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BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term Borrowings
 December 31,
(Dollars in millions)20212020
Borrowings consisted of:  
3.5% notes due December 2021$— $299 
3.6% notes due August 2022747 744 
1.50% notes due May 2023 (1)
850 919 
7 1/4% debentures due January 2024198 198 
7 5/8% debentures due June 202443 43 
3.8% notes due March 2025698 701 
1.875% notes due November 2026 (1)
565 609 
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 borrowings5,159 5,618 
Borrowings due within one year747 349 
Long-term borrowings$4,412 $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.
Schedule of Fair Value of Borrowings
Fair Value of Borrowings

Eastman has classified its total borrowings at December 31, 2021 and 2020 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, 2021 and 2020, the fair value of total borrowings was $5,737 million and $6,449 million, respectively. The Company had no borrowings classified as Level 1 or Level 3 as of December 31, 2021 and 2020.