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BORROWINGS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Long-term Borrowings |
| March 31, |  | December 31,
(Dollars in millions) | 2024 |  | 2023
Borrowings consisted of: |  |  |
7.25% debentures due January 2024 | $ | — |  |  | $ | 198 |
7.625% debentures due June 2024 | 43 |  |  | 43 |
3.80% notes due March 2025 | 697 |  |  | 696 |
1.875% notes due November 2026 (1) | 538 |  |  | 550 |
7.60% debentures due February 2027 | 196 |  |  | 196 |
4.5% notes due December 2028 | 496 |  |  | 495 |
5.75% notes due March 2033 (2) | 496 |  |  | 496 |
5.625% notes due February 2034 | 742 |  |  | — |
4.8% notes due September 2042 | 495 |  |  | 495 |
4.65% notes due October 2044 | 878 |  |  | 878 |
2024 Term Loan | — |  |  | 300 |
2027 Term Loan | 499 |  |  | 499 |
Total borrowings | 5,080 |  |  | 4,846 |
Less: Borrowings due within one year | 740 |  |  | 541 |
Long-term borrowings | $ | 4,340 |  |  | $ | 4,305 |
(1)The carrying value of the euro-denominated 1.875% notes due November 2026 fluctuates with changes in the euro to U.S. dollar exchange rate. The carrying value of this euro-denominated borrowing has been designated as a non-derivative net investment hedge 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 were used to finance or refinance eligible green investment initiatives, which contribute to Eastman's environmental sustainability strategy (a green bond).

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