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Loans payable and other financial liabilities
 6 Months Ended
Jun. 30, 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 June 30, 2023 and December 31, 2022:
June 30, 2023December 31, 2022
(In millions)
Current loans payable and other financial liabilities:
Loans from banks$373 $319 
Bank overdrafts32 9 
Secured lines of credit115 115 
Financial Bills131 113 
Deposit Certificates827 993 
Commercial Notes12 6 
Finance lease obligations22 14 
Collateralized debt749 535 
2028 Notes3 3 
2026 Sustainability Notes4 4 
2031 Notes9 10 
Other lines of credit9 10 
$2,286 $2,131 
Non-Current loans payable and other financial liabilities:
Loans from banks$126 $145 
Secured lines of credit23 24 
Financial Bills1 — 
Deposit Certificates— 3 
Commercial Notes202 187 
Finance lease obligations40 37 
Collateralized debt604 703 
2028 Notes436 436 
2026 Sustainability Notes396 398 
2031 Notes651 694 
Other lines of credit2 — 
$2,481 $2,627 
Type of instrumentCurrencyInterestWeighted Average Interest Rate MaturityJune 30, 2023December 31, 2022
 (In millions)
Loans from banks
Chilean SubsidiariesChilean PesosFixed11.60%August 2023 - April 2025$112 $150 
Brazilian Subsidiary (*)US DollarFixed5.75%November 202351 — 
Brazilian Subsidiary (*)US DollarFixed4.32%August 202359 59 
Brazilian SubsidiaryBrazilian ReaisVariable
TJLP + 0.8
%July 2023 - May 20319 9 
Mexican SubsidiaryMexican PesosVariable
TIIE + 2.20 - 3.50
%July 2023 - June 2027198 177 
Uruguayan SubsidiaryUruguayan PesosFixed11.00%July 202347 47 
Colombian SubsidiaryColombian PesosFixed14.45%July 2023 - September 202323 22 
Bank overdrafts
Uruguayan SubsidiaryUruguayan PesosFixed11.62%July 20237 9 
Chilean SubsidiariesChilean PesosVariable
TIB + 2.00
%July 202325 — 
Secured lines of credit
Argentine SubsidiariesArgentine PesosFixed88.50%July 2023106 107 
Mexican SubsidiaryMexican PesosFixed10.12%July 2023 - July 202732 32 
Financial Bills
Brazilian SubsidiaryBrazilian ReaisVariable
CDI + 0.95 - 1.40
%July 2023 - June 2025132 113 
Deposit Certificates
Brazilian SubsidiaryBrazilian Reais——%—— 272 
Brazilian SubsidiaryBrazilian ReaisVariable
100% to 150% of CDI
July 2023 - June 2024715 565 
Brazilian SubsidiaryBrazilian ReaisFixed
13.35 - 14.70
%July 2023 - April 202491 114 
Brazilian SubsidiaryBrazilian ReaisVariable
107.02% to 107.05% of CDI
August 202321 45 
Commercial Notes
Brazilian SubsidiaryBrazilian ReaisVariable
DI + 0.88
%July 2023 - August 202777 71 
Brazilian SubsidiaryBrazilian ReaisVariable
IPCA + 6.41
%July 2023 - August 2029137 122 
Finance lease obligations62 51 
Collateralized debt1,353 1,238 
2028 NotesUS DollarFixed2.00%August 2023 - August 2028439 439 
2026 Sustainability NotesUS DollarFixed2.375%July 2023 - January 2026400 402 
2031 NotesUS DollarFixed3.125%July 2023 - January 2031660 704 
Other lines of credit11 10 
$4,767 $4,758 
(*)The carrying amount includes the effect of the derivative instrument that qualified for fair value hedge accounting. 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”).
In May 2023, the Company repurchased a $2 million and $44 million principal amount of the outstanding 2026 Sustainability Notes and 2031 Notes, respectively. The total amount paid amounted to $38 million, as a result, $398 million and $656 million of the principal amount of the 2026 Sustainability Notes and 2031 Notes remains outstanding as of June
30, 2023, respectively. For the six and three-month periods ended June 30, 2023, the Company recognized $8 million as a gain in Interest income and other financial gains in the unaudited interim condensed consolidated statements of income.
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 June 30, 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 six and three-month periods ended June 30, 2023 and 2022, the Company recognized interest expense, including the amortization of issuance costs of $5 million and $2 million, in both periods, respectively.
During the six-month period ended June 30, 2023, a total principal amount of $10 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 second quarter of 2023 that the conversion threshold was met and the Notes remain eligible for conversion. As of the date of issuance of these unaudited interim condensed consolidated financial statements, the Company did not receive additional requests for conversion.
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 $1,184.60 closing price of the Company’s common stock on June 30, 2023, and if the stock price remains constant, the Company could obtain 256,442 shares of common stock on the 2028 Notes Capped Call Transactions settlement date. The settlement averaging period with respect to the 2028 Notes Capped Call Transactions began on June 28, 2023 and will end on August 30, 2023, and the 2028 Notes Capped Call Transactions settlement date will be September 1, 2023.
The total estimated fair value of the 2028 Notes was $1,202 million and $884 million as of June 30, 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 $1,184.60 closing price of the Company’s common stock on June 30, 2023, the if-converted value of the 2028 Notes exceeded their principal amount by $734 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 June 30, 2023, no amounts have been borrowed under the facility.