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FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended
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Jun. 30, 2017
Fair Value Disclosures [Abstract] |
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, restricted cash, and accounts payable and accrued liabilities (refer to Note 7) follows (in millions):
| At June 30, 2017
| Carrying |  | Fair Value
| Amount |  | Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Investment securities:a,b |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | $ | 25 |  |  | $ | 25 |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds | 22 |  |  | 22 |  |  | — |  |  | 22 |  |  | — |  |  | — |
Equity securities | 5 |  |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | — |
Total | 52 |  |  | 52 |  |  | 25 |  |  | 27 |  |  | — |  |  | — |
Legally restricted funds:a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 55 |  |  | 55 |  |  | 55 |  |  | — |  |  | — |  |  | — |
Government bonds and notes | 36 |  |  | 36 |  |  | — |  |  | — |  |  | 36 |  |  | — |
Corporate bonds | 32 |  |  | 32 |  |  | — |  |  | — |  |  | 32 |  |  | — |
Government mortgage-backed securities | 28 |  |  | 28 |  |  | — |  |  | — |  |  | 28 |  |  | — |
Asset-backed securities | 17 |  |  | 17 |  |  | — |  |  | — |  |  | 17 |  |  | — |
Money market funds | 11 |  |  | 11 |  |  | — |  |  | 11 |  |  | — |  |  | — |
Collateralized mortgage-backed securities | 8 |  |  | 8 |  |  | — |  |  | — |  |  | 8 |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 188 |  |  | 188 |  |  | 55 |  |  | 11 |  |  | 122 |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/ |  |  |  |  |  |  |  |  |  |  |
purchase contracts in a gross asset position c | 62 |  |  | 62 |  |  | — |  |  | — |  |  | 62 |  |  | — |
Copper futures and swap contracts c | 6 |  |  | 6 |  |  | — |  |  | 5 |  |  | 1 |  |  | — |
Contingent consideration for the sales of TFHL |  |  |  |  |  |  |  |  |  |  |
and onshore California oil and gas properties a | 76 |  |  | 76 |  |  | — |  |  | — |  |  | 76 |  |  | — |
Total | 144 |  |  | 144 |  |  | — |  |  | 5 |  |  | 139 |  |  | — |
Contingent consideration for the sale of the |  |  |  |  |  |  |  |  |  |  |
Deepwater GOM oil and gas properties a | 150 |  |  | 137 |  |  | — |  |  | — |  |  | — |  |  | 137 |
Total assets |  |  | $ | 521 |  |  | $ | 80 |  |  | $ | 43 |  |  | $ | 261 |  |  | $ | 137 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/ |  |  |  |  |  |  |  |  |  |  |
purchase contracts in a gross liability position | 14 |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |  |  | $ | — |
Copper forward contracts | 4 |  |  | 4 |  |  | — |  |  | 3 |  |  | 1 |  |  | — |
Total | 18 |  |  | 18 |  |  | — |  |  | 3 |  |  | 15 |  |  | — |
Long-term debt, including current portion d | 15,354 |  |  | 14,744 |  |  | — |  |  | — |  |  | 14,744 |  |  | — |
Total liabilities |  |  | $ | 14,762 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 14,759 |  |  | $ | — |
| At December 31, 2016
| Carrying |  | Fair Value
| Amount |  | Total |  | NAV |  | 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 | 5 |  |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | — |
Total | 50 |  |  | 50 |  |  | 23 |  |  | 27 |  |  | — |  |  | — |
Legally restricted funds:a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 53 |  |  | 53 |  |  | 53 |  |  | — |  |  | — |  |  | — |
Government bonds and notes | 36 |  |  | 36 |  |  | — |  |  | — |  |  | 36 |  |  | — |
Corporate bonds | 32 |  |  | 32 |  |  | — |  |  | — |  |  | 32 |  |  | — |
Government mortgage-backed securities | 25 |  |  | 25 |  |  | — |  |  | — |  |  | 25 |  |  | — |
Asset-backed securities | 16 |  |  | 16 |  |  | — |  |  | — |  |  | 16 |  |  | — |
Money market funds | 12 |  |  | 12 |  |  | — |  |  | 12 |  |  | — |  |  | — |
Collateralized mortgage-backed securities | 8 |  |  | 8 |  |  | — |  |  | — |  |  | 8 |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 183 |  |  | 183 |  |  | 53 |  |  | 12 |  |  | 118 |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/ |  |  |  |  |  |  |  |  |  |  |
purchase contracts in a gross asset position c | 137 |  |  | 137 |  |  | — |  |  | — |  |  | 137 |  |  | — |
Copper futures and swap contracts c | 9 |  |  | 9 |  |  | — |  |  | 8 |  |  | 1 |  |  | — |
Contingent consideration for the sales of TFHL |  |  |  |  |  |  |  |  |  |  |
and onshore California oil and gas properties a | 46 |  |  | 46 |  |  | — |  |  | — |  |  | 46 |  |  | — |
Total | 192 |  |  | 192 |  |  | — |  |  | 8 |  |  | 184 |  |  | — |
Contingent consideration for the sale of the |  |  |  |  |  |  |  |  |  |  |
Deepwater GOM oil and gas properties a | 150 |  |  | 135 |  |  | — |  |  | — |  |  | — |  |  | 135 |
Total assets |  |  | $ | 560 |  |  | $ | 76 |  |  | $ | 47 |  |  | $ | 302 |  |  | $ | 135 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/ |  |  |  |  |  |  |  |  |  |  |
purchase contracts in a gross liability position | 56 |  |  | $ | 56 |  |  | $ | — |  |  | $ | — |  |  | $ | 56 |  |  | $ | — |
Copper futures and swap contracts | 2 |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |
Total | 58 |  |  | 58 |  |  | — |  |  | 2 |  |  | 56 |  |  | — |
Contingent payments for the settlements of |  |  |  |  |  |  |  |  |  |  |
drilling rig contracts e | 23 |  |  | 23 |  |  | — |  |  | — |  |  | 23 |  |  | — |
Long-term debt, including current portion d | 16,027 |  |  | 15,196 |  |  | — |  |  | — |  |  | 15,196 |  |  | — |
Total liabilities |  |  | $ | 15,277 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 15,275 |  |  | $ | — |
a. | Current portion included in other current assets and long-term portion included in other assets.
b. | Excludes time deposits (which approximated fair value) included in (i) other current assets of $34 million at June 30, 2017, and $28 million at December 31, 2016, and (ii) other assets of $122 million at both June 30, 2017, and December 31, 2016, primarily associated with an assurance bond to support PT-FI’s commitment for smelter development in Indonesia.
c. | Refer to Note 7 for further discussion and balance sheet classifications.
d. | Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates.
e. | Included in accounts payable and accrued liabilities.
Summary of Unobservable Input Reconciliation | A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first six months of 2017 follows (in millions):
Fair value at January 1, 2017 | $ | 135 |  |
Net unrealized gain related to assets still held at the end of the period | 2 |  |
Fair value at June 30, 2017 | $ | 137 |  |

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