FREEPORT-MCMORAN INC, 10-Q filed on 5/5/2021
Quarterly Report
v3.21.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2021
Apr. 30, 2021
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2021  
Document Transition Report false  
Entity File Number 001-11307-01  
Entity Registrant Name Freeport-McMoRan Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 74-2480931  
Entity Address, Address Line One 333 North Central Avenue  
Entity Address, City or Town Phoenix  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85004-2189  
City Area Code (602)  
Local Phone Number 366-8100  
Title of 12(b) Security Common Stock, par value $0.10 per share  
Trading Symbol FCX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,465,526,823
Entity Central Index Key 0000831259  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.21.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 4,580 $ 3,657
Trade accounts receivable 1,248 892
Income and other tax receivables 522 520
Inventories:    
Total materials and supplies, net 1,596 1,594
Mill and leach stockpiles 1,007 1,014
Product 1,542 1,285
Other current assets 361 341
Total current assets 10,856 9,303
Property, plant, equipment and mine development costs, net 29,775 29,818
Long-term mill and leach stockpiles 1,475 1,463
Other assets 1,537 1,560
Total assets 43,643 42,144
Current liabilities:    
Accounts payable and accrued liabilities 2,866 2,708
Long-term Debt, Current Maturities 656 34
Accrued income taxes 647 324
Environmental And Asset Retirement Obligations, Current 331 351
Dividends Payable, Current 111 0
Total current liabilities 4,611 3,417
Long-term debt, less current portion 9,153 9,677
Deferred Income Tax Liabilities, Net 4,446 4,408
Environmental and asset retirement obligations, less current portion 3,720 3,705
Other liabilities 2,140 2,269
Total liabilities 24,070 23,476
Stockholders’ equity:    
Common stock 160 159
Capital in excess of par value 26,080 26,037
Accumulated deficit (10,963) (11,681)
Accumulated other comprehensive loss (580) (583)
Common stock held in treasury (3,777) (3,758)
Total stockholders’ equity 10,920 10,174
Noncontrolling interests 8,653 8,494
Total equity 19,573 18,668
Total liabilities and equity $ 43,643 $ 42,144
v3.21.1
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Revenues $ 4,850 $ 2,798
Cost of sales:    
Production and delivery 2,786 2,545
Depreciation, depletion and amortization 419 341
Metals inventory adjustments 1 222
Total cost of sales 3,206 3,108
Selling, general and administrative expenses 100 110
Mining exploration and research expenses 7 16
Environmental obligations and shutdown costs 5 26
Net loss on sales of assets 0 11
Total costs and expenses 3,318 3,271
Operating income (loss) 1,532 (473)
Interest expense, net (145) (127)
Net loss on early extinguishment of debt 0 (32)
Other income, net 11 20
Income (loss) before income taxes and equity in affiliated companies’ net (losses) earnings 1,398 (612)
(Provision for) benefit from income taxes (443) 60
Equity in affiliated companies’ net (losses) earnings (2) 3
Net income (loss) from continuing operations 953 (549)
Net income 953 (549)
Net income (loss) attributable to noncontrolling interests 235 (58)
Net income (loss) attributable to common stockholders $ 718 $ (491)
Earnings Per Share, Basic and Diluted [Abstract]    
Earnings per share, basic (in dollars per share) $ 0.49 $ (0.34)
Earnings Per Share, Diluted $ 0.48 $ (0.34)
Basic weighted-average shares of common stock outstanding 1,462 1,452
Diluted weighted-average shares of common shares outstanding 1,477 1,452
Dividends declared per share of common stock (in dollars per share) $ 0.075 $ 0
v3.21.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 953 $ (549)
Defined benefit plans:    
Actuarial losses arising during the period (1) 0
Amortization of unrecognized amounts included in net periodic benefit costs 4 12
Foreign exchange losses (1) (5)
Other comprehensive income 2 7
Total comprehensive income (loss) 955 (542)
Total comprehensive (income) loss attributable to noncontrolling interests (234) 59
Total comprehensive income (loss) $ 721 $ (483)
v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flow from operating activities:    
Net income (loss) $ 953 $ (549)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation, depletion and amortization 419 341
Metals inventory adjustments 1 222
Gain (Loss) on Disposition of Assets 0 (11)
Stock-based compensation 41 27
Net charges for environmental and asset retirement obligations, including accretion 39 60
Payments for environmental and asset retirement obligations (54) (71)
Net charges for defined pension and postretirement plans 0 18
Pension plan contributions (21) (26)
Net loss on early extinguishment of debt 0 32
Deferred income taxes 38 (118)
Other, net 28 (56)
Changes in working capital and other:    
Accounts receivable (361) 205
Inventories (225) 154
Other current assets 6 (89)
Accounts payable and accrued liabilities (42) (149)
Accrued income taxes and timing of other tax payments 286 (2)
Net cash provided by operating activities 1,075 (38)
Cash flow from investing activities:    
Capital expenditures (370) (610)
Proceeds from Sale of Other Assets, Investing Activities 5 66
Other, net (3) (2)
Net cash used in investing activities (368) (546)
Cash flow from financing activities:    
Proceeds from debt 130 1,478
Repayments of debt (32) (1,242)
Cash dividends and distributions paid:    
Cash dividends paid on common stock 0 (73)
Contributions from noncontrolling interests 41 32
Proceeds from exercised stock options 106 1
Payments for withholding of employee taxes related to stock-based awards (19) (5)
Payments of Financing Costs (1) (18)
Net cash provided by financing activities 225 173
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 932 (411)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 3,903 2,278
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 4,835 1,867
North America Copper Mines Segment [Member]    
Cash flow from investing activities:    
Capital expenditures (26) (184)
South America Mines Segment [Member]    
Cash flow from investing activities:    
Capital expenditures (21) (74)
Grasberg Segment [Member]    
Cash flow from investing activities:    
Capital expenditures (310) (326)
Molybdenum    
Cash flow from investing activities:    
Capital expenditures (1) (7)
Other Segments [Member]    
Cash flow from investing activities:    
Capital expenditures (12) (19)
Cerro Verde Royalty Dispute    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Charges for Cerro Verde royalty dispute 5 9
Payments for Cerro Verde royalty dispute $ (38) $ (57)
v3.21.1
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, 2019   1,582       131    
Balance at Dec. 31, 2019 $ 17,448 $ 158 $ 25,830 $ (12,280) $ (676) $ (3,734) $ 9,298 $ 8,150
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares) 1              
Exercised and issued stock-based awards $ 1   1       1  
Stock-based compensation, including the tender of shares 24   29     $ (5) 24  
Contributions from noncontrolling interests 32   15       15 17
Net loss attributable to common stockholders (491)     (491)     (491)  
Net income (loss) attributable to noncontrolling interests (58)             (58)
Other comprehensive income 7       8   8 (1)
Balance (in shares) at Mar. 31, 2020   1,583       131    
Balance at Mar. 31, 2020 16,963 $ 158 25,875 (12,771) (668) $ (3,739) 8,855 8,108
Balance (in shares) at Dec. 31, 2020   1,590       132    
Balance at Dec. 31, 2020 $ 18,668 $ 159 26,037 (11,681) (583) $ (3,758) 10,174 8,494
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares) 7              
Exercised and issued stock-based awards $ 106 $ 1 105       106  
Stock-based compensation, including the tender of shares (in shares)           1    
Stock-based compensation, including the tender of shares 7   29     $ (19) 10 (3)
Contributions from noncontrolling interests 41   20       20 21
Dividends (204)   (111)       (111) (93)
Net loss attributable to common stockholders 718     718     718  
Net income (loss) attributable to noncontrolling interests 235             235
Other comprehensive income 2       3   3 (1)
Balance (in shares) at Mar. 31, 2021   1,597       133    
Balance at Mar. 31, 2021 $ 19,573 $ 160 $ 26,080 $ (10,963) $ (580) $ (3,777) $ 10,920 $ 8,653
v3.21.1
General Information (Unaudited)
 3 Months Ended
Mar. 31, 2021
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, 2020 (2020 Form 10-K). 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. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month period ended March 31, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

Trade Accounts Receivable Agreements. In first-quarter 2021, PT Freeport Indonesia (PT-FI) entered into agreements to sell certain trade accounts receivables to unrelated third-party financial institutions. The agreements were entered into in the normal course of business to fund the working capital for the additional quantity of copper to be supplied by PT-FI to PT Smelting (a smelter in Gresik, Indonesia owned 25 percent by PT-FI through April 30, 2020, and 39.5 percent thereafter. See “Acquisition of Minority Interest in PT Smelting” below) beginning January 1, 2021. The balances sold under the agreements were excluded from trade accounts receivable on the consolidated balance sheet at March 31, 2021. Receivables are considered sold when (i) they are transferred beyond the reach of PT-FI and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) PT-FI has no continuing involvement in the transferred receivables. In addition, PT-FI provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold.

