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):



	March 31, 2019		December 31, 2018		April 1, 2018
Unsecured commercial paper	$	1,192,925	$	1,135,810	$	1,036,976
Total short-term debt	$	1,192,925	$	1,135,810	$	1,036,976

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



	March 31, 2019			December 31, 2018			April 1, 2018
Secured debt (Note 13)
Asset-backed Canadian commercial paper conduit facility	$	142,676		$	155,951		$	158,162
Asset-backed U.S. commercial paper conduit facilities	526,947			582,717			281,311
Asset-backed securitization debt	18,712			95,216			285,130
Less: unamortized discount and debt issuance costs	(18		)	(49		)	(337		)
Total secured debt	688,317			833,835			724,266

Unsecured notes (at par value)
6.80% Medium-term notes due in 2018, issued May 2008	—			—			877,488
2.25% Medium-term notes due in 2019, issued January 2016	—			600,000			600,000
Floating-rate Medium-term notes due in 2019, issued March 2017^(a)	—			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			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
Floating-rate Medium-term notes due in 2021, issued November 2018^(c)	450,000			450,000			—
3.55% Medium-term notes due in 2021, issued May 2018	350,000			350,000			—
4.05% Medium-term notes due in 2022, issued February 2019	550,000			—			—
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			350,000			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	(21,573		)	(20,369		)	(20,564		)
Gross long-term debt	6,116,744			6,463,466			5,981,190
Less: current portion of long-term debt, net of unamortized discount and debt issuance costs	(1,372,050		)	(1,575,799		)	(1,872,679		)
Total long-term debt	$	4,744,694		$	4,887,667		$	4,108,511


(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 10 of the Notes to the Consolidated Financial Statements for further details.


(c)	Floating interest rate based on LIBOR plus 94 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 10 of the Notes to the Consolidated Financial Statements for further details.