RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2014

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

Components of amounts recognized in the consolidated balance sheets

The following tables show the amounts recognized in our balance sheets related to pension and postretirement benefit plans, including our share of obligations for Occidental-sponsored plans as well as plans that we or our subsidiaries sponsor, and their funding status, obligations and plan asset fair values (in millions):

	Pension Benefits						Postretirement Benefits
	As of December 31,
	2014			2013			2014			2013
Amounts recognized in the balance sheet:
Accrued liabilities	$	—		$	—		$	—		$	(1	)
Other long-term liabilities	(21		)	(12		)	(68		)	(62		)
	$	(21	)	$	(12	)	$	(68	)	$	(63	)

After-tax balances included in AOCI

	Pension Benefits				Postretirement Benefits
	As of December 31,
	2014		2013		2014		2013
AOCI included the following after-tax balances:
Net loss	$	22	$	19	$	2	$	4

Funding status of plans

	Pension Benefits						Postretirement Benefits
	2014			2013			2014			2013
Changes in the benefit obligation:
Benefit obligation—beginning of year	$	103		$	108		$	63		$	74
Service cost—benefits earned during the period	4			5			4			4
Interest cost on projected benefit obligation	4			3			2			3
Actuarial (gain) loss	6			(2		)	(1		)	(18		)
Benefits paid	(9		)	(11		)	—			—
Benefit obligation—end of year	$	108		$	103		$	68		$	63
Changes in plan assets:
Fair value of plan assets—beginning of year	$	91		$	74		$	—		$	—
Actual return on plan assets	5			13			—			—
Employer contributions	—			15			—			—
Benefits paid	(9		)	(11		)	—			—
Fair value of plan assets—end of year	$	87		$	91		$	—		$	—
(Unfunded) status:	$	(21	)	$	(12	)	$	(68	)	$	(63	)

Schedule of accumulated benefit obligation, projected 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

	Accumulated Benefit Obligation in Excess of Plan Assets				Plan Assets in Excess of Accumulated Benefit Obligation
	As of December 31,
	2014		2013		2014		2013
	(in millions)
Projected Benefit Obligation	$	31	$	30	$	77	$	73
Accumulated Benefit Obligation	$	26	$	25	$	62	$	58
Fair Value of Plan Assets	$	19	$	23	$	68	$	68

Components of the net periodic benefit cost

	Pension Benefits									Postretirement Benefits
	2014			2013			2012			2014		2013		2012
	(in millions)
Net periodic benefit costs:
Service cost—benefits earned during the period	$	4		$	5		$	4		$	4	$	5	$	4
Interest cost on projected benefit obligation	4			3			4			2		3		3
Expected return on plan assets	(6		)	(4		)	(4		)	—		—		—
Recognized actuarial loss	2			4			4			1		2		2
Settlement cost	2			2			6			—		—		—
Net periodic benefit cost	$	6		$	10		$	14		$	7	$	10	$	9

Weighted-average assumptions used to determine benefit obligation and net periodic benefit cost

	Pension Benefits				Postretirement Benefits
	For the years ended December 31,
	2014		2013		2014		2013
Benefit Obligation Assumptions:
Discount rate	3.82	%	4.45	%	4.44	%	4.75	%
Rate of compensation increase	4.00	%	4.00	%	—		—
Net Periodic Benefit Cost Assumptions:
Discount rate	4.45	%	3.59	%	4.75	%	3.89	%
Assumed long term rate of return on assets	6.50	%	6.50	%	—		—
Rate of compensation increase	4.00	%	4.00	%	—		—

Fair values of pension plan assets by asset category

The fair values of our pension plan assets by asset category are as follows (in millions):

	Fair Value Measurements at December 31, 2014 Using
	Level 1		Level 2		Level 3		Total
Asset Class:
Commingled funds:
Fixed income	$	—	$	20	$	—	$	20
U.S. equity	—		31		—		31
International equity	—		17		—		17
Mutual funds:
Bond funds	5		—		—		5
Blend funds	2		—		—		2
Value funds	2		—		—		2
Growth funds	3		—		—		3
Guaranteed deposit account	—		—		7		7
Total pension plan assets	$	12	$	68	$	7	$	87

	Fair Value Measurements at December 31, 2013 Using
	Level 1		Level 2		Level 3		Total
Asset Class:
Master trust investment account(a)	$	—	$	69	$	—	$	69
Mutual funds:
Bond funds	5		—		—		5
Blend funds	3		—		—		3
Value funds	3		—		—		3
Growth funds	3		—		—		3
Guaranteed deposit account	—		—		9		9
Total pension plan assets(b)	$	14	$	69	$	9	$	92

(a) Represents our investment in a master trust investment account established by Occidental. The trust investments include common stock, preferred stock, publicly registered mutual funds, U.S. government securities and corporate bonds.

(b) Amounts exclude net payables of approximately $1 million.

Estimated future benefit payments, which reflect expected future service, as appropriate

For the years ended December 31,	Pension Benefits		Postretirement Benefits
	(in millions)
2015	$	15	$	—
2016	$	9	$	1
2017	$	8	$	1
2018	$	10	$	2
2019	$	9	$	2
2020 - 2024	$	44	$	17