Fair Value Measurement (Unaudited) (Tables)

3 Months Ended

Mar. 31, 2013

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 financial instruments other than cash and cash equivalents, accounts receivable, and accounts payable and accrued liabilities follows (in millions):

	At March 31, 2013
	Carrying		Fair Value
	Amount		Total		Level 1		Level 2		Level 3
Assets
Investment securities (current and long-term):
MMR investmentb	$	439	$	592	$	—	$	592	$	—
U.S. core fixed income funda,c	22		22		—		22		—
Money market fundsa, c	16		16		16		—		—
Equity securitiesa, c	7		7		7		—		—
Total investment securities	484		637		23		614		—
Trust assets (long-term):a, c
U.S. core fixed income fund	49		49		—		49		—
Government mortgage-backed securities	40		40		—		40		—
Corporate bonds	28		28		—		28		—
Government bonds and notes	19		19		—		19		—
Asset-backed securities	18		18		—		18		—
Money market funds	7		7		7		—		—
Municipal bonds	1		1		—		1		—
Total trust assets	162		162		7		155		—
Derivatives:a
Embedded derivatives in provisional sales/purchase
contracts in a gross asset positiond	19		19		—		19		—
Copper forward contractse	1		1		1		—		—
Total derivative assets	20		20		1		19		—
Total assets			$	819	$	31	$	788	$	—
Liabilities
Derivatives:a
Embedded derivatives in provisional sales/purchase
contracts in a gross liability positiond	$	79	$	79	$	—	$	79	$	—
Copper futures and swap contractsf	8		8		6		2		—
Total derivative liabilities	87		87		6		81		—
Long-term debt, including current portiong	10,092		10,129		—		10,129		—
Total liabilities			$	10,216	$	6	$	10,210	$	—

	At December 31, 2012
	Carrying		Fair Value
	Amount		Total		Level 1		Level 2		Level 3
Assets
Investment securities (current and long-term):
MMR investmentb	$	446	$	539	$	—	$	539	$	—
U.S. core fixed income funda,c	22		22		—		22		—
Money market fundsa, c	16		16		16		—		—
Equity securitiesa, c	8		8		8		—		—
Total investment securities	492		585		24		561		—
Trust assets (long-term):a, c
U.S. core fixed income fund	50		50		—		50		—
Government mortgage-backed securities	36		36		—		36		—
Corporate bonds	30		30		—		30		—
Government bonds and notes	24		24		—		24		—
Asset-backed securities	15		15		—		15		—
Money market funds	7		7		7		—		—
Municipal bonds	1		1		—		1		—
Total trust assets	163		163		7		156		—
Derivatives:a
Embedded derivatives in provisional sales/purchase
contracts in a gross asset positiond	36		36		—		36		—
Copper futures and swaps contractse	5		5		5		—		—
Total derivative assets	41		41		5		36		—
Total assets			$	789	$	36	$	753	$	—
Liabilities
Derivatives:a
Embedded derivatives in provisional sales/purchase
contracts in a gross liability positiond	$	27	$	27	$	—	$	27	$	—
Copper futures and swap contractsf	1		1		1		—		—
Total derivative liabilities	28		28		1		27		—
Long-term debt, including current portiong	3,527		3,589		—		3,589		—
Total liabilities			$	3,617	$	1	$	3,616	$	—

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. Embedded derivatives are recorded in trade accounts receivable and/or accounts payable and accrued liabilities (refer to Note 7 for further discussion).

e. Included in other current assets.

f. Included in accounts payable and accrued liabilities.

g. Recorded at cost except for long-term debt acquired in the FMC acquisition, which was recorded at fair value at the acquisition date.