Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-11307-01
Entity Registrant Name	Freeport-McMoRan Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2480931
Entity Address, Address Line One	333 North Central Avenue
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004-2189
City Area Code	(602)
Local Phone Number	366-8100
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	FCX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,468,473,516
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 7,672	$ 3,657
Trade accounts receivable	931	892
Income and other tax receivables	591	520
Inventories:
Total materials and supplies, net	1,617	1,594
Mill and leach stockpiles	1,086	1,014
Product	1,417	1,285
Other current assets	477	341
Total current assets	13,791	9,303
Property, plant, equipment and mine development costs, net	30,102	29,818
Long-term mill and leach stockpiles	1,450	1,463
Other assets	1,574	1,560
Total assets	46,917	42,144
Current liabilities:
Accounts payable and accrued liabilities	2,949	2,708
Long-term Debt, Current Maturities	897	34
Accrued income taxes	1,237	324
Environmental And Asset Retirement Obligations, Current	329	351
Dividends Payable, Current	111	0
Total current liabilities	5,523	3,417
Long-term debt, less current portion	8,768	9,677
Deferred Income Tax Liabilities, Net	4,500	4,408
Environmental and asset retirement obligations, less current portion	3,688	3,705
Other liabilities	1,907	2,269
Total liabilities	24,386	23,476
Stockholders’ equity:
Common stock	160	159
Capital in excess of par value	26,023	26,037
Accumulated deficit	(8,481)	(11,681)
Accumulated other comprehensive loss	(572)	(583)
Common stock held in treasury	(3,777)	(3,758)
Total stockholders’ equity	13,353	10,174
Noncontrolling interests	9,178	8,494
Total equity	22,531	18,668
Total liabilities and equity	$ 46,917	$ 42,144

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenues	$ 6,083	$ 3,851	$ 16,681	$ 9,703
Cost of sales:
Production and delivery	3,009	2,465	8,862	7,404
Depreciation, depletion and amortization	528	394	1,430	1,093
Metals inventory adjustments	14	9	15	92
Total cost of sales	3,551	2,868	10,307	8,589
Selling, general and administrative expenses	102	72	289	273
Mining exploration and research expenses	15	8	36	42
Environmental obligations and shutdown costs	13	21	51	58
Net (gain) loss on sales of assets	(60)	2	(63)	13
Total costs and expenses	3,621	2,971	10,620	8,975
Operating income	2,462	880	6,061	728
Interest expense, net	(138)	(120)	(431)	(362)
Net loss on early extinguishment of debt	0	(59)	0	(100)
Other income, net	36	22	56	62
Income before income taxes and equity in affiliated companies’ net (losses) earnings	2,360	723	5,686	328
Provision for income taxes	(628)	(297)	(1,674)	(333)
Equity in affiliated companies’ net (losses) earnings	(9)	6	(5)	12
Net income (loss) from continuing operations	1,723	432	4,007	7
Net income	1,723	432	4,007	7
Net income (loss) attributable to noncontrolling interests	324	103	807	116
Net income (loss) attributable to common stockholders	$ 1,399	$ 329	$ 3,200	$ (109)
Earnings Per Share, Basic and Diluted [Abstract]
Earnings per share, basic (in dollars per share)	$ 0.95	$ 0.22	$ 2.18	$ (0.08)
Earnings Per Share, Diluted	$ 0.94	$ 0.22	$ 2.16	$ (0.08)
Basic weighted-average shares of common stock outstanding	1,469	1,453	1,466	1,453
Diluted weighted-average shares of common shares outstanding	1,484	1,461	1,481	1,453
Dividends declared per share of common stock (in dollars per share)	$ 0.075	$ 0	$ 0.225	$ 0

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 1,723	$ 432	$ 4,007	$ 7
Defined benefit plans:
Actuarial losses arising during the period	0	(89)	(1)	(89)
Amortization of unrecognized amounts included in net periodic benefit costs	4	14	12	38
Foreign exchange losses	0	(1)	(1)	(2)
Other comprehensive income (loss)	4	(76)	10	(53)
Total comprehensive income (loss)	1,727	356	4,017	(46)
Total comprehensive income attributable to noncontrolling interests	(324)	(103)	(806)	(115)
Total comprehensive income (loss)	$ 1,403	$ 253	$ 3,211	$ (161)

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flow from operating activities:
Net income	$ 4,007	$ 7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,430	1,093
Metals inventory adjustments	15	92
Gain (Loss) on Disposition of Assets	63	(13)
Stock-based compensation	79	60
Net charges for environmental and asset retirement obligations, including accretion	131	166
Payments for environmental and asset retirement obligations	(184)	(162)
Net charges for defined pension and postretirement plans	3	59
Pension plan contributions	(75)	(30)
Net loss on early extinguishment of debt	0	100
Deferred income taxes	96	119
Other, net	39	(53)
Changes in working capital and other:
Accounts receivable	(218)	132
Inventories	(310)	59
Other current assets	(77)	(17)
Accounts payable and accrued liabilities	123	40
Accrued income taxes and timing of other tax payments	849	105
Net cash provided by operating activities	5,435	1,690
Cash flow from investing activities:
Capital expenditures	(1,344)	(1,573)
Proceeds from Sale of Other Assets, Investing Activities		0
Proceeds from Sale of Productive Assets	21	146
Acquisition of minority interest in PT Smelting	(33)	0
Other, net	(25)	(6)
Net cash used in investing activities	(1,231)	(1,433)
Cash flow from financing activities:
Proceeds from debt	633	3,236
Repayments of debt	(672)	(3,105)
Cash dividends and distributions paid:
Common stock	(220)	(73)
Noncontrolling interests	(187)	0
Contributions from noncontrolling interests	135	115
Proceeds from exercised stock options	189	3
Payments for withholding of employee taxes related to stock-based awards	(19)	(5)
Payments of Financing Costs	(47)	(51)
Net cash (used in) provided by financing activities	(188)	120
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	4,016	377
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	3,903	2,278
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	7,919	2,655
Freeport Cobalt
Cash flow from investing activities:
Proceeds from Sale of Other Assets, Investing Activities	150
North America Copper Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(211)	(398)
South America Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(94)	(156)
Grasberg Segment [Member]
Cash flow from investing activities:
Capital expenditures	(904)	(865)
Indonesia Smelter
Cash flow from investing activities:
Capital expenditures	(79)	(94)
Molybdenum
Cash flow from investing activities:
Capital expenditures	(4)	(14)
Other Segments [Member]
Cash flow from investing activities:
Capital expenditures	(52)	(46)
Cerro Verde Royalty Dispute
Adjustments to reconcile net income to net cash provided by operating activities:
Charges for Cerro Verde royalty dispute	11	26
Payments for Cerro Verde royalty dispute	$ (421)	$ (119)

Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCI Attributable to Parent [Member]	Common Stock Held in Treasury	Total Stockholder's Equity	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2019		1,582				131
Balance at Dec. 31, 2019	$ 17,448	$ 158	$ 25,830	$ (12,280)	$ (676)	$ (3,734)	$ 9,298	$ 8,150
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	2
Exercised and issued stock-based awards	$ 2		2				2
Stock-based compensation, including the tender of shares	42		46			$ (5)	41	1
Contributions from noncontrolling interests	115		56				56	59
Noncontrolling Interest, Increase from Sale of Parent Equity Interest	1							1
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				8	0
Contributions from noncontrolling interests	41		20				20	21
Noncontrolling Interest, Increase from Sale of Parent Equity Interest	1							1
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
Balance (in shares) at Dec. 31, 2020		1,590				132
Balance at Dec. 31, 2020	$ 18,668	$ 159	26,037	(11,681)	(583)	$ (3,758)	10,174	8,494
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	11
Exercised and issued stock-based awards	$ 190	$ 1	189				190
Stock-based compensation, including the tender of shares (in shares)						1
Stock-based compensation, including the tender of shares	41		64			$ (19)	45	(4)
Contributions from noncontrolling interests	135		66				66	69
Dividends	(520)		(333)				(333)	(187)
Net loss attributable to common stockholders	3,200			3,200			3,200
Net income (loss) attributable to noncontrolling interests	807							807
Other comprehensive income	10				11		11	(1)
Balance (in shares) at Sep. 30, 2021		1,601				133
Balance at Sep. 30, 2021	22,531	$ 160	26,023	(8,481)	(572)	$ (3,777)	13,353	9,178
Balance (in shares) at Jun. 30, 2021		1,601				133
Balance at Jun. 30, 2021	$ 20,935	$ 160	26,084	(9,880)	(576)	$ (3,777)	12,011	8,924
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	0
Exercised and issued stock-based awards	$ 6		6				6
Stock-based compensation, including the tender of shares	21		21				21	0
Contributions from noncontrolling interests	47		23				23	24
Dividends	(205)		(111)				(111)
Net loss attributable to common stockholders	1,399			1,399			1,399
Net income (loss) attributable to noncontrolling interests	324							324
Other comprehensive income	4				4		4	0
Balance (in shares) at Sep. 30, 2021		1,601				133
Balance at Sep. 30, 2021	$ 22,531	$ 160	$ 26,023	$ (8,481)	$ (572)	$ (3,777)	$ 13,353	$ 9,178

General Information (Unaudited)	9 Months Ended
General Information (Unaudited)	Sep. 30, 2021
General Information [Abstract]
General Information	GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2020 (2020 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the nine-month period ended September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Trade Accounts Receivable Agreements. In first-quarter 2021, PT Freeport Indonesia (PT-FI) entered into agreements to sell certain trade accounts receivables to unrelated third-party financial institutions. The agreements were entered into in the normal course of business to fund the working capital for the additional quantity of copper to be supplied by PT-FI to PT Smelting (PT-FI’s 39.5 percent owned copper smelter and refinery in Gresik, Indonesia - see “Acquisition of Minority Interest in PT Smelting” below for further discussion). The balances sold under the agreements were excluded from trade accounts receivable on the consolidated balance sheet at September 30, 2021. Receivables are considered sold when (i) they are transferred beyond the reach of PT-FI and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) PT-FI has no continuing involvement in the transferred receivables. In addition, PT-FI provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold. Gross amounts sold under these arrangements totaled $131 million in third-quarter 2021 and $319 million for the nine-month period ended September 30, 2021. Discounts on the sold receivables totaled less than $1 million in third-quarter 2021 and $1 million for the nine-month period ended September 30, 2021. Acquisition of Minority Interest in PT Smelting. On April 30, 2021, PT-FI acquired 14.5 percent of the outstanding common stock of PT Smelting for $33 million, increasing its ownership interest from 25 percent to 39.5 percent. The remaining shares of PT Smelting continue to be owned by Mitsubishi Materials Corporation. PT-FI has continued to account for its investment in PT Smelting using the equity method since it does not have control over PT Smelting. Sale of Freeport Cobalt. On September 1, 2021, FCX’s 56-percent-owned subsidiary, Koboltti Chemicals Holdings Limited (KCHL), completed the sale of its remaining cobalt business based in Kokkola, Finland (Freeport Cobalt) to Jervois Global Limited (Jervois) for $208 million (subject to post-closing adjustments), consisting of cash consideration of $173 million and 7 percent of Jervois shares (valued at $35 million). At closing, Freeport Cobalt’s assets included cash of approximately $20 million and other net assets of $125 million. FCX recorded a gain of $60 million ($34 million to net income attributable to common stock) in third-quarter 2021. In addition, KCHL will have the right to receive contingent consideration of up to $40 million based on the future performance of Freeport Cobalt. Any gain related to the contingent consideration will be recognized when received. The operating results of Freeport Cobalt are not significant to FCX’s financial statements for the year ended December 31, 2020, or the three- and nine-month periods ended September 30, 2021. Subsequent Events. FCX evaluated events after September 30, 2021, and through the date the consolidated financial statements were issued, and took into account events and transactions occurring during this period requiring recognition or disclosure in these consolidated financial statements.

