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Long-Term Debt
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt
Total long-term debt including finance lease liabilities at December 31, 2020, was $42,767. The company’s long-term debt outstanding at year-end 2020 and 2019 was as follows:
At December 31
20202019
Weighted Average Interest Rate (%)1
Range of Interest Rates (%)2
PrincipalPrincipal
Notes due 20212.100$1,350 $1,350 
Floating rate notes due 20210.913
0.751 - 1.171
650 650 
Debentures due 20218.87540 40 
Notes due 20222.179
0.333 - 2.498
3,800 3,400 
Floating rate notes due 20220.594
0.324 - 0.762
1,000 650 
Notes due 20232.377
0.426 - 7.250
4,800 3,000 
Floating rate notes due 20230.676
0.414 - 1.114
800 — 
Notes due 20243.291
2.895 - 3.900
1,650 1,000 
Notes due 20251.724
0.687 - 3.326
4,000 750 
Notes due 20262.9542,250 2,250 
Notes due 20272.379
1.018 - 8.000
2,000 — 
Notes due 20283.850600 — 
Notes due 20293.250500 — 
Notes due 20302.2361,500 — 
Debentures due 20318.625108 108 
Debentures due 20328.414
8.000 - 8.625
222 222 
Notes due 20402.978500 — 
Notes due 20416.000850 — 
Notes due 20435.2501,000 — 
Notes due 20445.050850 — 
Notes due 20474.950500 — 
Notes due 20494.200500 — 
Notes due 20502.763
2.343 - 3.078
1,750 — 
Debentures due 20977.25084 — 
Bank loans due 2021 - 20231.530
1.240 - 2.004
1,948 — 
3.400% loan3
3.400218 218 
Medium-term notes, maturing from 2021 to 20386.131
0.000 - 8.875
37 38 
Notes due 2020— 5,054 
Total including debt due within one year33,507 18,730 
Debt due within one year(2,600)(5,054)
Fair market valuation adjustment of Noble long-term debt1,690 — 
Reclassified from short-term debt9,825 9,750 
Unamortized discounts and debt issuance costs(102)(17)
Finance lease liabilities4
447 282 
Total long-term debt$42,767 $23,691 
1 Weighted-average interest rate at December 31, 2020
2 Range of interest rates at December 31, 2020.
3 Maturity date is conditional upon the occurrence of certain events. 2022 is the earliest period in which the loan may become payable
4 For details on finance lease liabilities, see Note 5 beginning on page 69
Chevron has an automatic shelf registration statement that expires in August 2023. This registration statement is for an unspecified amount of nonconvertible debt securities issued or guaranteed by Chevron Corporation or CUSA.
Long-term debt excluding finance lease liabilities with a principal balance of $33,507 matures as follows: 2021 – $2,600; 2022 – $5,548; 2023 – $6,475; 2024 – $1,650; 2025 – $4,000; and after 2025 – $13,234.
The company completed bond issuances of $8,000 and $4,000 in May and August 2020, respectively. Chevron also assumed total debt, including finance lease obligations, with a fair value of approximately $9,400, associated with the acquisition of Noble on October 5, 2020.
Included in the debt assumed from Noble were senior notes, with an aggregate principal amount of $5,800, with interest rates ranging from 3.250 percent to 8.000 percent and maturity dates ranging from 2023 to 2049. On January 6, 2021, Chevron announced that the aggregate principal amount of $5,697 of prior Noble senior notes were exchanged for new
senior notes issued by CUSA, guaranteed by Chevron, and having the same interest rates and maturity dates as the Noble senior notes. The aggregate principal amount of $5,697 prior Noble notes were validly tendered and accepted and subsequently terminated. Following such termination, $103 aggregate principal amount remains outstanding across ten series of senior notes issued by Noble, for which Chevron provided no guarantee, and the indentures were modified to eliminate any financial reporting or credit rating requirements. In February 2021, the indenture governing Noble’s 7.250 percent senior debentures due 2097 was modified to provide a guarantee by Chevron and eliminate any financial reporting or credit rating requirements.See Note 7, beginning on page 71, for information concerning the fair value of the company’s long-term debt.