Freeport-McMoRan (FCX) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($) $ in Billions	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	FREEPORT-MCMORAN INC
Entity Central Index Key	831,259
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 14.6
Entity Common Stock, Shares Outstanding		1,446,812,870
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 4,001	$ 4,245
Trade accounts receivable	734	1,126
Income and other tax receivables	665	879
Inventories:
Total materials and supplies, net	1,275	1,306
Mill and leach stockpiles	1,355	1,338
Product	1,133	998
Other current assets	196	199
Assets held for sale	408	344
Total current assets	9,767	10,435
Property, plant, equipment and mine development costs, net	23,117	23,219
Oil and gas properties, subject to amortization, less accumulated amortization and impairments	57	74
Long-term mill and leach stockpiles	1,625	1,633
Other assets	2,010	1,956
Total assets	36,576	37,317
Current liabilities:
Accounts payable and accrued liabilities	1,780	2,393
Current portion of debt	2,228	1,232
Current portion of environmental and asset retirement obligations	388	369
Accrued income taxes	190	66
Liabilities held for sale	256	205
Total current liabilities	4,842	4,265
Long-term debt, less current portion	13,135	14,795
Deferred income taxes	3,786	3,768
Environmental and asset retirement obligations, less current portion	3,507	3,487
Other liabilities	1,719	1,745
Total liabilities	26,989	28,060
Stockholders’ equity:
Common stock	158	157
Capital in excess of par value	26,725	26,690
Accumulated deficit	(16,311)	(16,540)
Accumulated other comprehensive loss	(537)	(548)
Common stock held in treasury	(3,717)	(3,708)
Total stockholders’ equity	6,318	6,051
Noncontrolling interests	3,269	3,206
Total equity	9,587	9,257
Total liabilities and equity	$ 36,576	$ 37,317

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenues	$ 3,341	$ 3,242
Cost of sales:
Production and delivery	2,200	2,499
Depreciation, depletion and amortization	389	662
Impairment of oil and gas properties	0	3,787
Total cost of sales	2,589	6,948
Selling, general and administrative expenses	153	138
Mining exploration and research expenses	15	18
Environmental obligations and shutdown costs	27	10
Net gain on sales of assets	(23)	0
Total costs and expenses	2,761	7,114
Operating income (loss)	580	(3,872)
Interest expense, net	(167)	(191)
Other income, net	25	36
Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net earnings	438	(4,027)
Provision for income taxes	(174)	(77)
Equity in affiliated companies’ net earnings	4	7
Net income (loss) from continuing operations	268	(4,097)
Net income (loss) from discontinued operations	38	(4)
Net income (loss)	306	(4,101)
Net income attributable to noncontrolling interests:
Continuing operations	(75)	(62)
Discontinued operations	(3)	(10)
Preferred dividends attributable to redeemable noncontrolling interest	0	11
Net income (loss) attributable to common stockholders	$ 228	$ (4,184)
Basic and diluted net income (loss) per share attributable to common stockholders:
Continuing operations	$ 0.13	$ (3.34)
Discontinued operations	0.03	(0.01)
Basic and diluted net income (loss) per share attributable to common stockholders:	$ 0.16	$ (3.35)
Basic	1,446	1,251
Diluted	1,454	1,251

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 306	$ (4,101)
Other comprehensive (loss) income, net of taxes:
Unrealized gains on securities	1	0
Defined benefit plans:
Amortization of unrecognized amounts included in net periodic benefit costs	11	8
Foreign exchange losses	(1)	(9)
Other comprehensive income (loss)	11	(1)
Total comprehensive income (loss)	317	(4,102)
Total comprehensive income attributable to noncontrolling interests	(78)	(71)
Preferred dividends attributable to redeemable noncontrolling interest	0	(11)
Total comprehensive income (loss) attributable to common stockholders	$ 239	$ (4,184)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flow from operating activities:
Net income (loss)	$ 306	$ (4,101)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	389	722
Impairment of oil and gas properties	0	3,787
Net gain on sales of assets	(23)	0
Stock-based compensation	34	30
Net charges for environmental and asset retirement obligations, including accretion	71	57
Payments for environmental and asset retirement obligations	33	90
Deferred income taxes	20	152
Gain on disposal of discontinued operations	32	0
Decrease (increase) in long term mill and leach stockpiles	8	(53)
Oil and gas contract settlement payments	70	0
Other, net	(56)	48
Changes in working capital and other tax payments, excluding amounts from dispositions:
Accounts receivable	623	93
Inventories	(135)	114
Other current assets	(13)	(68)
Accounts payable and accrued liabilities	(433)	9
Accrued income taxes and changes in other tax payments	136	40
Net cash provided by operating activities	792	740
Cash flow from investing activities:
Capital expenditures	344	982
Other, net	(21)	2
Net cash used in investing activities	(365)	(980)
Cash flow from financing activities:
Proceeds from debt	157	1,796
Repayments of debt	(815)	(1,442)
Net proceeds from sale of common stock	0	32
Cash dividends paid:
Common stock	(1)	(4)
Noncontrolling interests	15	18
Stock-based awards net payments	(5)	(4)
Debt financing costs and other, net	0	13
Net cash (used in) provided by financing activities	(679)	347
Net (decrease) increase in cash and cash equivalents	(252)	107
Decrease (increase) in cash and cash equivalents in assets held for sale	8	(53)
Cash and cash equivalents at beginning of year	4,245	177
Cash and cash equivalents at end of period	4,001	231
North America Copper Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	28	34
South America Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	15	157
Grasberg Segment [Member]
Cash flow from investing activities:
Capital expenditures	244	222
Molybdenum [Member]
Cash flow from investing activities:
Capital expenditures	1	1
Other Segments [Member]
Cash flow from investing activities:
Capital expenditures	$ 56	$ 568

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) shares in Millions, $ in Millions	Total	Total Stockholder's Equity	(Accumulated Deficit) Retained Earnings	Common Stock Held in Treasury	Common Stock	Capital in Excess of Par Value	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2016				129	1,574
Balance at Dec. 31, 2016	$ 9,257	$ 6,051	$ (16,540)	$ (3,708)	$ 157	$ 26,690	$ (548)	$ 3,206
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)					2
Exercised and issued stock-based awards	5	5			$ 1	4
Stock-based compensation	31	31				31
Tender of shares for stock-based awards	(9)	(9)		$ (9)
Dividends on common stock	1	1	1
Dividends to noncontrolling interests	(15)							(15)
Net income attributable to common stockholders	228	228	228
Net income attributable to noncontrolling interests, including discontinued operations	78							78
Other comprehensive income	11	11					11
Balance (in shares) at Mar. 31, 2017				129	1,576
Balance at Mar. 31, 2017	$ 9,587	$ 6,318	$ (16,311)	$ (3,717)	$ 158	$ 26,725	$ (537)	$ 3,269

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	NOTE 6. DEBT The components of debt follow (in millions): March 31, 2017 December 31, 2016 Senior notes and debentures: Issued by FCX $ 13,242 $ 13,745 Issued by Freeport-McMoRan Oil & Gas LLC (FM O&G LLC) 267 267 Issued by FMC 358 359 Cerro Verde credit facility 1,267 1,390 Cerro Verde shareholder loans 224 261 Other 5 5 Total debt a 15,363 16,027 Less current portion of debt (2,228 ) (1,232 ) Long-term debt $ 13,135 $ 14,795 a. Includes additions for unamortized fair value adjustments totaling $171 million at March 31, 2017 ( $179 million at December 31, 2016 ), and is net of reductions for unamortized net discounts and unamortized debt issuance costs totaling $95 million at March 31, 2017 ( $100 million at December 31, 2016 ). At March 31, 2017 , there were no borrowings outstanding and $39 million in letters of credit issued under FCX’s revolving credit facility, resulting in availability of approximately $3.5 billion , of which approximately $1.5 billion could be used for additional letters of credit. During first-quarter 2017 , FCX’s 2.15% Senior Notes matured, and the $500 million outstanding principal balance was repaid. Consolidated interest expense from continuing operations (excluding capitalized interest) totaled $195 million in first-quarter 2017 and $218 million in first-quarter 2016 . Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $28 million in first-quarter 2017 and $20 million in first-quarter 2016 . Capitalized interest added to oil and gas properties not subject to amortization totaled $7 million in first-quarter 2016 ( none in first-quarter 2017 ).

Dispositions DIspositions (Note

Dispositions DIspositions (Notes)	3 Months Ended
	Mar. 31, 2017
Dispositions [Abstract]
Dispositions	DISPOSITIONS TF Holdings Limited - Discontinued Operations. FCX had a 70 percent interest in TFHL, which owns 80 percent of Tenke Fungurume Mining S.A. (TFM or Tenke) located in the Democratic Republic of Congo (DRC). On November 16, 2016 , FCX completed the sale of its interest in TFHL to China Molybdenum Co., Ltd. (CMOC) for $2.65 billion in cash (before closing adjustments) and contingent consideration of up to $120 million in cash, consisting of $60 million if the average copper price exceeds $3.50 per pound and $60 million if the average cobalt price exceeds $20 per pound, both during calendar years 2018 and 2019 . The contingent consideration is considered a derivative, and at March 31, 2017, the related fair value of $49 million was recorded in other assets on the consolidated balance sheets. During first-quarter 2017, the fair value of the contingent consideration derivative increased by $36 million , primarily resulting from higher cobalt prices, and was recorded in net income (loss) from discontinued operations. In accordance with accounting guidance, FCX has reported the results of operations of TFHL as discontinued operations in the consolidated statements of operations. The consolidated statements of cash flows are reported on a combined basis without separately presenting discontinued operations. Net income (loss) from discontinued operations in the consolidated statements of operations consists of the following (in millions): Three Months Ended March 31, 2017 2016 Revenues a $ 9 $ 285 Costs and expenses: Production and delivery costs — 226 Depreciation, depletion and amortization — 60 Interest expense allocated from parent — 10 b Income (loss) before income taxes and estimated loss on disposal 9 (11 ) Net gain on disposal 32 c — Net income (loss) before income taxes 41 (11 ) (Provision for) benefit from income taxes (3 ) 7 Net income (loss) from discontinued operations $ 38 $ (4 ) a. In accordance with accounting guidance, amounts are net of recognition (eliminations) of intercompany sales totaling $9 million in first-quarter 2017 and $(32) million in first-quarter 2016. b. In accordance with accounting guidance, interest associated with FCX’s term loan that was required to be repaid as a result of the sale of TFHL has been allocated to discontinued operations. c. Includes a $36 million gain associated with the change in the fair value of contingent consideration. Cash flows from discontinued operations included in the consolidated statements of cash flows for the three months ended March 31, 2016 , follow (in millions): Net cash provided by operating activities $ 89 Net cash used in investing activities (36 ) Net cash used in financing activities (3 ) Increase in cash and cash equivalents in assets held for sale $ 50 Assets Held for Sale. FCX intends to sell its interest in Freeport Cobalt and the Kisanfu exploration project in the DRC. Freeport Cobalt includes the large-scale cobalt refinery in Kokkola, Finland, and the related sales and marketing business, in which FCX owns an effective 56 percent interest. Kisanfu is a copper and cobalt exploration project, located near Tenke, in which FCX holds a 100 percent interest. The assets and liabilities of Freeport Cobalt and Kisanfu are classified as held for sale in the consolidated balances sheets. Oil and Gas Operations. On March 17, 2017 , FM O&G sold property interests in the Madden area in central Wyoming for cash consideration of $17.5 million , before closing adjustments. Under the full cost accounting rules, the sale resulted in recognition of a $17 million gain in first-quarter 2017 because the reserves associated with the Madden properties were significant to the full cost pool.

Earnings per Share (Unaudited)

Earnings per Share (Unaudited) Earnings per Share (Notes)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE FCX calculates its basic net income (loss) per share of common stock under the two-class method and calculates its diluted net income (loss) per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income (loss) per share of common stock was computed by dividing net income (loss) attributable to common stockholders (after deducting accumulated dividends and undistributed earnings to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income (loss) per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be anti-dilutive. A reconciliation of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share follows (in millions, except per share amounts): Three Months Ended March 31, 2017 2016 Net income (loss) from continuing operations $ 268 $ (4,097 ) Net income from continuing operations attributable to noncontrolling interests (75 ) (62 ) Preferred dividends on redeemable noncontrolling interest — (11 ) Undistributed earnings allocated to participating securities (3 ) (3 ) Net income (loss) from continuing operations attributable to common stockholders $ 190 $ (4,173 ) Net income (loss) from discontinued operations $ 38 $ (4 ) Net income from discontinued operations attributable to noncontrolling interests (3 ) (10 ) Net income (loss) from discontinued operations attributable to common stockholders $ 35 $ (14 ) Net income (loss) attributable to common stockholders $ 225 $ (4,187 ) Basic weighted-average shares of common stock outstanding 1,446 1,251 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 8 — a Diluted weighted-average shares of common stock outstanding 1,454 1,251 Basic and diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 0.13 $ (3.34 ) Discontinued operations 0.03 (0.01 ) $ 0.16 $ (3.35 ) a. Excludes 10 million shares associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and restricted stock units 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 44 million shares of common stock were excluded for first-quarter 2017 and 47 million for first-quarter 2016 .

