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BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Long-term Borrowings

	September 30,				December 31,
(Dollars in millions)	2017				2016
Borrowings consisted of:
5.5% notes due November 2019	$	249			$	249
2.7% notes due January 2020	797				796
4.5% notes due January 2021	184				184
3.6% notes due August 2022	739				741
1.50% notes due May 2023 (1)	881				786
7 1/4% debentures due January 2024	197				197
7 5/8% debentures due June 2024	43				43
3.8% notes due March 2025	691				689
1.875% notes due November 2026 (1)	583				519
7.60% debentures due February 2027	195				195
4.8% notes due September 2042	493				493
4.65% notes due October 2044	871				870
Credit facilities borrowings	399				549
Commercial paper borrowings	366				280
Capital leases and other	6				3
Total borrowings	6,694				6,594
Borrowings due within one year	369				283
Long-term borrowings	$	6,325			$	6,311

⁽¹⁾  The carrying value of the euro-denominated 1.50% notes due May 2023 and 1.875% notes due November 2026 will fluctuate with changes in the euro exchange rate. The carrying value of these euro-denominated borrowings have been designated as non-derivative net investment hedges of a portion of the Company's net investments in euro functional-currency denominated subsidiaries to offset foreign currency fluctuations. During the nine months ended September 30, 2017, pre-tax losses of $158 million were recognized in "Other comprehensive income (loss)" ("OCI") for revaluation of these notes.

Fair Value of Borrowings

						Fair Value Measurements at September 30, 2017
(Dollars in millions)		Reported Amount September 30, 2017				Total Fair Value				Quoted Prices in Active Markets for Identical Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)
Long-term borrowings		$	6,325			$	6,735			$	6,333			$	402

						Fair Value Measurements at December 31, 2016
(Dollars in millions)		Reported Amount December 31, 2016				Total Fair Value				Quoted Prices in Active Markets for Identical Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)
Long-term borrowings		$	6,311			$	6,586			$	6,036			$	550

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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