Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Oct. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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		1,452,868,421
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 2,403	$ 2,020
Trade accounts receivable	893	741
Income and other tax receivables	464	426
Inventories:
Total materials and supplies, net	1,610	1,649
Mill and leach stockpiles	1,004	1,143
Product	1,278	1,281
Other current assets	419	655
Total current assets	8,071	7,915
Property, plant, equipment and mine development costs, net	29,911	29,584
Long-term mill and leach stockpiles	1,463	1,425
Other assets	1,654	1,885
Total assets	41,099	40,809
Current liabilities:
Accounts payable and accrued liabilities	2,533	2,576
Current portion of environmental and asset retirement obligations	397	436
Long-term Debt, Current Maturities	47	5
Accrued income taxes	119	119
Dividends Payable, Current	0	73
Total current liabilities	3,096	3,209
Long-term debt, less current portion	9,983	9,821
Deferred Income Tax Liabilities, Net	4,325	4,210
Environmental and asset retirement obligations, less current portion	3,693	3,630
Other liabilities	2,440	2,491
Total liabilities	23,537	23,361
Stockholders’ equity:
Common stock	158	158
Capital in excess of par value	25,934	25,830
Accumulated deficit	(12,389)	(12,280)
Accumulated other comprehensive loss	(728)	(676)
Common stock held in treasury	(3,739)	(3,734)
Total stockholders’ equity	9,236	9,298
Noncontrolling interests	8,326	8,150
Total equity	17,562	17,448
Total liabilities and equity	$ 41,099	$ 40,809

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenues	$ 3,851	$ 3,153	$ 9,703	$ 10,491
Cost of sales:
Production and delivery	2,465	2,670	7,404	8,599
Depreciation, depletion and amortization	394	322	1,093	1,021
Metals inventory adjustments	9	41	92	100
Total cost of sales	2,868	3,033	8,589	9,720
Selling, general and administrative expenses	72	101	273	300
Mining exploration and research expenses	8	25	42	83
Environmental obligations and shutdown costs	21	20	58	85
Net loss (gain) on sales of assets	2	12	13	(13)
Total costs and expenses	2,971	3,191	8,975	10,175
Operating income (loss)	880	(38)	728	316
Interest expense, net	(120)	(123)	(362)	(401)
Net loss on early extinguishment of debt	(59)	(21)	(100)	(27)
Other income, net	22	33	62	52
Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net earnings	723	(149)	328	(60)
Provision for income taxes	(297)	(91)	(333)	(181)
Equity in affiliated companies’ net earnings	6	5	12	7
Net income (loss) from continuing operations	432	(235)	7	(234)
Net gain from discontinued operations	0	1	0	2
Net income	432	(234)	7	(232)
Net (income) loss attributable to noncontrolling interests:
Continuing operations	(103)	27	(116)	(16)
Net income (loss) attributable to common stockholders	$ 329	$ (207)	$ (109)	$ (248)
Earnings Per Share, Basic and Diluted [Abstract]
Income (Loss) from Continuing Operations, Per Basic and Diluted Share	$ 0.22	$ (0.15)	$ (0.08)	$ (0.17)
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share	0	0	0	0
Earnings Per Share, Basic and Diluted	$ 0.22	$ (0.15)	$ (0.08)	$ (0.17)
Basic weighted-average shares of common stock outstanding	1,453	1,452	1,453	1,451
Diluted weighted-average shares of common shares outstanding	1,461	1,452	1,453	1,451
Dividends declared per share of common stock (in dollars per share)	$ 0	$ 0.05	$ 0	$ 0.15

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 432	$ (234)	$ 7	$ (232)
Defined benefit plans:
Actuarial losses arising during the period	(89)	0	(89)	0
Amortization or curtailment of unrecognized amounts included in net periodic benefit costs	14	11	38	35
Foreign exchange losses	(1)	0	(2)	0
Other comprehensive (loss) income	(76)	11	(53)	35
Total comprehensive income (loss)	356	(223)	(46)	(197)
Total comprehensive (income) loss attributable to noncontrolling interests	(103)	28	(115)	(16)
Total comprehensive income (loss)	$ 253	$ (195)	$ (161)	$ (213)

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Metals inventory adjustments	$ 92	$ 100
Cash flow from operating activities:
Net income (loss)	7	(232)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	1,093	1,021
Gain (Loss) on Disposition of Assets	(13)	13
Stock-based compensation	60	52
Net charges for environmental and asset retirement obligations, including accretion	166	160
Payments for environmental and asset retirement obligations	(162)	(164)
Net charges for defined pension and postretirement plans	59	79
Pension plan contributions	(30)	(58)
Net loss on early extinguishment of debt	100	27
Deferred income taxes	119	71
Proceeds from Dividends Received	3	33
Payments for Environmental Liabilities	(14)	0
Other, net	(23)	20
Changes in working capital and other:
Accounts receivable	132	210
Inventories	59	224
Other current assets	(17)	15
Accounts payable and accrued liabilities	40	(45)
Accrued income taxes and timing of other tax payments	105	(130)
Net cash provided by operating activities	1,690	1,312
Cash flow from investing activities:
Capital expenditures	(1,573)	(1,917)
Proceeds from Sale of Other Assets, Investing Activities	146	102
Other, net	(6)	(10)
Net cash used in investing activities	(1,433)	(1,825)
Cash flow from financing activities:
Proceeds from debt	3,236	1,681
Repayments of debt	(3,105)	(2,917)
Cash dividends and distributions paid:
Common stock	(73)	(218)
Noncontrolling interests	0	(79)
Contributions from noncontrolling interests	115	133
Stock-based awards net payments	(2)	(7)
Payments of Financing Costs	(51)	(23)
Net cash provided by (used in) financing activities	120	(1,430)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	377	(1,943)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	2,278	4,455
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	2,655	2,512
North America Copper Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(398)	(641)
South America Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(156)	(176)
Grasberg Segment [Member]
Cash flow from investing activities:
Capital expenditures	(959)	(992)
Molybdenum
Cash flow from investing activities:
Capital expenditures	(14)	(11)
Other Segments [Member]
Cash flow from investing activities:
Capital expenditures	(46)	(97)
Surface Water Taxes, Papua, Indonesia [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Charges for Cerro Verde royalty dispute	(19)	28
Cerro Verde Royalty Dispute
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Charges for Cerro Verde royalty dispute	26	40
Payments for Cerro Verde royalty dispute	$ (119)	$ (126)

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, 2018		1,579				130
Balance at Dec. 31, 2018	$ 17,892	$ 158	$ 26,013	$ (12,041)	$ (605)	$ (3,727)	$ 9,798	$ 8,094
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	3					1
Exercised and issued stock-based awards	$ 1		1				1
Stock-based compensation, including the tender of shares	35		42			$ (8)	34	1
Contributions from noncontrolling interest	133		65				65	68
Adjustments to Additional Paid in Capital, Other	(22)		(22)				(22)
Dividends	(288)		(218)				(218)	(70)
Noncontrolling Interest, Period Increase (Decrease)	(12)		(1)				(1)	(11)
Net loss attributable to common stockholders	(248)			(248)			(248)
Net income (loss) attributable to noncontrolling interests	16							16
Other comprehensive income	35				35		35	0
Balance (in shares) at Sep. 30, 2019		1,582				131
Balance at Sep. 30, 2019	17,542	$ 158	25,880	(12,289)	(570)	$ (3,735)	9,444	8,098
Balance (in shares) at Jun. 30, 2019		1,582				131
Balance at Jun. 30, 2019	17,817	$ 158	25,949	(12,082)	(582)	$ (3,734)	9,709	8,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)						0
Stock-based compensation, including the tender of shares	9		9			$ (1)	8	1
Contributions from noncontrolling interest	33		16				16	17
Adjustments to Additional Paid in Capital, Other	(22)		(22)				(22)
Dividends	(72)		(72)				(72)	0
Net loss attributable to common stockholders	(207)			(207)			(207)
Net income (loss) attributable to noncontrolling interests	(27)							(27)
Other comprehensive income	11				12		12	(1)
Balance (in shares) at Sep. 30, 2019		1,582				131
Balance at Sep. 30, 2019	17,542	$ 158	25,880	(12,289)	(570)	$ (3,735)	9,444	8,098
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)	2
Exercised and issued stock-based awards	$ 2		2				2
Stock-based compensation, including the tender of shares	42		46			$ (5)	41	1
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	1							1
Contributions from noncontrolling interest	115		56				56	59
Net loss attributable to common stockholders	(109)			(109)			(109)
Net income (loss) attributable to noncontrolling interests	116							116
Other comprehensive income	(53)				(52)		(52)	(1)
Balance (in shares) at Sep. 30, 2020		1,584				131
Balance at Sep. 30, 2020	17,562	$ 158	25,934	(12,389)	(728)	$ (3,739)	9,236	8,326
Balance (in shares) at Jun. 30, 2020		1,583				131
Balance at Jun. 30, 2020	$ 17,155	$ 158	25,905	(12,718)	(652)	$ (3,739)	8,954	8,201
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	8		8			$ 0	8	0
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	1							1
Contributions from noncontrolling interest	41		20				20	21
Net loss attributable to common stockholders	329			329			329
Net income (loss) attributable to noncontrolling interests	103							103
Other comprehensive income	(76)				(76)		(76)	0
Balance (in shares) at Sep. 30, 2020		1,584				131
Balance at Sep. 30, 2020	$ 17,562	$ 158	$ 25,934	$ (12,389)	$ (728)	$ (3,739)	$ 9,236	$ 8,326

General Information (Unaudited)	9 Months Ended
General Information (Unaudited)	Sep. 30, 2020
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, 2019 (2019 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 nine-month period ended September 30, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Operations Update. In April 2020, FCX announced revised operating plans in response to the global COVID-19 pandemic and resulting negative impact on the global economy. FCX proactively implemented operating protocols at each of its operating sites to contain and mitigate the risk of spread of COVID-19. FCX also continues to work closely with communities where it operates across the globe and has provided monetary support and in-kind contributions of medical supplies, equipment and food. Following COVID-19 restrictions imposed by the Peruvian government in March 2020, Cerro Verde, FCX’s mine in Peru, implemented strict health protocols and a plan to restore its operations was approved by the Peruvian government in second-quarter 2020. Cerro Verde continued to make progress toward restoring operations during third-quarter 2020. FCX completed a review of options for restarting its Chino mine in New Mexico and currently expects to restart Chino at a reduced rate beginning in 2021. During second-quarter 2020, FCX implemented a series of actions to reduce administrative and centralized support costs in conjunction with its April 2020 revised operating plans. Cost savings initiatives included a temporary reduction in certain employee benefits, furloughs and an employee separation program, and reductions in third party service costs, facilities costs, travel and other expenses. FCX recognized charges totaling $34 million in third-quarter 2020 and $258 million for the first nine months of 2020 associated with the COVID-19 pandemic and revised operating plans, including employee separation charges. These charges, none of which were capitalized into inventory, were recorded to production and delivery ($30 million in third-quarter 2020 and $202 million for the first nine months of 2020); depreciation, depletion and amortization ($3 million in third-quarter 2020 and $32 million for the first nine months of 2020); selling, general and administrative expenses (less than $1 million in third-quarter 2020 and $15 million for the first nine months of 2020) and mining exploration and research expenses (less than $1 million in third-quarter 2020 and $8 million for the first nine months of 2020). Pension Plan Amendment. In August 2020, the FMC Retirement Plan (the Plan) was amended such that, effective September 1, 2020, participants will no longer accrue any additional benefits under the Plan. As a result, FCX remeasured its pension assets and benefit obligation as of July 31, 2020. The discount rate and expected long-term rate of return on the plan assets used for the July 31, 2020, remeasurement were 2.40 percent and 6.25 percent, respectively, compared to 3.40 percent and 6.50 percent, respectively at December 31, 2019. The rate of compensation increase was unchanged (3.25 percent). The remeasurement and curtailment resulted in the projected benefit obligation increasing by $184 million and plan assets increasing by $103 million. In addition, FCX recognized a curtailment loss of $4 million in third-quarter 2020. As of September 30, 2020, the funded status of the Plan was a net liability of $888 million (included in other liabilities in the consolidated balance sheet).

