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FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended
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Dec. 31, 2014
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 most significant Level 3 instruments, crude oil options, follows:
Fair value at January 1, 2013 | $ | — |  |
Crude oil options assumed in the PXP acquisition | (83 | ) |
Net realized losses | (38 | ) | a
Net unrealized losses included in earnings related to liabilities still held at the end of the period | (230 | ) | b
Settlement payments | 42 |  |
Fair value at December 31, 2013 | $ | (309 | ) |
Net realized losses | (42 | ) | a
Net unrealized gains included in earnings related to assets still held at the end of the period | 430 |  | b
Settlement payments | 237 |  |
Fair value at December 31, 2014 | $ | 316 |  |
a. | Includes net realized losses of $37 million recorded in revenues in 2013 and $41 million in 2014, and $1 million of interest expense associated with deferred premiums in 2013 and 2014.
b. | Includes unrealized losses (gains) of $228 million recorded in revenues in 2013 and $(432) million in 2014, and $2 million of interest expense associated with deferred premiums in 2013 and 2014.
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, 2014
| Carrying |  | Fair Value
| Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |
Investment securities:a,b,c |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | $ | 23 |  |  | $ | 23 |  |  | $ | — |  |  | $ | 23 |  |  | $ | — |
Money market funds | 20 |  |  | 20 |  |  | 20 |  |  | — |  |  | — |
Equity securities | 3 |  |  | 3 |  |  | 3 |  |  | — |  |  | — |
Total | 46 |  |  | 46 |  |  | 23 |  |  | 23 |  |  | — |
Legally restricted funds:a,b,d |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 52 |  |  | 52 |  |  | — |  |  | 52 |  |  | — |
Government bonds and notes | 39 |  |  | 39 |  |  | — |  |  | 39 |  |  | — |
Corporate bonds | 27 |  |  | 27 |  |  | — |  |  | 27 |  |  | — |
Government mortgage-backed securities | 25 |  |  | 25 |  |  | — |  |  | 25 |  |  | — |
Asset-backed securities | 17 |  |  | 17 |  |  | — |  |  | 17 |  |  | — |
Money market funds | 11 |  |  | 11 |  |  | 11 |  |  | — |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Total | 172 |  |  | 172 |  |  | 11 |  |  | 161 |  |  | — |
Derivatives:a,e |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |
contracts in a gross asset position | 15 |  |  | 15 |  |  | — |  |  | 15 |  |  | — |
Crude oil options | 316 |  |  | 316 |  |  | — |  |  | — |  |  | 316 |
Total | 331 |  |  | 331 |  |  | — |  |  | 15 |  |  | 316 |
Total assets |  |  | $ | 549 |  |  | $ | 34 |  |  | $ | 199 |  |  | $ | 316 |
Liabilities |  |  |  |  |  |  |  |  |
Derivatives:a,e |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |
contracts in a gross liability position | $ | 93 |  |  | $ | 93 |  |  | $ | — |  |  | $ | 93 |  |  | $ | — |
Copper futures and swap contracts | 7 |  |  | 7 |  |  | 6 |  |  | 1 |  |  | — |
Total | 100 |  |  | 100 |  |  | 6 |  |  | 94 |  |  | — |
Long-term debt, including current portion f | 18,970 |  |  | 18,735 |  |  | — |  |  | 18,735 |  |  | — |
Total liabilities |  |  | $ | 18,835 |  |  | $ | 6 |  |  | $ | 18,829 |  |  | $ | — |
| 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. | Excludes $115 million of time deposits (which approximated fair value) at December 31, 2014 (included in other assets), associated with an assurance bond to support PT-FI's commitment for smelter development in Indonesia (refer to Note 13 for further discussion).
d. | Excludes time deposits (which approximated fair value) of $17 million (included in other current assets) associated with a customs audit assessment and a reclamation guarantee at PT-FI at December 31, 2014, and $15 million included in other current assets and $210 million in other assets at December 31, 2013, associated with the Cerro Verde royalty dispute (refer to Note 12 for further discussion).
e. | Refer to Note 14 for further discussion and balance sheet classifications. Crude oil options were net of $210 million at December 31, 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 are 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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