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

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

FCX calculates its basic net income per share of common stock under the two-class method and calculates its diluted net income (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 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,
	2021		2020			2021		2020
Net income	$	1,723	$	432		$	4,007	$	7
Net income attributable to noncontrolling interests	(324)		(103)			(807)		(116)

Undistributed earnings allocated to participating securities	(4)		(3)			(6)		(3)







Net income (loss) attributable to common stockholders	$	1,395	$	326		$	3,194	$	(112)


Basic weighted-average shares of common stock outstanding	1,469		1,453			1,466		1,453
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	15		8		a	15		—		a
Diluted weighted-average shares of common stock outstanding	1,484		1,461			1,481		1,453




Basic net income (loss) per share attributable to common stockholders	$	0.95	$	0.22		$	2.18	$	(0.08)



Diluted net income (loss) per share attributable to common stockholders	$	0.94	$	0.22		$	2.16	$	(0.08)

a.Excludes approximately 2 million shares in third-quarter 2020 and 13 million shares for the first nine months of 2020 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 4 million shares of common stock in third-quarter 2021, 28 million shares of common stock in third-quarter 2020, 6 million shares of common stock for the first nine months of 2021 and 35 million shares of common stock the first nine months of 2020 were excluded.

Inventories, Including Long-Term Mill and Leach Stockpiles

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventories, Including Long-Term Mill and Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow (in millions):


	September 30, 2021		December 31, 2020
Current inventories:
Total materials and supplies, neta	$	1,617	$	1,594

Mill stockpiles	$	209	$	205
Leach stockpiles	877		809
Total current mill and leach stockpiles	$	1,086	$	1,014

Raw materials (primarily concentrate)	$	437	$	366
Work-in-process	184		174
Finished goods	796		745
Total product	$	1,417	$	1,285

Long-term inventories:
Mill stockpiles	$	223	$	223
Leach stockpiles	1,227		1,240
Total long-term mill and leach stockpilesb	$	1,450	$	1,463

a.Materials and supplies inventory was net of obsolescence reserves totaling $37 million at September 30, 2021, and $32 million at December 31, 2020.

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

FCX recorded charges for metals inventory adjustments totaling $15 million for the first nine months of 2021 primarily related to a leach stockpile adjustment. 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). Refer to Note 9 for metals inventory adjustments by business segment.

Morenci Stockpile Recoveries. In accordance with FCX's policy, processes and recovery rates for mill and leach stockpiles are monitored regularly, and recovery rate estimates are adjusted periodically as additional information becomes available and as related technology changes. Adjustments to recovery rates will typically result in a future impact to the value of the material removed from the stockpiles at a revised weighted-average cost per pound of recoverable copper.

Expected copper recovery rates for leach stockpiles are determined using small-scale laboratory tests, small- to large-scale column testing (which simulates the production process), historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery in leach stockpiles can vary significantly from a low percentage to more than 90 percent depending on several variables, including processing methodology, processing variables, mineralogy and particle size of the rock. For newly placed material on active stockpiles, as much as 80 percent of the total copper recovery may occur during the first year, and the remaining copper may be recovered over many years.

Over the last three years, FCX's Morenci mine has experienced improved recoveries and following an analysis of column testing results to date, Morenci concluded it had sufficient evidence to increase its estimated recovery rate for certain of its leach stockpiles effective July 1, 2021. As a result of the revised recovery rate, Morenci increased its estimated recoverable copper in leach stockpiles, net to its joint venture interest, by 191 million pounds. The effect of this change in estimate reduced site production and delivery costs and increased net income by $52 million ($0.04 per share) in the third quarter and first nine months of 2021.

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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


	Nine Months Ended
	September 30,
	2021			2020
U.S. operations	$	(7)		$	56	a
International operations	(1,667)		b	(389)		c
Total	$	(1,674)		$	(333)

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 net tax benefits totaling $83 million ($66 million net of noncontrolling interest), consisting of $69 million associated with the release of a portion of the valuation allowances recorded against PT Rio Tinto Indonesia (PT RTI), PT-FI’s wholly owned subsidiary, net operating losses (NOLs) and $24 million primarily associated with the reversal of a tax reserve related to the treatment of prior year contractor support costs; partly offset by a tax charge of $10 million associated with the audit of PT-FI's 2019 tax returns.

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.

FCX’s consolidated effective income tax rate was 29 percent for the first nine months of 2021 and 102 percent for the first nine months of 2020. Because FCX's U.S. jurisdiction generated pre-tax losses for the first nine months of 2020 that did not result in a realized tax benefit, applicable accounting rules required FCX to adjust its 2020 estimated annual effective tax rate to exclude the impact of U.S. pre-tax losses. Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate.

As discussed in Note 8, Cerro Verde paid the balance of its royalty dispute liabilities during third-quarter 2021, which resulted in a $252 million reduction of unrecognized tax benefits (including a $137 million reduction of accrued interest and penalties), but did not have an impact on FCX’s provision for income taxes for the third quarter or nine months ended September 30, 2021.

In connection with the negative impacts of the COVID-19 pandemic on the global economy, governments throughout the world announced measures that are intended to provide tax and other financial relief. Such measures include the American Rescue Plan Act of 2021, enacted on March 11, 2021, and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020. None of these measures resulted in material impacts to FCX’s provision for income taxes for the nine months ended September 30, 2021 and 2020. However, certain provisions of the CARES Act provided FCX with the opportunity to accelerate collections of tax refunds, primarily those associated with the U.S. alternative minimum tax. FCX collected U.S. alternative minimum tax credit refunds of $23 million in March 2021, $24 million in October 2020 and $221 million in July 2020. 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.

As previously disclosed in our 2020 Form 10-K, PT-FI received unfavorable Indonesia Tax Court decisions in 2018 with respect to its appeal of capitalized mine development costs on its 2012 and 2014 corporate income tax returns. PT-FI appealed those decisions to the Indonesia Supreme Court. On October 31, 2019, the Indonesia Supreme Court communicated an unfavorable ruling regarding the treatment of mine development costs on PT-FI’s 2014 tax return. During the fourth quarter of 2019, PT-FI met with the Indonesia Tax Office and developed a framework for resolution of the disputed matters and progress of the framework for resolution continued in 2020 and through the nine months ended September 30, 2021.

During October 2021, PT-FI participated in discussions with the Indonesian tax office regarding progress on the framework for resolution of disputes arising from the audits of tax years 2012 through 2016. As a result of these discussions and the revised positions taken by both the Indonesian tax office and PT-FI, FCX believes it can no longer conclude a resolution of all of the disputed tax items at a more-likely-than-not threshold. Because of these recent events, FCX continues to evaluate its uncertain tax positions and may record a material tax charge during fourth-quarter 2021. This tax charge may be offset by a tax benefit related to the additional release of valuation allowance associated with PT Rio Tinto net operating loss carryforwards that PT-FI may deem realizable. PT-FI will

continue to engage with the Indonesian tax office in pursuit of certain aspects of the original framework for resolution.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Debt and Equity

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt and Equity

DEBT AND FINANCIAL POLICY

The components of debt follow (in millions):


	September 30, 2021			December 31, 2020



Senior notes and debentures:
Issued by FCX	$	8,790		$	8,783
Issued by Freeport Minerals Corporation	355			356

Cerro Verde Term Loan	325			523
PT-FI Term Loan	146			—
Other	49			49
Total debt	9,665			9,711
Less current portion of debt	(897)		a	(34)
Long-term debt	$	8,768		$	9,677

a.Includes $524 million for the 3.55% Senior Notes, which will be redeemed on December 1, 2021, and $325 million for the Cerro Verde Term Loan due June 2022.

Revolving Credit Facility. At September 30, 2021, FCX had no borrowings outstanding and $8 million in letters of credit issued under its revolving credit facility, resulting in availability of approximately $3.5 billion, of which approximately $1.5 billion could be used for additional letters of credit. Availability under FCX’s revolving credit facility consists of $3.28 billion maturing April 2024 and $220 million maturing April 2023.

In March 2021, FCX delivered a Covenant Reversion Notice (as defined in the third amendment to the revolving credit facility dated June 3, 2020), which provided notification of its election to end the Covenant Increase Period (as defined in the third amendment to the revolving credit facility dated June 3, 2020). As a result, the leverage ratio limit reverted to 5.25x and stepped down to 3.75x beginning with the quarter ending September 30, 2021, and the interest expense coverage ratio minimum reverted to 2.25x. Additionally, following FCX’s election to end the Covenant Increase Period, the additional limits on priority debt and liens, and the provisions related to minimum liquidity and restricted payments (which included restrictions on the payment of common stock dividends) are no longer applicable. At September 30, 2021, FCX was in compliance with its revolving credit facility covenants.

PT-FI Credit Facility. In July 2021, PT-FI entered into a $1.0 billion, five-year, unsecured credit facility (consisting of a $667 million term loan and a $333 million revolving credit facility) to fund project costs in connection with the PT Smelting expansion and construction of a precious metals refinery (PMR), and for PT-FI’s general corporate purposes. The term loan allows for borrowings up to $667 million within the first three years, and then the loan amortizes in four installments, with 15 percent of the outstanding balance due in January 2025, 15 percent due in July 2025, 35 percent due in January 2026 and the remaining 35 percent due in July 2026. The $333 million revolving credit facility is available for drawings until June 2026. Amounts drawn under the credit facility bear interest at the London Inter-bank Offered Rate plus a margin of 1.875% or 2.125%, as defined by the agreement.

PT-FI’s credit facility contains customary affirmative covenants and representations and also contains standard covenants that, among other things, restrict, subject to certain exceptions, the ability of PT-FI to incur additional indebtedness; create liens on assets; enter into sale and leaseback transactions; sell assets; and modify or amend the shareholders agreement or related governance structure. The credit facility also contains financial ratios governing maximum total leverage and minimum interest expense coverage and certain environmental and social compliance requirements.

As of September 30, 2021, $158 million ($146 million net of debt issuance costs) was drawn under the PT-FI Term Loan and no amounts were drawn under the revolving credit facility.

Senior Notes. On October 21, 2021, FCX called for redemption all of its outstanding $524 million principal amount of 3.55% Senior Notes due 2022. The notes will be redeemed on December 1, 2021, at a redemption price equal to 100 percent of the principal amount of the notes outstanding, plus accrued and unpaid interest to, but not including, the redemption date. Annual interest costs associated with the 3.55% Senior Notes approximate $19 million. FCX has no other senior note maturities until March 2023.

