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DEBT AND BORROWING ARRANGEMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024December 31, 2023
Amount
Average Rate1
Amount
Average Rate1
Fixed interest rate long-term debt:
U.S. dollar notes due 2024-2093$26,931 3.1 %$21,982 3.2 %
U.S. dollar debentures due 2026-2098778 4.8 788 4.8 
Australian dollar notes due 2024— — 374 2.7 
Euro notes due 2024-205313,619 3.1 12,888 2.7 
Swiss franc notes due 2028635 6.7 684 6.0 
Other, due through 20982
1,845 7.1 1,763 8.1 
Fair value adjustments3
(785)      N/A(972)        N/A
Total4,5
43,023 3.4 %37,507 3.4 %
Less: Current portion648  1,960  
Long-term debt$42,375  $35,547  
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, 2024 and 2023, the amounts include $1,249 million and $1,211 million, respectively, of debt instruments related to our bottling operations in Africa due through 2027.
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, 2024 and 2023, the fair value of our long-term debt, including the current portion, was $38,052 million and $33,445 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, 2024 (in millions):
Maturities of
Long-Term Debt
2025$648 
20261,803 
20275,064 
20282,786 
20292,684