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

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

FCX 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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Net income (loss) from continuing operations	$	432	$	(235)	$	7	$	(234)
Net (income) loss from continuing operations attributable to noncontrolling interests	(103)		27		(116)		(16)

Undistributed earnings allocated to participating securities	(3)		(3)		(3)		(3)
Net income (loss) from continuing operations attributable to common stockholders	326		(211)		(112)		(253)



Net income from discontinued operations attributable to common stockholders	—		1		—		2


Net income (loss) attributable to common stockholders	$	326	$	(210)	$	(112)	$	(251)


Basic weighted-average shares of common stock outstanding	1,453		1,452		1,453		1,451
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)a	8		—		—		—
Diluted weighted-average shares of common stock outstanding	1,461		1,452		1,453		1,451

Basic and diluted net income (loss) per share attributable to common stockholders:
Continuing operations	$	0.22	$	(0.15)	$	(0.08)	$	(0.17)
Discontinued operations	—		—		—		—
	$	0.22	$	(0.15)	$	(0.08)	$	(0.17)

a.Excludes approximately 2 million shares in third-quarter 2020, 10 million shares in third-quarter 2019, 13 million shares for the first nine months of 2020 and 11 million shares for the first nine months of 2019 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 28 million shares of common stock in third-quarter 2020, 43 million shares of common stock in third-quarter 2019, 35 million shares of common stock for first nine months of 2020 and 42 million shares of common stock for the first nine months of 2019 were excluded.

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

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories, Including Long-Term Mill and Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow (in millions):


	September 30, 2020		December 31, 2019
Current inventories:
Total materials and supplies, neta	$	1,610	$	1,649

Mill stockpiles	$	185	$	220
Leach stockpiles	819		923
Total current mill and leach stockpiles	$	1,004	$	1,143

Raw materials (primarily concentrate)	$	360	$	318
Work-in-process	163		124
Finished goods	755		839
Total product	$	1,278	$	1,281

Long-term inventories:
Mill stockpiles	$	211	$	181
Leach stockpiles	1,252		1,244
Total long-term mill and leach stockpilesb	$	1,463	$	1,425

a.Materials and supplies inventory was net of obsolescence reserves totaling $32 million at September 30, 2020, and $24 million at December 31, 2019.

b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

During third-quarter 2020, FCX recorded net realizable value inventory adjustments to decrease long-term metals inventory carrying values by $9 million, primarily for molybdenum inventories because of lower market prices at September 30, 2020. Net realizable value inventory adjustments to decrease metals inventory carrying values totaled $92 million for the first nine months of 2020 associated with lower market prices for copper ($58 million) and molybdenum ($34 million). Net realizable value inventory adjustments to decrease metals inventory carrying values totaled $41 million in third-quarter 2019, primarily for copper inventories, and $100 million for the first nine months of 2019, primarily for cobalt inventories ($58 million) and copper inventories ($41 million), because of lower market prices (refer to Note 9 for metals inventory adjustments by business segment).

Income Taxes (Unaudited)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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


	Nine Months Ended
	September 30,
	2020			2019
U.S. operations	$	56	a	$	73	b
International operations	(389)		c	(254)
Total	$	(333)		$	(181)	d

a.Includes a tax credit of $53 million associated with the reversal of a year-end 2019 tax charge related to the sale of FCX’s interest in the lower zone of the Timok exploration project in Serbia.

b.Includes tax credits totaling $24 million primarily associated with state law changes and settlement of state income tax examinations.

c.Includes a tax charge of $21 million ($17 million net of noncontrolling interests) associated with establishing a tax reserve related to the treatment of prior year contractor support costs.

d.Includes net tax charges totaling $49 million primarily to adjust deferred taxes on historical balance sheet items in accordance with tax accounting principles.

Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate. FCX’s consolidated effective income tax rate was 102 percent for the first nine months of 2020 and 302 percent for the first nine months of 2019. Because FCX's U.S. jurisdiction generated net losses in the first nine

months of 2020 and 2019 that will not result in a realized tax benefit, applicable accounting rules require FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S. net losses.

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 Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by President Trump on March 27, 2020. None of these measures resulted in material impacts to FCX’s provision for income taxes for the nine months ended September 30, 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 expects to collect an additional $23 million within the next 12 months. 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.

Debt and Equity

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt and Equity

DEBT AND EQUITY

The components of debt follow (in millions):


	September 30, 2020		December 31, 2019



Senior notes and debentures:
Issued by FCX	$	8,780	$	8,602
Issued by Freeport Minerals Corporation (FMC)	356		357

Cerro Verde credit facility	827		826

Other	67		41
Total debt	10,030		9,826
Less current portion of debt	(47)		(5)
Long-term debt	$	9,983	$	9,821

Revolving Credit Facility. At September 30, 2020, FCX had no borrowings outstanding and $13 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 June 2020, FCX, PT-FI and Freeport-McMoRan Oil & Gas LLC (FM O&G LLC) amended the $3.5 billion unsecured revolving credit facility. The key changes under the amendment include (i) a suspension of the total leverage ratio through June 30, 2021, followed by a limit of 5.25x beginning with the quarter ending September 30, 2021, and stepping down to 3.75x beginning January 1, 2022; and (ii) a reduction in the interest expense coverage ratio to a minimum of 2.00x through December 31, 2021, reverting to 2.25x beginning January 1, 2022. FCX also agreed to a minimum liquidity covenant of $1 billion (consisting of consolidated unrestricted cash and availability under the revolving credit facility) applicable to each quarter through June 30, 2021, and additional restrictions on priority debt and liens, and the payment of common stock dividends through December 31, 2021. FCX retained the option to revert to the previous covenant requirements if it is determined additional flexibility is no longer needed. At September 30, 2020, FCX was in compliance with its revolving credit facility covenants.

Senior Notes. On July 27, 2020, FCX completed the sale of $650 million of 4.375% Senior Notes due 2028 and $850 million of 4.625% Senior Notes due 2030 for proceeds, net of underwriting fees, totaling $1.485 billion. Interest on these senior notes is payable semiannually on February 1 and August 1 of each year. These senior notes rank equally with FCX’s other existing and future unsecured and unsubordinated indebtedness. FCX used $1.4 billion of the net proceeds from this offering to purchase a portion of its 3.55% Senior Notes due 2022, 3.875% Senior Notes due 2023 and 4.55% Senior Notes due 2024, and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with these transactions. The remaining net proceeds from this offering will be used for general corporate purposes, which may include repurchases or redemptions of outstanding senior notes.

On March 4, 2020, FCX completed the sale of $700 million of 4.125% Senior Notes due 2028 and $600 million of 4.25% Senior Notes due 2030 for proceeds, net of underwriting fees, totaling $1.285 billion. Interest on these senior notes is payable semiannually on March 1 and September 1 of each year. These senior notes rank equally with FCX’s other existing and future unsecured and unsubordinated indebtedness. FCX used a portion of the net proceeds from this offering to purchase a portion of its 4.00% Senior Notes due 2021 and its 3.55% Senior Notes

due 2022 and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with these transactions. On April 3, 2020, FCX used the remaining net proceeds to fund the make-whole redemption of all of its remaining 4.00% Senior Notes due 2021 and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with the transaction.

As a result of these transactions, FCX recorded losses on early extinguishment of debt totaling $59 million in third-quarter 2020 and $100 million for the nine months ended September 30, 2020.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $160 million in third-quarter 2020, $163 million in third-quarter 2019, $490 million for the first nine months of 2020 and $508 million for the first nine months of 2019. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $40 million in both third-quarter 2020 and third-quarter 2019, $128 million for the first nine months of 2020 and $107 million for the first nine months of 2019.

Common Stock. In March 2020, in response to the COVID-19 pandemic and resulting global economic uncertainties, the FCX Board of Directors (the Board) suspended FCX’s quarterly cash dividend of $0.05 per share previously planned for May 1, 2020. The Board does not expect to declare common stock dividends during 2020. The declaration and payment of future dividends is at the discretion of the Board and will be assessed on an ongoing basis, taking into account FCX’s financial results, cash requirements, future prospects, global economic conditions and other factors deemed relevant by the Board. As noted above, in accordance with the June 2020 amendment to the revolving credit facility, FCX is restricted from declaring or paying common stock dividends through December 31, 2021, unless FCX, at its option, reverts to the previous covenant requirements which would also eliminate the restriction on the declaration or payment of common stock dividends.

Financial Instruments (Unaudited)

9 Months Ended

Sep. 30, 2020

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.

In April 2020, FCX entered into forward sales contracts for 150 million pounds of copper for settlement in May and June of 2020. The forward sales provided for fixed pricing of $2.34 per pound of copper on approximately 60 percent of North America's sales volumes for May and June 2020. These contracts resulted in hedging losses totaling $24 million for the nine months ended September 30, 2020. There were no remaining forward sales contracts after June 30, 2020.

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 customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the nine-month periods ended September 30, 2020 and 2019. At September 30, 2020, FCX held copper futures and swap contracts that qualified for hedge accounting for 50 million pounds at an average contract price of $2.76 per pound, with maturities through December 2021.

A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized gains (losses) on the related hedged item follows (in millions):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	1	$	(2)	$	8	$	3
Hedged item – firm sales commitments	(1)		2		(8)		(3)

Realized gains (losses):
Matured derivative financial instruments	15		(8)		(1)		(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 (LBMA) 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 LBMA 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 LBMA 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 LBMA 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 September 30, 2020, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	381	$	2.91	$	3.03	March 2021
Gold (thousands of ounces)	116	1,941		1,891		January 2021
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	113	2.95		3.03		January 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 September 30, 2020, Atlantic Copper held net copper forward purchase contracts for 26 million pounds at an average contract price of $3.05 per pound, with maturities through November 2020.

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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Embedded derivatives in provisional sales contracts:a
Copper	$	94	$	(57)	$	18	$	(57)
Gold and other metals	15		6		39		17
Copper forward contractsb	(7)		—		12		(3)

a.Amounts recorded in revenues.

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

Unsettled Derivative Financial Instruments

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


	September 30, 2020		December 31, 2019
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	13	$	6
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	51		68
Copper forward contracts	1		—
Total derivative assets	$	65	$	74

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	—	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	20		20


Copper forward contracts	—		1
Total derivative liabilities	$	20	$	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):


	Assets				Liabilities
	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	51	$	68	$	20	$	20

Copper derivatives	14		6		—		1
	65		74		20		21

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	3		—		3		—


	3		—		3		—

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	48		68		17		20

Copper derivatives	14		6		—		1
	$	62	$	74	$	17	$	21

Balance sheet classification:
Trade accounts receivable	$	46	$	66	$	5	$	—
Other current assets	14		6		—		—


Accounts payable and accrued liabilities	2		2		12		21

	$	62	$	74	$	17	$	21

Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. FCX does not anticipate that any of the counterparties it deals with will default on their obligations. As of September 30, 2020, the maximum amount of credit exposure associated with derivative transactions was $52 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 $0.2 billion at September 30, 2020, and $1.3 billion at December 31, 2019), restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 7 for the fair values of investment securities, legally restricted funds and long-term debt).

In addition, as of September 30, 2020, 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):


	September 30, 2020		December 31, 2019
Balance sheet components:
Cash and cash equivalents	$	2,403	$	2,020
Restricted cash and restricted cash equivalents included in:
Other current assets	103		100
Other assets	149		158
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	2,655	$	2,278

Fair Value Measurement

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENT

Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during third-quarter 2020.

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


	At September 30, 2020
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	29	$	29	$	29	$	—	$	—	$	—

Equity securities	6		6		—		6		—		—
Total	35		35		29		6		—		—

Legally restricted funds:a
U.S. core fixed income fund	64		64		64		—		—		—
Corporate bonds	43		43		—		—		43		—
Government bonds and notes	42		42		—		—		42		—
Government mortgage-backed securities	33		33		—		—		33		—
Asset-backed securities	15		15		—		—		15		—
Money market funds	9		9		—		9		—		—
Collateralized mortgage-backed securities	4		4		—		—		4		—
Municipal bonds	1		1		—		—		1		—
Total	211		211		64		9		138		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	51		51		—		—		51		—

Copper futures and swap contractsc	13		13		—		12		1		—
Copper forward contractsc	1		1		—		1		—		—



Total	65		65		—		13		52		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	113		84		—		—		—		84



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	20		20		—		—		20		—










Long-term debt, including current portiond	10,030		10,735		—		—		10,735		—


	At December 31, 2019
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	27	$	27	$	27	$	—	$	—	$	—

Equity securities	4		4		—		4		—		—
Total	31		31		27		4		—		—

Legally restricted funds:a
U.S. core fixed income fund	59		59		59		—		—		—
Government mortgage-backed securities	43		43		—		—		43		—
Government bonds and notes	36		36		—		—		36		—
Corporate bonds	33		33		—		—		33		—
Asset-backed securities	14		14		—		—		14		—
Collateralized mortgage-backed securities	7		7		—		—		7		—
Money market funds	3		3		—		3		—		—
Municipal bonds	1		1		—		—		1		—
Total	196		196		59		3		134		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	68		68		—		—		68		—
Copper futures and swap contractsc	6		6		—		5		1		—

Contingent consideration for the sale of onshore
California oil and gas propertiesa	11		11		—		—		11		—
Total	85		85		—		5		80		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	122		108		—		—		—		108



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	20		20		—		—		20		—

Copper forward contracts	1		1		—		—		1		—


Total	21		21		—		—		21		—




Long-term debt, including current portiond	9,826		10,239		—		—		10,239		—

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 $103 million at September 30, 2020, and $100 million at December 31, 2019, and (ii) other assets of $148 million at September 30, 2020, and $157 million at December 31, 2019, primarily associated with an assurance bond to support PT-FI’s commitment for the development of a new 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 LBMA gold prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion); however, FCX’s contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy.

FCX’s 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 2016, FCX completed the sale of its onshore California oil and gas properties, which included contingent consideration of up to $150 million, consisting of $50 million per year for 2018, 2019 and 2020 if the price of Brent crude oil averages over $70 per barrel in each of these calendar years. Based on current and forecasted oil prices for the remainder of 2020, FCX has concluded the fair value of the last tranche of this contingent consideration derivative approximates zero at September 30, 2020. The fair value of the contingent consideration derivative was $11 million (included in other assets in the consolidated balance sheets) at December 31, 2019. Future changes in the fair value of this contingent consideration derivative will continue to be recorded in operating income. Also, contingent consideration of $50 million was realized in 2018 and collected in first-quarter 2019 (included in proceeds from sales of assets in the consolidated statements of cash flows) because the average Brent crude oil price exceeded $70 per barrel for 2018. Contingent consideration of $50 million was not realized in 2019 because the average Brent crude oil price did not exceed $70 per barrel for 2019. The fair value at December 31, 2019, was calculated based on average commodity price forecasts through the applicable maturity date using a Monte-Carlo simulation model. The model used various observable inputs, including Brent crude oil forward prices, volatilities and discount rates. As a result, this contingent consideration asset was classified within Level 2 of the fair value hierarchy.

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 future 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 $12 million at September 30, 2020, and $18 million at December 31, 2019, and (ii) other assets totaled $101 million at September 30, 2020, and $104 million at December 31, 2019. 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 September 30, 2020, as compared with those techniques used at December 31, 2019.

A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first nine months of 2020 follows (in millions):



Fair value at January 1, 2020	$	108
Net unrealized loss related to assets still held at the end of the period	(15)
Settlements	(9)
Fair value at September 30, 2020	$	84

- Definition

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

+ References + Details

Contingencies and Commitments (Unaudited)	9 Months Ended
Contingencies and Commitments (Unaudited)	Sep. 30, 2020
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 2019 Form 10-K, other than the matters discussed below, which previously were updated in Note 8 of FCX’s quarterly report on Form 10-Q for the quarters ended March 31, 2020, and June 30, 2020, and are further updated here. Louisiana Parishes Coastal Erosion Cases. As previously disclosed, in September 2019, affiliates of FCX reached an agreement in principle to settle all 13 cases filed in Louisiana state courts by six south Louisiana parishes (Cameron, Jefferson, Plaquemines, St. Bernard, St. John the Baptist and Vermilion) and the parties that intervened in the litigation in support of the parishes’ claims, including the state of Louisiana, alleging that certain oil and gas exploration and production operations and sulphur mining and production operations of the FCX affiliates damaged coastal wetlands and caused significant land loss along the Louisiana coast. The agreement in principle does not include any admission of liability by FCX or its affiliates. FCX recorded a charge in third-quarter 2019 for the initial payment of $15 million, which will be paid upon execution of the settlement agreement. The settlement agreement has been executed by the FCX affiliates and several of the Louisiana parishes. FCX expects the agreement to be executed by all parties; however, execution has been delayed by the ongoing COVID-19 pandemic. Upon execution of the settlement agreement by all parties, the FCX affiliates will be fully released and dismissed from all 13 pending cases. Asbestos and Talc Claims. As previously disclosed, there has been a significant increase in the number of cases alleging the presence of asbestos contamination in talc-based personal care products and in cases alleging exposure to talc products that are not alleged to be contaminated with asbestos. The primary targets have been the producers of those products, but defendants in many of these cases also include talc miners. 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 those targets. Cyprus Mines was engaged in talc mining from 1964 until 1992 when it exited its talc business by conveying it to a third party in two related transactions. Those transactions involved (i) a transfer by Cyprus Mines of the assets of its talc business to a newly formed subsidiary that assumed all pre-sale and post-sale talc liabilities, subject to limited reservations, and (ii) a sale of the stock of that subsidiary to the third party. In 2011, the third party sold that subsidiary to Imerys Talc America (Imerys), an affiliate of Imerys S.A. Cyprus Mines has contractual indemnification rights, subject to limited reservations, against Imerys, which has historically acknowledged those indemnification obligations, and had taken responsibility for all cases tendered to it. However, on February 13, 2019, Imerys filed for Chapter 11 bankruptcy protection, which triggered an immediate automatic stay under the federal bankruptcy code prohibiting any party from continuing or initiating litigation or asserting new claims against Imerys. As a result, Imerys is no longer defending the talc lawsuits against Cyprus Mines and CAMC. In addition, Imerys has taken the position that it alone owns, and has the sole right to access, the proceeds of the legacy insurance coverage of Cyprus Mines and CAMC for talc liabilities. In late March 2019, Cyprus Mines and CAMC challenged this position and obtained emergency relief from the bankruptcy court to gain access to the insurance until the question of ownership and contractual access can be decided in an adversary proceeding before the bankruptcy court, which was previously scheduled for March 2020, but has been put on hold. During first-quarter 2019, in a case pending at the time Imerys filed bankruptcy, a California jury entered a $29 million verdict against Johnson & Johnson (J&J) and Cyprus Mines, of which approximately $2 million was attributed to Cyprus Mines. Taking advantage of the temporary access to the insurance authorized by the bankruptcy court, Cyprus Mines used the insurance to fully resolve the case. Cyprus Mines and the insurers also settled several other cases and secured delays or dismissals in other cases. Cyprus Mines and CAMC also have contractual indemnification rights against J&J, which J&J disputes. In June 2020, Cyprus Mines and CAMC filed a complaint in the Imerys bankruptcy case asserting that J&J was required to indemnify Cyprus Mines and CAMC for liabilities related to J&J products. J&J filed a motion to dismiss which is currently pending and has not been heard. FCX continues to believe that Cyprus Mines and CAMC each has strong defenses to legal liability and that both should have access to the remaining legacy insurance to cover defense costs, settlements and judgments relating to talc proceedings, at least until the bankruptcy court decides otherwise or the insurance is exhausted. FCX recorded legal defense and settlement costs associated with talc-related litigation totaling approximately $20 million for the first nine months of 2020 and $28 million for the year 2019. Multiple trials previously scheduled during 2020 have been postponed because of the ongoing COVID-19 pandemic. Postponed cases may be reset prior to the adversary proceeding regarding the legacy insurance, which is currently on hold. Cyprus Mines and CAMC are exploring a possible global settlement framework through the Imerys bankruptcy process to release Cyprus Mines and CAMC and their respective affiliates from all present and future talc claims. The outcome of any such global settlement may result in future charges that could be material to FCX’s results of operations for the relevant period during which any such agreement is reached. However, there can be no assurance that a global settlement will be reached and, if an agreement among the parties is reached, the implementation of a global settlement would require, among other things, further proceedings in the bankruptcy court and judicial approval. Given the uncertainties and complexities involved, Cyprus Mines and CAMC continue to prepare for trial with respect to the postponed cases and intend to vigorously defend themselves in all such cases. At this time, FCX believes a loss is reasonably possible but due to the number of cases pending, the number of potential future claimants, the complexity of the issues, the possibility of success at trial, whether any settlement(s) will be reached and, if reached, the amount and terms of any such settlement(s), and other factors, FCX cannot estimate the range of possible loss. Other Matters PT-FI and PT Smelting Export Licenses. In March 2020, PT-FI received a one-year extension of its export license through March 15, 2021, and PT Smelting (PT-FI’s 25 percent-owned smelter and refinery in Indonesia) received an extension of its anode slimes export license through March 10, 2021. Cerro Verde Royalty Dispute. In November 2019, Cerro Verde filed a notice of intent to initiate international arbitration against the Peruvian government, which triggered a period for mandatory good faith settlement discussions. The parties were unable to find an amicable resolution and, on February 28, 2020, FCX and Cerro Verde filed international arbitration proceedings against the Peruvian government. In April 2020, SMM Cerro Verde Netherlands B.V. (SMM), another shareholder of Cerro Verde, filed a parallel arbitration proceeding under a different investment treaty against the Peruvian government.

BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 2020

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, Bagdad, Cerro Verde and Grasberg (Indonesia Mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining.

Beginning in fourth-quarter 2019, the Bagdad copper mine became a reportable segment. As a result, FCX revised its segment disclosure for the three and nine months ended September 30, 2019, to conform with the current year presentation.

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

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

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

Product Revenues. FCX’s revenues attributable to the products it sold for the third quarters and first nine months of 2020 and 2019 follow (in millions):


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2020		2019			2020		2019
Copper:
Concentrate	$	1,185	$	952		$	2,783	$	3,251
Cathode	1,085		878			3,046		2,696
Rod and other refined copper products	634		537			1,479		1,560
Purchased coppera	167		210			568		872
Gold	497		415			1,108		1,111
Molybdenum	189		295			626		910
Otherb	159		202			431		697
Adjustments to revenues:
Treatment charges	(95)		(87)			(250)		(292)
Royalty expensec	(56)		(24)			(102)		(73)
Export dutiesd	(23)		(174)		e	(43)		(201)		e
Revenues from contracts with customers	3,742		3,204			9,646		10,531
Embedded derivativesf	109		(51)			57		(40)
Total consolidated revenues	$	3,851	$	3,153		$	9,703	$	10,491

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.Includes charges totaling $166 million primarily associated with an unfavorable Indonesia Supreme Court ruling related to certain disputed PT-FI export duties.

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

Financial Information by Business Segment



(In millions)

																						Atlantic		Corporate,
	North America Copper Mines								South America Mining													Copper		Other
									Cerro						Indonesia			Molybdenum		Rod &		Smelting		& Elimi-			FCX
	Morenci		Bagdad		Other		Total		Verde		Other		Total		Mining			Mines		Refining		& Refining		nations			Total
Three Months Ended September 30, 2020
Revenues:
Unaffiliated customers	$	4	$	—	$	12	$	16	$	632	$	108	$	740	$	1,023	a	$	—	$	1,270	$	536	$	266	b	$	3,851
Intersegment	584		207		430		1,221		66		—		66		3			42		8		3		(1,343)			—
Production and delivery	308		123		337		768		394		83		477		409			51		1,272		522		(1,034)			2,465
Depreciation, depletion and amortization	42		14		35		91		92		13		105		150			13		6		8		21			394

Metals inventory adjustments	—		—		(4)		(4)		—		—		—		—			3		2		—		8			9
Selling, general and administrative expenses	1		—		—		1		2		—		2		25			—		—		5		39			72
Mining exploration and research expenses	—		—		—		—		—		—		—		—			—		—		—		8			8
Environmental obligations and shutdown costs	—		—		(3)		(3)		—		—		—		—			—		—		—		24			21
Net loss on sales of assets	—		—		—		—		—		—		—		—			—		—		—		2			2
Operating income (loss)	237		70		77		384		210		12		222		442			(25)		(2)		4		(145)			880

Interest expense, net	—		—		—		—		21		—		21		—			—		—		—		99			120
Provision for (benefit from) income taxes	—		—		—		—		105		4		109		211			—		—		—		(23)			297
Total assets at September 30, 2020	2,654		785		4,352		7,791		8,569		1,640		10,209		17,098			1,770		251		877		3,103			41,099
Capital expenditures	21		7		38		66		26		5		31		325			3		1		6		4			436

Three Months Ended September 30, 2019
Revenues:
Unaffiliated customers	$	61	$	—	$	19	$	80	$	504	$	117	$	621	$	488	a	$	—	$	1,104	$	437	$	423	b	$	3,153
Intersegment	462		209		389		1,060		65		—		65		—			90		8		—		(1,223)			—
Production and delivery	377		140		379		896		417		111		528		399			85		1,111		421		(770)			2,670
Depreciation, depletion and amortization	45		12		34		91		93		16		109		77			16		2		7		20			322

Metals inventory adjustments	1		—		37		38		2		—		2		—			1		—		—		—			41
Selling, general and administrative expenses	1		1		—		2		2		—		2		31			—		—		5		61			101
Mining exploration and research expenses	—		—		—		—		—		—		—		—			—		—		—		25			25
Environmental obligations and shutdown costs	—		—		—		—		—		—		—		—			—		—		—		20			20
Net loss on sales of assets	—		—		—		—		—		—		—		—			—		—		—		12			12
Operating income (loss)	99		56		(42)		113		55		(10)		45		(19)			(12)		(1)		4		(168)			(38)

Interest expense, net	—		—		1		1		25		—		25		1			—		—		5		91			123
Provision for (benefit from) income taxes	—		—		—		—		29		4		33		(8)			—		—		(1)		67			91
Total assets at September 30, 2019	2,943		769		4,236		7,948		8,500		1,723		10,223		16,447			1,786		236		680		3,623			40,943
Capital expenditures	61		42		121		224		61		7		68		334			5		1		9		25			666

a.Includes PT-FI's sales to PT Smelting totaling $506 million in third-quarter 2020 and $475 million in third-quarter 2019.

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.


(In millions)

																						Atlantic		Corporate,
	North America Copper Mines								South America Mining											Copper		Other
					Other				Cerro		Other				Indonesia			Molybdenum		Rod &		Smelting		& Elimi-			FCX
	Morenci		Bagdad		Mines		Total		Verde		Mines		Total		Mining			Mines		Refining		& Refining		nations			Total
Nine Months Ended September 30, 2020
Revenues:
Unaffiliated customers	$	26	$	—	$	35	$	61	$	1,479	$	312	$	1,791	$	2,151	a	$	—	$	3,491	$	1,429	$	780	b	$	9,703
Intersegment	1,473		532		1,144		3,149		156		—		156		38			171		24		16		(3,554)			—
Production and delivery	1,005		367		1,043		2,415		1,152		297		1,449		1,130			178		3,529		1,379		(2,676)			7,404
Depreciation, depletion and amortization	129		41		102		272		273		42		315		375			44		14		22		51			1,093

Metals inventory adjustments	4		—		48		52		—		3		3		—			8		3		—		26			92
Selling, general and administrative expenses	2		—		1		3		5		—		5		81			—		—		15		169			273
Mining exploration and research expenses	—		—		2		2		—		—		—		—			—		—		—		40			42
Environmental obligations and shutdown costs	—		—		(3)		(3)		—		—		—		—			—		1		—		60			58

Net loss on sales of assets	—		—		—		—		—		—		—		—			—		—		—		13			13
Operating income (loss)	359		124		(14)		469		205		(30)		175		603			(59)		(32)		29		(457)			728

Interest expense, net	2		—		—		2		69		—		69		2			—		—		4		285			362
Provision for (benefit from) income taxes	—		—		—		—		82		(6)		76		302			—		—		1		(46)			333

Capital expenditures	92		44		262		398		116		40		156		959			14		5		17		24			1,573

Nine Months Ended September 30, 2019
Revenues:
Unaffiliated customers	$	89	$	—	$	183	$	272	$	1,793	$	343	$	2,136	$	1,776	a	$	—	$	3,403	$	1,554	$	1,350	b	$	10,491
Intersegment	1,411		591		1,020		3,022		262		—		262		57			290		18		5		(3,654)			—
Production and delivery	1,020		388		1,055		2,463		1,311		337		1,648		1,509			234		3,415		1,488		(2,158)			8,599
Depreciation, depletion and amortization	128		33		100		261		294		48		342		281			50		7		21		59			1,021

Metals inventory adjustments	1		—		38		39		2		—		2		—			1		—		—		58			100
Selling, general and administrative expenses	2		1		1		4		6		—		6		91			—		—		15		184			300
Mining exploration and research expenses	—		—		1		1		—		—		—		—			—		—		—		82			83
Environmental obligations and shutdown costs	—		—		—		—		—		—		—		—			—		—		—		85			85

Net gain on sales of assets	—		—		—		—		—		—		—		—			—		—		—		(13)			(13)
Operating income (loss)	349		169		8		526		442		(42)		400		(48)			5		(1)		35		(601)			316

Interest expense, net	2		—		1		3		79		—		79		2			—		—		17		300			401
Provision for (benefit from) income taxes	—		—		—		—		159		(10)		149		(9)			—		—		2		39			181

Capital expenditures	172		100		369		641		160		16		176		992			11		3		18		76			1,917

a.Includes PT-FI's sales to PT Smelting totaling $1.3 billion for the first nine months of 2020 and $1.4 billion for the first nine months of 2019.

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.

New Accounting Standard	9 Months Ended
New Accounting Standard	Sep. 30, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Standards	NEW ACCOUNTING STANDARDFinancial Instruments. In June 2016, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU) that requires entities to estimate all expected credit losses for most financial assets held at the reporting date based on an expected loss model, which requires consideration of historical experience, current conditions, and reasonable and supportable forecasts. FCX adopted this ASU effective January 1, 2020, and the adoption of this ASU did not have a material impact on its consolidated financial statements.

Subsequent Events (Unaudited)	9 Months Ended
Subsequent Events (Unaudited)	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSFCX evaluated events after September 30, 2020, 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.

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

9 Months Ended

Sep. 30, 2020

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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Net income (loss) from continuing operations	$	432	$	(235)	$	7	$	(234)
Net (income) loss from continuing operations attributable to noncontrolling interests	(103)		27		(116)		(16)

Undistributed earnings allocated to participating securities	(3)		(3)		(3)		(3)
Net income (loss) from continuing operations attributable to common stockholders	326		(211)		(112)		(253)



Net income from discontinued operations attributable to common stockholders	—		1		—		2


Net income (loss) attributable to common stockholders	$	326	$	(210)	$	(112)	$	(251)


Basic weighted-average shares of common stock outstanding	1,453		1,452		1,453		1,451
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)a	8		—		—		—
Diluted weighted-average shares of common stock outstanding	1,461		1,452		1,453		1,451

Basic and diluted net income (loss) per share attributable to common stockholders:
Continuing operations	$	0.22	$	(0.15)	$	(0.08)	$	(0.17)
Discontinued operations	—		—		—		—
	$	0.22	$	(0.15)	$	(0.08)	$	(0.17)

a.Excludes approximately 2 million shares in third-quarter 2020, 10 million shares in third-quarter 2019, 13 million shares for the first nine months of 2020 and 11 million shares for the first nine months of 2019 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.

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

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories follow (in millions):


	September 30, 2020		December 31, 2019
Current inventories:
Total materials and supplies, neta	$	1,610	$	1,649

Mill stockpiles	$	185	$	220
Leach stockpiles	819		923
Total current mill and leach stockpiles	$	1,004	$	1,143

Raw materials (primarily concentrate)	$	360	$	318
Work-in-process	163		124
Finished goods	755		839
Total product	$	1,278	$	1,281

Long-term inventories:
Mill stockpiles	$	211	$	181
Leach stockpiles	1,252		1,244
Total long-term mill and leach stockpilesb	$	1,463	$	1,425

a.Materials and supplies inventory was net of obsolescence reserves totaling $32 million at September 30, 2020, and $24 million at December 31, 2019.

b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes (Unaudited) (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

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

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


	Nine Months Ended
	September 30,
	2020			2019
U.S. operations	$	56	a	$	73	b
International operations	(389)		c	(254)
Total	$	(333)		$	(181)	d

a.Includes a tax credit of $53 million associated with the reversal of a year-end 2019 tax charge related to the sale of FCX’s interest in the lower zone of the Timok exploration project in Serbia.

b.Includes tax credits totaling $24 million primarily associated with state law changes and settlement of state income tax examinations.

c.Includes a tax charge of $21 million ($17 million net of noncontrolling interests) associated with establishing a tax reserve related to the treatment of prior year contractor support costs.

d.Includes net tax charges totaling $49 million primarily to adjust deferred taxes on historical balance sheet items in accordance with tax accounting principles.

