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Debt and Redeemable Preferred Securities of Subsidiaries
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Debt and Redeemable Preferred Securities of Subsidiaries Debt and Redeemable Preferred Securities of Subsidiaries
Long-term debt is composed of the following:
Weighted-
Average
Interest
Rate
MaturitiesDecember 31
20202019
Notes and debentures3.3%2021 - 2050$7,897 $6,749 
Industrial development revenue bonds0.6%2023 - 2045169 169 
Bank loans and other financings in various currencies6.3%2021 - 203975 54 
Total long-term debt8,141 6,972 
Less current portion263 759 
Long-term portion$7,878 $6,213 
Scheduled maturities of long-term debt for the next five years are $265 in 2021, $314 in 2022, $475 in 2023, $618 in 2024 and $557 in 2025.
In September 2020, we issued $600 aggregate principal amount of 1.05% notes due September 15, 2027. Proceeds from the offering together with cash on hand and borrowings under our commercial paper program were used to fund the acquisition of Softex Indonesia.
In March 2020, we issued $750 aggregate principal amount of 3.10% notes due March 26, 2030. Proceeds from the offering were used for general corporate purposes including the repayment of a portion of our commercial paper indebtedness.
In February 2020, we issued $500 aggregate principal amount of 2.875% notes due February 7, 2050. Proceeds from the offering were used for general corporate purposes including the repayment of a portion of our commercial paper indebtedness.
In April 2019, we issued $700 aggregate principal amount of 3.20% notes due April 25, 2029. Proceeds from the offering were used for general corporate purposes, including the repayment of a portion of our outstanding commercial paper indebtedness.
In October 2018, we issued $500 aggregate principal amount of 3.95% notes due November 1, 2028. Proceeds from the offering were used for general corporate purposes, including repayment of a portion of our outstanding commercial paper indebtedness.
We maintain a $2.0 billion revolving credit facility which expires in June 2023 and a $750 revolving credit facility which expires in June 2021.  These facilities, currently unused, support our commercial paper program, and would provide liquidity in the event our access to the commercial paper markets is unavailable for any reason.
Our subsidiary in Central America has outstanding redeemable preferred securities that are held by a noncontrolling interest.