As further discussed in the 2020 Form 10-K, in the first nine months of 2020, FCX redeemed in full or purchased a portion of its 4.00% Senior Notes due 2021, 3.55% Senior Notes due 2022, 3.875% Senior Notes due 2023 and 4.55% Senior Notes due 2024. As a result of these transactions, FCX recorded a loss on early extinguishment of debt of $59 million in third-quarter 2020 and $100 million for the nine months ended September 30, 2020.

Cerro Verde Term Loan. In September 2021, Cerro Verde prepaid $200 million on its term loan. The $325 million balance of the loan is due June 2022.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $157 million in third-quarter 2021, $160 million in third-quarter 2020, $482 million for the first nine months of 2021 and $490 million for the first nine months of 2020. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $19 million in third-quarter 2021, $40 million in third-quarter 2020, $51 million for the first nine months of 2021 and $128 million for the first nine months of 2020. The decrease in capitalized interest for the 2021 periods results from assets placed in service as PT-FI’s underground mining operations continue to ramp up.

Financial Policy. In February 2021, FCX’s Board of Directors (Board) adopted a financial policy for the allocation of cash flows aligned with FCX’s strategic objectives of maintaining a strong balance sheet and increasing cash returns to shareholders while advancing opportunities for future growth. The policy includes a base dividend and a performance-based payout framework, whereby up to 50 percent of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to shareholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to FCX maintaining its net debt at a level not to exceed the net debt target of $3 billion to $4 billion (excluding project debt for additional smelting capacity in Indonesia).

In February 2021, the Board reinstated a cash dividend on FCX’s common stock (base dividend), and on November 1, 2021, the Board approved (i) a new share repurchase program authorizing repurchases of up to $3.0 billion of FCX common stock, and (ii) a variable cash dividend on FCX’s common stock for 2022.

The timing and amount of any share repurchases will be at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion. The declaration and payment of dividends (base or variable) is also at the discretion of the Board and will depend on FCX's financial results, cash requirements, business prospects, global economic conditions and other factors deemed relevant by the Board.

On September 22, 2021, FCX declared a quarterly cash dividend (base dividend) of $0.075 per share

on its common stock, which was paid on November 1, 2021, to common stockholders of record as of October 15, 2021.

Financial Instruments (Unaudited)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

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

Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions.

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 in second-quarter 2020 and for the six months ended June 30, 2020. There were no remaining forward sales contracts as of 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 and cathode customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the nine-month periods ended September 30, 2021 and 2020. At September 30, 2021, FCX held copper futures and swap contracts that qualified for hedge accounting for 84 million pounds at an average contract price of $4.23 per pound, with maturities through May 2023.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments	$	(20)	$	1	$	(28)	$	8
Hedged item – firm sales commitments	20		(1)		28		(8)

Realized gains (losses):
Matured derivative financial instruments	5		15		57		(1)

Derivatives Not Designated as Hedging Instruments

Embedded Derivatives. Certain FCX concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement. FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the London gold prices as specified in the contracts, which results in an embedded derivative (i.e., a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate or cathode at the then-current LME or COMEX copper price, and the London gold price. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate or cathode sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted London gold prices, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.

A summary of FCX’s embedded derivatives at September 30, 2021, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	548	$	4.28	$	4.05	February 2022
Gold (thousands of ounces)	196	1,790		1,738		January 2022
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	116	4.31		4.05		February 2022

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, 2021, Atlantic Copper held net copper forward purchase contracts for 9 million pounds at an average contract price of $4.23 per pound, with maturities through November 2021.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Embedded derivatives in provisional sales contracts:a
Copper	$	(102)	$	94	$	223	$	18
Gold and other metals	(9)		15		(22)		39
Copper forward contractsb	1		(7)		(12)		12

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, 2021		December 31, 2020
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	2	$	15
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	30		169
Copper forward contracts	5		—
Total derivative assets	$	37	$	184

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	14	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	134		21


Copper forward contracts	4		—
Total derivative liabilities	$	152	$	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, 2021		December 31, 2020		September 30, 2021		December 31, 2020

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	30	$	169	$	134	$	21

Copper derivatives	7		15		18		—
	37		184		152		21

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	—		1		—		1

Copper derivatives	4		—		4		—
	4		1		4		1

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	30		168		134		20

Copper derivatives	3		15		14		—
	$	33	$	183	$	148	$	20

Balance sheet classification:
Trade accounts receivable	$	3	$	168	$	101	$	—
Other current assets	4		15		—		—


Accounts payable and accrued liabilities	26		—		45		20
Other liabilities	—		—		2		—
	$	33	$	183	$	148	$	20

Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. As of September 30, 2021, the maximum amount of credit exposure associated with derivative transactions was $37 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 debt. The carrying value for cash and cash equivalents (which included time deposits of $0.2 billion at September 30, 2021, and $0.3 billion at December 31, 2020), restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 7 for the fair values of investment securities, legally restricted funds and debt).

In addition, as of September 30, 2021, FCX has contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 7 for the related fair values).

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


	September 30, 2021		December 31, 2020
Balance sheet components:
Cash and cash equivalents	$	7,672	$	3,657
Restricted cash and restricted cash equivalents included in:
Other current assets	114		97
Other assets	133		149
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	7,919	$	3,903

Fair Value Measurement

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENT

Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during third-quarter 2021.

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


	At September 30, 2021
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
Equity securities	$	52	$	52	$	—	$	52	$	—	$	—
U.S. core fixed income fund	29		29		29		—		—		—

Total	81		81		29		52		—		—

Legally restricted funds:a
U.S. core fixed income fund	64		64		64		—		—		—
Government bonds and notes	53		53		—		—		53		—
Corporate bonds	42		42		—		—		42		—
Government mortgage-backed securities	24		24		—		—		24		—
Asset-backed securities	14		14		—		—		14		—
Money market funds	8		8		—		8		—		—
Collateralized mortgage-backed securities	4		4		—		—		4		—
Municipal bonds	1		1		—		—		1		—
Total	210		210		64		8		138		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	30		30		—		—		30		—

Copper forward contractsc	5		5		—		2		3		—
Copper futures and swap contractsc	2		2		—		—		2		—



Total	37		37		—		2		35		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	94		85		—		—		—		85



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	134		134		—		—		134		—


Copper futures and swap contractsc	14		14		—		14		—		—
Copper forward contracts	4		4		—		1		3		—

Total	152		152		—		15		137		—




Long-term debt, including current portiond	9,665		10,791		—		—		10,791		—


	At December 31, 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	7		7		—		7		—		—
Total	36		36		29		7		—		—

Legally restricted funds:a
U.S. core fixed income fund	65		65		65		—		—		—
Government bonds and notes	49		49		—		—		49		—
Corporate bonds	43		43		—		—		43		—
Government mortgage-backed securities	30		30		—		—		30		—
Asset-backed securities	16		16		—		—		16		—
Money market funds	5		5		—		5		—		—
Collateralized mortgage-backed securities	4		4		—		—		4		—
Municipal bonds	1		1		—		—		1		—
Total	213		213		65		5		143		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	169		169		—		—		169		—
Copper futures and swap contractsc	15		15		—		13		2		—



Total	184		184		—		13		171		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	108		88		—		—		—		88



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	21		21		—		—		21		—









Long-term debt, including current portiond	9,711		10,994		—		—		10,994		—

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

b.Excludes time deposits (which approximated fair value) included in (i) other current assets of $114 million at September 30, 2021, and $97 million at December 31, 2020, and (ii) other assets of $132 million at September 30, 2021, and $148 million at December 31, 2020, primarily associated with an assurance bond to support PT-FI’s commitment for additional domestic smelter development in Indonesia and PT-FI’s closure and reclamation guarantees.

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

d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

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

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

Fixed income securities (government securities, corporate bonds, asset-backed securities, collateralized mortgage-backed securities and municipal bonds) are valued using a bid-evaluation price or a mid-evaluation price. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy.

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

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

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

In December 2016, FCX’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration that was recorded at the total amount under the loss recovery approach. The contingent consideration is being received over time as cash flows are realized from a third-party production handling agreement for an offshore platform, with the related payments commencing in third-quarter 2018. The contingent consideration included in (i) other current assets totaled $20 million at September 30, 2021, and $12 million at December 31, 2020, and (ii) other assets totaled $74 million at September 30, 2021, and $96 million at December 31, 2020. The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy.

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

The techniques described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at September 30, 2021, as compared with those techniques used at December 31, 2020.

A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first nine months of 2021 follows (in millions):



Fair value at January 1, 2021	$	88
Net unrealized gain related to assets still held at the end of the period	12
Settlements	(15)
Fair value at September 30, 2021	$	85

