| Debt Disclosure [Text Block] |
DEBT AND BORROWING ARRANGEMENTS
During the nine months ended September 29, 2017, the Company issued U.S. dollar- and euro-denominated debt of $1,000 million and €2,500 million, respectively. The carrying value of this debt as of September 29, 2017, was $3,967 million. The general terms of the notes issued are as follows:
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$500 million total principal amount of notes due May 25, 2022, at a fixed interest rate of 2.20 percent;
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$500 million total principal amount of notes due May 25, 2027, at a fixed interest rate of 2.90 percent;
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€1,500 million total principal amount of notes due March 8, 2019, at a variable interest rate equal to the three-month Euro Interbank Offered Rate ("EURIBOR") plus 0.25 percent;
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€500 million total principal amount of notes due March 9, 2021, at a fixed interest rate of 0.00 percent; and
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€500 million total principal amount of notes due March 8, 2024, at a fixed interest rate of 0.50 percent.
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During the nine months ended September 29, 2017, the Company retired upon maturity $206 million total principal amount of notes due August 1, 2017, at a fixed interest rate of 7.125 percent and €2,000 million total principal amount of notes due March 9, 2017, at a variable interest rate equal to the three-month EURIBOR plus 0.15 percent. The Company also extinguished a portion of the long-term debt that was assumed in connection with our acquisition of CCE's former North America business ("Old CCE"). The extinguished notes had a carrying value of $417 million, which included fair value adjustments recorded as part of purchase accounting. The general terms of the notes extinguished were as follows:
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$95.6 million total principal amount of notes due August 15, 2019, at a fixed interest rate of 4.50 percent;
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$38.6 million total principal amount of notes due February 1, 2022, at a fixed interest rate of 8.50 percent;
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$11.7 million total principal amount of notes due September 15, 2022, at a fixed interest rate of 8.00 percent;
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$36.5 million total principal amount of notes due September 15, 2023, at a fixed interest rate of 6.75 percent;
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$9.9 million total principal amount of notes due October 1, 2026, at a fixed interest rate of 7.00 percent;
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$53.8 million total principal amount of notes due November 15, 2026, at a fixed interest rate of 6.95 percent;
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$41.3 million total principal amount of notes due September 15, 2028, at a fixed interest rate of 6.75 percent;
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$32.0 million total principal amount of notes due October 15, 2036, at a fixed interest rate of 6.70 percent;
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$3.4 million total principal amount of notes due March 18, 2037, at a fixed interest rate of 5.71 percent;
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$24.3 million total principal amount of notes due January 15, 2038, at a fixed interest rate of 6.75 percent; and
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$4.7 million total principal amount of notes due May 15, 2098, at a fixed interest rate of 7.00 percent.
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The Company recorded a net charge of $38 million in the line item interest expense in our condensed consolidated statement of income during the nine months ended September 29, 2017. This net charge was due to the extinguishment of long-term debt described above.
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