Freeport-McMoRan (FCX) 10-Q 8 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
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 Common Stock, Shares Outstanding		1,449,002,815
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 3,859	$ 4,447
Trade accounts receivable	1,077	1,246
Income and other tax receivables	225	325
Inventories:
Total materials and supplies, net	1,404	1,305
Mill and leach stockpiles	1,435	1,422
Product	1,337	1,166
Other current assets	381	270
Assets held for sale	625	508
Total current assets	10,343	10,689
Property, plant, equipment and mine development costs, net	22,923	22,934
Long-term mill and leach stockpiles	1,371	1,409
Other assets	2,391	2,270
Total assets	37,028	37,302
Current liabilities:
Accounts payable and accrued liabilities	2,420	2,321
Accrued income taxes	569	565
Current portion of debt	4	1,414
Current portion of environmental and asset retirement obligations	380	388
Dividends Payable, Current	73	0
Liabilities held for sale	353	323
Total current liabilities	3,799	5,011
Long-term debt, less current portion	11,123	11,703
Deferred income taxes	3,702	3,649
Environmental and asset retirement obligations, less current portion	3,631	3,631
Other liabilities	1,931	2,012
Total liabilities	24,186	26,006
Stockholders’ equity:
Common stock	158	158
Capital in excess of par value	26,667	26,751
Accumulated deficit	(13,161)	(14,722)
Accumulated other comprehensive loss	(464)	(487)
Common stock held in treasury	(3,726)	(3,723)
Total stockholders’ equity	9,474	7,977
Noncontrolling interests	3,368	3,319
Total equity	12,842	11,296
Total liabilities and equity	$ 37,028	$ 37,302

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	Jun. 27, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenues		$ 5,168	$ 3,711	$ 10,036	$ 7,052
Cost of sales:
Production and delivery		2,915	2,480	5,723	4,668
Depreciation, depletion and amortization		442	450	893	839
Total cost of sales		3,357	2,930	6,616	5,507
Selling, general and administrative expenses		109	107	240	258
Mining exploration and research expenses		24	19	45	33
Environmental obligations and shutdown costs		59	(21)	68	4
Net gain on sales of assets		(45)	(10)	(56)	(33)
Total costs and expenses		3,504	3,025	6,913	5,769
Operating income		1,664	686	3,123	1,283
Interest expense, net		(142)	(162)	(293)	(329)
Net gain (loss) on early extinguishment of debt		9	(4)	8	(3)
Other income (expense), net		20	(7)	49	0
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings (losses)		1,551	513	2,887	951
Provision for income taxes		(515)	(186)	(1,021)	(360)
Equity in affiliated companies’ net earnings (losses)		3	(1)	1	3
Net income from continuing operations		1,039	326	1,867	594
Net (loss) income from discontinued operations		(4)	9	(15)	47
Net income (loss)		1,035	335	1,852	641
Net income attributable to noncontrolling interests:
Continuing operations		(166)	(66)	(291)	(141)
Net income from discontinued operations attributable to noncontrolling interests		0	(1)	0	(4)
Net income attributable to common stockholders		$ 869	$ 268	$ 1,561	$ 496
Earnings Per Share, Basic [Abstract]
Income (Loss) from Continuing Operations, Per Basic Share		$ 0.60	$ 0.18	$ 1.08	$ 0.31
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share		0	0	(0.01)	0.03
Earnings Per Share, Basic		0.60	0.18	1.07	0.34
Earnings Per Share, Diluted [Abstract]
Income (Loss) from Continuing Operations, Per Diluted Share		0.59	0.18	1.08	0.31
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share		0	0	(0.01)	0.03
Earnings Per Share, Diluted		$ 0.59	$ 0.18	$ 1.07	$ 0.34
Basic weighted-average shares of common stock outstanding		1,449	1,447	1,449	1,447
Diluted weighted-average shares of common shares outstanding		1,458	1,453	1,458	1,453
Dividends declared per share of common stock	$ 0.05	$ 0.05	$ 0	$ 0.10	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax		$ 48		$ 48
Net income	$ 1,035	335	$ 1,852	641
Other comprehensive (loss) income, net of taxes:
Unrealized gains on securities	0	1	0	2
Defined benefit plans:
Actuarial gains arising during the period, net of taxes of $48 million for the three and six months ended June 30, 2017	0	69	0	69
Amortization of unrecognized amounts included in net periodic benefit costs	11	19	23	30
Foreign exchange losses	0	0	(1)	(1)
Other comprehensive income	11	89	22	100
Total comprehensive income	1,046	424	1,874	741
Total comprehensive income attributable to noncontrolling interests	(166)	(75)	(290)	(153)
Total comprehensive income (loss)	$ 880	$ 349	$ 1,584	$ 588

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flow from operating activities:
Net income	$ 1,852	$ 641
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	893	839
Net gain on sales of assets	(56)	(33)
Share-based Compensation	60	44
Payments for Cerro Verde royalty dispute	(21)	(21)
Net charges for environmental and asset retirement obligations, including accretion	152	87
Payments for environmental and asset retirement obligations	(110)	(59)
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash	38	70
Payment for Pension and Other Postretirement Benefits	(44)	(56)
Net (gain) loss on early extinguishment of debt	(8)	3
Deferred income taxes	61	55
Loss (gain) on disposal of discontinued operations	15	(38)
Decrease (increase) in long term mill and leach stockpiles	38	80
OilandGasContractTerminationandOtherAdjustments	0	(33)
Oil and gas contract settlement payments	0	(70)
Other, net	21	(23)
Changes in working capital and other tax payments:
Accounts receivable	309	589
Inventories	(468)	(101)
Other current assets	(20)	(2)
Accounts payable and accrued liabilities	114	(267)
Accrued income taxes and timing of other tax payments	(148)	124
Net cash provided by operating activities	2,678	1,829
Cash flow from investing activities:
Capital expenditures	(884)	(706)
Intangible water rights and other, net	(86)	3
Net cash used in investing activities	(970)	(703)
Cash flow from financing activities:
Proceeds from debt	352	606
Repayments of debt	(2,297)	(1,250)
Cash dividends paid:
Common stock	(73)	(2)
Noncontrolling interests	(241)	(39)
Stock-based awards net proceeds (payments)	5	(8)
Debt financing costs and other, net	(23)	(11)
Net cash used in financing activities	(2,277)	(704)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(569)	422
Decrease in cash and cash equivalents in assets held for sale	44	7
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	4,106	4,832
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	3,859
North America Copper Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(232)	(67)
South America Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(138)	(45)
Grasberg Segment [Member]
Cash flow from investing activities:
Capital expenditures	(449)	(457)
Molybdenum [Member]
Cash flow from investing activities:
Capital expenditures	(2)	(2)
Other Segments [Member]
Cash flow from investing activities:
Capital expenditures	$ (63)	$ (135)

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - 6 months ended Jun. 30, 2018 - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Other Comprehensive Loss	Common Stock Held in Treasury	Total Stockholder's Equity	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2017		1,578				130
Balance at Dec. 31, 2017	$ 11,296	$ 158	$ 26,751	$ (14,722)	$ (487)	$ (3,723)	$ 7,977	$ 3,319
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		1				0
Exercised and vested stock-based awards	8	$ 0	8	0	0	$ 0	8	0
Stock-based compensation, including the tender of shares	50	0	53	0	0	$ (3)	50	0
Stock-based compensation, including the tender of shares (in shares)						0
Dividends	(386)	0	(145)		0	$ 0	(145)	(241)
Net income attributable to common stockholders	1,561	0		1,561		0	1,561	0
Net income attributable to noncontrolling interests	291	0				0	0	291
Other comprehensive income (loss)	22	$ 0	0		23	$ 0	23	(1)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	1,874
Balance (in shares) at Jun. 30, 2018		1,579				130
Balance at Jun. 30, 2018	$ 12,842	$ 158	$ 26,667	$ (13,161)	$ (464)	$ (3,726)	$ 9,474	$ 3,368

General Information (Unaudited)

General Information (Unaudited)	6 Months Ended
	Jun. 30, 2018
General Information [Abstract]
General Information	GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles (GAAP) in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2017 . The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. With the exception of the accounting for discontinued operations, assets held for sale, and the remeasurement of a pension plan in second-quarter 2017, all such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the six -month period ended June 30, 2018 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. Assets Held for Sale. FCX is continuing to assess opportunities for its Kisanfu copper and cobalt exploration project, located in the Democratic of Republic of Congo, including development of the project on its own or a sale of all or a minority stake in the project. Because management no longer believes that it is probable an outright sale will occur in the near term, the related assets and liabilities are no longer classified as held for sale. The primary revisions to the consolidated balance sheet as of December 31, 2017, were a $90 million increase to property, plant, equipment and mine development costs, net, with an offsetting reduction in current assets held for sale, and a $27 million increase to deferred income taxes, with an offsetting reduction in current liabilities held for sale.

Earnings per Share (Unaudited)

Earnings per Share (Unaudited) Earnings per Share (Notes)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE FCX calculates its basic net income per share of common stock under the two-class method and calculates its diluted net income per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. Diluted net income per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be anti-dilutive. Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow (in millions, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net income from continuing operations $ 1,039 $ 326 $ 1,867 $ 594 Net income from continuing operations attributable to noncontrolling interests (166 ) (66 ) (291 ) (141 ) Undistributed earnings allocated to participating securities (3 ) (3 ) (4 ) (3 ) Net income from continuing operations attributable to common stockholders 870 257 1,572 450 Net (loss) income from discontinued operations (4 ) 9 (15 ) 47 Net income from discontinued operations attributable to noncontrolling interests — (1 ) — (4 ) Net (loss) income from discontinued operations attributable to common stockholders (4 ) 8 (15 ) 43 Net income attributable to common stockholders $ 866 $ 265 $ 1,557 $ 493 Basic weighted-average shares of common stock outstanding 1,449 1,447 1,449 1,447 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 9 a 6 9 a 6 Diluted weighted-average shares of common stock outstanding 1,458 1,453 1,458 1,453 Basic net income (loss) per share attributable to common stockholders: Continuing operations $ 0.60 $ 0.18 $ 1.08 $ 0.31 Discontinued operations — — (0.01 ) 0.03 $ 0.60 $ 0.18 $ 1.07 $ 0.34 Diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 0.59 $ 0.18 $ 1.08 $ 0.31 Discontinued operations — — (0.01 ) 0.03 $ 0.59 $ 0.18 $ 1.07 $ 0.34 a. Excludes approximately 2 million shares of common stock for second-quarter 2018 and 3 million shares of common stock for the first six months of 2018 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock that were anti-dilutive. Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. Stock options for 35 million shares of common stock were excluded for second-quarter 2018 , 44 million for second-quarter 2017 , 34 million for the first six months of 2018 and 44 million for the first six months of 2017 .

Inventories, Including Long-Ter

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Inventories, Including Long-Term Mill and Leach Stockpiles	INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES The components of inventories follow (in millions): June 30, December 31, 2017 Current inventories: Total materials and supplies, net a $ 1,404 $ 1,305 Mill stockpiles $ 293 $ 360 Leach stockpiles 1,142 1,062 Total current mill and leach stockpiles $ 1,435 $ 1,422 Raw materials (primarily concentrate) $ 435 $ 265 Work-in-process 179 154 Finished goods 723 747 Total product inventories $ 1,337 $ 1,166 Long-term inventories: Mill stockpiles $ 288 $ 300 Leach stockpiles 1,083 1,109 Total long-term mill and leach stockpiles $ 1,371 $ 1,409 a. Materials and supplies inventory was net of obsolescence reserves totaling $25 million at June 30, 2018 , and $29 million at December 31, 2017 .

Income Taxes (Unaudited)

Income Taxes (Unaudited)	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate. FCX’s consolidated effective income tax rate was 35 percent for the first six months of 2018 and 38 percent for the first six months of 2017 . Geographic sources of FCX’s (provision for) benefit from income taxes follow (in millions): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 U.S. operations $ 5 a $ 29 b $ 8 a $ 22 b International operations (520 ) (215 ) (1,029 ) (382 ) Total $ (515 ) $ (186 ) $ (1,021 ) $ (360 ) a. Includes a tax credit of $5 million in second-quarter 2018 and for the first six months of 2018 associated with the settlement of a state income tax examination. b. Includes net tax credits of $32 million in second-quarter 2017 and $31 million for the first six months of 2017 associated with anticipated recovery of alternative minimum tax credit carryforwards. The December 2017 Tax Cuts and Jobs Act (the Act) included significant modifications to then-existing U.S. tax laws and created many new complex tax provisions. As of December 31, 2017, FCX recorded provisional impacts of the tax effects related to specific provisions and continues to evaluate other provisions of the Act. During the first six months of 2018 , no adjustments were made to the provisional amounts recorded at December 31, 2017, as FCX has not fully completed its analysis of the Act, and the provisional amounts continue to represent FCX’s best estimates. FCX’s current analysis of the Act indicates that there may be adjustments to tax receivables associated with minimum tax credit refunds resulting from an ongoing review of tax positions taken in prior years and impacts from the Act’s Global Intangible Low-Taxed Income provisions resulting in use of net operating loss (NOL) carryforwards against income that would not generate a net tax liability absent the availability of NOLs. FCX continues to carry a valuation allowance against all U.S. federal NOLs. During the remainder of 2018, FCX will continue to refine its calculations, including quantifying potential impacts discussed above, as it completes its analysis of the Act.

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	NOTE 5. DEBT AND EQUITY The components of debt follow (in millions): June 30, December 31, 2017 Senior notes and debentures: Issued by FCX $ 9,594 $ 11,429 Issued by Freeport Minerals Corporation (FMC) 358 358 Issued by Freeport-McMoRan Oil & Gas LLC (FM O&G LLC) — 54 Cerro Verde credit facility 1,171 1,269 Other 4 7 Total debt a 11,127 13,117 Less current portion of debt (4 ) (1,414 ) Long-term debt $ 11,123 $ 11,703 a. Includes additions for unamortized fair value adjustments totaling $63 million at June 30, 2018 ( $97 million at December 31, 2017 ), and is net of reductions for unamortized net discounts and unamortized debt issuance costs totaling $76 million at June 30, 2018 ( $85 million at December 31, 2017 ). Revolving Credit Facility. At June 30, 2018 , there were no borrowings outstanding and $13 million in letters of credit issued under FCX’s revolving credit facility, resulting in availability of approximately $3.5 billion , of which approximately $1.5 billion could be used for additional letters of credit. In April 2018, FCX, PT Freeport Indonesia (PT-FI) and FM O&G LLC entered into a new $3.5 billion , five -year, unsecured revolving credit facility, which replaced FCX’s prior revolving credit facility (scheduled to mature on May 31, 2019). The new revolving credit facility is available until April 20, 2023, with $500 million available to PT-FI, and up to $1.5 billion available in letters of credit, and has a substantially similar structure and terms as the prior revolving credit facility. Interest on loans made under the new revolving credit facility will, at the option of FCX, be determined based on the adjusted London Interbank Offered rate or the alternate base rate (each as defined in the new revolving credit facility) plus a spread to be determined by reference to FCX’s credit ratings. The new revolving credit facility contains customary affirmative covenants and representations, and also contains a number of negative covenants that, among other things, restrict, subject to certain exceptions, the ability of FCX's subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and FCX's or its subsidiaries’ ability to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. FCX’s new revolving credit facility also contains financial ratios governing maximum total leverage and minimum interest expense coverage. FCX’s total leverage ratio (ratio of total debt to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA), as defined in the credit agreement) cannot exceed 3.75 x, and the minimum interest expense coverage ratio (ratio of consolidated EBITDA to consolidated cash interest expense, as defined in the credit agreement) is 2.25 x. Senior Notes. In March 2018, FCX’s 2.375% Senior Notes matured, and the $1.4 billion outstanding principal balance was repaid. On April 4, 2018, FCX redeemed $454 million of aggregate principal amount of outstanding senior notes (as discussed in Early Extinguishment of Debt). Cerro Verde Credit Facility. In March 2018, Cerro Verde prepaid $100 million of its credit facility. Early Extinguishment of Debt. During second-quarter 2018, FCX redeemed in full certain senior notes, and holders received the principal amounts together with the redemption premiums and accrued and unpaid interest up to the redemption date. A summary of these redemptions follows (in millions): Principal Amount Net Adjustments Book Value Redemption Value Gain FCX 6.75% Senior Notes due 2022 $ 404 $ 22 $ 426 $ 418 $ 8 FM O&G LLC 6 7 / 8 % Senior Notes due 2023 50 4 54 52 2 $ 454 $ 26 $ 480 $ 470 $ 10 Partially offsetting the $10 million gain were losses in second-quarter 2018 and for the first six months of 2018, primarily associated with entering into the new revolving credit facility. During second-quarter 2017, a $4 million loss was recognized associated with the modification of Cerro Verde’s credit facility. Interest Expense, Net. Consolidated interest costs (before capitalized interest) totaled $165 million in second-quarter 2018 , $192 million in second-quarter 2017 , $341 million for the first six months of 2018 and $387 million for the first six months of 2017 . Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $23 million in second-quarter 2018 , $30 million in second-quarter 2017 , $48 million for the first six months of 2018 and $58 million for the first six months of 2017 . Common Stock. In February 2018, FCX’s Board of Directors (the Board) reinstated a cash dividend on FCX’s common stock. On June 27, 2018, the Board declared a quarterly cash dividend of $0.05 per share, which was paid on August 1, 2018, to common stockholders of record as of July 13, 2018.

