Asset Retirement Obligations

12 Months Ended

Dec. 31, 2013

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

16. Asset Retirement Obligations

Asset retirement obligations (“AROs”) consist primarily of rehabilitation and restoration costs, landfill capping costs, decommissioning costs, and closure and post-closure costs. A summary of the changes in AROs during 2013 and 2012 is as follows:

	Year Ended December 31,
	2013			2012
Beginning balance	$	113		$	30
Additions		—			7
Accretion expense		2			5
Remeasurement/translation		(16	)		7
Changes in estimates, including cost and timing of cash flows		(1	)		4
Settlements/payments		(2	)		(1	)
AROs acquired in the Transaction		—			61
Ending balance	$	96		$	113
Current portion included in accrued liabilities	$	6		$	7
Noncurrent portion	$	90		$	106

We used the following assumptions in determining asset retirement obligations at December 31, 2013: inflation rates between 2.5%-5.3% per year; credit adjusted risk-free interest rates between 4.52%-7%; and the life of mines between 11-39 years.

Environmental Rehabilitation Trust

In accordance with applicable regulations, we have established an environmental rehabilitation trust for the prospecting and mining operations in South Africa, which receives, holds, and invests funds for the rehabilitation or management of asset retirement obligations. The trustees of the fund are appointed by us, and consist of sufficiently qualified employees capable of fulfilling their fiduciary duties. At December 31, 2013 and 2012, the environmental rehabilitation trust assets were $22 million and $20 million, respectively, which were recorded in “Other long-term assets” on the Consolidated Balance Sheets.