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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2020
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 at December 31, 2020 and 2019, related to its pension and postretirement benefit plans:

Pension BenefitsPostretirement Benefits
millions2020201920202019
Amounts recognized in the consolidated balance sheet:
Long-term receivables and other assets, net$167 $149 $— $— 
Accrued liabilities(9)(96)(74)(72)
Deferred credits and other liabilities — pension and postretirement obligations(578)(720)(1,185)(1,103)
 $(420)$(667)$(1,259)$(1,175)
Accumulated other comprehensive loss included the following after-tax balances:
Net (gain) loss$(3)$(20)$226 $184 
Prior service credit— — (60)(67)
 $(3)$(20)$166 $117 
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
millions2020201920202019
Changes in the benefit obligation:
Benefit obligation — beginning of year$2,508 $499 $1,175 $808 
Service cost — benefits earned during the period37 47 39 24 
Interest cost on projected benefit obligation52 40 37 36 
Actuarial (gain) loss251 (41)73 45 
Curtailment (gain) loss(278)(136)2 10 
Special termination benefits23 49 — — 
Benefits paid(948)(99)(73)(51)
Sale of Colombia assets(24)— — — 
Additions due to the Acquisition— 2,136 — 301 
Other(8)13 6 2 
Benefit obligation — end of year$1,613 $2,508 $1,259 $1,175 
Changes in plan assets:
Fair value of plan assets — beginning of year$1,841 $539 $— $— 
Actual return on plan assets161 110 — — 
Employer contributions146 41 67 49 
Benefits paid(948)(99)(73)(51)
Additions due to the Acquisition— 1,233 — — 
Other(7)17 6 2 
Fair value of plan assets — end of year$1,193 $1,841 $— $— 
Unfunded status:$(420)$(667)$(1,259)$(1,175)
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 December 31:

Accumulated Benefit
Obligation in Excess of
Plan Assets		Plan Assets in
Excess of Accumulated
Benefit Obligation
millions2020201920202019
Projected benefit obligation$1,226 $2,191 $387 $317 
Accumulated benefit obligation$1,221 $1,931 $379 $311 
Fair value of plan assets$670 $1,375 $523 $466 
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
millions202020192018202020192018
Net periodic benefit costs:     
Service cost — benefits earned during the period$37 $47 $5 $39 $24 $23 
Interest cost on projected benefit obligation52 40 15 37 36 34 
Expected return on plan assets(73)(52)(25)— — — 
Recognized actuarial loss5 9 7 11 8 14 
Recognized prior service credit— — — (8)(8)— 
(Gain) loss due to curtailment(124)(91)— 2 6 — 
Gain due to settlement(19)— — — — — 
Special termination benefits22 49 — — — — 
Other costs and adjustments1 (2)1 — — (2)
Net periodic benefit cost$(99)$— $3 $81 $66 $69 
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
2020201920202019
Benefit Obligation Assumptions:    
Discount rate2.19 %3.09 %3.05 %3.26 %
Rate of increase in compensation levels5.07 %5.32 %— — 
Net Periodic Benefit Cost Assumptions:
Discount rate3.04 %3.22 %3.26 %3.41 %
Rate of increase in compensation levels5.34 %5.35 %— — 
Assumed long-term rate of return on assets6.02 %6.03 %— — 
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, 2020
Asset Class:    
Cash and cash equivalents$38 $— $— $38 
Government securities65 — — 65 
Corporate bonds (a)
— 39 — 39 
Equity securities (b)
138 — — 138 
Other— 55 — 55 
Investments measured at fair value$241 $94 $— $335 
Investments measured at net asset value (c)
— — — 861 
Total pension plan assets (d)
$241 $94 $— $1,196 
December 31, 2019
Asset Class:
Cash and cash equivalents$42 $— $— $42 
Government securities63 — — 63 
Corporate bonds (a)
— 94 — 94 
Equity securities (b)
311 — — 311 
Other— 81 — 81 
Investments measured at fair value$416 $175 $— $591 
Investments measured at net asset value (c)
— — — 1,253 
Total pension plan assets (d)
$416 $175 $— $1,844 
(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 net asset value 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 $3 million as of December 31, 2020 and 2019.
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
Benefits		Postretirement Benefits
2021$251 $75 
202296 73 
202393 71 
202495 69 
202590 67 
2026 - 2030399 312