RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2017

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

Components of amounts recognized in the consolidated balance sheets

(in millions)	Pension Benefits				Postretirement Benefits
As of December 31,	2017		2016		2017		2016
Amounts recognized in the consolidated balance sheet:
Other assets	$	82	$	61	$	—	$	—
Accrued liabilities	(5)		(3)		(59)		(58)
Deferred credits and other liabilities — pension and postretirement obligations	(65)		(71)		(940)		(892)
	$	12	$	(13)	$	(999)	$	(950)

After-tax balances included in AOCI

AOCI included the following after-tax balances:
Net loss	$	59	$	76	$	192	$	169
Prior service cost	—		—		1		1
	$	59	$	76	$	193	$	170

Funding status of Occidental's plans

	Pension Benefits				Postretirement Benefits
For the years ended December 31,	2017		2016		2017		2016
Changes in the benefit obligation:
Benefit obligation — beginning of year	$	399	$	411	$	950	$	979
Service cost — benefits earned during the period	6		7		21		20
Interest cost on projected benefit obligation	17		18		38		39
Actuarial (gain) loss	14		(1)		61		(28)
Foreign currency exchange rate (gain) loss	—		1		—		—
Liability (gain) loss due to curtailment	(2)		—		(9)		—
Special termination benefits	1		—		—		—
Benefits paid	(44)		(37)		(62)		(60)
Settlements	—			—	—			—
Benefit obligation — end of year	$	391	$	399	$	999	$	950
Changes in plan assets:
Fair value of plan assets — beginning of year	$	386	$	384	$	—	$	—
Actual return on plan assets	52		34		—		—
Foreign currency exchange rate loss	—		—		—		—
Employer contributions	9		5		—		—
Benefits paid	(44)		(37)		—		—
Settlements	—		—		—		—
Fair value of plan assets — end of year	$	403	$	386	$	—	$	—
Funded/(Unfunded) status:	$	12	$	(13)	$	(999)	$	(950)

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

(in millions)	Accumulated Benefit Obligation in Excess of Plan Assets				Plan Assets in Excess of Accumulated Benefit Obligation
As of December 31,	2017		2016		2017		2016
Projected Benefit Obligation	$	287	$	193	$	104	$	206
Accumulated Benefit Obligation	$	283	$	189	$	104	$	206
Fair Value of Plan Assets	$	312	$	119	$	91	$	267

Components of the net periodic benefit costs

	Pension Benefits						Postretirement Benefits
For the years ended December 31, (in millions)	2017		2016		2015		2017		2016		2015
Net periodic benefit costs:
Service cost — benefits earned during the period	$	6	$	7	$	7	$	21	$	20	$	26
Interest cost on projected benefit obligation	17		18		18		38		39		40
Expected return on plan assets	(24)		(24)		(27)		—		—		—
Recognized actuarial loss	10		12		10		14		15		27
Other costs and adjustments	3		4		(4)		1		—		1
Net periodic benefit cost	$	12	$	17	$	4	$	74	$	74	$	94

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,	2017	2016	2017	2016
Benefit Obligation Assumptions:
Discount rate	3.45%	3.90%	3.61%	4.15%
Net Periodic Benefit Cost Assumptions:
Discount rate	3.90%	4.14%	4.15%	4.36%
Assumed long-term rate of return on assets	6.50%	6.50%	—	—

Fair values of Occidental's pension plan assets by asset category

(in millions)	Fair Value Measurements at December 31, 2017, Using
Description	Level 1		Level 2		Level 3		Total
Asset Class:
U.S. government securities	$	12	$	—	$	—	$	12
Corporate bonds (a)	—		83		—		83
Common/collective trusts (b)	—		20		—		20
Mutual funds:
Bond funds	19		—		—		19
Blend funds	59		—		—		59
Common and preferred stocks (c)	188		—		—		188
Other	—		30		—		30
Total pension plan assets (d)	$	278	$	133	$	—	$	411

(in millions)	Fair Value Measurements at December 31, 2016, Using
Description	Level 1		Level 2		Level 3		Total
Asset Class:
U.S. government securities	$	13	$	—	$	—	$	13
Corporate bonds (a)	—		85		—		85
Common/collective trusts (b)	—		18		—		18
Mutual funds:
Bond funds	18		—		—		18
Blend funds	48		—		—		48
Common and preferred stocks (c)	178		—		—		178
Other	—		29		—		29
Total pension plan assets (d)	$	257	$	132	$	—	$	389

(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 $8 million and $3 million as of December 31, 2017 and 2016, respectively.

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

For the years ended December 31, (in millions)	Pension Benefits		Postretirement Benefits
2018	$	47	$	60
2019	$	30	$	59
2020	$	30	$	59
2021	$	31	$	59
2022	$	30	$	58
2023 - 2027	$	181	$	286