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Debt | 6 Months Ended
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Jun. 26, 2016
Debt Disclosure [Abstract] |
Debt | Debt Debt with a contractual term less than one year is generally classified as short-term debt and consisted of the following (in thousands):
|  | June 26, 2016 |  | December 31, 2015 |  | June 28, 2015
Unsecured commercial paper |  | $ | 1,020,487 |  |  | $ | 1,201,380 |  |  | $ | 114,983 |
Total short-term debt |  | $ | 1,020,487 |  |  | $ | 1,201,380 |  |  | $ | 114,983 |
Debt with a contractual term greater than one year is generally classified as long-term debt and consisted of the following (in thousands):
|  | June 26, 2016 |  | December 31, 2015 |  | June 28, 2015
Secured debt |  |  |  |  |  |
Asset-backed Canadian commercial paper conduit facility |  | $ | 161,626 |  |  | $ | 153,839 |  |  | $ | 160,940 |
Term asset-backed securitization debt |  | 1,077,317 |  |  | 1,463,154 |  |  | 2,017,079 |
Less: unamortized discount and debt issuance costs |  | (2,386 | ) |  | (3,777 | ) |  | (5,618 | )
Total secured debt |  | 1,236,557 |  |  | 1,613,216 |  |  | 2,172,401 |
Unsecured notes |  |  |  |  |  |
1.15% Medium-term notes due in 2015 par value |  | — |  |  | — |  |  | 600,000 |
3.88% Medium-term notes due in 2016 par value |  | — |  |  | 450,000 |  |  | 450,000 |
2.70% Medium-term notes due in 2017 par value |  | 400,000 |  |  | 400,000 |  |  | 400,000 |
1.55% Medium-term notes due in 2017 par value |  | 400,000 |  |  | 400,000 |  |  | 400,000 |
6.80% Medium-term notes due in 2018 par value |  | 878,708 |  |  | 878,708 |  |  | 887,958 |
2.40% Medium-term notes due in 2019 par value |  | 600,000 |  |  | 600,000 |  |  | 600,000 |
2.25% Medium-term notes due in 2019 par value |  | 600,000 |  |  | — |  |  | — |
2.15% Medium-term notes due in 2020 par value |  | 600,000 |  |  | 600,000 |  |  | 600,000 |
2.85% Medium-term notes due in 2021 par value |  | 600,000 |  |  | — |  |  | — |
3.50% Senior unsecured notes due in 2025 par value |  | 450,000 |  |  | 450,000 |  |  | — |
4.625% Senior unsecured notes due in 2045 par value |  | 300,000 |  |  | 300,000 |  |  | — |
Less: unamortized discount and debt issuance costs |  | (24,429 | ) |  | (21,106 | ) |  | (14,320 | )
Gross long-term debt |  | 6,040,836 |  |  | 5,670,818 |  |  | 6,096,039 |
Less: current portion of long-term debt, net of unamortized discount and issuance costs |  | (732,773 | ) |  | (838,349 | ) |  | (1,544,956 | )
Total long-term debt |  | $ | 5,308,063 |  |  | $ | 4,832,469 |  |  | $ | 4,551,083 |
The Company adopted ASU No. 2015-03 and ASU No. 2015-15 on January 1, 2016. Upon adoption, the Company reclassified debt issuance costs, other than debt issuance costs related to line of credit arrangements (which include its asset-backed commercial paper and unsecured commercial paper programs and its credit facilities), from other assets to debt on the balance sheet. Refer to Note 2 for further discussion of newly adopted ASUs.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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