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LEASE COMMITMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
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 | 2022 |  | 2021
Assets: |  |  |  |  |
Operating |  | Operating lease assets | $ | 903 |  |  | $ | 726 |
Finance |  | Property, plant and equipment | 686 |  |  | 581 |
Total lease assets |  |  | $ | 1,589 |  |  | $ | 1,307 |
Liabilities: |  |  |  |  |
Current |  |  |  |  |
Operating |  | Current operating lease liabilities | $ | 273 |  |  | $ | 186 |
Finance |  | Current maturities of long-term debt | 143 |  |  | 85 |
Non-current |  |  |  |  |
Operating |  | Deferred credits and other liabilities - Operating lease liabilities | 657 |  |  | 585 |
Finance |  | Long-term debt, net | 546 |  |  | 504 |
Total lease liabilities |  |  | $ | 1,619 |  |  | $ | 1,360 |
Schedule of operating lease maturities | As of December 31, 2022, Occidental’s outstanding lease payments, excluding variable component, consisted of the following:
millions |  | Operating Leases (a) |  | Finance Leases (b) |  | Total
2023 |  | $ | 287 |  |  | $ | 146 |  |  | $ | 433 |
2024 |  | 226 |  |  | 109 |  |  | 335 |
2025 |  | 108 |  |  | 95 |  |  | 203 |
2026 |  | 89 |  |  | 84 |  |  | 173 |
2027 |  | 81 |  |  | 66 |  |  | 147 |
Thereafter |  | 250 |  |  | 277 |  |  | 527 |
Total lease payments |  | 1,041 |  |  | 777 |  |  | 1,818 |
Less: Interest |  | (111) |  |  | (88) |  |  | (199) |
Total lease liabilities |  | $ | 930 |  |  | $ | 689 |  |  | $ | 1,619 |
(a)The weighted-average remaining lease term is 5.4 years and the weighted-average discount rate is 3.84%. (b)The weighted-average remaining lease term is 7.7 years and the weighted-average discount rate is 3.05%.
Schedule of finance lease maturities | As of December 31, 2022, Occidental’s outstanding lease payments, excluding variable component, consisted of the following:
millions |  | Operating Leases (a) |  | Finance Leases (b) |  | Total
2023 |  | $ | 287 |  |  | $ | 146 |  |  | $ | 433 |
2024 |  | 226 |  |  | 109 |  |  | 335 |
2025 |  | 108 |  |  | 95 |  |  | 203 |
2026 |  | 89 |  |  | 84 |  |  | 173 |
2027 |  | 81 |  |  | 66 |  |  | 147 |
Thereafter |  | 250 |  |  | 277 |  |  | 527 |
Total lease payments |  | 1,041 |  |  | 777 |  |  | 1,818 |
Less: Interest |  | (111) |  |  | (88) |  |  | (199) |
Total lease liabilities |  | $ | 930 |  |  | $ | 689 |  |  | $ | 1,619 |
(a)The weighted-average remaining lease term is 5.4 years and the weighted-average discount rate is 3.84%. (b)The weighted-average remaining lease term is 7.7 years and the weighted-average discount rate is 3.05%.
Schedule of lease costs | The following tables present Occidental’s total lease cost classifications for operating and finance lease liabilities for the years ended December 31:
millions |  |
Lease cost classification (a) | 2022 | 2021
Operating lease costs (b) |  |
Property, plant and equipment, net | $ | 246 |  | $ | 222 |
Operating expense and cost of sales | 234 |  | 487 |
Selling, general and administrative expenses | 78 |  | 109 |
Finance lease cost |  |
Amortization of ROU assets | 83 |  | 39 |
Interest on lease liabilities | 20 |  | 13 |
Total lease cost | $ | 661 |  | $ | 870 |
(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 $184 million and $238 million and variable lease cost of $101 million and $120 million for the years ended December 31, 2022 and 2021, respectively. The following tables present Occidental’s total cash paid for operating and finance lease liabilities for the years ended December 31
millions | 2022 | 2021
Operating cash flows | $ | 211 |  | $ | 401 |
Investing cash flows | $ | 81 |  | $ | 73 |
Financing cash flows | $ | 83 |  | $ | 39 |

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