Document and Entity Information Document - shares	9 Months Ended
Document and Entity Information Document - shares	Sep. 30, 2018	Oct. 31, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	FREEPORT-MCMORAN INC
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		1,449,033,664
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Entity Emerging Growth Company	false
Entity Small Business	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 4,556	$ 4,447
Trade accounts receivable	1,064	1,246
Income and other tax receivables	226	325
Inventories:
Total materials and supplies, net	1,439	1,305
Mill and leach stockpiles	1,439	1,422
Product	1,169	1,166
Other current assets	402	270
Assets held for sale	626	508
Total current assets	10,921	10,689
Property, plant, equipment and mine development costs, net	23,013	22,934
Long-term mill and leach stockpiles	1,355	1,409
Other assets	2,460	2,270
Total assets	37,749	37,302
Current liabilities:
Accounts payable and accrued liabilities	2,396	2,321
Accrued income taxes	645	565
Current portion of environmental and asset retirement obligations	460	388
Dividends Payable, Current	73	0
Current portion of debt	4	1,414
Liabilities held for sale	273	323
Total current liabilities	3,851	5,011
Long-term debt, less current portion	11,123	11,703
Deferred income taxes	3,839	3,649
Environmental and asset retirement obligations, less current portion	3,564	3,631
Other liabilities	1,918	2,012
Total liabilities	24,295	26,006
Stockholders’ equity:
Common stock	158	158
Capital in excess of par value	26,603	26,751
Accumulated deficit	(12,526)	(14,722)
Accumulated other comprehensive loss	(532)	(487)
Common stock held in treasury	(3,726)	(3,723)
Total stockholders’ equity	9,977	7,977
Noncontrolling interests	3,477	3,319
Total equity	13,454	11,296
Total liabilities and equity	$ 37,749	$ 37,302

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Sep. 26, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Revenues		$ 4,908	$ 4,310	$ 14,944	$ 11,362
Cost of sales:
Production and delivery		3,069	2,794	8,792	7,462
Depreciation, depletion and amortization		458	418	1,351	1,257
Total cost of sales		3,527	3,212	10,143	8,719
Selling, general and administrative expenses		101	104	341	362
Mining exploration and research expenses		27	27	72	60
Environmental obligations and shutdown costs		8	72	76	76
Net gain on sales of assets		(70)	(33)	(126)	(66)
Total costs and expenses		3,593	3,382	10,506	9,151
Operating income		1,315	928	4,438	2,211
Interest expense, net		(143)	(304)	(436)	(633)
Net gain on early extinguishment of debt		0	11	8	8
Other income (expense), net		14	(9)	63	(9)
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings		1,186	626	4,073	1,577
Provision for income taxes		(522)	(387)	(1,543)	(747)
Equity in affiliated companies’ net earnings		4	3	5	6
Net income from continuing operations		668	242	2,535	836
Net (loss) income from discontinued operations		(4)	3	(19)	50
Net income		664	245	2,516	886
Net (income) loss attributable to noncontrolling interests:
Continuing operations		(108)	35	(399)	(106)
Net income from discontinued operations attributable to noncontrolling interests		0	0	0	(4)
Net income attributable to common stockholders		$ 556	$ 280	$ 2,117	$ 776
Earnings Per Share, Basic [Abstract]
Income (Loss) from Continuing Operations, Per Basic Share		$ 0.38	$ 0.19	$ 1.47	$ 0.50
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share		0.00	0.00	(0.01)	0.03
Earnings Per Share, Basic		0.38	0.19	1.46	0.53
Earnings Per Share, Diluted [Abstract]
Income (Loss) from Continuing Operations, Per Diluted Share		0.38	0.19	1.46	0.50
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share		0.00	0.00	(0.01)	0.03
Earnings Per Share, Diluted		$ 0.38	$ 0.19	$ 1.45	$ 0.53
Basic weighted-average shares of common stock outstanding		1,450	1,448	1,449	1,447
Diluted weighted-average shares of common shares outstanding		1,458	1,454	1,458	1,453
Dividends declared per share of common stock	$ 0.05	$ 0.05	$ 0	$ 0.15	$ 0

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Adoption of new accounting standard for reclassification of income taxes (refer to Note 11)	$ 0		$ 0
Net income	664	$ 245	2,516	$ 886
Other comprehensive (loss) income, net of taxes:
Unrealized gains on securities	0	0	0	2
Defined benefit plans:
Actuarial gains arising during the period, net of taxes of $48 million for the nine months ended September 30, 2017	0	0	0	69
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax		0		48
Amortization of unrecognized amounts included in net periodic benefit costs	13	12	36	42
Foreign exchange (losses) gains	(1)	1	(2)	0
Other comprehensive income	12	13	34	113
Total comprehensive income	676	258	2,550	999
Total comprehensive (income) loss attributable to noncontrolling interests	(109)	35	(399)	(118)
Total comprehensive income (loss)	567	293	2,151	881
AOCI Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Adoption of new accounting standard for reclassification of income taxes (refer to Note 11)	(79)		(79)
Defined benefit plans:
Other comprehensive income	$ 11	$ 13	$ 34	$ 105

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flow from operating activities:
Net income	$ 2,516	$ 886
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,351	1,257
Net gain on sales of assets	(126)	(66)
Stock-based Compensation	70	58
Net charges for Cerro Verde royalty dispute	0	359
Payments for Cerro Verde royalty dispute	(32)	(32)
Net charges for environmental and asset retirement obligations, including accretion	206	196
Payments for environmental and asset retirement obligations	(179)	(85)
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash	59	95
Payment for Pension and Other Postretirement Benefits	(60)	(152)
Net (gain) loss on early extinguishment of debt	(8)	(8)
Deferred income taxes	202	77
Loss (gain) on disposal of discontinued operations	19	(41)
Increase (decrease) in long term mill and leach stockpiles	(54)	(181)
Non-cash drillship settlements/idle rig costs and other oil and gas adjustments	0	(33)
Oil and gas contract settlement payments	0	(70)
Other, net	7	1
Changes in working capital and other tax payments:
Accounts receivable	321	420
Inventories	(326)	(314)
Other current assets	(16)	(17)
Accounts payable and accrued liabilities	(2)	(93)
Accrued income taxes and timing of other tax payments	(131)	393
Net cash provided by operating activities	3,925	3,012
Cash flow from investing activities:
Capital expenditures	(1,391)	(1,020)
Proceeds from Sale of Other Assets, Investing Activities	10	68
Intangible water rights and other, net	(91)	(2)
Net cash used in investing activities	(1,472)	(954)
Cash flow from financing activities:
Proceeds from debt	475	795
Repayments of debt	(2,410)	(1,991)
Cash dividends paid:
Common stock	(145)	(2)
Noncontrolling interests	(241)	(67)
Stock-based awards net proceeds (payments)	4	(10)
Debt financing costs and other, net	(23)	(12)
Net cash used in financing activities	(2,340)	(1,287)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	113	771
Decrease (increase) in cash and cash equivalents in assets held for sale	55	(45)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	4,631	4,403
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	4,799	5,129
North America Copper Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(413)	(106)
South America Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(188)	(65)
Grasberg Segment [Member]
Cash flow from investing activities:
Capital expenditures	(695)	(663)
Molybdenum [Member]
Cash flow from investing activities:
Capital expenditures	(6)	(4)
Other Segments [Member]
Cash flow from investing activities:
Capital expenditures	$ (89)	$ (182)

Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCI Attributable to Parent [Member]	Common Stock Held in Treasury	Total Stockholder's Equity	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2016		1,574				129
Balance at Dec. 31, 2016	$ 9,257	$ 157	$ 26,690	$ (16,540)	$ (548)	$ (3,708)	$ 6,051	$ 3,206
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		4				0
Exercised and vested stock-based awards	5	$ 1	4	0	0	$ 0	5	0
Stock-based compensation, including the tender of shares	35	0	49	0	0	$ (14)	35	0
Stock-based compensation, including the tender of shares (in shares)						1
Restricted Stock Award, Forfeitures, Dividends				1			1
Dividends	(66)							(67)
Net income attributable to common stockholders	776	0		776		$ 0	776	0
Net income (loss) attributable to noncontrolling interests	110	0				0	0	110
Other comprehensive income	113	$ 0	0		105	$ 0	105	8
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	999
Balance (in shares) at Sep. 30, 2017		1,578				130
Balance at Sep. 30, 2017	10,230	$ 158	26,743	(15,763)	(443)	$ (3,722)	6,973	3,257
Balance (in shares) at Jun. 30, 2017		1,577				130
Balance at Jun. 30, 2017	9,993	$ 158	26,734	(16,043)	(456)	$ (3,720)	6,673	3,320
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		1				0
Exercised and vested stock-based awards	0	$ 0	0	0	0	$ 0	0	0
Stock-based compensation, including the tender of shares	7	0	9	0	0	$ (2)	7	0
Stock-based compensation, including the tender of shares (in shares)						0
Dividends	(28)	0	0		0	$ 0	0	(28)
Net income attributable to common stockholders	280	0		280		0	280	0
Net income (loss) attributable to noncontrolling interests	(35)	0				0	0	(35)
Other comprehensive income	13	$ 0	0		13	$ 0	13	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	258
Balance (in shares) at Sep. 30, 2017		1,578				130
Balance at Sep. 30, 2017	10,230	$ 158	26,743	(15,763)	(443)	$ (3,722)	6,973	3,257
Balance (in shares) at Dec. 31, 2017		1,578				130
Balance at Dec. 31, 2017	11,296	$ 158	26,751	(14,722)	(487)	$ (3,723)	7,977	3,319
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends				0
Balance (in shares) at Jun. 30, 2018		1,579				130
Balance at Jun. 30, 2018	12,842	$ 158	26,667	(13,161)	(464)	$ (3,726)	9,474	3,368
Balance (in shares) at Dec. 31, 2017		1,578				130
Balance at Dec. 31, 2017	11,296	$ 158	26,751	(14,722)	(487)	$ (3,723)	7,977	3,319
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		1				0
Exercised and vested stock-based awards	8	$ 0	8	0	0	$ 0	8	0
Stock-based compensation, including the tender of shares	59	0	62	0	0	$ (3)	59	0
Stock-based compensation, including the tender of shares (in shares)						0
Dividends	(459)	$ 0	(218)		0	$ 0	(218)	(241)
Tender of shares for stock based awards shares		0				0
Net income attributable to common stockholders	2,117	$ 0		2,117		$ 0	2,117	0
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net			0		0
Net income (loss) attributable to noncontrolling interests	399	0				0	0	399
Noncontrolling Interest, Change in Redemption Value			0	0	0
Other comprehensive income	34	$ 0	0		34	$ 0	34	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	2,550			0
Balance (in shares) at Sep. 30, 2018		1,579				130
Balance at Sep. 30, 2018	13,454	$ 158	26,603	(12,526)	(532)	$ (3,726)	9,977	3,477
Balance (in shares) at Jun. 30, 2018		1,579				130
Balance at Jun. 30, 2018	12,842	$ 158	26,667	(13,161)	(464)	$ (3,726)	9,474	3,368
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, including the tender of shares	9	0	9	0	0	$ 0	9	0
Stock-based compensation, including the tender of shares (in shares)						0
Dividends	(73)	0	(73)		0	$ 0	(73)	0
Net income attributable to common stockholders	556	0		556		0	556	0
Net income (loss) attributable to noncontrolling interests	108	0				0	0	108
Other comprehensive income	12	$ 0	0		11	$ 0	11	1
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	676
Balance (in shares) at Sep. 30, 2018		1,579				130
Balance at Sep. 30, 2018	13,454	$ 158	$ 26,603	(12,526)	(532)	$ (3,726)	9,977	$ 3,477
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new accounting standard for reclassification of income taxes (refer to Note 11)	$ 0			$ 79	$ (79)		$ 0

General Information (Unaudited)	9 Months Ended
General Information (Unaudited)	Sep. 30, 2018
General Information [Abstract]
General Information	GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles (GAAP) in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2017. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. With the exception of the accounting for discontinued operations, assets held for sale and the remeasurement of a pension plan in second-quarter 2017, all such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the nine-month period ended September 30, 2018, are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. Assets Held for Sale. FCX continues to market and evaluate the fair value of its effective 56 percent interest in Freeport Cobalt, which includes the large-scale cobalt refinery in Kokkola, Finland, and the related sales and marketing business. During third-quarter 2018, the fair value evaluations resulted in an increase to the estimated fair value less costs to sell of $50 million (included in net gain on sales of assets in the consolidated statements of income). FCX is continuing to assess opportunities for its Kisanfu copper and cobalt exploration project, located in the Democratic of Republic of Congo, including development of the project on its own or a sale of all or a minority stake in the project. In second-quarter 2018, management concluded it no longer believes that it is probable an outright sale will occur in the near term and the related assets and liabilities should no longer be classified as held for sale. In addition, because of this conclusion, revisions to the consolidated balance sheet as of December 31, 2017, included a $90 million increase to property, plant, equipment and mine development costs, net, with an offsetting reduction in current assets held for sale, and a $27 million increase to deferred income taxes, with an offsetting reduction in current liabilities held for sale.

Earnings per Share (Unaudited) Earnings per Share (Notes)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

FCX calculates its basic net income per share of common stock under the two-class method and calculates its diluted net income per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. Diluted net income per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be anti-dilutive.

Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow (in millions, except per share amounts):



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2018			2017			2018				2017
Net income from continuing operations	$	668		$	242		$	2,535			$	836
Net (income) loss from continuing operations attributable to noncontrolling interests	(108		)	35			(399		)		(106		)
Undistributed earnings allocated to participating securities	(4		)	(3		)	(5		)		(3		)
Net income from continuing operations attributable to common stockholders	556			274			2,131				727

Net (loss) income from discontinued operations	(4		)	3			(19		)		50
Net income from discontinued operations attributable to noncontrolling interests	—			—			—				(4		)
Net (loss) income from discontinued operations attributable to common stockholders	(4		)	3			(19		)		46


Net income attributable to common stockholders	$	552		$	277		$	2,112			$	773

Basic weighted-average shares of common stock outstanding	1,450			1,448			1,449				1,447
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units	8			6			9			^a	6
Diluted weighted-average shares of common stock outstanding	1,458			1,454			1,458				1,453

Basic net income (loss) per share attributable to common stockholders:
Continuing operations	$	0.38		$	0.19		$	1.47			$	0.50
Discontinued operations	—			—			(0.01		)		0.03
	$	0.38		$	0.19		$	1.46			$	0.53
Diluted net income (loss) per share attributable to common stockholders:
Continuing operations	$	0.38		$	0.19		$	1.46			$	0.50
Discontinued operations	—			—			(0.01		)		0.03
	$	0.38		$	0.19		$	1.45			$	0.53


a.	Excludes approximately 2 million shares of common stock for the first nine months of 2018 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock that were anti-dilutive.

Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. Stock options for 38 million shares of common stock were excluded for both third-quarter 2018 and third-quarter 2017, 35 million for the first nine months of 2018 and 42 million for the first nine months of 2017.

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)

9 Months Ended

Sep. 30, 2018

Inventory Disclosure [Abstract]

Inventories, Including Long-Term Mill and Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow (in millions):



	September 30, 2018		December 31, 2017
Current inventories:
Total materials and supplies, net^a	$	1,439	$	1,305

Mill stockpiles	$	287	$	360
Leach stockpiles	1,152		1,062
Total current mill and leach stockpiles	$	1,439	$	1,422

Raw materials (primarily concentrate)	$	299	$	265
Work-in-process	174		154
Finished goods	696		747
Total product inventories	$	1,169	$	1,166

Long-term inventories:
Mill stockpiles	$	285	$	300
Leach stockpiles	1,070		1,109
Total long-term mill and leach stockpiles	$	1,355	$	1,409


a.	Materials and supplies inventory was net of obsolescence reserves totaling $25 million at September 30, 2018, and $29 million at December 31, 2017.

Income Taxes (Unaudited)

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate. FCX’s consolidated effective income tax rate was 38 percent for the first nine months of 2018 and 47 percent for the first nine months of 2017. Geographic sources of FCX’s (provision for) benefit from income taxes follow (in millions):



	Three Months Ended							Nine Months Ended
	September 30,							September 30,
	2018			2017				2018				2017
U.S. operations	$	(6	)	$	2		^a	$	2		^b	$	24		^a
International operations	(516		)	(389		)	^c	(1,545		)		(771		)	^c
Total	$	(522	)	$	(387	)		$	(1,543	)		$	(747	)


a.	Includes net tax (charges) credits of $(10) million in third-quarter 2017 and $21 million for the first nine months of 2017 associated with alternative minimum tax credit carryforwards.


b.	Includes a tax credit of $5 million associated with the settlement of a state income tax examination.

c.

Includes net charges of $2 million associated with the Cerro Verde mining royalties dispute, consisting of tax charges of $127 million for disputed royalties and other related mining taxes for the period October 2011 through the year 2013 (when royalties were determined based on operating income), mostly offset by a tax benefit of $125 million associated with disputed royalties and other related mining taxes for the period December 2006 through the year 2013. Refer to Note 8 for further discussion of the Cerro Verde royalty dispute.

As a result of the unfavorable Peruvian Supreme Court ruling on the Cerro Verde royalty dispute in October 2017, FCX recorded pre-tax charges of $357 million to income from continuing operations and $2 million of net tax expense in third-quarter 2017 and for the first nine months of 2017. FCX’s consolidated effective income tax rate was 39 percent for the first nine months of 2017 excluding these charges.

The December 2017 Tax Cuts and Jobs Act (the Act) included significant modifications to then-existing U.S. tax laws and created many new complex tax provisions. As of December 31, 2017, FCX recorded provisional impacts of the tax effects related to specific provisions and continues to evaluate other provisions of the Act. During the first nine months of 2018, no adjustments were made to the provisional amounts recorded at December 31, 2017, as FCX has not fully completed its analysis of the Act, and the provisional amounts continue to represent FCX’s best estimates. FCX’s current analysis of the Act indicates that there may be adjustments to tax receivables associated with minimum tax credit refunds resulting from an ongoing review of tax positions taken in prior years and impacts from the Act’s Global Intangible Low-Taxed Income provisions resulting in use of net operating loss (NOL) carryforwards against income that would not generate a net tax liability absent the availability of NOLs. FCX continues to carry a valuation allowance against all U.S. federal NOLs. During fourth-quarter 2018, FCX will finalize its calculations, including quantifying potential impacts discussed above, as it completes its analysis of the Act.

Debt

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Debt

NOTE 5. DEBT AND EQUITY

The components of debt follow (in millions):



	September 30, 2018			December 31, 2017
Senior notes and debentures:
Issued by FCX	$	9,594		$	11,429
Issued by Freeport Minerals Corporation (FMC)	358			358
Issued by Freeport-McMoRan Oil & Gas LLC (FM O&G LLC)	—			54
Cerro Verde credit facility	1,171			1,269
Other	4			7
Total debt^a	11,127			13,117
Less current portion of debt	(4		)	(1,414		)
Long-term debt	$	11,123		$	11,703


a.	Includes additions for unamortized fair value adjustments totaling $60 million at September 30, 2018 ($97 million at December 31, 2017), and is net of reductions for unamortized net discounts and unamortized debt issuance costs totaling $73 million at September 30, 2018 ($85 million at December 31, 2017).

Revolving Credit Facility. At September 30, 2018, there were no borrowings outstanding and $13 million in letters of credit issued under FCX’s revolving credit facility, resulting in availability of approximately $3.5 billion, of which approximately $1.5 billion could be used for additional letters of credit.

In April 2018, FCX, PT Freeport Indonesia (PT-FI) and FM O&G LLC entered into a new $3.5 billion, five-year, unsecured revolving credit facility, which replaced FCX’s prior revolving credit facility (scheduled to mature on May 31, 2019). The new revolving credit facility is available until April 20, 2023, with $500 million available to PT-FI, and up to $1.5 billion available in letters of credit, and has a substantially similar structure and terms as the prior revolving credit facility. Interest on loans made under the new revolving credit facility will, at the option of FCX, be determined based on the adjusted London Interbank Offered rate or the alternate base rate (each as defined in the new revolving credit facility) plus a spread to be determined by reference to FCX’s credit ratings. The new revolving credit facility contains customary affirmative covenants and representations, and also contains a number of negative covenants that, among other things, restrict, subject to certain exceptions, the ability of FCX's subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and FCX's or its subsidiaries’ ability to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. FCX’s new revolving credit facility also contains financial ratios governing maximum total leverage and minimum interest expense coverage. FCX’s total leverage ratio (ratio of total debt to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA), as defined in the credit agreement) cannot exceed 3.75x, and the minimum interest expense coverage ratio (ratio of consolidated EBITDA to consolidated cash interest expense, as defined in the credit agreement) is 2.25x.

Senior Notes. In March 2018, FCX’s 2.375% Senior Notes matured, and the $1.4 billion outstanding principal balance was repaid.

On April 4, 2018, FCX redeemed $454 million of aggregate principal amount of outstanding senior notes (as discussed in Early Extinguishment of Debt).

Cerro Verde Credit Facility. In March 2018, Cerro Verde prepaid $100 million of its credit facility.

