Freeport-McMoRan (FCX) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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		1,451,970,774
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,602	$ 2,020
Trade accounts receivable	515	741
Income and other tax receivables	591	426
Inventories:
Total materials and supplies, net	1,614	1,649
Mill and leach stockpiles	1,106	1,143
Product	1,134	1,281
Other current assets	795	655
Total current assets	7,357	7,915
Property, plant, equipment and mine development costs, net	29,899	29,584
Long-term mill and leach stockpiles	1,272	1,425
Other assets	1,691	1,885
Total assets	40,219	40,809
Current liabilities:
Accounts payable and accrued liabilities	2,465	2,576
Current portion of environmental and asset retirement obligations	305	436
Long-term Debt, Current Maturities	245	5
Accrued income taxes	128	119
Dividends Payable, Current	0	73
Total current liabilities	3,143	3,209
Long-term debt, less current portion	9,829	9,821
Deferred Income Tax Liabilities, Net	4,087	4,210
Environmental and asset retirement obligations, less current portion	3,758	3,630
Other liabilities	2,439	2,491
Total liabilities	23,256	23,361
Stockholders’ equity:
Common stock	158	158
Capital in excess of par value	25,875	25,830
Accumulated deficit	(12,771)	(12,280)
Accumulated other comprehensive loss	(668)	(676)
Common stock held in treasury	(3,739)	(3,734)
Total stockholders’ equity	8,855	9,298
Noncontrolling interests	8,108	8,150
Total equity	16,963	17,448
Total liabilities and equity	$ 40,219	$ 40,809

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenues	$ 2,798	$ 3,792
Cost of sales:
Production and delivery	2,545	2,919
Depreciation, depletion and amortization	341	347
Metals inventory adjustments	222	57
Total cost of sales	3,108	3,323
Selling, general and administrative expenses	110	112
Mining exploration and research expenses	16	27
Environmental obligations and shutdown costs	26	42
Net loss (gain) on sales of assets	11	(33)
Total costs and expenses	3,271	3,471
Operating (loss) income	(473)	321
Interest expense, net	(127)	(146)
Net loss on early extinguishment of debt	(32)	(6)
Other income, net	20	14
(Loss) income from continuing operations before income taxes and equity in affiliated companies’ net earnings (losses)	(612)	183
Benefit from (provision for) income taxes	60	(105)
Equity in affiliated companies’ net earnings (losses)	3	(3)
Net (loss) income from continuing operations	(549)	75
Net gain from discontinued operations	0	1
Net income	(549)	76
Net (income) loss attributable to noncontrolling interests:
Continuing operations	58	(45)
Net (loss) income attributable to common stockholders	$ (491)	$ 31
Earnings Per Share, Basic and Diluted [Abstract]
Income (Loss) from Continuing Operations, Per Basic and Diluted Share	$ (0.34)	$ 0.02
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share	0	0
Earnings Per Share, Basic and Diluted	$ (0.34)	$ 0.02
Basic weighted-average shares of common stock outstanding	1,452	1,451
Diluted weighted-average shares of common shares outstanding	1,452	1,457
Dividends declared per share of common stock (in dollars per share)	$ 0	$ 0.05

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (549)	$ 76
Defined benefit plans:
Amortization of unrecognized amounts included in net periodic benefit costs	12	11
Foreign exchange losses	(5)	0
Other comprehensive income	7	11
Total comprehensive (loss) income	(542)	87
Total comprehensive loss (income) attributable to noncontrolling interests	59	(45)
Total comprehensive income (loss)	$ (483)	$ 42

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flow from operating activities:
Net (loss) income	$ (549)	$ 76
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization	341	347
Metals inventory adjustments	222	57
Gain (Loss) on Disposition of Assets	(11)	33
Stock-based compensation	27	29
Net charges for environmental and asset retirement obligations, including accretion	60	64
Payments for environmental and asset retirement obligations	(71)	(46)
Net charges for defined pension and postretirement plans	18	26
Pension plan contributions	(26)	(16)
Net loss on early extinguishment of debt	32	6
Deferred income taxes	(118)	33
Other, net	(56)	42
Changes in working capital and other:
Accounts receivable	205	19
Inventories	154	192
Other current assets	(89)	42
Accounts payable and accrued liabilities	(149)	(247)
Accrued income taxes and timing of other tax payments	(2)	(62)
Net cash provided by operating activities	(38)	534
Cash flow from investing activities:
Capital expenditures	(610)	(622)
Proceeds from Sale of Other Assets, Investing Activities	66	84
Other, net	(2)	(8)
Net cash used in investing activities	(546)	(546)
Cash flow from financing activities:
Proceeds from debt	1,478	114
Repayments of debt	(1,242)	(1,356)
Cash dividends and distributions paid:
Common stock	(73)	(73)
Noncontrolling interests	0	(9)
Contributions from noncontrolling interests	32	0
Stock-based awards net payments	(4)	(7)
Payments of Financing Costs	(18)	0
Net cash provided by (used in) financing activities	173	(1,331)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(411)	(1,343)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	2,278	4,455
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,867	3,112
North America Copper Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(184)	(210)
South America Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(74)	(61)
Grasberg Segment [Member]
Cash flow from investing activities:
Capital expenditures	(326)	(319)
Molybdenum
Cash flow from investing activities:
Capital expenditures	(7)	(4)
Other Segments [Member]
Cash flow from investing activities:
Capital expenditures	(19)	(28)
Cerro Verde Royalty Dispute
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Charges for Cerro Verde royalty dispute	9	15
Payments for Cerro Verde royalty dispute	$ (57)	$ (10)

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, 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				1
Exercised and issued stock-based awards	1		1				1
Stock-based compensation, including the tender of shares	16		23			$ (7)	16
Dividends	(143)		(73)				(73)	(70)
Changes in noncontrolling interests	(12)		(1)				(1)	(11)
Net loss attributable to common stockholders	31			31			31
Net income (loss) attributable to noncontrolling interests	45							45
Other comprehensive income	11				11		11	0
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]
Total liabilities	23,361
Contributions from noncontrolling interest	32		15				15	17
Balance (in shares) at Dec. 31, 2019		1,582				131
Balance at Dec. 31, 2019	17,448	$ 158	25,830	(12,280)	(676)	$ (3,734)	9,298	8,150
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		1
Exercised and issued stock-based awards	1		1				1
Stock-based compensation, including the tender of shares	24		29			$ (5)	24	0
Net loss attributable to common stockholders	(491)			(491)			(491)
Net income (loss) attributable to noncontrolling interests	(58)							(58)
Other comprehensive income	7				8		8	(1)
Balance (in shares) at Mar. 31, 2020		1,583				131
Balance at Mar. 31, 2020	16,963	$ 158	$ 25,875	$ (12,771)	$ (668)	$ (3,739)	$ 8,855	$ 8,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total liabilities	$ 23,256

General Information (Unaudited)

General Information (Unaudited)	3 Months Ended
	Mar. 31, 2020
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, 2019 (2019 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three -month period ended March 31, 2020 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . Operations Update. Because of the significant negative impacts of the COVID-19 pandemic on the global economy, including the recent decline in copper and molybdenum prices, in April 2020 FCX revised its operating plans. FCX has assessed its near-term operating plans with a focus on maximizing cash flow and protecting liquidity in a weak and uncertain economic environment and to preserve asset values for anticipated improved copper prices as economic conditions recover. A series of actions are being implemented to significantly reduce costs and capital spending and adjust mine plans and corresponding mining and milling rates to maximize cash flow at lower prices. The plans also incorporate the impact of lower input costs, principally energy and foreign exchange rates, and higher gold prices. In mid-March 2020, the Peruvian government issued a Supreme Decree and declaration of a National Emergency in its efforts to contain the outbreak of COVID-19, and subsequently extended this order through May 10, 2020. To comply with the government’s requirements, Cerro Verde temporarily transitioned to a care and maintenance status and has adjusted its operations to prioritize critical activities. Cerro Verde has also completed construction of temporary onsite facilities and enhanced protocols to enable critical operations to be maintained in compliance with the Peruvian government order. During April 2020, Cerro Verde operated at an average of approximately one-third of planned rates. Beginning in late April 2020, operating rates increased to over 50 percent of capacity. In early May, the Peruvian government updated its State of Emergency to allow major mining operations to gradually increase activities. Cerro Verde is in discussions with the Peruvian government to clarify the requirements for gradual resumption of normal operations. The revised operating plans reflect the continuation of limited operations at Cerro Verde during second-quarter 2020 and increased mining and milling rates in the second half of 2020. Idle facility costs associated with this temporary shutdown totaled $ 22 million in first-quarter 2020. Additionally, in April 2020, FCX suspended operations at its Chino copper mine in New Mexico to address COVID-19 concerns. The revised operating plans take into account the impact of the currently suspended operations at the Chino mine. FCX is currently assessing options and future timing of restart of the Chino mine. FCX’s revised operating plans and estimates reflect current assumptions, and FCX will continue to closely monitor health and market conditions and make further adjustments to its mine plans as required. In connection with the decline in copper and molybdenum prices, FCX evaluated its long-lived assets, other than indefinite-lived intangible assets, for impairment as of March 31 2020. Indefinite-lived intangible assets are evaluated annually as of December 31, and when it is more likely than not that the intangible asset is impaired. FCX’s long-lived asset impairment evaluations required FCX to make several assumptions in determining estimates of future cash flows of its individual mining operations, including: near- and long-term metal price assumptions; estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and costs to develop and produce the reserves; and the value of mineral resources not yet included in proven and probable mineral reserves. Projected long-term average metal prices represented the most significant assumption used in the cash flow estimates. FCX’s evaluation of long-lived assets (other than indefinite-lived intangible assets) did not result in the recognition of significant impairments as of March 31, 2020. Should copper and molybdenum prices decline further in future periods, FCX will continue to evaluate its long-lived assets for impairment. Refer to Note 3 for adjustments to reduce inventories to their net realizable values.

