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STOCK-BASED INCENTIVE PLANS (Tables) | 12 Months Ended
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Dec. 31, 2016
STOCK-BASED INCENTIVE PLANS |
Summary of certain stock-based based compensation expenses |
For the years ended December 31, (in millions) |  | 2016 |  | 2015 |  | 2014
Compensation expense |  | $ | 121 |  |  | $ | 49 |  |  | $ | 129 |
Income tax benefit recognized in the income statement |  | 43 |  |  | 17 |  |  | 46 |
Summary of changes in Occidental's unvested cash- and stock- settled RSUs |
|  | Cash-Settled |  | Stock-Settled
|  | RSUs (000's) |  | Weighted-Average Grant-Date Fair Value |  | RSUs (000's) |  | Weighted-Average Grant-Date Fair Value
Unvested at January 1 |  | 1,130 |  |  |  | $ | 81.06 |  |  |  | 1,758 |  |  |  | $ | 81.19 |  |
Granted |  | 53 |  |  |  | 75.57 |  |  |  | 2,238 |  |  |  | 74.82 |  |
Vested |  | (536 | ) |  |  | 83.18 |  |  |  | (417 | ) |  |  | 82.35 |  |
Forfeitures |  | (46 | ) |  |  | 80.89 |  |  |  | (79 | ) |  |  | 77.00 |  |
Unvested at December 31 |  | 601 |  |  |  | 78.70 |  |  |  | 3,500 |  |  |  | 77.07 |  |
Grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs |
|  | TSRIs
Year Granted |  | 2016 |  | 2015 |  | 2014
Assumptions used: |  |  |  |  |  |
Risk-free interest rate |  | 0.8 | % |  | 0.9 | % |  | 1.0 | %
Dividend yield |  | 3.9 | % |  | 4.1 | % |  | 2.8 | %
Volatility factor |  | 42 | % |  | 37 | % |  | 27 | %
Expected life (years) |  | 3 |  |  | 3 |  |  | 3 |
Grant-date fair value of underlying Occidental common stock |  | $ | 76.83 |  |  | $ | 72.54 |  |  | $ | 101.95 |
Summary of Option and SAR transactions |
|  | SARs & Options (000's) |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (yrs) |  | Aggregate Intrinsic Value (000’s)
Beginning balance, January 1 |  | 629 |  |  | $ | 77.58 |  |  |  |  |
Exercised |  | (47 | ) |  | 45.53 |  |  |  |  |
Granted |  | — |  |  | — |  |  |  |  |
Forfeited |  | (11 | ) |  | 79.98 |  |  |  |  |
Ending balance, December 31 |  | 571 |  |  | 79.98 |  |  | 5.1 |  |  | $ | — |
Exercisable at December 31 |  | 214 |  |  | 79.98 |  |  | 5.1 |  |  | $ | — |
TSRIs |
STOCK-BASED INCENTIVE PLANS |
Summary of the changes of awards |
|  | TSRIs
|  | Awards (000’s) |  | Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested at January 1 (a) |  | 346 |  |  |  | $ | 83.75 |  |
Granted (a) |  | 473 |  |  |  | 76.83 |  |
Vested (a) |  | (102 | ) |  |  | 87.27 |  |
Forfeitures |  | (10 | ) |  |  | 76.43 |  |
Unvested at December 31 |  | 707 |  |  |  | 78.72 |  |
(a) Presented at the target payouts.
ROCEI/ROAI |
STOCK-BASED INCENTIVE PLANS |
Summary of the changes of awards |
|  | ROCEI / ROAI
|  | Awards (000's) |  | Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested at January 1 |  | 392 |  |  |  | $ | 85.43 |  |
Unvested at December 31 |  | 392 |  |  |  | 85.43 |  |

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