NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES

NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES

Notes Payable In millions	Mar 31, 2017			Dec 31, 2016
Commercial paper	$	135		$	—
Notes payable to banks and other lenders	224			225
Notes payable to related companies	19			44
Notes payable trade	5			3
Total notes payable	$	383		$	272
Period-end average interest rates	4.63		%	4.60		%

Long-Term Debt In millions	2017 Average Rate		Mar 31, 2017			2016 Average Rate		Dec 31, 2016
Promissory notes and debentures:
Final maturity 2017	6.06	%	$	442		6.06	%	$	442
Final maturity 2018	5.78	%	339			5.78	%	339
Final maturity 2019	8.55	%	2,122			8.55	%	2,122
Final maturity 2020	4.46	%	1,547			4.46	%	1,547
Final maturity 2021	4.72	%	1,424			4.72	%	1,424
Final maturity 2022	3.00	%	1,250			3.00	%	1,250
Final maturity 2023 and thereafter	5.98	%	7,199			5.98	%	7,199
Other facilities:
U.S. dollar loans, various rates and maturities	1.62	%	4,595			1.60	%	4,595
Foreign currency loans, various rates and maturities	3.22	%	900			3.42	%	882
Medium-term notes, varying maturities through 2025	3.86	%	997			3.82	%	1,026
Tax-exempt bonds, varying maturities through 2038	5.66	%	343			5.66	%	343
Capital lease obligations	—		293			—		295
Unamortized debt discount and issuance costs	—		(364		)	—		(373		)
Long-term debt due within one year (1)	—		(616		)	—		(635		)
Long-term debt	—		$	20,471		—		$	20,456

(1) Presented net of current portion of unamortized debt issuance costs.

Annual Installments on Long-Term Debt For Next Five Years at March 31, 2017 (1) In millions
2017	$	593
2018	$	5,248
2019	$	2,427
2020	$	1,826
2021	$	1,569
2022	$	1,496

(1) Assumes the option to extend a term loan facility

related to the ownership restructure of Dow Corning

will be exercised.

2016 Activity

In the first quarter of 2016, the Company redeemed $349 million of 2.5 percent notes that matured on February 15, 2016.

Available Credit Facilities

The following table summarizes the Company's credit facilities:

Committed and Available Credit Facilities at March 31, 2017
In millions	Effective Date	Committed Credit		Credit Available		Maturity Date	Interest
Five Year Competitive Advance and Revolving Credit Facility	March 2015	$	5,000	$	5,000	March 2020	Floating rate
Bilateral Revolving Credit Facility	August 2015	100		100		March 2018	Floating rate
Bilateral Revolving Credit Facility	August 2015	100		100		March 2020	Floating rate
Bilateral Revolving Credit Facility	August 2015	280		280		March 2020	Floating rate
Bilateral Revolving Credit Facility	August 2015	100		100		March 2020	Floating rate
Bilateral Revolving Credit Facility	August 2015	100		100		March 2020	Floating rate
Bilateral Revolving Credit Facility	August 2015	200		200		March 2020	Floating rate
Bilateral Revolving Credit Facility	May 2016	200		200		May 2018	Floating rate
Bilateral Revolving Credit Facility	July 2016	200		200		July 2018	Floating rate
Bilateral Revolving Credit Facility	August 2016	100		100		August 2018	Floating rate
DCC Term Loan Facility	February 2016	4,500		—		May 2018	Floating rate
Total Committed and Available Credit Facilities		$	10,880	$	6,380

In connection with the ownership restructure of Dow Corning, on May 31, 2016 Dow Corning incurred $4.5 billion of indebtedness under a certain third party credit agreement ("DCC Term Loan Facility"). Subsequent to the ownership restructure of Dow Corning, the Company guaranteed the obligations of Dow Corning under the DCC Term Loan Facility and, as a result, the covenants and events of default applicable to the DCC Term Loan Facility are substantially similar to the covenants and events of default set forth in the Company's Five Year Competitive Advance and Revolving Credit Facility. Amounts borrowed under the DCC Term Loan Facility are repayable on May 30, 2017, subject to a 364-day extension option, at Dow Corning’s election, upon satisfaction of certain customary conditions precedent. Dow Corning has delivered a notice of intent to exercise the 364-day extension option on the DCC Term Loan Facility.

Debt Covenants and Default Provisions

There were no material changes to the debt covenants and default provisions related to the Company's outstanding long-term debt and primary, private credit agreements in the first three months of 2017. For additional information on the Company's debt covenants and default provisions, see Note 17 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.