RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2013

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

Components of amounts recognized in the consolidated balance sheets (in millions)

	Pension Benefits						Postretirement Benefits
As of December 31,	2013			2012			2013			2012
Amounts recognized in the consolidated balance sheet:
Other assets	$	104		$	24		$	—		$	—
Accrued liabilities	(6		)	(4		)	(58		)	(59		)
Deferred credits and other liabilities — other	(83		)	(136		)	(958		)	(1,068		)
	$	15		$	(116	)	$	(1,016	)	$	(1,127	)

After-tax balances included in AOCI (in millions)

	Pension Benefits				Postretirement Benefits
As of December 31,	2013		2012		2013		2012
AOCI included the following after-tax balances:
Net loss	$	66	$	134	$	225	$	324
Prior service cost	1		1		2		2
	$	67	$	135	$	227	$	326

Funding status of Occidental's plans (in millions)

For the years ended December 31,
Changes in the benefit obligation:
Benefit obligation — beginning of year	$	615		$	592		$	1,127		$	1,092
Service cost — benefits earned during the period	13			13			29			25
Interest cost on projected benefit obligation	24			27			43			42
Actuarial (gain) loss	(35		)	46			(126		)	26
Foreign currency exchange rate (gain) loss	(5		)	2			—			—
Benefits paid	(54		)	(57		)	(57		)	(58		)
Settlements	(35		)	(8		)	—			—
Benefit obligation — end of year	$	523		$	615		$	1,016		$	1,127
Changes in plan assets:
Fair value of plan assets — beginning of year	$	499		$	475		$	—		$	—
Actual return on plan assets	88			61			—			—
Foreign currency exchange rate loss	—			(3		)	—			—
Employer contributions	29			31			—			—
Benefits paid	(54		)	(57		)	—			—
Settlements	(24		)	(8		)	—			—
Fair value of plan assets — end of year	$	538		$	499		$	—		$	—
Funded/(Unfunded) status:	$	15		$	(116	)	$	(1,016	)	$	(1,127	)

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

	Accumulated Benefit Obligation in Excess of Plan Assets				Plan Assets in Excess of Accumulated Benefit Obligation
As of December 31, (in millions)	2013		2012		2013		2012
Projected Benefit Obligation	$	122	$	305	$	401	$	310
Accumulated Benefit Obligation	$	112	$	278	$	386	$	305
Fair Value of Plan Assets	$	39	$	171	$	499	$	328

Components of the net periodic benefit cost (in millions)

	Pension Benefits									Postretirement Benefits
For the years ended December 31, (in millions)	2013			2012			2011			2013		2012		2011
Net periodic benefit costs:
Service cost — benefits earned during the period	$	13		$	13		$	12		$	29	$	25	$	22
Interest cost on projected benefit obligation	24			27			29			43		42		45
Expected return on plan assets	(31		)	(31		)	(33		)	—		—		—
Recognized actuarial loss	19			19			13			38		37		31
Other costs and adjustments	(13		)	17			—			1		1		1
Net periodic benefit cost	$	12		$	45		$	21		$	111	$	105	$	99

Weighted-average assumptions used to determine Occidental's benefit obligation and net periodic benefit cost for domestic plans

	Pension Benefits				Postretirement Benefits
For the years ended December 31,	2013		2012		2013		2012
Benefit Obligation Assumptions:
Discount rate	4.45	%	3.59	%	4.75	%	3.89	%
Rate of compensation increase	4.00	%	4.00	%	—		—
Net Periodic Benefit Cost Assumptions:
Discount rate	3.59	%	4.12	%	3.89	%	4.12	%
Assumed long term rate of return on assets	6.50	%	6.50	%	—		—
Rate of compensation increase	4.00	%	4.00	%	—		—

Fair values of Occidental's pension plan assets by asset category (in millions)

	Fair Value Measurements at December 31, 2013 Using
Description	Level 1		Level 2		Level 3		Total
Asset Class:
U.S. government securities	$	16	$	—	$	—	$	16
Corporate bonds (a)	—		84		—		84
Common/collective trusts (b)	—		19		—		19
Mutual funds:
Bond funds	64		—		—		64
Blend funds	105		—		—		105
Value and growth funds	6		—		—		6
Common and preferred stocks (c)	201		—		—		201
Other	—		37		11		48
Total pension plan assets (d)	$	392	$	140	$	11	$	543

	Fair Value Measurements at December 31, 2012 Using
Description	Level 1		Level 2		Level 3		Total
Asset Class:
U.S. government securities	$	24	$	—	$	—	$	24
Corporate bonds (a)	—		83		—		83
Common/collective trusts (b)	—		11		—		11
Mutual funds:
Bond funds	84		—		—		84
Blend funds	106		—		—		106
Value and growth funds	5		—		—		5
Common and preferred stocks (c)	146		—		—		146
Other	—		35		11		46
Total pension plan assets (d)	$	365	$	129	$	11	$	505

(a)   This category represents investment grade bonds of U.S. and non-U.S. issuers from diverse industries.

(b)   This category includes investment funds that primarily invest in U.S. and non-U.S. common stocks and fixed-income securities.

(c)   This category represents direct investments in common and preferred stocks from diverse U.S. and non-U.S. industries.

(d)   Amounts exclude net payables of approximately $5 million and $6 million as of December 31, 2013 and 2012, respectively.

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

For the years ended December 31, (in millions)	Pension Benefits		Postretirement Benefits
2014	$	46	$	59
2015	$	44	$	60
2016	$	49	$	61
2017	$	41	$	62
2018	$	40	$	63
2019 — 2023	$	233	$	335