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LEASE COMMITMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Schedule of operating lease maturities | The following summarizes maturities of lease liabilities as of December 31, 2024:
millions | Operating Leases (a) | Finance Leases (b) | Total
2025 | $ | 410 |  | $ | 172 |  | $ | 582 |
2026 | 264 |  | 161 |  | 425 |
2027 | 136 |  | 145 |  | 281 |
2028 | 76 |  | 115 |  | 191 |
2029 | 58 |  | 82 |  | 140 |
Thereafter | 137 |  | 265 |  | 402 |
Total lease payments | 1,081 |  | 940 |  | 2,021 |
Less: Discount | (93) |  | (147) |  | (240) |
Total lease liabilities | $ | 988 |  | $ | 793 |  | $ | 1,781 |
(a)The weighted-average remaining lease term is 4.0 years and the weighted-average discount rate is 4.77%. (b)The weighted-average remaining lease term is 5.7 years and the weighted-average discount rate is 4.80%.
Schedule of finance lease maturities | The following summarizes maturities of lease liabilities as of December 31, 2024:
millions | Operating Leases (a) | Finance Leases (b) | Total
2025 | $ | 410 |  | $ | 172 |  | $ | 582 |
2026 | 264 |  | 161 |  | 425 |
2027 | 136 |  | 145 |  | 281 |
2028 | 76 |  | 115 |  | 191 |
2029 | 58 |  | 82 |  | 140 |
Thereafter | 137 |  | 265 |  | 402 |
Total lease payments | 1,081 |  | 940 |  | 2,021 |
Less: Discount | (93) |  | (147) |  | (240) |
Total lease liabilities | $ | 988 |  | $ | 793 |  | $ | 1,781 |
(a)The weighted-average remaining lease term is 4.0 years and the weighted-average discount rate is 4.77%. (b)The weighted-average remaining lease term is 5.7 years and the weighted-average discount rate is 4.80%.
Schedule of lease costs | The following tables present Occidental’s total lease cost and other information for operating and finance lease liabilities for the years ended December 31:
millions | 2024 | 2023
Lease Cost |  |
Finance lease cost: |  |
Amortization of right-of-use assets | $ | 152 |  | $ | 126 |
Interest on lease liabilities | 36 |  | 27 |
Operating lease cost | 518 |  | 398 |
Short-term lease cost | 367 |  | 460 |
Total lease cost | $ | 1,073 |  | $ | 1,011 |
millions | 2024 | 2023
Cash payments related to leases |  |
Operating cash flows from finance leases | $ | 34 |  | $ | 27 |
Operating cash flows from operating leases | $ | 298 |  | $ | 198 |
Investing cash flows from operating leases | $ | 209 |  | $ | 183 |
Financing cash flows from finance leases | $ | 137 |  | $ | 105 |
Changes in Right-of-Use assets |  |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ | 195 |  | $ | 226 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 316 |  | $ | 630 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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