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OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2013
Other Liabilities, Including Employee Benefits [Abstract] |
Additional information regarding other liabilities | Information regarding other liabilities follows:
| December 31,
| 2013 |  | 2012
Pension, postretirement, postemployment and other employment benefits a | $ | 1,225 |  |  | $ | 1,340 |
Commodity derivative contracts | 115 |  |  | — |
Reserve for uncertain tax benefits | 87 |  |  | 107 |
Other | 263 |  |  | 197 |
Total other liabilities | $ | 1,690 |  |  | $ | 1,644 |
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:
| 2013 |  | 2012
| Before Taxes |  | After Taxes and Noncontrolling Interests |  | Before Taxes |  | After Taxes and Noncontrolling Interests
Prior service costs (credits) | $ | 32 |  |  | $ | 17 |  |  | $ | (2 | ) |  | $ | (1 | )
Net actuarial loss | 542 |  |  | 326 |  |  | 705 |  |  | 429 |
| $ | 574 |  |  | $ | 343 |  |  | $ | 703 |  |  | $ | 428 |
Schedule of defined benefit plans disclosure | The expected benefit payments for FCX’s and PT-FI’s pension plans follow:
| FCX |  | PT-FI a
2014 | $ | 93 |  |  | $ | 21 |
2015 | 147 |  |  | 12 |
2016 | 99 |  |  | 13 |
2017 | 102 |  |  | 18 |
2018 | 106 |  |  | 21 |
2019 through 2023 | 584 |  |  | 194 |
a. | Based on a December 31, 2013, exchange rate of 12,128 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,
| 2013 |  | 2012
Projected benefit obligation | $ | 2,180 |  |  | $ | 2,247 |
Accumulated benefit obligation | 1,933 |  |  | 2,031 |
Fair value of plan assets | 1,490 |  |  | 1,443 |
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
| 2013 |  | 2012 |  | 2013 |  | 2012
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning |  |  |  |  |  |  |
of year | $ | 1,954 |  |  | $ | 1,791 |  |  | $ | 240 |  |  | $ | 206 |
Service cost | 30 |  |  | 27 |  |  | 20 |  |  | 17 |
Interest cost | 77 |  |  | 79 |  |  | 14 |  |  | 14 |
Actuarial (gains) losses | (103 | ) |  | 142 |  |  | 13 |  |  | 25 |
Plan amendment | — |  |  | — |  |  | 33 |  |  | — |
Foreign exchange losses (gains) | 1 |  |  | 1 |  |  | (53 | ) |  | (13 | )
Benefits paid | (88 | ) |  | (86 | ) |  | (8 | ) |  | (9 | )
Benefit obligation at end of year | 1,871 |  |  | 1,954 |  |  | 259 |  |  | 240 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at |  |  |  |  |  |  |
beginning of year | 1,300 |  |  | 1,141 |  |  | 130 |  |  | 107 |
Actual return on plan assets | 112 |  |  | 140 |  |  | (3 | ) |  | 12 |
Employer contributions a | 26 |  |  | 105 |  |  | 35 |  |  | 26 |
Foreign exchange losses | — |  |  | — |  |  | (30 | ) |  | (6 | )
Benefits paid | (88 | ) |  | (86 | ) |  | (8 | ) |  | (9 | )
Fair value of plan assets at end |  |  |  |  |  |  |
of year | 1,350 |  |  | 1,300 |  |  | 124 |  |  | 130 |
Funded status | $ | (521 | ) |  | $ | (654 | ) |  | $ | (135 | ) |  | $ | (110 | )
Accumulated benefit obligation | $ | 1,742 |  |  | $ | 1,842 |  |  | $ | 141 |  |  | $ | 136 |
Weighted-average assumptions |  |  |  |  |  |  |
used to determine benefit obligations: |  |  |  |  |  |  |
Discount rate | 5.00 | % |  | 4.10 | % |  | 9.00 | % |  | 6.25 | %
Rate of compensation increase b | 3.75 | % |  | 3.75 | % |  | 10.00 | % |  | 8.00 | %
Balance sheet classification of |  |  |  |  |  |  |
funded status: |  |  |  |  |  |  |
Other assets | $ | 8 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |
Accounts payable and |  |  |  |  |  |  |
accrued liabilities | (4 | ) |  | (4 | ) |  | — |  |  | — |
Other liabilities | (525 | ) |  | (657 | ) |  | (135 | ) |  | (110 | )
Total | $ | (521 | ) |  | $ | (654 | ) |  | $ | (135 | ) |  | $ | (110 | )
a. | Employer contributions for 2014 are expected to approximate $5 million for the FCX plans and $22 million for the PT-FI plan (based on a December 31, 2013, exchange rate of 12,128 Indonesian rupiah to one U.S. dollar).
