Debt

3 Months Ended

Mar. 31, 2023

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):

	March 31, 2023		December 31, 2022		March 27, 2022
Unsecured commercial paper	$	501,243	$	770,468	$	816,016

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

			March 31, 2023		December 31, 2022		March 27, 2022
Secured debt:
Asset-backed Canadian commercial paper conduit facility			$	62,195	$	71,785	$	95,664
Asset-backed U.S. commercial paper conduit facility			372,816		425,794		269,534
Asset-backed securitization debt			2,267,516		2,028,155		1,363,254
Unamortized discounts and debt issuance costs			(9,717)		(8,741)		(5,696)
			2,692,810		2,516,993		1,722,756
Unsecured notes (at par value):
Medium-term notes:
Due in 2022, issued June 2017	2.55	%	—		—		400,000
Due in 2023, issued February 2018	3.35	%	—		350,000		350,000
Due in 2023, issued May 2020(a)	4.94	%	706,972		695,727		723,886
Due in 2024, issued November 2019(b)	3.14	%	652,590		642,210		668,202
Due in 2025, issued June 2020	3.35	%	700,000		700,000		700,000
Due in 2027, issued February 2022	3.05	%	500,000		500,000		500,000
Due in 2028, issued March 2023	6.50	%	700,000		—		—
Unamortized discounts and debt issuance costs			(13,971)		(8,464)		(12,243)
			3,245,591		2,879,473		3,329,845

			March 31, 2023		December 31, 2022		March 27, 2022
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			(4,455)		(4,632)		(5,158)
			745,545		745,368		744,842
			3,991,136		3,624,841		4,074,687
Long-term debt			6,683,946		6,141,834		5,797,443
Current portion of long-term debt, net			(1,408,777)		(1,684,782)		(1,327,357)
Long-term debt, net			$	5,275,169	$	4,457,052	$	4,470,086

(a)€650.0 million par value remeasured to U.S. dollar at March 31, 2023, December 31, 2022, and March 27, 2022, respectively

(b)€600.0 million par value remeasured to U.S. dollar at March 31, 2023, December 31, 2022, and March 27, 2022, respectively

Future principal payments of the Company's debt obligations as of March 31, 2023 were as follows (in thousands):

2023	$	1,783,948
2024	1,302,020
2025	1,857,244
2026	606,941
2027	663,172
Thereafter	1,000,007
Future principal payments	7,213,332
Unamortized discounts and debt issuance costs	(28,143)
	$	7,185,189