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Long-Term Debt | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Long-Term Debt |
NOTE 8 - LONG-TERM DEBT
The following table summarizes Occidental's outstanding debt, including finance lease liabilities:
millions |  | June 30, 2020 |  | December 31, 2019
Total borrowings at face value |  | $ | 37,401 |  |  | $ | 37,401 |
Adjustments to book value: |  |  |  |
Unamortized premium, net |  | 868 |  |  | 914 |
Debt issuance costs |  | (110) |  |  | (125) |
Long-term finance leases |  | 301 |  |  | 347 |
Current finance leases |  | 34 |  |  | 51 |
Total debt and finance leases |  | 38,494 |  |  | 38,588 |
Less current maturities of long-term debt |  | (2,460) |  |  | (51) |
Long-term debt, net |  | $ | 36,034 |  |  | $ | 38,537 |
DEBT ACTIVITY On March 23, 2020, Occidental amended the sole financial covenant in its revolving credit facility (RCF) and variable rate bonds due 2021 by revising the definition of "Total Capitalization" within each agreement to exclude any non-cash write-downs, impairments and related charges occurring after September 30, 2019. In July 2020, Occidental issued $500 million aggregate principal amount of 8.000% senior notes due 2025, $500 million aggregate principal amount of 8.500% senior notes due 2027 and $1.0 billion aggregate principal amount of 8.875% senior notes due 2030 (July 2020 Notes). Interest on each series of notes will be paid semi-annually in arrears on July 15 and January 15 of each year, commencing on January 15, 2021. Concurrent with the above issuance of the July 2020 Notes Occidental utilized the $1,985 million in net proceeds from the July 2020 Notes to fund a cash tender offer to purchase a portion of the outstanding principal of the senior notes listed below.
millions |  | Principal Amount Accepted
4.1% senior notes due February 2021 |  | $ | 943 |
Variable rate bonds due February 2021 |  | $ | 473 |
4.85% senior notes due March 2021 |  | $ | 530 |
2.6% senior notes due August 2021 |  | $ | 51 |
Total |  | $ | 1,997 |
FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of June 30, 2020, was $31.4 billion. The majority of Occidental's debt is classified as Level 1, with $2.3 billion classified as Level 2. At December 31, 2019, the estimated fair value of Occidental's debt was $38.8 billion.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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