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Fair Value Measurement (Unaudited) (Tables) | 6 Months Ended
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Jun. 30, 2016
Fair Value Disclosures [Abstract] |
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, and accounts payable and accrued liabilities (refer to Note 7) follows (in millions):
| At June 30, 2016
| Carrying |  | Fair Value
| Amount |  | Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Investment securities:a,b |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund at NAV | $ | 24 |  |  | $ | 24 |  |  | $ | 24 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds | 22 |  |  | 22 |  |  | — |  |  | 22 |  |  | — |  |  | — |
Equity securities | 4 |  |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | — |
Total | 50 |  |  | 50 |  |  | 24 |  |  | 26 |  |  | — |  |  | — |
Legally restricted funds:a,b,c,d |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund at NAV | 55 |  |  | 55 |  |  | 55 |  |  | — |  |  | — |  |  | — |
Government bonds and notes | 38 |  |  | 38 |  |  | — |  |  | — |  |  | 38 |  |  | — |
Government mortgage-backed securities | 30 |  |  | 30 |  |  | — |  |  | — |  |  | 30 |  |  | — |
Corporate bonds | 30 |  |  | 30 |  |  | — |  |  | — |  |  | 30 |  |  | — |
Asset-backed securities | 15 |  |  | 15 |  |  | — |  |  | — |  |  | 15 |  |  | — |
Money market funds | 12 |  |  | 12 |  |  | — |  |  | 12 |  |  | — |  |  | — |
Collateralized mortgage-backed securities | 6 |  |  | 6 |  |  | — |  |  | — |  |  | 6 |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 187 |  |  | 187 |  |  | 55 |  |  | 12 |  |  | 120 |  |  | — |
Derivatives:a,e |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/ |  |  |  |  |  |  |  |  |  |  |
purchase contracts in a gross asset position | 49 |  |  | 49 |  |  | — |  |  | — |  |  | 49 |  |  | — |
Copper futures and swap contracts | 4 |  |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | — |
Copper forward contracts | 2 |  |  | 2 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |
Total | 55 |  |  | 55 |  |  | — |  |  | 5 |  |  | 50 |  |  | — |
Total assets |  |  | $ | 292 |  |  | $ | 79 |  |  | $ | 43 |  |  | $ | 170 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:a,e |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/ |  |  |  |  |  |  |  |  |  |  |
purchase contracts in a gross liability position | $ | 18 |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | — |
Copper futures and swap contracts | 3 |  |  | 3 |  |  | — |  |  | 1 |  |  | 2 |  |  | — |
Copper forward contracts | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Total | 22 |  |  | 22 |  |  | — |  |  | 2 |  |  | 20 |  |  | — |
Contingent consideration for the settlements of |  |  |  |  |  |  |  |  |  |  |
drilling rig contracts f | 25 |  |  | 25 |  |  | — |  |  | — |  |  | 25 |  |  | — |
Long-term debt, including current portion g | 19,319 |  |  | 17,772 |  |  | — |  |  | — |  |  | 17,772 |  |  | — |
Total liabilities |  |  | $ | 17,819 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 17,817 |  |  | $ | — |
| At December 31, 2015
| Carrying |  | Fair Value
| Amount |  | Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Investment securities:a,b |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund at NAV | $ | 23 |  |  | $ | 23 |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds | 21 |  |  | 21 |  |  | — |  |  | 21 |  |  | — |  |  | — |
Equity securities | 3 |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | — |
Total | 47 |  |  | 47 |  |  | 23 |  |  | 24 |  |  | — |  |  | — |
Legally restricted funds:a,b,c,d |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund at NAV | 52 |  |  | 52 |  |  | 52 |  |  | — |  |  | — |  |  | — |
Government bonds and notes | 37 |  |  | 37 |  |  | — |  |  | — |  |  | 37 |  |  | — |
Government mortgage-backed securities | 28 |  |  | 28 |  |  | — |  |  | — |  |  | 28 |  |  | — |
Corporate bonds | 26 |  |  | 26 |  |  | — |  |  | — |  |  | 26 |  |  | — |
Asset-backed securities | 13 |  |  | 13 |  |  | — |  |  | — |  |  | 13 |  |  | — |
Collateralized mortgage-backed securities | 7 |  |  | 7 |  |  | — |  |  | — |  |  | 7 |  |  | — |
Money market funds | 7 |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 171 |  |  | 171 |  |  | 52 |  |  | 7 |  |  | 112 |  |  | — |
Derivatives:a,e |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/ |  |  |  |  |  |  |  |  |  |  |
purchase contracts in a gross asset position | 19 |  |  | 19 |  |  | — |  |  | — |  |  | 19 |  |  | — |
Copper futures and swap contracts | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Total | 20 |  |  | 20 |  |  | — |  |  | 1 |  |  | 19 |  |  | — |
Total assets |  |  | $ | 238 |  |  | $ | 75 |  |  | $ | 32 |  |  | $ | 131 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:a,e |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/ |  |  |  |  |  |  |  |  |  |  |
purchase contracts in a gross liability position | $ | 81 |  |  | $ | 81 |  |  | $ | — |  |  | $ | — |  |  | $ | 81 |  |  | $ | — |
Copper futures and swap contracts | 11 |  |  | 11 |  |  | — |  |  | 7 |  |  | 4 |  |  | — |
Total | 92 |  |  | 92 |  |  | — |  |  | 7 |  |  | 85 |  |  | — |
Long-term debt, including current portion g | 20,428 |  |  | 13,987 |  |  | — |  |  | — |  |  | 13,987 |  |  | — |
Total liabilities |  |  | $ | 14,079 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 14,072 |  |  | $ | — |
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 $120 million at June 30, 2016, and $118 million at December 31, 2015, primarily 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 $30 million at June 30, 2016, and$28 million at December 31, 2015.
e. | Refer to Note 7 for further discussion and balance sheet classifications.
f. | Included in other liabilities.
g. | Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates.

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