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BORROWINGS
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
 March 31,December 31,
(Dollars in millions)20222021
Borrowings consisted of:
3.6% notes due August 2022$748 $747 
1.50% notes due May 2023 (1)
833 850 
7 1/4% debentures due January 2024198 198 
7 5/8% debentures due June 202443 43 
3.8% notes due March 2025695 698 
1.875% notes due November 2026 (1)
552 565 
7.60% debentures due February 2027195 195 
4.5% notes due December 2028494 494 
4.8% notes due September 2042494 494 
4.65% notes due October 2044875 875 
Commercial paper and short-term borrowings236 — 
Total borrowings5,363 5,159 
Borrowings due within one year984 747 
Long-term borrowings$4,379 $4,412 
(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 to U.S. dollar 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 December 2026. 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 includes sustainability-linked pricing terms and provides available liquidity for general corporate purposes and supports commercial paper borrowings. Commercial paper borrowings are classified as short-term. At March 31, 2022 and December 31, 2021, the Company had no outstanding borrowings under the Credit Facility. At March 31, 2022, the Company's commercial paper borrowings were $236 million with a weighted average interest rate of 1.19 percent. At December 31, 2021, the Company had no outstanding commercial paper borrowings.

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. The Company was in compliance with all applicable covenants at both March 31, 2022 and December 31, 2021.

Fair Value of Borrowings

Eastman has classified its total borrowings at March 31, 2022 and December 31, 2021 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 2021 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 March 31, 2022 and December 31, 2021, the fair values of total borrowings were $5.559 billion and $5.737 billion, respectively. The Company had no borrowings classified as Level 3 as of March 31, 2022 and December 31, 2021.
Subsequent Activity

In April 2022, the Company entered into an unsecured $500 million five-year term loan agreement ("Term Loan"). Borrowings under the Term Loan are subject to interest at varying spreads above quoted market rates. The Term Loan contains the same customary covenants and events of default, including maintenance of certain financial ratios, as the Credit Facility, with payment of customary fees.