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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2016
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS |
Components of amounts recognized in the consolidated balance sheets (in millions) |
(in millions) |  | Pension Benefits |  | Postretirement Benefits
As of December 31, |  | 2016 |  | 2015 |  | 2016 |  | 2015
Amounts recognized in the consolidated balance sheet: |  |  |  |  |  |  |  |
Other assets |  | $ | 61 |  |  | $ | 45 |  |  | $ | — |  |  | $ | — |
Accrued liabilities |  | (3 | ) |  | (7 | ) |  | (58 | ) |  | (58 | )
Deferred credits and other liabilities — other |  | (71 | ) |  | (65 | ) |  | (892 | ) |  | (921 | )
|  | $ | (13 | ) |  | $ | (27 | ) |  | $ | (950 | ) |  | $ | (979 | )
After-tax balances included in AOCI (in millions) |
AOCI included the following after-tax balances: |  |  |  |  |  |  |  |
Net loss |  | $ | 76 |  |  | $ | 93 |  |  | $ | 169 |  |  | $ | 197 |
Prior service cost |  | — |  |  | — |  |  | 1 |  |  | 1 |
|  | $ | 76 |  |  | $ | 93 |  |  | $ | 170 |  |  | $ | 198 |
Funding status of Occidental's plans |
For the years ended December 31, |  |  |  |  |  |  |  |
Changes in the benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation — beginning of year |  | $ | 411 |  |  | $ | 453 |  |  | $ | 979 |  |  | $ | 1,036 |
Service cost — benefits earned during the period |  | 7 |  |  | 7 |  |  | 20 |  |  | 26 |
Interest cost on projected benefit obligation |  | 18 |  |  | 18 |  |  | 39 |  |  | 40 |
Actuarial gain |  | (1 | ) |  | (16 | ) |  | (28 | ) |  | (66 | )
Foreign currency exchange rate (gain) loss |  | 1 |  |  | (9 | ) |  | — |  |  | — |
Benefits paid |  | (37 | ) |  | (42 | ) |  | (60 | ) |  | (57 | )
Benefit obligation — end of year |  | $ | 399 |  |  | $ | 411 |  |  | $ | 950 |  |  | $ | 979 |
Changes in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets — beginning of year |  | $ | 384 |  |  | $ | 436 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  | 34 |  |  | (21 | ) |  | — |  |  | — |
Employer contributions |  | 5 |  |  | 11 |  |  | — |  |  | — |
Benefits paid |  | (37 | ) |  | (42 | ) |  | — |  |  | — |
Fair value of plan assets — end of year |  | $ | 386 |  |  | $ | 384 |  |  | $ | — |  |  | $ | — |
Funded/(Unfunded) status: |  | $ | (13 | ) |  | $ | (27 | ) |  | $ | (950 | ) |  | $ | (979 | )
Schedule of projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit pension plans with an accumulated benefit obligation in excess of plan assets and plan assets in excess of the accumulated benefit obligation |
(in millions) |  | Accumulated Benefit Obligation in Excess of Plan Assets |  | Plan Assets in Excess of Accumulated Benefit Obligation
As of December 31, |  | 2016 |  | 2015 |  | 2016 |  | 2015
Projected Benefit Obligation |  | $ | 193 |  |  | $ | 160 |  |  | $ | 206 |  |  | $ | 251 |
Accumulated Benefit Obligation |  | $ | 189 |  |  | $ | 156 |  |  | $ | 206 |  |  | $ | 251 |
Fair Value of Plan Assets |  | $ | 119 |  |  | $ | 88 |  |  | $ | 267 |  |  | $ | 296 |
Components of the net periodic benefit costs |
|  | Pension Benefits |  | Postretirement Benefits
For the years ended December 31, (in millions) |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Net periodic benefit costs: |  |  |  |  |  |  |  |  |  |  |  |
Service cost — benefits earned during the period |  | $ | 7 |  |  | $ | 7 |  |  | $ | 11 |  |  | $ | 19 |  |  | $ | 26 |  |  | $ | 24 |
