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Loans payable and other financial liabilities
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Loans payable and other financial liabilities Loans payable and other financial liabilities
The following tables summarize the Company’s Loans payable and other financial liabilities as of March 31, 2023 and December 31, 2022:
Balances as of
March 31, 2023December 31, 2022
(In millions)
Current loans payable and other financial liabilities:
Loans from banks$361 $319 
Bank overdrafts22 9 
Secured lines of credit113 115 
Financial Bills120 113 
Deposit Certificates949 993 
Commercial Notes6 6 
Finance lease obligations18 14 
Collateralized debt723 535 
2028 Notes1 3 
2026 Sustainability Notes2 4 
2031 Notes5 10 
Other lines of credit12 10 
$2,332 $2,131 
Non-Current loans payable and other financial liabilities:
Loans from banks$138 $145 
Secured lines of credit24 24 
Deposit Certificates2 3 
Commercial Notes191 187 
Finance lease obligations43 37 
Collateralized debt573 703 
2028 Notes436 436 
2026 Sustainability Notes398 398 
2031 Notes695 694 
$2,500 $2,627 
Balances as of
Type of instrumentCurrencyInterestWeighted Average Interest Rate MaturityMarch 31, 2023December 31, 2022
 (In millions)
Loans from banks
Chilean SubsidiariesChilean PesosFixed11.72%April 2023 - April 2025$131 $150 
Brazilian Subsidiary (*)US DollarFixed5.75%November 202350 — 
Brazilian Subsidiary (*)US DollarFixed4.32%August 202359 59 
Brazilian SubsidiaryBrazilian ReaisVariable
TJLP +0.8
%April 2023 - May 20319 9 
Mexican SubsidiaryMexican PesosVariable
TIIE + 2.20 - 3.50
%April 2023 - June 2027190 177 
Uruguayan SubsidiaryUruguayan PesosFixed11.60%April - June 202344 47 
Colombian SubsidiaryColombian PesosFixed15.13%May 2023 - June 202316 22 
Bank overdrafts
Uruguayan SubsidiaryUruguayan Pesos——%—— 9 
Argentine SubsidiariesArgentine PesosFixed—%April 202322 — 
Secured lines of credit
Argentine SubsidiariesArgentine PesosFixed71.52%April 2024104 107 
Mexican SubsidiaryMexican PesosFixed10.07%April 2023 - July 202733 32 
Financial Bills
Brazilian SubsidiaryBrazilian ReaisVariable
CDI + 0.95% - 1.10%
%July 2023 - February 2024120 113 
Deposit Certificates
Brazilian SubsidiaryBrazilian ReaisVariable
IPCA + 5.35 - 6.85
%April - May 2023210 272 
Brazilian SubsidiaryBrazilian ReaisVariable
99% to 140% of CDI
April 2023 - September 2024668 565 
Brazilian SubsidiaryBrazilian ReaisFixed
12.55 - 14.70
%April - September 202373 114 
Brazilian SubsidiaryBrazilian Reais——%—— 45 
Commercial Notes
Brazilian SubsidiaryBrazilian ReaisVariable
DI +0.88
%April 2023 - August 202771 71 
Brazilian SubsidiaryBrazilian ReaisVariable
IPCA + 6.41
%April 2023 - August 2029126 122 
Finance lease obligations61 51 
Collateralized debt1,296 1,238 
2028 NotesUS DollarFixed2.00%August 2023 - August 2028437 439 
2026 Sustainability NotesUS DollarFixed2.375%July 2023 - January 2026400 402 
2031 NotesUS DollarFixed3.125%July 2023 - January 2031700 704 
Other lines of credit12 10 
$4,832 $4,758 
(*)The carrying amount includes the effect of the derivative instrument that qualified for fair value hedge. See note 15 "Derivative Instruments" for further detail.
See Notes 13 and 14 to these unaudited interim condensed consolidated financial statements for details regarding the Company’s collateralized debt securitization transactions and finance lease obligations, respectively.
2.375% Sustainability Senior Notes Due 2026 and 3.125% Senior Notes Due 2031

On January 14, 2021, the Company closed a public offering of $400 million aggregate principal amount of 2.375% Sustainability Notes due 2026 (the “2026 Sustainability Notes”) and $700 million aggregate principal amount of 3.125% Notes due 2031 (the “2031 Notes”, and together with the 2026 Sustainability Notes, the “Notes”).

For additional information regarding the 2026 Sustainability Notes and the 2031 Notes please refer to Note 17 to the audited consolidated financial statements for the year ended December 31, 2022, contained in the Company’s 2022 10-K.
2.00% Convertible Senior Notes Due 2028 (“2028 Notes”)
As of March 31, 2023, the principal and issuance costs of the 2028 Notes amounted to $439 million and $3 million, respectively. As of December 31, 2022, the principal and issuance costs of the 2028 Notes amounted to $439 million and $3 million, respectively. For the three-month period ended March 31, 2023 and 2022, the Company recognized interest expense, including the amortization of issuance costs of $2 million and $2 million, respectively .
During the three-month period ended March 31, 2023, a total principal amount of $2 thousand was requested for conversion. The determination of whether or not the Notes are convertible must be performed on a quarterly basis. The Company reconfirmed during the first quarter of 2023 that the conversion threshold was met and the Notes remain eligible for conversion. From April 1, 2023 to the date of issuance of these unaudited interim condensed consolidated financial statements, additional conversion request for $1 thousand of principal amount was made.
The Company has entered into capped call transactions with respect to shares of its common stock with certain financial institutions (the “2028 Notes Capped Call Transactions”). The 2028 Notes Capped Call Transactions are expected generally to reduce the potential dilution upon conversion of the 2028 Notes in the event that the market price of the Company’s common stock is greater than the strike price and lower than the cap price of the 2028 Notes Capped Call Transactions. The amounts the Company has paid, including transaction expenses, are as follows:
Capped call trading dateAmount
(In millions)
June 2019 (*)
$88 
June 2020 (*)
104 
August 202083 
November 2020120 
January 2021101 
(*) Partially unwound in 2021.
Based on the $1,318.06 closing price of the Company’s common stock on March 31, 2023, and if the stock price remains constant, the Company could obtain 369,489 shares of common stock on the 2028 Notes Capped Calls Transactions settlement date.
The total estimated fair value of the 2028 Notes was $1,329 million and $884 million as of March 31, 2023 and December 31, 2022, respectively. The fair value was determined based on the closing trading price per $100 principal amount of the 2028 Notes as of the last day of trading for the period. The fair value of the 2028 Notes is primarily affected by the trading price of the Company’s common stock and market interest rates. Based on the $1,318.06 closing price of the Company’s common stock on March 31, 2023, the if-converted value of the 2028 Notes exceeded their principal amount by $866 million.
For additional information regarding the 2028 Notes and the 2028 Notes Capped Call Transactions please refer to Note 17 to the audited consolidated financial statements for the year ended December 31, 2022, contained in the Company’s 2022 10-K.
Revolving Credit Agreement

On March 31, 2022, the Company, as borrower, and certain of its Subsidiaries, as guarantors, entered into a $400 million revolving credit agreement.

For additional information regarding the Credit Agreement please refer to Note 17 to the audited consolidated financial statements for the year ended December 31, 2022, contained in the Company’s 2022 10-K.
As of March 31, 2023, no amounts have been borrowed under the facility.