Earnings per Share (Unaudited)

Earnings per Share (Unaudited) Earnings per Share (Notes)	3 Months Ended
	Mar. 31, 2020
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 (after deducting accumulated dividends and undistributed earnings to participating securities) 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 March 31, 2020 2019 Net (loss) income from continuing operations $ (549 ) $ 75 Net loss (income) from continuing operations attributable to noncontrolling interests 58 (45 ) Undistributed earnings allocated to participating securities (3 ) (3 ) Net (loss) income from continuing operations attributable to common stockholders (494 ) 27 Net income from discontinued operations attributable to common stockholders — 1 Net (loss) income attributable to common stockholders $ (494 ) $ 28 Basic weighted-average shares of common stock outstanding 1,452 1,451 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) a — 6 Diluted weighted-average shares of common stock outstanding 1,452 1,457 Basic and diluted net (loss) income per share attributable to common stockholders: Continuing operations $ (0.34 ) $ 0.02 Discontinued operations — — $ (0.34 ) $ 0.02 a. Excludes approximately 10 million shares of common stock in first-quarter 2020 and 3 million in first-quarter 2019 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and RSUs that were anti-dilutive. Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net (loss) income per share of common stock. Stock options for 40 million shares of common stock were excluded in first-quarter 2020 and 39 million shares in first-quarter 2019 .

Inventories, Including Long-Ter

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories, Including Long-Term Mill and Leach Stockpiles	INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES The components of inventories follow (in millions): March 31, December 31, 2019 Current inventories: Total materials and supplies, net a $ 1,614 $ 1,649 Mill stockpiles $ 158 $ 220 Leach stockpiles 948 923 Total current mill and leach stockpiles $ 1,106 $ 1,143 Raw materials (primarily concentrate) $ 209 $ 318 Work-in-process 106 124 Finished goods 819 839 Total product $ 1,134 $ 1,281 Long-term inventories: Mill stockpiles $ 193 $ 181 Leach stockpiles 1,079 1,244 Total long-term mill and leach stockpiles b $ 1,272 $ 1,425 a. Materials and supplies inventory was net of obsolescence reserves totaling $25 million at March 31, 2020 , and $24 million at December 31, 2019 . b. Estimated metals in stockpiles not expected to be recovered within the next 12 months. FCX recorded charges to adjust metals inventory carrying values to net realizable values because of lower market prices totaling $222 million in first-quarter 2020 , associated with copper inventories ( $205 million ) and molybdenum inventories ( $17 million ); and $57 million in first-quarter 2019 , associated with cobalt inventories (refer to Note 9 for metals inventory adjustments by business segment).

Income Taxes (Unaudited)

Income Taxes (Unaudited)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Geographic sources of FCX’s benefit from (provision for) income taxes follow (in millions): Three Months Ended March 31, 2020 2019 U.S. operations $ 5 $ 2 International operations 55 (107 ) Total $ 60 $ (105 ) FCX’s consolidated effective income tax rate was 10 percent for first-quarter 2020 and 57 percent for first-quarter 2019 . Because FCX's U.S. jurisdiction generated net losses in first-quarter 2020 and 2019 that will not result in a realized tax benefit, applicable accounting rules require FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S. net losses. Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate. In connection with the negative impacts of the COVID-19 pandemic on the global economy, governments throughout the world are announcing measures that are intended to provide tax and other financial relief. Such measures include the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by President Trump on March 27, 2020. None of these measures, including the CARES Act, resulted in material impacts to FCX’s March 31, 2020, provision for income taxes. Some of these measures will provide FCX with the opportunity to accelerate the timing of cash collections, primarily those associated with the U.S. alternative minimum tax credit refunds. FCX continues to evaluate income tax accounting considerations of additional measures as they develop, including any impact on the Company’s measurement of existing deferred tax assets and deferred tax liabilities. FCX will recognize any impact from COVID-19 related changes to tax laws in the period in which the new legislation is enacted.

Debt and Equity

Debt and Equity	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt and Equity	DEBT AND EQUITY The components of debt follow (in millions): March 31, December 31, 2019 Senior notes and debentures: Issued by FCX $ 8,773 $ 8,602 Issued by Freeport Minerals Corporation (FMC) 357 357 Cerro Verde credit facility 826 826 Other 118 41 Total debt 10,074 9,826 Less current portion of debt (245 ) (5 ) Long-term debt $ 9,829 $ 9,821 Revolving Credit Facility. At March 31, 2020 , FCX had no borrowings outstanding and $13 million in letters of credit issued under its revolving credit facility, resulting in availability of approximately $3.5 billion , of which approximately $1.5 billion could be used for additional letters of credit. Availability under FCX’s revolving credit facility consists of $3.28 billion maturing April 2024 and $220 million maturing April 2023. At March 31, 2020, FCX was in compliance with its revolving credit facility covenants. Senior Notes. On March 4, 2020, FCX completed the sale of $700 million of 4.125% Senior Notes due 2028 and $600 million of 4.25% Senior Notes due 2030 for total net proceeds of $1.29 billion . Interest on these senior notes is payable semiannually on March 1 and September 1 of each year. These senior notes rank equally with FCX’s other existing and future unsecured and unsubordinated indebtedness. FCX used a portion of the net proceeds from this offering to purchase a portion of its 4.00% Senior Notes due 2021 and its 3.55% Senior Notes due 2022 and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with these transactions. As a result of these transactions, FCX recorded a loss on early extinguishment of debt totaling $32 million in first-quarter 2020 as follows (in millions): Principal Amount Net Adjustments Book Value Tender Value Loss FCX 4.00% Senior Notes due 2021 $ 40 $ — $ 40 $ 42 $ 2 FCX 3.55% Senior Notes due 2022 1,075 5 1,070 1,100 30 $ 1,115 $ 5 $ 1,110 $ 1,142 $ 32 On April 3, 2020, FCX used the remaining net proceeds from the offering to fund the make-whole redemption of all of its remaining 4.00% Senior Notes due 2021 (book value of $154 million as of March 31, 2020) and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with the transaction. As a result of the redemption, FCX expects to record a loss on early extinguishment of debt of $9 million in second-quarter 2020. Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $171 million in first-quarter 2020 and $178 million in first-quarter 2019 . Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $44 million in first-quarter 2020 and $32 million in first-quarter 2019 . Common Stock. In March 2020, in response to the COVID-19 pandemic and resulting global economic uncertainties, the FCX Board of Directors (the Board) suspended FCX’s quarterly cash dividend of $0.05 per share previously planned for May 1, 2020. Under current market and economic conditions, the Board does not expect to declare common stock dividends during 2020. The declaration and payment of future dividends is at the discretion of the Board and will be assessed on an ongoing basis, taking into account FCX’s financial results, cash requirements, future prospects, global economic conditions and other factors deemed relevant by the Board.

