Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Schedule of Lease Related Assets and Liabilities

The following table presents Occidental's lease balances and their location on the balance sheet at March 31, 2019 (in millions):

	Balance sheet location	2019
Assets:
Operating	Operating lease assets	$	684
Finance	Property, plant, and equipment, net	23
Total leased assets		$	707
Liabilities:
Current
Operating	Current lease liabilities	$	229
Finance	Current lease liabilities	11
Non-current
Operating	Deferred credits and other liabilities - Lease liabilities	453
Finance	Deferred credits and other liabilities - Lease liabilities	12
Total lease liabilities		$	705

Schedule of Operating Lease Maturities

At March 31, 2019, Occidental's leases matured on the following schedule (in millions):

	Operating			Finance
	Leases (a)			Leases (b)			Total
Remainder of 2019	$	166		$	9		$	175
2020	167			12			179
2021	110			1			111
2022	78			1			79
2023	53			1			54
Thereafter	170			—			170
Total lease payments	744			24			768
Less: Interest	(62		)	(1		)	(63		)
Present value of lease liabilities	$	682		$	23		$	705

(a) The weighted average remaining lease term is 5.7 years and the weighted average discount rate is 3.12%.

(b) The weighted average remaining lease term is 2.5 years and the weighted average discount rate is 2.95%.

Schedule of Finance Lease Maturities

At March 31, 2019, Occidental's leases matured on the following schedule (in millions):

	Operating			Finance
	Leases (a)			Leases (b)			Total
Remainder of 2019	$	166		$	9		$	175
2020	167			12			179
2021	110			1			111
2022	78			1			79
2023	53			1			54
Thereafter	170			—			170
Total lease payments	744			24			768
Less: Interest	(62		)	(1		)	(63		)
Present value of lease liabilities	$	682		$	23		$	705

(a) The weighted average remaining lease term is 5.7 years and the weighted average discount rate is 3.12%.

(b) The weighted average remaining lease term is 2.5 years and the weighted average discount rate is 2.95%.

Schedule of Future Net Minimum Fixed Lease Payments

At December 31, 2018, future undiscounted net minimum fixed lease payments for non-cancellable operating leases, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows (in millions):

	Amount
2019	$	186
2020	147
2021	96
2022	68
2023	49
Thereafter	158
Total minimum lease payments	$	704

Schedule of Lease Costs

The following tables present Occidental's total lease cost and classifications as well as cash paid for amounts included in the measurement of operating lease liabilities. Lease costs and amounts paid associated with finance leases were immaterial for the three months ended March 31, 2019 (in millions):

Lease cost classification(a,b)
Property, plant and equipment, net	$	91
Cost of sales	77
Selling, general and administrative expenses	16
Total	$	184
Cash paid on operating leases(b)
Cash flow from operating activities	$	48
Cash flow from investing activities	$	19

(a) Includes short-term lease costs of $86 million and variable lease costs of $31 million.

(b) Amounts reflected are gross before joint interest recoveries.