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DEBT AND BORROWING ARRANGEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023 |  | December 31, 2022
| Amount |  | Average Rate 1 |  | Amount |  | Average Rate 1
Fixed interest rate long-term debt: |  |  |  |  |  |  |
U.S. dollar notes due 2024-2093 | $ | 21,982 |  |  | 3.2 | % |  | $ | 21,966 |  |  | 2.5 | %
U.S. dollar debentures due 2023-2098 | 788 |  |  | 4.8 |  |  | 891 |  |  | 4.7 |
Australian dollar notes due 2024 | 374 |  |  | 2.7 |  |  | 374 |  |  | 2.7 |
Euro notes due 2024-2041 | 12,888 |  |  | 2.7 |  |  | 12,485 |  |  | 0.7 |
Swiss franc notes due 2028 | 684 |  |  | 6.0 |  |  | 623 |  |  | 3.2 |
Other, due through 2098 2 | 1,763 |  |  | 8.1 |  |  | 1,906 |  |  | 6.7 |
Fair value adjustments 3 | (972) |  |  | N/A |  | (1,469) |  |  | N/A
Total 4,5 | 37,507 |  |  | 3.4 | % |  | 36,776 |  |  | 2.3 | %
Less: Current portion | 1,960 |  |  |  |  | 399 |  |  |
Long-term debt | $ | 35,547 |  |  |  |  | $ | 36,377 |  |  |
1 Rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effective amount of interest rate swap agreements and cross-currency swap agreements, if applicable. Refer to Note 5 for a more detailed discussion on interest rate management. 2 As of December 31, 2023 and 2022, the amounts include $1,211 million and $1,368 million, respectively, of debt instruments related to our bottling operations in Africa due through 2026. 3 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. 4 As of December 31, 2023 and 2022, the fair value of our long-term debt, including the current portion, was $33,445 million and $32,698 million, respectively. 5 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, 2023 (in millions):
| Maturities of Long-Term Debt
2024 | $ | 1,960 |
2025 | 1,070 |
2026 | 1,810 |
2027 | 4,616 |
2028 | 2,770 |

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