For the three-month period ended March 31, 2021, gross amounts sold under these arrangements totaled $52.5 million ($52.4 million net of discount).

Acquisition of Minority Interest in PT Smelting. On April 30, 2021, PT-FI acquired 14.5 percent of the outstanding common stock of PT Smelting for $33 million, increasing its ownership interest from 25 percent to 39.5 percent. The remaining shares of PT Smelting continue to be owned by Mitsubishi Materials Corporation. PT-FI will continue to account for its investment in PT Smelting using the equity method since it does not have control over PT Smelting.

Subsequent Events. FCX evaluated events after March 31, 2021, 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.
v3.21.1
Earnings per Share (Unaudited) Earnings per Share (Notes)
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHAREFCX calculates its basic net income (loss) per share of common stock under the two-class method and calculates its diluted net income (loss) per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income (loss) per share of common stock was computed by dividing net income (loss) attributable to common stockholders (after deducting accumulated dividends and undistributed earnings to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income (loss) 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.
Reconciliations of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share follow (in millions, except per share amounts):
Three Months Ended
March 31,
 20212020
Net income (loss)$953 $(549)
Net (income) loss attributable to noncontrolling interests(235)58 
Undistributed earnings allocated to participating securities(4)(3)
Net income (loss) attributable to common stockholders$714 $(494)
Basic weighted-average shares of common stock outstanding
1,462 1,452 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)15 — a
Diluted weighted-average shares of common stock outstanding
1,477 1,452 
Basic net income (loss) per share attributable to common stockholders:$0.49 $(0.34)
Diluted net income (loss) per share attributable to common stockholders:$0.48 $(0.34)
a.Excludes approximately 10 million shares associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and RSUs 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 (loss) per share of common stock. Stock options for 10 million shares of common stock in first-quarter 2021 and 40 million shares of common stock in first-quarter 2020, were excluded.
v3.21.1
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)
 3 Months Ended
Mar. 31, 2021
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):
March 31, 2021December 31, 2020
Current inventories:
Total materials and supplies, neta
$1,596 $1,594 
Mill stockpiles$177 $205 
Leach stockpiles830 809 
Total current mill and leach stockpiles$1,007 $1,014 
Raw materials (primarily concentrate)$419 $366 
Work-in-process165 174 
Finished goods958 745 
Total product$1,542 $1,285 
Long-term inventories:
Mill stockpiles$245 $223 
Leach stockpiles1,230 1,240 
Total long-term mill and leach stockpilesb
$1,475 $1,463 

a.Materials and supplies inventory was net of obsolescence reserves totaling $35 million at March 31, 2021, and $32 million at December 31, 2020.
b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

FCX recorded net realizable value inventory adjustments to decrease long-term metals inventory carrying values totaling $1 million in first-quarter 2021, associated with lower market prices for molybdenum, and $222 million in first-quarter 2020, associated with lower market prices for copper ($205 million) and molybdenum ($17 million) (refer to Note 9 for metals inventory adjustments by business segment).
v3.21.1
Income Taxes (Unaudited)
 3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Geographic sources of FCX’s (provision for) benefit from income taxes follow (in millions):
Three Months Ended
March 31,
 20212020
U.S. operations$— 

$5 

International operations(443)

55 
Total$(443)$60 


FCX’s consolidated effective income tax rate was 32 percent for first-quarter 2021 and 10 percent for first-quarter 2020. Because FCX's U.S. jurisdiction generated pre-tax losses in the first three months of 2020 that did not result in a realized tax benefit, applicable accounting rules required FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S. pre-tax losses. Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate.

In connection with the negative impacts of the COVID-19 pandemic on the global economy, governments throughout the world are announcing measures that are intended to provide tax and other financial relief. Such measures include the American Rescue Plan Act of 2021 (ARPA), enacted on March 11, 2021, and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020. None of these measures resulted in material impacts to FCX’s provision for income taxes for the three months ended March 31, 2021 and 2020. However, certain provisions of the CARES Act provided FCX with the opportunity to accelerate collections of tax refunds, primarily those associated with the U.S. alternative minimum tax. FCX collected U.S. alternative minimum tax credit refunds of $221 million in July 2020 and $24 million in October 2020. FCX collected the remaining U.S. alternative minimum tax credit refund of $23 million in March 2021. FCX continues to evaluate income tax accounting considerations of COVID-19 measures as they develop, including any impact on its measurement of existing deferred tax assets and deferred tax liabilities. FCX will recognize any impact from COVID-19 related changes to tax laws in the period in which the new legislation is enacted.
v3.21.1
Debt and Equity
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt and Equity DEBT AND EQUITY
The components of debt follow (in millions):
 March 31,
2021		December 31, 2020
Senior notes and debentures:
Issued by FCX$8,785 $8,783 
Issued by Freeport Minerals Corporation (FMC)356 356 
Cerro Verde Term Loan524 523 
Other 144 49 
Total debt9,809 9,711 
Less current portion of debt(656)(34)
Long-term debt$9,153 $9,677 

Revolving Credit Facility. At March 31, 2021, FCX had no borrowings outstanding and approximately $10 million in letters of credit issued under its 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. Availability under FCX’s revolving credit facility consists of $3.28 billion maturing April 2024 and $220 million maturing April 2023.

In March 2021, FCX delivered a Covenant Reversion Notice (as defined in the third amendment to the revolving credit facility dated June 3, 2020), which provided notification of its election to end the Covenant Increase Period (as defined in the third amendment to the revolving credit facility dated June 3, 2020). As a result, the leverage ratio limit reverted to 5.25x through the quarter ending June 30, 2021 (stepping down to 3.75x beginning with the quarter ending September 30, 2021), and the interest expense coverage ratio minimum reverted to 2.25x. Additionally, following FCX’s election to end the Covenant Increase Period, the additional limits on priority debt and liens, and the provisions related to minimum liquidity and restricted payments (which included restrictions on the payment of common stock dividends) are no longer applicable. At March 31, 2021, FCX was in compliance with its revolving credit facility covenants.
Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $160 million in first-quarter 2021 and $171 million in first-quarter 2020. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $15 million in first-quarter 2021 and $44 million in first-quarter 2020. The decrease in capitalized interest in first-quarter 2021, compared with first-quarter 2020, is primarily related to significant assets at PT-FI’s underground mines being placed in service.

Common Stock.  In February 2021, FCX’s Board of Directors (the Board) reinstated a cash dividend on FCX’s common stock. On March 24, 2021, FCX declared a quarterly cash dividend of $0.075 per share on its common stock, which was paid on May 3, 2021, to common stockholders of record as of April 15, 2021.
v3.21.1
Financial Instruments (Unaudited)
 3 Months Ended
Mar. 31, 2021
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.

A discussion of FCX’s other 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 and cathode 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 three-month periods ended March 31, 2021 and 2020. At March 31, 2021, FCX held copper futures and swap contracts that qualified for hedge accounting for 66 million pounds at an average contract price of $3.73 per pound, with maturities through March 2023.

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
March 31,
 20212020
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$3 $(33)
Hedged item – firm sales commitments(3)33 
Realized gains (losses):
Matured derivative financial instruments24 (9)
Derivatives Not Designated as Hedging Instruments
Embedded Derivatives. Certain FCX concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement. FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the London gold prices as specified in the contracts, which results in an embedded derivative (i.e., a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate or cathode at the then-current LME or COMEX copper price, and the London gold price. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate or cathode sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted London gold prices, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. 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 March 31, 2021, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)486 $3.83 $3.99 August 2021
Gold (thousands of ounces)151 1,755 1,689 June 2021
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)123 3.77 3.99 July 2021

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 production and delivery costs. At March 31, 2021, Atlantic Copper held net copper forward purchase contracts for 23 million pounds at an average contract price of $4.09 per pound, with maturities through May 2021.

Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):
 Three Months Ended
March 31,
 20212020
Embedded derivatives in provisional sales contracts:a
Copper$207 $(238)
Gold and other metals(28)7 
Copper forward contractsb
(8)24 
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):
March 31,
2021		December 31, 2020
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$18 $15 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts105 169 
Copper forward contracts3 — 
Total derivative assets$126 $184 
Commodity Derivative Liabilities:
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts67 21 
Copper forward contracts1 — 
Total derivative liabilities$68 $21 

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):
AssetsLiabilities
March 31,
2021		December 31, 2020March 31,
2021		December 31, 2020
Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts$105 $169 $67 $21 
Copper derivatives21 15 1 — 
126 184 68 21 
Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts7 1 7 1 
Copper derivatives1 — 1 — 
8 1 8 1 
Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts98 168 60 20 
Copper derivatives20 15 — — 
$118 $183 $60 $20 
Balance sheet classification:
Trade accounts receivable$92 $168 $23 $— 
Other current assets19 15 — — 
Other assets1 — — — 
Accounts payable and accrued liabilities6 — 37 20 
$118 $183 $60 $20 
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. As of March 31, 2021, the maximum amount of credit exposure associated with derivative transactions was $128 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 $0.3 billion at March 31, 2021, and December 31, 2020), 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 March 31, 2021, FCX has contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 7 for the related fair values).

