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Fair Value Measurement (Unaudited) (Tables) | 6 Months Ended
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Jun. 30, 2013
Fair Value Measurement [Abstract] |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | A summary of the changes in the fair value of FCX's Level 3 derivative financial instruments for the six months ended June 30, 2013, follows (in millions):
| Crude Oil |  | Plains Offshore
| Options |  | Warrants
Fair value at December 31, 2012 | $ | — |  |  | $ | — |
Derivative financial instruments assumed in the PXP acquisition | (83 | ) |  | (79 | )
Net unrealized losses included in earnings related to |  |  |
assets and liabilities still held at the end of the period a | (33 | ) |  | — |
Fair value at June 30, 2013 | $ | (116 | ) |  | $ | (79 | )
a. | Realized and unrealized (losses) gains are recorded in revenue. There were no realized gains for the six months ended June 30, 2013.
Carrying Amount and Fair Value of Other Financial Instruments | A summary of the carrying amount and fair value of FCX’s financial instruments other than cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable follows (in millions):
| At June 30, 2013
| Carrying |  | Fair Value
| Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |
Investment securities (current and long-term):a, b, c |  |  |  |  |  |  |  |  |
Money market funds | $ | 80 |  |  | $ | 80 |  |  | $ | 80 |  |  | $ | — |  |  | $ | — |
U.S. core fixed income fund | 21 |  |  | 21 |  |  | — |  |  | 21 |  |  | — |
Equity securities | 6 |  |  | 6 |  |  | 6 |  |  | — |  |  | — |
Total investment securities | 107 |  |  | 107 |  |  | 86 |  |  | 21 |  |  | — |
Trust assets (long-term):a, c |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 48 |  |  | 48 |  |  | — |  |  | 48 |  |  | — |
Government mortgage-backed securities | 37 |  |  | 37 |  |  | — |  |  | 37 |  |  | — |
Corporate bonds | 26 |  |  | 26 |  |  | — |  |  | 26 |  |  | — |
Government bonds and notes | 21 |  |  | 21 |  |  | — |  |  | 21 |  |  | — |
Asset-backed securities | 16 |  |  | 16 |  |  | — |  |  | 16 |  |  | — |
Money market funds | 8 |  |  | 8 |  |  | 8 |  |  | — |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Total trust assets | 157 |  |  | 157 |  |  | 8 |  |  | 149 |  |  | — |
Derivatives:a, d |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |
contracts in a gross asset position | 11 |  |  | 11 |  |  | — |  |  | 11 |  |  | — |
Crude oil and natural gas swaps | 81 |  |  | 81 |  |  | — |  |  | 81 |  |  | — |
Total derivative assets | 92 |  |  | 92 |  |  | — |  |  | 92 |  |  | — |
Total assets |  |  | $ | 356 |  |  | $ | 94 |  |  | $ | 262 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |
Derivatives:a |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |
contracts in a gross liability position d | $ | 121 |  |  | $ | 121 |  |  | $ | — |  |  | $ | 121 |  |  | $ | — |
Crude oil options d | 116 |  |  | 116 |  |  | — |  |  | — |  |  | 116 |
Copper futures and swap contracts d | 14 |  |  | 14 |  |  | 13 |  |  | 1 |  |  | — |
Copper forward contracts d | 3 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | — |
Plains Offshore warrants e | $ | 79 |  |  | $ | 79 |  |  | $ | — |  |  | $ | — |  |  | $ | 79 |
Total derivative liabilities | 333 |  |  | 333 |  |  | 15 |  |  | 123 |  |  | 195 |
Long-term debt, including current portion f | 21,215 |  |  | 20,335 |  |  | — |  |  | 20,335 |  |  | — |
Total liabilities |  |  | $ | 20,668 |  |  | $ | 15 |  |  | $ | 20,458 |  |  | $ | 195 |
| At December 31, 2012
| Carrying |  | Fair Value
| Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |
Investment securities (current and long-term): |  |  |  |  |  |  |  |  |
MMR investment g | $ | 446 |  |  | $ | 539 |  |  | $ | — |  |  | $ | 539 |  |  | $ | — |
U.S. core fixed income fund a, c | 22 |  |  | 22 |  |  | — |  |  | 22 |  |  | — |
Money market funds a, c | 16 |  |  | 16 |  |  | 16 |  |  | — |  |  | — |
Equity securities a, c | 8 |  |  | 8 |  |  | 8 |  |  | — |  |  | — |
Total investment securities | 492 |  |  | 585 |  |  | 24 |  |  | 561 |  |  | — |
Trust assets (long-term):a, c |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 50 |  |  | 50 |  |  | — |  |  | 50 |  |  | — |
Government mortgage-backed securities | 36 |  |  | 36 |  |  | — |  |  | 36 |  |  | — |
Corporate bonds | 30 |  |  | 30 |  |  | — |  |  | 30 |  |  | — |
Government bonds and notes | 24 |  |  | 24 |  |  | — |  |  | 24 |  |  | — |
Asset-backed securities | 15 |  |  | 15 |  |  | — |  |  | 15 |  |  | — |
Money market funds | 7 |  |  | 7 |  |  | 7 |  |  | — |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Total trust assets | 163 |  |  | 163 |  |  | 7 |  |  | 156 |  |  | — |
Derivatives:a, d |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |
contracts in a gross asset position | 36 |  |  | 36 |  |  | — |  |  | 36 |  |  | — |
Copper futures and swaps contracts | 5 |  |  | 5 |  |  | 5 |  |  | — |  |  | — |
Total derivative assets | 41 |  |  | 41 |  |  | 5 |  |  | 36 |  |  | — |
Total assets |  |  | $ | 789 |  |  | $ | 36 |  |  | $ | 753 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |
Derivatives:a, d |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |
contracts in a gross liability position | $ | 27 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 27 |  |  | $ | — |
Copper futures and swap contracts | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Total derivative liabilities | 28 |  |  | 28 |  |  | 1 |  |  | 27 |  |  | — |
Long-term debt, including current portion f | 3,527 |  |  | 3,589 |  |  | — |  |  | 3,589 |  |  | — |
Total liabilities |  |  | $ | 3,617 |  |  | $ | 1 |  |  | $ | 3,616 |  |  | $ | — |
a. | Recorded at fair value.
b. | Investment securities excluded $238 million of time deposits at June 30, 2013.
c. | Current portion included in other current assets and long-term portion included in other assets.
d. | Crude oil options are net of $478 million for deferred premiums and accrued interest at June 30, 2013. Refer to Note 9 for further discussion and balance sheet classifications.
e. | Included in other liabilities. Refer to Note 2 for further discussion.
f. | Recorded at cost except for debt acquired in the PXP, MMR and FMC acquisitions, which were recorded at fair value at the acquisition dates.
g. | Recorded at cost and included in other assets.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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