Long-Term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 7 - LONG-TERM DEBT

The following table summarizes Occidental's outstanding debt, including finance lease liabilities:

millions	March 31, 2021		December 31, 2020
Total borrowings at face value	$	35,061	$	35,235
Adjustments to book value:
Unamortized premium, net	727		748
Debt issuance costs	(152)		(156)
Net book value of debt	$	35,636	$	35,827
Long-term finance leases	330		316
Current finance leases	59		42
Total debt and finance leases	$	36,025	$	36,185
Less current maturities of financing leases	(59)		(42)
Less current maturities of long-term debt	(500)		(398)
Long-term debt, net	$	35,466	$	35,745

DEBT ACTIVITY

In the first quarter of 2021, Occidental repaid $174 million of debt upon maturity.

FAIR VALUE OF DEBT

The estimated fair value of Occidental’s debt as of March 31, 2021, and December 31, 2020, substantially all of which was classified as Level 1, was approximately $34.5 billion and $33.8 billion, respectively.