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DEBT AND OTHER FINANCING ARRANGEMENTS
 6 Months Ended
Jun. 25, 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:
June 25, 2022December 25, 2021
(in thousands)
Revolving facility$1,486,976 $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
350 368 
Finance leases 32,961 27,223 
Total debt and finance leases3,020,287 2,689,022 
Less:
Current portion of long-term debt95 101 
Current portion of finance leases2,269 2,694 
Current portion of long-term debt and finance leases2,364 2,795 
Long-term debt and finance leases3,017,923 2,686,227 
Debt discount and debt issuance costs(20,702)(22,663)
Long-term debt, net and finance leases$2,997,221 $2,663,564 
As of June 25, 2022 and December 25, 2021, the weighted average interest rate on the Company’s debt was 3.15% and 2.78%, respectively. During the six months ended June 26, 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 six months ended June 26, 2021.
Foreign currency transactions
During the three and six months ended June 25, 2022 and June 26, 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
$400 million each. To limit this foreign currency exposure, the Company entered into foreign exchange forward contracts, which are not designated as hedging instruments. The gains and losses incurred on these transactions were as follows:
Three Months EndedSix Months Ended
June 25, 2022June 26, 2021June 25, 2022June 26, 2021Affected Line Item in the Consolidated Statements of Income
(in thousands)
Gain (loss) on foreign debt remeasurement$(19,423)$(4,907)$(30,523)$(18,263)Other (expense) income
Gain (loss) on foreign exchange forward contract20,522 5,355 32,306 19,332 Interest expense
Letters of Credit
As of June 25, 2022 and December 25, 2021, the Company had $17.7 million in outstanding letters of credit.