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FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended
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Dec. 31, 2017
Fair Value Disclosures [Abstract] |
Fair Value Measurement Inputs Disclosure | A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at NAV as a practical expedient), other than cash and cash equivalents, accounts receivable, restricted cash, and accounts payable and accrued liabilities (refer to Note 14) follows:
| At December 31, 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 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity securities | 5 |  |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | — |
Total | 30 |  |  | 30 |  |  | 25 |  |  | 5 |  |  | — |  |  | — |
Legally restricted funds:a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 55 |  |  | 55 |  |  | 55 |  |  | — |  |  | — |  |  | — |
Government bonds and notes | 40 |  |  | 40 |  |  | — |  |  | — |  |  | 40 |  |  | — |
Corporate bonds | 32 |  |  | 32 |  |  | — |  |  | — |  |  | 32 |  |  | — |
Government mortgage-backed securities | 27 |  |  | 27 |  |  | — |  |  | — |  |  | 27 |  |  | — |
Asset-backed securities | 15 |  |  | 15 |  |  | — |  |  | — |  |  | 15 |  |  | — |
Money market funds | 11 |  |  | 11 |  |  | — |  |  | 11 |  |  | — |  |  | — |
Collateralized mortgage-backed securities | 8 |  |  | 8 |  |  | — |  |  | — |  |  | 8 |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 189 |  |  | 189 |  |  | 55 |  |  | 11 |  |  | 123 |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |  |  |
contracts in a gross asset position c | 155 |  |  | 155 |  |  | — |  |  | — |  |  | 155 |  |  | — |
Copper futures and swap contracts c | 11 |  |  | 11 |  |  | — |  |  | 9 |  |  | 2 |  |  | — |
Copper forward contracts c | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  | — |  | — |
Contingent consideration for the sales of TFHL |  |  |  |  |  |  |  |  |  |  |
and onshore California oil and gas properties a | 108 |  |  | 108 |  |  | — |  |  | — |  |  | 108 |  |  | — |
Total | 275 |  |  | 275 |  |  | — |  |  | 9 |  |  | 266 |  |  | — |
Contingent consideration for the sale of the Deepwater GOM oil and gas properties a | 150 |  |  | 134 |  |  | — |  |  | — |  |  | — |  |  | 134 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase |  |  |  |  |  |  |  |  |  |  |
contracts in a gross liability position d | $ | 31 |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | 31 |  |  | $ | — |
Copper forward contracts | 2 |  |  | 2 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |
Total | 33 |  |  | 33 |  |  | — |  |  | 1 |  |  | 32 |  |  | — |
Long-term debt, including current portion e | 13,117 |  |  | 13,269 |  |  | — |  |  | — |  |  | 13,269 |  |  | — |
| 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 |
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 f | 23 |  |  | 23 |  |  | — |  |  | — |  |  | 23 |  |  | — |
Long-term debt, including current portion e | 16,027 |  |  | 15,196 |  |  | — |  |  | — |  |  | 15,196 |  |  | — |
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 $52 million at December 31, 2017, and $28 million at December 31, 2016, and (ii) other assets of $123 million at December 31, 2017, and $122 million at December 31, 2016, primarily associated with an assurance bond to support PT-FI’s commitment for smelter development in Indonesia (refer to Note 13 for further discussion).
c. | Refer to Note 14 for further discussion and balance sheet classifications.
d. | Excludes $24 million of embedded derivatives in provisional cobalt purchase contracts (refer to Note 14 for further discussion).
e. | Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates. In addition, debt excludes $112 million at December 31, 2017, and $98 million at December 31, 2016, related to assets held for sale (which approximated fair value).
f. | Included in accounts payable and accrued liabilities.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | A summary of the changes in the fair value of FCX’s Level 3 instruments for the years ended December 31 follows:
| Contingent Consideration a |  | Crude Oil Options |
| 2017 |  | 2016 |  | 2015 |
Balance at beginning of year | $ | 135 |  |  | $ | — |  |  | $ | 316 |  |
Net realized gains | — |  |  | — |  |  | 86 |  | b
Net unrealized (losses) gains related to assets still held at the end of the year | (1 | ) |  | 135 |  |  | — |  |
Net settlements | — |  |  | — |  |  | (402 | ) | c
Balance at the end of the year | $ | 134 |  |  | $ | 135 |  |  | $ | — |  |
a. | Reflects contingent consideration associated with the sale of the Deepwater GOM oil and gas properties in December 2016 (refer to Note 2 for further discussion).
b. | Includes net realized gains of $87 million recorded in revenues and interest expense associated with deferred premiums of $1 million.
c. | Includes interest payments of $4 million.

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