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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2017
Fair Value Measurements [Abstract] |
Disclosure of fair value measurement of liabilities |
| At Dec. 31, 2017 | At Dec. 31, 2016
| Carrying amount |  | Estimated fair value |  | Carrying amount |  | Estimated fair value |
Financial assets |  |  |  |
Other assets 1 |  | $572 |  |  | $572 |  |  | $399 |  |  | $399 |
Other investments 2 | 33 |  | 33 |  | 18 |  | 18 |
Derivative assets | 3 |  | 3 |  | 2 |  | 2 |
|  | $608 |  |  | $608 |  |  | $419 |  |  | $419 |
Financial liabilities |  |  |  |
Debt 3 |  | $6,423 |  |  | $7,715 |  |  | $7,931 |  |  | $8,279 |
Derivative liabilities | 32 |  | 32 |  | 78 |  | 78 |
Other liabilities | 252 |  | 252 |  | 216 |  | 216 |
|  | $6,707 |  |  | $7,999 |  |  | $8,225 |  |  | $8,573 |
1 | Includes restricted cash and amounts due from our partners.
2 | Recorded at fair value. Quoted market prices are used to determine fair value.
3 | Debt is generally recorded at amortized cost except for obligations that are designated in a fair-value hedge relationship, in which case the carrying amount is adjusted for changes in fair value of the hedging instrument in periods when a hedge relationship exists. The fair value of debt is primarily determined using quoted market prices. Balance includes both current and long-term portions of debt.
Fair Value Measurements |  |  |  |
At December 31, 2017 | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  | Aggregate Fair Value |
(Level 1) |  | (Level 2) |  | (Level 3) |
Cash and equivalents |  | $2,234 |  |  | $— |  |  | $— |  |  | $2,234 |
Other investments | 33 |  | — |  | — |  | 33 |
Derivatives | — |  | (29 | ) | — |  | (29 | )
Receivables from provisional copper and gold sales | — |  | 110 |  | — |  | 110 |
|  | $2,267 |  |  | $81 |  |  | $— |  |  | $2,348 |
Fair Value Measurements |  |  |  |
At December 31, 2016 | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  | Aggregate Fair Value |
(Level 1) |  | (Level 2) |  | (Level 3) |
Cash and equivalents |  | $2,389 |  |  | $— |  |  | $— |  |  | $2,389 |
Other investments | 18 |  | — |  | — |  | 18 |
Derivatives | — |  | (76 | ) | — |  | (76 | )
Receivables from provisional copper and gold sales | — |  | 110 |  | — |  | 110 |
|  | $2,407 |  |  | $34 |  |  | $— |  |  | $2,441 |
Disclosure of fair value measurement of assets |
| Quoted prices in active markets for identical assets |  | Significant other observable inputs |  | Significant unobservable inputs |  | Aggregate fair value |
(Level 1) |  | (Level 2) |  | (Level 3) |
Other assets 1 |  | $— |  |  | $— |  |  | $45 |  |  | $45 |
Property, plant and equipment 2 | — |  | — |  | 6,105 |  | 6,105 |
Intangible assets 3 | — |  | — |  | 34 |  | 34 |
1 | Other assets were written down by $30 million, which was included in earnings in this period.
2 | Property, plant and equipment were written up by $254 million, which was included in earnings in this period, reflecting the historical impairment loss taken on these assets.
3 | Intangibles were written down by $12 million, which was included in earnings in this period, to their fair value less costs of disposal of $34 million.
Fair Value Measurements |  |  |  |
At December 31, 2017 | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  | Aggregate Fair Value |
(Level 1) |  | (Level 2) |  | (Level 3) |
Cash and equivalents |  | $2,234 |  |  | $— |  |  | $— |  |  | $2,234 |
Other investments | 33 |  | — |  | — |  | 33 |
Derivatives | — |  | (29 | ) | — |  | (29 | )
Receivables from provisional copper and gold sales | — |  | 110 |  | — |  | 110 |
|  | $2,267 |  |  | $81 |  |  | $— |  |  | $2,348 |
Fair Value Measurements |  |  |  |
At December 31, 2016 | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  | Aggregate Fair Value |
(Level 1) |  | (Level 2) |  | (Level 3) |
Cash and equivalents |  | $2,389 |  |  | $— |  |  | $— |  |  | $2,389 |
Other investments | 18 |  | — |  | — |  | 18 |
Derivatives | — |  | (76 | ) | — |  | (76 | )
Receivables from provisional copper and gold sales | — |  | 110 |  | — |  | 110 |
|  | $2,407 |  |  | $34 |  |  | $— |  |  | $2,441 |
| At Dec. 31, 2017 | At Dec. 31, 2016
| Carrying amount |  | Estimated fair value |  | Carrying amount |  | Estimated fair value |
Financial assets |  |  |  |
Other assets 1 |  | $572 |  |  | $572 |  |  | $399 |  |  | $399 |
Other investments 2 | 33 |  | 33 |  | 18 |  | 18 |
Derivative assets | 3 |  | 3 |  | 2 |  | 2 |
|  | $608 |  |  | $608 |  |  | $419 |  |  | $419 |
Financial liabilities |  |  |  |
Debt 3 |  | $6,423 |  |  | $7,715 |  |  | $7,931 |  |  | $8,279 |
Derivative liabilities | 32 |  | 32 |  | 78 |  | 78 |
Other liabilities | 252 |  | 252 |  | 216 |  | 216 |
|  | $6,707 |  |  | $7,999 |  |  | $8,225 |  |  | $8,573 |
1 | Includes restricted cash and amounts due from our partners.
2 | Recorded at fair value. Quoted market prices are used to determine fair value.
3 | Debt is generally recorded at amortized cost except for obligations that are designated in a fair-value hedge relationship, in which case the carrying amount is adjusted for changes in fair value of the hedging instrument in periods when a hedge relationship exists. The fair value of debt is primarily determined using quoted market prices. Balance includes both current and long-term portions of debt.

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