Early Extinguishment of Debt. During second-quarter 2018, FCX redeemed in full certain senior notes, and holders received the principal amounts together with the redemption premiums and accrued and unpaid interest up to the redemption date. A summary of these redemptions follows (in millions):




	Principal Amount		Net Adjustments		Book Value		Redemption Value		Gain
FCX 6.75% Senior Notes due 2022	$	404	$	22	$	426	$	418	$	8
FM O&G LLC 6⁷/₈% Senior Notes due 2023	50		4		54		52		2
	$	454	$	26	$	480	$	470	$	10

Partially offsetting the $10 million gain were losses of $2 million for the first nine months of 2018, primarily associated with entering into the new revolving credit facility.

During third-quarter 2017 and for the first nine months of 2017, FCX redeemed in full certain senior notes, which resulted in gains of $11 million. Partially offsetting the gain on early extinguishment of debt for the first nine months of 2017 was a net loss of $3 million, primarily associated with the modification of Cerro Verde’s credit facility in second-quarter 2017.

Interest Expense, Net. Consolidated interest costs (before capitalized interest and excluding interest expense associated with disputed Cerro Verde royalties totaling $1 million in third-quarter 2018, $7 million for the first nine months of 2018 and $141 million in third-quarter 2017 and for the first nine months of 2017) totaled $166 million in third-quarter 2018, $196 million in third-quarter 2017, $501 million for the first nine months of 2018 and $583 million for the first nine months of 2017. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $24 million in third-quarter 2018, $33 million in third-quarter 2017, $72 million for the first nine months of 2018 and $91 million for the first nine months of 2017.

Common Stock. In February 2018, FCX’s Board of Directors (the Board) reinstated a cash dividend on FCX’s common stock. On September 26, 2018, the Board declared a quarterly cash dividend of $0.05 per share, which was paid on November 1, 2018, to common stockholders of record as of October 15, 2018.

Financial Instruments (Unaudited)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes, but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates.

Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. As of September 30, 2018, and December 31, 2017, FCX had no price protection contracts relating to its mine production. A discussion of FCX’s derivative contracts and programs follows.

Derivatives Designated as Hedging Instruments – Fair Value Hedges

Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the nine-month periods ended September 30, 2018 and 2017. At September 30, 2018, FCX held copper futures and swap contracts that qualified for hedge accounting for 78 million pounds at an average contract price of $2.81 per pound, with maturities through June 2020.

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, including the unrealized gains (losses) on the related hedged item follows (in millions):



	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2018			2017		2018			2017
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	7		$	—	$	(12	)	$	(1	)
Hedged item – firm sales commitments	(7		)	—		12			1

Realized (losses) gains:
Matured derivative financial instruments	(19		)	12		(17		)	21

Derivatives Not Designated as Hedging Instruments

Embedded Derivatives. Certain FCX concentrate and cathode contracts are provisionally priced at the time of shipment. The provisional prices are finalized in a specified future month (generally one to four months from the shipment date) based on quoted monthly average copper settlement prices on the London Metal Exchange (LME) or COMEX and quoted monthly average London Bullion Market Association (LBMA) gold settlement prices as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations until the date of settlement. Similarly, FCX purchases copper and cobalt under contracts that provide for provisional pricing. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host sales agreements since the contracts do not allow for net settlement and always result in physical delivery. Sales and purchases with a provisional sales price contain an embedded derivative (i.e., the price settlement mechanism is settled after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale or purchase of the metals contained in the concentrate or cathode at the then-current metal price as defined in the contract. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.

A summary of FCX’s embedded derivatives at September 30, 2018, follows:



	Open Positions	Average Price Per Unit				Maturities Through
	Open Positions	Contract		Market		Maturities Through
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	567	$	2.82	$	2.84	January 2019
Gold (thousands of ounces)	375	1,201.40		1,188.75		December 2018
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	125	2.78		2.84		January 2019
Cobalt (millions of pounds)^a	7	23.80		22.14		December 2018


a.	Relates to assets held for sale.

Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in cost of sales. At September 30, 2018, Atlantic Copper held net copper forward sales contracts for 31 million pounds at an average contract price of $2.73 per pound, with maturities through November 2018.

Summary of (Losses) Gains. A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2018			2017			2018			2017
Embedded derivatives in provisional sales contracts:^a
Copper	$	(93	)	$	133		$	(242	)	$	275
Gold and other metals	(25		)	4			(37		)	22
Copper forward contracts^b	9			(9		)	17			(14		)


a.	Amounts recorded in revenues.


b.	Amounts recorded in cost of sales as production and delivery costs.

Unsettled Derivative Financial Instruments

A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions):



	September 30, 2018		December 31, 2017
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	5	$	11
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional copper and gold
sales/purchase contracts	49		155
Copper forward contracts	—		1
Total derivative assets	$	54	$	167

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	5	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional copper and gold
sales/purchase contracts	50		31
Copper forward contracts	4		2
Total derivative liabilities	$	59	$	33

The table above and the following table excludes $12 million of embedded derivatives in provisional cobalt purchase contracts (in a gross asset position) at September 30, 2018, and $24 million (in a gross liability position) at December 31, 2017, which are both reflected in liabilities held for sale.

FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract on its balance sheet. FCX’s embedded derivatives on provisional sales/purchase contracts are netted with the corresponding outstanding receivable/payable balances. A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):



	Assets				Liabilities
	September 30, 2018		December 31, 2017		September 30, 2018		December 31, 2017

Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	$	49	$	155	$	50	$	31
Copper derivatives	5		12		9		2
	54		167		59		33

Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	12		—		12		—
Copper derivatives	5		1		5		1
	17		1		17		1

Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	37		155		38		31
Copper derivatives	—		11		4		1
	$	37	$	166	$	42	$	32

Balance sheet classification:
Trade accounts receivable	$	32	$	151	$	24	$	—
Other current assets	—		11		—		—
Accounts payable and accrued liabilities	5		4		18		32
	$	37	$	166	$	42	$	32

Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. FCX does not anticipate that any of the counterparties it deals with will default on their obligations. As of September 30, 2018, the maximum amount of credit exposure associated with derivative transactions was $49 million (including embedded derivatives in provisional cobalt purchase contracts of $12 million).

Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, investment securities, legally restricted funds, accounts payable and accrued liabilities, dividends payable and long-term debt. The carrying value for cash and cash equivalents (which included time deposits of $2.4 billion at September 30, 2018, and $2.9 billion at December 31, 2017), restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 7 for the fair values of investment securities, legally restricted funds and long-term debt).

In addition, as of September 30, 2018, FCX has contingent consideration assets related to certain 2016 asset sales (refer to Note 7 for the related fair values and to Note 2 of FCX’s annual report on Form 10-K for the year ended December 31, 2017, for further discussion of these instruments).

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents. The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows to the components presented in the consolidated balance sheets (in millions):



	September 30, 2018		December 31, 2017
Balance sheet components:
Cash and cash equivalents	$	4,556	$	4,447
Restricted cash and restricted cash equivalents included in:
Other current assets	116		52
Other assets	127		132
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	4,799	$	4,631

FCX’s restricted cash and restricted cash equivalents are primarily related to PT-FI’s commitment for smelter development in Indonesia; guarantees and commitments for certain mine closure and reclamation obligations, and customs duty taxes; and funds held as cash collateral for surety bonds related to plugging and abandonment obligations of certain oil and gas properties. Restricted cash and restricted cash equivalents are classified as a current or long-term asset based on the timing and nature of when or how the cash is expected to be used or when the restrictions are expected to lapse. Restricted cash and restricted cash equivalents are comprised of time deposits and money market funds.

Fair Value Measurement

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENT

Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during third-quarter 2018.

In August 2018, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) in connection with the disclosure framework project that modifies the disclosure requirements on fair value measurements. FCX early adopted this ASU in third-quarter 2018, which did not have a material impact on its financial statements.

FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for contingent consideration associated with the sale of the Deepwater Gulf of Mexico (GOM) oil and gas properties (which was recorded under the loss recovery approach) and debt. A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 6) follows (in millions):



	At September 30, 2018
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:^a,b
U.S. core fixed income fund	$	24	$	24	$	24	$	—	$	—	$	—
Equity securities	5		5		—		5		—		—
Total	29		29		24		5		—		—

Legally restricted funds:^a
U.S. core fixed income fund	54		54		54		—		—		—
Government bonds and notes	31		31		—		—		31		—
Government mortgage-backed securities	39		39		—		—		39		—
Corporate bonds	28		28		—		—		28		—
Asset-backed securities	14		14		—		—		14		—
Collateralized mortgage-backed securities	8		8		—		—		8		—
Money market funds	3		3		—		3		—		—
Municipal bonds	1		1		—		—		1		—
Total	178		178		54		3		121		—

Derivatives:
Embedded derivatives in provisional copper and gold
sales/purchase contracts in a gross asset position^c,d	49		49		—		—		49		—
Copper futures and swap contracts^c	5		5		—		4		1		—
Contingent consideration for the sales of
TF Holdings Limited (TFHL) and onshore
California oil and gas properties^a	167		167		—		—		167		—
Total	221		221		—		4		217		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas properties^a	148		130		—		—		—		130

Liabilities
Derivatives:^c
Embedded derivatives in provisional copper and gold
sales/purchase contracts in a gross liability position	$	50	$	50	$	—	$	—	$	50	$	—
Copper futures and swap contracts	5		5		—		4		1		—
Total	55		55		—		4		51		—

Long-term debt, including current portion^e	11,127		10,865		—		—		10,865		—



	At December 31, 2017
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:^a,b
U.S. core fixed income fund	$	25	$	25	$	25	$	—	$	—	$	—
Equity securities	5		5		—		5		—		—
Total	30		30		25		5		—		—

Legally restricted funds:^a
U.S. core fixed income fund	55		55		55		—		—		—
Government bonds and notes	40		40		—		—		40		—
Corporate bonds	32		32		—		—		32		—
Government mortgage-backed securities	27		27		—		—		27		—
Asset-backed securities	15		15		—		—		15		—
Money market funds	11		11		—		11		—		—
Collateralized mortgage-backed securities	8		8		—		—		8		—
Municipal bonds	1		1		—		—		1		—
Total	189		189		55		11		123		—

Derivatives:
Embedded derivatives in provisional copper and gold
sales/purchase contracts in a gross asset position^c	155		155		—		—		155		—
Copper futures and swap contracts^c	11		11		—		9		2		—
Copper forward contracts^c	1		1		—		—		1		—
Contingent consideration for the sales of TFHL
and onshore California oil and gas properties^a	108		108		—		—		108		—
Total	275		275		—		9		266		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas properties^a	150		134		—		—		—		134

Liabilities
Derivatives:^c
Embedded derivatives in provisional copper and gold
sales/purchase contracts in a gross liability position^d	$	31	$	31	$	—	$	—	$	31	$	—
Copper forward contracts	2		2		—		1		1		—
Total	33		33		—		1		32		—

Long-term debt, including current portion^e	13,117		13,269		—		—		13,269		—


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

b.

Excludes time deposits (which approximated fair value) included in (i) other current assets of $116 million at September 30, 2018, and $52 million at December 31, 2017, primarily associated with PT-FI’s mine closure and reclamation guarantees and its disputed incremental export duty and (ii) other assets of $126 million at September 30, 2018, and $123 million at December 31, 2017, primarily associated with an assurance bond to support PT-FI’s commitment for smelter development in Indonesia.


c.	Refer to Note 6 for further discussion and balance sheet classifications.


d.	Excludes embedded derivatives in provisional cobalt purchase contracts of $12 million at September 30, 2018, and $24 million at December 31, 2017 (refer to Note 6 for further discussion).


e.	Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. In addition, debt excludes $160 million at September 30, 2018, and $112 million at December 31, 2017, related to assets held for sale (which approximated fair value).

Valuation Techniques. The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice).

Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy.

Fixed income securities (government securities, corporate bonds, asset-backed securities, collateralized mortgage-backed securities and municipal bonds) are valued using a bid-evaluation price or a mid-evaluation price. A bid-evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy.

FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME or COMEX copper forward prices and the adjusted LBMA gold prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion); however, FCX’s contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy.

FCX’s embedded derivatives on provisional cobalt purchases, included in liabilities held for sale, are valued using quoted monthly LME cobalt forward prices or average published Metals Bulletin cobalt prices, subject to certain adjustments as specified by the terms of the contracts, at each reporting date based on the month of maturity (Level 2).

FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices.

As reported in Note 2 of FCX’s annual report on Form 10-K for the year ended December 31, 2017, in November 2016, FCX’s sale of its interest in TFHL included contingent consideration of up to $120 million in cash, consisting of $60 million if the average copper price exceeds $3.50 per pound and $60 million if the average cobalt price exceeds $20 per pound, both during the 24-month period beginning January 1, 2018. Also in 2016, FCX Oil & Gas LLC’s (FM O&G) sale of its onshore California oil and gas properties included contingent consideration of up to $150 million, consisting of $50 million per year for 2018, 2019 and 2020 if the price of Brent crude oil averages over $70 per barrel in each of these calendar years. Future changes in the fair value of the contingent consideration derivative for the sale of TFHL will continue to be recorded in discontinued operations and for the onshore California oil and gas properties will continue to be recorded in operating income. The fair value of the contingent consideration derivative was (i) $57 million at September 30, 2018, and $74 million at December 31, 2017, associated with the sale of TFHL and (ii) $110 million at September 30, 2018, and $34 million at December 31, 2017, associated with the sale of the onshore California oil and gas properties. The contingent consideration derivatives are included in other assets in the consolidated balance sheets except for $49 million included in other current assets at September 30, 2018. These fair values were calculated based on average commodity price forecasts through applicable maturity dates using a Monte Carlo simulation model. The models use various observable inputs, including Brent crude oil forward prices, historical copper and cobalt prices, volatilities, discount rates and settlement terms. As a result, these contingent consideration assets are classified within Level 2 of the fair value hierarchy.

As reported in Note 2 of FCX’s annual report on Form 10-K for the year ended December 31, 2017, in December 2016, FM O&G’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration that was recorded at the total amount under the loss recovery approach. The contingent consideration will be received over time as future cash flows are realized in connection with a third-party production handling agreement for an offshore platform. The first collection occurred in third-quarter 2018. The contingent consideration included in (i) other current assets totaled $12 million at September 30, 2018, and $24 million at December 31, 2017, and (ii) other assets totaled $136 million at September 30, 2018, and $126 million at December 31, 2017. The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy.

Long-term debt, including current portion, is valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy.

The techniques described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at September 30, 2018, as compared to those techniques used at December 31, 2017.

A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first nine months of 2018 follows (in millions):



Fair value at January 1, 2018	$	134
Net unrealized loss related to assets still held at the end of the period	(2		)
Settlements	(2		)
Fair value at September 30, 2018	$	130

