OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2014

Other Liabilities, Including Employee Benefits [Abstract]

Additional information regarding other liabilities

Information regarding other liabilities follows:

	December 31,
	2014		2013
Pension, postretirement, postemployment and other employment benefitsa	$	1,430	$	1,225
Reserve for uncertain tax positions	68		87
Commodity derivative contracts	—		115
Other	363		263
Total other liabilities	$	1,861	$	1,690

a. Refer to Note 7 for current portion.

Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]

Included in accumulated other comprehensive loss are the following amounts that have not been recognized in net periodic pension cost as of December 31:

	2014				2013
	Before Taxes		After Taxes and Noncontrolling Interests		Before Taxes		After Taxes and Noncontrolling Interests
Prior service costs	$	28	$	15	$	32	$	17
Net actuarial loss	749		456		542		326
	$	777	$	471	$	574	$	343

Schedule of defined benefit plans disclosure

The expected benefit payments for FCX’s and PT-FI’s pension plans follow:

	FCX		PT-FIa
2015	$	97	$	20
2016	155		9
2017	103		16
2018	107		20
2019	110		24
2020 through 2024	603		172

a. Based on a December 31, 2014, exchange rate of 12,378 Indonesian rupiah to one U.S. dollar.

FCX uses a measurement date of December 31 for its plans. Information for those plans where the accumulated benefit obligations exceed the fair value of plan assets follows:

	December 31,
	2014		2013
Projected benefit obligation	$	2,221	$	2,180
Accumulated benefit obligation	2,090		1,933
Fair value of plan assets	1,433		1,490

Information on the FCX (including FMC’s plans and FCX’s SERP plans) and PT-FI plans as of December 31 follows:

	FCX						PT-FI
	2014			2013			2014			2013
Change in benefit obligation:
Benefit obligation at beginning
of year	$	1,871		$	1,954		$	259		$	240
Service cost	30			30			22			20
Interest cost	92			77			23			14
Actuarial losses (gains)	278			(103		)	30			13
Plan amendment	—			—			—			33
Foreign exchange (gains) losses	(2		)	1			(7		)	(53		)
Benefits paid	(90		)	(88		)	(9		)	(8		)
Benefit obligation at end of year	2,179			1,871			318			259
Change in plan assets:
Fair value of plan assets at
beginning of year	1,350			1,300			124			130
Actual return on plan assets	151			112			20			(3		)
Employer contributionsa	6			26			55			35
Foreign exchange losses	(1		)	—			(5		)	(30		)
Benefits paid	(90		)	(88		)	(9		)	(8		)
Fair value of plan assets at end
of year	1,416			1,350			185			124
Funded status	$	(763	)	$	(521	)	$	(133	)	$	(135	)
Accumulated benefit obligation	$	2,048		$	1,742		$	168		$	141
Weighted-average assumptions
used to determine benefit obligations:
Discount rate	4.10		%	5.00		%	8.25		%	9.00		%
Rate of compensation increase	3.25		%	3.75		%	9.00		%	9.00		%
Balance sheet classification of
funded status:
Other assets	$	8		$	8		$	—		$	—
Accounts payable and
accrued liabilities	(4		)	(4		)	—			—
Other liabilities	(767		)	(525		)	(133		)	(135		)
Total	$	(763	)	$	(521	)	$	(133	)	$	(135	)

a. Employer contributions for 2015 are expected to approximate $98 million for the FCX plans and $20 million for the PT-FI plan (based on a December 31, 2014, exchange rate of 12,378 Indonesian rupiah to one U.S. dollar).

The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for FCX’s pension plans for the years ended December 31 follow:

	2014			2013			2012
Weighted-average assumptions:a
Discount rate	5.00		%	4.10		%	4.60		%
Expected return on plan assets	7.50		%	7.50		%	7.50		%
Rate of compensation increase	3.75		%	3.75		%	3.75		%
Service cost	$	30		$	30		$	27
Interest cost	92			77			79
Expected return on plan assets	(98		)	(95		)	(86		)
Amortization of prior service credit	(1		)	—			(1		)
Amortization of net actuarial losses	28			38			33
Net periodic benefit cost	$	51		$	50		$	52

a. The assumptions shown relate only to the FMC plans.

