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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of 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 Benefits | Postretirement Benefits
millions | 2024 | 2023 | 2024 | 2023
Amounts recognized in the Consolidated Balance Sheet: |  |  |  |
Other long-term assets | $ | 133 |  | $ | 126 |  | $ | — |  | $ | — |
Accrued liabilities | (2) |  | (3) |  | (52) |  | (57) |
Deferred credits and other liabilities — pension and postretirement obligations | (244) |  | (270) |  | (778) |  | (661) |
| $ | (113) |  | $ | (147) |  | $ | (830) |  | $ | (718) |
Accumulated other comprehensive loss included the following after-tax balances: |  |  |  |
Net (gain) loss | $ | (8) |  | $ | 3 |  | $ | (122) |  | $ | (217) |
Prior service credit | — |  | — |  | (40) |  | (45) |
| $ | (8) |  | $ | 3 |  | $ | (162) |  | $ | (262) |
Schedule of 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 Benefits | Postretirement Benefits
millions | 2024 | 2023 | 2024 | 2023
Changes in the benefit obligation: |  |  |  |
Benefit obligation — beginning of year | $ | 879 |  | $ | 886 |  | $ | 718 |  | $ | 773 |
Service cost — benefits earned during the period | 4 |  | 5 |  | 18 |  | 16 |
Interest cost on projected benefit obligation | 42 |  | 45 |  | 35 |  | 37 |
Actuarial (gain) loss | (38) |  | 19 |  | 105 |  | (53) |
Benefits paid | (71) |  | (80) |  | (50) |  | (65) |
Other | (3) |  | 4 |  | 4 |  | 10 |
Benefit obligation — end of year | $ | 813 |  | $ | 879 |  | $ | 830 |  | $ | 718 |
Changes in plan assets: |  |  |  |
Fair value of plan assets — beginning of year | $ | 732 |  | $ | 641 |  | $ | — |  | $ | — |
Actual return on plan assets | 16 |  | 77 |  | — |  | — |
Employer contributions | 23 |  | 89 |  | 45 |  | 54 |
Benefits paid | (71) |  | (80) |  | (50) |  | (64) |
Other | — |  | 5 |  | 5 |  | 10 |
Fair value of plan assets — end of year | $ | 700 |  | $ | 732 |  | $ | — |  | $ | — |
Unfunded status: | $ | (113) |  | $ | (147) |  | $ | (830) |  | $ | (718) |
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
millions | 2024 | 2023 | 2024 | 2023
Projected benefit obligation | $ | 648 |  | $ | 719 |  | $ | 165 |  | $ | 160 |
Accumulated benefit obligation | $ | 647 |  | $ | 717 |  | $ | 165 |  | $ | 157 |
Fair value of plan assets | $ | 505 |  | $ | 543 |  | $ | 195 |  | $ | 189 |
Schedule of 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 Benefits | Postretirement Benefits
millions | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Net periodic benefit costs: |  |  |  |  |  |
Service cost — benefits earned during the period | $ | 4 |  | $ | 5 |  | $ | 7 |  | $ | 18 |  | $ | 16 |  | $ | 38 |
Interest cost on projected benefit obligation | 42 |  | 45 |  | 36 |  | 35 |  | 37 |  | 33 |
Expected return on plan assets | (41) |  | (45) |  | (38) |  | — |  | — |  | — |
Recognized actuarial loss (gain) | 2 |  | 4 |  | 1 |  | (15) |  | (20) |  | 5 |
Recognized prior service credit | — |  | — |  | — |  | (8) |  | (9) |  | (9) |
Gain (loss) due to settlement | — |  | 1 |  | (1) |  | — |  | — |  | — |
Net periodic benefit costs | $ | 7 |  | $ | 10 |  | $ | 5 |  | $ | 30 |  | $ | 24 |  | $ | 67 |
Schedule of 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 Benefits | Postretirement Benefits
| 2024 | 2023 | 2024 | 2023
Benefit Obligation Assumptions: |  |  |  |
Discount rate | 5.52 | % | 4.98 | % | 5.68 | % | 5.12 | %
Rate of increase in compensation levels | 3.95 | % | 3.96 | % | — |  | — |
Net Periodic Benefit Cost Assumptions: |  |  |  |
Discount rate | 4.98 | % | 5.27 | % | 5.12 | % | 5.43 | %
Rate of increase in compensation levels | 3.96 | % | 3.95 | % | — |  | — |
Assumed long-term rate of return on assets | 6.13 | % | 6.65 | % | — |  | — |
Schedule of fair values of cccidental's pension plan assets by asset category | The fair values of Occidental’s pension plan assets by asset category were as follows:
millions | Level 1 | Level 2 | Level 3 | Total
December 31, 2024 |  |  |  |
Asset Class: |  |  |  |
Government securities | $ | 33 |  | $ | — |  | $ | — |  | $ | 33 |
Corporate bonds (a) | — |  | 17 |  | — |  | 17 |
Equity securities (b) | 31 |  | — |  | — |  | 31 |
Other | 2 |  | 41 |  | — |  | 43 |
Investments measured at fair value | $ | 66 |  | $ | 58 |  | $ | — |  | $ | 124 |
Investments measured at net asset value (c) | — |  | — |  | — |  | 576 |
Total pension plan assets | $ | 66 |  | $ | 58 |  | $ | — |  | $ | 700 |
December 31, 2023 |  |  |  |
Asset Class: |  |  |  |
Government securities | $ | 42 |  | $ | — |  | $ | — |  | $ | 42 |
Corporate bonds (a) | — |  | 19 |  | — |  | 19 |
Equity securities (b) | 33 |  | — |  | — |  | 33 |
Other | — |  | 47 |  | — |  | 47 |
Investments measured at fair value | $ | 75 |  | $ | 66 |  | $ | — |  | $ | 141 |
Investments measured at net asset value (c) | — |  | — |  | — |  | 591 |
Total pension plan assets | $ | 75 |  | $ | 66 |  | $ | — |  | $ | 732 |
(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.
Schedule of 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:
millions | Pension Benefits | Postretirement Benefits
2025 |  | $ | 73 |  |  | $ | 54 |
2026 |  | 68 |  |  | 56 |
2027 |  | 70 |  |  | 60 |
2028 |  | 65 |  |  | 59 |
2029 |  | 62 |  |  | 58 |
2030 - 2034 |  | 295 |  |  | 293 |

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