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BORROWINGS (Tables) | 6 Months Ended
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Jun. 30, 2018
Debt Disclosure [Abstract] |
Long-term Borrowings |
| June 30, |  | 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 | 185 |  |  | 185 |
3.6% notes due August 2022 | 738 |  |  | 738 |
1.50% notes due May 2023 (1) | 872 |  |  | 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 | 688 |  |  | 690 |
1.875% notes due November 2026 (1) | 577 |  |  | 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 | 661 |  |  | 389 |
Credit facilities borrowings | 125 |  |  | 200 |
Capital leases and other | 2 |  |  | 5 |
Total borrowings | 6,695 |  |  | 6,540 |
Borrowings due within one year | 662 |  |  | 393 |
Long-term borrowings | $ | 6,033 |  |  | $ | 6,147 |
(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 six months ended June 30, 2018, pre-tax gains of $39 million were recognized in other comprehensive income ("OCI") for revaluation of these notes.
Fair Value of Borrowings |
|  |  |  | Fair Value Measurements at June 30, 2018
(Dollars in millions) |  | Recorded Amount June 30, 2018 |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2)
Total borrowings |  | $ | 6,695 |  |  | $ | 6,886 |  |  | $ | 6,098 |  |  | $ | 788 |
|  |  |  | 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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- Definition 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. + References No definition available. + Details
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