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Contingencies and Commitments (Unaudited)	9 Months Ended
Contingencies and Commitments (Unaudited)	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	CONTINGENCIES AND COMMITMENTS Environmental Cyprus Tohono, a wholly owned subsidiary of FMC, had historical mining operations in south central Arizona, and groundwater issues at the site are expected to require remediation. FCX increased its recorded environmental obligation for this contingency by $44 million with a corresponding charge to operating income in second-quarter 2018 to reflect an updated assessment of remediation alternatives. There was no significant update to this matter during third-quarter 2018, which was also disclosed in Note 8 of FCX’s quarterly report on Form 10-Q for the quarter ended June 30, 2018. As reported in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2017, in third-quarter 2017, FCX recorded a $59 million charge to operating income related to an increase in its Borough of Carteret environmental obligation as a result of off-site soil sampling in public and private areas near the former smelter. In addition, for the first nine months of 2017, FCX recorded a $41 million credit to operating income associated with updated cash flow and timing estimates for environmental obligations at former uranium mining sites in Arizona and New Mexico. Litigation There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2017, other than the matter below, which was also disclosed in Note 8 of FCX’s quarterly report on Form 10-Q for the quarters ended March 31, 2018, and June 30, 2018. On April 1, 2016, a purported class action titled David Garcia v. Freeport-McMoRan Oil & Gas LLC was filed in the Superior Court of the State of California for the County of Santa Barbara (Case No. 16CV01305) against FM O&G LLC, an indirect wholly owned subsidiary of FCX. A former FM O&G LLC employee filed the case, which alleges violations of various California employment laws and seeks relief for past wages, overtime, penalties, interest and attorney’s fees. The primary issue underlying the claims is whether compensation must be paid to non-exempt shift workers on platforms located offshore California on the outer-continental shelf for sleep time and other non-working time. In June 2016, FM O&G LLC removed the case to the U.S. District Court for the Central District of California, Santa Barbara (the District Court). In September 2016, the District Court dismissed the complaint on the grounds that all four FM O&G LLC platforms potentially involved are located in federal waters, that federal law, not state law, applies, and that federal law does not require an employer to compensate for non-work time. In October 2016, the plaintiff appealed the dismissal to the U.S. Court of Appeals for the Ninth Circuit (Ninth Circuit). In June 2017, the Ninth Circuit stayed the Garcia case pending its decision in another case involving essentially the same legal issues, titled Newton v. Parker Drilling Management Services, Ltd. In February 2018, a three-judge panel of the Ninth Circuit ruled in favor of the plaintiffs in the Newton case. Because that decision conflicts with longstanding precedent in the Fifth Circuit and could set a precedent that will result in a reversal of the dismissal in the Garcia case, FM O&G LLC and others filed amicus briefs in April 2018 in support of Parker Drilling’s petition for an en banc rehearing in the Newton case. The Ninth Circuit denied that request on April 27, 2018, but modified its original opinion noting that the question of whether the Ninth Circuit’s holding should be applied retrospectively is reserved for the District Court’s consideration on remand. On May 16, 2018, the Ninth Circuit granted Parker Drilling’s motion to stay further proceedings in the District Court pending the possible filing of a petition for review by the U.S. Supreme Court, which was filed in September 2018. FCX expects to learn whether the U.S. Supreme Court will grant review of the Ninth Circuit’s decision in the Newton case in early 2019. The Ninth Circuit has placed the Garcia case on administrative hold pending the U.S. Supreme Court’s consideration of the petition for review in the Newton case. The amount of the exposure in the Garcia case is uncertain because FM O&G LLC has potential defenses to the claims even if state law would be applied; however, absent success on those defenses, FCX estimates that the exposure could be in the range of approximately $60 million to $100 million if California wage and hour law is applied retroactively to FM O&G LLC’s operations offshore California. FCX has not established a reserve for this contingency because it believes that its legal position is correct and does not believe a loss is probable. FCX intends to vigorously defend this matter. Tax and Other Matters Cerro Verde Royalty Dispute As reported in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2017, SUNAT, Peru’s national tax authority, assessed mining royalties on ore processed by the Cerro Verde concentrator, which commenced operations in late 2006, for the period December 2006 to December 2011. In 2018, SUNAT issued assessments for the period January 2012 to December 2013. Cerro Verde contested each of these assessments because it believes that its 1998 stability agreement exempts from royalties all minerals extracted from its mining concession, irrespective of the method used for processing such minerals. No assessments can be issued for years after 2013, as Cerro Verde began paying royalties on all of its production in January 2014 under its new 15-year stability agreement. Since 2014, Cerro Verde has been paying the disputed assessments for the period from December 2006 through December 2008 under an installment program ($177 million paid by Cerro Verde through September 30, 2018). In October 2017, the Peruvian Supreme Court issued a ruling in favor of SUNAT that the assessments of royalties for the year 2008 on ore processed by the Cerro Verde concentrator were proper under Peruvian law. As a result of the unfavorable Peruvian Supreme Court ruling on the 2008 royalty dispute, Cerro Verde has recorded cumulative charges totaling $487 million ($355 million net of tax benefits and $187 million net of noncontrolling interests), which were primarily recorded in third-quarter 2017 and consist of $244 million in royalty assessments, $158 million of penalties and interest related to the December 2006 to December 2008 assessments, and $85 million for related items (primarily associated with the special mining tax and net assets tax) that Cerro Verde would have incurred under the view that its concentrator was not stabilized. In September 2018, the Peruvian Tax Tribunal denied Cerro Verde’s request to waive penalties and interest for the period January 2009 through September 2011. In October 2018, SUNAT served Cerro Verde with demands for payments associated with the Tax Tribunal ruling, including interest and penalties, for the period January 2009 through September 2011. Without waiving its rights to appeal these claims, Cerro Verde expects to begin making monthly payments starting in second-quarter 2019 under a 66-month payment plan and believes amounts paid for penalties and interest would be recoverable following judicial appeals. Cerro Verde acted in good faith in applying the provisions of its 1998 stability agreement and continues to evaluate alternatives to defend its rights in the Peruvian judicial system and under international law. Cerro Verde intends to continue to pursue waivers available under Peruvian law of penalties and interest associated with this matter and has not recorded charges for potential penalties and interest totaling $406 million ($217 million net of noncontrolling interests) at September 30, 2018, for the period January 2009 to December 2013 as FCX believes that Cerro Verde should obtain waivers under Peruvian law. Other Peru Tax Matters There were no significant changes to other Peru tax matters during third-quarter 2018 (refer to Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2017). Indonesia Tax Matters There were no significant updates to previously reported Indonesia tax matters included in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2017, other than the surface water tax matter below, which was also updated in Note 8 of FCX’s quarterly report on Form 10-Q for the quarters ended March 31, 2018, and June 30, 2018, and the mine development costs matter below. PT-FI received assessments from the local regional tax authority in Papua, Indonesia, for additional taxes and penalties related to surface water taxes for the period from January 2011 through August 2018. PT-FI has filed or will file appeals of these assessments with the Indonesia Tax Court. During the first half of 2018, the Indonesia Tax Court ruled partially in favor of PT-FI with respect to assessments for the period January 2016 through April 2016 by reducing these assessments that amounted to $20 million, including penalties, to $12 million, including penalties (based on the exchange rate at September 30, 2018), or an approximate 40 percent reduction. Hearings in the Indonesia Tax Court related to assessments for the period from May 2016 through April 2017 have concluded with no written decisions issued. During 2017, PT-FI filed reconsideration request petitions to the Indonesia Supreme Court with respect to assessments for the period from January 2011 through December 2015; and in second-quarter 2018, filed reconsideration request petitions with respect to the Indonesia Tax Court decisions related to the assessments for the period from January 2016 through April 2016. In second-quarter 2018, the Indonesia Supreme Court issued favorable decisions relating to surface water tax assessments for the period January 2011 through July 2015. The Indonesia Supreme Court ruling concluded that PT-FI and the Indonesian government are bound by PT-FI’s Contract of Work (COW), which is lex specialis, and prevails as the law for the parties to the COW that should be carried out in good faith. As a result, FCX estimates the total amount of the assessments, including penalties, (based on the exchange rate at September 30, 2018) for the period from August 2015 through August 2018 totals $173 million, including $87 million in penalties. As of September 30, 2018, no charges have been recorded for these assessments because PT-FI believes its COW exempts it from these payments. As of November 9, 2018, PT-FI has not paid and does not intend to pay these assessments. In September 2018, PT-FI received an unfavorable decision from the Indonesian Tax Court with respect to its appeal of disallowed items on its 2012 corporate income tax return. The most significant disallowed item relates to the tax treatment of mine development costs. A similar decision on PT-FI’s 2014 corporate income tax return was announced in October 2018. PT-FI will appeal these decisions to the Indonesian Supreme Court because it believes the COW is explicit about the tax treatment associated with mine development costs. No adjustments have been recorded for this matter as of September 30, 2018, because FCX believes PT-FI has properly determined and paid its taxes. As of September 30, 2018, PT-FI had long-term receivables totaling approximately $300 million related to this matter. FCX estimates the potential exposure for penalties for the years 2013, 2016 and 2017 in which the Indonesian tax authorities may assert that PT-FI has underpaid income taxes totals $212 million based on the exchange rate as of September 30, 2018. Indonesia Mining Contract. Refer to Note 13 of FCX’s annual report on Form 10-K for the year ended December 31, 2017, for further discussion. The following is the latest information related to PT-FI’s COW and the pending divestment transaction. In October 2017, Indonesia’s Ministry of Environment and Forestry (the Ministry) notified PT-FI of administrative sanctions related to certain activities the Ministry indicated are not reflected in PT-FI’s environmental permit. The Ministry also notified PT-FI that certain operational activities were inconsistent with factors set forth in PT-FI’s environmental permitting studies and that additional monitoring and improvements need to be undertaken related to air quality, water drainage, treatment and handling of certain wastes, and tailings management. PT-FI has been engaged in a process to update its permits through submissions and dialogue with the Ministry that began in late 2014, and PT-FI believes that it has submitted the required documentation to update such permits. In April 2018, the Ministry issued decrees imposing unattainable environmental standards related to PT-FI’s controlled riverine tailings management system that must be complied with by October 2018. The decrees, which PT-FI believes are contrary to the Indonesian government’s obligations under PT-FI’s COW, conflict with PT-FI’s approved environmental management programs and existing environmental permits. If these unattainable environmental standards are not modified or delayed, PT-FI could be adversely affected, including possible shutdown of its operations. PT-FI is currently engaged in constructive discussions with the Ministry in working toward a resolution of these issues. During these discussions, the Ministry has advised PT-FI that the transition period for compliance with the decrees will be extended for up to an additional six months. On September 27, 2018, FCX, PT-FI, PT Indocopper Investama (PT-II) and PT Indonesia Asahan Aluminium (Persero) (PT Inalum), a state-owned enterprise that currently holds 9.36 percent of PT-FI’s outstanding common stock, entered into a Divestment Agreement on previously agreed economic terms in connection with PT Inalum’s acquisition of shares of PT-FI. Under the Divestment Agreement, PT Inalum will acquire, for cash consideration of $350 million, 100 percent of FCX's interests in PT-II, which owns 9.36 percent of PT-FI (equates to a 5.6 percent interest in the project after 2022). PT Inalum also entered into a definitive agreement with Rio Tinto to acquire, for cash consideration of $3.5 billion, all of Rio Tinto's interests (40 percent interest in the project after 2022) associated with its joint venture with PT-FI (the Joint Venture). The arrangements provide for FCX and existing PT-FI shareholders to retain the economics of the revenue and cost sharing arrangements under the Joint Venture and for FCX to continue to manage PT-FI’s operations. Following completion of the transaction, PT Inalum's share ownership will be 51.2 percent of PT-FI (subject to a dividend assignment mechanism to replicate the Joint Venture economics), and FCX's ownership will be 48.8 percent. PT-FI has agreed to complete the construction of a smelter within five years of the closing, with economics shared pro rata by FCX and PT Inalum according to their respective equity ownership in PT-FI. Concurrent with the closing of the divestment transaction, PT-FI will be granted a special mining license (IUPK) providing long-term mining rights with assured legal and fiscal terms and legal enforceability through 2041. The IUPK issued at closing will initially be valid through 2031 and will include an assured extension through 2041 upon PT-FI’s satisfaction of agreed conditions, including those related to smelter construction and payment of state revenues in accordance with the IUPK. The transaction, which is expected to close in late 2018 or early 2019, is subject to certain conditions, including the documentation and issuance by the Indonesian government of the IUPK providing for the extension and stability of PT-FI’s long-term mining rights with assured legal and fiscal terms and legal enforceability through 2041 in a form acceptable to FCX and PT Inalum; resolution of environmental regulatory matters that include amendments to the decrees imposing unattainable environmental standards on PT-FI pending before the Ministry satisfactory to the Indonesian government, FCX and PT Inalum; various other Indonesian regulatory actions and approvals, including modification or revocation of current regulations and the implementation of new regulations by the Indonesian government and assurances or approvals by Indonesian tax authorities with respect to the pending transaction; and receipt of customary regulatory approvals from international competition authorities. The Divestment Agreement provides FCX and PT Inalum with the right to terminate, in certain circumstances, including if the transaction is not consummated on or before December 31, 2018, subject to a six-month extension, if needed, to obtain regulatory approvals from international competition authorities. PT-FI’s export license is effective through February 15, 2019. In October 2018, PT-FI’s temporary IUPK was extended to November 30, 2018, and PT-FI will continue to seek extensions to its temporary IUPK until closing of the pending transaction. On February 28, 2018, PT Smelting (PT-FI’s 25 percent-owned smelter and refinery in Indonesia) received an extension of its anode slimes export license through February 26, 2019. Until the pending transaction is completed, PT-FI has reserved all rights under its COW.

BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Business Segment

BUSINESS SEGMENTS

FCX has organized its mining operations into four primary divisions – North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci, Cerro Verde and Grasberg (Indonesia Mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining.

Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums.

FCX defers recognizing profits on sales from its mines to other segments, including Atlantic Copper Smelting & Refining and on 25 percent of PT-FI’s sales to PT Smelting, until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings.

FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs, along with some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following Financial Information by Business Segment reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity.

Product Revenues. FCX’s revenues attributable to the products it sold for the third quarters and first nine months of 2018 and 2017 follow (in millions):



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2018			2017			2018			2017
Copper:
Concentrate	$	1,743		$	1,571		$	5,093		$	3,793
Cathode	1,271			1,197			4,159			3,192
Rod and other refined copper products	561			604			1,899			1,818
Gold	1,073			495			2,814			1,334
Molybdenum	286			213			882			661
Other^a	381			307			1,179			819
Adjustments to revenues:
Treatment charges	(162		)	(147		)	(433		)	(378		)
Royalty expense^b	(75		)	(46		)	(217		)	(112		)
Export duties^c	(52		)	(21		)	(153		)	(62		)
Revenues from contracts with customers	5,026			4,173			15,223			11,065
Embedded derivatives^d	(118		)	137			(279		)	297
Total consolidated revenues	$	4,908		$	4,310		$	14,944		$	11,362


a.	Primarily includes revenues associated with cobalt, silver, oil, gas and natural gas liquids.


b.	Reflects royalties for sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and the prices of copper and gold.


c.	Reflects PT-FI export duties.


d.	Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.

Financial Information by Business Segment




(In millions)

																							Atlantic		Corporate,
	North America Copper Mines						South America																Copper		Other
							Cerro								Indonesia			Molybdenum			Rod &		Smelting		& Elimi-				FCX
	Morenci		Other		Total		Verde			Other			Total		Mining			Mines			Refining		& Refining		nations				Total
Three Months Ended September 30, 2018
Revenues:
Unaffiliated customers	$	30	$	2	$	32	$	687		$	122		$	809	$	1,703	^a	$	—		$	1,212	$	579	$	573		^b	$	4,908
Intersegment	467		587		1,054		71			—			71		61			101			8		—		(1,295		)		—
Production and delivery	304		485		789		519		^c	105			624		522			76			1,215		559		(716		)		3,069
Depreciation, depletion and amortization	43		45		88		122			20			142		181			20			3		6		18				458
Selling, general and administrative expenses	1		—		1		3			—			3		29			—			—		5		63				101
Mining exploration and research expenses	—		1		1		—			—			—		—			—			—		—		26				27
Environmental obligations and shutdown costs	—		2		2		—			—			—		—			—			—		—		6				8
Net gain on sales of assets	—		—		—		—			—			—		—			—			—		—		(70		)	^d	(70		)
Operating income (loss)	149		56		205		114			(3		)	111		1,032			5			2		9		(49		)		1,315

Interest expense, net	1		—		1		15			—			15		—			—			—		7		120				143
Provision for income taxes	—		—		—		37			5			42		424			—			—		—		56				522
Total assets at September 30, 2018	2,826		4,465		7,291		8,613			1,709			10,322		11,764			1,808			284		835		5,445			^e	37,749
Capital expenditures	63		118		181		47			3			50		246			4			1		3		22				507

Three Months Ended September 30, 2017
Revenues:
Unaffiliated customers	$	57	$	40	$	97	$	850		$	109		$	959	$	1,121	^a	$	—		$	1,137	$	554	$	442		^b	$	4,310
Intersegment	460		548		1,008		64			—			64		—			65			8		1		(1,146		)		—
Production and delivery	242		410		652		683		^f	76			759		407			57			1,140		533		(754		)		2,794			^g
Depreciation, depletion and amortization	42		54		96		116			18			134		136			20			2		7		23				418
Selling, general and administrative expenses	1		1		2		2			—			2		32			—			—		4		64				104
Mining exploration and research expenses	—		—		—		—			—			—		—			—			—		—		27				27
Environmental obligations and shutdown costs	—		—		—		—			—			—		—			—			—		—		72				72
Net gain on sales of assets	—		—		—		—			—			—		—			—			—		—		(33		)	^d	(33		)
Operating income (loss)	232		123		355		113			15			128		546			(12		)	3		11		(103		)		928

Interest expense, net	1		—		1		156		^f	—			156		1			—			—		5		141				304
Provision for income taxes	—		—		—		134		^f	5			139		233			—			—		1		14				387
Total assets at September 30, 2017	2,844		4,223		7,067		8,851			1,595			10,446		11,100			1,885			264		751		5,814			^e	37,327
Capital expenditures	26		13		39		17			3			20		206			2			1		5		41				314


a.	Includes PT-FI's sales to PT Smelting totaling $827 million in third-quarter 2018 and $652 million in third-quarter 2017.


b.	Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.


c.	Includes charges of $69 million associated with Cerro Verde’s new three-year collective labor agreement.

d.

Includes gains in third-quarter 2018 of $50 million associated with an increase to the estimated fair value less costs to sell for Freeport Cobalt (refer to Note 1) and $20 million reflecting adjustments to the fair value of the potential contingent consideration related to the 2016 sale of onshore California oil and gas properties, and a gain in third-quarter 2017 of $33 million associated with the sale of oil and gas properties.


e.	Includes assets held for sale, primarily Freeport Cobalt, totaling $626 million at September 30, 2018, and $459 million at September 30, 2017.


f.	Includes net charges of $216 million in production and delivery costs, $141 million in interest expense and $2 million in provision for income taxes associated with disputed royalties for prior years.


g.	Includes an $8 million decrease related to the adoption of the new guidance for the presentation of net periodic benefit cost for pension and other postretirement benefit plans (refer to Note 11 for further discussion).

Financial Information by Business Segment (continued)




(In millions)

																						Atlantic		Corporate,
	North America Copper Mines						South America Mining															Copper		Other
							Cerro							Indonesia			Molybdenum			Rod &		Smelting		& Elimi-				FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines			Refining		& Refining		nations				Total
Nine Months Ended September 30, 2018
Revenues:
Unaffiliated customers	$	58	$	30	$	88	$	2,031		$	443	$	2,474	$	4,863	^a	$	—		$	3,984	$	1,758	$	1,777		^b	$	14,944
Intersegment	1,636		1,917		3,553		273			—		273		114			307			24		2		(4,273		)		—
Production and delivery	892		1,477		2,369		1,391		^c	354		1,745		1,404			214			3,992		1,694		(2,626		)		8,792
Depreciation, depletion and amortization	133		141		274		336			66		402		534			60			8		20		53				1,351
Selling, general and administrative expenses	3		2		5		7			—		7		96			—			—		16		217				341
Mining exploration and research expenses	—		2		2		—			—		—		—			—			—		—		70				72
Environmental obligations and shutdown costs	—		2		2		—			—		—		—			—			—		—		74				76
Net gain on sales of assets	—		—		—		—			—		—		—			—			—		—		(126		)	^d	(126		)
Operating income (loss)	666		323		989		570			23		593		2,943			33			8		30		(158		)		4,438

Interest expense, net	3		—		3		48			—		48		—			—			—		18		367				436
Provision for income taxes	—		—		—		207			15		222		1,254			—			—		1		66				1,543
Capital expenditures	151		262		413		178			10		188		695			6			3		10		76				1,391

Nine Months Ended September 30, 2017
Revenues:
Unaffiliated customers	$	168	$	122	$	290	$	2,057		$	332	$	2,389	$	2,720	^a	$	—		$	3,290	$	1,412	$	1,261		^b	$	11,362
Intersegment	1,354		1,704		3,058		237			—		237		—			199			22		1		(3,517		)		—
Production and delivery	765		1,273		2,038		1,450		^e	245		1,695		1,224		^f	167			3,296		1,369		(2,327		)		7,462			^g
Depreciation, depletion and amortization	138		192		330		332			60		392		372			58			7		21		77				1,257
Selling, general and administrative expenses	2		2		4		7			—		7		92		^f	—			—		13		246				362
Mining exploration and research expenses	—		2		2		—			—		—		—			—			—		—		58				60
Environmental obligations and shutdown costs	—		—		—		—			—		—		—			—			—		—		76				76
Net gain on sales of assets	—		—		—		—			—		—		—			—			—		—		(66		)	^d	(66		)
Operating income (loss)	617		357		974		505			27		532		1,032			(26		)	9		10		(320		)		2,211

Interest expense, net	2		1		3		187		^e	—		187		1			—			—		13		429				633
Provision for income taxes	—		—		—		288		^e	10		298		435			—			—		4		10				747
Capital expenditures	78		28		106		60			5		65		663			4			3		30		149				1,020


a.	Includes PT-FI’s sales to PT Smelting totaling $2.1 billion for the first nine months of 2018 and $1.4 billion for the first nine months of 2017.


b.	Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.


c.	Includes charges of $69 million associated with Cerro Verde’s new three-year collective labor agreement.

d.

Includes gains for the first nine months of 2018 of $50 million associated with an increase to the estimated fair value less costs to sell for Freeport Cobalt (refer to Note 1) and $76 million reflecting adjustments to the fair value of the potential contingent consideration related to the 2016 sale of onshore California oil and gas properties; and net gains for the first nine months of 2017, primarily associated with sales of oil and gas properties of $49 million and a favorable adjustment of $13 million associated with the estimated fair value less costs to sell for the Kisanfu exploration project.


e.	Includes net charges of $216 million in production and delivery, $141 million in interest expense and $2 million in provision for income taxes associated with disputed royalties for prior years.


f.	Includes net charges at PT-FI associated with workforce reductions totaling $112 million in production and delivery costs and $5 million in selling, general and administrative expenses.


g.	Includes a $35 million decrease related to the adoption of the new guidance for the presentation of net periodic benefit cost for pension and other postretirement benefit plans (refer to Note 11 for further discussion).

Guarantor Financial Statements (Unaudited)

9 Months Ended

Sep. 30, 2018

Guarantor Financial Statements [Abstract]

Guarantor Financial Statements

GUARANTOR FINANCIAL STATEMENTS

All of the senior notes issued by FCX are fully and unconditionally guaranteed on a senior basis jointly and severally by FM O&G LLC, as guarantor, which is a 100-percent-owned subsidiary of FM O&G and FCX. The guarantee is an unsecured obligation of the guarantor and ranks equal in right of payment with all existing and future indebtedness of FM O&G LLC, including indebtedness under FCX’s revolving credit facility. The guarantee ranks senior in right of payment with all of FM O&G LLC’s future subordinated obligations and is effectively subordinated in right of payment to any debt of FM O&G LLC’s subsidiaries. The indentures provide that FM O&G LLC’s guarantee may be released or terminated for certain obligations under the following circumstances: (i) all or substantially all of the equity interests or assets of FM O&G LLC are sold to a third party; or (ii) FM O&G LLC no longer has any obligations under any FM O&G senior notes or any refinancing thereof and no longer guarantees any obligations of FCX under the revolving credit facility or any other senior debt or, in each case, any refinancing thereof.

The following condensed consolidating financial information includes information regarding FCX, as issuer, FM O&G LLC, as guarantor, and all other non-guarantor subsidiaries of FCX. Included are the condensed consolidating balance sheets at September 30, 2018, and December 31, 2017, and the related condensed consolidating statements of comprehensive income (loss) for the three and nine months ended September 30, 2018 and 2017, and the condensed consolidating statements of cash flows for the nine months ended September 30, 2018 and 2017 (in millions), which should be read in conjunction with FCX’s notes to the consolidated financial statements.

CONDENSED CONSOLIDATING BALANCE SHEET

September 30, 2018



	FCX			FM O&G LLC			Non-guarantor					Consolidated
	Issuer			Guarantor			Subsidiaries		Eliminations			FCX
ASSETS
Current assets	$	549		$	577		$	10,817	$	(1,022	)	$	10,921
Property, plant, equipment and mine development costs, net	19			3			22,991		—			23,013
Investments in consolidated subsidiaries	19,681			—			—		(19,681		)	—
Other assets	546			67			3,279		(77		)	3,815
Total assets	$	20,795		$	647		$	37,087	$	(20,780	)	$	37,749

LIABILITIES AND EQUITY
Current liabilities	$	246		$	137		$	4,614	$	(1,146	)	$	3,851
Long-term debt, less current portion	9,594			6,784			5,095		(10,350		)	11,123
Deferred income taxes	820		^a	—			3,019		—			3,839
Environmental and asset retirement obligations, less current portion	—			209			3,355		—			3,564
Investments in consolidated subsidiaries	—			601			10,424		(11,025		)	—
Other liabilities	158			3,340			1,907		(3,487		)	1,918
Total liabilities	10,818			11,071			28,414		(26,008		)	24,295

Equity:
Stockholders’ equity	9,977			(10,424		)	5,832		4,592			9,977
Noncontrolling interests	—			—			2,841		636			3,477
Total equity	9,977			(10,424		)	8,673		5,228			13,454
Total liabilities and equity	$	20,795		$	647		$	37,087	$	(20,780	)	$	37,749


a.	All U.S.-related deferred income taxes are recorded at the parent company.

