Current maturity of long-term debt is another name for the current portion of long-term debt, the part of a long-term loan's principal that falls due within one year of the balance sheet date. It is moved out of long-term liabilities and reported among current liabilities. The main entry covers how the amount is determined and the exception for breached covenants.
Where the wording appears
Balance sheet captions vary between companies. Some show "current maturities of long-term debt", others "current portion of long-term debt" or "long-term debt due within one year". The plural "maturities" is common when a company has several loans or bond issues, each with its own repayment dates. All describe the same reclassification.
The amount is usually taken from the loan's amortization schedule, which shows how much principal is repayable in each period. Only principal is included; interest that has built up but not been paid is shown separately as accrued interest. The remaining balance stays among long-term liabilities.
The split matters for liquidity analysis. Because the current maturity is due within a year, it is included in ratios such as the current ratio. A large jump, for example when a bond issue or a balloon payment is about to fall due, can signal that the company will need to repay or refinance a large sum soon.