Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 30

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 30
---
million in non-monetary exchange transactions during the years ended December 31, 2024 and December 31, 2023, respectively. CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTSOccidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balance as of December 31, 2024, included investments in government money market funds in which the carrying value approximates fair value.The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the Consolidated Statements of Cash Flows for the year ended December 31, 2024 and 2023:millions20242023Cash and cash equivalents$2,132 $1,426 Restricted cash and restricted cash equivalents11 21 Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net14 17 Cash, cash equivalents, restricted cash and restricted cash equivalents$2,157 $1,464 FOREIGN CURRENCY TRANSACTIONSThe functional currency applicable to all of Occidental’s international oil and gas operations is the U.S. dollar since cash flows are denominated principally in U.S. dollars. In Occidental’s other operations, Occidental’s use of non-United States dollar functional currencies was not material for all years presented. The effect of exchange rates on transactions in foreign currencies is included in periodic income. Occidental reports the exchange rate differences arising from translating foreign-currency-denominated balance sheet accounts to the United States dollar as of the reporting date in OCI. Exchange-rate gains and losses for continuing operations were not material for all years presented.INCOME TAXESOccidental files various U.S. federal, state and foreign income tax returns. The impact of changes in tax regulations are reflected when enacted. In general, deferred federal, state and foreign income taxes are provided on temporary differences 

 OXY 2024 FORM 10-K77

table of contentsFINANCIAL STATEMENTSFOOTNOTES

between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Occidental routinely assesses the realizability of its deferred tax assets. If Occidental concludes that it is more likely than not that some of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. Occidental recognizes a tax benefit from an uncertain tax position when it is more likely