Debt

6 Months Ended

Jun. 27, 2021

Debt Disclosure [Abstract]

Debt

Debt

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

	June 27, 2021		December 31, 2020		June 28, 2020
Unsecured commercial paper	$	749,037	$	1,014,274	$	1,397,388
364-day credit facility borrowings	—		—		150,000
	$	749,037	$	1,014,274	$	1,547,388

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

			June 27, 2021		December 31, 2020		June 28, 2020
Secured debt:
Asset-backed Canadian commercial paper conduit facility			$	87,439	$	116,678	$	144,661
Asset-backed U.S. commercial paper conduit facilities			291,511		402,205		540,840
Asset-backed securitization debt			1,735,706		1,800,393		2,472,529
Unamortized discounts and debt issuance costs			(8,184)		(8,437)		(11,422)
			2,106,472		2,310,839		3,146,608
Unsecured notes (at par value):
Medium-term notes:
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
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	%	773,825		797,206		729,885
Due in 2024, issued November 2019(b)	3.14	%	714,300		735,882		673,740
Due in 2025, issued June 2020	3.35	%	700,000		700,000		700,000
Unamortized discounts and debt issuance costs			(12,068)		(15,374)		(19,332)
			3,476,057		4,917,714		4,784,293

			June 27, 2021		December 31, 2020		June 28, 2020
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			(5,679)		(6,023)		(6,365)
			744,321		743,977		743,635
			4,220,378		5,661,691		5,527,928
Long-term debt			6,326,850		7,972,530		8,674,536
Current portion of long-term debt, net			(1,581,826)		(2,039,597)		(2,186,037)
Long-term debt, net			$	4,745,024	$	5,932,933	$	6,488,499

(a)Euro denominated, €650.0 million par value remeasured to U.S. dollar at June 27, 2021 and December 31, 2020, and June 28, 2020, respectively

(b)Euro denominated, €600.0 million par value remeasured to U.S. dollar at June 27, 2021, December 31, 2020, and June 28, 2020, respectively

The Company's future principal payments on debt obligations as of June 27, 2021 were as follows (in thousands):

2021	$	1,103,729
2022	1,594,390
2023	1,745,329
2024	1,086,906
2025	1,271,232
Thereafter	300,232
	$	7,101,818