Financial Instruments (Tables)

9 Months Ended

Sep. 25, 2022

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, 2022, September 26, 2021 and December 26, 2021 are as follows:


	September 25, 2022			September 26, 2021			December 26, 2021
	Carrying Cost		Fair Value	Carrying Cost		Fair Value	Carrying Cost		Fair Value
3.90% Notes Due 2029	$	900.0	804.6	$	900.0	1,001.7	$	900.0	991.7
3.55% Notes Due 2026	675.0		633.4	675.0		737.2	675.0		725.6
3.00% Notes Due 2024	500.0		481.1	500.0		529.1	500.0		521.2
6.35% Notes Due 2040	500.0		497.8	500.0		702.3	500.0		692.8
3.50% Notes Due 2027	500.0		461.5	500.0		546.2	500.0		539.2

5.10% Notes Due 2044	300.0		258.3	300.0		375.0	300.0		374.5

6.60% Debentures Due 2028	109.9		114.1	109.9		137.2	109.9		136.7

Variable % Notes Due December 30, 2024 (1)	325.0		325.0	505.0		505.0	397.5		397.5
Production Financing Facilities	62.6		62.6	204.7		204.7	170.1		170.1
Total long-term debt	$	3,872.5	3,638.4	$	4,194.6	4,738.4	$	4,052.5	4,549.3
Less: Deferred debt expenses	24.8		—	29.6		—	28.2		—
Less: Current portion	122.6		—	187.6		—	200.1		—
Long-term debt	$	3,725.1	3,638.4	$	3,977.4	4,738.4	$	3,824.2	4,549.3

(1) During the first quarter of 2022, the Company repaid $50.0 million of the Variable % Notes due December 30, 2024.

Production Financing Loans

The production financing facilities as of September 25, 2022, September 26, 2021 and December 26, 2021 are as follows:


	September 25, 2022		September 26, 2021		December 26, 2021




Production financing (net of cash)
Production financing facilities	$	184.9	$	204.7	$	170.1

Production financing included in the consolidated balance sheet as:
Non-current	$	—	$	47.0	$	—
Current	184.9		157.7		170.1
Total	$	184.9	$	204.7	$	170.1

Carrying Amount of Currencies for Production Financing Loans

The carrying amounts are denominated in the following currencies:


	Canadian Dollars		U.S. Dollars		Total
As of September 25, 2022	$	19.3	$	43.3	$	62.6

Schedule of Production Financing Loans

The following table represents the movements in production financing loans during the first nine months of 2022:


	Production Financing
December 26, 2021	$	170.1
Drawdowns	204.5
Repayments	(189.2)
Foreign exchange differences	(0.5)
Balance at September 25, 2022	$	184.9

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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