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FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended
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Dec. 31, 2022
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 and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 14) follows:
| At December 31, 2022
| 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 | 7 |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | — |
Total | 32 |  |  | 32 |  |  | 25 |  |  | 7 |  |  | — |  |  | — |
Legally restricted funds:a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 56 |  |  | 56 |  |  | 56 |  |  | — |  |  | — |  |  | — |
Government mortgage-backed securities | 37 |  |  | 37 |  |  | — |  |  | — |  |  | 37 |  |  | — |
Government bonds and notes | 34 |  |  | 34 |  |  | — |  |  | — |  |  | 34 |  |  | — |
Corporate bonds | 31 |  |  | 31 |  |  | — |  |  | — |  |  | 31 |  |  | — |
Asset-backed securities | 17 |  |  | 17 |  |  | — |  |  | — |  |  | 17 |  |  | — |
Money market funds | 3 |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | — |
Collateralized mortgage-backed securities | 3 |  |  | 3 |  |  | — |  |  | — |  |  | 3 |  |  | — |
Total | 181 |  |  | 181 |  |  | 56 |  |  | 3 |  |  | 122 |  |  | — |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross asset position | 166 |  |  | 166 |  |  | — |  |  | — |  |  | 166 |  |  | — |
Copper futures and swap contracts | 3 |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | — |
Copper forward contracts | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Total | 170 |  |  | 170 |  |  | — |  |  | 4 |  |  | 166 |  |  | — |
Contingent consideration for the sale of the Deepwater GOM oil and gas properties a | 67 |  |  | 57 |  |  | — |  |  | — |  |  | — |  |  | 57 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross liability position | 39 |  |  | 39 |  |  | — |  |  | — |  |  | 39 |  |  | — |
Copper futures and swap contracts | 3 |  |  | 3 |  |  | — |  |  | — |  |  | 3 |  |  | — |
Total | 42 |  |  | 42 |  |  | — |  |  | — |  |  | 42 |  |  | — |
Long-term debt, including current portion d | 10,620 |  |  | 10,097 |  |  | — |  |  | — |  |  | 10,097 |  |  | — |
| At December 31, 2021
| Carrying |  | Fair Value
| Amount |  | Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Investment securities:a,b |  |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 50 |  |  | $ | 50 |  |  | $ | — |  |  | $ | 50 |  |  | $ | — |  |  | $ | — |
U.S. core fixed income fund | 29 |  |  | 29 |  |  | 29 |  |  | — |  |  | — |  |  | — |
Total | 79 |  |  | 79 |  |  | 29 |  |  | 50 |  |  | — |  |  | — |
Legally restricted funds:a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 64 |  |  | 64 |  |  | 64 |  |  | — |  |  | — |  |  | — |
Government bonds and notes | 53 |  |  | 53 |  |  | — |  |  | — |  |  | 53 |  |  | — |
Corporate bonds | 45 |  |  | 45 |  |  | — |  |  | — |  |  | 45 |  |  | — |
Government mortgage-backed securities | 20 |  |  | 20 |  |  | — |  |  | — |  |  | 20 |  |  | — |
Asset-backed securities | 18 |  |  | 18 |  |  | — |  |  | — |  |  | 18 |  |  | — |
Money market funds | 8 |  |  | 8 |  |  | — |  |  | 8 |  |  | — |  |  | — |
Municipal bonds | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 209 |  |  | 209 |  |  | 64 |  |  | 8 |  |  | 137 |  |  | — |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross asset position | 64 |  |  | 64 |  |  | — |  |  | — |  |  | 64 |  |  | — |
Copper futures and swap contracts | 12 |  |  | 12 |  |  | — |  |  | 9 |  |  | 3 |  |  | — |
Copper forward contracts | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Total | 77 |  |  | 77 |  |  | — |  |  | 10 |  |  | 67 |  |  | — |
Contingent consideration for the sale of the Deepwater GOM oil and gas properties a | 90 |  |  | 81 |  |  | — |  |  | — |  |  | — |  |  | 81 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross liability position | 27 |  |  | 27 |  |  | — |  |  | — |  |  | 27 |  |  | — |
Copper forward contracts | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Total | 28 |  |  | 28 |  |  | — |  |  | 1 |  |  | 27 |  |  | — |
Long-term debt, including current portion d | 9,450 |  |  | 10,630 |  |  | — |  |  | — |  |  | 10,630 |  |  | — |
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 $118 million at December 31, 2022, and $114 million at December 31, 2021, and (ii) other assets of $133 million at December 31, 2022, and $132 million at December 31, 2021, primarily associated with an assurance bond to support PT-FI’s commitment for the development of a greenfield 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:
| 2022 |  | 2021 |  | 2020 |
Balance at beginning of year | $ | 81 |  |  | $ | 88 |  |  | $ | 108 |  |
Net unrealized (losses) gains related to assets still held at the end of the year | (1) |  |  | 12 |  |  | (6) |  |
Settlements | (23) |  |  | (19) |  |  | (14) |  |
Balance at end of year | $ | 57 |  |  | $ | 81 |  |  | $ | 88 |  |

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