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NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Debt Disclosure NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
Notes PayableJun 30,
2020		Dec 31,
2019
In millions
Commercial paper$500  $151  
Notes payable to banks and other lenders353  435  
Total notes payable$853  $586  
Period-end average interest rates2.76 %6.30 %


Long-Term Debt2020 Average RateJun 30,
2020		2019
Average
Rate		Dec 31,
2019
In millions
Promissory notes and debentures:
Final maturity 20207.75 %$50  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 loans0.93 %1,250  2.55 %2,000  
Foreign currency notes and loans, various rates and maturities1.37 %3,079  3.26 %592  
InterNotes®, varying maturities through 20503.46 %729  3.44 %928  
Finance lease obligations 1
415  395  
Unamortized debt discount and issuance costs(350) (331) 
Long-term debt due within one year 2
(451) (435) 
Long-term debt$16,288  $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 Jun 30, 2020
In millions
2020$277  
2021$495  
2022$226  
2023 1
$1,695  
2024$1,506  
2025$806  
1.Assumes the option to extend will be exercised for the $1.25 billion Dow Silicones Term Loan Facility ("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.
In the first quarter of 2020, the Company withdrew $800 million under various uncommitted bilateral credit arrangements, which were subsequently repaid in the second quarter of 2020.

In the first six months of 2020, the Company also issued an aggregate principal amount of $97 million of InterNotes®, and redeemed an aggregate principal amount of $96 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. The Company also repaid approximately $26 million of long-term debt at maturity. Approximately $13 million of long-term debt was repaid by consolidated variable interest entities.

2019 Activity
In the first six months of 2019, the Company redeemed an aggregate principal amount of $80 million of InterNotes® at maturity. In addition, approximately $134 million of long-term debt (net of $16 million of issuances) was repaid by consolidated variable interest entities.

In May 2019, the Company issued $2 billion of senior unsecured notes in an offering under Rule 144A of the Securities Act of 1933. The offering included $750 million aggregate principal amount of 4.80 percent notes due 2049; $750 million aggregate principal amount of 3.625 percent notes due 2026; and $500 million aggregate principal amount of 3.15 percent notes due 2024. In the fourth quarter of 2019, TDCC launched exchange offers for the outstanding, unregistered senior notes for identical, registered notes under the Securities Act of 1933 (the "Exchange Offers"). The Exchange Offers fulfilled the Company's obligations contained in the registration rights agreements entered into in connection with the issuance of the aforementioned notes.

In June 2019, the Company redeemed $1.5 billion of 4.25 percent notes issued by the Company with maturity in 2020. As a result, the Company recognized a pretax loss of $42 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.

Also, in the second quarter of 2019, Dow Silicones voluntarily repaid $2.5 billion of principal under the Term Loan Facility. As a result, Dow Silicones recognized a pretax loss of $2 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.

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

Committed and Available Credit Facilities at Jun 30, 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
448  448  October 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  June 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$8,673  $7,423  
1.Assumes the option to extend the Term Loan Facility will be exercised.
2.Equivalent to €400 million.
Debt Covenants and Default ProvisionsThere 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 six 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.