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 (in millions):
March 31,
2021		December 31, 2020
Balance sheet components:
Cash and cash equivalents$4,580 $3,657 
Restricted cash and restricted cash equivalents included in:
Other current assets106 97 
Other assets149 149 
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows$4,835 $3,903 
v3.21.1
Fair Value Measurement
 3 Months Ended
Mar. 31, 2021
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 first-quarter 2021.

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 March 31, 2021
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$29 $29 $29 $— $— $— 
Equity securities6 6 — 6 — — 
Total35 35 29 6 — — 
Legally restricted funds:a
    
U.S. core fixed income fund63 63 63 — — — 
Government bonds and notes46 46 — — 46 — 
Corporate bonds40 40 — — 40 — 
Government mortgage-backed securities28 28 — — 28 — 
Asset-backed securities12 12 — — 12 — 
Money market funds12 12 — 12 — — 
Collateralized mortgage-backed securities4 4 — — 4 — 
Municipal bonds1 1 — — 1 — 
Total206 206 63 12 131 — 
Derivatives:    
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc
105 105 — — 105 — 
Copper futures and swap contractsc
18 18 — 15 3 — 
Copper forward contractsc
3 3 — 1 2 — 
       Total126 126 — 16 110 — 
Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa
104 88 — — — 88 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position67 67 — — 67 — 
Copper forward contracts1 1 — — 1 — 
Total68 68 — — 68 — 
Long-term debt, including current portiond
9,809 10,891 — — 10,891 — 
At December 31, 2020
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$29 $29 $29 $— $— $— 
Equity securities7 7 — 7 — — 
Total36 36 29 7 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 65 65 65 — — — 
Government bonds and notes49 49 — — 49 — 
Corporate bonds43 43 — — 43 — 
Government mortgage-backed securities30 30 — — 30 — 
Asset-backed securities16 16 — — 16 — 
Money market funds5 5 — 5 — — 
Collateralized mortgage-backed securities4 4 — — 4 — 
Municipal bonds1 1 — — 1 — 
Total213 213 65 5 143 — 
Derivatives:    
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc
169 169 — — 169 — 
Copper futures and swap contractsc
15 15 — 13 2 — 
Total184 184 — 13 171 — 
Contingent consideration for the sale of the
   Deepwater GOM oil and gas propertiesa
108 88 — — — 88 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position21 21 — — 21 — 
Long-term debt, including current portiond
9,711 10,994 — — 10,994 — 
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 $106 million at March 31, 2021, and $97 million at December 31, 2020, and (ii) other assets of $148 million at both March 31, 2021 and December 31, 2020, primarily associated with an assurance bond to support PT-FI’s commitment for the development of a greenfield smelter in Indonesia and PT-FI’s closure and reclamation guarantees.
c.Refer to Note 6 for further discussion and balance sheet classifications.
d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

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).

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. 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.

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

In December 2016, FCX’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 is being received over time as cash flows are realized from a third-party production handling agreement for an offshore platform, with the related payments commencing in third-quarter 2018. The contingent consideration included in (i) other current assets totaled $18 million at March 31, 2021, and $12 million at December 31, 2020, and (ii) other assets totaled $86 million at March 31, 2021, and $96 million at December 31, 2020. 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 primarily 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 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 March 31, 2021, as compared with those techniques used at December 31, 2020.

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 three months of 2021 follows (in millions):
Fair value at January 1, 2021$88 
Net unrealized gain related to assets still held at the end of the period5 
Settlements
(5)
Fair value at March 31, 2021$88 
v3.21.1
Contingencies and Commitments (Unaudited)
 3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies CONTINGENCIES AND COMMITMENTS
Litigation
There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2020 Form 10-K, other than the matters discussed below.

Asbestos and Talc Claims. As previously disclosed, since approximately 1990, various FCX affiliates have been named as defendants in a large number of lawsuits alleging personal injury from, among other things, exposure to asbestos or talc allegedly contained in industrial products, and more recently alleging the presence of asbestos contamination in talc-based cosmetic and personal care products. Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX, and Cyprus Mines Corporation (Cyprus Mines), a wholly owned subsidiary of CAMC, are among the targets of such lawsuits. Cyprus Mines and subsidiaries were engaged in talc mining and processing from 1964 until 1992 when Cyprus Mines exited its talc business. On February 13, 2019, Imerys Talc America (Imerys), the current owner of the talc business assets and liabilities previously owned by Cyprus Mines, filed for Chapter 11 bankruptcy protection. On December 22, 2020, Imerys filed an amended bankruptcy plan disclosing a global settlement with Cyprus Mines and CAMC, which provides a framework for a full and comprehensive resolution of all current and future potential liabilities arising out of the Cyprus Mines talc business,
including claims against FCX, its affiliates, Cyprus Mines, and CAMC. On January 21, 2021, in connection with the proposed global settlement, Imerys sought an injunction temporarily staying up to approximately 950 talc-related lawsuits against CAMC and Cyprus Mines. On February 22, 2021, the bankruptcy court granted the requested preliminary injunction, which is currently in place until June 30, 2021. The global settlement is subject to, among other things, bankruptcy court approvals of both the Imerys bankruptcy plan and the Cyprus Mines bankruptcy plan, and there can be no assurance that the global settlement will be successfully implemented.

Other Matters
PT-FI and PT Smelting Export Licenses. In March 2021, PT-FI received a one-year extension of its export license through March 15, 2022, and in January 2021, PT Smelting received a six-month extension of its anodes slimes export license, which currently expires July 18, 2021.

Development Progress of Greenfield Smelter at East Java. On January 7, 2021, the Indonesia government levied an administrative fine of $149 million for the period from March 30, 2020, through September 30, 2020 (additional fines could be levied on exports after September 30, 2020), on PT-FI for failing to achieve physical development progress on the greenfield smelter as of July 31, 2020. PT-FI responded to the Indonesia government objecting to the fine because of events outside of its control that caused a delay in development progress for the greenfield smelter at East Java. PT-FI believes that its communications during 2020 with the Indonesia government were not properly considered before the administrative fine was levied. PT-FI is continuing to discuss this matter with the Indonesia government as well as provide additional documentation to support its position on the cause of delays in development progress on the greenfield smelter. During first-quarter 2021, PT-FI recorded a $13 million charge for a potential settlement of the administrative fine which is expected to include a revised construction schedule for the greenfield smelter. The final settlement could differ from the amount recorded in first-quarter 2021.
v3.21.1
BUSINESS SEGMENTS
 3 Months Ended
Mar. 31, 2021
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 until April 30, 2021 on 25 percent of PT-FI’s sales to PT Smelting, until final sales to third parties occur. See Note 1 regarding PT-FI’s increased ownership in PT Smelting as of April 30, 2021. 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 first quarters of 2021 and 2020 follow (in millions):
Three Months Ended
March 31,
 20212020
Copper:
Concentrate$1,709 $849 
Cathode1,234 837 
Rod and other refined copper products684 542 
Purchased coppera
218 235 
Gold518 270 
Molybdenum244 243 
Otherb
253 157 
Adjustments to revenues:
Treatment charges(97)(80)
Royalty expensec
(63)(20)
Export dutiesd
(29)(4)
Revenues from contracts with customers4,671 3,029 
Embedded derivativese
179 (231)
Total consolidated revenues$4,850 $2,798 
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b.Primarily includes revenues associated with cobalt and silver.
c.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.
d.Reflects PT-FI export duties.
e.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)
    
 AtlanticCorporate,
North America Copper MinesSouth America MiningCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalMiningMinesRefining& RefiningnationsTotal
Three Months Ended March 31, 2021           
Revenues:            
Unaffiliated customers$4 $28 $32 $917 $175 $1,092 $1,383 
a
$— $1,309 $687 $347 
b
$4,850 
Intersegment564 742 1,306 45 — 45 52 70 7 — (1,480)— 
Production and delivery269 480 749 436 103 539 455 57 1,316 673 (1,003)
c
2,786 
Depreciation, depletion and amortization
34 46 80 89 12 101 199 15 1 7 16 419 
Metals inventory adjustments
— — — — — — — 1 — — — 1 
Selling, general and administrative expenses
— 1 1 2 — 2 26 — — 7 64 100 
Mining exploration and research expenses— — — — — — — — — — 7 7 
Environmental obligations and shutdown costs
— — — — — — — — — — 5 5 
Operating income (loss)265 243 508 435 60 495 755 (3)(1)— (222)1,532 
Interest expense, net— — — 13 — 13 1 — — 1 130 145 
Provision for (benefit from) income taxes— — — 173 21 194 315 — — — (66)443 
Total assets at March 31, 20212,629 5,283 7,912 8,723 1,738 10,461 17,551 1,753 235 997 4,734 43,643 
Capital expenditures10 16 26 20 1 21 310 1 1 6 5 370 
Three Months Ended March 31, 2020            
Revenues:            
Unaffiliated customers$2 $7 $9 $376 $98 $474 $445 
a
$— $1,115 $429 $326 
b
$2,798 
Intersegment442 534 976 38 — 38 — 71 8 11 (1,104)— 
Production and delivery349 511 860 424 110 534 343 66 1,119 411 (788)2,545 
Depreciation, depletion and amortization
44 48 92 93 15 108 101 16 2 7 15 341 
Metals inventory adjustments
4 141 145 — 60 60 — 4 — — 13 222 
Selling, general and administrative expenses
1 — 1 2 — 2 28 — — 5 74 110 
Mining exploration and research expenses— 1 1 — — — — — — — 15 16 
Environmental obligations and shutdown costs
— — — — — — — — 1 — 25 26 
Net loss on sales of assets— — — — — — — — — — 11 11 
Operating income (loss)46 (160)(114)(105)(87)(192)(27)(15)1 17 (143)(473)
Interest expense, net1 — 1 28 — 28 1 — — 3 94 127 
(Benefit from) provision for income taxes— — — (52)(26)(78)12 — — — 6 (60)
Total assets at March 31, 20202,814 5,093 7,907 8,471 1,655 10,126 16,711 1,788 231 635 2,821 40,219 
Capital expenditures44 140 184 59 15 74 326 7 2 6 11 610 
a.Includes PT-FI's sales to PT Smelting totaling $792 million in first-quarter 2021 and $380 million in first-quarter 2020.
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 associated with the major maintenance turnaround at the Miami smelter totaling $68 million.
v3.21.1
Earnings per Share (Unaudited) Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Reconciliation of net income (loss) and weighted-average shares of common stock outstanding
Reconciliations of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share follow (in millions, except per share amounts):
Three Months Ended
March 31,
 20212020
Net income (loss)$953 $(549)
Net (income) loss attributable to noncontrolling interests(235)58 
Undistributed earnings allocated to participating securities(4)(3)
Net income (loss) attributable to common stockholders$714 $(494)
Basic weighted-average shares of common stock outstanding
1,462 1,452 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)15 — a
Diluted weighted-average shares of common stock outstanding
1,477 1,452 
Basic net income (loss) per share attributable to common stockholders:$0.49 $(0.34)
Diluted net income (loss) per share attributable to common stockholders:$0.48 $(0.34)
a.Excludes approximately 10 million shares associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and RSUs that were anti-dilutive.
v3.21.1
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables)
 3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]  
Schedule of Inventory
The components of inventories follow (in millions):
March 31, 2021December 31, 2020
Current inventories:
Total materials and supplies, neta
$1,596 $1,594 
Mill stockpiles$177 $205 
Leach stockpiles830 809 
Total current mill and leach stockpiles$1,007 $1,014 
Raw materials (primarily concentrate)$419 $366 
Work-in-process165 174 
Finished goods958 745 
Total product$1,542 $1,285 
Long-term inventories:
Mill stockpiles$245 $223 
Leach stockpiles1,230 1,240 
Total long-term mill and leach stockpilesb
$1,475 $1,463 

a.Materials and supplies inventory was net of obsolescence reserves totaling $35 million at March 31, 2021, and $32 million at December 31, 2020.
b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.
v3.21.1
Income Taxes (Unaudited) (Tables)
 3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Income before income taxes and equity in an affiliated companies' net earnings
Geographic sources of FCX’s (provision for) benefit from income taxes follow (in millions):
Three Months Ended
March 31,
 20212020
U.S. operations$— 

$5 

International operations(443)

55 
Total$(443)$60 
v3.21.1
Debt and Equity (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt
The components of debt follow (in millions):
 March 31,
2021		December 31, 2020
Senior notes and debentures:
Issued by FCX$8,785 $8,783 
Issued by Freeport Minerals Corporation (FMC)356 356 
Cerro Verde Term Loan524 523 
Other 144 49 
Total debt9,809 9,711 
Less current portion of debt(656)(34)
Long-term debt$9,153 $9,677 
v3.21.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
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
March 31,
 20212020
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$3 $(33)
Hedged item – firm sales commitments(3)33 
Realized gains (losses):
Matured derivative financial instruments24 (9)
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at March 31, 2021, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)486 $3.83 $3.99 August 2021
Gold (thousands of ounces)151 1,755 1,689 June 2021
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)123 3.77 3.99 July 2021
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):
 Three Months Ended
March 31,
 20212020
Embedded derivatives in provisional sales contracts:a
Copper$207 $(238)
Gold and other metals(28)7 
Copper forward contractsb
(8)24 
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):
March 31,
2021		December 31, 2020
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$18 $15 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts105 169 
Copper forward contracts3 — 
Total derivative assets$126 $184 
Commodity Derivative Liabilities:
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts67 21 
Copper forward contracts1 — 
Total derivative liabilities$68 $21 
Offsetting Assets
A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):
AssetsLiabilities
March 31,
2021		December 31, 2020March 31,
2021		December 31, 2020
Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts$105 $169 $67 $21 
Copper derivatives21 15 1 — 
126 184 68 21 
Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts7 1 7 1 
Copper derivatives1 — 1 — 
8 1 8 1 
Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts98 168 60 20 
Copper derivatives20 15 — — 
$118 $183 $60 $20 
Balance sheet classification:
Trade accounts receivable$92 $168 $23 $— 
Other current assets19 15 — — 
Other assets1 — — — 
Accounts payable and accrued liabilities6 — 37 20 
$118 $183 $60 $20 
Offsetting Liabilities
A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):
AssetsLiabilities
March 31,
2021		December 31, 2020March 31,
2021		December 31, 2020
Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts$105 $169 $67 $21 
Copper derivatives21 15 1 — 
126 184 68 21 
Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts7 1 7 1 
Copper derivatives1 — 1 — 
8 1 8 1 
Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts98 168 60 20 
Copper derivatives20 15 — — 
$118 $183 $60 $20 
Balance sheet classification:
Trade accounts receivable$92 $168 $23 $— 
Other current assets19 15 — — 
Other assets1 — — — 
Accounts payable and accrued liabilities6 — 37 20 
$118 $183 $60 $20 
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 (in millions):
March 31,
2021		December 31, 2020
Balance sheet components:
Cash and cash equivalents$4,580 $3,657 
Restricted cash and restricted cash equivalents included in:
Other current assets106 97 
Other assets149 149 
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows$4,835 $3,903 
v3.21.1
FAIR VALUE MEASUREMENT (Tables)
 3 Months Ended
Mar. 31, 2021
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 March 31, 2021
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$29 $29 $29 $— $— $— 
Equity securities6 6 — 6 — — 
Total35 35 29 6 — — 
Legally restricted funds:a
    