- 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, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	CONTINGENCIES AND COMMITMENTS Environmental Newtown Creek. From the 1930s until 1964, Phelps Dodge Refining Corporation (PDRC), an indirect wholly owned subsidiary of FCX, operated a copper smelter, and from the 1930s until 1984 operated a copper refinery, on the banks of Newtown Creek (the creek), which is a 3.5-mile-long waterway that forms part of the boundary between Brooklyn and Queens in New York City. Heavy industrialization along the banks of the creek and discharges from the City of New York’s sewer system over more than a century resulted in significant environmental contamination of the waterway. In 2010, U.S. Environmental Protection Agency (EPA) notified PDRC, four other companies and the City of New York that EPA considers them to be potentially responsible parties (PRPs) under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980. The notified parties began working with EPA to identify other PRPs. In 2010, EPA designated the creek as a Superfund site, and in 2011, PDRC and five other parties (the Newtown Creek Group, NCG) entered an Administrative Order on Consent (AOC) to perform a remedial investigation/feasibility study (RI/FS) to assess the nature and extent of environmental contamination in the creek and identify potential remedial options. The parties’ RI/FS work under the AOC and their efforts to identify other PRPs are ongoing. The final draft RI, which addressed all remaining EPA comments, was submitted in October 2021 and NCG expects EPA’s formal acceptance after their review. NCG expects to submit the draft FS in late 2025 and currently expects EPA to select a creek-wide remedy in 2026, with the actual remediation construction starting several years later. In July 2019, the NCG entered into an AOC to conduct a Focused Feasibility Study (FFS) of the first two miles of the creek to support an evaluation of an interim remedy for that section of the creek. In July 2021, EPA terminated the FFS, which effectively incorporates remediation of the lower creek with the site-wide remedy. FCX’s environmental liability balance for the creek was $313 million at September 30, 2021. The final costs of fulfilling this remedial obligation and the allocation of costs among PRPs are uncertain and subject to change based on the results of the RI/FS, the remedy ultimately selected by EPA and related allocation determinations. Changes to the overall cost of this remedial obligation and the portion ultimately allocated to PDRC could be material to FCX. Litigation There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2020 Form 10-K, other than the matters discussed below. Asbestos and Talc Claims. As previously disclosed, since approximately 1990, various FCX affiliates have been named as defendants in a large number of lawsuits alleging personal injury from, among other things, exposure to asbestos or talc allegedly contained in industrial products, and more recently alleging the presence of asbestos contamination in talc-based cosmetic and personal care products. Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX, and Cyprus Mines Corporation (Cyprus Mines), a wholly owned subsidiary of CAMC, are among the targets of such lawsuits. Cyprus Mines and subsidiaries were engaged in talc mining and processing from 1964 until 1992 when Cyprus Mines exited its talc business. On February 13, 2019, Imerys Talc America (Imerys), the current owner of the talc business assets and liabilities previously owned by Cyprus Mines, filed for Chapter 11 bankruptcy protection. On December 22, 2020, Imerys filed an amended bankruptcy plan disclosing a global settlement with Cyprus Mines and CAMC, which provides a framework for a full and comprehensive resolution of all current and future potential liabilities arising out of the Cyprus Mines talc business, including claims against FCX, its affiliates, Cyprus Mines and CAMC. The hearing to consider confirmation of the Imerys bankruptcy plan previously scheduled to be held in November 2021 has been cancelled following a recent decision by the bankruptcy judge to invalidate a substantial number of votes in favor of the plan. Consistent with the global settlement agreement, Cyprus Mines commenced its own bankruptcy process on February 11, 2021, and talc-related litigation against both Cyprus Mines and Cyprus Amax Minerals Company is stayed through 2021. The global settlement is subject to, among other things, votes by claimants in both the Imerys and Cyprus Mines bankruptcy cases as well as bankruptcy court approvals in both cases, and there can be no assurance that the global settlement will be successfully implemented. FCX has a $130 million liability balance at September 30, 2021, associated with the proposed settlement. Louisiana Parishes Coastal Erosion Cases. As discussed in Note 12 of FCX's 2020 Form 10-K, certain FCX affiliates were named as defendants, along with numerous co-defendants, in 13 cases out of a total of 42 cases filed in Louisiana state courts by six south Louisiana parishes (Cameron, Jefferson, Plaquemines, St. Bernard, St. John the Baptist and Vermilion), alleging that certain oil and gas exploration and production operations and sulphur mining and production operations in coastal Louisiana contaminated and damaged coastal wetlands and caused significant land loss along the Louisiana coast. In 2019, affiliates of FCX reached an agreement in principle to settle all 13 cases. The maximum out-of-pocket settlement payment will be $23.5 million with the initial payment of $15 million to be paid upon execution of the settlement agreement. The settlement agreement must be executed by all parties, including authorized representatives of the six south Louisiana parishes originally plaintiffs in the suit and certain other non-plaintiff Louisiana parishes and the state of Louisiana. The agreement in principle does not include any admission of liability by FCX or its affiliates. FCX recorded a charge in 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, the state of Louisiana and 8 of the 12 Louisiana parishes. FCX is continuing its efforts to finalize the settlement. Other Matters PT-FI and PT Smelting Export Licenses. In March 2021, PT-FI received a one-year extension of its export license through March 15, 2022. In July 2021, PT Smelting received a six-month extension of its anodes slimes export license, which currently expires December 30, 2021. Cerro Verde Royalty Dispute. SUNAT (National Superintendency of Customs and Administration), the Peru national tax authority, assessed mining royalties on ore processed by the Cerro Verde concentrator for the period December 2006 to December 2013. Cerro Verde contested each of these assessments because it believes that its 1998 stability agreement exempts from royalties all minerals extracted from its mining concession, irrespective of the method used for processing such minerals. Since 2014, Cerro Verde has been paying the disputed assessments for the period from December 2006 through December 2013 under installment payment programs provided under Peru law. In third-quarter 2021, Cerro Verde paid the balance of its royalty dispute liabilities (payments totaled $356 million in third-quarter 2021 and $421 million for the first nine months of 2021) and is proceeding with international arbitration as previously disclosed in FCX’s 2020 Form 10-K. Development Progress of Greenfield Smelter at East Java. On January 7, 2021, the Indonesia government levied an administrative fine of $149 million for the period from March 30, 2020, through September 30, 2020 (additional fines could be levied on exports after September 30, 2020), on PT-FI for failing to achieve physical development progress on the greenfield smelter as of July 31, 2020. PT-FI responded to the Indonesia government objecting to the fine because of events outside of its control that caused a delay in development progress for the greenfield smelter at East Java. PT-FI believes that its communications regarding these delays during 2020 with the Indonesia government were not properly considered before the administrative fine was levied. In June 2021, the Indonesia government issued a ministerial decree for the calculation of an administrative fine for lack of smelter development in light of the COVID-19 pandemic. PT-FI is continuing to discuss this matter with the Indonesia government as well as provide additional documentation to support its position on the cause of delays in development progress on the greenfield smelter. During the first nine months of 2021, PT-FI recorded charges totaling $16 million for a potential settlement of the administrative fine which is expected to include a revised construction schedule for the greenfield smelter. No additional fine is expected for the construction period after July 2020 based on the revised schedule. The final settlement could differ from the amounts recorded. Chiyoda Contract. In July 2021, PT-FI awarded a construction contract to Chiyoda for the construction of a new greenfield smelter in Gresik, Indonesia with an estimated contract cost of $2.8 billion.

BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Business Segment

BUSINESS SEGMENTS

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

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

FCX defers recognizing profits on sales from its mines to other segments, including Atlantic Copper Smelting & Refining, and on 39.5 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 2021 and 2020 follow (in millions):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Copper:
Concentrate	$	2,531	$	1,185	$	6,316	$	2,783
Cathode	1,463		1,085		4,232		3,046
Rod and other refined copper products	1,048		634		2,565		1,479
Purchased coppera	124		167		652		568
Gold	741		497		1,856		1,108
Molybdenum	372		189		904		626
Otherb	210		159		666		431
Adjustments to revenues:
Treatment charges	(126)		(95)		(324)		(250)
Royalty expensec	(97)		(56)		(242)		(102)
Export dutiesd	(72)		(23)		(145)		(43)
Revenues from contracts with customers	6,194		3,742		16,480		9,646
Embedded derivativese	(111)		109		201		57
Total consolidated revenues	$	6,083	$	3,851	$	16,681	$	9,703

a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.

b.Primarily includes revenues associated with cobalt and silver.

c.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.

d.Reflects PT-FI export duties.

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

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

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

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

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


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2021		2020			2021		2020
Net income	$	1,723	$	432		$	4,007	$	7
Net income attributable to noncontrolling interests	(324)		(103)			(807)		(116)

Undistributed earnings allocated to participating securities	(4)		(3)			(6)		(3)







Net income (loss) attributable to common stockholders	$	1,395	$	326		$	3,194	$	(112)


Basic weighted-average shares of common stock outstanding	1,469		1,453			1,466		1,453
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	15		8		a	15		—		a
Diluted weighted-average shares of common stock outstanding	1,484		1,461			1,481		1,453




Basic net income (loss) per share attributable to common stockholders	$	0.95	$	0.22		$	2.18	$	(0.08)



Diluted net income (loss) per share attributable to common stockholders	$	0.94	$	0.22		$	2.16	$	(0.08)

a.Excludes approximately 2 million shares in third-quarter 2020 and 13 million shares for the first nine months of 2020 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 (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories follow (in millions):


	September 30, 2021		December 31, 2020
Current inventories:
Total materials and supplies, neta	$	1,617	$	1,594

Mill stockpiles	$	209	$	205
Leach stockpiles	877		809
Total current mill and leach stockpiles	$	1,086	$	1,014

Raw materials (primarily concentrate)	$	437	$	366
Work-in-process	184		174
Finished goods	796		745
Total product	$	1,417	$	1,285

Long-term inventories:
Mill stockpiles	$	223	$	223
Leach stockpiles	1,227		1,240
Total long-term mill and leach stockpilesb	$	1,450	$	1,463

a.Materials and supplies inventory was net of obsolescence reserves totaling $37 million at September 30, 2021, and $32 million at December 31, 2020.

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

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

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

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


	Nine Months Ended
	September 30,
	2021			2020
U.S. operations	$	(7)		$	56	a
International operations	(1,667)		b	(389)		c
Total	$	(1,674)		$	(333)

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 net tax benefits totaling $83 million ($66 million net of noncontrolling interest), consisting of $69 million associated with the release of a portion of the valuation allowances recorded against PT Rio Tinto Indonesia (PT RTI), PT-FI’s wholly owned subsidiary, net operating losses (NOLs) and $24 million primarily associated with the reversal of a tax reserve related to the treatment of prior year contractor support costs; partly offset by a tax charge of $10 million associated with the audit of PT-FI's 2019 tax returns.

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.

Debt and Equity (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The components of debt follow (in millions):


	September 30, 2021			December 31, 2020



Senior notes and debentures:
Issued by FCX	$	8,790		$	8,783
Issued by Freeport Minerals Corporation	355			356

Cerro Verde Term Loan	325			523
PT-FI Term Loan	146			—
Other	49			49
Total debt	9,665			9,711
Less current portion of debt	(897)		a	(34)
Long-term debt	$	8,768		$	9,677

a.Includes $524 million for the 3.55% Senior Notes, which will be redeemed on December 1, 2021, and $325 million for the Cerro Verde Term Loan due June 2022.

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments	$	(20)	$	1	$	(28)	$	8
Hedged item – firm sales commitments	20		(1)		28		(8)

Realized gains (losses):
Matured derivative financial instruments	5		15		57		(1)

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at September 30, 2021, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	548	$	4.28	$	4.05	February 2022
Gold (thousands of ounces)	196	1,790		1,738		January 2022
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	116	4.31		4.05		February 2022

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

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Embedded derivatives in provisional sales contracts:a
Copper	$	(102)	$	94	$	223	$	18
Gold and other metals	(9)		15		(22)		39
Copper forward contractsb	1		(7)		(12)		12

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, 2021		December 31, 2020
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	2	$	15
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	30		169
Copper forward contracts	5		—
Total derivative assets	$	37	$	184

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	14	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	134		21


Copper forward contracts	4		—
Total derivative liabilities	$	152	$	21

Offsetting Assets

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


	Assets				Liabilities
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	30	$	169	$	134	$	21

Copper derivatives	7		15		18		—
	37		184		152		21

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	—		1		—		1

Copper derivatives	4		—		4		—
	4		1		4		1

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	30		168		134		20

Copper derivatives	3		15		14		—
	$	33	$	183	$	148	$	20

Balance sheet classification:
Trade accounts receivable	$	3	$	168	$	101	$	—
Other current assets	4		15		—		—


Accounts payable and accrued liabilities	26		—		45		20
Other liabilities	—		—		2		—
	$	33	$	183	$	148	$	20

Offsetting Liabilities

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


	Assets				Liabilities
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	30	$	169	$	134	$	21

Copper derivatives	7		15		18		—
	37		184		152		21

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	—		1		—		1

Copper derivatives	4		—		4		—
	4		1		4		1

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	30		168		134		20

Copper derivatives	3		15		14		—
	$	33	$	183	$	148	$	20

Balance sheet classification:
Trade accounts receivable	$	3	$	168	$	101	$	—
Other current assets	4		15		—		—


Accounts payable and accrued liabilities	26		—		45		20
Other liabilities	—		—		2		—
	$	33	$	183	$	148	$	20

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

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


	September 30, 2021		December 31, 2020
Balance sheet components:
Cash and cash equivalents	$	7,672	$	3,657
Restricted cash and restricted cash equivalents included in:
Other current assets	114		97
Other assets	133		149
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	7,919	$	3,903

- 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.

