Freeport-McMoRan (FCX) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Freeport-McMoRan Inc.
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		1,450,634,551
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Document Type	10-Q
Entity Emerging Growth Company	false
Entity Small Business	false
Amendment Flag	false
Document Period End Date	Mar. 31, 2019

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 2,833	$ 4,217
Trade accounts receivable	781	829
Income and other tax receivables	410	493
Inventories:
Total materials and supplies, net	1,595	1,528
Mill and leach stockpiles	1,374	1,453
Product	1,492	1,778
Other current assets	560	422
Total current assets	9,045	10,720
Property, plant, equipment and mine development costs, net	28,497	28,010
Long-term mill and leach stockpiles	1,343	1,314
Other assets	2,174	2,172
Total assets	41,059	42,216
Current liabilities:
Accounts payable and accrued liabilities	2,599	2,625
Accrued income taxes	150	165
Current portion of environmental and asset retirement obligations	422	449
Dividends Payable, Current	73	73
Current portion of debt	3	17
Total current liabilities	3,247	3,329
Long-term debt, less current portion	9,902	11,124
Deferred income taxes	4,067	4,032
Environmental and asset retirement obligations, less current portion	3,632	3,609
Other liabilities	2,370	2,230
Total liabilities	23,218	24,324
Stockholders’ equity:
Common stock	158	158
Capital in excess of par value	25,963	26,013
Accumulated deficit	(12,010)	(12,041)
Accumulated other comprehensive loss	(594)	(605)
Common stock held in treasury	(3,734)	(3,727)
Total stockholders’ equity	9,783	9,798
Noncontrolling interests	8,058	8,094
Total equity	17,841	17,892
Total liabilities and equity	$ 41,059	$ 42,216

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenues	$ 3,792	$ 4,868
Cost of sales:
Production and delivery	2,919	2,808
Depreciation, depletion and amortization	347	451
Metals inventory adjustments	57	0
Total cost of sales	3,323	3,259
Selling, general and administrative expenses	112	131
Mining exploration and research expenses	27	21
Environmental obligations and shutdown costs	42	9
Net gain on sales of assets	(33)	(11)
Total costs and expenses	3,471	3,409
Operating income	321	1,459
Interest expense, net	(146)	(151)
Net loss on early extinguishment of debt	(6)	(1)
Other income, net	14	29
Income from continuing operations before income taxes and equity in affiliated companies’ net losses	183	1,336
Provision for income taxes	(105)	(506)
Equity in affiliated companies’ net losses	(3)	(2)
Net income from continuing operations	75	828
Net gain (loss) from discontinued operations	1	(11)
Net income	76	817
Net (income) loss attributable to noncontrolling interests:
Continuing operations	(45)	(125)
Net income attributable to common stockholders	$ 31	$ 692
Earnings Per Share, Basic and Diluted [Abstract]
Income (Loss) from Continuing Operations, Per Basic and Diluted Share	$ 0.02	$ 0.48
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share	0	(0.01)
Earnings Per Share, Basic and Diluted	$ 0.02	$ 0.47
Basic weighted-average shares of common stock outstanding	1,451	1,449
Diluted weighted-average shares of common shares outstanding	1,457	1,458
Dividends declared per share of common stock (in dollars per share)	$ 0.05	$ 0.05

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 76	$ 817
Defined benefit plans:
Amortization of unrecognized amounts included in net periodic benefit costs	11	12
Foreign exchange losses	0	(1)
Other comprehensive income	11	11
Total comprehensive income	87	828
Total comprehensive income attributable to noncontrolling interests	(45)	(124)
Total comprehensive income (loss)	$ 42	$ 704

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Metals inventory adjustments	$ 57	$ 0
Cash flow from operating activities:
Net income	76	817
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	347	451
Net gain on sales of assets	(33)	(11)
Stock-based Compensation	29	49
Net charges for environmental and asset retirement obligations, including accretion	64	53
Payments for environmental and asset retirement obligations	(46)	(38)
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash	26	18
Payment for Pension and Other Postretirement Benefits	(16)	(24)
Net loss on early extinguishment of debt	(6)	(1)
Deferred income taxes	33	22
(Gain) loss on disposal of discontinued operations	(1)	11
Increase (decrease) in long term mill and leach stockpiles	29	(22)
Other, net	48	19
Changes in working capital and other tax payments:
Accounts receivable	19	136
Inventories	221	(142)
Other current assets	42	(42)
Accounts payable and accrued liabilities	(247)	(96)
Accrued income taxes and timing of other tax payments	(62)	123
Net cash provided by operating activities	534	1,369
Cash flow from investing activities:
Capital expenditures	(622)	(402)
Proceeds from Sale of Other Assets, Investing Activities	84	0
Intangible water rights and other, net	(8)	(90)
Net cash used in investing activities	(546)	(492)
Cash flow from financing activities:
Proceeds from debt	114	122
Repayments of debt	(1,356)	(1,633)
Cash dividends and distributions paid:
Common stock	(73)	0
Noncontrolling interests	(9)	(80)
Stock-based awards net (payments) proceeds	(7)	3
Net cash used in financing activities	(1,331)	(1,588)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(1,343)	(711)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	4,455	4,710
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	3,112	3,999
North America Copper Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(210)	(92)
South America Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(61)	(67)
Grasberg Segment [Member]
Cash flow from investing activities:
Capital expenditures	(319)	(203)
Molybdenum [Member]
Cash flow from investing activities:
Capital expenditures	(4)	(1)
Other Segments [Member]
Cash flow from investing activities:
Capital expenditures	$ (28)	$ (39)

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCI Attributable to Parent [Member]	Common Stock Held in Treasury	Total Stockholder's Equity	Noncontrolling Interests
Balance (in shares) at Dec. 31, 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 issued stock-based awards	6	$ 0	6	0	0	$ 0	6	0
Stock-based compensation, including the tender of shares	41	0	44	0	0	$ (3)	41	0
Stock-based compensation, including the tender of shares (in shares)						0
Dividends	(245)		(72)	0			(72)	(173)
Net income attributable to common stockholders	692	0		692		$ 0	692	0
Net income (loss) attributable to noncontrolling interests	125	0				0	0	125
Other comprehensive income	11	$ 0	0		12	$ 0	12	(1)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	828
Balance (in shares) at Mar. 31, 2018		1,579				130
Balance at Mar. 31, 2018	11,926	$ 158	26,729	(14,030)	(475)	$ (3,726)	8,656	3,270
Noncontrolling Interest, Period Increase (Decrease)	(12)		(1)				(1)	(11)
Balance (in shares) at Dec. 31, 2018		1,579				130
Balance at Dec. 31, 2018	17,892	$ 158	26,013	(12,041)	(605)	$ (3,727)	9,798	8,094
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		3				0
Exercised and issued stock-based awards	1	$ 0	1	0	0	$ 0	1	0
Stock-based compensation, including the tender of shares	16	0	23	0	0	$ (7)	16	0
Stock-based compensation, including the tender of shares (in shares)						1
Dividends	(143)	$ 0	(73)	0	0	$ 0	(73)	(70)
Net income attributable to common stockholders	31			31			31	0
Net income (loss) attributable to noncontrolling interests	45						0	45
Other comprehensive income	11				11	$ 0	11	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	87
Balance (in shares) at Mar. 31, 2019		1,582				131
Balance at Mar. 31, 2019	$ 17,841	$ 158	$ 25,963	$ (12,010)	$ (594)	$ (3,734)	$ 9,783	$ 8,058

General Information (Unaudited)

General Information (Unaudited)	3 Months Ended
	Mar. 31, 2019
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, 2018 (2018 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three -month period ended March 31, 2019 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . Attribution of PT Freeport Indonesia (PT-FI) Net Income. FCX has concluded that the attribution of PT-FI’s net income or loss from the date of the divestment transaction ( i.e. , December 21, 2018) through December 31, 2022 (the Initial Period), should be based on the economics replacement agreement, which provides for FCX and the other pre-transaction PT-FI shareholders ( i.e. , PT Indonesia Asahan Aluminium (Persero) (PT Inalum) and PT Indonesia Papua Metal Dan Mineral (PTI)) to retain the economics of the revenue and cost sharing arrangements under PT-FI’s joint venture formerly with Rio Tinto plc (refer to Note 2 of FCX’s 2018 Form 10-K). The economics replacement agreement entitles FCX to approximately 81 percent of PT-FI dividends paid during the Initial Period, with the remaining 19 percent paid to the noncontrolling interests. For first-quarter 2019, PT-FI’s net income totaled $52 million , of which $43 million was attributed to FCX. PT-FI’s cumulative net loss since the December 21, 2018, transaction date through March 31, 2019, totaled $(84) million , of which $(68) million was attributed to FCX. The above-described attribution of PT-FI’s net income or loss applies only through the Initial Period. Beginning January 1, 2023, the attribution of PT-FI’s net income or loss will be based on equity ownership percentages ( 48.76 percent for FCX, 26.24 percent for PT Inalum and 25.00 percent

Earnings per Share (Unaudited)

Earnings per Share (Unaudited) Earnings per Share (Notes)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 Net income from continuing operations $ 75 $ 828 Net income from continuing operations attributable to noncontrolling interests (45 ) (125 ) Undistributed earnings allocated to participating securities (3 ) (4 ) Net income from continuing operations attributable to common stockholders 27 699 Net income (loss) from discontinued operations attributable to common stockholders 1 (11 ) Net income attributable to common stockholders $ 28 $ 688 Basic weighted-average shares of common stock outstanding 1,451 1,449 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units a 6 9 Diluted weighted-average shares of common stock outstanding 1,457 1,458 Basic and diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 0.02 $ 0.48 Discontinued operations — (0.01 ) $ 0.02 $ 0.47 a. Excludes approximately 3 million shares of common stock in first-quarter 2019 and 4 million in first-quarter 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 39 million shares of common stock in first-quarter 2019 and 33 million shares of common stock in first-quarter 2018

Inventories, Including Long-Ter

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Inventories, Including Long-Term Mill and Leach Stockpiles	INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES The components of inventories follow (in millions): March 31, December 31, 2018 Current inventories: Total materials and supplies, net a $ 1,595 $ 1,528 Mill stockpiles $ 247 $ 282 Leach stockpiles 1,127 1,171 Total current mill and leach stockpiles $ 1,374 $ 1,453 Raw materials (primarily concentrate) $ 273 $ 260 Work-in-process 137 192 Finished goods 1,082 1,326 Total product $ 1,492 $ 1,778 Long-term inventories: Mill stockpiles $ 265 $ 265 Leach stockpiles 1,078 1,049 Total long-term mill and leach stockpiles b $ 1,343 $ 1,314 a. Materials and supplies inventory was net of obsolescence reserves totaling $23 million at March 31, 2019 , and $24 million at December 31, 2018 . b. Estimated metals in stockpiles not expected to be recovered within the next 12 months. FCX recorded charges for adjustments to cobalt metals inventory carrying values of $57 million in first-quarter 2019

Income Taxes (Unaudited)

Income Taxes (Unaudited)	3 Months Ended
	Mar. 31, 2019
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 57 percent for first-quarter 2019 and 38 percent for first-quarter 2018 . Geographic sources of FCX’s benefit from (provision for) income taxes follow (in millions): Three Months Ended March 31, 2019 2018 U.S. operations $ 2 $ 3 International operations (107 ) (509 ) Total $ (105 ) $ (506 )

