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NOTE 3 |
ACCOUNTING AND DISCLOSURE CHANGES |
RECENTLY ADOPTED ACCOUNTING AND DISCLOSURE CHANGES
Offsetting Assets and Liabilities
Beginning in the quarter ended March 31, 2013, Occidental adopted new disclosure requirements relating to its derivatives in accordance with rules issued by the Financial Accounting Standards Board (FASB) in December 2011 and January 2013. These new rules require tabular disclosures of the outstanding derivatives’ gross and net fair values, now including those derivatives that are subject to a master netting or similar arrangement and qualify for net presentation, whether or not offset in the consolidated balance sheet.
Reclassification from Accumulated Other Comprehensive Income
Beginning in the quarter ended March 31, 2013, Occidental adopted new disclosure requirements for reporting amounts reclassified out of each component of accumulated other comprehensive income into the income statement in accordance with rules issued by the FASB in February 2013.
These new disclosures were not material to Occidental’s financial statements.