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DEBT AND BORROWING ARRANGEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Components of long-term debt | The Company’s long-term debt consisted of the following (in millions except average rate data):
| December 31, 2022 |  | December 31, 2021
| Amount | Average Rate 1 |  | Amount | Average Rate 1
Fixed interest rate long-term debt: |  |  |  |  |
U.S. dollar notes due 2024-2093 | $ | 21,966 |  | 2.5 | % |  | $ | 21,953 |  | 2.2 | %
U.S. dollar debentures due 2023-2098 | 891 |  | 4.7 |  |  | 1,316 |  | 5.2 |
Australian dollar notes due 2024 | 374 |  | 2.7 |  |  | 398 |  | 2.5 |
Euro notes due 2024-2041 | 12,485 |  | 0.7 |  |  | 13,249 |  | 0.4 |
Swiss franc notes due 2022-2028 | 623 |  | 3.2 |  |  | 1,234 |  | 2.3 |
Other, due through 2098 2,3 | 1,906 |  | 6.7 |  |  | 821 |  | 6.0 |
Fair value adjustments 4 | (1,469) |  | N/A |  | 483 |  | N/A
Total 5,6 | 36,776 |  | 2.3 | % |  | 39,454 |  | 1.7 | %
Less: Current portion | 399 |  |  |  | 1,338 |  |
Long-term debt | $ | 36,377 |  |  |  | $ | 38,116 |  |
1 Rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effects of interest rate swap agreements, cross-currency swap agreements and fair value adjustments, if applicable. Refer to Note 5 for a more detailed discussion on interest rate management. 2 As of December 31, 2022, the amount shown includes $1,789 million of debt instruments and finance leases that are due through 2046. 3 As of December 31, 2022 and 2021, the amounts shown include $1,368 million and $407 million, respectively, which relate to our bottling operations in Africa. 4 Amounts represent the changes in fair values due to changes in benchmark interest rates. Refer to Note 5 for additional information about our fair value hedging strategy. 5 As of December 31, 2022 and 2021, the fair value of our long-term debt, including the current portion, was $32,698 million and $40,311 million, respectively. 6 The above notes and debentures include various restrictions, none of which was significant to our Company.
Schedule of Maturities of Long-term Debt | The following table summarizes the maturities of long-term debt for the five years succeeding December 31, 2022 (in millions):
| Maturities of Long-Term Debt
2023 | $ | 399 |
2024 | 1,967 |
2025 | 1,123 |
2026 | 1,558 |
2027 | 4,494 |

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