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2017



	FCX			FM O&G LLC			Non-guarantor					Consolidated
	Issuer			Guarantor			Subsidiaries		Eliminations			FCX
ASSETS
Current assets	$	75		$	671		$	10,733	$	(790	)	$	10,689
Property, plant, equipment and mine development costs, net	14			11			22,919		(10		)	22,934
Investments in consolidated subsidiaries	19,570			—			—		(19,570		)	—
Other assets	943			48			3,179		(491		)	3,679
Total assets	$	20,602		$	730		$	36,831	$	(20,861	)	$	37,302

LIABILITIES AND EQUITY
Current liabilities	$	1,683		$	220		$	4,046	$	(938	)	$	5,011
Long-term debt, less current portion	10,021			6,512			5,440		(10,270		)	11,703
Deferred income taxes	748		^a	—			2,901		—			3,649
Environmental and asset retirement obligations, less current portion	—			201			3,430		—			3,631
Investments in consolidated subsidiary	—			853			10,397		(11,250		)	—
Other liabilities	173			3,340			1,987		(3,488		)	2,012
Total liabilities	12,625			11,126			28,201		(25,946		)	26,006

Equity:
Stockholders’ equity	7,977			(10,396		)	5,916		4,480			7,977
Noncontrolling interests	—			—			2,714		605			3,319
Total equity	7,977			(10,396		)	8,630		5,085			11,296
Total liabilities and equity	$	20,602		$	730		$	36,831	$	(20,861	)	$	37,302


a.	All U.S.-related deferred income taxes are recorded at the parent company.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)




Three Months Ended September 30, 2018
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	15		$	4,893		$	—		$	4,908
Total costs and expenses	7			(2		)	3,588			—			3,593
Operating (loss) income	(7		)	17			1,305			—			1,315
Interest expense, net	(93		)	(79		)	(96		)	125			(143		)
Other income (expense), net	124			—			15			(125		)	14
Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses)	24			(62		)	1,224			—			1,186
(Provision for) benefit from income taxes	(188		)	11			(345		)	—			(522		)
Equity in affiliated companies’ net earnings (losses)	720			(6		)	(54		)	(656		)	4
Net income (loss) from continuing operations	556			(57		)	825			(656		)	668
Net loss from discontinued operations	—			—			(4		)	—			(4		)
Net income (loss)	556			(57		)	821			(656		)	664
Net income attributable to noncontrolling interests	—			—			(47		)	(61		)	(108		)
Net income (loss) attributable to common stockholders	$	556		$	(57	)	$	774		$	(717	)	$	556

Other comprehensive income (loss)	11			—			11			(11		)	11
Total comprehensive income (loss)	$	567		$	(57	)	$	785		$	(728	)	$	567




Three Months Ended September 30, 2017
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	13		$	4,297		$	—		$	4,310
Total costs and expenses	8			25			3,350			(1		)	3,382
Operating (loss) income	(8		)	(12		)	947			1			928
Interest expense, net	(116		)	(59		)	(218		)	89			(304		)
Other income (expense), net	97			3			(9		)	(89		)	2
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)	(27		)	(68		)	720			1			626
Benefit from (provision for) income taxes	21			24			(432		)	—			(387		)
Equity in affiliated companies’ net earnings (losses)	286			20			(20		)	(283		)	3
Net income (loss) from continuing operations	280			(24		)	268			(282		)	242
Net income from discontinued operations	—			—			3			—			3
Net income (loss)	280			(24		)	271			(282		)	245
Net loss (income) attributable to noncontrolling interests	—			—			69			(34		)	35
Net income (loss) attributable to common stockholders	$	280		$	(24	)	$	340		$	(316	)	$	280

Other comprehensive income (loss)	13			—			13			(13		)	13
Total comprehensive income (loss)	$	293		$	(24	)	$	353		$	(329	)	$	293

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)



Nine Months Ended September 30, 2018
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	46		$	14,898		$	—		$	14,944
Total costs and expenses	20			(10		)	10,506			(10		)	10,506
Operating (loss) income	(20		)	56			4,392			10			4,438
Interest expense, net	(294		)	(219		)	(273		)	350			(436		)
Other income (expense), net	357			2			62			(350		)	71
Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses)	43			(161		)	4,181			10			4,073
(Provision for) benefit from income taxes	(282		)	33			(1,292		)	(2		)	(1,543		)
Equity in affiliated companies’ net earnings (losses)	2,356			(10		)	(133		)	(2,208		)	5
Net income (loss) from continuing operations	2,117			(138		)	2,756			(2,200		)	2,535
Net loss from discontinued operations	—			—			(19		)	—			(19		)
Net income (loss)	2,117			(138		)	2,737			(2,200		)	2,516
Net income attributable to noncontrolling interests	—			—			(220		)	(179		)	(399		)
Net income (loss) attributable to common stockholders	$	2,117		$	(138	)	$	2,517		$	(2,379	)	$	2,117

Other comprehensive income (loss)	34			—			34			(34		)	34
Total comprehensive income (loss)	$	2,151		$	(138	)	$	2,551		$	(2,413	)	$	2,151



Nine Months Ended September 30, 2017
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	38		$	11,324		$	—		$	11,362
Total costs and expenses	30			86			9,024			11			9,151
Operating (loss) income	(30		)	(48		)	2,300			(11		)	2,211
Interest expense, net	(355		)	(167		)	(363		)	252			(633		)
Other income (expense), net	255			3			(7		)	(252		)	(1		)
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)	(130		)	(212		)	1,930			(11		)	1,577
(Provision for) benefit from income taxes	(111		)	74			(714		)	4			(747		)
Equity in affiliated companies’ net earnings (losses)	1,017			14			(118		)	(907		)	6
Net income (loss) from continuing operations	776			(124		)	1,098			(914		)	836
Net income from discontinued operations	—			—			50			—			50
Net income (loss)	776			(124		)	1,148			(914		)	886
Net income attributable to noncontrolling interests:
Continuing operations	—			—			(42		)	(64		)	(106		)
Discontinued operations	—			—			(4		)	—			(4		)
Net income (loss) attributable to common stockholders	$	776		$	(124	)	$	1,102		$	(978	)	$	776

Other comprehensive income (loss)	105			—			105			(105		)	105
Total comprehensive income (loss)	$	881		$	(124	)	$	1,207		$	(1,083	)	$	881

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS



Nine Months Ended September 30, 2018
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Net cash (used in) provided by operating activities	$	(181	)	$	(285	)	$	4,391		$	—		$	3,925

Cash flow from investing activities:
Capital expenditures	(2		)	—			(1,389		)	—			(1,391		)
Intercompany loans	(558		)	—			—			558			—
Dividends from (investments in) consolidated subsidiaries	2,726			—			65			(2,791		)	—
Asset sales and other, net	4			3			(88		)	—			(81		)
Net cash provided by (used in) investing activities	2,170			3			(1,412		)	(2,233		)	(1,472		)

Cash flow from financing activities:
Proceeds from debt	—			—			475			—			475
Repayments of debt	(1,826		)	(52		)	(532		)	—			(2,410		)
Intercompany loans	—			327			231			(558		)	—
Cash dividends paid and contributions received, net	(145		)	—			(3,016		)	2,775			(386		)
Other, net	(18		)	—			(17		)	16			(19		)
Net cash (used in) provided by financing activities	(1,989		)	275			(2,859		)	2,233			(2,340		)

Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	—			(7		)	120			—			113
Decrease in cash and cash equivalents in assets held for sale	—			—			55			—			55
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	—			7			4,624			—			4,631
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	—		$	—		$	4,799		$	—		$	4,799



Nine Months Ended September 30, 2017
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Net cash (used in) provided by operating activities	$	(222	)	$	(383	)	$	3,617		$	—		$	3,012

Cash flow from investing activities:
Capital expenditures	—			(24		)	(996		)	—			(1,020		)
Intercompany loans	(609		)	—			—			609			—
Dividends from (investments in) consolidated subsidiaries	1,757			(16		)	93			(1,834		)	—
Asset sales and other, net	—			58			8			—			66
Net cash provided by (used in) investing activities	1,148			18			(895		)	(1,225		)	(954		)

Cash flow from financing activities:
Proceeds from debt	—			—			795			—			795
Repayments of debt	(915		)	(139		)	(937		)	—			(1,991		)
Intercompany loans	—			512			97			(609		)	—
Cash dividends paid and contributions received, net	(2		)	—			(1,839		)	1,772			(69		)
Other, net	(9		)	(11		)	(64		)	62			(22		)
Net cash (used in) provided by financing activities	(926		)	362			(1,948		)	1,225			(1,287		)

Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	—			(3		)	774			—			771
Increase in cash and cash equivalents in assets held for sale	—			—			(45		)	—			(45		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	—			11			4,392			—			4,403
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	—		$	8		$	5,121		$	—		$	5,129

New Accounting Standard (Unaudited)

9 Months Ended

Sep. 30, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Standards

NEW ACCOUNTING STANDARDS

Revenue Recognition. In May 2014, FASB issued a new ASU related to revenue recognition. FCX adopted this standard effective January 1, 2018, under the modified retrospective approach applied to contracts that remain in force at the adoption date. The adoption of this standard did not result in any financial statement impacts or changes to FCX’s revenue recognition policies or processes as revenue is primarily derived from arrangements in which the transfer of control coincides with the fulfillment of performance obligations (refer to Note 1 of FCX’s annual report on Form 10-K for disclosure of FCX’s revenue recognition policy). In connection with the adoption of the standard and consistent with FCX’s policy prior to adoption of the standard, FCX has elected to account for shipping and handling activities performed after control of goods has been transferred to a customer as a fulfillment cost recorded in production and delivery costs on the consolidated statements of income.

FCX recognizes revenue for all of its products upon transfer of control in an amount that reflects the consideration it expects to receive in exchange for those products. Transfer of control is in accordance with the terms of customer contracts, which is generally upon shipment or delivery of the product. While payment terms vary by contract, terms generally include payment to be made within 30 days, but not longer than 60 days. Certain of FCX’s concentrate and cathode sales contracts also provide for provisional pricing, which is accounted for as an embedded derivative (refer to Note 6 for further discussion). For provisionally priced sales, 90 percent to 100 percent of the provisional payment is made upon shipment or within 20 days, and final balances are settled in a contractually specified future month (generally one to four months from the shipment date) based on quoted monthly average copper settlement prices on the LME or COMEX and quoted monthly average LBMA gold settlement prices. FCX’s product revenues are also recorded net of treatment charges, royalties and export duties. Refer to Note 9 for a summary of revenue by product type.

Financial Instruments. In January 2016, FASB issued an ASU that amends the guidance on the classification and measurement of financial instruments. This ASU makes limited changes to prior guidance and amends certain disclosure requirements. FCX adopted this ASU effective January 1, 2018, and adoption did not have a material impact on its financial statements.

Leases. In February 2016, FASB issued an ASU that will require lessees to recognize most leases on the balance sheet. This ASU allows lessees to make an accounting policy election to not recognize a lease asset and liability for leases with a term of 12 months or less and do not have a purchase option that is expected to be exercised. For public entities, this ASU is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. In July 2018, FASB issued a practical expedient, which FCX expects to elect, allowing for entities to apply the provisions of the updated lease guidance at the January 1, 2019, effective date, without adjusting the comparative periods presented. FCX is completing an assessment of its lease portfolio and is in the process of implementing a new system, collecting data, and designing processes and controls to account for its leases in accordance with the new standard. Based on FCX’s efforts to date, it does not expect adoption of this ASU to have a material impact on its financial statements.

Statement of Cash Flows: Restricted Cash. In November 2016, FASB issued an ASU that changes the classification and presentation of restricted cash and restricted cash equivalents on the statement of cash flows. The ASU requires that a statement of cash flows include the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. FCX adopted this ASU effective January 1, 2018, and adjusted its consolidated statement of cash flows for the nine months ended September 30, 2017, to include restricted cash and restricted cash equivalents with cash and cash equivalents.

The impact of adopting this ASU for the nine months ended September 30, 2017, follows (in millions):



	Previously Reported			Impact of Adoption			Current Presentation
Accrued income taxes and changes in other tax payments included in cash flow from operating activities	$	399		$	(6	)	$	393
Net cash provided by operating activities	3,018			(6		)	3,012
Other, net included in cash flow from investing activities	(22		)	20			(2		)
Net cash used in investing activities	(974		)	20			(954		)
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents	757			14			771
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	4,245			158			4,403
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	4,957			172			5,129

Net Periodic Pension and Postretirement Benefit Cost. In March 2017, FASB issued an ASU that changes how entities with defined benefit pension or other postretirement benefit plans present net periodic benefit cost in the income statement. This ASU requires the service cost component of net periodic benefit cost to be presented in the same income statement line item or items as other compensation costs for those employees who are receiving the benefit. In addition, only the service cost component is eligible for capitalization when applicable (i.e., as a cost of inventory or an internally constructed asset). The other components of net periodic benefit cost are required to be presented separately from the service cost component and outside of operating income. These other components of net periodic benefit cost are not eligible for capitalization, and FCX elected to include these other components in other income (expense), net. FCX adopted this ASU effective January 1, 2018, and adjusted its presentation in the consolidated statements of income for the three and nine months ended September 30, 2017, to conform with the new guidance. The impact of adopting this ASU for the three and nine months ended September 30, 2017, follows (in millions):



	Three Months Ended September 30, 2017
	Previously Reported		Impact of Adoption			Current Presentation
Production and delivery	$	2,802	$	(8	)	$	2,794
Total cost of sales	3,220		(8		)	3,212
Selling, general and administrative expenses	106		(2		)	104
Environmental obligations and shutdown costs	73		(1		)	72
Total costs and expenses	3,393		(11		)	3,382
Operating income	917		11			928
Other income (expense), net	2		(11		)	(9		)



	Nine Months Ended September 30, 2017
	Previously Reported		Impact of Adoption			Current Presentation
Production and delivery	$	7,497	$	(35	)	$	7,462
Total cost of sales	8,754		(35		)	8,719
Selling, general and administrative expenses	366		(4		)	362
Mining exploration and research expenses	61		(1		)	60
Environmental obligations and shutdown costs	81		(5		)	76
Total costs and expenses	9,196		(45		)	9,151
Operating income	2,166		45			2,211
Other income (expense), net	36		(45		)	(9		)

Tax Reform Reclassification. In February 2018, FASB issued an ASU that allows entities to elect to reclassify the stranded income tax effects caused by the Act in accumulated other comprehensive income (AOCI) to retained earnings. This election applies to the U.S. federal income tax rate change from 35 percent to 21 percent. FCX elected to early adopt this standard effective July 1, 2018, which resulted in a one-time reclassification totaling $79 million from AOCI to retained earnings in third-quarter 2018. FCX has not elected to reclassify other “indirect” income tax effects of the Act stranded in AOCI. Any additional income tax effects stranded in AOCI will continue to pass through earnings in future periods as specific classes of AOCI items are reversed in full.

Subsequent Events (Unaudited)	9 Months Ended
Subsequent Events (Unaudited)	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS FCX evaluated events after September 30, 2018, and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

New Accounting Standard (Unaudited) (Policies)	9 Months Ended
New Accounting Standard (Unaudited) (Policies)	Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Revenue Recognition	Revenue Recognition. In May 2014, FASB issued a new ASU related to revenue recognition. FCX adopted this standard effective January 1, 2018, under the modified retrospective approach applied to contracts that remain in force at the adoption date. The adoption of this standard did not result in any financial statement impacts or changes to FCX’s revenue recognition policies or processes as revenue is primarily derived from arrangements in which the transfer of control coincides with the fulfillment of performance obligations (refer to Note 1 of FCX’s annual report on Form 10-K for disclosure of FCX’s revenue recognition policy). In connection with the adoption of the standard and consistent with FCX’s policy prior to adoption of the standard, FCX has elected to account for shipping and handling activities performed after control of goods has been transferred to a customer as a fulfillment cost recorded in production and delivery costs on the consolidated statements of income. FCX recognizes revenue for all of its products upon transfer of control in an amount that reflects the consideration it expects to receive in exchange for those products. Transfer of control is in accordance with the terms of customer contracts, which is generally upon shipment or delivery of the product. While payment terms vary by contract, terms generally include payment to be made within 30 days, but not longer than 60 days. Certain of FCX’s concentrate and cathode sales contracts also provide for provisional pricing, which is accounted for as an embedded derivative (refer to Note 6 for further discussion). For provisionally priced sales, 90 percent to 100 percent of the provisional payment is made upon shipment or within 20 days, and final balances are settled in a contractually specified future month (generally one to four months from the shipment date) based on quoted monthly average copper settlement prices on the LME or COMEX and quoted monthly average LBMA gold settlement prices. FCX’s product revenues are also recorded net of treatment charges, royalties and export duties. Refer to Note 9 for a summary of revenue by product type.

Earnings per Share (Unaudited) Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Reconciliation of net income (loss) and weighted-average shares of common stock outstanding

Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow (in millions, except per share amounts):



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2018			2017			2018				2017
Net income from continuing operations	$	668		$	242		$	2,535			$	836
Net (income) loss from continuing operations attributable to noncontrolling interests	(108		)	35			(399		)		(106		)
Undistributed earnings allocated to participating securities	(4		)	(3		)	(5		)		(3		)
Net income from continuing operations attributable to common stockholders	556			274			2,131				727

Net (loss) income from discontinued operations	(4		)	3			(19		)		50
Net income from discontinued operations attributable to noncontrolling interests	—			—			—				(4		)
Net (loss) income from discontinued operations attributable to common stockholders	(4		)	3			(19		)		46


Net income attributable to common stockholders	$	552		$	277		$	2,112			$	773

Basic weighted-average shares of common stock outstanding	1,450			1,448			1,449				1,447
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units	8			6			9			^a	6
Diluted weighted-average shares of common stock outstanding	1,458			1,454			1,458				1,453

Basic net income (loss) per share attributable to common stockholders:
Continuing operations	$	0.38		$	0.19		$	1.47			$	0.50
Discontinued operations	—			—			(0.01		)		0.03
	$	0.38		$	0.19		$	1.46			$	0.53
Diluted net income (loss) per share attributable to common stockholders:
Continuing operations	$	0.38		$	0.19		$	1.46			$	0.50
Discontinued operations	—			—			(0.01		)		0.03
	$	0.38		$	0.19		$	1.45			$	0.53


a.	Excludes approximately 2 million shares of common stock for the first nine months of 2018 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock that were anti-dilutive.

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables)

9 Months Ended

Sep. 30, 2018

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories follow (in millions):



	September 30, 2018		December 31, 2017
Current inventories:
Total materials and supplies, net^a	$	1,439	$	1,305

Mill stockpiles	$	287	$	360
Leach stockpiles	1,152		1,062
Total current mill and leach stockpiles	$	1,439	$	1,422

Raw materials (primarily concentrate)	$	299	$	265
Work-in-process	174		154
Finished goods	696		747
Total product inventories	$	1,169	$	1,166

Long-term inventories:
Mill stockpiles	$	285	$	300
Leach stockpiles	1,070		1,109
Total long-term mill and leach stockpiles	$	1,355	$	1,409


a.	Materials and supplies inventory was net of obsolescence reserves totaling $25 million at September 30, 2018, and $29 million at December 31, 2017.

Income Taxes (Unaudited) (Tables)

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Income before income taxes and equity in an affiliated companies' net earnings

Geographic sources of FCX’s (provision for) benefit from income taxes follow (in millions):



	Three Months Ended							Nine Months Ended
	September 30,							September 30,
	2018			2017				2018				2017
U.S. operations	$	(6	)	$	2		^a	$	2		^b	$	24		^a
International operations	(516		)	(389		)	^c	(1,545		)		(771		)	^c
Total	$	(522	)	$	(387	)		$	(1,543	)		$	(747	)

Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Instrument [Line Items]

Schedule of Debt

The components of debt follow (in millions):



	September 30, 2018			December 31, 2017
Senior notes and debentures:
Issued by FCX	$	9,594		$	11,429
Issued by Freeport Minerals Corporation (FMC)	358			358
Issued by Freeport-McMoRan Oil & Gas LLC (FM O&G LLC)	—			54
Cerro Verde credit facility	1,171			1,269
Other	4			7
Total debt^a	11,127			13,117
Less current portion of debt	(4		)	(1,414		)
Long-term debt	$	11,123		$	11,703


a.	Includes additions for unamortized fair value adjustments totaling $60 million at September 30, 2018 ($97 million at December 31, 2017), and is net of reductions for unamortized net discounts and unamortized debt issuance costs totaling $73 million at September 30, 2018 ($85 million at December 31, 2017).

Schedule of Extinguishment of Debt [Table Text Block]

A summary of these redemptions follows (in millions):




	Principal Amount		Net Adjustments		Book Value		Redemption Value		Gain
FCX 6.75% Senior Notes due 2022	$	404	$	22	$	426	$	418	$	8
FM O&G LLC 6⁷/₈% Senior Notes due 2023	50		4		54		52		2
	$	454	$	26	$	480	$	470	$	10

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [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, including the unrealized gains (losses) on the related hedged item follows (in millions):



	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2018			2017		2018			2017
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	7		$	—	$	(12	)	$	(1	)
Hedged item – firm sales commitments	(7		)	—		12			1

Realized (losses) gains:
Matured derivative financial instruments	(19		)	12		(17		)	21

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at September 30, 2018, follows:



	Open Positions	Average Price Per Unit				Maturities Through
	Open Positions	Contract		Market		Maturities Through
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	567	$	2.82	$	2.84	January 2019
Gold (thousands of ounces)	375	1,201.40		1,188.75		December 2018
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	125	2.78		2.84		January 2019
Cobalt (millions of pounds)^a	7	23.80		22.14		December 2018


a.	Relates to assets held for sale.

Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions

A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2018			2017			2018			2017
Embedded derivatives in provisional sales contracts:^a
Copper	$	(93	)	$	133		$	(242	)	$	275
Gold and other metals	(25		)	4			(37		)	22
Copper forward contracts^b	9			(9		)	17			(14		)


a.	Amounts recorded in revenues.


b.	Amounts recorded in cost of sales as production and delivery costs.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions):



	September 30, 2018		December 31, 2017
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	5	$	11
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional copper and gold
sales/purchase contracts	49		155
Copper forward contracts	—		1
Total derivative assets	$	54	$	167

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	5	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional copper and gold
sales/purchase contracts	50		31
Copper forward contracts	4		2
Total derivative liabilities	$	59	$	33

The table above and the following table excludes $12 million of embedded derivatives in provisional cobalt purchase contracts (in a gross asset position) at September 30, 2018, and $24 million (in a gross liability position) at December 31, 2017, which are both reflected in liabilities held for sale.

Offsetting Assets

A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):



	Assets				Liabilities
	September 30, 2018		December 31, 2017		September 30, 2018		December 31, 2017

Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	$	49	$	155	$	50	$	31
Copper derivatives	5		12		9		2
	54		167		59		33

Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	12		—		12		—
Copper derivatives	5		1		5		1
	17		1		17		1

Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	37		155		38		31
Copper derivatives	—		11		4		1
	$	37	$	166	$	42	$	32

Balance sheet classification:
Trade accounts receivable	$	32	$	151	$	24	$	—
Other current assets	—		11		—		—
Accounts payable and accrued liabilities	5		4		18		32
	$	37	$	166	$	42	$	32

Offsetting Liabilities

A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):



	Assets				Liabilities
	September 30, 2018		December 31, 2017		September 30, 2018		December 31, 2017

Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	$	49	$	155	$	50	$	31
Copper derivatives	5		12		9		2
	54		167		59		33

Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	12		—		12		—
Copper derivatives	5		1		5		1
	17		1		17		1

Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	37		155		38		31
Copper derivatives	—		11		4		1
	$	37	$	166	$	42	$	32

Balance sheet classification:
Trade accounts receivable	$	32	$	151	$	24	$	—
Other current assets	—		11		—		—
Accounts payable and accrued liabilities	5		4		18		32
	$	37	$	166	$	42	$	32

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows to the components presented in the consolidated balance sheets (in millions):



	September 30, 2018		December 31, 2017
Balance sheet components:
Cash and cash equivalents	$	4,556	$	4,447
Restricted cash and restricted cash equivalents included in:
Other current assets	116		52
Other assets	127		132
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	4,799	$	4,631

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs Disclosure

A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 6) follows (in millions):



	At September 30, 2018
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:^a,b
U.S. core fixed income fund	$	24	$	24	$	24	$	—	$	—	$	—
Equity securities	5		5		—		5		—		—
Total	29		29		24		5		—		—

Legally restricted funds:^a
U.S. core fixed income fund	54		54		54		—		—		—
Government bonds and notes	31		31		—		—		31		—
Government mortgage-backed securities	39		39		—		—		39		—
Corporate bonds	28		28		—		—		28		—
Asset-backed securities	14		14		—		—		14		—
Collateralized mortgage-backed securities	8		8		—		—		8		—
Money market funds	3		3		—		3		—		—
Municipal bonds	1		1		—		—		1		—
Total	178		178		54		3		121		—

Derivatives:
Embedded derivatives in provisional copper and gold
sales/purchase contracts in a gross asset position^c,d	49		49		—		—		49		—
Copper futures and swap contracts^c	5		5		—		4		1		—
Contingent consideration for the sales of
TF Holdings Limited (TFHL) and onshore
California oil and gas properties^a	167		167		—		—		167		—
Total	221		221		—		4		217		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas properties^a	148		130		—		—		—		130

Liabilities
Derivatives:^c
Embedded derivatives in provisional copper and gold
sales/purchase contracts in a gross liability position	$	50	$	50	$	—	$	—	$	50	$	—
Copper futures and swap contracts	5		5		—		4		1		—
Total	55		55		—		4		51		—

Long-term debt, including current portion^e	11,127		10,865		—		—		10,865		—



	At December 31, 2017
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:^a,b
U.S. core fixed income fund	$	25	$	25	$	25	$	—	$	—	$	—
Equity securities	5		5		—		5		—		—
Total	30		30		25		5		—		—

Legally restricted funds:^a
U.S. core fixed income fund	55		55		55		—		—		—
Government bonds and notes	40		40		—		—		40		—
Corporate bonds	32		32		—		—		32		—
Government mortgage-backed securities	27		27		—		—		27		—
Asset-backed securities	15		15		—		—		15		—
Money market funds	11		11		—		11		—		—
Collateralized mortgage-backed securities	8		8		—		—		8		—
Municipal bonds	1		1		—		—		1		—
Total	189		189		55		11		123		—

Derivatives:
Embedded derivatives in provisional copper and gold
sales/purchase contracts in a gross asset position^c	155		155		—		—		155		—
Copper futures and swap contracts^c	11		11		—		9		2		—
Copper forward contracts^c	1		1		—		—		1		—
Contingent consideration for the sales of TFHL
and onshore California oil and gas properties^a	108		108		—		—		108		—
Total	275		275		—		9		266		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas properties^a	150		134		—		—		—		134

Liabilities
Derivatives:^c
Embedded derivatives in provisional copper and gold
sales/purchase contracts in a gross liability position^d	$	31	$	31	$	—	$	—	$	31	$	—
Copper forward contracts	2		2		—		1		1		—
Total	33		33		—		1		32		—

Long-term debt, including current portion^e	13,117		13,269		—		—		13,269		—


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

b.

Excludes time deposits (which approximated fair value) included in (i) other current assets of $116 million at September 30, 2018, and $52 million at December 31, 2017, primarily associated with PT-FI’s mine closure and reclamation guarantees and its disputed incremental export duty and (ii) other assets of $126 million at September 30, 2018, and $123 million at December 31, 2017, primarily associated with an assurance bond to support PT-FI’s commitment for smelter development in Indonesia.


c.	Refer to Note 6 for further discussion and balance sheet classifications.


d.	Excludes embedded derivatives in provisional cobalt purchase contracts of $12 million at September 30, 2018, and $24 million at December 31, 2017 (refer to Note 6 for further discussion).


e.	Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. In addition, debt excludes $160 million at September 30, 2018, and $112 million at December 31, 2017, related to assets held for sale (which approximated fair value).

Summary of Unobservable Input Reconciliation

A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first nine months of 2018 follows (in millions):



Fair value at January 1, 2018	$	134
Net unrealized loss related to assets still held at the end of the period	(2		)
Settlements	(2		)
Fair value at September 30, 2018	$	130

Business Segments (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Revenue from External Customers by Products and Services

FCX’s revenues attributable to the products it sold for the third quarters and first nine months of 2018 and 2017 follow (in millions):



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2018			2017			2018			2017
Copper:
Concentrate	$	1,743		$	1,571		$	5,093		$	3,793
Cathode	1,271			1,197			4,159			3,192
Rod and other refined copper products	561			604			1,899			1,818
Gold	1,073			495			2,814			1,334
Molybdenum	286			213			882			661
Other^a	381			307			1,179			819
Adjustments to revenues:
Treatment charges	(162		)	(147		)	(433		)	(378		)
Royalty expense^b	(75		)	(46		)	(217		)	(112		)
Export duties^c	(52		)	(21		)	(153		)	(62		)
Revenues from contracts with customers	5,026			4,173			15,223			11,065
Embedded derivatives^d	(118		)	137			(279		)	297
Total consolidated revenues	$	4,908		$	4,310		$	14,944		$	11,362


a.	Primarily includes revenues associated with cobalt, silver, oil, gas and natural gas liquids.


b.	Reflects royalties for sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and the prices of copper and gold.


c.	Reflects PT-FI export duties.


d.	Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.

Schedule of financial information by business segment

Financial Information by Business Segment




(In millions)

																							Atlantic		Corporate,
	North America Copper Mines						South America																Copper		Other
							Cerro								Indonesia			Molybdenum			Rod &		Smelting		& Elimi-				FCX
	Morenci		Other		Total		Verde			Other			Total		Mining			Mines			Refining		& Refining		nations				Total
Three Months Ended September 30, 2018
Revenues:
Unaffiliated customers	$	30	$	2	$	32	$	687		$	122		$	809	$	1,703	^a	$	—		$	1,212	$	579	$	573		^b	$	4,908
Intersegment	467		587		1,054		71			—			71		61			101			8		—		(1,295		)		—
Production and delivery	304		485		789		519		^c	105			624		522			76			1,215		559		(716		)		3,069
Depreciation, depletion and amortization	43		45		88		122			20			142		181			20			3		6		18				458
Selling, general and administrative expenses	1		—		1		3			—			3		29			—			—		5		63				101
Mining exploration and research expenses	—		1		1		—			—			—		—			—			—		—		26				27
Environmental obligations and shutdown costs	—		2		2		—			—			—		—			—			—		—		6				8
Net gain on sales of assets	—		—		—		—			—			—		—			—			—		—		(70		)	^d	(70		)
Operating income (loss)	149		56		205		114			(3		)	111		1,032			5			2		9		(49		)		1,315

Interest expense, net	1		—		1		15			—			15		—			—			—		7		120				143
Provision for income taxes	—		—		—		37			5			42		424			—			—		—		56				522
Total assets at September 30, 2018	2,826		4,465		7,291		8,613			1,709			10,322		11,764			1,808			284		835		5,445			^e	37,749
Capital expenditures	63		118		181		47			3			50		246			4			1		3		22				507

Three Months Ended September 30, 2017
Revenues:
Unaffiliated customers	$	57	$	40	$	97	$	850		$	109		$	959	$	1,121	^a	$	—		$	1,137	$	554	$	442		^b	$	4,310
Intersegment	460		548		1,008		64			—			64		—			65			8		1		(1,146		)		—
Production and delivery	242		410		652		683		^f	76			759		407			57			1,140		533		(754		)		2,794			^g
Depreciation, depletion and amortization	42		54		96		116			18			134		136			20			2		7		23				418
Selling, general and administrative expenses	1		1		2		2			—			2		32			—			—		4		64				104
Mining exploration and research expenses	—		—		—		—			—			—		—			—			—		—		27				27
Environmental obligations and shutdown costs	—		—		—		—			—			—		—			—			—		—		72				72
Net gain on sales of assets	—		—		—		—			—			—		—			—			—		—		(33		)	^d	(33		)
Operating income (loss)	232		123		355		113			15			128		546			(12		)	3		11		(103		)		928

Interest expense, net	1		—		1		156		^f	—			156		1			—			—		5		141				304
Provision for income taxes	—		—		—		134		^f	5			139		233			—			—		1		14				387
Total assets at September 30, 2017	2,844		4,223		7,067		8,851			1,595			10,446		11,100			1,885			264		751		5,814			^e	37,327
Capital expenditures	26		13		39		17			3			20		206			2			1		5		41				314


a.	Includes PT-FI's sales to PT Smelting totaling $827 million in third-quarter 2018 and $652 million in third-quarter 2017.


b.	Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.


c.	Includes charges of $69 million associated with Cerro Verde’s new three-year collective labor agreement.

d.

Includes gains in third-quarter 2018 of $50 million associated with an increase to the estimated fair value less costs to sell for Freeport Cobalt (refer to Note 1) and $20 million reflecting adjustments to the fair value of the potential contingent consideration related to the 2016 sale of onshore California oil and gas properties, and a gain in third-quarter 2017 of $33 million associated with the sale of oil and gas properties.


e.	Includes assets held for sale, primarily Freeport Cobalt, totaling $626 million at September 30, 2018, and $459 million at September 30, 2017.


f.	Includes net charges of $216 million in production and delivery costs, $141 million in interest expense and $2 million in provision for income taxes associated with disputed royalties for prior years.


g.	Includes an $8 million decrease related to the adoption of the new guidance for the presentation of net periodic benefit cost for pension and other postretirement benefit plans (refer to Note 11 for further discussion).

Financial Information by Business Segment (continued)




(In millions)

																						Atlantic		Corporate,
	North America Copper Mines						South America Mining															Copper		Other
							Cerro							Indonesia			Molybdenum			Rod &		Smelting		& Elimi-				FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines			Refining		& Refining		nations				Total
Nine Months Ended September 30, 2018
Revenues:
Unaffiliated customers	$	58	$	30	$	88	$	2,031		$	443	$	2,474	$	4,863	^a	$	—		$	3,984	$	1,758	$	1,777		^b	$	14,944
Intersegment	1,636		1,917		3,553		273			—		273		114			307			24		2		(4,273		)		—
Production and delivery	892		1,477		2,369		1,391		^c	354		1,745		1,404			214			3,992		1,694		(2,626		)		8,792
Depreciation, depletion and amortization	133		141		274		336			66		402		534			60			8		20		53				1,351
Selling, general and administrative expenses	3		2		5		7			—		7		96			—			—		16		217				341
Mining exploration and research expenses	—		2		2		—			—		—		—			—			—		—		70				72
Environmental obligations and shutdown costs	—		2		2		—			—		—		—			—			—		—		74				76
Net gain on sales of assets	—		—		—		—			—		—		—			—			—		—		(126		)	^d	(126		)
Operating income (loss)	666		323		989		570			23		593		2,943			33			8		30		(158		)		4,438

Interest expense, net	3		—		3		48			—		48		—			—			—		18		367				436
Provision for income taxes	—		—		—		207			15		222		1,254			—			—		1		66				1,543
Capital expenditures	151		262		413		178			10		188		695			6			3		10		76				1,391

Nine Months Ended September 30, 2017
Revenues:
Unaffiliated customers	$	168	$	122	$	290	$	2,057		$	332	$	2,389	$	2,720	^a	$	—		$	3,290	$	1,412	$	1,261		^b	$	11,362
Intersegment	1,354		1,704		3,058		237			—		237		—			199			22		1		(3,517		)		—
Production and delivery	765		1,273		2,038		1,450		^e	245		1,695		1,224		^f	167			3,296		1,369		(2,327		)		7,462			^g
Depreciation, depletion and amortization	138		192		330		332			60		392		372			58			7		21		77				1,257
Selling, general and administrative expenses	2		2		4		7			—		7		92		^f	—			—		13		246				362
Mining exploration and research expenses	—		2		2		—			—		—		—			—			—		—		58				60
Environmental obligations and shutdown costs	—		—		—		—			—		—		—			—			—		—		76				76
Net gain on sales of assets	—		—		—		—			—		—		—			—			—		—		(66		)	^d	(66		)
Operating income (loss)	617		357		974		505			27		532		1,032			(26		)	9		10		(320		)		2,211

Interest expense, net	2		1		3		187		^e	—		187		1			—			—		13		429				633
Provision for income taxes	—		—		—		288		^e	10		298		435			—			—		4		10				747
Capital expenditures	78		28		106		60			5		65		663			4			3		30		149				1,020


a.	Includes PT-FI’s sales to PT Smelting totaling $2.1 billion for the first nine months of 2018 and $1.4 billion for the first nine months of 2017.


b.	Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.


c.	Includes charges of $69 million associated with Cerro Verde’s new three-year collective labor agreement.

d.

Includes gains for the first nine months of 2018 of $50 million associated with an increase to the estimated fair value less costs to sell for Freeport Cobalt (refer to Note 1) and $76 million reflecting adjustments to the fair value of the potential contingent consideration related to the 2016 sale of onshore California oil and gas properties; and net gains for the first nine months of 2017, primarily associated with sales of oil and gas properties of $49 million and a favorable adjustment of $13 million associated with the estimated fair value less costs to sell for the Kisanfu exploration project.


e.	Includes net charges of $216 million in production and delivery, $141 million in interest expense and $2 million in provision for income taxes associated with disputed royalties for prior years.


f.	Includes net charges at PT-FI associated with workforce reductions totaling $112 million in production and delivery costs and $5 million in selling, general and administrative expenses.


g.	Includes a $35 million decrease related to the adoption of the new guidance for the presentation of net periodic benefit cost for pension and other postretirement benefit plans (refer to Note 11 for further discussion).

Guarantor Financial Statements (Tables)

9 Months Ended

Sep. 30, 2018

Guarantor Financial Statements [Abstract]

Condensed Consolidating Balance Sheets [Table Text Block]

CONDENSED CONSOLIDATING BALANCE SHEET

September 30, 2018



	FCX			FM O&G LLC			Non-guarantor					Consolidated
	Issuer			Guarantor			Subsidiaries		Eliminations			FCX
ASSETS
Current assets	$	549		$	577		$	10,817	$	(1,022	)	$	10,921
Property, plant, equipment and mine development costs, net	19			3			22,991		—			23,013
Investments in consolidated subsidiaries	19,681			—			—		(19,681		)	—
Other assets	546			67			3,279		(77		)	3,815
Total assets	$	20,795		$	647		$	37,087	$	(20,780	)	$	37,749

LIABILITIES AND EQUITY
Current liabilities	$	246		$	137		$	4,614	$	(1,146	)	$	3,851
Long-term debt, less current portion	9,594			6,784			5,095		(10,350		)	11,123
Deferred income taxes	820		^a	—			3,019		—			3,839
Environmental and asset retirement obligations, less current portion	—			209			3,355		—			3,564
Investments in consolidated subsidiaries	—			601			10,424		(11,025		)	—
Other liabilities	158			3,340			1,907		(3,487		)	1,918
Total liabilities	10,818			11,071			28,414		(26,008		)	24,295

Equity:
Stockholders’ equity	9,977			(10,424		)	5,832		4,592			9,977
Noncontrolling interests	—			—			2,841		636			3,477
Total equity	9,977			(10,424		)	8,673		5,228			13,454
Total liabilities and equity	$	20,795		$	647		$	37,087	$	(20,780	)	$	37,749


a.	All U.S.-related deferred income taxes are recorded at the parent company.

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2017



	FCX			FM O&G LLC			Non-guarantor					Consolidated
	Issuer			Guarantor			Subsidiaries		Eliminations			FCX
ASSETS
Current assets	$	75		$	671		$	10,733	$	(790	)	$	10,689
Property, plant, equipment and mine development costs, net	14			11			22,919		(10		)	22,934
Investments in consolidated subsidiaries	19,570			—			—		(19,570		)	—
Other assets	943			48			3,179		(491		)	3,679
Total assets	$	20,602		$	730		$	36,831	$	(20,861	)	$	37,302

LIABILITIES AND EQUITY
Current liabilities	$	1,683		$	220		$	4,046	$	(938	)	$	5,011
Long-term debt, less current portion	10,021			6,512			5,440		(10,270		)	11,703
Deferred income taxes	748		^a	—			2,901		—			3,649
Environmental and asset retirement obligations, less current portion	—			201			3,430		—			3,631
Investments in consolidated subsidiary	—			853			10,397		(11,250		)	—
Other liabilities	173			3,340			1,987		(3,488		)	2,012
Total liabilities	12,625			11,126			28,201		(25,946		)	26,006

Equity:
Stockholders’ equity	7,977			(10,396		)	5,916		4,480			7,977
Noncontrolling interests	—			—			2,714		605			3,319
Total equity	7,977			(10,396		)	8,630		5,085			11,296
Total liabilities and equity	$	20,602		$	730		$	36,831	$	(20,861	)	$	37,302


a.	All U.S.-related deferred income taxes are recorded at the parent company.

