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BORROWINGS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Debt Disclosure [Abstract] |
Long-term Borrowings |
| June 30, |  | December 31,
(Dollars in millions) | 2023 |  | 2022
Borrowings consisted of: |  |  |
1.50% notes due May 2023 (1) | $ | — |  |  | $ | 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 | 603 |  |  | 326 |
Total borrowings | 5,437 |  |  | 5,151 |
Less: Borrowings due within one year | 844 |  |  | 1,126 |
Long-term borrowings | $ | 4,593 |  |  | $ | 4,025 |
(1)The carrying value of the euro-denominated 1.50% notes due May 2023 and 1.875% notes due November 2026 fluctuates 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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