NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES

NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES

Notes Payable In millions	Mar 31, 2015			Dec 31, 2014
Notes payable to banks and other lenders	$	351		$	353
Notes payable to related companies	124			189
Notes payable trade	7			9
Total notes payable	$	482		$	551
Period-end average interest rates	4.53		%	4.08		%

Long-Term Debt In millions	2015 Average Rate		Mar 31, 2015			2014 Average Rate		Dec 31, 2014
Promissory notes and debentures:
Final maturity 2015	2.74	%	$	60		2.74	%	$	60
Final maturity 2016	2.52	%	805			2.52	%	805
Final maturity 2017	5.66	%	489			5.66	%	489
Final maturity 2018	5.44	%	567			5.44	%	567
Final maturity 2019	8.41	%	2,168			8.41	%	2,168
Final maturity 2020	4.37	%	1,877			4.37	%	1,877
Final maturity 2021 and thereafter	5.31	%	10,186			5.31	%	10,186
Other facilities:
U.S. dollar loans, various rates and maturities	1.39	%	461			1.38	%	461
Foreign currency loans, various rates and maturities	3.01	%	994			3.01	%	1,013
Medium-term notes, varying maturities through 2025	3.51	%	1,620			3.55	%	1,528
Tax-exempt bonds, varying maturities through 2038	5.66	%	343			5.66	%	343
Capital lease obligations	—		81			—		85
Unamortized debt discount	—		(344		)	—		(350		)
Long-term debt due within one year	—		(1,440		)	—		(394		)
Long-term debt	—		$	17,867		—		$	18,838

Annual Installments on Long-Term Debt For Next Five Years at March 31, 2015 In millions
2015	$	380
2016	$	1,373
2017	$	773
2018	$	935
2019	$	2,579
2020	$	2,073

2015 Activity

During the first three months of 2015, the Company issued $93 million aggregate principal amount of InterNotes and approximately $3 million of long-term debt (net of $5 million of repayments) was entered into by consolidated variable interest entities.

2014 Activity

During the first three months of 2014, the Company issued $99 million aggregate principal amount of InterNotes and approximately $26 million of long-term debt (net of $5 million of repayments) was entered into by consolidated variable interest entities. The Company also repaid $346 million of long-term debt related to the purchase of an ethylene production facility (see Note 11 for additional information).

Available Credit Facilities

The following table summarizes the Company's credit facilities:

Committed and Available Credit Facilities at March 31, 2015
In millions	Effective Date	Committed Credit		Credit Available		Maturity Date	Interest
Five Year Competitive Advance and Revolving Credit Facility (1)	March 2015	$	5,000	$	5,000	March 2020	Floating rate
Bilateral Revolving Credit Facility	March 2013	100		100		March 2016	Floating rate
Bilateral Revolving Credit Facility	March 2013	300		300		October 2016	Floating rate
Term Loan Facility	March 2013	300		—		March 2016	Floating rate
Bilateral Revolving Credit Facility	April 2013	200		200		April 2016	Floating rate
Bilateral Revolving Credit Facility	October 2013	200		200		October 2016	Floating rate
Bilateral Revolving Credit Facility	October 2013	100		100		October 2016	Floating rate
Bilateral Revolving Credit Facility	January 2014	100		100		October 2016	Floating rate
Total Committed and Available Credit Facilities		$	6,300	$	6,000

(1) The prior credit facility was terminated and replaced with a new credit facility on March 24, 2015.

Debt Covenants and Default Provisions

There 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 three months of 2015. For additional information on the Company's debt covenants and default provisions, see Note 16 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.