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FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 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 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, 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			7						7						—						7						—						—
Total			36						36						29						7						—						—
Legally restricted funds:a
U.S. core fixed income fund			65						65						65						—						—						—
Government bonds and notes			49						49						—						—						49						—
Corporate bonds			43						43						—						—						43						—
Government mortgage-backed securities			30						30						—						—						30						—
Asset-backed securities			16						16						—						—						16						—
Money market funds			5						5						—						5						—						—
Collateralized mortgage-backed securities			4						4						—						—						4						—
Municipal bonds			1						1						—						—						1						—
Total			213						213						65						5						143						—
Derivatives:
Embedded derivatives in provisional sales/purchase
contracts in a gross asset positionc			169						169						—						—						169						—
Copper futures and swap contractsc			15						15						—						13						2						—
Total			184						184						—						13						171						—
Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa			108						88						—						—						—						88

Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase
contracts in a gross liability position			21						21						—						—						21						—
Long-term debt, including current portiond			9,711						10,994						—						—						10,994						—

			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 $97 million at December 31, 2020, and $100 million at December 31, 2019, and (ii) other assets of $148 million at December 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 (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:

			2020						2019						2018
Balance at beginning of year			$	108					$	127					$	134
Net unrealized (losses) gains related to assets still held at the end of the year			(6)						2						—
Settlements			(14)						(21)						(7)
Balance at end of year			$	88					$	108					$	127

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

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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

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