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Notes Payable, Long-Term Debt and Available Credit Facilities Notes Payable, Long-Term Debt and Available Credit Facilities | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Debt Disclosure | 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 | Successor | Predecessor
(In millions) | September 30, 2017 | December 31, 2016
Commercial paper | $ | 3,244 |  | $ | 386 |
Other loans - various currencies | 48 |  | 39 |
Long-term debt payable within one year | 1,328 |  | 4 |
Repurchase facility | 1,300 |  | — |
Total short-term borrowings and capital lease obligations | $ | 5,920 |  | $ | 429 |
Long Term Debt | Successor 1 | Predecessor
| September 30, 2017 | December 31, 2016
(In millions) | Amount | Weighted Average Rate | Amount
Promissory notes and debentures: |  |  |
Final maturity 2018 | $ | 1,293 |  | 1.59 | % | $ | 1,290 |
Final maturity 2019 | 525 |  | 2.23 | % | 500 |
Final maturity 2020 | 3,079 |  | 1.78 | % | 999 |
Final maturity 2021 | 1,586 |  | 2.07 | % | 1,498 |
Final maturity 2023 and thereafter | 3,496 |  | 3.32 | % | 3,188 |
Other facilities: |  |  |
Term loan due 2019 | 1,000 |  | 2.24 | % | 500 |
Other loans | 19 |  | 4.32 | % | 22 |
Foreign currency loans, various rates and maturities | 30 |  | 2.84 | % | 29 |
Medium-term notes, varying maturities through 2043 | 110 |  | 0.98 | % | 111 |
Capital lease obligations | 5 |  |  |  | 9 |
Less: Unamortized debt discount and issuance costs | — |  |  |  | 35 |
Less: Long-term debt due within one year | 1,328 |  |  |  | 4 |
Total | $ | 9,815 |  |  | $ | 8,107 |
1. | The Successor period includes the reflection of debt at fair value at the date of the Merger. See Note 3 for additional information regarding the Merger.
Principal payments of long-term debt for the next five years are as follows:
Maturities of Long-Term Debt For Next Five Years |
(In millions) |
2017 | $ | 2 |
2018 | 1,284 |
2019 | 1,505 |
2020 | 3,005 |
2021 | 1,505 |
2022 | 2 |
Available Committed Credit Facilities The following table summarizes the company's credit facilities:
Committed and Available Credit Facilities at September 30, 2017 (Successor) |  |
(In millions) | Effective Date | Committed Credit | Credit Available | Maturity Date | Interest
DuPont Revolving Credit Facility | March 2016 | $ | 3,000 |  | $ | 2,945 |  | May 2019 | Floating Rate
DuPont Term Loan Facility | March 2016 | 4,500 |  | 3,500 |  | March 2019 | Floating Rate
Repurchase Facility (see below) | January 2017 | 1,300 |  | — |  | November 2017 | Floating Rate
Total Committed and Available Credit Facilities |  | $ | 8,800 |  | $ | 6,445 |  |  |
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 15 for further discussion regarding this contribution. Repurchase Facility In January 2017, the company entered into a committed receivable repurchase agreement of up to $1,300 million (the "Repurchase Facility"). The Repurchase Facility is structured to account for the seasonality of the agriculture business and expires on November 30, 2017. Under the Repurchase Facility, the company may sell a portfolio of available and eligible outstanding customer notes receivables within the Agriculture business to participating institutions and simultaneously agree to repurchase such notes receivable at a future date. The Repurchase Facility is considered a secured borrowing with the customer notes receivables utilized as collateral. The amount of collateral required equals 105 percent of the outstanding borrowing amounts. Borrowings under the Repurchase Facility have an interest rate of the London interbank offered rate ("LIBOR") plus 0.75 percent. As of September 30, 2017, $1,365 million of notes receivable, recorded in accounts and notes receivable - net, were pledged as collateral against outstanding borrowings under the Repurchase Facility of $1,300 million, recorded in Short-term borrowings and capital lease obligations on the interim Consolidated Balance Sheet. 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 (as amended from time to time, the "Term Loan Facility"). In the first quarter of 2017, the Term Loan Facility was amended to extend the date on which the commitment to lend terminates. As a result, DuPont may make up to seven term loan borrowings through July 27, 2018; amounts repaid or prepaid are not available for subsequent borrowings. The Term Loan Facility matures in March 2019 at which time all outstanding borrowings, including accrued but unpaid interest, become immediately due and payable. As of September 30, 2017, the company had borrowed $1,000 million and had unused commitments of $3,500 million under the Term Loan Facility. In October 2017, under the Term Loan Facility, DuPont borrowed $500 million at the LIBOR Loan Rate, primarily to pay down commercial paper.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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