Debt

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



	September 25, 2016		December 31, 2015		September 27, 2015
Unsecured commercial paper	$	1,055,428	$	1,201,380	$	990,049
Total short-term debt	$	1,055,428	$	1,201,380	$	990,049

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



	September 25, 2016			December 31, 2015			September 27, 2015
Secured debt
Asset-backed Canadian commercial paper conduit facility	$	140,488		$	153,839		$	158,712
Term asset-backed securitization debt	927,539			1,463,154			1,706,431
Less: unamortized discount and debt issuance costs	(1,920		)	(3,777		)	(4,699		)
Total secured debt	1,066,107			1,613,216			1,860,444

Unsecured notes
3.88% Medium-term notes due in 2016 par value	—			450,000			450,000
2.70% Medium-term notes due in 2017 par value	400,000			400,000			400,000
1.55% Medium-term notes due in 2017 par value	400,000			400,000			400,000
6.80% Medium-term notes due in 2018 par value	877,488			878,708			887,958
2.40% Medium-term notes due in 2019 par value	600,000			600,000			600,000
2.25% Medium-term notes due in 2019 par value	600,000			—			—
2.15% Medium-term notes due in 2020 par value	600,000			600,000			600,000
2.85% Medium-term notes due in 2021 par value	600,000			—			—
3.50% Senior unsecured notes due in 2025 par value	450,000			450,000			450,000
4.625% Senior unsecured notes due in 2045 par value	300,000			300,000			300,000
Less: unamortized discount and debt issuance costs	(22,834		)	(21,106		)	(21,869		)
Gross long-term debt	5,870,761			5,670,818			5,926,533
Less: current portion of long-term debt, net of unamortized discount and issuance costs	(700,152		)	(838,349		)	(885,889		)
Total long-term debt	$	5,170,609		$	4,832,469		$	5,040,644

The Company adopted ASU No. 2015-03 and ASU No. 2015-15 on January 1, 2016. Upon adoption, the Company reclassified debt issuance costs, other than debt issuance costs related to line of credit arrangements (which include its asset-backed commercial paper and unsecured commercial paper programs and its credit facilities), from other assets to debt on the balance sheet. Refer to Note 2 for further discussion of newly adopted ASUs.