Fair Value Measurement (Notes)

Fair Value Measurement (Notes)	3 Months Ended
	Mar. 31, 2017
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 recognizes transfers between levels at the end of the reporting period. FCX did not have any significant transfers in or out of Level 1, 2 or 3 for first-quarter 2017 . 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, other than cash and cash equivalents, accounts receivable, restricted cash, and accounts payable and accrued liabilities (refer to Note 7 ) follows (in millions): At March 31, 2017 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 24 $ 24 $ 24 $ — $ — $ — Money market funds 22 22 — 22 — — Equity securities 5 5 — 5 — — Total 51 51 24 27 — — Legally restricted funds: a U.S. core fixed income fund 54 54 54 — — — Government bonds and notes 36 36 — — 36 — Corporate bonds 32 32 — — 32 — Government mortgage-backed securities 24 24 — — 24 — Asset-backed securities 18 18 — — 18 — Money market funds 12 12 — 12 — — Collateralized mortgage-backed securities 7 7 — — 7 — Municipal bonds 1 1 — — 1 — Total 184 184 54 12 118 — Derivatives: Embedded derivatives in provisional sales/ purchase contracts in a gross asset position c 24 24 — — 24 — Copper futures and swap contracts c 6 6 — 5 1 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 72 72 — — 72 — Total 102 102 — 5 97 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 150 135 — — — 135 Total assets $ 472 $ 78 $ 44 $ 215 $ 135 Liabilities Derivatives: c Embedded derivatives in provisional sales/ purchase contracts in a gross liability position 7 $ 7 $ — $ — $ 7 $ — Copper futures and swap contracts 1 1 — 1 — — Total 8 8 — 1 7 — Contingent payments for the settlements of drilling rig contracts d 10 10 — — 10 — Long-term debt, including current portion e 15,363 14,624 — — 14,624 — Total liabilities $ 14,642 $ — $ 1 $ 14,641 $ — At December 31, 2016 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 23 $ 23 $ 23 $ — $ — $ — Money market funds 22 22 — 22 — — Equity securities 5 5 — 5 — — Total 50 50 23 27 — — Legally restricted funds: a U.S. core fixed income fund 53 53 53 — — — Government bonds and notes 36 36 — — 36 — Corporate bonds 32 32 — — 32 — Government mortgage-backed securities 25 25 — — 25 — Asset-backed securities 16 16 — — 16 — Money market funds 12 12 — 12 — — Collateralized mortgage-backed securities 8 8 — — 8 — Municipal bonds 1 1 — — 1 — Total 183 183 53 12 118 — Derivatives: Embedded derivatives in provisional sales/ purchase contracts in a gross asset position c 137 137 — — 137 — Copper futures and swap contracts c 9 9 — 8 1 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 46 46 — — 46 — Total 192 192 — 8 184 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 150 135 — — — 135 Total assets $ 560 $ 76 $ 47 $ 302 $ 135 Liabilities Derivatives: c Embedded derivatives in provisional sales/ purchase contracts in a gross liability position 56 $ 56 $ — $ — $ 56 $ — Copper futures and swap contracts 2 2 — 2 — — Total 58 58 — 2 56 — Contingent payments for the settlements of drilling rig contracts d 23 23 — — 23 — Long-term debt, including current portion e 16,027 15,196 — — 15,196 — Total liabilities $ 15,277 $ — $ 2 $ 15,275 $ — 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 $32 million at March 31, 2017 , and $28 million at December 31, 2016 , and (ii) other assets of $122 million at both March 31, 2017 , and December 31, 2016 , primarily associated with an assurance bond to support PT Freeport Indonesia’s (PT-FI) commitment for smelter development in Indonesia. c. Refer to Note 7 for further discussion and balance sheet classifications. d. Included in accounts payable and accrued liabilities. e. Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. Valuation Techniques. The U.S. core fixed income fund is valued at net asset value (NAV). The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice). Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy. Fixed income securities (government securities, corporate bonds, asset-backed securities, collateralized mortgage-backed securities and municipal bonds) are valued using a bid-evaluation price or a mid-evaluation price. A bid-evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy. FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using only quoted monthly LME or COMEX copper forward prices and the London gold forward price at each reporting date based on the month of maturity (refer to Note 7 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 7 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. The fair value of contingent consideration for the sales of TFHL and onshore California oil and gas properties is calculated based on average commodity price forecasts through applicable maturity dates using a Monte Carlo simulation model. The models use various observable inputs, including Brent crude oil forward prices, historical copper and cobalt prices, volatilities, discount rates and settlement terms. As a result, these contingent consideration assets are classified within Level 2 of the fair value hierarchy. The fair value of contingent consideration for the sale of Deepwater GOM oil and gas properties is calculated based on a discounted cash flow model using inputs that include third-party reserve estimates, production rates, 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. The fair value of contingent payments for the settlements of drilling rig contracts is calculated based on the average price forecasts of West Texas Intermediate (WTI) crude oil over the 12-month period ending June 30, 2017, using a mean-reverting model. The model uses various observable inputs, including WTI crude oil forward prices, volatilities, discount rate and settlement terms. As a result, these contingent payments are classified within Level 2 of the fair value hierarchy. Long-term debt, including current portion, is valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy. The techniques described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at March 31, 2017 , as compared to those techniques used at December 31, 2016.

Financial Instruments (Notes)

Financial Instruments (Notes)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes, but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates. Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. As of March 31, 2017 , and December 31, 2016 , FCX had no price protection contracts relating to its mine production. A discussion of FCX’s derivative contracts and programs follows. Derivatives Designated as Hedging Instruments – Fair Value Hedges Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the three-month periods ended March 31, 2017 and 2016 . At March 31, 2017 , FCX held copper futures and swap contracts that qualified for hedge accounting for 48 million pounds at an average contract price of $2.56 per pound, with maturities through September 2018 . A summary of (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, along with the unrealized gains (losses) on the related hedged item follows (in millions): Three Months Ended March 31, 2017 2016 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (2 ) $ 7 Hedged item – firm sales commitments 2 (7 ) Realized gains (losses): Matured derivative financial instruments 8 (4 ) Derivatives Not Designated as Hedging Instruments Embedded Derivatives. As described in Note 1 to FCX’s annual report on Form 10-K for the year ended December 31, 2016 , under “Revenue Recognition,” certain FCX copper 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. Similarly, FCX purchases copper under contracts that provide for provisional pricing. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host sales agreements since the contracts do not allow for net settlement and always result in physical delivery. Sales and purchases with a provisional sales price contain an embedded derivative ( i.e. , the price settlement mechanism is settled after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale or purchase of the metals contained in the concentrate or cathode at the then-current LME or COMEX copper price or the London gold price as defined in the contract. Mark-to-market price fluctuations from these embedded derivatives related to continuing operations are recorded through the settlement date and are reflected in revenues for sales contracts and in cost of sales as production and delivery costs for purchase contracts. Mark-to-market price fluctuations associated with embedded derivatives for discontinued operations, which were minimal, are included in discontinued operations for all periods presented in these financial statements. A summary of FCX’s embedded derivatives at March 31, 2017 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 443 $ 2.61 $ 2.64 August 2017 Gold (thousands of ounces) 50 1,222 1,246 May 2017 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 109 2.64 2.65 July 2017 Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in cost of sales. At March 31, 2017 , Atlantic Copper held net copper forward sales contracts for 8 million pounds at an average contract price of $2.64 per pound, with maturities through May 2017 . Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in operating income (loss) for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended March 31, 2017 2016 Embedded derivatives in provisional copper and gold sales contracts a $ 126 $ 72 Copper forward contracts b (1 ) 7 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs. Unsettled Derivative Financial Instruments A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): March 31, December 31, 2016 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 6 $ 9 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper and gold sales/purchase contracts 24 137 Total derivative assets $ 30 $ 146 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 1 $ 2 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper and gold sales/purchase contracts 7 56 Total derivative liabilities $ 8 $ 58 FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to offset balances by counterparty 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 March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 24 $ 137 $ 7 $ 56 Copper derivatives 6 9 1 2 30 146 8 58 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 3 12 3 12 Copper derivatives 1 2 1 2 4 14 4 14 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 21 125 4 44 Copper derivatives 5 7 — — $ 26 $ 132 $ 4 $ 44 Balance sheet classification: Trade accounts receivable $ 20 $ 119 $ 1 $ 13 Other current assets 6 7 — — Accounts payable and accrued liabilities — 6 3 31 $ 26 $ 132 $ 4 $ 44 Credit Risk. FCX is exposed to credit loss when financial institutions with which FCX has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. FCX does not anticipate that any of the counterparties it deals with will default on their obligations. As of March 31, 2017 , the maximum amount of credit exposure associated with derivative transactions was $26 million . Other Financial Instruments. Other financial instruments include cash and cash equivalents, accounts receivable, restricted cash, investment securities, legally restricted funds, accounts payable and accrued liabilities, and long-term debt. The carrying value for cash and cash equivalents (which included time deposits of $1.1 billion at March 31, 2017 , and $64 million at December 31, 2016 ), accounts receivable, restricted cash, and accounts payable and accrued liabilities approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 8 for the fair values of investment securities, legally restricted funds and long-term debt). In addition, FCX has contingent consideration related to its sales of assets and contingent liabilities related to the settlement of FM O&G’s drilling rig contracts (refer to Note 8 for the related fair value). Refer to Note 2 (contingent consideration) and Note 13 (contingent liabilities) of FCX’s annual report on Form 10-K for the year ended December 31, 2016 , for further discussion of these instruments.

General Information (Unaudited)

General Information (Unaudited)	3 Months Ended
	Mar. 31, 2017
General Information [Abstract]
General Information	GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles (GAAP) in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2016 . The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. With the exception of the accounting for discontinued operations and assets held for sale, all such adjustments are, in the opinion of management, of a normal recurring nature. As a result of FCX’s sale of its interest in TF Holdings Limited (TFHL), FCX has reported TFHL as discontinued operations for all periods presented in the unaudited consolidated financial statements (refer to Note 2). Operating results for the three-month period ended March 31, 2017 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. Oil and Gas Properties. In first-quarter 2016 , FCX Oil & Gas LLC (FM O&G, a wholly owned subsidiary of FCX) determined the carrying values of certain of its unevaluated properties were impaired as of March 31, 2016 . As a result, FM O&G transferred $3.1 billion of costs associated with unevaluated properties to the full cost pool, mostly reflecting impairment of the carrying values of unevaluated properties. Combined with the impact of the reduction in twelve-month historical prices and reserve revisions in first-quarter 2016, net capitalized costs exceeded the related ceiling test limitation under full cost accounting rules, which resulted in the recognition of a $3.8 billion impairment charge. Refer to Note 1 of FCX’s annual report on Form 10-K for the year ended December 31, 2016 , for further discussion.

Inventories, Including Long-Ter

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventories, Including Long-Term Mill and Leach Stockpiles	INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES The components of inventories follow (in millions): March 31, December 31, 2016 Current inventories: Total materials and supplies, net a $ 1,275 $ 1,306 Mill stockpiles $ 301 $ 259 Leach stockpiles 1,054 1,079 Total current mill and leach stockpiles $ 1,355 $ 1,338 Raw materials (primarily concentrate) $ 194 $ 255 Work-in-process 177 114 Finished goods 762 629 Total product inventories $ 1,133 $ 998 Long-term inventories: Mill stockpiles $ 488 $ 487 Leach stockpiles 1,137 1,146 Total long-term mill and leach stockpiles b $ 1,625 $ 1,633 a. Materials and supplies inventory was net of obsolescence reserves totaling $30 million at March 31, 2017 , and $29 million at December 31, 2016 . b. Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes (Unaudited)

Income Taxes (Unaudited)	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate. FCX’s consolidated effective income tax rate was 40 percent for first-quarter 2017 and (2) percent for first-quarter 2016 . Geographic sources of FCX’s provision for income taxes follow (in millions): Three Months Ended March 31, 2017 2016 U.S. operations $ (7 ) $ 11 International operations (167 ) (88 ) Total $ (174 ) $ (77 ) Applicable accounting standards require that FCX estimate an annual effective tax rate and apply that rate to each year-to-date interim period. However, an exception is provided to exclude tax jurisdictions from the annual effective tax rate where losses are expected to be generated for which no tax benefit will be realized. Accordingly, U.S. operations have been excluded from the calculation of the estimated annual effective tax rate used to determine FCX’s income tax provision at March 31, 2017 . As a result of the impairment to U.S. oil and gas properties, FCX recorded tax charges of $1.4 billion in first-quarter 2016 to establish a valuation allowance primarily against U.S. federal and state deferred tax assets that will not generate a future benefit. FCX’s consolidated effective income tax rate was 34 percent in first-quarter 2016 excluding these tax charges.