Financial Instruments (Unaudite

Financial Instruments (Unaudited)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes, but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates. Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. In April 2020, FCX entered into forward sales contracts for 150 million pounds of copper for settlement in May and June of 2020. The forward sales provide for fixed pricing of $2.34 per pound of copper on approximately 60 percent of North America's projected sales volumes for May and June 2020. A discussion of FCX’s other derivative contracts and programs follow. Derivatives Designated as Hedging Instruments – Fair Value Hedges Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the three -month periods ended March 31, 2020 and 2019 . At March 31, 2020 , FCX held copper futures and swap contracts that qualified for hedge accounting for 84 million pounds at an average contract price of $2.56 per pound, with maturities through September 2021 . 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 March 31, 2020 2019 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (33 ) $ 18 Hedged item – firm sales commitments 33 (18 ) Realized (losses) gains: Matured derivative financial instruments (9 ) 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 under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts. A summary of FCX’s embedded derivatives at March 31, 2020 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 333 $ 2.59 $ 2.24 July 2020 Gold (thousands of ounces) 92 1,601 1,614 May 2020 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 87 2.58 2.24 July 2020 Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in cost of sales. At March 31, 2020 , Atlantic Copper held net copper forward purchase contracts for 34 million pounds at an average contract price of $2.35 per pound, with maturities through May 2020 . 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 March 31, 2020 2019 Embedded derivatives in provisional sales contracts: a Copper $ (238 ) $ 122 Gold and other metals 7 (2 ) Copper forward contracts b 24 1 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs. Unsettled Derivative Financial Instruments A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): March 31, December 31, 2019 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 4 $ 6 Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 34 68 Total derivative assets $ 38 $ 74 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 28 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 119 20 Copper forward contracts — 1 Total derivative liabilities $ 147 $ 21 FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract on its balance sheet. FCX’s embedded derivatives on provisional sales/purchase contracts are netted with the corresponding outstanding receivable/payable balances. A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities March 31, December 31, 2019 March 31, December 31, 2019 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 34 $ 68 $ 119 $ 20 Copper derivatives 4 6 28 1 38 74 147 21 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 1 — 1 — Copper derivatives 1 — 1 — 2 — 2 — Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 33 68 118 20 Copper derivatives 3 6 27 1 $ 36 $ 74 $ 145 $ 21 Balance sheet classification: Trade accounts receivable $ 13 $ 66 $ 54 $ — Other current assets 3 6 — — Accounts payable and accrued liabilities 20 2 91 21 $ 36 $ 74 $ 145 $ 21 Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. FCX does not anticipate that any of the counterparties it deals with will default on their obligations. As of March 31, 2020 , the maximum amount of credit exposure associated with derivative transactions was $34 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 $0.4 billion at March 31, 2020 , and $1.3 billion at December 31, 2019 ), restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 7 for the fair values of investment securities, legally restricted funds and long-term debt). In addition, as of March 31, 2020, FCX has contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 7 for the related fair values). Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents. The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows (in millions): March 31, December 31, 2019 Balance sheet components: Cash and cash equivalents $ 1,602 $ 2,020 Restricted cash and restricted cash equivalents included in: Other current assets 113 100 Other assets 152 158 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 1,867 $ 2,278

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENT Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during first-quarter 2020 . FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for contingent consideration associated with the sale of the Deepwater Gulf of Mexico (GOM) oil and gas properties (which was recorded under the loss recovery approach) and debt. A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 6) follows (in millions): At March 31, 2020 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 28 $ 28 $ 28 $ — $ — $ — Equity securities 3 3 — 3 — — Total 31 31 28 3 — — Legally restricted funds: a U.S. core fixed income fund 60 60 60 — — — Government mortgage-backed securities 55 55 — — 55 — Corporate bonds 39 39 — — 39 — Government bonds and notes 22 22 — — 22 — Asset-backed securities 11 11 — — 11 — Money market funds 8 8 — 8 — — Collateralized mortgage-backed securities 4 4 — — 4 — Municipal bonds 1 1 — — 1 — Total 200 200 60 8 132 — Derivatives: Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 34 34 — — 34 — Copper forward contracts c 4 4 — 1 3 — Total 38 38 — 1 37 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 119 78 — — — 78 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position (119 ) (119 ) — — (119 ) — Copper futures and swap contracts c (28 ) (28 ) — (25 ) (3 ) — Total (147 ) (147 ) — (25 ) (122 ) — Long-term debt, including current portion d 10,074 9,530 — — 9,530 — At December 31, 2019 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ — Equity securities 4 4 — 4 — — Total 31 31 27 4 — — Legally restricted funds: a U.S. core fixed income fund 59 59 59 — — — Government mortgage-backed securities 43 43 — — 43 — Government bonds and notes 36 36 — — 36 — Corporate bonds 33 33 — — 33 — Asset-backed securities 14 14 — — 14 — Collateralized mortgage-backed securities 7 7 — — 7 — Money market funds 3 3 — 3 — — Municipal bonds 1 1 — — 1 — Total 196 196 59 3 134 — Derivatives: Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 68 68 — — 68 — Copper futures and swap contracts c 6 6 — 5 1 — Contingent consideration for the sale of onshore California oil and gas properties a 11 11 — — 11 — Total 85 85 — 5 80 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 122 108 — — — 108 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 20 20 — — 20 — Copper forward contracts 1 1 — — 1 — Total 21 21 — — 21 — Long-term debt, including current portion d 9,826 10,239 — — 10,239 — 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 $113 million at March 31, 2020 , and $100 million at December 31, 2019 , and (ii) other assets of $151 million at March 31, 2020 , and $157 million at December 31, 2019 , 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. 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. As a result, these derivatives are classified within Level 2 of the fair value hierarchy. FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices. In 2016, FCX completed the sale of its onshore California oil and gas properties, which 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. Based on current and forecasted oil prices for the remainder of 2020, FCX has concluded the fair value of the last tranche of this contingent consideration derivative approximates zero at March 31, 2020 . The fair value of the contingent consideration derivative was $11 million (included in other assets in the consolidated balance sheets) at December 31, 2019 . 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 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. Contingent consideration of $50 million was not realized in 2019 because the average Brent crude oil price did not exceed $70 per barrel for 2019. The fair value at December 31, 2019, was calculated based on average commodity price forecasts through the applicable maturity date using a Monte-Carlo simulation model. The model used various observable inputs, including Brent crude oil forward prices, volatilities and discount rates. As a result, this contingent consideration asset was classified within Level 2 of the fair value hierarchy. 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 from a third-party production handling agreement for an offshore platform, with the related payments commencing in third-quarter 2018. The contingent consideration included in (i) other current assets totaled $18 million at each of March 31, 2020 , and December 31, 2019 , and (ii) other assets totaled $101 million at March 31, 2020 , and $104 million at December 31, 2019 . The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy. Long-term debt, including current portion, is primarily valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy. The techniques described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at March 31, 2020 , as compared with those techniques used at December 31, 2019 . A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first three months of 2020 follows (in millions): Fair value at January 1, 2020 $ 108 Net unrealized loss related to assets still held at the end of the period (27 ) Settlements (3 ) Fair value at March 31, 2020 $ 78

