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FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended
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Dec. 31, 2018
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, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 14) follows:
| At December 31, 2018
| 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 | 4 |  |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | — |
Total | 29 |  |  | 29 |  |  | 25 |  |  | 4 |  |  | — |  |  | — |
Legally restricted funds:a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 55 |  |  | 55 |  |  | 55 |  |  | — |  |  | — |  |  | — |
Government mortgage-backed securities | 38 |  |  | 38 |  |  | — |  |  | — |  |  | 38 |  |  | — |
Government bonds and notes | 36 |  |  | 36 |  |  | — |  |  | — |  |  | 36 |  |  | — |
Corporate bonds | 28 |  |  | 28 |  |  | — |  |  | — |  |  | 28 |  |  | — |
Asset-backed securities | 11 |  |  | 11 |  |  | — |  |  | — |  |  | 11 |  |  | — |
Collateralized mortgage-backed securities | 7 |  |  | 7 |  |  | — |  |  | — |  |  | 7 |  |  | — |
Money market funds | 5 |  |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 181 |  |  | 181 |  |  | 55 |  |  | 5 |  |  | 121 |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional copper, |  |  |  |  |  |  |  |  |  |  |
gold and cobalt sales/purchase contracts |  |  |  |  |  |  |  |  |  |  |
in a gross asset position c | 23 |  |  | 23 |  |  | — |  |  | — |  |  | 23 |  |  | — |
Contingent consideration for the sales of TFHL |  |  |  |  |  |  |  |  |  |  |
and onshore California oil and gas properties a | 73 |  |  | 73 |  |  | — |  |  | — |  |  | 73 |  |  | — |
Total | 96 |  |  | 96 |  |  | — |  |  | — |  |  | 96 |  |  | — |
Contingent consideration for the sale of the |  |  |  |  |  |  |  |  |  |  |
Deepwater GOM oil and gas properties a | 143 |  |  | 127 |  |  | — |  |  | — |  |  | — |  |  | 127 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional copper, |  |  |  |  |  |  |  |  |  |  |
gold and cobalt sales/purchase contracts |  |  |  |  |  |  |  |  |  |  |
in a gross asset position | $ | 39 |  |  | $ | 39 |  |  | $ | — |  |  | $ | — |  |  | $ | 39 |  |  | $ | — |
Copper futures and swap contracts | 9 |  |  | 9 |  |  | — |  |  | 7 |  |  | 2 |  |  | — |
Total | 48 |  |  | 48 |  |  | — |  |  | 7 |  |  | 41 |  |  | — |
Long-term debt, including current portion d | 11,141 |  |  | 10,238 |  |  | — |  |  | — |  |  | 10,238 |  |  | — |
| 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 copper, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
gold and cobalt 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 copper, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
gold and cobalt sales/purchase contracts |  |  |  |  |  |  |  |  |  |  |
in a gross liability position | $ | 55 |  |  | $ | 55 |  |  | $ | — |  |  | $ | — |  |  | $ | 55 |  |  | $ | — |
Copper forward contracts | 2 |  |  | 2 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |
Total | 57 |  |  | 57 |  |  | — |  |  | 1 |  |  | 56 |  |  | — |
Long-term debt, including current portion d | 13,229 |  |  | 13,381 |  |  | — |  |  | — |  |  | 13,381 |  |  | — |
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 $109 million at December 31, 2018, and $52 million at December 31, 2017, and (ii) other assets of $126 million at December 31, 2018, and $123 million at December 31, 2017, primarily associated with an assurance bond to support PT-FI’s commitment for the development of a new smelter in Indonesia (refer to Note 13 for further discussion) and PT-FI’s closure and reclamation guarantees (refer to Note 12 for further discussion).
c. | Refer to Note 14 for further discussion and balance sheet classifications.
d. | Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.
Fair Value, Assets Measured on Recurring Basis, 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, for the years ended December 31 follows:
| 2018 |  | 2017 |  | 2016 |
Balance at beginning of year | $ | 134 |  |  | $ | 135 |  |  | $ | — |  |
Net unrealized (losses) gains related to assets still held at the end of the year | — |  |  | (1 | ) |  | 135 |  |
Settlements | (7 | ) |  | — |  |  | — |  |
Balance at the end of the year | $ | 127 |  |  | $ | 134 |  |  | $ | 135 |  |
Refer to Notes 1, 2 and 5 for a discussion of the fair value estimates associated with other assets acquired and liabilities assumed related to the PT-FI divestment, which were determined based on inputs not observable in the market and thus represent Level 3 measurements.

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