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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2018
Fair Value Measurements [Abstract]  
Disclosure of fair value measurement of liabilities
Fair Value Measurements
 
 
 
 
At December 31, 2018
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

$1,571


$—


$—


$1,571

Other investments
209

—

—

209

Derivatives
—

—

—

—

Receivables from provisional copper and gold sales
—

76

—

76

 

$1,780


$76


$—


$1,856

 
 
 
 
 
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

  
At December 31, 2018
At December 31, 2017
 
Carrying amount

Estimated fair value

Carrying amount

Estimated fair value

Financial assets
 
 
 
 
Other assets1

$559


$559


$572


$572

Other investments2
209

209

33

33

Derivative assets
3

3

3

3

 

$771


$771


$608


$608

Financial liabilities
 
 
 
 
Debt3

$5,738


$6,183


$6,423


$7,715

Derivative liabilities
3

3

32

32

Other liabilities
297

297

252

252

 

$6,038


$6,483


$6,707


$7,999

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.
Disclosure of fair value measurement of assets
  
At December 31, 2018
At December 31, 2017
 
Carrying amount

Estimated fair value

Carrying amount

Estimated fair value

Financial assets
 
 
 
 
Other assets1

$559


$559


$572


$572

Other investments2
209

209

33

33

Derivative assets
3

3

3

3

 

$771


$771


$608


$608

Financial liabilities
 
 
 
 
Debt3

$5,738


$6,183


$6,423


$7,715

Derivative liabilities
3

3

32

32

Other liabilities
297

297

252

252

 

$6,038


$6,483


$6,707


$7,999

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.
 
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

$—


$—


$190


$190

Property, plant and equipment2
—

—

801

801

Intangible assets3
—

—

10

10

Goodwill4
—

—

—

—

1 
Other assets were written down by $74 million, which was included in earnings in this period.
2 
Property, plant and equipment were written down by $648 million, which was included in earnings in this period.
3 
Intangibles were written down by $24 million, which was included in earnings in this period, to their fair value less costs of disposal of $10 million.
Fair Value Measurements
 
 
 
 
At December 31, 2018
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

$1,571


$—


$—


$1,571

Other investments
209

—

—

209

Derivatives
—

—

—

—

Receivables from provisional copper and gold sales
—

76

—

76

 

$1,780


$76


$—


$1,856

 
 
 
 
 
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