

Short-term borrowings and finance lease obligations
(In millions)	December 31, 2019		December 31, 2018
Commercial paper	$	—	$	1,847
Other loans - various currencies	2		19
Long-term debt payable within one year	1		263
Finance lease obligations payable within one year	4		25
Total short-term borrowings and finance lease obligations	$	7	$	2,154

The estimated fair value of the company's short-term borrowings was determined using Level 2 inputs within the fair value hierarchy, as described in Note 2 - Summary of Significant Accounting Policies, and Note 23 - Fair Value Measurements. 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 finance lease obligations was approximately carrying value.

The weighted-average interest rate on short-term borrowings outstanding at December 31, 2019 and 2018 was 6.7% and 3.0%, respectively. The increase in the weighted-average interest rate for 2019 was primarily due to absence of commercial paper balances outstanding at the end of 2019.



Long-Term Debt
	December 31, 2019				December 31, 2018
(In millions)	Amount		Weighted Average Rate		Amount		Weighted Average Rate
Promissory notes and debentures¹:
Final maturity 2019	—		—	%	263		2.23	%
Final maturity 2020	—		—	%	2,496		2.14	%
Final maturity 2021	—		—	%	475		2.08	%
Final maturity 2023	—		—	%	386		2.48	%
Final maturity 2024 and thereafter	—		—	%	249		3.69	%
Other facilities:
Term loan due 2020²	—		—	%	2,000		3.46	%
Other loans:
Foreign currency loans, various rates and maturities	2				3
Medium-term notes, varying maturities through 2041	109		1.61	%	110		2.37	%
Finance lease obligations	5				67
Less: Unamortized debt discount and issuance costs	—				2
Less: Long-term debt due within one year	1				263
Total	$	115			$	5,784

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 2 - Summary of Significant Accounting Policies, and Note 23 - Fair Value Measurements. 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 $114 million and $5,775 million at December 31, 2019 and 2018, respectively.



Committed and Available Credit Facilities at December 31, 2019
(In millions)	Effective Date	Committed Credit		Credit Available		Maturity Date	Interest
Revolving Credit Facility	May 2019	$	3,000	$	3,000	May 2024	Floating Rate
Revolving Credit Facility	May 2019	3,000		3,000		May 2022	Floating Rate
Total Committed and Available Credit Facilities		$	6,000	$	6,000

In November 2018, EID entered into a $3.0 billion, 5 year revolving credit facility and a $3.0 billion, 3 year revolving credit facility (the “2018 Revolving Credit Facilities”). The 2018 Revolving Credit Facilities became effective May 2019 in connection with the termination of the EID $4.5 billion Term Loan Facility and the $3 billion Revolving Credit Facility dated May 2014 (discussed below). Corteva, Inc. became a party at the time of the Corteva Distribution. The 2018 Revolving Credit Facilities contain customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the 2018 Revolving Credit Facilities contain a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60.

On November 13, 2018, EID 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, EID 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 EID to fund the settlement of the Tender Offer and payment of associated fees. EID 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 EID’s debt.



(in millions)	Amount
4.625% Notes due 2020	$	474
3.625% Notes due 2021	296
4.250% Notes due 2021	163
2.800% Notes due 2023	381
6.500% Debentures due 2028	57
5.600% Senior Notes due 2036	42
4.900% Notes due 2041	48
4.150% Notes due 2043	69
Total	$	1,530

The Make Whole Notes were redeemed on April 22, 2019 at the make-whole redemption prices set forth in the respective Make Whole Notes. On and after the date of redemption, the Make Whole Notes were no longer deemed outstanding, interest on the Make Whole Notes ceased to accrue and all rights of the holders of the Make Whole Notes were terminated.

In March 2016, EID entered into a credit agreement that provides for a 3-year, senior unsecured term loan facility in the aggregate principal amount of $4.5 billion (as amended, from time to time, the "Term Loan Facility") under which EID could make up to seven term loan borrowings and amounts repaid or prepaid were not available for subsequent borrowings. On May 2, 2019, EID terminated its Term Loan Facility and repaid the aggregate outstanding principal amount of $3 billion plus accrued and unpaid interest through and including May 1, 2019.

In connection with the repayment of the Make Whole Notes and the Term Loan Facility, EID paid a total of $4.6 billion in the second quarter 2019, which included breakage fees and accrued and unpaid interest on the Make Whole Notes and Term Loan Facility. The repayment of the Make Whole Notes and Term Loan Facility was funded with cash from operations and a contribution from DowDuPont.

On May 7, 2019, DowDuPont publicly announced the record date in connection with the Corteva Distribution. In connection with such announcement, EID was required to redeem $1.25 billion aggregate principal amount of 2.200% Notes due 2020 and $750 million aggregate principal amount of Floating Rate Notes due 2020 (collectively, the Special Mandatory Redemption, or “SMR Notes”) setting forth the date of redemption of the SMR Notes. On May 17, 2019 and EID redeemed and paid a total of $2 billion, which included accrued and unpaid interest on the SMR Notes. EID funded the payment with a contribution from DowDuPont. Following the redemption, the SMR Notes are no longer outstanding and no longer bear interest, and all rights of the holders of the SMR Notes have terminated.

EID recorded a loss on the early extinguishment of debt of $13 million related to the difference between the redemption price and the par value of the Make Whole Notes, the Term Loan Facility, and the SMR Notes, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID’s debt.

Unused bank credit lines on uncommitted credit facilities were $403 million at December 31, 2019. These lines are available to support short-term liquidity needs and general corporate purposes, including letters of credit. Outstanding letters of credit were $82 million at December 31, 2019. These letters of credit support commitments made in the ordinary course of business.