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OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables) | 12 Months Ended
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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 benefits a | $ | 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-FI a
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 contributions a | 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 receivables a | 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 receivables a | 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 |

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