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FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended
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Dec. 31, 2013
Fair Value Disclosures [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 instruments follows:
| Crude Oil |  | Plains Offshore |
| Options |  | Warrants |
Fair value at December 31, 2012 | $ | — |  |  | $ | — |  |
Derivative financial instruments assumed in the PXP acquisition | (83 | ) |  | (10 | ) |
Net realized losses | (38 | ) | a | — |  |
Net unrealized (losses) gains included in earnings related to assets and liabilities still held at the end of the period | (230 | ) | b | 8 |  | c
Settlement payments | 42 |  |  | — |  |
Fair value at December 31, 2013 | $ | (309 | ) |  | $ | (2 | ) |
a. | Included net realized losses of $37 million recorded in revenues and $1 million of interest expense associated with the deferred premiums for the seven month period from June 1, 2013, to December 31, 2013.
b. | Included unrealized losses of $228 million recorded in revenues and $2 million of interest expense associated with the deferred premiums.
c. | Recorded in other (expense) income, net.
Fair Value Measurement Inputs Disclosure | 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:
| At December 31, 2013
| Carrying |  | Fair Value
| Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |
Investment securities (current and long-term):a,b |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | $ | 21 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 21 |  |  | $ | — |
Money market funds | 18 |  |  | 18 |  |  | 18 |  |  | — |  |  | — |
Equity securities | 5 |  |  | 5 |  |  | 5 |  |  | — |  |  | — |
Total | 44 |  |  | 44 |  |  | 23 |  |  | 21 |  |  | — |
Legally restricted funds (long-term):a,b,c |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 48 |  |  | 48 |  |  | — |  |  | 48 |  |  | — |
Government mortgage-backed securities | 34 |  |  | 34 |  |  | — |  |  | 34 |  |  | — |
Corporate bonds | 28 |  |  | 28 |  |  | — |  |  | 28 |  |  | — |
Government bonds and notes | 28 |  |  | 28 |  |  | — |  |  | 28 |  |  | — |
Money market funds | 28 |  |  | 28 |  |  | 28 |  |  | — |  |  | — |
Asset-backed securities | 15 |  |  | 15 |  |  | — |  |  | 15 |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Total | 182 |  |  | 182 |  |  | 28 |  |  | 154 |  |  | — |
Derivatives:a,d |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |
contracts in a gross asset position | 63 |  |  | 63 |  |  | — |  |  | 63 |  |  | — |
Copper futures and swap contracts | 6 |  |  | 6 |  |  | 5 |  |  | 1 |  |  | — |
Total | 69 |  |  | 69 |  |  | 5 |  |  | 64 |  |  | — |
Total assets |  |  | $ | 295 |  |  | $ | 56 |  |  | $ | 239 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |
Derivatives:a |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |
contracts in a gross liability position d | $ | 16 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 16 |  |  | $ | — |
Crude oil options d | 309 |  |  | 309 |  |  | — |  |  | — |  |  | 309 |
Natural gas swaps | 4 |  |  | 4 |  |  | — |  |  | 4 |  |  | — |
Copper forward contracts d | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Plains Offshore warrants e | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Total | 332 |  |  | 332 |  |  | 1 |  |  | 20 |  |  | 311 |
Long-term debt, including current portion f | 20,706 |  |  | 20,487 |  |  | — |  |  | 20,487 |  |  | — |
Total liabilities |  |  | $ | 20,819 |  |  | $ | 1 |  |  | $ | 20,507 |  |  | $ | 311 |
| 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,b | 22 |  |  | 22 |  |  | — |  |  | 22 |  |  | — |
Money market funds a,b | 16 |  |  | 16 |  |  | 16 |  |  | — |  |  | — |
Equity securities a,b | 8 |  |  | 8 |  |  | 8 |  |  | — |  |  | — |
Total | 492 |  |  | 585 |  |  | 24 |  |  | 561 |  |  | — |
Legally restricted funds (long-term):a,b |  |  |  |  |  |  |  |  |
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 | 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 swap contracts | 5 |  |  | 5 |  |  | 5 |  |  | — |  |  | — |
Total | 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 | 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. | Current portion included in other current assets and long-term portion included in other assets.
c. | Legally restricted funds excluded $210 million of time deposits (which approximated fair value) at December 31, 2013, associated with the Cerro Verde royalty dispute (refer to Note 12 for further discussion).
d. | Refer to Note 14 for further discussion and balance sheet classifications. At December 31, 2013, crude oil options are net of $444 million for deferred premiums and accrued interest.
e. | Included in other liabilities. Refer to Note 2 for further discussion.
f. | Recorded at cost except for debt assumed in the PXP and FMC acquisitions, which were recorded at fair value at the respective 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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