Interest cost on projected benefit obligation |  | 18 |  |  | 18 |  |  | 23 |  |  | 39 |  |  | 40 |  |  | 44 |
Expected return on plan assets |  | (24 | ) |  | (27 | ) |  | (33 | ) |  | — |  |  | — |  |  | — |
Recognized actuarial loss |  | 12 |  |  | 10 |  |  | 6 |  |  | 15 |  |  | 27 |  |  | 20 |
Other costs and adjustments |  | 4 |  |  | (4 | ) |  | (8 | ) |  | 1 |  |  | 1 |  |  | 1 |
Net periodic benefit cost |  | $ | 17 |  |  | $ | 4 |  |  | $ | (1 | ) |  | $ | 74 |  |  | $ | 94 |  |  | $ | 89 |
Weighted-average assumptions used to determine Occidental's benefit obligation and net periodic benefit cost for domestic plans |
|  | Pension Benefits |  | Postretirement Benefits
For the years ended December 31, |  | 2016 |  | 2015 |  | 2016 |  | 2015
Benefit Obligation Assumptions: |  |  |  |  |  |  |  |
Discount rate |  | 3.90 | % |  | 4.14 | % |  | 4.15 | % |  | 4.36 | %
Net Periodic Benefit Cost Assumptions: |  |  |  |  |  |  |  |
Discount rate |  | 4.14 | % |  | 3.81 | % |  | 4.36 | % |  | 3.99 | %
Assumed long term rate of return on assets |  | 6.50 | % |  | 6.50 | % |  | — |  |  | — |
Fair values of Occidental's pension plan assets by asset category (in millions) |
(in millions) |  | Fair Value Measurements at December 31, 2016 Using
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Asset Class: |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |
Corporate bonds (a) |  | — |  |  | 85 |  |  | — |  |  | 85 |
Common/collective trusts (b) |  | — |  |  | 18 |  |  | — |  |  | 18 |
Mutual funds: |  |  |  |  |  |  |  |
Bond funds |  | 18 |  |  | — |  |  | — |  |  | 18 |
Blend funds |  | 48 |  |  | — |  |  | — |  |  | 48 |
Common and preferred stocks (c) |  | 178 |  |  | — |  |  | — |  |  | 178 |
Other |  | — |  |  | 29 |  |  | — |  |  | 29 |
Total pension plan assets (d) |  | $ | 257 |  |  | $ | 132 |  |  | $ | — |  |  | $ | 389 |
(in millions) |  | Fair Value Measurements at December 31, 2015 Using
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Asset Class: |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |
Corporate bonds (a) |  | — |  |  | 78 |  |  | — |  |  | 78 |
Common/collective trusts (b) |  | — |  |  | 12 |  |  | — |  |  | 12 |
Mutual funds: |  |  |  |  |  |  |  |
Bond funds |  | 33 |  |  | — |  |  | — |  |  | 33 |
Blend funds |  | 48 |  |  | — |  |  | — |  |  | 48 |
Common and preferred stocks (c) |  | 169 |  |  | — |  |  | — |  |  | 169 |
Other |  | — |  |  | 29 |  |  | — |  |  | 29 |
Total pension plan assets (d) |  | $ | 266 |  |  | $ | 119 |  |  | $ | — |  |  | $ | 385 |
(a) This category represents investment grade bonds of U.S. and non-U.S. issuers from diverse industries. (b) This category includes investment funds that primarily invest in U.S. and non-U.S. common stocks and fixed-income securities. (c) This category represents direct investments in common and preferred stocks from diverse U.S. and non-U.S. industries. (d) Amounts exclude net payables of approximately $3 million and $1 million as of December 31, 2016 and 2015, respectively.
Estimated future benefit payments, which reflect expected future service, as appropriate |
For the years ended December 31, (in millions) |  | Pension Benefits |  | Postretirement Benefits
2017 |  | $ | 41 |  |  | $ | 59 |
2018 |  | $ | 30 |  |  | $ | 58 |
2019 |  | $ | 28 |  |  | $ | 58 |
2020 |  | $ | 29 |  |  | $ | 57 |
2021 |  | $ | 29 |  |  | $ | 57 |
2022 - 2026 |  | $ | 185 |  |  | $ | 285 |

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