Annual report pursuant to Section 13 and 15(d)

DEBT AND BORROWING ARRANGEMENTS (Tables)

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DEBT AND BORROWING ARRANGEMENTS (Tables)
 12 Months Ended
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 Rate1
Amount
Average Rate1
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 20982
1,763  8.1  1,906  6.7 
Fair value adjustments3
(972)       N/A (1,469)         N/A
Total4,5
37,507  3.4  % 36,776  2.3  %
Less: Current portion 1,960    399   
Long-term debt $ 35,547    $ 36,377   
1Rates 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.
2As 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.
3Amounts 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.
4As 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.
5The 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