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BORROWINGS (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Long-term Borrowings |
| December 31,
(Dollars in millions) | 2020 |  | 2019
Borrowings consisted of: |  |  |
4.5% notes due January 2021 | $ | — |  |  | $ | 185 |
3.5% notes due December 2021 | 299 |  |  | 298 |
3.6% notes due August 2022 | 744 |  |  | 741 |
1.50% notes due May 2023 (1) | 919 |  |  | 840 |
7 1/4% debentures due January 2024 | 198 |  |  | 198 |
7 5/8% debentures due June 2024 | 43 |  |  | 43 |
3.8% notes due March 2025 | 701 |  |  | 695 |
1.875% notes due November 2026 (1) | 609 |  |  | 556 |
7.60% debentures due February 2027 | 195 |  |  | 195 |
4.5% notes due December 2028 | 493 |  |  | 493 |
4.8% notes due September 2042 | 493 |  |  | 493 |
4.65% notes due October 2044 | 874 |  |  | 874 |
Commercial paper and short-term borrowings | 50 |  |  | 171 |
Total borrowings | 5,618 |  |  | 5,782 |
Borrowings due within one year | 349 |  |  | 171 |
Long-term borrowings | $ | 5,269 |  |  | $ | 5,611 |
(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, 2020 and 2019 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, 2020 and 2019, the fair value of total borrowings was $6.449 billion and $6.275 billion, respectively. The Company had no borrowings classified as Level 1 or Level 3 as of December 31, 2020 and 2019.

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