Debt and Equity (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The components of debt follow (in millions):


	September 30, 2020		December 31, 2019



Senior notes and debentures:
Issued by FCX	$	8,780	$	8,602
Issued by Freeport Minerals Corporation (FMC)	356		357

Cerro Verde credit facility	827		826

Other	67		41
Total debt	10,030		9,826
Less current portion of debt	(47)		(5)
Long-term debt	$	9,983	$	9,821

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item

A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized gains (losses) on the related hedged item follows (in millions):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	1	$	(2)	$	8	$	3
Hedged item – firm sales commitments	(1)		2		(8)		(3)

Realized gains (losses):
Matured derivative financial instruments	15		(8)		(1)		(9)

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at September 30, 2020, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	381	$	2.91	$	3.03	March 2021
Gold (thousands of ounces)	116	1,941		1,891		January 2021
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	113	2.95		3.03		January 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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Embedded derivatives in provisional sales contracts:a
Copper	$	94	$	(57)	$	18	$	(57)
Gold and other metals	15		6		39		17
Copper forward contractsb	(7)		—		12		(3)

a.Amounts recorded in revenues.

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

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

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


	September 30, 2020		December 31, 2019
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	13	$	6
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	51		68
Copper forward contracts	1		—
Total derivative assets	$	65	$	74

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	—	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	20		20


Copper forward contracts	—		1
Total derivative liabilities	$	20	$	21

Offsetting Assets

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


	Assets				Liabilities
	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	51	$	68	$	20	$	20

Copper derivatives	14		6		—		1
	65		74		20		21

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	3		—		3		—


	3		—		3		—

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	48		68		17		20

Copper derivatives	14		6		—		1
	$	62	$	74	$	17	$	21

Balance sheet classification:
Trade accounts receivable	$	46	$	66	$	5	$	—
Other current assets	14		6		—		—


Accounts payable and accrued liabilities	2		2		12		21

	$	62	$	74	$	17	$	21

Offsetting Liabilities

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


	Assets				Liabilities
	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	51	$	68	$	20	$	20

Copper derivatives	14		6		—		1
	65		74		20		21

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	3		—		3		—


	3		—		3		—

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	48		68		17		20

Copper derivatives	14		6		—		1
	$	62	$	74	$	17	$	21

Balance sheet classification:
Trade accounts receivable	$	46	$	66	$	5	$	—
Other current assets	14		6		—		—


Accounts payable and accrued liabilities	2		2		12		21

	$	62	$	74	$	17	$	21

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):


	September 30, 2020		December 31, 2019
Balance sheet components:
Cash and cash equivalents	$	2,403	$	2,020
Restricted cash and restricted cash equivalents included in:
Other current assets	103		100
Other assets	149		158
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	2,655	$	2,278

- Definition

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

+ References

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

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

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

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

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

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

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

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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

+ Details

FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs Disclosure

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


	At September 30, 2020
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	29	$	29	$	29	$	—	$	—	$	—

Equity securities	6		6		—		6		—		—
Total	35		35		29		6		—		—

Legally restricted funds:a
U.S. core fixed income fund	64		64		64		—		—		—
Corporate bonds	43		43		—		—		43		—
Government bonds and notes	42		42		—		—		42		—
Government mortgage-backed securities	33		33		—		—		33		—
Asset-backed securities	15		15		—		—		15		—
Money market funds	9		9		—		9		—		—
Collateralized mortgage-backed securities	4		4		—		—		4		—
Municipal bonds	1		1		—		—		1		—
Total	211		211		64		9		138		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	51		51		—		—		51		—

Copper futures and swap contractsc	13		13		—		12		1		—
Copper forward contractsc	1		1		—		1		—		—



Total	65		65		—		13		52		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	113		84		—		—		—		84



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	20		20		—		—		20		—










Long-term debt, including current portiond	10,030		10,735		—		—		10,735		—


	At December 31, 2019
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	27	$	27	$	27	$	—	$	—	$	—

Equity securities	4		4		—		4		—		—
Total	31		31		27		4		—		—

Legally restricted funds:a
U.S. core fixed income fund	59		59		59		—		—		—
Government mortgage-backed securities	43		43		—		—		43		—
Government bonds and notes	36		36		—		—		36		—
Corporate bonds	33		33		—		—		33		—
Asset-backed securities	14		14		—		—		14		—
Collateralized mortgage-backed securities	7		7		—		—		7		—
Money market funds	3		3		—		3		—		—
Municipal bonds	1		1		—		—		1		—
Total	196		196		59		3		134		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	68		68		—		—		68		—
Copper futures and swap contractsc	6		6		—		5		1		—

Contingent consideration for the sale of onshore
California oil and gas propertiesa	11		11		—		—		11		—
Total	85		85		—		5		80		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	122		108		—		—		—		108



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	20		20		—		—		20		—

Copper forward contracts	1		1		—		—		1		—


Total	21		21		—		—		21		—




Long-term debt, including current portiond	9,826		10,239		—		—		10,239		—

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 $103 million at September 30, 2020, and $100 million at December 31, 2019, and (ii) other assets of $148 million at September 30, 2020, and $157 million at December 31, 2019, primarily associated with an assurance bond to support PT-FI’s commitment for the development of a new 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 nine months of 2020 follows (in millions):



Fair value at January 1, 2020	$	108
Net unrealized loss related to assets still held at the end of the period	(15)
Settlements	(9)
Fair value at September 30, 2020	$	84

Business Segments (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Revenue from External Customers by Products and Services

Product Revenues. FCX’s revenues attributable to the products it sold for the third quarters and first nine months of 2020 and 2019 follow (in millions):


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2020		2019			2020		2019
Copper:
Concentrate	$	1,185	$	952		$	2,783	$	3,251
Cathode	1,085		878			3,046		2,696
Rod and other refined copper products	634		537			1,479		1,560
Purchased coppera	167		210			568		872
Gold	497		415			1,108		1,111
Molybdenum	189		295			626		910
Otherb	159		202			431		697
Adjustments to revenues:
Treatment charges	(95)		(87)			(250)		(292)
Royalty expensec	(56)		(24)			(102)		(73)
Export dutiesd	(23)		(174)		e	(43)		(201)		e
Revenues from contracts with customers	3,742		3,204			9,646		10,531
Embedded derivativesf	109		(51)			57		(40)
Total consolidated revenues	$	3,851	$	3,153		$	9,703	$	10,491

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.Includes charges totaling $166 million primarily associated with an unfavorable Indonesia Supreme Court ruling related to certain disputed PT-FI export duties.

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

Schedule of financial information by business segment

Financial Information by Business Segment



(In millions)

																						Atlantic		Corporate,
	North America Copper Mines								South America Mining													Copper		Other
									Cerro						Indonesia			Molybdenum		Rod &		Smelting		& Elimi-			FCX
	Morenci		Bagdad		Other		Total		Verde		Other		Total		Mining			Mines		Refining		& Refining		nations			Total
Three Months Ended September 30, 2020
Revenues:
Unaffiliated customers	$	4	$	—	$	12	$	16	$	632	$	108	$	740	$	1,023	a	$	—	$	1,270	$	536	$	266	b	$	3,851
Intersegment	584		207		430		1,221		66		—		66		3			42		8		3		(1,343)			—
Production and delivery	308		123		337		768		394		83		477		409			51		1,272		522		(1,034)			2,465
Depreciation, depletion and amortization	42		14		35		91		92		13		105		150			13		6		8		21			394

Metals inventory adjustments	—		—		(4)		(4)		—		—		—		—			3		2		—		8			9
Selling, general and administrative expenses	1		—		—		1		2		—		2		25			—		—		5		39			72
Mining exploration and research expenses	—		—		—		—		—		—		—		—			—		—		—		8			8
Environmental obligations and shutdown costs	—		—		(3)		(3)		—		—		—		—			—		—		—		24			21
Net loss on sales of assets	—		—		—		—		—		—		—		—			—		—		—		2			2
Operating income (loss)	237		70		77		384		210		12		222		442			(25)		(2)		4		(145)			880

Interest expense, net	—		—		—		—		21		—		21		—			—		—		—		99			120
Provision for (benefit from) income taxes	—		—		—		—		105		4		109		211			—		—		—		(23)			297
Total assets at September 30, 2020	2,654		785		4,352		7,791		8,569		1,640		10,209		17,098			1,770		251		877		3,103			41,099
Capital expenditures	21		7		38		66		26		5		31		325			3		1		6		4			436

Three Months Ended September 30, 2019
Revenues:
Unaffiliated customers	$	61	$	—	$	19	$	80	$	504	$	117	$	621	$	488	a	$	—	$	1,104	$	437	$	423	b	$	3,153
Intersegment	462		209		389		1,060		65		—		65		—			90		8		—		(1,223)			—
Production and delivery	377		140		379		896		417		111		528		399			85		1,111		421		(770)			2,670
Depreciation, depletion and amortization	45		12		34		91		93		16		109		77			16		2		7		20			322

Metals inventory adjustments	1		—		37		38		2		—		2		—			1		—		—		—			41
Selling, general and administrative expenses	1		1		—		2		2		—		2		31			—		—		5		61			101
Mining exploration and research expenses	—		—		—		—		—		—		—		—			—		—		—		25			25
Environmental obligations and shutdown costs	—		—		—		—		—		—		—		—			—		—		—		20			20
Net loss on sales of assets	—		—		—		—		—		—		—		—			—		—		—		12			12
Operating income (loss)	99		56		(42)		113		55		(10)		45		(19)			(12)		(1)		4		(168)			(38)

Interest expense, net	—		—		1		1		25		—		25		1			—		—		5		91			123
Provision for (benefit from) income taxes	—		—		—		—		29		4		33		(8)			—		—		(1)		67			91
Total assets at September 30, 2019	2,943		769		4,236		7,948		8,500		1,723		10,223		16,447			1,786		236		680		3,623			40,943
Capital expenditures	61		42		121		224		61		7		68		334			5		1		9		25			666

a.Includes PT-FI's sales to PT Smelting totaling $506 million in third-quarter 2020 and $475 million in third-quarter 2019.

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.