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+ Details

FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs Disclosure

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


	At September 30, 2021
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
Equity securities	$	52	$	52	$	—	$	52	$	—	$	—
U.S. core fixed income fund	29		29		29		—		—		—

Total	81		81		29		52		—		—

Legally restricted funds:a
U.S. core fixed income fund	64		64		64		—		—		—
Government bonds and notes	53		53		—		—		53		—
Corporate bonds	42		42		—		—		42		—
Government mortgage-backed securities	24		24		—		—		24		—
Asset-backed securities	14		14		—		—		14		—
Money market funds	8		8		—		8		—		—
Collateralized mortgage-backed securities	4		4		—		—		4		—
Municipal bonds	1		1		—		—		1		—
Total	210		210		64		8		138		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	30		30		—		—		30		—

Copper forward contractsc	5		5		—		2		3		—
Copper futures and swap contractsc	2		2		—		—		2		—



Total	37		37		—		2		35		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	94		85		—		—		—		85



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	134		134		—		—		134		—


Copper futures and swap contractsc	14		14		—		14		—		—
Copper forward contracts	4		4		—		1		3		—

Total	152		152		—		15		137		—




Long-term debt, including current portiond	9,665		10,791		—		—		10,791		—


	At December 31, 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	7		7		—		7		—		—
Total	36		36		29		7		—		—

Legally restricted funds:a
U.S. core fixed income fund	65		65		65		—		—		—
Government bonds and notes	49		49		—		—		49		—
Corporate bonds	43		43		—		—		43		—
Government mortgage-backed securities	30		30		—		—		30		—
Asset-backed securities	16		16		—		—		16		—
Money market funds	5		5		—		5		—		—
Collateralized mortgage-backed securities	4		4		—		—		4		—
Municipal bonds	1		1		—		—		1		—
Total	213		213		65		5		143		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	169		169		—		—		169		—
Copper futures and swap contractsc	15		15		—		13		2		—



Total	184		184		—		13		171		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	108		88		—		—		—		88



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	21		21		—		—		21		—









Long-term debt, including current portiond	9,711		10,994		—		—		10,994		—

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

b.Excludes time deposits (which approximated fair value) included in (i) other current assets of $114 million at September 30, 2021, and $97 million at December 31, 2020, and (ii) other assets of $132 million at September 30, 2021, and $148 million at December 31, 2020, primarily associated with an assurance bond to support PT-FI’s commitment for additional domestic smelter development 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 2021 follows (in millions):



Fair value at January 1, 2021	$	88
Net unrealized gain related to assets still held at the end of the period	12
Settlements	(15)
Fair value at September 30, 2021	$	85

Business Segments (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Revenue from External Customers by Products and Services

Product Revenues. FCX’s revenues attributable to the products it sold for the third quarters and first nine months of 2021 and 2020 follow (in millions):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Copper:
Concentrate	$	2,531	$	1,185	$	6,316	$	2,783
Cathode	1,463		1,085		4,232		3,046
Rod and other refined copper products	1,048		634		2,565		1,479
Purchased coppera	124		167		652		568
Gold	741		497		1,856		1,108
Molybdenum	372		189		904		626
Otherb	210		159		666		431
Adjustments to revenues:
Treatment charges	(126)		(95)		(324)		(250)
Royalty expensec	(97)		(56)		(242)		(102)
Export dutiesd	(72)		(23)		(145)		(43)
Revenues from contracts with customers	6,194		3,742		16,480		9,646
Embedded derivativese	(111)		109		201		57
Total consolidated revenues	$	6,083	$	3,851	$	16,681	$	9,703

a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.

b.Primarily includes revenues associated with cobalt and silver.

c.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.

d.Reflects PT-FI export duties.

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

Schedule of financial information by business segment

Financial Information by Business Segment



(In millions)

																				Atlantic			Corporate,
	North America Copper Mines				South America Mining													Copper				Other
							Cerro						Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde		Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Three Months Ended September 30, 2021
Revenues:
Unaffiliated customers	$	16	$	64	$	80	$	979	$	149	$	1,128	$	1,961	a	$	—	$	1,697	$	783		$	434	b	$	6,083
Intersegment	711		1,020		1,731		95		—		95		81			151		7		—			(2,065)			—
Production and delivery	312		592		904		533		97		630		569			70		1,701		765			(1,630)			3,009
Depreciation, depletion and amortization	40		54		94		101		10		111		280			19		1		7			16			528

Metals inventory adjustments	13		—		13		—		—		—		—			—		—		—			1			14
Selling, general and administrative expenses	—		1		1		2		—		2		28			—		—		5			66			102
Mining exploration and research expenses	—		1		1		—		—		—		—			—		—		—			14			15
Environmental obligations and shutdown costs	(1)		(1)		(2)		—		—		—		—			—		—		—			15			13
Net gain on sales of assets	—		—		—		—		—		—		—			—		—		—			(60)		c	(60)
Operating income (loss)	363		437		800		438		42		480		1,165			62		2		6			(53)			2,462

Interest expense, net	—		1		1		6		—		6		1			—		—		1			129			138
Provision for (benefit from) income taxes	—		—		—		197		24		221		382		d	—		—		(1)			26			628
Total assets at September 30, 2021	2,586		5,244		7,830		8,554		1,843		10,397		18,592			1,726		278		1,067			7,027			46,917
Capital expenditures	42		74		116		41		6		47		328			1		1		5			43		e	541

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		637		1,221		66		—		66		3			42		8		3			(1,343)			—
Production and delivery	308		460		768		394		83		477		409			51		1,272		522			(1,034)			2,465
Depreciation, depletion and amortization	42		49		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		147		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		5,137		7,791		8,569		1,640		10,209		16,858			1,770		251		877			3,343			41,099
Capital expenditures	21		45		66		26		5		31		297			3		1		6			32		e	436

a.Includes PT-FI's sales to PT Smelting totaling $795 million in third-quarter 2021 and $506 million in third-quarter 2020.

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

c.Represents the gain on the sale of FCX’s remaining cobalt business located in Kokkola, Finland (Freeport Cobalt).

d.Includes net tax benefits of $69 million associated with the release of a portion of the valuation allowances recorded against PT RTI NOLs.

e.Includes capital expenditures for the new greenfield smelter and precious metals refinery (collectively, the Indonesia smelter project) of $31 million in third-quarter 2021 and $27 million in third-quarter 2020.


(In millions)
																					Atlantic		Corporate,
	North America Copper Mines				South America Mining												Copper		Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting		& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines		Refining		& Refining		nations			Total
Nine months ended September 30, 2021
Revenues:
Unaffiliated customers	$	77	$	147	$	224	$	2,721		$	512	$	3,233	$	5,097	a	$	—	$	4,695	$	2,264	$	1,168	b	$	16,681
Intersegment	1,996		2,783		4,779		260			—		260		189			310		20		—		(5,558)			—
Production and delivery	932		1,646		2,578		1,463		c	306		1,769		1,552			183		4,708		2,213		(4,141)		d	8,862
Depreciation, depletion and amortization	114		161		275		272			34		306		726			51		3		22		47			1,430
Metals inventory adjustments	13		—		13		—			—		—		—			1		—		—		1			15
Selling, general and administrative expenses	1		2		3		6			—		6		81			—		—		17		182			289
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—		35			36
Environmental obligations and shutdown costs	—		(1)		(1)		—			—		—		—			—		—		—		52			51

Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—		(63)		e	(63)
Operating income (loss)	1,013		1,121		2,134		1,240			172		1,412		2,927			75		4		12		(503)			6,061

Interest expense, net	—		1		1		31			—		31		8			—		—		4		387			431
Provision for (benefit from) income taxes	—		—		—		515			62		577		1,101		f	—		—		(1)		(3)			1,674

Capital expenditures	74		137		211		84			10		94		904			4		2		18		111		g	1,344

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		1,676		3,149		156			—		156		38			171		24		16		(3,554)			—
Production and delivery	1,005		1,410		2,415		1,152			297		1,449		1,130			178		3,529		1,379		(2,676)			7,404
Depreciation, depletion and amortization	129		143		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		110		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		306		398		116			40		156		865			14		5		17		118		g	1,573

a.Includes PT-FI's sales to PT Smelting totaling $2.3 billion for the first nine months of 2021 and $1.3 billion for the first nine months of 2020.

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

c.Includes nonrecurring charges totaling $74 million associated with labor-related charges at Cerro Verde for agreements reached with approximately 65 percent of its hourly employees.

d.Includes charges associated with the major maintenance turnaround at the Miami smelter totaling $87 million.

e.Includes a $60 million gain on the sale of Freeport Cobalt.

f.Includes net tax benefits of $69 million associated with the release of a portion of the valuation allowances recorded against PT RTI NOLs.

g.Includes capital expenditures for the Indonesia smelter project of $79 million for the first nine months of 2021 and $94 million for the first nine months of 2020.

General Information (Unaudited) (Details) - USD ($) $ in Millions			3 Months Ended	9 Months Ended
	Sep. 01, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	May 01, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of receivables, gross			$ 131.0	$ 319.0
Discount on receivables sold			1.0	1.0
Payments to Acquire Equity Method Investments				$ 33.0	$ 0.0
Freeport Cobalt
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Consideration	$ 208.0
Cash proceeds from divestiture of businesses	173.0
Disposal group cash and cash equivalents	20.0
Disposal group other assets	125.0
Gain on divestiture			60.0
Contingent consideration, asset	$ 40.0
Net Income Attributable to Common Stock \| Freeport Cobalt
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Gain on divestiture			$ 34.0
PT Smelting
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business acquisition, percent of common stock acquired		14.50%
Payments to Acquire Equity Method Investments		$ 33.0
PT Smelting
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity method investment, percentage ownership		25.00%				39.50%
Jervois
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Divestiture of business, percent of shares owned	700.00%
Part noncash divestiture, consideration received	$ 35.0
Koboltti Chemicals Holdings Limited
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Noncontrolling interest, ownership percentage by parent	56.00%

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 1,723	$ 432	$ 4,007	$ 7
Net income attributable to noncontrolling interests	(324)	(103)	(807)	(116)
Undistributed earnings allocated to participating securities	(4)	(3)	(6)	(3)
Net income (loss) attributable to common stockholders	$ 1,395	$ 326	$ 3,194	$ (112)
Basic weighted-average shares of common stock outstanding	1,469	1,453	1,466	1,453
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	15	8	15	0
Diluted weighted-average shares of common stock outstanding	1,484	1,461	1,481	1,453
Basic and diluted net income (loss) per share attributable to common stockholders:
Earnings per share, basic (in dollars per share)	$ 0.95	$ 0.22	$ 2.18	$ (0.08)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		2		13
Dilutive Securities Excluded from Computation of EPS Amount	4	28	6	35
Earnings Per Share, Diluted	$ 0.94	$ 0.22	$ 2.16	$ (0.08)

