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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
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 assets1

$572


$572


$399


$399

Other investments2
33

33

18

18

Derivative assets
3

3

2

2

 

$608


$608


$419


$419

Financial liabilities
 
 
 
 
Debt3

$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 assets1

$—


$—


$45


$45

Property, plant and equipment2
—

—

6,105

6,105

Intangible assets3
—

—

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 assets1

$572


$572


$399


$399

Other investments2
33

33

18

18

Derivative assets
3

3

2

2

 

$608


$608


$419


$419

Financial liabilities
 
 
 
 
Debt3

$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.