Debt and Equity

Debt and Equity	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt and Equity	NOTE 5. DEBT AND EQUITY The components of debt follow (in millions): March 31, December 31, 2018 Senior notes and debentures: Issued by FCX $ 8,595 $ 9,594 Issued by Freeport Minerals Corporation (FMC) 357 358 Cerro Verde credit facility 825 1,023 Other 128 166 Total debt 9,905 11,141 Less current portion of debt (3 ) (17 ) Long-term debt $ 9,902 $ 11,124 Revolving Credit Facility. At March 31, 2019 , 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. On May 2, 2019, FCX’s $3.5 billion revolving credit facility was amended to extend $3.26 billion of the facility by one year to April 20, 2024. The remaining $240 million matures on April 20, 2023 (the scheduled maturity date). In addition, the revolving credit facility was amended to modify the calculation of the total debt component used to determine the total leverage ratio by increasing the amount of unrestricted cash that may be applied to reduce the amount of total debt. There were no other substantive modifications to the revolving credit facility. Senior Notes. On March 27, 2019, FCX redeemed all of its outstanding $1.0 billion aggregate principal amount of 3.100% Senior Notes due 2020. Holders of these senior notes received the principal amount together with the redemption premium and accrued and unpaid interest up to the redemption date. As a result of this redemption, FCX recorded a loss on early extinguishment of debt totaling $5 million in first-quarter 2019 . Cerro Verde Credit Facility. In March 2019, Cerro Verde prepaid $200 million of its credit facility, which resulted in a $1 million loss recorded to early extinguishment of debt. Interest Expense, Net. Consolidated interest costs totaled $178 million in first-quarter 2019 and $176 million in first-quarter 2018 . Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $32 million in first-quarter 2019 and $25 million in first-quarter 2018 . Common Stock. On March 27, 2019, FCX declared a quarterly cash dividend of $0.05

Financial Instruments (Unaudite

Financial Instruments (Unaudited)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes, but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates. Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. As of March 31, 2019 , and December 31, 2018 , FCX had no price protection contracts relating to its mine production. A discussion of FCX’s derivative contracts and programs follows. Derivatives Designated as Hedging Instruments – Fair Value Hedges Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the three -month periods ended March 31, 2019 and 2018 . At March 31, 2019 , FCX held copper futures and swap contracts that qualified for hedge accounting for 66 million pounds at an average contract price of $2.81 per pound, with maturities through November 2020. A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized (losses) gains on the related hedged item follows (in millions): Three Months Ended March 31, 2019 2018 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 18 $ (15 ) Hedged item – firm sales commitments (18 ) 15 Realized gains: Matured derivative financial instruments 2 2 Derivatives Not Designated as Hedging Instruments Embedded Derivatives. Certain FCX concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (LBMA) gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement. FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the LBMA gold prices as specified in the contracts, which results in an embedded derivative ( i.e. , a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate or cathode at the then-current LME or COMEX copper price, and the LBMA gold price. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate or cathode sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted LBMA gold prices, until the date of final pricing. Similarly, FCX purchases copper and cobalt under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts. A summary of FCX’s embedded derivatives at March 31, 2019 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 613 $ 2.83 $ 2.94 September 2019 Gold (thousands of ounces) 131 1,300 1,296 May 2019 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 100 2.81 2.94 July 2019 Cobalt (millions of pounds) 3 14.98 9.24 June 2019 Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in cost of sales. At March 31, 2019 , Atlantic Copper held net copper forward purchase contracts for 11 million pounds at an average contract price of $2.92 per pound, with maturities through June 2019. Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended March 31, 2019 2018 Embedded derivatives in provisional sales contracts: a Copper $ 122 $ (135 ) Gold and other metals (2 ) 18 Copper forward contracts b 1 2 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs. Unsettled Derivative Financial Instruments A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): March 31, December 31, 2018 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 9 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts 85 23 Copper forward contracts 1 — Total derivative assets $ 95 $ 23 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ — $ 9 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts 14 39 Copper forward contracts 1 — Total derivative liabilities $ 15 $ 48 FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract on its balance sheet. FCX’s embedded derivatives on provisional sales/purchase contracts are netted with the corresponding outstanding receivable/payable balances. A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 85 $ 23 $ 14 $ 39 Copper derivatives 10 — 1 9 95 23 15 48 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 1 7 1 7 Copper derivatives 1 — 1 — 2 7 2 7 Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 84 16 13 32 Copper derivatives 9 — — 9 $ 93 $ 16 $ 13 $ 41 Balance sheet classification: Trade accounts receivable $ 70 $ 3 $ — $ 24 Other current assets 9 — — — Accounts payable and accrued liabilities 14 13 13 17 $ 93 $ 16 $ 13 $ 41 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 March 31, 2019 , the maximum amount of credit exposure associated with derivative transactions was $93 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 $1.5 billion at March 31, 2019 , and $2.3 billion at December 31, 2018 ), restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 7 for the fair values of investment securities, legally restricted funds and long-term debt). In addition, as of March 31, 2019 , FCX has contingent consideration assets related to the 2016 asset sales of TF Holdings Limited (TFHL), onshore California oil and gas properties and the Deepwater Gulf of Mexico (GOM) oil and gas properties (refer to Note 7 for the related fair values and to Note 2 of FCX’s 2018 Form 10-K 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 (in millions): March 31, 2019 December 31, 2018 Balance sheet components: Cash and cash equivalents $ 2,833 $ 4,217 Restricted cash and restricted cash equivalents included in: Other current assets 115 110 Other assets 164 128 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 3,112 $ 4,455

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENT Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during first-quarter 2019 . 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 GOM oil and gas properties (which was recorded under the loss recovery approach) and debt. A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 6) follows (in millions): At March 31, 2019 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 4 4 — 4 — — Total 29 29 25 4 — — Legally restricted funds: a U.S. core fixed income fund 57 57 57 — — — Government mortgage-backed securities 41 41 — — 41 — Government bonds and notes 33 33 — — 33 — Corporate bonds 29 29 — — 29 — Asset-backed securities 12 12 — — 12 — Collateralized mortgage-backed securities 7 7 — — 7 — Money market funds 6 6 — 6 — — Municipal bonds 1 1 — — 1 — Total 186 186 57 6 123 — Derivatives: Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts in a gross asset position c 85 85 — — 85 — Copper futures and swap contracts c 9 9 — 8 1 — Copper forward contracts c 1 1 — — 1 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 87 87 — — 87 — Total 182 182 — 8 174 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 138 117 — — — 117 Liabilities Derivatives: c Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts in a gross liability position $ 14 $ 14 $ — $ — $ 14 $ — Copper forward contracts 1 1 — — 1 — Total 15 15 — — 15 — Long-term debt, including current portion d 9,905 9,659 — — 9,659 — At December 31, 2018 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 4 4 — 4 — — Total 29 29 25 4 — — Legally restricted funds: a U.S. core fixed income fund 55 55 55 — — — Government mortgage-backed securities 38 38 — — 38 — Government bonds and notes 36 36 — — 36 — Corporate bonds 28 28 — — 28 — Asset-backed securities 11 11 — — 11 — Collateralized mortgage-backed securities 7 7 — — 7 — Money market funds 5 5 — 5 — — Municipal bonds 1 1 — — 1 — Total 181 181 55 5 121 — Derivatives: Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts in a gross asset position c 23 23 — — 23 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 73 73 — — 73 — Total 96 96 — — 96 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 143 127 — — — 127 Liabilities Derivatives: c Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts in a gross liability position $ 39 $ 39 $ — $ — $ 39 $ — Copper futures and swap contracts 9 9 — 7 2 — Total 48 48 — 7 41 — Long-term debt, including current portion d 11,141 10,238 — — 10,238 — 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 $115 million at March 31, 2019 , and $109 million at December 31, 2018 , and (ii) other assets of $163 million at March 31, 2019 , and $126 million at December 31, 2018 , primarily associated with an assurance bond to support PT-FI’s commitment for the development of a new smelter in Indonesia and PT-FI’s closure and reclamation guarantees. c. Refer to Note 6 for further discussion and balance sheet classifications. d. Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates. Valuation Techniques. The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice). Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy. Fixed income securities (government securities, corporate bonds, asset-backed securities, collateralized mortgage-backed securities and municipal bonds) are valued using a bid-evaluation price or a mid-evaluation price. 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. Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME or COMEX copper forward prices and the adjusted LBMA gold prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion); however, FCX’s contracts themselves are not traded on an exchange. FCX’s embedded derivatives on provisional cobalt purchases 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. As a result, these derivatives are classified within Level 2 of the fair value hierarchy. FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices. As reported in Note 2 of FCX’s 2018 Form 10-K, 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 (i) TFHL will continue to be recorded in discontinued operations and (ii) 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) $58 million at March 31, 2019 (included in other current assets in the consolidated balance sheet), and $57 million at December 31, 2018 (included in other assets), associated with the sale of TFHL and (ii) $29 million at March 31, 2019 ( $13 million included in other current assets and $16 million in other assets), and $16 million at December 31, 2018 (included in other assets), associated with the sale of the onshore California oil and gas properties. Also, contingent consideration of $50 million associated with the onshore California oil and gas properties was realized in 2018 and collected in first-quarter 2019 (included in proceeds from sales of oil and gas properties in the consolidated statements of cash flows) because the average Brent crude oil price exceeded $70 per barrel for 2018 and was included in other current assets in the consolidated balance sheet at December 31, 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 2018 Form 10-K, 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 first collection occurred in third-quarter 2018. The contingent consideration included in (i) other current assets totaled $19 million at March 31, 2019 , and $27 million at December 31, 2018 , and (ii) other assets totaled $119 million at March 31, 2019 , and $116 million at December 31, 2018 . 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 March 31, 2019 , as compared with those techniques used at December 31, 2018 . A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first three months of 2019 follows (in millions): Fair value at January 1, 2019 $ 127 Net unrealized loss related to assets still held at the end of the period (5 ) Settlements (5 ) Fair value at March 31, 2019 $ 117

Contingencies and Commitments (

Contingencies and Commitments (Unaudited)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	CONTINGENCIES AND COMMITMENTS Litigation There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2018 Form 10-K, other than the matter below. As discussed in Note 12 of FCX’s 2018 Form 10-K, there has been a significant increase in the number of cases alleging the presence of asbestos contamination in talc-based personal care products and in cases alleging exposure to talc products that are not alleged to be contaminated with asbestos. The primary targets have been the producers of those products, but defendants in many of these cases also include talc miners. Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX, and Cyprus Mines Corporation (Cyprus Mines), a wholly owned subsidiary of CAMC, are among those targets. Cyprus Mines was engaged in talc mining from 1964 until 1992 when it exited its talc business by conveying it to a third party in two related transactions. Those transactions involved (i) a transfer by Cyprus Mines of the assets of its talc business to a newly formed subsidiary that assumed all pre-sale and post-sale talc liabilities, subject to limited reservations, and (ii) a sale of the stock of that subsidiary to the third party. In 2011, the third party sold that subsidiary to Imerys Talc America (Imerys), an affiliate of Imerys S.A. Cyprus Mines has contractual indemnification rights, subject to limited reservations, against Imerys, which has historically acknowledged those indemnification obligations, and had taken responsibility for all cases tendered to it. However, on February 13, 2019, Imerys filed for Chapter 11 bankruptcy protection, which triggered an immediate automatic stay under the federal bankruptcy code prohibiting any party from continuing or initiating litigation or asserting new claims against Imerys. As a result, Imerys is no longer defending the talc lawsuits against Cyprus Mines and CAMC. In addition, Imerys has taken the position that it alone owns, and has the sole right to access, the proceeds of the legacy insurance coverage of Cyprus Mines and CAMC for talc liabilities. In late March 2019, Cyprus Mines and CAMC challenged this position and obtained emergency relief from the bankruptcy court to gain access to the insurance until the question of ownership and contractual access can be decided in an adversary proceeding before the bankruptcy court, which is currently scheduled for August 2019. On March 13, 2019, in a case pending at the time Imerys filed bankruptcy, a California jury entered a $29 million verdict against Johnson & Johnson and Cyprus Mines, of which approximately $2 million was attributed to Cyprus Mines. Taking advantage of the temporary access to the insurance authorized by the bankruptcy court, Cyprus Mines used the insurance to fully resolve the case. Cyprus Mines and the insurers also settled several other cases set for trial over the succeeding 90 days. Several trials have been scheduled in July and August 2019, and others may be scheduled prior to the adversary proceeding regarding the legacy insurance. FCX believes that Cyprus Mines and CAMC each has strong defenses to legal liability and that both should have access to the legacy insurance to cover defense costs, settlements and judgments, at least until the bankruptcy court decides otherwise or the insurance is exhausted. At this time, FCX cannot estimate the range of possible loss associated with these proceedings, but it does not currently believe the amount of any such losses are material to its consolidated financial statements. However, there can be no assurance that future developments will not alter this conclusion. Other Matters In March 2019, PT-FI’s export license was extended to March 8, 2020, and PT Smelting (PT-FI’s 25 percent

