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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2011
Financial Instruments [Abstract]  
Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item
A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, along with the unrealized gains (losses) on the related hedged item (firm sales commitments) for the years ended December 31 follows:
 
2011
 
2010
 
2009
Unrealized gains (losses):
 
 
 
 
 
Derivative financial instruments
$
(28
)
 
$
7

 
$
11

Hedged item
28

 
(7
)
 
(11
)
Realized gains (losses):
 
 
 
 
 
Matured derivative financial instruments
(28
)
 
37

 
49
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions
A summary of the realized and unrealized gains (losses) recognized in income before income taxes and equity in affiliated companies’ net earnings for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, for the years ended December 31 follows:
 
2011
 
2010
 
2009
Embedded derivatives in provisional sales contractsa
$
(519
)
 
$
619

 
$
1,393

Embedded derivatives in provisional purchase contractsb
—

 
(2
)
 
(3
)
Copper forward contractsa
—

 
—

 
(104
)
Copper forward contractsb
(2
)
 
(30
)
 
2

Copper futures and swap contractsa
—

 
—

 
64
Fair Values of Unsettled Derivative Financial Instruments
A summary of the fair values of unsettled derivative financial instruments recorded on the consolidated balance sheets follows:
 
December 31,
 
2011
 
2010
Derivatives designated as hedging instruments
 
 
 
Commodity contracts:
 
 
 
Copper futures and swap contracts:a
 
 
 
Asset positionb
$
3

 
$
18

Liability positionc
(13
)
 
—

Derivatives not designated as hedging instruments
 
 
 
Commodity contracts:
 
 
 
Embedded derivatives in provisional sales/purchases contracts:d
 
 
 
Asset position
$
72

 
$
357

Liability position
(82
)
 
(115
)
Copper forward contracts:
 
 
 
Asset positionb
2

 
—

Liability positionc
—

 
(10
)
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at December 31, 2011, follows:
 
Open
 
Average Price
Per Unit
 
Maturities
 
Positions
 
Contract
 
Market
 
Through
Embedded derivatives in provisional sales contracts:
 
 
 
 
 
 
 
Copper (millions of pounds)
388

 
$
3.55

 
$
3.44

 
June 2012
Gold (thousands of ounces)
52

 
1,676

 
1,576

 
February 2012
Embedded derivatives in provisional purchase contracts:
 
 
 
 
 
 
 
Copper (millions of pounds)
376

 
3.56

 
3.45

 
April 2012
Molybdenum (thousands of pounds)
33

 
11.80

 
11.78

 
January 2012