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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2018
Fair Value Measurements |
Fair Value Measurements | 10. Fair Value Measurements Occidental has categorized its assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1 — using quoted prices in active markets for the assets or liabilities; Level 2 — using observable inputs other than quoted prices for the assets or liabilities; and Level 3 — using unobservable inputs. Transfers between levels, if any, are recognized at the end of each reporting period. The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of June 30, 2018, and December 31, 2017 (in millions):
Fair Value Measurements at June 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total
|  |  |  |  |  |  |  |  |  |  |  | Netting and |  | Fair
Embedded derivatives |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Collateral |  | Value
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued liabilities |  |  | $ | — |  | $ | 17 |  | $ | — |  | $ | — |  | $ | 17
Deferred credits and other liabilities |  |  | $ | — |  | $ | 86 |  | $ | — |  | $ | — |  | $ | 86
Fair Value Measurements at December 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total
|  |  |  |  |  |  |  |  | Netting and |  | Fair
Embedded derivatives |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Collateral |  | Value
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued liabilities |  |  | $ | — |  | $ | 39 |  | $ | — |  | $ | — |  | $ | 39
Deferred credits and other liabilities |  |  | $ | — |  | $ | 147 |  | $ | — |  | $ | — |  | $ | 147
Fair Values - Nonrecurring During the six months ended June 30, 2018, Occidental recognized pre-tax impairment charges of $42 million related to non-core Permian acreage and an investment in gas processing facilities. During the year ended December 31, 2017, Occidental recognized pre-tax impairment charges of $397 million primarily related to held‑for‑sale, non-core, proved and unproved Permian acreage. Other Financial Instruments The carrying amounts of cash and cash equivalents and other on-balance-sheet financial instruments, other than long-term, fixed-rate debt, approximate fair value. The cost, if any, to terminate Occidental's off-balance-sheet financial instruments is not significant. 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 value of Occidental’s debt as of June 30, 2018, and December 31, 2017, was $10.4 billion for both periods. The remaining principal payments, less the discount on long-term debt, aggregated approximately $10.4 billion and $9.9 billion as of June 30, 2018, and December 31, 2017, respectively.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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