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Business Segment	BUSINESS SEGMENTS FCX has organized its mining operations into four primary divisions – North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci, Cerro Verde and Grasberg (Indonesia Mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining. Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums. FCX defers recognizing profits on sales from its mines to other segments, including Atlantic Copper Smelting & Refining and on 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 first quarters of 2019 and 2018 follow (in millions): Three Months Ended March 31, 2019 2018 Copper: Concentrate $ 1,165 $ 1,647 Cathode 859 1,185 Rod and other refined copper products 507 670 Purchased copper a 337 238 Gold 391 808 Molybdenum 288 286 Other b 277 398 Adjustments to revenues: Treatment charges (105 ) (132 ) Royalty expense c (30 ) (69 ) Export duties d (17 ) (46 ) Revenues from contracts with customers 3,672 4,985 Embedded derivatives e 120 (117 ) Total consolidated revenues $ 3,792 $ 4,868 a. FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b. Primarily includes revenues associated with cobalt and silver. c. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. d. Reflects PT-FI export duties. e. Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts. (In millions) Atlantic Corporate, North America Copper Mines South America Mining Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Three Months Ended March 31, 2019 Revenues: Unaffiliated customers $ 12 $ 95 $ 107 $ 727 $ 98 $ 825 $ 705 a $ — $ 1,128 $ 571 $ 456 b $ 3,792 Intersegment 458 469 927 126 — 126 58 91 6 5 (1,213 ) — Production and delivery 295 448 743 439 100 539 556 71 1,133 552 (675 ) 2,919 Depreciation, depletion and amortization 40 43 83 100 14 114 105 16 2 7 20 347 Metals inventory adjustments — — — — — — — — — — 57 57 Selling, general and administrative expenses 1 1 2 2 — 2 30 — — 5 73 112 Mining exploration and research expenses — — — — — — — — — — 27 27 Environmental obligations and shutdown costs — — — — — — — — — — 42 42 Net gain on sales of assets — — — — — — — — — — (33 ) (33 ) Operating income (loss) 134 72 206 312 (16 ) 296 72 4 (1 ) 12 (268 ) 321 Interest expense, net 1 — 1 29 — 29 — — — 6 110 146 Provision for (benefit from) income taxes — — — 110 (5 ) 105 26 — — 1 (27 ) 105 Total assets at March 31, 2019 2,904 4,760 7,664 8,674 1,720 10,394 15,792 1,785 232 771 4,421 41,059 Capital expenditures 62 148 210 56 5 61 319 4 1 4 23 622 Three Months Ended March 31, 2018 Revenues: Unaffiliated customers $ 3 $ 15 $ 18 $ 625 $ 150 $ 775 $ 1,521 a $ — $ 1,385 $ 577 $ 592 b $ 4,868 Intersegment 601 689 1,290 102 — 102 52 95 8 2 (1,549 ) — Production and delivery 290 501 791 427 116 543 457 67 1,388 556 (994 ) 2,808 Depreciation, depletion and amortization 46 48 94 105 22 127 181 19 2 7 21 451 Selling, general and administrative expenses 1 2 3 2 — 2 39 — — 6 81 131 Mining exploration and research expenses — 1 1 — — — — — — — 20 21 Environmental obligations and shutdown costs — — — — — — — — — — 9 9 Net gain on sales of assets — — — — — — — — — — (11 ) (11 ) Operating income (loss) 267 152 419 193 12 205 896 9 3 10 (83 ) 1,459 Interest expense, net 1 — 1 17 — 17 — — — 5 128 151 Provision for income taxes — — — 68 4 72 401 — — 1 32 506 Total assets at March 31, 2018 2,817 4,340 7,157 8,740 1,715 10,455 10,992 1,836 290 809 5,098 36,637 Capital expenditures 47 45 92 63 4 67 203 1 1 4 34 402 a. Includes PT-FI’s sales to PT Smelting totaling $409 million in first-quarter 2019 and $628 million in first-quarter 2018 . b.

Guarantor Financial Statements

Guarantor Financial Statements (Unaudited)	3 Months Ended
	Mar. 31, 2019
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 Freeport McMoRan Oil & Gas LLC (FM O&G LLC), as guarantor, which is a 100 -percent-owned subsidiary of FM O&G and FCX. The guarantee is an unsecured obligation of the guarantor and ranks equal in right of payment with all existing and future indebtedness of FM O&G LLC, including indebtedness under FCX’s revolving credit facility. The guarantee ranks senior in right of payment with all of FM O&G LLC’s future subordinated obligations and is effectively subordinated in right of payment to any debt of FM O&G LLC’s subsidiaries. The indentures provide that FM O&G LLC’s guarantee may be released or terminated for certain obligations under the following circumstances: (i) all or substantially all of the equity interests or assets of FM O&G LLC are sold to a third party; or (ii) FM O&G LLC no longer has any obligations under any FM O&G senior notes or any refinancing thereof and no longer guarantees any obligations of FCX under the revolving credit facility or any other senior debt or, in each case, any refinancing thereof. The following condensed consolidating financial information includes information regarding FCX, as issuer, FM O&G LLC, as guarantor, and all other non-guarantor subsidiaries of FCX. Included are the condensed consolidating balance sheets at March 31, 2019 , and December 31, 2018 , and the related condensed consolidating statements of comprehensive income (loss) and cash flows for the three months ended March 31, 2019 and 2018 (in millions), which should be read in conjunction with FCX’s notes to the consolidated financial statements. CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 253 $ 516 $ 8,801 $ (525 ) $ 9,045 Property, plant, equipment and mine development costs, net 19 6 28,470 2 28,497 Investments in consolidated subsidiaries 17,935 — — (17,935 ) — Other assets 977 23 3,250 (733 ) 3,517 Total assets $ 19,184 $ 545 $ 40,521 $ (19,191 ) $ 41,059 LIABILITIES AND EQUITY Current liabilities $ 199 $ 30 $ 3,579 $ (561 ) $ 3,247 Long-term debt, less current portion 8,595 7,005 5,563 (11,261 ) 9,902 Deferred income taxes 519 a — 3,548 — 4,067 Environmental and asset retirement obligations, less current portion — 230 3,402 — 3,632 Investments in consolidated subsidiaries — 574 10,634 (11,208 ) — Other liabilities 88 3,340 2,428 (3,486 ) 2,370 Total liabilities 9,401 11,179 29,154 (26,516 ) 23,218 Equity: Stockholders’ equity 9,783 (10,634 ) 8,721 1,913 9,783 Noncontrolling interests — — 2,646 5,412 8,058 Total equity 9,783 (10,634 ) 11,367 7,325 17,841 Total liabilities and equity $ 19,184 $ 545 $ 40,521 $ (19,191 ) $ 41,059 a. All U.S.-related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 309 $ 620 $ 10,376 $ (585 ) $ 10,720 Property, plant, equipment and mine development costs, net 19 7 27,984 — 28,010 Investments in consolidated subsidiaries 19,064 — — (19,064 ) — Other assets 880 23 3,218 (635 ) 3,486 Total assets 20,272 650 41,578 (20,284 ) 42,216 LIABILITIES AND EQUITY Current liabilities $ 245 $ 34 $ 3,667 $ (617 ) $ 3,329 Long-term debt, less current portion 9,594 6,984 5,649 (11,103 ) 11,124 Deferred income taxes 524 a — 3,508 — 4,032 Environmental and asset retirement obligations, less current portion — 227 3,382 — 3,609 Investments in consolidated subsidiaries — 578 10,513 (11,091 ) — Other liabilities 111 3,340 2,265 (3,486 ) 2,230 Total liabilities 10,474 11,163 28,984 (26,297 ) 24,324 Equity: Stockholders’ equity 9,798 (10,513 ) 9,912 601 9,798 Noncontrolling interests — — 2,682 5,412 8,094 Total equity 9,798 (10,513 ) 12,594 6,013 17,892 Total liabilities and equity 20,272 650 41,578 (20,284 ) 42,216 a. All U.S.-related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 3 $ 3,789 $ — $ 3,792 Total costs and expenses 13 — 3,460 (2 ) 3,471 Operating (loss) income (13 ) 3 329 2 321 Interest expense, net (90 ) (86 ) (109 ) 139 (146 ) Other income (expense), net 65 — 16 (73 ) 8 Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) (38 ) (83 ) 236 68 183 (Provision for) benefit from income taxes (1 ) 18 (122 ) — (105 ) Equity in affiliated companies’ net earnings (losses) 70 5 (63 ) (15 ) (3 ) Net income (loss) from continuing operations 31 (60 ) 51 53 75 Net income from discontinued operations — — 1 — 1 Net income (loss) 31 (60 ) 52 53 76 Net income attributable to noncontrolling interests — — (34 ) (11 ) (45 ) Net income (loss) attributable to common stockholders $ 31 $ (60 ) $ 18 $ 42 $ 31 Other comprehensive income (loss) 11 — 11 (11 ) 11 Total comprehensive income (loss) $ 42 $ (60 ) $ 29 $ 31 $ 42 Three Months Ended March 31, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 15 $ 4,853 $ — $ 4,868 Total costs and expenses 9 8 3,393 (1 ) 3,409 Operating (loss) income (9 ) 7 1,460 1 1,459 Interest expense, net (104 ) (64 ) (85 ) 102 (151 ) Other income (expense), net 101 — 29 (102 ) 28 (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (12 ) (57 ) 1,404 1 1,336 (Provision for) benefit from income taxes (83 ) 12 (435 ) — (506 ) Equity in affiliated companies’ net earnings (losses) 787 (6 ) (34 ) (749 ) (2 ) Net income (loss) from continuing operations 692 (51 ) 935 (748 ) 828 Net loss from discontinued operations — — (11 ) — (11 ) Net income (loss) 692 (51 ) 924 (748 ) 817 Net income attributable to noncontrolling interests — — (71 ) (54 ) (125 ) Net income (loss) attributable to common stockholders $ 692 $ (51 ) $ 853 $ (802 ) $ 692 Other comprehensive income (loss) 12 — 12 (12 ) 12 Total comprehensive income (loss) $ 704 $ (51 ) $ 865 $ (814 ) $ 704 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash provided by (used in) operating activities $ 19 $ (106 ) $ 621 $ — $ 534 Cash flow from investing activities: Capital expenditures — — (622 ) — (622 ) Intercompany loans (159 ) — — 159 — Dividends from (investments in) consolidated subsidiaries 1,224 — 25 (1,251 ) (2 ) Asset sales and other, net (1 ) 84 (5 ) — 78 Net cash provided by (used in) investing activities 1,064 84 (602 ) (1,092 ) (546 ) Cash flow from financing activities: Proceeds from debt — — 114 — 114 Repayments of debt (1,003 ) — (353 ) — (1,356 ) Intercompany loans — 22 137 (159 ) — Cash dividends paid and contributions received, net (73 ) — (1,242 ) 1,233 (82 ) Other, net (7 ) — (18 ) 18 (7 ) Net cash (used in) provided by financing activities (1,083 ) 22 (1,362 ) 1,092 (1,331 ) Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents — — (1,343 ) — (1,343 ) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year — — 4,455 — 4,455 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ — $ — $ 3,112 $ — $ 3,112 Three Months Ended March 31, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (156 ) $ (70 ) $ 1,595 $ — $ 1,369 Cash flow from investing activities: Capital expenditures — — (402 ) — (402 ) Intercompany loans (184 ) — — 184 — Dividends from (investments in) consolidated subsidiaries 1,746 — 23 (1,769 ) — Asset sales and other, net — — (90 ) — (90 ) Net cash provided by (used in) investing activities 1,562 — (469 ) (1,585 ) (492 ) Cash flow from financing activities: Proceeds from debt — — 122 — 122 Repayments of debt (1,409 ) — (224 ) — (1,633 ) Intercompany loans — 62 122 (184 ) — Cash dividends paid and contributions received, net — — (1,835 ) 1,755 (80 ) Other, net 3 — (14 ) 14 3 Net cash (used in) provided by financing activities (1,406 ) 62 (1,829 ) 1,585 (1,588 ) Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents — (8 ) (703 ) — (711 ) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year — 8 4,702 — 4,710 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ — $ — $ 3,999 $ — $ 3,999

