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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