Contingencies and Commitments (

Contingencies and Commitments (Unaudited)	3 Months Ended
	Mar. 31, 2020
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 2019 Form 10-K, other than the matters below. Louisiana Parishes Coastal Erosion Cases. As previously disclosed, in September 2019, affiliates of FCX reached an agreement in principle to settle all 13 cases filed in Louisiana state courts by six south Louisiana parishes (Cameron, Jefferson, Plaquemines, St. Bernard, St. John the Baptist and Vermilion) and the parties that intervened in the litigation in support of the parishes’ claims, including the state of Louisiana, alleging that certain oil and gas exploration and production operations and sulphur mining and production operations of the FCX affiliates damaged coastal wetlands and caused significant land loss along the Louisiana coast. The agreement in principle does not include any admission of liability by FCX or its affiliates. FCX recorded a charge in third-quarter 2019 for the initial payment of $15 million , which will be paid upon execution of the settlement agreement. The settlement agreement has been executed by the FCX affiliates and several of the Louisiana parishes. FCX expects the agreement to be executed by all parties; however, execution has been delayed by the ongoing COVID-19 pandemic. Upon execution of the settlement agreement by all parties, the FCX affiliates will be fully released and dismissed from all 13 pending cases. Asbestos and Talc Claims . 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 was previously scheduled for March 2020, but has been put on hold. 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 and secured delays or dismissals in other cases. Multiple trials previously scheduled over the first half of 2020 have been postponed because of the ongoing COVID-19 pandemic. Other cases remain scheduled for trial in the second half of 2020, and postponed cases may be reset prior to the adversary proceeding regarding the legacy insurance, which is currently on hold. FCX believes that Cyprus Mines and CAMC each has strong defenses to legal liability and that both should have access to the legacy insurance to cover defense costs, settlements and judgments, at least until the bankruptcy court decides otherwise or the insurance is exhausted. At this time, FCX cannot estimate the range of possible loss associated with these proceedings, but it does not currently believe the amount of any such losses are material to its consolidated financial statements. However, there can be no assurance that future developments will not alter this conclusion. Other Matters PT-FI and PT Smelting Export Licenses. In March 2020, PT-FI received a one-year extension of its export license through March 15, 2021, 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 10, 2021. Cerro Verde Royalty Dispute.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Mar. 31, 2020
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, Bagdad, Cerro Verde and Grasberg (Indonesia Mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining. Beginning in fourth-quarter 2019, Bagdad became a reportable segment. As a result, FCX revised its segment disclosure for the three months ended March 31, 2019 , to conform with the current year presentation. Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums. FCX defers recognizing profits on sales from its mines to other segments, including Atlantic Copper Smelting & Refining, and on 25 percent of PT-FI’s sales to PT Smelting, until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings. FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs, along with some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following Financial Information by Business Segment reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity. Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2020 and 2019 follow (in millions): Three Months Ended March 31, 2020 2019 Copper: Concentrate $ 849 $ 1,165 Cathode 837 859 Rod and other refined copper products 542 507 Purchased copper a 235 337 Gold 270 391 Molybdenum 243 288 Other b 157 277 Adjustments to revenues: Treatment charges (80 ) (105 ) Royalty expense c (20 ) (30 ) Export duties d (4 ) (17 ) Revenues from contracts with customers 3,029 3,672 Embedded derivatives e (231 ) 120 Total consolidated revenues $ 2,798 $ 3,792 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 Mining Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Bagdad Other Total Verde Other Total Mining Mines Refining & Refining nations Total Three Months Ended March 31, 2020 Revenues: Unaffiliated customers $ 2 $ — $ 7 $ 9 $ 376 $ 98 $ 474 $ 445 a $ — $ 1,115 $ 429 $ 326 b $ 2,798 Intersegment 442 159 375 976 38 — 38 — 71 8 11 (1,104 ) — Production and delivery 349 126 385 860 424 110 534 343 66 1,119 411 (788 ) 2,545 Depreciation, depletion and amortization 44 14 34 92 93 15 108 101 16 2 7 15 341 Metals inventory adjustments 4 — 141 145 — 60 60 — 4 — — 13 222 Selling, general and administrative expenses 1 — — 1 2 — 2 28 — — 5 74 110 Mining exploration and research expenses — — 1 1 — — — — — — — 15 16 Environmental obligations and shutdown costs — — — — — — — — — 1 — 25 26 Net loss on sales of assets — — — — — — — — — — — 11 11 Operating income (loss) 46 19 (179 ) (114 ) (105 ) (87 ) (192 ) (27 ) (15 ) 1 17 (143 ) (473 ) Interest expense, net 1 — — 1 28 — 28 1 — — 3 94 127 (Benefit from) provision for income taxes — — — — (52 ) (26 ) (78 ) 12 — — — 6 (60 ) Total assets at March 31, 2020 2,814 800 4,293 7,907 8,471 1,655 10,126 16,711 1,788 231 635 2,821 40,219 Capital expenditures 44 25 115 184 59 15 74 326 7 2 6 11 610 Three Months Ended March 31, 2019 Revenues: Unaffiliated customers $ 12 $ — $ 95 $ 107 $ 727 $ 98 $ 825 $ 705 a $ — $ 1,128 $ 571 $ 456 b $ 3,792 Intersegment 458 178 291 927 126 — 126 58 91 6 5 (1,213 ) — Production and delivery 295 120 328 743 439 100 539 556 71 1,133 552 (675 ) 2,919 Depreciation, depletion and amortization 40 10 33 83 100 14 114 105 16 2 7 20 347 Metals inventory adjustments — — — — — — — — — — — 57 57 Selling, general and administrative expenses 1 — 1 2 2 — 2 30 — — 5 73 112 Mining exploration and research expenses — — — — — — — — — — — 27 27 Environmental obligations and shutdown costs — — — — — — — — — — — 42 42 Net gain on sales of assets — — — — — — — — — — — (33 ) (33 ) Operating income (loss) 134 48 24 206 312 (16 ) 296 72 4 (1 ) 12 (268 ) 321 Interest expense, net 1 — — 1 29 — 29 — — — 6 110 146 Provision for (benefit from) income taxes — — — — 110 (5 ) 105 26 — — 1 (27 ) 105 Total assets at March 31, 2019 2,904 709 4,051 7,664 8,674 1,720 10,394 15,792 1,785 232 771 4,421 41,059 Capital expenditures 62 25 123 210 56 5 61 319 4 1 4 23 622 a. Includes PT-FI's sales to PT Smelting totaling $380 million in first-quarter 2020 and $409 million in first-quarter 2019 . 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.

New Accounting Standard

New Accounting Standard	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Standards	NEW ACCOUNTING STANDARDS 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. FCX adopted this ASU effective January 1, 2020, and the adoption of this ASU did not have a material impact on its consolidated financial statements.

Subsequent Events (Unaudited)

Subsequent Events (Unaudited)	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS FCX evaluated events after March 31, 2020 , 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.

Earnings per Share (Unaudited_2

Earnings per Share (Unaudited) Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Net (loss) income from continuing operations $ (549 ) $ 75 Net loss (income) from continuing operations attributable to noncontrolling interests 58 (45 ) Undistributed earnings allocated to participating securities (3 ) (3 ) Net (loss) income from continuing operations attributable to common stockholders (494 ) 27 Net income from discontinued operations attributable to common stockholders — 1 Net (loss) income attributable to common stockholders $ (494 ) $ 28 Basic weighted-average shares of common stock outstanding 1,452 1,451 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) a — 6 Diluted weighted-average shares of common stock outstanding 1,452 1,457 Basic and diluted net (loss) income per share attributable to common stockholders: Continuing operations $ (0.34 ) $ 0.02 Discontinued operations — — $ (0.34 ) $ 0.02 a. Excludes approximately 10 million shares of common stock in first-quarter 2020 and 3 million in first-quarter 2019 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and RSUs that were anti-dilutive.

Inventories, Including Long-T_2

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventories follow (in millions): March 31, December 31, 2019 Current inventories: Total materials and supplies, net a $ 1,614 $ 1,649 Mill stockpiles $ 158 $ 220 Leach stockpiles 948 923 Total current mill and leach stockpiles $ 1,106 $ 1,143 Raw materials (primarily concentrate) $ 209 $ 318 Work-in-process 106 124 Finished goods 819 839 Total product $ 1,134 $ 1,281 Long-term inventories: Mill stockpiles $ 193 $ 181 Leach stockpiles 1,079 1,244 Total long-term mill and leach stockpiles b $ 1,272 $ 1,425 a. Materials and supplies inventory was net of obsolescence reserves totaling $25 million at March 31, 2020 , and $24 million at December 31, 2019 . b. Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes (Unaudited) (Table

Income Taxes (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income before income taxes and equity in an affiliated companies' net earnings	eographic sources of FCX’s benefit from (provision for) income taxes follow (in millions): Three Months Ended March 31, 2020 2019 U.S. operations $ 5 $ 2 International operations 55 (107 ) Total $ 60 $ (105 )

Debt and Equity (Tables)

Debt and Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Instrument [Line Items]
Schedule of Debt	The components of debt follow (in millions): March 31, December 31, 2019 Senior notes and debentures: Issued by FCX $ 8,773 $ 8,602 Issued by Freeport Minerals Corporation (FMC) 357 357 Cerro Verde credit facility 826 826 Other 118 41 Total debt 10,074 9,826 Less current portion of debt (245 ) (5 ) Long-term debt $ 9,829 $ 9,821
Schedule of Long-term Debt Instruments [Table Text Block]	FCX recorded a loss on early extinguishment of debt totaling $32 million in first-quarter 2020 as follows (in millions): Principal Amount Net Adjustments Book Value Tender Value Loss FCX 4.00% Senior Notes due 2021 $ 40 $ — $ 40 $ 42 $ 2 FCX 3.55% Senior Notes due 2022 1,075 5 1,070 1,100 30 $ 1,115 $ 5 $ 1,110 $ 1,142 $ 32

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (33 ) $ 18 Hedged item – firm sales commitments 33 (18 ) Realized (losses) gains: Matured derivative financial instruments (9 ) 2
Schedule of Derivative Instruments	A summary of FCX’s embedded derivatives at March 31, 2020 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 333 $ 2.59 $ 2.24 July 2020 Gold (thousands of ounces) 92 1,601 1,614 May 2020 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 87 2.58 2.24 July 2020
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 March 31, 2020 2019 Embedded derivatives in provisional sales contracts: a Copper $ (238 ) $ 122 Gold and other metals 7 (2 ) Copper forward contracts b 24 1 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): March 31, December 31, 2019 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 4 $ 6 Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 34 68 Total derivative assets $ 38 $ 74 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 28 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 119 20 Copper forward contracts — 1 Total derivative liabilities $ 147 $ 21
Offsetting Assets	A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities March 31, December 31, 2019 March 31, December 31, 2019 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 34 $ 68 $ 119 $ 20 Copper derivatives 4 6 28 1 38 74 147 21 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 1 — 1 — Copper derivatives 1 — 1 — 2 — 2 — Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 33 68 118 20 Copper derivatives 3 6 27 1 $ 36 $ 74 $ 145 $ 21 Balance sheet classification: Trade accounts receivable $ 13 $ 66 $ 54 $ — Other current assets 3 6 — — Accounts payable and accrued liabilities 20 2 91 21 $ 36 $ 74 $ 145 $ 21
Offsetting Liabilities	A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities March 31, December 31, 2019 March 31, December 31, 2019 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 34 $ 68 $ 119 $ 20 Copper derivatives 4 6 28 1 38 74 147 21 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 1 — 1 — Copper derivatives 1 — 1 — 2 — 2 — Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 33 68 118 20 Copper derivatives 3 6 27 1 $ 36 $ 74 $ 145 $ 21 Balance sheet classification: Trade accounts receivable $ 13 $ 66 $ 54 $ — Other current assets 3 6 — — Accounts payable and accrued liabilities 20 2 91 21 $ 36 $ 74 $ 145 $ 21
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows (in millions): March 31, December 31, 2019 Balance sheet components: Cash and cash equivalents $ 1,602 $ 2,020 Restricted cash and restricted cash equivalents included in: Other current assets 113 100 Other assets 152 158 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 1,867 $ 2,278

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs Disclosure	A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 6) follows (in millions): At March 31, 2020 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 28 $ 28 $ 28 $ — $ — $ — Equity securities 3 3 — 3 — — Total 31 31 28 3 — — Legally restricted funds: a U.S. core fixed income fund 60 60 60 — — — Government mortgage-backed securities 55 55 — — 55 — Corporate bonds 39 39 — — 39 — Government bonds and notes 22 22 — — 22 — Asset-backed securities 11 11 — — 11 — Money market funds 8 8 — 8 — — Collateralized mortgage-backed securities 4 4 — — 4 — Municipal bonds 1 1 — — 1 — Total 200 200 60 8 132 — Derivatives: Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 34 34 — — 34 — Copper forward contracts c 4 4 — 1 3 — Total 38 38 — 1 37 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 119 78 — — — 78 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position (119 ) (119 ) — — (119 ) — Copper futures and swap contracts c (28 ) (28 ) — (25 ) (3 ) — Total (147 ) (147 ) — (25 ) (122 ) — Long-term debt, including current portion d 10,074 9,530 — — 9,530 — At December 31, 2019 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ — Equity securities 4 4 — 4 — — Total 31 31 27 4 — — Legally restricted funds: a U.S. core fixed income fund 59 59 59 — — — Government mortgage-backed securities 43 43 — — 43 — Government bonds and notes 36 36 — — 36 — Corporate bonds 33 33 — — 33 — Asset-backed securities 14 14 — — 14 — Collateralized mortgage-backed securities 7 7 — — 7 — Money market funds 3 3 — 3 — — Municipal bonds 1 1 — — 1 — Total 196 196 59 3 134 — Derivatives: Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 68 68 — — 68 — Copper futures and swap contracts c 6 6 — 5 1 — Contingent consideration for the sale of onshore California oil and gas properties a 11 11 — — 11 — Total 85 85 — 5 80 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 122 108 — — — 108 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 20 20 — — 20 — Copper forward contracts 1 1 — — 1 — Total 21 21 — — 21 — Long-term debt, including current portion d 9,826 10,239 — — 10,239 — 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 $113 million at March 31, 2020 , and $100 million at December 31, 2019 , and (ii) other assets of $151 million at March 31, 2020 , and $157 million at December 31, 2019 , primarily associated with an assurance bond to support PT-FI’s commitment for the development of a new smelter in Indonesia and PT-FI’s closure and reclamation guarantees. c. Refer to Note 6 for further discussion and balance sheet classifications. d. Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.
Summary of Unobservable Input Reconciliation	A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first three months of 2020 follows (in millions): Fair value at January 1, 2020 $ 108 Net unrealized loss related to assets still held at the end of the period (27 ) Settlements (3 ) Fair value at March 31, 2020 $ 78

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services	FCX’s revenues attributable to the products it sold for the first quarters of 2020 and 2019 follow (in millions): Three Months Ended March 31, 2020 2019 Copper: Concentrate $ 849 $ 1,165 Cathode 837 859 Rod and other refined copper products 542 507 Purchased copper a 235 337 Gold 270 391 Molybdenum 243 288 Other b 157 277 Adjustments to revenues: Treatment charges (80 ) (105 ) Royalty expense c (20 ) (30 ) Export duties d (4 ) (17 ) Revenues from contracts with customers 3,029 3,672 Embedded derivatives e (231 ) 120 Total consolidated revenues $ 2,798 $ 3,792 a. FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b. Primarily includes revenues associated with cobalt and silver. c. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. d. Reflects PT-FI export duties. e. Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.
Schedule of financial information by business segment	Financial Information by Business Segment (In millions) Atlantic Corporate, North America Copper Mines South America Mining Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Bagdad Other Total Verde Other Total Mining Mines Refining & Refining nations Total Three Months Ended March 31, 2020 Revenues: Unaffiliated customers $ 2 $ — $ 7 $ 9 $ 376 $ 98 $ 474 $ 445 a $ — $ 1,115 $ 429 $ 326 b $ 2,798 Intersegment 442 159 375 976 38 — 38 — 71 8 11 (1,104 ) — Production and delivery 349 126 385 860 424 110 534 343 66 1,119 411 (788 ) 2,545 Depreciation, depletion and amortization 44 14 34 92 93 15 108 101 16 2 7 15 341 Metals inventory adjustments 4 — 141 145 — 60 60 — 4 — — 13 222 Selling, general and administrative expenses 1 — — 1 2 — 2 28 — — 5 74 110 Mining exploration and research expenses — — 1 1 — — — — — — — 15 16 Environmental obligations and shutdown costs — — — — — — — — — 1 — 25 26 Net loss on sales of assets — — — — — — — — — — — 11 11 Operating income (loss) 46 19 (179 ) (114 ) (105 ) (87 ) (192 ) (27 ) (15 ) 1 17 (143 ) (473 ) Interest expense, net 1 — — 1 28 — 28 1 — — 3 94 127 (Benefit from) provision for income taxes — — — — (52 ) (26 ) (78 ) 12 — — — 6 (60 ) Total assets at March 31, 2020 2,814 800 4,293 7,907 8,471 1,655 10,126 16,711 1,788 231 635 2,821 40,219 Capital expenditures 44 25 115 184 59 15 74 326 7 2 6 11 610 Three Months Ended March 31, 2019 Revenues: Unaffiliated customers $ 12 $ — $ 95 $ 107 $ 727 $ 98 $ 825 $ 705 a $ — $ 1,128 $ 571 $ 456 b $ 3,792 Intersegment 458 178 291 927 126 — 126 58 91 6 5 (1,213 ) — Production and delivery 295 120 328 743 439 100 539 556 71 1,133 552 (675 ) 2,919 Depreciation, depletion and amortization 40 10 33 83 100 14 114 105 16 2 7 20 347 Metals inventory adjustments — — — — — — — — — — — 57 57 Selling, general and administrative expenses 1 — 1 2 2 — 2 30 — — 5 73 112 Mining exploration and research expenses — — — — — — — — — — — 27 27 Environmental obligations and shutdown costs — — — — — — — — — — — 42 42 Net gain on sales of assets — — — — — — — — — — — (33 ) (33 ) Operating income (loss) 134 48 24 206 312 (16 ) 296 72 4 (1 ) 12 (268 ) 321 Interest expense, net 1 — — 1 29 — 29 — — — 6 110 146 Provision for (benefit from) income taxes — — — — 110 (5 ) 105 26 — — 1 (27 ) 105 Total assets at March 31, 2019 2,904 709 4,051 7,664 8,674 1,720 10,394 15,792 1,785 232 771 4,421 41,059 Capital expenditures 62 25 123 210 56 5 61 319 4 1 4 23 622 a. Includes PT-FI's sales to PT Smelting totaling $380 million in first-quarter 2020 and $409 million in first-quarter 2019 . 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.

General Information (Unaudite_2

General Information (Unaudited) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
General Information [Abstract]
COVID Response, Idle Facility Costs	$ 22

Earnings per Share (Unaudited_3

Earnings per Share (Unaudited) Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net (loss) income from continuing operations	$ (549)	$ 75
Net loss (income) from continuing operations attributable to noncontrolling interests	58	(45)
Undistributed earnings allocated to participating securities	(3)	(3)
Net (loss) income from continuing operations attributable to common stockholders	(494)	27
Net income from discontinued operations attributable to common stockholders	0	1
Net (loss) income attributable to common stockholders	$ (494)	$ 28
Basic weighted-average shares of common stock outstanding	1,452	1,451
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)a	0	6
Diluted weighted-average shares of common stock outstanding	1,452	1,457
Basic and diluted net (loss) income per share attributable to common stockholders:
Continuing operations (in dollars per share)	$ (0.34)	$ 0.02
Discontinued operations (in dollars per share)	0	0
Earnings per share, basic (in dollars per share)	$ (0.34)	$ 0.02
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10	3
Dilutive Securities Excluded from Computation of EPS Amount	40	39

Inventories, Including Long-T_3

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Components of Inventories [Line Items]
Total materials and supplies, net	$ 1,614		$ 1,649
Mill stockpiles, current	158		220
Leach stockpiles, current	948		923
Total current mill and leach stockpiles	1,106		1,143
Raw materials (primarily concentrate)	209		318
Work-in-process	106		124
Finished goods	819		839
Total product	1,134		1,281
Mill stockpiles, noncurrent	193		181
Leach stockpiles, noncurrent	1,079		1,244
Total long-term mill and leach stockpiles	1,272		1,425
Inventory obsolescence reserves	25		$ 24
Inventory Write-down	222	$ 57
Copper
Components of Inventories [Line Items]
Inventory Write-down	205
Molybdenum
Components of Inventories [Line Items]
Inventory Write-down	$ 17

Income Taxes (Unaudited) (Detai

Income Taxes (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Consolidated effective income tax rate (percent)	10.00%	57.00%
Schedule Of Income Taxes [Line Items]
U.S. operations	$ 5	$ 2
International operations	55	(107)
Total	$ 60	$ (105)

Debt and Equity (Details)

Debt and Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 04, 2020	Apr. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	Apr. 03, 2020	Dec. 31, 2019
Total Debt [Abstract]
Current portion of debt				$ (245)
Long-term Debt, Current Maturities				245			$ 5
Long-term debt, less current portion				9,829
Debt							9,826
Long-term Debt and Lease Obligation, Including Current Maturities				10,074
Proceeds from repayment of debt	$ 1,290
Net gain (loss) on exchanges and early extinguishment of debt				(32)	$ (6)
Interest costs				$ 171	$ 178
Dividends declared per share of common stock (in dollars per share)				$ 0	$ 0.05
COVID Response, Dividend Suspended, Price Per Share				$ 0.05
Long-term debt, less current portion				$ 9,829			9,821
Senior Notes due 2028, 4.125% [Member] [Domain]
Total Debt [Abstract]
Debt	$ 700
Stated interest rate	4.125%
Senior Notes due 2030, 4.25% [Member] [Domain]
Total Debt [Abstract]
Debt	$ 600
Stated interest rate	4.25%
Senior Notes due 2021, 4.00%
Total Debt [Abstract]
Stated interest rate	4.00%
3.55% Senior Notes Due 2022 [Member]
Total Debt [Abstract]
Stated interest rate	3.55%
Property, Plant and Equipment [Member]
Total Debt [Abstract]
Interest costs capitalized				44	$ 32
Line of Credit [Member] | Cerro Verde [Member]
Total Debt [Abstract]
Debt							826
Long-term Debt and Lease Obligation, Including Current Maturities				826
Line of Credit [Member] | Letter of Credit [Member]
Total Debt [Abstract]
Letter of credit				13
Revolving credit facility, availability				1,500
Line of Credit [Member] | Revolving Credit Facility [Member]
Total Debt [Abstract]
Debt				0
Revolving credit facility, availability				3,500
Line of Credit [Member] | Revolving Credit Facility [Member] | Maturing 2024 [Member]
Total Debt [Abstract]
Revolving credit facility, availability				3,280
Line of Credit [Member] | Revolving Credit Facility [Member] | Maturing 2023 [Member]
Total Debt [Abstract]
Revolving credit facility, availability				220
Senior Notes [Member]
Total Debt [Abstract]
Debt, principal				1,115
Net gain (loss) on exchanges and early extinguishment of debt				32
Net Adjustments				5
Extinguishment of Debt, Amount				1,110
Tender Value				1,142
Senior Notes [Member] | Senior Notes due 2021, 4.00%
Total Debt [Abstract]
Debt, principal				40
Net gain (loss) on exchanges and early extinguishment of debt				2
Net Adjustments				0
Extinguishment of Debt, Amount				40
Tender Value				42
Senior Notes [Member] | 3.55% Senior Notes Due 2022 [Member]
Total Debt [Abstract]
Debt, principal				1,075
Net gain (loss) on exchanges and early extinguishment of debt				30
Net Adjustments				5
Extinguishment of Debt, Amount				1,070
Tender Value				1,100
Senior Notes [Member] | FCX [Member]
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities				8,773			8,602
Debentures [Member] | Freeport McMoRan Corporation [Member]
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities				357			357
Other Debt, Including Capital Leases and Short Term Borrowings [Member]
Total Debt [Abstract]
Debt							$ 41
Long-term Debt and Lease Obligation, Including Current Maturities				$ 118
Subsequent event | Senior Notes due 2021, 4.00%
Total Debt [Abstract]
Stated interest rate						4.00%
Subsequent event | Senior Notes [Member] | Senior Notes due 2021, 4.00%
Total Debt [Abstract]
Extinguishment of Debt, Amount		$ 154
Forecast
Total Debt [Abstract]
Net gain (loss) on exchanges and early extinguishment of debt			$ (9)

Financial Instruments (Unrealiz

Financial Instruments (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2020lb$ / lb	Mar. 31, 2020USD ($)lboz$ / lb$ / lb$ / oz	Mar. 31, 2019USD ($)
Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $		$ (231)	$ 120
Commodity Contract [Member]
Unrealized gains (losses):
Derivative financial instruments | $		(33)	18
Hedged item – firm sales commitments | $		33	(18)
Realized gains (losses):
Matured derivative financial instruments | $		$ (9)	2
Commodity Contract [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		84
Derivative, Average Forward Price | $ / lb		2.56
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		34
Derivative, Average Forward Price | $ / lb		2.35
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments | $		$ 24	1
Copper | Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $		$ (238)	122
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		333
Derivative, Average Forward Price | $ / lb		2.59
Realized gains (losses):
Derivative Average Market Price | $ / lb		2.24
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		87
Derivative, Average Forward Price | $ / lb		2.58
Realized gains (losses):
Derivative Average Market Price | $ / lb		2.24
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		92
Derivative, Average Forward Price | $ / oz		1,601
Realized gains (losses):
Derivative Average Market Price | $ / oz		1,614
gold and other | Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $		$ 7	$ (2)
Subsequent event | Copper Forward Contracts [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	150
Derivative, Average Forward Price | $ / lb	2.34

Financial Instruments (Unsettle

Financial Instruments (Unsettled Derivatives) (Details) oz in Thousands, lb in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)lboz$ / lb$ / lb$ / oz	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 38		$ 74
Derivative Liability, Fair Value, Gross Liability	147		21
Derivative Asset, Fair Value, Gross Liability	2		0
Derivative Liability, Fair Value, Gross Asset	2		0
Derivative Asset	36		74
Derivative Liability	145		21
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	13		66
Derivative Liability	54		0
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	20		2
Derivative Liability	91		21
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	3		6
Derivative Liability	0		0
Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(9)	$ 2
Derivative Asset, Fair Value, Gross Asset	4		6
Derivative Liability, Fair Value, Gross Liability	28		1
Derivative Asset, Fair Value, Gross Liability	1		0
Derivative Liability, Fair Value, Gross Asset	1		0
Derivative Asset	3		6
Derivative Liability	27		1
Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	34		68
Derivative Liability, Fair Value, Gross Liability	119		20
Derivative Asset, Fair Value, Gross Liability	1		0
Derivative Liability, Fair Value, Gross Asset	1		0
Derivative Asset	33		68
Derivative Liability	118		20
Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 4		6
Derivative, Nonmonetary Notional Amount, Mass | lb	84
Derivative, Average Forward Price | $ / lb	2.56
Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 34		68
Derivative Liability, Fair Value, Gross Liability	$ 119		20
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	34
Derivative, Average Forward Price | $ / lb	2.35
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	$ 28		0
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 0		$ 1
Copper | Short [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price | $ / lb	2.24
Derivative, Nonmonetary Notional Amount, Mass | lb	333
Derivative, Average Forward Price | $ / lb	2.59
Copper | Long [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price | $ / lb	2.24
Derivative, Nonmonetary Notional Amount, Mass | lb	87
Derivative, Average Forward Price | $ / lb	2.58
Gold | Short [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price | $ / oz	1,614
Derivative, Nonmonetary Notional Amount, Mass | oz	92
Derivative, Average Forward Price | $ / oz	1,601
Sales [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net	$ (231)	120
Sales [Member] | Copper | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net	(238)	122
Sales [Member] | gold and other | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net	7	(2)
Cost of Sales [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 24	$ 1

Financial Instruments (Derivati

Financial Instruments (Derivative) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 1,602	$ 2,020
Restricted Cash and Cash Equivalents, Current	113	100
Restricted Cash and Cash Equivalents, Noncurrent	152	158
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	1,867	2,278	$ 3,112	$ 4,455
Credit Derivative, Maximum Exposure, Undiscounted	34
Bank Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 400	$ 1,300

Fair Value Measurement (Fair Va

Fair Value Measurement (Fair Value Measurement Inputs) (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018$ / bbl	Dec. 31, 2016USD ($)$ / bbl
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other Assets, Current	$ 795			$ 655
Other assets	1,691			1,885
Proceeds from Sale of Other Assets, contingent consideration	66	$ 84
Derivative Liability, Fair Value, Gross Liability	147			21
Investment securities (current and long-term):
Marketable Securities	0
Derivatives:
Derivative Asset	36			74
Derivatives: [Abstract]
Derivative Liability	145			21
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	28			27
Trust Assets Fair Value Disclosure	60			59
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	3			4
Trust Assets Fair Value Disclosure	8			3
Derivatives:
Derivative Asset	1			5
Derivatives: [Abstract]
Derivative Liability	(25)			0
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	132			134
Derivatives:
Derivative Asset	37			80
Derivatives: [Abstract]
Derivative Liability	(122)			21
Long-term debt, including current portion	9,530			10,239
Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	78			108
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	78			108
Investment securities (current and long-term):
Investments, Fair Value Disclosure	31			31
Trust Assets Fair Value Disclosure	200			196
Derivatives:
Derivative Asset	38			85
Derivatives: [Abstract]
Derivative Liability	(147)			21
Long-term debt, including current portion	9,530			10,239
Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	119			122
Investment securities (current and long-term):
Investments, Fair Value Disclosure	31			31
Trust Assets Fair Value Disclosure	200			196
Derivatives:
Derivative Asset	38			85
Derivatives: [Abstract]
Derivative Liability	(147)			21
Long-term debt, including current portion	10,074			9,826
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	119			20
Derivatives:
Derivative Asset	33			68
Derivatives: [Abstract]
Derivative Liability	118			20
Embedded Derivative Financial Instruments [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Derivatives:
Derivative Asset	0			0
Derivatives: [Abstract]
Derivative Liability	0			0
Embedded Derivative Financial Instruments [Member] | Level 1
Derivatives:
Derivative Asset	0			0
Derivatives: [Abstract]
Derivative Liability	0			0
Embedded Derivative Financial Instruments [Member] | Level 2
Derivatives:
Derivative Asset	34			68
Derivatives: [Abstract]
Derivative Liability	(119)			20
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	34			68
Derivatives: [Abstract]
Derivative Liability	(119)			20
Embedded Derivative Financial Instruments [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	34			68
Derivatives: [Abstract]
Derivative Liability	(119)			20
Forward Contracts [Member] | Level 1
Derivatives:
Derivative Asset	1
Forward Contracts [Member] | Level 2
Derivatives:
Derivative Asset	3
Forward Contracts [Member] | Level 3
Derivatives:
Derivative Asset	0
Forward Contracts [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	4
Forward Contracts [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	4
Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability	28			1
Derivatives:
Derivative Asset	3			6
Derivatives: [Abstract]
Derivative Liability	27			1
Commodity Contract [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Derivatives: [Abstract]
Derivative Liability	0			0
Commodity Contract [Member] | Level 1
Derivatives:
Derivative Asset				5
Derivatives: [Abstract]
Derivative Liability	(25)			0
Commodity Contract [Member] | Level 2
Derivatives:
Derivative Asset				1
Derivatives: [Abstract]
Derivative Liability	(3)			1
Commodity Contract [Member] | Level 3
Derivatives:
Derivative Asset				0
Derivatives: [Abstract]
Derivative Liability	0			0
Commodity Contract [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset				6
Derivatives: [Abstract]
Derivative Liability	(28)			1
Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset				6
Derivatives: [Abstract]
Derivative Liability	(28)			1
Africa and onshore California [Member] | Commodity Contract [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Derivatives:
Derivative Asset				0
Africa and onshore California [Member] | Commodity Contract [Member] | Level 1
Derivatives:
Derivative Asset				0
Africa and onshore California [Member] | Commodity Contract [Member] | Level 2
Derivatives:
Derivative Asset				11
Africa and onshore California [Member] | Commodity Contract [Member] | Level 3
Derivatives:
Derivative Asset				0
Africa and onshore California [Member] | Commodity Contract [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset				11
Africa and onshore California [Member] | Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset				11
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	28			27
Trust Assets Fair Value Disclosure	60			59
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	28			27
Trust Assets Fair Value Disclosure	60			59
U.S. core fixed income fund [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities	28			27
Trust Assets Fair Value Disclosure	60			59
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	3			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	3			4
Equity securities | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities	3			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	22			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	22			36
Government bonds | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	22			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	39			33
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	39			33
Corporate bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	39			33
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	55			43
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	55			43
Government mortgage-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	55			43
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	11			14
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	11			14
Asset-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	11			14
Money market funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Money market funds [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	8			3
Money market funds [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Money market funds [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Money market funds [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	8			3
Money market funds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	8			3
Collateralized Mortgage Backed Securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Collateralized Mortgage Backed Securities [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Collateralized Mortgage Backed Securities [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	4			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	4			7
Collateralized Mortgage Backed Securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	4			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	113			100
Other assets	151			157
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	119			20
Freeport-McMoRan Oil & Gas | Onshore California [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other assets	0			11
Discontinued Operation, Contingent Receivable						$ 150
Proceeds from Sale of Other Assets, contingent consideration		$ 50
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	18
Other assets	101			$ 104
Discontinued Operation, Contingent Receivable						$ 150
Forecast | Freeport-McMoRan Oil & Gas | Onshore California [Member]
Derivatives:
Discontinued Operation, Contingent Receivable, Per Year			$ 50
Crude Oil [Member] | Freeport-McMoRan Oil & Gas | Onshore California [Member]
Derivatives:
Contingent consideration, reference threshold (in us dollars per pound) | $ / bbl					70	70
Fair Value, Recurring [Member] | Forward Contracts [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	$ 0

Fair Value Measurement (Unobser

Fair Value Measurement (Unobservable inputs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Assets, Current	$ 795	$ 655
Other Assets, Noncurrent	1,691	1,885
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	(3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at January 1, 2020	108
Net unrealized loss related to assets still held at the end of the period	(27)
Fair value at March 31, 2020	78
Onshore California [Member] | Freeport-McMoRan Oil & Gas
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent Receivable			$ 150
Other Assets, Noncurrent	$ 0	$ 11

Contingencies and Commitments_2

Contingencies and Commitments (Unaudited) - Litigation (Details) $ in Millions	1 Months Ended
	Oct. 31, 2019USD ($)	Sep. 30, 2019case	Mar. 13, 2019USD ($)
Settled litigation | Louisiana Parishes Coastal Erosion Cases | FCX affiliates
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number | case		13
Litigation settlement, agreed to pay, initial payment	$ 15
Pending litigation | Asbestos contamination in talc-based personal care products | Asbestos contamination | Johnson & Johnson and Cyprus Mines
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss			$ 29
Pending litigation | Asbestos contamination in talc-based personal care products | Asbestos contamination | 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)	Mar. 31, 2020
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
	Mar. 31, 2020	Mar. 31, 2019
Revenue from External Customer [Line Items]
Treatment And Refining Charges Included In Copper Concentrates Revenues	$ (80)	$ (105)
Royalty Expense	(20)	(30)
Export duties expense	(4)	(17)
Revenue from Contract with Customer, Excluding Assessed Tax	3,029	3,672
Revenues	2,798	3,792
Sales [Member] | Not Designated as Hedging Instrument [Member]
Revenue from External Customer [Line Items]
Matured derivative financial instruments	(231)	120
Copper In Concentrates [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	849	1,165
Copper Cathode [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	837	859
Refined Copper Products [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	542	507
Purchased Copper [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	235	337
Gold
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	270	391
Molybdenum
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	243	288
Other Products Or Services [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 157	$ 277

Business Segments (Segment Repo

Business Segments (Segment Reporting) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment	4
Deferred Intercompany Profit, Percentage	25.00%
Revenues	$ 2,798	$ 3,792
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(2,545)	(2,919)
Cost, Depreciation, Amortization and Depletion	341	347
Metals inventory adjustments	222	57
Selling, general and administrative expenses	(110)	(112)
Mining exploration and research expenses	16	27
Environmental obligations and shutdown costs	26	42
Net gain on sales of assets	11	(33)
Operating (loss) income	(473)	321
Interest expense, net	127	146
Provision for (benefit from) income taxes	(60)	105
Total assets	40,219	41,059	$ 40,809
Capital expenditures	610	622
Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	9	107
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(860)	(743)
Cost, Depreciation, Amortization and Depletion	92	83
Metals inventory adjustments	145	0
Selling, general and administrative expenses	(1)	(2)
Mining exploration and research expenses	1	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating (loss) income	(114)	206
Interest expense, net	1	1
Provision for (benefit from) income taxes	0	0
Total assets	7,907	7,664
Capital expenditures	184	210
Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	474	825
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(534)	(539)
Cost, Depreciation, Amortization and Depletion	108	114
Metals inventory adjustments	60	0
Selling, general and administrative expenses	(2)	(2)
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating (loss) income	(192)	296
Interest expense, net	28	29
Provision for (benefit from) income taxes	(78)	105
Total assets	10,126	10,394
Capital expenditures	74	61
Corporate And Eliminations
Segment Reporting Information [Line Items]
Revenues	326	456
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	788	675
Cost, Depreciation, Amortization and Depletion	15	20
Metals inventory adjustments	13	57
Selling, general and administrative expenses	(74)	(73)
Mining exploration and research expenses	15	27
Environmental obligations and shutdown costs	25	42
Net gain on sales of assets	11	(33)
Operating (loss) income	(143)	(268)
Interest expense, net	94	110
Provision for (benefit from) income taxes	6	(27)
Total assets	2,821	4,421
Capital expenditures	11	23
Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0
Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	976	927
Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	38	126
PT Smelting | Affiliated Entity [Member]
Segment Reporting Information [Line Items]
Revenues	380	409
Morenci [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	2	12
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(349)	(295)
Cost, Depreciation, Amortization and Depletion	44	40
Metals inventory adjustments	4	0
Selling, general and administrative expenses	(1)	(1)
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating (loss) income	46	134
Interest expense, net	1	1
Provision for (benefit from) income taxes	0	0
Total assets	2,814	2,904
Capital expenditures	44	62
Morenci [Member] | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	442	458
Bagdad [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	0	0
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(126)	(120)
Cost, Depreciation, Amortization and Depletion	14	10
Metals inventory adjustments	0	0
Selling, general and administrative expenses	0	0
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating (loss) income	19	48
Interest expense, net	0	0
Provision for (benefit from) income taxes	0	0
Total assets	800	709
Capital expenditures	25	25
Bagdad [Member] | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	159	178
Other Mines North America Copper Mines Segment [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Metals inventory adjustments		0
Other Individually Immaterial Operating Segments [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	7	95
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(385)	(328)
Cost, Depreciation, Amortization and Depletion	34	33
Metals inventory adjustments	141
Selling, general and administrative expenses	0	(1)
Mining exploration and research expenses	1	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating (loss) income	(179)	24
Interest expense, net	0	0
Provision for (benefit from) income taxes	0	0
Total assets	4,293	4,051
Capital expenditures	115	123
Other Individually Immaterial Operating Segments [Member] | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	98	98
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(110)	(100)
Cost, Depreciation, Amortization and Depletion	15	14
Metals inventory adjustments	60	0
Selling, general and administrative expenses	0	0
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating (loss) income	(87)	(16)
Interest expense, net	0	0
Provision for (benefit from) income taxes	(26)	(5)
Total assets	1,655	1,720
Capital expenditures	15	5
Other Individually Immaterial Operating Segments [Member] | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	375	291
Other Individually Immaterial Operating Segments [Member] | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	0	0
Cerro Verde [Member] | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	376	727
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(424)	(439)
Cost, Depreciation, Amortization and Depletion	93	100
Metals inventory adjustments	0	0
Selling, general and administrative expenses	(2)	(2)
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating (loss) income	(105)	312
Interest expense, net	28	29
Provision for (benefit from) income taxes	(52)	110
Total assets	8,471	8,674
Capital expenditures	59	56
Cerro Verde [Member] | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	38	126
Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures	326	319
Grasberg Segment [Member] | Operating Segments | Indonesia
Segment Reporting Information [Line Items]
Revenues	445	705
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(343)	(556)
Cost, Depreciation, Amortization and Depletion	101	105
Metals inventory adjustments	0	0
Selling, general and administrative expenses	(28)	(30)
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating (loss) income	(27)	72
Interest expense, net	1	0
Provision for (benefit from) income taxes	12	26
Total assets	16,711	15,792
Capital expenditures	326	319
Grasberg Segment [Member] | Intersegment | Indonesia
Segment Reporting Information [Line Items]
Revenues	0	58
Molybdenum
Segment Reporting Information [Line Items]
Capital expenditures	7	4
Molybdenum | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(66)	(71)
Cost, Depreciation, Amortization and Depletion	16	16
Metals inventory adjustments	4	0
Selling, general and administrative expenses	0	0
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating (loss) income	(15)	4
Interest expense, net	0	0
Provision for (benefit from) income taxes	0	0
Total assets	1,788	1,785
Capital expenditures	7	4
Molybdenum | Intersegment
Segment Reporting Information [Line Items]
Revenues	71	91
Rod and Refining Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,115	1,128
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(1,119)	(1,133)
Cost, Depreciation, Amortization and Depletion	2	2
Metals inventory adjustments	0	0
Selling, general and administrative expenses	0	0
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	1	0
Net gain on sales of assets	0	0
Operating (loss) income	1	(1)
Interest expense, net	0	0
Provision for (benefit from) income taxes	0	0
Total assets	231	232
Capital expenditures	2	1
Rod and Refining Segment [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	8	6
Atlantic Copper Smelting and Refining Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	429	571
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(411)	(552)
Cost, Depreciation, Amortization and Depletion	7	7
Metals inventory adjustments	0	0
Selling, general and administrative expenses	(5)	(5)
Mining exploration and research expenses	0	0
Environmental obligations and shutdown costs	0	0
Net gain on sales of assets	0	0
Operating (loss) income	17	12
Interest expense, net	3	6
Provision for (benefit from) income taxes	0	1
Total assets	635	771
Capital expenditures	6	4
Atlantic Copper Smelting and Refining Segment [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	11	5
Corporate And Eliminations | Intersegment
Segment Reporting Information [Line Items]
Revenues	$ (1,104)	$ (1,213)