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BORROWINGS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Debt Disclosure [Abstract] |
Schedule of Long-term Borrowings |
| December 31,
(Dollars in millions) | 2017 |  | 2016
Borrowings consisted of: |  |  |
5.5% notes due November 2019 | $ | 250 |  |  | $ | 249 |
2.7% notes due January 2020 | 797 |  |  | 796 |
4.5% notes due January 2021 | 185 |  |  | 184 |
3.6% notes due August 2022 | 738 |  |  | 741 |
1.50% notes due May 2023 (1) | 895 |  |  | 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 | 690 |  |  | 689 |
1.875% notes due November 2026 (1) | 592 |  |  | 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 |
Commercial paper and short-term borrowings | 389 |  |  | 280 |
Credit facilities borrowings | 200 |  |  | 549 |
Capital leases and other | 5 |  |  | 3 |
Total borrowings | 6,540 |  |  | 6,594 |
Borrowings due within one year | 393 |  |  | 283 |
Long-term borrowings | $ | 6,147 |  |  | $ | 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 twelve months ended December 31, 2017, pre-tax losses of $180 million were recognized in "Other comprehensive income (loss)" for revaluation of these notes.
Schedule of Fair Value of Borrowings |
|  |  |  | Fair Value Measurements at December 31, 2017
(Dollars in millions) |  | Recorded Amount December 31, 2017 |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Total borrowings |  | $ | 6,540 |  |  | $ | 6,980 |  |  | $ | 6,386 |  |  | $ | 594 |  |  | $ | — |
|  |  |  | Fair Value Measurements at December 31, 2016
(Dollars in millions) |  | Recorded Amount December 31, 2016 |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Total borrowings |  | $ | 6,594 |  |  | $ | 6,868 |  |  | $ | 6,036 |  |  | $ | 832 |  |  | $ | — |

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