Condensed Consolidating Statements of Income [Table Text Block]

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)




Three Months Ended September 30, 2018
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	15		$	4,893		$	—		$	4,908
Total costs and expenses	7			(2		)	3,588			—			3,593
Operating (loss) income	(7		)	17			1,305			—			1,315
Interest expense, net	(93		)	(79		)	(96		)	125			(143		)
Other income (expense), net	124			—			15			(125		)	14
Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses)	24			(62		)	1,224			—			1,186
(Provision for) benefit from income taxes	(188		)	11			(345		)	—			(522		)
Equity in affiliated companies’ net earnings (losses)	720			(6		)	(54		)	(656		)	4
Net income (loss) from continuing operations	556			(57		)	825			(656		)	668
Net loss from discontinued operations	—			—			(4		)	—			(4		)
Net income (loss)	556			(57		)	821			(656		)	664
Net income attributable to noncontrolling interests	—			—			(47		)	(61		)	(108		)
Net income (loss) attributable to common stockholders	$	556		$	(57	)	$	774		$	(717	)	$	556

Other comprehensive income (loss)	11			—			11			(11		)	11
Total comprehensive income (loss)	$	567		$	(57	)	$	785		$	(728	)	$	567




Three Months Ended September 30, 2017
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	13		$	4,297		$	—		$	4,310
Total costs and expenses	8			25			3,350			(1		)	3,382
Operating (loss) income	(8		)	(12		)	947			1			928
Interest expense, net	(116		)	(59		)	(218		)	89			(304		)
Other income (expense), net	97			3			(9		)	(89		)	2
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)	(27		)	(68		)	720			1			626
Benefit from (provision for) income taxes	21			24			(432		)	—			(387		)
Equity in affiliated companies’ net earnings (losses)	286			20			(20		)	(283		)	3
Net income (loss) from continuing operations	280			(24		)	268			(282		)	242
Net income from discontinued operations	—			—			3			—			3
Net income (loss)	280			(24		)	271			(282		)	245
Net loss (income) attributable to noncontrolling interests	—			—			69			(34		)	35
Net income (loss) attributable to common stockholders	$	280		$	(24	)	$	340		$	(316	)	$	280

Other comprehensive income (loss)	13			—			13			(13		)	13
Total comprehensive income (loss)	$	293		$	(24	)	$	353		$	(329	)	$	293

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)



Nine Months Ended September 30, 2018
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	46		$	14,898		$	—		$	14,944
Total costs and expenses	20			(10		)	10,506			(10		)	10,506
Operating (loss) income	(20		)	56			4,392			10			4,438
Interest expense, net	(294		)	(219		)	(273		)	350			(436		)
Other income (expense), net	357			2			62			(350		)	71
Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses)	43			(161		)	4,181			10			4,073
(Provision for) benefit from income taxes	(282		)	33			(1,292		)	(2		)	(1,543		)
Equity in affiliated companies’ net earnings (losses)	2,356			(10		)	(133		)	(2,208		)	5
Net income (loss) from continuing operations	2,117			(138		)	2,756			(2,200		)	2,535
Net loss from discontinued operations	—			—			(19		)	—			(19		)
Net income (loss)	2,117			(138		)	2,737			(2,200		)	2,516
Net income attributable to noncontrolling interests	—			—			(220		)	(179		)	(399		)
Net income (loss) attributable to common stockholders	$	2,117		$	(138	)	$	2,517		$	(2,379	)	$	2,117

Other comprehensive income (loss)	34			—			34			(34		)	34
Total comprehensive income (loss)	$	2,151		$	(138	)	$	2,551		$	(2,413	)	$	2,151



Nine Months Ended September 30, 2017
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	38		$	11,324		$	—		$	11,362
Total costs and expenses	30			86			9,024			11			9,151
Operating (loss) income	(30		)	(48		)	2,300			(11		)	2,211
Interest expense, net	(355		)	(167		)	(363		)	252			(633		)
Other income (expense), net	255			3			(7		)	(252		)	(1		)
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)	(130		)	(212		)	1,930			(11		)	1,577
(Provision for) benefit from income taxes	(111		)	74			(714		)	4			(747		)
Equity in affiliated companies’ net earnings (losses)	1,017			14			(118		)	(907		)	6
Net income (loss) from continuing operations	776			(124		)	1,098			(914		)	836
Net income from discontinued operations	—			—			50			—			50
Net income (loss)	776			(124		)	1,148			(914		)	886
Net income attributable to noncontrolling interests:
Continuing operations	—			—			(42		)	(64		)	(106		)
Discontinued operations	—			—			(4		)	—			(4		)
Net income (loss) attributable to common stockholders	$	776		$	(124	)	$	1,102		$	(978	)	$	776

Other comprehensive income (loss)	105			—			105			(105		)	105
Total comprehensive income (loss)	$	881		$	(124	)	$	1,207		$	(1,083	)	$	881

Condensed Consolidating Statements of Cash Flows [Table Text Block]

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS



Nine Months Ended September 30, 2018
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Net cash (used in) provided by operating activities	$	(181	)	$	(285	)	$	4,391		$	—		$	3,925

Cash flow from investing activities:
Capital expenditures	(2		)	—			(1,389		)	—			(1,391		)
Intercompany loans	(558		)	—			—			558			—
Dividends from (investments in) consolidated subsidiaries	2,726			—			65			(2,791		)	—
Asset sales and other, net	4			3			(88		)	—			(81		)
Net cash provided by (used in) investing activities	2,170			3			(1,412		)	(2,233		)	(1,472		)

Cash flow from financing activities:
Proceeds from debt	—			—			475			—			475
Repayments of debt	(1,826		)	(52		)	(532		)	—			(2,410		)
Intercompany loans	—			327			231			(558		)	—
Cash dividends paid and contributions received, net	(145		)	—			(3,016		)	2,775			(386		)
Other, net	(18		)	—			(17		)	16			(19		)
Net cash (used in) provided by financing activities	(1,989		)	275			(2,859		)	2,233			(2,340		)

Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	—			(7		)	120			—			113
Decrease in cash and cash equivalents in assets held for sale	—			—			55			—			55
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	—			7			4,624			—			4,631
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	—		$	—		$	4,799		$	—		$	4,799



Nine Months Ended September 30, 2017
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Net cash (used in) provided by operating activities	$	(222	)	$	(383	)	$	3,617		$	—		$	3,012

Cash flow from investing activities:
Capital expenditures	—			(24		)	(996		)	—			(1,020		)
Intercompany loans	(609		)	—			—			609			—
Dividends from (investments in) consolidated subsidiaries	1,757			(16		)	93			(1,834		)	—
Asset sales and other, net	—			58			8			—			66
Net cash provided by (used in) investing activities	1,148			18			(895		)	(1,225		)	(954		)

Cash flow from financing activities:
Proceeds from debt	—			—			795			—			795
Repayments of debt	(915		)	(139		)	(937		)	—			(1,991		)
Intercompany loans	—			512			97			(609		)	—
Cash dividends paid and contributions received, net	(2		)	—			(1,839		)	1,772			(69		)
Other, net	(9		)	(11		)	(64		)	62			(22		)
Net cash (used in) provided by financing activities	(926		)	362			(1,948		)	1,225			(1,287		)

Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	—			(3		)	774			—			771
Increase in cash and cash equivalents in assets held for sale	—			—			(45		)	—			(45		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	—			11			4,392			—			4,403
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	—		$	8		$	5,121		$	—		$	5,129

New Accounting Standard (Unaudited) (Tables)

9 Months Ended

Sep. 30, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Impact of Adopting New Accounting Standards

The impact of adopting this ASU for the three and nine months ended September 30, 2017, follows (in millions):



	Three Months Ended September 30, 2017
	Previously Reported		Impact of Adoption			Current Presentation
Production and delivery	$	2,802	$	(8	)	$	2,794
Total cost of sales	3,220		(8		)	3,212
Selling, general and administrative expenses	106		(2		)	104
Environmental obligations and shutdown costs	73		(1		)	72
Total costs and expenses	3,393		(11		)	3,382
Operating income	917		11			928
Other income (expense), net	2		(11		)	(9		)



	Nine Months Ended September 30, 2017
	Previously Reported		Impact of Adoption			Current Presentation
Production and delivery	$	7,497	$	(35	)	$	7,462
Total cost of sales	8,754		(35		)	8,719
Selling, general and administrative expenses	366		(4		)	362
Mining exploration and research expenses	61		(1		)	60
Environmental obligations and shutdown costs	81		(5		)	76
Total costs and expenses	9,196		(45		)	9,151
Operating income	2,166		45			2,211
Other income (expense), net	36		(45		)	(9		)

The impact of adopting this ASU for the nine months ended September 30, 2017, follows (in millions):



	Previously Reported			Impact of Adoption			Current Presentation
Accrued income taxes and changes in other tax payments included in cash flow from operating activities	$	399		$	(6	)	$	393
Net cash provided by operating activities	3,018			(6		)	3,012
Other, net included in cash flow from investing activities	(22		)	20			(2		)
Net cash used in investing activities	(974		)	20			(954		)
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents	757			14			771
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	4,245			158			4,403
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	4,957			172			5,129

General Information (Unaudited) (Details) - USD ($)	3 Months Ended		9 Months Ended
General Information (Unaudited) (Details) - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Property, plant, equipment and mine development costs, net	$ 23,013,000,000		$ 23,013,000,000		$ 22,934,000,000
Deferred income taxes	3,839,000,000		3,839,000,000		3,649,000,000
Assets held for sale	626,000,000	$ 459,000,000	626,000,000	$ 459,000,000	508,000,000
Liabilities held for sale	273,000,000		273,000,000		323,000,000
Gain (Loss) on Disposition of Assets	70,000,000	$ 33,000,000	$ 126,000,000	$ 66,000,000
Freeport Cobalt [Member]
Gain (Loss) on Disposition of Assets	$ 50
Freeport Cobalt [Member] \| FCX [Member]
Investment Owned, Percent of Net Assets	56.00%		56.00%
Increase (Decrease) in Assets Held-for-sale	$ 50,000,000
Restatement Adjustment [Member] \| Kisanfu Exploration Project [Member]
Property, plant, equipment and mine development costs, net					90,000,000
Deferred income taxes					27,000,000
Assets held for sale					(90,000,000)
Liabilities held for sale					$ (27,000,000)

Earnings per Share (Unaudited) Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Net income from continuing operations	$ 668	$ 242	$ 2,535	$ 836
Net (income) loss from continuing operations attributable to noncontrolling interests	(108)	35	(399)	(106)
Undistributed earnings allocated to participating securities	(4)	(3)	(5)	(3)
Net income from continuing operations attributable to common stockholders	556	274	2,131	727
Net (loss) income from discontinued operations	(4)	3	(19)	50
Net income from discontinued operations attributable to noncontrolling interests	0	0	0	(4)
Net (loss) income from discontinued operations attributable to common stockholders	(4)	3	(19)	46
Net income attributable to common stockholders	$ 552	$ 277	$ 2,112	$ 773
Basic weighted-average shares of common stock outstanding	1,450	1,448	1,449	1,447
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units	8	6	9	6
Diluted weighted-average shares of common stock outstanding	1,458	1,454	1,458	1,453
Basic net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.38	$ 0.19	$ 1.47	$ 0.50
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share	0.00	0.00	(0.01)	0.03
Earnings Per Share, Basic	0.38	0.19	1.46	0.53
Diluted net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Diluted Share	0.38	0.19	1.46	0.50
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	0.00	0.00	(0.01)	0.03
Earnings Per Share, Diluted	$ 0.38	$ 0.19	$ 1.45	$ 0.53
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			2
Dilutive Securities Excluded from Computation of EPS Amount	38	38	35	42

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Components of Inventories [Line Items]
Total materials and supplies, net	$ 1,439	$ 1,305
Mill stockpiles, current	287	360
Leach stockpiles, current	1,152	1,062
Total current mill and leach stockpiles	1,439	1,422
Raw materials (primarily concentrate)	299	265
Work-in-process	174	154
Finished goods	696	747
Total product inventories	1,169	1,166
Mill stockpiles, noncurrent	285	300
Leach stockpiles, noncurrent	1,070	1,109
Total long-term mill and leach stockpiles	1,355	1,409
Inventory obsolescence reserves	$ 25	$ 29

Income Taxes (Unaudited) (Details) - USD ($)	3 Months Ended		9 Months Ended		15 Months Ended
Income Taxes (Unaudited) (Details) - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Consolidated effective income tax rate (percent)			38.00%	47.00%
Schedule Of Income Taxes [Line Items]
U.S. operations	$ (6,000,000)	$ 2,000,000	$ 2,000,000	$ 24,000,000
International operations	(516,000,000)	(389,000,000)	(1,545,000,000)	(771,000,000)
Total	(522,000,000)	(387,000,000)	(1,543,000,000)	$ (747,000,000)
Effective Income Tax Rate, Adjusted, Percent				39.00%
Tax Cuts and Jobs Act of 2017, Measurement Period Adjustment, Income Tax Expense (Benefit)			0
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority	$ 5,000,000		$ 5,000,000		$ 5,000,000
Minimum Tax Credit Carryforwards [Member]
Schedule Of Income Taxes [Line Items]
U.S. operations		10,000,000		$ (21,000,000)
Royalty Assessments [Member] \| Cerro Verde Royalty Dispute [Member] \| Cerro Verde [Member]
Schedule Of Income Taxes [Line Items]
International operations		(2,000,000)		(2,000,000)
Royalty Assessments [Member] \| October 2011 to Tax Year 2013 [Member] \| Cerro Verde Royalty Dispute [Member] \| Cerro Verde [Member]
Schedule Of Income Taxes [Line Items]
International operations		(127,000,000)		(127,000,000)
Royalty Assessments [Member] \| December 2006 to Tax Year 2013 [Member] \| Cerro Verde Royalty Dispute [Member] \| Cerro Verde [Member]
Schedule Of Income Taxes [Line Items]
International operations		(125,000,000)		(125,000,000)
Judicial Ruling [Member] \| Royalty Assessments [Member] \| Cerro Verde Royalty Dispute [Member]
Schedule Of Income Taxes [Line Items]
Loss Contingency, Loss in Period					244,000,000
Judicial Ruling [Member] \| Unfavorable Regulatory Action [Member] \| Cerro Verde Royalty Dispute [Member]
Schedule Of Income Taxes [Line Items]
Loss Contingency, Loss in Period		$ 357,000,000		$ 357,000,000	$ 487,000,000

Debt (Details) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended					9 Months Ended		12 Months Ended
Debt (Details) $ / shares in Units, $ in Millions	Sep. 26, 2018 $ / shares	Apr. 04, 2018 USD ($)	Apr. 30, 2018 USD ($)	Sep. 30, 2018 USD ($) $ / shares	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Sep. 30, 2017 USD ($) $ / shares	Jun. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) $ / shares	Sep. 30, 2017 USD ($) $ / shares	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations, Including Current Maturities				$ 11,127					$ 11,127		$ 13,117
Current portion of debt				(4)					(4)		(1,414)
Long-term debt				11,123					11,123		11,703
Liabilities, Fair Value Adjustment									60		97
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net				73					73		85
Revolving Credit Facility [Abstract]
Debt Instrument, Term			5 years
Senior Notes Issued by FCX [Abstract]
Repayments of Debt									2,410	$ 1,991
Exchanges and Early Extinguishment of Debt [Abstract]
Net loss (gain) on exchanges and early extinguishment of debt				0			$ 11		8	8
Interest expense, net				(143)			(304)		(436)	(633)
Interest Costs Incurred				$ 166			$ 196		$ 501	$ 583
Dividends declared per share of common stock \| $ / shares	$ 0.05			$ 0.05			$ 0		$ 0.15	$ 0
Long-term debt, less current portion				$ 11,123					$ 11,123		11,703
Property, Plant and Equipment [Member]
Exchanges and Early Extinguishment of Debt [Abstract]
Interest Costs Capitalized				24			$ 33		72	$ 91
Line of Credit [Member] \| Cerro Verde [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations, Including Current Maturities				1,171					1,171		1,269
Line of Credit [Member] \| Letter of Credit [Member]
Revolving Credit Facility [Abstract]
Long-term Line of Credit				13					13
Revolving Credit Facility, Remaining Borrowing Capacity			$ 1,500	1,500					1,500
Line of Credit [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt				0					0
Revolving Credit Facility [Abstract]
Revolving Credit Facility, Remaining Borrowing Capacity				3,500					3,500
Line of Credit Facility, Maximum Borrowing Capacity			3,500
Exchanges and Early Extinguishment of Debt [Abstract]
Amount of revolving credit facility available to subsidiary			$ 500
Senior Notes [Member]
Debt Instrument [Line Items]
Extinguishment of Debt, Amount					$ 480
Debt Instrument, Face Amount					454
Debt Issuance Costs, Net					26
Exchanges and Early Extinguishment of Debt [Abstract]
Extinguishment Of Debt, Redemption Value					470
Net loss (gain) on exchanges and early extinguishment of debt					10					11
Gains (losses) primarily associated with modification of credit facility								$ 3	2
Repayments of Lines of Credit						$ 100
Senior Notes [Member] \| 2.375% Senior Notes due March 2018 [Member]
Senior Notes Issued by FCX [Abstract]
Repayments of Debt						$ 1,400
Senior Notes [Member] \| 6.75% Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Extinguishment of Debt, Amount					426
Debt Instrument, Face Amount					404
Debt Issuance Costs, Net					22
Exchanges and Early Extinguishment of Debt [Abstract]
Extinguishment Of Debt, Redemption Value					418
Net loss (gain) on exchanges and early extinguishment of debt					8
Senior Notes [Member] \| FCX [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations, Including Current Maturities				9,594					9,594		11,429
Senior Notes [Member] \| Freeport-McMoRan Oil & Gas
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations, Including Current Maturities				0					0		54
Exchanges and Early Extinguishment of Debt [Abstract]
Extinguishment Of Debt, Redemption Value		$ 454
Senior Notes [Member] \| Freeport-McMoRan Oil & Gas \| 6.875% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Extinguishment of Debt, Amount					54
Debt Instrument, Face Amount					50
Debt Issuance Costs, Net					4
Exchanges and Early Extinguishment of Debt [Abstract]
Extinguishment Of Debt, Redemption Value					52
Net loss (gain) on exchanges and early extinguishment of debt					$ 2
Debentures [Member] \| Freeport McMoRan Corporation [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations, Including Current Maturities				358					358		358
Other Debt, Including Capital Leases and Short Term Borrowings [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations, Including Current Maturities				4					4		$ 7
Maximum [Member]
Exchanges and Early Extinguishment of Debt [Abstract]
Debt Instrument, Covenant Compliance, Leverage Ratio			3.75
Minimum [Member]
Exchanges and Early Extinguishment of Debt [Abstract]
DebtInstrumentCovenantComplianceCoverageRatio			2.25
Operating Segments \| South America
Exchanges and Early Extinguishment of Debt [Abstract]
Interest expense, net				(15)			(156)		(48)	(187)
Operating Segments \| South America \| Cerro Verde [Member]
Exchanges and Early Extinguishment of Debt [Abstract]
Interest expense, net				(15)			(156)		(48)	$ (187)
Operating Segments \| Royalty Assessments [Member] \| Cerro Verde Royalty Dispute [Member] \| South America \| Cerro Verde [Member]
Exchanges and Early Extinguishment of Debt [Abstract]
Interest expense, net				$ 1			$ 141		$ 7

Financial Instruments (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2018 lb $ / lb $ / lb $ / oz	Sep. 30, 2018 lb oz $ / lb $ / lb $ / oz	Sep. 30, 2018 USD ($) $ / lb $ / lb $ / oz	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) $ / lb $ / lb $ / oz	Sep. 30, 2017 USD ($)
Not Designated as Hedging Instrument [Member] \| Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net \| $			$ (118)	$ 137	$ (279)	$ 297
Commodity Contract [Member]
Unrealized gains (losses):
Derivative financial instruments \| $			7	0	(12)	(1)
Hedged item – firm sales commitments \| $			(7)	0	12	1
Realized gains (losses):
Matured derivative financial instruments \| $			$ (19)	12	$ (17)	21
Commodity Contract [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	78
Derivative, Average Forward Price	2.81	2.81	2.81		2.81
Copper Forward Contracts [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb		31
Derivative, Average Forward Price	2.73	2.73	2.73		2.73
Copper Forward Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments \| $			$ 9	(9)	$ 17	(14)
Copper \| Not Designated as Hedging Instrument [Member] \| Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net \| $			$ (93)	133	$ (242)	275
Copper \| Short [Member] \| Embedded Derivative Financial Instruments [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb		567
Derivative, Average Forward Price	2.82	2.82	2.82		2.82
Realized gains (losses):
Derivative Average Market Price	2.84	2.84	2.84		2.84
Copper \| Long [Member] \| Embedded Derivative Financial Instruments [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb		125
Derivative, Average Forward Price	2.78	2.78	2.78		2.78
Realized gains (losses):
Derivative Average Market Price	2.84	2.84	2.84		2.84
Gold \| Short [Member] \| Embedded Derivative Financial Instruments [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| oz		375
Derivative, Average Forward Price \| $ / oz	1,201.40	1,201.40	1,201.40		1,201.40
Realized gains (losses):
Derivative Average Market Price \| $ / oz	1,188.75	1,188.75	1,188.75		1,188.75
gold and other [Member] \| Not Designated as Hedging Instrument [Member] \| Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net \| $			$ (25)	$ 4	$ (37)	$ 22
Cobalt \| Long [Member] \| Embedded Derivative Financial Instruments [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb		7
Derivative, Average Forward Price	23.80	23.80	23.80		23.80
Realized gains (losses):
Derivative Average Market Price	22.14	22.14	22.14		22.14

