Debt

9 Months Ended

Sep. 26, 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):

	September 26, 2021		December 31, 2020		September 27, 2020
Unsecured commercial paper	$	749,620	$	1,014,274	$	1,077,763
364-day credit facility borrowings	—		—		150,000
	$	749,620	$	1,014,274	$	1,227,763

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

			September 26, 2021		December 31, 2020		September 27, 2020
Secured debt:
Asset-backed Canadian commercial paper conduit facility			$	98,310	$	116,678	$	127,500
Asset-backed U.S. commercial paper conduit facilities			242,254		402,205		467,338
Asset-backed securitization debt			1,961,571		1,800,393		2,106,258
Unamortized discounts and debt issuance costs			(9,203)		(8,437)		(9,903)
			2,292,932		2,310,839		2,691,193
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	%	756,763		797,206		760,890
Due in 2024, issued November 2019(b)	3.14	%	698,550		735,882		702,360
Due in 2025, issued June 2020	3.35	%	700,000		700,000		700,000
Unamortized discounts and debt issuance costs			(10,649)		(15,374)		(17,289)
			3,444,664		4,917,714		4,845,961

			September 26, 2021		December 31, 2020		September 27, 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			(5,506)		(6,023)		(6,194)
			744,494		743,977		743,806
			4,189,158		5,661,691		5,589,767
Long-term debt			6,482,090		7,972,530		8,280,960
Current portion of long-term debt, net			(1,605,798)		(2,039,597)		(2,109,284)
Long-term debt, net			$	4,876,292	$	5,932,933	$	6,171,676

(a)Euro denominated, €650.0 million par value remeasured to U.S. dollar at September 26, 2021, December 31, 2020, and September 27, 2020, respectively

(b)Euro denominated, €600.0 million par value remeasured to U.S. dollar at September 26, 2021, December 31, 2020, and September 27, 2020, respectively

The Company's future principal payments on debt obligations as of September 26, 2021 were as follows (in thousands):

2021	$	970,079
2022	1,615,337
2023	1,752,575
2024	1,150,272
2025	1,384,747
Thereafter	384,058
	$	7,257,068