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Long-Term Debt | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Total long-term debt including finance lease liabilities at December 31, 2021, was $31,113. The company’s long-term debt outstanding at year-end 2021 and 2020 was as follows:
|  |  |  |  | At December 31
|  |  |  |  | 2021 |  |  | 2020
| Weighted Average Interest Rate (%)1 |  | Range of Interest Rates (%)2 |  | Principal |  |  | Principal
Notes due 2022 | 2.179 |  | 0.333 - 2.498 |  | $ | 3,800 |  |  |  | $ | 3,800 |
Floating rate notes due 2022 | 0.536 |  | 0.264 - 0.705 |  | 1,000 |  |  |  | 1,000 |
Notes due 2023 | 2.377 |  | 0.426 - 7.250 |  | 4,800 |  |  |  | 4,800 |
Floating rate notes due 2023 | 0.617 |  | 0.354 - 1.054 |  | 800 |  |  |  | 800 |
Notes due 2024 | 3.291 |  | 2.895 - 3.900 |  | 1,650 |  |  |  | 1,650 |
Notes due 2025 | 1.724 |  | 0.687 - 3.326 |  | 4,000 |  |  |  | 4,000 |
Notes due 2026 |  |  | 2.954 |  | 2,250 |  |  |  | 2,250 |
Notes due 2027 | 2.379 |  | 1.018 - 8.000 |  | 2,000 |  |  |  | 2,000 |
Notes due 2028 |  |  | 3.850 |  | 600 |  |  |  | 600 |
Notes due 2029 |  |  | 3.250 |  | 500 |  |  |  | 500 |
Notes due 2030 |  |  | 2.236 |  | 1,500 |  |  |  | 1,500 |
Debentures due 2031 |  |  | 8.625 |  | 102 |  |  |  | 108 |
Debentures due 2032 | 8.416 |  | 8.000 - 8.625 |  | 183 |  |  |  | 222 |
Notes due 2040 |  |  | 2.978 |  | 293 |  |  |  | 500 |
Notes due 2041 |  |  | 6.000 |  | 397 |  |  |  | 850 |
Notes due 2043 |  |  | 5.250 |  | 330 |  |  |  | 1,000 |
Notes due 2044 |  |  | 5.050 |  | 222 |  |  |  | 850 |
Notes due 2047 |  |  | 4.950 |  | 187 |  |  |  | 500 |
Notes due 2049 |  |  | 4.200 |  | 237 |  |  |  | 500 |
Notes due 2050 | 2.763 |  | 2.343 - 3.078 |  | 1,750 |  |  |  | 1,750 |
Debentures due 2097 |  |  | 7.250 |  | 60 |  |  |  | 84 |
Bank loans due 2022 - 2023 | 1.765 |  | 1.520 - 1.920 |  | 239 |  |  |  | 1,402 |
3.400% loan 3 |  |  | 3.400 |  | 218 |  |  |  | 218 |
Medium-term notes, maturing from 2023 to 2038 | 4.485 |  | 0.080 - 7.900 |  | 23 |  |  |  | 23 |
Notes due 2021 |  |  |  |  | — |  |  |  | 2,600 |
Total including debt due within one year |  |  |  |  | 27,141 |  |  |  | 33,507 |
Debt due within one year |  |  |  |  | (4,946) |  |  |  | (2,600) |
Fair market value adjustment for debt acquired in the Noble Energy acquisition |  | 741 |  |  |  | 1,690 |
Reclassified from short-term debt |  |  |  |  | 7,759 |  |  |  | 9,825 |
Unamortized discounts and debt issuance costs |  |  |  |  | (31) |  |  |  | (102) |
Finance lease liabilities 4 |  |  |  |  | 449 |  |  |  | 447 |
Total long-term debt |  |  |  |  | $ | 31,113 |  |  |  | $ | 42,767 |
1 Weighted-average interest rate at December 31, 2021 |  |  |  |  |  |  |  |
2 Range of interest rates at December 31, 2021. |  |  |  |  |  |  |  |
3 Principal amount to be repaid in installments between 2022 and 2025.
4 For details on finance lease liabilities, see Note 5 Lease Commitments. |  |  |  |  |  |  |
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 $27,141 matures as follows: 2022 – $4,946; 2023 – $5,785; 2024 – $1,697; 2025 – $4,082; 2026 – $2,250; and after 2026 – $8,381. In addition to the $2.6 billion in long-term debt that matured in 2021, the company also completed a tender offer in October 2021, with the objective of lowering future interest expenses, and redeemed bonds with a face value of $2.6 billion and a book value of $3.4 billion (including the fair market valuation adjustment for debt acquired in the Noble Energy acquisition), which resulted in an after-tax loss on the extinguishment of debt of $260 million. The company also repaid $1.1 billion of bank loans associated with the NBLX acquisition during 2021. In February 2022, the company early-redeemed $1.4 billion in notes at face value that were scheduled to mature in March 2022. See Note 9 Fair Value Measurements for information concerning the fair value of the company’s long-term debt.

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