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DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 26, 2015
Schedule of Fair Value of Assets and Liabilities

The following table presents information about financial instruments at the balance sheet dates indicated.

 

     2015      2014  
(In millions)   

Carrying

Value

     

Fair

Value

     

Carrying

Value

     

Fair

Value

  

Financial assets:

            

Timber notes receivable

    $ 905       $ 909       $ 926       $ 930   

Company-owned life insurance

      88         88         82         82   

Financial liabilities:

            

Recourse debt:

            

9.75% Senior Secured Notes, due 2019

      250         265         250         280   

7.35% debentures, due 2016

      18         18         18         18   

Revenue bonds, due in varying amounts periodically through 2029

      186         186         186         185   

American & Foreign Power Company, Inc. 5% debentures, due 2030

      14         13         14         13   

Non-recourse debt

      819         825         839         845