U.S. core fixed income fund63 63 63 — — — 
Government bonds and notes46 46 — — 46 — 
Corporate bonds40 40 — — 40 — 
Government mortgage-backed securities28 28 — — 28 — 
Asset-backed securities12 12 — — 12 — 
Money market funds12 12 — 12 — — 
Collateralized mortgage-backed securities4 4 — — 4 — 
Municipal bonds1 1 — — 1 — 
Total206 206 63 12 131 — 
Derivatives:    
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc
105 105 — — 105 — 
Copper futures and swap contractsc
18 18 — 15 3 — 
Copper forward contractsc
3 3 — 1 2 — 
       Total126 126 — 16 110 — 
Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa
104 88 — — — 88 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position67 67 — — 67 — 
Copper forward contracts1 1 — — 1 — 
Total68 68 — — 68 — 
Long-term debt, including current portiond
9,809 10,891 — — 10,891 — 
At December 31, 2020
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$29 $29 $29 $— $— $— 
Equity securities7 7 — 7 — — 
Total36 36 29 7 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 65 65 65 — — — 
Government bonds and notes49 49 — — 49 — 
Corporate bonds43 43 — — 43 — 
Government mortgage-backed securities30 30 — — 30 — 
Asset-backed securities16 16 — — 16 — 
Money market funds5 5 — 5 — — 
Collateralized mortgage-backed securities4 4 — — 4 — 
Municipal bonds1 1 — — 1 — 
Total213 213 65 5 143 — 
Derivatives:    
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc
169 169 — — 169 — 
Copper futures and swap contractsc
15 15 — 13 2 — 
Total184 184 — 13 171 — 
Contingent consideration for the sale of the
   Deepwater GOM oil and gas propertiesa
108 88 — — — 88 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position21 21 — — 21 — 
Long-term debt, including current portiond
9,711 10,994 — — 10,994 — 
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 $106 million at March 31, 2021, and $97 million at December 31, 2020, and (ii) other assets of $148 million at both March 31, 2021 and December 31, 2020, primarily associated with an assurance bond to support PT-FI’s commitment for the development of a greenfield smelter in Indonesia and PT-FI’s closure and reclamation guarantees.
c.Refer to Note 6 for further discussion and balance sheet classifications.
d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.
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 three months of 2021 follows (in millions):
Fair value at January 1, 2021$88 
Net unrealized gain related to assets still held at the end of the period5 
Settlements
(5)
Fair value at March 31, 2021$88 
v3.21.1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Revenue from External Customers by Products and Services
Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2021 and 2020 follow (in millions):
Three Months Ended
March 31,
 20212020
Copper:
Concentrate$1,709 $849 
Cathode1,234 837 
Rod and other refined copper products684 542 
Purchased coppera
218 235 
Gold518 270 
Molybdenum244 243 
Otherb
253 157 
Adjustments to revenues:
Treatment charges(97)(80)
Royalty expensec
(63)(20)
Export dutiesd
(29)(4)
Revenues from contracts with customers4,671 3,029 
Embedded derivativese
179 (231)
Total consolidated revenues$4,850 $2,798 
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b.Primarily includes revenues associated with cobalt and silver.
c.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.
d.Reflects PT-FI export duties.
e.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)
    
