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LOANS PAYABLE AND OTHER FINANCIAL LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Summary of Loans Payable and Other Financial Liabilities | The following tables summarize the Company’s loans payable and other financial liabilities as of December 31, 2023 and 2022:
| December 31,
| 2023 |  | 2022
| (In millions)
Loans from banks | $ | 485 |  |  | $ | 319 |
Bank overdrafts | 33 |  |  | 9 |
Secured lines of credit | 39 |  |  | 115 |
Financial Bills | — |  |  | 113 |
Deposit Certificates | 976 |  |  | 993 |
Commercial Notes | 7 |  |  | 6 |
Finance lease liabilities | 35 |  |  | 14 |
Collateralized debt | 693 |  |  | 535 |
2028 Notes | — |  |  | 3 |
2026 Sustainability Notes | 4 |  |  | 4 |
2031 Notes | 9 |  |  | 10 |
Other lines of credit | 11 |  |  | 10 |
Current loans payable and other financial liabilities | $ | 2,292 |  |  | $ | 2,131 |
Loans from banks | $ | 72 |  |  | $ | 145 |
Secured lines of credit | 17 |  |  | 24 |
Financial Bills | 8 |  |  | — |
Deposit Certificates | — |  |  | 3 |
Commercial Notes | 211 |  |  | 187 |
Finance lease liabilities | 96 |  |  | 37 |
Collateralized debt | 782 |  |  | 703 |
2028 Notes | — |  |  | 436 |
2026 Sustainability Notes | 389 |  |  | 398 |
2031 Notes | 626 |  |  | 694 |
Other lines of credit | 2 |  |  | — |
Non-Current loans payable and other financial liabilities | $ | 2,203 |  |  | $ | 2,627 |
Type of instrument |  | Currency |  | Interest |  | Weighted Average Interest Rate |  | Maturity |  | December 31,
|  |  |  |  | 2023 |  | 2022
|  |  |  |  |  |  |  |  |  | (In millions)
Loans from banks |  |  |  |  |  |  |  |  |  |  |  |
Chilean Subsidiaries |  | Chilean Pesos |  | Fixed |  | 9.48% |  | January 2024 - April 2025 |  | $ | 104 |  |  | $ | 150 |
Brazilian Subsidiary (1) |  | US Dollar |  | — |  | — |  | — |  | — |  |  | 59 |
Brazilian Subsidiary (1) |  | US Dollar |  | Fixed |  | 5.90% |  | August - November 2024 |  | 216 |  |  | — |
Brazilian Subsidiary |  | Brazilian Reais |  | Variable |  | TJLP + 0.8% |  | January 2024 - May 2031 |  | 9 |  |  | 9 |
Mexican Subsidiary |  | Mexican Pesos |  | Variable |  | TIIE + 2.20% - 3.50% |  | January 2024 - June 2027 |  | 178 |  |  | 177 |
Uruguayan Subsidiary |  | Uruguayan Pesos |  | Fixed |  | 9.59% |  | January 2024 |  | 50 |  |  | 47 |
Colombian Subsidiary |  | Colombian Pesos |  | Fixed |  | — |  | — |  | — |  |  | 22 |
Bank overdrafts |  |  |  |  |  |  |  |  |  |  |  |
Uruguayan Subsidiary |  | Uruguayan Pesos |  | Fixed |  | 10.32% |  | January 2024 |  | 13 |  |  | 9 |
Chilean Subsidiary |  | Chilean Pesos |  | Variable |  | TIB + 2.00% |  | January 2024 |  | 20 |  |  | — |
Secured lines of credit |  |  |  |  |  |  |  |  |  |  |  |
Argentine Subsidiaries |  | Argentine Pesos |  | Fixed |  | 92.27% |  | January 2024 |  | 29 |  |  | 107 |
Mexican Subsidiary |  | Mexican Pesos |  | Fixed |  | 10.24% |  | January 2024 - July 2027 |  | 27 |  |  | 32 |
Financial Bills |  |  |  |  |  |  |  |  |  |  |  |
Brazilian Subsidiary |  | Brazilian Reais |  | Variable |  | CDI + 1.15% - 1.40% |  | March - September 2025 |  | 8 |  |  | 113 |
Deposit Certificates |  |  |  |  |  |  |  |  |  |  |  |
Brazilian Subsidiary |  | Brazilian Reais |  | — |  | — |  | — |  | — |  |  | 272 |
Brazilian Subsidiary |  | Brazilian Reais |  | Variable |  | 98.5% to 200% of CDI |  | January - December 2024 |  | 703 |  |  | 565 |
Brazilian Subsidiary |  | Brazilian Reais |  | Fixed |  | 9.85% - 14.20% |  | January - June 2024 |  | 77 |  |  | 114 |
Brazilian Subsidiary |  | Brazilian Reais |  | Variable |  | 106% of CDI |  | January 2024 |  | 196 |  |  | 45 |
Commercial Notes |  |  |  |  |  |  |  |  |  |  |  |
Brazilian Subsidiary |  | Brazilian Reais |  | Variable |  | DI + 0.88% |  | January 2024 - August 2027 |  | 78 |  |  | 71 |
Brazilian Subsidiary |  | Brazilian Reais |  | Variable |  | IPCA + 6.41% |  | January 2024 - August 2029 |  | 140 |  |  | 122 |
Finance lease liabilities |  |  |  |  |  |  |  |  |  | 131 |  |  | 51 |
Collateralized debt |  |  |  |  |  |  |  |  |  | 1,475 |  |  | 1,238 |
2028 Notes |  | US Dollar |  | — |  | — |  | — |  | — |  |  | 439 |
2026 Sustainability Notes |  | US Dollar |  | Fixed |  | 2.375% |  | January 2024 - January 2026 |  | 393 |  |  | 402 |
2031 Notes |  | US Dollar |  | Fixed |  | 3.125% |  | January 2024 - January 2031 |  | 635 |  |  | 704 |
Other lines of credit |  |  |  |  |  |  |  |  |  | 13 |  |  | 10 |
|  |  |  |  |  |  |  |  |  | $ | 4,495 |  |  | $ | 4,758 |
(1) The carrying amount includes the effect of the derivative instrument that qualified for fair value hedge accounting. See Note 24 – Derivative instruments of these audited consolidated financial statements for further detail.
Summary of Interest Expense for Contractual Interest and Accretion of Debt Discount | The following table presents the interest expense for contractual interest, the amortization of debt discount and of debt issuance costs:
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Contractual coupon interest expense | $ | 7 |  |  | $ | 8 |  |  | $ | 9 |
Amortization of debt discount (1) | — |  |  | — |  |  | 16 |
Amortization of debt issuance costs | — |  |  | 1 |  |  | — |
Total interest expense related to the 2028 Notes | $ | 7 |  |  | $ | 9 |  |  | $ | 25 |
(1) For the years ended December 31, 2023 and 2022 no amortization of debt discount was recorded due to the adoption of ASU 2020-06.

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