b. | The rate of compensation increase shown for the PT-FI plan in 2013 related to non-staff employees (staff employees was 8 percent).
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:
| 2013 |  | 2012 |  | 2011
Weighted-average assumptions:a |  |  |  |  |
Discount rate | 4.10 | % |  | 4.60 | % |  | 5.40 | %
Expected return on plan assets | 7.50 | % |  | 7.50 | % |  | 8.00 | %
Rate of compensation increase | 3.75 | % |  | 3.75 | % |  | 3.75 | %
Service cost | $ | 30 |  |  | $ | 27 |  |  | $ | 24 |
Interest cost | 77 |  |  | 79 |  |  | 83 |
Expected return on plan assets | (95 | ) |  | (86 | ) |  | (86 | )
Amortization of prior service cost | — |  |  | (1 | ) |  | (1 | )
Amortization of net actuarial losses | 38 |  |  | 33 |  |  | 19 |
Net periodic benefit cost | $ | 50 |  |  | $ | 52 |  |  | $ | 39 |
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:
| 2013 |  | 2012 |  | 2011
Weighted-average assumptions: |  |  |  |  |
Discount rate | 6.25 | % |  | 7.00 | % |  | 8.50 | %
Expected return on plan assets | 7.50 | % |  | 9.25 | % |  | 9.25 | %
Rate of compensation increase | 8.00 | % |  | 8.00 | % |  | 8.00 | %
Service cost | $ | 20 |  |  | $ | 17 |  |  | $ | 13 |
Interest cost | 14 |  |  | 14 |  |  | 11 |
Expected return on plan assets | (10 | ) |  | (9 | ) |  | (9 | )
Amortization of prior service cost | — |  |  | 1 |  |  | 1 |
Amortization of net actuarial loss | 8 |  |  | 7 |  |  | 3 |
Net periodic benefit cost | $ | 32 |  |  | $ | 30 |  |  | $ | 19 |
Information on the postretirement benefit plans as of December 31 follows:
| 2013 |  | 2012
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 213 |  |  | $ | 223 |
Service cost | 1 |  |  | 1 |
Interest cost | 7 |  |  | 9 |
Actuarial (gains) losses | (24 | ) |  | 2 |
Plan amendments and acquisition | 6 |  |  | — |
Benefits paid, net of employee and joint venture partner |  |  |
contributions, and Medicare Part D subsidy | (21 | ) |  | (22 | )
Benefit obligation at end of year | 182 |  |  | 213 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | — |  |  | — |
Employer and joint venture partner contributions | 23 |  |  | 25 |
Employee contributions | 11 |  |  | 10 |
Benefits paid | (34 | ) |  | (35 | )
Fair value of plan assets at end of year | — |  |  | — |
Funded status | $ | (182 | ) |  | $ | (213 | )
Discount rate assumption | 4.30 | % |  | 3.50 | %
Balance sheet classification of funded status: |  |  |
Accounts payable and accrued liabilities | $ | (19 | ) |  | $ | (21 | )
Other liabilities | (163 | ) |  | (192 | )
Total | $ | (182 | ) |  | $ | (213 | )
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 PT-FI plan follows:
| 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 receivables a | 62 |  |  |  |  |  |  |
Total pension plan net assets | $ | 124 |  |  |  |  |  |  |
| Fair Value at December 31, 2012
| Total |  | Level 1 |  | Level 2 |  | Level 3
Common stocks | $ | 32 |  |  | $ | 32 |  |  | $ | — |  |  | $ | — |
Government bonds | 27 |  |  | 27 |  |  | — |  |  | — |
Mutual funds | 10 |  |  | 10 |  |  | — |  |  | — |
Total investments | 69 |  |  | $ | 69 |  |  | $ | — |  |  | $ | — |
Cash and receivables a | 61 |  |  |  |  |  |  |
Total pension plan net assets | $ | 130 |  |  |  |  |  |  |
a. | Cash consisted primarily of short-term time deposits.
