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FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2020
| Carrying |  | Fair Value
| Amount |  | Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Investment securities:a,b |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | $ | 29 |  |  | $ | 29 |  |  | $ | 29 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity securities | 5 |  |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | — |
Total | 34 |  |  | 34 |  |  | 29 |  |  | 5 |  |  | — |  |  | — |
Legally restricted funds:a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 63 |  |  | 63 |  |  | 63 |  |  | — |  |  | — |  |  | — |
Corporate bonds | 45 |  |  | 45 |  |  | — |  |  | — |  |  | 45 |  |  | — |
Government mortgage-backed securities | 40 |  |  | 40 |  |  | — |  |  | — |  |  | 40 |  |  | — |
Government bonds and notes | 32 |  |  | 32 |  |  | — |  |  | — |  |  | 32 |  |  | — |
Asset-backed securities | 14 |  |  | 14 |  |  | — |  |  | — |  |  | 14 |  |  | — |
Money market funds | 9 |  |  | 9 |  |  | — |  |  | 9 |  |  | — |  |  | — |
Collateralized mortgage-backed securities | 4 |  |  | 4 |  |  | — |  |  | — |  |  | 4 |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 208 |  |  | 208 |  |  | 63 |  |  | 9 |  |  | 136 |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross asset position c | 77 |  |  | 77 |  |  | — |  |  | — |  |  | 77 |  |  | — |
Copper futures and swap contracts c | 13 |  |  | 13 |  |  | — |  |  | 11 |  |  | 2 |  |  | — |
Copper forward contracts c | 4 |  |  | 4 |  |  | — |  |  | 2 |  |  | 2 |  |  | — |
Total | 94 |  |  | 94 |  |  | — |  |  | 13 |  |  | 81 |  |  | — |
Contingent consideration for the sale of the |  |  |  |  |  |  |  |  |  |  |
Deepwater GOM oil and gas properties a | 115 |  |  | 78 |  |  | — |  |  | — |  |  | — |  |  | 78 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross liability position | 28 |  |  | 28 |  |  | — |  |  | — |  |  | 28 |  |  | — |
Copper forward contracts | 6 |  |  | 6 |  |  | — |  |  | 2 |  |  | 4 |  |  | — |
Total | 34 |  |  | 34 |  |  | — |  |  | 2 |  |  | 32 |  |  | — |
Long-term debt, including current portion d | 9,914 |  |  | 10,013 |  |  | — |  |  | — |  |  | 10,013 |  |  | — |
| 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 position c | 68 |  |  | 68 |  |  | — |  |  | — |  |  | 68 |  |  | — |
Copper futures and swap contracts c | 6 |  |  | 6 |  |  | — |  |  | 5 |  |  | 1 |  |  | — |
Contingent consideration for the sale of onshore |  |  |  |  |  |  |  |  |  |  |
California oil and gas properties a | 11 |  |  | 11 |  |  | — |  |  | — |  |  | 11 |  |  | — |
Total | 85 |  |  | 85 |  |  | — |  |  | 5 |  |  | 80 |  |  | — |
Contingent consideration for the sale of the |  |  |  |  |  |  |  |  |  |  |
Deepwater GOM oil and gas properties a | 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 portion d | 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 $132 million at June 30, 2020, and $100 million at December 31, 2019, and (ii) other assets of $131 million at June 30, 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 six 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 | (22 | ) |
Settlements | (8 | ) |
Fair value at June 30, 2020 | $ | 78 |  |

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