FAIR VALUE MEASUREMENT (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Derivatives:
Derivative Asset	$ 330		$ 59
Derivatives: [Abstract]
Derivative Liability	99		320
Legally restricted funds	172	[1]	392	[1]
Bank Time Deposits [Member]
Derivatives: [Abstract]
Legally restricted funds			210
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Investment securities (current and long-term):
Investment securities	23	[2],[3],[4]	23	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	11	[2],[3],[5]	28	[2],[3],[5]
Derivatives:
Derivative Asset	0	[3],[6]	5	[3],[6]
Total assets	34		56
Derivatives: [Abstract]
Derivative Liability	6	[3],[6]	1	[3]
Long-term debt, including current portion	0	[7]	0	[7]
Total liabilities	6		1
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Investment securities (current and long-term):
Investment securities	23	[2],[3],[4]	21	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	161	[2],[3],[5]	154	[2],[3],[5]
Derivatives:
Derivative Asset	15	[3],[6]	64	[3],[6]
Total assets	199		239
Derivatives: [Abstract]
Derivative Liability	94	[3],[6]	20	[3]
Long-term debt, including current portion	18,735	[7]	20,487	[7]
Total liabilities	18,829		20,507
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Investment securities (current and long-term):
Investment securities	0	[2],[3],[4]	0	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Derivatives:
Derivative Asset	316	[3],[6]	0	[3],[6]
Total assets	316		0
Derivatives: [Abstract]
Derivative Liability	0	[3],[6]	311	[3]
Long-term debt, including current portion	0	[7]	0	[7]
Total liabilities	0		311
Fair Value, Measurements, Recurring [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Investment securities	46	[2],[3],[4]	44	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	172	[2],[3],[5]	182	[2],[3],[5]
Derivatives:
Derivative Asset	331	[3],[6]	69	[3],[6]
Derivatives: [Abstract]
Derivative Liability	100	[3],[6]	332	[3]
Long-term debt, including current portion	18,970	[7]	20,706	[7]
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Investment securities	46	[2],[3],[4]	44	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	172	[2],[3],[5]	182	[2],[3],[5]
Derivatives:
Derivative Asset	331	[3],[6]	69	[3],[6]
Total assets	549		295
Derivatives: [Abstract]
Derivative Liability	100	[3],[6]	332	[3]
Long-term debt, including current portion	18,735	[7]	20,487	[7]
Total liabilities	18,835		20,819
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives: [Abstract]
Derivative Liability	0	[3],[6]	0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives: [Abstract]
Derivative Liability	93	[3],[6]	16	[3],[6]
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives: [Abstract]
Derivative Liability	0	[3],[6]	0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Derivative Liability	93	[3],[6]	16	[3],[6]
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Estimate of Fair Value Measurement [Member]
Derivatives: [Abstract]
Derivative Liability	93	[3],[6]	16	[3],[6]
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives: [Abstract]
Derivative Liability			0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives: [Abstract]
Derivative Liability			0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives: [Abstract]
Derivative Liability			309	[3],[6]
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Derivative Liability			309	[3],[6]
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Estimate of Fair Value Measurement [Member]
Derivatives: [Abstract]
Derivative Liability			309	[3],[6]
Fair Value, Measurements, Recurring [Member] | Natural Gas Swaps [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives: [Abstract]
Derivative Liability			0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Natural Gas Swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives: [Abstract]
Derivative Liability			4	[3],[6]
Fair Value, Measurements, Recurring [Member] | Natural Gas Swaps [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives: [Abstract]
Derivative Liability			0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Natural Gas Swaps [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Derivative Liability			4	[3],[6]
Fair Value, Measurements, Recurring [Member] | Natural Gas Swaps [Member] | Estimate of Fair Value Measurement [Member]
Derivatives: [Abstract]
Derivative Liability			4	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper Forward Contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives: [Abstract]
Derivative Liability			1	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives: [Abstract]
Derivative Liability			0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives: [Abstract]
Derivative Liability			0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper Forward Contracts [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Derivative Liability			1	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper Forward Contracts [Member] | Estimate of Fair Value Measurement [Member]
Derivatives: [Abstract]
Derivative Liability			1	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives: [Abstract]
Derivative Liability	6	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives: [Abstract]
Derivative Liability	1	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives: [Abstract]
Derivative Liability	0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Derivative Liability	7	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Estimate of Fair Value Measurement [Member]
Derivatives: [Abstract]
Derivative Liability	7	[3],[6]
Fair Value, Measurements, Recurring [Member] | Plains Offshore warrants [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives: [Abstract]
Derivative Liability			0	[3],[8]
Fair Value, Measurements, Recurring [Member] | Plains Offshore warrants [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives: [Abstract]
Derivative Liability			0	[3],[8]
Fair Value, Measurements, Recurring [Member] | Plains Offshore warrants [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives: [Abstract]
Derivative Liability			2	[3],[8]
Fair Value, Measurements, Recurring [Member] | Plains Offshore warrants [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Derivative Liability			2	[3],[8]
Fair Value, Measurements, Recurring [Member] | Plains Offshore warrants [Member] | Estimate of Fair Value Measurement [Member]
Derivatives: [Abstract]
Derivative Liability			2	[3],[8]
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Fair Value, Inputs, Level 1 [Member]
Investment securities (current and long-term):
Investment securities	0	[2],[3],[4]	0	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Fair Value, Inputs, Level 2 [Member]
Investment securities (current and long-term):
Investment securities	23	[2],[3],[4]	21	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	52	[2],[3],[5]	48	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Fair Value, Inputs, Level 3 [Member]
Investment securities (current and long-term):
Investment securities	0	[2],[3],[4]	0	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Investment securities	23	[2],[3],[4]	21	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	52	[2],[3],[5]	48	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Investment securities	23	[2],[3],[4]	21	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	52	[2],[3],[5]	48	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 1 [Member]
Investment securities (current and long-term):
Investment securities	20	[2],[3],[4]	18	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	11	[2],[3],[5]	28	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 2 [Member]
