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STOCKHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2020
Stockholders' Equity Note [Abstract] |
STOCKHOLDERS' EQUITY |
NOTE 13 - STOCKHOLDERS’ EQUITY
The following is a summary of common stock issuances:
Shares in thousands |  | Common Stock
Balance, December 31, 2017 |  | 893,469 |
Issued |  | 1,628 |
Options exercised and other, net |  | 19 |
Balance, December 31, 2018 |  | 895,116 |
Issued |  | 3,188 |
Issued as part of the Acquisition (a) |  | 146,131 |
Balance, December 31, 2019 |  | 1,044,435 |
Issued |  | 36,130 |
Options exercised and other, net |  | — |
Balance, December 31, 2020 |  | 1,080,565 |
(a)Included approximately 2 million shares of common stock issued to a benefits trust for former Anadarko employees treated as treasury stock at December 31, 2019. These shares were sold from the trust in the first quarter of 2020. TREASURY STOCK The total number of shares authorized for Occidental’s share repurchase program is 185 million shares of which 44.2 million may yet be purchased under the repurchase program. However, the program does not obligate Occidental to acquire any specific number of shares and may be discontinued at any time. In 2020, no shares were purchased under the program. In 2019, 2.7 million shares were purchased at an average price of $66.94. In 2018, 16.9 million shares were purchased at an average price of $74.92. Additionally, Occidental purchased shares from the trustee of its defined contribution savings plan in 2020 and 2018. As of December 31, 2020, 2019 and 2018, treasury stock shares numbered 149.1 million, 150.3 million and 145.7 million, respectively. PREFERRED STOCK In connection with the Acquisition, Occidental issued 100,000 shares of series A preferred stock (the Preferred Stock), having a face value of $100,000 per share and a liquidation preference of $105,000 per share plus unpaid accrued dividends. In connection with the preferred stock issuance, Occidental also issued the Warrant. The holder of the Warrant and the Preferred Stock may redeem the Preferred Stock as payment for the exercise price of the Warrant in lieu of cash payment upon exercise. The Preferred Stock is redeemable at Occidental’s option after the 10th anniversary of issuance. Dividends on the Preferred Stock will accrue on the face value at a rate per annum of 8%, but will be paid only when, as and if declared by Occidental’s Board of Directors. At any time, when such dividends have not been paid in full, the unpaid amounts will accrue dividends, compounded quarterly, at a rate per annum of 9%. Following the payment in full of any accrued but unpaid dividends, the dividend rate will remain at 9% per annum. If preferred dividends are not paid in full, Occidental is prohibited from paying dividends on common stock. In March and June 2020, the Board of Directors elected to declare its quarterly dividend on the Preferred Stock in shares of common stock. In accordance with the Certificate of Designations, the number of shares issued was calculated based on 90 percent of the average of the volume weighted average price over each of the 10 consecutive trading days following the dividend declaration date. In April and July 2020, Occidental issued approximately 17.3 million and 11.6 million shares, respectively, of common stock to the holders of the Preferred Stock. In October 2020 and January 2021, Occidental paid $200 million cash in Preferred Stock dividends for the Q3 and Q4 dividends, respectively. At December 31, 2020 and 2019, Occidental had 100,000 shares of preferred stock issued and outstanding, and none were outstanding in 2018. COMMON STOCK WARRANTS On June 26, 2020, the Board of Directors declared a distribution of warrants to holders of Occidental common stock, at a rate of 0.125 warrants per share of Occidental common stock (the Common Stock Warrants). Occidental issued approximately 116 million Common Stock Warrants on August 3, 2020 to holders of record of outstanding shares of Occidental’s common stock as of the close of business on July 6, 2020, and pursuant to Occidental’s outstanding equity-based incentive awards in connection with anti-dilution adjustments resulting from such distribution. The Common Stock Warrants have an exercise price of $22.00 per share and will expire on August 3, 2027. The Common Stock Warrants are listed on the New York Stock Exchange and trade under the symbol "OXY WS". The Common Stock Warrants were measured at fair value on the declaration date using the Black-Scholes option model and were classified as equity in "Additional paid-in capital". The following level 2 inputs were used in the Black-Scholes option model: the expected life of the Common Stock Warrants, a volatility factor and the exercise price. The expected life is based on the estimated term of the Common Stock Warrants, the volatility factor is based on historical volatilities of Occidental common stock and the exercise of $22.00 per share of Occidental common stock. As of the declaration date, the fair value of the Common Stock Warrants was determined to be $767 million. EARNINGS PER SHARE The following table presents the calculation of basic and diluted earnings per share for the years ended December 31:
millions except per share amounts |  | 2020 |  | 2019 |  | 2018
Income (loss) from continuing operations |  | $ | (13,533) |  |  | $ | (507) |  |  | $ | 4,131 |
Loss from discontinued operations |  | (1,298) |  |  | (15) |  |  | — |
Net income (loss) |  | $ | (14,831) |  |  | $ | (522) |  |  | $ | 4,131 |
Less: Net income attributable to noncontrolling interest |  | — |  |  | (145) |  |  | — |
Less: Preferred stock dividends |  | (844) |  |  | (318) |  |  | — |
Net income (loss) attributable to common stock |  | $ | (15,675) |  |  | $ | (985) |  |  | $ | 4,131 |
Less: Net income allocated to participating securities |  | — |  |  | — |  |  | (17) |
Net income (loss), net of participating securities |  | $ | (15,675) |  |  | $ | (985) |  |  | $ | 4,114 |
Weighted-average number of basic shares |  | 918.7 |  |  | 809.5 |  |  | 761.7 |
Basic earnings (loss) per common share |  | $ | (17.06) |  |  | $ | (1.22) |  |  | $ | 5.40 |
Net income (loss), net of participating securities |  | $ | (15,675) |  |  | $ | (985) |  |  | $ | 4,114 |
Weighted-average number of basic shares |  | 918.7 |  |  | 809.5 |  |  | 761.7 |
Dilutive securities |  | — |  |  | — |  |  | 1.6 |
Total diluted weighted-average common shares |  | 918.7 |  |  | 809.5 |  |  | 763.3 |
Diluted earnings (loss) per common share |  | $ | (17.06) |  |  | $ | (1.22) |  |  | $ | 5.39 |
ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consisted of the following after-tax amounts at December 31:
millions |  | 2020 |  | 2019
Foreign currency translation adjustments |  | $ | (6) |  |  | $ | (7) |
Losses on derivatives |  | (119) |  |  | (122) |
Pension and postretirement adjustments (a) |  | (163) |  |  | (92) |
Total |  | $ | (288) |  |  | $ | (221) |
(a)See Note 15 - Retirement and Postretirement Benefit Plans for further information.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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