Debt

9 Months Ended

Sep. 25, 2022

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 25, 2022		December 31, 2021		September 26, 2021
Unsecured commercial paper	$	692,551	$	751,286	$	749,620

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

			September 25, 2022		December 31, 2021		September 26, 2021
Secured debt:
Asset-backed Canadian commercial paper conduit facility			$	82,154	$	85,054	$	98,310
Asset-backed U.S. commercial paper conduit facility			489,074		272,589		242,254
Asset-backed securitization debt			2,416,075		1,634,753		1,961,571
Unamortized discounts and debt issuance costs			(10,669)		(7,611)		(9,203)
			2,976,634		1,984,785		2,292,932
Unsecured notes (at par value):
Medium-term notes:
Due in 2022, issued February 2019	4.05	%	—		550,000		550,000
Due in 2022, issued June 2017	2.55	%	—		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	%	632,586		737,302		756,763
Due in 2024, issued November 2019(b)	3.14	%	583,926		680,586		698,550
Due in 2025, issued June 2020	3.35	%	700,000		700,000		700,000
Due in 2027, issued February 2022	3.05	%	500,000		—		—
Unamortized discounts and debt issuance costs			(9,682)		(9,228)		(10,649)
			2,756,830		3,408,660		3,444,664

			September 25, 2022		December 31, 2021		September 26, 2021
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			(4,808)		(5,332)		(5,506)
			745,192		744,668		744,494
			3,502,022		4,153,328		4,189,158
Long-term debt			6,478,656		6,138,113		6,482,090
Current portion of long-term debt, net			(1,740,422)		(1,542,496)		(1,605,798)
Long-term debt, net			$	4,738,234	$	4,595,617	$	4,876,292

(a)€650.0 million par value remeasured to U.S. dollar at September 25, 2022, December 31, 2021, and September 26, 2021, respectively

(b)€600.0 million par value remeasured to U.S. dollar at September 25, 2022, December 31, 2021, and September 26, 2021, respectively

Future principal payments of the Company's debt obligations as of September 25, 2022 were as follows (in thousands):

2022	$	978,288
2023	1,701,700
2024	1,257,491
2025	1,866,611
2026	521,545
Thereafter	870,731
Future principal payments	7,196,366
Unamortized discounts and debt issuance costs	(25,159)
	$	7,171,207