Fair Value Measurement (Unaudited) (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2012
	Carrying		Fair Value
	Amount		Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:a
Money market funds	$	4,185	$	4,185	$	4,185	$	—	$	—
Investment securities (current and long-term):
MMR investmentb	461		475		—		475		—
Money market fundsa, c	24		24		24		—		—
Equity securitiesa, c	7		7		7		—		—
Total investment securities	492		506		31		475		—
Trust assets (long-term):a, c
U.S. core fixed income fund	48		48		—		48		—
Government mortgage-backed securities	43		43		—		43		—
Corporate bonds	24		24		—		24		—
Government bonds and notes	24		24		—		24		—
Asset-backed securities	10		10		—		10		—
Money market funds	7		7		7		—		—
Municipal bonds	1		1		—		1		—
Total trust assets	157		157		7		150		—
Derivatives:a
Embedded derivatives in provisional sales/purchase
contracts in an asset positiond	53		53		—		53		—
Copper futures and swap contractse	4		4		3		1		—
Copper forward contractse	3		3		1		2		—
Total derivative assets	60		60		4		56		—
Total assets			$	4,908	$	4,227	$	681	$	—
Liabilities
Derivatives:a
Embedded derivatives in provisional sales/purchase
contracts in a liability positiond	$	95	$	95	$	—	$	95	$	—
Copper futures and swap contractsf	8		8		6		2		—
Total derivative liabilities	103		103		6		97		—
Long-term debt, including current portiong	3,523		3,564		—		3,564		—
Total liabilities			$	3,667	$	6	$	3,661	$	—

	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	$	—	$	—
Investment securities (current and long-term):
MMR investmentb	475		507		—		507		—
Equity securitiesa, c	9		9		9		—		—
Money market fundsa, c	2		2		2		—		—
Total investment securities	486		518		11		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		—
Derivatives:a
Embedded derivatives in provisional sales/purchase
contracts in an asset positiond	72		72		—		72		—
Copper futures and swaps contractse	3		3		3		—		—
Copper forward contractse	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 positiond	$	82	$	82	$	—	$	82	$	—
Copper futures and swap contractsf	13		13		11		2		—
Total derivative liabilities	95		95		11		84		—
Long-term debt, including current portiong	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. Embedded derivatives are recorded in accounts receivable and/or accounts payable and accrued liabilities.

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.