BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2024


	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).

- Definition

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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+ Details