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Acquisition (Tables) | 12 Months Ended
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Dec. 31, 2014
Summary of Assets Acquired and Liabilities Assumed | The following table summarizes the assets acquired and liabilities assumed:
millions of dollars |
Current assets |  |  | 49 |
Property, plant and equipment (a) |  |  | 2,045 |
Goodwill (b) |  |  | 20 |
Total assets acquired |  |  | 2,114 |
Current liabilities |  |  | 62 |
Deferred income tax liabilities (c) |  |  | 377 |
Other long-term obligations |  |  | 67 |
Total liabilities assumed |  |  | 506 |
Net assets acquired |  |  | 1,608 |
(a) | Property, plant and equipment were measured primarily using an income approach. The fair value measurements of the oil and gas assets were based, in part, on significant inputs not observable in the market and thus represent a Level 3 measurement. The significant inputs included Celtic resources, assumed future production profiles, commodity prices (mainly based on observable market inputs), risk adjusted discount rate of 10 percent, inflation of 2 percent and assumptions on the timing and amount of future development and operating costs. The property, plant and equipment additions were segmented to the Upstream business, with all of the assets in Canada.
(b) | Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill was recognized in the Upstream reporting unit. Goodwill is not amortized and is not deductible for tax purposes.
(c) | Deferred income taxes reflect the future tax consequences on the temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472 + Details
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