Coca Cola 2003 Annual Report Download - page 75

Download and view the complete annual report

Please find page 75 of the 2003 Coca Cola annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 123

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Coca-Cola Company and Subsidiaries
NOTE 6: SHORT-TERM BORROWINGS AND CREDIT ARRANGEMENTS (Continued)
in commercial paper borrowings. Our weighted-average interest rates for commercial paper outstanding were
approximately 1.1 percent and 1.4 percent per annum at December 31, 2003 and 2002, respectively. In addition,
we had $1,576 million in lines of credit and other short-term credit facilities available as of December 31, 2003,
of which approximately $246 million was outstanding. This entire $246 million amount related to our
international operations. Our Company also has short-term notes payable of $103 million related to acquisitions
of businesses. Included in the available credit facilities discussed above, the Company had $1,150 million in lines
of credit for general corporate purposes, including commercial paper back-up. There were no borrowings during
2003.
These credit facilities are subject to normal banking terms and conditions. Some of the financial
arrangements require compensating balances, none of which is presently significant to our Company.
NOTE 7: LONG-TERM DEBT
Long-term debt consists of the following (in millions):
December 31, 2003 2002
6% U.S. dollar notes due 2003 $—$ 150
Variable rate euro notes due 20041296 248
57⁄8% euro notes due 2005 591 496
4% U.S. dollar notes due 2005 749 748
53⁄4% U.S. dollar notes due 2009 399 399
53⁄4% U.S. dollar notes due 2011 498 498
73⁄8% U.S. dollar notes due 2093 116 116
Other, due through 20132191 226
2,840 2,881
Less current portion 323 180
$ 2,517 $ 2,701
12.4% at December 31, 2003.
2Includes $27 million fair value adjustment related to interest rate swap agreements (refer to Note 10).
The above notes include various restrictions, none of which is presently significant to our Company.
After giving effect to interest rate management instruments, the principal amount of our long-term debt
that had fixed and variable interest rates, respectively, was $1,742 million and $1,098 million on December 31,
2003, and $1,764 million and $1,117 million on December 31, 2002. The weighted-average interest rate on our
Company’s long-term debt was 3.9 percent and 4.2 percent per annum for the years ended December 31, 2003
and 2002, respectively. Total interest paid was approximately $180 million, $197 million and $304 million in 2003,
2002 and 2001, respectively. For a more complete discussion of interest rate management, refer to Note 10.
Maturities of long-term debt for the five years succeeding December 31, 2003 are as follows (in millions):
2004 2005 2006 2007 2008
$ 323 $ 1,385 $ 19 $ 9 $ 2
72