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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 26, 2021
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Components of long-term debt for the fiscal years ended on December 26, 2021 and December 27, 2020 are as follows:
(In millions) | 2021 |  | 2020
| Carrying Cost |  | Fair Value |  | Carrying Cost |  | Fair Value
3.90% Notes Due 2029 | $ | 900.0 |  |  | 991.7 |  |  | $ | 900.0 |  |  | 1,011.1 |
3.55% Notes Due 2026 | 675.0 |  |  | 725.6 |  |  | 675.0 |  |  | 752.7 |
3.00% Notes Due 2024 | 500.0 |  |  | 521.2 |  |  | 500.0 |  |  | 540.6 |
6.35% Notes Due 2040 | 500.0 |  |  | 692.8 |  |  | 500.0 |  |  | 636.5 |
3.50% Notes Due 2027 | 500.0 |  |  | 539.2 |  |  | 500.0 |  |  | 544.5 |
2.60% Notes Due 2022 (1) | — |  |  | — |  |  | 300.0 |  |  | 311.5 |
5.10% Notes Due 2044 | 300.0 |  |  | 374.5 |  |  | 300.0 |  |  | 338.1 |
3.15% Notes Due 2021 (2) | — |  |  | — |  |  | 300.0 |  |  | 302.3 |
6.60% Debentures Due 2028 | 109.9 |  |  | 136.7 |  |  | 109.9 |  |  | 137.4 |
Variable % Notes Due December 30, 2022 (3) | — |  |  | — |  |  | 300.0 |  |  | 300.0 |
Variable % Notes Due December 30, 2024 (4) | 397.5 |  |  | 397.5 |  |  | 577.5 |  |  | 577.5 |
Production Financing Facilities | 170.1 |  |  | 170.1 |  |  | 165.5 |  |  | 165.5 |
Total long-term debt | $ | 4,052.5 |  |  | 4,549.3 |  |  | $ | 5,127.9 |  |  | 5,617.7 |
Less: Deferred debt expenses | 28.2 |  |  | — |  |  | 35.3 |  |  | — |
Less: Current portion | 200.1 |  |  | — |  |  | 432.6 |  |  | — |
Long-term debt | $ | 3,824.2 |  |  | 4,549.3 |  |  | $ | 4,660.0 |  |  | 5,617.7 |
(1) During the third quarter of 2021, the Company repaid in full its 2.60% Notes, in the aggregate principal amount of $300.0 million due in November 2022. (2) During the first quarter of 2021, the Company repaid in full its 3.15% Notes, in the aggregate principal amount of $300.0 million due in May 2021. (3) During the second quarter of 2021, the Company repaid $250.0 million of the Variable % Notes Due December 30, 2022 and during the third quarter of 2021, the Company repaid the remaining balance of $50.0 million of the Variable % Notes Due December 30, 2022. (4) During the third quarter of 2021, the Company repaid $50.0 million, and during the fourth quarter of 2021, the Company repaid $100.0 million of the Variable % Notes Due December 30, 2024.
Contractual Obligation, Fiscal Year Maturity | The Company's long-term borrowings have the following future contractual maturities:
Future long-term borrowings contractual payments | (In millions)
2022* | $ | 52.5 |
2023** | 60.0 |
2024 | 785.0 |
2025 | — |
2026 | 675.0 |
2027 and thereafter | 2,309.9 |
| 3,882.4 |
Production financing facilities | 170.1 |
| $ | 4,052.5 |
*Represents the Company's current portion of required quarterly principal amortization payments for term loan facilities. ** Represents the Company's required quarterly principal amortization payments for term loan facilities in 2023.
Production Financing Loans | The production financing facilities as of December 26, 2021 are as follows:
(In millions) | 2021 |  | 2020
Production financing held by production subsidiaries | $ | 170.1 |  |  | $ | 165.5 |
Other loans (1) | — |  |  | 5.4 |
Total | $ | 170.1 |  |  | $ | 170.9 |
Production financing included in the consolidated balance sheet as: |  |  |
Non-current | $ | — |  |  | $ | 62.9 |
Current | 170.1 |  |  | 102.6 |
Total | $ | 170.1 |  |  | $ | 165.5 |
(1)Other loans of $5.4 million, consist of production related demand loans, and are recorded within Short-term Borrowings in the Company's consolidated balance sheets.
Carrying Amount of Currencies for Production Credit Facilities | The Company has Canadian dollar and U.S. dollar production credit facilities with various banks. The carrying amounts are denominated in the following currencies:
(In millions) | Canadian Facilities |  | U.S. Facilities |  | Total
As of December 26, 2021 | $ | 35.8 |  |  | 134.3 |  |  | 170.1 |
Schedule of Movements in Production Financing and Other Related Loans | The following table represents the movements in production financing and other related loans during 2021:
(In millions) | Production Financing |  | Other Loans |  | Total
December 27, 2020 | $ | 165.5 |  |  | $ | 5.4 |  |  | $ | 170.9 |
Drawdowns | $ | 144.0 |  |  | $ | 15.3 |  |  | $ | 159.3 |
Repayments | $ | (140.1) |  |  | $ | (20.9) |  |  | $ | (161.0) |
Foreign exchange differences | $ | 0.7 |  |  | $ | 0.2 |  |  | $ | 0.9 |
Balance at December 26, 2021 | $ | 170.1 |  |  | $ | — |  |  | $ | 170.1 |

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