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BORROWINGS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2018
Debt Disclosure [Abstract] |
Long-term Borrowings |
| March 31, |  | December 31,
(Dollars in millions) | 2018 |  | 2017
Borrowings consisted of: |  |  |
5.5% notes due November 2019 | $ | 250 |  |  | $ | 250 |
2.7% notes due January 2020 | 798 |  |  | 797 |
4.5% notes due January 2021 (1) | 192 |  |  | 185 |
3.6% notes due August 2022 (1) | 753 |  |  | 738 |
1.50% notes due May 2023 (2) | 920 |  |  | 895 |
7 1/4% debentures due January 2024 | 197 |  |  | 197 |
7 5/8% debentures due June 2024 | 43 |  |  | 43 |
3.8% notes due March 2025 | 689 |  |  | 690 |
1.875% notes due November 2026 (2) | 609 |  |  | 592 |
7.60% debentures due February 2027 | 195 |  |  | 195 |
4.8% notes due September 2042 | 493 |  |  | 493 |
4.65% notes due October 2044 | 871 |  |  | 871 |
Commercial paper and short term borrowings | 588 |  |  | 389 |
Credit facilities borrowings | 300 |  |  | 200 |
Capital leases and other | 2 |  |  | 5 |
Total borrowings | 6,900 |  |  | 6,540 |
Borrowings due within one year | 589 |  |  | 393 |
Long-term borrowings | $ | 6,311 |  |  | $ | 6,147 |
(1) | In January 2018, the Company entered into fixed-to-fixed cross-currency swaps with $180 million maturing 2021 and $320 million maturing 2022 and designated these swaps to hedge a portion of its net investment in a euro functional currency denominated subsidiary against foreign currency fluctuations. The hedged portion of the carrying value of the U.S. denominated 4.5% notes due January 2021 and 3.6% notes due August 2022 will fluctuate with changes in the euro exchange rate. During the three months ended March 31, 2018, pre-tax losses of $11 million were recognized in "Other comprehensive income (loss)" ("OCI") for revaluation of the hedged portion of these notes.
(2) | 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 three months ended March 31, 2018, pre-tax losses of $42 million were recognized in OCI for revaluation of these notes.
Fair Value of Borrowings |
|  |  |  | Fair Value Measurements at March 31, 2018
(Dollars in millions) |  | Recorded Amount March 31, 2018 |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2)
Total borrowings |  | $ | 6,900 |  |  | $ | 7,192 |  |  | $ | 6,303 |  |  | $ | 889 |
|  |  |  | 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)
Total borrowings |  | $ | 6,540 |  |  | $ | 6,980 |  |  | $ | 6,386 |  |  | $ | 594 |

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