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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

 
$
—