Financial Instruments (Unsettled Derivatives) (Details) oz in Thousands, lb in Millions, $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($) lb $ / lb $ / lb $ / oz	Sep. 30, 2018 USD ($) lb oz $ / lb $ / lb $ / oz	Sep. 30, 2018 USD ($) $ / lb $ / lb $ / oz	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) $ / lb $ / lb $ / oz	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 54	$ 54	$ 54		$ 54		$ 167
Derivative Liability, Fair Value, Gross Liability	59	59	59		59		33
Derivative Asset, Fair Value, Gross Liability	17	17	17		17		1
Derivative Liability, Fair Value, Gross Asset	17	17	17		17		1
Derivative Asset	37	37	37		37		166
Derivative Liability	42	42	42		42		32
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	32	32	32		32		151
Derivative Liability	24	24	24		24		0
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0	0		0		11
Derivative Liability	0	0	0		0		0
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	5	5	5		5		4
Derivative Liability	18	18	18		18		32
Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net			(19)	$ 12	(17)	$ 21
Derivative Asset, Fair Value, Gross Asset	5	5	5		5		12
Derivative Liability, Fair Value, Gross Liability	9	9	9		9		2
Derivative Asset, Fair Value, Gross Liability	5	5	5		5		1
Derivative Liability, Fair Value, Gross Asset	5	5	5		5		1
Derivative Asset	0	0	0		0		11
Derivative Liability	4	4	4		4		1
Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	49	49	49		49		155
Derivative Liability, Fair Value, Gross Liability	50	50	50		50		31
Derivative Asset, Fair Value, Gross Liability	12	12	12		12		0
Derivative Liability, Fair Value, Gross Asset	12	12	12		12		0
Derivative Asset	37	37	37		37		155
Derivative Liability	38	38	38		38		31
Designated as Hedging Instrument [Member] \| Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 5	$ 5	$ 5		$ 5		11
Derivative, Nonmonetary Notional Amount, Mass \| lb	78
Derivative, Average Forward Price \| $ / lb	2.81	2.81	2.81		2.81
Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 49	$ 49	$ 49		$ 49		155
Derivative Liability, Fair Value, Gross Liability	$ 50	$ 50	$ 50		$ 50		31
Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb		31
Derivative, Average Forward Price \| $ / lb	2.73	2.73	2.73		2.73
Future [Member] \| Not Designated as Hedging Instrument [Member] \| FMC's Copper Futures and Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 5	$ 5	$ 5		$ 5		0
Commodity Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	4	4	4		4		2
Commodity Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member] \| Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 0	$ 0	$ 0		$ 0		1
Copper \| Short [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb	2.84	2.84	2.84		2.84
Derivative, Nonmonetary Notional Amount, Mass \| lb		567
Derivative, Average Forward Price \| $ / lb	2.82	2.82	2.82		2.82
Copper \| Long [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb	2.84	2.84	2.84		2.84
Derivative, Nonmonetary Notional Amount, Mass \| lb		125
Derivative, Average Forward Price \| $ / lb	2.78	2.78	2.78		2.78
Gold \| Short [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / oz	1,188.75	1,188.75	1,188.75		1,188.75
Derivative, Nonmonetary Notional Amount, Mass \| oz		375
Derivative, Average Forward Price \| $ / oz	1,201.40	1,201.40	1,201.40		1,201.40
Sales [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			$ (118)	137	$ (279)	297
Sales [Member] \| Copper \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			(93)	133	(242)	275
Sales [Member] \| gold and other [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			(25)	4	(37)	22
Cost of Sales [Member] \| Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net			9	$ (9)	17	$ (14)
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 12	$ 12	$ 12		$ 12		$ 24

Financial Instruments (Derivative) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 4,556	$ 4,447
Restricted Cash and Cash Equivalents, Current	116	52
Restricted Cash and Cash Equivalents, Noncurrent	127	132
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	4,799	4,631	$ 5,129	$ 4,403
Credit Derivative, Maximum Exposure, Undiscounted	49
Bank Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 2,400	$ 2,900

Fair Value Measurement (Fair Value Measurement Inputs) (Details) $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Dec. 31, 2016 USD ($) $ / bbl	Nov. 16, 2016 USD ($) $ / lb
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets				$ 402	$ 270
Other assets				2,460	2,270
Assets				37,749	37,302	$ 37,327
Derivative Liability, Fair Value, Gross Liability				59	33
Derivatives:
Derivative Asset				37	166
Derivatives: [Abstract]
Derivative Liability				42	32
Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Investments, Fair Value Disclosure				24	25
Trust Assets Fair Value Disclosure				54	55
Level 1
Investment securities (current and long-term):
Investments, Fair Value Disclosure				5	5
Trust Assets Fair Value Disclosure				3	11
Derivatives:
Derivative Asset				4	9
Contingent receivable				0	0
Derivatives: [Abstract]
Derivative Liability				4	1
Long-term debt, including current portion				0	0
Level 2
Investment securities (current and long-term):
Investments, Fair Value Disclosure				0	0
Trust Assets Fair Value Disclosure				121	123
Derivatives:
Derivative Asset				217	266
Contingent receivable				0	0
Derivatives: [Abstract]
Derivative Liability				51	32
Long-term debt, including current portion				10,865	13,269
Level 3
Investment securities (current and long-term):
Investments, Fair Value Disclosure				0	0
Trust Assets Fair Value Disclosure				0	0
Derivatives:
Derivative Asset				0	0
Contingent receivable				130	134
Derivatives: [Abstract]
Derivative Liability				0	0
Long-term debt, including current portion				0	0
Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Investments, Fair Value Disclosure				29	30
Trust Assets Fair Value Disclosure				178	189
Derivatives:
Derivative Asset				221	275
Contingent receivable				130	134
Derivatives: [Abstract]
Derivative Liability				55	33
Long-term debt, including current portion				10,865	13,269
Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Investments, Fair Value Disclosure				29	30
Trust Assets Fair Value Disclosure				178	189
Derivatives:
Derivative Asset				221	275
Contingent receivable				148	150
Derivatives: [Abstract]
Derivative Liability				55	33
Long-term debt, including current portion				11,127	13,117
Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability				50	31
Derivatives:
Derivative Asset				37	155
Derivatives: [Abstract]
Derivative Liability				38	31
Embedded Derivative Financial Instruments [Member] \| Level 1
Derivatives:
Derivative Asset				0	0
Derivatives: [Abstract]
Derivative Liability				0	0
Embedded Derivative Financial Instruments [Member] \| Level 2
Derivatives:
Derivative Asset				49	155
Derivatives: [Abstract]
Derivative Liability				50	31
Embedded Derivative Financial Instruments [Member] \| Level 3
Derivatives:
Derivative Asset				0	0
Derivatives: [Abstract]
Derivative Liability				0	0
Embedded Derivative Financial Instruments [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset				49	155
Derivatives: [Abstract]
Derivative Liability				50	31
Embedded Derivative Financial Instruments [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset				49	155
Derivatives: [Abstract]
Derivative Liability				50	31
Forward Contracts [Member] \| Level 1
Derivatives:
Derivative Asset					0
Forward Contracts [Member] \| Level 2
Derivatives:
Derivative Asset					1
Forward Contracts [Member] \| Level 3
Derivatives:
Derivative Asset					0
Forward Contracts [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset					1
Forward Contracts [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset					1
Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability				9	2
Derivatives:
Derivative Asset				0	11
Derivatives: [Abstract]
Derivative Liability				4	1
Commodity Contract [Member] \| Level 1
Derivatives:
Derivative Asset					9
Derivatives: [Abstract]
Derivative Liability				4
Commodity Contract [Member] \| Level 2
Derivatives:
Derivative Asset					2
Derivatives: [Abstract]
Derivative Liability				1
Commodity Contract [Member] \| Level 3
Derivatives:
Derivative Asset					0
Derivatives: [Abstract]
Derivative Liability				0
Commodity Contract [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset					11
Derivatives: [Abstract]
Derivative Liability				5
Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset					11
Derivatives: [Abstract]
Derivative Liability				5
Future [Member] \| Level 1
Derivatives:
Derivative Asset				4
Future [Member] \| Level 2
Derivatives:
Derivative Asset				1
Future [Member] \| Level 3
Derivatives:
Derivative Asset				0
Future [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset				5
Future [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset				5
Africa and onshore California [Member] \| Commodity Contract [Member] \| Level 1
Derivatives:
Derivative Asset				0	0
Africa and onshore California [Member] \| Commodity Contract [Member] \| Level 2
Derivatives:
Derivative Asset				167	108
Africa and onshore California [Member] \| Commodity Contract [Member] \| Level 3
Derivatives:
Derivative Asset				0	0
Africa and onshore California [Member] \| Commodity Contract [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset				167	108
Africa and onshore California [Member] \| Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset				167	108
U.S. core fixed income fund [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Marketable Securities				24	25
Trust Assets Fair Value Disclosure				54	55
U.S. core fixed income fund [Member] \| Level 1
Investment securities (current and long-term):
Marketable Securities				0	0
Trust Assets Fair Value Disclosure				0	0
U.S. core fixed income fund [Member] \| Level 2
Investment securities (current and long-term):
Marketable Securities				0	0
Trust Assets Fair Value Disclosure				0	0
U.S. core fixed income fund [Member] \| Level 3
Investment securities (current and long-term):
Marketable Securities				0	0
Trust Assets Fair Value Disclosure				0	0
U.S. core fixed income fund [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Marketable Securities				24	25
Trust Assets Fair Value Disclosure				54	55
U.S. core fixed income fund [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities				24	25
Trust Assets Fair Value Disclosure				54	55
Equity securities \| Level 1
Investment securities (current and long-term):
Marketable Securities				5	5
Equity securities \| Level 2
Investment securities (current and long-term):
Marketable Securities				0	0
Equity securities \| Level 3
Investment securities (current and long-term):
Marketable Securities				0	0
Equity securities \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Marketable Securities				5	5
Equity securities \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities				5	5
Government bonds \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Government bonds \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				31	40
Government bonds \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Government bonds \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				31	40
Government bonds \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				31	40
Corporate bonds [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Corporate bonds [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				28	32
Corporate bonds [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Corporate bonds [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				28	32
Corporate bonds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				28	32
Government mortgage-backed securities [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Government mortgage-backed securities [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				39	27
Government mortgage-backed securities [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Government mortgage-backed securities [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				39	27
Government mortgage-backed securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				39	27
Asset-backed securities [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Asset-backed securities [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				14	15
Asset-backed securities [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Asset-backed securities [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				14	15
Asset-backed securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				14	15
Money market funds [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				3	11
Money market funds [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Money market funds [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Money market funds [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				3	11
Money market funds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				3	11
Collateralized Mortgage Backed Securities [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Collateralized Mortgage Backed Securities [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				8	8
Collateralized Mortgage Backed Securities [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Collateralized Mortgage Backed Securities [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				8	8
Collateralized Mortgage Backed Securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				8	8
Municipal bonds [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Municipal bonds [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				1	1
Municipal bonds [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Municipal bonds [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				1	1
Municipal bonds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				1	1
Bank Time Deposits [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets				116	52
Other assets				126	123
Commodity Contract [Member] \| Level 1
Derivatives: [Abstract]
Derivative Liability					1
Commodity Contract [Member] \| Level 2
Derivatives: [Abstract]
Derivative Liability					1
Commodity Contract [Member] \| Level 3
Derivatives: [Abstract]
Derivative Liability					0
Commodity Contract [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives: [Abstract]
Derivative Liability					2
Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Derivative Liability					2
Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability				50	31
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives: [Abstract]
Long-term debt, including current portion				160	112
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability				12	24
TF Holdings Limited \| Discontinued Operations, Disposed of by Sale
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other assets				57	74
Derivatives:
Contingent receivable								$ 120
Copper \| TF Holdings Limited \| Discontinued Operations, Disposed of by Sale
Derivatives:
Contingent receivable								60
Cobalt \| Disposal Group, Held-for-sale, Not Discontinued Operations [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability				12	24
Cobalt \| TF Holdings Limited \| Discontinued Operations, Disposed of by Sale
Derivatives:
Contingent receivable								$ 60
Contingent consideration, reference threshold (in us dollars per pound) \| $ / lb								20
Freeport-McMoRan Oil & Gas \| Onshore California [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets				49
Other assets					34
Assets				110
Derivatives:
Contingent receivable							$ 150
Freeport-McMoRan Oil & Gas \| Deepwater Gulf of Mexico Interests [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets				12	24
Other assets				$ 136	$ 126
Derivatives:
Contingent receivable							$ 150
Scenario, Forecast [Member] \| Freeport-McMoRan Oil & Gas \| Onshore California [Member]
Derivatives:
Contingent receivable	$ 50	$ 50	$ 50
Crude Oil [Member] \| Freeport-McMoRan Oil & Gas \| Onshore California [Member]
Derivatives:
Contingent consideration, reference threshold (in us dollars per pound) \| $ / bbl							70
Maximum [Member] \| Copper \| TF Holdings Limited \| Discontinued Operations, Disposed of by Sale
Derivatives:
Contingent consideration, reference threshold (in us dollars per pound) \| $ / lb								3.50

Fair Value Measurement (Unobservable inputs) (Details) - Gulf of Mexico Contingent Consideration [Member] $ in Millions	9 Months Ended
	Sep. 30, 2018 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	$ (2)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at January 1, 2018	134
Net unrealized loss related to assets still held at the end of the period	(2)
Fair value at September 30, 2018	$ 130

Contingencies and Commitments (Unaudited) Litigation (Details) - David Garcia v. Freeport-McMoRan Oil & Gas LLC Litigation [Member] $ in Millions	Sep. 30, 2018 USD ($)
Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 60
Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 100

Contingencies and Commitments (Unaudited) Environmental Obligation (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Jun. 30, 2018
Cyprus Tohono [Member]
Environmental Exit Cost [Line Items]
Environmental Costs Recognized, Capitalized			$ 44
Uranium Mining Sites on Tribal Land [Member]
Environmental Exit Cost [Line Items]
Accrual for Environmental Loss Contingencies, Revision in Estimates		$ (41)
Borough of Carteret [Member]
Environmental Exit Cost [Line Items]
Accrual for Environmental Loss Contingencies, Charges to Expense for New Losses	$ 59

Contingencies and Commitments (Unaudited) Tax and Other Matters (Details) - USD ($)	3 Months Ended	9 Months Ended		15 Months Ended	57 Months Ended
	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Loss Contingencies [Line Items]
Other assets		$ 2,460,000,000		$ 2,460,000,000	$ 2,460,000,000		$ 2,270,000,000
Payments for Legal Settlements		32,000,000	$ 32,000,000
PT Freeport Indonesia [Member]
Loss Contingencies [Line Items]
Other assets		300,000,000		300,000,000	300,000,000
PT Freeport Indonesia [Member] \| Relating to January 2016 through April 2016 [Member] \| Tax Authority, In Papau, Indonesia [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss						$ 12,000,000	$ 20,000,000
Change in Loss Contingency, percent						40.00%
PT Freeport Indonesia [Member] \| Relating to August 2015 through March 2018 [Member] \| Tax Authority, In Papau, Indonesia [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss		173,000,000		173,000,000	173,000,000
Loss Contingency Accrual		0		0	0
PT Freeport Indonesia [Member] \| Relating to August 2015 through March 2018 [Member] \| Tax Authority, In Papau, Indonesia [Member] \| Penalties [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss		87,000,000		87,000,000	87,000,000
PT Freeport Indonesia [Member] \| Relating to 2011 through 2017 [Member] \| Tax Authority, In Papau, Indonesia [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss		212,000,000		212,000,000	212,000,000
Judicial Ruling [Member] \| Cerro Verde Royalty Dispute [Member] \| Royalty Assessments [Member]
Loss Contingencies [Line Items]
Loss Contingency, Loss in Period				244,000,000
Judicial Ruling [Member] \| Cerro Verde Royalty Dispute [Member] \| Unfavorable Regulatory Action [Member]
Loss Contingencies [Line Items]
Loss Contingency, Loss in Period	$ 357,000,000		$ 357,000,000	487,000,000
Loss Contingency, Loss in Period, Including Tax Charges				355,000,000
Loss Contingency, Loss In Period, Attributable To Parent				187,000,000
Judicial Ruling [Member] \| Cerro Verde Royalty Dispute [Member] \| Royalty Assessments, Penalties And Interests [Member]
Loss Contingencies [Line Items]
Loss Contingency, Loss in Period				158,000,000
Judicial Ruling [Member] \| Cerro Verde Royalty Dispute [Member] \| Royalty Assessments, Taxes [Member]
Loss Contingencies [Line Items]
Loss Contingency, Loss in Period				85,000,000
Judicial Ruling [Member] \| Cerro Verde Royalty Dispute [Member] \| Tax Year 2006 To Tax Year 2008 [Member] \| Royalty Assessments [Member]
Loss Contingencies [Line Items]
Payments for Legal Settlements					177,000,000
Pending Litigation [Member] \| Cerro Verde Royalty Dispute [Member] \| Tax Year 2009 to Tax Year 2013 [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss		406,000,000		406,000,000	406,000,000
Parent Company [Member] \| Pending Litigation [Member] \| Cerro Verde Royalty Dispute [Member] \| Tax Year 2009 to Tax Year 2013 [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss		$ 217,000,000		$ 217,000,000	$ 217,000,000

Contingencies and Commitments (Unaudited) Mining Contract (Details) - USD ($) $ in Millions		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2022	Sep. 27, 2018
Contractual Obligations Mining Contracts [Line Items]
Term to construct smelter		5 years
PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Proceeds from divestiture of businesses, pending	$ 350
Rio Tinto [Member] \| Rio Tinto Share In Joint Venture [Member]
Contractual Obligations Mining Contracts [Line Items]
Proceeds from divestiture of businesses, pending	$ 3,500
Pt Smelting [Member] \| PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Investment Owned, Percent of Net Assets	25.00%	25.00%
Interest In PT Indocopper Investama [Member] \| PT Indonesia Asahan Aluminium (Persero) (Inalum) [Member]
Contractual Obligations Mining Contracts [Line Items]
Ownership percentage pending acquired				100.00%
PT Freeport Indonesia [Member] \| PT Indonesia Asahan Aluminium (Persero) (Inalum) [Member]
Contractual Obligations Mining Contracts [Line Items]
Ownership percentage pending acquired				40.00%
Ownership interest subsequent to acquisition, pending				51.00%
PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Ownership interest by parent subsequent to business acquisition, pending				49.00%
PT Indocopper Investama [Member] \| PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	9.36%	9.36%
PT Indocopper Investama [Member] \| Scenario, Forecast [Member] \| PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			5.60%
PT Indonesia Asahan Aluminium (Persero) (Inalum) [Member] \| PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	9.36%	9.36%

Business Segments (Product Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue from External Customer [Line Items]
Treatment And Refining Charges Included In Copper Concentrates Revenues	$ (162)	$ (147)	$ (433)	$ (378)
Royalty Expense	(75)	(46)	(217)	(112)
Export Duties Expense	(52)	(21)	(153)	(62)
Revenue from Contract with Customer, Excluding Assessed Tax	5,026	4,173	15,223	11,065
Revenues	4,908	4,310	14,944	11,362
Copper In Concentrates [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,743	1,571	5,093	3,793
Copper Cathode [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,271	1,197	4,159	3,192
Refined Copper Products [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	561	604	1,899	1,818
Gold
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,073	495	2,814	1,334
Molybdenum [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	286	213	882	661
Other Products Or Services [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	381	307	1,179	819
Sales [Member] \| Not Designated as Hedging Instrument [Member]
Revenue from External Customer [Line Items]
Matured derivative financial instruments	$ (118)	$ 137	$ (279)	$ 297

