Annual report pursuant to Section 13 and 15(d)

DEBT AND BORROWING ARRANGEMENTS

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DEBT AND BORROWING ARRANGEMENTS
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
DEBT AND BORROWING ARRANGEMENTS DEBT AND BORROWING ARRANGEMENTS
Loans and Notes Payable
Loans and notes payable consist primarily of commercial paper issued in the United States. As of December 31, 2023 and 2022, we had $4,209 million and $2,146 million, respectively, in outstanding commercial paper borrowings. Our weighted-average interest rates for commercial paper outstanding were 5.3% and 4.2% as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, the Company also had $348 million and $227 million, respectively, in lines of credit, short-term credit facilities and other short-term borrowings that were related to our international operations.
In addition, we had $6,159 million in unused lines of credit and other short-term credit facilities as of December 31, 2023, of which $4,550 million was in corporate backup lines of credit for general purposes. These backup lines of credit expire at various times through 2028. There were no borrowings under these corporate backup lines of credit during 2023. These credit facilities are subject to normal banking terms and conditions. Some of the financial arrangements require compensating balances, none of which was significant to our Company.
Long-Term Debt
The Company’s long-term debt consisted of the following (in millions except average rate data):
December 31, 2023 December 31, 2022
Amount
Average Rate1
Amount
Average Rate1
Fixed interest rate long-term debt:
U.S. dollar notes due 2024-2093 $ 21,982  3.2  % $ 21,966  2.5  %
U.S. dollar debentures due 2023-2098 788  4.8  891  4.7 
Australian dollar notes due 2024 374  2.7  374  2.7 
Euro notes due 2024-2041 12,888  2.7  12,485  0.7 
Swiss franc notes due 2028 684  6.0  623  3.2 
Other, due through 20982
1,763  8.1  1,906  6.7 
Fair value adjustments3
(972)       N/A (1,469)         N/A
Total4,5
37,507  3.4  % 36,776  2.3  %
Less: Current portion 1,960    399   
Long-term debt $ 35,547    $ 36,377   
1Rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effective amount of interest rate swap agreements and cross-currency swap agreements, if applicable. Refer to Note 5 for a more detailed discussion on interest rate management.
2As of December 31, 2023 and 2022, the amounts include $1,211 million and $1,368 million, respectively, of debt instruments related to our bottling operations in Africa due through 2026.
3Amounts represent the changes in fair values due to changes in benchmark interest rates. Refer to Note 5 for additional information about our fair value hedging strategy.
4As of December 31, 2023 and 2022, the fair value of our long-term debt, including the current portion, was $33,445 million and $32,698 million, respectively.
5The above notes and debentures include various restrictions, none of which was significant to our Company.
Total interest paid was $1,415 million, $848 million and $738 million in 2023, 2022 and 2021, respectively.
During 2021, the Company extinguished prior to maturity fixed interest rate U.S. dollar notes and euro notes of $6,500 million and €2,430 million, respectively, with maturity dates ranging from 2023 to 2026 and interest rates ranging from 0.750% to 3.200%. These extinguishments resulted in associated charges of $559 million recorded in the line item interest expense in our consolidated statement of income. These charges included the difference between the reacquisition price and the net carrying value of the notes extinguished, including the impact of the related fair value hedging relationships. We also incurred charges of $91 million as a result of the reclassification of related cash flow hedging balances from AOCI into income.
The following table summarizes the maturities of long-term debt for the five years succeeding December 31, 2023 (in millions):
Maturities of
Long-Term Debt
2024 $ 1,960 
2025 1,070 
2026 1,810 
2027 4,616 
2028 2,770