DEBT AND BORROWING ARRANGEMENTS
|9 Months Ended|
Sep. 29, 2023
|Debt Disclosure [Abstract]|
|DEBT AND BORROWING ARRANGEMENTS||DEBT AND BORROWING ARRANGEMENTS
Loans and notes payable consist primarily of commercial paper issued in the United States. As of September 29, 2023 and December 31, 2022, we had $3,698 million and $2,146 million, respectively, in outstanding commercial paper borrowings.
During the nine months ended September 29, 2023, our bottling operations in Africa extinguished prior to maturity U.S. dollar term loans with a total principal amount of $121 million, with variable interest rates ranging from the three-month LIBOR plus 2.950% to the three-month LIBOR plus 3.000%. Additionally, the bottling operations extinguished prior to maturity a U.S. dollar revolving facility of $40 million, with a variable interest rate of SOFR plus 2.344%.During the nine months ended September 29, 2023, the Company also retired upon maturity fixed interest rate U.S. dollar debentures of $91 million due September 15, 2023 with an interest rate of 6.750%.
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://www.xbrl.org/2003/role/disclosureRef