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BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-term Borrowings

			March 31,						December 31,
(Dollars in millions)			2023						2022
Borrowings consisted of:
1.50% notes due May 2023 (1)			$	816					$	800
7.25% debentures due January 2024			198						198
7.625% debentures due June 2024			43						43
3.80% notes due March 2025			694						693
1.875% notes due November 2026 (1)			542						530
7.60% debentures due February 2027			196						196
4.5% notes due December 2028			495						495
5.75% notes due March 2033 (2)			496						—
4.8% notes due September 2042			494						494
4.65% notes due October 2044			877						877
2024 Term Loan			300						—
2027 Term Loan			499						499
Commercial paper and short-term borrowings			—						326
Total borrowings			5,650						5,151
Less: Borrowings due within one year			1,014						1,126
Long-term borrowings			$	4,636					$	4,025

(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.

(2)Net proceeds from the bond issuance will be used to finance or refinance existing and future eligible green investment initiatives which contribute to Eastman's environmental sustainability strategy (a green bond).

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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