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LEASE COMMITMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Schedule of lease related assets and liabilities | The following table presents lease balances and their location on the Consolidated Balance Sheet at December 31, 2020 and 2019:
millions |  | Balance sheet location | 2020 |  | 2019
Assets: |  |  |  |  |
Operating |  | Operating lease assets | $ | 1,062 |  |  | $ | 1,411 |
Finance |  | Property, plant and equipment | 365 |  |  | 397 |
Total lease assets |  |  | $ | 1,427 |  |  | $ | 1,808 |
Liabilities: |  |  |  |  |
Current |  |  |  |  |
Operating |  | Current operating lease liabilities | $ | 473 |  |  | $ | 579 |
Finance |  | Current maturities of long-term debt | 42 |  |  | 51 |
Non-current |  |  |  |  |
Operating |  | Deferred credits and other liabilities - Operating lease liabilities | 641 |  |  | 872 |
Finance |  | Long-term debt, net | 316 |  |  | 347 |
Total lease liabilities |  |  | $ | 1,472 |  |  | $ | 1,849 |
Schedule of operating lease maturities | At December 31, 2020, Occidental’s leases expire based on the following schedule:
millions |  | Operating Leases (a) |  | Finance Leases (b) |  | Total
2021 |  | $ | 456 |  |  | $ | 44 |  |  | $ | 500 |
2022 |  | 182 |  |  | 43 |  |  | 225 |
2023 |  | 108 |  |  | 41 |  |  | 149 |
2024 |  | 87 |  |  | 46 |  |  | 133 |
2025 |  | 71 |  |  | 30 |  |  | 101 |
Thereafter |  | 385 |  |  | 231 |  |  | 616 |
Total lease payments |  | 1,289 |  |  | 435 |  |  | 1,724 |
Less: Interest |  | (175) |  |  | (77) |  |  | (252) |
Total lease liabilities |  | $ | 1,114 |  |  | $ | 358 |  |  | $ | 1,472 |
(a)The weighted-average remaining lease term is 6.2 years and the weighted-average discount rate is 4.73%. (b)The weighted-average remaining lease term is 10.6 years and the weighted-average discount rate is 3.47%.
Schedule of finance lease maturities | At December 31, 2020, Occidental’s leases expire based on the following schedule:
millions |  | Operating Leases (a) |  | Finance Leases (b) |  | Total
2021 |  | $ | 456 |  |  | $ | 44 |  |  | $ | 500 |
2022 |  | 182 |  |  | 43 |  |  | 225 |
2023 |  | 108 |  |  | 41 |  |  | 149 |
2024 |  | 87 |  |  | 46 |  |  | 133 |
2025 |  | 71 |  |  | 30 |  |  | 101 |
Thereafter |  | 385 |  |  | 231 |  |  | 616 |
Total lease payments |  | 1,289 |  |  | 435 |  |  | 1,724 |
Less: Interest |  | (175) |  |  | (77) |  |  | (252) |
Total lease liabilities |  | $ | 1,114 |  |  | $ | 358 |  |  | $ | 1,472 |
(a)The weighted-average remaining lease term is 6.2 years and the weighted-average discount rate is 4.73%. (b)The weighted-average remaining lease term is 10.6 years and the weighted-average discount rate is 3.47%.
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 for the years ended December 31:
millions |  |
Lease cost classification (a) | 2020 | 2019
Operating lease costs (b) |  |
Property, plant and equipment, net | $ | 197 |  | $ | 449 |
Operating expense and cost of sales | 557 |  | 391 |
Selling, general and administrative expenses | 107 |  | 92 |
Finance lease cost |  |
Amortization of ROU assets | 29 |  | 19 |
Interest on lease liabilities | 14 |  | 2 |
Total lease cost | $ | 904 |  | $ | 953 |
(a)Amounts reflected are gross before joint-interest recoveries. (b)Included short-term lease cost of $207 million and $404 million and variable lease cost of $95 million and $162 million for the years ended December 31, 2020 and 2019, respectively.
millions | 2020 | 2019
Operating cash flows | $ | 506 |  | $ | 262 |
Investing cash flows | $ | 89 |  | $ | 112 |
Financing cash flows (a) | $ | 29 |  | $ | 19 |
(a)Excludes cash received of approximately $300 million associated with a failed sale-leaseback in 2019, see Note 4 - Divestitures and Other Tra nsactions.

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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