XML 31 R23.htm IDEA: XBRL DOCUMENT
v3.20.1

FAIR VALUE MEASUREMENT (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
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 net asset value (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 6) follows (in millions):
| At March 31, 2020
| Carrying |  | Fair Value
| Amount |  | Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Investment securities: a,b |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | $ | 28 |  |  | $ | 28 |  |  | $ | 28 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity securities | 3 |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | — |
Total | 31 |  |  | 31 |  |  | 28 |  |  | 3 |  |  | — |  |  | — |
Legally restricted funds: a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 60 |  |  | 60 |  |  | 60 |  |  | — |  |  | — |  |  | — |
Government mortgage-backed securities | 55 |  |  | 55 |  |  | — |  |  | — |  |  | 55 |  |  | — |
Corporate bonds | 39 |  |  | 39 |  |  | — |  |  | — |  |  | 39 |  |  | — |
Government bonds and notes | 22 |  |  | 22 |  |  | — |  |  | — |  |  | 22 |  |  | — |
Asset-backed securities | 11 |  |  | 11 |  |  | — |  |  | — |  |  | 11 |  |  | — |
Money market funds | 8 |  |  | 8 |  |  | — |  |  | 8 |  |  | — |  |  | — |
Collateralized mortgage-backed securities | 4 |  |  | 4 |  |  | — |  |  | — |  |  | 4 |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 200 |  |  | 200 |  |  | 60 |  |  | 8 |  |  | 132 |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc | 34 |  |  | 34 |  |  | — |  |  | — |  |  | 34 |  |  | — |
Copper forward contractsc | 4 |  |  | 4 |  |  | — |  |  | 1 |  |  | 3 |  |  | — |
Total | 38 |  |  | 38 |  |  | — |  |  | 1 |  |  | 37 |  |  | — |
Contingent consideration for the sale of the |  |  |  |  |  |  |  |  |  |  |
Deepwater GOM oil and gas propertiesa | 119 |  |  | 78 |  |  | — |  |  | — |  |  | — |  |  | 78 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives: c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross liability position | (119 | ) |  | (119 | ) |  | — |  |  | — |  |  | (119 | ) |  | — |
Copper futures and swap contractsc | (28 | ) |  | (28 | ) |  | — |  |  | (25 | ) |  | (3 | ) |  | — |
Total | (147 | ) |  | (147 | ) |  | — |  |  | (25 | ) |  | (122 | ) |  | — |
Long-term debt, including current portiond | 10,074 |  |  | 9,530 |  |  | — |  |  | — |  |  | 9,530 |  |  | — |
| At December 31, 2019
| Carrying |  | Fair Value
| Amount |  | Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Investment securities: a,b |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | $ | 27 |  |  | $ | 27 |  |  | $ | 27 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity securities | 4 |  |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | — |
Total | 31 |  |  | 31 |  |  | 27 |  |  | 4 |  |  | — |  |  | — |
Legally restricted funds: a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 59 |  |  | 59 |  |  | 59 |  |  | — |  |  | — |  |  | — |
Government mortgage-backed securities | 43 |  |  | 43 |  |  | — |  |  | — |  |  | 43 |  |  | — |
Government bonds and notes | 36 |  |  | 36 |  |  | — |  |  | — |  |  | 36 |  |  | — |
Corporate bonds | 33 |  |  | 33 |  |  | — |  |  | — |  |  | 33 |  |  | — |
Asset-backed securities | 14 |  |  | 14 |  |  | — |  |  | — |  |  | 14 |  |  | — |
Collateralized mortgage-backed securities | 7 |  |  | 7 |  |  | — |  |  | — |  |  | 7 |  |  | — |
Money market funds | 3 |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 196 |  |  | 196 |  |  | 59 |  |  | 3 |  |  | 134 |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc | 68 |  |  | 68 |  |  | — |  |  | — |  |  | 68 |  |  | — |
Copper futures and swap contractsc | 6 |  |  | 6 |  |  | — |  |  | 5 |  |  | 1 |  |  | — |
Contingent consideration for the sale of onshore |  |  |  |  |  |  |  |  |  |  |
California oil and gas propertiesa | 11 |  |  | 11 |  |  | — |  |  | — |  |  | 11 |  |  | — |
Total | 85 |  |  | 85 |  |  | — |  |  | 5 |  |  | 80 |  |  | — |
Contingent consideration for the sale of the |  |  |  |  |  |  |  |  |  |  |
Deepwater GOM oil and gas propertiesa | 122 |  |  | 108 |  |  | — |  |  | — |  |  | — |  |  | 108 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives: c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross liability position | 20 |  |  | 20 |  |  | — |  |  | — |  |  | 20 |  |  | — |
Copper forward contracts | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 21 |  |  | 21 |  |  | — |  |  | — |  |  | 21 |  |  | — |
Long-term debt, including current portiond | 9,826 |  |  | 10,239 |  |  | — |  |  | — |  |  | 10,239 |  |  | — |
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 $113 million at March 31, 2020, and $100 million at December 31, 2019, and (ii) other assets of $151 million at March 31, 2020, and $157 million at December 31, 2019, primarily associated with an assurance bond to support PT-FI’s commitment for the development of a new smelter in Indonesia and PT-FI’s closure and reclamation guarantees.
c. | Refer to Note 6 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.
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 three months of 2020 follows (in millions):
Fair value at January 1, 2020 | $ | 108 |  |
Net unrealized loss related to assets still held at the end of the period | (27 | ) |
Settlements | (3 | ) |
Fair value at March 31, 2020 | $ | 78 |  |

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration