XML 27 R10.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Financial Instruments | 6 Months Ended
--- | ---
Jul. 02, 2017
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 July 2, 2017, June 26, 2016 and December 25, 2016, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at July 2, 2017, June 26, 2016 and December 25, 2016 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 July 2, 2017, June 26, 2016 and December 25, 2016 are as follows:
| July 2, 2017 |  | June 26, 2016 |  | December 25, 2016
| Carrying |  | Fair |  | Carrying |  | Fair |  | Carrying |  | Fair
| Cost |  | Value |  | Cost |  | Value |  | Cost |  | Value
6.35% Notes Due 2040 | $ | 500,000 |  |  | 614,800 |  |  | 500,000 |  |  | 608,600 |  |  | 500,000 |  |  | 584,850
6.30% Notes Due 2017 |  | 350,000 |  |  | 353,115 |  |  | 350,000 |  |  | 370,125 |  |  | 350,000 |  |  | 361,900
5.10% Notes Due 2044 |  | 300,000 |  |  | 325,500 |  |  | 300,000 |  |  | 317,490 |  |  | 300,000 |  |  | 297,600
3.15% Notes Due 2021 |  | 300,000 |  |  | 307,230 |  |  | 300,000 |  |  | 308,640 |  |  | 300,000 |  |  | 300,450
6.60% Debentures Due 2028 |  | 109,895 |  |  | 127,940 |  |  | 109,895 |  |  | 133,006 |  |  | 109,895 |  |  | 123,984
Total long-term debt | $ | 1,559,895 |  |  | 1,728,585 |  |  | 1,559,895 |  |  | 1,737,861 |  |  | 1,559,895 |  |  | 1,668,784
Less: Current portion |  | 350,000 |  |  | 353,115 |  |  | - |  |  | - |  |  | 350,000 |  |  | 361,900
Less: Deferred debt expenses |  | 10,781 |  |  | - |  |  | 12,142 |  |  | - |  |  | 11,216 |  |  | -
Long-term debt | $ | 1,199,114 |  |  | 1,375,470 |  |  | 1,547,753 |  |  | 1,737,861 |  |  | 1,198,679 |  |  | 1,306,884
Current portion of long-term debt at July 2, 2017 and December 25, 2016 of $349,916 and $349,713, respectively, as shown on the consolidated balance sheet represents the $350,000 principal of 6.30% notes less $84 and $287, respectively, 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 term s, the valuation methodology includes an assumption of a discount rate that 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 th at market participants would use in pricing the asset or liability. The Company believes that this is the best information available for use in the fair value measurement.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration