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DEBT AND OTHER FINANCING ARRANGEMENTS
 3 Months Ended
Apr. 01, 2023
Debt Disclosure [Abstract]  
DEBT AND OTHER FINANCING ARRANGEMENTS DEBT AND OTHER FINANCING ARRANGEMENTS
Long-term debt, net and finance leases consists of the following:
April 1, 2023December 31, 2022
(in thousands)
Revolving facility$1,233,453 $1,197,586 
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 debt4,245 1,594 
Finance leases 30,521 30,646 
Total debt and finance leases2,768,219 2,729,826 
Less:
Current portion of long-term debt3,997 1,347 
Current portion of finance leases2,822 2,330 
Current portion of long-term debt and finance leases6,819 3,677 
Long-term debt and finance leases2,761,400 2,726,149 
Debt discount and debt issuance costs(17,626)(18,618)
Long-term debt, net and finance leases$2,743,774 $2,707,531 
As of April 1, 2023 and December 31, 2022, the weighted average interest rate on the Company’s debt was 4.78% and 4.58%, respectively.
During the three months ended March 26, 2022, 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 $400 million each. To limit this foreign currency exposure, the Company entered into foreign exchange forward contracts, which are not designated as hedging instruments. The Company did not have any U.S. dollar denominated loans borrowed by a non-U.S. Euro functional currency entity under the Credit Facility during the three months ended April 1, 2023.
The gains and losses incurred on these transactions were as follows:
Three Months Ended
March 26, 2022Affected Line Item in the Unaudited Condensed Consolidated Statements of Income
(in thousands)
Loss on foreign debt remeasurement$(11,101)Other expense, net
Gain on foreign exchange forward contract11,784 Interest expense
Letters of Credit
As of April 1, 2023 and December 31, 2022, the Company had $21.6 million and $18.6 million, respectively, in outstanding letters of credit.