(In millions)

																						Atlantic		Corporate,
	North America Copper Mines								South America Mining											Copper		Other
					Other				Cerro		Other				Indonesia			Molybdenum		Rod &		Smelting		& Elimi-			FCX
	Morenci		Bagdad		Mines		Total		Verde		Mines		Total		Mining			Mines		Refining		& Refining		nations			Total
Nine Months Ended September 30, 2020
Revenues:
Unaffiliated customers	$	26	$	—	$	35	$	61	$	1,479	$	312	$	1,791	$	2,151	a	$	—	$	3,491	$	1,429	$	780	b	$	9,703
Intersegment	1,473		532		1,144		3,149		156		—		156		38			171		24		16		(3,554)			—
Production and delivery	1,005		367		1,043		2,415		1,152		297		1,449		1,130			178		3,529		1,379		(2,676)			7,404
Depreciation, depletion and amortization	129		41		102		272		273		42		315		375			44		14		22		51			1,093

Metals inventory adjustments	4		—		48		52		—		3		3		—			8		3		—		26			92
Selling, general and administrative expenses	2		—		1		3		5		—		5		81			—		—		15		169			273
Mining exploration and research expenses	—		—		2		2		—		—		—		—			—		—		—		40			42
Environmental obligations and shutdown costs	—		—		(3)		(3)		—		—		—		—			—		1		—		60			58

Net loss on sales of assets	—		—		—		—		—		—		—		—			—		—		—		13			13
Operating income (loss)	359		124		(14)		469		205		(30)		175		603			(59)		(32)		29		(457)			728

Interest expense, net	2		—		—		2		69		—		69		2			—		—		4		285			362
Provision for (benefit from) income taxes	—		—		—		—		82		(6)		76		302			—		—		1		(46)			333

Capital expenditures	92		44		262		398		116		40		156		959			14		5		17		24			1,573

Nine Months Ended September 30, 2019
Revenues:
Unaffiliated customers	$	89	$	—	$	183	$	272	$	1,793	$	343	$	2,136	$	1,776	a	$	—	$	3,403	$	1,554	$	1,350	b	$	10,491
Intersegment	1,411		591		1,020		3,022		262		—		262		57			290		18		5		(3,654)			—
Production and delivery	1,020		388		1,055		2,463		1,311		337		1,648		1,509			234		3,415		1,488		(2,158)			8,599
Depreciation, depletion and amortization	128		33		100		261		294		48		342		281			50		7		21		59			1,021

Metals inventory adjustments	1		—		38		39		2		—		2		—			1		—		—		58			100
Selling, general and administrative expenses	2		1		1		4		6		—		6		91			—		—		15		184			300
Mining exploration and research expenses	—		—		1		1		—		—		—		—			—		—		—		82			83
Environmental obligations and shutdown costs	—		—		—		—		—		—		—		—			—		—		—		85			85

Net gain on sales of assets	—		—		—		—		—		—		—		—			—		—		—		(13)			(13)
Operating income (loss)	349		169		8		526		442		(42)		400		(48)			5		(1)		35		(601)			316

Interest expense, net	2		—		1		3		79		—		79		2			—		—		17		300			401
Provision for (benefit from) income taxes	—		—		—		—		159		(10)		149		(9)			—		—		2		39			181

Capital expenditures	172		100		369		641		160		16		176		992			11		3		18		76			1,917

a.Includes PT-FI's sales to PT Smelting totaling $1.3 billion for the first nine months of 2020 and $1.4 billion for the first nine months of 2019.

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.

General Information (Unaudited) (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended	12 Months Ended
	Jul. 31, 2020	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
General Information [Abstract]
Employee separation charges		$ 34	$ 258
Production and delivery charges		30	202
Depreciation, depletion, and amortization		$ 3	32
Selling, general, and administrative expense			15
Mining exploration and research expense			$ 8
Expected long-term rate of return on plan assets	2.40%			3.40%
Discount rate used in calculating benefit obligation	6.25%	3.25%	3.25%	6.50%
Accumulated benefit obligation, decrease for curtailment during period			$ 184
Increase in plan assets during period			103
Curtailment loss recognized		$ 4
Net funded status of defined benefit plan		$ 888	$ 888

Earnings per Share (Unaudited) Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 432	$ (235)	$ 7	$ (234)
Net (income) loss from continuing operations attributable to noncontrolling interests	(103)	27	(116)	(16)
Undistributed earnings allocated to participating securities	(3)	(3)	(3)	(3)
Net income (loss) from continuing operations attributable to common stockholders	326	(211)	(112)	(253)
Net income from discontinued operations attributable to common stockholders	0	1	0	2
Net income (loss) attributable to common stockholders	$ 326	$ (210)	$ (112)	$ (251)
Basic weighted-average shares of common stock outstanding	1,453	1,452	1,453	1,451
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)a	8	0	0	0
Diluted weighted-average shares of common stock outstanding	1,461	1,452	1,453	1,451
Basic and diluted net income (loss) per share attributable to common stockholders:
Continuing operations (in dollars per share)	$ 0.22	$ (0.15)	$ (0.08)	$ (0.17)
Discontinued operations (in dollars per share)	0	0	0	0
Earnings per share, basic (in dollars per share)	$ 0.22	$ (0.15)	$ (0.08)	$ (0.17)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2	10	13	11
Dilutive Securities Excluded from Computation of EPS Amount	28	43	35	42

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Components of Inventories [Line Items]
Total materials and supplies, net	$ 1,610		$ 1,610		$ 1,649
Mill stockpiles, current	185		185		220
Leach stockpiles, current	819		819		923
Total current mill and leach stockpiles	1,004		1,004		1,143
Raw materials (primarily concentrate)	360		360		318
Work-in-process	163		163		124
Finished goods	755		755		839
Total product	1,278		1,278		1,281
Mill stockpiles, noncurrent	211		211		181
Leach stockpiles, noncurrent	1,252		1,252		1,244
Total long-term mill and leach stockpiles	1,463		1,463		1,425
Inventory obsolescence reserves	32		32		$ 24
Metals inventory adjustments	9	$ 41	92	$ 100
Metals
Components of Inventories [Line Items]
Metals inventory adjustments	$ 9
Inventory Write-down		$ 41	92	100
Copper
Components of Inventories [Line Items]
Inventory Write-down			58	41
Molybdenum
Components of Inventories [Line Items]
Inventory Write-down			$ 34
Cobalt
Components of Inventories [Line Items]
Inventory Write-down				$ 58

Income Taxes (Unaudited) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
Income Taxes (Unaudited) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Jul. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2021
Schedule Of Income Taxes [Line Items]
U.S. operations					$ 56	$ 73
International operations					(389)	(254)
Total			$ (297)	$ (91)	(333)	(181)
Tax charge resulting from prior period tax positions					21
Tax charge resulting from prior period tax positions, net noncontrolling interests					$ 17
Tax charge resulting from prior period deferred tax positions						$ 49
Consolidated effective income tax rate (percent)					102.00%	302.00%
Proceeds from Income Tax Refunds		$ 221
Forecast
Schedule Of Income Taxes [Line Items]
Proceeds from Income Tax Refunds							$ 23
Foreign Tax Authority [Member]
Schedule Of Income Taxes [Line Items]
Tax credit					$ 53
State and Local Jurisdiction [Member]
Schedule Of Income Taxes [Line Items]
Tax credit						$ 24
Subsequent event
Schedule Of Income Taxes [Line Items]
Proceeds from Income Tax Refunds	$ 24

Debt and Equity (Details) $ / shares in Units, shares in Millions				3 Months Ended				6 Months Ended	9 Months Ended
	Jan. 06, 2023	Jul. 27, 2020 USD ($)	Mar. 04, 2020 USD ($)	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2019 USD ($) $ / shares shares	Dec. 31, 2021	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2019 USD ($) $ / shares shares	Apr. 03, 2020	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Dilutive Securities Excluded from Computation of EPS Amount \| shares						28	43		35	42
Total Debt [Abstract]
Current portion of debt						$ (47,000,000)			$ (47,000,000)
Long-term Debt, Current Maturities						47,000,000			47,000,000			$ 5,000,000
Long-term debt, less current portion						9,983,000,000			9,983,000,000
Debt												9,826,000,000
Long-term Debt and Lease Obligation, Including Current Maturities						10,030,000,000			10,030,000,000
Proceeds from Debt, Net of Issuance Costs		$ 1,485,000,000
Debt Instrument, Repurchase Amount		$ 1,400,000,000
Proceeds from repayment of debt			$ 1,285,000,000
Net loss on early extinguishment of debt						59,000,000	$ 21,000,000		100,000,000	$ 27,000,000
Interest costs						$ 160,000,000	$ 163,000,000		$ 490,000,000	$ 508,000,000
Dividends declared per share of common stock (in dollars per share) \| $ / shares						$ 0	$ 0.05		$ 0	$ 0.15
COVID Response, Dividend Suspended, Price Per Share \| $ / shares									$ 0.05
Long-term debt, less current portion						$ 9,983,000,000			$ 9,983,000,000			9,821,000,000
Senior Notes due 2028, 4.125% [Member] [Domain]
Total Debt [Abstract]
Debt			$ 700,000,000
Stated interest rate			4.125%
Senior Notes due 2030, 4.25% [Member] [Domain]
Total Debt [Abstract]
Debt			$ 600,000,000
Stated interest rate			4.25%
Senior Notes due 2021, 4.00%
Total Debt [Abstract]
Stated interest rate			4.00%								4.00%
3.55% Senior Notes Due 2022 [Member]
Total Debt [Abstract]
Stated interest rate		3.55%	3.55%
Senior Notes Due 2023, 3.875% [Member]
Total Debt [Abstract]
Stated interest rate		3.875%
Senior Notes due 2024 4 point 55 percent [Member]
Total Debt [Abstract]
Stated interest rate		4.55%
Revolving Credit Facility [Member] \| Credit Agreement [Member]
Total Debt [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity						3,500,000,000			3,500,000,000
Debt Instrument, Covenant, Minimum Liquidity Required									1,000,000,000
Property, Plant and Equipment [Member]
Total Debt [Abstract]
Interest costs capitalized						40,000,000			128,000,000	$ 107,000,000
Line of Credit [Member] \| Cerro Verde [Member]
Total Debt [Abstract]
Debt												826,000,000
Long-term Debt and Lease Obligation, Including Current Maturities						827,000,000			827,000,000
Line of Credit [Member] \| Letter of Credit [Member]
Total Debt [Abstract]
Letter of credit						13,000,000			13,000,000
Revolving credit facility, availability						1,500,000,000			1,500,000,000
Line of Credit [Member] \| Revolving Credit Facility [Member]
Total Debt [Abstract]
Debt						0			0
Revolving credit facility, availability						3,500,000,000			3,500,000,000
Line of Credit [Member] \| Revolving Credit Facility [Member] \| Maturing 2024 [Member]
Total Debt [Abstract]
Revolving credit facility, availability						3,280,000,000			3,280,000,000
Line of Credit [Member] \| Revolving Credit Facility [Member] \| Maturing 2023 [Member]
Total Debt [Abstract]
Revolving credit facility, availability						220,000,000			220,000,000
Senior Notes [Member] \| Notes Due 2028, 4.375% [Member]
Total Debt [Abstract]
Debt, principal		$ 650,000,000
Stated interest rate		4.375%
Senior Notes [Member] \| Notes Due 2030, 4.625% [Member]
Total Debt [Abstract]
Debt, principal		$ 850,000,000
Stated interest rate		4.625%
Senior Notes [Member] \| FCX [Member]
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities						8,780,000,000			8,780,000,000			8,602,000,000
Debentures [Member] \| Freeport McMoRan Corporation [Member]
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities						356,000,000			356,000,000			357,000,000
Other Debt, Including Capital Leases and Short Term Borrowings [Member]
Total Debt [Abstract]
Debt												$ 41,000,000
Long-term Debt and Lease Obligation, Including Current Maturities						$ 67,000,000			$ 67,000,000
Forecast
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance, Leverage Ratio	3.75							5.25
Total Debt [Abstract]
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum	2.25							2.00
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

