRANGEMENTS

DEBT AND OTHER FINANCING ARRANGEMENTS

Long-term debt, net and finance leases consists of the following:

	September 24, 2022		December 25, 2021
	(in thousands)
Revolving facility	$	1,429,154	$	1,161,431
4.25% Senior Notes due 2028	500,000		500,000
3.75% Senior Notes due 2029	500,000		500,000
4.00% Senior Notes due 2031	500,000		500,000
Other debt	239		368
Finance leases	29,428		27,223
Total debt and finance leases	2,958,821		2,689,022
Less:
Current portion of long-term debt	—		101
Current portion of finance leases	2,079		2,694
Current portion of long-term debt and finance leases	2,079		2,795
Long-term debt and finance leases	2,956,742		2,686,227
Debt discount and debt issuance costs	(19,686)		(22,663)
Long-term debt, net and finance leases	$	2,937,056	$	2,663,564

As of September 24, 2022 and December 25, 2021, the weighted average interest rate on the Company’s debt was 3.85% and 2.78%, respectively. During the nine months ended September 25, 2021, the Company prepaid $500 million of Senior Notes due in 2026 along with $21 million of related debt extinguishment costs and $13 million of accrued interest using proceeds from additional senior notes issued on the same day. The payment of the 2026 Senior Notes was accounted for as a debt extinguishment. Approximately $21 million of debt extinguishment costs and $5 million of deferred financing costs write-offs were recorded in Interest expense for the nine months ended September 25, 2021.

Foreign currency transactions

During the three and nine months ended September 24, 2022 and September 25, 2021, the Company had multiple U.S. dollar denominated loans borrowed by a non-U.S. Euro functional currency entity under the Credit Facility, which were between $250 million and $400 million each. To limit this foreign currency exposure, the Company entered into foreign exchange forward contracts, which are not designated as hedging instruments. The gains and losses incurred on these transactions were as follows:

	Three Months Ended				Nine Months Ended
	September 24, 2022		September 25, 2021		September 24, 2022		September 25, 2021		Affected Line Item in the Consolidated Statements of Income
	(in thousands)
Loss on foreign debt remeasurement	$	(16,006)	$	(4,417)	$	(46,529)	$	(22,680)	Other expense, net
Gain on foreign exchange forward contract	17,406		5,048		49,712		24,380		Interest expense

Letters of Credit

As of September 24, 2022 and December 25, 2021, the Company had $17.7 million in outstanding letters of credit.