Since this is the shortest code, I used it.

My question is how do I access the 3rd element (i.e. the UP value)?

This is what I did;

use strict;
use warnings;
use Data::Dumper;

my ($Rec,$pc_name);

while (<DATA>) 
{
    $pc_name = $1, next if (/(port-channel \d+)$/);
    $Rec->{$pc_name}->{$1} = $2 if (m|(fc\d+/\d+)\s+\[(\w+)\]|);    
}

for my $data (keys %{$Rec})
{
    print "\n$data \n";
    for my $data2 (keys %{$Rec->{$data}})
    {
        print "\t$data2 : \n";
        
    }
}


__DATA__
port-channel 1
    Administrative channel mode is on
    Operational channel mode is on
    Last membership update succeeded
    First operational port is fc1/5
    2 ports in total, 2 ports up
    Ports:   fc2/5    [up]  
             fc1/5    [up] *

port-channel 3
    Administrative channel mode is on
    Operational channel mode is on
    Last membership update succeeded
    First operational port is fc1/1
    1 port in total, 1 port up
    Ports:   fc1/1    [up] *
[download]

Output

C:\Perl\test>pm_data_chunks.pl

port-channel 1 :
        fc2/5 :
        fc1/5 :

port-channel 3 :
        fc1/1 :
[download]

************************UPDATE***********************

I've added this: print "\t$data2 : $Rec->{$data}->{$data2}\n";

Sorry for my hasty post...Many Thanks.