Financial Instruments (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2020 lb $ / lb	Sep. 30, 2020 USD ($) $ / oz $ / lb $ / lb	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) lb oz $ / oz $ / lb $ / lb	Sep. 30, 2019 USD ($)
Not Designated as Hedging Instrument [Member] \| Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 109	$ (51)	$ 57	$ (40)
Commodity Contract [Member]
Unrealized gains (losses):
Derivative financial instruments		1	(2)	8	3
Hedged item – firm sales commitments		(1)	2	(8)	(3)
Realized gains (losses):
Matured derivative financial instruments		$ 15	(8)	$ (1)	(9)
Commodity Contract [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb				50
Derivative, Average Forward Price \| $ / lb		2.76		2.76
Copper Forward Contracts [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	150
Derivative, Average Forward Price \| $ / lb	2.34
Realized gains (losses):
Matured derivative financial instruments				$ 24
Copper Forward Contracts [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb				26
Derivative, Average Forward Price \| $ / lb		3.05		3.05
Copper Forward Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments		$ (7)	0	$ 12	(3)
Copper \| Not Designated as Hedging Instrument [Member] \| Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 94	(57)	$ 18	(57)
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				381
Derivative, Average Forward Price \| $ / lb		2.91		2.91
Realized gains (losses):
Derivative Average Market Price \| $ / lb		3.03		3.03
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				113
Derivative, Average Forward Price \| $ / lb		2.95		2.95
Realized gains (losses):
Derivative Average Market Price \| $ / lb		3.03		3.03
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				116
Derivative, Average Forward Price \| $ / oz		1,941		1,941
Realized gains (losses):
Derivative Average Market Price \| $ / oz		1,891		1,891
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		$ 15	$ 6	$ 39	$ 17

Financial Instruments (Unsettled Derivatives) (Details) oz in Thousands, lb in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2020 lb $ / lb	Sep. 30, 2020 USD ($) $ / oz $ / lb $ / lb	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) lb oz $ / oz $ / lb $ / lb	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 65		$ 65		$ 74
Derivative Liability, Fair Value, Gross Liability		20		20		21
Derivative Asset, Fair Value, Gross Liability		3		3		0
Derivative Liability, Fair Value, Gross Asset		3		3		0
Derivative Asset		62		62		74
Derivative Liability		17		17		21
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		46		46		66
Derivative Liability		5		5		0
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset		2		2		2
Derivative Liability		12		12		21
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		14		14		6
Derivative Liability		0		0		0
Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		15	$ (8)	(1)	$ (9)
Derivative Asset, Fair Value, Gross Asset		14		14		6
Derivative Liability, Fair Value, Gross Liability		0		0		1
Derivative Asset		14		14		6
Derivative Liability		0		0		1
Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		51		51		68
Derivative Liability, Fair Value, Gross Liability		20		20		20
Derivative Asset, Fair Value, Gross Liability		3		3		0
Derivative Liability, Fair Value, Gross Asset		3		3		0
Derivative Asset		48		48		68
Derivative Liability		17		17		20
Designated as Hedging Instrument [Member] \| Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 13		$ 13		6
Derivative, Nonmonetary Notional Amount, Mass \| lb				50
Derivative, Average Forward Price \| $ / lb		2.76		2.76
Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments				$ 24
Derivative, Nonmonetary Notional Amount, Mass \| lb	150
Derivative, Average Forward Price \| $ / lb	2.34
Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 51		51		68
Derivative Liability, Fair Value, Gross Liability		$ 20		$ 20		20
Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb				26
Derivative, Average Forward Price \| $ / lb		3.05		3.05
Future [Member] \| Not Designated as Hedging Instrument [Member] \| FMC's Copper Futures and Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability		$ 0		$ 0		0
Commodity Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		1		1		0
Derivative Liability, Fair Value, Gross Liability		$ 0		$ 0		$ 1
Copper \| Short [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb		3.03		3.03
Derivative, Nonmonetary Notional Amount, Mass \| lb				381
Derivative, Average Forward Price \| $ / lb		2.91		2.91
Copper \| Long [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb		3.03		3.03
Derivative, Nonmonetary Notional Amount, Mass \| lb				113
Derivative, Average Forward Price \| $ / lb		2.95		2.95
Gold \| Short [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / oz		1,891		1,891
Derivative, Nonmonetary Notional Amount, Mass \| oz				116
Derivative, Average Forward Price \| $ / oz		1,941		1,941
Sales [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 109	(51)	$ 57	(40)
Sales [Member] \| Copper \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		94	(57)	18	(57)
Sales [Member] \| gold and other \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		15	6	39	17
Cost of Sales [Member] \| Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		$ (7)	$ 0	$ 12	$ (3)

Financial Instruments (Derivative) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 2,403	$ 2,020
Restricted Cash and Cash Equivalents, Current	103	100
Restricted Cash and Cash Equivalents, Noncurrent	149	158
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	2,655	2,278	$ 2,512	$ 4,455
Credit Derivative, Maximum Exposure, Undiscounted	52
Bank Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 200	$ 1,300

Fair Value Measurement (Fair Value Measurement Inputs) (Details) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($) $ / bbl	Dec. 31, 2019 USD ($) $ / bbl	Dec. 31, 2016 USD ($) $ / bbl
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other Assets, Current		$ 419			$ 655
Other assets		1,654			1,885
Proceeds from Sale of Other Assets, contingent consideration		146	$ 102
Derivative Liability, Fair Value, Gross Liability		20			21
Investment securities (current and long-term):
Marketable Securities		0
Derivatives:
Derivative Asset		62			74
Derivatives: [Abstract]
Derivative Liability		17			21
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			27
Trust Assets Fair Value Disclosure		64			59
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			4
Trust Assets Fair Value Disclosure		9			3
Derivatives:
Derivative Asset		13			5
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		138			134
Derivatives:
Derivative Asset		52			80
Derivatives: [Abstract]
Derivative Liability					21
Long-term debt, including current portion		10,735			10,239
Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable		84			108
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		84			108
Investment securities (current and long-term):
Investments, Fair Value Disclosure		35			31
Trust Assets Fair Value Disclosure		211			196
Derivatives:
Derivative Asset		65			85
Derivatives: [Abstract]
Derivative Liability					21
Long-term debt, including current portion		10,735			10,239
Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable		113			122
Investment securities (current and long-term):
Investments, Fair Value Disclosure		35			31
Trust Assets Fair Value Disclosure		211			196
Derivatives:
Derivative Asset		65			85
Derivatives: [Abstract]
Derivative Liability					21
Long-term debt, including current portion		10,030			9,826
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		20			20
Derivatives:
Derivative Asset		48			68
Derivatives: [Abstract]
Derivative Liability		17			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		51			68
Derivatives: [Abstract]
Derivative Liability		20			20
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		51			68
Derivatives: [Abstract]
Derivative Liability		20			20
Embedded Derivative Financial Instruments [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset		51			68
Derivatives: [Abstract]
Derivative Liability		20			20
Forward Contracts [Member] \| Level 1
Derivatives:
Derivative Asset		1
Forward Contracts [Member] \| Level 2
Derivatives:
Derivative Asset		0
Forward Contracts [Member] \| Level 3
Derivatives:
Derivative Asset		0
Forward Contracts [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset		1
Forward Contracts [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset		1
Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability		0			1
Derivatives:
Derivative Asset		14			6
Derivatives: [Abstract]
Derivative Liability		0			1
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					5
Derivatives: [Abstract]
Derivative Liability					0
Commodity Contract [Member] \| Level 2
Derivatives:
Derivative Asset					1
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					6
Derivatives: [Abstract]
Derivative Liability					1
Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset					6
Derivatives: [Abstract]
Derivative Liability					1
Future [Member] \| Level 1
Derivatives:
Derivative Asset		12
Future [Member] \| Level 2
Derivatives:
Derivative Asset		1
Future [Member] \| Level 3
Derivatives:
Derivative Asset		0
Future [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset		13
Future [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset		13
Africa and onshore California [Member] \| Commodity Contract [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Derivatives:
Derivative Asset					0
Africa and onshore California [Member] \| Commodity Contract [Member] \| Level 1
Derivatives:
Derivative Asset					0
Africa and onshore California [Member] \| Commodity Contract [Member] \| Level 2
Derivatives:
Derivative Asset					11
Africa and onshore California [Member] \| Commodity Contract [Member] \| Level 3
Derivatives:
Derivative Asset					0
Africa and onshore California [Member] \| Commodity Contract [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset					11
Africa and onshore California [Member] \| Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset					11
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			27
Trust Assets Fair Value Disclosure		64			59
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			27
Trust Assets Fair Value Disclosure		64			59
U.S. core fixed income fund [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities		29			27
Trust Assets Fair Value Disclosure		64			59
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			4
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			4
Equity securities \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities		6			4
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		42			36
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		42			36
Government bonds \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		42			36
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		43			33
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		43			33
Corporate bonds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		43			33
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		33			43
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		33			43
Government mortgage-backed securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		33			43
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		15			14
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		15			14
Asset-backed securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		15			14
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		9			3
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		9			3
Money market funds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		9			3
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			7
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			7
Collateralized Mortgage Backed Securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		4			7
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		103			100
Other assets		148			157
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		20			20
Freeport-McMoRan Oil & Gas \| Onshore California [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other assets		0			11
Discontinued Operation, Contingent Receivable						$ 150
Proceeds from Sale of Other Assets, contingent consideration				$ 50
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		12			18
Other assets		101			$ 104
Discontinued Operation, Contingent Receivable						$ 150
Forecast \| Freeport-McMoRan Oil & Gas \| Onshore California [Member]
Derivatives:
Discontinued Operation, Contingent Receivable, Per Year	$ 50
Crude Oil [Member] \| Freeport-McMoRan Oil & Gas \| Onshore California [Member]
Derivatives:
Contingent consideration, reference threshold (in us dollars per pound) \| $ / bbl				70	70	70
Fair Value, Recurring [Member] \| Forward Contracts [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset		$ 0

Fair Value Measurement (Unobservable inputs) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Assets, Current	$ 419	$ 655
Other Assets, Noncurrent	1,654	1,885
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	(9)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at January 1, 2020	108
Net unrealized loss related to assets still held at the end of the period	(15)
Fair value at September 30, 2020	84
Onshore California [Member] \| Freeport-McMoRan Oil & Gas
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent Receivable			$ 150
Other Assets, Noncurrent	$ 0	$ 11

Contingencies and Commitments (Unaudited) - Litigation (Details) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2019 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($) case	Mar. 13, 2019 USD ($)
Settled litigation \| Louisiana Parishes Coastal Erosion Cases \| FCX affiliates
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number \| case			13
Litigation settlement, agreed to pay, initial payment	$ 15
Pending litigation \| Asbestos contamination in talc-based personal care products
Loss Contingencies [Line Items]
Legal Fees		$ 20	$ 28
Pending litigation \| Asbestos contamination in talc-based personal care products \| Asbestos contamination \| Johnson & Johnson and Cyprus Mines
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss				$ 29
Pending litigation \| Asbestos contamination in talc-based personal care products \| Asbestos contamination \| Cyprus Mines
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss				$ 2

