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Lease Commitments (Tables) | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Schedule of Lease Related Assets and Liabilities | The following table presents lease balances and their location on the Consolidated Condensed Balance Sheet at June 30, 2020, and December 31, 2019:
millions |  | Balance sheet location |  | 2020 |  | 2019
Assets: |  |  |  |  |  |
Operating |  | Operating lease assets |  | $ | 1,129 |  |  | $ | 1,411 |
Finance |  | Property, plant and equipment |  | 338 |  |  | 397 |
Total lease assets |  |  |  | $ | 1,467 |  |  | $ | 1,808 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Current operating lease liabilities |  | $ | 420 |  |  | $ | 579 |
Finance |  | Current maturities of long-term debt |  | 34 |  |  | 51 |
Non-current |  |  |  |  |  |
Operating |  | Deferred credits and other liabilities - Operating lease liabilities |  | 740 |  |  | 872 |
Finance |  | Long-term debt, net |  | 301 |  |  | 347 |
Total lease liabilities |  |  |  | $ | 1,495 |  |  | $ | 1,849 |
Schedule of Operating Lease Maturities | At June 30, 2020, Occidental's leases expire based on the following schedule:
|  | Operating |  | Finance |  |
millions |  | Leases (a) |  | Leases (b) |  | Total
Remainder of 2020 |  | $ | 239 |  |  | $ | 17 |  |  | $ | 256 |
2021 |  | 406 |  |  | 37 |  |  | 443 |
2022 |  | 149 |  |  | 34 |  |  | 183 |
2023 |  | 109 |  |  | 32 |  |  | 141 |
2024 |  | 87 |  |  | 30 |  |  | 117 |
Thereafter |  | 405 |  |  | 261 |  |  | 666 |
Total lease payments |  | 1,395 |  |  | 411 |  |  | 1,806 |
Less: Interest |  | (235) |  |  | (76) |  |  | (311) |
Total lease liabilities |  | $ | 1,160 |  |  | $ | 335 |  |  | $ | 1,495 |
(a) The weighted-average remaining lease term is 5.6 years and the weighted-average discount rate is 5.03%. (b) The weighted-average remaining lease term is 11.8 years and the weighted-average discount rate is 3.36%.
Schedule of Finance Lease Maturities | At June 30, 2020, Occidental's leases expire based on the following schedule:
|  | Operating |  | Finance |  |
millions |  | Leases (a) |  | Leases (b) |  | Total
Remainder of 2020 |  | $ | 239 |  |  | $ | 17 |  |  | $ | 256 |
2021 |  | 406 |  |  | 37 |  |  | 443 |
2022 |  | 149 |  |  | 34 |  |  | 183 |
2023 |  | 109 |  |  | 32 |  |  | 141 |
2024 |  | 87 |  |  | 30 |  |  | 117 |
Thereafter |  | 405 |  |  | 261 |  |  | 666 |
Total lease payments |  | 1,395 |  |  | 411 |  |  | 1,806 |
Less: Interest |  | (235) |  |  | (76) |  |  | (311) |
Total lease liabilities |  | $ | 1,160 |  |  | $ | 335 |  |  | $ | 1,495 |
(a) The weighted-average remaining lease term is 5.6 years and the weighted-average discount rate is 5.03%. (b) The weighted-average remaining lease term is 11.8 years and the weighted-average discount rate is 3.36%.
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:
millions |  | Three months ended June 30, |  |  |  | Six months ended June 30, |  |
Lease cost classification (a) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease costs (b) |  |  |  |  |  |  |  |
Property, plant and equipment, net |  | $ | 45 |  |  | $ | 91 |  |  | $ | 129 |  |  | $ | 182 |
Cost of sales (c) |  | 143 |  |  | 61 |  |  | 287 |  |  | 138 |
Selling, general and administrative expenses |  | 22 |  |  | 19 |  |  | 43 |  |  | 35 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of ROU assets |  | 7 |  |  | — |  |  | 11 |  |  | — |
Interest on lease liabilities |  | 3 |  |  | — |  |  | 6 |  |  | — |
Total lease cost |  | $ | 220 |  |  | $ | 171 |  |  | $ | 476 |  |  | $ | 355 |
(a) Amounts reflected are gross before joint-interest recoveries. (b) Includes short-term lease cost of $51 million and $70 million for the three months ended June 30, 2020, and 2019, respectively, and $105 million and $156 million for the six months ended June 30, 2020, and 2019, respectively. Includes variable lease cost of $24 million and $29 million for the three months ended June 30, 2020, and 2019, respectively, and $62 million and $60 million for the six months ended June 30, 2020, and 2019, respectively. (c) Operating lease costs recorded as cost of sales in oil and gas operating expenses, transportation and gathering expenses and chemical and midstream cost of sales depending on their nature.
millions |  | Six months ended June 30, |  |
|  | 2020 |  | 2019
Operating cash flows |  | $ | 270 |  |  | $ | 95 |
Investing cash flows |  | $ | 49 |  |  | $ | 44 |
Financing cash flows |  | $ | 12 |  |  | $ | — |

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