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FAIR VALUE MEASUREMENT (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
A summary of the changes in the fair value of FCX's Level 3 instruments, crude oil options, for the years ended December 31 follows:
 
2015
 
2014
 
2013
Balance at beginning of year
$
316

 
$
(309
)
 
$
—

Crude oil options assumed in the PXP acquisition
—

 
—

 
(83
)
Net realized gains (losses)a
86

 
(42
)
 
(38
)
Net unrealized gains (losses) related to assets and liabilities still held at the end of the yearb
—

 
430

 
(230
)
Net settlementsc
(402
)
 
237

 
42

Balance at the end of the year
$
—

 
$
316

 
$
(309
)
a.
Includes net realized gains (losses) of $87 million recorded in revenues in 2015, $(41) million in 2014 and $(37) million in 2013, and $(1) million of interest expense associated with deferred premiums in 2015, 2014 and 2013.
b.
Includes unrealized gains (losses) recorded in revenues of $432 million in 2014 and $(228) million in 2013, and $(2) million of interest expense associated with deferred premiums in 2014 and 2013.
c.
Includes interest payments of $4 million in 2015, $5 million in 2014 and $1 million in 2013.

Fair Value Measurement Inputs Disclosure
A summary of the carrying amount and fair value of FCX’s financial instruments, other than cash and cash equivalents, accounts receivable, restricted cash, accounts payable and accrued liabilities, and dividends payable follows:
 
At December 31, 2015
 
Carrying
 
Fair Value
 
Amount
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
 
 
Investment securities:a,b
 
 
 
 
 
 
 
 
 
U.S. core fixed income fund
$
23

 
$
23

 
$
—

 
$
23

 
$
—

Money market funds
21

 
21

 
21

 
—

 
—

Equity securities
3

 
3

 
3

 
—

 
—

Total
47

 
47

 
24

 
23

 
—

 
 
 
 
 
 
 
 
 
 
Legally restricted funds:a,b,c,d
 
 
 
 
 
 
 
 
 
U.S. core fixed income fund
52

 
52

 
—

 
52

 
—

Government bonds and notes
37

 
37

 
—

 
37

 
—

Government mortgage-backed securities
28

 
28

 
—

 
28

 
—

Corporate bonds
26

 
26

 
—

 
26

 
—

Asset-backed securities
13

 
13

 
—

 
13

 
—

Collateralized mortgage-backed securities
7

 
7

 
—

 
7

 
—

Money market funds
7

 
7

 
7

 
—

 
—

Municipal bonds
1

 
1

 
—

 
1

 
—

Total
171

 
171

 
7

 
164

 
—

Derivatives:a,e
 
 
 
 
 
 
 
 
 
Embedded derivatives in provisional sales/purchase
 
 
 
 
 
 
 
 
 
contracts in a gross asset position
21

 
21

 
—

 
21

 
—

Copper futures and swap contracts
1

 
1

 
1

 
—

 
—

Total
22

 
22

 
1

 
21

 
—

 
 
 
 
 
 
 
 
 
 
Total assets
 
 
$
240

 
$
32

 
$
208

 
$
—

 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Derivatives:a,e
 
 
 
 
 
 
 
 
 
Embedded derivatives in provisional sales/purchase
 
 
 
 
 
 
 
 
 
contracts in a gross liability position
$
82

 
$
82

 
$
—

 
$
82

 
$
—

Copper futures and swap contracts
11

 
11

 
7

 
4

 
—

Total
93

 
93

 
7

 
86

 
—

 
 
 
 
 
 
 
 
 
 
Long-term debt, including current portionf
20,428

 
13,987

 
—

 
13,987

 
—

 
 
 
 
 
 
 
 
 
 
Total liabilities
 
 
$
14,080

 
$
7

 
$
14,073

 
$
—



 
At December 31, 2014
 
Carrying
 
Fair Value
 
Amount
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
 
 
Investment securities:a,b
 
 
 
 
 
 
 
 
 
U.S. core fixed income fund
$
23

 
$
23

 
$
—

 
$
23

 
$
—

Money market funds
20

 
20

 
20

 
—

 
—

Equity securities
3

 
3

 
3

 
—

 
—

Total
46

 
46

 
23

 
23

 
—

 
 
 
 
 
 
 
 
 
 
Legally restricted funds:a,b,c,d
 
 
 
 
 
 
 
 
 
U.S. core fixed income fund
52

 
52

 
—

 
52

 
—

Government bonds and notes
39

 
39

 
—

 
39

 
—

Corporate bonds
27

 
27

 
—

 
27

 
—

Government mortgage-backed securities
19

 
19

 
—

 
19

 
—

Asset-backed securities
17

 
17

 
—

 
17

 
—

Money market funds
11

 
11

 
11

 
—

 
—

Collateralized mortgage-backed securities
6

 
6

 
—

 
6

 
—

Municipal bonds
1

 
1

 
—

 
1

 
—

Total
172

 
172

 
11

 
161

 
—

 
 
 
 
 
 
 
 
 
 
Derivatives:a,e
 
 
 

 
 

 
 

 
 

Embedded derivatives in provisional sales/purchase
 
 
 

 
 

 
 

 
 

contracts in a gross asset position
15

 
15

 
—

 
15

 
—

Crude oil options
316

 
316

 
—

 
—

 
316

Total
331

 
331

 
—

 
15

 
316

 
 
 
 
 
 
 
 
 
 
Total assets
 
 
$
549

 
$
34

 
$
199

 
$
316

 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 

 
 

 
 

 
 

Derivatives:a,e
 
 
 

 
 

 
 

 
 

Embedded derivatives in provisional sales/purchase
 
 
 

 
 

 
 

 
 

contracts in a gross liability position
$
93

 
$
93

 
$
—

 
$
93

 
$
—

Copper futures and swap contracts
7

 
7

 
6

 
1

 
—

Total
100

 
100

 
6

 
94

 
—

 
 
 
 
 
 
 
 
 
 
Long-term debt, including current portionf
18,849

 
18,735

 
—

 
18,735

 
—

 
 
 
 
 
 
 
 
 
 
Total liabilities
 
 
$
18,835

 
$
6

 
$
18,829

 
$
—


a.
Recorded at fair value. 
b.
Current portion included in other current assets and long-term portion included in other assets.
c.
Excludes time deposits (which approximated fair value) included in other assets of $118 million at December 31, 2015, and $115 million at December 31, 2014, associated with an assurance bond to support PT-FI's commitment for smelter development in Indonesia (refer to Note 13 for further discussion).
d.
Excludes time deposits (which approximated fair value) included in other current assets of $28 million at December 31, 2015 and $17 million at December 31, 2014.
e.
Refer to Note 14 for further discussion and balance sheet classifications. Crude oil options are net of $210 million at December 31, 2014, for deferred premiums and accrued interest.
f.
Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.