Financial Instruments (Unaudite

Financial Instruments (Unaudited)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes, but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates. Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. As of June 30, 2018 , and December 31, 2017 , FCX had no price protection contracts relating to its mine production. A discussion of FCX’s derivative contracts and programs follows. Derivatives Designated as Hedging Instruments – Fair Value Hedges Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the six-month periods ended June 30, 2018 and 2017 . At June 30, 2018 , FCX held copper futures and swap contracts that qualified for hedge accounting for 64 million pounds at an average contract price of $3.08 per pound, with maturities through September 2019. 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, including the unrealized gains (losses) on the related hedged item follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (4 ) $ 1 $ (19 ) $ (1 ) Hedged item – firm sales commitments 4 (1 ) 19 1 Realized gains: Matured derivative financial instruments — 1 2 9 Derivatives Not Designated as Hedging Instruments Embedded Derivatives. Certain FCX concentrate and cathode contracts are provisionally priced at the time of shipment. The provisional prices are finalized in a specified future month (generally one to four months from the shipment date) based on quoted monthly average copper settlement prices on the London Metal Exchange (LME) or COMEX and quoted monthly average London Bullion Market Association (LBMA) gold settlement prices as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations until the date of settlement. Similarly, FCX purchases copper and cobalt under contracts that provide for provisional pricing. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host sales agreements since the contracts do not allow for net settlement and always result in physical delivery. Sales and purchases with a provisional sales price contain an embedded derivative ( i.e. , the price settlement mechanism is settled after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale or purchase of the metals contained in the concentrate or cathode at the then-current metal price as defined in the contract. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts. A summary of FCX’s embedded derivatives at June 30, 2018 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 532 $ 3.12 $ 3.01 November 2018 Gold (thousands of ounces) 308 1,296.18 1,254.91 September 2018 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 159 3.11 3.01 October 2018 Cobalt (millions of pounds) a 8 32.55 28.60 September 2018 a. Relates to assets held for sale. Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in cost of sales. At June 30, 2018 , Atlantic Copper held net copper forward sales contracts for 46 million pounds at an average contract price of $3.16 per pound, with maturities through August 2018. Summary of (Losses) Gains. A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Embedded derivatives in provisional sales contracts: a Copper $ (14 ) $ 35 $ (149 ) $ 142 Gold and other metals (30 ) (1 ) (12 ) 18 Copper forward contracts b 6 (4 ) 8 (5 ) 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): June 30, December 31, 2017 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ — $ 11 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper and gold sales/purchase contracts 17 155 Copper forward contracts 6 1 Total derivative assets $ 23 $ 167 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 8 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper and gold sales/purchase contracts 73 31 Copper forward contracts — 2 Total derivative liabilities $ 81 $ 33 The table above and below excludes $31 million of embedded derivatives in provisional cobalt purchase contracts at June 30, 2018, and $24 million at December 31, 2017, which are reflected in liabilities held for sale. FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by 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 June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional copper and gold sales/purchase contracts $ 17 $ 155 $ 73 $ 31 Copper derivatives 6 12 8 2 23 167 81 33 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional copper and gold sales/purchase contracts — — — — Copper derivatives — 1 — 1 — 1 — 1 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional copper and gold sales/purchase contracts 17 155 73 31 Copper derivatives 6 11 8 1 $ 23 $ 166 $ 81 $ 32 Balance sheet classification: Trade accounts receivable $ — $ 151 $ 64 $ — Other current assets 6 11 — — Accounts payable and accrued liabilities 17 4 17 32 $ 23 $ 166 $ 81 $ 32 Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. FCX does not anticipate that any of the counterparties it deals with will default on their obligations. As of June 30, 2018 , the maximum amount of credit exposure associated with derivative transactions was $23 million . Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, investment securities, legally restricted funds, accounts payable and accrued liabilities, dividends payable and long-term debt. The carrying value for cash and cash equivalents (which included time deposits of $2.4 billion at June 30, 2018 , and $2.9 billion at December 31, 2017 ), restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 7 for the fair values of investment securities, legally restricted funds and long-term debt). In addition, as of June 30, 2018 , FCX has contingent consideration assets related to certain 2016 asset sales (refer to Note 7 for the related fair values and to Note 2 of FCX’s annual report on Form 10-K for the year ended December 31, 2017 , for further discussion of these instruments). Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents. The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows to the components presented in the consolidated balance sheets (in millions): June 30, 2018 December 31, 2017 Balance sheet components: Cash and cash equivalents $ 3,859 $ 4,447 Restricted cash and restricted cash equivalents included in: Other current assets 120 52 Other assets 127 132 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 4,106 $ 4,631 FCX’s restricted cash and restricted cash equivalents are primarily related to PT-FI’s commitment for smelter development in Indonesia; guarantees and commitments for certain mine closure and reclamation obligations, and customs duty taxes; and funds held as cash collateral for surety bonds related to plugging and abandonment obligations of certain oil and gas properties. Restricted cash and restricted cash equivalents are classified as a current or long-term asset based on the timing and nature of when or how the cash is expected to be used or when the restrictions are expected to lapse. Restricted cash and restricted cash equivalents are comprised of time deposits and money market funds.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENT Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX 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 during second-quarter 2018 . FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for contingent consideration associated with the sale of the Deepwater Gulf of Mexico (GOM) oil and gas properties (which was recorded under the loss recovery approach) and debt. A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 6) follows (in millions): At June 30, 2018 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 24 $ 24 $ 24 $ — $ — $ — Equity securities 5 5 — 5 — — Total 29 29 24 5 — — Legally restricted funds: a U.S. core fixed income fund 54 54 54 — — — Government bonds and notes 37 37 — — 37 — Government mortgage-backed securities 31 31 — — 31 — Corporate bonds 29 29 — — 29 — Asset-backed securities 14 14 — — 14 — Collateralized mortgage-backed securities 8 8 — — 8 — Money market funds 4 4 — 4 — — Municipal bonds 1 1 — — 1 — Total 178 178 54 4 120 — Derivatives: Embedded derivatives in provisional copper and gold sales/purchase contracts in a gross asset position c,d 17 17 — — 17 — Copper forward contracts c 6 6 — 3 3 — Contingent consideration for the sales of TF Holdings Limited (TFHL) and onshore California oil and gas properties a 151 151 — — 151 — Total 174 174 — 3 171 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 150 132 — — — 132 Liabilities Derivatives: c Embedded derivatives in provisional copper and gold sales/purchase contracts in a gross liability position $ 73 $ 73 $ — $ — $ 73 $ — Copper futures and swap contracts 8 8 — 7 1 — Total 81 81 — 7 74 — Long-term debt, including current portion e 11,127 10,662 — — 10,662 — At December 31, 2017 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 25 $ 25 $ 25 $ — $ — $ — Equity securities 5 5 — 5 — — Total 30 30 25 5 — — Legally restricted funds: a U.S. core fixed income fund 55 55 55 — — — Government bonds and notes 40 40 — — 40 — Corporate bonds 32 32 — — 32 — Government mortgage-backed securities 27 27 — — 27 — Asset-backed securities 15 15 — — 15 — Money market funds 11 11 — 11 — — Collateralized mortgage-backed securities 8 8 — — 8 — Municipal bonds 1 1 — — 1 — Total 189 189 55 11 123 — Derivatives: Embedded derivatives in provisional copper and gold sales/purchase contracts in a gross asset position c 155 155 — — 155 — Copper futures and swap contracts c 11 11 — 9 2 — Copper forward contracts c 1 1 — — 1 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 108 108 — — 108 — Total 275 275 — 9 266 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 150 134 — — — 134 Liabilities Derivatives: c Embedded derivatives in provisional copper and gold sales/purchase contracts in a gross liability position d $ 31 $ 31 $ — $ — $ 31 $ — Copper forward contracts 2 2 — 1 1 — Total 33 33 — 1 32 — Long-term debt, including current portion e 13,117 13,269 — — 13,269 — a. Current portion included in other current assets and long-term portion included in other assets. b. Excludes time deposits (which approximated fair value) included in (i) other current assets of $120 million at June 30, 2018 , and $52 million at December 31, 2017 , primarily associated with PT-FI’s mine closure and reclamation guarantees and its disputed incremental export duty and (ii) other assets of $126 million at June 30, 2018 , and $123 million at December 31, 2017 , primarily associated with an assurance bond to support PT-FI’s commitment for smelter development in Indonesia. c. Refer to Note 6 for further discussion and balance sheet classifications. d. Excludes embedded derivatives in provisional cobalt purchase contracts of $31 million at June 30, 2018 , and $24 million at December 31, 2017 (refer to Note 6 for further discussion). e. Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. In addition, debt excludes $150 million at June 30, 2018 , and $112 million at December 31, 2017 , related to assets held for sale (which approximated fair value). Valuation Techniques. The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice). Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy. Fixed income securities (government securities, corporate bonds, asset-backed securities, collateralized mortgage-backed securities and municipal bonds) are valued using a bid-evaluation price or a mid-evaluation price. A bid-evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy. FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME or COMEX copper forward prices and the adjusted LBMA gold prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion); however, FCX’s contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy. FCX’s embedded derivatives on provisional cobalt purchases, included in liabilities held for sale, are valued using quoted monthly LME cobalt forward prices or average published Metals Bulletin cobalt prices, subject to certain adjustments as specified by the terms of the contracts, at each reporting date based on the month of maturity (Level 2). FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices. As reported in Note 2 of FCX’s annual report on Form 10-K for the year ended December 31, 2017 , in November 2016, FCX’s sale of its interest in TFHL included contingent consideration of up to $120 million in cash, consisting of $60 million if the average copper price exceeds $3.50 per pound and $60 million if the average cobalt price exceeds $20 per pound, both during the 24-month period beginning January 1, 2018 . Also in 2016, FCX Oil & Gas LLC’s (FM O&G) sale of its onshore California oil and gas properties included contingent consideration of up to $150 million , consisting of $50 million per year for 2018, 2019 and 2020 if the price of Brent crude oil averages over $70 per barrel in each of these calendar years. Future changes in the fair value of the contingent consideration derivative for the sale of TFHL will continue to be recorded in discontinued operations and for the onshore California oil and gas properties will continue to be recorded in operating income. The fair value of the contingent consideration derivative was (i) $61 million at June 30, 2018 , and $74 million at December 31, 2017 , associated with the sale of TFHL and (ii) $90 million at June 30, 2018 , and $34 million at December 31, 2017 , associated with the sale of the onshore California oil and gas properties. The contingent consideration derivative was included in other assets in the consolidated balance sheets except for $44 million included in other current assets at June 30, 2018 . These fair values were calculated based on average commodity price forecasts through applicable maturity dates using a Monte Carlo simulation model. The models use various observable inputs, including Brent crude oil forward prices, historical copper and cobalt prices, volatilities, discount rates and settlement terms. As a result, these contingent consideration assets are classified within Level 2 of the fair value hierarchy. As reported in Note 2 of FCX’s annual report on Form 10-K for the year ended December 31, 2017 , in December 2016, FM O&G’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration that was recorded at the total amount under the loss recovery approach. The contingent consideration will be received over time as future cash flows are realized in connection with a third-party production handling agreement for an offshore platform. The contingent consideration included in (i) other current assets totaled $28 million at June 30, 2018 , and $24 million at December 31, 2017 , and (ii) other assets totaled $122 million at June 30, 2018 , and $126 million at December 31, 2017 . The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy. Long-term debt, including current portion, is valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy. The techniques described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at June 30, 2018 , as compared to those techniques used at December 31, 2017 . A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first six months of 2018 follows (in millions): Fair value at January 1, 2018 $ 134 Net unrealized loss related to assets still held at the end of the period (2 ) Fair value at June 30, 2018 $ 132

