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Long-Term Debt | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Long-Term Debt |
NOTE 5 - LONG-TERM DEBT
The following table summarizes Occidental's outstanding debt, including finance lease liabilities:
millions |  | March 31, 2022 |  | December 31, 2021
Total borrowings at face value |  | $ | 25,187 |  |  | $ | 28,493 |
Adjustments to book value: |  |  |  |
Unamortized premium, net |  | 660 |  |  | 670 |
Debt issuance costs |  | (114) |  |  | (135) |
Net book value of debt |  | $ | 25,733 |  |  | $ | 29,028 |
Long-term finance leases |  | 540 |  |  | 504 |
Current finance leases |  | 99 |  |  | 85 |
Total debt and finance leases |  | $ | 26,372 |  |  | $ | 29,617 |
Less current maturities of financing leases |  | (99) |  |  | (85) |
Less current maturities of long-term debt |  | (408) |  |  | (101) |
Long-term debt, net |  | $ | 25,865 |  |  | $ | 29,431 |
DEBT ACTIVITY In the first quarter of 2022, Occidental used cash on hand to repay debt with maturities ranging from 2022 through 2049 by $3.3 billion. Subsequent to March 31, 2022, but before the date of this filing, Occidental paid off additional debt with maturities ranging from 2024 to 2049 and principal of $263 million. FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of March 31, 2022, and December 31, 2021, substantially all of which was classified as Level 1, was approximately $26.2 billion and $31.1 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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