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FAIR VALUE MEASUREMENT (Tables) | 3 Months Ended
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Mar. 31, 2021
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, 2021
| 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 | 6 |  |  | 6 |  |  | — |  |  | 6 |  |  | — |  |  | — |
Total | 35 |  |  | 35 |  |  | 29 |  |  | 6 |  |  | — |  |  | — |
Legally restricted funds:a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 63 |  |  | 63 |  |  | 63 |  |  | — |  |  | — |  |  | — |
Government bonds and notes | 46 |  |  | 46 |  |  | — |  |  | — |  |  | 46 |  |  | — |
Corporate bonds | 40 |  |  | 40 |  |  | — |  |  | — |  |  | 40 |  |  | — |
Government mortgage-backed securities | 28 |  |  | 28 |  |  | — |  |  | — |  |  | 28 |  |  | — |
Asset-backed securities | 12 |  |  | 12 |  |  | — |  |  | — |  |  | 12 |  |  | — |
Money market funds | 12 |  |  | 12 |  |  | — |  |  | 12 |  |  | — |  |  | — |
Collateralized mortgage-backed securities | 4 |  |  | 4 |  |  | — |  |  | — |  |  | 4 |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 206 |  |  | 206 |  |  | 63 |  |  | 12 |  |  | 131 |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross asset position c | 105 |  |  | 105 |  |  | — |  |  | — |  |  | 105 |  |  | — |
Copper futures and swap contracts c | 18 |  |  | 18 |  |  | — |  |  | 15 |  |  | 3 |  |  | — |
Copper forward contracts c | 3 |  |  | 3 |  |  | — |  |  | 1 |  |  | 2 |  |  | — |
Total | 126 |  |  | 126 |  |  | — |  |  | 16 |  |  | 110 |  |  | — |
Contingent consideration for the sale of the |  |  |  |  |  |  |  |  |  |  |
Deepwater GOM oil and gas properties a | 104 |  |  | 88 |  |  | — |  |  | — |  |  | — |  |  | 88 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross liability position | 67 |  |  | 67 |  |  | — |  |  | — |  |  | 67 |  |  | — |
Copper forward contracts | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 68 |  |  | 68 |  |  | — |  |  | — |  |  | 68 |  |  | — |
Long-term debt, including current portion d | 9,809 |  |  | 10,891 |  |  | — |  |  | — |  |  | 10,891 |  |  | — |
| 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 position c | 169 |  |  | 169 |  |  | — |  |  | — |  |  | 169 |  |  | — |
Copper futures and swap contracts c | 15 |  |  | 15 |  |  | — |  |  | 13 |  |  | 2 |  |  | — |
Total | 184 |  |  | 184 |  |  | — |  |  | 13 |  |  | 171 |  |  | — |
Contingent consideration for the sale of the |  |  |  |  |  |  |  |  |  |  |
Deepwater GOM oil and gas properties a | 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 portion d | 9,711 |  |  | 10,994 |  |  | — |  |  | — |  |  | 10,994 |  |  | — |
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 $106 million at March 31, 2021, and $97 million at December 31, 2020, and (ii) other assets of $148 million at both March 31, 2021 and December 31, 2020, primarily associated with an assurance bond to support PT-FI’s commitment for the development of a greenfield 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 2021 follows (in millions):
Fair value at January 1, 2021 | $ | 88 |  |  |  |  |  |
Net unrealized gain related to assets still held at the end of the period | 5 |  |  |  |  |  |
Settlements | (5) |  |  |  |  |  |
Fair value at March 31, 2021 | $ | 88 |  |  |  |  |  |

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