NOTE 5 LONG-TERM DEBT

Long-term debt consisted of the following:

Balance at December 31, (in millions)	2017		2016
1.50% senior notes due 2018	$	500	$	500
9.25% senior debentures due 2019	116		116
4.10% senior notes due 2021	1,249		1,249
3.125% senior notes due 2022	813		813
2.60% senior notes due 2022	400		400
2.70% senior notes due 2023	1,191		1,191
8.75% medium-term notes due 2023	22		22
3.50% senior notes due 2025	750		750
3.40% senior notes due 2026	1,150		1,150
3.00% senior notes due 2027	750		750
7.20% senior debentures due 2028	82		82
8.45% senior debentures due 2029	116		116
4.625% senior notes due 2045	750		750
4.40% senior notes due 2046	1,200		1,200
4.10% senior notes due 2047	750		750
Variable rate bonds due 2030 (1.8% and 0.9% as of December 31, 2017 and 2016, respectively )	68		68

	9,907		9,907

Less:
Unamortized discount, net	(32)		(36)
Debt issuance costs	(47)		(52)
Current maturities	(500)		—

Total	$	9,328	$	9,819

As of December 31, 2017, Occidental had an undrawn $2.0 billion revolving credit facility (2014 Credit Facility). Occidental did not draw down any amounts under the 2014 Credit Facility during 2017 or 2016, and no amounts were outstanding as of December 31, 2017. Borrowings under the 2014 Credit Facility bear interest at various benchmark rates, including LIBOR, plus a margin based on Occidental’s senior debt ratings. Additionally, Occidental paid average annual facility fees of 0.08 percent in 2017 on the total commitment amounts of the 2014 Credit Facility. In January 2018, Occidental entered into a new five-year, $3.0 billion revolving credit facility (2018 Credit Facility) which replaced the 2014 Credit Facility, which was scheduled to expire in August 2019. The 2018 Credit Facility has similar terms to the 2014 Credit Facility and along with other debt agreements does not contain material adverse change clauses or debt ratings triggers that could restrict Occidental’s ability to borrow or that would permit lenders to terminate their commitments or accelerate debt. The 2018 Credit Facility provides for the termination of loan commitments and requires immediate repayment of any outstanding amounts if certain events of default occur. The 2018 Credit Facility matures in January 2023.

As of December 31, 2017, under the most restrictive covenants of its financing agreements, Occidental had substantial capacity for additional unsecured borrowings, the payment of cash dividends and other distributions on, or acquisitions of, Occidental stock.

Occidental has provided guarantees on Dolphin Energy’s debt, which are limited to certain political and other events. At December 31, 2017, and 2016, Occidental’s total guarantees were not material and a substantial majority of the amounts consisted of limited recourse guarantees on approximately $272 million and $296 million, respectively, of Dolphin’s debt. The fair value of the guarantees was immaterial.

At December 31, 2017, principal payments on long-term debt aggregated approximately $9.9 billion, of which $0.5 billion is due in 2018, $0.1 billion is due in 2019, zero is due in 2020, $1.3 billion is due in 2021, $1.2 billion is due in 2022, and $6.8 billion is due in 2023 and thereafter.

Occidental estimates the fair value of fixed-rate debt based on the quoted market prices for those instruments or on quoted market yields for similarly rated debt instruments, taking into account such instruments’ maturities. The estimated fair values of Occidental’s debt at December 31, 2017, and 2016, substantially all of which were classified as Level 1, were approximately $10.4 billion and $10.2 billion, respectively, compared to carrying values of approximately $9.9 billion at December 31, 2017 and 2016. Occidental’s exposure to changes in interest rates relates primarily to its variable-rate, long-term debt obligations, and is not material. As of December 31, 2017, and 2016, variable-rate debt constituted approximately one percent of Occidental’s total debt.