XML 144 R42.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Retirement Benefits [Abstract] |
Components of amounts recognized in the consolidated balance sheets | The following tables show the amounts recognized in Occidental’s consolidated balance sheets at December 31, 2019 and 2018, related to its pension and postretirement benefit plans:
|  | Pension Benefits |  | Postretirement Benefits
millions |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Amounts recognized in the consolidated balance sheet: |  |  |  |  |  |  |  |
Long-term receivables and other assets, net |  | $ | 85 |  |  | $ | 60 |  |  | $ | — |  |  | $ | — |
Accrued liabilities |  | (96 | ) |  | (25 | ) |  | (72 | ) |  | (45 | )
Deferred credits and other liabilities — pension and postretirement obligations |  | (704 | ) |  | (46 | ) |  | (1,103 | ) |  | (763 | )
|  | $ | (715 | ) |  | $ | (11 | ) |  | $ | (1,175 | ) |  | $ | (808 | )
Accumulated other comprehensive loss included the following after-tax balances: |  |  |  |  |  |  |  |
Net (gain) loss |  | $ | (25 | ) |  | $ | 91 |  |  | $ | 184 |  |  | $ | 151 |
Prior service credit |  | — |  |  | — |  |  | (67 | ) |  | (72 | )
|  | $ | (25 | ) |  | $ | 91 |  |  | $ | 117 |  |  | $ | 79 |
Funding status of Occidental's plans | The following tables show the funding status, obligations and plan asset fair values of Occidental related to its pension and postretirement benefit plans for the years ended December 31:
|  | Pension Benefits |  | Postretirement Benefits
millions |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Changes in the benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation — beginning of year |  | $ | 349 |  |  | $ | 391 |  |  | $ | 808 |  |  | $ | 999 |
Service cost — benefits earned during the period |  | 45 |  |  | 5 |  |  | 24 |  |  | 23 |
Interest cost on projected benefit obligation |  | 39 |  |  | 15 |  |  | 36 |  |  | 34 |
Actuarial (gain) loss |  | (33 | ) |  | (19 | ) |  | 45 |  |  | (90 | )
Foreign currency exchange rate gain |  | — |  |  | (3 | ) |  | — |  |  | — |
Curtailment (gain) loss |  | (136 | ) |  | — |  |  | 10 |  |  | — |
Special termination benefits |  | 49 |  |  | — |  |  | — |  |  | — |
Benefits paid |  | (95 | ) |  | (40 | ) |  | (51 | ) |  | (57 | )
Participant contributions |  | — |  |  | — |  |  | 2 |  |  | — |
Plan amendments |  | — |  |  | — |  |  | — |  |  | (101 | )
Additions due to the Acquisition |  | 2,136 |  |  | — |  |  | 301 |  |  | — |
Benefit obligation — end of year |  | $ | 2,354 |  |  | $ | 349 |  |  | $ | 1,175 |  |  | $ | 808 |
Changes in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets — beginning of year |  | $ | 338 |  |  | $ | 403 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  | 122 |  |  | (33 | ) |  | — |  |  | — |
Participant contributions |  | — |  |  | — |  |  | 2 |  |  | — |
Employer contributions |  | 41 |  |  | 8 |  |  | 49 |  |  | — |
Benefits paid |  | (95 | ) |  | (40 | ) |  | (51 | ) |  | — |
Additions due to the Acquisition |  | 1,233 |  |  | — |  |  | — |  |  | — |
Fair value of plan assets — end of year |  | $ | 1,639 |  |  | $ | 338 |  |  | $ | — |  |  | $ | — |
Unfunded status: |  | $ | (715 | ) |  | $ | (11 | ) |  | $ | (1,175 | ) |  | $ | (808 | )
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 | The following table sets forth details of the obligations and assets of Occidental’s defined benefit pension plans for the years December 31:
|  | Accumulated Benefit Obligation in Excess of Plan Assets |  | Plan Assets in Excess of Accumulated Benefit Obligation
millions |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Projected benefit obligation |  | $ | 2,175 |  |  | $ | 173 |  |  | $ | 179 |  |  | $ | 176 |
Accumulated benefit obligation |  | $ | 1,918 |  |  | $ | 169 |  |  | $ | 179 |  |  | $ | 176 |
Fair value of plan assets |  | $ | 1,375 |  |  | $ | 98 |  |  | $ | 264 |  |  | $ | 240 |
Components of the net periodic benefit costs | The following table sets forth the components of net periodic benefit costs for the years ended December 31:
|  | Pension Benefits |  | Postretirement Benefits
millions |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net periodic benefit costs: |  |  |  |  |  |  |  |  |  |  |  |
Service cost — benefits earned during the period |  | $ | 45 |  |  | $ | 5 |  |  | $ | 6 |  |  | $ | 24 |  |  | $ | 23 |  |  | $ | 21 |
Interest cost on projected benefit obligation |  | 39 |  |  | 15 |  |  | 17 |  |  | 36 |  |  | 34 |  |  | 38 |
