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Fair Value Measurement (Unaudited) (Tables) | 6 Months Ended
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Jun. 30, 2014
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 instruments follows (in millions):
| Crude Oil |  | Plains Offshore |
| Options |  | Warrants |
Fair value at December 31, 2013 | $ | (309 | ) |  | $ | (2 | ) |
Net realized losses | (6 | ) | a | — |  |
Net unrealized (losses) gains included in earnings related to assets and liabilities still held at the end of the period | (100 | ) | b | 2 |  | c
Settlement payments | 117 |  |  | — |  |
Fair value at June 30, 2014 | $ | (298 | ) |  | $ | — |  |
a. | Recorded in revenues.
b. | Included net unrealized losses of $98 million recorded in revenues and $2 million of interest expense associated with the deferred premiums.
c. | Recorded in other (expense) income, net.
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 (refer to Note 7), follows (in millions):
| At June 30, 2014
| Carrying |  | Fair Value
| Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |
Investment securities:a,b |  |  |  |  |  |  |  |  |
Money market funds c | $ | 434 |  |  | $ | 434 |  |  | $ | 434 |  |  | $ | — |  |  | $ | — |
U.S. core fixed income fund | 22 |  |  | 22 |  |  | — |  |  | 22 |  |  | — |
Equity securities | 4 |  |  | 4 |  |  | 4 |  |  | — |  |  | — |
Total | 460 |  |  | 460 |  |  | 438 |  |  | 22 |  |  | — |
Legally restricted funds:a,b,d |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 50 |  |  | 50 |  |  | — |  |  | 50 |  |  | — |
Government bonds and notes | 35 |  |  | 35 |  |  | — |  |  | 35 |  |  | — |
Government mortgage-backed securities | 31 |  |  | 31 |  |  | — |  |  | 31 |  |  | — |
Corporate bonds | 29 |  |  | 29 |  |  | — |  |  | 29 |  |  | — |
Asset-backed securities | 16 |  |  | 16 |  |  | — |  |  | 16 |  |  | — |
Money market funds | 6 |  |  | 6 |  |  | 6 |  |  | — |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Total | 168 |  |  | 168 |  |  | 6 |  |  | 162 |  |  | — |
Derivatives:a,e |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |
contracts in a gross asset position | 55 |  |  | 55 |  |  | — |  |  | 55 |  |  | — |
Copper futures and swap contracts | 6 |  |  | 6 |  |  | 6 |  |  | — |  |  | — |
Copper forward contracts | 2 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |
Total | 63 |  |  | 63 |  |  | 8 |  |  | 55 |  |  | — |
Total assets |  |  | $ | 691 |  |  | $ | 452 |  |  | $ | 239 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |
Derivatives:a,e |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |
contracts in a gross liability position | $ | 12 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 12 |  |  | $ | — |
Crude oil options | 298 |  |  | 298 |  |  | — |  |  | — |  |  | 298 |
Natural gas swaps | 7 |  |  | 7 |  |  | — |  |  | 7 |  |  | — |
Copper futures and swap contracts | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Total | 318 |  |  | 318 |  |  | 1 |  |  | 19 |  |  | 298 |
Long-term debt, including current portion f | 20,296 |  |  | 20,607 |  |  | — |  |  | 20,607 |  |  | — |
Total liabilities |  |  | $ | 20,925 |  |  | $ | 1 |  |  | $ | 20,626 |  |  | $ | 298 |
| At December 31, 2013
| Carrying |  | Fair Value
| Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |
Investment securities: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:a,b,d |  |  |  |  |  |  |  |  |
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,e |  |  |  |  |  |  |  |  |
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 e | $ | 16 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 16 |  |  | $ | — |
Crude oil options e | 309 |  |  | 309 |  |  | — |  |  | — |  |  | 309 |
Natural gas swaps e | 4 |  |  | 4 |  |  | — |  |  | 4 |  |  | — |
Copper forward contracts e | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Plains Offshore warrants g | 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 |
a. | Recorded at fair value.
b. | Current portion included in other current assets and long-term portion included in other assets.
c. | Included $414 million held in an escrow account for future oil and gas property acquisitions (refer to Note 2 for further discussion).
d. | Excluded $225 million of time deposits (which approximated fair value) at June 30, 2014 (included in other current assets), and at December 31, 2013 ($15 million included in other current assets and $210 million in other assets), associated with the Cerro Verde royalty dispute.
e. | Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $329 million at June 30, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest.
f. | Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates.
g. | Included in other liabilities.

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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 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: 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=36462937&loc=d3e19279-110258 + Details
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