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Long-Term Debt | 6 Months Ended
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Jun. 30, 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 |  | June 30, 2021 |  | December 31, 2020
Total borrowings at face value |  | $ | 35,061 |  |  | $ | 35,235 |
Adjustments to book value: |  |  |  |
Unamortized premium, net |  | 707 |  |  | 748 |
Debt issuance costs |  | (147) |  |  | (156) |
Net book value of debt |  | $ | 35,621 |  |  | $ | 35,827 |
Long-term finance leases |  | 332 |  |  | 316 |
Current finance leases |  | 50 |  |  | 42 |
Total debt and finance leases |  | $ | 36,003 |  |  | $ | 36,185 |
Less current maturities of financing leases |  | (50) |  |  | (42) |
Less current maturities of long-term debt |  | (601) |  |  | (398) |
Long-term debt, net |  | $ | 35,352 |  |  | $ | 35,745 |
DEBT ACTIVITY In the first quarter of 2021, Occidental repaid $174 million of debt upon maturity. No debt matured or was otherwise paid during the second quarter of 2021. JULY 2021 DEBT ACTIVITY In July 2021, Occidental used cash on hand to purchase $3.1 billion in outstanding senior notes, inclusive of accrued interest and premiums, with maturities ranging from 2022 through 2026. A premium of approximately $90 million associated with the purchase and retirement will be expensed in the third quarter. Subsequent to the purchase and retirement of these outstanding senior notes, Occidental's face value of debt was $32.0 billion. The following table summarizes the face value of senior notes tendered and retired in July 2021:
millions |  | Face value tendered
July tender and purchase: |  |
2.700% senior notes due 2022 |  | $ | (278) |
2.700% senior notes due 2023 |  | (484) |
3.450% senior notes due 2024 |  | (81) |
2.900% senior notes due 2024 |  | (1,620) |
3.500% senior notes due 2025 |  | (229) |
3.400% senior notes due 2026 |  | (224) |
3.200% senior notes due 2026 |  | (110) |
Total |  | $ | (3,026) |
FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of June 30, 2021 and December 31, 2020, substantially all of which was classified as Level 1, was approximately $36.8 billion and $33.8 billion, respectively.

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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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