Debt

3 Months Ended

Mar. 28, 2021

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


	March 28, 2021		December 31, 2020		March 29, 2020
Unsecured commercial paper	$	749,801	$	1,014,274	$	1,335,664
Global credit facility borrowings	15,462		—		—
	$	765,263	$	1,014,274	$	1,335,664

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


			March 28, 2021		December 31, 2020		March 29, 2020
Secured debt:
Asset-backed Canadian commercial paper conduit facility			$	102,543	$	116,678	$	155,243
Asset-backed U.S. commercial paper conduit facilities			350,648		402,205		600,000
Asset-backed securitization debt			2,109,046		1,800,393		1,161,047
Unamortized discounts and debt issuance costs			(9,788)		(8,437)		(4,202)
			2,552,449		2,310,839		1,912,088
Unsecured notes (at par value):
Medium-term notes:




Due in 2020, issued May 2018	LIBOR + 0.50%		—		—		450,000
Due in 2020, issued March 2017	2.40	%	—		—		350,000
Due in 2021, issued January 2016	2.85	%	—		600,000		600,000
Due in 2021, issued November 2018	LIBOR + 0.94%		—		450,000		450,000
Due in 2021, issued May 2018	3.55	%	350,000		350,000		350,000
Due in 2022, issued February 2019	4.05	%	550,000		550,000		550,000
Due in 2022, issued June 2017	2.55	%	400,000		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	%	762,996		797,206		—
Due in 2024, issued November 2019(b)	3.14	%	704,304		735,882		660,030
Due in 2025, issued June 2020	3.35	%	700,000		700,000		—
Unamortized discounts and debt issuance costs			(13,564)		(15,374)		(11,046)
			3,803,736		4,917,714		4,148,984

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			(5,851)		(6,023)		(6,534)
			744,149		743,977		743,466
			4,547,885		5,661,691		4,892,450
Long-term debt			7,100,334		7,972,530		6,804,538
Current portion of long-term debt, net			(1,622,243)		(2,039,597)		(2,326,460)
Long-term debt, net			$	5,478,091	$	5,932,933	$	4,478,078

(a)Euro denominated, €650.0 million par value remeasured to U.S. dollar at March 28, 2021 and December 31, 2020, respectively

(b)Euro denominated, €600.0 million par value remeasured to U.S. dollar at March 28, 2021, December 31, 2020, and March 29, 2020, respectively

The Company's future principal payments on debt obligations as of March 28, 2021 were as follows (in thousands):


2021	$	1,670,913
2022	1,685,613
2023	1,829,349
2024	1,120,828
2025	1,287,560
Thereafter	300,537
	$	7,894,800