OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2015

Other Liabilities, Including Employee Benefits [Abstract]

Additional information regarding other liabilities

Information regarding other liabilities follows:

	December 31,
	2015		2014
Pension, postretirement, postemployment and other employment benefitsa	$	1,260	$	1,430
Provision for tax positions	152		157
Legal matters	77		63
Insurance claim reserves	59		56
Other	93		140
Total other liabilities	$	1,641	$	1,846

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:

	2015				2014
	Before Taxes		After Taxes and Noncontrolling Interests		Before Taxes		After Taxes and Noncontrolling Interests
Prior service costs	$	23	$	12	$	28	$	15
Net actuarial loss	697		426		749		456
	$	720	$	438	$	777	$	471

Schedule of defined benefit plans disclosure

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,
	2015		2014
Projected benefit obligation	$	2,139	$	2,221
Accumulated benefit obligation	2,037		2,090
Fair value of plan assets	1,399		1,433

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
	2015			2014			2015			2014
Change in benefit obligation:
Benefit obligation at beginning
of year	$	2,179		$	1,871		$	318		$	259
Service cost	36			30			26			22
Interest cost	87			92			23			23
Actuarial (gains) losses	(118		)	278			(7		)	30
Foreign exchange gains	(2		)	(2		)	(32		)	(7		)
Special retirement benefitsa	22			—			—			—
Benefits paid	(100		)	(90		)	(10		)	(9		)
Benefit obligation at end of year	2,104			2,179			318			318
Change in plan assets:
Fair value of plan assets at
beginning of year	1,416			1,350			185			124
Actual return on plan assets	(26		)	151			6			20
Employer contributionsb	90			6			42			55
Foreign exchange losses	(1		)	(1		)	(19		)	(5		)
Benefits paid	(100		)	(90		)	(10		)	(9		)
Fair value of plan assets at end
of year	1,379			1,416			204			185
Funded status	$	(725	)	$	(763	)	$	(114	)	$	(133	)
Accumulated benefit obligation	$	2,001		$	2,048		$	175		$	168
Weighted-average assumptions
used to determine benefit obligations:
Discount rate	4.60		%	4.10		%	9.00		%	8.25		%
Rate of compensation increase	3.25		%	3.25		%	9.40		%	9.00		%
Balance sheet classification of
funded status:
Other assets	$	8		$	8		$	—		$	—
Accounts payable and
accrued liabilities	(35		)	(4		)	—			—
Other liabilities	(698		)	(767		)	(114		)	(133		)
Total	$	(725	)	$	(763	)	$	(114	)	$	(133	)

a. Resulted from revised mine operating plans and reductions in the workforce (refer to Note 5 for further discussion).

b. Employer contributions for 2016 are expected to approximate $38 million for the FCX plans and $38 million for the PT-FI plan (based on a December 31, 2015, exchange rate of 13,726 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:

	2015			2014			2013
Weighted-average assumptions:a
Discount rate	4.10		%	5.00		%	4.10		%
Expected return on plan assets	7.25		%	7.50		%	7.50		%
Rate of compensation increase	3.25		%	3.75		%	3.75		%
Service cost	$	36		$	30		$	30
Interest cost	87			92			77
Expected return on plan assets	(102		)	(98		)	(95		)
Amortization of prior service credit	—			(1		)	—
Amortization of net actuarial losses	45			28			38
Special retirement benefits	22			—			—
Net periodic benefit cost	$	88		$	51		$	50

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:

	2015			2014			2013
Weighted-average assumptions:
Discount rate	8.25		%	9.00		%	6.25		%
Expected return on plan assets	7.75		%	7.75		%	7.50		%
Rate of compensation increase	9.00		%	9.00		%	8.00		%
Service cost	$	26		$	22		$	20
Interest cost	23			23			14
Expected return on plan assets	(14		)	(10		)	(10		)
Amortization of prior service cost	3			3			—
Amortization of net actuarial loss	6			8			8
Net periodic benefit cost	$	44		$	46		$	32

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

	FCX		PT-FIa
2016	$	155	$	20
2017	140		12
2018	110		22
2019	113		28
2020	115		37
2021 through 2025	610		264

a. Based on a December 31, 2015, exchange rate of 13,726 Indonesian rupiah to one U.S. dollar.

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, 2015
	Total			Level 1		Level 2		Level 3
Commingled/collective funds:
Global equity	$	399		$	—	$	399	$	—
Fixed income securities	129			—		129		—
Global fixed income securities	101			—		101		—
Real estate property	66			—		—		66
Emerging markets equity	60			—		60		—
U.S. small-cap equity	56			—		56		—
International small-cap equity	56			—		56		—
U.S. real estate securities	55			—		55		—
Short-term investments	25			—		25		—
Fixed income:
Government bonds	215			—		215		—
Corporate bonds	145			—		145		—
Private equity investments	31			—		—		31
Other investments	39			1		38		—
Total investments	1,377			$	1	$	1,279	$	97
Cash and receivables	6
Payables	(4		)
Total pension plan net assets	$	1,379

	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

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

	Fair Value at December 31, 2015
	Total		Level 1		Level 2		Level 3
Common stocks	$	43	$	43	$	—	$	—
Government bonds	41		41		—		—
Mutual funds	12		12		—		—
Total investments	96		$	96	$	—	$	—
Cash and receivablesa	108
Total pension plan net assets	$	204

	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

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, 2014	$	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
Actual return on plan assets:
Realized gains	2			—			2
Net unrealized gains (losses) related to
assets still held at the end of the year	11			(5		)	6
Purchases	—			1			1
Sales	(1		)	—			(1		)
Settlements, net	—			(4		)	(4		)
Balance at December 31, 2015	$	66		$	31		$	97