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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Components of amounts recognized in the consolidated balance sheets
The following tables show the amounts recognized in Occidental’s Consolidated Balance Sheets related to its pension and postretirement benefit plans as of December 31:

Pension BenefitsPostretirement Benefits
millions2022202120222021
Amounts recognized in the Consolidated Balance Sheet:
Long-term receivables and other assets, net$102 $192 $— $— 
Accrued liabilities(3)(4)(62)(71)
Deferred credits and other liabilities — pension and postretirement obligations(344)(391)(711)(1,149)
 $(245)$(203)$(773)$(1,220)
Accumulated other comprehensive loss included the following after-tax balances:
Net (gain) loss$17 $(17)$(190)$163 
Prior service credit— — (52)(50)
 $17 $(17)$(242)$113 
Funding status of Occidental's plans
The following tables show the funding status, obligations and plan asset fair values of Occidental related to its pension and postretirement benefit plans for the years ended December 31:

Pension BenefitsPostretirement Benefits
millions2022202120222021
Changes in the benefit obligation:
Benefit obligation — beginning of year$1,273 $1,613 $1,220 $1,259 
Service cost — benefits earned during the period7 8 38 42 
Interest cost on projected benefit obligation36 35 33 33 
Actuarial gain(297)(55)(468)(54)
Benefits paid(123)(219)(58)(67)
Settlement due to annuity purchase— (109)— — 
Other(10)— 8 7 
Benefit obligation — end of year$886 $1,273 $773 $1,220 
Changes in plan assets:
Fair value of plan assets — beginning of year$1,070 $1,193 $— $— 
Actual return on plan assets(304)44 — — 
Employer contributions16 162 49 59 
Benefits paid(123)(219)(57)(67)
Payments due to annuity purchase— (109)— — 
Other(18)(1)8 8 
Fair value of plan assets — end of year$641 $1,070 $— $— 
Unfunded status:$(245)$(203)$(773)$(1,220)
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
The following table sets forth details of the obligations and assets of Occidental’s defined benefit pension plans for the years ended December 31:

Accumulated Benefit
Obligation in Excess of
Plan Assets		Plan Assets in
Excess of Accumulated
Benefit Obligation
millions2022202120222021
Projected benefit obligation$738 $963 $148 $310 
Accumulated benefit obligation$736 $960 $146 $308 
Fair value of plan assets$458 $656 $183 $414 
Components of the net periodic benefit costs
The following table sets forth the components of net periodic benefit costs for the years ended December 31:

Pension BenefitsPostretirement Benefits
millions202220212020202220212020
Net periodic benefit costs:     
Service cost — benefits earned during the period$7 $8 $37 $38 $42 $39 
Interest cost on projected benefit obligation36 35 52 33 33 37 
Expected return on plan assets(38)(59)(73)— — — 
Recognized actuarial loss1 2 5 5 15 11 
Recognized prior service credit— — — (9)(9)(8)
(Gain) loss due to curtailment— — (124)— — 2 
Gain due to settlement(1)(19)(19)— — — 
Special termination benefits— — 22 — — — 
Other costs and adjustments— — 1 — — — 
Net periodic benefit cost$5 $(33)$(99)$67 $81 $81 
Weighted-average assumptions used to determine Occidental's benefit obligation and net periodic benefit cost for domestic plans
The following table sets forth the weighted-average assumptions used to determine Occidental’s benefit obligation and net periodic benefit cost for domestic plans for the years ended December 31:

 Pension BenefitsPostretirement Benefits
2022202120222021
Benefit Obligation Assumptions:    
Discount rate5.27 %2.67 %5.43 %2.94 %
Rate of increase in compensation levels3.95 %3.98 %— — 
Net Periodic Benefit Cost Assumptions:
Discount rate2.65 %2.19 %2.94 %3.05 %
Rate of increase in compensation levels3.98 %5.07 %— — 
Assumed long-term rate of return on assets4.36 %4.92 %— — 
Fair values of Occidental's pension plan assets by asset category
The fair values of Occidental’s pension plan assets by asset category were as follows:

millionsLevel 1Level 2Level 3Total
December 31, 2022
Asset Class:    
Cash and cash equivalents$8 $— $— $8 
Government securities29 — — 29 
Corporate bonds (a)
— 16 — 16 
Equity securities (b)
34 — — 34 
Other— 46 — 46 
Investments measured at fair value$71 $62 $— $133 
Investments measured at net asset value (c)
— — — 509 
Total pension plan assets (d)
$71 $62 $— $642 
December 31, 2021
Asset Class:
Cash and cash equivalents$19 $— $— $19 
Government securities63 — — 63 
Corporate bonds (a)
— 36 — 36 
Equity securities (b)
46 — — 46 
Other— 76 — 76 
Investments measured at fair value$128 $112 $— $240 
Investments measured at net asset value (c)
— — — 836 
Total pension plan assets (d)
$128 $112 $— $1,076 
(a)This category represents investment grade bonds of U.S. and non-U.S. issuers from diverse industries.
(b)This category represents direct investments in mutual funds and common and preferred stocks from diverse U.S. and non-U.S. industries.
(c)Certain investments measured at fair value using the NAV per share (or its equivalent) have not been categorized in the fair value hierarchy. Amounts presented in this table are intended to reconcile the fair value hierarchy to the pension plan assets.
(d)Amounts exclude net payables of approximately $1 million as of December 31, 2022 and $6 million as of December 31, 2021.
Estimated future benefit payments, which reflect expected future service, as appropriate
Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows for the years ended December 31:

millionsPension BenefitsPostretirement Benefits
2023$75 $64 
202478 62 
202570 59 
202667 57 
202768 55 
2028 - 2032303 261