Business Segments (Segment Reporting) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) segment	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments \| segment			4
Deferred Intercompany Profit, Percentage			25.00%
Revenues	$ 4,908	$ 4,310	$ 14,944	$ 11,362
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(3,069)	(2,794)	(8,792)	(7,462)
Cost, Depreciation, Amortization and Depletion	458	418	1,351	1,257
Selling, general and administrative expenses	(101)	(104)	(341)	(362)
Mining exploration and research expenses	27	27	72	60
Environmental obligations and shutdown costs	8	72	76	76
Net gain on sales of assets	(70)	(33)	(126)	(66)
Operating income	1,315	928	4,438	2,211
Interest expense, net	(143)	(304)	(436)	(633)
Provision for (benefit from) income taxes	522	387	1,543	747
Total assets	37,749	37,327	37,749	37,327	$ 37,302
Capital expenditures	507	314	1,391	1,020
Assets held for sale	626	459	626	459	$ 508
Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues	32	97	88	290
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(789)	(652)	(2,369)	(2,038)
Cost, Depreciation, Amortization and Depletion	88	96	274	330
Selling, general and administrative expenses	(1)	(2)	(5)	(4)
Mining exploration and research expenses	1	0	2	2
Environmental obligations and shutdown costs	2	0	2	0
Net gain on sales of assets	0	0	0	0
Operating income	205	355	989	974
Interest expense, net	(1)	(1)	(3)	(3)
Provision for (benefit from) income taxes	0	0	0	0
Total assets	7,291	7,067	7,291	7,067
Capital expenditures	181	39	413	106
Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues	809	959	2,474	2,389
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(624)	(759)	(1,745)	(1,695)
Cost, Depreciation, Amortization and Depletion	142	134	402	392
Selling, general and administrative expenses	(3)	(2)	(7)	(7)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	111	128	593	532
Interest expense, net	(15)	(156)	(48)	(187)
Provision for (benefit from) income taxes	42	139	222	298
Total assets	10,322	10,446	10,322	10,446
Capital expenditures	50	20	188	65
Corporate And Eliminations
Segment Reporting Information [Line Items]
Revenues	573	442	1,777	1,261
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	716	754	2,626	2,327
Cost, Depreciation, Amortization and Depletion	18	23	53	77
Selling, general and administrative expenses	(63)	(64)	(217)	(246)
Mining exploration and research expenses	26	27	70	58
Environmental obligations and shutdown costs	6	72	74	76
Net gain on sales of assets	(70)	(33)	(126)	(66)
Operating income	(49)	(103)	(158)	(320)
Interest expense, net	(120)	(141)	(367)	(429)
Provision for (benefit from) income taxes	56	14	66	10
Total assets	5,445	5,814	5,445	5,814
Capital expenditures	22	41	76	149
Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues	1,054	1,008	3,553	3,058
Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues	71	64	273	237
Pt Smelting [Member] \| Affiliated Entity [Member]
Segment Reporting Information [Line Items]
Revenues	827	652	2,100	1,400
Morenci [Member] \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues	30	57	58	168
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(304)	(242)	(892)	(765)
Cost, Depreciation, Amortization and Depletion	43	42	133	138
Selling, general and administrative expenses	(1)	(1)	(3)	(2)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	149	232	666	617
Interest expense, net	(1)	(1)	(3)	(2)
Provision for (benefit from) income taxes	0	0	0	0
Total assets	2,826	2,844	2,826	2,844
Capital expenditures	63	26	151	78
Morenci [Member] \| Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues	467	460	1,636	1,354
Other Individually Immaterial Operating Segments [Member] \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues	2	40	30	122
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(485)	(410)	(1,477)	(1,273)
Cost, Depreciation, Amortization and Depletion	45	54	141	192
Selling, general and administrative expenses	0	(1)	(2)	(2)
Mining exploration and research expenses	1	0	2	2
Environmental obligations and shutdown costs	2	0	2	0
Net gain on sales of assets	0	0	0	0
Operating income	56	123	323	357
Interest expense, net	0	0	0	(1)
Provision for (benefit from) income taxes	0	0	0	0
Total assets	4,465	4,223	4,465	4,223
Capital expenditures	118	13	262	28
Other Individually Immaterial Operating Segments [Member] \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues	122	109	443	332
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(105)	(76)	(354)	(245)
Cost, Depreciation, Amortization and Depletion	20	18	66	60
Selling, general and administrative expenses	0	0	0	0
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	(3)	15	23	27
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	5	5	15	10
Total assets	1,709	1,595	1,709	1,595
Capital expenditures	3	3	10	5
Other Individually Immaterial Operating Segments [Member] \| Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues	587	548	1,917	1,704
Other Individually Immaterial Operating Segments [Member] \| Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Cerro Verde [Member] \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues	687	850	2,031	2,057
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(519)	(683)	(1,391)	(1,450)
Cost, Depreciation, Amortization and Depletion	122	116	336	332
Selling, general and administrative expenses	(3)	(2)	(7)	(7)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	114	113	570	505
Interest expense, net	(15)	(156)	(48)	(187)
Provision for (benefit from) income taxes	37	134	207	288
Total assets	8,613	8,851	8,613	8,851
Capital expenditures	47	17	178	60
Cerro Verde [Member] \| Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues	71	64	273	237
Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures			695	663
Grasberg Segment [Member] \| Operating Segments \| Indonesia
Segment Reporting Information [Line Items]
Revenues	1,703	1,121	4,863	2,720
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(522)	(407)	(1,404)	(1,224)
Cost, Depreciation, Amortization and Depletion	181	136	534	372
Selling, general and administrative expenses	(29)	(32)	(96)	(92)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	1,032	546	2,943	1,032
Interest expense, net	0	(1)	0	(1)
Provision for (benefit from) income taxes	424	233	1,254	435
Total assets	11,764	11,100	11,764	11,100
Capital expenditures	246	206	695	663
Grasberg Segment [Member] \| Intersegment \| Indonesia
Segment Reporting Information [Line Items]
Revenues	61	0	114	0
Molybdenum [Member]
Segment Reporting Information [Line Items]
Capital expenditures			6	4
Molybdenum [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(76)	(57)	(214)	(167)
Cost, Depreciation, Amortization and Depletion	20	20	60	58
Selling, general and administrative expenses	0	0	0	0
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	5	(12)	33	(26)
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	0	0	0	0
Total assets	1,808	1,885	1,808	1,885
Capital expenditures	4	2	6	4
Molybdenum [Member] \| Intersegment
Segment Reporting Information [Line Items]
Revenues	101	65	307	199
Rod and Refining Segment [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,212	1,137	3,984	3,290
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(1,215)	(1,140)	(3,992)	(3,296)
Cost, Depreciation, Amortization and Depletion	3	2	8	7
Selling, general and administrative expenses	0	0	0	0
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	2	3	8	9
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	0	0	0	0
Total assets	284	264	284	264
Capital expenditures	1	1	3	3
Rod and Refining Segment [Member] \| Intersegment
Segment Reporting Information [Line Items]
Revenues	8	8	24	22
Atlantic Copper Smelting and Refining Segment [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	579	554	1,758	1,412
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(559)	(533)	(1,694)	(1,369)
Cost, Depreciation, Amortization and Depletion	6	7	20	21
Selling, general and administrative expenses	(5)	(4)	(16)	(13)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	9	11	30	10
Interest expense, net	(7)	(5)	(18)	(13)
Provision for (benefit from) income taxes	0	1	1	4
Total assets	835	751	835	751
Capital expenditures	3	5	10	30
Atlantic Copper Smelting and Refining Segment [Member] \| Intersegment
Segment Reporting Information [Line Items]
Revenues	0	1	2	1
Corporate And Eliminations \| Intersegment
Segment Reporting Information [Line Items]
Revenues	(1,295)	(1,146)	(4,273)	(3,517)
One-time Termination Benefits [Member] \| Grasberg Segment [Member] \| Operating Segments \| Indonesia
Segment Reporting Information [Line Items]
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization				(112)
Selling, general and administrative expenses				(5)
Cerro Verde Collective Labor Agreement [Member] \| Cerro Verde [Member] \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(69)		69
Onshore California [Member] \| Corporate And Eliminations
Segment Reporting Information [Line Items]
Net gain on sales of assets	(20)		(76)
Gulf of Mexico Shelf and Madden properties [Member] \| Corporate And Eliminations
Segment Reporting Information [Line Items]
Net gain on sales of assets		(33)		(49)
Freeport Cobalt [Member] \| Corporate And Eliminations
Segment Reporting Information [Line Items]
Net gain on sales of assets	$ (50)		$ (50)
Kisanfu Exploration Project [Member] \| Corporate And Eliminations
Segment Reporting Information [Line Items]
Net gain on sales of assets				(13)
Royalty Assessments [Member] \| Cerro Verde [Member] \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization		(216)		(216)
Interest expense, net		(141)		(141)
Provision for (benefit from) income taxes		2		2
Restatement Adjustment [Member] \| Accounting Standards Update 2017-05 [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization		8		35
Selling, general and administrative expenses		2		4
Mining exploration and research expenses				(1)
Environmental obligations and shutdown costs		(1)		(5)
Operating income		$ 11		$ 45

Guarantor Financial Statements (Details)	Sep. 30, 2018
FM O&G LLC Guarantor [Member]
Condensed Financial Statements, Captions [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	10000.00%

Guarantor Financial Statements (Unaudited) Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Current assets, other than assets held-for-sale	$ 10,921		$ 10,689
Property, plant, equipment and mine development costs, net	23,013		22,934
Investments in consolidated subsidiaries	0		0
Other assets	3,815		3,679
Total assets	37,749		37,302	$ 37,327
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	3,851		5,011
Long-term debt, less current portion	11,123		11,703
Deferred income taxes	3,839		3,649
Environmental and asset retirement obligations, less current portion	3,564		3,631
Investments in consolidated subsidiaries	0		0
Other liabilities	1,918		2,012
Total liabilities	24,295		26,006
Equity:
Stockholders' equity	9,977		7,977
Noncontrolling interests	3,477		3,319
Total equity	13,454	$ 12,842	11,296	$ 10,230	$ 9,993	$ 9,257
Total liabilities and equity	37,749		37,302
Eliminations [Member]
ASSETS
Current assets, other than assets held-for-sale	(1,022)		(790)
Property, plant, equipment and mine development costs, net	0		(10)
Investments in consolidated subsidiaries	(19,681)		(19,570)
Other assets	(77)		(491)
Total assets	(20,780)		(20,861)
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	(1,146)		(938)
Long-term debt, less current portion	(10,350)		(10,270)
Deferred income taxes	0		0
Environmental and asset retirement obligations, less current portion	0		0
Investments in consolidated subsidiaries	(11,025)		(11,250)
Other liabilities	(3,487)		(3,488)
Total liabilities	(26,008)		(25,946)
Equity:
Stockholders' equity	4,592		4,480
Noncontrolling interests	636		605
Total equity	5,228		5,085
Total liabilities and equity	(20,780)		(20,861)
FCX Issuer [Member] \| Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	549		75
Property, plant, equipment and mine development costs, net	19		14
Investments in consolidated subsidiaries	19,681		19,570
Other assets	546		943
Total assets	20,795		20,602
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	246		1,683
Long-term debt, less current portion	9,594		10,021
Deferred income taxes	820		748
Environmental and asset retirement obligations, less current portion	0		0
Investments in consolidated subsidiaries	0		0
Other liabilities	158		173
Total liabilities	10,818		12,625
Equity:
Stockholders' equity	9,977		7,977
Noncontrolling interests	0		0
Total equity	9,977		7,977
Total liabilities and equity	20,795		20,602
FM O&G LLC Guarantor [Member] \| Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	577		671
Property, plant, equipment and mine development costs, net	3		11
Investments in consolidated subsidiaries	0		0
Other assets	67		48
Total assets	647		730
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	137		220
Long-term debt, less current portion	6,784		6,512
Deferred income taxes	0		0
Environmental and asset retirement obligations, less current portion	209		201
Investments in consolidated subsidiaries	601		853
Other liabilities	3,340		3,340
Total liabilities	11,071		11,126
Equity:
Stockholders' equity	(10,424)		(10,396)
Noncontrolling interests	0		0
Total equity	(10,424)		(10,396)
Total liabilities and equity	647		730
Non-Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	10,817		10,733
Property, plant, equipment and mine development costs, net	22,991		22,919
Investments in consolidated subsidiaries	0		0
Other assets	3,279		3,179
Total assets	37,087		36,831
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	4,614		4,046
Long-term debt, less current portion	5,095		5,440
Deferred income taxes	3,019		2,901
Environmental and asset retirement obligations, less current portion	3,355		3,430
Investments in consolidated subsidiaries	10,424		10,397
Other liabilities	1,907		1,987
Total liabilities	28,414		28,201
Equity:
Stockholders' equity	5,832		5,916
Noncontrolling interests	2,841		2,714
Total equity	8,673		8,630
Total liabilities and equity	$ 37,087		$ 36,831

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues	$ 4,908	$ 4,310	$ 14,944	$ 11,362
Total costs and expenses	3,593	3,382	10,506	9,151
Operating income (loss)	1,315	928	4,438	2,211
Interest expense, net	(143)	(304)	(436)	(633)
Other Nonoperating Income (Expense)	14	2	71	(1)
Net gain on early extinguishment of debt	0	11	8	8
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings	1,186	626	4,073	1,577
Provision for income taxes	(522)	(387)	(1,543)	(747)
Equity in affiliated companies’ net earnings (losses)	4	3	5	6
Net income from continuing operations	668	242	2,535	836
Net (loss) income from discontinued operations	(4)	3	(19)	50
Net income	664	245	2,516	886
Net (income) loss from continuing operations attributable to noncontrolling interests	(108)	35	(399)	(106)
Net income from discontinued operations attributable to noncontrolling interests	0	0	0	(4)
Net income attributable to common stockholders	556	280	2,117	776
Other comprehensive income (loss)	11	13	34	105
Total comprehensive income (loss)	567	293	2,151	881
Eliminations [Member]
Revenues	0	0	0	0
Total costs and expenses	0	(1)	(10)	11
Operating income (loss)	0	1	10	(11)
Interest expense, net	125	89	350	252
Other Nonoperating Income (Expense)	(125)	(89)	(350)	(252)
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings	0	1	10	(11)
Provision for income taxes	0	0	(2)	4
Equity in affiliated companies’ net earnings (losses)	(656)	(283)	(2,208)	(907)
Net income from continuing operations	(656)	(282)	(2,200)	(914)
Net (loss) income from discontinued operations	0	0	0	0
Net income	(656)	(282)	(2,200)	(914)
Net (income) loss from continuing operations attributable to noncontrolling interests	(61)	(34)	(179)	(64)
Net income from discontinued operations attributable to noncontrolling interests				0
Net income attributable to common stockholders	(717)	(316)	(2,379)	(978)
Other comprehensive income (loss)	(11)	(13)	(34)	(105)
Total comprehensive income (loss)	(728)	(329)	(2,413)	(1,083)
FCX Issuer [Member] \| Reportable Legal Entities [Member]
Revenues	0	0	0	0
Total costs and expenses	7	8	20	30
Operating income (loss)	(7)	(8)	(20)	(30)
Interest expense, net	(93)	(116)	(294)	(355)
Other Nonoperating Income (Expense)	124	97	357	255
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings	24	(27)	43	(130)
Provision for income taxes	(188)	21	(282)	(111)
Equity in affiliated companies’ net earnings (losses)	720	286	2,356	1,017
Net income from continuing operations	556	280	2,117	776
Net (loss) income from discontinued operations	0	0	0	0
Net income	556	280	2,117	776
Net (income) loss from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income from discontinued operations attributable to noncontrolling interests				0
Net income attributable to common stockholders	556	280	2,117	776
Other comprehensive income (loss)	11	13	34	105
Total comprehensive income (loss)	567	293	2,151	881
FM O&G LLC Guarantor [Member] \| Reportable Legal Entities [Member]
Revenues	15	13	46	38
Total costs and expenses	(2)	25	(10)	86
Operating income (loss)	17	(12)	56	(48)
Interest expense, net	(79)	(59)	(219)	(167)
Other Nonoperating Income (Expense)	0	3	2	3
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings	(62)	(68)	(161)	(212)
Provision for income taxes	11	24	33	74
Equity in affiliated companies’ net earnings (losses)	(6)	20	(10)	14
Net income from continuing operations	(57)	(24)	(138)	(124)
Net (loss) income from discontinued operations	0	0	0	0
Net income	(57)	(24)	(138)	(124)
Net (income) loss from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income from discontinued operations attributable to noncontrolling interests				0
Net income attributable to common stockholders	(57)	(24)	(138)	(124)
Other comprehensive income (loss)	0	0	0	0
Total comprehensive income (loss)	(57)	(24)	(138)	(124)
Non-Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Revenues	4,893	4,297	14,898	11,324
Total costs and expenses	3,588	3,350	10,506	9,024
Operating income (loss)	1,305	947	4,392	2,300
Interest expense, net	(96)	(218)	(273)	(363)
Other Nonoperating Income (Expense)	15	(9)	62	(7)
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings	1,224	720	4,181	1,930
Provision for income taxes	(345)	(432)	(1,292)	(714)
Equity in affiliated companies’ net earnings (losses)	(54)	(20)	(133)	(118)
Net income from continuing operations	825	268	2,756	1,098
Net (loss) income from discontinued operations	(4)	3	(19)	50
Net income	821	271	2,737	1,148
Net (income) loss from continuing operations attributable to noncontrolling interests	(47)	69	(220)	(42)
Net income from discontinued operations attributable to noncontrolling interests				(4)
Net income attributable to common stockholders	774	340	2,517	1,102
Other comprehensive income (loss)	11	13	34	105
Total comprehensive income (loss)	$ 785	$ 353	$ 2,551	$ 1,207

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	$ 4,799	$ 5,129	$ 4,799	$ 5,129	$ 4,631	$ 4,403
Cash flow from operating activities:
Net cash provided by operating activities			3,925	3,012
Cash flow from investing activities:
Capital expenditures	(507)	(314)	(1,391)	(1,020)
Intercompany loans			0	0
Dividends from (investments in) consolidated subsidiaries			0	0
Asset sales and other, net			(81)	66
Net cash used in investing activities			(1,472)	(954)
Cash flow from financing activities:
Proceeds from debt			475	795
Repayments of debt			(2,410)	(1,991)
Intercompany loans			0	0
Cash dividends paid and contributions received, net			(386)	(69)
Other, net			(19)	(22)
Net cash used in financing activities			(2,340)	(1,287)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			113	771
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale			55	(45)
Eliminations [Member]
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	0	0	0	0	0	0
Cash flow from operating activities:
Net cash provided by operating activities			0	0
Cash flow from investing activities:
Capital expenditures			0	0
Intercompany loans			558	609
Dividends from (investments in) consolidated subsidiaries			(2,791)	(1,834)
Asset sales and other, net			0	0
Net cash used in investing activities			(2,233)	(1,225)
Cash flow from financing activities:
Proceeds from debt			0	0
Repayments of debt			0	0
Intercompany loans			(558)	(609)
Cash dividends paid and contributions received, net			2,775	1,772
Other, net			16	62
Net cash used in financing activities			2,233	1,225
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			0	0
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale			0	0
Reportable Legal Entities [Member] \| FCX Issuer [Member]
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	0	0	0	0	0	0
Cash flow from operating activities:
Net cash provided by operating activities			(181)	(222)
Cash flow from investing activities:
Capital expenditures			(2)	0
Intercompany loans			(558)	(609)
Dividends from (investments in) consolidated subsidiaries			2,726	1,757
Asset sales and other, net			4	0
Net cash used in investing activities			2,170	1,148
Cash flow from financing activities:
Proceeds from debt			0	0
Repayments of debt			(1,826)	(915)
Intercompany loans			0	0
Cash dividends paid and contributions received, net			(145)	(2)
Other, net			(18)	(9)
Net cash used in financing activities			(1,989)	(926)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			0	0
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale			0	0
Reportable Legal Entities [Member] \| Guarantor Subsidiaries [Member]
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	0	8	0	8	7	11
Cash flow from operating activities:
Net cash provided by operating activities			(285)	(383)
Cash flow from investing activities:
Capital expenditures			0	(24)
Intercompany loans			0	0
Dividends from (investments in) consolidated subsidiaries			0	(16)
Asset sales and other, net			3	58
Net cash used in investing activities			3	18
Cash flow from financing activities:
Proceeds from debt			0	0
Repayments of debt			(52)	(139)
Intercompany loans			327	512
Cash dividends paid and contributions received, net			0	0
Other, net			0	(11)
Net cash used in financing activities			275	362
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			(7)	(3)
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale			0	0
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member]
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	$ 4,799	$ 5,121	4,799	5,121	$ 4,624	$ 4,392
Cash flow from operating activities:
Net cash provided by operating activities			4,391	3,617
Cash flow from investing activities:
Capital expenditures			(1,389)	(996)
Intercompany loans			0	0
Dividends from (investments in) consolidated subsidiaries			65	93
Asset sales and other, net			(88)	8
Net cash used in investing activities			(1,412)	(895)
Cash flow from financing activities:
Proceeds from debt			475	795
Repayments of debt			(532)	(937)
Intercompany loans			231	97
Cash dividends paid and contributions received, net			(3,016)	(1,839)
Other, net			(17)	(64)
Net cash used in financing activities			(2,859)	(1,948)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			120	774
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale			$ 55	$ (45)

New Accounting Standard (Unaudited) Restricted Cash ASU (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued income taxes and timing of other tax payments	$ (131)	$ 393
Net cash provided by operating activities	3,925	3,012
Payments for (Proceeds from) Other Investing Activities	(91)	(2)
Net Cash Provided by (Used in) Investing Activities	(1,472)	(954)
Cash and Cash Equivalents, Period Increase (Decrease)	113	771
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	4,631	4,403
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$ 4,799	5,129
Restatement Adjustment [Member] \| Accounting Standards Update 2016-18 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued income taxes and timing of other tax payments		(6)
Net cash provided by operating activities		(6)
Payments for (Proceeds from) Other Investing Activities		20
Net Cash Provided by (Used in) Investing Activities		20
Cash and Cash Equivalents, Period Increase (Decrease)		14
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year		158
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period		172
Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued income taxes and timing of other tax payments		399
Net cash provided by operating activities		3,018
Payments for (Proceeds from) Other Investing Activities		(22)
Net Cash Provided by (Used in) Investing Activities		(974)
Cash and Cash Equivalents, Period Increase (Decrease)		757
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year		4,245
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period		$ 4,957

New Accounting Standard (Unaudited) Pension/Postretirement ASU (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	$ 3,069	$ 2,794	$ 8,792	$ 7,462
Cost of Revenue	3,527	3,212	10,143	8,719
Selling, general and administrative expenses	101	104	341	362
Mining exploration and research expenses	27	27	72	60
Environmental obligations and shutdown costs	8	72	76	76
Costs and Expenses	3,593	3,382	10,506	9,151
Operating income (loss)	1,315	928	4,438	2,211
Other Nonoperating Income (Expense)	$ 14	(9)	$ 63	(9)
Restatement Adjustment [Member] \| Accounting Standards Update 2017-05 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization		(8)		(35)
Cost of Revenue		(8)		(35)
Selling, general and administrative expenses		(2)		(4)
Mining exploration and research expenses				(1)
Environmental obligations and shutdown costs		(1)		(5)
Costs and Expenses		(11)		(45)
Operating income (loss)		11		45
Other Nonoperating Income (Expense)		(11)		(45)
Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization		2,802		7,497
Cost of Revenue		3,220		8,754
Selling, general and administrative expenses		106		366
Mining exploration and research expenses				61
Environmental obligations and shutdown costs		73		81
Costs and Expenses		3,393		9,196
Operating income (loss)		917		2,166
Other Nonoperating Income (Expense)		$ 2		$ 36

New Accounting Standard (Unaudited) Tax Reform Reclassification (Details) $ in Millions	Sep. 30, 2018 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of new accounting standard for reclassification of income taxes (refer to Note 11)	$ 0
AOCI Attributable to Parent [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of new accounting standard for reclassification of income taxes (refer to Note 11)	$ (79)