New Accounting Standard

New Accounting Standard	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Standards	NEW ACCOUNTING STANDARDS Leases. Effective January 1, 2019, FCX adopted the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) that requires lessees to recognize most leases on the balance sheet. FCX elected the practical expedients allowing it to (i) apply the provisions of the updated lease guidance at the effective date, without adjusting the comparative periods presented and (ii) not reassess lease contracts, lease classification and initial direct costs of leases existing at adoption. FCX also elected an accounting policy to not recognize a lease asset and liability for leases with a term of 12 months or less and a purchase option that is not expected to be exercised. FCX leases various types of properties, including offices and equipment under non-cancelable leases. Nearly all of FCX’s leases were considered operating leases under the new ASU. Adoption of this ASU resulted in the recognition of $243 million in lease right-of-use assets and lease liabilities as of January 1, 2019. The components of FCX’s leases presented in the consolidated balance sheet as of March 31, 2019 , follow (in millions): Lease right-of-use assets (included in property, plant, equipment and mine development costs, net) $ 245 Short-term lease liabilities (included in accounts payable and accrued liabilities) $ 33 Long-term lease liabilities (included in other liabilities) 223 Total lease liabilities $ 256 Operating lease costs in first-quarter 2019 , primarily included in production and delivery expense in the consolidated statement of income, are as follows (in millions): Operating leases $ 12 Variable and short-term leases 21 Total lease costs $ 33 Lease costs totaled $80 million for the year 2018 and sublease income was immaterial. During first-quarter 2019, FCX paid $10 million for lease liabilities recorded in the consolidated balance sheet (included in operating cash flows in the consolidated statements of cash flows). As of March 31, 2019 , the weighted-average discount rate used to determine the lease liabilities was 5.7 percent and the weighted-average remaining lease term was 9.3 years . The future minimum payments for leases presented in the consolidated balance sheets at March 31, 2019, follows (in millions): Remaining nine months of 2019 $ 36 2020 45 2021 39 2022 33 2023 30 Thereafter 155 Total payments 338 Less amount representing interest (82 ) Present value of net minimum lease payments 256 Less current portion (33 ) Long-term portion $ 223 Financial Instruments.

Subsequent Events (Unaudited)

Subsequent Events (Unaudited)	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS FCX evaluated events after March 31, 2019

Earnings per Share (Unaudited_2

Earnings per Share (Unaudited) Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 Net income from continuing operations $ 75 $ 828 Net income from continuing operations attributable to noncontrolling interests (45 ) (125 ) Undistributed earnings allocated to participating securities (3 ) (4 ) Net income from continuing operations attributable to common stockholders 27 699 Net income (loss) from discontinued operations attributable to common stockholders 1 (11 ) Net income attributable to common stockholders $ 28 $ 688 Basic weighted-average shares of common stock outstanding 1,451 1,449 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units a 6 9 Diluted weighted-average shares of common stock outstanding 1,457 1,458 Basic and diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 0.02 $ 0.48 Discontinued operations — (0.01 ) $ 0.02 $ 0.47 a. Excludes approximately 3 million shares of common stock in first-quarter 2019 and 4 million in first-quarter 2018

Inventories, Including Long-T_2

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventories follow (in millions): March 31, December 31, 2018 Current inventories: Total materials and supplies, net a $ 1,595 $ 1,528 Mill stockpiles $ 247 $ 282 Leach stockpiles 1,127 1,171 Total current mill and leach stockpiles $ 1,374 $ 1,453 Raw materials (primarily concentrate) $ 273 $ 260 Work-in-process 137 192 Finished goods 1,082 1,326 Total product $ 1,492 $ 1,778 Long-term inventories: Mill stockpiles $ 265 $ 265 Leach stockpiles 1,078 1,049 Total long-term mill and leach stockpiles b $ 1,343 $ 1,314 a. Materials and supplies inventory was net of obsolescence reserves totaling $23 million at March 31, 2019 , and $24 million at December 31, 2018 . b.

Income Taxes (Unaudited) (Table

Income Taxes (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income before income taxes and equity in an affiliated companies' net earnings	Geographic sources of FCX’s benefit from (provision for) income taxes follow (in millions): Three Months Ended March 31, 2019 2018 U.S. operations $ 2 $ 3 International operations (107 ) (509 ) Total $ (105 ) $ (506 )

Debt and Equity (Tables)

Debt and Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The components of debt follow (in millions): March 31, December 31, 2018 Senior notes and debentures: Issued by FCX $ 8,595 $ 9,594 Issued by Freeport Minerals Corporation (FMC) 357 358 Cerro Verde credit facility 825 1,023 Other 128 166 Total debt 9,905 11,141 Less current portion of debt (3 ) (17 ) Long-term debt $ 9,902 $ 11,124

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item	A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized (losses) gains on the related hedged item follows (in millions): Three Months Ended March 31, 2019 2018 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 18 $ (15 ) Hedged item – firm sales commitments (18 ) 15 Realized gains: Matured derivative financial instruments 2 2
Schedule of Derivative Instruments	A summary of FCX’s embedded derivatives at March 31, 2019 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 613 $ 2.83 $ 2.94 September 2019 Gold (thousands of ounces) 131 1,300 1,296 May 2019 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 100 2.81 2.94 July 2019 Cobalt (millions of pounds) 3 14.98 9.24 June 2019
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions	A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended March 31, 2019 2018 Embedded derivatives in provisional sales contracts: a Copper $ 122 $ (135 ) Gold and other metals (2 ) 18 Copper forward contracts b 1 2 a. Amounts recorded in revenues. b.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): March 31, December 31, 2018 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 9 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts 85 23 Copper forward contracts 1 — Total derivative assets $ 95 $ 23 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ — $ 9 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts 14 39 Copper forward contracts 1 — Total derivative liabilities $ 15 $ 48
Offsetting Assets	A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 85 $ 23 $ 14 $ 39 Copper derivatives 10 — 1 9 95 23 15 48 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 1 7 1 7 Copper derivatives 1 — 1 — 2 7 2 7 Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 84 16 13 32 Copper derivatives 9 — — 9 $ 93 $ 16 $ 13 $ 41 Balance sheet classification: Trade accounts receivable $ 70 $ 3 $ — $ 24 Other current assets 9 — — — Accounts payable and accrued liabilities 14 13 13 17 $ 93 $ 16 $ 13 $ 41
Offsetting Liabilities	A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 85 $ 23 $ 14 $ 39 Copper derivatives 10 — 1 9 95 23 15 48 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 1 7 1 7 Copper derivatives 1 — 1 — 2 7 2 7 Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 84 16 13 32 Copper derivatives 9 — — 9 $ 93 $ 16 $ 13 $ 41 Balance sheet classification: Trade accounts receivable $ 70 $ 3 $ — $ 24 Other current assets 9 — — — Accounts payable and accrued liabilities 14 13 13 17 $ 93 $ 16 $ 13 $ 41
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows (in millions): March 31, 2019 December 31, 2018 Balance sheet components: Cash and cash equivalents $ 2,833 $ 4,217 Restricted cash and restricted cash equivalents included in: Other current assets 115 110 Other assets 164 128 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 3,112 $ 4,455

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs Disclosure	A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 6) follows (in millions): At March 31, 2019 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 4 4 — 4 — — Total 29 29 25 4 — — Legally restricted funds: a U.S. core fixed income fund 57 57 57 — — — Government mortgage-backed securities 41 41 — — 41 — Government bonds and notes 33 33 — — 33 — Corporate bonds 29 29 — — 29 — Asset-backed securities 12 12 — — 12 — Collateralized mortgage-backed securities 7 7 — — 7 — Money market funds 6 6 — 6 — — Municipal bonds 1 1 — — 1 — Total 186 186 57 6 123 — Derivatives: Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts in a gross asset position c 85 85 — — 85 — Copper futures and swap contracts c 9 9 — 8 1 — Copper forward contracts c 1 1 — — 1 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 87 87 — — 87 — Total 182 182 — 8 174 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 138 117 — — — 117 Liabilities Derivatives: c Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts in a gross liability position $ 14 $ 14 $ — $ — $ 14 $ — Copper forward contracts 1 1 — — 1 — Total 15 15 — — 15 — Long-term debt, including current portion d 9,905 9,659 — — 9,659 — At December 31, 2018 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 4 4 — 4 — — Total 29 29 25 4 — — Legally restricted funds: a U.S. core fixed income fund 55 55 55 — — — Government mortgage-backed securities 38 38 — — 38 — Government bonds and notes 36 36 — — 36 — Corporate bonds 28 28 — — 28 — Asset-backed securities 11 11 — — 11 — Collateralized mortgage-backed securities 7 7 — — 7 — Money market funds 5 5 — 5 — — Municipal bonds 1 1 — — 1 — Total 181 181 55 5 121 — Derivatives: Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts in a gross asset position c 23 23 — — 23 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 73 73 — — 73 — Total 96 96 — — 96 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 143 127 — — — 127 Liabilities Derivatives: c Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts in a gross liability position $ 39 $ 39 $ — $ — $ 39 $ — Copper futures and swap contracts 9 9 — 7 2 — Total 48 48 — 7 41 — Long-term debt, including current portion d 11,141 10,238 — — 10,238 — 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 $115 million at March 31, 2019 , and $109 million at December 31, 2018 , and (ii) other assets of $163 million at March 31, 2019 , and $126 million at December 31, 2018 , primarily associated with an assurance bond to support PT-FI’s commitment for the development of a new smelter in Indonesia and PT-FI’s closure and reclamation guarantees. c. Refer to Note 6 for further discussion and balance sheet classifications. d. Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.
Summary of Unobservable Input Reconciliation	A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first three months of 2019 follows (in millions): Fair value at January 1, 2019 $ 127 Net unrealized loss related to assets still held at the end of the period (5 ) Settlements (5 ) Fair value at March 31, 2019 $ 117

