Amounts related to early debt extinguishment during the years ended December 31, 2018, 2017 and 2016 were as follows:



In millions	2018		2017		2016
Debt reductions (a)	$	780	$	993	$	266
Pre-tax early debt extinguishment costs (b)	10		83		29


(a)	Reductions related to notes with interest rates ranging from 1.57% to 9.38% with original maturities from 2018 to 2032 for the years ended December 31, 2018, 2017 and 2016.


(b)	Amounts are included in Restructuring and other charges in the accompanying consolidated statements of operations.

In June 2018, the borrowing capacity of the commercial paper program was increased from $750 million to $1.0 billion. Under the terms of the program, individual maturities on borrowings may vary, but not exceed one year from the date of issue. Interest bearing notes may be issued either as fixed notes or floating rate notes. As of December 31, 2018, the Company had $465 million outstanding under this program.

A summary of long-term debt follows:



In millions at December 31	2018		2017
8.7% note – due 2038	$	264	$	264
7.5% note – due 2021	406		409
7.3% note – due 2039	721		721
6 7/8% notes – due 2023 – 2029	131		131
6.65% note – due 2037	4		4
6.4% to 7.75% debentures due 2025 – 2027	144		143
6.0% note – due 2041	585		585
5.00% to 5.15% notes – due 2035 – 2046	1,288		1,281
4.8% note – due 2044	799		796
4.75% note – due 2022	355		817
3.00% to 4.40% notes – due 2024 – 2048	4,481		4,775
Floating rate notes – due 2018 – 2023 (a)	908		650
Environmental and industrial development bonds – due 2018 – 2035 (b)	566		585
Other (c)	2		(4		)
Total (d)	10,654		11,157
Less: current maturities	639		311
Long-term debt	$	10,015	$	10,846


(a)	The weighted average interest rate on these notes was 3.5% in 2018 and 2.6% in 2017.


(b)	The weighted average interest rate on these bonds was 5.5% in 2018 and 6.0% in 2017.


(c)	Includes $60 million and $70 million of debt issuance costs as of December 31, 2018 and 2017, respectively.


(d)	The fair market value was approximately $10.6 billion at December 31, 2018 and $12.3 billion at December 31, 2017.

Total maturities of long-term debt over the next five years are 2019 – $639 million; 2020 – $83 million; 2021 – $441 million; 2022 – $487 million; and 2023 – $348 million.

At December 31, 2018, International Paper’s credit facilities (the Agreements) totaled $2.1 billion. The Agreements generally provide for interest rates at a floating rate index plus a pre-determined margin dependent upon International Paper’s credit rating. The Agreements include a $1.5 billion contractually committed bank facility that expires in December 2021, and has a facility fee of 0.15% payable annually. The liquidity facilities also include up to $600 million of uncommitted financings based on eligible receivables balances under a receivables securitization program that expires in December 2019. At December 31, 2018, there were no borrowings under either the bank facility or receivables securitization program.

The Company’s financial covenants require the maintenance of a minimum net worth, as defined in our debt agreements, of $9 billion and a total debt-to-capital ratio of less than 60%. Net worth is defined as the sum of common stock, paid-in capital and retained earnings,

less treasury stock plus any cumulative goodwill impairment charges. The calculation also excludes accumulated other comprehensive income/loss and Nonrecourse Financial Liabilities of Special Purpose Entities. The total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth. As of December 31, 2018, we were in compliance with our debt covenants.