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DEBT AND OTHER FINANCING ARRANGEMENTS
 3 Months Ended
Mar. 26, 2022
Debt Disclosure [Abstract]  
DEBT AND OTHER FINANCING ARRANGEMENTS DEBT AND OTHER FINANCING ARRANGEMENTS
Long-term debt, net and finance leases consists of the following:
March 26, 2022December 25, 2021
(in thousands)
Revolving facility$1,174,169 $1,161,431 
4.25% Senior Notes due 2028
500,000 500,000 
3.75% Senior Notes due 2029
500,000 500,000 
4.00% Senior Notes due 2031
500,000 500,000 
Other debt
366 368 
Finance leases 25,955 27,223 
Total debt and finance leases2,700,490 2,689,022 
Less:
Current portion of long-term debt99 101 
Current portion of finance leases2,543 2,694 
Current portion of long-term debt and finance leases2,642 2,795 
Long-term debt and finance leases2,697,848 2,686,227 
Debt discount and debt issuance costs(21,683)(22,663)
Long-term debt, net and finance leases$2,676,165 $2,663,564 
As of March 26, 2022 and December 25, 2021, the weighted average interest rate on the Company’s debt was 2.87% and 2.78%, respectively. During the three months ended March 27, 2021, the Company prepaid $500 million of Senior Notes due in 2026 along with $21 million of related debt extinguishment costs and $13 million of accrued interest using proceeds from additional senior notes issued on the same day. The payment of the 2026 Senior Notes was accounted for as a debt extinguishment. Approximately $21 million of debt extinguishment costs and $5 million of deferred financing costs write-offs were recorded in Interest expense for the three months ended March 27, 2021.
Cross currency loans
During the three months ended March 26, 2022 and March 27, 2021, the Company had multiple U.S. dollar denominated loans borrowed by a non-U.S. Euro functional currency entity under the Credit Facility, which were approximately $400 million each. This resulted in foreign currency losses recognized in Other (expense) income, net of $11.1 million and $13.4 million during the three months ended March 26, 2022 and March 27, 2021, respectively, related to the remeasurement of the underlying debt. As of March 26, 2022, the Company did not have any outstanding borrowings in a currency different than its respective functional currency.
The Company periodically enters into foreign exchange forward contracts to limit its foreign currency exposure related to U.S. dollar denominated loans borrowed by a non-U.S. Euro functional currency entity under the Company’s Credit Facility. These
contracts are not designated as hedging instruments. This resulted in gains recognized within Interest expense of $11.8 million and $14.0 million during the three months ended March 26, 2022 and March 27, 2021, respectively, related to these forward contracts. The Company had no open forward contracts related to a U.S. dollar denominated loan borrowed by a non-U.S. Euro functional currency at March 26, 2022 or December 25, 2021.
Letters of Credit
As of March 26, 2022 and December 25, 2021, the Company had $17.7 million in outstanding letters of credit.