Contingencies and Commitments (

Contingencies and Commitments (Unaudited)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	CONTINGENCIES AND COMMITMENTS Environmental Cyprus Tohono Cyprus Tohono, a wholly owned subsidiary of FMC, had historical mining operations in south central Arizona, and groundwater issues at the site are expected to require remediation. FCX increased its recorded environmental obligation for this contingency by $44 million with a corresponding charge to operating income in second-quarter 2018 to reflect an updated assessment of remediation alternatives. Litigation There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2017 , other than the matter below, which was also disclosed in Note 8 of FCX’s quarterly report on Form 10-Q for the quarter ended March 31, 2018. On April 1, 2016, a purported class action titled David Garcia v. Freeport-McMoRan Oil & Gas LLC was filed in the Superior Court of the State of California for the County of Santa Barbara (Case No. 16CV01305) against FM O&G LLC, an indirect wholly owned subsidiary of FCX. A former FM O&G LLC employee filed the case, which alleges violations of various California employment laws and seeks relief for past wages, overtime, penalties, interest and attorney’s fees. The primary issue underlying the claims is whether compensation must be paid to non-exempt shift workers on platforms located offshore California on the outer-continental shelf for sleep time and other non-working time. In June 2016, FM O&G LLC removed the case to the U.S. District Court for the Central District of California, Santa Barbara (the District Court). In September 2016, the court dismissed the complaint on the grounds that all four FM O&G LLC platforms potentially involved are located in federal waters, that federal law, not state law, applies, and that federal law does not require an employer to compensate for non-work time. In October 2016, the plaintiff appealed the dismissal to the U.S. Court of Appeals for the Ninth Circuit. In June 2017, the Ninth Circuit stayed the Garcia case pending its decision in another case involving essentially the same legal issues, titled Newton v. Parker Drilling Management Services, Ltd . In February 2018, a three-judge panel of the Ninth Circuit ruled in favor of the plaintiffs in the Newton case. Because that decision conflicts with longstanding precedent in the Fifth Circuit and could set a precedent that will result in a reversal of the dismissal in the Garcia case, FM O&G LLC and others filed amicus briefs in April 2018 in support of Parker Drilling’s petition for an en banc rehearing in the Newton case. The Ninth Circuit denied that request on April 27, 2018, but modified its original opinion noting that the question of whether the Ninth Circuit’s holding should be applied retrospectively is reserved for the District Court’s consideration on remand. On May 16, 2018, the Ninth Circuit granted Parker Drilling’s motion to stay further proceedings in the District Court pending the possible filing of a petition for review by the U.S. Supreme Court, which would be required to be filed by late August 2018. On May 29, 2018, the Ninth Circuit also stayed further proceedings in Garcia pending the U.S. Supreme Court’s consideration of the petition for review in Newton v. Parker Drilling. The amount of the exposure in Garcia is uncertain because FM O&G LLC has potential defenses to the claims even if state law would be applied; however, absent success on those defenses, FCX estimates that the exposure could be in the range of approximately $50 million to $80 million if California wage and hour law is applied retroactively to FM O&G LLC’s operations offshore California. FCX has not established a reserve for this contingency because it believes that its legal position is correct and does not believe a loss is probable. FCX intends to vigorously defend this matter. Tax and Other Matters Cerro Verde Royalty Dispute and Other Peru Tax Matters During second-quarter 2018 , there were no significant updates to the Cerro Verde royalty dispute and other Peru tax matters included in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2017 . Indonesia Tax Matters There were no significant updates to previously reported Indonesia tax matters included in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2017 , other than the matter below, which was also updated in Note 8 of FCX’s quarterly report on Form 10-Q for the quarter ended March 31, 2018. 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 June 2018. PT-FI has filed or will file appeals of these assessments with the Indonesia Tax Court. During the first half of 2018, the Indonesia Tax Court ruled partially in favor of PT-FI with respect to assessments for the period January 2016 through April 2016 by reducing these assessments that amounted to $20 million , including penalties, to $12 million , including penalties (based on the exchange rate at June 30, 2018), or an approximate 40 percent reduction. Hearings in the Indonesia Tax Court related to assessments for the period from May 2016 through September 2016 have concluded with no decisions issued, and hearings related to assessments for the period from October 2016 through April 2017 are currently underway. During 2017, PT-FI filed reconsideration request petitions to the Indonesia Supreme Court with respect to assessments for the period from January 2011 through December 2015; and in second-quarter 2018, filed reconsideration request petitions with respect to the Indonesia Tax Court decisions related to the assessments for the period from January 2016 through April 2016. In second-quarter 2018, the Indonesia Supreme Court issued favorable decisions relating to surface water tax assessments for the period January 2011 through July 2015. The Indonesia Supreme Court ruling concluded that PT-FI and the Indonesian government are bound by PT-FI’s Contract of Work (COW), which is lex specialis, and prevails as the law for the parties to the COW that should be carried out in good faith. As a result, FCX estimates the total amount of the assessments, including penalties, (based on the exchange rate at June 30, 2018) for the period from August 2015 through June 2018 totals $169 million , including $85 million in penalties. As of June 30, 2018 , no charges have been recorded for these assessments because PT-FI believes its COW exempts it from these payments. As of August 8, 2018 , PT-FI has not paid and does not intend to pay these assessments. Indonesia Mining Contract. The following is the latest information related to PT-FI’s COW (refer to Note 13 of FCX’s annual report on Form 10-K for the year ended December 31, 2017 , for further discussion). In October 2017, Indonesia’s Ministry of Environment and Forestry (the Ministry) notified PT-FI of administrative sanctions related to certain activities the Ministry indicated are not reflected in PT-FI’s environmental permit. The Ministry also notified PT-FI that certain operational activities were inconsistent with factors set forth in PT-FI’s environmental permitting studies and that additional monitoring and improvements need to be undertaken related to air quality, water drainage, treatment and handling of certain wastes, and tailings management. PT-FI has been engaged in a process to update its permits through submissions and dialogue with the Ministry that began in late 2014, and PT-FI believes that it has submitted the required documentation to update such permits. In April 2018, the Ministry issued decrees imposing unattainable environmental standards related to PT-FI’s controlled riverine tailings management system that must be complied with by October 2018. The decrees, which PT-FI believes are contrary to the Indonesian government’s obligations under PT-FI’s COW, conflict with PT-FI’s approved environmental management programs and existing environmental permits. If these unattainable environmental standards are not modified or delayed, PT-FI could be adversely affected, including possible shutdown of its operations. PT-FI is currently engaged in constructive discussions with the Ministry in working toward a resolution of these issues. PT-FI and the Indonesian government have been engaged in negotiation and documentation of a special mining license (IUPK) and accompanying documentation for assurances on legal and fiscal terms to provide PT-FI with long-term mining rights through 2041. In addition, the IUPK would provide that PT-FI construct a smelter within five years of reaching definitive agreements and include agreement for the divestment of 51 percent of the project area interests to Indonesian participants at fair market value. In late 2017, the Indonesian government (including the regional government of Papua Province and Mimika Regency) and PT Indonesia Asahan Aluminium (Persero) (Inalum), a state-owned enterprise, which leads the Indonesian government’s consortium of investors, formed a special purpose company to acquire Grasberg project area interests. Inalum is wholly owned by the Indonesian government and currently holds 9.36 percent of PT-FI’s outstanding common stock. In July 2018, FCX and PT-FI entered into a Heads of Agreement with Inalum and PT-FI’s joint venture partner Rio Tinto. Under the terms of the non-binding agreement, Inalum would acquire for aggregate cash consideration of $3.85 billion all of Rio Tinto's interests associated with its joint venture with PT-FI (Joint Venture) and all of FCX's interests in PT Indocopper Investama, which owns 9.36 percent of PT-FI. Inalum would contribute the Rio Tinto interests to PT-FI, which would expand PT-FI’s asset base, in exchange for a 40 percent share ownership in PT-FI, pursuant to arrangements that would enable FCX and existing PT-FI shareholders to retain the economics of the revenue and cost sharing arrangements under the Joint Venture. Following completion of the transaction, Inalum's share ownership would approximate 51 percent of PT-FI (subject to an agreement between shareholders to replicate the Joint Venture economics) and FCX's ownership would approximate 49 percent . At closing, Rio Tinto would receive $3.5 billion and FCX would receive $350 million in cash proceeds from Inalum. In addition, Rio Tinto would forego in favor of FCX an amount equivalent to Rio Tinto's share of Joint Venture cash flows since January 1, 2018, through closing. Following completion of the ownership restructuring, FCX does not expect its economic exposure to PT-FI to change significantly. FCX expects its share of future cash flows of the expanded PT-FI asset base, combined with the cash proceeds received in the transaction, to be comparable to its existing share of future cash flows under the current Joint Venture arrangement. FCX would also continue to manage the operations of PT-FI. The transaction, which is expected to close during the second half of 2018, is subject to the negotiation and documentation of definitive agreements, including purchase and sale agreements, the extension and stability of PT-FI's long-term mining rights through 2041 in a form acceptable to FCX and Inalum, a shareholders’ agreement between FCX and Inalum providing for continuity of FCX’s management of PT-FI’s operations and addressing governance arrangements, and resolution of environmental regulatory matters pending before the Ministry satisfactory to the Indonesian government, FCX and Inalum. The terms of these agreements will be subject to approval by the FCX Board, and will require modification or revocation of current regulations and the implementation of new regulations by the Indonesian government. FCX cannot currently predict whether there will be any material accounting and tax impacts associated with the transaction. PT-FI’s export license is effective through February 15, 2019. In July 2018, PT-FI’s temporary IUPK was extended to August 31, 2018, and PT-FI will continue to seek extensions to its temporary IUPK until definitive agreements are complete. On February 28, 2018, PT Smelting (PT-FI’s 25 percent -owned smelter and refinery in Indonesia) received an extension of its anode slimes export license through February 26, 2019. FCX cannot predict whether PT-FI will be successful in reaching satisfactory definitive agreements on the terms of its long-term mining rights. Until definitive agreements are reached, PT-FI has reserved all rights under its COW, including pursuing arbitration under the dispute resolution procedures.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Business Segment	BUSINESS SEGMENTS FCX has organized its mining operations into four primary divisions – North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci, Cerro Verde and Grasberg (Indonesia Mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining. Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums. FCX defers recognizing profits on sales from its mines to other divisions, including Atlantic Copper and on 25 percent of PT-FI’s sales to PT Smelting, until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings. FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs, along with some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following Financial Information by Business Segment reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity. Product Revenues. FCX’s revenues attributable to the products it sold for the second quarters and first six months of 2018 and 2017 follow (in millions): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Copper: Concentrate $ 1,703 $ 1,241 $ 3,350 $ 2,222 Cathode 1,465 954 2,888 1,995 Rod and other refined copper products 668 590 1,338 1,214 Gold 933 571 1,741 839 Molybdenum 310 239 596 448 Other a 400 281 798 512 Adjustments to revenue: Treatment charges (139 ) (128 ) (271 ) (231 ) Royalty expense b (73 ) (44 ) (142 ) (66 ) Export duties c (55 ) (27 ) (101 ) (41 ) Revenue from contracts with customers 5,212 3,677 10,197 6,892 Embedded derivatives d (44 ) 34 (161 ) 160 Total consolidated revenues $ 5,168 $ 3,711 $ 10,036 $ 7,052 a. Primarily includes revenues associated with cobalt, silver, oil, gas and natural gas liquids. b. Reflects royalties for sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and the prices of copper and gold. c. Reflects PT-FI export duties. d. Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts. Financial Information by Business Segment (In millions) Atlantic Corporate, North America Copper Mines South America Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations a Total Three Months Ended June 30, 2018 Revenues: Unaffiliated customers $ 25 $ 13 $ 38 $ 719 $ 171 $ 890 $ 1,639 b $ — $ 1,387 $ 602 $ 612 c $ 5,168 Intersegment 568 641 1,209 100 — 100 1 111 8 — (1,429 ) — Production and delivery 298 491 789 445 133 578 425 71 1,389 579 (916 ) 2,915 Depreciation, depletion and amortization 44 48 92 109 24 133 172 21 3 7 14 442 Selling, general and administrative expenses 1 — 1 2 — 2 28 — — 5 73 109 Mining exploration and research expenses — — — — — — — — — — 24 24 Environmental obligations and shutdown costs — — — — — — — — — — 59 59 Net gain on sales of assets — — — — — — — — — — (45 ) (45 ) Operating income (loss) 250 115 365 263 14 277 1,015 19 3 11 (26 ) 1,664 Interest expense, net 1 — 1 16 — 16 — — — 6 119 142 Provision for (benefit from) income taxes — — — 102 6 108 429 — — — (22 ) 515 Total assets at June 30, 2018 2,819 4,374 7,193 8,630 1,715 10,345 10,911 1,820 278 931 5,550 d 37,028 Capital expenditures 41 99 140 68 3 71 246 1 1 3 20 482 Three Months Ended June 30, 2017 Revenues: Unaffiliated customers $ 45 $ 32 $ 77 $ 567 $ 111 $ 678 $ 1,065 b $ — $ 1,046 $ 400 $ 445 c $ 3,711 Intersegment 478 593 1,071 57 — 57 — 71 6 — (1,205 ) — Production and delivery 266 454 720 376 87 463 547 e 58 1,047 400 (755 ) 2,480 f Depreciation, depletion and amortization 49 69 118 104 21 125 153 19 3 7 25 450 Selling, general and administrative expenses 1 — 1 3 — 3 30 e — — 4 69 107 Mining exploration and research expenses — 1 1 — — — — — — — 18 19 Environmental obligations and shutdown costs — — — — — — — — — — (21 ) (21 ) Net gain on sales of assets — — — — — — — — — — (10 ) (10 ) Operating income (loss) 207 101 308 141 3 144 335 (6 ) 2 (11 ) (86 ) 686 Interest expense, net — 1 1 15 — 15 — — — 4 142 162 Provision for (benefit from) income taxes — — — 56 2 58 135 — — 2 (9 ) 186 Total assets at June 30, 2017 2,830 4,314 7,144 8,828 1,479 10,307 10,769 1,900 253 739 5,931 d 37,043 Capital expenditures 29 10 39 29 1 30 213 1 1 17 61 362 a. Includes U.S. oil and gas operations, which were previously a reportable segment. b. Includes PT-FI's sales to PT Smelting totaling $649 million in second-quarter 2018 and $536 million in second-quarter 2017 . 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 assets held for sale, primarily Freeport Cobalt, totaling $625 million at June 30, 2018 , and $373 million at June 30, 2017 . e. Includes net charges at PT-FI associated with workforce reductions totaling $82 million in production and delivery costs and $5 million in selling, general and administrative expenses. f. Includes a $15 million decrease related to the adoption of the new guidance for the presentation of net periodic benefit cost for pension and other postretirement benefit plans (refer to Note 11 for further discussion). (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 Six Months Ended June 30, 2018 Revenues: Unaffiliated customers $ 28 $ 28 $ 56 $ 1,344 $ 321 $ 1,665 $ 3,160 b $ — $ 2,772 $ 1,179 $ 1,204 c $ 10,036 Intersegment 1,169 1,330 2,499 202 — 202 53 206 16 2 (2,978 ) — Production and delivery 588 992 1,580 872 249 1,121 882 138 2,777 1,135 (1,910 ) 5,723 Depreciation, depletion and amortization 90 96 186 214 46 260 353 40 5 14 35 893 Selling, general and administrative expenses 2 2 4 4 — 4 67 — — 11 154 240 Mining exploration and research expenses — 1 1 — — — — — — — 44 45 Environmental obligations and shutdown costs — — — — — — — — — — 68 68 Net gain on sales of assets — — — — — — — — — — (56 ) (56 ) Operating income (loss) 517 267 784 456 26 482 1,911 28 6 21 (109 ) 3,123 Interest expense, net 2 — 2 33 — 33 — — — 11 247 293 Provision for income taxes — — — 170 10 180 830 — — 1 10 1,021 Capital expenditures 88 144 232 131 7 138 449 2 2 7 54 884 Six Months Ended June 30, 2017 Revenues: Unaffiliated customers $ 111 $ 82 $ 193 $ 1,207 $ 223 $ 1,430 $ 1,599 b $ — $ 2,153 $ 858 $ 819 c $ 7,052 Intersegment 894 1,156 2,050 173 — 173 — 134 14 — (2,371 ) — Production and delivery 523 863 1,386 767 169 936 817 d 110 2,156 836 (1,573 ) 4,668 e Depreciation, depletion and amortization 96 138 234 216 42 258 236 38 5 14 54 839 Selling, general and administrative expenses 1 1 2 5 — 5 60 d — — 9 182 258 Mining exploration and research expenses — 2 2 — — — — — — — 31 33 Environmental obligations and shutdown costs — — — — — — — — — — 4 4 Net gain on sales of assets — — — — — — — — — — (33 ) (33 ) Operating income (loss) 385 234 619 392 12 404 486 (14 ) 6 (1 ) (217 ) 1,283 Interest expense, net 1 1 2 31 — 31 — — — 8 288 329 Provision for (benefit from) income taxes — — — 154 5 159 202 — — 3 (4 ) 360 Capital expenditures 52 15 67 43 2 45 457 2 2 25 108 706 a. Includes U.S. oil and gas operations, which were previously a reportable segment. b. Includes PT-FI’s sales to PT Smelting totaling $1.3 billion for the first six months of 2018 and $794 million for the first six months of 2017 . 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 net charges at PT-FI associated with workforce reductions totaling $103 million in production and delivery costs and $5 million in selling, general and administrative expenses. e. Includes a $27 million decrease related to the adoption of the new guidance for the presentation of net periodic benefit cost for pension and other postretirement benefit plans (refer to Note 11 for further discussion).

Guarantor Financial Statements

Guarantor Financial Statements (Unaudited)	6 Months Ended
	Jun. 30, 2018
Guarantor Financial Statements [Abstract]
Guarantor Financial Statements	GUARANTOR FINANCIAL STATEMENTS All of the senior notes issued by FCX are fully and unconditionally guaranteed on a senior basis jointly and severally by FM O&G LLC, as guarantor, which is a 100 -percent-owned subsidiary of FM O&G and FCX. The guarantee is an unsecured obligation of the guarantor and ranks equal in right of payment with all existing and future indebtedness of FM O&G LLC, including indebtedness under FCX’s revolving credit facility. The guarantee ranks senior in right of payment with all of FM O&G LLC’s future subordinated obligations and is effectively subordinated in right of payment to any debt of FM O&G LLC’s subsidiaries. The indentures provide that FM O&G LLC’s guarantee may be released or terminated for certain obligations under the following circumstances: (i) all or substantially all of the equity interests or assets of FM O&G LLC are sold to a third party; or (ii) FM O&G LLC no longer has any obligations under any FM O&G senior notes or any refinancing thereof and no longer guarantees any obligations of FCX under the revolving credit facility or any other senior debt or, in each case, any refinancing thereof. The following condensed consolidating financial information includes information regarding FCX, as issuer, FM O&G LLC, as guarantor, and all other non-guarantor subsidiaries of FCX. Included are the condensed consolidating balance sheets at June 30, 2018 , and December 31, 2017 , and the related condensed consolidating statements of comprehensive income (loss) for the three and six months ended June 30, 2018 and 2017 , and the condensed consolidating statements of cash flows for the six months ended June 30, 2018 and 2017 (in millions), which should be read in conjunction with FCX’s notes to the consolidated financial statements. CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 619 $ 783 $ 10,220 $ (1,279 ) $ 10,343 Property, plant, equipment and mine development costs, net 19 4 22,900 — 22,923 Investments in consolidated subsidiaries 19,003 — — (19,003 ) — Other assets 547 53 3,239 (77 ) 3,762 Total assets $ 20,188 $ 840 $ 36,359 $ (20,359 ) $ 37,028 LIABILITIES AND EQUITY Current liabilities $ 237 $ 120 $ 4,837 $ (1,395 ) $ 3,799 Long-term debt, less current portion 9,594 6,686 5,054 (10,211 ) 11,123 Deferred income taxes 727 a — 2,975 — 3,702 Environmental and asset retirement obligations, less current portion — 206 3,425 — 3,631 Investments in consolidated subsidiaries — 857 10,368 (11,225 ) — Other liabilities 156 3,339 1,922 (3,486 ) 1,931 Total liabilities 10,714 11,208 28,581 (26,317 ) 24,186 Equity: Stockholders’ equity 9,474 (10,368 ) 4,985 5,383 9,474 Noncontrolling interests — — 2,793 575 3,368 Total equity 9,474 (10,368 ) 7,778 5,958 12,842 Total liabilities and equity $ 20,188 $ 840 $ 36,359 $ (20,359 ) $ 37,028 a. All U.S.-related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 75 $ 671 $ 10,733 $ (790 ) $ 10,689 Property, plant, equipment and mine development costs, net 14 11 22,919 (10 ) 22,934 Investments in consolidated subsidiaries 19,570 — — (19,570 ) — Other assets 943 48 3,179 (491 ) 3,679 Total assets $ 20,602 $ 730 $ 36,831 $ (20,861 ) $ 37,302 LIABILITIES AND EQUITY Current liabilities $ 1,683 $ 220 $ 4,046 $ (938 ) $ 5,011 Long-term debt, less current portion 10,021 6,512 5,440 (10,270 ) 11,703 Deferred income taxes 748 a — 2,901 — 3,649 Environmental and asset retirement obligations, less current portion — 201 3,430 — 3,631 Investments in consolidated subsidiary — 853 10,397 (11,250 ) — Other liabilities 173 3,340 1,987 (3,488 ) 2,012 Total liabilities 12,625 11,126 28,201 (25,946 ) 26,006 Equity: Stockholders’ equity 7,977 (10,396 ) 5,916 4,480 7,977 Noncontrolling interests — — 2,714 605 3,319 Total equity 7,977 (10,396 ) 8,630 5,085 11,296 Total liabilities and equity $ 20,602 $ 730 $ 36,831 $ (20,861 ) $ 37,302 a. All U.S.-related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 16 $ 5,152 $ — $ 5,168 Total costs and expenses 4 (16 ) 3,525 (9 ) 3,504 Operating (loss) income (4 ) 32 1,627 9 1,664 Interest expense, net (97 ) (76 ) (92 ) 123 (142 ) Other income (expense), net 132 2 18 (123 ) 29 Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) 31 (42 ) 1,553 9 1,551 (Provision for) benefit from income taxes (11 ) 10 (512 ) (2 ) (515 ) Equity in affiliated companies’ net earnings (losses) 849 2 (45 ) (803 ) 3 Net income (loss) from continuing operations 869 (30 ) 996 (796 ) 1,039 Net loss from discontinued operations — — (4 ) — (4 ) Net income (loss) 869 (30 ) 992 (796 ) 1,035 Net income attributable to noncontrolling interests: Continuing operations — — (102 ) (64 ) (166 ) Net income (loss) attributable to common stockholders $ 869 $ (30 ) $ 890 $ (860 ) $ 869 Other comprehensive income (loss) 11 — 11 (11 ) 11 Total comprehensive income (loss) $ 880 $ (30 ) $ 901 $ (871 ) $ 880 Three Months Ended June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 12 $ 3,699 $ — $ 3,711 Total costs and expenses 14 11 2,990 10 3,025 Operating (loss) income (14 ) 1 709 (10 ) 686 Interest expense, net (117 ) (55 ) (74 ) 84 (162 ) Other income (expense), net 80 — (7 ) (84 ) (11 ) (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (51 ) (54 ) 628 (10 ) 513 (Provision for) benefit from income taxes (72 ) 19 (136 ) 3 (186 ) Equity in affiliated companies’ net earnings (losses) 391 (26 ) (62 ) (304 ) (1 ) Net income (loss) from continuing operations 268 (61 ) 430 (311 ) 326 Net income from discontinued operations — — 9 — 9 Net income (loss) 268 (61 ) 439 (311 ) 335 Net income attributable to noncontrolling interests: Continuing operations — — (46 ) (20 ) (66 ) Discontinued operations — — (1 ) — (1 ) Net income (loss) attributable to common stockholders $ 268 $ (61 ) $ 392 $ (331 ) $ 268 Other comprehensive income (loss) 81 — 81 (81 ) 81 Total comprehensive income (loss) $ 349 $ (61 ) $ 473 $ (412 ) $ 349 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 31 $ 10,005 $ — $ 10,036 Total costs and expenses 13 (8 ) 6,918 (10 ) 6,913 Operating (loss) income (13 ) 39 3,087 10 3,123 Interest expense, net (201 ) (140 ) (177 ) 225 (293 ) Other income (expense), net 233 2 47 (225 ) 57 Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) 19 (99 ) 2,957 10 2,887 (Provision for) benefit from income taxes (94 ) 22 (947 ) (2 ) (1,021 ) Equity in affiliated companies’ net earnings (losses) 1,636 (4 ) (79 ) (1,552 ) 1 Net income (loss) from continuing operations 1,561 (81 ) 1,931 (1,544 ) 1,867 Net loss from discontinued operations — — (15 ) — (15 ) Net income (loss) 1,561 (81 ) 1,916 (1,544 ) 1,852 Net income attributable to noncontrolling interests: Continuing operations — — (173 ) (118 ) (291 ) Net income (loss) attributable to common stockholders $ 1,561 $ (81 ) $ 1,743 $ (1,662 ) $ 1,561 Other comprehensive income (loss) 23 — 23 (23 ) 23 Total comprehensive income (loss) $ 1,584 $ (81 ) $ 1,766 $ (1,685 ) $ 1,584 Six Months Ended June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 25 $ 7,027 $ — $ 7,052 Total costs and expenses 22 61 5,674 12 5,769 Operating (loss) income (22 ) (36 ) 1,353 (12 ) 1,283 Interest expense, net (239 ) (108 ) (145 ) 163 (329 ) Other income (expense), net 158 — 2 (163 ) (3 ) (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (103 ) (144 ) 1,210 (12 ) 951 (Provision for) benefit from income taxes (132 ) 50 (282 ) 4 (360 ) Equity in affiliated companies’ net earnings (losses) 731 (6 ) (98 ) (624 ) 3 Net income (loss) from continuing operations 496 (100 ) 830 (632 ) 594 Net income from discontinued operations — — 47 — 47 Net income (loss) 496 (100 ) 877 (632 ) 641 Net income attributable to noncontrolling interests: Continuing operations — — (111 ) (30 ) (141 ) Discontinued operations — — (4 ) — (4 ) Net income (loss) attributable to common stockholders $ 496 $ (100 ) $ 762 $ (662 ) $ 496 Other comprehensive income (loss) 92 — 92 (92 ) 92 Total comprehensive income (loss) $ 588 $ (100 ) $ 854 $ (754 ) $ 588 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (163 ) $ (184 ) $ 3,025 $ — $ 2,678 Cash flow from investing activities: Capital expenditures (2 ) — (882 ) — (884 ) Intercompany loans (442 ) — — 442 — Dividends from (investments in) consolidated subsidiaries 2,519 — 45 (2,564 ) — Asset sales and other, net 4 1 (91 ) — (86 ) Net cash provided by (used in) investing activities 2,079 1 (928 ) (2,122 ) (970 ) Cash flow from financing activities: Proceeds from debt — — 352 — 352 Repayments of debt (1,826 ) (52 ) (419 ) — (2,297 ) Intercompany loans — 228 214 (442 ) — Cash dividends paid and contributions received, net (73 ) — (2,789 ) 2,548 (314 ) Other, net (17 ) — (17 ) 16 (18 ) Net cash (used in) provided by financing activities (1,916 ) 176 (2,659 ) 2,122 (2,277 ) Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents — (7 ) (562 ) — (569 ) Decrease in cash and cash equivalents in assets held for sale — — 44 — 44 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year — 7 4,624 — 4,631 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ — $ — $ 4,106 $ — $ 4,106 Six Months Ended June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (96 ) $ (284 ) $ 2,209 $ — $ 1,829 Cash flow from investing activities: Capital expenditures — (23 ) (683 ) — (706 ) Intercompany loans (427 ) — — 427 — Dividends from (investments in) consolidated subsidiaries 1,032 (16 ) 62 (1,078 ) — Asset sales and other, net — (5 ) 8 — 3 Net cash provided by (used in) investing activities 605 (44 ) (613 ) (651 ) (703 ) Cash flow from financing activities: Proceeds from debt — — 606 — 606 Repayments of debt (499 ) — (751 ) — (1,250 ) Intercompany loans — 337 90 (427 ) — Cash dividends paid and contributions received, net (2 ) — (1,064 ) 1,025 (41 ) Other, net (8 ) (9 ) (55 ) 53 (19 ) Net cash (used in) provided by financing activities (509 ) 328 (1,174 ) 651 (704 ) Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents — — 422 — 422 Decrease in cash and cash equivalents in assets held for sale — — 7 — 7 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year — 11 4,392 — 4,403 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ — $ 11 $ 4,821 $ — $ 4,832

