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LEASE COMMITMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of lease related assets and liabilities
The following table presents lease balances and their classification on the Consolidated Balance Sheets as of December 31:

millionsBalance sheet classification20212020
Assets:
OperatingOperating lease assets$726 $1,062 
FinanceProperty, plant and equipment581 365 
Total lease assets$1,307 $1,427 
Liabilities:
Current
OperatingCurrent operating lease liabilities$186 $473 
FinanceCurrent maturities of long-term debt85 42 
Non-current
OperatingDeferred credits and other liabilities - Operating lease liabilities585 641 
FinanceLong-term debt, net504 316 
Total lease liabilities$1,360 $1,472 
Schedule of operating lease maturities
As of December 31, 2021, Occidental will make the following lease payments:

millions
Operating Leases (a)
Finance Leases (b)
Total
2022$183 $85 $268 
2023128 84 212 
202499 82 181 
202578 68 146 
202694 57 151 
Thereafter302 300 602 
Total lease payments884 676 1,560 
Less: Interest(113)(87)(200)
Total lease liabilities$771 $589 $1,360 
(a)The weighted-average remaining lease term is 7.3 years and the weighted-average discount rate is 3.40%.
(b)The weighted-average remaining lease term is 9.2 years and the weighted-average discount rate is 2.91%.
Schedule of finance lease maturities
As of December 31, 2021, Occidental will make the following lease payments:

millions
Operating Leases (a)
Finance Leases (b)
Total
2022$183 $85 $268 
2023128 84 212 
202499 82 181 
202578 68 146 
202694 57 151 
Thereafter302 300 602 
Total lease payments884 676 1,560 
Less: Interest(113)(87)(200)
Total lease liabilities$771 $589 $1,360 
(a)The weighted-average remaining lease term is 7.3 years and the weighted-average discount rate is 3.40%.
(b)The weighted-average remaining lease term is 9.2 years and the weighted-average discount rate is 2.91%.
Schedule of lease costs
The following tables present Occidental’s total lease cost classifications and cash paid for operating and finance lease liabilities for the years ended December 31:

millions
Lease cost classification (a)
20212020
Operating lease costs (b)
Property, plant and equipment, net$222 $197 
Operating expense and cost of sales 487 557 
Selling, general and administrative expenses109 107 
Finance lease cost
Amortization of ROU assets39 29 
Interest on lease liabilities13 14 
Total lease cost$870 $904 
(a)Amounts reflected are gross before joint-interest recoveries. Lease payments are reduced by joint-interest recoveries on the income statement through the joint-interest billing process.
(b)Included short-term lease cost of $238 million and $207 million and variable lease cost of $120 million and $95 million for the years ended December 31, 2021 and 2020, respectively.

millions20212020
Operating cash flows$401 $506 
Investing cash flows$73 $89 
Financing cash flows$39 $29