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services	FCX’s revenues attributable to the products it sold for the first quarters of 2019 and 2018 follow (in millions): Three Months Ended March 31, 2019 2018 Copper: Concentrate $ 1,165 $ 1,647 Cathode 859 1,185 Rod and other refined copper products 507 670 Purchased copper a 337 238 Gold 391 808 Molybdenum 288 286 Other b 277 398 Adjustments to revenues: Treatment charges (105 ) (132 ) Royalty expense c (30 ) (69 ) Export duties d (17 ) (46 ) Revenues from contracts with customers 3,672 4,985 Embedded derivatives e 120 (117 ) Total consolidated revenues $ 3,792 $ 4,868 a. FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b. Primarily includes revenues associated with cobalt and silver. c. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. d. Reflects PT-FI export duties. e. Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.
Schedule of financial information by business segment	Financial Information by Business Segment (In millions) Atlantic Corporate, North America Copper Mines South America Mining Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Three Months Ended March 31, 2019 Revenues: Unaffiliated customers $ 12 $ 95 $ 107 $ 727 $ 98 $ 825 $ 705 a $ — $ 1,128 $ 571 $ 456 b $ 3,792 Intersegment 458 469 927 126 — 126 58 91 6 5 (1,213 ) — Production and delivery 295 448 743 439 100 539 556 71 1,133 552 (675 ) 2,919 Depreciation, depletion and amortization 40 43 83 100 14 114 105 16 2 7 20 347 Metals inventory adjustments — — — — — — — — — — 57 57 Selling, general and administrative expenses 1 1 2 2 — 2 30 — — 5 73 112 Mining exploration and research expenses — — — — — — — — — — 27 27 Environmental obligations and shutdown costs — — — — — — — — — — 42 42 Net gain on sales of assets — — — — — — — — — — (33 ) (33 ) Operating income (loss) 134 72 206 312 (16 ) 296 72 4 (1 ) 12 (268 ) 321 Interest expense, net 1 — 1 29 — 29 — — — 6 110 146 Provision for (benefit from) income taxes — — — 110 (5 ) 105 26 — — 1 (27 ) 105 Total assets at March 31, 2019 2,904 4,760 7,664 8,674 1,720 10,394 15,792 1,785 232 771 4,421 41,059 Capital expenditures 62 148 210 56 5 61 319 4 1 4 23 622 Three Months Ended March 31, 2018 Revenues: Unaffiliated customers $ 3 $ 15 $ 18 $ 625 $ 150 $ 775 $ 1,521 a $ — $ 1,385 $ 577 $ 592 b $ 4,868 Intersegment 601 689 1,290 102 — 102 52 95 8 2 (1,549 ) — Production and delivery 290 501 791 427 116 543 457 67 1,388 556 (994 ) 2,808 Depreciation, depletion and amortization 46 48 94 105 22 127 181 19 2 7 21 451 Selling, general and administrative expenses 1 2 3 2 — 2 39 — — 6 81 131 Mining exploration and research expenses — 1 1 — — — — — — — 20 21 Environmental obligations and shutdown costs — — — — — — — — — — 9 9 Net gain on sales of assets — — — — — — — — — — (11 ) (11 ) Operating income (loss) 267 152 419 193 12 205 896 9 3 10 (83 ) 1,459 Interest expense, net 1 — 1 17 — 17 — — — 5 128 151 Provision for income taxes — — — 68 4 72 401 — — 1 32 506 Total assets at March 31, 2018 2,817 4,340 7,157 8,740 1,715 10,455 10,992 1,836 290 809 5,098 36,637 Capital expenditures 47 45 92 63 4 67 203 1 1 4 34 402 a. Includes PT-FI’s sales to PT Smelting totaling $409 million in first-quarter 2019 and $628 million in first-quarter 2018 . b.

Guarantor Financial Statement_2

Guarantor Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2019
Guarantor Financial Statements [Abstract]
Condensed Consolidating Balance Sheets [Table Text Block]	CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 253 $ 516 $ 8,801 $ (525 ) $ 9,045 Property, plant, equipment and mine development costs, net 19 6 28,470 2 28,497 Investments in consolidated subsidiaries 17,935 — — (17,935 ) — Other assets 977 23 3,250 (733 ) 3,517 Total assets $ 19,184 $ 545 $ 40,521 $ (19,191 ) $ 41,059 LIABILITIES AND EQUITY Current liabilities $ 199 $ 30 $ 3,579 $ (561 ) $ 3,247 Long-term debt, less current portion 8,595 7,005 5,563 (11,261 ) 9,902 Deferred income taxes 519 a — 3,548 — 4,067 Environmental and asset retirement obligations, less current portion — 230 3,402 — 3,632 Investments in consolidated subsidiaries — 574 10,634 (11,208 ) — Other liabilities 88 3,340 2,428 (3,486 ) 2,370 Total liabilities 9,401 11,179 29,154 (26,516 ) 23,218 Equity: Stockholders’ equity 9,783 (10,634 ) 8,721 1,913 9,783 Noncontrolling interests — — 2,646 5,412 8,058 Total equity 9,783 (10,634 ) 11,367 7,325 17,841 Total liabilities and equity $ 19,184 $ 545 $ 40,521 $ (19,191 ) $ 41,059 a. All U.S.-related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 309 $ 620 $ 10,376 $ (585 ) $ 10,720 Property, plant, equipment and mine development costs, net 19 7 27,984 — 28,010 Investments in consolidated subsidiaries 19,064 — — (19,064 ) — Other assets 880 23 3,218 (635 ) 3,486 Total assets 20,272 650 41,578 (20,284 ) 42,216 LIABILITIES AND EQUITY Current liabilities $ 245 $ 34 $ 3,667 $ (617 ) $ 3,329 Long-term debt, less current portion 9,594 6,984 5,649 (11,103 ) 11,124 Deferred income taxes 524 a — 3,508 — 4,032 Environmental and asset retirement obligations, less current portion — 227 3,382 — 3,609 Investments in consolidated subsidiaries — 578 10,513 (11,091 ) — Other liabilities 111 3,340 2,265 (3,486 ) 2,230 Total liabilities 10,474 11,163 28,984 (26,297 ) 24,324 Equity: Stockholders’ equity 9,798 (10,513 ) 9,912 601 9,798 Noncontrolling interests — — 2,682 5,412 8,094 Total equity 9,798 (10,513 ) 12,594 6,013 17,892 Total liabilities and equity 20,272 650 41,578 (20,284 ) 42,216 a.
Condensed Consolidating Statements of Income [Table Text Block]	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 3 $ 3,789 $ — $ 3,792 Total costs and expenses 13 — 3,460 (2 ) 3,471 Operating (loss) income (13 ) 3 329 2 321 Interest expense, net (90 ) (86 ) (109 ) 139 (146 ) Other income (expense), net 65 — 16 (73 ) 8 Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) (38 ) (83 ) 236 68 183 (Provision for) benefit from income taxes (1 ) 18 (122 ) — (105 ) Equity in affiliated companies’ net earnings (losses) 70 5 (63 ) (15 ) (3 ) Net income (loss) from continuing operations 31 (60 ) 51 53 75 Net income from discontinued operations — — 1 — 1 Net income (loss) 31 (60 ) 52 53 76 Net income attributable to noncontrolling interests — — (34 ) (11 ) (45 ) Net income (loss) attributable to common stockholders $ 31 $ (60 ) $ 18 $ 42 $ 31 Other comprehensive income (loss) 11 — 11 (11 ) 11 Total comprehensive income (loss) $ 42 $ (60 ) $ 29 $ 31 $ 42 Three Months Ended March 31, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 15 $ 4,853 $ — $ 4,868 Total costs and expenses 9 8 3,393 (1 ) 3,409 Operating (loss) income (9 ) 7 1,460 1 1,459 Interest expense, net (104 ) (64 ) (85 ) 102 (151 ) Other income (expense), net 101 — 29 (102 ) 28 (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (12 ) (57 ) 1,404 1 1,336 (Provision for) benefit from income taxes (83 ) 12 (435 ) — (506 ) Equity in affiliated companies’ net earnings (losses) 787 (6 ) (34 ) (749 ) (2 ) Net income (loss) from continuing operations 692 (51 ) 935 (748 ) 828 Net loss from discontinued operations — — (11 ) — (11 ) Net income (loss) 692 (51 ) 924 (748 ) 817 Net income attributable to noncontrolling interests — — (71 ) (54 ) (125 ) Net income (loss) attributable to common stockholders $ 692 $ (51 ) $ 853 $ (802 ) $ 692 Other comprehensive income (loss) 12 — 12 (12 ) 12 Total comprehensive income (loss) $ 704 $ (51 ) $ 865 $ (814 ) $ 704
Condensed Consolidating Statements of Cash Flows [Table Text Block]	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash provided by (used in) operating activities $ 19 $ (106 ) $ 621 $ — $ 534 Cash flow from investing activities: Capital expenditures — — (622 ) — (622 ) Intercompany loans (159 ) — — 159 — Dividends from (investments in) consolidated subsidiaries 1,224 — 25 (1,251 ) (2 ) Asset sales and other, net (1 ) 84 (5 ) — 78 Net cash provided by (used in) investing activities 1,064 84 (602 ) (1,092 ) (546 ) Cash flow from financing activities: Proceeds from debt — — 114 — 114 Repayments of debt (1,003 ) — (353 ) — (1,356 ) Intercompany loans — 22 137 (159 ) — Cash dividends paid and contributions received, net (73 ) — (1,242 ) 1,233 (82 ) Other, net (7 ) — (18 ) 18 (7 ) Net cash (used in) provided by financing activities (1,083 ) 22 (1,362 ) 1,092 (1,331 ) Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents — — (1,343 ) — (1,343 ) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year — — 4,455 — 4,455 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ — $ — $ 3,112 $ — $ 3,112 Three Months Ended March 31, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (156 ) $ (70 ) $ 1,595 $ — $ 1,369 Cash flow from investing activities: Capital expenditures — — (402 ) — (402 ) Intercompany loans (184 ) — — 184 — Dividends from (investments in) consolidated subsidiaries 1,746 — 23 (1,769 ) — Asset sales and other, net — — (90 ) — (90 ) Net cash provided by (used in) investing activities 1,562 — (469 ) (1,585 ) (492 ) Cash flow from financing activities: Proceeds from debt — — 122 — 122 Repayments of debt (1,409 ) — (224 ) — (1,633 ) Intercompany loans — 62 122 (184 ) — Cash dividends paid and contributions received, net — — (1,835 ) 1,755 (80 ) Other, net 3 — (14 ) 14 3 Net cash (used in) provided by financing activities (1,406 ) 62 (1,829 ) 1,585 (1,588 ) Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents — (8 ) (703 ) — (711 ) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year — 8 4,702 — 4,710 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ — $ — $ 3,999 $ — $ 3,999

New Accounting Standard (Tables

New Accounting Standard (Tables)	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Summary of components of leases presented in the consolidated balance sheet	The components of FCX’s leases presented in the consolidated balance sheet as of March 31, 2019 , follow (in millions): Lease right-of-use assets (included in property, plant, equipment and mine development costs, net) $ 245 Short-term lease liabilities (included in accounts payable and accrued liabilities) $ 33 Long-term lease liabilities (included in other liabilities) 223 Total lease liabilities $ 256
Schedule of operating lease costs	Operating lease costs in first-quarter 2019 , primarily included in production and delivery expense in the consolidated statement of income, are as follows (in millions): Operating leases $ 12 Variable and short-term leases 21 Total lease costs $ 33
Schedule of future minimum payments for leases	The future minimum payments for leases presented in the consolidated balance sheets at March 31, 2019, follows (in millions): Remaining nine months of 2019 $ 36 2020 45 2021 39 2022 33 2023 30 Thereafter 155 Total payments 338 Less amount representing interest (82 ) Present value of net minimum lease payments 256 Less current portion (33 ) Long-term portion $ 223

General Information (Unaudite_2

General Information (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2023	Dec. 21, 2018
Net income (loss)	$ 76		$ 817
PT Freeport Indonesia
Net income (loss)	52	$ (84)
Investment owned, percent					81.00%
Net income (loss), FCX	$ 43	$ (68)
PT Freeport Indonesia | Scenario, Forecast [Member]
Investment owned, percent				48.76%
PT-FI | PT Freeport Indonesia
Investment owned, percent					19.00%
PT Freeport Indonesia | PT Indonesia Asahan Aluminium (Persero) (Inalum) [Member] | Scenario, Forecast [Member]
Investment owned, percent				26.24%
PT Freeport Indonesia | PT Indonesia Papua Metal dan Mineral [Member] | Scenario, Forecast [Member]
Investment owned, percent				25.00%