The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for PT-FI’s pension plan for the years ended December 31 follow:

	2014			2013			2012
Weighted-average assumptions:
Discount rate	9.00		%	6.25		%	7.00		%
Expected return on plan assets	7.75		%	7.50		%	9.25		%
Rate of compensation increase	9.00		%	8.00		%	8.00		%
Service cost	$	22		$	20		$	17
Interest cost	23			14			14
Expected return on plan assets	(10		)	(10		)	(9		)
Amortization of prior service cost	3			—			1
Amortization of net actuarial loss	8			8			7
Net periodic benefit cost	$	46		$	32		$	30

Schedule of fair value of financial assets for pension and postretirement benefits

A summary of the fair value hierarchy for pension plan assets associated with the FCX plans follows:

	Fair Value at December 31, 2014
	Total			Level 1		Level 2		Level 3
Commingled/collective funds:
Global equity	$	487		$	—	$	487	$	—
Global fixed income securities	106			—		106		—
Fixed income securities	99			—		99		—
U.S. small-cap equity	69			—		69		—
U.S. real estate securities	54			—		54		—
Real estate property	54			—		—		54
Short-term investments	8			—		8		—
Open-ended mutual funds:
Emerging markets equity	38			38		—		—
Mutual funds:
Emerging markets equity	25			25		—		—
Fixed income:
Government bonds	244			—		244		—
Corporate bonds	148			—		148		—
Private equity investments	39			—		—		39
Other investments	35			—		35		—
Total investments	1,406			$	63	$	1,250	$	93
Cash and receivables	19
Payables	(9		)
Total pension plan net assets	$	1,416

	Fair Value at December 31, 2013
	Total			Level 1		Level 2		Level 3
Commingled/collective funds:
Global equity	$	623		$	—	$	623	$	—
U.S. small-cap equity	65			—		65		—
Real estate property	47			—		—		47
U.S. real estate securities	40			—		40		—
Fixed income debt securities	30			—		30		—
Short-term investments	5			—		5		—
Open-ended mutual funds:
Government bonds	43			43		—		—
Emerging markets equity	41			41		—		—
Corporate bonds	33			33		—		—
Mutual funds:
Foreign bonds	51			51		—		—
Emerging markets equity	26			26		—		—
Emerging markets bond	20			20		—		—
Fixed income:
Government bonds	198			—		198		—
Corporate bonds	52			—		52		—
Private equity investments	43			—		—		43
Other investments	29			1		28		—
Total investments	1,346			$	215	$	1,041	$	90
Cash and receivables	18
Payables	(14		)
Total pension plan net assets	$	1,350

A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows:

	Fair Value at December 31, 2014
	Total		Level 1		Level 2		Level 3
Common stocks	$	43	$	43	$	—	$	—
Government bonds	27		27		—		—
Mutual funds	14		14		—		—
Total investments	84		$	84	$	—	$	—
Cash and receivablesa	101
Total pension plan net assets	$	185

	Fair Value at December 31, 2013
	Total		Level 1		Level 2		Level 3
Common stocks	$	27	$	27	$	—	$	—
Government bonds	23		23		—		—
Mutual funds	12		12		—		—
Total investments	62		$	62	$	—	$	—
Cash and receivablesa	62
Total pension plan net assets	$	124

a. Cash consists primarily of short-term time deposits.

Summary of changes in the fair value of level 3 pension plan assets

A summary of changes in the fair value of FCX’s Level 3 pension plan assets for the years ended December 31 follows:

	Real Estate Property			Private Equity Investments			Total
Balance at January 1, 2013	$	41		$	45		$	86
Actual return on plan assets:
Realized gains	1			—			1
Net unrealized gains (losses) related to
assets still held at the end of the year	6			(1		)	5
Purchases	—			3			3
Sales	(1		)	—			(1		)
Settlements, net	—			(4		)	(4		)
Balance at December 31, 2013	47			43			90
Actual return on plan assets:
Realized gains	2			—			2
Net unrealized gains (losses) related to
assets still held at the end of the year	6			(1		)	5
Purchases	—			1			1
Sales	(1		)	—			(1		)
Settlements, net	—			(4		)	(4		)
Balance at December 31, 2014	$	54		$	39		$	93