SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES

The following tables summarize the company's short-term borrowings and capital lease obligations and long-term debt:



Short-term borrowings and capital lease obligations
(In millions)	December 31, 2018		December 31, 2017
Commercial paper	$	1,847	$	1,436
Other loans - various currencies	16		28
Long-term debt payable within one year	268		1,314
Capital lease obligations payable within one year	29		1
Total short-term borrowings and capital lease obligations	$	2,160	$	2,779

The estimated fair value of the company's short-term borrowings, including interest rate financial instruments, was determined using Level 2 inputs within the fair value hierarchy, as described in Note 1 and Note 21. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's short-term borrowings and capital lease obligations was $2,160 million and $2,780 million at December 31, 2018 and 2017, respectively.

The weighted-average interest rate on short-term borrowings outstanding at December 31, 2018 and 2017 was 3.0 percent and 1.8 percent, respectively. The increase in the interest rate for 2018 was primarily due to higher borrowing rates on commercial paper.



Long-Term Debt
	December 31, 2018				December 31, 2017
(In millions)	Amount		Weighted Average Rate		Amount		Weighted Average Rate
Promissory notes and debentures¹:
Final maturity 2018	$	—	—	%	$	1,280	1.59	%
Final maturity 2019	263		2.23	%	521		2.23	%
Final maturity 2020	2,496		2.14	%	3,070		1.79	%
Final maturity 2021	475		2.08	%	1,580		2.07	%
Final maturity 2023	386		2.48	%	1,269		2.48	%
Final maturity 2024 and thereafter	249		3.69	%	2,223		3.80	%
Other facilities:
Term loan due 2020²	2,000		3.46	%	1,500		2.35	%
Other loans	15		4.32	%	18		4.32	%
Foreign currency loans, various rates and maturities	—		—	%	30		2.85	%
Medium-term notes, varying maturities through 2043	110		2.37	%	110		1.22	%
Capital lease obligations	88				4
Less: Unamortized debt discount and issuance costs	2				—
Less: Long-term debt due within one year	268				1,314
Total	$	5,812			$	10,291


^1.	See discussion of debt extinguishment that follows.


^2.	The Term Loan Facility was amended in 2018 to extend the maturity date to June 2020.

Principal payments of long-term debt for the next five years are as follows:



Maturities of Long-Term Debt For Next Five Years¹
(In millions)
2019	$	295
2020	$	4,504
2021	$	484
2022	$	17
2023	$	392


^1.	Excludes unamortized debt step-up premium.

The estimated fair value of the company's long-term borrowings, was determined using Level 2 inputs within the fair value hierarchy, as described in Note 1 and Note 21. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's long-term borrowings, not including long-term debt due within one year, was $5,800 million and $10,250 million at December 31, 2018 and 2017, respectively.

Available Committed Credit Facilities

The following table summarizes the company's credit facilities:



Committed and Available Credit Facilities at December 31, 2018
(In millions)	Effective Date	Committed Credit		Credit Available		Maturity Date	Interest
Revolving Credit Facility	March 2018	$	3,000	$	2,956	June 2020	Floating Rate
Term Loan Facility	March 2018	4,500		2,500		June 2020	Floating Rate
Total Committed and Available Credit Facilities		$	7,500	$	5,456

Debt Offering

In May 2017, the company completed an underwritten public offering of $1,250 million of the company's 2.20 percent Notes due 2020 and $750 million of the company's Floating Rate Notes due 2020 (the "May 2017 Debt Offering"). The proceeds of this offering were used to make a discretionary pension contribution to the company's principal U.S. pension plan. See Note 18 for further discussion regarding this contribution.

Term Loan Facility

In March 2016, the company entered into a credit agreement that provides for a three-year, senior unsecured term loan facility in the aggregate principal amount of $4,500 million (the "Term Loan Facility") under which Historical DuPont may make up to seven term loan borrowings and amounts repaid or prepaid are not available for subsequent borrowings. The proceeds from the borrowings under the Term Loan Facility will be used for the company's general corporate purposes including debt repayment, working capital and funding a portion of DowDuPont's costs and expenses. The Term Loan Facility was amended in 2018 to extend the maturity date to June 2020, at which time all outstanding borrowings, including accrued but unpaid interest, become immediately due and payable, and to extend the date on which the commitment to lend terminates to June 2019. At December 31, 2018, the company had made four term loan borrowings in an aggregate principal amount of $2,000 million and had unused commitments of $2,500 million under the Term Loan Facility.

In 2018, the company also amended its $3,000 million revolving credit facility to extend the maturity date to June 2020.

Debt Extinguishment

On November 13, 2018, Historical DuPont launched a tender offer (the “Tender Offer”) to purchase $6.2 billion aggregate principal amount of its outstanding debt securities (the “Tender Notes”). The Tender Offer expired on December 11, 2018 (the “Expiration Date”). At the Expiration Date, $4,409 million aggregate principal amount of the Tender Notes had been validly tendered and was accepted for payment. In exchange for such validly tendered Tender Notes, Historical DuPont paid a total of $4,849 million, which included breakage fees and all applicable accrued and unpaid interest on such Tender Notes. DowDuPont contributed cash (generated from its notes offering) to Historical DuPont to fund the settlement of the Tender Offer and payment of associated fees. Historical DuPont recorded a loss from early extinguishment of debt of $81 million, primarily related to the difference between the redemption price and the par value of the notes, mostly offset by the write-off of unamortized step-up related to the fair value step-up of Historical DuPont’s debt.

Uncommitted Credit Facilities and Outstanding Letters of Credit

Unused bank credit lines on uncommitted credit facilities were $663 million at December 31, 2018. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit. Outstanding letters of credit were $172 million at December 31, 2018. These letters of credit support commitments made in the ordinary course of business.