Investment securities (current and long-term):
Investment securities	0	[2],[3],[4]	0	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 3 [Member]
Investment securities (current and long-term):
Investment securities	0	[2],[3],[4]	0	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Investment securities	20	[2],[3],[4]	18	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	11	[2],[3],[5]	28	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Investment securities	20	[2],[3],[4]	18	[2],[3]
Legally restricted funds (long-term):
Legally restricted funds	11	[2],[3],[5]	28	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investment securities (current and long-term):
Investment securities	3	[2],[3],[4]	5	[2],[3]
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investment securities (current and long-term):
Investment securities	0	[2],[3],[4]	0	[2],[3]
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Fair Value, Inputs, Level 3 [Member]
Investment securities (current and long-term):
Investment securities	0	[2],[3],[4]	0	[2],[3]
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Investment securities	3	[2],[3],[4]	5	[2],[3]
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Investment securities	3	[2],[3],[4]	5	[2],[3]
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Fair Value, Inputs, Level 1 [Member]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Fair Value, Inputs, Level 2 [Member]
Legally restricted funds (long-term):
Legally restricted funds	39	[2],[3],[5]	28	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Fair Value, Inputs, Level 3 [Member]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Carrying Amount, Fair Value Disclosure [Member]
Legally restricted funds (long-term):
Legally restricted funds	39	[2],[3],[5]	28	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Estimate of Fair Value Measurement [Member]
Legally restricted funds (long-term):
Legally restricted funds	39	[2],[3],[5]	28	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Fair Value, Inputs, Level 1 [Member]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Legally restricted funds (long-term):
Legally restricted funds	27	[2],[3],[5]	28	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Legally restricted funds (long-term):
Legally restricted funds	27	[2],[3],[5]	28	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Estimate of Fair Value Measurement [Member]
Legally restricted funds (long-term):
Legally restricted funds	27	[2],[3],[5]	28	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]
Legally restricted funds (long-term):
Legally restricted funds	25	[2],[3],[5]	34	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Fair Value, Inputs, Level 3 [Member]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Legally restricted funds (long-term):
Legally restricted funds	25	[2],[3],[5]	34	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Estimate of Fair Value Measurement [Member]
Legally restricted funds (long-term):
Legally restricted funds	25	[2],[3],[5]	34	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]
Legally restricted funds (long-term):
Legally restricted funds	17	[2],[3],[5]	15	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Fair Value, Inputs, Level 3 [Member]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Legally restricted funds (long-term):
Legally restricted funds	17	[2],[3],[5]	15	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Estimate of Fair Value Measurement [Member]
Legally restricted funds (long-term):
Legally restricted funds	17	[2],[3],[5]	15	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 1 [Member]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Legally restricted funds (long-term):
Legally restricted funds	1	[2],[3],[5]	1	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Legally restricted funds (long-term):
Legally restricted funds	0	[2],[3],[5]	0	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Legally restricted funds (long-term):
Legally restricted funds	1	[2],[3],[5]	1	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Estimate of Fair Value Measurement [Member]
Legally restricted funds (long-term):
Legally restricted funds	1	[2],[3],[5]	1	[2],[3],[5]
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives:
Derivative Asset	0	[3],[6]	0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives:
Derivative Asset	15	[3],[6]	63	[3],[6]
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives:
Derivative Asset	0	[3],[6]	0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	15	[3],[6]	63	[3],[6]
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	15	[3],[6]	63	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives:
Derivative Asset			5	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives:
Derivative Asset			1	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives:
Derivative Asset			0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset			6	[3],[6]
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset			6	[3],[6]
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives:
Derivative Asset	0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives:
Derivative Asset	0	[3],[6]
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives:
Derivative Asset	316	[3],[6]
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	316	[3],[6]
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	316	[3],[6]
Deferred Option Premiums and Accrued Interest [Member]
Derivatives: [Abstract]
Derivative Liability	210		444
Crude Oil Options [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives: [Abstract]
Derivative Liability	316		(309)		0
Other current assets [Member]
Derivatives:
Derivative Asset	316		6
Derivatives: [Abstract]
Derivative Liability	0		0
Other current assets [Member] | Fair Value, Measurements, Recurring [Member] | Bank Time Deposits [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Investment securities	17		15
Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Bank Time Deposits [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Deposits	115
Legally restricted funds			$ 210

[1] Includes $168 million for AROs related to properties in New Mexico at December 31, 2014, and a $210 million time deposit that secured a bank guarantee (until the time deposit was released as security for the bank guarantee in 2014) associated with the Cerro Verde royalty dispute and $158 million for AROs related to properties in New Mexico at December 31, 2013 (refer to Note 12 for further discussion).

[2] Current portion included in other current assets and long-term portion included in other assets.

[3] Recorded at fair value.

[4] Excludes $115 million of time deposits (which approximated fair value) at December 31, 2014 (included in other assets), associated with an assurance bond to support PT-FI's commitment for smelter development in Indonesia (refer to Note 13 for further discussion).

[5] Excludes time deposits (which approximated fair value) of $17 million (included in other current assets) associated with a customs audit assessment and a reclamation guarantee at PT-FI at December 31, 2014, and $15 million included in other current assets and $210 million in other assets at December 31, 2013, associated with the Cerro Verde royalty dispute (refer to Note 12 for further discussion).

[6] Refer to Note 14 for further discussion and balance sheet classifications. Crude oil options were net of $210 million at December 31, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest.

[7] Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

[8] Included in other liabilities.