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OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract] |
Disclosure of other long-term liabilities |
|  | 2017 |  |  | 2016 |
Asset retirement obligations |  | $ | 4,327 |  |  | $ | 3,243 |
Share-based compensation |  | 414 |  |  | 426 |
Risk management (note 18) |  | 103 |  |  | — |
Other (1) |  | 565 |  |  | 17 |
|  | 5,409 |  |  | 3,686 |
Less: current portion |  | 1,012 |  |  | 463 |
|  | $ | 4,397 |  |  | $ | 3,223 |
(1) Included in Other at December 31, 2017 is $469 million (US$375 million) of deferred purchase consideration payable to Marathon in March 2018.
Summary of asset retirement obligations | Reconciliations of the discounted asset retirement obligations were as follows:
|  | 2017 |  |  | 2016 |  |  | 2015 |
Balance – beginning of year |  | $ | 3,243 |  |  | $ | 2,950 |  |  | $ | 4,221 |
Liabilities incurred |  | 12 |  |  | 3 |  |  | 7 |
Liabilities acquired, net |  | 784 |  |  | 30 |  |  | 129 |
Liabilities settled |  | (274 | ) |  | (267 | ) |  | (370 | )
Asset retirement obligation accretion |  | 164 |  |  | 142 |  |  | 173 |
Revision of cost, inflation rates and timing estimates |  | (40 | ) |  | (68 | ) |  | (313 | )
Change in discount rate |  | 509 |  |  | 493 |  |  | (1,150 | )
Foreign exchange adjustments |  | (71 | ) |  | (40 | ) |  | 253 |
Balance – end of year |  | 4,327 |  |  | 3,243 |  |  | 2,950 |
Less: current portion |  | 92 |  |  | 95 |  |  | 101 |
|  | $ | 4,235 |  |  | $ | 3,148 |  |  | $ | 2,849 |
Segmented Asset Retirement Obligations
|  | 2017 |  |  | 2016 |
Exploration and Production |  |  |  |
North America |  | $ | 1,840 |  |  | $ | 1,444 |
North Sea |  | 755 |  |  | 837 |
Offshore Africa |  | 245 |  |  | 244 |
Oil Sands Mining and Upgrading |  | 1,486 |  |  | 717 |
Midstream |  | 1 |  |  | 1 |
|  | $ | 4,327 |  |  | $ | 3,243 |
Summary of share-based compensation liability |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Balance – beginning of year |  | $ | 426 |  |  | $ | 128 |  |  | $ | 203 |
Share-based compensation expense (recovery) |  | 134 |  |  | 355 |  |  | (46 | )
Cash payment for stock options surrendered |  | (6 | ) |  | (7 | ) |  | (1 | )
Transferred to common shares |  | (154 | ) |  | (117 | ) |  | (18 | )
Charged to (recovered from) Oil Sands Mining and Upgrading, net |  | 14 |  |  | 67 |  |  | (10 | )
Balance – end of year |  | 414 |  |  | 426 |  |  | 128 |
Less: current portion |  | 348 |  |  | 368 |  |  | 105 |
|  | $ | 66 |  |  | $ | 58 |  |  | $ | 23 |
Disclosure of weighted average assumptions used | The fair value of stock options outstanding was estimated using the Black-Scholes valuation model with the following weighted average assumptions:
|  | 2017 |  |  | 2016 |  |  | 2015 |
Fair value |  | $ | 11.82 |  |  | $ | 11.41 |  |  | $ | 3.06 |
Share price |  | $ | 44.92 |  |  | $ | 42.79 |  |  | $ | 30.22 |
Expected volatility |  | 27.1% |  |  | 30.7% |  |  | 28.6% |
Expected dividend yield |  | 2.5% |  |  | 2.3% |  |  | 3.0% |
Risk free interest rate |  | 1.8% |  |  | 0.9% |  |  | 0.6% |
Expected forfeiture rate |  | 5.0% |  |  | 5.0% |  |  | 4.8% |
Expected stock option life (1) |  | 4.5 years |  |  | 4.6 years |  |  | 4.5 years |
(1) | At original time of grant.

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