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Financial Instruments | 9 Months Ended
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Oct. 01, 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 October 1, 2017, September 25, 2016 and December 25, 2016, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at October 1, 2017, September 25, 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 October 1, 2017, September 25, 2016 and December 25, 2016 are as follows:
| October 1, 2017 |  | September 25, 2016 |  | December 25, 2016
| Carrying |  | Fair |  | Carrying |  | Fair |  | Carrying |  | Fair
| Cost |  | Value |  | Cost |  | Value |  | Cost |  | Value
6.35% Notes Due 2040 | $ | 500,000 |  |  | 613,750 |  |  | 500,000 |  |  | 611,200 |  |  | 500,000 |  |  | 584,850
3.50% Notes Due 2027 |  | 500,000 |  |  | 496,850 |  |  | - |  |  | - |  |  | - |  |  | -
6.30% Notes Due 2017 |  | - |  |  | - |  |  | 350,000 |  |  | 366,205 |  |  | 350,000 |  |  | 361,900
5.10% Notes Due 2044 |  | 300,000 |  |  | 324,300 |  |  | 300,000 |  |  | 324,450 |  |  | 300,000 |  |  | 297,600
3.15% Notes Due 2021 |  | 300,000 |  |  | 306,840 |  |  | 300,000 |  |  | 310,620 |  |  | 300,000 |  |  | 300,450
6.60% Debentures Due 2028 |  | 109,895 |  |  | 132,830 |  |  | 109,895 |  |  | 132,786 |  |  | 109,895 |  |  | 123,984
Total long-term debt | $ | 1,709,895 |  |  | 1,874,570 |  |  | 1,559,895 |  |  | 1,745,261 |  |  | 1,559,895 |  |  | 1,668,784
Less: Current portion |  | - |  |  | - |  |  | 350,000 |  |  | 366,205 |  |  | 350,000 |  |  | 361,900
Less: Deferred debt expenses |  | 16,634 |  |  | - |  |  | 11,434 |  |  | - |  |  | 11,216 |  |  | -
Long-term debt | $ | 1,693,261 |  |  | 1,874,570 |  |  | 1,198,461 |  |  | 1,379,056 |  |  | 1,198,679 |  |  | 1,306,884
In September 2017 the Company issued $500,000 of Notes due in 2027 that bear interest at a fixed rate of 3.50% (the "3.50% Notes"). Net proceeds from the issuance of the 3.50% Notes, after deduction of $6,122 of underwriting discount and debt issuance expenses, totaled $493,878. These costs are being amortized over the life of the 3.50% Notes, or 10 years. The Company may redeem the 3.50% Notes at its option at the greater of the principal amount of the Notes or the present value of the remaining scheduled payments discounted using the effective interest rate on applicable U.S. Treasury bills at the time of repurchase, plus 25 basis points. In addition, three months prior to their maturity date, the Company may redeem at its option the 3.50% Notes, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the 3.50% Notes to be redeemed. The proceeds from this debt issuance were used to repay the $350,000 aggregate principal amount of its 6.30% Notes that matured during the third quarter 2017. The Company use d the remaining net proceeds for general corporate purposes. Current portion of long-term debt at September 25, 2016 and December 25, 2016 of $349,61 1 and $349,713, respectively, as shown on the consolidated balance sheet represents the $350,000 principal of 6.30% notes less $389 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 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.

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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