Debt

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



	July 1, 2018		December 31, 2017		June 25, 2017
Unsecured commercial paper	$	1,327,307	$	1,273,482	$	928,445
Total short-term debt	$	1,327,307	$	1,273,482	$	928,445

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



	July 1, 2018			December 31, 2017			June 25, 2017
Secured debt (Note 11)
Asset-backed Canadian commercial paper conduit facility	$	166,638		$	174,779		$	138,739
Asset-backed U.S. commercial paper conduit facilities	300,000			279,457			279,833
Asset-backed securitization debt	169,632			353,085			522,095
Less: unamortized discount and debt issuance costs	(202		)	(461		)	(795		)
Total secured debt	636,068			806,860			939,872

Unsecured notes (at par value)
1.55% Medium-term notes due in 2017, issued November 2014	—			—			400,000
6.80% Medium-term notes due in 2018, issued May 2008	—			877,488			877,488
2.25% Medium-term notes due in 2019, issued January 2016	600,000			600,000			600,000
Floating-rate Medium-term notes due in 2019, issued March 2017^(a)	150,000			150,000			150,000
2.40% Medium-term notes due in 2019, issued September 2014	600,000			600,000			600,000
2.15% Medium-term notes due in 2020, issued February 2015	600,000			600,000			600,000
Floating-rate Medium-term notes due in 2020, issued May 2018^(b)	450,000			—			—
2.40% Medium-term notes due in 2020, issued March 2017	350,000			350,000			350,000
2.85% Medium-term notes due in 2021, issued January 2016	600,000			600,000			600,000
3.55% Medium-term notes due in 2021, issued May 2018	350,000			—			—
2.55% Medium-term notes due in 2022, issued June 2017	400,000			400,000			400,000
3.35% Medium-term notes due in 2023, issued February 2018	350,000			—			—
3.50% Senior unsecured notes due in 2025, issued July 2015	450,000			450,000			450,000
4.625% Senior unsecured notes due in 2045, issued July 2015	300,000			300,000			300,000
Less: unamortized discount and debt issuance costs	(22,259		)	(19,821		)	(23,452		)
Gross long-term debt	5,813,809			5,714,527			6,243,908
Less: current portion of long-term debt, net of unamortized discount and debt issuance costs	(945,463		)	(1,127,269		)	(1,565,558		)
Total long-term debt	$	4,868,346		$	4,587,258		$	4,678,350

(a) Floating interest rate based on LIBOR plus 35 bps.


(b)	Floating interest rate based on LIBOR plus 50 bps. The Company utilized an interest rate swap designated as a cash flow hedge to convert this from a floating rate basis to a fixed rate basis. Refer to Note 9 of the Notes to the Consolidated Financial Statements for further details.