Financial Instruments

9 Months Ended

Sep. 29, 2019

The Company's financial instruments include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain accrued liabilities. At September 29, 2019, September 30, 2018 and December 30, 2018, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at September 29, 2019, September 30, 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 September 29, 2019, September 30, 2018 and December 30, 2018 are as follows:



	September 29, 2019			September 30, 2018		December 30, 2018
	Carrying Cost		Fair Value	Carrying Cost	Fair Value	Carrying Cost	Fair Value
6.35% Notes Due 2040	$	500,000	587,850	500,000	546,450	500,000	535,000
3.50% Notes Due 2027	500,000		511,200	500,000	466,350	500,000	457,350
5.10% Notes Due 2044	300,000		310,080	300,000	285,390	300,000	272,640
3.15% Notes Due 2021	300,000		303,300	300,000	297,720	300,000	297,600
6.60% Debentures Due 2028	109,895		133,555	109,895	124,698	109,895	123,346
Total long-term debt	$	1,709,895	1,845,985	1,709,895	1,720,608	1,709,895	1,685,936
Less: Deferred debt expenses	13,691		—	15,174	—	14,803	—
Long-term debt	$	1,696,204	1,845,985	1,694,721	1,720,608	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.