Contingencies and Commitments (

Contingencies and Commitments (Unaudited)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	CONTINGENCIES AND COMMITMENTS Litigation. During first-quarter 2017 , there were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2016 . Tax and Other Matters Cerro Verde Royalty Dispute As reported in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2016 , SUNAT, the Peru national tax authority, has assessed mining royalties on ore processed by the Cerro Verde concentrator, which commenced operations in late 2006, for the period December 2006 to December 2007, the years 2008, 2009 and 2010, and the period January 2011 to September 2011. SUNAT may make additional assessments for mining royalties and associated penalties and interest for the period from October 2011 through December 2013, which Cerro Verde will contest. As of March 31, 2017 , FCX estimates the total exposure associated with these mining royalties for the period from December 2006 through December 2013 approximates $573 million (based on the exchange rate as of March 31, 2017 ), including estimated accumulated interest and penalties. No charges have been recorded for these assessments as of March 31, 2017 , because Cerro Verde believes its 1998 stability agreement exempts it from these royalties and believes any payments will be recoverable. Other Peru Tax Matters There were no significant changes to other Peru tax matters during first-quarter 2017 (refer to Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2016 ). Indonesia Tax Matters The following information includes a discussion of updates to previously reported Indonesia tax matters included in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2016 . PT-FI received assessments from the local regional tax authority in Papua, Indonesia, for additional taxes and penalties related to surface water taxes for the period from January 2011 through March 2017. PT-FI has filed or will file objections to these assessments. The aggregate amount of assessments for additional taxes and penalties for the period from January 2011 through July 2015 was $380 million (based on the exchange rate as of March 31, 2017 , and including $229 million in penalties). The aggregate amount of assessments received from August 2015 through March 2017 was an additional $109 million , including penalties (based on the exchange rate as of March 31, 2017 ). No charges have been recorded for these assessments as of March 31, 2017 , because PT-FI believes its Contract of Work (COW) exempts it from these payments and that it has the right to contest these assessments in the Indonesia Tax Court and ultimately the Indonesia Supreme Court. As of May 5, 2017 , PT-FI has not paid and does not intend to pay these assessments unless there is a mechanism established to secure a refund for any such payments upon the final court decision. Indonesia Mining Contract. The following information includes updates to the discussion of PT-FI’s COW included in Note 13 of FCX’s annual report on Form 10-K for the year ended December 31, 2016 . In January and February 2017, the Indonesian government issued new regulations to address exports of unrefined metals, including copper concentrate and anode slimes, and other matters related to the mining sector. The new regulations permit the continuation of copper concentrate exports for a five-year period through January 2022, subject to various conditions, including conversion from a contract of work to a special operating license (known as an IUPK, which does not provide the same level of protections of a contract of work), commitment to completion of smelter construction in five years and payment of export duties to be determined by the Ministry of Finance. In addition, the new regulations enable application for extension of operating rights five years before expiration of the IUPK and require foreign IUPK holders to divest 51 percent to Indonesian interests no later than the tenth year of production. Export licenses would be valid for one-year periods, subject to review every six months, depending on smelter construction progress. Following the issuance of the January and February 2017 regulations and discussions with the government, PT-FI advised the Indonesian government that it was prepared to convert its COW to an IUPK, subject to obtaining an investment stability agreement providing equivalent rights with the same level of legal and fiscal certainty enumerated under its COW, and provided that the COW would remain in effect until it is replaced by a mutually satisfactory alternative. PT-FI also committed to commence construction of a new smelter during a five-year timeframe after approval of the extension of its long-term operating rights. In mid-February 2017, pursuant to the COW’s dispute resolution process, PT-FI provided formal notice to the Indonesian government of an impending dispute listing the government's breaches and violations of the COW. In late March 2017, the Indonesian government amended its regulations to enable PT-FI to retain its COW until replaced with an IUPK accompanied by an investment stability agreement, and to grant PT-FI a temporary IUPK through October 10, 2017, to enable concentrate exports during this period. In April 2017, PT-FI entered into a Memorandum of Understanding with the Indonesian government confirming that the COW would continue to be valid and honored until replaced by a mutually agreed IUPK and investment stability agreement. PT-FI will continue to pay a 5 percent export duty during this period. On April 21, 2017, the Indonesian government issued a permit to PT-FI to enable exports to resume for a six-month period and PT-FI began loading export shipments, PT-FI plans to ramp up its production to full rates during second-quarter 2017. As a result of the first-quarter 2017 regulatory restrictions and uncertainties regarding long-term investment stability, PT-FI has taken actions to adjust its cost structure, reduce its workforce and slow investments in its underground development projects and new smelter. PT-FI and the Indonesian government have commenced negotiations on the conversion of PT-FI's COW to an IUPK accompanied by an investment stability agreement with the objective of providing a mutually acceptable long-term investment framework. In addition to negotiating a stability agreement, the parties are also discussing requirements for the construction of a new smelter and the government’s request for divestment.

BUSINESS SEGMENTS INFORMATION

BUSINESS SEGMENTS INFORMATION	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Business Segment Information	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. FCX’s reportable segments previously included U.S. Oil & Gas operations. During 2016, FCX completed the sales of its Deepwater Gulf of Mexico, onshore California and Haynesville oil and gas properties, and in first-quarter 2017, completed the sale of its Madden property interests. The results of FCX’s U.S. oil and gas operations no longer qualify as a reportable segment, and oil and gas results for all periods presented have been included in Corporate, Other & Eliminations in the following tables. Refer to Note 2 of FCX’s annual report on Form 10-K for the year ended December 31, 2016, for additional information. Intersegment sales between FCX’s mining operations are based on similar 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 divisions, including Atlantic Copper (FCX’s wholly owned smelter and refinery in Spain) and on 25 percent of PT-FI’s sales to PT Smelting (PT-FI’s 25 percent-owned smelter and refinery in Indonesia), 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 segment information 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. (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 a Total Three Months Ended March 31, 2017 Revenues: Unaffiliated customers $ 66 $ 50 $ 116 $ 640 $ 112 $ 752 $ 534 b $ — $ 1,107 $ 458 $ 374 c $ 3,341 Intersegment 416 563 979 116 — 116 — 63 8 — (1,166 ) — Production and delivery 260 d 413 673 391 82 473 273 d 52 1,110 436 (817 ) e 2,200 Depreciation, depletion and amortization 47 69 116 112 21 133 83 19 2 7 29 389 Selling, general and administrative expenses — 1 1 2 — 2 30 — — 5 115 f 153 Mining exploration and research expenses — 1 1 — — — — — — — 14 15 Environmental obligations and shutdown costs — — — — — — — — — — 27 27 Net gain on sales of assets — — — — — — — — — — (23 ) (23 ) Operating income (loss) 175 129 304 251 9 260 148 (8 ) 3 10 (137 ) 580 Interest expense, net 1 — 1 16 — 16 — — — 4 146 167 Provision for income taxes — — — 98 3 101 67 — — — 6 174 Total assets at March 31, 2017 2,814 4,361 7,175 9,081 1,525 10,606 10,879 1,917 261 652 5,086 g 36,576 Capital expenditures 23 5 28 14 1 15 244 1 1 8 47 h 344 Three Months Ended March 31, 2016 Revenues: Unaffiliated customers $ 162 $ 56 $ 218 $ 486 $ 144 $ 630 $ 498 b $ — $ 971 $ 422 $ 503 c $ 3,242 Intersegment 357 561 918 41 — 41 58 45 8 1 (1,071 ) — Production and delivery 340 448 788 291 119 410 394 52 970 393 (508 ) e 2,499 Depreciation, depletion and amortization 62 82 144 101 31 132 81 19 2 8 276 662 Impairment of oil and gas properties — — — — — — — — — — 3,787 3,787 Selling, general and administrative expenses — 1 1 2 — 2 14 — — 4 117 138 Mining exploration and research expenses — 1 1 — — — — — — — 17 18 Environmental obligations and shutdown costs — — — — — — — — — — 10 10 Operating income (loss) 117 85 202 133 (6 ) 127 67 (26 ) 7 18 (4,267 ) (3,872 ) Interest expense, net 1 — 1 22 — 22 — — — 4 164 191 Provision for (benefit from) income taxes — — — 45 (6 ) 39 36 — — — 2 77 Total assets at March 31, 2016 3,490 4,751 8,241 9,495 1,623 11,118 9,306 1,983 236 653 11,127 g 42,664 Capital expenditures 28 6 34 156 1 157 222 1 1 2 565 h 982 a. Includes U.S. oil and gas operations that was previously a reportable segment. b. Includes PT-FI’s sales to PT Smelting totaling $258 million in first-quarter 2017 and $277 million in first-quarter 2016 . c. 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. d. Includes $19 million for asset impairments at Morenci and $21 million at PT-FI for costs charged directly to cost of sales as a result of the impact of regulatory restrictions on its concentrate exports. e. Includes net credits (charges) for oil and gas operations totaling $20 million in first-quarter 2017 and $(200) million in first-quarter 2016 , primarily for drillship settlement/idle rig costs, asset impairment and inventory adjustments. f. Includes $21 million for other oil and gas contract termination costs. g. Includes assets held for sale totaling $408 million at March 31, 2017, primarily associated with Freeport Cobalt and the Kisanfu exploration project, and $5.3 billion at March 31, 2016, which also included discontinued operations. Also includes $331 million at March 31, 2017, and $4.4 billion at March 31, 2016, associated with oil and gas operations. h. Includes $19 million in first-quarter 2017 and $523 million in first-quarter 2016 associated with oil and gas operations. First-quarter 2016 also includes $35 million associated with discontinued operations.

Guarantor Financial Statements

Guarantor Financial Statements (Unaudited) Guarantor Financial Statements (Notes)	3 Months Ended
	Mar. 31, 2017
Guarantor Financial Statements [Abstract]
Guarantor Financial Statements [Text Block]	GUARANTOR FINANCIAL STATEMENTS All of the senior notes issued by FCX are fully and unconditionally guaranteed on a senior basis jointly and severally by FM O&G LLC, as guarantor, which is a 100 -percent-owned subsidiary of FM O&G and FCX. The guarantee is an unsecured obligation of the guarantor and ranks equal in right of payment with all existing and future indebtedness of FM O&G LLC, including indebtedness under FCX’s revolving credit facility. The guarantee ranks senior in right of payment with all of FM O&G LLC’s future subordinated obligations and is effectively subordinated in right of payment to any debt of FM O&G LLC’s subsidiaries. The indentures provide that FM O&G LLC’s guarantee may be released or terminated for certain obligations under the following circumstances: (i) all or substantially all of the equity interests or assets of FM O&G LLC are sold to a third party; or (ii) FM O&G LLC no longer has any obligations under any FM O&G senior notes or any refinancing thereof and no longer guarantees any obligations of FCX under the revolving credit facility or any other senior debt or, in each case, any refinancing thereof. The following condensed consolidating financial information includes information regarding FCX, as issuer, FM O&G LLC, as guarantor, and all other non-guarantor subsidiaries of FCX. Included are the condensed consolidating balance sheets at March 31, 2017 , and December 31, 2016 , and the related condensed consolidating statements of comprehensive income (loss) and the condensed consolidating statements of cash flows for the three months ended March 31, 2017 and 2016 (in millions), which should be read in conjunction with FCX’s notes to the consolidated financial statements. CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets, other than assets held for sale $ 176 $ 717 $ 9,176 $ (710 ) $ 9,359 Current assets held for sale — — 408 — 408 Property, plant, equipment and mine development costs, net 17 15 23,086 (1 ) 23,117 Oil and gas properties, subject to amortization, less accumulated amortization and impairments — — 57 — 57 Investments in consolidated subsidiaries 19,865 — — (19,865 ) — Other assets 542 37 3,578 (522 ) 3,635 Total assets $ 20,600 $ 769 $ 36,305 $ (21,098 ) $ 36,576 LIABILITIES AND EQUITY Current liabilities, other than liabilities held for sale $ 2,360 $ 171 $ 2,842 $ (787 ) $ 4,586 Current liabilities held for sale — — 256 — 256 Long-term debt, less current portion 11,032 6,297 5,576 (9,770 ) 13,135 Deferred income taxes 829 a — 2,957 — 3,786 Environmental and asset retirement obligations, less current portion — 201 3,306 — 3,507 Investments in consolidated subsidiaries — 844 10,090 (10,934 ) — Other liabilities 61 3,346 1,798 (3,486 ) 1,719 Total liabilities 14,282 10,859 26,825 (24,977 ) 26,989 Equity: Stockholders’ equity 6,318 (10,090 ) 6,828 3,262 6,318 Noncontrolling interests — — 2,652 617 3,269 Total equity 6,318 (10,090 ) 9,480 3,879 9,587 Total liabilities and equity $ 20,600 $ 769 $ 36,305 $ (21,098 ) $ 36,576 a. All U.S.-related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets, other than assets held for sale $ 230 $ 1,790 $ 11,331 $ (3,260 ) $ 10,091 Current assets held for sale — — 344 — 344 Property, plant, equipment and mine development costs, net 19 24 23,176 — 23,219 Oil and gas properties, subject to amortization, less accumulated amortization and impairments — — 74 — 74 Investments in consolidated subsidiaries 21,110 — — (21,110 ) — Other assets 1,985 47 3,522 (1,965 ) 3,589 Total assets $ 23,344 $ 1,861 $ 38,447 $ (26,335 ) $ 37,317 LIABILITIES AND EQUITY Current liabilities, other than liabilities held for sale $ 3,895 $ 308 $ 3,101 $ (3,244 ) $ 4,060 Current liabilities held for sale — — 205 — 205 Long-term debt, less current portion 12,517 6,062 11,297 (15,081 ) 14,795 Deferred income taxes 826 a — 2,942 — 3,768 Environmental and asset retirement obligations, less current portion — 200 3,287 — 3,487 Investment in consolidated subsidiary — 893 8,995 (9,888 ) — Other liabilities 55 3,393 1,784 (3,487 ) 1,745 Total liabilities 17,293 10,856 31,611 (31,700 ) 28,060 Equity: Stockholders’ equity 6,051 (8,995 ) 4,237 4,758 6,051 Noncontrolling interests — — 2,599 607 3,206 Total equity 6,051 (8,995 ) 6,836 5,365 9,257 Total liabilities and equity $ 23,344 $ 1,861 $ 38,447 $ (26,335 ) $ 37,317 a. All U.S.-related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 13 $ 3,328 $ — $ 3,341 Total costs and expenses 9 50 2,700 2 2,761 Operating (loss) income (9 ) (37 ) 628 (2 ) 580 Interest expense, net (122 ) (53 ) (71 ) 79 (167 ) Other income (expense), net 79 — 25 (79 ) 25 (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (52 ) (90 ) 582 (2 ) 438 (Provision for) benefit from income taxes (60 ) 31 (146 ) 1 (174 ) Equity in affiliated companies’ net earnings (losses) 340 20 (36 ) (320 ) 4 Net income (loss) from continuing operations 228 (39 ) 400 (321 ) 268 Net income from discontinued operations — — 38 — 38 Net income (loss) 228 (39 ) 438 (321 ) 306 Net income attributable to noncontrolling interests: Continuing operations — — (65 ) (10 ) (75 ) Discontinued operations — — (3 ) — (3 ) Net income (loss) attributable to common stockholders $ 228 $ (39 ) $ 370 $ (331 ) $ 228 Other comprehensive income (loss) 11 — 11 (11 ) 11 Total comprehensive income (loss) $ 239 $ (39 ) $ 381 $ (342 ) $ 239 Three Months Ended March 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 78 $ 3,164 $ — $ 3,242 Total costs and expenses 27 1,629 a 5,452 a 6 7,114 Operating loss (27 ) (1,551 ) (2,288 ) (6 ) (3,872 ) Interest expense, net (137 ) (4 ) (114 ) 64 (191 ) Other income (expense), net 50 — 40 (54 ) 36 (Loss) income before income taxes and equity in affiliated companies’ net (losses) earnings (114 ) (1,555 ) (2,362 ) 4 (4,027 ) (Provision for) benefit from income taxes (1,784 ) 616 1,088 3 (77 ) Equity in affiliated companies’ net (losses) earnings (2,286 ) (2,704 ) (3,630 ) 8,627 7 Net (loss) income from continuing operations (4,184 ) (3,643 ) (4,904 ) 8,634 (4,097 ) Net income (loss) from discontinued operations — — 6 (10 ) (4 ) Net (loss) income (4,184 ) (3,643 ) (4,898 ) 8,624 (4,101 ) Net income and preferred dividends attributable to noncontrolling interests: Continuing operations — — (67 ) (6 ) (73 ) Discontinued operations — — (10 ) — (10 ) Net (loss) income attributable to common stockholders $ (4,184 ) $ (3,643 ) $ (4,975 ) $ 8,618 $ (4,184 ) Other comprehensive income (loss) — — — — — Total comprehensive (loss) income $ (4,184 ) $ (3,643 ) $ (4,975 ) $ 8,618 $ (4,184 ) a. Includes charges totaling $1.3 billion at the FM O&G LLC guarantor and $2.5 billion at the non-guarantor subsidiaries related to impairment of FCX’s oil and gas properties pursuant to full cost accounting rules. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (112 ) $ (200 ) $ 1,104 $ — $ 792 Cash flow from investing activities: Capital expenditures — (10 ) (334 ) — (344 ) Intercompany loans (277 ) — — 277 — Dividends from (investments in) consolidated subsidiaries 894 — 26 (920 ) — Asset sales and other, net — (23 ) 2 — (21 ) Net cash provided by (used in) investing activities 617 (33 ) (306 ) (643 ) (365 ) Cash flow from financing activities: Proceeds from debt — — 157 — 157 Repayments of debt (499 ) — (316 ) — (815 ) Intercompany loans — 236 41 (277 ) — Cash dividends paid and contributions received, net (1 ) — (895 ) 880 (16 ) Other, net (5 ) (6 ) (34 ) 40 (5 ) Net cash (used in) provided by financing activities (505 ) 230 (1,047 ) 643 (679 ) Net decrease in cash and cash equivalents — (3 ) (249 ) — (252 ) Decrease in cash and cash equivalents in assets held for sale — — 8 — 8 Cash and cash equivalents at beginning of period — 3 4,242 — 4,245 Cash and cash equivalents at end of period $ — $ — $ 4,001 $ — $ 4,001 Three Months Ended March 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (117 ) $ (32 ) $ 884 $ 5 $ 740 Cash flow from investing activities: Capital expenditures — (244 ) (736 ) (2 ) (982 ) Intercompany loans (561 ) (377 ) — 938 — Dividends from (investments in) consolidated subsidiaries 358 (41 ) 35 (352 ) — Other, net — 2 — — 2 Net cash (used in) provided by investing activities (203 ) (660 ) (701 ) 584 (980 ) Cash flow from financing activities: Proceeds from debt 1,060 — 736 — 1,796 Repayments of debt (750 ) — (692 ) — (1,442 ) Intercompany loans — 716 222 (938 ) — Net proceeds from sale of common stock 32 — 42 (42 ) 32 Cash dividends paid and contributions received, net (4 ) — (373 ) 355 (22 ) Other, net (18 ) (24 ) (11 ) 36 (17 ) Net cash provided by (used in) financing activities 320 692 (76 ) (589 ) 347 Net increase in cash and cash equivalents — — 107 — 107 Increase in cash and cash equivalents in assets held for sale — — (53 ) — (53 ) Cash and cash equivalents at beginning of period — — 177 — 177 Cash and cash equivalents at end of period $ — $ — $ 231 $ — $ 231