Contingencies and Commitments (Unaudited) - Tax and Other Matters (Details)	Sep. 30, 2020
PT Freeport Indonesia \| PT Smelting
Loss Contingencies [Line Items]
Investment owned, percent	25.00%

Business Segments (Product Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from External Customer [Line Items]
Treatment And Refining Charges Included In Copper Concentrates Revenues	$ (95)	$ (87)	$ (250)	$ (292)
Royalty Expense	(56)	(24)	(102)	(73)
Export duties expense	(23)	(174)	(43)	(201)
Revenue from Contract with Customer, Excluding Assessed Tax	3,742	3,204	9,646	10,531
Revenues	3,851	3,153	9,703	10,491
PT Freeport Indonesia Export Duty Dispute [Member]
Revenue from External Customer [Line Items]
Export duties expense				(166)
Sales [Member] \| Not Designated as Hedging Instrument [Member]
Revenue from External Customer [Line Items]
Matured derivative financial instruments	109	(51)	57	(40)
Copper In Concentrates [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,185	952	2,783	3,251
Copper Cathode [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,085	878	3,046	2,696
Refined Copper Products [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	634	537	1,479	1,560
Purchased Copper [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	167	210	568	872
Gold
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	497	415	1,108	1,111
Molybdenum
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	189	295	626	910
Other Products Or Services [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 159	$ 202	$ 431	$ 697

Business Segments (Segment Reporting) (Details) lb in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2020 lb $ / lb	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) segment	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments \| segment				4
Deferred Intercompany Profit, Percentage				25.00%
Revenues		$ 3,851	$ 3,153	$ 9,703	$ 10,491
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(2,465)	(2,670)	(7,404)	(8,599)
Cost, Depreciation, Amortization and Depletion		394	322	1,093	1,021
Metals inventory adjustments		9	41	92	100
Selling, general and administrative expenses		(72)	(101)	(273)	(300)
Mining exploration and research expenses		8	25	42	83
Environmental obligations and shutdown costs		21	20	58	85
Net gain on sales of assets		2	12	13	(13)
Operating income (loss)		880	(38)	728	316
Interest expense, net		120	123	362	401
Provision for (benefit from) income taxes		297	91	333	181
Total assets		41,099	40,943	41,099	40,943	$ 40,809
Capital expenditures		436	666	1,573	1,917
Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues		16	80	61	272
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(768)	(896)	(2,415)	(2,463)
Cost, Depreciation, Amortization and Depletion		91	91	272	261
Metals inventory adjustments		(4)	38	52	39
Selling, general and administrative expenses		(1)	(2)	(3)	(4)
Mining exploration and research expenses		0	0	2	1
Environmental obligations and shutdown costs		(3)	0	(3)	0
Net gain on sales of assets		0	0	0	0
Operating income (loss)		384	113	469	526
Interest expense, net		0	1	2	3
Provision for (benefit from) income taxes		0	0	0	0
Total assets		7,791	7,948	7,791	7,948
Capital expenditures		66	224	398	641
Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues		740	621	1,791	2,136
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(477)	(528)	(1,449)	(1,648)
Cost, Depreciation, Amortization and Depletion		105	109	315	342
Metals inventory adjustments		0	2	3	2
Selling, general and administrative expenses		(2)	(2)	(5)	(6)
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0	0	0	0
Operating income (loss)		222	45	175	400
Interest expense, net		21	25	69	79
Provision for (benefit from) income taxes		109	33	76	149
Total assets		10,209	10,223	10,209	10,223
Capital expenditures		31	68	156	176
Corporate And Eliminations
Segment Reporting Information [Line Items]
Revenues		266	423	780	1,350
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		1,034	770	2,676	2,158
Cost, Depreciation, Amortization and Depletion		21	20	51	59
Metals inventory adjustments		8	0	26	58
Selling, general and administrative expenses		(39)	(61)	(169)	(184)
Mining exploration and research expenses		8	25	40	82
Environmental obligations and shutdown costs		24	20	60	85
Net gain on sales of assets		2	12	13	(13)
Operating income (loss)		(145)	(168)	(457)	(601)
Interest expense, net		99	91	285	300
Provision for (benefit from) income taxes		(23)	67	(46)	39
Total assets		3,103	3,623	3,103	3,623
Capital expenditures		4	25	24	76
Intersegment
Segment Reporting Information [Line Items]
Revenues		0	0	0	0
Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues		1,221	1,060	3,149	3,022
Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues		66	65	156	262
PT Smelting \| Affiliated Entity [Member]
Segment Reporting Information [Line Items]
Revenues		506	475	1,300	1,400
Morenci [Member] \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues		4	61	26	89
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(308)	(377)	(1,005)	(1,020)
Cost, Depreciation, Amortization and Depletion		42	45	129	128
Metals inventory adjustments		0	1	4	1
Selling, general and administrative expenses		(1)	(1)	(2)	(2)
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0	0	0	0
Operating income (loss)		237	99	359	349
Interest expense, net		0	0	2	2
Provision for (benefit from) income taxes		0	0	0	0
Total assets		2,654	2,943	2,654	2,943
Capital expenditures		21	61	92	172
Morenci [Member] \| Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues		584	462	1,473	1,411
Bagdad [Member] \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues		0	0	0	0
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(123)	(140)	(367)	(388)
Cost, Depreciation, Amortization and Depletion		14	12	41	33
Metals inventory adjustments		0	0	0	0
Selling, general and administrative expenses		0	(1)	0	(1)
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0	0	0	0
Operating income (loss)		70	56	124	169
Interest expense, net		0	0		0
Provision for (benefit from) income taxes		0	0	0	0
Total assets		785	769	785	769
Capital expenditures		7	42	44	100
Bagdad [Member] \| Operating Segments \| Bagdad [Member]
Segment Reporting Information [Line Items]
Interest expense, net				0
Bagdad [Member] \| Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues		207	209	532	591
Other Mines North America Copper Mines Segment [Member] \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Metals inventory adjustments			37		38
Other Individually Immaterial Operating Segments [Member] \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues		12	19	35	183
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(337)	(379)	(1,043)	(1,055)
Cost, Depreciation, Amortization and Depletion		35	34	102	100
Metals inventory adjustments		(4)		48
Selling, general and administrative expenses		0	0	(1)	(1)
Mining exploration and research expenses		0	0	2	1
Environmental obligations and shutdown costs		(3)	0	(3)	0
Net gain on sales of assets		0	0	0	0
Operating income (loss)		77	(42)	(14)	8
Interest expense, net		0	1	0	1
Provision for (benefit from) income taxes		0	0	0	0
Total assets		4,352	4,236	4,352	4,236
Capital expenditures		38	121	262	369
Other Individually Immaterial Operating Segments [Member] \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues		108	117	312	343
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(83)	(111)	(297)	(337)
Cost, Depreciation, Amortization and Depletion		13	16	42	48
Metals inventory adjustments		0	0	3	0
Selling, general and administrative expenses		0	0	0	0
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0	0	0	0
Operating income (loss)		12	(10)	(30)	(42)
Interest expense, net		0	0	0	0
Provision for (benefit from) income taxes		4	4	(6)	(10)
Total assets		1,640	1,723	1,640	1,723
Capital expenditures		5	7	40	16
Other Individually Immaterial Operating Segments [Member] \| Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues		430	389	1,144	1,020
Other Individually Immaterial Operating Segments [Member] \| Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues		0	0	0	0
Cerro Verde [Member] \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues		632	504	1,479	1,793
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(394)	(417)	(1,152)	(1,311)
Cost, Depreciation, Amortization and Depletion		92	93	273	294
Metals inventory adjustments		0	2	0	2
Selling, general and administrative expenses		(2)	(2)	(5)	(6)
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0	0	0	0
Operating income (loss)		210	55	205	442
Interest expense, net		21	25	69	79
Provision for (benefit from) income taxes		105	29	82	159
Total assets		8,569	8,500	8,569	8,500
Capital expenditures		26	61	116	160
Cerro Verde [Member] \| Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues		66	65	156	262
Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures				959	992
Grasberg Segment [Member] \| Operating Segments \| Indonesia
Segment Reporting Information [Line Items]
Revenues		1,023	488	2,151	1,776
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(409)	(399)	(1,130)	(1,509)
Cost, Depreciation, Amortization and Depletion		150	77	375	281
Metals inventory adjustments		0	0	0	0
Selling, general and administrative expenses		(25)	(31)	(81)	(91)
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0	0	0	0
Operating income (loss)		442	(19)	603	(48)
Interest expense, net		0	1	2	2
Provision for (benefit from) income taxes		211	(8)	302	(9)
Total assets		17,098	16,447	17,098	16,447
Capital expenditures		325	334	959	992
Grasberg Segment [Member] \| Intersegment \| Indonesia
Segment Reporting Information [Line Items]
Revenues		3	0	38	57
Molybdenum
Segment Reporting Information [Line Items]
Capital expenditures				14	11
Molybdenum \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		0	0	0	0
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(51)	(85)	(178)	(234)
Cost, Depreciation, Amortization and Depletion		13	16	44	50
Metals inventory adjustments		3	1	8	1
Selling, general and administrative expenses		0	0	0	0
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0	0	0	0
Operating income (loss)		(25)	(12)	(59)	5
Interest expense, net		0	0	0	0
Provision for (benefit from) income taxes		0	0	0	0
Total assets		1,770	1,786	1,770	1,786
Capital expenditures		3	5	14	11
Molybdenum \| Intersegment
Segment Reporting Information [Line Items]
Revenues		42	90	171	290
Rod and Refining Segment [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,270	1,104	3,491	3,403
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(1,272)	(1,111)	(3,529)	(3,415)
Cost, Depreciation, Amortization and Depletion		6	2	14	7
Metals inventory adjustments		2	0	3	0
Selling, general and administrative expenses		0	0	0	0
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	1	0
Net gain on sales of assets		0	0	0	0
Operating income (loss)		(2)	(1)	(32)	(1)
Interest expense, net		0	0	0	0
Provision for (benefit from) income taxes		0	0	0	0
Total assets		251	236	251	236
Capital expenditures		1	1	5	3
Rod and Refining Segment [Member] \| Intersegment
Segment Reporting Information [Line Items]
Revenues		8	8	24	18
Atlantic Copper Smelting and Refining Segment [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		536	437	1,429	1,554
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(522)	(421)	(1,379)	(1,488)
Cost, Depreciation, Amortization and Depletion		8	7	22	21
Metals inventory adjustments		0	0	0	0
Selling, general and administrative expenses		(5)	(5)	(15)	(15)
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0	0	0	0
Operating income (loss)		4	4	29	35
Interest expense, net		0	5	4	17
Provision for (benefit from) income taxes		0	(1)	1	2
Total assets		877	680	877	680
Capital expenditures		6	9	17	18
Atlantic Copper Smelting and Refining Segment [Member] \| Intersegment
Segment Reporting Information [Line Items]
Revenues		3	0	16	5
Corporate And Eliminations \| Intersegment
Segment Reporting Information [Line Items]
Revenues		$ (1,343)	$ (1,223)	(3,554)	$ (3,654)
Forward Contracts [Member] \| Designated as Hedging Instrument [Member]
Segment Reporting Information [Line Items]
Matured derivative financial instruments				$ 24
Derivative, Nonmonetary Notional Amount, Mass \| lb	150
Derivative, Average Forward Price \| $ / lb	2.34