Long-Term Debt (Tables)

12 Months Ended

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