New Accounting Standard (Unaudi

New Accounting Standard (Unaudited)	3 Months Ended
	Mar. 31, 2017
New Accounting Standards [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NEW ACCOUNTING STANDARD In March 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that simplifies various aspects of the accounting for share-based payment transactions, including the income tax consequences, statutory tax withholding requirements, an accounting policy election for forfeitures and the classification on the statement of cash flows. FCX adopted this ASU effective January 1, 2017.

Subsequent Events (Unaudited)

Subsequent Events (Unaudited)	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS FCX evaluated events after March 31, 2017 , and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Instrument, Redemption [Line Items]
Schedule of Debt [Table Text Block]	DEBT The components of debt follow (in millions): March 31, 2017 December 31, 2016 Senior notes and debentures: Issued by FCX $ 13,242 $ 13,745 Issued by Freeport-McMoRan Oil & Gas LLC (FM O&G LLC) 267 267 Issued by FMC 358 359 Cerro Verde credit facility 1,267 1,390 Cerro Verde shareholder loans 224 261 Other 5 5 Total debt a 15,363 16,027 Less current portion of debt (2,228 ) (1,232 ) Long-term debt $ 13,135 $ 14,795 a. Includes additions for unamortized fair value adjustments totaling $171 million at March 31, 2017 ( $179 million at December 31, 2016 ), and is net of reductions for unamortized net discounts and unamortized debt issuance costs totaling $95 million at March 31, 2017 ( $100 million at December 31, 2016 ).

Dispositions (Tables)

Dispositions (Tables)	3 Months Ended
	Mar. 31, 2017
Dispositions And Acquisitions [Abstract]
Schedule of Disposal	Net income (loss) from discontinued operations in the consolidated statements of operations consists of the following (in millions): Three Months Ended March 31, 2017 2016 Revenues a $ 9 $ 285 Costs and expenses: Production and delivery costs — 226 Depreciation, depletion and amortization — 60 Interest expense allocated from parent — 10 b Income (loss) before income taxes and estimated loss on disposal 9 (11 ) Net gain on disposal 32 c — Net income (loss) before income taxes 41 (11 ) (Provision for) benefit from income taxes (3 ) 7 Net income (loss) from discontinued operations $ 38 $ (4 ) a. In accordance with accounting guidance, amounts are net of recognition (eliminations) of intercompany sales totaling $9 million in first-quarter 2017 and $(32) million in first-quarter 2016. b. In accordance with accounting guidance, interest associated with FCX’s term loan that was required to be repaid as a result of the sale of TFHL has been allocated to discontinued operations. c. Includes a $36 million gain associated with the change in the fair value of contingent consideration. Cash flows from discontinued operations included in the consolidated statements of cash flows for the three months ended March 31, 2016 , follow (in millions): Net cash provided by operating activities $ 89 Net cash used in investing activities (36 ) Net cash used in financing activities (3 ) Increase in cash and cash equivalents in assets held for sale $ 50

Earnings per Share (Unaudited22

Earnings per Share (Unaudited) Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Reconciliation of net income (loss) and weighted-average shares of common stock outstanding	A reconciliation of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share follows (in millions, except per share amounts): Three Months Ended March 31, 2017 2016 Net income (loss) from continuing operations $ 268 $ (4,097 ) Net income from continuing operations attributable to noncontrolling interests (75 ) (62 ) Preferred dividends on redeemable noncontrolling interest — (11 ) Undistributed earnings allocated to participating securities (3 ) (3 ) Net income (loss) from continuing operations attributable to common stockholders $ 190 $ (4,173 ) Net income (loss) from discontinued operations $ 38 $ (4 ) Net income from discontinued operations attributable to noncontrolling interests (3 ) (10 ) Net income (loss) from discontinued operations attributable to common stockholders $ 35 $ (14 ) Net income (loss) attributable to common stockholders $ 225 $ (4,187 ) Basic weighted-average shares of common stock outstanding 1,446 1,251 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 8 — a Diluted weighted-average shares of common stock outstanding 1,454 1,251 Basic and diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 0.13 $ (3.34 ) Discontinued operations 0.03 (0.01 ) $ 0.16 $ (3.35 ) a. Excludes 10 million shares associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and restricted stock units that were anti-dilutive.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs Disclosure	A summary of the carrying amount and fair value of FCX’s financial instruments, other than cash and cash equivalents, accounts receivable, restricted cash, and accounts payable and accrued liabilities (refer to Note 7 ) follows (in millions): At March 31, 2017 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 24 $ 24 $ 24 $ — $ — $ — Money market funds 22 22 — 22 — — Equity securities 5 5 — 5 — — Total 51 51 24 27 — — Legally restricted funds: a U.S. core fixed income fund 54 54 54 — — — Government bonds and notes 36 36 — — 36 — Corporate bonds 32 32 — — 32 — Government mortgage-backed securities 24 24 — — 24 — Asset-backed securities 18 18 — — 18 — Money market funds 12 12 — 12 — — Collateralized mortgage-backed securities 7 7 — — 7 — Municipal bonds 1 1 — — 1 — Total 184 184 54 12 118 — Derivatives: Embedded derivatives in provisional sales/ purchase contracts in a gross asset position c 24 24 — — 24 — Copper futures and swap contracts c 6 6 — 5 1 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 72 72 — — 72 — Total 102 102 — 5 97 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 150 135 — — — 135 Total assets $ 472 $ 78 $ 44 $ 215 $ 135 Liabilities Derivatives: c Embedded derivatives in provisional sales/ purchase contracts in a gross liability position 7 $ 7 $ — $ — $ 7 $ — Copper futures and swap contracts 1 1 — 1 — — Total 8 8 — 1 7 — Contingent payments for the settlements of drilling rig contracts d 10 10 — — 10 — Long-term debt, including current portion e 15,363 14,624 — — 14,624 — Total liabilities $ 14,642 $ — $ 1 $ 14,641 $ — At December 31, 2016 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 23 $ 23 $ 23 $ — $ — $ — Money market funds 22 22 — 22 — — Equity securities 5 5 — 5 — — Total 50 50 23 27 — — Legally restricted funds: a U.S. core fixed income fund 53 53 53 — — — Government bonds and notes 36 36 — — 36 — Corporate bonds 32 32 — — 32 — Government mortgage-backed securities 25 25 — — 25 — Asset-backed securities 16 16 — — 16 — Money market funds 12 12 — 12 — — Collateralized mortgage-backed securities 8 8 — — 8 — Municipal bonds 1 1 — — 1 — Total 183 183 53 12 118 — Derivatives: Embedded derivatives in provisional sales/ purchase contracts in a gross asset position c 137 137 — — 137 — Copper futures and swap contracts c 9 9 — 8 1 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 46 46 — — 46 — Total 192 192 — 8 184 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 150 135 — — — 135 Total assets $ 560 $ 76 $ 47 $ 302 $ 135 Liabilities Derivatives: c Embedded derivatives in provisional sales/ purchase contracts in a gross liability position 56 $ 56 $ — $ — $ 56 $ — Copper futures and swap contracts 2 2 — 2 — — Total 58 58 — 2 56 — Contingent payments for the settlements of drilling rig contracts d 23 23 — — 23 — Long-term debt, including current portion e 16,027 15,196 — — 15,196 — Total liabilities $ 15,277 $ — $ 2 $ 15,275 $ — 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 $32 million at March 31, 2017 , and $28 million at December 31, 2016 , and (ii) other assets of $122 million at both March 31, 2017 , and December 31, 2016 , primarily associated with an assurance bond to support PT Freeport Indonesia’s (PT-FI) commitment for smelter development in Indonesia. c. Refer to Note 7 for further discussion and balance sheet classifications. d. Included in accounts payable and accrued liabilities. e. Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
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 (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, along with the unrealized gains (losses) on the related hedged item follows (in millions): Three Months Ended March 31, 2017 2016 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (2 ) $ 7 Hedged item – firm sales commitments 2 (7 ) Realized gains (losses): Matured derivative financial instruments 8 (4 )
Schedule of Derivative Instruments	A summary of FCX’s embedded derivatives at March 31, 2017 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 443 $ 2.61 $ 2.64 August 2017 Gold (thousands of ounces) 50 1,222 1,246 May 2017 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 109 2.64 2.65 July 2017
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions	A summary of the realized and unrealized gains (losses) recognized in operating income (loss) for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended March 31, 2017 2016 Embedded derivatives in provisional copper and gold sales contracts a $ 126 $ 72 Copper forward contracts b (1 ) 7 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs.
Fair Values of Unsettled Derivative Financial Instruments	A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): March 31, December 31, 2016 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 6 $ 9 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper and gold sales/purchase contracts 24 137 Total derivative assets $ 30 $ 146 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 1 $ 2 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper and gold sales/purchase contracts 7 56 Total derivative liabilities $ 8 $ 58
Offsetting Assets [Table Text Block]	A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 24 $ 137 $ 7 $ 56 Copper derivatives 6 9 1 2 30 146 8 58 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 3 12 3 12 Copper derivatives 1 2 1 2 4 14 4 14 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 21 125 4 44 Copper derivatives 5 7 — — $ 26 $ 132 $ 4 $ 44 Balance sheet classification: Trade accounts receivable $ 20 $ 119 $ 1 $ 13 Other current assets 6 7 — — Accounts payable and accrued liabilities — 6 3 31 $ 26 $ 132 $ 4 $ 44
Offsetting Liabilities [Table Text Block]	A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 24 $ 137 $ 7 $ 56 Copper derivatives 6 9 1 2 30 146 8 58 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 3 12 3 12 Copper derivatives 1 2 1 2 4 14 4 14 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 21 125 4 44 Copper derivatives 5 7 — — $ 26 $ 132 $ 4 $ 44 Balance sheet classification: Trade accounts receivable $ 20 $ 119 $ 1 $ 13 Other current assets 6 7 — — Accounts payable and accrued liabilities — 6 3 31 $ 26 $ 132 $ 4 $ 44

