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QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2014
Quarterly Financial Data [Abstract] |
Quarterly financial information |
| 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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