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Financial Instruments | 9 Months Ended
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Sep. 25, 2016
Financial Instruments (Thousands of Dollars) [Abstract] |
Financial Instruments | (4) Financial Instruments The Company's financial instruments include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain accrued liabilities. At September 25, 2016, September 27, 2015 and December 27, 2015, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at September 25, 2016, September 27, 2015 and December 27, 2015 also include certain assets and liabilities mea sured at fair value (see Notes 6 an d 8) as well as long-term borrowings. The carrying costs which are equal to the outstanding principal amounts, and fair values of the Company's long-term borrowings as of September 25, 2016, September 27, 2015 and December 27, 2015 are as follows:
| September 25, 2016 |  | September 27, 2015 |  | December 27, 2015
| Carrying |  | Fair |  | Carrying |  | Fair |  | Carrying |  | Fair
| Cost |  | Value |  | Cost |  | Value |  | Cost |  | Value
6.35% Notes Due 2040 | $ | 500,000 |  |  | 611,200 |  |  | 500,000 |  |  | 563,400 |  |  | 500,000 |  |  | 556,300
6.30% Notes Due 2017 |  | 350,000 |  |  | 366,205 |  |  | 350,000 |  |  | 379,925 |  |  | 350,000 |  |  | 374,045
5.10% Notes Due 2044 |  | 300,000 |  |  | 324,450 |  |  | 300,000 |  |  | 291,900 |  |  | 300,000 |  |  | 286,710
3.15% Notes Due 2021 |  | 300,000 |  |  | 310,620 |  |  | 300,000 |  |  | 303,990 |  |  | 300,000 |  |  | 300,060
6.60% Debentures Due 2028 |  | 109,895 |  |  | 132,786 |  |  | 109,895 |  |  | 123,225 |  |  | 109,895 |  |  | 121,269
Total long-term debt | $ | 1,559,895 |  |  | 1,745,261 |  |  | 1,559,895 |  |  | 1,662,440 |  |  | 1,559,895 |  |  | 1,638,384
Less: Current portion |  | 350,000 |  |  | 366,205 |  |  | - |  |  | - |  |  | - |  |  | -
Less: Deferred debt expenses |  | 11,434 |  |  | - |  |  | 13,099 |  |  | - |  |  | 12,780 |  |  | -
Long-term debt | $ | 1,198,461 |  |  | 1,379,056 |  |  | 1,546,796 |  |  | 1,662,440 |  |  | 1,547,115 |  |  | 1,638,384
Current portion of long-term debt of $349,611 as shown on the balance sheet represents the $350,000 principal of 6.30% notes less $389 of deferred debt expenses. The fair values of the Company's long-term debt are considered Level 3 fair values (see Note 6 for further discussion of the fair value hierarchy) and are measured using the discounted future cash flows method. In addition to the debt terms, the valuation methodology includes an assumption of a discount rate tha t approximates the current yield on a similar debt security. This assumption is considered an unobservable input in that it reflects the Company's own assumptions about the inputs that market participants would use in pricing the asset or liability. The Co mpany believes that this is the best information available for use in the fair value measurement. In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (ASC 835-30), which simplifies the presentation of debt issuance costs. ASU 2015-03 requires debt issuance costs related to long-term debt to be presented in the balance sheet as a reduction to the carrying amount of the related debt liability, consistent with the presentation of discounts. The Company adopted ASU 2015-03 at Dece mber 27, 2015 and deferred debt expenses are presented as a reduction of long-term debt. Deferred d e bt expenses of $13,099 have been reclassified from other assets in the consolidated bal ance sheet for September 27, 2015, to reflect this change in accounting pr inciple.

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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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