Inventories, Including Long-T25

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	The components of inventories follow (in millions): March 31, December 31, 2016 Current inventories: Total materials and supplies, net a $ 1,275 $ 1,306 Mill stockpiles $ 301 $ 259 Leach stockpiles 1,054 1,079 Total current mill and leach stockpiles $ 1,355 $ 1,338 Raw materials (primarily concentrate) $ 194 $ 255 Work-in-process 177 114 Finished goods 762 629 Total product inventories $ 1,133 $ 998 Long-term inventories: Mill stockpiles $ 488 $ 487 Leach stockpiles 1,137 1,146 Total long-term mill and leach stockpiles b $ 1,625 $ 1,633 a. Materials and supplies inventory was net of obsolescence reserves totaling $30 million at March 31, 2017 , and $29 million at December 31, 2016 . b. Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes (Unaudited) (Table

Income Taxes (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income before income taxes and equity in an affiliated companies' net earnings	Geographic sources of FCX’s provision for income taxes follow (in millions): Three Months Ended March 31, 2017 2016 U.S. operations $ (7 ) $ 11 International operations (167 ) (88 ) Total $ (174 ) $ (77 )

BUSINESS SEGMENTS INFORMATION (

BUSINESS SEGMENTS INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of financial information by business segment	Financial Information by Business Segments (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 a Total Three Months Ended March 31, 2017 Revenues: Unaffiliated customers $ 66 $ 50 $ 116 $ 640 $ 112 $ 752 $ 534 b $ — $ 1,107 $ 458 $ 374 c $ 3,341 Intersegment 416 563 979 116 — 116 — 63 8 — (1,166 ) — Production and delivery 260 d 413 673 391 82 473 273 d 52 1,110 436 (817 ) e 2,200 Depreciation, depletion and amortization 47 69 116 112 21 133 83 19 2 7 29 389 Selling, general and administrative expenses — 1 1 2 — 2 30 — — 5 115 f 153 Mining exploration and research expenses — 1 1 — — — — — — — 14 15 Environmental obligations and shutdown costs — — — — — — — — — — 27 27 Net gain on sales of assets — — — — — — — — — — (23 ) (23 ) Operating income (loss) 175 129 304 251 9 260 148 (8 ) 3 10 (137 ) 580 Interest expense, net 1 — 1 16 — 16 — — — 4 146 167 Provision for income taxes — — — 98 3 101 67 — — — 6 174 Total assets at March 31, 2017 2,814 4,361 7,175 9,081 1,525 10,606 10,879 1,917 261 652 5,086 g 36,576 Capital expenditures 23 5 28 14 1 15 244 1 1 8 47 h 344 Three Months Ended March 31, 2016 Revenues: Unaffiliated customers $ 162 $ 56 $ 218 $ 486 $ 144 $ 630 $ 498 b $ — $ 971 $ 422 $ 503 c $ 3,242 Intersegment 357 561 918 41 — 41 58 45 8 1 (1,071 ) — Production and delivery 340 448 788 291 119 410 394 52 970 393 (508 ) e 2,499 Depreciation, depletion and amortization 62 82 144 101 31 132 81 19 2 8 276 662 Impairment of oil and gas properties — — — — — — — — — — 3,787 3,787 Selling, general and administrative expenses — 1 1 2 — 2 14 — — 4 117 138 Mining exploration and research expenses — 1 1 — — — — — — — 17 18 Environmental obligations and shutdown costs — — — — — — — — — — 10 10 Operating income (loss) 117 85 202 133 (6 ) 127 67 (26 ) 7 18 (4,267 ) (3,872 ) Interest expense, net 1 — 1 22 — 22 — — — 4 164 191 Provision for (benefit from) income taxes — — — 45 (6 ) 39 36 — — — 2 77 Total assets at March 31, 2016 3,490 4,751 8,241 9,495 1,623 11,118 9,306 1,983 236 653 11,127 g 42,664 Capital expenditures 28 6 34 156 1 157 222 1 1 2 565 h 982 a. Includes U.S. oil and gas operations that was previously a reportable segment. b. Includes PT-FI’s sales to PT Smelting totaling $258 million in first-quarter 2017 and $277 million in first-quarter 2016 . c. 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. d. Includes $19 million for asset impairments at Morenci and $21 million at PT-FI for costs charged directly to cost of sales as a result of the impact of regulatory restrictions on its concentrate exports. e. Includes net credits (charges) for oil and gas operations totaling $20 million in first-quarter 2017 and $(200) million in first-quarter 2016 , primarily for drillship settlement/idle rig costs, asset impairment and inventory adjustments. f. Includes $21 million for other oil and gas contract termination costs. g. Includes assets held for sale totaling $408 million at March 31, 2017, primarily associated with Freeport Cobalt and the Kisanfu exploration project, and $5.3 billion at March 31, 2016, which also included discontinued operations. Also includes $331 million at March 31, 2017, and $4.4 billion at March 31, 2016, associated with oil and gas operations. h. Includes $19 million in first-quarter 2017 and $523 million in first-quarter 2016 associated with oil and gas operations. First-quarter 2016 also includes $35 million associated with discontinued operations.

Guarantor Financial Statement28

Guarantor Financial Statements (Unaudited) Guarantor Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2017
Guarantor Financial Statements [Abstract]
Condensed Consolidating Balance Sheets [Table Text Block]	CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets, other than assets held for sale $ 176 $ 717 $ 9,176 $ (710 ) $ 9,359 Current assets held for sale — — 408 — 408 Property, plant, equipment and mine development costs, net 17 15 23,086 (1 ) 23,117 Oil and gas properties, subject to amortization, less accumulated amortization and impairments — — 57 — 57 Investments in consolidated subsidiaries 19,865 — — (19,865 ) — Other assets 542 37 3,578 (522 ) 3,635 Total assets $ 20,600 $ 769 $ 36,305 $ (21,098 ) $ 36,576 LIABILITIES AND EQUITY Current liabilities, other than liabilities held for sale $ 2,360 $ 171 $ 2,842 $ (787 ) $ 4,586 Current liabilities held for sale — — 256 — 256 Long-term debt, less current portion 11,032 6,297 5,576 (9,770 ) 13,135 Deferred income taxes 829 a — 2,957 — 3,786 Environmental and asset retirement obligations, less current portion — 201 3,306 — 3,507 Investments in consolidated subsidiaries — 844 10,090 (10,934 ) — Other liabilities 61 3,346 1,798 (3,486 ) 1,719 Total liabilities 14,282 10,859 26,825 (24,977 ) 26,989 Equity: Stockholders’ equity 6,318 (10,090 ) 6,828 3,262 6,318 Noncontrolling interests — — 2,652 617 3,269 Total equity 6,318 (10,090 ) 9,480 3,879 9,587 Total liabilities and equity $ 20,600 $ 769 $ 36,305 $ (21,098 ) $ 36,576 a. All U.S.-related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets, other than assets held for sale $ 230 $ 1,790 $ 11,331 $ (3,260 ) $ 10,091 Current assets held for sale — — 344 — 344 Property, plant, equipment and mine development costs, net 19 24 23,176 — 23,219 Oil and gas properties, subject to amortization, less accumulated amortization and impairments — — 74 — 74 Investments in consolidated subsidiaries 21,110 — — (21,110 ) — Other assets 1,985 47 3,522 (1,965 ) 3,589 Total assets $ 23,344 $ 1,861 $ 38,447 $ (26,335 ) $ 37,317 LIABILITIES AND EQUITY Current liabilities, other than liabilities held for sale $ 3,895 $ 308 $ 3,101 $ (3,244 ) $ 4,060 Current liabilities held for sale — — 205 — 205 Long-term debt, less current portion 12,517 6,062 11,297 (15,081 ) 14,795 Deferred income taxes 826 a — 2,942 — 3,768 Environmental and asset retirement obligations, less current portion — 200 3,287 — 3,487 Investment in consolidated subsidiary — 893 8,995 (9,888 ) — Other liabilities 55 3,393 1,784 (3,487 ) 1,745 Total liabilities 17,293 10,856 31,611 (31,700 ) 28,060 Equity: Stockholders’ equity 6,051 (8,995 ) 4,237 4,758 6,051 Noncontrolling interests — — 2,599 607 3,206 Total equity 6,051 (8,995 ) 6,836 5,365 9,257 Total liabilities and equity $ 23,344 $ 1,861 $ 38,447 $ (26,335 ) $ 37,317 a. All U.S.-related deferred income taxes are recorded at the parent company.
Condensed Consolidating Statements of Income [Table Text Block]	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 13 $ 3,328 $ — $ 3,341 Total costs and expenses 9 50 2,700 2 2,761 Operating (loss) income (9 ) (37 ) 628 (2 ) 580 Interest expense, net (122 ) (53 ) (71 ) 79 (167 ) Other income (expense), net 79 — 25 (79 ) 25 (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (52 ) (90 ) 582 (2 ) 438 (Provision for) benefit from income taxes (60 ) 31 (146 ) 1 (174 ) Equity in affiliated companies’ net earnings (losses) 340 20 (36 ) (320 ) 4 Net income (loss) from continuing operations 228 (39 ) 400 (321 ) 268 Net income from discontinued operations — — 38 — 38 Net income (loss) 228 (39 ) 438 (321 ) 306 Net income attributable to noncontrolling interests: Continuing operations — — (65 ) (10 ) (75 ) Discontinued operations — — (3 ) — (3 ) Net income (loss) attributable to common stockholders $ 228 $ (39 ) $ 370 $ (331 ) $ 228 Other comprehensive income (loss) 11 — 11 (11 ) 11 Total comprehensive income (loss) $ 239 $ (39 ) $ 381 $ (342 ) $ 239 Three Months Ended March 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 78 $ 3,164 $ — $ 3,242 Total costs and expenses 27 1,629 a 5,452 a 6 7,114 Operating loss (27 ) (1,551 ) (2,288 ) (6 ) (3,872 ) Interest expense, net (137 ) (4 ) (114 ) 64 (191 ) Other income (expense), net 50 — 40 (54 ) 36 (Loss) income before income taxes and equity in affiliated companies’ net (losses) earnings (114 ) (1,555 ) (2,362 ) 4 (4,027 ) (Provision for) benefit from income taxes (1,784 ) 616 1,088 3 (77 ) Equity in affiliated companies’ net (losses) earnings (2,286 ) (2,704 ) (3,630 ) 8,627 7 Net (loss) income from continuing operations (4,184 ) (3,643 ) (4,904 ) 8,634 (4,097 ) Net income (loss) from discontinued operations — — 6 (10 ) (4 ) Net (loss) income (4,184 ) (3,643 ) (4,898 ) 8,624 (4,101 ) Net income and preferred dividends attributable to noncontrolling interests: Continuing operations — — (67 ) (6 ) (73 ) Discontinued operations — — (10 ) — (10 ) Net (loss) income attributable to common stockholders $ (4,184 ) $ (3,643 ) $ (4,975 ) $ 8,618 $ (4,184 ) Other comprehensive income (loss) — — — — — Total comprehensive (loss) income $ (4,184 ) $ (3,643 ) $ (4,975 ) $ 8,618 $ (4,184 ) a. Includes charges totaling $1.3 billion at the FM O&G LLC guarantor and $2.5 billion at the non-guarantor subsidiaries related to impairment of FCX’s oil and gas properties pursuant to full cost accounting rules.
Condensed Consolidating Statements of Cash Flows [Table Text Block]	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (112 ) $ (200 ) $ 1,104 $ — $ 792 Cash flow from investing activities: Capital expenditures — (10 ) (334 ) — (344 ) Intercompany loans (277 ) — — 277 — Dividends from (investments in) consolidated subsidiaries 894 — 26 (920 ) — Asset sales and other, net — (23 ) 2 — (21 ) Net cash provided by (used in) investing activities 617 (33 ) (306 ) (643 ) (365 ) Cash flow from financing activities: Proceeds from debt — — 157 — 157 Repayments of debt (499 ) — (316 ) — (815 ) Intercompany loans — 236 41 (277 ) — Cash dividends paid and contributions received, net (1 ) — (895 ) 880 (16 ) Other, net (5 ) (6 ) (34 ) 40 (5 ) Net cash (used in) provided by financing activities (505 ) 230 (1,047 ) 643 (679 ) Net decrease in cash and cash equivalents — (3 ) (249 ) — (252 ) Decrease in cash and cash equivalents in assets held for sale — — 8 — 8 Cash and cash equivalents at beginning of period — 3 4,242 — 4,245 Cash and cash equivalents at end of period $ — $ — $ 4,001 $ — $ 4,001 Three Months Ended March 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (117 ) $ (32 ) $ 884 $ 5 $ 740 Cash flow from investing activities: Capital expenditures — (244 ) (736 ) (2 ) (982 ) Intercompany loans (561 ) (377 ) — 938 — Dividends from (investments in) consolidated subsidiaries 358 (41 ) 35 (352 ) — Other, net — 2 — — 2 Net cash (used in) provided by investing activities (203 ) (660 ) (701 ) 584 (980 ) Cash flow from financing activities: Proceeds from debt 1,060 — 736 — 1,796 Repayments of debt (750 ) — (692 ) — (1,442 ) Intercompany loans — 716 222 (938 ) — Net proceeds from sale of common stock 32 — 42 (42 ) 32 Cash dividends paid and contributions received, net (4 ) — (373 ) 355 (22 ) Other, net (18 ) (24 ) (11 ) 36 (17 ) Net cash provided by (used in) financing activities 320 692 (76 ) (589 ) 347 Net increase in cash and cash equivalents — — 107 — 107 Increase in cash and cash equivalents in assets held for sale — — (53 ) — (53 ) Cash and cash equivalents at beginning of period — — 177 — 177 Cash and cash equivalents at end of period $ — $ — $ 231 $ — $ 231

