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Fair Value Measurement (Unaudited) (Tables)
 9 Months Ended
Sep. 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
50

a 
Net unrealized gains included in earnings related to assets and liabilities
  still held at the end of the period
36

 
Net settlement receipts
(301
)
b 
Fair value at September 30, 2015
$
101

 
a.
Includes net realized gains of $51 million, partially offset by $1 million of interest expense associated with the deferred premiums.
b.
Includes interest payments of $3 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 September 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
52

 
52

 
—

 
52

 
—

Government bonds and notes
41

 
41

 
—

 
41

 
—

Government mortgage-backed securities
28

 
28

 
—

 
28

 
—

Corporate bonds
26

 
26

 
—

 
26

 
—

Asset-backed securities
12

 
12

 
—

 
12

 
—

Collateralized mortgage-backed securities
8

 
8

 
—

 
8

 
—

Money market funds
4

 
4

 
4

 
—

 
—

Municipal bonds
1

 
1

 
—

 
1

 
—

Total
172

 
172

 
4

 
168

 
—

 
 
 
 
 
 
 
 
 
 
Derivatives:a,e
 
 
 
 
 
 
 
 
 
Embedded derivatives in provisional sales/purchase
 
 
 
 
 
 
 
 
 
contracts in a gross asset position
17

 
17

 
—

 
17

 
—

Crude oil options
101

 
101

 
—

 
—

 
101

Copper futures and swap contracts
1

 
1

 
1

 
—

 
—

Total
119

 
119

 
1

 
17

 
101

 
 
 
 
 
 
 
 
 
 
Total assets
 
 
$
339

 
$
30

 
$
208

 
$
101

 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Derivatives:a,e
 
 
 
 
 
 
 
 
 
Embedded derivatives in provisional sales/purchase
 
 
 
 
 
 
 
 
 
contracts in a gross liability position
$
69

 
$
69

 
$
—

 
$
69

 
$
—

Copper futures and swap contracts
8

 
8

 
7

 
1

 
—

Total
77

 
77

 
7

 
70

 
—

 
 
 
 
 
 
 
 
 
 
Long-term debt, including current portionf
20,698

 
17,291

 
—

 
17,291

 
—

 
 
 
 
 
 
 
 
 
 
Total liabilities
 
 
$
17,368

 
$
7

 
$
17,361

 
$
—



 
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 portionf
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 September 30, 2015, and $115 million at December 31, 2014, associated with an assurance bond to support PT-FI's commitment for smelter development in Indonesia.
d.
Excludes time deposits (which approximated fair value) included in other current assets of $30 million at September 30, 2015, associated with PT-FI's commitment for smelter development in Indonesia of $20 million and a reclamation guarantee at PT-FI of $10 million. Excludes time deposits of $17 million at December 31, 2014, associated with a customs audit assessment at PT-FI of $9 million and a reclamation guarantee at PT-FI of $8 million.
e.
Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $53 million at September 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.