XML 49 R28.htm IDEA: XBRL DOCUMENT v3.21.2
Long-term Obligations and Borrowing Arrangements (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Short-term Debt [Table Text Block] he following table provides information about the Company's borrowings under its commercial paper program:
Second QuarterFirst Six Months
(in millions, except %)2021202020212020
Weighted average commercial paper borrowings$907 $497 $467 $1,081 
Weighted average borrowing rates0.26 %1.10 %0.26 %1.68 %
In April 2021, KDP began issuing commercial paper notes with maturities greater than 90 days. KDP continues to classify its commercial paper notes as short-term, as maturities do not exceed one year.
Schedule of debt
The following table summarizes the Company's long-term obligations:
(in millions)June 30, 2021December 31, 2020
Notes
$11,721 $13,065 
Term loan— 423 
Subtotal11,721 13,488 
Less - current portion— (2,345)
Long-term obligations$11,721 $11,143 
The following table summarizes the Company's short-term borrowings and current portion of long-term obligations:
(in millions)June 30, 2021December 31, 2020
Commercial paper notes$1,323 $— 
Revolving credit facilities— — 
Current portion of long-term obligations:
Notes
— 2,246 
Term loan— 99 
Short-term borrowings and current portion of long-term obligations$1,323 $2,345 
Schedule of long-term debt instruments
The Company's Notes consisted of the following:
(in millions, except %)
IssuanceMaturity DateRateJune 30, 2021December 31, 2020
2021 Merger NotesMay 25, 20213.551%$— $1,750 
2021-A NotesNovember 15, 20213.200%— 250 
2021-B NotesNovember 15, 20212.530%— 250 
2022 NotesNovember 15, 20222.700%— 250 
2023 Merger NotesMay 25, 20234.057%1,000 2,000 
2023 NotesDecember 15, 20233.130%500 500 
2024 Notes(1)
March 15, 20240.750%1,150 — 
2025 Merger NotesMay 25, 20254.417%1,000 1,000 
2025 NotesNovember 15, 20253.400%500 500 
2026 NotesSeptember 15, 20262.550%400 400 
2027 NotesJune 15, 20273.430%500 500 
2028 Merger NotesMay 25, 20284.597%2,000 2,000 
2030 NotesMay 1, 20303.200%750 750 
2031 NotesMarch 15, 20312.250%500 — 
2038 NotesMay 1, 20387.450%125 125 
2038 Merger NotesMay 25, 20384.985%500 500 
2045 NotesNovember 15, 20454.500%550 550 
2046 NotesDecember 15, 20464.420%400 400 
2048 Merger NotesMay 25, 20485.085%750 750 
2050 NotesMay 1, 20503.800%750 750 
2051 NotesMarch 15, 20513.350%500 — 
Principal amount$11,875 $13,225 
Adjustment from principal amount to carrying amount(2)
(154)(160)
Carrying amount$11,721 $13,065 
(1)The 2024 Notes may be called anytime on or after March 15, 2022, in whole or in part, at the Company’s option, at a redemption price equal to 100% of the principal amount being redeemed, plus accrued and unpaid interest.
(2)The carrying amount includes unamortized discounts, debt issuance costs and fair value adjustments related to the DPS Merger.
Schedule of line of credit facilities
The KDP Credit Agreements consist of the following:
(in millions)June 30, 2021December 31, 2020
IssuanceMaturity DateAvailable BalancesCarrying ValueCarrying Value
2019 KDP Term Loan$— $— $425 
KDP Revolver(1)
February 20232,400 — — 
2020 364-Day Credit Agreement— — — 
2021 364-Day Credit AgreementMarch 20221,500 — — 
Principal amount$— $425 
Unamortized discounts and debt issuance costs
— (2)
Carrying amount$— $423 
(1)The KDP Revolver has $200 million letters of credit availability and none utilized as of June 30, 2021.