Financial Instruments

6 Months Ended

Jun. 30, 2019

The Company's financial instruments include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain accrued liabilities. At June 30, 2019, July 1, 2018 and December 30, 2018, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at June 30, 2019, July 1, 2018 and December 30, 2018 also include certain assets and liabilities measured at fair value (see Notes 7 and 9) 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 June 30, 2019, July 1, 2018 and December 30, 2018 are as follows:



	June 30, 2019			July 1, 2018		December 30, 2018
	Carrying Cost		Fair Value	Carrying Cost	Fair Value	Carrying Cost	Fair Value
6.35% Notes Due 2040	$	500,000	591,850	500,000	557,250	500,000	535,000
3.50% Notes Due 2027	500,000		507,200	500,000	464,600	500,000	457,350
5.10% Notes Due 2044	300,000		310,860	300,000	287,730	300,000	272,640
3.15% Notes Due 2021	300,000		303,900	300,000	297,960	300,000	297,600
6.60% Debentures Due 2028	109,895		132,984	109,895	127,094	109,895	123,346
Total long-term debt	$	1,709,895	1,846,794	1,709,895	1,734,634	1,709,895	1,685,936
Less: Deferred debt expenses	14,062		—	15,545	—	14,803	—
Long-term debt	$	1,695,833	1,846,794	1,694,350	1,734,634	1,695,092	1,685,936

The fair values of the Company's long-term debt are considered Level 3 fair values (see Note 7 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 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 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.