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BORROWINGS
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] BORROWINGS
 June 30,December 31,
(Dollars in millions)20252024
Borrowings consisted of:
3.80% notes due March 2025
$— $450 
1.875% notes due November 2026 (1)
584 518 
7.60% debentures due February 2027
196 196 
4.5% notes due December 2028
497 496 
5.0% notes due August 2029
742 495 
5.75% notes due March 2033
496 496 
5.625% notes due February 2034
743 743 
4.8% notes due September 2042
495 495 
4.65% notes due October 2044
879 878 
2027 Term Loan150 250 
Commercial paper and short-term borrowings344 — 
Total borrowings5,126 5,017 
Less: Borrowings due within one year344 450 
Long-term borrowings$4,782 $4,567 
(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.

In first quarter 2025, the Company issued an additional $250 million aggregate principal amount of the 5.0% notes due August 2029 in a registered public offering (the "2029 Notes"), which was originally issued in August 2024, resulting in an aggregate principal amount of $750 million. The net proceeds from first quarter 2025 issuance were $246 million. The Company also repaid the $450 million 3.80% notes due March 2025. There were no debt extinguishment costs associated with the repayment of this debt. All proceeds from the issued notes and the redemption of the 3.8% notes are reported under financing activities on the Unaudited Consolidated Statements of Cash Flows.
Credit Facility, Term Loans, and Commercial Paper Borrowings

The Company has access to a $1.50 billion revolving credit agreement (the "Credit Facility") that matures in February 2029. 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, provides available liquidity for general corporate purposes, and supports commercial paper borrowings. Commercial paper borrowings are classified as short-term. At June 30, 2025 and December 31, 2024, the Company had no outstanding borrowings under the Credit Facility. At June 30, 2025, the Company's commercial paper borrowings were $344 million with a weighted interest rate of 4.62%. At December 31, 2024, the Company had no commercial paper borrowings.

In first quarter 2025, the Company repaid $100 million of the remaining $250 million five-year term loan (the "2027 Term Loan"). There were no extinguishment costs associated with the partial repayment of the loan. The outstanding balance on the 2027 Term Loan was $150 million at June 30, 2025 and $250 million at December 31, 2024, with variable interest rates of 5.55% and 5.58%, respectively. The 2027 Term Loan is subject to interest at a spread above quoted market rates.

The Credit Facility and the 2027 Term Loan contain 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 June 30, 2025 and December 31, 2024.

Fair Value of Borrowings

Eastman has classified its total borrowings at June 30, 2025 and December 31, 2024 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 2024 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 of the Company's other borrowings, including the 2027 Term Loan and commercial paper, equals the carrying value and is classified as Level 2. The Company's fair value of total borrowings was $5.0 billion at June 30, 2025 and $4.9 billion at December 31, 2024. The Company had no borrowings classified as Level 1 or Level 3 as of June 30, 2025 and December 31, 2024.