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QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended
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Dec. 31, 2014
Quarterly Financial Data [Abstract] |
Quarterly Financial Information | QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | Year |
2014 |  |  |  |  |  |  |  |  |  |
Revenues | $ | 4,985 |  | a | $ | 5,522 |  | a | $ | 5,696 |  | a | $ | 5,235 |  | a | $ | 21,438 |  | a
Operating income (loss) | 1,111 |  |  | 1,153 |  |  | 1,132 |  | b,c | (3,299 | ) | b,c | 97 |  | b,c
Net income (loss) | 626 |  |  | 660 |  | d,e | 704 |  | d,e | (2,735 | ) | d,e | (745 | ) | d,e
Net income and preferred dividends |  |  |  |  |  |  |  |  |  |
attributable to noncontrolling interests | 116 |  |  | 178 |  |  | 152 |  |  | 117 |  |  | 563 |  |
Net income (loss) attributable to FCX |  |  |  |  |  |  |  |  |  |
common stockholders | 510 |  | a | 482 |  | a,d,e | 552 |  | a,b,c,d,e | (2,852 | ) | a,b,c,d,e | (1,308 | ) | a,b,c,d,e
Basic net income (loss) per share |  |  |  |  |  |  |  |  |  |
attributable to FCX common stockholders | 0.49 |  |  | 0.46 |  |  | 0.53 |  |  | (2.75 | ) |  | (1.26 | ) |
Diluted net income (loss) per share |  |  |  |  |  |  |  |  |  |
attributable to FCX common stockholders | 0.49 |  | a | 0.46 |  | a,d,e | 0.53 |  | a,b,c,d,e | (2.75 | ) | a,b,c,d,e | (1.26 | ) | a,b,c,d,e
2013 |  |  |  |  |  |  |  |  |  |
Revenues | $ | 4,583 |  |  | $ | 4,288 |  | f | $ | 6,165 |  | f | $ | 5,885 |  | f | $ | 20,921 |  | f
Operating income | 1,355 |  | g | 639 |  | g | 1,707 |  | g | 1,650 |  | g,h | 5,351 |  | g,h
Net income | 824 |  |  | 610 |  | i | 1,048 |  |  | 959 |  | i | 3,441 |  | i
Net income and preferred dividends |  |  |  |  |  |  |  |  |  |
attributable to noncontrolling interests | 176 |  |  | 128 |  |  | 227 |  |  | 252 |  |  | 783 |  |
Net income attributable to FCX common |  |  |  |  |  |  |  |  |  |
stockholders | 648 |  | g,j | 482 |  | f,g,i,j,k | 821 |  | f,g | 707 |  | f,g,h,i,j | 2,658 |  | f,g,h,i,j,k
Basic net income per share attributable |  |  |  |  |  |  |  |  |  |
to FCX common stockholders | 0.68 |  |  | 0.49 |  |  | 0.79 |  |  | 0.68 |  |  | 2.65 |  |
Diluted net income per share attributable |  |  |  |  |  |  |  |  |  |
to FCX common stockholders | 0.68 |  | g,j | 0.49 |  | f,g,i,j,k | 0.79 |  | f,g | 0.68 |  | f,g,h,i,j | 2.64 |  | f,g,h,i,j,k
a. | Includes credits (charges) of $15 million ($9 million to net income attributable to common stockholders or $0.01 per share) in the first quarter, $(7) million ($(4) million to net income attributable to common stockholders) in the second quarter, $122 million ($76 million to net income attributable to common stockholders or $0.07 per share) in the third quarter, $497 million ($309 million to net loss attributable to common stockholders or $0.30 per share) in the fourth quarter and $627 million ($389 million to net loss attributable to common stockholders or $0.37 per share) for the year for net unrealized and noncash realized gains (losses) on crude oil and natural gas derivative contracts.
b. | Includes a charge of $308 million ($192 million to net income attributable to common stockholders or $0.18 per share) in the third quarter, $3.4 billion ($2.1 billion to net loss attributable to common stockholders or $2.05 per share) in the fourth quarter and $3.7 billion ($2.3 billion to net loss attributable to common stockholders or $2.24 per share) for the year to reduce the carrying value of oil and gas properties pursuant to full cost accounting rules. Additionally, the fourth quarter and the year includes a goodwill impairment charge of $1.7 billion ($1.65 per share) for the full carrying value of goodwill.