Inventories, Including Long-Term Mill and Leach Stockpiles - Schedule of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current inventories:
Total materials and supplies, net	$ 1,617	$ 1,594
Mill stockpiles	209	205
Leach stockpiles	877	809
Total current mill and leach stockpiles	1,086	1,014
Raw materials (primarily concentrate)	437	366
Work-in-process	184	174
Finished goods	796	745
Total product	1,417	1,285
Long-term inventories:
Mill stockpiles	223	223
Leach stockpiles	1,227	1,240
Total long-term mill and leach stockpiles	1,450	1,463
Inventory obsolescence reserves	$ 37	$ 32

Inventories, Including Long-Term Mill and Leach Stockpiles - Additional Information (Details) $ / shares in Units, pounds in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Jul. 01, 2021 pounds	Sep. 30, 2021 USD ($) $ / shares	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) $ / shares	Sep. 30, 2020 USD ($)
Inventory [Line Items]
Metals inventory adjustments		$ 14	$ 9	$ 15	$ 92
Increase in recoverable copper in leach stockpiles \| pounds	191
Increase in net income as a result of increased recoverable inventory		$ 52		$ 52
Increase in earnings per share as a result of increased recoverable inventory \| $ / shares		$ 0.04		$ 0.04
Molybdenum
Inventory [Line Items]
Metals inventory adjustments					34
Copper
Inventory [Line Items]
Metals inventory adjustments					$ 58

Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Noncontrolling Interest [Line Items]
U.S. operations			$ (7)	$ 56
International operations			(1,667)	(389)
Total	$ (628)	$ (297)	(1,674)	(333)
Foreign Tax Authority [Member]
Noncontrolling Interest [Line Items]
Tax charge (credit) resulting from prior period tax positions			(24)	21
Net income tax expense (benefit)			(83)
Change in valuation allowance	$ 69		(69)
Tax settlement			10
Foreign Tax Authority [Member] \| Net Income Attributable to Common Stock
Noncontrolling Interest [Line Items]
Tax charge (credit) resulting from prior period tax positions				17
Net income tax expense (benefit)			$ (66)
Domestic Tax Authority \| Timik, lower zone
Noncontrolling Interest [Line Items]
Tax charge (credit) resulting from prior period tax positions				$ (53)

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended	9 Months Ended
	Mar. 31, 2021	Oct. 31, 2020	Jul. 31, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Income Tax Contingency [Line Items]
Consolidated effective income tax rate (percent)					29.00%	102.00%
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities				$ 252
Proceeds from Income Tax Refunds	$ 23	$ 24	$ 221
accrued interest and penalties
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities				$ 137

Debt and Equity (Details)		1 Months Ended	3 Months Ended		4 Months Ended	9 Months Ended		12 Months Ended	34 Months Ended	38 Months Ended
Debt and Equity (Details)	Sep. 22, 2021 $ / shares	Jul. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) $ / shares	Sep. 30, 2020 USD ($) $ / shares	Jun. 30, 2021	Sep. 30, 2021 USD ($) $ / shares	Sep. 30, 2020 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Apr. 30, 2024	Apr. 30, 2024	Nov. 01, 2021 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2020 USD ($)
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities			$ 9,665,000,000			$ 9,665,000,000							$ 9,711,000,000
Current portion of debt			(897,000,000)			(897,000,000)							(34,000,000)
Long-term debt, less current portion			8,768,000,000			8,768,000,000							9,677,000,000
Debt Instrument, Covenant Compliance, Leverage Ratio					5.25
Interest costs			157,000,000	$ 160,000,000		482,000,000	$ 490,000,000
Net loss on early extinguishment of debt			$ 0	$ (59,000,000)		$ 0	$ (100,000,000)
Dividends declared per share of common stock (in dollars per share) \| $ / shares	$ 0.075		$ 0.075	$ 0		$ 0.225	$ 0
Repayments of Debt						$ 672,000,000	$ 3,105,000,000
Subsequent event
Total Debt [Abstract]
Stock Repurchase Program, Authorized Amount											$ 3,000,000,000
Minimum
Total Debt [Abstract]
Payout Policy, Targeted Debt												$ 3,000,000,000
Maximum
Total Debt [Abstract]
Payout Policy, Targeted Debt												$ 4,000,000,000
Cerro Verde [Member]
Total Debt [Abstract]
Repayments of Debt						200,000,000
Property, Plant and Equipment [Member]
Total Debt [Abstract]
Interest costs capitalized			$ 19,000,000	$ 40,000,000		51,000,000	128,000,000
Line of Credit [Member] \| PT-FI Term Loan
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities		$ 667,000,000
Line of Credit [Member] \| Cerro Verde [Member]
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities			325			325
Line of Credit [Member] \| Cerro Verde [Member]
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities			325,000,000			325,000,000							523,000,000
Line of Credit [Member] \| Cerro Verde [Member] \| 3.55% Senior Notes Due March 2022
Total Debt [Abstract]
Current portion of debt			(524,000,000)			(524,000,000)
Line of Credit [Member] \| Cerro Verde [Member] \| 3.55% Senior Notes Due June 2022
Total Debt [Abstract]
Current portion of debt			(325,000,000)			(325,000,000)
Line of Credit [Member] \| PT-FI Term Loan
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities			146,000,000			146,000,000							0
Long-term Debt, Gross			158,000,000			158,000,000
Line of Credit [Member] \| Letter of Credit [Member]
Total Debt [Abstract]
Letter of credit			8,000,000			8,000,000
Revolving credit facility, availability			1,500,000,000			1,500,000,000
Line of Credit [Member] \| Revolving Credit Facility [Member]
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities			0			0
Letter of credit		$ 333,000,000
Revolving credit facility, availability			3,500,000,000			3,500,000,000
Line of Credit [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) \| Minimum
Total Debt [Abstract]
Debt Instrument, Basis Spread on Variable Rate		1.875%
Line of Credit [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) \| Maximum
Total Debt [Abstract]
Debt Instrument, Basis Spread on Variable Rate		2.125%
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
Line of Credit [Member] \| Unsecured Credit Facility
Total Debt [Abstract]
Debt, principal		$ 1,000,000,000
Senior Notes [Member]
Total Debt [Abstract]
Net loss on early extinguishment of debt				$ (59,000,000)			$ (100,000,000)
Senior Notes [Member] \| 4.00% Senior Notes Due 2021
Total Debt [Abstract]
Stated interest rate				4.00%			4.00%
Senior Notes [Member] \| 3.55% Senior Notes Due 2022
Total Debt [Abstract]
Debt, principal			$ 524,000,000			$ 524,000,000
Stated interest rate			3.55%	3.55%		3.55%	3.55%
Senior Notes [Member] \| Senior Notes Due 2023, 3.875% [Member]
Total Debt [Abstract]
Stated interest rate				3.875%			3.875%
Senior Notes [Member] \| Senior Notes due 2024 4 point 55 percent [Member]
Total Debt [Abstract]
Stated interest rate				4.55%			4.55%
Senior Notes [Member] \| FCX
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities			$ 8,790,000,000			$ 8,790,000,000							8,783,000,000
Debentures [Member] \| Freeport McMoRan Corporation [Member]
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities			355,000,000			355,000,000							356,000,000
Other Debt, Including Capital Leases and Short Term Borrowings [Member]
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities			$ 49,000,000			$ 49,000,000							$ 49,000,000
PT-FI Term Loan
Total Debt [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity		$ 667,000,000
Forecast
Total Debt [Abstract]
Debt Instrument, Covenant Compliance, Leverage Ratio									3.75
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum										2.25
Forecast \| Senior Notes [Member] \| 3.55% Senior Notes Due 2022
Total Debt [Abstract]
Interest costs								$ 19,000,000

Financial Instruments (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Apr. 30, 2020 lb	Jun. 30, 2020	Sep. 30, 2021 USD ($) $ / lb $ / oz $ / lb	Sep. 30, 2020 USD ($) $ / lb	Jun. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) oz lb $ / lb $ / oz $ / lb	Sep. 30, 2020 USD ($) $ / lb
North America
Realized gains (losses):
Percent of Copper Sale Volume		60.00%
Not Designated as Hedging Instrument [Member] \| Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			$ (111)	$ 109		$ 201	$ 57
Commodity Contract [Member]
Unrealized gains (losses):
Derivative financial instruments			(20)	1		(28)	8
Hedged item – firm sales commitments			20	(1)		28	(8)
Realized gains (losses):
Matured derivative financial instruments			$ 5	$ 15		$ 57	$ (1)
Commodity Contract [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb						84
Derivative, Average Forward Price \| $ / lb			4.23			4.23
Copper Forward Contracts [Member]
Unrealized gains (losses):
Derivative financial instruments					$ 24
Realized gains (losses):
Derivative, Forward Price \| $ / lb				2.34			2.34
Copper Forward Contracts [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	150
Copper Forward Contracts [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb						9
Derivative, Average Forward Price \| $ / lb			4.23			4.23
Copper Forward Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments			$ 1	$ (7)		$ (12)	$ 12
Copper \| Not Designated as Hedging Instrument [Member] \| Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			$ (102)	94		$ 223	18
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						548
Derivative, Average Forward Price \| $ / lb			4.28			4.28
Realized gains (losses):
Derivative Average Market Price \| $ / lb			4.05			4.05
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						116
Derivative, Average Forward Price \| $ / lb			4.31			4.31
Realized gains (losses):
Derivative Average Market Price \| $ / lb			4.05			4.05
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						196
Derivative, Average Forward Price \| $ / oz			1,790			1,790
Realized gains (losses):
Derivative Average Market Price \| $ / oz			1,738			1,738
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			$ (9)	$ 15		$ (22)	$ 39

