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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Summary of the activity of capitalized exploratory well costs for continuing operations |
in millions |  | 2016 |  | 2015 |  | 2014
Balance — Beginning of Year |  | $ | 76 |  |  | $ | 141 |  |  | $ | 140 |
Additions to capitalized exploratory well costs pending the determination of proved reserves |  | 29 |  |  | 88 |  |  | 462 |
Reclassifications to property, plant and equipment based on the determination of proved reserves |  | (28 | ) |  | (78 | ) |  | (423 | )
Spin-off of California Resources |  | — |  |  | — |  |  | (17 | )
Capitalized exploratory well costs charged to expense |  | (21 | ) |  | (75 | ) |  | (21 | )
Balance — End of Year |  | $ | 56 |  |  | $ | 76 |  |  | $ | 141 |
Schedule of impairments and related charges |
For the years ended December 31, (in millions) |  | 2016 |  | 2015 |  | 2014
OIL AND GAS |  |  |  |  |  |
United States |  |  |  |  |  |
Impairments and related charges of exiting operations |  | $ | (44 | ) |  | $ | 1,862 |  | (a) | $ | 3,253 |
Impairments related to decline in commodity prices and changes in future development plans |  | 15 |  |  | 1,428 |  |  | 1,381 |
Rig termination charges |  | — |  |  | 192 |  |  | — |
Other asset impairment related charges |  | 5 |  |  | 204 |  |  | 119 |
Latin America |  |  |  |  |  |
Impairments related to decline in commodity prices |  | 9 |  |  | 559 |  |  | 57 |
Middle East and North Africa |  |  |  |  |  |
Impairments of exiting operations |  | 61 |  |  | 1,658 |  |  | 918 |
Impairments related to decline in commodity prices |  | — |  |  | 2,833 |  |  | 91 |
CHEMICAL |  |  |  |  |  |
Impairments of assets |  | — |  |  | 121 |  |  | 149 |
MIDSTREAM AND MARKETING |  |  |  |  |  |
Century gas processing plant |  | — |  |  | 814 |  |  | — |
Other asset impairment related charges |  | 160 |  |  | 216 |  |  | 40 |
CORPORATE |  |  |  |  |  |
Other-than-temporary impairment of investment in California Resources |  | 78 |  |  | 227 |  |  | 553 |
Joslyn impairment |  | — |  |  | — |  |  | 805 |
Severance, spin-off and allowance for doubtful accounts |  | 541 |  |  | 125 |  |  | 13 |
|  | $ | 825 |  |  | $ | 10,239 |  |  | $ | 7,379 |
(a) A portion of the 2015 charges are reported in the Midstream and Marketing segment.
Summary of the activity of the asset retirement obligation |
For the years ended December 31, (in millions) |  | 2016 |  | 2015
Beginning balance |  | $ | 1,124 |  |  | $ | 1,091 |
Liabilities incurred – capitalized to PP&E |  | 46 |  |  | 46 |
Liabilities settled and paid |  | (38 | ) |  | (35 | )
Accretion expense |  | 59 |  |  | 54 |
Acquisitions, dispositions and other – changes in PP&E |  | 11 |  |  | (209 | )
Revisions to estimated cash flows – changes in PP&E |  | 167 |  |  | 177 |
Ending balance |  | $ | 1,369 |  |  | $ | 1,124 |

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- Definition Tabular disclosure of the change in capitalized exploratory costs during the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 1B -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=68064819&loc=SL6806780-109447 + Details
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