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Lease Commitments (Tables) | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Schedule of Operating Lease Maturities | The following table reconciles the undiscounted cash flows related to the operating and finance lease liabilities assumed in the Merger and recorded on the Consolidated Condensed Balance Sheet at the Merger date:
millions |  | Operating Leases |  | Finance Leases |  | Total
Remainder of 2019 |  | $ | 90 |  |  | $ | 7 |  |  | $ | 97 |
2020 |  | 172 |  |  | 25 |  |  | 197 |
2021 |  | 64 |  |  | 15 |  |  | 79 |
2022 |  | 42 |  |  | 12 |  |  | 54 |
2023 |  | 28 |  |  | 7 |  |  | 35 |
Thereafter |  | 136 |  |  | 42 |  |  | 178 |
Total lease payments |  | 532 |  |  | 108 |  |  | 640 |
Less: Interest |  | (44 | ) |  | (22 | ) |  | (66 | )
Total lease liabilities |  | $ | 488 |  |  | $ | 86 |  |  | $ | 574 |
At September 30, 2019, Occidental's leases expire based on the following schedule:
|  | Operating |  | Finance |  |
millions |  | Leases (a) |  | Leases (b) |  | Total
Remainder of 2019 |  | $ | 119 |  |  | $ | 8 |  |  | $ | 127 |
2020 |  | 390 |  |  | 38 |  |  | 428 |
2021 |  | 197 |  |  | 15 |  |  | 212 |
2022 |  | 129 |  |  | 12 |  |  | 141 |
2023 |  | 94 |  |  | 7 |  |  | 101 |
Thereafter |  | 311 |  |  | 42 |  |  | 353 |
Total lease payments |  | 1,240 |  |  | 122 |  |  | 1,362 |
Less: Interest |  | (101 | ) |  | (22 | ) |  | (123 | )
Total lease liabilities |  | $ | 1,139 |  |  | $ | 100 |  |  | $ | 1,239 |
(a) The weighted-average remaining lease term is 5.3 years and the weighted-average discount rate is 2.79%. (b) The weighted-average remaining lease term is 6.4 years and the weighted-average discount rate is 4.92%.
Schedule of Finance Lease Maturities | At September 30, 2019, Occidental's leases expire based on the following schedule:
|  | Operating |  | Finance |  |
millions |  | Leases (a) |  | Leases (b) |  | Total
Remainder of 2019 |  | $ | 119 |  |  | $ | 8 |  |  | $ | 127 |
2020 |  | 390 |  |  | 38 |  |  | 428 |
2021 |  | 197 |  |  | 15 |  |  | 212 |
2022 |  | 129 |  |  | 12 |  |  | 141 |
2023 |  | 94 |  |  | 7 |  |  | 101 |
Thereafter |  | 311 |  |  | 42 |  |  | 353 |
Total lease payments |  | 1,240 |  |  | 122 |  |  | 1,362 |
Less: Interest |  | (101 | ) |  | (22 | ) |  | (123 | )
Total lease liabilities |  | $ | 1,139 |  |  | $ | 100 |  |  | $ | 1,239 |
(a) The weighted-average remaining lease term is 5.3 years and the weighted-average discount rate is 2.79%. (b) The weighted-average remaining lease term is 6.4 years and the weighted-average discount rate is 4.92%. The following table reconciles the undiscounted cash flows related to the operating and finance lease liabilities assumed in the Merger and recorded on the Consolidated Condensed Balance Sheet at the Merger date:
millions |  | Operating Leases |  | Finance Leases |  | Total
Remainder of 2019 |  | $ | 90 |  |  | $ | 7 |  |  | $ | 97 |
2020 |  | 172 |  |  | 25 |  |  | 197 |
2021 |  | 64 |  |  | 15 |  |  | 79 |
2022 |  | 42 |  |  | 12 |  |  | 54 |
2023 |  | 28 |  |  | 7 |  |  | 35 |
Thereafter |  | 136 |  |  | 42 |  |  | 178 |
Total lease payments |  | 532 |  |  | 108 |  |  | 640 |
Less: Interest |  | (44 | ) |  | (22 | ) |  | (66 | )
Total lease liabilities |  | $ | 488 |  |  | $ | 86 |  |  | $ | 574 |
Schedule of Lease Related Assets and Liabilities | The following table presents lease balances and their location on the Consolidated Condensed Balance Sheet at September 30, 2019:
millions |  | Balance sheet location |  | 2019
Assets: |  |  |  |
Operating |  | Operating lease assets |  | $ | 1,078 |
Finance |  | Property, plant and equipment |  | 97 |
Total lease assets |  |  |  | $ | 1,175 |
Liabilities: |  |  |  |
Current |  |  |  |
Operating |  | Current operating lease liabilities |  | $ | 463 |
Finance |  | Current maturities of long-term debt |  | 31 |
Non-current |  |  |  |
Operating |  | Deferred credits and other liabilities - Operating lease liabilities |  | 676 |
Finance |  | Long-term debt, net - Occidental |  | 69 |
Total lease liabilities |  |  |  | $ | 1,239 |
Schedule of Future Net Minimum Fixed Lease Payments | At December 31, 2018, future undiscounted net minimum fixed lease payments for non-cancellable operating leases, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows:
|  | Operating
millions |  | Leases
2019 |  | $ | 186 |
2020 |  | 147 |
2021 |  | 96 |
2022 |  | 68 |
2023 |  | 49 |
Thereafter |  | 158 |
Total minimum lease payments(a) |  | $ | 704 |
(a) The amount represents the future undiscounted cash flows at December 31, 2018, excluding any amount associated with the Merger.
Schedule of Lease Costs | The following tables present Occidental's total lease cost and classifications, as well as cash paid for amounts included in the measurement of operating and finance lease liabilities.
Lease cost classification(a) |  | Three months ended September 30, 2019 |  | Nine months ended September 30, 2019
millions |  |
Operating lease costs(b) |  |  |  |
Property, plant and equipment, net |  | $ | 139 |  |  | $ | 321 |
Cost of sales |  | 133 |  |  | 271 |
Selling, general and administrative expenses |  | 26 |  |  | 61 |
Finance lease cost |  |  |  |
Amortization of ROU assets |  | 5 |  |  | 11 |
Interest on lease liabilities |  | 1 |  |  | 1 |
|  | $ | 304 |  |  | $ | 665 |
(a) Amounts reflected are gross before joint-interest recoveries.
(b) Includes short-term lease cost of $139 million and $295 million for the three and nine months ended September 30, 2019, respectively, and variable lease cost of $55 million and $115 million for the three and nine months ended September 30, 2019, respectively.
millions |  | Nine months ended September 30, 2019
Operating cash flows |  | $ | 162 |
Investing cash flows |  | 83 |
Financing cash flows |  | 11 |

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