 AtlanticCorporate,
North America Copper MinesSouth America MiningCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalMiningMinesRefining& RefiningnationsTotal
Three Months Ended March 31, 2021           
Revenues:            
Unaffiliated customers$4 $28 $32 $917 $175 $1,092 $1,383 
a
$— $1,309 $687 $347 
b
$4,850 
Intersegment564 742 1,306 45 — 45 52 70 7 — (1,480)— 
Production and delivery269 480 749 436 103 539 455 57 1,316 673 (1,003)
c
2,786 
Depreciation, depletion and amortization
34 46 80 89 12 101 199 15 1 7 16 419 
Metals inventory adjustments
— — — — — — — 1 — — — 1 
Selling, general and administrative expenses
— 1 1 2 — 2 26 — — 7 64 100 
Mining exploration and research expenses— — — — — — — — — — 7 7 
Environmental obligations and shutdown costs
— — — — — — — — — — 5 5 
Operating income (loss)265 243 508 435 60 495 755 (3)(1)— (222)1,532 
Interest expense, net— — — 13 — 13 1 — — 1 130 145 
Provision for (benefit from) income taxes— — — 173 21 194 315 — — — (66)443 
Total assets at March 31, 20212,629 5,283 7,912 8,723 1,738 10,461 17,551 1,753 235 997 4,734 43,643 
Capital expenditures10 16 26 20 1 21 310 1 1 6 5 370 
Three Months Ended March 31, 2020            
Revenues:            
Unaffiliated customers$2 $7 $9 $376 $98 $474 $445 
a
$— $1,115 $429 $326 
b
$2,798 
Intersegment442 534 976 38 — 38 — 71 8 11 (1,104)— 
Production and delivery349 511 860 424 110 534 343 66 1,119 411 (788)2,545 
Depreciation, depletion and amortization
44 48 92 93 15 108 101 16 2 7 15 341 
Metals inventory adjustments
4 141 145 — 60 60 — 4 — — 13 222 
Selling, general and administrative expenses
1 — 1 2 — 2 28 — — 5 74 110 
Mining exploration and research expenses— 1 1 — — — — — — — 15 16 
Environmental obligations and shutdown costs
— — — — — — — — 1 — 25 26 
Net loss on sales of assets— — — — — — — — — — 11 11 
Operating income (loss)46 (160)(114)(105)(87)(192)(27)(15)1 17 (143)(473)
Interest expense, net1 — 1 28 — 28 1 — — 3 94 127 
(Benefit from) provision for income taxes— — — (52)(26)(78)12 — — — 6 (60)
Total assets at March 31, 20202,814 5,093 7,907 8,471 1,655 10,126 16,711 1,788 231 635 2,821 40,219 
Capital expenditures44 140 184 59 15 74 326 7 2 6 11 610 
a.Includes PT-FI's sales to PT Smelting totaling $792 million in first-quarter 2021 and $380 million in first-quarter 2020.
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 associated with the major maintenance turnaround at the Miami smelter totaling $68 million.
v3.21.1
General Information (Unaudited) (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 30, 2021
Mar. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Proceeds from sale of receivables, gross   $ 52.5
Proceeds from sale of receivables, net   $ 52.4
PT Smelting | Subsequent event    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Business acquisition, percent of common stock acquired 14.50%  
Payments to acquire additional interest in subsidiary $ 33.0  
PT Smelting    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Equity method investment, percentage ownership   25.00%
PT Smelting | Subsequent event    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Equity method investment, percentage ownership 39.50%  
v3.21.1
Earnings per Share (Unaudited) Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Earnings Per Share [Abstract]    
Net income (loss) from continuing operations $ 953 $ (549)
Undistributed earnings allocated to participating securities (4) (3)
Net income (loss) attributable to common stockholders $ 714 $ (494)
Basic weighted-average shares of common stock outstanding 1,462 1,452
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 15 0
Diluted weighted-average shares of common stock outstanding 1,477 1,452
Basic and diluted net income (loss) per share attributable to common stockholders:    
Earnings per share, basic (in dollars per share) $ 0.49 $ (0.34)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount   10
Dilutive Securities Excluded from Computation of EPS Amount 10 40
v3.21.1
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Components of Inventories [Line Items]      
Total materials and supplies, net $ 1,596   $ 1,594
Mill stockpiles, current 177   205
Leach stockpiles, current 830   809
Total current mill and leach stockpiles 1,007   1,014
Raw materials (primarily concentrate) 419   366
Work-in-process 165   174
Finished goods 958   745
Total product 1,542   1,285
Mill stockpiles, noncurrent 245   223
Leach stockpiles, noncurrent 1,230   1,240
Total long-term mill and leach stockpiles 1,475   1,463
Inventory obsolescence reserves 35   $ 32
Metals inventory adjustments 1 $ 222  
Metals      
Components of Inventories [Line Items]      
Inventory Write-down $ 1 222  
Copper      
Components of Inventories [Line Items]      
Inventory Write-down   205  
Molybdenum      
Components of Inventories [Line Items]      
Inventory Write-down   $ 17  
v3.21.1
Income Taxes (Unaudited) (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2021
Oct. 31, 2020
Jul. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Income Tax Disclosure [Abstract]          
U.S. operations       $ 0 $ 5
International operations       (443) 55
Total       $ (443) $ 60
Consolidated effective income tax rate (percent)       32.00% 10.00%
Proceeds from Income Tax Refunds $ 23 $ 24 $ 221    
v3.21.1
Debt and Equity (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 4 Months Ended 9 Months Ended 34 Months Ended 38 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Mar. 31, 2021
USD ($)
$ / shares
shares
Mar. 31, 2020
USD ($)
$ / shares
shares
Jun. 30, 2021
Sep. 30, 2023
Sep. 30, 2022
Apr. 30, 2024
Apr. 30, 2024
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]                    
Dilutive Securities Excluded from Computation of EPS Amount | shares     10 40            
Total Debt [Abstract]                    
Current portion of debt     $ (656)             $ (34)
Long-term Debt and Lease Obligation, Including Current Maturities     9,809             9,711
Net loss on early extinguishment of debt     0 $ 32            
Interest costs     $ 160 $ 171            
Dividends declared per share of common stock (in dollars per share) | $ / shares     $ 0.075 $ 0            
COVID Response, Dividend Suspended, Price Per Share | $ / shares     $ 0.075              
Long-term debt, less current portion     $ 9,153             9,677
Property, Plant and Equipment [Member]                    
Total Debt [Abstract]                    
Interest costs capitalized     15 $ 44            
Line of Credit [Member] | Cerro Verde [Member]                    
Total Debt [Abstract]                    
Long-term Debt and Lease Obligation, Including Current Maturities     524             523
Line of Credit [Member] | Letter of Credit [Member]                    
Total Debt [Abstract]                    
Letter of credit     10              
Revolving credit facility, availability     1,500              
Line of Credit [Member] | Revolving Credit Facility [Member]                    
Total Debt [Abstract]                    
Long-term Debt and Lease Obligation, Including Current Maturities     0              
Revolving credit facility, availability     3,500              
Line of Credit [Member] | Revolving Credit Facility [Member] | Maturing 2024 [Member]                    
Total Debt [Abstract]                    
Revolving credit facility, availability     3,280              
Line of Credit [Member] | Revolving Credit Facility [Member] | Maturing 2023 [Member]                    
Total Debt [Abstract]                    
Revolving credit facility, availability     220              
Senior Notes [Member] | FCX [Member]                    
Total Debt [Abstract]                    
Long-term Debt and Lease Obligation, Including Current Maturities     8,785             8,783
Debentures [Member] | Freeport McMoRan Corporation [Member]                    
Total Debt [Abstract]                    
Long-term Debt and Lease Obligation, Including Current Maturities     356             356
Other Debt, Including Capital Leases and Short Term Borrowings [Member]                    
Total Debt [Abstract]                    
Long-term Debt and Lease Obligation, Including Current Maturities     $ 144             $ 49
Forecast                    
Debt Instrument [Line Items]                    
Debt Instrument, Covenant Compliance, Leverage Ratio         5.25     3.75    
Total Debt [Abstract]                    
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum                 2.25  
Forecast | Revolving Credit Facility [Member] | Credit Agreement [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Covenant Compliance, Leverage Ratio 3.75 5.25                
Total Debt [Abstract]                    
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum           2.75 2.00      
v3.21.1
Financial Instruments (Unrealized gains losses) (Details)
oz in Thousands, lb in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2021
USD ($)
lb
oz
$ / oz
$ / lb
$ / lb
Mar. 31, 2020
USD ($)
Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member]    
Realized gains (losses):    
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net $ 179 $ (231)
Commodity Contract [Member]    
Unrealized gains (losses):    
Derivative financial instruments 3 (33)
Hedged item – firm sales commitments (3) 33
Realized gains (losses):    
Matured derivative financial instruments $ 24 (9)
Commodity Contract [Member] | Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Nonmonetary Notional Amount, Mass | lb 66  
Derivative, Average Forward Price | $ / lb 3.73  
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Nonmonetary Notional Amount, Mass | lb 23  
Derivative, Average Forward Price | $ / lb 4.09  
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Amounts recorded in Cost of Sales    
Realized gains (losses):    
Matured derivative financial instruments $ (8) 24
Copper | Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member]    
Realized gains (losses):    
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net $ 207 (238)
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 486  
Derivative, Average Forward Price | $ / lb 3.83  
Realized gains (losses):    
Derivative Average Market Price | $ / lb 3.99  
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 123  
Derivative, Average Forward Price | $ / lb 3.77  
Realized gains (losses):    
Derivative Average Market Price | $ / lb 3.99  
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 151  
Derivative, Average Forward Price | $ / oz 1,755  
Realized gains (losses):    
Derivative Average Market Price | $ / oz 1,689  
gold and other | Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member]    
Realized gains (losses):    
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net $ (28) $ 7
v3.21.1
Financial Instruments (Unsettled Derivatives) (Details)
oz in Thousands, lb in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2021
USD ($)
lb
oz
$ / oz
$ / lb
$ / lb
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Derivatives, Fair Value [Line Items]      
Derivative Asset, Fair Value, Gross Asset $ 126   $ 184
Derivative Liability, Fair Value, Gross Liability 68   21
Derivative Asset, Fair Value, Gross Liability 8   1
Derivative Liability, Fair Value, Gross Asset 8   1
Derivative Asset 118   183
Derivative Liability 60   20
Trade accounts receivable [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Asset 92   168
Derivative Liability 23   0
Accounts Payable and Accrued Liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Asset 6   0
Derivative Liability 37   20
Other Current Assets [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Asset 19   15
Derivative Liability 0   0
Other Assets      
Derivatives, Fair Value [Line Items]      
Derivative Asset 1   0
Derivative Liability 0   0
Commodity Contract [Member]      
Derivatives, Fair Value [Line Items]      
Matured derivative financial instruments 24 $ (9)  
Derivative Asset, Fair Value, Gross Asset 21   15
Derivative Liability, Fair Value, Gross Liability 1   0
Derivative Asset, Fair Value, Gross Liability 1   0
Derivative Liability, Fair Value, Gross Asset 1   0
Derivative Asset 20   15
Derivative Liability 0   0
Embedded Derivative Financial Instruments [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Fair Value, Gross Asset 105   169
Derivative Liability, Fair Value, Gross Liability 67   21
Derivative Asset, Fair Value, Gross Liability 7   1
Derivative Liability, Fair Value, Gross Asset 7   1
Derivative Asset 98   168
Derivative Liability 60   20
Designated as Hedging Instrument [Member] | Commodity Contract [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Fair Value, Gross Asset $ 18   15
Derivative, Nonmonetary Notional Amount, Mass | lb 66    