General Information (Unaudite29

General Information (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Oil And Gas Property Unevaluated Property Costs Transferred To Full Cost Method		$ 3,100
Impairment of oil and gas properties	$ 0	$ (3,787)

Debt (Details)

Debt (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Dec. 31, 2016
Debt Instruments [Line Items]
Long-term Debt and Capital Lease Obligations, Including Current Maturities	$ 15,363				$ 16,027
Less current portion of long-term debt and short-term borrownings	(2,228)				(1,232)
Long-term debt	13,135				14,795
Liabilities, Fair Value Adjustment	171				179
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	95				100
Revolving Credit Facility [Abstract]
Interest Costs Incurred	195		$ 218	$ 211
Other Debt, Including Capital Leases and Short Term Borrowings [Member]
Debt Instruments [Line Items]
Long-term Debt and Capital Lease Obligations, Including Current Maturities	$ 5				5
Senior Notes Due 2017 2 Point 15 Percent [Member] | Senior Notes [Member]
Revolving Credit Facility [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	2.15%
Repayments of Debt	$ 500
FCX [Member] | Senior Notes [Member]
Debt Instruments [Line Items]
Long-term Debt, Gross	13,242				13,745
Cerro Verde [Member] | Shareholder Loan [Member]
Debt Instruments [Line Items]
Long-term Debt	224				261
Freeport-McMoRan Oil & Gas | Senior Notes [Member]
Debt Instruments [Line Items]
Long-term Debt, Gross	267				267
Freeport McMoRan Corporation [Member] | Debentures [Member]
Debt Instruments [Line Items]
Long-term Debt, Gross	358				359
Line of Credit [Member] | Cerro Verde [Member] | Line of Credit [Member]
Debt Instruments [Line Items]
Long-term Debt	1,267				$ 1,390
Letter of Credit [Member] | Line of Credit [Member]
Revolving Credit Facility [Abstract]
Long-term Line of Credit	39
Revolving Credit Facility, Remaining Borrowing Capacity	1,500
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instruments [Line Items]
Long-term Debt	0
Revolving Credit Facility [Abstract]
Revolving Credit Facility, Remaining Borrowing Capacity	3,500
Property, Plant and Equipment [Member]
Revolving Credit Facility [Abstract]
Interest Costs Capitalized	28		20
Oil and Gas Properties [Member]
Revolving Credit Facility [Abstract]
Interest Costs Capitalized		$ 0
Oil and Gas Operations Segment [Member] | Oil and Gas Properties [Member]
Revolving Credit Facility [Abstract]
Interest Costs Capitalized	$ 0		$ 7

Dispositions (TF Holdings Limit

Dispositions (TF Holdings Limited) (Details) $ in Millions	Nov. 16, 2016USD ($)$ / lb	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Nov. 15, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other assets		$ 2,010	$ 1,956
Kisanfu Exploration Project
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		100.00%
Freeport Cobalt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		56.00%
Discontinued Operations, Disposed of by Sale | TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net	$ 2,650
Contingent receivable	120
Other assets		$ 49
Discontinued Operation, Change in Contingent Receivable		$ 36
Copper | Discontinued Operations, Disposed of by Sale | TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent receivable	$ 60
Contingent consideration, reference threshold, price per barrel (in us dollars per pound) | $ / lb	3.50
Cobalt | Discontinued Operations, Disposed of by Sale | TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent receivable	$ 60
Contingent consideration, reference threshold, price per barrel (in us dollars per pound) | $ / lb	20
TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage				70.00%
Tenke Fungurume [Member] | TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage				80.00%

Earnings per Share (Unaudited32

Earnings per Share (Unaudited) Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 268	$ (4,097)
Net income from continuing operations attributable to noncontrolling interests	75	62
Preferred dividends on redeemable noncontrolling interest	0	11
Undistributed earnings allocated to participating securities	3	3
Net income (loss) from continuing operations attributable to common stockholders	190	(4,173)
Net income (loss) from discontinued operations	38	(4)
Net income from discontinued operations attributable to noncontrolling interests	3	10
Net income (loss) from discontinued operations attributable to common stockholders	35	(14)
Net income (loss) attributable to common stockholders	$ 225	$ (4,187)
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units	8	0
Diluted weighted-average shares of common stock outstanding	1,454	1,251
Basic and diluted net income (loss) per share attributable to common stockholders
Continuing operations	$ 0.13	$ (3.34)
Discontinued operations	0.03	(0.01)
Basic and diluted net income (loss) per share attributable to common stockholders:	$ 0.16	$ (3.35)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		10
Dilutive Securities Excluded from Computation of EPS Amount	44	47

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Investment securities (current and long-term):
Alternative Investments, Fair Value Disclosure	$ 78	$ 76
Derivatives:
Derivative Asset	26	132
Derivatives: [Abstract]
Derivative Liability	4	44
Other current assets	196	199
Other assets	2,010	1,956
Level 1
Investment securities (current and long-term):
Available-for-sale Securities	27	27
Trust Assets Fair Value Disclosure	12	12
Derivatives:
Derivative Asset	5	8
Contingent receivable	0	0
Total assets	44	47
Derivatives: [Abstract]
Derivative Liability	1	2
Discontinued Operation, Contingent Payable	0	0
Long-term debt, including current portion	0	0
Total liabilities	1	2
Level 2
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Trust Assets Fair Value Disclosure	118	118
Derivatives:
Derivative Asset	97	184
Contingent receivable	0	0
Total assets	215	302
Derivatives: [Abstract]
Derivative Liability	7	56
Discontinued Operation, Contingent Payable	10	23
Long-term debt, including current portion	14,624	15,196
Total liabilities	14,641	15,275
Level 3
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Trust Assets Fair Value Disclosure	0	0
Derivatives:
Derivative Asset	0	0
Contingent receivable	135	135
Total assets	135	135
Derivatives: [Abstract]
Derivative Liability	0	0
Discontinued Operation, Contingent Payable	0	0
Long-term debt, including current portion	0	0
Total liabilities	0	0
Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Available-for-sale Securities	51	50
Trust Assets Fair Value Disclosure	184	183
Derivatives:
Derivative Asset	102	192
Contingent receivable	135	135
Total assets	472	560
Derivatives: [Abstract]
Derivative Liability	8	58
Discontinued Operation, Contingent Payable	10	23
Long-term debt, including current portion	14,624	15,196
Total liabilities	14,642	15,277
Reported Value Measurement [Member]
Investment securities (current and long-term):
Available-for-sale Securities	51	50
Trust Assets Fair Value Disclosure	184	183
Derivatives:
Derivative Asset	102	192
Contingent receivable	150	150
Derivatives: [Abstract]
Derivative Liability	8	58
Discontinued Operation, Contingent Payable	10	23
Long-term debt, including current portion	15,363	16,027
Embedded Derivative Financial Instruments [Member]
Derivatives:
Derivative Asset	21	125
Derivatives: [Abstract]
Derivative Liability	4	44
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	24	137
Derivatives: [Abstract]
Derivative Liability	7	56
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	24	137
Derivatives: [Abstract]
Derivative Liability	7	56
Embedded Derivative Financial Instruments [Member] | Reported Value Measurement [Member]
Derivatives:
Derivative Asset	24	137
Derivatives: [Abstract]
Derivative Liability	7	56
Commodity Contract [Member]
Derivatives:
Derivative Asset	5	7
Derivatives: [Abstract]
Derivative Liability	0	0
Commodity Contract [Member] | Level 1
Derivatives:
Derivative Asset	5	8
Derivatives: [Abstract]
Derivative Liability	1	2
Commodity Contract [Member] | Level 2
Derivatives:
Derivative Asset	1	1
Derivatives: [Abstract]
Derivative Liability	0	0
Commodity Contract [Member] | Level 3
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Commodity Contract [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	6	9
Derivatives: [Abstract]
Derivative Liability	1	2
Commodity Contract [Member] | Reported Value Measurement [Member]
Derivatives:
Derivative Asset	6	9
Derivatives: [Abstract]
Derivative Liability	1	2
Africa and onshore California [Member] | Commodity Contract [Member] | Level 1
Derivatives:
Derivative Asset	0	0
Africa and onshore California [Member] | Commodity Contract [Member] | Level 2
Derivatives:
Derivative Asset	72	46
Africa and onshore California [Member] | Commodity Contract [Member] | Level 3
Derivatives:
Derivative Asset	0	0
Africa and onshore California [Member] | Commodity Contract [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	72	46
Africa and onshore California [Member] | Commodity Contract [Member] | Reported Value Measurement [Member]
Derivatives:
Derivative Asset	72	46
U.S. core fixed income fund [Member] | Level 1
Investment securities (current and long-term):
Available-for-sale 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):
Available-for-sale 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):
Available-for-sale 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):
Available-for-sale Securities	24	23
Trust Assets Fair Value Disclosure	54	53
U.S. core fixed income fund [Member] | Reported Value Measurement [Member]
Investment securities (current and long-term):
Available-for-sale Securities	24	23
Trust Assets Fair Value Disclosure	54	53
Money market funds [Member] | Level 1
Investment securities (current and long-term):
Available-for-sale Securities	22	22
Trust Assets Fair Value Disclosure	12	12
Money market funds [Member] | Level 2
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Trust Assets Fair Value Disclosure	0	0
Money market funds [Member] | Level 3
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Trust Assets Fair Value Disclosure	0	0
Money market funds [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Available-for-sale Securities	22	22
Trust Assets Fair Value Disclosure	12	12
Money market funds [Member] | Reported Value Measurement [Member]
Investment securities (current and long-term):
Available-for-sale Securities	22	22
Trust Assets Fair Value Disclosure	12	12
Equity securities | Level 1
Investment securities (current and long-term):
Available-for-sale Securities	5	5
Equity securities | Level 2
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Equity securities | Level 3
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Equity securities | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Available-for-sale Securities	5	5
Equity securities | Reported Value Measurement [Member]
Investment securities (current and long-term):
Available-for-sale Securities	5	5
Government bonds | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government bonds | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	36	36
Government bonds | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government bonds | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	36	36
Government bonds | Reported Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	36	36
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	25
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	25
Government mortgage-backed securities [Member] | Reported Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	24	25
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	32	32
Corporate bonds [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Corporate bonds [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	32	32
Corporate bonds [Member] | Reported Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	32	32
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	18	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	18	16
Asset-backed securities [Member] | Reported Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	18	16
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	7	8
Collateralized Mortgage Backed Securities [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Collateralized Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	7	8
Collateralized Mortgage Backed Securities [Member] | Reported Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	7	8
Municipal bonds [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Municipal bonds [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1	1
Municipal bonds [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Municipal bonds [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1	1
Municipal bonds [Member] | Reported Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1	1
Bank Time Deposits [Member] | Reported Value Measurement [Member]
Derivatives: [Abstract]
Other current assets	32	28
Other assets	122	122
Restricted Funds [Member]
Investment securities (current and long-term):
Alternative Investments, Fair Value Disclosure	54	53
Restricted Funds [Member] | U.S. core fixed income fund [Member]
Investment securities (current and long-term):
Alternative Investments, Fair Value Disclosure	54	53
Investment Securities [Member]
Investment securities (current and long-term):
Alternative Investments, Fair Value Disclosure	24	23
Investment Securities [Member] | U.S. core fixed income fund [Member]
Investment securities (current and long-term):
Alternative Investments, Fair Value Disclosure	24	23
Other Current Assets
Derivatives:
Derivative Asset	6	7
Derivatives: [Abstract]
Derivative Liability	$ 0	$ 0

Financial Instruments (Unrealiz

Financial Instruments (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions	Mar. 31, 2017lboz$ / lb$ / lb$ / oz	Mar. 31, 2017USD ($)$ / lb$ / lb$ / oz	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Commodity Contract [Member]
Unrealized gains (losses):
Derivative financial instruments | $		$ (2)	$ 7
Hedged item – firm sales commitments | $		2	(7)
Realized gains (losses):
Matured derivative financial instruments | $		$ 8	(4)
Commodity Contract [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	48
Derivative, Average Forward Price	2.56	2.56
Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Amounts recorded in Sales [Member]
Realized gains (losses):
Matured derivative financial instruments | $		$ 126	$ 72
Copper Forward Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	8
Derivative, Average Forward Price	2.64	2.64
Copper Forward Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments | $		$ (1)		$ 7
Copper | Short [Member] | Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	443
Derivative, Average Forward Price	2.61	2.61
Realized gains (losses):
Derivative Average Market Price	2.64	2.64
Copper | Long [Member] | Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	109
Derivative, Average Forward Price	2.64	2.64
Realized gains (losses):
Derivative Average Market Price	2.65	2.65
Gold | Short [Member] | Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | oz	50
Derivative, Average Forward Price | $ / oz	1,222	1,222
Realized gains (losses):
Derivative Average Market Price | $ / oz	1,246	1,246

