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STOCK-BASED INCENTIVE PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of changes in Occidental's unvested cash- and stock- settled RSUs | A summary of changes in Occidental’s unvested cash- and stock-settled RSUs during the year ended December 31, 2022, is presented below:
|  | Cash-Settled |  | Stock-Settled
thousands, except fair values |  | RSUs |  | Weighted-Average Grant-Date Fair Value |  | RSUs |  | Weighted-Average Grant-Date Fair Value
Unvested as of January 1 |  | 5,375 |  |  |  | $ | 41.44 |  |  | 8,589 |  |  |  | $ | 33.10 |
Granted |  | 150 |  |  |  | $ | 47.41 |  |  | 4,362 |  |  |  | $ | 45.14 |
Vested |  | (5,188) |  |  |  | $ | 41.86 |  |  | (3,654) |  |  |  | $ | 38.04 |
Forfeitures |  | (39) |  |  |  | $ | 35.80 |  |  | (403) |  |  |  | $ | 39.09 |
Unvested as of December 31 |  | 298 |  |  |  | $ | 37.96 |  |  | 8,894 |  |  |  | $ | 36.70 |
Grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs | The grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs were as follows:
|  | TSRIs
|  | 2022 |  | 2021 |  | 2020
Assumptions used: |  |  |  |  |  |
Risk-free interest rate |  | 1.7% |  | 0.2% |  | 1.4%
Volatility factor |  | 80% |  | 75% |  | 26%
Expected life (years) |  | 2.89 |  | 2.88 |  | 3.00
Grant-date fair value of underlying Occidental common stock |  | $ | 42.98 |  | $ | 25.39 |  | $ | 41.60
Summary of the changes of awards | A summary of changes in Occidental’s unvested TSRIs during the year ended December 31, 2022 is presented below:
|  | TSRIs
thousands, except fair values |  | Awards |  | Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested as of January 1 |  | 1,769 |  |  |  | $ | 43.12 |
Granted |  | 403 |  |  |  | $ | 42.98 |
Vested (a) |  | (520) |  |  |  | $ | 67.19 |
Forfeitures |  | (9) |  |  |  | $ | 35.43 |
Unvested as of December 31 |  | 1,643 |  |  |  | $ | 35.51 |
(a)Presented at the target payouts. No payouts occurred in 2022. A summary of changes in Occidental’s unvested CROCEI during the year ended December 31, 2022 is presented below:
|  | CROCEI
thousands, except fair values |  | Awards |  | Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested as of January 1 |  | 418 |  |  |  | $ | 33.03 |
Granted |  | 156 |  |  |  | $ | 42.98 |
Unvested as of December 31 |  | 574 |  |  |  | $ | 35.73 |
Summary of stock options | The inputs to this and results of this model are presented below:
|  | Options
|  | 2022 |  | 2021 |  | 2020
Assumptions used: |  |  |  |  |  |
Risk-free interest rate |  | 1.87% |  | 0.7% |  | 1.4%
Volatility factor |  | 58% |  | 55% |  | 25%
Expected life (years) |  | 6.02 |  | 6.00 |  | 6.00
Dividend yield |  | 0.09% |  | 0.16% |  | 7.60%
Exercise price |  | $ | 42.98 |  | $ | 25.39 |  | $ | 41.60
Grant-date fair value of underlying Occidental common stock |  | $ | 23.39 |  | $ | 12.72 |  | $ | 3.19
A summary of Occidental’s outstanding stock options as of December 31, 2022 and changes during the year ended December 31, 2022 is presented below:
|  | Vested |  | Unvested
thousands, except fair values |  | Options | Weighted Average Strike Price |  | Options | Weighted Average Strike Price
January 1 |  | 2,236 |  | $ | 49.13 |  |  | 1,430 |  | $ | 35.52 |
Granted |  | — |  | $ | — |  |  | 286 |  | $ | 42.98 |
Vested |  | 641 |  | $ | 36.68 |  |  | (641) |  | $ | 36.68 |
Forfeited |  | (551) |  | $ | 76.96 |  |  | — |  | $ | — |
Exercised |  | (673) |  | $ | 39.78 |  |  | — |  | $ | — |
December 31 |  | 1,653 |  | $ | 38.83 |  |  | 1,075 |  | $ | 36.82 |

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- Definition Disclosure of significant grant date assumptions used to estimate the fair value of performance based stock awards including grant date stock price, risk-free interest rate, dividend yield, volatility and expected life. + References No definition available. + Details
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- Definition Tabular disclosure of the changes in number of outstanding unvested share-equivalent awards and thee related weighted-average grant-date fair value of the entity's stock fair value. + References No definition available. + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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