Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 55

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 55
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 dependents.DEFINED CONTRIBUTION PLANSAll domestic employees and certain foreign national employees are eligible to participate in one or more of the defined contribution retirement or savings plans that provide for periodic contributions by Occidental based on plan-specific criteria, such as base pay, level and employee contributions. Certain salaried employees participate in a supplemental retirement plan that restores benefits lost due to government limitations on qualified retirement benefits. The accrued liabilities for the supplemental retirement plan were $387 million and $330 million as of December 31, 2024 and 2023, respectively. In 2024, 2023 and 2022 Occidental expensed $252 million, $221 million and $202 million, respectively, under the provisions of these defined contribution and supplemental retirement plans.DEFINED BENEFIT PLANSParticipation in defined benefit plans is limited. Approximately 300 domestic and 300 foreign national employees, mainly union, nonunion hourly and certain employees that joined Occidental from acquired operations with grandfathered benefits, are currently accruing benefits under these plans.Pension costs for Occidental’s defined benefit pension plans, determined by independent actuarial valuations, are generally funded by payments to trust funds, which are administered by independent trustees.POSTRETIREMENT AND OTHER BENEFIT PLANSOccidental provides medical and dental benefits and life insurance coverage for certain active, retired and disabled employees and their eligible dependents. Occidental generally funds the benefits as they are paid during the year. In 2024, 2023 and 2022, these benefit costs, including the postretirement costs, were $205 million, $175 million and $211 million, respectively.

96 OXY 2024 FORM 10-K

table of contentsFINANCIAL STATEMENTSFOOTNOTES

OBLIGATIONS AND FUNDED STATUSThe 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 Benefitsmillions2024202320242023Amounts 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