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	Sep. 30, 2021 USD ($) $ / lb $ / oz $ / lb	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) oz lb $ / lb $ / oz $ / lb	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 37		$ 37		$ 184
Derivative Liability, Fair Value, Gross Liability		152		152		21
Derivative Asset, Fair Value, Gross Liability		4		4		1
Derivative Liability, Fair Value, Gross Asset		4		4		1
Derivative Asset		33		33		183
Derivative Liability		148		148		20
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		3		3		168
Derivative Liability		101		101		0
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset		26		26		0
Derivative Liability		45		45		20
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		4		4		15
Derivative Liability		0		0		0
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset		0		0		0
Derivative Liability		2		2		0
Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		5	$ 15	57	$ (1)
Derivative Asset, Fair Value, Gross Asset		7		7		15
Derivative Liability, Fair Value, Gross Liability		18		18		0
Derivative Asset, Fair Value, Gross Liability		4		4		0
Derivative Liability, Fair Value, Gross Asset		4		4		0
Derivative Asset		3		3		15
Derivative Liability		14		14		0
Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		30		30		169
Derivative Liability, Fair Value, Gross Liability		134		134		21
Derivative Asset, Fair Value, Gross Liability		0		0		1
Derivative Liability, Fair Value, Gross Asset		0		0		1
Derivative Asset		30		30		168
Derivative Liability		134		134		20
Designated as Hedging Instrument [Member] \| Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 2		$ 2		15
Derivative, Nonmonetary Notional Amount, Mass \| lb				84
Derivative, Average Forward Price \| $ / lb		4.23		4.23
Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	150
Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 30		$ 30		169
Derivative Liability, Fair Value, Gross Liability		$ 134		$ 134		21
Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb				9
Derivative, Average Forward Price \| $ / lb		4.23		4.23
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		$ 14		$ 14		0
Commodity Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		5		5		0
Derivative Liability, Fair Value, Gross Liability		$ 4		$ 4		$ 0
Copper \| Short [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb		4.05		4.05
Derivative, Nonmonetary Notional Amount, Mass \| lb				548
Derivative, Average Forward Price \| $ / lb		4.28		4.28
Copper \| Long [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb		4.05		4.05
Derivative, Nonmonetary Notional Amount, Mass \| lb				116
Derivative, Average Forward Price \| $ / lb		4.31		4.31
Gold \| Short [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / oz		1,738		1,738
Derivative, Nonmonetary Notional Amount, Mass \| oz				196
Derivative, Average Forward Price \| $ / oz		1,790		1,790
Sales [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (111)	109	$ 201	57
Sales [Member] \| Copper \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		(102)	94	223	18
Sales [Member] \| gold and other \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		(9)	15	(22)	39
Cost of Sales [Member] \| Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		$ 1	$ (7)	$ (12)	$ 12

Financial Instruments (Derivative) (Details) $ in Millions	6 Months Ended
Financial Instruments (Derivative) (Details) $ in Millions	Jun. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($) $ / lb	Dec. 31, 2019 USD ($)
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents		$ 7,672	$ 3,657
Restricted Cash and Cash Equivalents, Current		114	97
Restricted Cash and Cash Equivalents, Noncurrent		133	149
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows		7,919	3,903	$ 2,655	$ 2,278
Credit Derivative, Maximum Exposure, Undiscounted		37
Forward Contracts [Member]
Cash and Cash Equivalents [Line Items]
Derivative, Forward Price \| $ / lb				2.34
Derivative financial instruments	$ 24
Bank Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents		$ 200	$ 300

Fair Value Measurement (Fair Value Measurement Inputs) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other Assets, Current		$ 477	$ 341
Other assets		1,574	1,560
Proceeds from Sale of Other Assets, contingent consideration	$ 0
Derivative Liability, Fair Value, Gross Liability		152	21
Investment securities (current and long-term):
Marketable Securities		0
Derivatives:
Derivative Asset		33	183
Derivatives: [Abstract]
Derivative Liability		148	20
Fair Value Measured at Net Asset Value Per Share [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable		0	0
Investment securities (current and long-term):
Investments, Fair Value Disclosure		29	29
Trust Assets Fair Value Disclosure		64	65
Derivatives:
Derivative Asset		0	0
Derivatives: [Abstract]
Derivative Liability		0
Long-term debt, including current portion		0	0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable		0	0
Investment securities (current and long-term):
Investments, Fair Value Disclosure		52	7
Trust Assets Fair Value Disclosure		8	5
Derivatives:
Derivative Asset		2	13
Derivatives: [Abstract]
Derivative Liability		15
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	143
Derivatives:
Derivative Asset		35	171
Derivatives: [Abstract]
Derivative Liability		137
Long-term debt, including current portion		10,791	10,994
Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable		85	88
Investment securities (current and long-term):
Investments, Fair Value Disclosure		0	0
Trust Assets Fair Value Disclosure		0	0
Derivatives:
Derivative Asset		0	0
Derivatives: [Abstract]
Derivative Liability		0
Long-term debt, including current portion		0	0
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable		85	88
Investment securities (current and long-term):
Investments, Fair Value Disclosure		81	36
Trust Assets Fair Value Disclosure		210	213
Derivatives:
Derivative Asset		37	184
Derivatives: [Abstract]
Derivative Liability		152
Long-term debt, including current portion		10,791	10,994
Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable		94	108
Investment securities (current and long-term):
Investments, Fair Value Disclosure		81	36
Trust Assets Fair Value Disclosure		210	213
Derivatives:
Derivative Asset		37	184
Derivatives: [Abstract]
Derivative Liability		152
Long-term debt, including current portion		9,665	9,711
Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability		134	21
Derivatives:
Derivative Asset		30	168
Derivatives: [Abstract]
Derivative Liability		134	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		30	169
Derivatives: [Abstract]
Derivative Liability		134	21
Embedded Derivative Financial Instruments [Member] \| Level 3
Derivatives:
Derivative Asset		0	0
Derivatives: [Abstract]
Derivative Liability		0	0
Embedded Derivative Financial Instruments [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset		30	169
Derivatives: [Abstract]
Derivative Liability		134	21
Embedded Derivative Financial Instruments [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset		30	169
Derivatives: [Abstract]
Derivative Liability		134	21
Forward Contracts [Member] \| Level 1
Derivatives:
Derivative Asset		2
Forward Contracts [Member] \| Level 2
Derivatives:
Derivative Asset		3
Forward Contracts [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset		5
Forward Contracts [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset		5
Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability		18	0
Derivatives:
Derivative Asset		3	15
Derivatives: [Abstract]
Derivative Liability		14	0
Commodity Contract [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Derivatives:
Derivative Asset		0	0
Commodity Contract [Member] \| Fair Value Measured at Net Asset Value Per Share [Member] \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract [Member] \| Fair Value Measured at Net Asset Value Per Share [Member] \| Forward Contracts [Member]
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract [Member] \| Level 1
Derivatives:
Derivative Asset			13
Commodity Contract [Member] \| Level 1 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability		14
Commodity Contract [Member] \| Level 1 \| Forward Contracts [Member]
Derivatives: [Abstract]
Derivative Liability		1
Commodity Contract [Member] \| Level 2
Derivatives:
Derivative Asset			2
Commodity Contract [Member] \| Level 2 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract [Member] \| Level 2 \| Forward Contracts [Member]
Derivatives: [Abstract]
Derivative Liability		3
Commodity Contract [Member] \| Level 3
Derivatives:
Derivative Asset			0
Commodity Contract [Member] \| Level 3 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract [Member] \| Level 3 \| Forward Contracts [Member]
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset			15
Commodity Contract [Member] \| Estimate of Fair Value Measurement [Member] \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability		14
Commodity Contract [Member] \| Estimate of Fair Value Measurement [Member] \| Forward Contracts [Member]
Derivatives: [Abstract]
Derivative Liability		4
Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset			15
Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member] \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability		14
Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member] \| Forward Contracts [Member]
Derivatives: [Abstract]
Derivative Liability		4
Future [Member] \| Level 1
Derivatives:
Derivative Asset		0
Future [Member] \| Level 2
Derivatives:
Derivative Asset		2
Future [Member] \| Level 3
Derivatives:
Derivative Asset		0
Future [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset		2
Future [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset		2
U.S. core fixed income fund [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Marketable Securities		29	29
Trust Assets Fair Value Disclosure		64	65
U.S. core fixed income fund [Member] \| Level 1
Investment securities (current and long-term):
Marketable Securities		0	0
Trust Assets Fair Value Disclosure		0	0
U.S. core fixed income fund [Member] \| Level 2
Investment securities (current and long-term):
Marketable Securities		0	0
Trust Assets Fair Value Disclosure		0	0
U.S. core fixed income fund [Member] \| Level 3
Investment securities (current and long-term):
Marketable Securities		0	0
Trust Assets Fair Value Disclosure		0	0
U.S. core fixed income fund [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Marketable Securities		29	29
Trust Assets Fair Value Disclosure		64	65
U.S. core fixed income fund [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities		29	29
Trust Assets Fair Value Disclosure		64	65
Equity securities \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Marketable Securities			0
Equity securities \| Level 1
Investment securities (current and long-term):
Marketable Securities		52	7
Equity securities \| Level 2
Investment securities (current and long-term):
Marketable Securities		0	0
Equity securities \| Level 3
Investment securities (current and long-term):
Marketable Securities		0	0
Equity securities \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Marketable Securities		52	7
Equity securities \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities		52	7
Government bonds \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Government bonds \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Government bonds \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		53	49
Government bonds \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Government bonds \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		53	49
Government bonds \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		53	49
Corporate bonds [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Corporate bonds [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Corporate bonds [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		42	43
Corporate bonds [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Corporate bonds [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		42	43
Corporate bonds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		42	43
Government mortgage-backed securities [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Government mortgage-backed securities [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Government mortgage-backed securities [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		24	30
Government mortgage-backed securities [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Government mortgage-backed securities [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		24	30
Government mortgage-backed securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		24	30
Asset-backed securities [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Asset-backed securities [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Asset-backed securities [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		14	16
Asset-backed securities [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Asset-backed securities [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		14	16
Asset-backed securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		14	16
Money market funds [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Money market funds [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		8	5
Money market funds [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Money market funds [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Money market funds [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		8	5
Money market funds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		8	5
Collateralized Mortgage Backed Securities [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Collateralized Mortgage Backed Securities [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Collateralized Mortgage Backed Securities [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		4	4
Collateralized Mortgage Backed Securities [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Collateralized Mortgage Backed Securities [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		4	4
Collateralized Mortgage Backed Securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		4	4
Municipal bonds [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Municipal bonds [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Municipal bonds [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		1	1
Municipal bonds [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0	0
Municipal bonds [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		1	1
Municipal bonds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		1	1
Bank Time Deposits [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other Assets, Current		114	97
Other assets		132	148
Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability		134	21
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		20	12
Other assets		74	$ 96
Discontinued Operation, Contingent Receivable				$ 150
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, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Assets, Current	$ 477	$ 341
Other Assets, Noncurrent	1,574	$ 1,560
Gulf of Mexico Contingent Consideration [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(15)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at January 1, 2021	88
Net unrealized gain related to assets still held at the end of the period	12
Fair value at September 30, 2021	$ 85

Contingencies and Commitments (Unaudited) - Litigation (Details) $ in Millions	1 Months Ended	9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2019 case
Loss Contingencies [Line Items]
Settlement Liabilities, Current			$ 130.0
Settlement Liabilities, Current			$ 130.0
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	$ 15.0
Charges for Cerro Verde royalty dispute		$ 15.0
Litigation Settlement, Amount Awarded to Other Party	$ 23.5

Contingencies and Commitments (Unaudited) - Other Matters (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended	9 Months Ended
	Jul. 31, 2021	Sep. 30, 2020	Sep. 30, 2021
Loss Contingencies [Line Items]
Remediation liability			$ 313.0
Settlement Liabilities, Current			130.0
Estimated Construction Costs	$ 2,800.0
PT Smelting \| PT Freeport Indonesia
Loss Contingencies [Line Items]
Administrative fine		$ 149.0	$ 16.0

