Coca Cola 2008 Annual Report Download - page 100
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THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7: SHORT-TERM BORROWINGS AND CREDIT ARRANGEMENTS (Continued)
December 31, 2008, of which approximately $677 million was outstanding. The outstanding amount was
primarily related to our international operations. Included in the available credit facilities discussed above, the
Company had $2,550 million in lines of credit for general corporate purposes, including commercial paper
backup. These backup lines of credit expire at various times from 2009 through 2013. There were no borrowings
under these backup lines of credit during 2008.
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 8: LONG-TERM DEBT
Long-term debt consisted of the following (in millions):
December 31, 2008 2007
53⁄4% U.S. dollar notes due 2009 $ 399 $ 399
53⁄4% U.S. dollar notes due 2011 499 499
57⁄20% U.S. dollar notes due 2017 1,747 1,747
73⁄8% U.S. dollar notes due 2093 116 116
Other, due through 20141485 649
$ 3,246 $ 3,410
Less current portion 465 133
Long-term debt $ 2,781 $ 3,277
1The weighted-average interest rate on outstanding balances was 6.5 percent as of December 31, 2008
and 2007.
The above notes include various restrictions, none of which is presently significant to our Company.
As of December 31, 2008, all of our long-term debt had fixed interest rates. The principal amount of our
long-term debt that had fixed and variable interest rates was approximately $3,409 million and $1 million,
respectively, at December 31, 2007. The weighted-average interest rate on the outstanding balances of our
Company’s long-term debt was 5.7 percent and 5.8 percent for the years ended December 31, 2008 and 2007,
respectively.
Total interest paid was approximately $460 million, $405 million and $212 million in 2008, 2007 and 2006,
respectively. For a more detailed discussion of interest rate management, refer to Note 11.
Maturities of long-term debt for the five years succeeding December 31, 2008 are as follows (in millions):
Maturities of
Long-Term Debt
2009 $ 465
2010 65
2011 555
2012 141
2013 124
On November 1, 2007, the Company issued approximately $1,750 million of notes due on November 15,
2017. The proceeds from this debt issuance were used to repay short-term debt, including commercial paper
issued to finance acquisitions during 2007. Refer to Note 20.
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