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BORROWINGS
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
 September 30,December 31,
(Dollars in millions)20212020
Borrowings consisted of:
3.5% notes due December 2021$300 $299 
3.6% notes due August 2022746 744 
1.50% notes due May 2023 (1)
868 919 
7 1/4% debentures due January 2024198 198 
7 5/8% debentures due June 202443 43 
3.8% notes due March 2025699 701 
1.875% notes due November 2026 (1)
576 609 
7.60% debentures due February 2027195 195 
4.5% notes due December 2028494 493 
4.8% notes due September 2042494 493 
4.65% notes due October 2044875 874 
Commercial paper and short-term borrowings— 50 
Total borrowings5,488 5,618 
Borrowings due within one year1,046 349 
Long-term borrowings$4,442 $5,269 
(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.
Credit Facility and Commercial Paper Borrowings

The Company has access to a $1.50 billion revolving credit agreement (the "Credit Facility") expiring October 2023. Borrowings under the Credit Facility are subject to interest at varying spreads above quoted market rates and a commitment fee is paid on the total unused commitment. The Credit Facility provides available liquidity for general corporate purposes and supports commercial paper borrowings. Commercial paper borrowings are classified as short-term. At September 30, 2021 and December 31, 2020, the Company had no outstanding borrowings under the Credit Facility. At September 30, 2021, the Company had no outstanding commercial paper borrowings. At December 31, 2020, the Company's commercial paper borrowings were $50 million with a weighted average interest rate of 0.25 percent.

The Credit Facility contains customary covenants, including requirements to maintain certain financial ratios, that determine the events of default, amounts available, and terms of borrowings. In second quarter 2020, the Company amended the Credit Facility maximum debt covenants to reflect the higher cash balance to enhance liquidity due to, and the expected negative impact on operating results of, the COVID-19 coronavirus global pandemic ("COVID-19") and added a new restrictive covenant prohibiting stock repurchases until June 30, 2021 in the event certain financial ratios are exceeded. The Company was in compliance with all applicable covenants at both September 30, 2021 and December 31, 2020.

Fair Value of Borrowings

Eastman has classified its total borrowings at September 30, 2021 and December 31, 2020 under the fair value hierarchy as defined in the accounting policies in Note 1, "Significant Accounting Policies", to the consolidated financial statements in Part II, Item 8 of the Company's 2020 Annual Report on Form 10-K. 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 commercial paper, equals the carrying value and is classified as Level 2. At September 30, 2021 and December 31, 2020, the fair values of total borrowings were $6.125 billion and $6.449 billion, respectively. The Company had no borrowings classified as Level 3 as of September 30, 2021 and December 31, 2020.