Derivative, Average Forward Price | $ / lb 3.73    
Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Fair Value, Gross Asset $ 105   169
Derivative Liability, Fair Value, Gross Liability $ 67   21
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]      
Derivatives, Fair Value [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb 23    
Derivative, Average Forward Price | $ / lb 4.09    
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Fair Value, Gross Asset $ 3   0
Derivative Liability, Fair Value, Gross Liability $ 1   $ 0
Copper | Short [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Average Market Price | $ / lb 3.99    
Derivative, Nonmonetary Notional Amount, Mass | lb 486    
Derivative, Average Forward Price | $ / lb 3.83    
Copper | Long [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Average Market Price | $ / lb 3.99    
Derivative, Nonmonetary Notional Amount, Mass | lb 123    
Derivative, Average Forward Price | $ / lb 3.77    
Gold | Short [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Average Market Price | $ / oz 1,689    
Derivative, Nonmonetary Notional Amount, Mass | oz 151    
Derivative, Average Forward Price | $ / oz 1,755    
Sales [Member] | Not Designated as Hedging Instrument [Member]      
Derivatives, Fair Value [Line Items]      
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net $ 179 (231)  
Sales [Member] | Copper | Not Designated as Hedging Instrument [Member]      
Derivatives, Fair Value [Line Items]      
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net 207 (238)  
Sales [Member] | gold and other | Not Designated as Hedging Instrument [Member]      
Derivatives, Fair Value [Line Items]      
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net (28) 7  
Cost of Sales [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]      
Derivatives, Fair Value [Line Items]      
Matured derivative financial instruments $ (8) $ 24  
v3.21.1
Financial Instruments (Derivative) (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 4,580 $ 3,657    
Restricted Cash and Cash Equivalents, Current 106 97    
Restricted Cash and Cash Equivalents, Noncurrent 149 149    
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows 4,835 3,903 $ 1,867 $ 2,278
Credit Derivative, Maximum Exposure, Undiscounted 128      
Bank Time Deposits [Member]        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 300 $ 300    
v3.21.1
Fair Value Measurement (Fair Value Measurement Inputs) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Sep. 30, 2021
Dec. 31, 2020
Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]          
Other Assets, Current $ 361     $ 341  
Other assets 1,537     1,560  
Proceeds from Sale of Other Assets, contingent consideration 5 $ 66      
Derivative Liability, Fair Value, Gross Liability 68     21  
Investment securities (current and long-term):          
Marketable Securities 0        
Derivatives:          
Derivative Asset 118     183  
Derivatives: [Abstract]          
Derivative Liability 60     20  
Fair Value Measured at Net Asset Value Per Share [Member]          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]          
Discontinued Operation, Contingent Receivable 0     0  
Investment securities (current and long-term):          
Investments, Fair Value Disclosure 29     29  
Trust Assets Fair Value Disclosure 63     65  
Derivatives:          
Derivative Asset 0     0  
Derivatives: [Abstract]          
Derivative Liability 0        
Long-term debt, including current portion 0     0  
Level 1          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]          
Discontinued Operation, Contingent Receivable 0     0  
Investment securities (current and long-term):          
Investments, Fair Value Disclosure 6     7  
Trust Assets Fair Value Disclosure 12     5  
Derivatives:          
Derivative Asset 16     13  
Derivatives: [Abstract]          
Derivative Liability 0        
Long-term debt, including current portion 0     0  
Level 2          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]          
Discontinued Operation, Contingent Receivable 0     0  
Investment securities (current and long-term):          
Investments, Fair Value Disclosure 0     0  
Trust Assets Fair Value Disclosure 131     143  
Derivatives:          
Derivative Asset 110     171  
Derivatives: [Abstract]          
Derivative Liability 68        
Long-term debt, including current portion 10,891     10,994  
Level 3          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]          
Discontinued Operation, Contingent Receivable 88     88  
Investment securities (current and long-term):          
Investments, Fair Value Disclosure 0     0  
Trust Assets Fair Value Disclosure 0     0  
Derivatives:          
Derivative Asset 0     0  
Derivatives: [Abstract]          
Derivative Liability 0        
Long-term debt, including current portion 0     0  
Estimate of Fair Value Measurement [Member]          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]          
Discontinued Operation, Contingent Receivable 88     88  
Investment securities (current and long-term):          
Investments, Fair Value Disclosure 35     36  
Trust Assets Fair Value Disclosure 206     213  
Derivatives:          
Derivative Asset 126     184  
Derivatives: [Abstract]          
Derivative Liability 68        
Long-term debt, including current portion 10,891     10,994  
Carrying Amount, Fair Value Disclosure [Member]          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]          
Discontinued Operation, Contingent Receivable 104     108  
Investment securities (current and long-term):          
Investments, Fair Value Disclosure 35     36  
Trust Assets Fair Value Disclosure 206     213  
Derivatives:          
Derivative Asset 126     184  
Derivatives: [Abstract]          
Derivative Liability 68        
Long-term debt, including current portion 9,809     9,711  
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 67     21  
Derivatives:          
Derivative Asset 98     168  
Derivatives: [Abstract]          
Derivative Liability 60     20  
Embedded Derivative Financial Instruments [Member] | Fair Value Measured at Net Asset Value Per Share [Member]          
Derivatives:          
Derivative Asset 0     0  
Derivatives: [Abstract]          
Derivative Liability 0     0  
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 105     169  
Derivatives: [Abstract]          
Derivative Liability 67     21  
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 105     169  
Derivatives: [Abstract]          
Derivative Liability 67     21  
Embedded Derivative Financial Instruments [Member] | Carrying Amount, Fair Value Disclosure [Member]          
Derivatives:          
Derivative Asset 105     169  
Derivatives: [Abstract]          
Derivative Liability 67     21  
Forward Contracts [Member] | Level 1          
Derivatives:          
Derivative Asset 1        
Forward Contracts [Member] | Level 2          
Derivatives:          
Derivative Asset 2        
Forward Contracts [Member] | Level 3          
Derivatives:          
Derivative Asset 0        
Forward Contracts [Member] | Estimate of Fair Value Measurement [Member]          
Derivatives:          
Derivative Asset 3        
Forward Contracts [Member] | Carrying Amount, Fair Value Disclosure [Member]          
Derivatives:          
Derivative Asset 3        
Commodity Contract [Member]          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]          
Derivative Liability, Fair Value, Gross Liability 1     0  
Derivatives:          
Derivative Asset 20     15  
Derivatives: [Abstract]          
Derivative Liability 0     0  
Commodity Contract [Member] | Fair Value Measured at Net Asset Value Per Share [Member]          
Derivatives:          
Derivative Asset 0     0  
Derivatives: [Abstract]          
Derivative Liability 0        
Commodity Contract [Member] | Level 1          
Derivatives:          
Derivative Asset       13  
Derivatives: [Abstract]          
Derivative Liability 0        
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       15  
Derivatives: [Abstract]          
Derivative Liability 1        
Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]          
Derivatives:          
Derivative Asset       15  
Derivatives: [Abstract]          
Derivative Liability 1        
Future [Member] | Level 1          
Derivatives:          
Derivative Asset 15        
Future [Member] | Level 2          
Derivatives:          
Derivative Asset 3        
Future [Member] | Level 3          
Derivatives:          
Derivative Asset 0        
Future [Member] | Estimate of Fair Value Measurement [Member]          
Derivatives:          
Derivative Asset 18        
Future [Member] | Carrying Amount, Fair Value Disclosure [Member]          
Derivatives:          
Derivative Asset 18        
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 29     29  
Trust Assets Fair Value Disclosure 63     65  
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 29     29  
Trust Assets Fair Value Disclosure 63     65  
U.S. core fixed income fund [Member] | Carrying Amount, Fair Value Disclosure [Member]          
Investment securities (current and long-term):          
Marketable Securities 29     29  
Trust Assets Fair Value Disclosure 63     65  
Equity securities | Fair Value Measured at Net Asset Value Per Share [Member]          
Investment securities (current and long-term):          
Marketable Securities       0  
Equity securities | Level 1          
Investment securities (current and long-term):          
Marketable Securities 6     7  
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 6     7  
Equity securities | Carrying Amount, Fair Value Disclosure [Member]          
Investment securities (current and long-term):          
Marketable Securities 6     7  
Government bonds | Fair Value Measured at Net Asset Value Per Share [Member]          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 0     0  
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 46     49  
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 46     49  
Government bonds | Carrying Amount, Fair Value Disclosure [Member]          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 46     49  
Corporate bonds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 0     0  
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 40     43  
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 40     43  
Corporate bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 40     43  
Government mortgage-backed securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member]          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 0     0  
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 28     30  
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 28     30  
Government mortgage-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 28     30  
Asset-backed securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member]          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 0     0  
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 12     16  
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 12     16  
Asset-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 12     16  
Money market funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 0     0  
Money market funds [Member] | Level 1          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 12     5  
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 12     5  
Money market funds [Member] | Carrying Amount, Fair Value Disclosure [Member]          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 12     5  
Collateralized Mortgage Backed Securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member]          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 0     0  
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 4     4  
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 4     4  
Collateralized Mortgage Backed Securities [Member] | Carrying Amount, Fair Value Disclosure [Member]          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 4     4  
Municipal bonds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]          
Investment securities (current and long-term):          
Trust Assets Fair Value Disclosure 0     0  
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 Assets, Current 106     97  
Other assets 148        
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 67     21  
Freeport-McMoRan Oil & Gas | Onshore California [Member]          
Derivatives:          
Discontinued Operation, Contingent Receivable, Per Year 50        
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 Assets, Current 18     12  
