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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of 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
millions2024202320242023
Amounts recognized in the Consolidated Balance Sheet:
Other long-term assets
$133 $126 $— $— 
Accrued liabilities(2)(3)(52)(57)
Deferred credits and other liabilities — pension and postretirement obligations(244)(270)(778)(661)
 $(113)$(147)$(830)$(718)
Accumulated other comprehensive loss included the following after-tax balances:
Net (gain) loss$(8)$3 $(122)$(217)
Prior service credit— — (40)(45)
 $(8)$3 $(162)$(262)
Schedule of 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
millions2024202320242023
Changes in the benefit obligation:
Benefit obligation — beginning of year$879 $886 $718 $773 
Service cost — benefits earned during the period4 5 18 16 
Interest cost on projected benefit obligation42 45 35 37 
Actuarial (gain) loss
(38)19 105 (53)
Benefits paid(71)(80)(50)(65)
Other(3)4 4 10 
Benefit obligation — end of year$813 $879 $830 $718 
Changes in plan assets:
Fair value of plan assets — beginning of year$732 $641 $— $— 
Actual return on plan assets16 77 — — 
Employer contributions23 89 45 54 
Benefits paid(71)(80)(50)(64)
Other— 5 5 10 
Fair value of plan assets — end of year$700 $732 $— $— 
Unfunded status:$(113)$(147)$(830)$(718)
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
millions2024202320242023
Projected benefit obligation$648 $719 $165 $160 
Accumulated benefit obligation$647 $717 $165 $157 
Fair value of plan assets$505 $543 $195 $189 
Schedule of 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
millions202420232022202420232022
Net periodic benefit costs:     
Service cost — benefits earned during the period$4 $5 $7 $18 $16 $38 
Interest cost on projected benefit obligation42 45 36 35 37 33 
Expected return on plan assets(41)(45)(38)— — — 
Recognized actuarial loss (gain)
2 4 1 (15)(20)5 
Recognized prior service credit— — — (8)(9)(9)
Gain (loss) due to settlement
— 1 (1)— — — 
Net periodic benefit costs$7 $10 $5 $30 $24 $67 
Schedule of 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
2024202320242023
Benefit Obligation Assumptions:    
Discount rate5.52 %4.98 %5.68 %5.12 %
Rate of increase in compensation levels3.95 %3.96 %— — 
Net Periodic Benefit Cost Assumptions:
Discount rate4.98 %5.27 %5.12 %5.43 %
Rate of increase in compensation levels3.96 %3.95 %— — 
Assumed long-term rate of return on assets6.13 %6.65 %— — 
Schedule of fair values of cccidental'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, 2024
Asset Class:    
Government securities$33 $— $— $33 
Corporate bonds (a)
— 17 — 17 
Equity securities (b)
31 — — 31 
Other2 41 — 43 
Investments measured at fair value$66 $58 $— $124 
Investments measured at net asset value (c)
— — — 576 
Total pension plan assets $66 $58 $— $700 
December 31, 2023
Asset Class:
Government securities$42 $— $— $42 
Corporate bonds (a)
— 19 — 19 
Equity securities (b)
33 — — 33 
Other— 47 — 47 
Investments measured at fair value$75 $66 $— $141 
Investments measured at net asset value (c)
— — — 591 
Total pension plan assets $75 $66 $— $732 
(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.
Schedule of 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
2025$73 $54 
202668 56 
202770 60 
202865 59 
202962 58 
2030 - 2034295 293