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LEASE COMMITMENTS (Tables) | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Schedule of lease related assets and liabilities | The following table presents lease balances and their classification on the Consolidated Balance Sheets as of December 31:
millions |  | Balance sheet classification | 2021 |  | 2020
Assets: |  |  |  |  |
Operating |  | Operating lease assets | $ | 726 |  |  | $ | 1,062 |
Finance |  | Property, plant and equipment | 581 |  |  | 365 |
Total lease assets |  |  | $ | 1,307 |  |  | $ | 1,427 |
Liabilities: |  |  |  |  |
Current |  |  |  |  |
Operating |  | Current operating lease liabilities | $ | 186 |  |  | $ | 473 |
Finance |  | Current maturities of long-term debt | 85 |  |  | 42 |
Non-current |  |  |  |  |
Operating |  | Deferred credits and other liabilities - Operating lease liabilities | 585 |  |  | 641 |
Finance |  | Long-term debt, net | 504 |  |  | 316 |
Total lease liabilities |  |  | $ | 1,360 |  |  | $ | 1,472 |
Schedule of operating lease maturities | As of December 31, 2021, Occidental will make the following lease payments:
millions |  | Operating Leases (a) |  | Finance Leases (b) |  | Total
2022 |  | $ | 183 |  |  | $ | 85 |  |  | $ | 268 |
2023 |  | 128 |  |  | 84 |  |  | 212 |
2024 |  | 99 |  |  | 82 |  |  | 181 |
2025 |  | 78 |  |  | 68 |  |  | 146 |
2026 |  | 94 |  |  | 57 |  |  | 151 |
Thereafter |  | 302 |  |  | 300 |  |  | 602 |
Total lease payments |  | 884 |  |  | 676 |  |  | 1,560 |
Less: Interest |  | (113) |  |  | (87) |  |  | (200) |
Total lease liabilities |  | $ | 771 |  |  | $ | 589 |  |  | $ | 1,360 |
(a)The weighted-average remaining lease term is 7.3 years and the weighted-average discount rate is 3.40%. (b)The weighted-average remaining lease term is 9.2 years and the weighted-average discount rate is 2.91%.
Schedule of finance lease maturities | As of December 31, 2021, Occidental will make the following lease payments:
millions |  | Operating Leases (a) |  | Finance Leases (b) |  | Total
2022 |  | $ | 183 |  |  | $ | 85 |  |  | $ | 268 |
2023 |  | 128 |  |  | 84 |  |  | 212 |
2024 |  | 99 |  |  | 82 |  |  | 181 |
2025 |  | 78 |  |  | 68 |  |  | 146 |
2026 |  | 94 |  |  | 57 |  |  | 151 |
Thereafter |  | 302 |  |  | 300 |  |  | 602 |
Total lease payments |  | 884 |  |  | 676 |  |  | 1,560 |
Less: Interest |  | (113) |  |  | (87) |  |  | (200) |
Total lease liabilities |  | $ | 771 |  |  | $ | 589 |  |  | $ | 1,360 |
(a)The weighted-average remaining lease term is 7.3 years and the weighted-average discount rate is 3.40%. (b)The weighted-average remaining lease term is 9.2 years and the weighted-average discount rate is 2.91%.
Schedule of lease costs | The following tables present Occidental’s total lease cost classifications and cash paid for operating and finance lease liabilities for the years ended December 31:
millions |  |
Lease cost classification (a) | 2021 | 2020
Operating lease costs (b) |  |
Property, plant and equipment, net | $ | 222 |  | $ | 197 |
Operating expense and cost of sales | 487 |  | 557 |
Selling, general and administrative expenses | 109 |  | 107 |
Finance lease cost |  |
Amortization of ROU assets | 39 |  | 29 |
Interest on lease liabilities | 13 |  | 14 |
Total lease cost | $ | 870 |  | $ | 904 |
(a)Amounts reflected are gross before joint-interest recoveries. Lease payments are reduced by joint-interest recoveries on the income statement through the joint-interest billing process. (b)Included short-term lease cost of $238 million and $207 million and variable lease cost of $120 million and $95 million for the years ended December 31, 2021 and 2020, respectively.
millions | 2021 | 2020
Operating cash flows | $ | 401 |  | $ | 506 |
Investing cash flows | $ | 73 |  | $ | 89 |
Financing cash flows | $ | 39 |  | $ | 29 |

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