New Accounting Standard (Unaudi

New Accounting Standard (Unaudited)	6 Months Ended
	Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Standards	NEW ACCOUNTING STANDARDS Revenue Recognition. In May 2014, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) related to revenue recognition. FCX adopted this standard effective January 1, 2018, under the modified retrospective approach applied to contracts that remain in force at the adoption date. The adoption of this standard did not result in any financial statement impacts or changes to FCX’s revenue recognition policies or processes as revenue is primarily derived from arrangements in which the transfer of control coincides with the fulfillment of performance obligations (refer to Note 1 of FCX’s annual report on Form 10-K for disclosure of FCX’s revenue recognition policy). In connection with the adoption of the standard and consistent with FCX’s policy prior to adoption of the standard, FCX has elected to account for shipping and handling activities performed after control of goods has been transferred to a customer as a fulfillment cost recorded in production and delivery costs on the consolidated statements of income. FCX recognizes revenue for all of its products upon transfer of control in an amount that reflects the consideration it expects to receive in exchange for those products. Transfer of control is in accordance with the terms of customer contracts, which is generally upon shipment or delivery of the product. While payment terms vary by contract, terms generally include payment to be made within 30 days, but not longer than 60 days. Certain of FCX’s concentrate and cathode sales contracts also provide for provisional pricing, which is accounted for as an embedded derivative (refer to Note 6 for further discussion). For provisionally priced sales, 90 percent to 100 percent of the provisional payment is made upon shipment or within 20 days, and final balances are settled in a contractually specified future month (generally one to four months from the shipment date) based on quoted monthly average copper settlement prices on the LME or COMEX and quoted monthly average LBMA gold settlement prices. FCX’s product revenues are also recorded net of treatment charges, royalties and export duties. Refer to Note 9 for a summary of revenue by product type. Financial Instruments. In January 2016, FASB issued an ASU that amends the guidance on the classification and measurement of financial instruments. This ASU makes limited changes to prior guidance and amends certain disclosure requirements. FCX adopted this ASU effective January 1, 2018, and adoption did not have a material impact on its financial statements. Leases. In February 2016, FASB issued an ASU that will require lessees to recognize most leases on the balance sheet. This ASU allows lessees to make an accounting policy election to not recognize a lease asset and liability for leases with a term of 12 months or less and do not have a purchase option that is expected to be exercised. For public entities, this ASU is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. In July 2018, FASB issued a practical expedient, which FCX expects to elect, allowing for entities to apply the provisions of the updated lease guidance at the January 1, 2019, effective date, without adjusting the comparative periods presented. FCX is completing an assessment of its lease portfolio and is in the process of implementing a new system, collecting data, and designing processes and controls to account for its leases in accordance with the new standard. Statement of Cash Flows: Restricted Cash. In November 2016, FASB issued an ASU that changes the classification and presentation of restricted cash and restricted cash equivalents on the statement of cash flows. The ASU requires that a statement of cash flows include the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. FCX adopted this ASU effective January 1, 2018, and adjusted its consolidated statement of cash flows for the six months ended June 30, 2017, to include restricted cash and restricted cash equivalents with cash and cash equivalents. The impact of adopting this ASU for the six months ended June 30, 2017, follows (in millions): Previously Reported Impact of Adoption Current Presentation Other, net included in cash flow from investing activities $ (4 ) $ 7 $ 3 Cash flow from investing activities (710 ) 7 (703 ) Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents 415 7 422 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 4,245 158 4,403 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 4,667 165 4,832 Net Periodic Pension and Postretirement Benefit Cost. In March 2017, FASB issued an ASU that changes how entities with defined benefit pension or other postretirement benefit plans present net periodic benefit cost in the income statement. This ASU requires the service cost component of net periodic benefit cost to be presented in the same income statement line item or items as other compensation costs for those employees who are receiving the benefit. In addition, only the service cost component is eligible for capitalization when applicable ( i.e. , as a cost of inventory or an internally constructed asset). The other components of net periodic benefit cost are required to be presented separately from the service cost component and outside of operating income. These other components of net periodic benefit cost are not eligible for capitalization, and FCX elected to include these other components in other income, net. FCX adopted this ASU effective January 1, 2018, and adjusted its presentation in the consolidated statements of income for the three- and six-month periods ended June 30, 2017, to conform with the new guidance. The impact of adopting this ASU for the three- and six-month periods ended June 30, 2017, follows (in millions): Three Months Ended June 30, 2017 Previously Reported Impact of Adoption Current Presentation Production and delivery $ 2,495 $ (15 ) $ 2,480 Total cost of sales 2,945 (15 ) 2,930 Environmental obligations and shutdown costs (19 ) (2 ) (21 ) Total costs and expenses 3,042 (17 ) 3,025 Operating income 669 17 686 Other (expense) income, net 10 (17 ) (7 ) Six Months Ended June 30, 2017 Previously Reported Impact of Adoption Current Presentation Production and delivery $ 4,695 $ (27 ) $ 4,668 Total cost of sales 5,534 (27 ) 5,507 Selling, general and administrative expenses 260 (2 ) 258 Mining exploration and research expenses 34 (1 ) 33 Environmental obligations and shutdown costs 8 (4 ) 4 Total costs and expenses 5,803 (34 ) 5,769 Operating income 1,249 34 1,283 Other income, net 34 (34 ) —

Subsequent Events (Unaudited)

Subsequent Events (Unaudited)	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS FCX evaluated events after June 30, 2018 , and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

New Accounting Standard (Unau19

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

Earnings per Share (Unaudited20

Earnings per Share (Unaudited) Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Reconciliation of net income (loss) and weighted-average shares of common stock outstanding	Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow (in millions, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net income from continuing operations $ 1,039 $ 326 $ 1,867 $ 594 Net income from continuing operations attributable to noncontrolling interests (166 ) (66 ) (291 ) (141 ) Undistributed earnings allocated to participating securities (3 ) (3 ) (4 ) (3 ) Net income from continuing operations attributable to common stockholders 870 257 1,572 450 Net (loss) income from discontinued operations (4 ) 9 (15 ) 47 Net income from discontinued operations attributable to noncontrolling interests — (1 ) — (4 ) Net (loss) income from discontinued operations attributable to common stockholders (4 ) 8 (15 ) 43 Net income attributable to common stockholders $ 866 $ 265 $ 1,557 $ 493 Basic weighted-average shares of common stock outstanding 1,449 1,447 1,449 1,447 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 9 a 6 9 a 6 Diluted weighted-average shares of common stock outstanding 1,458 1,453 1,458 1,453 Basic net income (loss) per share attributable to common stockholders: Continuing operations $ 0.60 $ 0.18 $ 1.08 $ 0.31 Discontinued operations — — (0.01 ) 0.03 $ 0.60 $ 0.18 $ 1.07 $ 0.34 Diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 0.59 $ 0.18 $ 1.08 $ 0.31 Discontinued operations — — (0.01 ) 0.03 $ 0.59 $ 0.18 $ 1.07 $ 0.34 a. Excludes approximately 2 million shares of common stock for second-quarter 2018 and 3 million shares of common stock for the first six months of 2018 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock that were anti-dilutive.

Inventories, Including Long-T21

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventories follow (in millions): June 30, December 31, 2017 Current inventories: Total materials and supplies, net a $ 1,404 $ 1,305 Mill stockpiles $ 293 $ 360 Leach stockpiles 1,142 1,062 Total current mill and leach stockpiles $ 1,435 $ 1,422 Raw materials (primarily concentrate) $ 435 $ 265 Work-in-process 179 154 Finished goods 723 747 Total product inventories $ 1,337 $ 1,166 Long-term inventories: Mill stockpiles $ 288 $ 300 Leach stockpiles 1,083 1,109 Total long-term mill and leach stockpiles $ 1,371 $ 1,409 a. Materials and supplies inventory was net of obsolescence reserves totaling $25 million at June 30, 2018 , and $29 million at December 31, 2017 .

Income Taxes (Unaudited) (Table

Income Taxes (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income before income taxes and equity in an affiliated companies' net earnings	Geographic sources of FCX’s (provision for) benefit from income taxes follow (in millions): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 U.S. operations $ 5 a $ 29 b $ 8 a $ 22 b International operations (520 ) (215 ) (1,029 ) (382 ) Total $ (515 ) $ (186 ) $ (1,021 ) $ (360 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Debt	DEBT AND EQUITY The components of debt follow (in millions): June 30, December 31, 2017 Senior notes and debentures: Issued by FCX $ 9,594 $ 11,429 Issued by Freeport Minerals Corporation (FMC) 358 358 Issued by Freeport-McMoRan Oil & Gas LLC (FM O&G LLC) — 54 Cerro Verde credit facility 1,171 1,269 Other 4 7 Total debt a 11,127 13,117 Less current portion of debt (4 ) (1,414 ) Long-term debt $ 11,123 $ 11,703 a. Includes additions for unamortized fair value adjustments totaling $63 million at June 30, 2018 ( $97 million at December 31, 2017 ), and is net of reductions for unamortized net discounts and unamortized debt issuance costs totaling $76 million at June 30, 2018 ( $85 million at December 31, 2017 ).
Schedule of Extinguishment of Debt [Table Text Block]	A summary of these redemptions follows (in millions): Principal Amount Net Adjustments Book Value Redemption Value Gain FCX 6.75% Senior Notes due 2022 $ 404 $ 22 $ 426 $ 418 $ 8 FM O&G LLC 6 7 / 8 % Senior Notes due 2023 50 4 54 52 2 $ 454 $ 26 $ 480 $ 470 $ 10

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item	A summary of (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized gains (losses) on the related hedged item follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (4 ) $ 1 $ (19 ) $ (1 ) Hedged item – firm sales commitments 4 (1 ) 19 1 Realized gains: Matured derivative financial instruments — 1 2 9
Schedule of Derivative Instruments	A summary of FCX’s embedded derivatives at June 30, 2018 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 532 $ 3.12 $ 3.01 November 2018 Gold (thousands of ounces) 308 1,296.18 1,254.91 September 2018 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 159 3.11 3.01 October 2018 Cobalt (millions of pounds) a 8 32.55 28.60 September 2018
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions	A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Embedded derivatives in provisional sales contracts: a Copper $ (14 ) $ 35 $ (149 ) $ 142 Gold and other metals (30 ) (1 ) (12 ) 18 Copper forward contracts b 6 (4 ) 8 (5 ) a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): June 30, December 31, 2017 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ — $ 11 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper and gold sales/purchase contracts 17 155 Copper forward contracts 6 1 Total derivative assets $ 23 $ 167 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 8 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper and gold sales/purchase contracts 73 31 Copper forward contracts — 2 Total derivative liabilities $ 81 $ 33 The table above and below excludes $31 million of embedded derivatives in provisional cobalt purchase contracts at June 30, 2018, and $24 million at December 31, 2017, which are reflected in liabilities held for sale.
Offsetting Assets	A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional copper and gold sales/purchase contracts $ 17 $ 155 $ 73 $ 31 Copper derivatives 6 12 8 2 23 167 81 33 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional copper and gold sales/purchase contracts — — — — Copper derivatives — 1 — 1 — 1 — 1 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional copper and gold sales/purchase contracts 17 155 73 31 Copper derivatives 6 11 8 1 $ 23 $ 166 $ 81 $ 32 Balance sheet classification: Trade accounts receivable $ — $ 151 $ 64 $ — Other current assets 6 11 — — Accounts payable and accrued liabilities 17 4 17 32 $ 23 $ 166 $ 81 $ 32
Offsetting Liabilities	A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional copper and gold sales/purchase contracts $ 17 $ 155 $ 73 $ 31 Copper derivatives 6 12 8 2 23 167 81 33 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional copper and gold sales/purchase contracts — — — — Copper derivatives — 1 — 1 — 1 — 1 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional copper and gold sales/purchase contracts 17 155 73 31 Copper derivatives 6 11 8 1 $ 23 $ 166 $ 81 $ 32 Balance sheet classification: Trade accounts receivable $ — $ 151 $ 64 $ — Other current assets 6 11 — — Accounts payable and accrued liabilities 17 4 17 32 $ 23 $ 166 $ 81 $ 32
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows to the components presented in the consolidated balance sheets (in millions): June 30, 2018 December 31, 2017 Balance sheet components: Cash and cash equivalents $ 3,859 $ 4,447 Restricted cash and restricted cash equivalents included in: Other current assets 120 52 Other assets 127 132 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 4,106 $ 4,631