Earnings per Share (Unaudited_3

Earnings per Share (Unaudited) Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income from continuing operations	$ 75	$ 828
Net income from continuing operations attributable to noncontrolling interests	(45)	(125)
Undistributed earnings allocated to participating securities	(3)	(4)
Net income from continuing operations attributable to common stockholders	27	699
Net gain (loss) from discontinued operations	1	(11)
Net income (loss) from discontinued operations attributable to common stockholders	1	(11)
Net income attributable to common stockholders	$ 28	$ 688
Basic weighted-average shares of common stock outstanding	1,451	1,449
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock unitsa	6	9
Diluted weighted-average shares of common stock outstanding	1,457	1,458
Earnings Per Share, Basic and Diluted [Abstract]
Income (Loss) from Continuing Operations, Per Basic and Diluted Share	$ 0.02	$ 0.48
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share	0	(0.01)
Earnings Per Share, Basic and Diluted	$ 0.02	$ 0.47
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3	4
Dilutive Securities Excluded from Computation of EPS Amount	39	33

Inventories, Including Long-T_3

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Components of Inventories [Line Items]
Total materials and supplies, net	$ 1,595		$ 1,528
Mill stockpiles, current	247		282
Leach stockpiles, current	1,127		1,171
Total current mill and leach stockpiles	1,374		1,453
Raw materials (primarily concentrate)	273		260
Work-in-process	137		192
Finished goods	1,082		1,326
Total product	1,492		1,778
Mill stockpiles, noncurrent	265		265
Leach stockpiles, noncurrent	1,078		1,049
Total long-term mill and leach stockpiles	1,343		1,314
Inventory obsolescence reserves	23		$ 24
Inventory Write-down	$ 57	$ 0

Income Taxes (Unaudited) (Detai

Income Taxes (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Consolidated effective income tax rate (percent)	57.00%	38.00%
Schedule Of Income Taxes [Line Items]
U.S. operations	$ 2	$ 3
International operations	(107)	(509)
Total	$ (105)	$ (506)

Debt and Equity (Details)

Debt and Equity (Details) - USD ($)	Mar. 27, 2019	Mar. 31, 2019	Mar. 31, 2018	May 02, 2019	Dec. 31, 2018
Total Debt [Abstract]
Total debt		$ 9,905,000,000			$ 11,141,000,000
Current portion of debt		(3,000,000)			(17,000,000)
Long-term debt, less current portion		9,902,000,000			11,124,000,000
Net gain (loss) on exchanges and early extinguishment of debt		(6,000,000)	$ (1,000,000)
Interest costs		$ 178,000,000	$ 176,000,000
Dividends declared per share of common stock (in dollars per share)	$ 0.05	$ 0.05	$ 0.05
Property, Plant and Equipment [Member]
Total Debt [Abstract]
Interest costs capitalized		$ 32,000,000	$ 25,000,000
Line of Credit [Member] | Cerro Verde [Member]
Total Debt [Abstract]
Total debt		825,000,000			1,023,000,000
Line of Credit [Member] | Letter of Credit [Member]
Total Debt [Abstract]
Letter of credit		13,000,000
Revolving credit facility, availability		1,500,000,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Total Debt [Abstract]
Debt		0
Revolving credit facility, availability		3,500,000,000
Senior Notes [Member]
Total Debt [Abstract]
Net gain (loss) on exchanges and early extinguishment of debt		(1,000,000)
Repayments of credit facility		200,000,000
Senior Notes [Member] | 3.100% Senior Notes due March 2020 [Member]
Total Debt [Abstract]
Debt, principal	$ 1,000,000,000
Stated interest rate	3.10%
Net gain (loss) on exchanges and early extinguishment of debt		(5,000,000)
Senior Notes [Member] | FCX [Member]
Total Debt [Abstract]
Total debt		8,595,000,000			9,594,000,000
Debentures [Member] | Freeport McMoRan Corporation [Member]
Total Debt [Abstract]
Total debt		357,000,000			358,000,000
Other Debt, Including Capital Leases and Short Term Borrowings [Member]
Total Debt [Abstract]
Total debt		$ 128,000,000			$ 166,000,000
Subsequent Event [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Amended Credit Facility [Member]
Total Debt [Abstract]
Revolving credit facility, availability				$ 3,500,000,000
Subsequent Event [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Amended Credit Facility, Maturing April 20, 2024 [Member]
Total Debt [Abstract]
Revolving credit facility, availability				3,260,000,000
Subsequent Event [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Amended Credit Facility, Maturing April 20, 2023 [Member]
Total Debt [Abstract]
Revolving credit facility, availability				$ 240,000,000

Financial Instruments (Unrealiz

Financial Instruments (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions	Mar. 31, 2019lboz$ / lb$ / lb$ / oz	Mar. 31, 2019USD ($)$ / lb$ / lb$ / oz	Mar. 31, 2018USD ($)
Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $		$ 120	$ (117)
Commodity Contract [Member]
Unrealized gains (losses):
Derivative financial instruments | $		18	(15)
Hedged item – firm sales commitments | $		(18)	15
Realized gains (losses):
Matured derivative financial instruments | $		$ 2	2
Commodity Contract [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	66
Derivative, Average Forward Price	2.81	2.81
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	11
Derivative, Average Forward Price	2.92	2.92
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments | $		$ 1	2
Copper | Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $		$ 122	(135)
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	613
Derivative, Average Forward Price	2.83	2.83
Realized gains (losses):
Derivative Average Market Price	2.94	2.94
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	100
Derivative, Average Forward Price	2.81	2.81
Realized gains (losses):
Derivative Average Market Price	2.94	2.94
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	131
Derivative, Average Forward Price | $ / oz	1,300	1,300
Realized gains (losses):
Derivative Average Market Price | $ / oz	1,296	1,296
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 | $		$ (2)	$ 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	3
Derivative, Average Forward Price	14.98	14.98
Realized gains (losses):
Derivative Average Market Price	9.24	9.24

Financial Instruments (Unsettle

Financial Instruments (Unsettled Derivatives) (Details) oz in Thousands, lb in Millions, $ in Millions	Mar. 31, 2019USD ($)lboz$ / lb$ / lb$ / oz	Mar. 31, 2019USD ($)$ / lb$ / lb$ / oz	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 95	$ 95		$ 23
Derivative Liability, Fair Value, Gross Liability	15	15		48
Derivative Asset, Fair Value, Gross Liability	2	2		7
Derivative Liability, Fair Value, Gross Asset	2	2		7
Derivative Asset	93	93		16
Derivative Liability	13	13		41
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	70	70		3
Derivative Liability	0	0		24
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset	9	9		0
Derivative Liability	0	0		0
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	14	14		13
Derivative Liability	13	13		17
Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net		2	$ 2
Derivative Asset, Fair Value, Gross Asset	10	10		0
Derivative Liability, Fair Value, Gross Liability	1	1		9
Derivative Asset, Fair Value, Gross Liability	1	1		0
Derivative Liability, Fair Value, Gross Asset	1	1		0
Derivative Asset	9	9		0
Derivative Liability	0	0		9
Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	85	85		23
Derivative Liability, Fair Value, Gross Liability	14	14		39
Derivative Asset, Fair Value, Gross Liability	1	1		7
Derivative Liability, Fair Value, Gross Asset	1	1		7
Derivative Asset	84	84		16
Derivative Liability	13	13		32
Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 9	$ 9		0
Derivative, Nonmonetary Notional Amount, Mass | lb	66
Derivative, Average Forward Price | $ / lb	2.81	2.81
Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 85	$ 85		23
Derivative Liability, Fair Value, Gross Liability	$ 14	$ 14		39
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	11
Derivative, Average Forward Price | $ / lb	2.92	2.92
Future [Member] | Not Designated as Hedging Instrument [Member] | FMC's Copper Futures and Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 0	$ 0		9
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	1	1		0
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	$ 1	$ 1		$ 0
Copper | Short [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price | $ / lb	2.94	2.94
Derivative, Nonmonetary Notional Amount, Mass | lb	613
Derivative, Average Forward Price | $ / lb	2.83	2.83
Copper | Long [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price | $ / lb	2.94	2.94
Derivative, Nonmonetary Notional Amount, Mass | lb	100
Derivative, Average Forward Price | $ / lb	2.81	2.81
Gold | Short [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price | $ / oz	1,296	1,296
Derivative, Nonmonetary Notional Amount, Mass | oz	131
Derivative, Average Forward Price | $ / oz	1,300	1,300
Sales [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 120	(117)
Sales [Member] | Copper | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		122	(135)
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		(2)	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		$ 1	$ 2

Financial Instruments (Derivati

Financial Instruments (Derivative) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 2,833	$ 4,217
Restricted Cash and Cash Equivalents, Current	115	110
Restricted Cash and Cash Equivalents, Noncurrent	164	128
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	3,112	4,455	$ 3,999	$ 4,710
Credit Derivative, Maximum Exposure, Undiscounted	93
Bank Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 1,500	$ 2,300

