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BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Borrowings

	December 31,
(Dollars in millions)	2019				2018
Borrowings consisted of:
2.7% notes due January 2020	$	—			$	250
4.5% notes due January 2021	185				185
3.5% notes due December 2021	298				297
3.6% notes due August 2022	741				739
1.50% notes due May 2023 (1)	840				855
7 1/4% debentures due January 2024	198				197
7 5/8% debentures due June 2024	43				43
3.8% notes due March 2025	695				691
1.875% notes due November 2026 (1)	556				566
7.60% debentures due February 2027	195				195
4.5% notes due December 2028	493				492
4.8% notes due September 2042	493				493
4.65% notes due October 2044	874				872
Commercial paper and short-term borrowings	171				243
Credit facilities borrowings	—				50
Total borrowings	5,782				6,168
Borrowings due within one year	171				243
Long-term borrowings	$	5,611			$	5,925

⁽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, 2019 and 2018 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 commercial paper and receivables facility equals the carrying value and is classified as Level 2. At December 31, 2019 and 2018, the fair value of total borrowings was $6.275 billion and $6.216 billion, respectively. The Company had no borrowings classified as Level 1 or Level 3 as of December 31, 2019 and 2018.

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