A summary of the fair value hierarchy for pension plan assets associated with the FCX plans follows:
| 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 |  |  |  |  |  |  |
| Fair Value at December 31, 2012
| Total |  | Level 1 |  | Level 2 |  | Level 3
Commingled/collective funds: |  |  |  |  |  |  |
Global equity | $ | 481 |  |  | $ | — |  |  | $ | 481 |  |  | $ | — |
U.S. real estate securities | 61 |  |  | — |  |  | 61 |  |  | — |
U.S. small-cap equity | 52 |  |  | — |  |  | 52 |  |  | — |
Real estate property | 41 |  |  | — |  |  | — |  |  | 41 |
Short-term investments | 40 |  |  | — |  |  | 40 |  |  | — |
Open-ended mutual funds: |  |  |  |  |  |  |
Government bonds | 48 |  |  | 48 |  |  | — |  |  | — |
Emerging markets equity | 41 |  |  | 41 |  |  | — |  |  | — |
Corporate bonds | 23 |  |  | 23 |  |  | — |  |  | — |
Mutual funds: |  |  |  |  |  |  |
Foreign bonds | 54 |  |  | 54 |  |  | — |  |  | — |
Emerging markets bond | 37 |  |  | 37 |  |  | — |  |  | — |
Emerging markets equity | 28 |  |  | 28 |  |  | — |  |  | — |
Fixed income: |  |  |  |  |  |  |
Government bonds | 241 |  |  | — |  |  | 241 |  |  | — |
Corporate bonds | 82 |  |  | — |  |  | 82 |  |  | — |
Private equity investments | 45 |  |  | — |  |  | — |  |  | 45 |
Other investments | 33 |  |  | 1 |  |  | 32 |  |  | — |
Total investments | 1,307 |  |  | $ | 232 |  |  | $ | 989 |  |  | $ | 86 |
Cash and receivables | 5 |  |  |  |  |  |  |
Payables | (12 | ) |  |  |  |  |  |
Total pension plan net assets | $ | 1,300 |  |  |  |  |  |  |
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 follow:
| Private Equity Investments |  | Real Estate Property |  | Total
Balance at January 1, 2012 | $ | 50 |  |  | $ | 35 |  |  | $ | 85 |
Actual return on plan assets: |  |  |  |  |
Realized gains | — |  |  | 2 |  |  | 2 |
Net unrealized (losses) gains related to |  |  |  |  |
assets still held at the end of the year | (5 | ) |  | 4 |  |  | (1 | )
Purchases | 4 |  |  | — |  |  | 4 |
Settlements, net | (4 | ) |  | — |  |  | (4 | )
Balance at December 31, 2012 | 45 |  |  | 41 |  |  | 86 |
Actual return on plan assets: |  |  |  |  |
Realized gains | — |  |  | 1 |  |  | 1 |
Net unrealized (losses) gains related to |  |  |  |  |
assets still held at the end of the year | (1 | ) |  | 6 |  |  | 5 |
Purchases | 3 |  |  | — |  |  | 3 |
Sales | — |  |  | (1 | ) |  | (1 | )
Settlements, net | (4 | ) |  | — |  |  | (4 | )
Balance at December 31, 2013 | $ | 43 |  |  | $ | 47 |  |  | $ | 90 |

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