Fair Value Measurement (Fair Va

Fair Value Measurement (Fair Value Measurement Inputs) (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)$ / bbl	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2016USD ($)$ / bbl	Nov. 16, 2016USD ($)$ / lb
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other Assets, Current	$ 560		$ 422
Other assets	2,174		2,172
Proceeds from Sale of Other Assets, contingent consideration	84	$ 0
Assets	41,059	$ 36,637	42,216
Derivative Liability, Fair Value, Gross Liability	15		48
Derivatives:
Derivative Asset	93		16
Derivatives: [Abstract]
Derivative Liability	13		41
Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Investments, Fair Value Disclosure	25		25
Trust Assets Fair Value Disclosure	57		55
Level 1
Investment securities (current and long-term):
Investments, Fair Value Disclosure	4		4
Trust Assets Fair Value Disclosure	6		5
Derivatives:
Derivative Asset	8		0
Contingent Receivable	0		0
Derivatives: [Abstract]
Derivative Liability	0		7
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	123		121
Derivatives:
Derivative Asset	174		96
Contingent Receivable	0		0
Derivatives: [Abstract]
Derivative Liability	15		41
Long-term debt, including current portion	9,659		10,238
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	117		127
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		29
Trust Assets Fair Value Disclosure	186		181
Derivatives:
Derivative Asset	182		96
Contingent Receivable	117		127
Derivatives: [Abstract]
Derivative Liability	15		48
Long-term debt, including current portion	9,659		10,238
Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Investments, Fair Value Disclosure	29		29
Trust Assets Fair Value Disclosure	186		181
Derivatives:
Derivative Asset	182		96
Contingent Receivable	138		143
Derivatives: [Abstract]
Derivative Liability	15		48
Long-term debt, including current portion	9,905		11,141
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	14		39
Derivatives:
Derivative Asset	84		16
Derivatives: [Abstract]
Derivative Liability	13		32
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	85		23
Derivatives: [Abstract]
Derivative Liability	14		39
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	85		23
Derivatives: [Abstract]
Derivative Liability	14		39
Embedded Derivative Financial Instruments [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	85		23
Derivatives: [Abstract]
Derivative Liability	14		39
Forward Contracts [Member] | Level 1
Derivatives:
Derivative Asset	0
Forward Contracts [Member] | Level 2
Derivatives:
Derivative Asset	1
Forward Contracts [Member] | Level 3
Derivatives:
Derivative Asset	0
Forward Contracts [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	1
Forward Contracts [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	1
Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability	1		9
Derivatives:
Derivative Asset	9		0
Derivatives: [Abstract]
Derivative Liability	0		9
Commodity Contract [Member] | Level 1
Derivatives: [Abstract]
Derivative Liability	0		7
Commodity Contract [Member] | Level 2
Derivatives: [Abstract]
Derivative Liability	1		2
Commodity Contract [Member] | Level 3
Derivatives: [Abstract]
Derivative Liability	0		0
Commodity Contract [Member] | Estimate of Fair Value Measurement [Member]
Derivatives: [Abstract]
Derivative Liability	1		9
Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Derivative Liability	1		9
Future [Member] | Level 1
Derivatives:
Derivative Asset	8
Future [Member] | Level 2
Derivatives:
Derivative Asset	1
Future [Member] | Level 3
Derivatives:
Derivative Asset	0
Future [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	9
Future [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	9
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	87		73
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	87		73
Africa and onshore California [Member] | Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	87		73
U.S. core fixed income fund [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Marketable Securities	25		25
Trust Assets Fair Value Disclosure	57		55
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	25		25
Trust Assets Fair Value Disclosure	57		55
U.S. core fixed income fund [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities	25		25
Trust Assets Fair Value Disclosure	57		55
Equity securities | Level 1
Investment securities (current and long-term):
Marketable Securities	4		4
Equity securities | Level 2
Investment securities (current and long-term):
Marketable Securities	0		0
Equity securities | Level 3
Investment securities (current and long-term):
Marketable Securities	0		0
Equity securities | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Marketable Securities	4		4
Equity securities | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities	4		4
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	33		36
Government bonds | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0		0
Government bonds | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	33		36
Government bonds | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	33		36
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		28
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		28
Corporate bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	29		28
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	41		38
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	41		38
Government mortgage-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	41		38
Asset-backed securities [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0		0
Asset-backed securities [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	12		11
Asset-backed securities [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0		0
Asset-backed securities [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	12		11
Asset-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	12		11
Money market funds [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	6		5
Money market funds [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0		0
Money market funds [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0		0
Money market funds [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	6		5
Money market funds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	6		5
Collateralized Mortgage Backed Securities [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0		0
Collateralized Mortgage Backed Securities [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	7		7
Collateralized Mortgage Backed Securities [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0		0
Collateralized Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	7		7
Collateralized Mortgage Backed Securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	7		7
Municipal bonds [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0		0
Municipal bonds [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1		1
Municipal bonds [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0		0
Municipal bonds [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1		1
Municipal bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1		1
Bank Time Deposits [Member] | Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other Assets, Current	115		109
Other assets	163		126
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	14		39
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	58		57
Derivatives:
Contingent Receivable							$ 120
Copper | TF Holdings Limited | Discontinued Operations, Disposed of by Sale
Derivatives:
Contingent Receivable							60
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 Assets, Current	13
Other assets	16		16
Proceeds from Sale of Other Assets, contingent consideration	50
Assets	29
Derivatives:
Contingent Receivable	150
Discontinued Operation, Contingent Receivable, Per Year			50
Freeport-McMoRan Oil & Gas | Deepwater Gulf of Mexico Interests [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other Assets, Current	19		27
Other assets	$ 119		$ 116
Derivatives:
Contingent Receivable						$ 150
Scenario, Forecast [Member] | Freeport-McMoRan Oil & Gas | Onshore California [Member]
Derivatives:
Contingent Receivable				$ 50	$ 50
Crude Oil [Member] | Freeport-McMoRan Oil & Gas | Onshore California [Member]
Derivatives:
Contingent consideration, reference threshold (in us dollars per pound) | $ / bbl			70			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) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Assets, Current	$ 560			$ 422
Other Assets, Noncurrent	2,174			2,172
Gulf of Mexico Contingent Consideration [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(5)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at January 1, 2019	127
Net unrealized loss related to assets still held at the end of the period	(5)
Fair value at March 31, 2019	117
Onshore California [Member] | Freeport-McMoRan Oil & Gas
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent Receivable	150
Other Assets, Current	13
Other Assets, Noncurrent	$ 16			$ 16
Onshore California [Member] | Scenario, Forecast [Member] | Freeport-McMoRan Oil & Gas
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent Receivable		$ 50	$ 50

Contingencies and Commitments_2

Contingencies and Commitments (Unaudited) - Litigation (Details) - Pending litigation - Asbestos contamination in talc-based personal care products - Asbestos contamination $ in Millions	Mar. 13, 2019USD ($)
Johnson & Johnson and Cyprus Mines
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 29
Cyprus Mines
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 2

Contingencies and Commitments_3

Contingencies and Commitments (Unaudited) - Other Matters (Details) - PT Freeport Indonesia	Mar. 31, 2019	Dec. 21, 2018
Loss Contingencies [Line Items]
Investment owned, percent		81.00%
Pt Smelting
Loss Contingencies [Line Items]
Investment owned, percent	25.00%

Business Segments (Product Reve

Business Segments (Product Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue from External Customer [Line Items]
Treatment And Refining Charges Included In Copper Concentrates Revenues	$ (105)	$ (132)
Royalty Expense	(30)	(69)
Export Duties Expense	(17)	(46)
Revenue from Contract with Customer, Excluding Assessed Tax	3,672	4,985
Revenues	3,792	4,868
Copper In Concentrates [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,165	1,647
Copper Cathode [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	859	1,185
Refined Copper Products [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	507	670
Purchased Copper [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	337	238
Gold
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	391	808
Molybdenum [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	288	286
Other Products Or Services [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	277	398
Sales [Member] | Not Designated as Hedging Instrument [Member]
Revenue from External Customer [Line Items]
Matured derivative financial instruments	$ 120	$ (117)

Business Segments (Segment Repo

Business Segments (Segment Reporting) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment	4
Deferred Intercompany Profit, Percentage	25.00%
Revenues	$ 3,792	$ 4,868
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(2,919)	(2,808)
Cost, Depreciation, Amortization and Depletion	347	451
Metals inventory adjustments	57	0
Selling, general and administrative expenses	(112)	(131)
Mining exploration and research expenses	27	21
Environmental obligations and shutdown costs	42	9
Net gain on sales of assets	(33)	(11)
Operating income	321	1,459
Interest expense, net	(146)	(151)
Provision for (benefit from) income taxes	105	506
Total assets	41,059	36,637	$ 42,216
Capital expenditures	622	402
Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	107	18
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(743)	(791)
Cost, Depreciation, Amortization and Depletion	83	94
Metals inventory adjustments	0
Selling, general and administrative expenses	(2)	(3)
Mining exploration and research expenses	0	1
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating income	206	419
Interest expense, net	(1)	(1)
Provision for (benefit from) income taxes	0	0
Total assets	7,664	7,157
Capital expenditures	210	92
Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	825	775
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(539)	(543)
Cost, Depreciation, Amortization and Depletion	114	127
Metals inventory adjustments	0
Selling, general and administrative expenses	(2)	(2)
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating income	296	205
Interest expense, net	(29)	(17)
Provision for (benefit from) income taxes	105	72
Total assets	10,394	10,455
Capital expenditures	61	67
Corporate And Eliminations
Segment Reporting Information [Line Items]
Revenues	456	592
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	675	994
Cost, Depreciation, Amortization and Depletion	20	21
Metals inventory adjustments	57
Selling, general and administrative expenses	(73)	(81)
Mining exploration and research expenses	27	20
Environmental obligations and shutdown costs	42	9
Net gain on sales of assets	(33)	(11)
Operating income	(268)	(83)
Interest expense, net	(110)	(128)
Provision for (benefit from) income taxes	(27)	32
Total assets	4,421	5,098
Capital expenditures	23	34
Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0
Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	927	1,290
Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	126	102
Pt Smelting | Affiliated Entity [Member]
Segment Reporting Information [Line Items]
Revenues	409	628
Morenci [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	12	3
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(295)	(290)
Cost, Depreciation, Amortization and Depletion	40	46
Metals inventory adjustments	0
Selling, general and administrative expenses	(1)	(1)
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating income	134	267
Interest expense, net	(1)	(1)
Provision for (benefit from) income taxes	0	0
Total assets	2,904	2,817
Capital expenditures	62	47
Morenci [Member] | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	458	601
Other Individually Immaterial Operating Segments [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	95	15
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(448)	(501)
Cost, Depreciation, Amortization and Depletion	43	48
Metals inventory adjustments	0
Selling, general and administrative expenses	(1)	(2)
Mining exploration and research expenses	0	1
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating income	72	152
Interest expense, net	0	0
Provision for (benefit from) income taxes	0	0
Total assets	4,760	4,340
Capital expenditures	148	45
Other Individually Immaterial Operating Segments [Member] | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	98	150
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(100)	(116)
Cost, Depreciation, Amortization and Depletion	14	22
Metals inventory adjustments	0
Selling, general and administrative expenses	0	0
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating income	(16)	12
Interest expense, net	0	0
Provision for (benefit from) income taxes	(5)	4
Total assets	1,720	1,715
Capital expenditures	5	4
Other Individually Immaterial Operating Segments [Member] | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	469	689
Other Individually Immaterial Operating Segments [Member] | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	0	0
Cerro Verde [Member] | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	727	625
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(439)	(427)
Cost, Depreciation, Amortization and Depletion	100	105
Metals inventory adjustments	0
Selling, general and administrative expenses	(2)	(2)
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating income	312	193
Interest expense, net	(29)	(17)
Provision for (benefit from) income taxes	110	68
Total assets	8,674	8,740
Capital expenditures	56	63
Cerro Verde [Member] | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	126	102
Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures	319	203
Grasberg Segment [Member] | Operating Segments | Indonesia
Segment Reporting Information [Line Items]
Revenues	705	1,521
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(556)	(457)
Cost, Depreciation, Amortization and Depletion	105	181
Metals inventory adjustments	0
Selling, general and administrative expenses	(30)	(39)
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating income	72	896
Interest expense, net	0	0
Provision for (benefit from) income taxes	26	401
Total assets	15,792	10,992
Capital expenditures	319	203
Grasberg Segment [Member] | Intersegment | Indonesia
Segment Reporting Information [Line Items]
Revenues	58	52
Molybdenum [Member]
Segment Reporting Information [Line Items]
Capital expenditures	4	1
Molybdenum [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(71)	(67)
Cost, Depreciation, Amortization and Depletion	16	19
Metals inventory adjustments	0
Selling, general and administrative expenses	0	0
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating income	4	9
Interest expense, net	0	0
Provision for (benefit from) income taxes	0	0
Total assets	1,785	1,836
Capital expenditures	4	1
Molybdenum [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	91	95
Rod and Refining Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,128	1,385
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(1,133)	(1,388)
Cost, Depreciation, Amortization and Depletion	2	2
Metals inventory adjustments	0
Selling, general and administrative expenses	0	0
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating income	(1)	3
Interest expense, net	0	0
Provision for (benefit from) income taxes	0	0
Total assets	232	290
Capital expenditures	1	1
Rod and Refining Segment [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	6	8
Atlantic Copper Smelting and Refining Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	571	577
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization	(552)	(556)
Cost, Depreciation, Amortization and Depletion	7	7
Metals inventory adjustments	0
Selling, general and administrative expenses	(5)	(6)
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating income	12	10
Interest expense, net	(6)	(5)
Provision for (benefit from) income taxes	1	1
Total assets	771	809
Capital expenditures	4	4
Atlantic Copper Smelting and Refining Segment [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	5	2
Corporate And Eliminations | Intersegment
Segment Reporting Information [Line Items]
Revenues	$ (1,213)	$ (1,549)

Guarantor Financial Statement_3

Guarantor Financial Statements (Details)	Mar. 31, 2019
FM O&G LLC Guarantor [Member]
Condensed Financial Statements, Captions [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	10000.00%

