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Long-Term Debt | 12 Months Ended
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Dec. 31, 2017
Long-Term Debt [Abstract] |
Long-Term Debt | (9) Long-Term Debt Components of long-term debt for the fiscal years ended on December 31, 2017 and December 25, 2016 are as follows:
| 2017 |  | 2016
| Carrying Cost |  | Fair Value |  | Carrying Cost |  | Fair Value
6.35% Notes Due 2040 | $ | 500,000 |  |  | 601,800 |  |  | 500,000 |  |  | 584,850
3.50% Notes Due 2027 |  | 500,000 |  |  | 488,300 |  |  | — |  |  | —
6.30% Notes Due 2017 |  | — |  |  | — |  |  | 350,000 |  |  | 361,900
5.10% Notes Due 2044 |  | 300,000 |  |  | 313,320 |  |  | 300,000 |  |  | 297,600
3.15% Notes Due 2021 |  | 300,000 |  |  | 302,640 |  |  | 300,000 |  |  | 300,450
6.60% Debentures Due 2028 |  | 109,895 |  |  | 131,390 |  |  | 109,895 |  |  | 123,984
Total long-term debt |  | 1,709,895 |  |  | 1,837,450 |  |  | 1,559,895 |  |  | 1,668,784
Less: Current portion |  | — |  |  | — |  |  | 350,000 |  |  | 361,900
Less: Deferred debt expenses |  | 16,286 |  |  | — |  |  | 11,216 |  |  | —
Long-term debt | $ | 1,693,609 |  |  | 1,837,450 |  |  | 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 schedu led 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 wh ole 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 of 2017. The Company used the remaining net proceeds for general corporate purposes. The Company may redeem t he Notes due in 2021 and 2044 at its option at the greater of the principal amount of the Notes or the pres ent value of the remaining scheduled payments discounted using the effective interest rate on applicable U.S. Treasury bills at the time of repurchase. Prior to the issuance of these Notes, the Company held forward-starting interest rate swap contracts to hedge the variability in the anticipated underlying U.S. Treasury interest rate associated with the expected issuance of the Notes. At the date of issuance, these contracts were terminated and the Company paid $33,306, the fair value of the contracts on th at date, to settle. Of this amount, $6,373 related to 3.15% Notes Due 2021 and $26,933 related to 5.10% Notes Due 2044, which have been deferred in AOCE and are being amortized to interest expense over the life of the respective notes using the effective i nterest rate method. The fair values of the Company’s long-term debt are considered Level 3 fair values (see note 12 for further discussion of the fair value hierarchy) and are measured using the discounted future cash flows method. In addition to the deb t terms, 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 inp uts that 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. T he Company’s 3.15% Notes mature in 2021. All of the Company’s other long-ter m borrowings have contractual maturities that occur subsequent to 2021. The aggregate principal amount of long-term debt maturing in the next five years is $300,000.

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- Definition The entire disclosure for long-term debt. + 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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