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BORROWINGS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Debt Disclosure [Abstract] |
Long-term Borrowings |
| June 30, |  | December 31,
(Dollars in millions) | 2022 |  | 2021
Borrowings consisted of: |  |  |
3.6% notes due August 2022 | $ | 200 |  |  | $ | 747 |
1.50% notes due May 2023 (1) | 779 |  |  | 850 |
7 1/4% debentures due January 2024 | 198 |  |  | 198 |
7 5/8% debentures due June 2024 | 43 |  |  | 43 |
3.80% notes due March 2025 | 695 |  |  | 698 |
1.875% notes due November 2026 (1) | 517 |  |  | 565 |
7.60% debentures due February 2027 | 195 |  |  | 195 |
4.5% notes due December 2028 | 495 |  |  | 494 |
4.8% notes due September 2042 | 494 |  |  | 494 |
4.65% notes due October 2044 | 876 |  |  | 875 |
2022 Term loan | 499 |  |  | — |
Total borrowings | 4,991 |  |  | 5,159 |
Borrowings due within one year | 979 |  |  | 747 |
Long-term borrowings | $ | 4,012 |  |  | $ | 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.

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