Fair Value Measurement (Unaudited) (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Measurement [Abstract]

Carrying Amount and Fair Value of Other Financial Instruments

A summary of the carrying amount and fair value of FCX’s other financial instruments follows (in millions):

	At March 31, 2012
	Carrying			Fair Value
	Amount			Total			Level 1			Level 2			Level 3
Assets
Cash equivalents:a
Money market funds	$	4,221		$	4,221		$	4,221		$	—		$	—
McMoRan Exploration Co. investmentb	468			379			—			379			—
Trust assets (long-term):a, c
U.S. core fixed income fund	47			47			—			47			—
Government mortgage-backed securities	39			39			—			39			—
Corporate bonds	24			24			—			24			—
Government bonds and notes	21			21			—			21			—
Asset-backed securities	10			10			—			10			—
Money market funds	8			8			8			—			—
Municipal bonds	1			1			—			1			—
Total trust assets	150			150			8			142			—
Available-for-sale securities (current and long-term):a, c, d
Equity securities	8			8			8			—			—
Derivatives:a
Embedded derivatives in provisional sales/purchase
contracts in an asset positione	46			46			—			46			—
Copper futures and swap contractsf	10			10			9			1			—
Copper forward contractsf	1			1			—			1			—
Total derivative assets	57			57			9			48			—
Total assets				$	4,815		$	4,246		$	569		$	—
Liabilities
Derivatives:a
Embedded derivatives in provisional sales/purchase
contracts in a liability positione	$	(29	)	$	(29	)	$	—		$	(29	)	$	—
Copper futures and swap contractsg	(3		)	(3		)	(2		)	(1		)	—
Total derivative liabilities	(32		)	(32		)	(2		)	(30		)	—
Long-term debt, including current portionh	(3,521		)	(3,502		)	—			(3,502		)	—
Total liabilities				$	(3,534	)	$	(2	)	$	(3,532	)	$	—

	At December 31, 2011
	Carrying			Fair Value
	Amount			Total			Level 1			Level 2			Level 3
Assets
Cash equivalents:a
Money market funds	$	4,007		$	4,007		$	4,007		$	—		$	—
McMoRan Exploration Co. investmentb	475			507			—			507			—
Trust assets (long-term):a, c
Government mortgage-backed securities	47			47			—			47			—
U.S. core fixed income fund	46			46			—			46			—
Government bonds and notes	21			21			—			21			—
Corporate bonds	19			19			—			19			—
Money market funds	9			9			9			—			—
Asset-backed securities	9			9			—			9			—
Municipal bonds	1			1			—			1			—
Total trust assets	152			152			9			143			—
Available-for-sale securities (current and long-term):a, c
Equity securities	9			9			9			—			—
Money market funds	2			2			2			—			—
Total available-for-sale securities	11			11			11			—			—
Derivatives:a
Embedded derivatives in provisional sales/purchase
contracts in an asset positione	72			72			—			72			—
Copper futures and swaps contractsf	3			3			3			—			—
Copper forward contractsf	2			2			1			1			—
Total derivative assets	77			77			4			73			—
Total assets				$	4,754		$	4,031		$	723		$	—
Liabilities
Derivatives:a
Embedded derivatives in provisional sales/purchase
contracts in a liability positione	$	(82	)	$	(82	)	$	—		$	(82	)	$	—
Copper futures and swap contractsg	(13		)	(13		)	(11		)	(2		)	—
Total derivative liabilities	(95		)	(95		)	(11		)	(84		)	—
Long-term debt, including current portionh	(3,537		)	(3,797		)	—			(3,797		)	—
Total liabilities				$	(3,892	)	$	(11	)	$	(3,881	)	$	—

a. Recorded at fair value. 

b. Recorded at cost and included in other assets.

c. Current portion included in other current assets and long-term portion included in other assets. 

d. Excluded were$17 million of time deposits at March 31, 2012.

e. Embedded derivatives are recorded in accounts receivable and/or accounts payable and accrued liabilities.

f. Included in other current assets.

g. Included in accounts payable and accrued liabilities.

h. Recorded at cost.