Retirement and Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Retirement and Postretirement Benefit Plans

NOTE 12 - RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

Occidental has various defined benefit pension plans for certain domestic union, non-union hourly and foreign national employees. In addition, Occidental also provides medical and other benefits for certain active, retired and disabled employees and their eligible dependents.

In conjunction with the Acquisition, Occidental acquired certain Anadarko contributory and non-contributory defined benefit pension plans, which include both qualified and supplemental plans, and plans that provide health care and life insurance benefits for certain retired employees. The Anadarko pension and postretirement obligations were remeasured as of the Acquisition date. Effective as of June 30, 2020, the defined benefit pension plans and certain of the supplemental plans covering active Anadarko employees were frozen.

The following table contains a summary of Occidental's retirement and postretirement benefits plan costs for the three and nine months ended September 30, 2020 and 2019:

	Three months ended September 30,					Nine months ended September 30,
millions	2020			2019		2020		2019
Net gains related to settlement, curtailment and special termination benefits (a)	$	5		$	24	$	121	$	24
Net periodic benefit costs related to pension benefits excluding settlement, curtailment and special termination benefits	—		(b)	15		22		19
Net periodic benefit costs related to postretirement benefits	18			19		56		48
Contributions to qualified and supplemental plans	$	30		$	7	$	132	$	8

(a) Net gains related to settlement, curtailment and special termination benefits for the three and nine months ended September 30, 2020 and 2019 primarily relate to a separation program initiated in conjunction with the Acquisition and the freezing of benefit accruals for Anadarko employees.

(b) Net periodic benefit costs related to pension benefits excluding settlement, curtailment and special termination benefits were immaterial for the three months ended September 30, 2020.

The increase in contributions is primarily due to distributions from the Anadarko supplemental plans related to the severance program described above. Occidental is reimbursed for a majority of these contributions from a trust for former Anadarko employees. Occidental is deferring all required contributions to the qualified defined benefit plans as permitted by the CARES Act.