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Fair Value Measurement (Unaudited) (Tables) | 6 Months Ended
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Jun. 30, 2015
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 (in millions):
| Crude Oil |
| Options |
Fair value at December 31, 2014 | $ | 316 |  |
Net realized gains | 21 |  |
Net unrealized gains included in earnings related to assets and liabilities still held at the end of the period | 36 |  | a
Net settlement receipts | (199 | ) | b
Fair value at June 30, 2015 | $ | 174 |  |
a. | Includes net unrealized gains of $37 million, partially offset by $1 million of interest expense associated with the deferred premiums.
b. | Includes interest payments of $2 million.
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, restricted cash, accounts payable and accrued liabilities, and dividends payable (refer to Note 7), follows (in millions):
| At June 30, 2015
| Carrying |  | Fair Value
| Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |
Investment securities:a,b |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | $ | 23 |  |  | $ | 23 |  |  | $ | — |  |  | $ | 23 |  |  | $ | — |
Money market funds | 22 |  |  | 22 |  |  | 22 |  |  | — |  |  | — |
Equity securities | 3 |  |  | 3 |  |  | 3 |  |  | — |  |  | — |
Total | 48 |  |  | 48 |  |  | 25 |  |  | 23 |  |  | — |
Legally restricted funds:a,b,c,d |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 51 |  |  | 51 |  |  | — |  |  | 51 |  |  | — |
Government bonds and notes | 35 |  |  | 35 |  |  | — |  |  | 35 |  |  | — |
Corporate bonds | 28 |  |  | 28 |  |  | — |  |  | 28 |  |  | — |
Government mortgage-backed securities | 24 |  |  | 24 |  |  | — |  |  | 24 |  |  | — |
Asset-backed securities | 14 |  |  | 14 |  |  | — |  |  | 14 |  |  | — |
Money market funds | 9 |  |  | 9 |  |  | 9 |  |  | — |  |  | — |
Collateralized mortgage-backed securities | 8 |  |  | 8 |  |  | — |  |  | 8 |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Total | 170 |  |  | 170 |  |  | 9 |  |  | 161 |  |  | — |
Derivatives:a,e |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |
contracts in a gross asset position | 21 |  |  | 21 |  |  | — |  |  | 21 |  |  | — |
Crude oil options | 174 |  |  | 174 |  |  | — |  |  | — |  |  | 174 |
Total | 195 |  |  | 195 |  |  | — |  |  | 21 |  |  | 174 |
Total assets |  |  | $ | 413 |  |  | $ | 34 |  |  | $ | 205 |  |  | $ | 174 |
Liabilities |  |  |  |  |  |  |  |  |
Derivatives:a,e |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |
contracts in a gross liability position | $ | 65 |  |  | $ | 65 |  |  | $ | — |  |  | $ | 65 |  |  | $ | — |
Copper futures and swap contracts | 5 |  |  | 5 |  |  | 5 |  |  | — |  |  | — |
Copper forward contracts | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Total | 71 |  |  | 71 |  |  | 5 |  |  | 66 |  |  | — |
Long-term debt, including current portion f | 20,902 |  |  | 20,191 |  |  | — |  |  | 20,191 |  |  | — |
Total liabilities |  |  | $ | 20,262 |  |  | $ | 5 |  |  | $ | 20,257 |  |  | $ | — |
| At December 31, 2014
| Carrying |  | Fair Value
| Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |
Investment securities:a,b |  |  |  |  |  |  |  |  |
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,c,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 | 19 |  |  | 19 |  |  | — |  |  | 19 |  |  | — |
Asset-backed securities | 17 |  |  | 17 |  |  | — |  |  | 17 |  |  | — |
Money market funds | 11 |  |  | 11 |  |  | 11 |  |  | — |  |  | — |
Collateralized mortgage-backed securities | 6 |  |  | 6 |  |  | — |  |  | 6 |  |  | — |
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 | 18,849 |  |  | 18,735 |  |  | — |  |  | 18,735 |  |  | — |
Total liabilities |  |  | $ | 18,835 |  |  | $ | 6 |  |  | $ | 18,829 |  |  | $ | — |
a. | Recorded at fair value.
b. | Current portion included in other current assets and long-term portion included in other assets.
c. | Excludes time deposits (which approximated fair value) included in other assets of $117 million at June 30, 2015, and $115 million at December 31, 2014, associated with an assurance bond to support PT Freeport Indonesia's (PT-FI) commitment for smelter development in Indonesia.
d. | Excludes time deposits (which approximated fair value) included in other current assets of $10 million at June 30, 2015, and $8 million at December 31, 2014, associated with a reclamation guarantee at PT-FI. Also, excludes a time deposit of $9 million at December 31, 2014, associated with a customs audit assessment.
e. | Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $106 million at June 30, 2015, and $210 million at December 31, 2014, 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.

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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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