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BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Borrowings

	December 31,
(Dollars in millions)	2018				2017
Borrowings consisted of:
5.5% notes due November 2019	$	—			$	250
2.7% notes due January 2020	250				797
4.5% notes due January 2021	185				185
3.5% notes due December 2021	297				—
3.6% notes due August 2022	739				738
1.50% notes due May 2023 (1)	855				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	691				690
1.875% notes due November 2026 (1)	566				592
7.60% debentures due February 2027	195				195
4.5% notes due December 2028	492				—
4.8% notes due September 2042	493				493
4.65% notes due October 2044	872				871
Commercial paper and short-term borrowings	243				389
Credit facilities borrowings	50				200
Capital leases and other	—				5
Total borrowings	6,168				6,540
Borrowings due within one year	243				393
Long-term borrowings	$	5,925			$	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.

Schedule of Fair Value of Borrowings

Fair Value of Borrowings

Eastman has classified its total borrowings at December 31, 2018 and 2017 under the fair value hierarchy as defined in the accounting policies in Note 1, "Significant Accounting Policies". The fair value for fixed-rate debt securities is based on quoted market prices for the same or similar debt instruments and is classified as Level 2. The fair value for the Company's other borrowings primarily under the 2021 Term Loan, commercial paper, A/R Facility, and receivables facility equals the carrying value and is classified as Level 2. At December 31, 2018 and 2017, the fair value of total borrowings was $6,216 million and $6,980 million, respectively. The Company had no borrowings classified as Level 1 or Level 3 as of December 31, 2018 and 2017.

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