Freeport-McMoRan (FCX) 10-Q 6 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-11307-01
Entity Registrant Name	Freeport-McMoRan Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2480931
Entity Address, Address Line One	333 North Central Avenue
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004-2189
City Area Code	(602)
Local Phone Number	366-8100
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	FCX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,450,890,574
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 2,623	$ 4,217
Trade accounts receivable	725	829
Income and other tax receivables	245	493
Inventories:
Total materials and supplies, net	1,634	1,528
Mill and leach stockpiles	1,352	1,453
Product	1,391	1,778
Other current assets	760	422
Total current assets	8,730	10,720
Property, plant, equipment and mine development costs, net	28,841	28,010
Long-term mill and leach stockpiles	1,347	1,314
Other assets	2,168	2,172
Total assets	41,086	42,216
Current liabilities:
Accounts payable and accrued liabilities	2,721	2,625
Accrued income taxes	63	165
Current portion of environmental and asset retirement obligations	425	449
Dividends Payable, Current	73	73
Current portion of debt	4	17
Total current liabilities	3,286	3,329
Long-term debt, less current portion	9,912	11,124
Deferred income taxes	4,055	4,032
Environmental and asset retirement obligations, less current portion	3,617	3,609
Other liabilities	2,399	2,230
Total liabilities	23,269	24,324
Stockholders’ equity:
Common stock	158	158
Capital in excess of par value	25,949	26,013
Accumulated deficit	(12,082)	(12,041)
Accumulated other comprehensive loss	(582)	(605)
Common stock held in treasury	(3,734)	(3,727)
Total stockholders’ equity	9,709	9,798
Noncontrolling interests	8,108	8,094
Total equity	17,817	17,892
Total liabilities and equity	$ 41,086	$ 42,216

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenues	$ 3,546	$ 5,168	$ 7,338	$ 10,036
Cost of sales:
Production and delivery	3,002	2,915	5,978	5,723
Depreciation, depletion and amortization	352	442	699	893
Metals inventory adjustments	2		59	2
Total cost of sales	3,354	3,357	6,677	6,616
Selling, general and administrative expenses	97	109	209	240
Mining exploration and research expenses	31	24	58	45
Environmental obligations and shutdown costs	23	59	65	68
Net loss (gain) on sales of assets	8	(45)	(25)	(56)
Total costs and expenses	3,513	3,504	6,984	6,913
Operating income	33	1,664	354	3,123
Interest expense, net	(132)	(142)	(278)	(293)
Net gain (loss) on early extinguishment of debt	0	9	(6)	8
Other income, net	5	20	19	49
(Loss) income from continuing operations before income taxes and equity in affiliated companies’ net earnings	(94)	1,551	89	2,887
Benefit from (provision for) income taxes	15	(515)	(90)	(1,021)
Equity in affiliated companies’ net earnings	5	3	2	1
Net (loss) income from continuing operations	(74)	1,039	1	1,867
Net (loss) income from discontinued operations	0	(4)	1	(15)
Net income	(74)	1,035	2	1,852
Net (income) loss attributable to noncontrolling interests:
Continuing operations	2	(166)	(43)	(291)
Net (loss) income attributable to common stockholders	$ (72)	$ 869	$ (41)	$ 1,561
Earnings Per Share, Basic and Diluted [Abstract]
Continuing operations (in dollars per share)	$ (0.05)	$ 0.60	$ (0.03)	$ 1.08
Discontinued operations (in dollars per share)	0	0	0	(0.01)
Earnings per share, basic (in dollars per share)	(0.05)	0.60	(0.03)	1.07
Continuing operations (in dollars per share)	(0.05)	0.59	(0.03)	1.08
Discontinued operations (in dollars per share)	0	0	0	(0.01)
Earnings per share, diluted (in dollars per share)	$ (0.05)	$ 0.59	$ (0.03)	$ 1.07
Basic weighted-average shares of common stock outstanding	1,451	1,449	1,451	1,449
Diluted weighted-average shares of common shares outstanding	1,451	1,458	1,451	1,458
Dividends declared per share of common stock (in dollars per share)	$ 0.05	$ 0.05	$ 0.10	$ 0.10

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (74)	$ 1,035	$ 2	$ 1,852
Defined benefit plans:
Amortization of unrecognized amounts included in net periodic benefit costs	13	11	24	23
Foreign exchange losses	0	0	0	(1)
Other comprehensive income	13	11	24	22
Total comprehensive (loss) income	(61)	1,046	26	1,874
Total comprehensive loss (income) attributable to noncontrolling interests	1	(166)	(44)	(290)
Total comprehensive income (loss)	$ (60)	$ 880	$ (18)	$ 1,584

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flow from operating activities:
Net (loss) income	$ 2	$ 1,852
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	699	893
Metals inventory adjustments	59	2
Net gain on sales of assets	(25)	(56)
Stock-based compensation	40	60
Net charges for environmental and asset retirement obligations, including accretion	109	152
Payments for environmental and asset retirement obligations	(100)	(110)
Net charges for defined pension and postretirement plans	53	38
Pension plan contributions	(33)	(44)
Net loss (gain) on early extinguishment of debt	6	(8)
Deferred income taxes	20	61
(Income) loss on disposal of discontinued operations	(1)	15
(Increase) decrease in long-term mill and leach stockpiles	(33)	38
Other, net	41	15
Changes in working capital and other tax payments:
Accounts receivable	256	309
Inventories	287	(468)
Other current assets	(26)	(20)
Accounts payable and accrued liabilities	9	114
Accrued income taxes and timing of other tax payments	(245)	(148)
Net cash provided by operating activities	1,088	2,678
Cash flow from investing activities:
Capital expenditures	(1,251)	(884)
Proceeds from Sale of Other Assets, Investing Activities	91	0
Intangible water rights and other, net	(7)	(86)
Net cash used in investing activities	(1,167)	(970)
Cash flow from financing activities:
Proceeds from debt	328	352
Repayments of debt	(1,563)	(2,297)
Cash dividends and distributions paid:
Common stock	(146)	(73)
Noncontrolling interests	(79)	(241)
Contributions from noncontrolling interests	100	0
Stock-based awards net (payments) proceeds	(6)	5
Debt financing costs and other, net	(4)	(23)
Net cash used in financing activities	(1,370)	(2,277)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(1,449)	(569)
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	3,006	4,141
North America Copper Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(417)	(232)
South America Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(108)	(138)
Grasberg Segment [Member]
Cash flow from investing activities:
Capital expenditures	(658)	(449)
Molybdenum [Member]
Cash flow from investing activities:
Capital expenditures	(6)	(2)
Other Segments [Member]
Cash flow from investing activities:
Capital expenditures	(62)	(63)
Surface Water Taxes, Papua, Indonesia
Adjustments to reconcile net income to net cash provided by operating activities:
Cerro Verde royalty dispute	28	0
Cerro Verde Royalty Dispute
Adjustments to reconcile net income to net cash provided by operating activities:
Cerro Verde royalty dispute	28	4
Payments for Cerro Verde royalty dispute	$ (86)	$ (21)

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
Contributions from noncontrolling interest	$ 0
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
Exercised and issued stock-based awards	8		8				8
Stock-based compensation, including the tender of shares	50		53			$ (3)	50
Dividends	(386)		(145)				(145)	(241)
Net loss attributable to common stockholders	1,561			1,561			1,561
Net income (loss) attributable to noncontrolling interests	291							291
Other comprehensive income	22				23		23	(1)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	1,874
Balance (in shares) at Jun. 30, 2018		1,579				130
Balance at Jun. 30, 2018	12,842	$ 158	26,667	(13,161)	(464)	$ (3,726)	9,474	3,368
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	2		2				2
Stock-based compensation, including the tender of shares	9		9				9
Dividends	(141)		(73)				(73)	(68)
Net loss attributable to common stockholders	869			869			869
Net income (loss) attributable to noncontrolling interests	166							166
Other comprehensive income	11				11		11
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	1,046
Balance (in shares) at Jun. 30, 2018		1,579				130
Balance at Jun. 30, 2018	12,842	$ 158	26,667	(13,161)	(464)	$ (3,726)	9,474	3,368
Noncontrolling Interest, Period Increase (Decrease)	(12)		(1)				(1)	(11)
Contributions from noncontrolling interest	100		49				49	51
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
Exercised and issued stock-based awards	1		1				1
Stock-based compensation, including the tender of shares	26		33			$ (7)	26
Stock-based compensation, including the tender of shares (in shares)						1
Dividends	(216)		(146)				(146)	(70)
Net loss attributable to common stockholders	(41)			(41)			(41)
Net income (loss) attributable to noncontrolling interests	43							43
Other comprehensive income	24				23		23	1
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	26
Balance (in shares) at Jun. 30, 2019		1,582				131
Balance at Jun. 30, 2019	17,817	$ 158	25,949	(12,082)	(582)	$ (3,734)	9,709	8,108
Noncontrolling Interest, Period Increase (Decrease)	100		49				49	51
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, including the tender of shares	10		10				10
Dividends	(73)		(73)				(73)
Net loss attributable to common stockholders	(72)			(72)			(72)
Net income (loss) attributable to noncontrolling interests	(2)							(2)
Other comprehensive income	13				12		12	1
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(61)
Balance (in shares) at Jun. 30, 2019		1,582				131
Balance at Jun. 30, 2019	$ 17,817	$ 158	$ 25,949	$ (12,082)	$ (582)	$ (3,734)	$ 9,709	$ 8,108

General Information (Unaudited)

General Information (Unaudited)	6 Months Ended
	Jun. 30, 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 six -month period ended June 30, 2019 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . Property, Plant, Equipment and Mine Development Costs. The following is an update to FCX’s property, plant, equipment and mine development costs accounting policy included in Note 1 of its 2018 Form 10-K. Development costs are capitalized beginning after proven and probable mineral reserves have been established. Development costs include costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable reserves, including shafts, adits, drifts, ramps, permanent excavations, infrastructure and removal of overburden. For underground mines certain costs related to panel development, such as undercutting and drawpoint development, are also capitalized as mine development costs until production reaches design capacity for the mine. After reaching design capacity, the mine transitions to the production phase and panel development costs are allocated to inventory and then included as a component of cost of goods sold. Attribution of PT Freeport Indonesia (PT-FI) Net Income or Loss. 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. PT-FI’s net loss in second-quarter 2019 totaled $56 million , of which $46 million was attributed to FCX, and for the first six months of 2019 totaled $4 million , of which $3 million was attributed to FCX. PT-FI’s cumulative net loss since the December 21, 2018, transaction date through June 30, 2019 , totaled $140 million , of which $114 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 for PTI). For all of its other partially owned consolidated subsidiaries, FCX attributes net income or loss based on equity ownership percentages. Agreement to Sell a Portion of Cobalt Business. In second-quarter 2019 , FCX entered into an agreement to sell its cobalt refinery in Kokkola, Finland, and related cobalt cathode precursor business (consisting of approximately $135 million of assets and $20 million of liabilities at June 30, 2019) for total consideration of approximately $150 million , plus working capital at the time of closing. FCX and the current noncontrolling interest partners in Freeport Cobalt will retain the remaining cobalt business. The transaction is expected to close by year-end 2019. Lundin Mining Corporation, which is one of the noncontrolling interest partners, is entitled to receive 30 percent of the proceeds from this transaction. In addition to customary closing conditions, including regulatory approvals, prior to completing the transaction, Freeport Cobalt is required to be segregated into two separate businesses. FCX evaluated the criteria required for assets held for sale classification and concluded that this transaction did not meet all of the criteria at June 30, 2019.

Earnings per Share (Unaudited)

Earnings per Share (Unaudited) Earnings per Share (Notes)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE FCX calculates its basic net (loss) income per share of common stock under the two-class method and calculates its diluted net (loss) income per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net (loss) income per share of common stock was computed by dividing net (loss) income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. Diluted net (loss) 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 (loss) income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net (loss) income per share follow (in millions, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net (loss) income from continuing operations $ (74 ) $ 1,039 $ 1 $ 1,867 Net loss (income) from continuing operations attributable to noncontrolling interests 2 (166 ) (43 ) (291 ) Undistributed earnings allocated to participating securities (3 ) (3 ) (3 ) (4 ) Net (loss) income from continuing operations attributable to common stockholders (75 ) 870 (45 ) 1,572 Net (loss) income from discontinued operations attributable to common stockholders — (4 ) 1 (15 ) Net (loss) income attributable to common stockholders $ (75 ) $ 866 $ (44 ) $ 1,557 Basic weighted-average shares of common stock outstanding 1,451 1,449 1,451 1,449 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units a — 9 — 9 Diluted weighted-average shares of common stock outstanding 1,451 1,458 1,451 1,458 Basic net (loss) income per share attributable to common stockholders: Continuing operations $ (0.05 ) $ 0.60 $ (0.03 ) $ 1.08 Discontinued operations — — — (0.01 ) $ (0.05 ) $ 0.60 $ (0.03 ) $ 1.07 Diluted net (loss) income per share attributable to common stockholders: Continuing operations $ (0.05 ) $ 0.59 $ (0.03 ) $ 1.08 Discontinued operations — — — (0.01 ) $ (0.05 ) $ 0.59 $ (0.03 ) $ 1.07 a. Excludes approximately 10 million shares of common stock in second-quarter 2019 , 2 million in second-quarter 2018 , 12 million for the first six months of 2019 and 3 million for the first six months of 2018 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock that were anti-dilutive. Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net (loss) income per share of common stock. Stock options for 43 million shares of common stock in second-quarter 2019 , 35 million shares in second-quarter 2018 , 41 million shares for the first six months of 2019 and 34 million shares for the first six months of 2018 were excluded.

Inventories, Including Long-Ter

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2018 Current inventories: Total materials and supplies, net a $ 1,634 $ 1,528 Mill stockpiles $ 227 $ 282 Leach stockpiles 1,125 1,171 Total current mill and leach stockpiles $ 1,352 $ 1,453 Raw materials (primarily concentrate) $ 295 $ 260 Work-in-process 156 192 Finished goods 940 1,326 Total product $ 1,391 $ 1,778 Long-term inventories: Mill stockpiles $ 254 $ 265 Leach stockpiles 1,093 1,049 Total long-term mill and leach stockpiles b $ 1,347 $ 1,314 a. Materials and supplies inventory was net of obsolescence reserves totaling $24 million at June 30, 2019 , and December 31, 2018 . b. Estimated metals in stockpiles not expected to be recovered within the next 12 months. FCX recorded charges of $2 million in second-quarter 2019 and $59 million for the first six months of 2019 to adjust metals inventory carrying values to net realizable value, primarily for cobalt inventory because of lower cobalt market prices.

Income Taxes (Unaudited)

Income Taxes (Unaudited)	6 Months Ended
	Jun. 30, 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 101 percent for the first six months of 2019 and 35 percent for the first six months of 2018 . Geographic sources of FCX’s benefit from (provision for) income taxes follow (in millions): Six Months Ended June 30, 2019 2018 U.S. operations $ 20 a $ 8 b International operations (110 ) (1,029 ) Total $ (90 ) $ (1,021 ) a. Includes a tax credit of $18 million primarily associated with state law changes. b. Includes a tax credit of $5 million associated with the settlement of a state income tax examination. FCX's consolidated effective income tax rate for the first six months of 2019 is a function of the combined effective tax rates for the jurisdictions in which FCX operates, excluding the U.S. jurisdiction. Because FCX's U.S. jurisdiction generated net losses in the first six months of 2019

Debt and Equity

Debt and Equity	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt and Equity	DEBT AND EQUITY The components of debt follow (in millions): June 30, 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 139 166 Total debt 9,916 11,141 Less current portion of debt (4 ) (17 ) Long-term debt $ 9,912 $ 11,124 Revolving Credit Facility. At June 30, 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. 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 in first-quarter 2019 . Interest Expense, Net. Consolidated interest costs totaled $167 million in second-quarter 2019 , $165 million in second-quarter 2018 , $345 million for the first six months of 2019 and $341 million for the first six months of 2018 . Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $35 million in second-quarter 2019 , $23 million in second-quarter 2018 , $67 million for the first six months of 2019 and $48 million for the first six months of 2018 . Common Stock. On June 26, 2019, FCX declared a quarterly cash dividend of $0.05 per share on its common stock, which was paid on August 1, 2019, to common stockholders of record as of July 15, 2019.

Financial Instruments (Unaudite

Financial Instruments (Unaudited)	6 Months Ended
	Jun. 30, 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 June 30, 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 six -month periods ended June 30, 2019 and 2018 . At June 30, 2019 , FCX held copper futures and swap contracts that qualified for hedge accounting for 74 million pounds at an average contract price of $2.76 per pound, with maturities through December 2020. A summary of (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized gains (losses) on the related hedged item follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (13 ) $ (4 ) $ 5 $ (19 ) Hedged item – firm sales commitments 13 4 (5 ) 19 Realized (losses) gains: Matured derivative financial instruments (3 ) — (1 ) 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 June 30, 2019 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 505 $ 2.79 $ 2.72 November 2019 Gold (thousands of ounces) 74 1,328 1,416 August 2019 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 86 2.83 2.72 September 2019 Cobalt (millions of pounds) 6 10.56 8.88 September 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 June 30, 2019 , Atlantic Copper held net copper forward sales contracts for 2 million pounds at an average contract price of $2.66 per pound, with maturities through July 2019. Summary of (Losses) Gains. A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Embedded derivatives in provisional sales contracts: a Copper $ (122 ) $ (14 ) $ — $ (149 ) Gold and other metals 13 (30 ) 11 (12 ) Copper forward contracts b (4 ) 6 (3 ) 8 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs. Unsettled Derivative Financial Instruments A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): June 30, December 31, 2018 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 1 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts 41 23 Total derivative assets $ 42 $ 23 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 5 $ 9 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts 51 39 Total derivative liabilities $ 56 $ 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 June 30, December 31, 2018 June 30, December 31, 2018 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 41 $ 23 $ 51 $ 39 Copper derivatives 1 — 5 9 42 23 56 48 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 4 7 4 7 Copper derivatives 1 — 1 — 5 7 5 7 Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 37 16 47 32 Copper derivatives — — 4 9 $ 37 $ 16 $ 51 $ 41 Balance sheet classification: Trade accounts receivable $ 26 $ 3 $ 22 $ 24 Accounts payable and accrued liabilities 11 13 29 17 $ 37 $ 16 $ 51 $ 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 June 30, 2019 , the maximum amount of credit exposure associated with derivative transactions was $37 million . Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, investment securities, legally restricted funds, accounts payable and accrued liabilities, dividends payable and long-term debt. The carrying value for cash and cash equivalents (which included time deposits of $1.4 billion at June 30, 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 June 30, 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): June 30, December 31, 2018 Balance sheet components: Cash and cash equivalents $ 2,623 $ 4,217 Restricted cash and restricted cash equivalents included in: Other current assets 218 110 Other assets 165 128 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 3,006 $ 4,455

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 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 second-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 June 30, 2019 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 26 $ 26 $ 26 $ — $ — $ — Equity securities 4 4 — 4 — — Total 30 30 26 4 — — Legally restricted funds: a U.S. core fixed income fund 58 58 58 — — — Government mortgage-backed securities 37 37 — — 37 — Government bonds and notes 37 37 — — 37 — Corporate bonds 32 32 — — 32 — Asset-backed securities 12 12 — — 12 — Collateralized mortgage-backed securities 7 7 — — 7 — Money market funds 7 7 — 7 — — Municipal bonds 1 1 — — 1 — Total 191 191 58 7 126 — Derivatives: Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts in a gross asset position c 41 41 — — 41 — Copper futures and swap contracts c 1 1 — 1 — — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 79 79 — — 79 — Total 121 121 — 1 120 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 132 111 — — — 111 Liabilities Derivatives: c Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts in a gross liability position $ 51 $ 51 $ — $ — $ 51 $ — Copper futures and swap contracts 5 5 — 4 1 — Total 56 56 — 4 52 — Long-term debt, including current portion d 9,916 9,861 — — 9,861 — 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 $218 million at June 30, 2019 , and $109 million at December 31, 2018 , and (ii) other assets of $164 million at June 30, 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 . The fair value of the contingent consideration derivative associated with the sale of TFHL was $59 million at June 30, 2019 (included in other current assets in the consolidated balance sheet), and $57 million at December 31, 2018 (included in other assets). Future changes in the fair value of this contingent consideration derivative will continue to be recorded in discontinued operations. Also in 2016, FCX’s 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. The fair value of the contingent consideration derivative associated with the sale of the onshore California oil and gas properties was $20 million at June 30, 2019 ( $7 million included in other current assets and $13 million in other assets), and $16 million at December 31, 2018 (included in other assets). Future changes in the fair value of this contingent consideration derivative will continue to be recorded in operating income. Also, contingent consideration of $50 million 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, FCX’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration that was recorded at the total amount under the loss recovery approach. The contingent consideration 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 $14 million at June 30, 2019 , and $27 million at December 31, 2018 , and (ii) other assets totaled $118 million at June 30, 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 June 30, 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 six 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 (11 ) Fair value at June 30, 2019 $ 111

Contingencies and Commitments (

Contingencies and Commitments (Unaudited)	6 Months Ended
	Jun. 30, 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, which was updated in Note 8 of FCX’s quarterly report on Form 10-Q for the quarter ended March 31, 2019. As previously disclosed, there has been a significant increase in the number of cases alleging the presence of asbestos contamination in talc-based personal care products and in cases alleging exposure to talc products that are not alleged to be contaminated with asbestos. The primary targets have been the producers of those products, but defendants in many of these cases also include talc miners. Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX, and Cyprus Mines Corporation (Cyprus Mines), a wholly owned subsidiary of CAMC, are among those targets. Cyprus Mines was engaged in talc mining from 1964 until 1992 when it exited its talc business by conveying it to a third party in two related transactions. Those transactions involved (i) a transfer by Cyprus Mines of the assets of its talc business to a newly formed subsidiary that assumed all pre-sale and post-sale talc liabilities, subject to limited reservations, and (ii) a sale of the stock of that subsidiary to the third party. In 2011, the third party sold that subsidiary to Imerys Talc America (Imerys), an affiliate of Imerys S.A. Cyprus Mines has contractual indemnification rights, subject to limited reservations, against Imerys, which has historically acknowledged those indemnification obligations, and had taken responsibility for all cases tendered to it. However, on February 13, 2019, Imerys filed for Chapter 11 bankruptcy protection, which triggered an immediate automatic stay under the federal bankruptcy code prohibiting any party from continuing or initiating litigation or asserting new claims against Imerys. As a result, Imerys is no longer defending the talc lawsuits against Cyprus Mines and CAMC. In addition, Imerys has taken the position that it alone owns, and has the sole right to access, the proceeds of the legacy insurance coverage of Cyprus Mines and CAMC for talc liabilities. In late March 2019, Cyprus Mines and CAMC challenged this position and obtained emergency relief from the bankruptcy court to gain access to the insurance until the question of ownership and contractual access can be decided in an adversary proceeding before the bankruptcy court, which is currently scheduled for October 2019. During first-quarter 2019, in a case pending at the time Imerys filed bankruptcy, a California jury entered a $29 million verdict against Johnson & Johnson 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 in recent months, and secured delays or dismissals in other cases. Multiple trials have been scheduled over the remainder of 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. Tax and Other Matters As discussed in Note 12 of FCX’s 2018 Form 10-K, PT-FI received assessments from the local regional tax authorities in Papua, Indonesia, for additional taxes and penalties related to surface water taxes. In May 2019, PT-FI agreed to pay 1.394 trillion rupiah ( $99 million based on the exchange rate at June 30, 2019), which will be paid over three years to settle historical disputes. As a result, in second-quarter 2019, PT-FI recorded charges of $28 million to production and delivery costs ( $69 million was previously accrued in 2018 for this matter). In accordance with PT-FI’s special mining license (IUPK), PT-FI is also obligated to pay surface water taxes of $15 million annually, beginning in 2019, which are recognized in production and delivery costs as incurred. In March 2019, PT-FI’s export license was extended to March 8, 2020, and PT Smelting (PT-FI’s 25 percent -owned smelter and refinery in Indonesia) received an extension of its anode slimes export license through March 11, 2020.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Jun. 30, 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 second quarters and first six months of 2019 and 2018 follow (in millions): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Copper: Concentrate $ 1,134 $ 1,703 $ 2,299 $ 3,350 Cathode 959 1,183 1,818 2,368 Rod and other refined copper products 516 668 1,023 1,338 Purchased copper a 325 282 662 520 Gold 305 933 696 1,741 Molybdenum 327 310 615 596 Other b 218 400 495 798 Adjustments to revenues: Treatment charges (100 ) (139 ) (205 ) (271 ) Royalty expense c (19 ) (73 ) (49 ) (142 ) Export duties d (10 ) (55 ) (27 ) (101 ) Revenues from contracts with customers 3,655 5,212 7,327 10,197 Embedded derivatives e (109 ) (44 ) 11 (161 ) Total consolidated revenues $ 3,546 $ 5,168 $ 7,338 $ 10,036 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. Financial Information by Business Segment (In millions) Atlantic Corporate, North America Copper Mines South America Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Three Months Ended June 30, 2019 Revenues: Unaffiliated customers $ 16 $ 69 $ 85 $ 562 $ 128 $ 690 $ 583 a $ — $ 1,171 $ 546 $ 471 b $ 3,546 Intersegment 491 544 1,035 71 — 71 (1 ) 109 4 — (1,218 ) — Production and delivery 348 477 825 455 126 581 554 78 1,171 515 (722 ) 3,002 Depreciation, depletion and amortization 43 44 87 101 18 119 99 18 3 7 19 352 Selling, general and administrative expenses — — — 2 — 2 30 — — 5 60 97 Mining exploration and research expenses — 1 1 — — — — — — — 30 31 Environmental obligations and shutdown costs — — — — — — — — — — 23 23 Net loss on sales of assets — — — — — — — — — — 8 8 Operating income (loss) 116 91 207 75 (16 ) 59 (101 ) 13 1 19 (165 ) 33 Interest expense, net 1 — 1 25 — 25 1 — — 6 99 132 Provision for (benefit from) income taxes — — — 20 (9 ) 11 (35 ) — — 2 7 (15 ) Total assets at June 30, 2019 2,917 4,921 7,838 8,571 1,699 10,270 16,261 1,792 250 764 3,911 41,086 Capital expenditures 49 158 207 43 4 47 339 2 1 5 28 629 Three Months Ended June 30, 2018 Revenues: Unaffiliated customers $ 25 $ 13 $ 38 $ 719 $ 171 $ 890 $ 1,639 a $ — $ 1,387 $ 602 $ 612 b $ 5,168 Intersegment 568 641 1,209 100 — 100 1 111 8 — (1,429 ) — Production and delivery 298 491 789 445 133 578 425 71 1,389 579 (916 ) 2,915 Depreciation, depletion and amortization 44 48 92 109 24 133 172 21 3 7 14 442 Selling, general and administrative expenses 1 — 1 2 — 2 28 — — 5 73 109 Mining exploration and research expenses — — — — — — — — — — 24 24 Environmental obligations and shutdown costs — — — — — — — — — — 59 59 Net gain on sales of assets — — — — — — — — — — (45 ) (45 ) Operating income (loss) 250 115 365 263 14 277 1,015 19 3 11 (26 ) 1,664 Interest expense, net 1 — 1 16 — 16 — — — 6 119 142 Provision for (benefit from) income taxes — — — 102 6 108 429 — — — (22 ) 515 Total assets at June 30, 2018 2,819 4,374 7,193 8,630 1,715 10,345 10,911 1,820 278 931 5,550 37,028 Capital expenditures 41 99 140 68 3 71 246 1 1 3 20 482 a. Includes PT-FI's sales to PT Smelting totaling $470 million in second-quarter 2019 and $649 million in second-quarter 2018 . b. Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines. (In millions) Atlantic Corporate, North America Copper Mines South America Mining Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Six Months Ended June 30, 2019 Revenues: Unaffiliated customers $ 28 $ 164 $ 192 $ 1,289 $ 226 $ 1,515 $ 1,288 a $ — $ 2,299 $ 1,117 $ 927 b $ 7,338 Intersegment 949 1,013 1,962 197 — 197 57 200 10 5 (2,431 ) — Production and delivery 643 925 1,568 894 226 1,120 1,110 149 2,304 1,067 (1,340 ) 5,978 Depreciation, depletion and amortization 83 87 170 201 32 233 204 34 5 14 39 699 Selling, general and administrative expenses 1 1 2 4 — 4 60 — — 10 133 209 Mining exploration and research expenses — 1 1 — — — — — — — 57 58 Environmental obligations and shutdown costs — — — — — — — — — — 65 65 Net gain on sales of assets — — — — — — — — — — (25 ) (25 ) Operating income (loss) 250 163 413 387 (32 ) 355 (29 ) 17 — 31 (433 ) 354 Interest expense, net 2 — 2 54 — 54 1 — — 12 209 278 Provision for (benefit from) income taxes — — — 130 (14 ) 116 (9 ) — — 3 (20 ) 90 Capital expenditures 111 306 417 99 9 108 658 6 2 9 51 1,251 Six Months Ended June 30, 2018 Revenues: Unaffiliated customers $ 28 $ 28 $ 56 $ 1,344 $ 321 $ 1,665 $ 3,160 a $ — $ 2,772 $ 1,179 $ 1,204 b $ 10,036 Intersegment 1,169 1,330 2,499 202 — 202 53 206 16 2 (2,978 ) — Production and delivery 588 992 1,580 872 249 1,121 882 138 2,777 1,135 (1,910 ) 5,723 Depreciation, depletion and amortization 90 96 186 214 46 260 353 40 5 14 35 893 Selling, general and administrative expenses 2 2 4 4 — 4 67 — — 11 154 240 Mining exploration and research expenses — 1 1 — — — — — — — 44 45 Environmental obligations and shutdown costs — — — — — — — — — — 68 68 Net gain on sales of assets — — — — — — — — — — (56 ) (56 ) Operating income (loss) 517 267 784 456 26 482 1,911 28 6 21 (109 ) 3,123 Interest expense, net 2 — 2 33 — 33 — — — 11 247 293 Provision for income taxes — — — 170 10 180 830 — — 1 10 1,021 Capital expenditures 88 144 232 131 7 138 449 2 2 7 54 884 a. Includes PT-FI’s sales to PT Smelting totaling $879 million for the first six months of 2019 and $1.3 billion for the first six months of 2018 . b. Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.

Guarantor Financial Statements

Guarantor Financial Statements (Unaudited)	6 Months Ended
	Jun. 30, 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 FCX Oil & Gas LLC (FM O&G) and FCX. The guarantee is an unsecured obligation of the guarantor and ranks equal in right of payment with all existing and future indebtedness of FM O&G LLC, including indebtedness under FCX’s revolving credit facility. The guarantee ranks senior in right of payment with all of FM O&G LLC’s future subordinated obligations and is effectively subordinated in right of payment to any debt of FM O&G LLC’s subsidiaries. The indentures provide that FM O&G LLC’s guarantee may be released or terminated for certain obligations under the following circumstances: (i) all or substantially all of the equity interests or assets of FM O&G LLC are sold to a third party; or (ii) FM O&G LLC no longer has any obligations under any FM O&G senior notes or any refinancing thereof and no longer guarantees any obligations of FCX under the revolving credit facility or any other senior debt or, in each case, any refinancing thereof. The following condensed consolidating financial information includes information regarding FCX, as issuer, FM O&G LLC, as guarantor, and all other non-guarantor subsidiaries of FCX. Included are the condensed consolidating balance sheets at June 30, 2019 , and December 31, 2018 , and the related condensed consolidating statements of comprehensive (loss) income for the three and six months ended June 30, 2019 and 2018 , and the condensed consolidating statements of cash flows for the six months ended June 30, 2019 and 2018 (in millions), which should be read in conjunction with the other notes in these consolidated financial statements. CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 84 $ 570 $ 8,634 $ (558 ) $ 8,730 Property, plant, equipment and mine development costs, net 18 2 28,821 — 28,841 Investments in consolidated subsidiaries 17,773 — — (17,773 ) — Other assets 1,335 21 3,252 (1,093 ) 3,515 Total assets $ 19,210 $ 593 $ 40,707 $ (19,424 ) $ 41,086 LIABILITIES AND EQUITY Current liabilities $ 255 $ 55 $ 3,574 $ (598 ) $ 3,286 Long-term debt, less current portion 8,595 7,097 5,963 (11,743 ) 9,912 Deferred income taxes 561 a — 3,494 — 4,055 Environmental and asset retirement obligations, less current portion — 234 3,383 — 3,617 Investments in consolidated subsidiaries — 594 10,728 (11,322 ) — Other liabilities 90 3,340 2,456 (3,487 ) 2,399 Total liabilities 9,501 11,320 29,598 (27,150 ) 23,269 Equity: Stockholders’ equity 9,709 (10,727 ) 8,455 2,272 9,709 Noncontrolling interests — — 2,654 5,454 8,108 Total equity 9,709 (10,727 ) 11,109 7,726 17,817 Total liabilities and equity $ 19,210 $ 593 $ 40,707 $ (19,424 ) $ 41,086 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 (LOSS) INCOME Three Months Ended June 30, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 13 $ 3,533 $ — $ 3,546 Total costs and expenses 4 26 3,481 2 3,513 Operating (loss) income (4 ) (13 ) 52 (2 ) 33 Interest expense, net (83 ) (82 ) (102 ) 135 (132 ) Other (expense) income, net (1 ) — 7 (1 ) 5 (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (88 ) (95 ) (43 ) 132 (94 ) (Provision for) benefit from income taxes (7 ) 22 — — 15 Equity in affiliated companies’ net earnings (losses) 23 (21 ) (89 ) 92 5 Net (loss) income (72 ) (94 ) (132 ) 224 (74 ) Net (income) loss attributable to noncontrolling interests — — (8 ) 10 2 Net (loss) income attributable to common stockholders $ (72 ) $ (94 ) $ (140 ) $ 234 $ (72 ) Other comprehensive income (loss) 12 — 12 (12 ) 12 Total comprehensive (loss) income $ (60 ) $ (94 ) $ (128 ) $ 222 $ (60 ) Three Months Ended June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 16 $ 5,152 $ — $ 5,168 Total costs and expenses 4 (16 ) 3,525 (9 ) 3,504 Operating (loss) income (4 ) 32 1,627 9 1,664 Interest expense, net (97 ) (76 ) (92 ) 123 (142 ) Other income (expense), net 132 2 18 (123 ) 29 Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) 31 (42 ) 1,553 9 1,551 (Provision for) benefit from income taxes (11 ) 10 (512 ) (2 ) (515 ) Equity in affiliated companies’ net earnings (losses) 849 2 (45 ) (803 ) 3 Net income (loss) from continuing operations 869 (30 ) 996 (796 ) 1,039 Net loss from discontinued operations — — (4 ) — (4 ) Net income (loss) 869 (30 ) 992 (796 ) 1,035 Net income attributable to noncontrolling interests — — (102 ) (64 ) (166 ) Net income (loss) attributable to common stockholders $ 869 $ (30 ) $ 890 $ (860 ) $ 869 Other comprehensive income (loss) 11 — 11 (11 ) 11 Total comprehensive income (loss) $ 880 $ (30 ) $ 901 $ (871 ) $ 880 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Six Months Ended June 30, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 16 $ 7,322 $ — $ 7,338 Total costs and expenses 17 26 6,941 — 6,984 Operating (loss) income (17 ) (10 ) 381 — 354 Interest expense, net (173 ) (168 ) (211 ) 274 (278 ) Other income (expense), net 64 — 23 (74 ) 13 (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (126 ) (178 ) 193 200 89 (Provision for) benefit from income taxes (8 ) 40 (122 ) — (90 ) Equity in affiliated companies’ net earnings (losses) 93 (16 ) (152 ) 77 2 Net (loss) income from continuing operations (41 ) (154 ) (81 ) 277 1 Net income from discontinued operations — — 1 — 1 Net (loss) income (41 ) (154 ) (80 ) 277 2 Net income attributable to noncontrolling interests — — (42 ) (1 ) (43 ) Net (loss) income attributable to common stockholders $ (41 ) $ (154 ) $ (122 ) $ 276 $ (41 ) Other comprehensive income (loss) 23 — 23 (23 ) 23 Total comprehensive (loss) income $ (18 ) $ (154 ) $ (99 ) $ 253 $ (18 ) Six Months Ended June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 31 $ 10,005 $ — $ 10,036 Total costs and expenses 13 (8 ) 6,918 (10 ) 6,913 Operating (loss) income (13 ) 39 3,087 10 3,123 Interest expense, net (201 ) (140 ) (177 ) 225 (293 ) Other income (expense), net 233 2 47 (225 ) 57 Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) 19 (99 ) 2,957 10 2,887 (Provision for) benefit from income taxes (94 ) 22 (947 ) (2 ) (1,021 ) Equity in affiliated companies’ net earnings (losses) 1,636 (4 ) (79 ) (1,552 ) 1 Net income (loss) from continuing operations 1,561 (81 ) 1,931 (1,544 ) 1,867 Net loss from discontinued operations — — (15 ) — (15 ) Net income (loss) 1,561 (81 ) 1,916 (1,544 ) 1,852 Net income attributable to noncontrolling interests — — (173 ) (118 ) (291 ) Net income (loss) attributable to common stockholders $ 1,561 $ (81 ) $ 1,743 $ (1,662 ) $ 1,561 Other comprehensive income (loss) 23 — 23 (23 ) 23 Total comprehensive income (loss) $ 1,584 $ (81 ) $ 1,766 $ (1,685 ) $ 1,584 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash provided by (used in) operating activities $ 330 $ (204 ) $ 962 $ — $ 1,088 Cash flow from investing activities: Capital expenditures — — (1,251 ) — (1,251 ) Intercompany loans (640 ) — — 640 — Dividends from (investments in) consolidated subsidiaries 1,470 — 47 (1,519 ) (2 ) Asset sales and other, net (1 ) 91 (4 ) — 86 Net cash provided by (used in) investing activities 829 91 (1,208 ) (879 ) (1,167 ) Cash flow from financing activities: Proceeds from debt — — 328 — 328 Repayments of debt (1,003 ) — (560 ) — (1,563 ) Intercompany loans — 113 527 (640 ) — Cash dividends paid and contributions received, net (146 ) — (1,478 ) 1,499 (125 ) Other, net (10 ) — (20 ) 20 (10 ) Net cash (used in) provided by financing activities (1,159 ) 113 (1,203 ) 879 (1,370 ) Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents — — (1,449 ) — (1,449 ) 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 $ — $ — $ 3,006 $ — $ 3,006 Six Months Ended June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (163 ) $ (184 ) $ 3,025 $ — $ 2,678 Cash flow from investing activities: Capital expenditures (2 ) — (882 ) — (884 ) Intercompany loans (442 ) — — 442 — Dividends from (investments in) consolidated subsidiaries 2,519 — 45 (2,564 ) — Asset sales and other, net 4 1 (91 ) — (86 ) Net cash provided by (used in) investing activities 2,079 1 (928 ) (2,122 ) (970 ) Cash flow from financing activities: Proceeds from debt — — 352 — 352 Repayments of debt (1,826 ) (52 ) (419 ) — (2,297 ) Intercompany loans — 228 214 (442 ) — Cash dividends paid and contributions received, net (73 ) — (2,789 ) 2,548 (314 ) Other, net (17 ) — (17 ) 16 (18 ) Net cash (used in) provided by financing activities (1,916 ) 176 (2,659 ) 2,122 (2,277 ) Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents — (7 ) (562 ) — (569 ) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year — 7 4,703 — 4,710 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ — $ — $ 4,141 $ — $ 4,141

New Accounting Standard

New Accounting Standard	6 Months Ended
	Jun. 30, 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 June 30, 2019 , follow (in millions): Lease right-of-use assets (included in property, plant, equipment and mine development costs, net) $ 242 Short-term lease liabilities (included in accounts payable and accrued liabilities) $ 47 Long-term lease liabilities (included in other liabilities) 216 Total lease liabilities $ 263 Operating lease costs, primarily included in production and delivery expense in the consolidated statement of operations, are as follows (in millions): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating leases $ 21 $ 33 Variable and short-term leases 19 40 Total lease costs $ 40 $ 73 Lease costs totaled $80 million for the year 2018. FCX paid $20 million during the first six months of 2019 for lease liabilities recorded in the consolidated balance sheet (primarily included in operating cash flows in the consolidated statements of cash flows). As of June 30, 2019 , the weighted-average discount rate used to determine the lease liabilities was 5.2 percent and the weighted-average remaining lease term was 8.8 years . The future minimum payments for leases presented in the consolidated balance sheets at June 30, 2019 , follow (in millions): Remaining six months of 2019 $ 27 2020 54 2021 40 2022 33 2023 30 Thereafter 158 Total payments 342 Less amount representing interest (79 ) Present value of net minimum lease payments 263 Less current portion (47 ) Long-term portion $ 216 Financial Instruments. In June 2016, FASB issued an ASU that requires entities to estimate all expected credit losses for most financial assets held at the reporting date based on an expected loss model, which requires consideration of historical experience, current conditions, and reasonable and supportable forecasts. This ASU also requires enhanced disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models and methods for estimating expected credit losses. For public companies, this ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. FCX does not expect this guidance to have a material impact on its consolidated financial statements.

Subsequent Events (Unaudited)

Subsequent Events (Unaudited)	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On August 1, 2019, FCX agreed to sell $600 million of 5.00% Senior Notes due 2027 and $600 million of 5.25% Senior Notes due 2029 for total net proceeds of $1.187 billion . The sale is expected to settle on August 15, 2019, subject to customary closing conditions. Interest on these senior notes is payable semiannually on September 1 and March 1 of each year. These senior notes rank equally with FCX’s other existing and future unsecured and unsubordinated indebtedness. FCX intends to use the net proceeds from this offering to fund the redemption of all of its outstanding 6.875% Senior Notes due 2023 (book value of $764 million as of June 30, 2019) and its concurrent cash tender offers for up to $430 million aggregate purchase price of its 4.00% Senior Notes due 2021, 3.55% Senior Notes due 2022 and 3.875% Senior Notes due 2023, and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with these transactions. As a result of the redemption and tender offers, FCX expects to record a loss on early extinguishment of debt of approximately $15 million in third-quarter 2019. FCX evaluated events after June 30, 2019 , and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

New Accounting Standard (Polici

New Accounting Standard (Policies)	6 Months Ended
	Jun. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Leases	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.

Earnings per Share (Unaudited_2

Earnings per Share (Unaudited) Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of net income (loss) and weighted-average shares of common stock outstanding	Reconciliations of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net (loss) income per share follow (in millions, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net (loss) income from continuing operations $ (74 ) $ 1,039 $ 1 $ 1,867 Net loss (income) from continuing operations attributable to noncontrolling interests 2 (166 ) (43 ) (291 ) Undistributed earnings allocated to participating securities (3 ) (3 ) (3 ) (4 ) Net (loss) income from continuing operations attributable to common stockholders (75 ) 870 (45 ) 1,572 Net (loss) income from discontinued operations attributable to common stockholders — (4 ) 1 (15 ) Net (loss) income attributable to common stockholders $ (75 ) $ 866 $ (44 ) $ 1,557 Basic weighted-average shares of common stock outstanding 1,451 1,449 1,451 1,449 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units a — 9 — 9 Diluted weighted-average shares of common stock outstanding 1,451 1,458 1,451 1,458 Basic net (loss) income per share attributable to common stockholders: Continuing operations $ (0.05 ) $ 0.60 $ (0.03 ) $ 1.08 Discontinued operations — — — (0.01 ) $ (0.05 ) $ 0.60 $ (0.03 ) $ 1.07 Diluted net (loss) income per share attributable to common stockholders: Continuing operations $ (0.05 ) $ 0.59 $ (0.03 ) $ 1.08 Discontinued operations — — — (0.01 ) $ (0.05 ) $ 0.59 $ (0.03 ) $ 1.07 a. Excludes approximately 10 million shares of common stock in second-quarter 2019 , 2 million in second-quarter 2018 , 12 million for the first six months of 2019 and 3 million for the first six months of 2018 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock that were anti-dilutive.

Inventories, Including Long-T_2

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventories follow (in millions): June 30, December 31, 2018 Current inventories: Total materials and supplies, net a $ 1,634 $ 1,528 Mill stockpiles $ 227 $ 282 Leach stockpiles 1,125 1,171 Total current mill and leach stockpiles $ 1,352 $ 1,453 Raw materials (primarily concentrate) $ 295 $ 260 Work-in-process 156 192 Finished goods 940 1,326 Total product $ 1,391 $ 1,778 Long-term inventories: Mill stockpiles $ 254 $ 265 Leach stockpiles 1,093 1,049 Total long-term mill and leach stockpiles b $ 1,347 $ 1,314 a. Materials and supplies inventory was net of obsolescence reserves totaling $24 million at June 30, 2019 , and December 31, 2018 . b. Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes (Unaudited) (Table

Income Taxes (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 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): Six Months Ended June 30, 2019 2018 U.S. operations $ 20 a $ 8 b International operations (110 ) (1,029 ) Total $ (90 ) $ (1,021 ) a. Includes a tax credit of $18 million primarily associated with state law changes. b. Includes a tax credit of $5 million associated with the settlement of a state income tax examination.

Debt and Equity (Tables)

Debt and Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The components of debt follow (in millions): June 30, 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 139 166 Total debt 9,916 11,141 Less current portion of debt (4 ) (17 ) Long-term debt $ 9,912 $ 11,124

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized gains (losses) on the related hedged item follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (13 ) $ (4 ) $ 5 $ (19 ) Hedged item – firm sales commitments 13 4 (5 ) 19 Realized (losses) gains: Matured derivative financial instruments (3 ) — (1 ) 2
Schedule of Derivative Instruments	A summary of FCX’s embedded derivatives at June 30, 2019 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 505 $ 2.79 $ 2.72 November 2019 Gold (thousands of ounces) 74 1,328 1,416 August 2019 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 86 2.83 2.72 September 2019 Cobalt (millions of pounds) 6 10.56 8.88 September 2019
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions	A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Embedded derivatives in provisional sales contracts: a Copper $ (122 ) $ (14 ) $ — $ (149 ) Gold and other metals 13 (30 ) 11 (12 ) Copper forward contracts b (4 ) 6 (3 ) 8 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): June 30, December 31, 2018 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 1 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts 41 23 Total derivative assets $ 42 $ 23 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 5 $ 9 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts 51 39 Total derivative liabilities $ 56 $ 48
Offsetting Assets	A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities June 30, December 31, 2018 June 30, December 31, 2018 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 41 $ 23 $ 51 $ 39 Copper derivatives 1 — 5 9 42 23 56 48 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 4 7 4 7 Copper derivatives 1 — 1 — 5 7 5 7 Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 37 16 47 32 Copper derivatives — — 4 9 $ 37 $ 16 $ 51 $ 41 Balance sheet classification: Trade accounts receivable $ 26 $ 3 $ 22 $ 24 Accounts payable and accrued liabilities 11 13 29 17 $ 37 $ 16 $ 51 $ 41
Offsetting Liabilities	A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities June 30, December 31, 2018 June 30, December 31, 2018 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 41 $ 23 $ 51 $ 39 Copper derivatives 1 — 5 9 42 23 56 48 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 4 7 4 7 Copper derivatives 1 — 1 — 5 7 5 7 Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 37 16 47 32 Copper derivatives — — 4 9 $ 37 $ 16 $ 51 $ 41 Balance sheet classification: Trade accounts receivable $ 26 $ 3 $ 22 $ 24 Accounts payable and accrued liabilities 11 13 29 17 $ 37 $ 16 $ 51 $ 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): June 30, December 31, 2018 Balance sheet components: Cash and cash equivalents $ 2,623 $ 4,217 Restricted cash and restricted cash equivalents included in: Other current assets 218 110 Other assets 165 128 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 3,006 $ 4,455

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 26 $ 26 $ 26 $ — $ — $ — Equity securities 4 4 — 4 — — Total 30 30 26 4 — — Legally restricted funds: a U.S. core fixed income fund 58 58 58 — — — Government mortgage-backed securities 37 37 — — 37 — Government bonds and notes 37 37 — — 37 — Corporate bonds 32 32 — — 32 — Asset-backed securities 12 12 — — 12 — Collateralized mortgage-backed securities 7 7 — — 7 — Money market funds 7 7 — 7 — — Municipal bonds 1 1 — — 1 — Total 191 191 58 7 126 — Derivatives: Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts in a gross asset position c 41 41 — — 41 — Copper futures and swap contracts c 1 1 — 1 — — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 79 79 — — 79 — Total 121 121 — 1 120 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 132 111 — — — 111 Liabilities Derivatives: c Embedded derivatives in provisional copper, gold and cobalt sales/purchase contracts in a gross liability position $ 51 $ 51 $ — $ — $ 51 $ — Copper futures and swap contracts 5 5 — 4 1 — Total 56 56 — 4 52 — Long-term debt, including current portion d 9,916 9,861 — — 9,861 — 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 $218 million at June 30, 2019 , and $109 million at December 31, 2018 , and (ii) other assets of $164 million at June 30, 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 six 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 (11 ) Fair value at June 30, 2019 $ 111

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services	FCX’s revenues attributable to the products it sold for the second quarters and first six months of 2019 and 2018 follow (in millions): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Copper: Concentrate $ 1,134 $ 1,703 $ 2,299 $ 3,350 Cathode 959 1,183 1,818 2,368 Rod and other refined copper products 516 668 1,023 1,338 Purchased copper a 325 282 662 520 Gold 305 933 696 1,741 Molybdenum 327 310 615 596 Other b 218 400 495 798 Adjustments to revenues: Treatment charges (100 ) (139 ) (205 ) (271 ) Royalty expense c (19 ) (73 ) (49 ) (142 ) Export duties d (10 ) (55 ) (27 ) (101 ) Revenues from contracts with customers 3,655 5,212 7,327 10,197 Embedded derivatives e (109 ) (44 ) 11 (161 ) Total consolidated revenues $ 3,546 $ 5,168 $ 7,338 $ 10,036 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 Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Three Months Ended June 30, 2019 Revenues: Unaffiliated customers $ 16 $ 69 $ 85 $ 562 $ 128 $ 690 $ 583 a $ — $ 1,171 $ 546 $ 471 b $ 3,546 Intersegment 491 544 1,035 71 — 71 (1 ) 109 4 — (1,218 ) — Production and delivery 348 477 825 455 126 581 554 78 1,171 515 (722 ) 3,002 Depreciation, depletion and amortization 43 44 87 101 18 119 99 18 3 7 19 352 Selling, general and administrative expenses — — — 2 — 2 30 — — 5 60 97 Mining exploration and research expenses — 1 1 — — — — — — — 30 31 Environmental obligations and shutdown costs — — — — — — — — — — 23 23 Net loss on sales of assets — — — — — — — — — — 8 8 Operating income (loss) 116 91 207 75 (16 ) 59 (101 ) 13 1 19 (165 ) 33 Interest expense, net 1 — 1 25 — 25 1 — — 6 99 132 Provision for (benefit from) income taxes — — — 20 (9 ) 11 (35 ) — — 2 7 (15 ) Total assets at June 30, 2019 2,917 4,921 7,838 8,571 1,699 10,270 16,261 1,792 250 764 3,911 41,086 Capital expenditures 49 158 207 43 4 47 339 2 1 5 28 629 Three Months Ended June 30, 2018 Revenues: Unaffiliated customers $ 25 $ 13 $ 38 $ 719 $ 171 $ 890 $ 1,639 a $ — $ 1,387 $ 602 $ 612 b $ 5,168 Intersegment 568 641 1,209 100 — 100 1 111 8 — (1,429 ) — Production and delivery 298 491 789 445 133 578 425 71 1,389 579 (916 ) 2,915 Depreciation, depletion and amortization 44 48 92 109 24 133 172 21 3 7 14 442 Selling, general and administrative expenses 1 — 1 2 — 2 28 — — 5 73 109 Mining exploration and research expenses — — — — — — — — — — 24 24 Environmental obligations and shutdown costs — — — — — — — — — — 59 59 Net gain on sales of assets — — — — — — — — — — (45 ) (45 ) Operating income (loss) 250 115 365 263 14 277 1,015 19 3 11 (26 ) 1,664 Interest expense, net 1 — 1 16 — 16 — — — 6 119 142 Provision for (benefit from) income taxes — — — 102 6 108 429 — — — (22 ) 515 Total assets at June 30, 2018 2,819 4,374 7,193 8,630 1,715 10,345 10,911 1,820 278 931 5,550 37,028 Capital expenditures 41 99 140 68 3 71 246 1 1 3 20 482 a. Includes PT-FI's sales to PT Smelting totaling $470 million in second-quarter 2019 and $649 million in second-quarter 2018 . b. Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines. (In millions) Atlantic Corporate, North America Copper Mines South America Mining Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Six Months Ended June 30, 2019 Revenues: Unaffiliated customers $ 28 $ 164 $ 192 $ 1,289 $ 226 $ 1,515 $ 1,288 a $ — $ 2,299 $ 1,117 $ 927 b $ 7,338 Intersegment 949 1,013 1,962 197 — 197 57 200 10 5 (2,431 ) — Production and delivery 643 925 1,568 894 226 1,120 1,110 149 2,304 1,067 (1,340 ) 5,978 Depreciation, depletion and amortization 83 87 170 201 32 233 204 34 5 14 39 699 Selling, general and administrative expenses 1 1 2 4 — 4 60 — — 10 133 209 Mining exploration and research expenses — 1 1 — — — — — — — 57 58 Environmental obligations and shutdown costs — — — — — — — — — — 65 65 Net gain on sales of assets — — — — — — — — — — (25 ) (25 ) Operating income (loss) 250 163 413 387 (32 ) 355 (29 ) 17 — 31 (433 ) 354 Interest expense, net 2 — 2 54 — 54 1 — — 12 209 278 Provision for (benefit from) income taxes — — — 130 (14 ) 116 (9 ) — — 3 (20 ) 90 Capital expenditures 111 306 417 99 9 108 658 6 2 9 51 1,251 Six Months Ended June 30, 2018 Revenues: Unaffiliated customers $ 28 $ 28 $ 56 $ 1,344 $ 321 $ 1,665 $ 3,160 a $ — $ 2,772 $ 1,179 $ 1,204 b $ 10,036 Intersegment 1,169 1,330 2,499 202 — 202 53 206 16 2 (2,978 ) — Production and delivery 588 992 1,580 872 249 1,121 882 138 2,777 1,135 (1,910 ) 5,723 Depreciation, depletion and amortization 90 96 186 214 46 260 353 40 5 14 35 893 Selling, general and administrative expenses 2 2 4 4 — 4 67 — — 11 154 240 Mining exploration and research expenses — 1 1 — — — — — — — 44 45 Environmental obligations and shutdown costs — — — — — — — — — — 68 68 Net gain on sales of assets — — — — — — — — — — (56 ) (56 ) Operating income (loss) 517 267 784 456 26 482 1,911 28 6 21 (109 ) 3,123 Interest expense, net 2 — 2 33 — 33 — — — 11 247 293 Provision for income taxes — — — 170 10 180 830 — — 1 10 1,021 Capital expenditures 88 144 232 131 7 138 449 2 2 7 54 884 a. Includes PT-FI’s sales to PT Smelting totaling $879 million for the first six months of 2019 and $1.3 billion for the first six months of 2018 . b. Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.

Guarantor Financial Statement_2

Guarantor Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2019
Guarantor Financial Statements [Abstract]
Condensed Consolidating Balance Sheets [Table Text Block]	CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 84 $ 570 $ 8,634 $ (558 ) $ 8,730 Property, plant, equipment and mine development costs, net 18 2 28,821 — 28,841 Investments in consolidated subsidiaries 17,773 — — (17,773 ) — Other assets 1,335 21 3,252 (1,093 ) 3,515 Total assets $ 19,210 $ 593 $ 40,707 $ (19,424 ) $ 41,086 LIABILITIES AND EQUITY Current liabilities $ 255 $ 55 $ 3,574 $ (598 ) $ 3,286 Long-term debt, less current portion 8,595 7,097 5,963 (11,743 ) 9,912 Deferred income taxes 561 a — 3,494 — 4,055 Environmental and asset retirement obligations, less current portion — 234 3,383 — 3,617 Investments in consolidated subsidiaries — 594 10,728 (11,322 ) — Other liabilities 90 3,340 2,456 (3,487 ) 2,399 Total liabilities 9,501 11,320 29,598 (27,150 ) 23,269 Equity: Stockholders’ equity 9,709 (10,727 ) 8,455 2,272 9,709 Noncontrolling interests — — 2,654 5,454 8,108 Total equity 9,709 (10,727 ) 11,109 7,726 17,817 Total liabilities and equity $ 19,210 $ 593 $ 40,707 $ (19,424 ) $ 41,086 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 Income [Table Text Block]	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Three Months Ended June 30, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 13 $ 3,533 $ — $ 3,546 Total costs and expenses 4 26 3,481 2 3,513 Operating (loss) income (4 ) (13 ) 52 (2 ) 33 Interest expense, net (83 ) (82 ) (102 ) 135 (132 ) Other (expense) income, net (1 ) — 7 (1 ) 5 (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (88 ) (95 ) (43 ) 132 (94 ) (Provision for) benefit from income taxes (7 ) 22 — — 15 Equity in affiliated companies’ net earnings (losses) 23 (21 ) (89 ) 92 5 Net (loss) income (72 ) (94 ) (132 ) 224 (74 ) Net (income) loss attributable to noncontrolling interests — — (8 ) 10 2 Net (loss) income attributable to common stockholders $ (72 ) $ (94 ) $ (140 ) $ 234 $ (72 ) Other comprehensive income (loss) 12 — 12 (12 ) 12 Total comprehensive (loss) income $ (60 ) $ (94 ) $ (128 ) $ 222 $ (60 ) Three Months Ended June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 16 $ 5,152 $ — $ 5,168 Total costs and expenses 4 (16 ) 3,525 (9 ) 3,504 Operating (loss) income (4 ) 32 1,627 9 1,664 Interest expense, net (97 ) (76 ) (92 ) 123 (142 ) Other income (expense), net 132 2 18 (123 ) 29 Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) 31 (42 ) 1,553 9 1,551 (Provision for) benefit from income taxes (11 ) 10 (512 ) (2 ) (515 ) Equity in affiliated companies’ net earnings (losses) 849 2 (45 ) (803 ) 3 Net income (loss) from continuing operations 869 (30 ) 996 (796 ) 1,039 Net loss from discontinued operations — — (4 ) — (4 ) Net income (loss) 869 (30 ) 992 (796 ) 1,035 Net income attributable to noncontrolling interests — — (102 ) (64 ) (166 ) Net income (loss) attributable to common stockholders $ 869 $ (30 ) $ 890 $ (860 ) $ 869 Other comprehensive income (loss) 11 — 11 (11 ) 11 Total comprehensive income (loss) $ 880 $ (30 ) $ 901 $ (871 ) $ 880 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Six Months Ended June 30, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 16 $ 7,322 $ — $ 7,338 Total costs and expenses 17 26 6,941 — 6,984 Operating (loss) income (17 ) (10 ) 381 — 354 Interest expense, net (173 ) (168 ) (211 ) 274 (278 ) Other income (expense), net 64 — 23 (74 ) 13 (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (126 ) (178 ) 193 200 89 (Provision for) benefit from income taxes (8 ) 40 (122 ) — (90 ) Equity in affiliated companies’ net earnings (losses) 93 (16 ) (152 ) 77 2 Net (loss) income from continuing operations (41 ) (154 ) (81 ) 277 1 Net income from discontinued operations — — 1 — 1 Net (loss) income (41 ) (154 ) (80 ) 277 2 Net income attributable to noncontrolling interests — — (42 ) (1 ) (43 ) Net (loss) income attributable to common stockholders $ (41 ) $ (154 ) $ (122 ) $ 276 $ (41 ) Other comprehensive income (loss) 23 — 23 (23 ) 23 Total comprehensive (loss) income $ (18 ) $ (154 ) $ (99 ) $ 253 $ (18 ) Six Months Ended June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 31 $ 10,005 $ — $ 10,036 Total costs and expenses 13 (8 ) 6,918 (10 ) 6,913 Operating (loss) income (13 ) 39 3,087 10 3,123 Interest expense, net (201 ) (140 ) (177 ) 225 (293 ) Other income (expense), net 233 2 47 (225 ) 57 Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) 19 (99 ) 2,957 10 2,887 (Provision for) benefit from income taxes (94 ) 22 (947 ) (2 ) (1,021 ) Equity in affiliated companies’ net earnings (losses) 1,636 (4 ) (79 ) (1,552 ) 1 Net income (loss) from continuing operations 1,561 (81 ) 1,931 (1,544 ) 1,867 Net loss from discontinued operations — — (15 ) — (15 ) Net income (loss) 1,561 (81 ) 1,916 (1,544 ) 1,852 Net income attributable to noncontrolling interests — — (173 ) (118 ) (291 ) Net income (loss) attributable to common stockholders $ 1,561 $ (81 ) $ 1,743 $ (1,662 ) $ 1,561 Other comprehensive income (loss) 23 — 23 (23 ) 23 Total comprehensive income (loss) $ 1,584 $ (81 ) $ 1,766 $ (1,685 ) $ 1,584
Condensed Consolidating Statements of Cash Flows [Table Text Block]	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash provided by (used in) operating activities $ 330 $ (204 ) $ 962 $ — $ 1,088 Cash flow from investing activities: Capital expenditures — — (1,251 ) — (1,251 ) Intercompany loans (640 ) — — 640 — Dividends from (investments in) consolidated subsidiaries 1,470 — 47 (1,519 ) (2 ) Asset sales and other, net (1 ) 91 (4 ) — 86 Net cash provided by (used in) investing activities 829 91 (1,208 ) (879 ) (1,167 ) Cash flow from financing activities: Proceeds from debt — — 328 — 328 Repayments of debt (1,003 ) — (560 ) — (1,563 ) Intercompany loans — 113 527 (640 ) — Cash dividends paid and contributions received, net (146 ) — (1,478 ) 1,499 (125 ) Other, net (10 ) — (20 ) 20 (10 ) Net cash (used in) provided by financing activities (1,159 ) 113 (1,203 ) 879 (1,370 ) Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents — — (1,449 ) — (1,449 ) 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 $ — $ — $ 3,006 $ — $ 3,006 Six Months Ended June 30, 2018 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (163 ) $ (184 ) $ 3,025 $ — $ 2,678 Cash flow from investing activities: Capital expenditures (2 ) — (882 ) — (884 ) Intercompany loans (442 ) — — 442 — Dividends from (investments in) consolidated subsidiaries 2,519 — 45 (2,564 ) — Asset sales and other, net 4 1 (91 ) — (86 ) Net cash provided by (used in) investing activities 2,079 1 (928 ) (2,122 ) (970 ) Cash flow from financing activities: Proceeds from debt — — 352 — 352 Repayments of debt (1,826 ) (52 ) (419 ) — (2,297 ) Intercompany loans — 228 214 (442 ) — Cash dividends paid and contributions received, net (73 ) — (2,789 ) 2,548 (314 ) Other, net (17 ) — (17 ) 16 (18 ) Net cash (used in) provided by financing activities (1,916 ) 176 (2,659 ) 2,122 (2,277 ) Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents — (7 ) (562 ) — (569 ) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year — 7 4,703 — 4,710 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ — $ — $ 4,141 $ — $ 4,141

New Accounting Standard (Tables

New Accounting Standard (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 , follow (in millions): Lease right-of-use assets (included in property, plant, equipment and mine development costs, net) $ 242 Short-term lease liabilities (included in accounts payable and accrued liabilities) $ 47 Long-term lease liabilities (included in other liabilities) 216 Total lease liabilities $ 263
Schedule of operating lease costs	Operating lease costs, primarily included in production and delivery expense in the consolidated statement of operations, are as follows (in millions): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating leases $ 21 $ 33 Variable and short-term leases 19 40 Total lease costs $ 40 $ 73
Schedule of future minimum payments for leases	The future minimum payments for leases presented in the consolidated balance sheets at June 30, 2019 , follow (in millions): Remaining six months of 2019 $ 27 2020 54 2021 40 2022 33 2023 30 Thereafter 158 Total payments 342 Less amount representing interest (79 ) Present value of net minimum lease payments 263 Less current portion (47 ) Long-term portion $ 216

General Information (Unaudite_2

General Information (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2023	Dec. 21, 2018
Net income (loss)	$ (74)	$ 1,035	$ 2		$ 1,852
Freeport Cobalt | Held for sale
Assets	135		135	$ 135
Liabilities	20		20	20
Consideration	150		150	150
PT Freeport Indonesia
Net income (loss)	(56)		(4)	(140)
Investment owned, percent							81.00%
Net income (loss), FCX	$ (46)		$ (3)	$ (114)
PT Freeport Indonesia | Forecast
Investment owned, percent						48.76%
PT-FI | PT Freeport Indonesia
Investment owned, percent							19.00%
Lundin Mining Corporation | Freeport Cobalt | Held for sale
Proceeds from transaction, percent	30.00%
PT Freeport Indonesia | PT Indonesia Asahan Aluminium (Persero) (Inalum) [Member] | Forecast
Investment owned, percent						26.24%
PT Freeport Indonesia | PT Indonesia Papua Metal dan Mineral [Member] | Forecast
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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net (loss) income from continuing operations	$ (74)	$ 1,039	$ 1	$ 1,867
Net loss (income) from continuing operations attributable to noncontrolling interests	2	(166)	(43)	(291)
Undistributed earnings allocated to participating securities	(3)	(3)	(3)	(4)
Net (loss) income from continuing operations attributable to common stockholders	(75)	870	(45)	1,572
Net (loss) income from discontinued operations attributable to common stockholders	0	(4)	1	(15)
Net (loss) income attributable to common stockholders	$ (75)	$ 866	$ (44)	$ 1,557
Basic weighted-average shares of common stock outstanding	1,451	1,449	1,451	1,449
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock unitsa	0	9	0	9
Diluted weighted-average shares of common stock outstanding	1,451	1,458	1,451	1,458
Basic net (loss) income per share attributable to common stockholders:
Continuing operations (in dollars per share)	$ (0.05)	$ 0.60	$ (0.03)	$ 1.08
Discontinued operations (in dollars per share)	0	0	0	(0.01)
Earnings per share, basic (in dollars per share)	(0.05)	0.60	(0.03)	1.07
Diluted net (loss) income per share attributable to common stockholders:
Continuing operations (in dollars per share)	(0.05)	0.59	(0.03)	1.08
Discontinued operations (in dollars per share)	0	0	0	(0.01)
Earnings per share, diluted (in dollars per share)	$ (0.05)	$ 0.59	$ (0.03)	$ 1.07
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10	2	12	3
Dilutive Securities Excluded from Computation of EPS Amount	43	35	41	34

Inventories, Including Long-T_3

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Components of Inventories [Line Items]
Total materials and supplies, net	$ 1,634	$ 1,634		$ 1,528
Mill stockpiles, current	227	227		282
Leach stockpiles, current	1,125	1,125		1,171
Total current mill and leach stockpiles	1,352	1,352		1,453
Raw materials (primarily concentrate)	295	295		260
Work-in-process	156	156		192
Finished goods	940	940		1,326
Total product	1,391	1,391		1,778
Mill stockpiles, noncurrent	254	254		265
Leach stockpiles, noncurrent	1,093	1,093		1,049
Total long-term mill and leach stockpiles	1,347	1,347		1,314
Inventory obsolescence reserves	24	24		$ 24
Inventory Write-down	$ 2	$ 59	$ 2

Income Taxes (Unaudited) (Detai

Income Taxes (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Consolidated effective income tax rate (percent)			101.00%	35.00%
Schedule Of Income Taxes [Line Items]
U.S. operations			$ 20	$ 8
International operations			(110)	(1,029)
Total	$ 15	$ (515)	(90)	$ (1,021)
State law changes			18
Settlement of state income tax examination	$ 5		$ 5

Debt and Equity (Details)

Debt and Equity (Details) - USD ($)	Jun. 26, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	May 02, 2019	Mar. 27, 2019	Dec. 31, 2018
Total Debt [Abstract]
Total debt		$ 9,916,000,000			$ 9,916,000,000				$ 11,141,000,000
Current portion of debt		(4,000,000)			(4,000,000)				(17,000,000)
Long-term debt, less current portion		9,912,000,000			9,912,000,000				11,124,000,000
Net gain (loss) on exchanges and early extinguishment of debt		0		$ 9,000,000	(6,000,000)	$ 8,000,000
Interest costs		$ 167,000,000		$ 165,000,000	$ 345,000,000	$ 341,000,000
Dividends declared per share of common stock (in dollars per share)	$ 0.05	$ 0.05		$ 0.05	$ 0.10	$ 0.10
Property, Plant and Equipment [Member]
Total Debt [Abstract]
Interest costs capitalized		$ 35,000,000		$ 23,000,000	$ 67,000,000	$ 48,000,000
Line of Credit [Member] | Cerro Verde [Member]
Total Debt [Abstract]
Total debt		825,000,000			825,000,000				1,023,000,000
Line of Credit [Member] | Letter of Credit [Member]
Total Debt [Abstract]
Letter of credit		13,000,000			13,000,000
Revolving credit facility, availability		1,500,000,000			1,500,000,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Total Debt [Abstract]
Debt		0			0
Revolving credit facility, availability		3,500,000,000			3,500,000,000
Line of Credit [Member] | Revolving Credit Facility [Member] | Amended Credit Facility [Member]
Total Debt [Abstract]
Revolving credit facility, availability							$ 3,500,000,000
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
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
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			8,595,000,000				9,594,000,000
Debentures [Member] | Freeport McMoRan Corporation [Member]
Total Debt [Abstract]
Total debt		357,000,000			357,000,000				358,000,000
Other Debt, Including Capital Leases and Short Term Borrowings [Member]
Total Debt [Abstract]
Total debt		$ 139,000,000			$ 139,000,000				$ 166,000,000

Financial Instruments (Unrealiz

Financial Instruments (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions	Jun. 30, 2019lboz$ / lb$ / oz	Mar. 31, 2019lb$ / lb$ / lb	Jun. 30, 2019USD ($)$ / lb$ / oz	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)$ / lb$ / oz	Jun. 30, 2018USD ($)
Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $			$ (109)	$ (44)	$ 11	$ (161)
Commodity Contract [Member]
Unrealized gains (losses):
Derivative financial instruments | $			(13)	(4)	5	(19)
Hedged item – firm sales commitments | $			13	4	(5)	19
Realized gains (losses):
Matured derivative financial instruments | $			(3)	0	(1)	2
Commodity Contract [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		74
Derivative, Average Forward Price		2.76
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		2
Derivative, Average Forward Price		2.66
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments | $			(4)	6	(3)	8
Copper | Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $			$ (122)	(14)	$ 0	(149)
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	505
Derivative, Average Forward Price	2.79		2.79		2.79
Realized gains (losses):
Derivative Average Market Price	2.72		2.72		2.72
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	86
Derivative, Average Forward Price	2.83		2.83		2.83
Realized gains (losses):
Derivative Average Market Price	2.72		2.72		2.72
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	74
Derivative, Average Forward Price | $ / oz	1,328		1,328		1,328
Realized gains (losses):
Derivative Average Market Price | $ / oz	1,416		1,416		1,416
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 | $			$ 13	$ (30)	$ 11	$ (12)
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	6
Derivative, Average Forward Price	10.56		10.56		10.56
Realized gains (losses):
Derivative Average Market Price	8.88		8.88		8.88

Financial Instruments (Unsettle

Financial Instruments (Unsettled Derivatives) (Details) oz in Thousands, lb in Millions, $ in Millions	Jun. 30, 2019USD ($)lboz$ / lb$ / oz	Mar. 31, 2019lb$ / lb$ / lb	Jun. 30, 2019USD ($)$ / lb$ / oz	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)$ / lb$ / oz	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 42		$ 42		$ 42		$ 23
Derivative Liability, Fair Value, Gross Liability	56		56		56		48
Derivative Asset, Fair Value, Gross Liability	5		5		5		7
Derivative Liability, Fair Value, Gross Asset	5		5		5		7
Derivative Asset	37		37		37		16
Derivative Liability	51		51		51		41
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	26		26		26		3
Derivative Liability	22		22		22		24
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	11		11		11		13
Derivative Liability	29		29		29		17
Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net			(3)	$ 0	(1)	$ 2
Derivative Asset, Fair Value, Gross Asset	1		1		1		0
Derivative Liability, Fair Value, Gross Liability	5		5		5		9
Derivative Asset, Fair Value, Gross Liability	1		1		1		0
Derivative Liability, Fair Value, Gross Asset	1		1		1		0
Derivative Asset	0		0		0		0
Derivative Liability	4		4		4		9
Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	41		41		41		23
Derivative Liability, Fair Value, Gross Liability	51		51		51		39
Derivative Asset, Fair Value, Gross Liability	4		4		4		7
Derivative Liability, Fair Value, Gross Asset	4		4		4		7
Derivative Asset	37		37		37		16
Derivative Liability	47		47		47		32
Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	1		1		1		0
Derivative, Nonmonetary Notional Amount, Mass | lb		74
Derivative, Average Forward Price | $ / lb		2.76
Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	41		41		41		23
Derivative Liability, Fair Value, Gross Liability	51		51		51		39
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		2
Derivative, Average Forward Price | $ / lb		2.66
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	$ 5		$ 5		$ 5		$ 9
Copper | Short [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price | $ / lb	2.72		2.72		2.72
Derivative, Nonmonetary Notional Amount, Mass | lb	505
Derivative, Average Forward Price | $ / lb	2.79		2.79		2.79
Copper | Long [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price | $ / lb	2.72		2.72		2.72
Derivative, Nonmonetary Notional Amount, Mass | lb	86
Derivative, Average Forward Price | $ / lb	2.83		2.83		2.83
Gold | Short [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price | $ / oz	1,416		1,416		1,416
Derivative, Nonmonetary Notional Amount, Mass | oz	74
Derivative, Average Forward Price | $ / oz	1,328		1,328		1,328
Sales [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			$ (109)	(44)	$ 11	(161)
Sales [Member] | Copper | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			(122)	(14)	0	(149)
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			13	(30)	11	(12)
Cost of Sales [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net			$ (4)	$ 6	$ (3)	$ 8

Financial Instruments (Derivati

Financial Instruments (Derivative) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 2,623	$ 4,217
Restricted Cash and Cash Equivalents, Current	218	110
Restricted Cash and Cash Equivalents, Noncurrent	165	128
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	3,006	4,455	$ 4,141	$ 4,710
Credit Derivative, Maximum Exposure, Undiscounted	37
Bank Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 1,400	$ 2,300

Fair Value Measurement (Fair Va

Fair Value Measurement (Fair Value Measurement Inputs) (Details) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)$ / bbl	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	$ 760				$ 422
Other assets	2,168				2,172
Proceeds from Sale of Other Assets, contingent consideration	91	$ 0
Assets	41,086	$ 37,028			42,216
Derivative Liability, Fair Value, Gross Liability	56				48
Investment securities (current and long-term):
Marketable Securities	0
Derivatives:
Derivative Asset	37				16
Derivatives: [Abstract]
Derivative Liability	51				41
Fair Value Measured at Net Asset Value Per Share [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	0				0
Investment securities (current and long-term):
Investments, Fair Value Disclosure	26				25
Trust Assets Fair Value Disclosure	58				55
Derivatives:
Derivative Asset	0				0
Derivatives: [Abstract]
Derivative Liability	0				0
Long-term debt, including current portion	0				0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	0				0
Investment securities (current and long-term):
Investments, Fair Value Disclosure	4				4
Trust Assets Fair Value Disclosure	7				5
Derivatives:
Derivative Asset	1				0
Derivatives: [Abstract]
Derivative Liability	4				7
Long-term debt, including current portion	0				0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	0				0
Investment securities (current and long-term):
Investments, Fair Value Disclosure	0				0
Trust Assets Fair Value Disclosure	126				121
Derivatives:
Derivative Asset	120				96
Derivatives: [Abstract]
Derivative Liability	52				41
Long-term debt, including current portion	9,861				10,238
Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	111				127
Investment securities (current and long-term):
Investments, Fair Value Disclosure	0				0
Trust Assets Fair Value Disclosure	0				0
Derivatives:
Derivative Asset	0				0
Derivatives: [Abstract]
Derivative Liability	0				0
Long-term debt, including current portion	0				0
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	111				127
Investment securities (current and long-term):
Investments, Fair Value Disclosure	30				29
Trust Assets Fair Value Disclosure	191				181
Derivatives:
Derivative Asset	121				96
Derivatives: [Abstract]
Derivative Liability	56				48
Long-term debt, including current portion	9,861				10,238
Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	132				143
Investment securities (current and long-term):
Investments, Fair Value Disclosure	30				29
Trust Assets Fair Value Disclosure	191				181
Derivatives:
Derivative Asset	121				96
Derivatives: [Abstract]
Derivative Liability	56				48
Long-term debt, including current portion	9,916				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	51				39
Derivatives:
Derivative Asset	37				16
Derivatives: [Abstract]
Derivative Liability	47				32
Embedded Derivative Financial Instruments [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Derivatives:
Derivative Asset	0				0
Derivatives: [Abstract]
Derivative Liability	0				0
Embedded Derivative Financial Instruments [Member] | Level 1
Derivatives:
Derivative Asset	0				0
Derivatives: [Abstract]
Derivative Liability	0				0
Embedded Derivative Financial Instruments [Member] | Level 2
Derivatives:
Derivative Asset	41				23
Derivatives: [Abstract]
Derivative Liability	51				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	41				23
Derivatives: [Abstract]
Derivative Liability	51				39
Embedded Derivative Financial Instruments [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	41				23
Derivatives: [Abstract]
Derivative Liability	51				39
Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability	5				9
Derivatives:
Derivative Asset	0				0
Derivatives: [Abstract]
Derivative Liability	4				9
Commodity Contract [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Derivatives:
Derivative Asset	0
Derivatives: [Abstract]
Derivative Liability	0				0
Commodity Contract [Member] | Level 1
Derivatives: [Abstract]
Derivative Liability	4				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	5				9
Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Derivative Liability	5				9
Future [Member] | Level 1
Derivatives:
Derivative Asset	1
Future [Member] | Level 2
Derivatives:
Derivative Asset	0
Future [Member] | Level 3
Derivatives:
Derivative Asset	0
Future [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	1
Future [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	1
Africa and onshore California [Member] | Commodity Contract [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Derivatives:
Derivative Asset	0				0
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	79				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	79				73
Africa and onshore California [Member] | Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	79				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	26				25
Trust Assets Fair Value Disclosure	58				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	26				25
Trust Assets Fair Value Disclosure	58				55
U.S. core fixed income fund [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities	26				25
Trust Assets Fair Value Disclosure	58				55
Equity securities | Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Marketable Securities					0
Equity securities | Level 1
Investment securities (current and long-term):
Marketable Securities	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 | Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Government bonds | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Government bonds | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	37				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	37				36
Government bonds | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	37				36
Corporate bonds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Corporate bonds [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Corporate bonds [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	32				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	32				28
Corporate bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	32				28
Government mortgage-backed securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Government mortgage-backed securities [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Government mortgage-backed securities [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	37				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	37				38
Government mortgage-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	37				38
Asset-backed securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Asset-backed securities [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Asset-backed securities [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	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] | Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Money market funds [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	7				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	7				5
Money market funds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	7				5
Collateralized Mortgage Backed Securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Collateralized Mortgage Backed Securities [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Collateralized Mortgage Backed Securities [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	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] | Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Municipal bonds [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Municipal bonds [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1				1
Municipal bonds [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0				0
Municipal bonds [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1				1
Municipal bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1				1
Bank Time Deposits [Member] | Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other Assets, Current	218				109
Other assets	164				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	51				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	59				57
Discontinued Operation, Contingent Receivable							$ 120
Copper | TF Holdings Limited | Discontinued Operations, Disposed of by Sale
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable							60
Cobalt | TF Holdings Limited | Discontinued Operations, Disposed of by Sale
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable							$ 60
Derivatives:
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	7
Other assets	13				16
Discontinued Operation, Contingent Receivable						$ 150
Proceeds from Sale of Other Assets, contingent consideration	50
Assets	20
Derivatives:
Discontinued Operation, Contingent Receivable, Per Year					50
Freeport-McMoRan Oil & Gas | Deepwater Gulf of Mexico Interests [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other Assets, Current	14				27
Other assets	$ 118				$ 116
Discontinued Operation, Contingent Receivable						$ 150
Forecast | Freeport-McMoRan Oil & Gas | Onshore California [Member]
Derivatives:
Discontinued Operation, Contingent Receivable, Per Year			$ 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	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Assets, Current	$ 760	$ 422
Other Assets, Noncurrent	2,168	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	(11)
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 June 30, 2019	111
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	7
Other Assets, Noncurrent	$ 13	$ 16

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) - Tax and Other Matters (Details) $ in Millions, Rp in Billions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018IDR (Rp)	Mar. 31, 2019	Dec. 21, 2018
Loss Contingencies [Line Items]
Production and delivery	$ 3,002	$ 2,915	$ 5,978	$ 5,723
Surface Water Taxes, Papua, Indonesia
Loss Contingencies [Line Items]
Production and delivery	$ 28
Surface Water Taxes, Papua, Indonesia | PT Freeport Indonesia | Annual surface water tax payments
Loss Contingencies [Line Items]
Payments for taxes			$ 15
Surface Water Taxes, Papua, Indonesia | PT Freeport Indonesia | Tax Authority, In Papau, Indonesia | Penalties
Loss Contingencies [Line Items]
Loss contingency, offer					$ 69
Litigation settlement, agreed to pay					$ 99	Rp 1,394
PT Freeport Indonesia
Loss Contingencies [Line Items]
Investment owned, percent								81.00%
PT Freeport Indonesia | 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue from External Customer [Line Items]
Treatment And Refining Charges Included In Copper Concentrates Revenues	$ (100)	$ (139)	$ (205)	$ (271)
Royalty Expense	(19)	(73)	(49)	(142)
Export Duties Expense	(10)	(55)	(27)	(101)
Revenue from Contract with Customer, Excluding Assessed Tax	3,655	5,212	7,327	10,197
Revenues	3,546	5,168	7,338	10,036
Sales [Member] | Not Designated as Hedging Instrument [Member]
Revenue from External Customer [Line Items]
Matured derivative financial instruments	(109)	(44)	11	(161)
Copper In Concentrates [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,134	1,703	2,299	3,350
Copper Cathode [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	959	1,183	1,818	2,368
Refined Copper Products [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	516	668	1,023	1,338
Purchased Copper [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	325	282	662	520
Gold
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	305	933	696	1,741
Molybdenum [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	327	310	615	596
Other Products Or Services [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 218	$ 400	$ 495	$ 798

Business Segments (Segment Repo

Business Segments (Segment Reporting) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment			4
Deferred Intercompany Profit, Percentage			25.00%
Revenues	$ 3,546	$ 5,168	$ 7,338	$ 10,036
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(3,002)	(2,915)	(5,978)	(5,723)
Cost, Depreciation, Amortization and Depletion	352	442	699	893
Metals inventory adjustments	2		59	2
Selling, general and administrative expenses	(97)	(109)	(209)	(240)
Mining exploration and research expenses	31	24	58	45
Environmental obligations and shutdown costs	23	59	65	68
Net gain on sales of assets	8	(45)	(25)	(56)
Operating income	33	1,664	354	3,123
Interest expense, net	(132)	(142)	(278)	(293)
Provision for (benefit from) income taxes	(15)	515	90	1,021
Total assets	41,086	37,028	41,086	37,028	$ 42,216
Capital expenditures	629	482	1,251	884
Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	85	38	192	56
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(825)	(789)	(1,568)	(1,580)
Cost, Depreciation, Amortization and Depletion	87	92	170	186
Selling, general and administrative expenses	0	(1)	(2)	(4)
Mining exploration and research expenses	1	0	1	1
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	207	365	413	784
Interest expense, net	(1)	(1)	(2)	(2)
Provision for (benefit from) income taxes	0	0	0	0
Total assets	7,838	7,193	7,838	7,193
Capital expenditures	207	140	417	232
Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	690	890	1,515	1,665
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(581)	(578)	(1,120)	(1,121)
Cost, Depreciation, Amortization and Depletion	119	133	233	260
Selling, general and administrative expenses	(2)	(2)	(4)	(4)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	59	277	355	482
Interest expense, net	(25)	(16)	(54)	(33)
Provision for (benefit from) income taxes	11	108	116	180
Total assets	10,270	10,345	10,270	10,345
Capital expenditures	47	71	108	138
Corporate And Eliminations
Segment Reporting Information [Line Items]
Revenues	471	612	927	1,204
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	722	916	1,340	1,910
Cost, Depreciation, Amortization and Depletion	19	14	39	35
Selling, general and administrative expenses	(60)	(73)	(133)	(154)
Mining exploration and research expenses	30	24	57	44
Environmental obligations and shutdown costs	23	59	65	68
Net gain on sales of assets	8	(45)	(25)	(56)
Operating income	(165)	(26)	(433)	(109)
Interest expense, net	(99)	(119)	(209)	(247)
Provision for (benefit from) income taxes	7	(22)	(20)	10
Total assets	3,911	5,550	3,911	5,550
Capital expenditures	28	20	51	54
Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	1,035	1,209	1,962	2,499
Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	71	100	197	202
Pt Smelting | Affiliated Entity [Member]
Segment Reporting Information [Line Items]
Revenues	470	649	879	1,300
Morenci [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	16	25	28	28
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(348)	(298)	(643)	(588)
Cost, Depreciation, Amortization and Depletion	43	44	83	90
Selling, general and administrative expenses	0	(1)	(1)	(2)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	116	250	250	517
Interest expense, net	(1)	(1)	(2)	(2)
Provision for (benefit from) income taxes	0	0	0	0
Total assets	2,917	2,819	2,917	2,819
Capital expenditures	49	41	111	88
Morenci [Member] | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	491	568	949	1,169
Other Individually Immaterial Operating Segments [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	69	13	164	28
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(477)	(491)	(925)	(992)
Cost, Depreciation, Amortization and Depletion	44	48	87	96
Selling, general and administrative expenses	0	0	(1)	(2)
Mining exploration and research expenses	1	0	1	1
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	91	115	163	267
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	0	0	0	0
Total assets	4,921	4,374	4,921	4,374
Capital expenditures	158	99	306	144
Other Individually Immaterial Operating Segments [Member] | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	128	171	226	321
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(126)	(133)	(226)	(249)
Cost, Depreciation, Amortization and Depletion	18	24	32	46
Selling, general and administrative expenses	0	0	0	0
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	(16)	14	(32)	26
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	(9)	6	(14)	10
Total assets	1,699	1,715	1,699	1,715
Capital expenditures	4	3	9	7
Other Individually Immaterial Operating Segments [Member] | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	544	641	1,013	1,330
Other Individually Immaterial Operating Segments [Member] | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Cerro Verde [Member] | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	562	719	1,289	1,344
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(455)	(445)	(894)	(872)
Cost, Depreciation, Amortization and Depletion	101	109	201	214
Selling, general and administrative expenses	(2)	(2)	(4)	(4)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	75	263	387	456
Interest expense, net	(25)	(16)	(54)	(33)
Provision for (benefit from) income taxes	20	102	130	170
Total assets	8,571	8,630	8,571	8,630
Capital expenditures	43	68	99	131
Cerro Verde [Member] | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	71	100	197	202
Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures			658	449
Grasberg Segment [Member] | Operating Segments | Indonesia
Segment Reporting Information [Line Items]
Revenues	583	1,639	1,288	3,160
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(554)	(425)	(1,110)	(882)
Cost, Depreciation, Amortization and Depletion	99	172	204	353
Selling, general and administrative expenses	(30)	(28)	(60)	(67)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	(101)	1,015	(29)	1,911
Interest expense, net	(1)	0	(1)	0
Provision for (benefit from) income taxes	(35)	429	(9)	830
Total assets	16,261	10,911	16,261	10,911
Capital expenditures	339	246	658	449
Grasberg Segment [Member] | Intersegment | Indonesia
Segment Reporting Information [Line Items]
Revenues	(1)	1	57	53
Molybdenum [Member]
Segment Reporting Information [Line Items]
Capital expenditures			6	2
Molybdenum [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(78)	(71)	(149)	(138)
Cost, Depreciation, Amortization and Depletion	18	21	34	40
Selling, general and administrative expenses	0	0	0	0
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	13	19	17	28
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	0	0	0	0
Total assets	1,792	1,820	1,792	1,820
Capital expenditures	2	1	6	2
Molybdenum [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	109	111	200	206
Rod and Refining Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,171	1,387	2,299	2,772
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(1,171)	(1,389)	(2,304)	(2,777)
Cost, Depreciation, Amortization and Depletion	3	3	5	5
Selling, general and administrative expenses	0	0	0	0
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	1	3	0	6
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	0	0	0	0
Total assets	250	278	250	278
Capital expenditures	1	1	2	2
Rod and Refining Segment [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	4	8	10	16
Atlantic Copper Smelting and Refining Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	546	602	1,117	1,179
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(515)	(579)	(1,067)	(1,135)
Cost, Depreciation, Amortization and Depletion	7	7	14	14
Selling, general and administrative expenses	(5)	(5)	(10)	(11)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income	19	11	31	21
Interest expense, net	(6)	(6)	(12)	(11)
Provision for (benefit from) income taxes	2	0	3	1
Total assets	764	931	764	931
Capital expenditures	5	3	9	7
Atlantic Copper Smelting and Refining Segment [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0	5	2
Corporate And Eliminations | Intersegment
Segment Reporting Information [Line Items]
Revenues	$ (1,218)	$ (1,429)	$ (2,431)	$ (2,978)

Guarantor Financial Statement_3

Guarantor Financial Statements (Details)	Jun. 30, 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	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Current assets, other than assets held-for-sale	$ 8,730		$ 10,720
Property, plant, equipment and mine development costs, net	28,841		28,010
Investments in consolidated subsidiaries	0		0
Other assets	3,515		3,486
Total assets	41,086		42,216	$ 37,028
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	3,286		3,329
Long-term debt, less current portion	9,912		11,124
Deferred income taxes	4,055		4,032
Environmental and asset retirement obligations, less current portion	3,617		3,609
Investments in consolidated subsidiaries	0		0
Other liabilities	2,399		2,230
Total liabilities	23,269		24,324
Equity:
Stockholders' equity	9,709		9,798
Noncontrolling interests	8,108		8,094
Total equity	17,817	$ 17,841	17,892	$ 12,842	$ 11,926	$ 11,296
Total liabilities and equity	41,086		42,216
Eliminations [Member]
ASSETS
Current assets, other than assets held-for-sale	(558)		(585)
Property, plant, equipment and mine development costs, net	0		0
Investments in consolidated subsidiaries	(17,773)		(19,064)
Other assets	(1,093)		(635)
Total assets	(19,424)		(20,284)
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	(598)		(617)
Long-term debt, less current portion	(11,743)		(11,103)
Deferred income taxes	0		0
Environmental and asset retirement obligations, less current portion	0		0
Investments in consolidated subsidiaries	(11,322)		(11,091)
Other liabilities	(3,487)		(3,486)
Total liabilities	(27,150)		(26,297)
Equity:
Stockholders' equity	2,272		601
Noncontrolling interests	5,454		5,412
Total equity	7,726		6,013
Total liabilities and equity	(19,424)		(20,284)
FCX Issuer [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	84		309
Property, plant, equipment and mine development costs, net	18		19
Investments in consolidated subsidiaries	17,773		19,064
Other assets	1,335		880
Total assets	19,210		20,272
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	255		245
Long-term debt, less current portion	8,595		9,594
Deferred income taxes	561		524
Environmental and asset retirement obligations, less current portion	0		0
Investments in consolidated subsidiaries	0		0
Other liabilities	90		111
Total liabilities	9,501		10,474
Equity:
Stockholders' equity	9,709		9,798
Noncontrolling interests	0		0
Total equity	9,709		9,798
Total liabilities and equity	19,210		20,272
FM O&G LLC Guarantor [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	570		620
Property, plant, equipment and mine development costs, net	2		7
Investments in consolidated subsidiaries	0		0
Other assets	21		23
Total assets	593		650
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	55		34
Long-term debt, less current portion	7,097		6,984
Deferred income taxes	0		0
Environmental and asset retirement obligations, less current portion	234		227
Investments in consolidated subsidiaries	594		578
Other liabilities	3,340		3,340
Total liabilities	11,320		11,163
Equity:
Stockholders' equity	(10,727)		(10,513)
Noncontrolling interests	0		0
Total equity	(10,727)		(10,513)
Total liabilities and equity	593		650
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	8,634		10,376
Property, plant, equipment and mine development costs, net	28,821		27,984
Investments in consolidated subsidiaries	0		0
Other assets	3,252		3,218
Total assets	40,707		41,578
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	3,574		3,667
Long-term debt, less current portion	5,963		5,649
Deferred income taxes	3,494		3,508
Environmental and asset retirement obligations, less current portion	3,383		3,382
Investments in consolidated subsidiaries	10,728		10,513
Other liabilities	2,456		2,265
Total liabilities	29,598		28,984
Equity:
Stockholders' equity	8,455		9,912
Noncontrolling interests	2,654		2,682
Total equity	11,109		12,594
Total liabilities and equity	$ 40,707		$ 41,578

Guarantor Financial Statement_5

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues	$ 3,546	$ 5,168	$ 7,338	$ 10,036
Total costs and expenses	3,513	3,504	6,984	6,913
Operating income (loss)	33	1,664	354	3,123
Interest expense, net	(132)	(142)	(278)	(293)
Other Nonoperating Income (Expense)	5	29	13	57
Net gain (loss) on early extinguishment of debt	0	9	(6)	8
(Loss) income from continuing operations before income taxes and equity in affiliated companies’ net earnings	(94)	1,551	89	2,887
Benefit from (provision for) income taxes	15	(515)	(90)	(1,021)
Equity in affiliated companies’ net earnings (losses)	5	3	2	1
Net (loss) income from continuing operations	(74)	1,039	1	1,867
Net (loss) income from discontinued operations	0	(4)	1	(15)
Net income	(74)	1,035	2	1,852
Net loss (income) from continuing operations attributable to noncontrolling interests	2	(166)	(43)	(291)
Net (loss) income attributable to common stockholders	(72)	869	(41)	1,561
Other comprehensive income (loss)	12	11	23	23
Total comprehensive income (loss)	(60)	880	(18)	1,584
Eliminations [Member]
Revenues	0	0	0	0
Total costs and expenses	2	(9)	0	(10)
Operating income (loss)	(2)	9	0	10
Interest expense, net	135	123	274	225
Other Nonoperating Income (Expense)	(1)	(123)	(74)	(225)
(Loss) income from continuing operations before income taxes and equity in affiliated companies’ net earnings	132	9	200	10
Benefit from (provision for) income taxes	0	(2)	0	(2)
Equity in affiliated companies’ net earnings (losses)	92	(803)	77	(1,552)
Net (loss) income from continuing operations		(796)	277	(1,544)
Net (loss) income from discontinued operations		0	0	0
Net income	224	(796)	277	(1,544)
Net loss (income) from continuing operations attributable to noncontrolling interests	10	(64)	(1)	(118)
Net (loss) income attributable to common stockholders	234	(860)	276	(1,662)
Other comprehensive income (loss)	(12)	(11)	(23)	(23)
Total comprehensive income (loss)	222	(871)	253	(1,685)
FCX Issuer [Member] | Reportable Legal Entities [Member]
Revenues	0	0	0	0
Total costs and expenses	4	4	17	13
Operating income (loss)	(4)	(4)	(17)	(13)
Interest expense, net	(83)	(97)	(173)	(201)
Other Nonoperating Income (Expense)	(1)	132	64	233
(Loss) income from continuing operations before income taxes and equity in affiliated companies’ net earnings	(88)	31	(126)	19
Benefit from (provision for) income taxes	(7)	(11)	(8)	(94)
Equity in affiliated companies’ net earnings (losses)	23	849	93	1,636
Net (loss) income from continuing operations		869	(41)	1,561
Net (loss) income from discontinued operations		0	0	0
Net income	(72)	869	(41)	1,561
Net loss (income) from continuing operations attributable to noncontrolling interests	0	0	0	0
Net (loss) income attributable to common stockholders	(72)	869	(41)	1,561
Other comprehensive income (loss)	12	11	23	23
Total comprehensive income (loss)	(60)	880	(18)	1,584
FM O&G LLC Guarantor [Member] | Reportable Legal Entities [Member]
Revenues	13	16	16	31
Total costs and expenses	26	(16)	26	(8)
Operating income (loss)	(13)	32	(10)	39
Interest expense, net	(82)	(76)	(168)	(140)
Other Nonoperating Income (Expense)	0	2	0	2
(Loss) income from continuing operations before income taxes and equity in affiliated companies’ net earnings	(95)	(42)	(178)	(99)
Benefit from (provision for) income taxes	22	10	40	22
Equity in affiliated companies’ net earnings (losses)	(21)	2	(16)	(4)
Net (loss) income from continuing operations		(30)	(154)	(81)
Net (loss) income from discontinued operations		0	0	0
Net income	(94)	(30)	(154)	(81)
Net loss (income) from continuing operations attributable to noncontrolling interests	0	0	0	0
Net (loss) income attributable to common stockholders	(94)	(30)	(154)	(81)
Other comprehensive income (loss)	0	0	0	0
Total comprehensive income (loss)	(94)	(30)	(154)	(81)
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenues	3,533	5,152	7,322	10,005
Total costs and expenses	3,481	3,525	6,941	6,918
Operating income (loss)	52	1,627	381	3,087
Interest expense, net	(102)	(92)	(211)	(177)
Other Nonoperating Income (Expense)	7	18	23	47
(Loss) income from continuing operations before income taxes and equity in affiliated companies’ net earnings	(43)	1,553	193	2,957
Benefit from (provision for) income taxes	0	(512)	(122)	(947)
Equity in affiliated companies’ net earnings (losses)	(89)	(45)	(152)	(79)
Net (loss) income from continuing operations		996	(81)	1,931
Net (loss) income from discontinued operations		(4)	1	(15)
Net income	(132)	992	(80)	1,916
Net loss (income) from continuing operations attributable to noncontrolling interests	(8)	(102)	(42)	(173)
Net (loss) income attributable to common stockholders	(140)	890	(122)	1,743
Other comprehensive income (loss)	12	11	23	23
Total comprehensive income (loss)	$ (128)	$ 901	$ (99)	$ 1,766

Guarantor Financial Statement_6

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	$ 3,006	$ 4,141	$ 3,006	$ 4,141	$ 4,455	$ 4,710
Cash flow from operating activities:
Net cash provided by operating activities			1,088	2,678
Cash flow from investing activities:
Capital expenditures	(629)	(482)	(1,251)	(884)
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			86	(86)
Net cash used in investing activities			(1,167)	(970)
Cash flow from financing activities:
Proceeds from debt			328	352
Repayments of debt			(1,563)	(2,297)
Intercompany loans			0	0
Cash dividends paid and contributions received, net			(125)	(314)
Other, net			(10)	(18)
Net cash used in financing activities			(1,370)	(2,277)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			(1,449)	(569)
Eliminations [Member]
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	0	0	0	0	0	0
Cash flow from operating activities:
Net cash provided by operating activities			0	0
Cash flow from investing activities:
Capital expenditures			0	0
Intercompany loans			640	442
Dividends from (investments in) consolidated subsidiaries			(1,519)	(2,564)
Proceeds From Divestiture Of Business And Interests In Affiliates And Proceeds From Sale Of Other Assets			0	0
Net cash used in investing activities			(879)	(2,122)
Cash flow from financing activities:
Proceeds from debt			0	0
Repayments of debt			0	0
Intercompany loans			(640)	(442)
Cash dividends paid and contributions received, net			1,499	2,548
Other, net			20	16
Net cash used in financing activities			879	2,122
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	0	0
Cash flow from operating activities:
Net cash provided by operating activities			330	(163)
Cash flow from investing activities:
Capital expenditures			0	(2)
Intercompany loans			(640)	(442)
Dividends from (investments in) consolidated subsidiaries			1,470	2,519
Proceeds From Divestiture Of Business And Interests In Affiliates And Proceeds From Sale Of Other Assets			(1)	4
Net cash used in investing activities			829	2,079
Cash flow from financing activities:
Proceeds from debt			0	0
Repayments of debt			(1,003)	(1,826)
Intercompany loans			0	0
Cash dividends paid and contributions received, net			(146)	(73)
Other, net			(10)	(17)
Net cash used in financing activities			(1,159)	(1,916)
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	0	0	7
Cash flow from operating activities:
Net cash provided by operating activities			(204)	(184)
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			91	1
Net cash used in investing activities			91	1
Cash flow from financing activities:
Proceeds from debt			0	0
Repayments of debt			0	(52)
Intercompany loans			113	228
Cash dividends paid and contributions received, net			0	0
Other, net			0	0
Net cash used in financing activities			113	176
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			0	(7)
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	$ 3,006	$ 4,141	3,006	4,141	$ 4,455	$ 4,703
Cash flow from operating activities:
Net cash provided by operating activities			962	3,025
Cash flow from investing activities:
Capital expenditures			(1,251)	(882)
Intercompany loans			0	0
Dividends from (investments in) consolidated subsidiaries			47	45
Proceeds From Divestiture Of Business And Interests In Affiliates And Proceeds From Sale Of Other Assets			(4)	(91)
Net cash used in investing activities			(1,208)	(928)
Cash flow from financing activities:
Proceeds from debt			328	352
Repayments of debt			(560)	(419)
Intercompany loans			527	214
Cash dividends paid and contributions received, net			(1,478)	(2,789)
Other, net			(20)	(17)
Net cash used in financing activities			(1,203)	(2,659)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			$ (1,449)	$ (562)

New Accounting Standard - Narra

New Accounting Standard - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Jan. 01, 2019
Lessee Disclosure [Abstract]
Lease right-of-use assets	$ 242	$ 242		$ 243
Lease liability	263	263		$ 243
Lease costs	$ 40	73	$ 80
Lease payments		$ 20
Lease weighted-average discount rate	5.20%	5.20%
Lease,weighted average remaining lease term	8 years 9 months 18 days	8 years 9 months 18 days

New Accounting Standard - Lease

New Accounting Standard - Leases Presented in Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019
Assets and Liabilities, Lessee [Abstract]
Lease right-of-use assets (included in property, plant, equipment and mine development costs, net)	$ 242	$ 243
Short-term lease liabilities (included in accounts payable and accrued liabilities)	47
Long-term lease liabilities (included in other liabilities)	216
Total lease liabilities	$ 263	$ 243

New Accounting Standard - Opera

New Accounting Standard - Operating Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Lease, Cost [Abstract]
Operating leases	$ 21	$ 33
Variable and short-term leases	19	40
Total lease costs	$ 40	$ 73	$ 80

New Accounting Standard - Futur

New Accounting Standard - Future Minimum Payments for Leases (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining six months of 2019	$ 27
2020	54
2021	40
2022	33
2023	30
Thereafter	158
Total payments	342
Less amount representing interest	(79)
Total lease liabilities	263	$ 243
Less current portion	(47)
Long-term portion	$ 216

Subsequent Events (Unaudited) (

Subsequent Events (Unaudited) (Details) - USD ($) $ in Millions	Aug. 15, 2019	Sep. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Aug. 01, 2019
Subsequent Event [Line Items]
Net gain (loss) on early extinguishment of debt			$ 0	$ 9	$ (6)	$ 8
Senior Notes due 2027, 5.00% | Subsequent event
Subsequent Event [Line Items]
Debt							$ 600
Stated interest rate							5.00%
Senior Notes due 2029, 5.25% | Subsequent event
Subsequent Event [Line Items]
Debt							$ 600
Stated interest rate							5.25%
Senior Notes due 2023, 6.875%
Subsequent Event [Line Items]
Debt			$ 764		$ 764
Senior Notes due 2023, 6.875% | Subsequent event
Subsequent Event [Line Items]
Stated interest rate	6.875%
Forecast
Subsequent Event [Line Items]
Proceeds from repayment of debt	$ 1,187
Repurchase of debt	$ 430
Net gain (loss) on early extinguishment of debt		$ (15)
Forecast | Senior Notes due 2021, 4.00%
Subsequent Event [Line Items]
Stated interest rate	4.00%
Forecast | Senior Notes due 2022, 3.55%
Subsequent Event [Line Items]
Stated interest rate	3.55%
Forecast | Senior Notes due 2023, 3.875%
Subsequent Event [Line Items]
Stated interest rate	3.875%