Our total long-term borrowings as of September 24, 2011, and December 25, 2010, were composed of the following:



	As of
	September 24, 2011			December 25, 2010
	(In millions)
Senior notes:
$850 million 6.375% notes due 2012	$	44.6		$	44.6
CAD 900 million 5.0% notes due 2015	875.4			892.6
$575 million 2.5% convertible notes due 2013(1)(2)	575.0			575.0
CAD 500 million 3.95% Series A notes due 2017	486.3			495.9
Less: unamortized debt discounts and other(2)	(35.2		)	(48.5		)
Total long-term debt (including current portion)	1,946.1			1,959.6
Less: current portion of long-term debt	(44.8		)	—
Total long-term debt	$	1,901.3		$	1,959.6
Total fair value	$	2,137.7		$	2,137.6

(1)

The original conversion price for each $1,000 aggregate principal amount of notes was $54.76 per share of our Class B common stock, which represented a 25% premium above the stock price on the day of issuance of the notes and corresponded to the initial conversion ratio of 18.263 shares per each $1,000 aggregate principal amount of notes. The conversion ratio and conversion price are subject to adjustments for certain events and provisions, as defined in the indenture. As of June 2011, our conversion price and ratio are $53.40 and 18.7251 shares, respectively. Currently, the convertible debt's if-converted value does not exceed the principal.

(2)

During the third quarters of 2011 and 2010, we incurred additional non-cash interest expense of $4.4 million and $4.2 million, respectively. For the first three quarters of 2011 and 2010, the amounts were $13.1 million and $12.6 million, respectively. We also incurred interest expense related to the 2.5% convertible coupon rate of $3.6 million for both the third quarters of 2011 and 2010. For the first three quarters of 2011 and 2010, the amount was $10.8 million for both periods. The combination of non-cash and cash interest resulted in an effective interest rate of 5.86% and 5.95% for the third quarters of 2011 and 2010, respectively. The effective interest rates for the first three quarters of 2011 and 2010 were 5.87% and 5.95%, respectively. As of September 24, 2011, and December 25, 2010, paid in capital in the equity section of our balance sheet includes $103.9 million, ($64.2 million net of tax), representing the equity component of the convertible debt. Further, as of September 24, 2011, and December 25, 2010, $33.2 million and $46.3 million, respectively, of the unamortized debt discount and other balance relates to our $575 million convertible debt. We expect the unamortized discount to continue to amortize through 2013, resulting in non-cash interest expense of approximately $17 million to $18 million annually, thereby increasing the carrying value of the convertible debt to its $575 million face value at maturity in July 2013. The remaining $2.0 million as of September 24, 2011, and December 25, 2010, relates to unamortized debt premiums, discounts, and other on the additional debt balances.