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BORROWINGS (Tables)

6 Months Ended

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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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.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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