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NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
Notes PayableMar 31,
2020		Dec 31,
2019
In millions
Commercial paper$250  $151  
Notes payable to banks and other lenders 1
1,240  435  
Total notes payable$1,490  $586  
Period-end average interest rates3.78 %6.30 %
1.Includes $800 million drawn from uncommitted facilities in the first quarter of 2020.

Long-Term Debt2020 Average RateMar 31,
2020		2019
Average
Rate		Dec 31,
2019
In millions
Promissory notes and debentures:
Final maturity 20208.44 %$76  8.44 %$76  
Final maturity 20218.95 %173  8.95 %174  
Final maturity 20228.64 %121  3.50 %1,372  
Final maturity 20237.64 %325  7.64 %325  
Final maturity 20243.37 %1,397  3.37 %1,397  
Final maturity 20255.26 %662  5.26 %662  
Final maturity 2026 and thereafter5.73 %8,888  5.73 %8,820  
Other facilities:
U.S. dollar loans1.74 %1,250  2.55 %2,000  
Foreign currency notes and loans, various rates and maturities1.41 %3,040  3.26 %592  
InterNotes®, varying maturities through 20503.44 %702  3.44 %928  
Finance lease obligations 1
418  395  
Unamortized debt discount and issuance costs(355) (331) 
Long-term debt due within one year 2
(384) (435) 
Long-term debt$16,313  $15,975  
1.See Note 13 for additional information.
2.Presented net of current portion of unamortized debt issuance costs.

Maturities of Long-Term Debt for Next Five Years at Mar 31, 2020
In millions
2020$359  
2021$491  
2022$225  
2023 1
$1,693  
2024$1,504  
2025$780  
1.Assumes the option to extend will be exercised for the $1.25 billion Dow Silicones Term Loan Facility.

2020 Activity
In February 2020, the Company issued €2.25 billion aggregate principal amount of notes (“Euro Notes”). The Euro Notes included €1.0 billion aggregate principal amount of 0.50 percent notes due 2027, €750 million aggregate principal amount of 1.125 percent notes due 2032 and €500 million aggregate principal amount of 1.875 percent notes due 2040. The Euro Notes have a weighted average coupon rate of approximately 1.0 percent. With the net proceeds from the issuance of the Euro Notes, Dow Silicones voluntarily repaid $750 million of principal under a certain third party credit agreement (“Term Loan Facility”). In addition, the Company redeemed $1.25 billion of 3.0 percent notes issued by the Company with maturity in 2022. As a result, the Company recognized a pretax loss of $85 million on the early extinguishment of debt, included in “Sundry income (expense) – net” in the consolidated statements of income and related to the Corporate segment.
At March 31, 2020, the Company's outstanding withdrawal amount under various uncommitted bilateral credit arrangements was $800 million, included in "Notes payable" in the consolidated balance sheets.

In the first three months of 2020, the Company also issued an aggregate principal amount of $37 million of InterNotes®, and redeemed an aggregate principal amount of $62 million at maturity. In addition, the Company voluntarily repaid an aggregate principal amount of $200 million of InterNotes® with various maturities. As a result, the Company recognized a pretax loss of $1 million on the early extinguishment of debt, included in “Sundry income (expense) – net” in the consolidated statements of income and related to the Corporate segment.

2019 Activity
In the first three months of 2019, the Company redeemed an aggregate principal amount of $72 million of InterNotes® at maturity.

Available Credit Facilities
The following table summarizes the Company's credit facilities:

Committed and Available Credit Facilities at Mar 31, 2020
In millionsCommitted CreditCredit AvailableMaturity DateInterest
Five Year Competitive Advance and Revolving Credit Facility
$5,000  $5,000  October 2024Floating rate
Term Loan Facility 1
1,250  —  September 2023Floating rate
European Securitization Facility 2
440  440  October 2020Floating rate
Bilateral Revolving Credit Facility200  200  July 2020Floating rate
Bilateral Revolving Credit Facility100  100  August 2020Floating rate
Bilateral Revolving Credit Facility300  300  December 2020Floating rate
Bilateral Revolving Credit Facility300  300  December 2021Floating rate
Bilateral Revolving Credit Facility150  150  March 2022Floating rate
Bilateral Revolving Credit Facility100  100  October 2024Floating rate
Bilateral Revolving Credit Facility100  100  October 2024Floating rate
Bilateral Revolving Credit Facility200  200  November 2024Floating rate
Bilateral Revolving Credit Facility100  100  March 2025Floating rate
Bilateral Revolving Credit Facility250  250  March 2025Floating rate
Bilateral Revolving Credit Facility275  275  March 2025Floating rate
Total committed and available credit facilities$8,765  $7,515  
1.Assumes the option to extend the Term Loan Facility will be exercised.
2.Equivalent to €400 million.

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 2020. For additional information on the Company's debt covenants and default provisions, see Note 16 to the Consolidated Financial Statements included in the combined Dow Inc. and TDCC Annual Report on Form 10-K for the year ended December 31, 2019.