Expected return on plan assets |  | (50 | ) |  | (25 | ) |  | (24 | ) |  | — |  |  | — |  |  | — |
Recognized actuarial loss |  | 9 |  |  | 7 |  |  | 10 |  |  | 8 |  |  | 14 |  |  | 14 |
Recognized prior service credit |  | — |  |  | — |  |  | — |  |  | (8 | ) |  | — |  |  | — |
Liability (gain) loss due to curtailment |  | (91 | ) |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |
Special termination benefits |  | 49 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other costs and adjustments |  | (2 | ) |  | 1 |  |  | 3 |  |  | — |  |  | (2 | ) |  | 1 |
Net periodic benefit cost |  | $ | (1 | ) |  | $ | 3 |  |  | $ | 12 |  |  | $ | 66 |  |  | $ | 69 |  |  | $ | 74 |
Weighted-average assumptions used to determine Occidental's benefit obligation and net periodic benefit cost for domestic plans | The following table sets forth the weighted-average assumptions used to determine Occidental’s benefit obligation and net periodic benefit cost for domestic plans for the years ended December 31:
|  | Pension Benefits |  | Postretirement Benefits
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Benefit Obligation Assumptions: |  |  |  |  |  |  |  |
Discount rate |  | 3.10 | % |  | 4.09 | % |  | 3.26 | % |  | 4.29 | %
Net Periodic Benefit Cost Assumptions: |  |  |  |  |  |  |  |
Discount rate for January 1 - August 31 expense |  | 3.21 | % |  | 3.45 | % |  | 3.41 | % |  | 3.61 | %
Discount rate for September 1 - December 31 expense |  | 3.21 | % |  | 3.45 | % |  | 3.41 | % |  | 4.14 | %
Assumed long-term rate of return on assets |  | 6.50 | % |  | 6.50 | % |  | — |  |  | — |
Rates of increase in compensation levels |  | 5.44 | % |  | — |  |  | — |  |  | — |
Fair values of Occidental's pension plan assets by asset category | The fair values of Occidental’s pension plan assets by asset category were as follows:
millions |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
December 31, 2019 |  |  |  |  |  |  |  |
Asset Class: |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |
Corporate bonds (a) |  | — |  |  | 60 |  |  | — |  |  | 60 |
Mutual funds: |  |  |  |  |  |  |  |
Bond funds |  | 46 |  |  | — |  |  | — |  |  | 46 |
International funds |  | 68 |  |  | — |  |  | — |  |  | 68 |
Common and preferred stocks (b) |  | 173 |  |  | — |  |  | — |  |  | 173 |
Other |  | — |  |  | 29 |  |  | — |  |  | 29 |
Investments measured at fair value |  | $ | 300 |  |  | $ | 89 |  |  | $ | — |  |  | $ | 389 |
Investments measured at net asset value (c) |  | — |  |  | — |  |  | — |  |  | 1,253 |
Total pension plan assets (d) |  | $ | 300 |  |  | $ | 89 |  |  | $ | — |  |  | $ | 1,642 |
December 31, 2018 |  |  |  |  |  |  |  |
Asset Class: |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | 17 |
Corporate bonds (a) |  | — |  |  | 66 |  |  | — |  |  | 66 |
Common/collective trusts (e) |  | — |  |  | 9 |  |  | — |  |  | 9 |
Mutual funds: |  |  |  |  |  |  |  |
Bond funds |  | 31 |  |  | — |  |  | — |  |  | 31 |
Blend funds |  | 48 |  |  | — |  |  | — |  |  | 48 |
Common and preferred stocks (b) |  | 141 |  |  | — |  |  | — |  |  | 141 |
Other |  | — |  |  | 31 |  |  | — |  |  | 31 |
Total pension plan assets (d) |  | $ | 237 |  |  | $ | 106 |  |  | $ | — |  |  | $ | 343 |
(a) | This category represents investment grade bonds of U.S. and non-U.S. issuers from diverse industries.
(b) | This category included 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) | Certain investments measured at fair value using the net asset value per share (or its equivalent) have not been categorized in the fair value hierarchy. Amounts presented in this table are intended to reconcile the fair value hierarchy to the pension plan assets.
(e) Amounts exclude net payables of approximately $3 million and $5 million as of December 31, 2019 and 2018, respectively.
Estimated future benefit payments, which reflect expected future service, as appropriate | Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows for the years ended December 31:
millions |  | Pension Benefits |  | Postretirement Benefits |
2020 |  | $ | 810 |  |  | $ | 73 |
2021 |  | $ | 113 |  |  | $ | 72 |
2022 |  | $ | 125 |  |  | $ | 71 |
2023 |  | $ | 128 |  |  | $ | 70 |
2024 |  | $ | 124 |  |  | $ | 68 |
2025 - 2029 |  | $ | 625 |  |  | $ | 321 |

X
- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(b)(c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration