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DEBT AND OTHER FINANCING ARRANGEMENTS
 9 Months Ended
Sep. 30, 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:
September 30, 2023December 31, 2022
(in thousands)
Revolving facility$1,003,744 $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 debt797 1,594 
Finance leases 27,995 30,646 
Total debt and finance leases2,532,536 2,729,826 
Less:
Current portion of long-term debt797 1,347 
Current portion of finance leases1,880 2,330 
Current portion of long-term debt and finance leases2,677 3,677 
Long-term debt and finance leases2,529,859 2,726,149 
Debt discount and debt issuance costs(15,642)(18,618)
Long-term debt, net and finance leases$2,514,217 $2,707,531 
As of September 30, 2023 and December 31, 2022, the weighted average interest rate on the Company’s debt was 4.88% and 4.58%, respectively.
During the three and nine months ended September 24, 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 between $250 million and $400 million each. To limit this foreign currency exposure, the Company entered into foreign exchange forward contracts, which were 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 and nine months ended September 30, 2023.
The gains and losses incurred on these transactions were as follows:
Three Months EndedNine Months Ended
September 24, 2022September 24, 2022Affected Line Item in the Unaudited Condensed Consolidated Statements of Income
(in thousands)
Loss on foreign debt remeasurement(16,006)(46,529)Other expense, net
Gain on foreign exchange forward contract17,406 49,712 Interest expense
Letters of Credit
As of September 30, 2023 and December 31, 2022, the Company had $21.6 million and $18.6 million, respectively, in outstanding letters of credit.