Business Segments (Product Revenue) (Details) $ in Millions	3 Months Ended		9 Months Ended
Business Segments (Product Revenue) (Details) $ in Millions	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) segment	Sep. 30, 2020 USD ($)
Revenue from External Customer [Line Items]
Treatment And Refining Charges Included In Copper Concentrates Revenues	$ (126)	$ (95)	$ (324)	$ (250)
Royalty Expense	(97)	(56)	(242)	(102)
Export duties expense	(72)	(23)	(145)	(43)
Revenue from Contract with Customer, Excluding Assessed Tax	6,194	3,742	16,480	9,646
Revenues	6,083	3,851	$ 16,681	9,703
Number of Operating Segments \| segment			4
Deferred Intercompany Profit, Percentage			39.50%
Sales [Member] \| Not Designated as Hedging Instrument [Member]
Revenue from External Customer [Line Items]
Matured derivative financial instruments	(111)	109	$ 201	57
Copper In Concentrates [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	2,531	1,185	6,316	2,783
Copper Cathode [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,463	1,085	4,232	3,046
Refined Copper Products [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,048	634	2,565	1,479
Purchased Copper [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	124	167	652	568
Gold
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	741	497	1,856	1,108
Molybdenum
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	372	189	904	626
Other Products Or Services [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 210	$ 159	$ 666	$ 431

Business Segments (Segment Reporting) (Details) lb in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Apr. 30, 2020 lb	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($) $ / lb	Jun. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) segment	Sep. 30, 2020 USD ($) $ / lb	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments \| segment					4
Deferred Intercompany Profit, Percentage					39.50%
Revenues		$ 6,083	$ 3,851		$ 16,681	$ 9,703
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(3,009)	(2,465)		(8,862)	(7,404)
Cost, Depreciation, Amortization and Depletion		528	394		1,430	1,093
Metals inventory adjustments		14	9		15	92
Selling, general and administrative expenses		(102)	(72)		(289)	(273)
Mining exploration and research expenses		15	8		36	42
Environmental obligations and shutdown costs		13	21		51	58
Net gain on sales of assets		(60)	2		(63)	13
Operating income		2,462	880		6,061	728
Interest expense, net		138	120		431	362
Provision for (benefit from) income taxes		628	297		1,674	333
Total assets		46,917	41,099		46,917	41,099	$ 42,144
Capital expenditures		541	436		1,344	1,573
Foreign Tax Authority [Member]
Segment Reporting Information [Line Items]
Change in valuation allowance		(69)			$ 69
Cerro Verde [Member]
Segment Reporting Information [Line Items]
Percent of Hourly Employees					6500.00%
Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues		80	16		$ 224	61
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(904)	(768)		(2,578)	(2,415)
Cost, Depreciation, Amortization and Depletion		94	91		275	272
Metals inventory adjustments		13	(4)		13	52
Selling, general and administrative expenses		(1)	(1)		(3)	(3)
Mining exploration and research expenses		1	0		1	2
Environmental obligations and shutdown costs		(2)	(3)		(1)	(3)
Net gain on sales of assets		0	0		0	0
Operating income		800	384		2,134	469
Interest expense, net		1	0		1	2
Provision for (benefit from) income taxes		0	0		0	0
Total assets		7,830	7,791		7,830	7,791
Capital expenditures		116	66		211	398
Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues		1,128	740		3,233	1,791
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(630)	(477)		(1,769)	(1,449)
Cost, Depreciation, Amortization and Depletion		111	105		306	315
Metals inventory adjustments		0	0		0	3
Selling, general and administrative expenses		(2)	(2)		(6)	(5)
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		480	222		1,412	175
Interest expense, net		6	21		31	69
Provision for (benefit from) income taxes		221	109		577	76
Total assets		10,397	10,209		10,397	10,209
Capital expenditures		47	31		94	156
Corporate And Eliminations
Segment Reporting Information [Line Items]
Revenues		434	266		1,168	780
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		1,630	1,034		4,141	2,676
Cost, Depreciation, Amortization and Depletion		16	21		47	51
Metals inventory adjustments		1	8		1	26
Selling, general and administrative expenses		(66)	(39)		(182)	(169)
Mining exploration and research expenses		14	8		35	40
Environmental obligations and shutdown costs		15	24		52	60
Net gain on sales of assets		(60)	2		(63)	13
Operating income		(53)	(145)		(503)	(457)
Interest expense, net		129	99		387	285
Provision for (benefit from) income taxes		26	(23)		(3)	(46)
Total assets		7,027	3,343		7,027	3,343
Capital expenditures		43	32		111	118
Intersegment
Segment Reporting Information [Line Items]
Revenues		0	0		0	0
Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues		1,731	1,221		4,779	3,149
Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues		95	66		260	156
PT Smelting \| Affiliated Entity [Member]
Segment Reporting Information [Line Items]
Revenues		795	506		2,300	1,300
Freeport Cobalt \| Corporate And Eliminations
Segment Reporting Information [Line Items]
Net gain on sales of assets					60
Morenci [Member] \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues		16	4		77	26
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(312)	(308)		(932)	(1,005)
Cost, Depreciation, Amortization and Depletion		40	42		114	129
Metals inventory adjustments		13	0		13	4
Selling, general and administrative expenses		0	(1)		(1)	(2)
Mining exploration and research expenses		0	0		0	0
Environmental obligations and shutdown costs		(1)	0		0	0
Net gain on sales of assets		0	0		0	0
Operating income		363	237		1,013	359
Interest expense, net		0	0		0	2
Provision for (benefit from) income taxes		0	0		0	0
Total assets		2,586	2,654		2,586	2,654
Capital expenditures		42	21		74	92
Morenci [Member] \| Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues		711	584		1,996	1,473
Other Mines North America Copper Mines Segment [Member] \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Metals inventory adjustments			(4)			48
Other Individually Immaterial Operating Segments [Member] \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues		64	12		147	35
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(592)	(460)		(1,646)	(1,410)
Cost, Depreciation, Amortization and Depletion		54	49		161	143
Metals inventory adjustments		0			0
Selling, general and administrative expenses		(1)	0		(2)	(1)
Mining exploration and research expenses		1	0		1	2
Environmental obligations and shutdown costs		(1)	(3)		(1)	(3)
Net gain on sales of assets		0	0		0	0
Operating income		437	147		1,121	110
Interest expense, net		1	0		1	0
Provision for (benefit from) income taxes		0	0		0	0
Total assets		5,244	5,137		5,244	5,137
Capital expenditures		74	45		137	306
Other Individually Immaterial Operating Segments [Member] \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues		149	108		512	312
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(97)	(83)		(306)	(297)
Cost, Depreciation, Amortization and Depletion		10	13		34	42
Metals inventory adjustments		0	0		0	3
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		42	12		172	(30)
Interest expense, net		0	0		0	0
Provision for (benefit from) income taxes		24	4		62	(6)
Total assets		1,843	1,640		1,843	1,640
Capital expenditures		6	5		10	40
Other Individually Immaterial Operating Segments [Member] \| Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues		1,020	637		2,783	1,676
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		979	632		2,721	1,479
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(533)	(394)		(1,463)	(1,152)
Cost, Depreciation, Amortization and Depletion		101	92		272	273
Metals inventory adjustments		0	0		0	0
Selling, general and administrative expenses		(2)	(2)		(6)	(5)
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		438	210		1,240	205
Interest expense, net		6	21		31	69
Provision for (benefit from) income taxes		197	105		515	82
Total assets		8,554	8,569		8,554	8,569
Capital expenditures		41	26		84	116
Labor and Related Expense					74
Cerro Verde [Member] \| Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues		95	66		260	156
Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures					904	865
Grasberg Segment [Member] \| Operating Segments \| Indonesia
Segment Reporting Information [Line Items]
Revenues		1,961	1,023		5,097	2,151
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(569)	(409)		(1,552)	(1,130)
Cost, Depreciation, Amortization and Depletion		280	150		726	375
Metals inventory adjustments		0	0		0	0
Selling, general and administrative expenses		(28)	(25)		(81)	(81)
Mining exploration and research expenses		0	0		0	0
Environmental obligations and shutdown costs		0	0		0	0
Net gain on sales of assets		0	0		0	0
Operating income		1,165	442		2,927	603
Interest expense, net		1	0		8	2
Provision for (benefit from) income taxes		382	211		1,101	302
Total assets		18,592	16,858		18,592	16,858
Capital expenditures		328	297		904	865
Grasberg Segment [Member] \| Intersegment \| Indonesia
Segment Reporting Information [Line Items]
Revenues		81	3		189	38
Molybdenum
Segment Reporting Information [Line Items]
Capital expenditures					4	14
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)		(70)	(51)		(183)	(178)
Cost, Depreciation, Amortization and Depletion		19	13		51	44
Metals inventory adjustments		0	3		1	8
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		62	(25)		75	(59)
Interest expense, net		0	0		0	0
Provision for (benefit from) income taxes		0	0		0	0
Total assets		1,726	1,770		1,726	1,770
Capital expenditures		1	3		4	14
Molybdenum \| Intersegment
Segment Reporting Information [Line Items]
Revenues		151	42		310	171
Rod and Refining Segment [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,697	1,270		4,695	3,491
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(1,701)	(1,272)		(4,708)	(3,529)
Cost, Depreciation, Amortization and Depletion		1	6		3	14
Metals inventory adjustments		0	2		0	3
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	1
Net gain on sales of assets		0	0		0	0
Operating income		2	(2)		4	(32)
Interest expense, net		0	0		0	0
Provision for (benefit from) income taxes		0	0		0	0
Total assets		278	251		278	251
Capital expenditures		1	1		2	5
Rod and Refining Segment [Member] \| Intersegment
Segment Reporting Information [Line Items]
Revenues		7	8		20	24
Atlantic Copper Smelting and Refining Segment [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		783	536		2,264	1,429
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(765)	(522)		(2,213)	(1,379)
Cost, Depreciation, Amortization and Depletion		7	8		22	22
Metals inventory adjustments		0	0		0	0
Selling, general and administrative expenses		(5)	(5)		(17)	(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		6	4		12	29
Interest expense, net		1	0		4	4
Provision for (benefit from) income taxes		(1)	0		(1)	1
Total assets		1,067	877		1,067	877
Capital expenditures		5	6		18	17
Atlantic Copper Smelting and Refining Segment [Member] \| Intersegment
Segment Reporting Information [Line Items]
Revenues		0	3		0	16
Corporate And Eliminations \| Intersegment
Segment Reporting Information [Line Items]
Revenues		(2,065)	(1,343)		(5,558)	(3,554)
Miami smelter \| Corporate And Eliminations
Segment Reporting Information [Line Items]
Cost, Maintenance						87
Indonesia Smelter
Segment Reporting Information [Line Items]
Capital expenditures					79	94
Indonesia Smelter \| Corporate And Eliminations
Segment Reporting Information [Line Items]
Capital expenditures		$ 31	$ 27		$ 79	$ 94
Forward Contracts [Member]
Segment Reporting Information [Line Items]
Derivative financial instruments				$ 24
Derivative, Forward Price \| $ / lb			2.34			2.34
Forward Contracts [Member] \| Designated as Hedging Instrument [Member]
Segment Reporting Information [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	150

Label	Element	Value
Cerro Verde Royalty Dispute [Member]
Payments for Legal Settlements	us-gaap_PaymentsForLegalSettlements	$ 356,000,000