Debt and Borrowing Arrangements
|9 Months Ended|
Sep. 28, 2018
|Debt and Borrowing Arrangements Disclosure [Abstract]|
|Debt Disclosure [Text Block]||
DEBT AND BORROWING ARRANGEMENTS
During the nine months ended September 28, 2018, the Company retired upon maturity $2,026 million total principal amount of notes and debentures. The general terms of the notes and debentures retired are as follows:
The Company also extinguished a portion of the long-term debt that was assumed in connection with our acquisition of Coca‑Cola Enterprises Inc.'s former North America business ("Old CCE"). The extinguished notes had a total principal amount of $94 million that was due to mature on May 15, 2098, at a fixed interest rate of 7.00 percent. Related to this extinguishment, the Company recorded a net gain of $27 million in the line item interest expense in our condensed consolidated statements of income during the three and nine months ended September 28, 2018.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef