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Debt | 3 Months Ended
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Mar. 28, 2021
Debt Disclosure [Abstract] |
Debt | Debt Debt with a contractual term less than 12 months is generally classified as short-term and consisted of the following (in thousands):
| March 28, 2021 |  | December 31, 2020 |  | March 29, 2020
Unsecured commercial paper | $ | 749,801 |  |  | $ | 1,014,274 |  |  | $ | 1,335,664 |
Global credit facility borrowings | 15,462 |  |  | — |  |  | — |
| $ | 765,263 |  |  | $ | 1,014,274 |  |  | $ | 1,335,664 |
Debt with a contractual term greater than 12 months is generally classified as long-term and consisted of the following (in thousands):
|  | March 28, 2021 |  | December 31, 2020 |  | March 29, 2020
Secured debt: |  |  |  |  |  |
Asset-backed Canadian commercial paper conduit facility |  | $ | 102,543 |  |  | $ | 116,678 |  |  | $ | 155,243 |
Asset-backed U.S. commercial paper conduit facilities |  | 350,648 |  |  | 402,205 |  |  | 600,000 |
Asset-backed securitization debt |  | 2,109,046 |  |  | 1,800,393 |  |  | 1,161,047 |
Unamortized discounts and debt issuance costs |  | (9,788) |  |  | (8,437) |  |  | (4,202) |
|  | 2,552,449 |  |  | 2,310,839 |  |  | 1,912,088 |
Unsecured notes (at par value): |  |  |  |  |  |
Medium-term notes: |  |  |  |  |  |
Due in 2020, issued May 2018 | LIBOR + 0.50% | — |  |  | — |  |  | 450,000 |
Due in 2020, issued March 2017 | 2.40 | % | — |  |  | — |  |  | 350,000 |
Due in 2021, issued January 2016 | 2.85 | % | — |  |  | 600,000 |  |  | 600,000 |
Due in 2021, issued November 2018 | LIBOR + 0.94% | — |  |  | 450,000 |  |  | 450,000 |
Due in 2021, issued May 2018 | 3.55 | % | 350,000 |  |  | 350,000 |  |  | 350,000 |
Due in 2022, issued February 2019 | 4.05 | % | 550,000 |  |  | 550,000 |  |  | 550,000 |
Due in 2022, issued June 2017 | 2.55 | % | 400,000 |  |  | 400,000 |  |  | 400,000 |
Due in 2023, issued February 2018 | 3.35 | % | 350,000 |  |  | 350,000 |  |  | 350,000 |
Due in 2023, issued May 2020(a) | 4.94 | % | 762,996 |  |  | 797,206 |  |  | — |
Due in 2024, issued November 2019(b) | 3.14 | % | 704,304 |  |  | 735,882 |  |  | 660,030 |
Due in 2025, issued June 2020 | 3.35 | % | 700,000 |  |  | 700,000 |  |  | — |
Unamortized discounts and debt issuance costs |  | (13,564) |  |  | (15,374) |  |  | (11,046) |
|  | 3,803,736 |  |  | 4,917,714 |  |  | 4,148,984 |
Senior notes: |  |  |  |  |  |
Due in 2025, issued July 2015 | 3.50 | % | 450,000 |  |  | 450,000 |  |  | 450,000 |
Due in 2045, issued July 2015 | 4.625 | % | 300,000 |  |  | 300,000 |  |  | 300,000 |
Unamortized discounts and debt issuance costs |  | (5,851) |  |  | (6,023) |  |  | (6,534) |
|  | 744,149 |  |  | 743,977 |  |  | 743,466 |
|  | 4,547,885 |  |  | 5,661,691 |  |  | 4,892,450 |
Long-term debt |  | 7,100,334 |  |  | 7,972,530 |  |  | 6,804,538 |
Current portion of long-term debt, net |  | (1,622,243) |  |  | (2,039,597) |  |  | (2,326,460) |
Long-term debt, net |  | $ | 5,478,091 |  |  | $ | 5,932,933 |  |  | $ | 4,478,078 |
(a)Euro denominated, €650.0 million par value remeasured to U.S. dollar at March 28, 2021 and December 31, 2020, respectively (b)Euro denominated, €600.0 million par value remeasured to U.S. dollar at March 28, 2021, December 31, 2020, and March 29, 2020, respectively The Company's future principal payments on debt obligations as of March 28, 2021 were as follows (in thousands):
2021 | $ | 1,670,913 |
2022 | 1,685,613 |
2023 | 1,829,349 |
2024 | 1,120,828 |
2025 | 1,287,560 |
Thereafter | 300,537 |
| $ | 7,894,800 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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