Guarantor Financial Statement_4

Guarantor Financial Statements (Unaudited) Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Current assets, other than assets held-for-sale	$ 9,045	$ 10,720
Property, plant, equipment and mine development costs, net	28,497	28,010
Investments in consolidated subsidiaries	0	0
Other assets	3,517	3,486
Total assets	41,059	42,216	$ 36,637
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	3,247	3,329
Long-term debt, less current portion	9,902	11,124
Deferred income taxes	4,067	4,032
Environmental and asset retirement obligations, less current portion	3,632	3,609
Investments in consolidated subsidiaries	0	0
Other liabilities	2,370	2,230
Total liabilities	23,218	24,324
Equity:
Stockholders' equity	9,783	9,798
Noncontrolling interests	8,058	8,094
Total equity	17,841	17,892	$ 11,926	$ 11,296
Total liabilities and equity	41,059	42,216
Eliminations [Member]
ASSETS
Current assets, other than assets held-for-sale	(525)	(585)
Property, plant, equipment and mine development costs, net	2	0
Investments in consolidated subsidiaries	(17,935)	(19,064)
Other assets	(733)	(635)
Total assets	(19,191)	(20,284)
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	(561)	(617)
Long-term debt, less current portion	(11,261)	(11,103)
Deferred income taxes	0	0
Environmental and asset retirement obligations, less current portion	0	0
Investments in consolidated subsidiaries	(11,208)	(11,091)
Other liabilities	(3,486)	(3,486)
Total liabilities	(26,516)	(26,297)
Equity:
Stockholders' equity	1,913	601
Noncontrolling interests	5,412	5,412
Total equity	7,325	6,013
Total liabilities and equity	(19,191)	(20,284)
FCX Issuer [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	253	309
Property, plant, equipment and mine development costs, net	19	19
Investments in consolidated subsidiaries	17,935	19,064
Other assets	977	880
Total assets	19,184	20,272
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	199	245
Long-term debt, less current portion	8,595	9,594
Deferred income taxes	519	524
Environmental and asset retirement obligations, less current portion	0	0
Investments in consolidated subsidiaries	0	0
Other liabilities	88	111
Total liabilities	9,401	10,474
Equity:
Stockholders' equity	9,783	9,798
Noncontrolling interests	0	0
Total equity	9,783	9,798
Total liabilities and equity	19,184	20,272
FM O&G LLC Guarantor [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	516	620
Property, plant, equipment and mine development costs, net	6	7
Investments in consolidated subsidiaries	0	0
Other assets	23	23
Total assets	545	650
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	30	34
Long-term debt, less current portion	7,005	6,984
Deferred income taxes	0	0
Environmental and asset retirement obligations, less current portion	230	227
Investments in consolidated subsidiaries	574	578
Other liabilities	3,340	3,340
Total liabilities	11,179	11,163
Equity:
Stockholders' equity	(10,634)	(10,513)
Noncontrolling interests	0	0
Total equity	(10,634)	(10,513)
Total liabilities and equity	545	650
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	8,801	10,376
Property, plant, equipment and mine development costs, net	28,470	27,984
Investments in consolidated subsidiaries	0	0
Other assets	3,250	3,218
Total assets	40,521	41,578
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	3,579	3,667
Long-term debt, less current portion	5,563	5,649
Deferred income taxes	3,548	3,508
Environmental and asset retirement obligations, less current portion	3,402	3,382
Investments in consolidated subsidiaries	10,634	10,513
Other liabilities	2,428	2,265
Total liabilities	29,154	28,984
Equity:
Stockholders' equity	8,721	9,912
Noncontrolling interests	2,646	2,682
Total equity	11,367	12,594
Total liabilities and equity	$ 40,521	$ 41,578

Guarantor Financial Statement_5

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues	$ 3,792	$ 4,868
Total costs and expenses	3,471	3,409
Operating income (loss)	321	1,459
Interest expense, net	(146)	(151)
Other Nonoperating Income (Expense)	8	28
Net loss on early extinguishment of debt	(6)	(1)
Income from continuing operations before income taxes and equity in affiliated companies’ net losses	183	1,336
Provision for income taxes	(105)	(506)
Equity in affiliated companies’ net earnings (losses)	(3)	(2)
Net income from continuing operations	75	828
Net gain (loss) from discontinued operations	1	(11)
Net income	76	817
Net income from continuing operations attributable to noncontrolling interests	(45)	(125)
Net income attributable to common stockholders	31	692
Other comprehensive income (loss)	11	12
Total comprehensive income (loss)	42	704
Eliminations [Member]
Revenues	0	0
Total costs and expenses	(2)	(1)
Operating income (loss)	2	1
Interest expense, net	139	102
Other Nonoperating Income (Expense)	(73)	(102)
Income from continuing operations before income taxes and equity in affiliated companies’ net losses	68	1
Provision for income taxes	0	0
Equity in affiliated companies’ net earnings (losses)	(15)	(749)
Net income from continuing operations	53	(748)
Net gain (loss) from discontinued operations	0	0
Net income	53	(748)
Net income from continuing operations attributable to noncontrolling interests	(11)	(54)
Net income attributable to common stockholders	42	(802)
Other comprehensive income (loss)	(11)	(12)
Total comprehensive income (loss)	31	(814)
FCX Issuer [Member] | Reportable Legal Entities [Member]
Revenues	0	0
Total costs and expenses	13	9
Operating income (loss)	(13)	(9)
Interest expense, net	(90)	(104)
Other Nonoperating Income (Expense)	65	101
Income from continuing operations before income taxes and equity in affiliated companies’ net losses	(38)	(12)
Provision for income taxes	(1)	(83)
Equity in affiliated companies’ net earnings (losses)	70	787
Net income from continuing operations	31	692
Net gain (loss) from discontinued operations	0	0
Net income	31	692
Net income from continuing operations attributable to noncontrolling interests	0	0
Net income attributable to common stockholders	31	692
Other comprehensive income (loss)	11	12
Total comprehensive income (loss)	42	704
FM O&G LLC Guarantor [Member] | Reportable Legal Entities [Member]
Revenues	3	15
Total costs and expenses	0	8
Operating income (loss)	3	7
Interest expense, net	(86)	(64)
Other Nonoperating Income (Expense)	0	0
Income from continuing operations before income taxes and equity in affiliated companies’ net losses	(83)	(57)
Provision for income taxes	18	12
Equity in affiliated companies’ net earnings (losses)	5	(6)
Net income from continuing operations	(60)	(51)
Net gain (loss) from discontinued operations	0	0
Net income	(60)	(51)
Net income from continuing operations attributable to noncontrolling interests	0	0
Net income attributable to common stockholders	(60)	(51)
Other comprehensive income (loss)	0	0
Total comprehensive income (loss)	(60)	(51)
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenues	3,789	4,853
Total costs and expenses	3,460	3,393
Operating income (loss)	329	1,460
Interest expense, net	(109)	(85)
Other Nonoperating Income (Expense)	16	29
Income from continuing operations before income taxes and equity in affiliated companies’ net losses	236	1,404
Provision for income taxes	(122)	(435)
Equity in affiliated companies’ net earnings (losses)	(63)	(34)
Net income from continuing operations	51	935
Net gain (loss) from discontinued operations	1	(11)
Net income	52	924
Net income from continuing operations attributable to noncontrolling interests	(34)	(71)
Net income attributable to common stockholders	18	853
Other comprehensive income (loss)	11	12
Total comprehensive income (loss)	$ 29	$ 865

Guarantor Financial Statement_6

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	$ 3,112	$ 3,999	$ 4,455	$ 4,710
Cash flow from operating activities:
Net cash provided by operating activities	534	1,369
Cash flow from investing activities:
Capital expenditures	(622)	(402)
Intercompany loans	0	0
Dividends from (investments in) consolidated subsidiaries	(2)	0
Proceeds From Divestiture Of Business And Interests In Affiliates And Proceeds From Sale Of Other Assets	78	(90)
Net cash used in investing activities	(546)	(492)
Cash flow from financing activities:
Proceeds from debt	114	122
Repayments of debt	(1,356)	(1,633)
Intercompany loans	0	0
Cash dividends paid and contributions received, net	(82)	(80)
Other, net	(7)	3
Net cash used in financing activities	(1,331)	(1,588)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	(1,343)	(711)
Eliminations [Member]
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	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	159	184
Dividends from (investments in) consolidated subsidiaries	(1,251)	(1,769)
Proceeds From Divestiture Of Business And Interests In Affiliates And Proceeds From Sale Of Other Assets	0	0
Net cash used in investing activities	(1,092)	(1,585)
Cash flow from financing activities:
Proceeds from debt	0	0
Repayments of debt	0	0
Intercompany loans	(159)	(184)
Cash dividends paid and contributions received, net	1,233	1,755
Other, net	18	14
Net cash used in financing activities	1,092	1,585
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	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
Cash flow from operating activities:
Net cash provided by operating activities	19	(156)
Cash flow from investing activities:
Capital expenditures	0	0
Intercompany loans	(159)	(184)
Dividends from (investments in) consolidated subsidiaries	1,224	1,746
Proceeds From Divestiture Of Business And Interests In Affiliates And Proceeds From Sale Of Other Assets	(1)	0
Net cash used in investing activities	1,064	1,562
Cash flow from financing activities:
Proceeds from debt	0	0
Repayments of debt	(1,003)	(1,409)
Intercompany loans	0	0
Cash dividends paid and contributions received, net	(73)	0
Other, net	(7)	3
Net cash used in financing activities	(1,083)	(1,406)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	0	0
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	0	0	0	8
Cash flow from operating activities:
Net cash provided by operating activities	(106)	(70)
Cash flow from investing activities:
Capital expenditures	0	0
Intercompany loans	0	0
Dividends from (investments in) consolidated subsidiaries	0	0
Proceeds From Divestiture Of Business And Interests In Affiliates And Proceeds From Sale Of Other Assets	84	0
Net cash used in investing activities	84	0
Cash flow from financing activities:
Proceeds from debt	0	0
Repayments of debt	0	0
Intercompany loans	22	62
Cash dividends paid and contributions received, net	0	0
Other, net	0	0
Net cash used in financing activities	22	62
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	0	(8)
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	3,112	3,999	$ 4,455	$ 4,702
Cash flow from operating activities:
Net cash provided by operating activities	621	1,595
Cash flow from investing activities:
Capital expenditures	(622)	(402)
Intercompany loans	0	0
Dividends from (investments in) consolidated subsidiaries	25	23
Proceeds From Divestiture Of Business And Interests In Affiliates And Proceeds From Sale Of Other Assets	(5)	(90)
Net cash used in investing activities	(602)	(469)
Cash flow from financing activities:
Proceeds from debt	114	122
Repayments of debt	(353)	(224)
Intercompany loans	137	122
Cash dividends paid and contributions received, net	(1,242)	(1,835)
Other, net	(18)	(14)
Net cash used in financing activities	(1,362)	(1,829)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	$ (1,343)	$ (703)

New Accounting Standard - Narra

New Accounting Standard - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Jan. 01, 2019
Lessee Disclosure [Abstract]
Lease right-of-use assets	$ 245,000,000		$ 243,000,000
Lease liability	256,000,000		$ 243,000,000
Lease costs	33,000,000	$ 80,000,000
Lease payments	$ 10,000,000
Lease weighted-average discount rate	5.70%
Lease,weighted average remaining lease term	9 years 3 months 18 days

New Accounting Standard - Lease

New Accounting Standard - Leases Presented in Balance Sheet (Details) - USD ($)	Mar. 31, 2019	Jan. 01, 2019
Assets and Liabilities, Lessee [Abstract]
Lease right-of-use assets (included in property, plant, equipment and mine development costs, net)	$ 245,000,000	$ 243,000,000
Short-term lease liabilities (included in accounts payable and accrued liabilities)	33,000,000
Long-term lease liabilities (included in other liabilities)	223,000,000
Total lease liabilities	$ 256,000,000	$ 243,000,000

New Accounting Standard - Opera

New Accounting Standard - Operating Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Lease, Cost [Abstract]
Operating leases	$ 12
Variable and short-term leases	21
Total lease costs	$ 33	$ 80

New Accounting Standard - Futur

New Accounting Standard - Future Minimum Payments for Leases (Details) - USD ($)	Mar. 31, 2019	Jan. 01, 2019
Operating Lease Liabilities, Payments Due [Abstract]
Remaining nine months of 2019	$ 36,000,000
2020	45,000,000
2021	39,000,000
2022	33,000,000
2023	30,000,000
Thereafter	155,000,000
Total payments	338,000,000
Less amount representing interest	(82,000,000)
Total lease liabilities	256,000,000	$ 243,000,000
Less current portion	(33,000,000)
Long-term portion	$ 223,000,000