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Lease Commitments (Tables) | 9 Months Ended
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Sep. 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 September 30, 2020, and December 31, 2019:
millions |  | Balance sheet location |  | September 30, 2020 |  | December 31, 2019
Assets: |  |  |  |  |  |
Operating |  | Operating lease assets |  | $ | 1,196 |  |  | $ | 1,411 |
Finance |  | Property, plant and equipment |  | 329 |  |  | 397 |
Total lease assets |  |  |  | $ | 1,525 |  |  | $ | 1,808 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Current operating lease liabilities |  | $ | 459 |  |  | $ | 579 |
Finance |  | Current maturities of long-term debt |  | 33 |  |  | 51 |
Non-current |  |  |  |  |  |
Operating |  | Deferred credits and other liabilities - Operating lease liabilities |  | 786 |  |  | 872 |
Finance |  | Long-term debt, net |  | 292 |  |  | 347 |
Total lease liabilities |  |  |  | $ | 1,570 |  |  | $ | 1,849 |
Schedule of Operating Lease Maturities | At September 30, 2020, Occidental's leases expire based on the following schedule:
|  | Operating |  | Finance |  |
millions |  | Leases (a) |  | Leases (b) |  | Total
Remainder of 2020 |  | $ | 117 |  |  | $ | 7 |  |  | $ | 124 |
2021 |  | 454 |  |  | 35 |  |  | 489 |
2022 |  | 182 |  |  | 34 |  |  | 216 |
2023 |  | 110 |  |  | 32 |  |  | 142 |
2024 |  | 89 |  |  | 30 |  |  | 119 |
Thereafter |  | 480 |  |  | 261 |  |  | 741 |
Total lease payments |  | 1,432 |  |  | 399 |  |  | 1,831 |
Less: Interest |  | (187) |  |  | (74) |  |  | (261) |
Total lease liabilities |  | $ | 1,245 |  |  | $ | 325 |  |  | $ | 1,570 |
(a) The weighted-average remaining lease term is 6.0 years and the weighted-average discount rate is 4.53%. (b) The weighted-average remaining lease term is 11.8 years and the weighted-average discount rate is 3.37%.
Schedule of Finance Lease Maturities | At September 30, 2020, Occidental's leases expire based on the following schedule:
|  | Operating |  | Finance |  |
millions |  | Leases (a) |  | Leases (b) |  | Total
Remainder of 2020 |  | $ | 117 |  |  | $ | 7 |  |  | $ | 124 |
2021 |  | 454 |  |  | 35 |  |  | 489 |
2022 |  | 182 |  |  | 34 |  |  | 216 |
2023 |  | 110 |  |  | 32 |  |  | 142 |
2024 |  | 89 |  |  | 30 |  |  | 119 |
Thereafter |  | 480 |  |  | 261 |  |  | 741 |
Total lease payments |  | 1,432 |  |  | 399 |  |  | 1,831 |
Less: Interest |  | (187) |  |  | (74) |  |  | (261) |
Total lease liabilities |  | $ | 1,245 |  |  | $ | 325 |  |  | $ | 1,570 |
(a) The weighted-average remaining lease term is 6.0 years and the weighted-average discount rate is 4.53%. (b) The weighted-average remaining lease term is 11.8 years and the weighted-average discount rate is 3.37%.
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 September 30, |  | Nine months ended September 30,
Lease cost classification (a) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease costs (b) |  |  |  |  |  |  |  |
Property, plant and equipment, net |  | $ | 24 |  |  | $ | 139 |  |  | $ | 153 |  |  | $ | 321 |
Cost of sales |  | 131 |  |  | 135 |  |  | 417 |  |  | 273 |
Selling, general and administrative expenses |  | 37 |  |  | 26 |  |  | 80 |  |  | 61 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of ROU assets |  | 5 |  |  | 5 |  |  | 14 |  |  | 11 |
Interest on lease liabilities |  | 3 |  |  | 1 |  |  | 9 |  |  | 1 |
Total lease cost |  | $ | 200 |  |  | $ | 306 |  |  | $ | 673 |  |  | $ | 667 |
(a) Amounts reflected are gross before joint-interest recoveries. (b) Includes short-term lease cost of $42 million and $146 million for the three and nine months ended September 30, 2020, respectively, and $139 million and $295 million for the three and nine months ended September 30, 2019, respectively. Includes variable lease cost of $11 million and $73 million for the three and nine months ended September 30, 2020, respectively, and $55 million and $115 million for the three and nine months ended September 30, 2019, respectively.
|  | Nine months ended September 30,
millions |  | 2020 |  | 2019
Operating cash flows |  | $ | 401 |  |  | $ | 164 |
Investing cash flows |  | $ | 59 |  |  | $ | 83 |
Financing cash flows |  | $ | 15 |  |  | $ | 11 |

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