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs Disclosure	A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 6) follows (in millions): At June 30, 2018 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 24 $ 24 $ 24 $ — $ — $ — Equity securities 5 5 — 5 — — Total 29 29 24 5 — — Legally restricted funds: a U.S. core fixed income fund 54 54 54 — — — Government bonds and notes 37 37 — — 37 — Government mortgage-backed securities 31 31 — — 31 — Corporate bonds 29 29 — — 29 — Asset-backed securities 14 14 — — 14 — Collateralized mortgage-backed securities 8 8 — — 8 — Money market funds 4 4 — 4 — — Municipal bonds 1 1 — — 1 — Total 178 178 54 4 120 — Derivatives: Embedded derivatives in provisional copper and gold sales/purchase contracts in a gross asset position c,d 17 17 — — 17 — Copper forward contracts c 6 6 — 3 3 — Contingent consideration for the sales of TF Holdings Limited (TFHL) and onshore California oil and gas properties a 151 151 — — 151 — Total 174 174 — 3 171 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 150 132 — — — 132 Liabilities Derivatives: c Embedded derivatives in provisional copper and gold sales/purchase contracts in a gross liability position $ 73 $ 73 $ — $ — $ 73 $ — Copper futures and swap contracts 8 8 — 7 1 — Total 81 81 — 7 74 — Long-term debt, including current portion e 11,127 10,662 — — 10,662 — At December 31, 2017 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 25 $ 25 $ 25 $ — $ — $ — Equity securities 5 5 — 5 — — Total 30 30 25 5 — — Legally restricted funds: a U.S. core fixed income fund 55 55 55 — — — Government bonds and notes 40 40 — — 40 — Corporate bonds 32 32 — — 32 — Government mortgage-backed securities 27 27 — — 27 — Asset-backed securities 15 15 — — 15 — Money market funds 11 11 — 11 — — Collateralized mortgage-backed securities 8 8 — — 8 — Municipal bonds 1 1 — — 1 — Total 189 189 55 11 123 — Derivatives: Embedded derivatives in provisional copper and gold sales/purchase contracts in a gross asset position c 155 155 — — 155 — Copper futures and swap contracts c 11 11 — 9 2 — Copper forward contracts c 1 1 — — 1 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 108 108 — — 108 — Total 275 275 — 9 266 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 150 134 — — — 134 Liabilities Derivatives: c Embedded derivatives in provisional copper and gold sales/purchase contracts in a gross liability position d $ 31 $ 31 $ — $ — $ 31 $ — Copper forward contracts 2 2 — 1 1 — Total 33 33 — 1 32 — Long-term debt, including current portion e 13,117 13,269 — — 13,269 — a. Current portion included in other current assets and long-term portion included in other assets. b. Excludes time deposits (which approximated fair value) included in (i) other current assets of $120 million at June 30, 2018 , and $52 million at December 31, 2017 , primarily associated with PT-FI’s mine closure and reclamation guarantees and its disputed incremental export duty and (ii) other assets of $126 million at June 30, 2018 , and $123 million at December 31, 2017 , primarily associated with an assurance bond to support PT-FI’s commitment for smelter development in Indonesia. c. Refer to Note 6 for further discussion and balance sheet classifications. d. Excludes embedded derivatives in provisional cobalt purchase contracts of $31 million at June 30, 2018 , and $24 million at December 31, 2017 (refer to Note 6 for further discussion). e. Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. In addition, debt excludes $150 million at June 30, 2018 , and $112 million at December 31, 2017 , related to assets held for sale (which approximated fair value).
Summary of Unobservable Input Reconciliation	A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first six months of 2018 follows (in millions): Fair value at January 1, 2018 $ 134 Net unrealized loss related to assets still held at the end of the period (2 ) Fair value at June 30, 2018 $ 132

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services	FCX’s revenues attributable to the products it sold for the second quarters and first six months of 2018 and 2017 follow (in millions): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Copper: Concentrate $ 1,703 $ 1,241 $ 3,350 $ 2,222 Cathode 1,465 954 2,888 1,995 Rod and other refined copper products 668 590 1,338 1,214 Gold 933 571 1,741 839 Molybdenum 310 239 596 448 Other a 400 281 798 512 Adjustments to revenue: Treatment charges (139 ) (128 ) (271 ) (231 ) Royalty expense b (73 ) (44 ) (142 ) (66 ) Export duties c (55 ) (27 ) (101 ) (41 ) Revenue from contracts with customers 5,212 3,677 10,197 6,892 Embedded derivatives d (44 ) 34 (161 ) 160 Total consolidated revenues $ 5,168 $ 3,711 $ 10,036 $ 7,052 a. Primarily includes revenues associated with cobalt, silver, oil, gas and natural gas liquids. b. Reflects royalties for sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and the prices of copper and gold. c. Reflects PT-FI export duties. d. Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.
Schedule of financial information by business segment	Financial Information by Business Segment (In millions) Atlantic Corporate, North America Copper Mines South America Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations a Total Three Months Ended June 30, 2018 Revenues: Unaffiliated customers $ 25 $ 13 $ 38 $ 719 $ 171 $ 890 $ 1,639 b $ — $ 1,387 $ 602 $ 612 c $ 5,168 Intersegment 568 641 1,209 100 — 100 1 111 8 — (1,429 ) — Production and delivery 298 491 789 445 133 578 425 71 1,389 579 (916 ) 2,915 Depreciation, depletion and amortization 44 48 92 109 24 133 172 21 3 7 14 442 Selling, general and administrative expenses 1 — 1 2 — 2 28 — — 5 73 109 Mining exploration and research expenses — — — — — — — — — — 24 24 Environmental obligations and shutdown costs — — — — — — — — — — 59 59 Net gain on sales of assets — — — — — — — — — — (45 ) (45 ) Operating income (loss) 250 115 365 263 14 277 1,015 19 3 11 (26 ) 1,664 Interest expense, net 1 — 1 16 — 16 — — — 6 119 142 Provision for (benefit from) income taxes — — — 102 6 108 429 — — — (22 ) 515 Total assets at June 30, 2018 2,819 4,374 7,193 8,630 1,715 10,345 10,911 1,820 278 931 5,550 d 37,028 Capital expenditures 41 99 140 68 3 71 246 1 1 3 20 482 Three Months Ended June 30, 2017 Revenues: Unaffiliated customers $ 45 $ 32 $ 77 $ 567 $ 111 $ 678 $ 1,065 b $ — $ 1,046 $ 400 $ 445 c $ 3,711 Intersegment 478 593 1,071 57 — 57 — 71 6 — (1,205 ) — Production and delivery 266 454 720 376 87 463 547 e 58 1,047 400 (755 ) 2,480 f Depreciation, depletion and amortization 49 69 118 104 21 125 153 19 3 7 25 450 Selling, general and administrative expenses 1 — 1 3 — 3 30 e — — 4 69 107 Mining exploration and research expenses — 1 1 — — — — — — — 18 19 Environmental obligations and shutdown costs — — — — — — — — — — (21 ) (21 ) Net gain on sales of assets — — — — — — — — — — (10 ) (10 ) Operating income (loss) 207 101 308 141 3 144 335 (6 ) 2 (11 ) (86 ) 686 Interest expense, net — 1 1 15 — 15 — — — 4 142 162 Provision for (benefit from) income taxes — — — 56 2 58 135 — — 2 (9 ) 186 Total assets at June 30, 2017 2,830 4,314 7,144 8,828 1,479 10,307 10,769 1,900 253 739 5,931 d 37,043 Capital expenditures 29 10 39 29 1 30 213 1 1 17 61 362 a. Includes U.S. oil and gas operations, which were previously a reportable segment. b. Includes PT-FI's sales to PT Smelting totaling $649 million in second-quarter 2018 and $536 million in second-quarter 2017 . 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 assets held for sale, primarily Freeport Cobalt, totaling $625 million at June 30, 2018 , and $373 million at June 30, 2017 . e. Includes net charges at PT-FI associated with workforce reductions totaling $82 million in production and delivery costs and $5 million in selling, general and administrative expenses. f. Includes a $15 million decrease related to the adoption of the new guidance for the presentation of net periodic benefit cost for pension and other postretirement benefit plans (refer to Note 11 for further discussion). (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 Six Months Ended June 30, 2018 Revenues: Unaffiliated customers $ 28 $ 28 $ 56 $ 1,344 $ 321 $ 1,665 $ 3,160 b $ — $ 2,772 $ 1,179 $ 1,204 c $ 10,036 Intersegment 1,169 1,330 2,499 202 — 202 53 206 16 2 (2,978 ) — Production and delivery 588 992 1,580 872 249 1,121 882 138 2,777 1,135 (1,910 ) 5,723 Depreciation, depletion and amortization 90 96 186 214 46 260 353 40 5 14 35 893 Selling, general and administrative expenses 2 2 4 4 — 4 67 — — 11 154 240 Mining exploration and research expenses — 1 1 — — — — — — — 44 45 Environmental obligations and shutdown costs — — — — — — — — — — 68 68 Net gain on sales of assets — — — — — — — — — — (56 ) (56 ) Operating income (loss) 517 267 784 456 26 482 1,911 28 6 21 (109 ) 3,123 Interest expense, net 2 — 2 33 — 33 — — — 11 247 293 Provision for income taxes — — — 170 10 180 830 — — 1 10 1,021 Capital expenditures 88 144 232 131 7 138 449 2 2 7 54 884 Six Months Ended June 30, 2017 Revenues: Unaffiliated customers $ 111 $ 82 $ 193 $ 1,207 $ 223 $ 1,430 $ 1,599 b $ — $ 2,153 $ 858 $ 819 c $ 7,052 Intersegment 894 1,156 2,050 173 — 173 — 134 14 — (2,371 ) — Production and delivery 523 863 1,386 767 169 936 817 d 110 2,156 836 (1,573 ) 4,668 e Depreciation, depletion and amortization 96 138 234 216 42 258 236 38 5 14 54 839 Selling, general and administrative expenses 1 1 2 5 — 5 60 d — — 9 182 258 Mining exploration and research expenses — 2 2 — — — — — — — 31 33 Environmental obligations and shutdown costs — — — — — — — — — — 4 4 Net gain on sales of assets — — — — — — — — — — (33 ) (33 ) Operating income (loss) 385 234 619 392 12 404 486 (14 ) 6 (1 ) (217 ) 1,283 Interest expense, net 1 1 2 31 — 31 — — — 8 288 329 Provision for (benefit from) income taxes — — — 154 5 159 202 — — 3 (4 ) 360 Capital expenditures 52 15 67 43 2 45 457 2 2 25 108 706 a. Includes U.S. oil and gas operations, which were previously a reportable segment. b. Includes PT-FI’s sales to PT Smelting totaling $1.3 billion for the first six months of 2018 and $794 million for the first six months of 2017 . 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 net charges at PT-FI associated with workforce reductions totaling $103 million in production and delivery costs and $5 million in selling, general and administrative expenses. e. Includes a $27 million decrease related to the adoption of the new guidance for the presentation of net periodic benefit cost for pension and other postretirement benefit plans (refer to Note 11 for further discussion).

Guarantor Financial Statement27

Guarantor Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2018
Guarantor Financial Statements [Abstract]
Condensed Consolidating Balance Sheets [Table Text Block]	CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 619 $ 783 $ 10,220 $ (1,279 ) $ 10,343 Property, plant, equipment and mine development costs, net 19 4 22,900 — 22,923 Investments in consolidated subsidiaries 19,003 — — (19,003 ) — Other assets 547 53 3,239 (77 ) 3,762 Total assets $ 20,188 $ 840 $ 36,359 $ (20,359 ) $ 37,028 LIABILITIES AND EQUITY Current liabilities $ 237 $ 120 $ 4,837 $ (1,395 ) $ 3,799 Long-term debt, less current portion 9,594 6,686 5,054 (10,211 ) 11,123 Deferred income taxes 727 a — 2,975 — 3,702 Environmental and asset retirement obligations, less current portion — 206 3,425 — 3,631 Investments in consolidated subsidiaries — 857 10,368 (11,225 ) — Other liabilities 156 3,339 1,922 (3,486 ) 1,931 Total liabilities 10,714 11,208 28,581 (26,317 ) 24,186 Equity: Stockholders’ equity 9,474 (10,368 ) 4,985 5,383 9,474 Noncontrolling interests — — 2,793 575 3,368 Total equity 9,474 (10,368 ) 7,778 5,958 12,842 Total liabilities and equity $ 20,188 $ 840 $ 36,359 $ (20,359 ) $ 37,028 a. All U.S.-related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 75 $ 671 $ 10,733 $ (790 ) $ 10,689 Property, plant, equipment and mine development costs, net 14 11 22,919 (10 ) 22,934 Investments in consolidated subsidiaries 19,570 — — (19,570 ) — Other assets 943 48 3,179 (491 ) 3,679 Total assets $ 20,602 $ 730 $ 36,831 $ (20,861 ) $ 37,302 LIABILITIES AND EQUITY Current liabilities $ 1,683 $ 220 $ 4,046 $ (938 ) $ 5,011 Long-term debt, less current portion 10,021 6,512 5,440 (10,270 ) 11,703 Deferred income taxes 748 a — 2,901 — 3,649 Environmental and asset retirement obligations, less current portion — 201 3,430 — 3,631 Investments in consolidated subsidiary — 853 10,397 (11,250 ) — Other liabilities 173 3,340 1,987 (3,488 ) 2,012 Total liabilities 12,625 11,126 28,201 (25,946 ) 26,006 Equity: Stockholders’ equity 7,977 (10,396 ) 5,916 4,480 7,977 Noncontrolling interests — — 2,714 605 3,319 Total equity 7,977 (10,396 ) 8,630 5,085 11,296 Total liabilities and equity $ 20,602 $ 730 $ 36,831 $ (20,861 ) $ 37,302 a. All U.S.-related deferred income taxes are recorded at the parent company.
Condensed Consolidating Statements of Income [Table Text Block]	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 16 $ 5,152 $ — $ 5,168 Total costs and expenses 4 (16 ) 3,525 (9 ) 3,504 Operating (loss) income (4 ) 32 1,627 9 1,664 Interest expense, net (97 ) (76 ) (92 ) 123 (142 ) Other income (expense), net 132 2 18 (123 ) 29 Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) 31 (42 ) 1,553 9 1,551 (Provision for) benefit from income taxes (11 ) 10 (512 ) (2 ) (515 ) Equity in affiliated companies’ net earnings (losses) 849 2 (45 ) (803 ) 3 Net income (loss) from continuing operations 869 (30 ) 996 (796 ) 1,039 Net loss from discontinued operations — — (4 ) — (4 ) Net income (loss) 869 (30 ) 992 (796 ) 1,035 Net income attributable to noncontrolling interests: Continuing operations — — (102 ) (64 ) (166 ) Net income (loss) attributable to common stockholders $ 869 $ (30 ) $ 890 $ (860 ) $ 869 Other comprehensive income (loss) 11 — 11 (11 ) 11 Total comprehensive income (loss) $ 880 $ (30 ) $ 901 $ (871 ) $ 880 Three Months Ended June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 12 $ 3,699 $ — $ 3,711 Total costs and expenses 14 11 2,990 10 3,025 Operating (loss) income (14 ) 1 709 (10 ) 686 Interest expense, net (117 ) (55 ) (74 ) 84 (162 ) Other income (expense), net 80 — (7 ) (84 ) (11 ) (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (51 ) (54 ) 628 (10 ) 513 (Provision for) benefit from income taxes (72 ) 19 (136 ) 3 (186 ) Equity in affiliated companies’ net earnings (losses) 391 (26 ) (62 ) (304 ) (1 ) Net income (loss) from continuing operations 268 (61 ) 430 (311 ) 326 Net income from discontinued operations — — 9 — 9 Net income (loss) 268 (61 ) 439 (311 ) 335 Net income attributable to noncontrolling interests: Continuing operations — — (46 ) (20 ) (66 ) Discontinued operations — — (1 ) — (1 ) Net income (loss) attributable to common stockholders $ 268 $ (61 ) $ 392 $ (331 ) $ 268 Other comprehensive income (loss) 81 — 81 (81 ) 81 Total comprehensive income (loss) $ 349 $ (61 ) $ 473 $ (412 ) $ 349 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 31 $ 10,005 $ — $ 10,036 Total costs and expenses 13 (8 ) 6,918 (10 ) 6,913 Operating (loss) income (13 ) 39 3,087 10 3,123 Interest expense, net (201 ) (140 ) (177 ) 225 (293 ) Other income (expense), net 233 2 47 (225 ) 57 Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) 19 (99 ) 2,957 10 2,887 (Provision for) benefit from income taxes (94 ) 22 (947 ) (2 ) (1,021 ) Equity in affiliated companies’ net earnings (losses) 1,636 (4 ) (79 ) (1,552 ) 1 Net income (loss) from continuing operations 1,561 (81 ) 1,931 (1,544 ) 1,867 Net loss from discontinued operations — — (15 ) — (15 ) Net income (loss) 1,561 (81 ) 1,916 (1,544 ) 1,852 Net income attributable to noncontrolling interests: Continuing operations — — (173 ) (118 ) (291 ) Net income (loss) attributable to common stockholders $ 1,561 $ (81 ) $ 1,743 $ (1,662 ) $ 1,561 Other comprehensive income (loss) 23 — 23 (23 ) 23 Total comprehensive income (loss) $ 1,584 $ (81 ) $ 1,766 $ (1,685 ) $ 1,584 Six Months Ended June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 25 $ 7,027 $ — $ 7,052 Total costs and expenses 22 61 5,674 12 5,769 Operating (loss) income (22 ) (36 ) 1,353 (12 ) 1,283 Interest expense, net (239 ) (108 ) (145 ) 163 (329 ) Other income (expense), net 158 — 2 (163 ) (3 ) (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (103 ) (144 ) 1,210 (12 ) 951 (Provision for) benefit from income taxes (132 ) 50 (282 ) 4 (360 ) Equity in affiliated companies’ net earnings (losses) 731 (6 ) (98 ) (624 ) 3 Net income (loss) from continuing operations 496 (100 ) 830 (632 ) 594 Net income from discontinued operations — — 47 — 47 Net income (loss) 496 (100 ) 877 (632 ) 641 Net income attributable to noncontrolling interests: Continuing operations — — (111 ) (30 ) (141 ) Discontinued operations — — (4 ) — (4 ) Net income (loss) attributable to common stockholders $ 496 $ (100 ) $ 762 $ (662 ) $ 496 Other comprehensive income (loss) 92 — 92 (92 ) 92 Total comprehensive income (loss) $ 588 $ (100 ) $ 854 $ (754 ) $ 588
Condensed Consolidating Statements of Cash Flows [Table Text Block]	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (163 ) $ (184 ) $ 3,025 $ — $ 2,678 Cash flow from investing activities: Capital expenditures (2 ) — (882 ) — (884 ) Intercompany loans (442 ) — — 442 — Dividends from (investments in) consolidated subsidiaries 2,519 — 45 (2,564 ) — Asset sales and other, net 4 1 (91 ) — (86 ) Net cash provided by (used in) investing activities 2,079 1 (928 ) (2,122 ) (970 ) Cash flow from financing activities: Proceeds from debt — — 352 — 352 Repayments of debt (1,826 ) (52 ) (419 ) — (2,297 ) Intercompany loans — 228 214 (442 ) — Cash dividends paid and contributions received, net (73 ) — (2,789 ) 2,548 (314 ) Other, net (17 ) — (17 ) 16 (18 ) Net cash (used in) provided by financing activities (1,916 ) 176 (2,659 ) 2,122 (2,277 ) Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents — (7 ) (562 ) — (569 ) Decrease in cash and cash equivalents in assets held for sale — — 44 — 44 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year — 7 4,624 — 4,631 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ — $ — $ 4,106 $ — $ 4,106 Six Months Ended June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (96 ) $ (284 ) $ 2,209 $ — $ 1,829 Cash flow from investing activities: Capital expenditures — (23 ) (683 ) — (706 ) Intercompany loans (427 ) — — 427 — Dividends from (investments in) consolidated subsidiaries 1,032 (16 ) 62 (1,078 ) — Asset sales and other, net — (5 ) 8 — 3 Net cash provided by (used in) investing activities 605 (44 ) (613 ) (651 ) (703 ) Cash flow from financing activities: Proceeds from debt — — 606 — 606 Repayments of debt (499 ) — (751 ) — (1,250 ) Intercompany loans — 337 90 (427 ) — Cash dividends paid and contributions received, net (2 ) — (1,064 ) 1,025 (41 ) Other, net (8 ) (9 ) (55 ) 53 (19 ) Net cash (used in) provided by financing activities (509 ) 328 (1,174 ) 651 (704 ) Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents — — 422 — 422 Decrease in cash and cash equivalents in assets held for sale — — 7 — 7 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year — 11 4,392 — 4,403 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ — $ 11 $ 4,821 $ — $ 4,832

