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Long-Term Debt | 6 Months Ended
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Jun. 30, 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 |  | June 30, 2022 |  | December 31, 2021
Total borrowings at face value |  | $ | 20,361 |  |  | $ | 28,493 |
Adjustments to book value: |  |  |  |
Unamortized premium, net |  | 1,289 |  |  | 670 |
Debt issuance costs |  | (88) |  |  | (135) |
Net book value of debt |  | $ | 21,562 |  |  | $ | 29,028 |
Long-term finance leases |  | 543 |  |  | 504 |
Current finance leases |  | 97 |  |  | 85 |
Total debt and finance leases |  | $ | 22,202 |  |  | $ | 29,617 |
Less current maturities of financing leases |  | (97) |  |  | (85) |
Less current maturities of long-term debt |  | (362) |  |  | (101) |
Long-term debt, net |  | $ | 21,743 |  |  | $ | 29,431 |
DEBT ACTIVITY In the second quarter of 2022, Occidental repaid debt with maturities ranging from 2024 through 2049 and a face value of $4.8 billion. In the first quarter of 2022, Occidental repaid debt with maturities ranging from 2022 through 2049 and a face value of $3.3 billion. For the combined six months ended June 30, 2022, Occidental used $7.1 billion of cash to repay debt with a face value of $8.1 billion and a net book value of $7.4 billion, which resulted in a gain of $161 million. FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of June 30, 2022 and December 31, 2021, substantially all of which was classified as Level 1, was approximately $20.0 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 https://asc.fasb.org/topic&trid=2208564 + Details
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