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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Components of amounts recognized in the consolidated balance sheets
The following tables show the amounts recognized in Occidental’s consolidated balance sheets related to its pension and postretirement benefit plans as of December 31:

Pension BenefitsPostretirement Benefits
millions2021202020212020
Amounts recognized in the consolidated balance sheet:
Long-term receivables and other assets, net$192 $167 $— $— 
Accrued liabilities(4)(9)(71)(74)
Deferred credits and other liabilities — pension and postretirement obligations(391)(578)(1,149)(1,185)
 $(203)$(420)$(1,220)$(1,259)
Accumulated other comprehensive loss included the following after-tax balances:
Net (gain) loss$(17)$(3)$163 $226 
Prior service credit— — (50)(60)
 $(17)$(3)$113 $166 
Funding status of Occidental's plans
The following tables show the funding status, obligations and plan asset fair values of Occidental related to its pension and postretirement benefit plans for the years ended December 31:

Pension BenefitsPostretirement Benefits
millions2021202020212020
Changes in the benefit obligation:
Benefit obligation — beginning of year$1,613 $2,508 $1,259 $1,175 
Service cost — benefits earned during the period8 37 42 39 
Interest cost on projected benefit obligation35 52 33 37 
Actuarial (gain) loss(55)251 (54)73 
Curtailment (gain) loss— (278)— 2 
Special termination benefits— 23 — — 
Benefits paid(219)(948)(67)(73)
Sale of Colombia assets— (24)— — 
Settlement due to annuity purchase(109)— — — 
Other— (8)7 6 
Benefit obligation — end of year$1,273 $1,613 $1,220 $1,259 
Changes in plan assets:
Fair value of plan assets — beginning of year$1,193 $1,841 $— $— 
Actual return on plan assets44 161 — — 
Employer contributions162 146 59 67 
Benefits paid(219)(948)(67)(73)
Payments due to annuity purchase(109)— — — 
Other(1)(7)8 6 
Fair value of plan assets — end of year$1,070 $1,193 $— $— 
Unfunded status:$(203)$(420)$(1,220)$(1,259)
Schedule of projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit pension plans with an accumulated benefit obligation in excess of plan assets and plan assets in excess of the accumulated benefit obligation
The following table sets forth details of the obligations and assets of Occidental’s defined benefit pension plans for the years ended December 31:

Accumulated Benefit
Obligation in Excess of
Plan Assets		Plan Assets in
Excess of Accumulated
Benefit Obligation
millions2021202020212020
Projected benefit obligation$963 $1,226 $310 $387 
Accumulated benefit obligation$960 $1,221 $308 $379 
Fair value of plan assets$656 $670 $414 $523 
Components of the net periodic benefit costs
The following table sets forth the components of net periodic benefit costs for the years ended December 31:

Pension BenefitsPostretirement Benefits
millions202120202019202120202019
Net periodic benefit costs:     
Service cost — benefits earned during the period$8 $37 $47 $42 $39 $24 
Interest cost on projected benefit obligation35 52 40 33 37 36 
Expected return on plan assets(59)(73)(52)— — — 
Recognized actuarial loss2 5 9 15 11 8 
Recognized prior service credit— — — (9)(8)(8)
(Gain) loss due to curtailment— (124)(91)— 2 6 
Gain due to settlement(19)(19)— — — — 
Special termination benefits— 22 49 — — — 
Other costs and adjustments— 1 (2)— — — 
Net periodic benefit cost$(33)$(99)$— $81 $81 $66 
Weighted-average assumptions used to determine Occidental's benefit obligation and net periodic benefit cost for domestic plans
The following table sets forth the weighted-average assumptions used to determine Occidental’s benefit obligation and net periodic benefit cost for domestic plans for the years ended December 31:

 Pension BenefitsPostretirement Benefits
2021202020212020
Benefit Obligation Assumptions:    
Discount rate2.67 %2.19 %2.94 %3.05 %
Rate of increase in compensation levels3.98 %5.07 %— — 
Net Periodic Benefit Cost Assumptions:
Discount rate2.19 %3.04 %3.05 %3.26 %
Rate of increase in compensation levels5.07 %5.34 %— — 
Assumed long-term rate of return on assets4.92 %6.02 %— — 
Fair values of Occidental's pension plan assets by asset category
The fair values of Occidental’s pension plan assets by asset category were as follows:

millionsLevel 1Level 2Level 3Total
December 31, 2021
Asset Class:    
Cash and cash equivalents$19 $— $— $19 
Government securities63 — — 63 
Corporate bonds (a)
— 36 — 36 
Equity securities (b)
46 — — 46 
Other— 76 — 76 
Investments measured at fair value$128 $112 $— $240 
Investments measured at net asset value (c)
— — — 836 
Total pension plan assets (d)
$128 $112 $— $1,076 
December 31, 2020
Asset Class:
Cash and cash equivalents$38 $— $— $38 
Government securities65 — — 65 
Corporate bonds (a)
— 39 — 39 
Equity securities (b)
138 — — 138 
Other— 55 — 55 
Investments measured at fair value$241 $94 $— $335 
Investments measured at net asset value (c)
— — — 861 
Total pension plan assets (d)
$241 $94 $— $1,196 
(a)This category represents investment grade bonds of U.S. and non-U.S. issuers from diverse industries.
(b)This category represents direct investments in mutual funds and common and preferred stocks from diverse U.S. and non-U.S. industries.
(c)Certain investments measured at fair value using the NAV per share (or its equivalent) have not been categorized in the fair value hierarchy. Amounts presented in this table are intended to reconcile the fair value hierarchy to the pension plan assets.
(d)Amounts exclude net payables of approximately $6 million as of December 31, 2021 and $3 million as of December 31, 2020.
Estimated future benefit payments, which reflect expected future service, as appropriate
Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows for the years ended December 31:

millionsPension BenefitsPostretirement Benefits
2022$130 $72 
202373 70 
202477 68 
202571 66 
202668 64 
2027 - 2031318 306