New Accounting Standard (Unau28

New Accounting Standard (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Impact of Adopting New Accounting Standards	The impact of adopting this ASU for the three- and six-month periods ended June 30, 2017, follows (in millions): Three Months Ended June 30, 2017 Previously Reported Impact of Adoption Current Presentation Production and delivery $ 2,495 $ (15 ) $ 2,480 Total cost of sales 2,945 (15 ) 2,930 Environmental obligations and shutdown costs (19 ) (2 ) (21 ) Total costs and expenses 3,042 (17 ) 3,025 Operating income 669 17 686 Other (expense) income, net 10 (17 ) (7 ) Six Months Ended June 30, 2017 Previously Reported Impact of Adoption Current Presentation Production and delivery $ 4,695 $ (27 ) $ 4,668 Total cost of sales 5,534 (27 ) 5,507 Selling, general and administrative expenses 260 (2 ) 258 Mining exploration and research expenses 34 (1 ) 33 Environmental obligations and shutdown costs 8 (4 ) 4 Total costs and expenses 5,803 (34 ) 5,769 Operating income 1,249 34 1,283 Other income, net 34 (34 ) — The impact of adopting this ASU for the six months ended June 30, 2017, follows (in millions): Previously Reported Impact of Adoption Current Presentation Other, net included in cash flow from investing activities $ (4 ) $ 7 $ 3 Cash flow from investing activities (710 ) 7 (703 ) Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents 415 7 422 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 4,245 158 4,403 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 4,667 165 4,832

General Information (Unaudite29

General Information (Unaudited) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Property, plant, equipment and mine development costs, net	$ 22,923	$ 22,934
Deferred income taxes	3,702	3,649
Assets held for sale	625	508	$ 373
Liabilities held for sale	$ 353	323
Restatement Adjustment [Member] | Kisanfu Exploration Project [Member]
Property, plant, equipment and mine development costs, net		90
Deferred income taxes		27
Assets held for sale		(90)
Liabilities held for sale		$ (27)

Earnings per Share (Unaudited30

Earnings per Share (Unaudited) Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Net income from continuing operations	$ 1,039	$ 326	$ 1,867	$ 594
Net income from continuing operations attributable to noncontrolling interests	(166)	(66)	(291)	(141)
Undistributed earnings allocated to participating securities	(3)	(3)	(4)	(3)
Net income from continuing operations attributable to common stockholders	870	257	1,572	450
Net (loss) income from discontinued operations	(4)	9	(15)	47
Net income from discontinued operations attributable to noncontrolling interests	0	(1)	0	(4)
Net (loss) income from discontinued operations attributable to common stockholders	(4)	8	(15)	43
Net income attributable to common stockholders	$ 866	$ 265	$ 1,557	$ 493
Basic weighted-average shares of common stock outstanding	1,449	1,447	1,449	1,447
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units	9	6	9	6
Diluted weighted-average shares of common stock outstanding	1,458	1,453	1,458	1,453
Basic net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.60	$ 0.18	$ 1.08	$ 0.31
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share	0	0	(0.01)	0.03
Earnings Per Share, Basic	0.60	0.18	1.07	0.34
Diluted net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Diluted Share	0.59	0.18	1.08	0.31
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	0	0	(0.01)	0.03
Earnings Per Share, Diluted	$ 0.59	$ 0.18	$ 1.07	$ 0.34
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2		3
Dilutive Securities Excluded from Computation of EPS Amount	35	44	34	44

Inventories, Including Long-T31

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Components of Inventories [Line Items]
Total materials and supplies, net	$ 1,404	$ 1,305
Mill stockpiles, current	293	360
Leach stockpiles, current	1,142	1,062
Total current mill and leach stockpiles	1,435	1,422
Raw materials (primarily concentrate)	435	265
Work-in-process	179	154
Finished goods	723	747
Total product inventories	1,337	1,166
Mill stockpiles, noncurrent	288	300
Leach stockpiles, noncurrent	1,083	1,109
Total long-term mill and leach stockpiles	1,371	1,409
Inventory obsolescence reserves	$ 25	$ 29

Income Taxes (Unaudited) (Detai

Income Taxes (Unaudited) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Consolidated effective income tax rate (percent)			35.00%	38.00%
Schedule Of Income Taxes [Line Items]
U.S. operations	$ 5,000,000	$ 29,000,000	$ 8,000,000	$ 22,000,000
International operations	(520,000,000)	(215,000,000)	(1,029,000,000)	(382,000,000)
Total	(515,000,000)	(186,000,000)	(1,021,000,000)	(360,000,000)
Tax Cuts and Jobs Act of 2017, Measurement Period Adjustment, Income Tax Expense (Benefit)			0
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority	$ 5,000,000		$ 5,000,000
Minimum Tax Credit Carryforwards [Member]
Schedule Of Income Taxes [Line Items]
U.S. operations		$ (32,000,000)		$ (31,000,000)

Debt (Details)

Debt (Details) $ / shares in Units, $ in Millions	Jun. 27, 2018$ / shares	Apr. 04, 2018USD ($)	Apr. 30, 2018USD ($)	Jun. 30, 2018USD ($)$ / shares	Mar. 31, 2018USD ($)	Jun. 30, 2017USD ($)$ / shares	Jun. 30, 2018USD ($)$ / shares	Jun. 30, 2017USD ($)$ / shares	Dec. 31, 2017USD ($)
Debt Instruments [Line Items]
Long-term Debt and Capital Lease Obligations, Including Current Maturities				$ 11,127			$ 11,127		$ 13,117
Less current portion of long-term debt and short-term borrownings				(4)			(4)		(1,414)
Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months									1,414
Long-term debt				11,123			11,123		11,703
Liabilities, Fair Value Adjustment							63		97
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net				76			76		85
Revolving Credit Facility [Abstract]
Debt Instrument, Term			5 years
Senior Notes Issued by FCX [Abstract]
Repayments of Debt							2,297	$ 1,250
Exchanges and Early Extinguishment of Debt [Abstract]
Net loss (gain) on exchanges and early extinguishment of debt				9		$ (4)	8	(3)
Interest Costs Incurred				$ 165		$ 192	$ 341	$ 387
Dividends declared per share of common stock | $ / shares	$ 0.05			$ 0.05		$ 0	$ 0.10	$ 0
Long-term Debt and Capital Lease Obligations									11,703
Property, Plant and Equipment [Member]
Exchanges and Early Extinguishment of Debt [Abstract]
Interest Costs Capitalized				$ 23		$ 30	$ 48	$ 58
Line of Credit [Member] | Line of Credit [Member] | Cerro Verde [Member]
Debt Instruments [Line Items]
Long-term Debt				1,171			1,171		1,269
Line of Credit [Member] | Letter of Credit [Member]
Revolving Credit Facility [Abstract]
Long-term Line of Credit				13			13
Revolving Credit Facility, Remaining Borrowing Capacity			$ 1,500	1,500			1,500
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instruments [Line Items]
Long-term Debt				0			0
Revolving Credit Facility [Abstract]
Revolving Credit Facility, Remaining Borrowing Capacity				3,500			3,500
Line of Credit Facility, Maximum Borrowing Capacity			3,500
Exchanges and Early Extinguishment of Debt [Abstract]
Amount of revolving credit facility available to subsidiary			$ 500
Senior Notes [Member]
Debt Instruments [Line Items]
Extinguishment of Debt, Amount				480
Debt Instrument, Face Amount				454			454
Debt Issuance Costs, Net				26			26
Exchanges and Early Extinguishment of Debt [Abstract]
Extinguishment Of Debt, Redemption Value				470
Net loss (gain) on exchanges and early extinguishment of debt				10
Gains (losses) primarily associated with modification of credit facility						$ 4
Repayments of Lines of Credit					$ 100
Senior Notes [Member] | 2.375% Senior Notes due March 2018 [Member]
Senior Notes Issued by FCX [Abstract]
Repayments of Debt					$ 1,400
Senior Notes [Member] | 6.75% Senior Notes due 2022 [Member]
Debt Instruments [Line Items]
Extinguishment of Debt, Amount				426
Debt Instrument, Face Amount				404			404
Debt Issuance Costs, Net				22			22
Exchanges and Early Extinguishment of Debt [Abstract]
Extinguishment Of Debt, Redemption Value				418
Net loss (gain) on exchanges and early extinguishment of debt				8
Senior Notes [Member] | FCX [Member]
Debt Instruments [Line Items]
Long-term Debt, Gross				9,594			9,594		11,429
Senior Notes [Member] | Freeport-McMoRan Oil & Gas
Debt Instruments [Line Items]
Long-term Debt, Gross				0			0		54
Exchanges and Early Extinguishment of Debt [Abstract]
Extinguishment Of Debt, Redemption Value		$ 454
Senior Notes [Member] | Freeport-McMoRan Oil & Gas | 6.875% Senior Notes due 2023 [Member]
Debt Instruments [Line Items]
Extinguishment of Debt, Amount				54
Debt Instrument, Face Amount				50			50
Debt Issuance Costs, Net				4			4
Exchanges and Early Extinguishment of Debt [Abstract]
Extinguishment Of Debt, Redemption Value				52
Net loss (gain) on exchanges and early extinguishment of debt				2
Debentures [Member] | Freeport McMoRan Corporation [Member]
Debt Instruments [Line Items]
Long-term Debt, Gross				358			358		358
Other Debt, Including Capital Leases and Short Term Borrowings [Member]
Debt Instruments [Line Items]
Long-term Debt and Capital Lease Obligations, Including Current Maturities				$ 4			$ 4		$ 7
Maximum [Member]
Exchanges and Early Extinguishment of Debt [Abstract]
Debt Instrument, Covenant Compliance, Leverage Ratio			3.75
Minimum [Member]
Exchanges and Early Extinguishment of Debt [Abstract]
DebtInstrumentCovenantComplianceCoverageRatio			2.25

Financial Instruments (Unrealiz

Financial Instruments (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions	Jun. 30, 2018lb$ / lb$ / lb$ / oz	Jun. 30, 2018lboz$ / lb$ / lb$ / oz	Jun. 30, 2018USD ($)$ / lb$ / lb$ / oz	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)$ / lb$ / lb$ / oz	Jun. 30, 2017USD ($)
Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $			$ (44)	$ 34	$ (161)	$ 160
Commodity Contract [Member]
Unrealized gains (losses):
Derivative financial instruments | $			(4)	1	(19)	(1)
Hedged item – firm sales commitments | $			4	(1)	19	1
Realized gains (losses):
Matured derivative financial instruments | $			$ 0	1	$ 2	9
Commodity Contract [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	64
Derivative, Average Forward Price	3.08	3.08	3.08		3.08
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		46
Derivative, Average Forward Price	3.16	3.16	3.16		3.16
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments | $			$ 6	(4)	$ 8	(5)
Copper | Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $			$ (14)	35	$ (149)	142
Copper | Short [Member] | Embedded Derivative Financial Instruments [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		532
Derivative, Average Forward Price	3.12	3.12	3.12		3.12
Realized gains (losses):
Derivative Average Market Price	3.01	3.01	3.01		3.01
Copper | Long [Member] | Embedded Derivative Financial Instruments [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		159
Derivative, Average Forward Price	3.11	3.11	3.11		3.11
Realized gains (losses):
Derivative Average Market Price	3.01	3.01	3.01		3.01
Gold | Short [Member] | Embedded Derivative Financial Instruments [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | oz		308
Derivative, Average Forward Price | $ / oz	1,296.18	1,296.18	1,296.18		1,296.18
Realized gains (losses):
Derivative Average Market Price | $ / oz	1,254.91	1,254.91	1,254.91		1,254.91
gold and other [Member] | Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $			$ (30)	$ (1)	$ (12)	$ 18
Cobalt | Long [Member] | Embedded Derivative Financial Instruments [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		8
Derivative, Average Forward Price	32.55	32.55	32.55		32.55
Realized gains (losses):
Derivative Average Market Price	28.60	28.60	28.60		28.60

Financial Instruments (Unsettle

Financial Instruments (Unsettled Derivatives) (Details) oz in Thousands, lb in Millions, $ in Millions	Jun. 30, 2018USD ($)lb$ / lb$ / lb$ / oz	Jun. 30, 2018USD ($)lboz$ / lb$ / lb$ / oz	Jun. 30, 2018USD ($)$ / lb$ / lb$ / oz	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)$ / lb$ / lb$ / oz	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 23	$ 23	$ 23		$ 23		$ 167
Derivative Liability, Fair Value, Gross Liability	81	81	81		81		33
Derivative Asset, Fair Value, Gross Liability	0	0	0		0		1
Derivative Liability, Fair Value, Gross Asset	0	0	0		0		1
Derivative Asset	23	23	23		23		166
Derivative Liability	81	81	81		81		32
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0	0		0		151
Derivative Liability	64	64	64		64		0
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset	6	6	6		6		11
Derivative Liability	0	0	0		0		0
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	17	17	17		17		4
Derivative Liability	17	17	17		17		32
Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net			0	$ 1	2	$ 9
Derivative Asset, Fair Value, Gross Asset	6	6	6		6		12
Derivative Liability, Fair Value, Gross Liability	8	8	8		8		2
Derivative Asset, Fair Value, Gross Liability	0	0	0		0		1
Derivative Liability, Fair Value, Gross Asset	0	0	0		0		1
Derivative Asset	6	6	6		6		11
Derivative Liability	8	8	8		8		1
Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	17	17	17		17		155
Derivative Liability, Fair Value, Gross Liability	73	73	73		73		31
Derivative Asset, Fair Value, Gross Liability	0	0	0		0		0
Derivative Liability, Fair Value, Gross Asset	0	0	0		0		0
Derivative Asset	17	17	17		17		155
Derivative Liability	73	73	73		73		31
Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 0	$ 0	$ 0		$ 0		11
Derivative, Nonmonetary Notional Amount, Mass | lb	64
Derivative, Average Forward Price | $ / lb	3.08	3.08	3.08		3.08
Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 17	$ 17	$ 17		$ 17		155
Derivative Liability, Fair Value, Gross Liability	$ 73	$ 73	$ 73		$ 73		31
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		46
Derivative, Average Forward Price | $ / lb	3.16	3.16	3.16		3.16
Future [Member] | Not Designated as Hedging Instrument [Member] | FMC's Copper Futures and Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 8	$ 8	$ 8		$ 8		0
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	0	0	0		0		2
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 6	$ 6	$ 6		$ 6		1
Copper | Short [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price | $ / lb	3.01	3.01	3.01		3.01
Derivative, Nonmonetary Notional Amount, Mass | lb		532
Derivative, Average Forward Price | $ / lb	3.12	3.12	3.12		3.12
Copper | Long [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price | $ / lb	3.01	3.01	3.01		3.01
Derivative, Nonmonetary Notional Amount, Mass | lb		159
Derivative, Average Forward Price | $ / lb	3.11	3.11	3.11		3.11
Gold | Short [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price | $ / oz	1,254.91	1,254.91	1,254.91		1,254.91
Derivative, Nonmonetary Notional Amount, Mass | oz		308
Derivative, Average Forward Price | $ / oz	1,296.18	1,296.18	1,296.18		1,296.18
Sales [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			$ (44)	34	$ (161)	160
Sales [Member] | Copper | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			(14)	35	(149)	142
Sales [Member] | gold and other [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			(30)	(1)	(12)	18
Cost of Sales [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net			6	$ (4)	8	$ (5)
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 31	$ 31	$ 31		$ 31		$ 24

