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LEASE COMMITMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
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 classification20222021
Assets:
OperatingOperating lease assets$903 $726 
FinanceProperty, plant and equipment686 581 
Total lease assets$1,589 $1,307 
Liabilities:
Current
OperatingCurrent operating lease liabilities$273 $186 
FinanceCurrent maturities of long-term debt143 85 
Non-current
OperatingDeferred credits and other liabilities - Operating lease liabilities657 585 
FinanceLong-term debt, net546 504 
Total lease liabilities$1,619 $1,360 
Schedule of operating lease maturities
As of December 31, 2022, Occidental’s outstanding lease payments, excluding variable component, consisted of the following:
millions
Operating Leases (a)
Finance Leases (b)
Total
2023$287 $146 $433 
2024226 109 335 
2025108 95 203 
202689 84 173 
202781 66 147 
Thereafter250 277 527 
Total lease payments1,041 777 1,818 
Less: Interest(111)(88)(199)
Total lease liabilities$930 $689 $1,619 
(a)The weighted-average remaining lease term is 5.4 years and the weighted-average discount rate is 3.84%.
(b)The weighted-average remaining lease term is 7.7 years and the weighted-average discount rate is 3.05%.
Schedule of finance lease maturities
As of December 31, 2022, Occidental’s outstanding lease payments, excluding variable component, consisted of the following:
millions
Operating Leases (a)
Finance Leases (b)
Total
2023$287 $146 $433 
2024226 109 335 
2025108 95 203 
202689 84 173 
202781 66 147 
Thereafter250 277 527 
Total lease payments1,041 777 1,818 
Less: Interest(111)(88)(199)
Total lease liabilities$930 $689 $1,619 
(a)The weighted-average remaining lease term is 5.4 years and the weighted-average discount rate is 3.84%.
(b)The weighted-average remaining lease term is 7.7 years and the weighted-average discount rate is 3.05%.
Schedule of lease costs
The following tables present Occidental’s total lease cost classifications for operating and finance lease liabilities for the years ended December 31:
millions
Lease cost classification (a)
20222021
Operating lease costs (b)
Property, plant and equipment, net$246 $222 
Operating expense and cost of sales 234 487 
Selling, general and administrative expenses78 109 
Finance lease cost
Amortization of ROU assets83 39 
Interest on lease liabilities20 13 
Total lease cost$661 $870 
(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 $184 million and $238 million and variable lease cost of $101 million and $120 million for the years ended December 31, 2022 and 2021, respectively.

The following tables present Occidental’s total cash paid for operating and finance lease liabilities for the years ended December 31
millions20222021
Operating cash flows$211 $401 
Investing cash flows$81 $73 
Financing cash flows$83 $39