Inventories, Including Long-T35

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Components of Inventories [Line Items]
Total materials and supplies, net	$ 1,275	$ 1,306
Mill stockpiles	301	259
Leach stockpiles	1,054	1,079
Total current mill and leach stockpiles	1,355	1,338
Raw materials (primarily concentrate)	194	255
Work-in-process	177	114
Finished goods	762	629
Total product inventories	1,133	998
Mill stockpiles	488	487
Leach stockpiles	1,137	1,146
Total long-term mill and leach stockpiles	1,625	1,633
Inventory obsolescence reserves	$ 30	$ 29

Dispositions Dispositions (Net

Dispositions Dispositions (Net Income (Loss) from Discontinued Operations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Nov. 16, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	$ 32	$ 0
Net (loss) income from discontinued operations	38	(4)
Other assets	2,010		$ 1,956
TF Holdings Limited | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration asset				$ 120
Other assets	49
Tenke Fungurume [Member] | Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Revenue	9	285
Disposal Group, Including Discontinued Operations, Production and delivery	0	226
Disposal Group, Including Discontinued Operation, Depreciation and Amortization	0	60
Disposal Group, Including Discontinued Operation, Interest Expense	0	10
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax	9	(11)
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	32	0
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax	41	(11)
Discontinued Operation, Tax Effect of Discontinued Operation	(3)	7
Net (loss) income from discontinued operations	38	(4)
Consolidation, Eliminations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) income from discontinued operations	0	(10)
Consolidation, Eliminations [Member] | TF Holdings Limited | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Revenue	$ (9)	$ 32

Financial Instruments (Unsettle

Financial Instruments (Unsettled Derivatives) (Details) lb in Millions, $ in Millions	Mar. 31, 2017USD ($)lb	Dec. 31, 2016USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 30	$ 146
Derivative Liability, Fair Value, Gross Liability	8	58
Derivative Asset, Fair Value, Gross Liability	4	14
Derivative Liability, Fair Value, Gross Asset	4	14
Derivative Asset	26	132
Derivative Liability	4	44
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	20	119
Derivative Liability	1	13
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset	6	7
Derivative Liability	0	0
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	0	6
Derivative Liability	3	31
Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	6	9
Derivative Liability, Fair Value, Gross Liability	1	2
Derivative Asset, Fair Value, Gross Liability	1	2
Derivative Liability, Fair Value, Gross Asset	1	2
Derivative Asset	5	7
Derivative Liability	0	0
Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	24	137
Derivative Liability, Fair Value, Gross Liability	7	56
Derivative Asset, Fair Value, Gross Liability	3	12
Derivative Liability, Fair Value, Gross Asset	3	12
Derivative Asset	21	125
Derivative Liability	4	44
Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 6	9
Derivative, Nonmonetary Notional Amount, Mass | lb	48
Derivatives Not Designated as Hedging Instruments [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 24	137
Derivative Liability, Fair Value, Gross Liability	$ 7	56
Derivatives Not Designated as Hedging Instruments [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	8
Commodity Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 8	58
Commodity Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | FMC's Copper Futures and Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 1	$ 2

Dispositions (Cash Flows from D

Dispositions (Cash Flows from Discontinued Operations) (Details) - Tenke Fungurume [Member] - Discontinued Operations, Held-for-sale [Member] $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 89
Net cash used in investing activities	(36)
Net cash used in financing activities	(3)
Increase (decrease) in cash and cash equivalents in assets held for sale	$ 50

Financial Instruments (Derivati

Financial Instruments (Derivative) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Cash and Cash Equivalents [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 4,001	$ 4,245	$ 231	$ 177
Credit Derivative, Maximum Exposure, Undiscounted	26
Bank Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 1,100	$ 64

Dispositions (Oil and Gas Opera

Dispositions (Oil and Gas Operations) (Details) - USD ($) $ in Millions	Mar. 10, 2017	Mar. 31, 2017	Mar. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of assets		$ (23)	$ 0
Freeport-McMoRan Oil & Gas | Elk Petroleum [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of assets		$ (17)
Proceeds from sales	$ 17.5

Income Taxes (Unaudited) (Detai

Income Taxes (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
U.S. operations	$ (7)	$ 11
International operations	(167)	(88)
Total	$ (174)	$ (77)
Consolidated effective income tax rate (percent)	40.00%	(2.00%)
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		$ 1,400
Effective Income Tax Rate, Adjusted, Percent		34.00%

Contingencies and Commitments42

Contingencies and Commitments (Unaudited) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)
Loss Contingencies [Line Items]
Progressive Export Duty on Copper Concentrates, Lower Threshold, Percent	5.00%
PT Freeport Indonesia [Member]
Loss Contingencies [Line Items]
Income Tax Examination, Penalties and Interest Accrued	$ 0
National Superintendency of Tax Administration (SUNAT) [Member] | Relating to Tax Periods 2006 Through 2013 [Member] | Cerro Verde [Member]
Loss Contingencies [Line Items]
Income Tax Examination, Penalties and Interest Accrued	573,000,000
Tax Authority, In Papau, Indonesia [Member] | Relating to 2011 through 2015 [Member] | PT Freeport Indonesia [Member]
Loss Contingencies [Line Items]
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	380,000,000
Income tax examination, interest accrued	229,000,000
Tax Authority, In Papau, Indonesia [Member] | Relating to August 2015 through March 2017 [Member] [Member] | PT Freeport Indonesia [Member]
Loss Contingencies [Line Items]
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 109,000,000

BUSINESS SEGMENTS INFORMATION43

BUSINESS SEGMENTS INFORMATION (Segment Reporting) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 3,341,000,000	$ 3,242,000,000
Production and delivery	2,200,000,000	2,499,000,000
Depreciation, depletion and amortization	389,000,000	662,000,000
Impairment of oil and gas properties	0	3,787,000,000
Selling, general and administrative expenses	153,000,000	138,000,000
Mining exploration and research expenses	15,000,000	18,000,000
Environmental obligations and shutdown costs	27,000,000	10,000,000
Net gain on sales of assets	(23,000,000)	0
Operating income (loss)	580,000,000	(3,872,000,000)
Interest expense, net	167,000,000	191,000,000
Provision for (benefit from) income taxes	174,000,000	77,000,000
Total assets	36,576,000,000	42,664,000,000	$ 37,317,000,000
Capital expenditures	344,000,000	982,000,000
Oil and Gas idle rig costs, inventory adjustments and asset impairments	(20,000,000)	200,000,000
Oil and gas contract settlement payments	70,000,000	0
Assets, discontinued operations	408,000,000	5,300,000,000
Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	116,000,000	218,000,000
Production and delivery	673,000,000	788,000,000
Depreciation, depletion and amortization	116,000,000	144,000,000
Impairment of oil and gas properties		0
Selling, general and administrative expenses	1,000,000	1,000,000
Mining exploration and research expenses	1,000,000	1,000,000
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0
Operating income (loss)	304,000,000	202,000,000
Interest expense, net	1,000,000	1,000,000
Provision for (benefit from) income taxes	0	0
Total assets	7,175,000,000	8,241,000,000
Capital expenditures	28,000,000	34,000,000
Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	752,000,000	630,000,000
Production and delivery	473,000,000	410,000,000
Depreciation, depletion and amortization	133,000,000	132,000,000
Impairment of oil and gas properties		0
Selling, general and administrative expenses	2,000,000	2,000,000
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0
Operating income (loss)	260,000,000	127,000,000
Interest expense, net	16,000,000	22,000,000
Provision for (benefit from) income taxes	101,000,000	39,000,000
Total assets	10,606,000,000	11,118,000,000
Capital expenditures	15,000,000	157,000,000
Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	374,000,000	503,000,000
Production and delivery	(817,000,000)	(508,000,000)
Depreciation, depletion and amortization	29,000,000	276,000,000
Impairment of oil and gas properties		3,787,000,000
Selling, general and administrative expenses	115,000,000	117,000,000
Mining exploration and research expenses	14,000,000	17,000,000
Environmental obligations and shutdown costs	27,000,000	10,000,000
Net gain on sales of assets	(23,000,000)
Operating income (loss)	(137,000,000)	(4,267,000,000)
Interest expense, net	146,000,000	164,000,000
Provision for (benefit from) income taxes	6,000,000	2,000,000
Total assets	5,086,000,000	11,127,000,000
Capital expenditures	47,000,000	565,000,000
Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0
Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	979,000,000	918,000,000
Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	116,000,000	41,000,000
Pt Smelting [Member] | Affiliated Entity [Member]
Segment Reporting Information [Line Items]
Revenues	$ 258,000,000	277,000,000
Discontinued Operations, Disposed of by Sale | Tenke Fungurume [Member] | Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Capital expenditures		35,000,000
Pt Smelting [Member]
Segment Reporting Information [Line Items]
Deferred Intercompany Profit, Percentage	25.00%
Morenci [Member]
Segment Reporting Information [Line Items]
Restructuring and asset impairment charges	$ 19,000,000
Morenci [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	66,000,000	162,000,000
Production and delivery	260,000,000	340,000,000
Depreciation, depletion and amortization	47,000,000	62,000,000
Impairment of oil and gas properties		0
Selling, general and administrative expenses	0	0
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0
Operating income (loss)	175,000,000	117,000,000
Interest expense, net	1,000,000	1,000,000
Provision for (benefit from) income taxes	0	0
Total assets	2,814,000,000	3,490,000,000
Capital expenditures	23,000,000	28,000,000
Morenci [Member] | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	416,000,000	357,000,000
Other Individually Immaterial Operating Segments [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	50,000,000	56,000,000
Production and delivery	413,000,000	448,000,000
Depreciation, depletion and amortization	69,000,000	82,000,000
Impairment of oil and gas properties		0
Selling, general and administrative expenses	1,000,000	1,000,000
Mining exploration and research expenses	1,000,000	1,000,000
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0
Operating income (loss)	129,000,000	85,000,000
Interest expense, net	0	0
Provision for (benefit from) income taxes	0	0
Total assets	4,361,000,000	4,751,000,000
Capital expenditures	5,000,000	6,000,000
Other Individually Immaterial Operating Segments [Member] | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	112,000,000	144,000,000
Production and delivery	82,000,000	119,000,000
Depreciation, depletion and amortization	21,000,000	31,000,000
Impairment of oil and gas properties		0
Selling, general and administrative expenses	0	0
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0
Operating income (loss)	9,000,000	(6,000,000)
Interest expense, net	0	0
Provision for (benefit from) income taxes	3,000,000	(6,000,000)
Total assets	1,525,000,000	1,623,000,000
Capital expenditures	1,000,000	1,000,000
Other Individually Immaterial Operating Segments [Member] | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	563,000,000	561,000,000
Other Individually Immaterial Operating Segments [Member] | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	0	0
Cerro Verde [Member] | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	640,000,000	486,000,000
Production and delivery	391,000,000	291,000,000
Depreciation, depletion and amortization	112,000,000	101,000,000
Impairment of oil and gas properties		0
Selling, general and administrative expenses	2,000,000	2,000,000
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0
Operating income (loss)	251,000,000	133,000,000
Interest expense, net	16,000,000	22,000,000
Provision for (benefit from) income taxes	98,000,000	45,000,000
Total assets	9,081,000,000	9,495,000,000
Capital expenditures	14,000,000	156,000,000
Cerro Verde [Member] | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	116,000,000	41,000,000
Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures	244,000,000	222,000,000
Restructuring and asset impairment charges	21,000,000
Grasberg Segment [Member] | Operating Segments | Indonesia
Segment Reporting Information [Line Items]
Revenues	534,000,000	498,000,000
Production and delivery	273,000,000	394,000,000
Depreciation, depletion and amortization	83,000,000	81,000,000
Impairment of oil and gas properties		0
Selling, general and administrative expenses	30,000,000	14,000,000
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0
Operating income (loss)	148,000,000	67,000,000
Interest expense, net	0	0
Provision for (benefit from) income taxes	67,000,000	36,000,000
Total assets	10,879,000,000	9,306,000,000
Capital expenditures	244,000,000	222,000,000
Grasberg Segment [Member] | Intersegment | Indonesia
Segment Reporting Information [Line Items]
Revenues	0	58,000,000
Molybdenum [Member]
Segment Reporting Information [Line Items]
Capital expenditures	1,000,000	1,000,000
Molybdenum [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0
Production and delivery	52,000,000	52,000,000
Depreciation, depletion and amortization	19,000,000	19,000,000
Impairment of oil and gas properties		0
Selling, general and administrative expenses	0	0
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0
Operating income (loss)	(8,000,000)	(26,000,000)
Interest expense, net	0	0
Provision for (benefit from) income taxes	0	0
Total assets	1,917,000,000	1,983,000,000
Capital expenditures	1,000,000	1,000,000
Molybdenum [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	63,000,000	45,000,000
Rod and Refining Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,107,000,000	971,000,000
Production and delivery	1,110,000,000	970,000,000
Depreciation, depletion and amortization	2,000,000	2,000,000
Impairment of oil and gas properties		0
Selling, general and administrative expenses	0	0
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0
Operating income (loss)	3,000,000	7,000,000
Interest expense, net	0	0
Provision for (benefit from) income taxes	0	0
Total assets	261,000,000	236,000,000
Capital expenditures	1,000,000	1,000,000
Rod and Refining Segment [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	8,000,000	8,000,000
Atlantic Copper Smelting and Refining Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	458,000,000	422,000,000
Production and delivery	436,000,000	393,000,000
Depreciation, depletion and amortization	7,000,000	8,000,000
Impairment of oil and gas properties		0
Selling, general and administrative expenses	5,000,000	4,000,000
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0
Operating income (loss)	10,000,000	18,000,000
Interest expense, net	4,000,000	4,000,000
Provision for (benefit from) income taxes	0	0
Total assets	652,000,000	653,000,000
Capital expenditures	8,000,000	2,000,000
Atlantic Copper Smelting and Refining Segment [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	0	1,000,000
Corporate And Eliminations [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	(1,166,000,000)	(1,071,000,000)
Oil and Gas Operations Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Total assets	331,000,000	4,400,000,000
Oil and Gas Operations Segment [Member] | Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Oil and gas contract settlement payments	(21,000,000)
Capital expenditures	$ 19,000,000	$ 523,000,000

