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LOANS PAYABLE AND OTHER FINANCIAL LIABILITIES (Tables)
 12 Months Ended
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,
20232022
(In millions)
Loans from banks$485 $319 
Bank overdrafts33 9 
Secured lines of credit39 115 
Financial Bills— 113 
Deposit Certificates976 993 
Commercial Notes7 6 
Finance lease liabilities35 14 
Collateralized debt693 535 
2028 Notes— 3 
2026 Sustainability Notes4 4 
2031 Notes9 10 
Other lines of credit11 10 
Current loans payable and other financial liabilities$2,292 $2,131 
Loans from banks$72 $145 
Secured lines of credit17 24 
Financial Bills8 — 
Deposit Certificates— 3 
Commercial Notes211 187 
Finance lease liabilities96 37 
Collateralized debt782 703 
2028 Notes— 436 
2026 Sustainability Notes389 398 
2031 Notes626 694 
Other lines of credit2 — 
Non-Current loans payable and other financial liabilities$2,203 $2,627 
Type of instrumentCurrencyInterestWeighted Average Interest
Rate 		MaturityDecember 31,
20232022
 (In millions)
Loans from banks
Chilean SubsidiariesChilean PesosFixed9.48%January 2024 - April 2025$104 $150 
Brazilian Subsidiary (1)
US Dollar———— 59 
Brazilian Subsidiary (1)
US DollarFixed5.90%August - November 2024216 — 
Brazilian SubsidiaryBrazilian ReaisVariable
TJLP + 0.8%
January 2024 - May 20319 9 
Mexican SubsidiaryMexican PesosVariable
TIIE + 2.20% - 3.50%
January 2024 - June 2027178 177 
Uruguayan SubsidiaryUruguayan PesosFixed9.59%January 202450 47 
Colombian SubsidiaryColombian PesosFixed——— 22 
Bank overdrafts
Uruguayan SubsidiaryUruguayan PesosFixed10.32%January 202413 9 
Chilean SubsidiaryChilean PesosVariable
TIB + 2.00%
January 202420 — 
Secured lines of credit
Argentine SubsidiariesArgentine PesosFixed92.27%January 202429 107 
Mexican SubsidiaryMexican PesosFixed10.24%January 2024 - July 202727 32 
Financial Bills
Brazilian SubsidiaryBrazilian ReaisVariable
CDI + 1.15% - 1.40%
March - September 20258 113 
Deposit Certificates
Brazilian SubsidiaryBrazilian Reais———— 272 
Brazilian SubsidiaryBrazilian ReaisVariable
98.5% to 200% of CDI
January - December 2024703 565 
Brazilian SubsidiaryBrazilian ReaisFixed
9.85% - 14.20%
January - June 202477 114 
Brazilian SubsidiaryBrazilian ReaisVariable
106% of CDI
January 2024196 45 
Commercial Notes
Brazilian SubsidiaryBrazilian ReaisVariable
DI + 0.88%
January 2024 - August 202778 71 
Brazilian SubsidiaryBrazilian ReaisVariable
IPCA + 6.41%
January 2024 - August 2029140 122 
Finance lease liabilities131 51 
Collateralized debt1,475 1,238 
2028 NotesUS Dollar———— 439 
2026 Sustainability NotesUS DollarFixed2.375%January 2024 - January 2026393 402 
2031 NotesUS DollarFixed3.125%January 2024 - January 2031635 704 
Other lines of credit13 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,
202320222021
(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.