c. | Includes net gains of $46 million ($31 million to net income attributable to common stockholders or $0.03 per share) in third quarter, $671 million ($450 million to net loss attributable to common stockholders or $0.43 per share) in the fourth quarter and $717 million ($481 million to net loss attributable to common stockholders or $0.46 per share) for the year primarily from the sale of the Candelaria and Ojos del Salado copper mining operations in the fourth quarter (refer to Note 2 for further discussion) and the sale of a metals injection molding plant in the third quarter.
d. | Includes a tax charge of $57 million ($0.06 per share) in the second quarter, $5 million in the third quarter, $22 million ($0.02 per share) in the fourth quarter and $84 million ($0.08 per share) for the year associated with deferred taxes recorded in connection with the allocation of goodwill to the sale of the Eagle Ford properties. Additionally, includes a net tax charge (benefit) of $54 million ($7 million attributable to noncontrolling interests and $47 million to net income attributable to common stockholders or $0.04 per share) in the third quarter, $(17) million ($11 million attributable to noncontrolling interests and $(28) million to net loss attributable to common stockholders or $(0.03) per share) in the fourth quarter and $37 million ($18 million attributable to noncontrolling interests and $19 million to net loss attributable to common stockholders or $0.02 per share) for the year associated with changes in Chilean tax rules, U.S. federal income tax regulations and Peruvian tax rules, partially offset by a tax benefit related to changes in U.S. state income tax filing positions.
e. | Includes net gains (losses) on early extinguishment of debt totaling $4 million in the second quarter, $17 million ($0.02 per share) in the third quarter, $(18) million ($(0.02) per share) in the fourth quarter and $3 million for the year. Refer to Note 8 for further discussion.
f. | Includes charges of $36 million ($23 million to net income attributable to common stockholders or $0.02 per share) in the second quarter, $158 million ($98 million to net income attributable to common stockholders or $0.09 per share) in the third quarter, $118 million ($73 million to net income attributable to common stockholders or $0.07 per share) in the fourth quarter and $312 million ($194 million to net income attributable to common stockholders or $0.19 per share) for the year (reflecting the seven-month period from June 1, 2013, to December 31, 2013) for unrealized and noncash realized losses on crude oil and natural gas derivative contracts.
g. | Includes charges of $14 million ($10 million to net income attributable to common stockholders or $0.01 per share) in the first quarter, $61 million ($36 million to net income attributable to common stockholders or $0.04 per share) in the second quarter, $1 million ($1 million to net income attributable to common stockholders) in the third quarter, $4 million ($3 million to net income attributable to common stockholders) in the fourth quarter and $80 million ($50 million to net income attributable to common stockholders or $0.05 per share) for the year for transaction and related costs principally associated with the acquisitions of PXP and MMR.
h. | Includes charges in the fourth quarter and for the year of (i) $76 million ($49 million to net income attributable to common stockholders or $0.05 per share) associated with updated mine plans at Morenci that resulted in a loss in recoverable copper in leach stockpiles, (ii) $37 million ($23 million to net income attributable to common stockholders or $0.02 per share) associated with the restructuring of an executive employment arrangement and (iii) $36 million ($13 million to net income attributable to common stockholders or $0.01 per share) associated with a new labor agreement at Cerro Verde.
i. | Includes a net tax benefit of $183 million ($0.19 per share) in the second quarter, $16 million ($0.01 per share) in the fourth quarter and $199 million ($0.20 per share) for the year associated with net reductions in FCX's deferred tax liabilities and deferred tax asset valuation allowances related to the acquisitions of PXP and MMR.
j. | Includes net (losses) gains on early extinguishment of debt totaling $(40) million ($(0.04) per share) in the first quarter, $5 million ($0.01 per share) in the second quarter for an adjustment related to taxes on the first quarter losses, $7 million ($0.01 per share) in the fourth quarter and $(28) million ($(0.03) per share) for the year. Refer to Note 8 for further discussion.
k. | Includes a gain of $128 million ($0.13 per share) in the second quarter and for the year related to FCX's preferred stock investment in and the subsequent acquisition of MMR. Refer to Note 2 for further discussion.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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