Financial Instruments (Derivati

Financial Instruments (Derivative) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$ 3,859	$ 4,447
Restricted Cash and Cash Equivalents, Current	120	52
Restricted Cash and Cash Equivalents, Noncurrent	127	132
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	4,106	4,631	$ 4,832	$ 4,403
Credit Derivative, Maximum Exposure, Undiscounted	23
Bank Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$ 2,400	$ 2,900

Fair Value Measurement (Fair Va

Fair Value Measurement (Fair Value Measurement Inputs) (Details) $ in Millions	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)$ / bbl	Nov. 16, 2016USD ($)$ / lb
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets				$ 381	$ 270
Other assets				2,391	2,270
Assets				37,028	37,302	$ 37,043
Derivative Liability, Fair Value, Gross Liability				81	33
Derivatives:
Derivative Asset				23	166
Derivatives: [Abstract]
Derivative Liability				81	32
Level 1
Investment securities (current and long-term):
Investments, Fair Value Disclosure				5	5
Trust Assets Fair Value Disclosure				4	11
Derivatives:
Derivative Asset				3	9
Contingent receivable				0	0
Derivatives: [Abstract]
Derivative Liability				7	1
Long-term debt, including current portion				0	0
Level 2
Investment securities (current and long-term):
Investments, Fair Value Disclosure				0	0
Trust Assets Fair Value Disclosure				120	123
Derivatives:
Derivative Asset				171	266
Contingent receivable				0	0
Derivatives: [Abstract]
Derivative Liability				74	32
Long-term debt, including current portion				10,662	13,269
Level 3
Investment securities (current and long-term):
Investments, Fair Value Disclosure				0	0
Trust Assets Fair Value Disclosure				0	0
Derivatives:
Derivative Asset				0	0
Contingent receivable				132	134
Derivatives: [Abstract]
Derivative Liability				0	0
Long-term debt, including current portion				0	0
Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Investments, Fair Value Disclosure				29	30
Trust Assets Fair Value Disclosure				178	189
Derivatives:
Derivative Asset				174	275
Contingent receivable				132	134
Derivatives: [Abstract]
Derivative Liability				81	33
Long-term debt, including current portion				10,662	13,269
Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Investments, Fair Value Disclosure				29	30
Trust Assets Fair Value Disclosure				178	189
Derivatives:
Derivative Asset				174	275
Contingent receivable				150	150
Derivatives: [Abstract]
Derivative Liability				81	33
Long-term debt, including current portion				11,127	13,117
Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability				73	31
Derivatives:
Derivative Asset				17	155
Derivatives: [Abstract]
Derivative Liability				73	31
Embedded Derivative Financial Instruments [Member] | Level 1
Derivatives:
Derivative Asset				0	0
Derivatives: [Abstract]
Derivative Liability				0	0
Embedded Derivative Financial Instruments [Member] | Level 2
Derivatives:
Derivative Asset				17	155
Derivatives: [Abstract]
Derivative Liability				73	31
Embedded Derivative Financial Instruments [Member] | Level 3
Derivatives:
Derivative Asset				0	0
Derivatives: [Abstract]
Derivative Liability				0	0
Embedded Derivative Financial Instruments [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset				17	155
Derivatives: [Abstract]
Derivative Liability				73	31
Embedded Derivative Financial Instruments [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset				17	155
Derivatives: [Abstract]
Derivative Liability				73	31
Forward Contracts [Member] | Level 1
Derivatives:
Derivative Asset				3	0
Forward Contracts [Member] | Level 2
Derivatives:
Derivative Asset				3	1
Forward Contracts [Member] | Level 3
Derivatives:
Derivative Asset				0	0
Forward Contracts [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset				6	1
Forward Contracts [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset				6	1
Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability				8	2
Derivatives:
Derivative Asset				6	11
Derivatives: [Abstract]
Derivative Liability				8	1
Commodity Contract [Member] | Level 1
Derivatives:
Derivative Asset					9
Derivatives: [Abstract]
Derivative Liability				7
Commodity Contract [Member] | Level 2
Derivatives:
Derivative Asset					2
Derivatives: [Abstract]
Derivative Liability				1
Commodity Contract [Member] | Level 3
Derivatives:
Derivative Asset					0
Derivatives: [Abstract]
Derivative Liability				0
Commodity Contract [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset					11
Derivatives: [Abstract]
Derivative Liability				8
Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset					11
Derivatives: [Abstract]
Derivative Liability				8
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				151	108
Africa and onshore California [Member] | Commodity Contract [Member] | Level 3
Derivatives:
Derivative Asset				0	0
Africa and onshore California [Member] | Commodity Contract [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset				151	108
Africa and onshore California [Member] | Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset				151	108
U.S. core fixed income fund [Member] | Level 1
Investment securities (current and long-term):
Marketable Securities				0	0
Trust Assets Fair Value Disclosure				0	0
U.S. core fixed income fund [Member] | Level 2
Investment securities (current and long-term):
Marketable Securities				0	0
Trust Assets Fair Value Disclosure				0	0
U.S. core fixed income fund [Member] | Level 3
Investment securities (current and long-term):
Marketable Securities				0	0
Trust Assets Fair Value Disclosure				0	0
U.S. core fixed income fund [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Marketable Securities				24	25
Trust Assets Fair Value Disclosure				54	55
U.S. core fixed income fund [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities				24	25
Trust Assets Fair Value Disclosure				54	55
Equity securities | Level 1
Investment securities (current and long-term):
Marketable Securities				5	5
Equity securities | Level 2
Investment securities (current and long-term):
Marketable Securities				0	0
Equity securities | Level 3
Investment securities (current and long-term):
Marketable Securities				0	0
Equity securities | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Marketable Securities				5	5
Equity securities | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities				5	5
Government bonds | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Government bonds | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				37	40
Government bonds | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Government bonds | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				37	40
Government bonds | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				37	40
Corporate bonds [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Corporate bonds [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				29	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				29	32
Corporate bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				29	32
Government mortgage-backed securities [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Government mortgage-backed securities [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				31	27
Government mortgage-backed securities [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Government mortgage-backed securities [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				31	27
Government mortgage-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				31	27
Asset-backed securities [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Asset-backed securities [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				14	15
Asset-backed securities [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Asset-backed securities [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				14	15
Asset-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				14	15
Money market funds [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				4	11
Money market funds [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Money market funds [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Money market funds [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				4	11
Money market funds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				4	11
Collateralized Mortgage Backed Securities [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Collateralized Mortgage Backed Securities [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				8	8
Collateralized Mortgage Backed Securities [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Collateralized Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				8	8
Collateralized Mortgage Backed Securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				8	8
Municipal bonds [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Municipal bonds [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				1	1
Municipal bonds [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				0	0
Municipal bonds [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				1	1
Municipal bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure				1	1
Bank Time Deposits [Member] | Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets				120	52
Other assets				126	123
Commodity Contract [Member] | Level 1
Derivatives: [Abstract]
Derivative Liability					1
Commodity Contract [Member] | Level 2
Derivatives: [Abstract]
Derivative Liability					1
Commodity Contract [Member] | Level 3
Derivatives: [Abstract]
Derivative Liability					0
Commodity Contract [Member] | Estimate of Fair Value Measurement [Member]
Derivatives: [Abstract]
Derivative Liability					2
Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Derivative Liability					2
Investment Securities [Member]
Investment securities (current and long-term):
Alternative Investment, Fair Value Disclosure				24	25
Investment Securities [Member] | U.S. core fixed income fund [Member]
Investment securities (current and long-term):
Alternative Investment, Fair Value Disclosure				24	25
Restricted Funds [Member]
Investment securities (current and long-term):
Alternative Investment, Fair Value Disclosure				54	55
Restricted Funds [Member] | U.S. core fixed income fund [Member]
Investment securities (current and long-term):
Alternative Investment, Fair Value Disclosure				54	55
Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability				73	31
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Estimate of Fair Value Measurement [Member]
Derivatives: [Abstract]
Long-term debt, including current portion				150	112
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability				31	24
TF Holdings Limited | Discontinued Operations, Disposed of by Sale
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other assets				61	74
Derivatives:
Contingent receivable								$ 120
Copper | TF Holdings Limited | Discontinued Operations, Disposed of by Sale
Derivatives:
Contingent receivable								60
Cobalt | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability				31	24
Cobalt | TF Holdings Limited | Discontinued Operations, Disposed of by Sale
Derivatives:
Contingent receivable								$ 60
Contingent consideration, reference threshold (in us dollars per pound) | $ / lb								20
Freeport-McMoRan Oil & Gas | Onshore California [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets				44
Other assets					34
Assets				90
Derivatives:
Contingent receivable							$ 150
Freeport-McMoRan Oil & Gas | Deepwater Gulf of Mexico Interests [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets				28	24
Other assets				$ 122	$ 126
Derivatives:
Contingent receivable							$ 150
Scenario, Forecast [Member] | Freeport-McMoRan Oil & Gas | Onshore California [Member]
Derivatives:
Contingent receivable	$ 50	$ 50	$ 50
Crude Oil [Member] | Freeport-McMoRan Oil & Gas | Onshore California [Member]
Derivatives:
Contingent consideration, reference threshold (in us dollars per pound) | $ / bbl							70
Maximum [Member] | Copper | TF Holdings Limited | Discontinued Operations, Disposed of by Sale
Derivatives:
Contingent consideration, reference threshold (in us dollars per pound) | $ / lb								3.50

Fair Value Measurement (Unobser

Fair Value Measurement (Unobservable inputs) (Details) - Gulf of Mexico Contingent Consideration [Member] $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at January 1, 2018	$ 134
Net unrealized loss related to assets still held at the end of the period	(2)
Fair value at June 30, 2018	$ 132

Contingencies and Commitments39

Contingencies and Commitments (Unaudited) Litigation (Details) - David Garcia v. Freeport-McMoRan Oil & Gas LLC Litigation [Member] $ in Millions	Jun. 30, 2018USD ($)
Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 50
Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 80

Contingencies and Commitments40

Contingencies and Commitments (Unaudited) Environmental Obligation (Details) $ in Millions	Jun. 30, 2018USD ($)
Cyprus Tohono [Member]
Environmental Exit Cost [Line Items]
Environmental Costs Recognized, Capitalized	$ 44

Contingencies and Commitments41

Contingencies and Commitments (Unaudited) Tax and Other Matters (Details) - PT Freeport Indonesia [Member] - Tax Authority, In Papau, Indonesia [Member] - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Relating to January 2016 through April 2016 [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 12	$ 20
Change in Loss Contingency, percent	40.00%
Relating to August 2015 through March 2018 [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 169
Relating to August 2015 through March 2018 [Member] | Penalties [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 85

Contingencies and Commitments42

Contingencies and Commitments (Unaudited) Mining Contract (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2018	Jun. 30, 2018
Contractual Obligations Mining Contracts [Line Items]
Term to construct smelter		5 years
PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Divestment percentage		51.00%
PT Indocopper Investama [Member] | PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Investment Owned, Percent of Net Assets		9.36%
Pt Smelting [Member] | PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Investment Owned, Percent of Net Assets		25.00%
Subsequent Event [Member] | PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Ownership interest by parent subsequent to business acquisition, pending	49.00%
Proceeds from divestiture of businesses, pending	$ 350
Subsequent Event [Member] | Rio Tinto [Member] | Rio Tinto Share In Joint Venture [Member]
Contractual Obligations Mining Contracts [Line Items]
Proceeds from divestiture of businesses, pending	$ 3,500
Interest In PT Indocopper Investama [Member] | Subsequent Event [Member] | PT Indonesia Asahan Aluminium (Persero) (Inalum) [Member]
Contractual Obligations Mining Contracts [Line Items]
Ownership percentage pending acquired	9.36%
Rio Tinto Share In Joint Venture [Member] | Subsequent Event [Member] | PT Indonesia Asahan Aluminium (Persero) (Inalum) [Member]
Contractual Obligations Mining Contracts [Line Items]
Cash consideration in a pending business combination	$ 3,850
PT Freeport Indonesia [Member] | Subsequent Event [Member] | PT Indonesia Asahan Aluminium (Persero) (Inalum) [Member]
Contractual Obligations Mining Contracts [Line Items]
Ownership percentage pending acquired	40.00%
Ownership interest subsequent to acquisition, pending	51.00%

Business Segments (Product Reve

Business Segments (Product Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue from External Customer [Line Items]
Treatment And Refining Charges Included In Copper Concentrates Revenues	$ (139)	$ (128)	$ (271)	$ (231)
Royalty Expense	(73)	(44)	(142)	(66)
Export Duties Expense	(55)	(27)	(101)	(41)
Revenue from Contract with Customer, Excluding Assessed Tax	5,212	3,677	10,197	6,892
Revenues	5,168	3,711	10,036	7,052
Copper In Concentrates [Member]
Revenue from External Customer [Line Items]
Revenues	1,703	1,241	3,350	2,222
Copper Cathode [Member]
Revenue from External Customer [Line Items]
Revenues	1,465	954	2,888	1,995
Refined Copper Products [Member]
Revenue from External Customer [Line Items]
Revenues	668	590	1,338	1,214
Gold
Revenue from External Customer [Line Items]
Revenues	933	571	1,741	839
Molybdenum [Member]
Revenue from External Customer [Line Items]
Revenues	310	239	596	448
Other Products Or Services [Member]
Revenue from External Customer [Line Items]
Revenues	400	281	798	512
Sales [Member] | Not Designated as Hedging Instrument [Member]
Revenue from External Customer [Line Items]
Matured derivative financial instruments	$ (44)	$ 34	$ (161)	$ 160

Business Segments (Segment Repo

Business Segments (Segment Reporting) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)segment	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment			4
Revenues	$ 5,168	$ 3,711	$ 10,036	$ 7,052
Production and delivery	2,915	2,480	5,723	4,668
Depreciation, depletion and amortization	442	450	893	839
Selling, general and administrative expenses	109	107	240	258
Mining exploration and research expenses	24	19	45	33
Environmental obligations and shutdown costs	59	(21)	68	4
Net gain on sales of assets	(45)	(10)	(56)	(33)
Operating income (loss)	1,664	686	3,123	1,283
Interest expense, net	142	162	293	329
Provision for (benefit from) income taxes	515	186	1,021	360
Total assets	37,028	37,043	37,028	37,043	$ 37,302
Capital expenditures	482	362	884	706
Assets held for sale	625	373	625	373	$ 508
Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	38	77	56	193
Production and delivery	789	720	1,580	1,386
Depreciation, depletion and amortization	92	118	186	234
Selling, general and administrative expenses	1	1	4	2
Mining exploration and research expenses	0	1	1	2
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	365	308	784	619
Interest expense, net	1	1	2	2
Provision for (benefit from) income taxes	0	0	0	0
Total assets	7,193	7,144	7,193	7,144
Capital expenditures	140	39	232	67
Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	890	678	1,665	1,430
Production and delivery	578	463	1,121	936
Depreciation, depletion and amortization	133	125	260	258
Selling, general and administrative expenses	2	3	4	5
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	277	144	482	404
Interest expense, net	16	15	33	31
Provision for (benefit from) income taxes	108	58	180	159
Total assets	10,345	10,307	10,345	10,307
Capital expenditures	71	30	138	45
Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	612	445	1,204	819
Production and delivery	(916)	(755)	(1,910)	(1,573)
Depreciation, depletion and amortization	14	25	35	54
Selling, general and administrative expenses	73	69	154	182
Mining exploration and research expenses	24	18	44	31
Environmental obligations and shutdown costs	59	(21)	68	4
Net gain on sales of assets	(45)	(10)	(56)	(33)
Operating income (loss)	(26)	(86)	(109)	(217)
Interest expense, net	119	142	247	288
Provision for (benefit from) income taxes	(22)	(9)	10	(4)
Total assets	5,550	5,931	5,550	5,931
Capital expenditures	20	61	54	108
Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	1,209	1,071	2,499	2,050
Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	100	57	202	173
Pt Smelting [Member] | Affiliated Entity [Member]
Segment Reporting Information [Line Items]
Revenues	649	536	$ 1,300	794
Pt Smelting [Member]
Segment Reporting Information [Line Items]
Deferred Intercompany Profit, Percentage			25.00%
Morenci [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	25	45	$ 28	111
Production and delivery	298	266	588	523
Depreciation, depletion and amortization	44	49	90	96
Selling, general and administrative expenses	1	1	2	1
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	250	207	517	385
Interest expense, net	1	0	2	1
Provision for (benefit from) income taxes	0	0	0	0
Total assets	2,819	2,830	2,819	2,830
Capital expenditures	41	29	88	52
Morenci [Member] | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	568	478	1,169	894
Other Individually Immaterial Operating Segments [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	13	32	28	82
Production and delivery	491	454	992	863
Depreciation, depletion and amortization	48	69	96	138
Selling, general and administrative expenses	0	0	2	1
Mining exploration and research expenses	0	1	1	2
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	115	101	267	234
Interest expense, net	0	1	0	1
Provision for (benefit from) income taxes	0	0	0	0
Total assets	4,374	4,314	4,374	4,314
Capital expenditures	99	10	144	15
Other Individually Immaterial Operating Segments [Member] | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	171	111	321	223
Production and delivery	133	87	249	169
Depreciation, depletion and amortization	24	21	46	42
Selling, general and administrative expenses	0	0	0	0
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	14	3	26	12
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	6	2	10	5
Total assets	1,715	1,479	1,715	1,479
Capital expenditures	3	1	7	2
Other Individually Immaterial Operating Segments [Member] | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	641	593	1,330	1,156
Other Individually Immaterial Operating Segments [Member] | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Cerro Verde [Member] | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	719	567	1,344	1,207
Production and delivery	445	376	872	767
Depreciation, depletion and amortization	109	104	214	216
Selling, general and administrative expenses	2	3	4	5
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	263	141	456	392
Interest expense, net	16	15	33	31
Provision for (benefit from) income taxes	102	56	170	154
Total assets	8,630	8,828	8,630	8,828
Capital expenditures	68	29	131	43
Cerro Verde [Member] | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	100	57	202	173
Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures			449	457
Grasberg Segment [Member] | Operating Segments | Indonesia
Segment Reporting Information [Line Items]
Revenues	1,639	1,065	3,160	1,599
Production and delivery	425	547	882	817
Depreciation, depletion and amortization	172	153	353	236
Selling, general and administrative expenses	28	30	67	60
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	1,015	335	1,911	486
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	429	135	830	202
Total assets	10,911	10,769	10,911	10,769
Capital expenditures	246	213	449	457
Grasberg Segment [Member] | Intersegment | Indonesia
Segment Reporting Information [Line Items]
Revenues	1	0	53	0
Molybdenum [Member]
Segment Reporting Information [Line Items]
Capital expenditures			2	2
Molybdenum [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Production and delivery	71	58	138	110
Depreciation, depletion and amortization	21	19	40	38
Selling, general and administrative expenses	0	0	0	0
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	19	(6)	28	(14)
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	0	0	0	0
Total assets	1,820	1,900	1,820	1,900
Capital expenditures	1	1	2	2
Molybdenum [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	111	71	206	134
Rod and Refining Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,387	1,046	2,772	2,153
Production and delivery	1,389	1,047	2,777	2,156
Depreciation, depletion and amortization	3	3	5	5
Selling, general and administrative expenses	0	0	0	0
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	3	2	6	6
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	0	0	0	0
Total assets	278	253	278	253
Capital expenditures	1	1	2	2
Rod and Refining Segment [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	8	6	16	14
Atlantic Copper Smelting and Refining Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	602	400	1,179	858
Production and delivery	579	400	1,135	836
Depreciation, depletion and amortization	7	7	14	14
Selling, general and administrative expenses	5	4	11	9
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	11	(11)	21	(1)
Interest expense, net	6	4	11	8
Provision for (benefit from) income taxes	0	2	1	3
Total assets	931	739	931	739
Capital expenditures	3	17	7	25
Atlantic Copper Smelting and Refining Segment [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0	2	0
Corporate And Eliminations [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	$ (1,429)	(1,205)	$ (2,978)	(2,371)
Restatement Adjustment [Member] | Accounting Standards Update 2017-05 [Member]
Segment Reporting Information [Line Items]
Production and delivery		(15)		(27)
Selling, general and administrative expenses				(2)
Mining exploration and research expenses				(1)
Environmental obligations and shutdown costs		(2)		(4)
Operating income (loss)		17		34
One-time Termination Benefits [Member] | Grasberg Segment [Member] | Operating Segments | Indonesia
Segment Reporting Information [Line Items]
Production and delivery		(82)		(103)
Selling, general and administrative expenses		$ (5)		$ (5)