Guarantor Financial Statement44

Guarantor Financial Statements (Unaudited) Guarantor Financial Statements (Details)	Mar. 31, 2017
FM O&G LLC Guarantor [Member]
Condensed Financial Statements, Captions [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%

Guarantor Financial Statement45

Guarantor Financial Statements (Unaudited) Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
ASSETS
Current assets, other than assets held-for-sale	$ 9,359	$ 10,091
Current assets held for sale	408	344
Property, plant, equipment and mine development costs, net	23,117	23,219
Oil and gas properties, subject to amortization, less accumulated amortization	57	74
Investments in consolidated subsidiaries	0	0
Other assets	3,635	3,589
Total assets	36,576	37,317	$ 42,664
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	4,586	4,060
Current liabilities held for sale	256	205
Long-term debt, less current portion	13,135	14,795
Deferred income taxes	3,786	3,768
Environmental and asset retirement obligations, less current portion	3,507	3,487
Investments in consolidated subsidiaries	0	0
Other liabilities	1,719	1,745
Total liabilities	26,989	28,060
Equity:
Stockholders' equity	6,318	6,051
Noncontrolling interests	3,269	3,206
Total equity	9,587	9,257
Total liabilities and equity	36,576	37,317
Eliminations [Member]
ASSETS
Current assets, other than assets held-for-sale	(710)	(3,260)
Current assets held for sale	0	0
Property, plant, equipment and mine development costs, net	(1)	0
Oil and gas properties, subject to amortization, less accumulated amortization	0	0
Investments in consolidated subsidiaries	(19,865)	(21,110)
Other assets	(522)	(1,965)
Total assets	(21,098)	(26,335)
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	(787)	(3,244)
Current liabilities held for sale	0	0
Long-term debt, less current portion	(9,770)	(15,081)
Deferred income taxes	0	0
Environmental and asset retirement obligations, less current portion	0	0
Investments in consolidated subsidiaries	(10,934)	(9,888)
Other liabilities	(3,486)	(3,487)
Total liabilities	(24,977)	(31,700)
Equity:
Stockholders' equity	3,262	4,758
Noncontrolling interests	617	607
Total equity	3,879	5,365
Total liabilities and equity	(21,098)	(26,335)
FCX Issuer [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	176	230
Current assets held for sale	0	0
Property, plant, equipment and mine development costs, net	17	19
Oil and gas properties, subject to amortization, less accumulated amortization	0	0
Investments in consolidated subsidiaries	19,865	21,110
Other assets	542	1,985
Total assets	20,600	23,344
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	2,360	3,895
Current liabilities held for sale	0	0
Long-term debt, less current portion	11,032	12,517
Deferred income taxes	829	826
Environmental and asset retirement obligations, less current portion	0	0
Investments in consolidated subsidiaries	0	0
Other liabilities	61	55
Total liabilities	14,282	17,293
Equity:
Stockholders' equity	6,318	6,051
Noncontrolling interests	0	0
Total equity	6,318	6,051
Total liabilities and equity	20,600	23,344
FM O&G LLC Guarantor [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	717	1,790
Current assets held for sale	0	0
Property, plant, equipment and mine development costs, net	15	24
Oil and gas properties, subject to amortization, less accumulated amortization	0	0
Investments in consolidated subsidiaries	0	0
Other assets	37	47
Total assets	769	1,861
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	171	308
Current liabilities held for sale	0	0
Long-term debt, less current portion	6,297	6,062
Deferred income taxes	0	0
Environmental and asset retirement obligations, less current portion	201	200
Investments in consolidated subsidiaries	844	893
Other liabilities	3,346	3,393
Total liabilities	10,859	10,856
Equity:
Stockholders' equity	(10,090)	(8,995)
Noncontrolling interests	0	0
Total equity	(10,090)	(8,995)
Total liabilities and equity	769	1,861
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	9,176	11,331
Current assets held for sale	408	344
Property, plant, equipment and mine development costs, net	23,086	23,176
Oil and gas properties, subject to amortization, less accumulated amortization	57	74
Investments in consolidated subsidiaries	0	0
Other assets	3,578	3,522
Total assets	36,305	38,447
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	2,842	3,101
Current liabilities held for sale	256	205
Long-term debt, less current portion	5,576	11,297
Deferred income taxes	2,957	2,942
Environmental and asset retirement obligations, less current portion	3,306	3,287
Investments in consolidated subsidiaries	10,090	8,995
Other liabilities	1,798	1,784
Total liabilities	26,825	31,611
Equity:
Stockholders' equity	6,828	4,237
Noncontrolling interests	2,652	2,599
Total equity	9,480	6,836
Total liabilities and equity	$ 36,305	$ 38,447

Guarantor Financial Statement46

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues	$ 3,341	$ 3,242
Total costs and expenses	2,761	7,114
Operating (loss) income	580	(3,872)
Interest expense, net	167	191
Other income (expense), net	25	36
Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net earnings	438	(4,027)
Provision for income taxes	(174)	(77)
Equity in affiliated companies’ net (losses) earnings	4	7
Net income (loss) from continuing operations	268	(4,097)
Net income (loss) from discontinued operations	38	(4)
Net income (loss)	306	(4,101)
Continuing operations	(75)	(73)
Discontinued operations	(3)	(10)
Net income (loss) attributable to common stockholders	228	(4,184)
Other comprehensive income (loss)	11	0
Total comprehensive income (loss)	239	(4,184)
Eliminations [Member]
Revenues	0	0
Total costs and expenses	2	6
Operating (loss) income	(2)	(6)
Interest expense, net	(79)	(64)
Other income (expense), net	(79)	(54)
Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net earnings	(2)	4
Provision for income taxes	1	3
Equity in affiliated companies’ net (losses) earnings	(320)	8,627
Net income (loss) from continuing operations	(321)	8,634
Net income (loss) from discontinued operations	0	(10)
Net income (loss)	(321)	8,624
Continuing operations	(10)	(6)
Discontinued operations	0	0
Net income (loss) attributable to common stockholders	(331)	8,618
Other comprehensive income (loss)	(11)	0
Total comprehensive income (loss)	(342)	8,618
FCX Issuer [Member] | Reportable Legal Entities [Member]
Revenues	0	0
Total costs and expenses	9	27
Operating (loss) income	(9)	(27)
Interest expense, net	122	137
Other income (expense), net	79	50
Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net earnings	(52)	(114)
Provision for income taxes	(60)	(1,784)
Equity in affiliated companies’ net (losses) earnings	340	(2,286)
Net income (loss) from continuing operations	228	(4,184)
Net income (loss) from discontinued operations	0	0
Net income (loss)	228	(4,184)
Continuing operations	0	0
Discontinued operations	0	0
Net income (loss) attributable to common stockholders	228	(4,184)
Other comprehensive income (loss)	11	0
Total comprehensive income (loss)	239	(4,184)
FM O&G LLC Guarantor [Member]
Production Related Impairments or Charges		1,300
FM O&G LLC Guarantor [Member] | Reportable Legal Entities [Member]
Revenues	13	78
Total costs and expenses	50	1,629
Operating (loss) income	(37)	(1,551)
Interest expense, net	53	4
Other income (expense), net	0	0
Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net earnings	(90)	(1,555)
Provision for income taxes	31	616
Equity in affiliated companies’ net (losses) earnings	20	(2,704)
Net income (loss) from continuing operations	(39)	(3,643)
Net income (loss) from discontinued operations	0	0
Net income (loss)	(39)	(3,643)
Continuing operations	0	0
Discontinued operations	0	0
Net income (loss) attributable to common stockholders	(39)	(3,643)
Other comprehensive income (loss)	0	0
Total comprehensive income (loss)	(39)	(3,643)
Non-Guarantor Subsidiaries [Member]
Production Related Impairments or Charges		2,500
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenues	3,328	3,164
Total costs and expenses	2,700	5,452
Operating (loss) income	628	(2,288)
Interest expense, net	71	114
Other income (expense), net	25	40
Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net earnings	582	(2,362)
Provision for income taxes	(146)	1,088
Equity in affiliated companies’ net (losses) earnings	(36)	(3,630)
Net income (loss) from continuing operations	400	(4,904)
Net income (loss) from discontinued operations	38	6
Net income (loss)	438	(4,898)
Continuing operations	(65)	(67)
Discontinued operations	(3)	(10)
Net income (loss) attributable to common stockholders	370	(4,975)
Other comprehensive income (loss)	11	0
Total comprehensive income (loss)	$ 381	$ (4,975)

Guarantor Financial Statement47

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flow from operating activities:
Net cash provided by operating activities	$ 792	$ 740
Cash flow from investing activities:
Capital expenditures	(344)	(982)
Intercompany loans	0	0
Dividends from (investments in) consolidated subsidiaries	0	0
Asset sales and other, net	(21)	2
Net cash provided by (used in) investing activities	(365)	(980)
Cash flow from financing activities:
Proceeds from debt	157	1,796
Repayments of debt	(815)	(1,442)
Intercompany loans	0	0
Proceeds from Issuance of Common Stock	0	32
Cash dividends paid and contributions received, net	(16)	(22)
Other, net	(5)	(17)
Net cash (used in) provided by financing activities	(679)	347
Net (decrease) increase in cash and cash equivalents	(252)	107
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale	8	(53)
Cash and cash equivalents at beginning of year	4,245	177
Cash and cash equivalents at end of period	4,001	231
Eliminations [Member]
Cash flow from operating activities:
Net cash provided by operating activities	0	5
Cash flow from investing activities:
Capital expenditures	0	(2)
Intercompany loans	277	938
Dividends from (investments in) consolidated subsidiaries	(920)	(352)
Asset sales and other, net	0	0
Net cash provided by (used in) investing activities	(643)	584
Cash flow from financing activities:
Proceeds from debt	0	0
Repayments of debt	0	0
Intercompany loans	(277)	(938)
Proceeds from Issuance of Common Stock		(42)
Cash dividends paid and contributions received, net	880	355
Other, net	40	36
Net cash (used in) provided by financing activities	643	(589)
Net (decrease) increase in cash and cash equivalents	0	0
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale	0	0
Cash and cash equivalents at beginning of year	0	0
Cash and cash equivalents at end of period	0	0
Reportable Legal Entities [Member] | FCX Issuer [Member]
Cash flow from operating activities:
Net cash provided by operating activities	(112)	(117)
Cash flow from investing activities:
Capital expenditures	0	0
Intercompany loans	(277)	(561)
Dividends from (investments in) consolidated subsidiaries	894	358
Asset sales and other, net	0	0
Net cash provided by (used in) investing activities	617	(203)
Cash flow from financing activities:
Proceeds from debt	0	1,060
Repayments of debt	(499)	(750)
Intercompany loans	0	0
Proceeds from Issuance of Common Stock		32
Cash dividends paid and contributions received, net	(1)	(4)
Other, net	(5)	(18)
Net cash (used in) provided by financing activities	(505)	320
Net (decrease) increase in cash and cash equivalents	0	0
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale	0	0
Cash and cash equivalents at beginning of year	0	0
Cash and cash equivalents at end of period	0	0
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash flow from operating activities:
Net cash provided by operating activities	(200)	(32)
Cash flow from investing activities:
Capital expenditures	(10)	(244)
Intercompany loans	0	(377)
Dividends from (investments in) consolidated subsidiaries	0	(41)
Asset sales and other, net	(23)	2
Net cash provided by (used in) investing activities	(33)	(660)
Cash flow from financing activities:
Proceeds from debt	0	0
Repayments of debt	0	0
Intercompany loans	236	716
Proceeds from Issuance of Common Stock		0
Cash dividends paid and contributions received, net	0	0
Other, net	(6)	(24)
Net cash (used in) provided by financing activities	230	692
Net (decrease) increase in cash and cash equivalents	(3)	0
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale	0	0
Cash and cash equivalents at beginning of year	3	0
Cash and cash equivalents at end of period	0	0
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Cash flow from operating activities:
Net cash provided by operating activities	1,104	884
Cash flow from investing activities:
Capital expenditures	(334)	(736)
Intercompany loans	0	0
Dividends from (investments in) consolidated subsidiaries	26	35
Asset sales and other, net	2	0
Net cash provided by (used in) investing activities	(306)	(701)
Cash flow from financing activities:
Proceeds from debt	157	736
Repayments of debt	(316)	(692)
Intercompany loans	41	222
Proceeds from Issuance of Common Stock		42
Cash dividends paid and contributions received, net	(895)	(373)
Other, net	(34)	(11)
Net cash (used in) provided by financing activities	(1,047)	(76)
Net (decrease) increase in cash and cash equivalents	(249)	107
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale	8	(53)
Cash and cash equivalents at beginning of year	4,242	177
Cash and cash equivalents at end of period	$ 4,001	$ 231