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DEBT AND BORROWING ARRANGEMENTS (Tables)
 12 Months Ended
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, 2022December 31, 2021
Amount
Average Rate1
Amount
Average Rate1
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 2023-2098891 4.7 1,316 5.2 
Australian dollar notes due 2024374 2.7 398 2.5 
Euro notes due 2024-204112,485 0.7 13,249 0.4 
Swiss franc notes due 2022-2028623 3.2 1,234 2.3 
Other, due through 20982,3
1,906 6.7 821 6.0 
Fair value adjustments4
(1,469)      N/A483         N/A
Total5,6
36,776 2.3 %39,454 1.7 %
Less: Current portion399  1,338  
Long-term debt$36,377  $38,116  
1Rates 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.
2As of December 31, 2022, the amount shown includes $1,789 million of debt instruments and finance leases that are due through 2046.
3As 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.
4Amounts 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.
5As 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.
6The 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 
20241,967 
20251,123 
20261,558 
20274,494