Other assets 86     $ 96  
Discontinued Operation, Contingent Receivable         $ 150
Forecast | Freeport-McMoRan Oil & Gas | Onshore California [Member]          
Derivatives:          
Discontinued Operation, Contingent Receivable, Per Year     $ 50    
Fair Value, Recurring [Member] | Forward Contracts [Member] | Estimate of Fair Value Measurement [Member]          
Derivatives:          
Derivative Asset $ 0        
v3.21.1
Fair Value Measurement (Unobservable inputs) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other Assets, Current $ 361 $ 341
Other Assets, Noncurrent 1,537 $ 1,560
Gulf of Mexico Contingent Consideration [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements (5)  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value at January 1, 2021 88  
Net unrealized gain related to assets still held at the end of the period 5  
Fair value at March 31, 2021 $ 88  
v3.21.1
Contingencies and Commitments (Unaudited) - Other Matters (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2021
Sep. 30, 2020
PT Smelting | PT Freeport Indonesia    
Loss Contingencies [Line Items]    
Administrative fine $ 13 $ 149
v3.21.1
Business Segments (Product Revenue) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2021
USD ($)
segment
Mar. 31, 2020
USD ($)
Revenue from External Customer [Line Items]    
Treatment And Refining Charges Included In Copper Concentrates Revenues $ (97) $ (80)
Royalty Expense (63) (20)
Export duties expense (29) (4)
Revenue from Contract with Customer, Excluding Assessed Tax 4,671 3,029
Revenues $ 4,850 2,798
Number of Operating Segments | segment 4  
Deferred Intercompany Profit, Percentage 25.00%  
Sales [Member] | Not Designated as Hedging Instrument [Member]    
Revenue from External Customer [Line Items]    
Matured derivative financial instruments $ 179 (231)
Copper In Concentrates [Member]    
Revenue from External Customer [Line Items]    
Revenue from Contract with Customer, Including Assessed Tax 1,709 849
Copper Cathode [Member]    
Revenue from External Customer [Line Items]    
Revenue from Contract with Customer, Including Assessed Tax 1,234 837
Refined Copper Products [Member]    
Revenue from External Customer [Line Items]    
Revenue from Contract with Customer, Including Assessed Tax 684 542
Purchased Copper [Member]    
Revenue from External Customer [Line Items]    
Revenue from Contract with Customer, Including Assessed Tax 218 235
Gold    
Revenue from External Customer [Line Items]    
Revenue from Contract with Customer, Including Assessed Tax 518 270
Molybdenum    
Revenue from External Customer [Line Items]    
Revenue from Contract with Customer, Including Assessed Tax 244 243
Other Products Or Services [Member]    
Revenue from External Customer [Line Items]    
Revenue from Contract with Customer, Including Assessed Tax $ 253 $ 157
v3.21.1
Business Segments (Segment Reporting) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2021
USD ($)
segment
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Segment Reporting Information [Line Items]      
Number of Operating Segments | segment 4    
Deferred Intercompany Profit, Percentage 25.00%    
Revenues $ 4,850 $ 2,798  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (2,786) (2,545)  
Cost, Depreciation, Amortization and Depletion 419 341  
Metals inventory adjustments 1 222  
Selling, general and administrative expenses (100) (110)  
Mining exploration and research expenses 7 16  
Environmental obligations and shutdown costs 5 26  
Net gain on sales of assets 0 11  
Operating income (loss) 1,532 (473)  
Interest expense, net 145 127  
Provision for (benefit from) income taxes 443 (60)  
Total assets 43,643 40,219 $ 42,144
Capital expenditures 370 610  
Operating Segments | North America      
Segment Reporting Information [Line Items]      
Revenues 32 9  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (749) (860)  
Cost, Depreciation, Amortization and Depletion 80 92  
Metals inventory adjustments 0 145  
Selling, general and administrative expenses (1) (1)  
Mining exploration and research expenses 0 1  
Environmental obligations and shutdown costs 0 0  
Net gain on sales of assets   0  
Operating income (loss) 508 (114)  
Interest expense, net 0 1  
Provision for (benefit from) income taxes 0 0  
Total assets 7,912 7,907  
Capital expenditures 26 184  
Operating Segments | South America      
Segment Reporting Information [Line Items]      
Revenues 1,092 474  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (539) (534)  
Cost, Depreciation, Amortization and Depletion 101 108  
Metals inventory adjustments 0 60  
Selling, general and administrative expenses (2) (2)  
Mining exploration and research expenses 0 0  
Environmental obligations and shutdown costs 0 0  
Net gain on sales of assets   0  
Operating income (loss) 495 (192)  
Interest expense, net 13 28  
Provision for (benefit from) income taxes 194 (78)  
Total assets 10,461 10,126  
Capital expenditures 21 74  
Corporate And Eliminations      
Segment Reporting Information [Line Items]      
Revenues 347 326  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) 1,003 788  
Cost, Depreciation, Amortization and Depletion 16 15  
Metals inventory adjustments 0 13  
Selling, general and administrative expenses (64) (74)  
Mining exploration and research expenses 7 15  
Environmental obligations and shutdown costs 5 25  
Net gain on sales of assets   11  
Operating income (loss) (222) (143)  
Interest expense, net 130 94  
Provision for (benefit from) income taxes (66) 6  
Total assets 4,734 2,821  
Capital expenditures 5 11  
Intersegment      
Segment Reporting Information [Line Items]      
Revenues 0 0  
Intersegment | North America      
Segment Reporting Information [Line Items]      
Revenues 1,306 976  
Intersegment | South America      
Segment Reporting Information [Line Items]      
Revenues 45 38  
PT Smelting | Affiliated Entity [Member]      
Segment Reporting Information [Line Items]      
Revenues 792 380  
Morenci [Member] | Operating Segments | North America      
Segment Reporting Information [Line Items]      
Revenues 4 2  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (269) (349)  
Cost, Depreciation, Amortization and Depletion 34 44  
Metals inventory adjustments 0 4  
Selling, general and administrative expenses 0 (1)  
Mining exploration and research expenses 0 0  
Environmental obligations and shutdown costs 0 0  
Net gain on sales of assets   0  
Operating income (loss) 265 46  
Interest expense, net 0 1  
Provision for (benefit from) income taxes 0 0  
Total assets 2,629 2,814  
Capital expenditures 10 44  
Morenci [Member] | Intersegment | North America      
Segment Reporting Information [Line Items]      
Revenues 564 442  
Other Mines North America Copper Mines Segment [Member] | Operating Segments | North America      
Segment Reporting Information [Line Items]      
Metals inventory adjustments   141  
Other Individually Immaterial Operating Segments [Member] | Operating Segments | North America      
Segment Reporting Information [Line Items]      
Revenues 28 7  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (480) (511)  
Cost, Depreciation, Amortization and Depletion 46 48  
Metals inventory adjustments 0    
Selling, general and administrative expenses (1) 0  
Mining exploration and research expenses 0 1  
Environmental obligations and shutdown costs 0 0  
Net gain on sales of assets   0  
Operating income (loss) 243 (160)  
Interest expense, net 0 0  
Provision for (benefit from) income taxes 0 0  
Total assets 5,283 5,093  
Capital expenditures 16 140  
Other Individually Immaterial Operating Segments [Member] | Operating Segments | South America      
Segment Reporting Information [Line Items]      
Revenues 175 98  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (103) (110)  
Cost, Depreciation, Amortization and Depletion 12 15  
Metals inventory adjustments 0 60  
Selling, general and administrative expenses 0 0  
Mining exploration and research expenses 0 0  
Environmental obligations and shutdown costs 0 0  
Net gain on sales of assets   0  
Operating income (loss) 60 (87)  
Interest expense, net 0 0  
Provision for (benefit from) income taxes 21 (26)  
Total assets 1,738 1,655  
Capital expenditures 1 15  
Other Individually Immaterial Operating Segments [Member] | Intersegment | North America      
Segment Reporting Information [Line Items]      
Revenues 742 534  
Other Individually Immaterial Operating Segments [Member] | Intersegment | South America      
Segment Reporting Information [Line Items]      
Revenues 0 0  
Cerro Verde [Member] | Operating Segments | South America      
Segment Reporting Information [Line Items]      
Revenues 917 376  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (436) (424)  
Cost, Depreciation, Amortization and Depletion 89 93  
Metals inventory adjustments 0 0  
Selling, general and administrative expenses (2) (2)  
Mining exploration and research expenses 0 0  
Environmental obligations and shutdown costs 0 0  
Net gain on sales of assets   0  
Operating income (loss) 435 (105)  
Interest expense, net 13 28  
Provision for (benefit from) income taxes 173 (52)  
Total assets 8,723 8,471  
Capital expenditures 20 59  
Cerro Verde [Member] | Intersegment | South America      
Segment Reporting Information [Line Items]      
Revenues 45 38  
Grasberg Segment [Member]      
Segment Reporting Information [Line Items]      
Capital expenditures 310 326  
Grasberg Segment [Member] | Operating Segments | Indonesia      
Segment Reporting Information [Line Items]      
Revenues 1,383 445  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (455) (343)  
Cost, Depreciation, Amortization and Depletion 199 101  
Metals inventory adjustments 0 0  
Selling, general and administrative expenses (26) (28)  
Mining exploration and research expenses 0 0  
Environmental obligations and shutdown costs 0 0  
Net gain on sales of assets   0  
Operating income (loss) 755 (27)  
Interest expense, net 1 1  
Provision for (benefit from) income taxes 315 12  
Total assets 17,551 16,711  
Capital expenditures 310 326  
Grasberg Segment [Member] | Intersegment | Indonesia      
Segment Reporting Information [Line Items]      
Revenues 52 0  
Molybdenum      
Segment Reporting Information [Line Items]      
Capital expenditures 1 7  
Molybdenum | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 0 0  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (57) (66)  
Cost, Depreciation, Amortization and Depletion 15 16  
Metals inventory adjustments 1 4  
Selling, general and administrative expenses 0 0  
Mining exploration and research expenses 0 0  
Environmental obligations and shutdown costs 0 0  
Net gain on sales of assets   0  
Operating income (loss) (3) (15)  
Interest expense, net 0 0  
Provision for (benefit from) income taxes 0 0  
Total assets 1,753 1,788  
Capital expenditures 1 7  
Molybdenum | Intersegment      
Segment Reporting Information [Line Items]      
Revenues 70 71  
Rod and Refining Segment [Member] | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 1,309 1,115  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (1,316) (1,119)  
Cost, Depreciation, Amortization and Depletion 1 2  
Metals inventory adjustments 0 0  
Selling, general and administrative expenses 0 0  
Mining exploration and research expenses 0 0  
Environmental obligations and shutdown costs 0 1  
Net gain on sales of assets   0  
Operating income (loss) (1) 1  
Interest expense, net 0 0  
Provision for (benefit from) income taxes 0 0  
Total assets 235 231  
Capital expenditures 1 2  
Rod and Refining Segment [Member] | Intersegment      
Segment Reporting Information [Line Items]      
Revenues 7 8  
Atlantic Copper Smelting and Refining Segment [Member] | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 687 429  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (673) (411)  
Cost, Depreciation, Amortization and Depletion 7 7  
Metals inventory adjustments 0 0  
Selling, general and administrative expenses (7) (5)  
Mining exploration and research expenses 0 0  
Environmental obligations and shutdown costs 0 0  
Net gain on sales of assets   0  
Operating income (loss) 0 17  
Interest expense, net 1 3  
Provision for (benefit from) income taxes 0 0  
Total assets 997 635  
Capital expenditures 6 6  
Atlantic Copper Smelting and Refining Segment [Member] | Intersegment      
Segment Reporting Information [Line Items]      
Revenues 0 11  
Corporate And Eliminations | Intersegment      
Segment Reporting Information [Line Items]      
Revenues (1,480) $ (1,104)  
Miami smelter | Corporate And Eliminations      
Segment Reporting Information [Line Items]      
Cost, Maintenance $ 68