Guarantor Financial Statement45

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

Guarantor Financial Statement46

Guarantor Financial Statements (Unaudited) Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
ASSETS
Current assets, other than assets held-for-sale	$ 10,343	$ 10,689
Property, plant, equipment and mine development costs, net	22,923	22,934
Investments in consolidated subsidiaries	0	0
Other assets	3,762	3,679
Total assets	37,028	37,302	$ 37,043
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	3,799	5,011
Long-term debt, less current portion	11,123	11,703
Deferred income taxes	3,702	3,649
Environmental and asset retirement obligations, less current portion	3,631	3,631
Investments in consolidated subsidiaries	0	0
Other liabilities	1,931	2,012
Total liabilities	24,186	26,006
Equity:
Stockholders' equity	9,474	7,977
Noncontrolling interests	3,368	3,319
Total equity	12,842	11,296
Total liabilities and equity	37,028	37,302
Eliminations [Member]
ASSETS
Current assets, other than assets held-for-sale	(1,279)	(790)
Property, plant, equipment and mine development costs, net	0	(10)
Investments in consolidated subsidiaries	(19,003)	(19,570)
Other assets	(77)	(491)
Total assets	(20,359)	(20,861)
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	(1,395)	(938)
Long-term debt, less current portion	(10,211)	(10,270)
Deferred income taxes	0	0
Environmental and asset retirement obligations, less current portion	0	0
Investments in consolidated subsidiaries	(11,225)	(11,250)
Other liabilities	(3,486)	(3,488)
Total liabilities	(26,317)	(25,946)
Equity:
Stockholders' equity	5,383	4,480
Noncontrolling interests	575	605
Total equity	5,958	5,085
Total liabilities and equity	(20,359)	(20,861)
FCX Issuer [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	619	75
Property, plant, equipment and mine development costs, net	19	14
Investments in consolidated subsidiaries	19,003	19,570
Other assets	547	943
Total assets	20,188	20,602
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	237	1,683
Long-term debt, less current portion	9,594	10,021
Deferred income taxes	727	748
Environmental and asset retirement obligations, less current portion	0	0
Investments in consolidated subsidiaries	0	0
Other liabilities	156	173
Total liabilities	10,714	12,625
Equity:
Stockholders' equity	9,474	7,977
Noncontrolling interests	0	0
Total equity	9,474	7,977
Total liabilities and equity	20,188	20,602
FM O&G LLC Guarantor [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	783	671
Property, plant, equipment and mine development costs, net	4	11
Investments in consolidated subsidiaries	0	0
Other assets	53	48
Total assets	840	730
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	120	220
Long-term debt, less current portion	6,686	6,512
Deferred income taxes	0	0
Environmental and asset retirement obligations, less current portion	206	201
Investments in consolidated subsidiaries	857	853
Other liabilities	3,339	3,340
Total liabilities	11,208	11,126
Equity:
Stockholders' equity	(10,368)	(10,396)
Noncontrolling interests	0	0
Total equity	(10,368)	(10,396)
Total liabilities and equity	840	730
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	10,220	10,733
Property, plant, equipment and mine development costs, net	22,900	22,919
Investments in consolidated subsidiaries	0	0
Other assets	3,239	3,179
Total assets	36,359	36,831
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	4,837	4,046
Long-term debt, less current portion	5,054	5,440
Deferred income taxes	2,975	2,901
Environmental and asset retirement obligations, less current portion	3,425	3,430
Investments in consolidated subsidiaries	10,368	10,397
Other liabilities	1,922	1,987
Total liabilities	28,581	28,201
Equity:
Stockholders' equity	4,985	5,916
Noncontrolling interests	2,793	2,714
Total equity	7,778	8,630
Total liabilities and equity	$ 36,359	$ 36,831

Guarantor Financial Statement47

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues	$ 5,168	$ 3,711	$ 10,036	$ 7,052
Total costs and expenses	3,504	3,025	6,913	5,769
Operating income (loss)	1,664	686	3,123	1,283
Interest expense, net	(142)	(162)	(293)	(329)
Other Nonoperating Income (Expense)	29	(11)	57	(3)
Net gain (loss) on early extinguishment of debt	9	(4)	8	(3)
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings (losses)	1,551	513	2,887	951
Provision for income taxes	(515)	(186)	(1,021)	(360)
Equity in affiliated companies’ net earnings (losses)	3	(1)	1	3
Net income from continuing operations	1,039	326	1,867	594
Net (loss) income from discontinued operations	(4)	9	(15)	47
Net income (loss)	1,035	335	1,852	641
Net income from continuing operations attributable to noncontrolling interests	(166)	(66)	(291)	(141)
Net income from discontinued operations attributable to noncontrolling interests	0	(1)	0	(4)
Net income attributable to common stockholders	869	268	1,561	496
Other comprehensive income (loss)	11	81	23	92
Total comprehensive income (loss)	880	349	1,584	588
Eliminations [Member]
Revenues	0	0	0	0
Total costs and expenses	(9)	10	(10)	12
Operating income (loss)	9	(10)	10	(12)
Interest expense, net	123	84	225	163
Other Nonoperating Income (Expense)	(123)	(84)	(225)	(163)
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings (losses)	9	(10)	10	(12)
Provision for income taxes	(2)	3	(2)	4
Equity in affiliated companies’ net earnings (losses)	(803)	(304)	(1,552)	(624)
Net income from continuing operations	(796)	(311)	(1,544)	(632)
Net (loss) income from discontinued operations	0	0	0	0
Net income (loss)	(796)	(311)	(1,544)	(632)
Net income from continuing operations attributable to noncontrolling interests	(64)	(20)	(118)	(30)
Net income from discontinued operations attributable to noncontrolling interests		0		0
Net income attributable to common stockholders	(860)	(331)	(1,662)	(662)
Other comprehensive income (loss)	(11)	(81)	(23)	(92)
Total comprehensive income (loss)	(871)	(412)	(1,685)	(754)
FCX Issuer [Member] | Reportable Legal Entities [Member]
Revenues	0	0	0	0
Total costs and expenses	4	14	13	22
Operating income (loss)	(4)	(14)	(13)	(22)
Interest expense, net	(97)	(117)	(201)	(239)
Other Nonoperating Income (Expense)	132	80	233	158
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings (losses)	31	(51)	19	(103)
Provision for income taxes	(11)	(72)	(94)	(132)
Equity in affiliated companies’ net earnings (losses)	849	391	1,636	731
Net income from continuing operations	869	268	1,561	496
Net (loss) income from discontinued operations	0	0	0	0
Net income (loss)	869	268	1,561	496
Net income from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income from discontinued operations attributable to noncontrolling interests		0		0
Net income attributable to common stockholders	869	268	1,561	496
Other comprehensive income (loss)	11	81	23	92
Total comprehensive income (loss)	880	349	1,584	588
FM O&G LLC Guarantor [Member] | Reportable Legal Entities [Member]
Revenues	16	12	31	25
Total costs and expenses	(16)	11	(8)	61
Operating income (loss)	32	1	39	(36)
Interest expense, net	(76)	(55)	(140)	(108)
Other Nonoperating Income (Expense)	2	0	2	0
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings (losses)	(42)	(54)	(99)	(144)
Provision for income taxes	10	19	22	50
Equity in affiliated companies’ net earnings (losses)	2	(26)	(4)	(6)
Net income from continuing operations	(30)	(61)	(81)	(100)
Net (loss) income from discontinued operations	0	0	0	0
Net income (loss)	(30)	(61)	(81)	(100)
Net income from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income from discontinued operations attributable to noncontrolling interests		0		0
Net income attributable to common stockholders	(30)	(61)	(81)	(100)
Other comprehensive income (loss)	0	0	0	0
Total comprehensive income (loss)	(30)	(61)	(81)	(100)
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenues	5,152	3,699	10,005	7,027
Total costs and expenses	3,525	2,990	6,918	5,674
Operating income (loss)	1,627	709	3,087	1,353
Interest expense, net	(92)	(74)	(177)	(145)
Other Nonoperating Income (Expense)	18	(7)	47	2
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings (losses)	1,553	628	2,957	1,210
Provision for income taxes	(512)	(136)	(947)	(282)
Equity in affiliated companies’ net earnings (losses)	(45)	(62)	(79)	(98)
Net income from continuing operations	996	430	1,931	830
Net (loss) income from discontinued operations	(4)	9	(15)	47
Net income (loss)	992	439	1,916	877
Net income from continuing operations attributable to noncontrolling interests	(102)	(46)	(173)	(111)
Net income from discontinued operations attributable to noncontrolling interests		(1)		(4)
Net income attributable to common stockholders	890	392	1,743	762
Other comprehensive income (loss)	11	81	23	92
Total comprehensive income (loss)	$ 901	$ 473	$ 1,766	$ 854

Guarantor Financial Statement48

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	$ 4,106	$ 4,832	$ 4,106	$ 4,832	$ 4,631	$ 4,403
Cash flow from operating activities:
Net cash provided by operating activities			2,678	1,829
Cash flow from investing activities:
Capital expenditures	(482)	(362)	(884)	(706)
Intercompany loans			0	0
Dividends from (investments in) consolidated subsidiaries			0	0
Asset sales and other, net			(86)	3
Net cash used in investing activities			(970)	(703)
Cash flow from financing activities:
Proceeds from debt			352	606
Repayments of debt			(2,297)	(1,250)
Intercompany loans			0	0
Cash dividends paid and contributions received, net			(314)	(41)
Other, net			(18)	(19)
Net cash used in financing activities			(2,277)	(704)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			(569)	422
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale			44	7
Eliminations [Member]
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	0	0	0	0	0	0
Cash flow from operating activities:
Net cash provided by operating activities			0	0
Cash flow from investing activities:
Capital expenditures			0	0
Intercompany loans			442	427
Dividends from (investments in) consolidated subsidiaries			(2,564)	(1,078)
Asset sales and other, net			0	0
Net cash used in investing activities			(2,122)	(651)
Cash flow from financing activities:
Proceeds from debt			0	0
Repayments of debt			0	0
Intercompany loans			(442)	(427)
Cash dividends paid and contributions received, net			2,548	1,025
Other, net			16	53
Net cash used in financing activities			2,122	651
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			0	0
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale			0	0
Reportable Legal Entities [Member] | FCX Issuer [Member]
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	0	0	0	0	0	0
Cash flow from operating activities:
Net cash provided by operating activities			(163)	(96)
Cash flow from investing activities:
Capital expenditures			(2)	0
Intercompany loans			(442)	(427)
Dividends from (investments in) consolidated subsidiaries			2,519	1,032
Asset sales and other, net			4	0
Net cash used in investing activities			2,079	605
Cash flow from financing activities:
Proceeds from debt			0	0
Repayments of debt			(1,826)	(499)
Intercompany loans			0	0
Cash dividends paid and contributions received, net			(73)	(2)
Other, net			(17)	(8)
Net cash used in financing activities			(1,916)	(509)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			0	0
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale			0	0
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	0	11	0	11	7	11
Cash flow from operating activities:
Net cash provided by operating activities			(184)	(284)
Cash flow from investing activities:
Capital expenditures			0	(23)
Intercompany loans			0	0
Dividends from (investments in) consolidated subsidiaries			0	(16)
Asset sales and other, net			1	(5)
Net cash used in investing activities			1	(44)
Cash flow from financing activities:
Proceeds from debt			0	0
Repayments of debt			(52)	0
Intercompany loans			228	337
Cash dividends paid and contributions received, net			0	0
Other, net			0	(9)
Net cash used in financing activities			176	328
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			(7)	0
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale			0	0
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	$ 4,106	$ 4,821	4,106	4,821	$ 4,624	$ 4,392
Cash flow from operating activities:
Net cash provided by operating activities			3,025	2,209
Cash flow from investing activities:
Capital expenditures			(882)	(683)
Intercompany loans			0	0
Dividends from (investments in) consolidated subsidiaries			45	62
Asset sales and other, net			(91)	8
Net cash used in investing activities			(928)	(613)
Cash flow from financing activities:
Proceeds from debt			352	606
Repayments of debt			(419)	(751)
Intercompany loans			214	90
Cash dividends paid and contributions received, net			(2,789)	(1,064)
Other, net			(17)	(55)
Net cash used in financing activities			(2,659)	(1,174)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			(562)	422
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale			$ 44	$ 7

New Accounting Standard (Unau49

New Accounting Standard (Unaudited) Restricted Cash ASU (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Payments for (Proceeds from) Other Investing Activities	$ (86)	$ 3
Net Cash Provided by (Used in) Investing Activities	(970)	(703)
Cash and Cash Equivalents, Period Increase (Decrease)	(569)	422
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	4,631	4,403
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	$ 4,106	4,832
Scenario, Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Payments for (Proceeds from) Other Investing Activities		(4)
Net Cash Provided by (Used in) Investing Activities		(710)
Cash and Cash Equivalents, Period Increase (Decrease)		415
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year		4,245
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year		4,667
Accounting Standards Update 2016-18 [Member] | Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Payments for (Proceeds from) Other Investing Activities		7
Net Cash Provided by (Used in) Investing Activities		7
Cash and Cash Equivalents, Period Increase (Decrease)		7
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year		158
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year		$ 165

New Accounting Standard (Unau50

New Accounting Standard (Unaudited) Pension/Postretirement ASU (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Mineral Extraction Processing and Marketing Costs	$ 2,915	$ 2,480	$ 5,723	$ 4,668
Cost of Revenue	3,357	2,930	6,616	5,507
Selling, general and administrative expenses	109	107	240	258
Mining exploration and research expenses	24	19	45	33
Environmental obligations and shutdown costs	59	(21)	68	4
Costs and Expenses	3,504	3,025	6,913	5,769
Operating income (loss)	1,664	686	3,123	1,283
Other Nonoperating Income (Expense)	$ 20	(7)	$ 49	0
Scenario, Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Mineral Extraction Processing and Marketing Costs		2,495		4,695
Cost of Revenue		2,945		5,534
Selling, general and administrative expenses				260
Mining exploration and research expenses				34
Environmental obligations and shutdown costs		(19)		8
Costs and Expenses		3,042		5,803
Operating income (loss)		669		1,249
Other Nonoperating Income (Expense)		10		34
Accounting Standards Update 2017-05 [Member] | Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Mineral Extraction Processing and Marketing Costs		(15)		(27)
Cost of Revenue		(15)		(27)
Selling, general and administrative expenses				(2)
Mining exploration and research expenses				(1)
Environmental obligations and shutdown costs		(2)		(4)
Costs and Expenses		(17)		(34)
Operating income (loss)		17		34
Other Nonoperating Income (Expense)		$ (17)		$ (34)